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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
+12.92%
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
$36.1B
AUM Growth
+$4.64B
Cap. Flow
+$766M
Cap. Flow %
2.12%
Top 10 Hldgs %
63.8%
Holding
43
New
1
Increased
34
Reduced
6
Closed
–

Top Buys

Rank Stock Value
1
CHD icon
Church & Dwight Co
CHD
+$260M
2
NKE icon
Nike
NKE
+$111M
3
BF.B icon
Brown-Forman Class B
BF.B
+$104M
4
JNJ icon
Johnson & Johnson
JNJ
+$85.2M
5
MKC icon
McCormick & Company Non-Voting
MKC
+$52.1M

Top Sells

Rank Stock Value
1
PYPL icon
PayPal
PYPL
+$4.04M
2
MSFT icon
Microsoft
MSFT
+$3.63M
3
PM icon
Philip Morris
PM
+$3.35M
4
ADP icon
Automatic Data Processing
ADP
+$3.25M
5
BDX icon
Becton Dickinson
BDX
+$1.55M

Sector Composition

Rank Sector Weight
1 Consumer Staples 24.77%
2 Healthcare 23.28%
3 Technology 22.29%
4 Financials 14.5%
5 Consumer Discretionary 7.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PYPL icon
1
PayPal
PYPL
$52.7B
$3.58B 9.93%
12,289,470
-15,280
-0.1% -$4.04M
MSFT icon
2
Microsoft
MSFT
$3.59T
$3.26B 9.03%
12,035,021
-14,272
-0.1% -$3.63M
IDXX icon
3
Idexx Laboratories
IDXX
$43.9B
$2.68B 7.42%
4,242,462
+21,850
+0.5% +$12.1M
INTU icon
4
Intuit
INTU
$100B
$2.25B 6.23%
4,582,899
+5,639
+0.1% +$2.45M
META icon
5
Meta Platforms (Facebook)
META
$1.4T
$2.24B 6.21%
6,440,136
+6,488
+0.1% +$2.08M
EL icon
6
Estee Lauder
EL
$36.9B
$2.17B 6.02%
6,830,510
+23,440
+0.3% +$7.11M
PM icon
7
Philip Morris
PM
$293B
$1.92B 5.32%
19,353,620
-34,952
-0.2% -$3.35M
SYK icon
8
Stryker
SYK
$126B
$1.82B 5.05%
7,014,123
+7,637
+0.1% +$1.95M
MKC icon
9
McCormick & Company Non-Voting
MKC
$14.9B
$1.57B 4.36%
17,804,657
+584,488
+3% +$52.1M
V icon
10
Visa
V
$693B
$1.53B 4.24%
6,536,340
+44,008
+0.7% +$10.1M
WAT icon
11
Waters Corp
WAT
$40.4B
$1.52B 4.22%
4,408,039
+14,495
+0.3% +$4.59M
PEP icon
12
PepsiCo
PEP
$196B
$1.49B 4.14%
10,087,220
+54,158
+0.5% +$7.89M
ADP icon
13
Automatic Data Processing
ADP
$112B
$1.41B 3.91%
7,096,900
-16,705
-0.2% -$3.25M
NKE icon
14
Nike
NKE
$60.5B
$1.35B 3.75%
8,755,854
+828,386
+10% +$111M
SBUX icon
15
Starbucks
SBUX
$122B
$1.2B 3.33%
10,746,285
+25,856
+0.2% +$2.92M
JNJ icon
16
Johnson & Johnson
JNJ
$651B
$1.18B 3.27%
7,155,706
+514,862
+8% +$85.2M
BDX icon
17
Becton Dickinson
BDX
$52.3B
$1.05B 2.92%
4,436,764
-6,479
-0.1% -$1.55M
BF.B icon
18
Brown-Forman Class B
BF.B
$13.1B
$944M 2.62%
12,595,990
+1,364,294
+12% +$104M
CHD icon
19
Church & Dwight Co
CHD
$23.4B
$786M 2.18%
9,224,122
+3,000,761
+48% +$260M
SABR icon
20
Sabre
SABR
$848M
$194M 0.54%
15,581,696
+650,072
+4% +$9.14M
FTNT icon
21
Fortinet
FTNT
$113B
$179M 0.5%
3,760,150
+20,610
+0.6% +$880K
EFX icon
22
Equifax
EFX
$22.6B
$163M 0.45%
679,315
+3,723
+0.6% +$832K
ANSS
23
DELISTED
Ansys
ANSS
$140M 0.39%
404,278
+45,670
+13% +$15.8M
VRSK icon
24
Verisk Analytics
VRSK
$24.4B
$138M 0.38%
789,708
+89,892
+13% +$15.9M
CGNX icon
25
Cognex
CGNX
$10.2B
$136M 0.38%
1,620,130
+8,879
+0.6% +$718K
1
2

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PMAM
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MGIA
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Terry Smith's Q2 2021 Portfolio in Review

As of Q2 2021, Terry Smith held 43 positions worth $36.1B, up 15% from $31.4B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Trading was light in Q2 2021: portfolio turnover was 2.3%. Terry Smith opened 1 new position and made no exits, leaving the 43-position portfolio largely intact.

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 Q2 2021 buy was WNS Holdings: 118,721 shares worth $9.48M.
  • Terry Smith added most to Church & Dwight Co in Q2 2021, an estimated $260M increase.
  • Terry Smith's biggest Q2 2021 reduction was PayPal, cutting an estimated $4.04M.
  • Terry Smith's ten largest holdings make up 64% of its $36.1B portfolio in Q2 2021.
  • Terry Smith opened 1 new position and closed 0 in Q2 2021.
  • Terry Smith's portfolio value rose 15% quarter-over-quarter to $36.1B.

Based on Fundsmith LLP's 13F filing for Q2 2021, filed 13 Aug 2021.