Fundsmith

Q1 2017 13F · by Terry Smith, founder

As of: Mar 31, 2017
Filed: Apr 28, 2017
US stock: $8.6B · prev $7.6B
Positions: 18 · 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%

Moves18 since the prior filing

+1.6 pp in · −1.6 pp out

New 0 0.00 pp
Added 15 +1.57 pp
Trimmed 3 −1.57 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions38% of US stock

IDXX Idexx Laboratories Inc added+1.09 pp added+1.098.1%
SYK Stryker Corporation added+0.06 pp added+0.067.9%
MSFT Microsoft Corp trimmed−0.64 pp trimmed−0.647.8%
BCR CR Bard Inc. added−0.01 pp added−0.017.4%
PEP PepsiCo, Inc. added+0.08 pp added+0.087.0%

Positions18 in this filing · 0 exited


IDXXIdexx Laboratories Inc	8.05%	4,480,207	$693M	added0%	+1.09 pp	9 q
SYKStryker Corporation	7.92%	5,175,453	$681M	added+5%	+0.06 pp	16 q
MSFTMicrosoft Corp	7.81%	10,202,117	$672M	trimmed0%	−0.64 pp	9 q
BCRCR Bard Inc.	7.37%	2,553,141	$634M	added+2%	−0.01 pp	2 q
PEPPepsiCo, Inc.	6.98%	5,370,205	$601M	added+8%	+0.08 pp	16 q
PMPhilip Morris International Inc.	6.77%	5,161,806	$583M	added0%	+0.55 pp	16 q
PYPLPayPal Holdings, Inc.	6.58%	13,161,285	$566M	added+4%	−0.05 pp	7 q
WATWaters Corp	6.23%	3,432,535	$537M	added+11%	+0.77 pp	9 q
unresolvedDr Pepper Snapple Group Inc	6.06%	5,329,086	$522M	added0%	−0.29 pp	16 q
JNJJohnson & Johnson	5.94%	4,104,073	$511M	added0%	−0.30 pp	16 q
SJMThe J.M. Smucker Company	5.50%	3,614,566	$474M	trimmed−0%	−0.66 pp	6 q
VVISA Inc.	5.12%	4,954,693	$440M	added0%	+0.01 pp	16 q
BDXBecton, Dickinson and Co.	4.89%	2,296,613	$421M	added+3%	+0.02 pp	2 q
ADPAutomatic Data Processing	4.77%	4,011,368	$411M	added+3%	−0.51 pp	2 q
MMM3M Company	4.34%	1,954,349	$374M	trimmed−0%	−0.27 pp	16 q
ELThe Estee Lauder Companies Inc. Class A	3.67%	3,727,020	$316M	added+4%	+0.02 pp	4 q
CLColgate-Palmolive Company	1.80%	2,123,477	$155M	added+10%	+0.13 pp	16 q
MARMarriott International Class A	0.20%	184,690	$17M	added+5%	0.00 pp	4 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001387131-17-002469
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet