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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
+9.61%
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
$25.6B
AUM Growth
+$1.66B
Cap. Flow
-$308M
Cap. Flow %
-1.21%
Top 10 Hldgs %
66.07%
Holding
42
New
2
Increased
8
Reduced
30
Closed
2

Top Buys

Rank Stock Value
1
TXN icon
Texas Instruments
TXN
+$185M
2
CHH icon
Choice Hotels
CHH
+$90.5M
3
FTNT icon
Fortinet
FTNT
+$56.1M
4
MTD icon
Mettler-Toledo International
MTD
+$52.4M
5
AAPL icon
Apple
AAPL
+$47.8M

Top Sells

Rank Stock Value
1
MKC icon
McCormick & Company Non-Voting
MKC
+$194M
2
PEP icon
PepsiCo
PEP
+$132M
3
MSFT icon
Microsoft
MSFT
+$132M
4
IPGP icon
IPG Photonics
IPGP
+$59.6M
5
JNJ icon
Johnson & Johnson
JNJ
+$43.6M

Sector Composition

Rank Sector Weight
1 Technology 23.83%
2 Consumer Staples 21.86%
3 Healthcare 21.82%
4 Communication Services 13.57%
5 Consumer Discretionary 7.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$3.21B 12.54%
7,617,903
-325,421
-4% -$132M
META icon
2
Meta Platforms (Facebook)
META
$1.4T
$2.41B 9.44%
4,969,549
-29,157
-0.6% -$13M
SYK icon
3
Stryker
SYK
$126B
$1.96B 7.67%
5,479,066
-33,560
-0.6% -$11.3M
V icon
4
Visa
V
$693B
$1.59B 6.22%
5,690,596
-47,935
-0.8% -$13.2M
IDXX icon
5
Idexx Laboratories
IDXX
$43.9B
$1.47B 5.74%
2,714,762
-14,155
-0.5% -$7.74M
ADP icon
6
Automatic Data Processing
ADP
$112B
$1.44B 5.64%
5,765,869
-50,452
-0.9% -$12.3M
PM icon
7
Philip Morris
PM
$293B
$1.36B 5.32%
14,822,237
-215,420
-1% -$19.9M
WAT icon
8
Waters Corp
WAT
$40.4B
$1.3B 5.07%
3,766,251
-34,437
-0.9% -$11.3M
MAR icon
9
Marriott International
MAR
$92.9B
$1.1B 4.31%
4,364,298
-27,208
-0.6% -$6.59M
GOOGL icon
10
Alphabet (Google) Class A
GOOGL
$4.22T
$1.05B 4.12%
6,980,992
-36,419
-0.5% -$5.21M
PEP icon
11
PepsiCo
PEP
$196B
$1.02B 4%
5,845,947
-784,419
-12% -$132M
MKC icon
12
McCormick & Company Non-Voting
MKC
$14.9B
$939M 3.68%
12,229,563
-2,860,820
-19% -$194M
MTD icon
13
Mettler-Toledo International
MTD
$28B
$812M 3.18%
610,096
+42,503
+7% +$52.4M
PG icon
14
Procter & Gamble
PG
$336B
$779M 3.05%
4,799,082
-40,850
-0.8% -$6.41M
CHD icon
15
Church & Dwight Co
CHD
$23.4B
$748M 2.93%
7,171,440
-92,676
-1% -$9.27M
OTIS icon
16
Otis Worldwide
OTIS
$27.2B
$625M 2.45%
6,295,103
-147,050
-2% -$13.6M
NKE icon
17
Nike
NKE
$60.5B
$612M 2.4%
6,512,417
-172,996
-3% -$17.6M
BF.B icon
18
Brown-Forman Class B
BF.B
$13.1B
$592M 2.32%
11,458,780
-193,926
-2% -$10.8M
FTNT icon
19
Fortinet
FTNT
$113B
$558M 2.19%
8,174,985
+843,141
+11% +$56.1M
AAPL icon
20
Apple
AAPL
$4.51T
$274M 1.07%
1,597,544
+262,959
+20% +$47.8M
TXN icon
21
Texas Instruments
TXN
$241B
$194M 0.76%
+1,111,306
New +$185M
EFX icon
22
Equifax
EFX
$22.6B
$126M 0.5%
472,805
-12,764
-3% -$3.25M
VRSN icon
23
VeriSign
VRSN
$25.5B
$122M 0.48%
644,143
-17,390
-3% -$3.42M
VRSK icon
24
Verisk Analytics
VRSK
$24.4B
$113M 0.44%
478,647
-41,025
-8% -$9.85M
GGG icon
25
Graco
GGG
$13.1B
$110M 0.43%
1,175,486
-31,735
-3% -$2.81M
1
2

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Terry Smith's Q1 2024 Portfolio in Review

As of Q1 2024, Terry Smith held 42 positions worth $25.6B, up 7% from $23.9B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Terry Smith's Q1 2024 filing shows 2 new, 8 increased, 30 reduced and 2 closed positions. Its largest new stake was Texas Instruments: 1,111,306 shares worth $194M. The largest sale was McCormick & Company Non-Voting, an estimated $194M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 23% a quarter earlier, followed by Consumer Staples and Healthcare.

  • Terry Smith's largest Q1 2024 buy was Texas Instruments: 1,111,306 shares worth $194M.
  • Terry Smith added most to Fortinet in Q1 2024, an estimated $56.1M increase.
  • Terry Smith's biggest Q1 2024 reduction was McCormick & Company Non-Voting, cutting an estimated $194M.
  • Terry Smith fully exited IPG Photonics in Q1 2024, selling an estimated $59.6M.
  • Terry Smith's ten largest holdings make up 66% of its $25.6B portfolio in Q1 2024.
  • Terry Smith opened 2 new positions and closed 2 in Q1 2024.
  • Terry Smith's portfolio value rose 7% quarter-over-quarter to $25.6B.

Based on Fundsmith LLP's 13F filing for Q1 2024, filed 15 May 2024.