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Fundsmith

Q4 2013 13F · by Terry Smith, founder

As of
Dec 31, 2013
Filed
Jan 21, 2014
US stock
$1.6B · prev $1.5B
Positions
15 · prev 16
Options notional
$0
Documents
1· no amendments

Picture84.9% US stock

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

  • US stock listed on a US exchange 84.9%
  • Foreign stock not listed in the US 15.1%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves10 since the prior filing

The book

Concentrated · behaves like 14 equal-sized positions

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

Low turnover · 6.7% a year, about 15.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions46% of US stock

  1. SYK Stryker Corporation added+0.45 pp added+0.459.9%
  2. MCD McDonald's Corporation added+0.55 pp added+0.559.6%
  3. DPZ Domino's Pizza Inc. trimmed−0.85 pp trimmed−0.859.2%
  4. unresolved Dr Pepper Snapple Group Inc held held9.2%
  5. unresolved Becton Dickinson & Co added+0.45 pp added+0.458.1%

Positions15 in this filing · 1 exited

SYKStryker Corporation9.86%2,114,386$159Madded+1%+0.45 pp3 q
MCDMcDonald's Corporation9.62%4,142,263$155Madded+1%+0.55 pp3 q
DPZDomino's Pizza Inc.9.23%2,134,570$149Mtrimmed−4%−0.85 pp3 q
unresolvedDr Pepper Snapple Group Inc9.18%3,036,706$148Mheld—3 q
unresolvedBecton Dickinson & Co8.07%1,176,328$130Madded+3%+0.45 pp2 q
MMM3M Company7.27%835,096$117Mheld—3 q
unresolvedAutomatic Data Processing Inc7.06%1,408,541$114Mheld—2 q
PGProcter & Gamble Company6.58%1,301,833$106Mheld—3 q
PEPPepsiCo, Inc.6.33%1,229,894$102Madded+7%+0.25 pp3 q
PMPhilip Morris International Inc.6.05%1,119,353$98Madded+13%+0.34 pp3 q
JNJJohnson & Johnson5.92%1,040,791$95Madded0%−0.07 pp3 q
CHHChoice Hotels Intnl.4.30%1,411,382$69Mtrimmed−1%+0.23 pp3 q
unresolvedSigma Aldrich Corp3.68%443,414$59Madded+3%+0.38 pp3 q
VVISA Inc.3.44%248,634$55Mheld—3 q
CLColgate-Palmolive Company3.40%841,004$55Mheld—3 q
WATWaters Corp—−449,096—exited−3.17 pp—

Source

Form
13F-HR
Reading
4 defects · 4 unresolved
Accession
0001387131-14-000234
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 2013-12-31
  • A security outside the official 13F list — CUSIP 75887109 not on the Official 13(f) List for 2013-12-31