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Fundsmith

Q2 2014 13F · by Terry Smith, founder

As of
Jun 30, 2014
Filed
Aug 5, 2014
US stock
$2.2B · prev $1.9B
Positions
16 · prev 15
Options notional
$0
Documents
1· no amendments

Picture86.5% US stock

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

  • US stock listed on a US exchange 86.5%
  • Foreign stock not listed in the US 13.5%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves12 since the prior filing

The book

Concentrated · behaves like 14 equal-sized positions

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

Low turnover · 14% a year, about 7.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions44% of US stock

  1. MCD McDonald's Corporation added+0.89 pp added+0.8910.1%
  2. SYK Stryker Corporation added+0.06 pp added+0.069.6%
  3. unresolved Dr Pepper Snapple Group Inc added−0.15 pp added−0.159.1%
  4. PEP PepsiCo, Inc. added+0.73 pp added+0.737.8%
  5. unresolved Becton Dickinson & Co trimmed−1.04 pp trimmed−1.047.8%

Positions16 in this filing · 0 exited

MCDMcDonald's Corporation10.12%5,256,276$219Madded+23%+0.89 pp5 q
SYKStryker Corporation9.57%2,459,488$207Madded+10%+0.06 pp5 q
unresolvedDr Pepper Snapple Group Inc9.05%3,346,639$196Madded+4%−0.15 pp5 q
PEPPepsiCo, Inc.7.78%1,886,556$169Madded+17%+0.73 pp5 q
unresolvedBecton Dickinson & Co7.78%1,424,756$169Mtrimmed−1%−1.04 pp4 q
DPZDomino's Pizza Inc.7.20%2,134,570$156Mheld—5 q
PMPhilip Morris International Inc.6.94%1,784,113$150Madded+28%+0.93 pp5 q
JNJJohnson & Johnson6.29%1,303,385$136Madded+13%+0.35 pp5 q
unresolvedAutomatic Data Processing Inc5.75%1,571,495$125Mheld—4 q
VVISA Inc.5.66%581,984$123Madded+57%+1.46 pp5 q
MMM3M Company5.52%835,096$120Mheld—5 q
PGProcter & Gamble Company5.13%1,414,311$111Mheld—5 q
unresolvedSigma Aldrich Corp4.61%697,953$100Mtrimmed−42%−4.76 pp5 q
CHHChoice Hotels Intnl.3.12%1,435,203$68Madded+65%+1.03 pp5 q
EBAYeBay Inc2.75%1,190,275$60Mnew+2.75 ppnew
CLColgate-Palmolive Company2.74%870,912$59Madded+72%+1.03 pp5 q

Source

Form
13F-HR
Reading
4 defects · 4 unresolved
Accession
0001387131-14-002804
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 2014-06-30
  • A security outside the official 13F list — CUSIP 75887109 not on the Official 13(f) List for 2014-06-30