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Fundsmith

Q2 2018 13F · by Terry Smith, founder

As of
Jun 30, 2018
Filed
Aug 22, 2018
US stock
$13.4B · prev $12.1B
Positions
17 · 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%

Moves18 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

Moderate turnover · 33% a year, about 3.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions40% of US stock

  1. PYPL PayPal Holdings, Inc. trimmed−0.09 pp trimmed−0.099.4%
  2. MCD McDonald's Corporation new+8.87 pp new+8.878.9%
  3. META Meta Platforms, Inc. Class A added+1.21 pp added+1.218.0%
  4. IDXX Idexx Laboratories Inc added+0.19 pp added+0.197.2%
  5. SYK Stryker Corporation added−0.39 pp added−0.396.9%

Positions17 in this filing · 1 exited

PYPLPayPal Holdings, Inc.9.43%15,209,740$1.3Btrimmed−0%−0.09 pp3 q
MCDMcDonald's Corporation8.87%12,080,320$1.2Bnew+8.87 ppnew
METAMeta Platforms, Inc. Class A7.98%5,517,803$1.1Badded+7%+1.21 pp2 q
IDXXIdexx Laboratories Inc7.18%4,429,104$965Madded0%+0.19 pp14 q
SYKStryker Corporation6.93%5,516,662$932Madded0%−0.39 pp21 q
WATWaters Corp6.81%4,728,994$915Madded+8%−0.34 pp14 q
BDXBecton, Dickinson and Co.6.66%3,735,079$895Madded+4%+0.22 pp7 q
PMPhilip Morris International Inc.6.29%10,475,148$846Madded+18%−1.01 pp21 q
PEPPepsiCo, Inc.6.22%7,681,927$836Madded+17%+0.30 pp21 q
INTUIntuit Inc6.04%3,969,347$811Madded0%+0.37 pp5 q
ADPAutomatic Data Processing5.78%5,786,490$776Madded0%+0.37 pp7 q
VVISA Inc.5.64%5,719,877$758Mtrimmed−0%0.00 pp21 q
ELThe Estee Lauder Companies Inc. Class A5.22%4,916,559$702Madded+14%−0.10 pp9 q
MMM3M Company4.98%3,398,172$668Madded+26%+0.09 pp21 q
JNJJohnson & Johnson4.11%4,555,486$553Madded+5%−0.46 pp21 q
CLColgate-Palmolive Company1.73%3,586,659$232Madded+15%−0.12 pp21 q
MARMarriott International Class A0.13%137,544$17Madded+1%−0.02 pp9 q
MSFTMicrosoft Corp—−12,075,307—exited−9.09 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001520023-18-000008
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet