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Terry Smith Fundsmith LLP
AUM
$13.6B
Turnover
40.43%
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
-14.66%
1 Year Est. Return
+7.6%
3 Year Est. Return
+53.18%
5 Year Est. Return
+52.1%
10 Year Est. Return
+341.61%
AUM
$23.5B
AUM Growth
-$5.67B
(-19%)
Cap. Flow
-$892M
Cap. Flow % of AUM
Cap. Flow %
-3.8%
Top 10 Holdings %
Top 10 Hldgs %
60.4%
Holding
44
New
–
Increased
24
Reduced
15
Closed
1
Avg Time Held
3.7
years
Top 10 Avg Time Held
2.5
years
Top 20 Avg Time Held
4.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mettler-Toledo International
MTD
|
+$161M |
| 2 |
Adobe
ADBE
|
+$75.6M |
| 3 |
Stryker
SYK
|
+$47.8M |
| 4 |
Estee Lauder
EL
|
+$39.7M |
| 5 |
Brown-Forman Class B
BF.B
|
+$28.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Starbucks
SBUX
|
+$749M |
| 2 |
Intuit
INTU
|
+$263M |
| 3 |
PepsiCo
PEP
|
+$113M |
| 4 |
PayPal
PYPL
|
+$71.6M |
| 5 |
Verisk Analytics
VRSK
|
+$33.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 31.15% |
| 2 | Technology | 26.81% |
| 3 | Healthcare | 19.19% |
| 4 | Financials | 7.99% |
| 5 | Communication Services | 7.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.88T
| $2.57B | 10.97% |
10,020,534
+2,102
| +0% | +$570K |
2018 Q3
15 quarters
|
|
2
Philip Morris
PM
$307B
| $1.63B | 6.94% |
16,478,425
+21,134
| +0.1% | +$2.15M |
2013 Q2
36 quarters
|
|
|
3
Estee Lauder
EL
$40B
| $1.52B | 6.46% |
5,951,296
+156,426
| +3% | +$39.7M |
2016 Q2
24 quarters
|
|
4
McCormick & Company Non-Voting
MKC
$12.5B
| $1.29B | 5.5% |
15,492,883
+6,217
| +0% | +$589K |
2018 Q4
14 quarters
|
|
5
Idexx Laboratories
IDXX
$55B
| $1.27B | 5.41% |
3,618,875
+813
| +0% | +$332K |
2015 Q1
29 quarters
|
|
6
Waters Corp
WAT
$90.8B
| $1.22B | 5.21% |
3,689,225
+1,653
| +0% | +$525K |
2015 Q1
29 quarters
|
|
|
7
Stryker
SYK
$119B
| $1.2B | 5.13% |
6,049,848
+203,677
| +3% | +$47.8M |
2013 Q2
36 quarters
|
|
|
8
PepsiCo
PEP
$194B
| $1.19B | 5.07% |
7,137,026
-670,895
| -9% | -$113M |
2013 Q2
36 quarters
|
|
9
Automatic Data Processing
ADP
$122B
| $1.17B | 4.98% |
5,565,378
+2,530
| +0% | +$554K |
2013 Q2
36 quarters
|
|
10
Visa
V
$784B
| $1.11B | 4.73% |
5,630,342
+2,314
| +0% | +$478K |
2013 Q2
36 quarters
|
|
|
11
Intuit
INTU
$90.9B
| $914M | 3.9% |
2,371,428
-635,472
| -21% | -$263M |
2017 Q2
20 quarters
|
|
12
Meta Platforms (Facebook)
META
$1.59T
| $883M | 3.77% |
5,477,481
+550
| +0% | +$106K |
2018 Q1
17 quarters
|
|
|
13
Brown-Forman Class B
BF.B
$13.8B
| $857M | 3.65% |
12,213,131
+429,127
| +4% | +$28.8M |
2019 Q3
11 quarters
|
|
14
Alphabet (Google) Class A
GOOGL
$3.67T
| $831M | 3.54% |
7,625,040
+16,400
| +0.2% | +$1.93M |
2021 Q4
2 quarters
|
|
15
Church & Dwight Co
CHD
$26.4B
| $782M | 3.34% |
8,444,261
+6,182
| +0.1% | +$584K |
2020 Q4
6 quarters
|
|
|
16
Adobe
ADBE
$92.8B
| $772M | 3.29% |
2,108,848
+185,651
| +10% | +$75.6M |
2022 Q1
1 quarter
|
|
17
Amazon
AMZN
$2.89T
| $720M | 3.07% |
6,779,020
+1,060
| +0% | +$133K |
2021 Q3
3 quarters
|
|
18
Nike
NKE
$56.1B
| $688M | 2.93% |
6,727,737
+1,310
| +0% | +$155K |
2020 Q1
9 quarters
|
|
|
19
PayPal
PYPL
$48.4B
| $674M | 2.87% |
9,651,818
-825,019
| -8% | -$71.6M |
2017 Q4
18 quarters
|
|
|
20
Mettler-Toledo International
MTD
$34.4B
| $621M | 2.65% |
540,452
+127,849
| +31% | +$161M |
2022 Q1
1 quarter
|
|
21
Sabre
SABR
$767M
| $131M | 0.56% |
22,469,835
-203,738
| -0.9% | -$1.7M |
2018 Q4
14 quarters
|
|
22
Fortinet
FTNT
$95.2B
| $130M | 0.55% |
2,289,070
-20,895
| -0.9% | -$1.24M |
2020 Q3
7 quarters
|
|
23
Qualys
QLYS
$6.04B
| $117M | 0.5% |
930,206
-8,622
| -0.9% | -$1.13M |
2020 Q2
8 quarters
|
|
24
VeriSign
VRSN
$28B
| $112M | 0.48% |
667,498
+40,990
| +7% | +$7.52M |
2018 Q4
14 quarters
|
|
25
DELISTED
Masimo
MASI
| $98.8M | 0.42% |
756,313
-4,783
| -0.6% | -$640K |
2018 Q4
14 quarters
|
|
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Terry Smith's Q2 2022 Portfolio in Review
As of Q2 2022, Terry Smith held 44 positions worth $23.5B, down 19% from $29.1B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Terry Smith withdrew a net $892M in Q2 2022, closing 1 position and reducing 15 holdings. Its most notable exit was Starbucks, an estimated $749M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 31% of assets, up from 26% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Terry Smith added an estimated $161M to Mettler-Toledo International.
- Terry Smith added most to Mettler-Toledo International in Q2 2022, an estimated $161M increase.
- Terry Smith's biggest Q2 2022 reduction was Intuit, cutting an estimated $263M.
- Terry Smith fully exited Starbucks in Q2 2022, selling an estimated $749M.
- Terry Smith's ten largest holdings make up 60% of its $23.5B portfolio in Q2 2022.
- Terry Smith opened 0 new positions and closed 1 in Q2 2022.
- Terry Smith's portfolio value fell 19% quarter-over-quarter to $23.5B.
Based on Fundsmith LLP's 13F filing for Q2 2022, filed 15 Aug 2022.