Fundsmith

Q1 2020 13F · by Terry Smith, founder

As of: Mar 31, 2020
Filed: May 14, 2020
US stock: $17.8B · prev $21.2B
Positions: 34 · 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%

Moves33 since the prior filing

+2.5 pp in · −2.5 pp out

New 3 +2.09 pp
Added 11 +0.38 pp
Trimmed 19 −2.47 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.3 years per position

Low
Moderate
High

Top 5 positions36% of US stock

MSFT Microsoft Corp trimmed+1.55 pp trimmed+1.5510.6%
PM Philip Morris International Inc. added+0.20 pp added+0.207.0%
PYPL PayPal Holdings, Inc. trimmed−1.07 pp trimmed−1.076.7%
META Meta Platforms, Inc. Class A trimmed−0.35 pp trimmed−0.356.0%
EL The Estee Lauder Companies Inc. Class A trimmed−0.67 pp trimmed−0.676.0%

Positions34 in this filing · 0 exited


MSFTMicrosoft Corp	10.63%	11,972,921	$1.9B	trimmed−2%	+1.55 pp	7 q
PMPhilip Morris International Inc.	6.99%	17,022,953	$1.2B	added+1%	+0.20 pp	28 q
PYPLPayPal Holdings, Inc.	6.69%	12,407,094	$1.2B	trimmed−18%	−1.07 pp	10 q
METAMeta Platforms, Inc. Class A	6.04%	6,433,861	$1.1B	trimmed−2%	−0.35 pp	9 q
ELThe Estee Lauder Companies Inc. Class A	6.04%	6,738,662	$1.1B	trimmed−2%	−0.67 pp	16 q
IDXXIdexx Laboratories Inc	5.79%	4,245,227	$1.0B	trimmed−8%	+0.12 pp	21 q
INTUIntuit Inc	5.77%	4,457,596	$1.0B	trimmed−6%	−0.10 pp	12 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.66%	7,124,205	$1.0B	trimmed−3%	−0.26 pp	6 q
SYKStryker Corporation	5.56%	5,931,325	$988M	trimmed−2%	−0.47 pp	28 q
VVISA Inc.	5.53%	6,098,637	$983M	trimmed−5%	−0.17 pp	28 q
PEPPepsiCo, Inc.	5.40%	7,995,065	$960M	trimmed−6%	−0.07 pp	28 q
BDXBecton, Dickinson and Co.	4.93%	3,810,792	$876M	trimmed−0%	+0.02 pp	14 q
WATWaters Corp	4.87%	4,755,050	$866M	trimmed−7%	−0.77 pp	21 q
ADPAutomatic Data Processing	4.83%	6,274,833	$858M	trimmed−3%	−0.38 pp	14 q
JNJJohnson & Johnson	3.97%	5,379,781	$705M	trimmed−11%	−0.21 pp	28 q
BF.BBrown-Forman Corporation Class B	3.08%	9,844,631	$546M	added+2%	0.00 pp	3 q
CLXClorox Company	1.55%	1,592,042	$276M	trimmed−5%	+0.33 pp	2 q
NKENike, Inc.	1.08%	2,319,351	$192M	new	+1.08 pp	new
SBUXStarbucks Corp	0.98%	2,649,785	$174M	new	+0.98 pp	new
CHKPCheck Point Software Technologies Ltd	0.49%	866,437	$87M	added+8%	+0.07 pp	6 q
MASIMasimo Corporation	0.47%	475,853	$84M	trimmed−17%	+0.04 pp	6 q
VRSKVerisk Analytics, Inc.	0.47%	598,306	$83M	trimmed−4%	+0.03 pp	6 q
AKXAnsys Inc	0.43%	329,985	$77M	trimmed−5%	+0.01 pp	6 q
EFXEquifax, Incorporated	0.38%	568,122	$68M	trimmed−13%	−0.05 pp	6 q
CGNXCognex Corp	0.36%	1,508,999	$64M	added+29%	+0.05 pp	6 q
VRSNVeriSign Inc	0.36%	355,281	$64M	added+30%	+0.11 pp	6 q
IPGPIPG Photonics Corporation	0.35%	566,147	$62M	added+23%	+0.04 pp	6 q
MSCIMSCI, Inc.	0.33%	204,376	$59M	added+2%	+0.09 pp	6 q
AOSA.O. Smith Corporation	0.31%	1,465,215	$55M	added+24%	+0.04 pp	6 q
SABRSabre Corporation	0.27%	7,950,501	$47M	added+95%	−0.16 pp	6 q
PAYCPaycom Software, Inc.	0.20%	174,606	$35M	added+2%	−0.01 pp	6 q
MELIMercado Libre, Inc	0.10%	34,804	$17M	held	—	6 q
MARMarriott International Class A	0.07%	172,847	$13M	added+1%	−0.05 pp	16 q
XPXP Inc. Class A	0.03%	253,367	$5M	new	+0.03 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001520023-20-000014
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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