Fundsmith

Q3 2018 13F · by Terry Smith, founder

As of: Sep 30, 2018
Filed: Nov 9, 2018
US stock: $14.9B · prev $13.4B
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

+9.0 pp in · −9.0 pp out

New 1 +9.26 pp
Added 13 −0.27 pp
Trimmed 3 −0.13 pp
Exited 1 −8.87 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions39% of US stock

MSFT Microsoft Corp new+9.26 pp new+9.269.3%
PYPL PayPal Holdings, Inc. trimmed−0.47 pp trimmed−0.479.0%
IDXX Idexx Laboratories Inc trimmed+0.23 pp trimmed+0.237.4%
PM Philip Morris International Inc. added+0.50 pp added+0.506.8%
SYK Stryker Corporation added−0.35 pp added−0.356.6%

Positions17 in this filing · 1 exited


MSFTMicrosoft Corp	9.26%	12,074,060	$1.4B	new	+9.26 pp	new
PYPLPayPal Holdings, Inc.	8.96%	15,202,210	$1.3B	trimmed−0%	−0.47 pp	4 q
IDXXIdexx Laboratories Inc	7.41%	4,426,643	$1.1B	trimmed−0%	+0.23 pp	15 q
PMPhilip Morris International Inc.	6.79%	12,409,367	$1.0B	added+18%	+0.50 pp	22 q
SYKStryker Corporation	6.58%	5,521,353	$981M	added0%	−0.35 pp	22 q
METAMeta Platforms, Inc. Class A	6.57%	5,960,662	$980M	added+8%	−1.41 pp	3 q
WATWaters Corp	6.56%	5,026,559	$979M	added+6%	−0.25 pp	15 q
BDXBecton, Dickinson and Co.	6.55%	3,743,042	$977M	added0%	−0.11 pp	8 q
INTUIntuit Inc	6.24%	4,090,229	$930M	added+3%	+0.20 pp	6 q
PEPPepsiCo, Inc.	6.13%	8,170,141	$913M	added+6%	−0.09 pp	22 q
ADPAutomatic Data Processing	5.87%	5,812,535	$876M	added0%	+0.09 pp	8 q
VVISA Inc.	5.75%	5,715,741	$858M	trimmed−0%	+0.11 pp	22 q
ELThe Estee Lauder Companies Inc. Class A	5.73%	5,880,997	$855M	added+20%	+0.51 pp	10 q
MMM3M Company	4.93%	3,486,738	$735M	added+3%	−0.05 pp	22 q
JNJJohnson & Johnson	4.25%	4,581,202	$633M	added+1%	+0.14 pp	22 q
CLColgate-Palmolive Company	2.27%	5,061,560	$339M	added+41%	+0.54 pp	22 q
MARMarriott International Class A	0.14%	159,638	$21M	added+16%	+0.01 pp	10 q
MCDMcDonald's Corporation	—	−12,080,320	—	exited	−8.87 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001520023-18-000012
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet