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 |
IDEX
IEX
|
+$37.5M |
| 2 |
Apple
AAPL
|
+$1.82M |
| 3 |
Johnson & Johnson
JNJ
|
+$164K |
| 4 |
Home Depot
HD
|
+$156K |
| 5 |
Procter & Gamble
PG
|
+$152K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intuit
INTU
|
+$657M |
| 2 |
PayPal
PYPL
|
+$483M |
| 3 |
PepsiCo
PEP
|
+$86.9M |
| 4 |
Idexx Laboratories
IDXX
|
+$68.7M |
| 5 |
Estee Lauder
EL
|
+$61.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 32.38% |
| 2 | Healthcare | 23.05% |
| 3 | Technology | 22.62% |
| 4 | Consumer Discretionary | 6.7% |
| 5 | Communication Services | 6.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $2.17B | 9.89% |
9,030,036
-254,578
| -3% | -$61.1M |
|
2
Philip Morris
PM
$293B
| $1.67B | 7.62% |
16,476,088
-12,979
| -0.1% | -$1.22M |
|
|
3
Estee Lauder
EL
$36.9B
| $1.41B | 6.44% |
5,679,620
-276,354
| -5% | -$61.7M |
|
|
4
Idexx Laboratories
IDXX
$43.9B
| $1.4B | 6.42% |
3,443,732
-177,045
| -5% | -$68.7M |
|
5
Stryker
SYK
$126B
| $1.37B | 6.26% |
5,607,041
-21,528
| -0.4% | -$4.89M |
|
6
Automatic Data Processing
ADP
$112B
| $1.32B | 6.04% |
5,540,720
-30,958
| -0.6% | -$7.6M |
|
7
McCormick & Company Non-Voting
MKC
$14.9B
| $1.28B | 5.87% |
15,495,211
-11,510
| -0.1% | -$928K |
|
8
Waters Corp
WAT
$40.4B
| $1.26B | 5.77% |
3,689,697
-3,500
| -0.1% | -$1.11M |
|
|
9
PepsiCo
PEP
$196B
| $1.2B | 5.49% |
6,657,120
-487,193
| -7% | -$86.9M |
|
10
Visa
V
$693B
| $1.17B | 5.33% |
5,612,145
-23,245
| -0.4% | -$4.69M |
|
11
Mettler-Toledo International
MTD
$28B
| $811M | 3.7% |
560,900
-556
| -0.1% | -$744K |
|
12
Brown-Forman Class B
BF.B
$13.1B
| $798M | 3.64% |
12,146,796
-79,544
| -0.7% | -$5.4M |
|
13
Nike
NKE
$60.5B
| $787M | 3.59% |
6,726,271
-8,137
| -0.1% | -$819K |
|
14
Adobe
ADBE
$109B
| $710M | 3.24% |
2,109,326
-1,971
| -0.1% | -$630K |
|
15
Church & Dwight Co
CHD
$23.4B
| $681M | 3.11% |
8,446,572
-11,453
| -0.1% | -$879K |
|
16
Alphabet (Google) Class A
GOOGL
$4.22T
| $673M | 3.07% |
7,626,313
-6,515
| -0.1% | -$619K |
|
17
Meta Platforms (Facebook)
META
$1.4T
| $659M | 3.01% |
5,476,865
-3,419
| -0.1% | -$401K |
|
18
Amazon
AMZN
$2.79T
| $569M | 2.6% |
6,777,831
-6,491
| -0.1% | -$641K |
|
19
Otis Worldwide
OTIS
$27.2B
| $492M | 2.25% |
6,280,677
-5,201
| -0.1% | -$384K |
|
20
Sabre
SABR
$848M
| $140M | 0.64% |
22,707,687
-25,082
| -0.1% | -$140K |
|
21
VeriSign
VRSN
$25.5B
| $139M | 0.63% |
674,791
-742
| -0.1% | -$142K |
|
22
Fortinet
FTNT
$113B
| $113M | 0.52% |
2,313,303
-2,554
| -0.1% | -$133K |
|
|
MASI
23
DELISTED
Masimo
MASI
| $113M | 0.52% |
764,319
-842
| -0.1% | -$116K |
|
24
MSCI
MSCI
$41B
| $98.3M | 0.45% |
211,317
-234
| -0.1% | -$109K |
|
25
Cognex
CGNX
$10.2B
| $97M | 0.44% |
2,059,788
-2,295
| -0.1% | -$108K |
|
Similar funds
Terry Smith's Q4 2022 Portfolio in Review
As of Q4 2022, Terry Smith held 46 positions worth $21.9B, up 3.9% from $21.1B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Terry Smith withdrew a net $1.54B in Q4 2022, closing 8 positions and reducing 31 holdings. Its most notable exit was Intuit, an estimated $657M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 32% of assets, up from 30% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Terry Smith added an estimated $37.5M to IDEX.
- Terry Smith added most to IDEX in Q4 2022, an estimated $37.5M increase.
- Terry Smith's biggest Q4 2022 reduction was PepsiCo, cutting an estimated $86.9M.
- Terry Smith fully exited Intuit in Q4 2022, selling an estimated $657M.
- Terry Smith's ten largest holdings make up 65% of its $21.9B portfolio in Q4 2022.
- Terry Smith opened 0 new positions and closed 8 in Q4 2022.
- Terry Smith's portfolio value rose 3.9% quarter-over-quarter to $21.9B.
Based on Fundsmith LLP's 13F filing for Q4 2022, filed 14 Feb 2023.