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Fundsmith

Q1 2019 13F · by Terry Smith, founder

As of
Mar 31, 2019
Filed
May 13, 2019
US stock
$17.6B · prev $15.8B
Positions
31 · prev 32
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%

Moves27 since the prior filing

The book

Concentrated · behaves like 17 equal-sized positions

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

Low turnover · 3.4% a year, about 29.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions38% of US stock

  1. PYPL PayPal Holdings, Inc. added+0.57 pp added+0.579.1%
  2. MSFT Microsoft Corp added−0.59 pp added−0.598.1%
  3. WAT Waters Corp added+1.03 pp added+1.037.2%
  4. PM Philip Morris International Inc. added+0.27 pp added+0.276.7%
  5. INTU Intuit Inc added+0.27 pp added+0.276.7%

Positions31 in this filing · 1 exited

PYPLPayPal Holdings, Inc.9.05%15,338,423$1.6Badded+1%+0.57 pp6 q
MSFTMicrosoft Corp8.14%12,140,368$1.4Badded+1%−0.59 pp3 q
WATWaters Corp7.19%5,026,757$1.3Badded+1%+1.03 pp17 q
PMPhilip Morris International Inc.6.69%13,315,376$1.2Badded+7%+0.27 pp24 q
INTUIntuit Inc6.66%4,481,318$1.2Badded+1%+0.27 pp8 q
SYKStryker Corporation6.27%5,581,841$1.1Badded+1%+0.03 pp24 q
ELThe Estee Lauder Companies Inc. Class A6.24%6,631,703$1.1Badded+6%+0.44 pp12 q
METAMeta Platforms, Inc. Class A6.03%6,367,698$1.1Badded+4%−0.36 pp5 q
PEPPepsiCo, Inc.5.76%8,269,554$1.0Badded+1%−0.04 pp24 q
IDXXIdexx Laboratories Inc5.68%4,467,341$999Madded+1%−1.35 pp17 q
ADPAutomatic Data Processing5.44%5,994,171$958Madded+1%−0.23 pp10 q
BDXBecton, Dickinson and Co.5.35%3,771,159$942Madded+1%−0.84 pp10 q
VVISA Inc.5.14%5,789,403$904Madded+1%−0.32 pp24 q
MKCMcCormick & Company, Incorporated Non-VTG CS4.45%5,204,584$784Madded+94%+2.20 pp2 q
MMM3M Company4.18%3,536,774$735Madded+1%−0.48 pp24 q
JNJJohnson & Johnson3.65%4,599,735$643Madded0%−0.37 pp24 q
EFXEquifax, Incorporated0.39%578,511$69Madded+10%+0.08 pp2 q
MASIMasimo Corporation0.39%490,663$68Madded+2%+0.06 pp2 q
VRSKVerisk Analytics, Inc.0.39%513,680$68Madded+14%+0.08 pp2 q
CHKPCheck Point Software Technologies Ltd0.38%524,186$66Madded+9%+0.07 pp2 q
SABRSabre Corporation0.36%2,967,828$63Madded+31%+0.05 pp2 q
CDKCDK Global, Inc.0.31%922,783$54Mheld—2 q
AKXAnsys Inc0.30%292,526$53Madded+7%+0.05 pp2 q
CGNXCognex Corp0.30%1,033,167$53Mheld—2 q
VRSNVeriSign Inc0.28%272,873$50Mheld—2 q
AOSA.O. Smith Corporation0.23%763,583$41Madded+11%+0.04 pp2 q
MSCIMSCI, Inc.0.21%188,920$38Madded+31%+0.07 pp2 q
IPGPIPG Photonics Corporation0.19%218,607$33Madded+29%+0.07 pp2 q
PAYCPaycom Software, Inc.0.18%170,928$32Mheld—2 q
MARMarriott International Class A0.13%180,080$23Mtrimmed−1%−0.02 pp12 q
MELIMercado Libre, Inc0.05%18,267$9Mheld—2 q
CLColgate-Palmolive Company—−2,223,446—exited−0.95 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001520023-19-000009
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet