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TS

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
+5.45%
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
$23.8B
AUM Growth
+$659M
Cap. Flow
-$227M
Cap. Flow %
-0.95%
Top 10 Hldgs %
65.57%
Holding
41
New
1
Increased
11
Reduced
17
Closed
2

Top Buys

Rank Stock Value
1
PG icon
Procter & Gamble
PG
+$472M
2
EXPO icon
Exponent
EXPO
+$103M
3
GGG icon
Graco
GGG
+$53.1M
4
V icon
Visa
V
+$33.8M
5
WAT icon
Waters Corp
WAT
+$30.9M

Top Sells

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$700M
2
CHD icon
Church & Dwight Co
CHD
+$168M
3
PM icon
Philip Morris
PM
+$64.9M
4
IPGP icon
IPG Photonics
IPGP
+$34.6M
5
MASI
Masimo
MASI
+$5.91M

Sector Composition

Rank Sector Weight
1 Consumer Staples 31.06%
2 Technology 22.11%
3 Healthcare 21.54%
4 Communication Services 10.63%
5 Financials 6.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$3.07B 12.88%
9,012,591
-18,510
-0.2% -$5.8M
SYK icon
2
Stryker
SYK
$126B
$1.68B 7.06%
5,511,645
+13,332
+0.2% +$3.85M
META icon
3
Meta Platforms (Facebook)
META
$1.4T
$1.62B 6.81%
5,653,137
-11,134
-0.2% -$2.75M
PM icon
4
Philip Morris
PM
$293B
$1.54B 6.47%
15,784,916
-678,947
-4% -$64.9M
IDXX icon
5
Idexx Laboratories
IDXX
$43.9B
$1.49B 6.24%
2,961,551
+7,355
+0.2% +$3.52M
V icon
6
Visa
V
$693B
$1.37B 5.74%
5,761,283
+147,863
+3% +$33.8M
MKC icon
7
McCormick & Company Non-Voting
MKC
$14.9B
$1.35B 5.66%
15,467,107
-31,481
-0.2% -$2.78M
PEP icon
8
PepsiCo
PEP
$196B
$1.23B 5.16%
6,644,967
-13,570
-0.2% -$2.53M
ADP icon
9
Automatic Data Processing
ADP
$112B
$1.21B 5.1%
5,526,368
-15,598
-0.3% -$3.36M
EL icon
10
Estee Lauder
EL
$36.9B
$1.06B 4.46%
5,418,525
-9,807
-0.2% -$2.08M
WAT icon
11
Waters Corp
WAT
$40.4B
$1.02B 4.26%
3,809,473
+111,104
+3% +$30.9M
GOOGL icon
12
Alphabet (Google) Class A
GOOGL
$4.22T
$912M 3.82%
7,615,636
-12,562
-0.2% -$1.45M
BF.B icon
13
Brown-Forman Class B
BF.B
$13.1B
$814M 3.42%
12,195,517
-34,531
-0.3% -$2.21M
MTD icon
14
Mettler-Toledo International
MTD
$28B
$747M 3.13%
569,144
+7,730
+1% +$10.9M
NKE icon
15
Nike
NKE
$60.5B
$741M 3.11%
6,710,646
-15,625
-0.2% -$1.83M
PG icon
16
Procter & Gamble
PG
$336B
$736M 3.09%
4,849,177
+3,132,695
+183% +$472M
CHD icon
17
Church & Dwight Co
CHD
$23.4B
$668M 2.8%
6,668,756
-1,781,171
-21% -$168M
OTIS icon
18
Otis Worldwide
OTIS
$27.2B
$575M 2.41%
6,455,411
+173,736
+3% +$14.6M
AAPL icon
19
Apple
AAPL
$4.51T
$258M 1.08%
1,332,635
-9,344
-0.7% -$1.63M
FTNT icon
20
Fortinet
FTNT
$113B
$175M 0.73%
2,313,303
– –
VRSN icon
21
VeriSign
VRSN
$25.5B
$152M 0.64%
674,791
– –
MASI
22
DELISTED
Masimo
MASI
$120M 0.5%
730,377
-33,942
-4% -$5.91M
VRSK icon
23
Verisk Analytics
VRSK
$24.4B
$120M 0.5%
530,087
– –
EFX icon
24
Equifax
EFX
$22.6B
$117M 0.49%
495,301
– –
CGNX icon
25
Cognex
CGNX
$10.2B
$115M 0.48%
2,059,788
– –
1
2

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Terry Smith's Q2 2023 Portfolio in Review

As of Q2 2023, Terry Smith held 41 positions worth $23.8B, up 2.8% from $23.2B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Terry Smith's Q2 2023 filing shows 1 new, 11 increased, 17 reduced and 2 closed positions. Its largest new stake was Exponent: 1,100,101 shares worth $103M. The largest sale was Amazon, an estimated $700M.

By sector, the portfolio is most concentrated in Consumer Staples at 31% of assets, down from 31% a quarter earlier, followed by Technology and Healthcare.

  • Terry Smith's largest Q2 2023 buy was Exponent: 1,100,101 shares worth $103M.
  • Terry Smith added most to Procter & Gamble in Q2 2023, an estimated $472M increase.
  • Terry Smith's biggest Q2 2023 reduction was Church & Dwight Co, cutting an estimated $168M.
  • Terry Smith fully exited Amazon in Q2 2023, selling an estimated $700M.
  • Terry Smith's ten largest holdings make up 66% of its $23.8B portfolio in Q2 2023.
  • Terry Smith opened 1 new position and closed 2 in Q2 2023.
  • Terry Smith's portfolio value rose 2.8% quarter-over-quarter to $23.8B.

Based on Fundsmith LLP's 13F filing for Q2 2023, filed 14 Aug 2023.