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Fundsmith

Q3 2016 13F · by Terry Smith, founder

As of
Sep 30, 2016
Filed
Nov 14, 2016
US stock
$7.3B · prev $6.3B
Positions
19 · prev 19
Options notional
$0
Documents
1· no amendments

Picture82.6% US stock

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

  • US stock listed on a US exchange 82.6%
  • Foreign stock not listed in the US 17.4%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves20 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Moderate turnover · 62% a year, about 1.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions36% of US stock

  1. MSFT Microsoft Corp added+0.66 pp added+0.667.8%
  2. unresolved Bard C R Inc new+7.65 pp new+7.657.7%
  3. IDXX Idexx Laboratories Inc added+0.35 pp added+0.356.9%
  4. PEP PepsiCo, Inc. added+0.90 pp added+0.906.8%
  5. SJM The J.M. Smucker Company added−1.65 pp added−1.656.7%

Positions19 in this filing · 3 exited

MSFTMicrosoft Corp7.82%9,934,933$572Madded+12%+0.66 pp7 q
unresolvedBard C R Inc7.65%2,498,181$560Mnew+7.65 ppnew
IDXXIdexx Laboratories Inc6.92%4,490,883$506Madded0%+0.35 pp7 q
PEPPepsiCo, Inc.6.84%4,602,811$501Madded+30%+0.90 pp14 q
SJMThe J.M. Smucker Company6.68%3,623,898$488Madded+5%−1.65 pp4 q
PYPLPayPal Holdings, Inc.6.67%11,918,335$488Madded+20%+0.95 pp5 q
PMPhilip Morris International Inc.6.60%4,966,048$483Madded+14%−0.44 pp14 q
SYKStryker Corporation6.58%4,136,878$482Madded+5%−0.88 pp14 q
WATWaters Corp6.56%3,030,360$480Madded+24%+1.12 pp7 q
JNJJohnson & Johnson6.43%3,983,318$471Madded+8%−0.69 pp14 q
VVISA Inc.5.59%4,944,537$409Madded+9%+0.28 pp14 q
unresolvedBecton Dickinson & Co5.05%2,055,436$369Mnew+5.05 ppnew
unresolvedDr Pepper Snapple Group Inc4.93%3,948,607$361Madded+10%−0.58 pp14 q
MMM3M Company4.74%1,968,552$347Madded+2%−0.63 pp14 q
unresolvedAutomatic Data Processing Inc4.67%3,869,666$341Mnew+4.67 ppnew
ELThe Estee Lauder Companies Inc. Class A4.15%3,430,435$304Madded+48%+0.80 pp2 q
CLColgate-Palmolive Company1.92%1,905,537$141Madded+38%+0.32 pp14 q
MARMarriott International Class A0.18%196,378$13Mheld—2 q
ORCLOracle Corp0.01%22,526$881,000held—2 q
BCRCR Bard Inc.—−2,197,626—exited−8.18 pp—
ADPAutomatic Data Processing—−3,336,791—exited−4.86 pp—
BDXBecton, Dickinson and Co.—−1,793,493—exited−4.82 pp—

Source

Form
13F-HR
Reading
6 defects · 4 unresolved
Accession
0001387131-16-007934
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 67383109
  • 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 2016-09-30
  • A security outside the official 13F list — CUSIP 67383109 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 75887109 not on the Official 13(f) List for 2016-09-30