Fundsmith

Q1 2016 13F · by Terry Smith, founder

As of: Mar 31, 2016
Filed: Apr 27, 2016
US stock: $4.6B · prev $4.0B
Positions: 17 · prev 18
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%

Moves15 since the prior filing

+4.2 pp in · −3.7 pp out

New 0 0.00 pp
Added 14 +4.18 pp
Trimmed 0 0.00 pp
Exited 1 −3.70 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.9 years per position

Low
Moderate
High

Top 5 positions41% of US stock

MSFT Microsoft Corp added−1.15 pp added−1.159.3%
SYK Stryker Corporation added+0.86 pp added+0.868.3%
PM Philip Morris International Inc. added+0.28 pp added+0.288.3%
BCR CR Bard Inc. added+0.15 pp added+0.157.7%
IDXX Idexx Laboratories Inc added+2.54 pp added+2.547.1%

Positions17 in this filing · 1 exited


MSFTMicrosoft Corp	9.35%	7,860,330	$434M	added+4%	−1.15 pp	5 q
SYKStryker Corporation	8.33%	3,605,529	$387M	added+13%	+0.86 pp	12 q
PMPhilip Morris International Inc.	8.27%	3,913,280	$384M	added+8%	+0.28 pp	12 q
BCRCR Bard Inc.	7.69%	1,762,031	$357M	added+11%	+0.15 pp	5 q
IDXXIdexx Laboratories Inc	7.10%	4,210,679	$330M	added+69%	+2.54 pp	5 q
JNJJohnson & Johnson	6.95%	2,985,161	$323M	added+5%	−0.38 pp	12 q
unresolvedDr Pepper Snapple Group Inc	6.93%	3,601,159	$322M	added+1%	−1.39 pp	12 q
PEPPepsiCo, Inc.	6.87%	3,115,986	$319M	added+1%	−0.88 pp	12 q
VVISA Inc.	6.46%	3,922,506	$300M	added+41%	+1.02 pp	12 q
SJMThe J.M. Smucker Company	5.73%	2,050,979	$266M	added×2.7	+3.38 pp	2 q
ADPAutomatic Data Processing	5.60%	2,899,555	$260M	added+18%	+0.36 pp	4 q
MMM3M Company	5.39%	1,503,516	$251M	held	—	12 q
BDXBecton, Dickinson and Co.	5.28%	1,614,464	$245M	added+2%	−0.85 pp	4 q
WATWaters Corp	4.17%	1,467,530	$194M	added+27%	+0.27 pp	5 q
PYPLPayPal Holdings, Inc.	3.84%	4,620,093	$178M	added+9%	−0.03 pp	3 q
CLColgate-Palmolive Company	1.96%	1,293,729	$91M	held	—	12 q
DNKNDunkin' Brands Group, Inc.	0.09%	89,269	$4M	held	—	5 q
PGProcter & Gamble Company	—	−1,870,102	—	exited	−3.70 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001387131-16-005089
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet