Fundsmith

Q4 2016 13F · by Terry Smith, founder

Picture100.0% US stock

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

+18.0 pp in · −18.0 pp out

Concentrated · behaves like 16 equal-sized positions

Moderate turnover · 67% a year, about 1.5 years per position


MSFTMicrosoft Corp	8.45%	10,202,283	$642M	added+3%	+0.63 pp	8 q
SYKStryker Corporation	7.86%	4,949,396	$597M	added+20%	+1.28 pp	15 q
BCRCR Bard Inc.	7.38%	2,500,869	$560M	new	+7.38 pp	new
IDXXIdexx Laboratories Inc	6.96%	4,476,866	$529M	trimmed−0%	+0.04 pp	8 q
PEPPepsiCo, Inc.	6.90%	4,991,525	$524M	added+8%	+0.06 pp	15 q
PYPLPayPal Holdings, Inc.	6.63%	12,595,293	$503M	added+6%	−0.04 pp	6 q
unresolvedDr Pepper Snapple Group Inc	6.35%	5,304,854	$483M	added+34%	+1.42 pp	15 q
JNJJohnson & Johnson	6.24%	4,103,392	$474M	added+3%	−0.19 pp	15 q
PMPhilip Morris International Inc.	6.22%	5,153,071	$473M	added+4%	−0.38 pp	15 q
SJMThe J.M. Smucker Company	6.16%	3,622,364	$468M	trimmed−0%	−0.52 pp	5 q
WATWaters Corp	5.46%	3,083,357	$415M	added+2%	−1.10 pp	8 q
ADPAutomatic Data Processing	5.28%	3,878,243	$401M	new	+5.28 pp	new
VVISA Inc.	5.11%	4,952,292	$388M	added0%	−0.48 pp	15 q
BDXBecton, Dickinson and Co.	4.87%	2,224,922	$370M	new	+4.87 pp	new
MMM3M Company	4.61%	1,960,542	$350M	trimmed−0%	−0.13 pp	15 q
ELThe Estee Lauder Companies Inc. Class A	3.65%	3,590,783	$277M	added+5%	−0.50 pp	3 q
CLColgate-Palmolive Company	1.67%	1,925,410	$127M	added+1%	−0.25 pp	15 q
MARMarriott International Class A	0.20%	176,436	$15M	trimmed−10%	+0.02 pp	3 q
unresolvedBard C R Inc	—	−2,498,181	—	exited	−7.65 pp	—
unresolvedBecton Dickinson & Co	—	−2,055,436	—	exited	−5.05 pp	—
unresolvedAutomatic Data Processing Inc	—	−3,869,666	—	exited	−4.67 pp	—
ORCLOracle Corp	—	−22,526	—	exited	−0.01 pp	—