Fundsmith

Q3 2019 13F · by Terry Smith, founder

As of: Sep 30, 2019
Filed: Nov 12, 2019
US stock: $19.6B · prev $19.2B
Positions: 31 · prev 31
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%

Moves25 since the prior filing

+3.5 pp in · −3.5 pp out

New 2 +3.05 pp
Added 21 +0.49 pp
Trimmed 0 0.00 pp
Exited 2 −3.48 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions37% of US stock

MSFT Microsoft Corp added+0.16 pp added+0.168.7%
PYPL PayPal Holdings, Inc. added−1.02 pp added−1.028.2%
EL The Estee Lauder Companies Inc. Class A added+0.52 pp added+0.526.9%
PM Philip Morris International Inc. added+0.32 pp added+0.326.6%
SYK Stryker Corporation added+0.36 pp added+0.366.6%

Positions31 in this filing · 2 exited


MSFTMicrosoft Corp	8.66%	12,189,646	$1.7B	added0%	+0.16 pp	5 q
PYPLPayPal Holdings, Inc.	8.16%	15,402,344	$1.6B	added0%	−1.02 pp	8 q
ELThe Estee Lauder Companies Inc. Class A	6.88%	6,766,747	$1.3B	added+2%	+0.52 pp	14 q
PMPhilip Morris International Inc.	6.57%	16,928,583	$1.3B	added+11%	+0.32 pp	26 q
SYKStryker Corporation	6.57%	5,945,105	$1.3B	added+2%	+0.36 pp	26 q
INTUIntuit Inc	6.34%	4,660,635	$1.2B	added0%	+0.01 pp	10 q
IDXXIdexx Laboratories Inc	6.33%	4,556,016	$1.2B	added+2%	−0.08 pp	19 q
METAMeta Platforms, Inc. Class A	5.90%	6,482,183	$1.2B	added0%	−0.61 pp	7 q
WATWaters Corp	5.85%	5,122,867	$1.1B	added0%	+0.11 pp	19 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.83%	7,291,672	$1.1B	added+7%	+0.33 pp	4 q
PEPPepsiCo, Inc.	5.81%	8,289,105	$1.1B	added0%	+0.16 pp	26 q
VVISA Inc.	5.67%	6,445,632	$1.1B	added+5%	+0.13 pp	26 q
ADPAutomatic Data Processing	5.35%	6,480,485	$1.0B	added+6%	+0.07 pp	12 q
BDXBecton, Dickinson and Co.	4.94%	3,817,935	$966M	added0%	−0.07 pp	12 q
JNJJohnson & Johnson	3.94%	5,956,821	$771M	added+10%	+0.02 pp	26 q
BF.BBrown-Forman Corporation Class B	2.97%	9,243,186	$580M	new	+2.97 pp	new
EFXEquifax, Incorporated	0.45%	620,821	$87M	held	—	4 q
MASIMasimo Corporation	0.44%	574,963	$86M	held	—	4 q
VRSKVerisk Analytics, Inc.	0.43%	534,530	$85M	added+2%	+0.03 pp	4 q
SABRSabre Corporation	0.42%	3,630,918	$81M	held	—	4 q
CHKPCheck Point Software Technologies Ltd	0.41%	727,785	$80M	added+17%	+0.03 pp	4 q
AKXAnsys Inc	0.39%	347,128	$77M	added+7%	+0.04 pp	4 q
CGNXCognex Corp	0.29%	1,167,817	$57M	held	—	4 q
IPGPIPG Photonics Corporation	0.27%	392,900	$53M	added+16%	0.00 pp	4 q
VRSNVeriSign Inc	0.26%	272,873	$51M	held	—	4 q
MSCIMSCI, Inc.	0.22%	200,070	$44M	added+3%	−0.02 pp	4 q
AOSA.O. Smith Corporation	0.21%	848,563	$40M	held	—	4 q
PAYCPaycom Software, Inc.	0.18%	170,928	$36M	held	—	4 q
MARMarriott International Class A	0.13%	211,302	$26M	added+20%	0.00 pp	14 q
CHDChurch & Dwight Co., Inc.	0.08%	202,952	$15M	new	+0.08 pp	new
MELIMercado Libre, Inc	0.07%	23,644	$13M	held	—	4 q
MMM3M Company	—	−3,529,691	—	exited	−3.19 pp	—
CDKCDK Global, Inc.	—	−1,111,332	—	exited	−0.29 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001520023-19-000013
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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