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Fundsmith

Q1 2014 13F · by Terry Smith, founder

As of
Mar 31, 2014
Filed
Apr 23, 2014
US stock
$1.9B · prev $1.6B
Positions
15 · prev 15
Options notional
$0
Documents
1· no amendments

Picture84.8% US stock

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

  • US stock listed on a US exchange 84.8%
  • Foreign stock not listed in the US 15.2%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves13 since the prior filing

The book

Concentrated · behaves like 13 equal-sized positions

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

Low turnover · 9.7% a year, about 10.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions46% of US stock

  1. SYK Stryker Corporation added−0.35 pp added−0.359.5%
  2. unresolved Sigma Aldrich Corp added+5.69 pp added+5.699.4%
  3. MCD McDonald's Corporation added−0.39 pp added−0.399.2%
  4. unresolved Dr Pepper Snapple Group Inc added+0.02 pp added+0.029.2%
  5. unresolved Becton Dickinson & Co added+0.75 pp added+0.758.8%

Positions15 in this filing · 0 exited

SYKStryker Corporation9.51%2,225,955$181Madded+5%−0.35 pp4 q
unresolvedSigma Aldrich Corp9.37%1,209,341$179Madded×2.7+5.69 pp4 q
MCDMcDonald's Corporation9.23%4,290,030$176Madded+4%−0.39 pp4 q
unresolvedDr Pepper Snapple Group Inc9.20%3,218,586$175Madded+6%+0.02 pp4 q
unresolvedBecton Dickinson & Co8.82%1,435,203$168Madded+22%+0.75 pp3 q
DPZDomino's Pizza Inc.8.62%2,134,570$164Mheld—4 q
PEPPepsiCo, Inc.7.05%1,609,367$134Madded+31%+0.72 pp4 q
unresolvedAutomatic Data Processing Inc6.37%1,571,495$121Madded+12%−0.69 pp3 q
PMPhilip Morris International Inc.6.01%1,398,707$115Madded+25%−0.04 pp4 q
JNJJohnson & Johnson5.94%1,152,868$113Madded+11%+0.02 pp4 q
MMM3M Company5.94%835,096$113Mheld—4 q
PGProcter & Gamble Company5.93%1,414,311$113Madded+9%−0.65 pp4 q
VVISA Inc.4.20%370,764$80Madded+49%+0.76 pp4 q
CHHChoice Hotels Intnl.2.09%870,912$40Mtrimmed−38%−2.21 pp4 q
CLColgate-Palmolive Company1.71%506,402$33Mtrimmed−40%−1.69 pp4 q

Source

Form
13F-HR
Reading
4 defects · 4 unresolved
Accession
0001387131-14-001548
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 2014-03-31
  • A security outside the official 13F list — CUSIP 75887109 not on the Official 13(f) List for 2014-03-31