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Fundsmith

Q1 2018 13F · by Terry Smith, founder

As of
Mar 31, 2018
Filed
Apr 30, 2018
US stock
$12.1B · prev $11.7B
Positions
17 · 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

The book

Concentrated · behaves like 15 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 55% a year, about 1.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions40% of US stock

  1. PYPL PayPal Holdings, Inc. added+0.39 pp added+0.399.5%
  2. MSFT Microsoft Corp added+0.96 pp added+0.969.1%
  3. SYK Stryker Corporation added+0.50 pp added+0.507.3%
  4. PM Philip Morris International Inc. added+0.50 pp added+0.507.3%
  5. WAT Waters Corp added−0.08 pp added−0.087.2%

Positions17 in this filing · 2 exited

PYPLPayPal Holdings, Inc.9.52%15,224,967$1.2Badded+5%+0.39 pp2 q
MSFTMicrosoft Corp9.09%12,075,307$1.1Badded+9%+0.96 pp13 q
SYKStryker Corporation7.32%5,514,447$887Madded+7%+0.50 pp20 q
PMPhilip Morris International Inc.7.30%8,908,787$886Madded+19%+0.50 pp20 q
WATWaters Corp7.15%4,368,590$868Madded0%−0.08 pp13 q
IDXXIdexx Laboratories Inc6.99%4,427,657$847Madded+1%+1.09 pp13 q
METAMeta Platforms, Inc. Class A6.77%5,142,881$822Mnew+6.77 ppnew
BDXBecton, Dickinson and Co.6.44%3,605,906$781Madded+57%+2.22 pp6 q
PEPPepsiCo, Inc.5.92%6,583,613$719Madded+13%−0.05 pp20 q
INTUIntuit Inc5.67%3,967,675$688Madded+44%+1.94 pp4 q
VVISA Inc.5.64%5,720,718$684Mtrimmed−0%+0.04 pp20 q
ADPAutomatic Data Processing5.41%5,777,983$656Madded+5%−0.14 pp6 q
ELThe Estee Lauder Companies Inc. Class A5.32%4,309,460$645Madded+12%+1.13 pp8 q
MMM3M Company4.89%2,702,412$593Madded0%−0.54 pp20 q
JNJJohnson & Johnson4.57%4,327,311$555Mtrimmed−0%−0.62 pp20 q
CLColgate-Palmolive Company1.85%3,127,734$224Madded+25%+0.24 pp20 q
MARMarriott International Class A0.15%136,742$19Mtrimmed−2%−0.01 pp8 q
unresolvedDr Pepper Snapple Group Inc—−8,742,447—exited−7.27 pp—
BCRCR Bard Inc.—−2,483,956—exited−7.05 pp—

Source

Form
13F-HR
Reading
1 defect · 0 unresolved
Accession
0001520023-18-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • The filing disagrees with its own cover page — cover page declares 19 entries; 17 parsed, value total matches — kept, the table is the record