Fundsmith

Q3 2017 13F · by Terry Smith, founder

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $10.3B · prev $9.5B
Positions: 17 · prev 19
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

+11.7 pp in · −11.7 pp out

New 0 0.00 pp
Added 11 +11.71 pp
Trimmed 6 −1.27 pp
Exited 2 −10.43 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions46% of US stock

IDXX Idexx Laboratories Inc added+7.81 pp added+7.8115.3%
MSFT Microsoft Corp added+0.17 pp added+0.177.9%
BCR CR Bard Inc. trimmed−0.62 pp trimmed−0.627.8%
WAT Waters Corp added+0.15 pp added+0.157.5%
SYK Stryker Corporation trimmed−0.51 pp trimmed−0.517.0%

Positions17 in this filing · 2 exited


IDXXIdexx Laboratories Inc	15.34%	18,492,918	$1.6B	added×4.2	+7.81 pp	11 q
MSFTMicrosoft Corp	7.92%	11,076,335	$818M	added+3%	+0.17 pp	11 q
BCRCR Bard Inc.	7.82%	2,528,269	$807M	trimmed−1%	−0.62 pp	4 q
WATWaters Corp	7.54%	4,355,756	$779M	added+14%	+0.15 pp	11 q
SYKStryker Corporation	7.02%	5,174,629	$725M	trimmed−0%	−0.51 pp	18 q
PMPhilip Morris International Inc.	6.77%	6,251,789	$699M	added+19%	+0.32 pp	18 q
unresolvedDr Pepper Snapple Group Inc	6.41%	7,489,891	$662M	added+42%	+1.35 pp	18 q
PEPPepsiCo, Inc.	6.02%	5,560,322	$622M	added+4%	−0.44 pp	18 q
ADPAutomatic Data Processing	5.86%	5,553,237	$605M	added+7%	+0.30 pp	4 q
JNJJohnson & Johnson	5.48%	4,374,191	$566M	added+7%	−0.18 pp	18 q
MMM3M Company	5.31%	2,615,924	$548M	added+21%	+0.61 pp	18 q
VVISA Inc.	5.28%	5,216,150	$545M	trimmed−0%	+0.15 pp	18 q
BDXBecton, Dickinson and Co.	4.32%	2,301,915	$446M	trimmed−0%	−0.39 pp	4 q
ELThe Estee Lauder Companies Inc. Class A	3.96%	3,844,901	$409M	trimmed−0%	+0.09 pp	6 q
INTUIntuit Inc	3.01%	2,184,854	$311M	added×2.0	+1.50 pp	2 q
CLColgate-Palmolive Company	1.75%	2,477,902	$181M	added+18%	+0.12 pp	18 q
MARMarriott International Class A	0.20%	184,690	$20M	trimmed−0%	+0.01 pp	6 q
PYPLPayPal Holdings, Inc.	—	−14,051,261	—	exited	−7.91 pp	—
SJMThe J.M. Smucker Company	—	−2,043,846	—	exited	−2.52 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001520023-17-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet