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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
-4.82%
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
$22B
AUM Growth
-$1.82B
Cap. Flow
-$486M
Cap. Flow %
-2.21%
Top 10 Hldgs %
65.48%
Holding
41
New
2
Increased
10
Reduced
27
Closed
2

Top Buys

Rank Stock Value
1
MAR icon
Marriott International
MAR
+$836M
2
FTNT icon
Fortinet
FTNT
+$173M
3
CHD icon
Church & Dwight Co
CHD
+$58.1M
4
MCD icon
McDonald's
MCD
+$26.3M
5
ODD icon
ODDITY Tech
ODD
+$24.3M

Top Sells

Rank Stock Value
1
EL icon
Estee Lauder
EL
+$1.06B
2
META icon
Meta Platforms (Facebook)
META
+$195M
3
MSFT icon
Microsoft
MSFT
+$120M
4
MASI
Masimo
MASI
+$120M
5
PM icon
Philip Morris
PM
+$69.3M

Sector Composition

Rank Sector Weight
1 Consumer Staples 26.19%
2 Technology 23.16%
3 Healthcare 20.72%
4 Communication Services 11.34%
5 Consumer Discretionary 7.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$2.73B 12.41%
8,648,822
-363,769
-4% -$120M
SYK icon
2
Stryker
SYK
$126B
$1.51B 6.85%
5,518,803
+7,158
+0.1% +$2.05M
META icon
3
Meta Platforms (Facebook)
META
$1.4T
$1.5B 6.83%
5,006,145
-646,992
-11% -$195M
PM icon
4
Philip Morris
PM
$293B
$1.39B 6.34%
15,064,536
-720,380
-5% -$69.3M
ADP icon
5
Automatic Data Processing
ADP
$112B
$1.33B 6.03%
5,520,512
-5,856
-0.1% -$1.43M
V icon
6
Visa
V
$693B
$1.32B 6.02%
5,756,599
-4,684
-0.1% -$1.13M
IDXX icon
7
Idexx Laboratories
IDXX
$43.9B
$1.3B 5.89%
2,964,554
+3,003
+0.1% +$1.5M
MKC icon
8
McCormick & Company Non-Voting
MKC
$14.9B
$1.16B 5.26%
15,312,665
-154,442
-1% -$12.9M
PEP icon
9
PepsiCo
PEP
$196B
$1.12B 5.11%
6,639,272
-5,695
-0.1% -$1.03M
WAT icon
10
Waters Corp
WAT
$40.4B
$1.04B 4.74%
3,806,494
-2,979
-0.1% -$823K
GOOGL icon
11
Alphabet (Google) Class A
GOOGL
$4.22T
$993M 4.51%
7,588,728
-26,908
-0.4% -$3.48M
MAR icon
12
Marriott International
MAR
$92.9B
$864M 3.93%
4,395,681
+4,207,552
+2,237% +$836M
PG icon
13
Procter & Gamble
PG
$336B
$707M 3.21%
4,846,573
-2,604
-0.1% -$398K
BF.B icon
14
Brown-Forman Class B
BF.B
$13.1B
$697M 3.17%
12,086,171
-109,346
-0.9% -$7.27M
CHD icon
15
Church & Dwight Co
CHD
$23.4B
$667M 3.03%
7,274,964
+606,208
+9% +$58.1M
NKE icon
16
Nike
NKE
$60.5B
$641M 2.91%
6,702,262
-8,384
-0.1% -$862K
MTD icon
17
Mettler-Toledo International
MTD
$28B
$630M 2.86%
568,520
-624
-0.1% -$765K
OTIS icon
18
Otis Worldwide
OTIS
$27.2B
$518M 2.35%
6,450,913
-4,498
-0.1% -$385K
FTNT icon
19
Fortinet
FTNT
$113B
$289M 1.31%
4,924,241
+2,610,938
+113% +$173M
AAPL icon
20
Apple
AAPL
$4.51T
$228M 1.04%
1,333,286
+651
+0% +$119K
VRSN icon
21
VeriSign
VRSN
$25.5B
$136M 0.62%
670,166
-4,625
-0.7% -$960K
VRSK icon
22
Verisk Analytics
VRSK
$24.4B
$124M 0.57%
526,454
-3,633
-0.7% -$856K
MSCI icon
23
MSCI
MSCI
$41B
$108M 0.49%
209,869
-1,448
-0.7% -$761K
SABR icon
24
Sabre
SABR
$848M
$101M 0.46%
22,552,058
-155,629
-0.7% -$706K
QLYS icon
25
Qualys
QLYS
$6.3B
$99.8M 0.45%
653,895
-4,512
-0.7% -$649K
1
2

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Terry Smith's Q3 2023 Portfolio in Review

As of Q3 2023, Terry Smith held 41 positions worth $22B, down 7.7% from $23.8B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Terry Smith's Q3 2023 filing shows 2 new, 10 increased, 27 reduced and 2 closed positions. Its largest new stake was McDonald's: 92,320 shares worth $24.3M. The largest sale was Estee Lauder, an estimated $1.06B.

By sector, the portfolio is most concentrated in Consumer Staples at 26% of assets, down from 31% a quarter earlier, followed by Technology and Healthcare.

  • Terry Smith's largest Q3 2023 buy was McDonald's: 92,320 shares worth $24.3M.
  • Terry Smith added most to Marriott International in Q3 2023, an estimated $836M increase.
  • Terry Smith's biggest Q3 2023 reduction was Meta Platforms (Facebook), cutting an estimated $195M.
  • Terry Smith fully exited Estee Lauder in Q3 2023, selling an estimated $1.06B.
  • Terry Smith's ten largest holdings make up 65% of its $22B portfolio in Q3 2023.
  • Terry Smith opened 2 new positions and closed 2 in Q3 2023.
  • Terry Smith's portfolio value fell 7.7% quarter-over-quarter to $22B.

Based on Fundsmith LLP's 13F filing for Q3 2023, filed 14 Nov 2023.