Fundsmith

Q3 2014 13F · by Terry Smith, founder

As of: Sep 30, 2014
Filed: Nov 4, 2014
US stock: $2.3B · prev $2.2B
Positions: 16 · prev 16
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves16 since the prior filing

+14.4 pp in · −13.9 pp out

New 2 +12.38 pp
Added 11 +2.00 pp
Trimmed 1 −0.41 pp
Exited 2 −13.53 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions44% of US stock

MCD McDonald's Corporation added+0.76 pp added+0.7610.9%
unresolved Dr Pepper Snapple Group Inc added+0.23 pp added+0.239.3%
SYK Stryker Corporation added−0.80 pp added−0.808.8%
PEP PepsiCo, Inc. held held7.5%
BDX Becton, Dickinson and Co. new+7.42 pp new+7.427.4%

Positions16 in this filing · 2 exited


MCDMcDonald's Corporation	10.88%	5,488,976	$254M	added+4%	+0.76 pp	6 q
unresolvedDr Pepper Snapple Group Inc	9.28%	3,375,072	$217M	added+1%	+0.23 pp	6 q
SYKStryker Corporation	8.77%	2,539,116	$205M	added+3%	−0.80 pp	6 q
PEPPepsiCo, Inc.	7.51%	1,886,556	$176M	held	—	6 q
BDXBecton, Dickinson and Co.	7.42%	1,525,906	$174M	new	+7.42 pp	new
DPZDomino's Pizza Inc.	7.02%	2,134,570	$164M	held	—	6 q
PMPhilip Morris International Inc.	6.93%	1,942,923	$162M	added+9%	−0.01 pp	6 q
JNJJohnson & Johnson	6.54%	1,434,318	$153M	added+10%	+0.25 pp	6 q
VVISA Inc.	5.45%	597,748	$128M	added+3%	−0.21 pp	6 q
PGProcter & Gamble Company	5.13%	1,433,679	$120M	added+1%	0.00 pp	6 q
MMM3M Company	5.13%	846,655	$120M	added+1%	−0.39 pp	6 q
ADPAutomatic Data Processing	4.96%	1,592,266	$116M	new	+4.96 pp	new
unresolvedSigma Aldrich Corp	4.88%	800,523	$114M	added+15%	+0.27 pp	6 q
EBAYeBay Inc	4.69%	1,938,349	$110M	added+63%	+1.94 pp	2 q
CHHChoice Hotels Intnl.	2.71%	1,224,737	$63M	trimmed−15%	−0.41 pp	6 q
CLColgate-Palmolive Company	2.70%	972,598	$63M	added+12%	−0.04 pp	6 q
unresolvedBecton Dickinson & Co	—	−1,424,756	—	exited	−7.78 pp	—
unresolvedAutomatic Data Processing Inc	—	−1,571,495	—	exited	−5.75 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001387131-14-003602
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet