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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
+14.37%
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
$30.2B
AUM Growth
+$4.57B
Cap. Flow
+$992M
Cap. Flow %
3.29%
Top 10 Hldgs %
63.64%
Holding
40
New
4
Increased
23
Reduced
11
Closed
1

Top Buys

Rank Stock Value
1
CHD icon
Church & Dwight Co
CHD
+$499M
2
PEP icon
PepsiCo
PEP
+$105M
3
MKC icon
McCormick & Company Non-Voting
MKC
+$99.1M
4
SYK icon
Stryker
SYK
+$81M
5
FTNT icon
Fortinet
FTNT
+$67.3M

Top Sells

Rank Stock Value
1
CHKP icon
Check Point Software Technologies
CHKP
+$40.3M
2
PYPL icon
PayPal
PYPL
+$5.3M
3
EL icon
Estee Lauder
EL
+$3.27M
4
IDXX icon
Idexx Laboratories
IDXX
+$2.86M
5
JNJ icon
Johnson & Johnson
JNJ
+$2.82M

Sector Composition

Rank Sector Weight
1 Consumer Staples 25.56%
2 Healthcare 23.4%
3 Technology 22.15%
4 Financials 14.35%
5 Consumer Discretionary 7.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PYPL icon
1
PayPal
PYPL
$52.7B
$2.89B 9.57%
12,333,741
-25,570
-0.2% -$5.3M
MSFT icon
2
Microsoft
MSFT
$3.59T
$2.69B 8.9%
12,072,338
+142,879
+1% +$30.7M
IDXX icon
3
Idexx Laboratories
IDXX
$43.9B
$2.11B 7%
4,226,428
-6,387
-0.2% -$2.86M
EL icon
4
Estee Lauder
EL
$36.9B
$1.81B 5.99%
6,786,727
-13,606
-0.2% -$3.27M
META icon
5
Meta Platforms (Facebook)
META
$1.4T
$1.75B 5.81%
6,418,874
-8,689
-0.1% -$2.38M
INTU icon
6
Intuit
INTU
$100B
$1.74B 5.78%
4,587,585
-6,956
-0.2% -$2.44M
SYK icon
7
Stryker
SYK
$126B
$1.63B 5.39%
6,634,893
+357,755
+6% +$81M
PM icon
8
Philip Morris
PM
$293B
$1.61B 5.34%
19,467,941
-35,374
-0.2% -$2.75M
MKC icon
9
McCormick & Company Non-Voting
MKC
$14.9B
$1.54B 5.11%
16,133,793
+1,049,603
+7% +$99.1M
PEP icon
10
PepsiCo
PEP
$196B
$1.43B 4.74%
9,648,806
+737,625
+8% +$105M
V icon
11
Visa
V
$693B
$1.34B 4.44%
6,122,231
-12,495
-0.2% -$2.56M
ADP icon
12
Automatic Data Processing
ADP
$112B
$1.25B 4.14%
7,087,617
+167,702
+2% +$27.5M
SBUX icon
13
Starbucks
SBUX
$122B
$1.12B 3.7%
10,441,081
+58,866
+0.6% +$5.62M
NKE icon
14
Nike
NKE
$60.5B
$1.09B 3.63%
7,733,544
-18,854
-0.2% -$2.5M
WAT icon
15
Waters Corp
WAT
$40.4B
$1.09B 3.62%
4,409,835
+117,807
+3% +$26.7M
BDX icon
16
Becton Dickinson
BDX
$52.3B
$1.09B 3.6%
4,454,050
+4,554
+0.1% +$1.06M
JNJ icon
17
Johnson & Johnson
JNJ
$651B
$1.01B 3.33%
6,392,509
-19,101
-0.3% -$2.82M
BF.B icon
18
Brown-Forman Class B
BF.B
$13.1B
$815M 2.7%
10,255,848
+2,103
+0% +$162K
CHD icon
19
Church & Dwight Co
CHD
$23.4B
$491M 1.63%
+5,631,204
New +$499M
SABR icon
20
Sabre
SABR
$848M
$164M 0.54%
13,615,381
+3,458,939
+34% +$32M
IPGP icon
21
IPG Photonics
IPGP
$3.12B
$140M 0.47%
627,344
+890
+0.1% +$178K
ANSS
22
DELISTED
Ansys
ANSS
$130M 0.43%
357,103
+22,070
+7% +$7.39M
EFX icon
23
Equifax
EFX
$22.6B
$130M 0.43%
672,758
+95,979
+17% +$16.1M
CGNX icon
24
Cognex
CGNX
$10.2B
$129M 0.43%
1,604,491
+1,898
+0.1% +$138K
VRSK icon
25
Verisk Analytics
VRSK
$24.4B
$126M 0.42%
608,148
+725
+0.1% +$141K
1
2

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Terry Smith's Q4 2020 Portfolio in Review

As of Q4 2020, Terry Smith held 40 positions worth $30.2B, up 18% from $25.6B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Terry Smith deployed $992M of net new capital in Q4 2020, opening 4 new positions and adding to 23 existing holdings. Its largest new stake was Church & Dwight Co: 5,631,204 shares worth $491M.

By sector, the portfolio is most concentrated in Consumer Staples at 26% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.

On the sell side, the largest reduction was PayPal, an estimated $5.3M trimmed.

  • Terry Smith's largest Q4 2020 buy was Church & Dwight Co: 5,631,204 shares worth $491M.
  • Terry Smith added most to PepsiCo in Q4 2020, an estimated $105M increase.
  • Terry Smith's biggest Q4 2020 reduction was PayPal, cutting an estimated $5.3M.
  • Terry Smith fully exited Check Point Software Technologies in Q4 2020, selling an estimated $40.3M.
  • Terry Smith's ten largest holdings make up 64% of its $30.2B portfolio in Q4 2020.
  • Terry Smith opened 4 new positions and closed 1 in Q4 2020.
  • Terry Smith's portfolio value rose 18% quarter-over-quarter to $30.2B.

Based on Fundsmith LLP's 13F filing for Q4 2020, filed 12 Feb 2021.