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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
+8.92%
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
$41B
AUM Growth
+$4.81B
Cap. Flow
+$2.19B
Cap. Flow %
5.33%
Top 10 Hldgs %
59.73%
Holding
44
New
1
Increased
37
Reduced
4
Closed
–

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$1.21B
2
MSFT icon
Microsoft
MSFT
+$314M
3
AMZN icon
Amazon
AMZN
+$197M
4
PYPL icon
PayPal
PYPL
+$158M
5
META icon
Meta Platforms (Facebook)
META
+$120M

Top Sells

Rank Stock Value
1
INTU icon
Intuit
INTU
+$524M
2
NKE icon
Nike
NKE
+$1.77M
3
ADP icon
Automatic Data Processing
ADP
+$395K
4
WAT icon
Waters Corp
WAT
+$110K

Sector Composition

Rank Sector Weight
1 Consumer Staples 25.92%
2 Technology 24.12%
3 Healthcare 19.13%
4 Consumer Discretionary 11.02%
5 Financials 9.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$4.37B 10.67%
13,002,366
+968,000
+8% +$314M
IDXX icon
2
Idexx Laboratories
IDXX
$43.9B
$2.79B 6.82%
4,242,283
+81
+0% +$50.8K
EL icon
3
Estee Lauder
EL
$36.9B
$2.65B 6.47%
7,165,161
+333,409
+5% +$113M
PYPL icon
4
PayPal
PYPL
$52.7B
$2.46B 5.99%
13,019,452
+730,632
+6% +$158M
INTU icon
5
Intuit
INTU
$100B
$2.4B 5.86%
3,732,877
-849,662
-19% -$524M
META icon
6
Meta Platforms (Facebook)
META
$1.4T
$2.29B 5.58%
6,800,261
+360,125
+6% +$120M
PM icon
7
Philip Morris
PM
$293B
$1.94B 4.73%
20,423,427
+1,069,807
+6% +$100M
SYK icon
8
Stryker
SYK
$126B
$1.94B 4.73%
7,252,688
+237,196
+3% +$62.3M
MKC icon
9
McCormick & Company Non-Voting
MKC
$14.9B
$1.83B 4.46%
18,910,918
+197,289
+1% +$16.8M
PEP icon
10
PepsiCo
PEP
$196B
$1.81B 4.42%
10,418,202
+325,550
+3% +$53.2M
ADP icon
11
Automatic Data Processing
ADP
$112B
$1.75B 4.27%
7,094,390
-1,744
-0% -$395K
WAT icon
12
Waters Corp
WAT
$40.4B
$1.68B 4.1%
4,510,879
-315
-0% -$110K
V icon
13
Visa
V
$693B
$1.49B 3.63%
6,868,694
+273,645
+4% +$58.7M
NKE icon
14
Nike
NKE
$60.5B
$1.46B 3.56%
8,753,982
-10,757
-0.1% -$1.77M
AMZN icon
15
Amazon
AMZN
$2.79T
$1.42B 3.46%
8,508,520
+1,151,300
+16% +$197M
SBUX icon
16
Starbucks
SBUX
$122B
$1.35B 3.3%
11,576,749
+831,723
+8% +$93.8M
JNJ icon
17
Johnson & Johnson
JNJ
$651B
$1.23B 3.01%
7,219,198
+15,629
+0.2% +$2.56M
GOOGL icon
18
Alphabet (Google) Class A
GOOGL
$4.22T
$1.21B 2.96%
+8,381,920
New +$1.21B
CHD icon
19
Church & Dwight Co
CHD
$23.4B
$1.19B 2.92%
11,658,319
+635,823
+6% +$57.7M
BF.B icon
20
Brown-Forman Class B
BF.B
$13.1B
$1.13B 2.75%
15,453,294
+1,030,683
+7% +$73.3M
FTNT icon
21
Fortinet
FTNT
$113B
$228M 0.56%
3,178,875
+6,800
+0.2% +$448K
EFX icon
22
Equifax
EFX
$22.6B
$200M 0.49%
683,231
+1,477
+0.2% +$411K
SABR icon
23
Sabre
SABR
$848M
$195M 0.48%
22,672,237
+2,578,769
+13% +$24.7M
ANSS
24
DELISTED
Ansys
ANSS
$187M 0.46%
465,650
+998
+0.2% +$383K
VRSK icon
25
Verisk Analytics
VRSK
$24.4B
$182M 0.44%
794,217
+1,707
+0.2% +$372K
1
2

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Terry Smith's Q4 2021 Portfolio in Review

As of Q4 2021, Terry Smith held 44 positions worth $41B, up 13% from $36.2B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Terry Smith deployed $2.19B of net new capital in Q4 2021, opening 1 new position and adding to 37 existing holdings. Its largest new stake was Alphabet (Google) Class A: 8,381,920 shares worth $1.21B.

By sector, the portfolio is most concentrated in Consumer Staples at 26% of assets, up from 24% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Intuit, an estimated $524M trimmed.

  • Terry Smith's largest Q4 2021 buy was Alphabet (Google) Class A: 8,381,920 shares worth $1.21B.
  • Terry Smith added most to Microsoft in Q4 2021, an estimated $314M increase.
  • Terry Smith's biggest Q4 2021 reduction was Intuit, cutting an estimated $524M.
  • Terry Smith's ten largest holdings make up 60% of its $41B portfolio in Q4 2021.
  • Terry Smith opened 1 new position and closed 0 in Q4 2021.
  • Terry Smith's portfolio value rose 13% quarter-over-quarter to $41B.

Based on Fundsmith LLP's 13F filing for Q4 2021, filed 14 Feb 2022.