Fundsmith

Q4 2014 13F · by Terry Smith, founder

As of: Dec 31, 2014
Filed: Feb 10, 2015
US stock: $2.8B · prev $2.3B
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%

Moves13 since the prior filing

+0.8 pp in · −0.8 pp out

New 0 0.00 pp
Added 12 +0.81 pp
Trimmed 1 −0.79 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions44% of US stock

MCD McDonald's Corporation added−0.75 pp added−0.7510.1%
unresolved Dr Pepper Snapple Group Inc added−0.30 pp added−0.309.0%
SYK Stryker Corporation added−0.06 pp added−0.068.7%
BDX Becton, Dickinson and Co. added+1.09 pp added+1.098.5%
PM Philip Morris International Inc. added+0.30 pp added+0.307.2%

Positions16 in this filing · 0 exited


MCDMcDonald's Corporation	10.13%	6,116,468	$284M	added+11%	−0.75 pp	7 q
unresolvedDr Pepper Snapple Group Inc	8.98%	3,514,615	$252M	added+4%	−0.30 pp	7 q
SYKStryker Corporation	8.71%	2,590,890	$244M	added+2%	−0.06 pp	7 q
BDXBecton, Dickinson and Co.	8.51%	1,714,997	$239M	added+12%	+1.09 pp	2 q
PMPhilip Morris International Inc.	7.23%	2,488,707	$203M	added+28%	+0.30 pp	7 q
DPZDomino's Pizza Inc.	7.17%	2,134,570	$201M	held	—	7 q
PEPPepsiCo, Inc.	6.63%	1,967,897	$186M	added+4%	−0.88 pp	7 q
EBAYeBay Inc	6.15%	3,073,912	$173M	added+59%	+1.46 pp	3 q
JNJJohnson & Johnson	6.08%	1,629,983	$170M	added+14%	−0.46 pp	7 q
VVISA Inc.	5.59%	597,748	$157M	held	—	7 q
unresolvedSigma Aldrich Corp	5.56%	936,922	$156M	added+17%	+0.68 pp	7 q
MMM3M Company	5.08%	866,465	$142M	added+2%	−0.05 pp	7 q
PGProcter & Gamble Company	4.97%	1,541,919	$139M	added+8%	−0.16 pp	7 q
ADPAutomatic Data Processing	4.90%	1,649,776	$138M	added+4%	−0.06 pp	2 q
CLColgate-Palmolive Company	2.39%	972,598	$67M	held	—	7 q
CHHChoice Hotels Intnl.	1.92%	961,757	$54M	trimmed−21%	−0.79 pp	7 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001387131-15-000437
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet