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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
-7.65%
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
$21.1B
AUM Growth
-$1.6B
Cap. Flow
-$492M
Cap. Flow %
-2.33%
Top 10 Hldgs %
60.12%
Holding
47
New
4
Increased
29
Reduced
8
Closed
1

Top Buys

Rank Stock Value
1
OTIS icon
Otis Worldwide
OTIS
+$460M
2
AAPL icon
Apple
AAPL
+$71.6M
3
MTD icon
Mettler-Toledo International
MTD
+$26.1M
4
IEX icon
IDEX
IEX
+$19.4M
5
SABR icon
Sabre
SABR
+$1.75M

Top Sells

Rank Stock Value
1
PYPL icon
PayPal
PYPL
+$358M
2
INTU icon
Intuit
INTU
+$291M
3
MSFT icon
Microsoft
MSFT
+$194M
4
SYK icon
Stryker
SYK
+$88.6M
5
WING icon
Wingstop
WING
+$61.7M

Sector Composition

Rank Sector Weight
1 Consumer Staples 30.3%
2 Technology 26%
3 Healthcare 19.51%
4 Financials 7.49%
5 Communication Services 7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$2.16B 10.26%
9,284,614
-735,920
-7% -$194M
PM icon
2
Philip Morris
PM
$293B
$1.37B 6.5%
16,489,067
+10,642
+0.1% +$1.01M
EL icon
3
Estee Lauder
EL
$36.9B
$1.29B 6.1%
5,955,974
+4,678
+0.1% +$1.19M
ADP icon
4
Automatic Data Processing
ADP
$112B
$1.26B 5.98%
5,571,678
+6,300
+0.1% +$1.49M
IDXX icon
5
Idexx Laboratories
IDXX
$43.9B
$1.18B 5.6%
3,620,777
+1,902
+0.1% +$699K
PEP icon
6
PepsiCo
PEP
$196B
$1.17B 5.54%
7,144,313
+7,287
+0.1% +$1.26M
SYK icon
7
Stryker
SYK
$126B
$1.14B 5.41%
5,628,569
-421,279
-7% -$88.6M
MKC icon
8
McCormick & Company Non-Voting
MKC
$14.9B
$1.11B 5.25%
15,506,721
+13,838
+0.1% +$1.16M
V icon
9
Visa
V
$693B
$1B 4.75%
5,635,390
+5,048
+0.1% +$1.03M
WAT icon
10
Waters Corp
WAT
$40.4B
$995M 4.73%
3,693,197
+3,972
+0.1% +$1.27M
BF.B icon
11
Brown-Forman Class B
BF.B
$13.1B
$814M 3.86%
12,226,340
+13,209
+0.1% +$961K
AMZN icon
12
Amazon
AMZN
$2.79T
$767M 3.64%
6,784,322
+5,302
+0.1% +$670K
META icon
13
Meta Platforms (Facebook)
META
$1.4T
$744M 3.53%
5,480,284
+2,803
+0.1% +$454K
GOOGL icon
14
Alphabet (Google) Class A
GOOGL
$4.22T
$730M 3.47%
7,632,828
+7,788
+0.1% +$864K
INTU icon
15
Intuit
INTU
$100B
$657M 3.12%
1,696,667
-674,761
-28% -$291M
MTD icon
16
Mettler-Toledo International
MTD
$28B
$609M 2.89%
561,456
+21,004
+4% +$26.1M
CHD icon
17
Church & Dwight Co
CHD
$23.4B
$604M 2.87%
8,458,025
+13,764
+0.2% +$1.19M
ADBE icon
18
Adobe
ADBE
$109B
$581M 2.76%
2,111,297
+2,449
+0.1% +$927K
NKE icon
19
Nike
NKE
$60.5B
$560M 2.66%
6,734,408
+6,671
+0.1% +$718K
PYPL icon
20
PayPal
PYPL
$52.7B
$483M 2.29%
5,611,242
-4,040,576
-42% -$358M
OTIS icon
21
Otis Worldwide
OTIS
$27.2B
$401M 1.9%
+6,285,878
New +$460M
VRSN icon
22
VeriSign
VRSN
$25.5B
$117M 0.56%
675,533
+8,035
+1% +$1.49M
SABR icon
23
Sabre
SABR
$848M
$117M 0.56%
22,732,769
+262,934
+1% +$1.75M
FTNT icon
24
Fortinet
FTNT
$113B
$114M 0.54%
2,315,857
+26,787
+1% +$1.45M
MASI
25
DELISTED
Masimo
MASI
$108M 0.51%
765,161
+8,848
+1% +$1.29M
1
2

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Terry Smith's Q3 2022 Portfolio in Review

As of Q3 2022, Terry Smith held 47 positions worth $21.1B, down 7% from $22.7B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Terry Smith's Q3 2022 filing shows 4 new, 29 increased, 8 reduced and 1 closed positions. Its largest new stake was Otis Worldwide: 6,285,878 shares worth $401M. The largest sale was PayPal, an estimated $358M.

By sector, the portfolio is most concentrated in Consumer Staples at 30% of assets, down from 32% a quarter earlier, followed by Technology and Healthcare.

  • Terry Smith's largest Q3 2022 buy was Otis Worldwide: 6,285,878 shares worth $401M.
  • Terry Smith added most to Mettler-Toledo International in Q3 2022, an estimated $26.1M increase.
  • Terry Smith's biggest Q3 2022 reduction was PayPal, cutting an estimated $358M.
  • Terry Smith fully exited Wingstop in Q3 2022, selling an estimated $61.7M.
  • Terry Smith's ten largest holdings make up 60% of its $21.1B portfolio in Q3 2022.
  • Terry Smith opened 4 new positions and closed 1 in Q3 2022.
  • Terry Smith's portfolio value fell 7% quarter-over-quarter to $21.1B.

Based on Fundsmith LLP's 13F filing for Q3 2022, filed 14 Nov 2022.