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Fundsmith

Q1 2015 13F · by Terry Smith, founder

As of
Mar 31, 2015
Filed
Jun 3, 2015
US stock
$3.1B · prev $2.8B
Positions
20 · prev 16
Options notional
$0
Documents
1· no amendments

Picture86.8% US stock

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

  • US stock listed on a US exchange 86.8%
  • Foreign stock not listed in the US 13.2%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves22 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

High turnover · 109% a year, about 0.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions42% of US stock

  1. MSFT Microsoft Corp new+9.40 pp new+9.409.4%
  2. unresolved Dr Pepper Snapple Group Inc held held8.9%
  3. unresolved Becton Dickinson & Co new+8.33 pp new+8.338.3%
  4. SYK Stryker Corporation added−0.66 pp added−0.668.1%
  5. EBAY eBay Inc added+1.27 pp added+1.277.4%

Positions20 in this filing · 4 exited

MSFTMicrosoft Corp9.40%7,185,480$290Mnew+9.40 ppnew
unresolvedDr Pepper Snapple Group Inc8.93%3,514,615$276Mheld—8 q
unresolvedBecton Dickinson & Co8.33%1,791,841$257Mnew+8.33 ppnew
SYKStryker Corporation8.05%2,694,794$249Madded+4%−0.66 pp8 q
EBAYeBay Inc7.42%3,975,089$229Madded+29%+1.27 pp4 q
PMPhilip Morris International Inc.7.18%2,942,293$222Madded+18%−0.05 pp8 q
DPZDomino's Pizza Inc.6.95%2,134,570$215Mheld—8 q
PEPPepsiCo, Inc.6.72%2,170,265$208Madded+10%+0.09 pp8 q
BCRCR Bard Inc.6.25%1,155,034$193Mnew+6.25 ppnew
JNJJohnson & Johnson6.15%1,902,103$190Madded+17%+0.07 pp8 q
VVISA Inc.5.38%2,546,503$166Madded+7%−0.21 pp8 q
unresolvedAutomatic Data Processing Inc4.89%1,762,562$151Mnew+4.89 ppnew
MMM3M Company4.89%920,847$151Madded+6%−0.19 pp8 q
PGProcter & Gamble Company4.26%1,618,689$132Madded+5%−0.71 pp8 q
CLColgate-Palmolive Company2.42%1,081,946$75Madded+11%+0.03 pp8 q
WATWaters Corp1.25%310,736$39Mnew+1.25 ppnew
CHHChoice Hotels Intnl.1.15%553,589$35Mtrimmed−42%−0.77 pp8 q
IDXXIdexx Laboratories Inc0.13%25,493$4Mnew+0.13 ppnew
MARMarriott International Class A0.13%49,424$4Mnew+0.13 ppnew
DNKNDunkin' Brands Group, Inc.0.12%80,148$4Mnew+0.12 ppnew
MCDMcDonald's Corporation—−6,116,468—exited−10.13 pp—
BDXBecton, Dickinson and Co.—−1,714,997—exited−8.51 pp—
unresolvedSigma Aldrich Corp—−936,922—exited−5.56 pp—
ADPAutomatic Data Processing—−1,649,776—exited−4.90 pp—

Source

Form
13F-HR
Reading
4 defects · 3 unresolved
Accession
0001387131-15-001904
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 2015-03-31
  • A security outside the official 13F list — CUSIP 75887109 not on the Official 13(f) List for 2015-03-31