Fundsmith

Q2 2017 13F · by Terry Smith, founder

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $9.5B · prev $8.6B
Positions: 19 · 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%

Moves19 since the prior filing

+4.4 pp in · −4.4 pp out

New 1 +1.51 pp
Added 11 +2.89 pp
Trimmed 7 −4.40 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.6% a year, about 11.7 years per position

Low
Moderate
High

Top 5 positions39% of US stock

BCR CR Bard Inc. trimmed+1.07 pp trimmed+1.078.4%
PYPL PayPal Holdings, Inc. added+1.33 pp added+1.337.9%
MSFT Microsoft Corp added−0.06 pp added−0.067.8%
IDXX Idexx Laboratories Inc trimmed−0.52 pp trimmed−0.527.5%
SYK Stryker Corporation added−0.39 pp added−0.397.5%

Positions19 in this filing · 0 exited


BCRCR Bard Inc.	8.44%	2,547,140	$805M	trimmed−0%	+1.07 pp	3 q
PYPLPayPal Holdings, Inc.	7.91%	14,051,261	$754M	added+7%	+1.33 pp	8 q
MSFTMicrosoft Corp	7.75%	10,720,725	$739M	added+5%	−0.06 pp	10 q
IDXXIdexx Laboratories Inc	7.53%	4,446,040	$718M	trimmed−1%	−0.52 pp	10 q
SYKStryker Corporation	7.53%	5,176,005	$718M	added0%	−0.39 pp	17 q
WATWaters Corp	7.39%	3,833,955	$705M	added+12%	+1.16 pp	10 q
PEPPepsiCo, Inc.	6.46%	5,334,959	$616M	trimmed−1%	−0.52 pp	17 q
PMPhilip Morris International Inc.	6.45%	5,240,912	$616M	added+2%	−0.32 pp	17 q
JNJJohnson & Johnson	5.66%	4,078,477	$540M	trimmed−1%	−0.28 pp	17 q
ADPAutomatic Data Processing	5.56%	5,176,340	$530M	added+29%	+0.79 pp	3 q
VVISA Inc.	5.13%	5,217,623	$489M	added+5%	+0.01 pp	17 q
unresolvedDr Pepper Snapple Group Inc	5.06%	5,291,897	$482M	trimmed−1%	−1.00 pp	17 q
BDXBecton, Dickinson and Co.	4.71%	2,302,590	$449M	added0%	−0.18 pp	3 q
MMM3M Company	4.70%	2,154,065	$448M	added+10%	+0.36 pp	17 q
ELThe Estee Lauder Companies Inc. Class A	3.87%	3,845,509	$369M	added+3%	+0.20 pp	5 q
SJMThe J.M. Smucker Company	2.52%	2,043,846	$240M	trimmed−43%	−2.98 pp	7 q
CLColgate-Palmolive Company	1.63%	2,105,319	$155M	trimmed−1%	−0.17 pp	17 q
INTUIntuit Inc	1.51%	1,090,434	$144M	new	+1.51 pp	new
MARMarriott International Class A	0.19%	184,750	$19M	added0%	−0.01 pp	5 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001387131-17-004151
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet