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Fundsmith

Q4 2019 13F · by Terry Smith, founder

As of
Dec 31, 2019
Filed
Feb 13, 2020
US stock
$21.2B · prev $19.6B
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%

Moves26 since the prior filing

The book

Concentrated · behaves like 17 equal-sized positions

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

Low turnover · 1.1% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions37% of US stock

  1. MSFT Microsoft Corp added+0.42 pp added+0.429.1%
  2. PYPL PayPal Holdings, Inc. trimmed−0.40 pp trimmed−0.407.8%
  3. PM Philip Morris International Inc. trimmed+0.22 pp trimmed+0.226.8%
  4. EL The Estee Lauder Companies Inc. Class A added−0.17 pp added−0.176.7%
  5. META Meta Platforms, Inc. Class A added+0.49 pp added+0.496.4%

Positions31 in this filing · 1 exited

MSFTMicrosoft Corp9.08%12,190,529$1.9Badded0%+0.42 pp6 q
PYPLPayPal Holdings, Inc.7.76%15,185,799$1.6Btrimmed−1%−0.40 pp9 q
PMPhilip Morris International Inc.6.79%16,899,236$1.4Btrimmed−0%+0.22 pp27 q
ELThe Estee Lauder Companies Inc. Class A6.71%6,875,587$1.4Badded+2%−0.17 pp15 q
METAMeta Platforms, Inc. Class A6.39%6,588,286$1.4Badded+2%+0.49 pp8 q
SYKStryker Corporation6.03%6,082,992$1.3Badded+2%−0.54 pp27 q
MKCMcCormick & Company, Incorporated Non-VTG CS5.92%7,379,711$1.3Badded+1%+0.09 pp5 q
INTUIntuit Inc5.87%4,743,046$1.2Badded+2%−0.47 pp11 q
VVISA Inc.5.70%6,415,516$1.2Btrimmed−0%+0.03 pp27 q
IDXXIdexx Laboratories Inc5.67%4,591,899$1.2Badded+1%−0.66 pp20 q
WATWaters Corp5.64%5,106,666$1.2Btrimmed−0%−0.21 pp20 q
PEPPepsiCo, Inc.5.47%8,469,394$1.2Badded+2%−0.34 pp27 q
ADPAutomatic Data Processing5.21%6,464,198$1.1Btrimmed−0%−0.14 pp13 q
BDXBecton, Dickinson and Co.4.91%3,821,427$1.0Badded0%−0.03 pp13 q
JNJJohnson & Johnson4.18%6,063,399$884Madded+2%+0.24 pp27 q
BF.BBrown-Forman Corporation Class B3.08%9,630,607$651Madded+4%+0.11 pp2 q
CLXClorox Company1.22%1,682,176$258Mnew+1.22 ppnew
VRSKVerisk Analytics, Inc.0.44%621,663$93Madded+16%+0.01 pp5 q
EFXEquifax, Incorporated0.43%654,288$92Madded+5%−0.02 pp5 q
MASIMasimo Corporation0.43%574,963$91Mheld—5 q
SABRSabre Corporation0.43%4,070,298$91Madded+12%+0.01 pp5 q
AKXAnsys Inc0.42%347,128$89Mheld—5 q
CHKPCheck Point Software Technologies Ltd0.42%801,834$89Madded+10%+0.01 pp5 q
CGNXCognex Corp0.31%1,167,817$65Mheld—5 q
IPGPIPG Photonics Corporation0.31%459,804$67Madded+17%+0.04 pp5 q
AOSA.O. Smith Corporation0.27%1,178,048$56Madded+39%+0.06 pp5 q
VRSNVeriSign Inc0.25%272,873$53Mheld—5 q
MSCIMSCI, Inc.0.24%200,070$52Mheld—5 q
PAYCPaycom Software, Inc.0.21%170,928$45Mheld—5 q
MARMarriott International Class A0.12%171,758$26Mtrimmed−19%−0.01 pp15 q
MELIMercado Libre, Inc0.09%34,804$20Madded+47%+0.02 pp5 q
CHDChurch & Dwight Co., Inc.—−202,952—exited−0.08 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001520023-20-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet