Terry Smith Fundsmith LLP
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.
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 | 32.24% |
| 2 | Technology | 27.74% |
| 3 | Healthcare | 19.86% |
| 4 | Financials | 8.27% |
| 5 | Consumer Discretionary | 7.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $2.57B | 11.36% |
10,020,534
+2,102
| +0% | +$570K |
|
2
Philip Morris
PM
$293B
| $1.63B | 7.18% |
16,478,425
+21,134
| +0.1% | +$2.15M |
|
|
3
Estee Lauder
EL
$36.9B
| $1.52B | 6.69% |
5,951,296
+156,426
| +3% | +$39.7M |
|
4
McCormick & Company Non-Voting
MKC
$14.9B
| $1.29B | 5.69% |
15,492,883
+6,217
| +0% | +$589K |
|
5
Idexx Laboratories
IDXX
$43.9B
| $1.27B | 5.6% |
3,618,875
+813
| +0% | +$332K |
|
6
Waters Corp
WAT
$40.4B
| $1.22B | 5.39% |
3,689,225
+1,653
| +0% | +$525K |
|
|
7
Stryker
SYK
$126B
| $1.2B | 5.31% |
6,049,848
+203,677
| +3% | +$47.8M |
|
|
8
PepsiCo
PEP
$196B
| $1.19B | 5.25% |
7,137,026
-670,895
| -9% | -$113M |
|
9
Automatic Data Processing
ADP
$112B
| $1.17B | 5.16% |
5,565,378
+2,530
| +0% | +$554K |
|
10
Visa
V
$693B
| $1.11B | 4.89% |
5,630,342
+2,314
| +0% | +$478K |
|
|
11
Intuit
INTU
$100B
| $914M | 4.03% |
2,371,428
-635,472
| -21% | -$263M |
|
12
Meta Platforms (Facebook)
META
$1.4T
| $883M | 3.9% |
5,477,481
+550
| +0% | +$106K |
|
|
13
Brown-Forman Class B
BF.B
$13.1B
| $857M | 3.78% |
12,213,131
+429,127
| +4% | +$28.8M |
|
14
Church & Dwight Co
CHD
$23.4B
| $782M | 3.45% |
8,444,261
+6,182
| +0.1% | +$584K |
|
|
15
Adobe
ADBE
$109B
| $772M | 3.41% |
2,108,848
+185,651
| +10% | +$75.6M |
|
16
Amazon
AMZN
$2.79T
| $720M | 3.18% |
6,779,020
+1,060
| +0% | +$133K |
|
17
Nike
NKE
$60.5B
| $688M | 3.03% |
6,727,737
+1,310
| +0% | +$155K |
|
|
18
PayPal
PYPL
$52.7B
| $674M | 2.97% |
9,651,818
-825,019
| -8% | -$71.6M |
|
|
19
Mettler-Toledo International
MTD
$28B
| $621M | 2.74% |
540,452
+127,849
| +31% | +$161M |
|
20
Sabre
SABR
$848M
| $131M | 0.58% |
22,469,835
-203,738
| -0.9% | -$1.7M |
|
21
Fortinet
FTNT
$113B
| $130M | 0.57% |
2,289,070
-20,895
| -0.9% | -$1.24M |
|
22
Qualys
QLYS
$6.3B
| $117M | 0.52% |
930,206
-8,622
| -0.9% | -$1.13M |
|
23
VeriSign
VRSN
$25.5B
| $112M | 0.49% |
667,498
+40,990
| +7% | +$7.52M |
|
|
MASI
24
DELISTED
Masimo
MASI
| $98.8M | 0.44% |
756,313
-4,783
| -0.6% | -$640K |
|
|
25
Verisk Analytics
VRSK
$24.4B
| $90.8M | 0.4% |
524,820
-179,893
| -26% | -$33.5M |
|
Similar funds
Terry Smith's Q2 2022 Portfolio in Review
As of Q2 2022, Terry Smith held 44 positions worth $22.7B, down 22% from $29.1B the previous quarter. Its ten largest holdings account for 63% 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 32% 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 63% of its $22.7B portfolio in Q2 2022.
- Terry Smith opened 0 new positions and closed 1 in Q2 2022.
- Terry Smith's portfolio value fell 22% quarter-over-quarter to $22.7B.
Based on Fundsmith LLP's 13F filing for Q2 2022, filed 15 Aug 2022.