Fundsmith

Q4 2018 13F · by Terry Smith, founder

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $15.8B · prev $14.9B
Positions: 32 · prev 17
Options notional: $0
Documents: 1· 1 amendment

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%

Moves27 since the prior filing

+4.3 pp in · −2.6 pp out

New 15 +5.47 pp
Added 8 −1.16 pp
Trimmed 4 −2.61 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.2% a year, about 19.2 years per position

Low
Moderate
High

Top 5 positions37% of US stock

MSFT Microsoft Corp trimmed−0.53 pp trimmed−0.538.7%
PYPL PayPal Holdings, Inc. held held8.5%
IDXX Idexx Laboratories Inc added−0.38 pp added−0.387.0%
PM Philip Morris International Inc. held held6.4%
META Meta Platforms, Inc. Class A added−0.18 pp added−0.186.4%

Revealed late, restated

restated 18 rows corrected by the filer · US stock +0.86%; later quarters recomputed 13F-HR/A · Feb 14, 2019 ↗

Positions32 in this filing · 0 exited


MSFTMicrosoft Corp	8.73%	12,026,986	$1.4B	trimmed−0%	−0.53 pp	2 q
PYPLPayPal Holdings, Inc.	8.48%	15,202,210	$1.3B	held	—	5 q
IDXXIdexx Laboratories Inc	7.03%	4,432,292	$1.1B	added0%	−0.38 pp	16 q
PMPhilip Morris International Inc.	6.42%	12,409,367	$1.0B	held	—	23 q
METAMeta Platforms, Inc. Class A	6.39%	6,119,785	$1.0B	added+3%	−0.18 pp	4 q
INTUIntuit Inc	6.39%	4,425,774	$1.0B	added+8%	+0.15 pp	7 q
SYKStryker Corporation	6.24%	5,529,153	$982M	added0%	−0.34 pp	23 q
BDXBecton, Dickinson and Co.	6.19%	3,735,706	$975M	trimmed−0%	−0.36 pp	9 q
WATWaters Corp	6.16%	4,983,259	$970M	trimmed−1%	−0.40 pp	16 q
ELThe Estee Lauder Companies Inc. Class A	5.80%	6,282,397	$913M	added+7%	+0.07 pp	11 q
PEPPepsiCo, Inc.	5.80%	8,170,141	$913M	held	—	23 q
ADPAutomatic Data Processing	5.67%	5,927,691	$893M	added+2%	−0.20 pp	9 q
VVISA Inc.	5.46%	5,725,371	$859M	added0%	−0.29 pp	23 q
MMM3M Company	4.66%	3,486,738	$735M	held	—	23 q
JNJJohnson & Johnson	4.02%	4,581,202	$633M	held	—	23 q
MKCMcCormick & Company, Incorporated Non-VTG CS	2.25%	2,688,994	$354M	new	+2.25 pp	new
CLColgate-Palmolive Company	0.95%	2,223,446	$149M	trimmed−56%	−1.32 pp	23 q
MASIMasimo Corporation	0.33%	479,372	$51M	new	+0.33 pp	new
EFXEquifax, Incorporated	0.31%	527,747	$49M	new	+0.31 pp	new
SABRSabre Corporation	0.31%	2,262,871	$49M	new	+0.31 pp	new
VRSKVerisk Analytics, Inc.	0.31%	450,436	$49M	new	+0.31 pp	new
CHKPCheck Point Software Technologies Ltd	0.31%	479,073	$49M	new	+0.31 pp	new
CDKCDK Global, Inc.	0.28%	922,783	$44M	new	+0.28 pp	new
VRSNVeriSign Inc	0.26%	272,873	$40M	new	+0.26 pp	new
AKXAnsys Inc	0.25%	273,041	$39M	new	+0.25 pp	new
CGNXCognex Corp	0.25%	1,033,167	$40M	new	+0.25 pp	new
AOSA.O. Smith Corporation	0.19%	689,903	$29M	new	+0.19 pp	new
MARMarriott International Class A	0.15%	181,589	$24M	added+14%	+0.01 pp	11 q
MSCIMSCI, Inc.	0.14%	144,247	$21M	new	+0.14 pp	new
PAYCPaycom Software, Inc.	0.13%	170,928	$21M	new	+0.13 pp	new
IPGPIPG Photonics Corporation	0.12%	169,115	$19M	new	+0.12 pp	new
MELIMercado Libre, Inc	0.03%	18,267	$5M	new	+0.03 pp	new