Fundsmith

Q3 2015 13F · by Terry Smith, founder

Picture100.0% US stock

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

+12.5 pp in · −12.3 pp out

Concentrated · behaves like 14 equal-sized positions

Moderate turnover · 25% a year, about 4.0 years per position


MSFTMicrosoft Corp	10.17%	7,531,685	$333M	added+5%	+0.17 pp	3 q
unresolvedDr Pepper Snapple Group Inc	8.57%	3,553,749	$281M	added+1%	+0.51 pp	10 q
PEPPepsiCo, Inc.	8.53%	2,965,356	$280M	added+15%	+0.98 pp	10 q
SYKStryker Corporation	8.38%	2,921,841	$275M	added+6%	+0.07 pp	10 q
BCRCR Bard Inc.	8.00%	1,408,096	$262M	added+11%	+1.19 pp	3 q
JNJJohnson & Johnson	7.68%	2,696,170	$252M	added+17%	+0.59 pp	10 q
PMPhilip Morris International Inc.	7.67%	3,171,358	$252M	added+6%	+0.15 pp	10 q
MMM3M Company	6.50%	1,503,516	$213M	added+21%	+0.47 pp	10 q
BDXBecton, Dickinson and Co.	6.40%	1,582,864	$210M	trimmed−4%	−0.96 pp	2 q
VVISA Inc.	5.54%	2,606,001	$182M	added+2%	+0.13 pp	10 q
ADPAutomatic Data Processing	5.04%	2,058,579	$165M	added+17%	+0.59 pp	2 q
PGProcter & Gamble Company	4.10%	1,870,102	$135M	added+16%	+0.11 pp	10 q
PYPLPayPal Holdings, Inc.	4.04%	4,269,126	$133M	new	+4.04 pp	new
WATWaters Corp	2.88%	798,099	$94M	added×2.6	+1.62 pp	3 q
CLColgate-Palmolive Company	2.42%	1,248,194	$79M	held	—	10 q
IDXXIdexx Laboratories Inc	1.99%	880,486	$65M	added×13.2	+1.86 pp	3 q
EBAYeBay Inc	1.71%	2,296,306	$56M	trimmed−46%	−6.38 pp	6 q
DPZDomino's Pizza Inc.	0.15%	45,290	$5M	trimmed−97%	−4.95 pp	10 q
DNKNDunkin' Brands Group, Inc.	0.12%	80,148	$4M	held	—	3 q
MARMarriott International Class A	0.11%	54,182	$4M	held	—	3 q