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Terry Smith Fundsmith LLP

AUM $13.6B
1-Year Est. Return 7.6%
 

Terry Smith is the founder and CEO of Fundsmith, a firm known for a concentrated portfolio of high-quality global companies. His approach favors simple, understandable businesses with high returns on capital and the ability to reinvest at attractive rates. Smith’s annual letters and plain-spoken commentary have made Fundsmith a frequent reference point for long-only quality investors.

This Fund
S&P 500
This Quarter Est. Return
+9.89%
1 Year Est. Return
+7.6%
3 Year Est. Return
+53.18%
5 Year Est. Return
+52.54%
10 Year Est. Return
+342.88%
AUM
$25.6B
AUM Growth
+$2.68B
Cap. Flow
+$520M
Cap. Flow %
2.03%
Top 10 Hldgs %
65.41%
Holding
36
New
2
Increased
18
Reduced
7
Closed
–

Top Buys

Rank Stock Value
1
SBUX icon
Starbucks
SBUX
+$163M
2
WAT icon
Waters Corp
WAT
+$82.8M
3
ADP icon
Automatic Data Processing
ADP
+$61.5M
4
NKE icon
Nike
NKE
+$54.6M
5
BF.B icon
Brown-Forman Class B
BF.B
+$27.8M

Top Sells

Rank Stock Value
1
CHKP icon
Check Point Software Technologies
CHKP
+$25.2M
2
PYPL icon
PayPal
PYPL
+$5.56M
3
MSFT icon
Microsoft
MSFT
+$5.33M
4
META icon
Meta Platforms (Facebook)
META
+$4.11M
5
V icon
Visa
V
+$3.22M

Sector Composition

Rank Sector Weight
1 Consumer Staples 25.1%
2 Healthcare 22.96%
3 Technology 22.11%
4 Financials 14.64%
5 Consumer Discretionary 7.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$2.51B 9.8%
11,929,459
-25,399
-0.2% -$5.33M
PYPL icon
2
PayPal
PYPL
$52.7B
$2.44B 9.51%
12,359,311
-29,503
-0.2% -$5.56M
META icon
3
Meta Platforms (Facebook)
META
$1.4T
$1.68B 6.58%
6,427,563
-15,947
-0.2% -$4.11M
IDXX icon
4
Idexx Laboratories
IDXX
$43.9B
$1.66B 6.5%
4,232,815
-7,896
-0.2% -$2.92M
INTU icon
5
Intuit
INTU
$100B
$1.5B 5.85%
4,594,541
+4,324
+0.1% +$1.35M
EL icon
6
Estee Lauder
EL
$36.9B
$1.48B 5.8%
6,800,333
+41,759
+0.6% +$8.59M
MKC icon
7
McCormick & Company Non-Voting
MKC
$14.9B
$1.46B 5.72%
15,084,190
-2,966
-0% -$290K
PM icon
8
Philip Morris
PM
$293B
$1.46B 5.71%
19,503,315
+127,460
+0.7% +$9.83M
SYK icon
9
Stryker
SYK
$126B
$1.31B 5.11%
6,277,138
+72,591
+1% +$14.1M
PEP icon
10
PepsiCo
PEP
$196B
$1.24B 4.82%
8,911,181
+123,478
+1% +$16.8M
V icon
11
Visa
V
$693B
$1.23B 4.79%
6,134,726
-16,129
-0.3% -$3.22M
BDX icon
12
Becton Dickinson
BDX
$52.3B
$1.01B 3.95%
4,449,496
+101,388
+2% +$24.9M
NKE icon
13
Nike
NKE
$60.5B
$973M 3.8%
7,752,398
+508,364
+7% +$54.6M
ADP icon
14
Automatic Data Processing
ADP
$112B
$965M 3.77%
6,919,915
+438,763
+7% +$61.5M
JNJ icon
15
Johnson & Johnson
JNJ
$651B
$955M 3.73%
6,411,610
+6,119
+0.1% +$905K
SBUX icon
16
Starbucks
SBUX
$122B
$892M 3.48%
10,382,215
+2,045,505
+25% +$163M
WAT icon
17
Waters Corp
WAT
$40.4B
$840M 3.28%
4,292,028
+398,223
+10% +$82.8M
BF.B icon
18
Brown-Forman Class B
BF.B
$13.1B
$772M 3.02%
10,253,745
+388,904
+4% +$27.8M
VRSK icon
19
Verisk Analytics
VRSK
$24.4B
$113M 0.44%
607,423
– –
ANSS
20
DELISTED
Ansys
ANSS
$110M 0.43%
335,033
– –
IPGP icon
21
IPG Photonics
IPGP
$3.12B
$106M 0.42%
626,454
+51,681
+9% +$8.53M
CGNX icon
22
Cognex
CGNX
$10.2B
$104M 0.41%
1,602,593
– –
MASI
23
DELISTED
Masimo
MASI
$101M 0.4%
428,897
– –
EFX icon
24
Equifax
EFX
$22.6B
$90.5M 0.35%
576,779
– –
VRSN icon
25
VeriSign
VRSN
$25.5B
$88M 0.34%
429,518
+68,824
+19% +$14.2M
1
2

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Terry Smith's Q3 2020 Portfolio in Review

As of Q3 2020, Terry Smith held 36 positions worth $25.6B, up 12% from $22.9B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Terry Smith's Q3 2020 filing shows 2 new, 18 increased and 7 reduced positions. Its largest new stake was Fortinet: 1,062,225 shares worth $25M. The largest sale was Check Point Software Technologies, an estimated $25.2M.

By sector, the portfolio is most concentrated in Consumer Staples at 25% of assets, down from 25% a quarter earlier, followed by Healthcare and Technology.

  • Terry Smith's largest Q3 2020 buy was Fortinet: 1,062,225 shares worth $25M.
  • Terry Smith added most to Starbucks in Q3 2020, an estimated $163M increase.
  • Terry Smith's biggest Q3 2020 reduction was Check Point Software Technologies, cutting an estimated $25.2M.
  • Terry Smith's ten largest holdings make up 65% of its $25.6B portfolio in Q3 2020.
  • Terry Smith opened 2 new positions and closed 0 in Q3 2020.
  • Terry Smith's portfolio value rose 12% quarter-over-quarter to $25.6B.

Based on Fundsmith LLP's 13F filing for Q3 2020, filed 12 Nov 2020.