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Fundsmith

Q3 2013 13F · by Terry Smith, founder

As of
Sep 30, 2013
Filed
Nov 5, 2013
US stock
$1.5B · prev $1.4B
Positions
16 · prev 17
Options notional
$0
Documents
1· no amendments

Picture85.6% US stock

Mostly picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 85.6%
  • Foreign stock not listed in the US 14.4%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves14 since the prior filing

The book

Concentrated · behaves like 14 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

High turnover · 95% a year, about 1.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions45% of US stock

  1. DPZ Domino's Pizza Inc. held held10.1%
  2. SYK Stryker Corporation added+0.22 pp added+0.229.4%
  3. MCD McDonald's Corporation added+6.09 pp added+6.099.1%
  4. unresolved Dr Pepper Snapple Group Inc added−0.08 pp added−0.089.1%
  5. unresolved Becton Dickinson & Co new+7.62 pp new+7.627.6%

Positions16 in this filing · 3 exited

DPZDomino's Pizza Inc.10.08%2,229,652$152Mheld—2 q
SYKStryker Corporation9.41%2,091,159$141Madded+3%+0.22 pp2 q
MCDMcDonald's Corporation9.07%4,094,461$136Madded×9.6+6.09 pp2 q
unresolvedDr Pepper Snapple Group Inc9.06%3,036,706$136Madded+7%−0.08 pp2 q
unresolvedBecton Dickinson & Co7.62%1,145,413$115Mnew+7.62 ppnew
unresolvedAutomatic Data Processing Inc6.79%1,408,541$102Mnew+6.79 ppnew
MMM3M Company6.64%835,096$100Mheld—2 q
PGProcter & Gamble Company6.55%1,301,833$98Mheld—2 q
PEPPepsiCo, Inc.6.08%1,148,821$91Madded+17%+0.46 pp2 q
JNJJohnson & Johnson5.99%1,038,629$90Mheld—2 q
PMPhilip Morris International Inc.5.71%990,377$86Madded+17%+0.56 pp2 q
CHHChoice Hotels Intnl.4.07%1,422,535$61Mheld—2 q
CLColgate-Palmolive Company3.30%841,004$50Madded+7%+0.14 pp2 q
unresolvedSigma Aldrich Corp3.30%430,224$50Madded+64%+1.30 pp2 q
WATWaters Corp3.17%449,096$48Mtrimmed−40%−2.06 pp2 q
VVISA Inc.3.16%248,634$48Madded+86%+1.44 pp2 q
MSFTMicrosoft Corp—−3,525,044—exited−8.56 pp—
BDXBecton, Dickinson and Co.—−1,098,017—exited−7.63 pp—
ADPAutomatic Data Processing—−1,408,541—exited−6.82 pp—

Source

Form
13F-HR
Reading
4 defects · 4 unresolved
Accession
0001387131-13-004152
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A row was set aside — invalid CUSIP 53015103
  • A row was set aside — invalid CUSIP 75887109
  • A security outside the official 13F list — CUSIP 53015103 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 75887109 not on the Official 13(f) List for 2013-09-30