Fundsmith

Q4 2017 13F · by Terry Smith, founder

As of: Dec 31, 2017
Filed: Feb 13, 2018
US stock: $11.7B · prev $10.3B
Positions: 18 · prev 17
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%

Moves16 since the prior filing

+10.9 pp in · −11.0 pp out

New 1 +9.13 pp
Added 9 +1.76 pp
Trimmed 6 −11.05 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions39% of US stock

PYPL PayPal Holdings, Inc. new+9.13 pp new+9.139.1%
MSFT Microsoft Corp added+0.21 pp added+0.218.1%
unresolved Dr Pepper Snapple Group Inc added+0.86 pp added+0.867.3%
WAT Waters Corp added−0.31 pp added−0.317.2%
BCR CR Bard Inc. trimmed−0.77 pp trimmed−0.777.0%

Positions18 in this filing · 0 exited


PYPLPayPal Holdings, Inc.	9.13%	14,461,577	$1.1B	new	+9.13 pp	new
MSFTMicrosoft Corp	8.13%	11,091,160	$949M	added0%	+0.21 pp	12 q
unresolvedDr Pepper Snapple Group Inc	7.27%	8,742,447	$849M	added+17%	+0.86 pp	19 q
WATWaters Corp	7.23%	4,365,313	$843M	added0%	−0.31 pp	12 q
BCRCR Bard Inc.	7.05%	2,483,956	$823M	trimmed−2%	−0.77 pp	5 q
SYKStryker Corporation	6.82%	5,138,240	$796M	trimmed−1%	−0.20 pp	19 q
PMPhilip Morris International Inc.	6.80%	7,507,597	$793M	added+20%	+0.03 pp	19 q
PEPPepsiCo, Inc.	5.97%	5,803,600	$696M	added+4%	−0.05 pp	19 q
IDXXIdexx Laboratories Inc	5.90%	4,404,756	$689M	trimmed−76%	−9.44 pp	12 q
VVISA Inc.	5.60%	5,732,658	$654M	added+10%	+0.32 pp	19 q
ADPAutomatic Data Processing	5.55%	5,523,192	$647M	trimmed−1%	−0.31 pp	5 q
MMM3M Company	5.43%	2,689,620	$633M	added+3%	+0.12 pp	19 q
JNJJohnson & Johnson	5.19%	4,331,856	$605M	trimmed−1%	−0.29 pp	19 q
BDXBecton, Dickinson and Co.	4.22%	2,301,915	$493M	held	—	5 q
ELThe Estee Lauder Companies Inc. Class A	4.19%	3,844,901	$489M	held	—	7 q
INTUIntuit Inc	3.73%	2,757,670	$435M	added+26%	+0.72 pp	3 q
CLColgate-Palmolive Company	1.61%	2,495,261	$188M	added+1%	−0.14 pp	19 q
MARMarriott International Class A	0.16%	139,695	$19M	trimmed−24%	−0.04 pp	7 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001520023-18-000001
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet