Fundsmith

Q2 2016 13F · by Terry Smith, founder

Picture100.0% US stock

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

+1.5 pp in · −0.1 pp out

Concentrated · behaves like 16 equal-sized positions

Low turnover · 0.3% a year, more than 30 years per position

revealed late 3 names revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 25, 2016 ↗


SJMThe J.M. Smucker Company	8.33%	3,450,789	$526M	added+68%	+2.60 pp	3 q
BCRCR Bard Inc.	8.18%	2,197,626	$516M	added+25%	+0.49 pp	6 q
SYKStryker Corporation	7.46%	3,932,735	$471M	added+9%	−0.87 pp	13 q
MSFTMicrosoft Corp	7.16%	8,837,391	$452M	added+12%	−2.19 pp	6 q
JNJJohnson & Johnson	7.12%	3,704,693	$449M	added+24%	+0.17 pp	13 q
PMPhilip Morris International Inc.	7.04%	4,367,647	$444M	added+12%	−1.23 pp	13 q
IDXXIdexx Laboratories Inc	6.57%	4,469,336	$415M	added+6%	−0.53 pp	6 q
PEPPepsiCo, Inc.	5.94%	3,540,086	$375M	added+14%	−0.93 pp	13 q
PYPLPayPal Holdings, Inc.	5.72%	9,896,155	$361M	added×2.1	+1.88 pp	4 q
unresolvedDr Pepper Snapple Group Inc	5.51%	3,601,159	$348M	held	—	13 q
WATWaters Corp	5.44%	2,441,318	$343M	added+66%	+1.27 pp	6 q
MMM3M Company	5.37%	1,936,501	$339M	added+29%	−0.02 pp	13 q
VVISA Inc.	5.31%	4,517,080	$335M	added+15%	−1.15 pp	13 q
ADPAutomatic Data Processing	4.86%	3,336,791	$307M	added+15%	−0.74 pp	5 q
BDXBecton, Dickinson and Co.	4.82%	1,793,493	$304M	added+11%	−0.46 pp	5 q
ELThe Estee Lauder Companies Inc. Class A	3.35%	2,323,286	$211M	new	+3.35 pp	new
CLColgate-Palmolive Company	1.60%	1,384,087	$101M	added+7%	−0.36 pp	13 q
MARMarriott International Class A	0.21%	196,378	$13M	new	+0.21 pp	new
ORCLOracle Corp	0.01%	22,526	$919,000	new	+0.01 pp	new
DNKNDunkin' Brands Group, Inc.	—	−89,269	—	exited	−0.09 pp	—