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Fundsmith

Q2 2020 13F · by Terry Smith, founder

As of
Jun 30, 2020
Filed
Aug 12, 2020
US stock
$22.9B · prev $17.8B
Positions
34 · prev 34
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%

Moves34 since the prior filing

The book

Concentrated · behaves like 17 equal-sized positions

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

Low turnover · 8.6% a year, about 11.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions38% of US stock

  1. MSFT Microsoft Corp trimmed−0.01 pp trimmed−0.0110.6%
  2. PYPL PayPal Holdings, Inc. trimmed+2.73 pp trimmed+2.739.4%
  3. META Meta Platforms, Inc. Class A added+0.34 pp added+0.346.4%
  4. IDXX Idexx Laboratories Inc trimmed+0.32 pp trimmed+0.326.1%
  5. INTU Intuit Inc added+0.16 pp added+0.165.9%

Positions34 in this filing · 1 exited

MSFTMicrosoft Corp10.62%11,954,858$2.4Btrimmed−0%−0.01 pp8 q
PYPLPayPal Holdings, Inc.9.42%12,388,814$2.2Btrimmed−0%+2.73 pp11 q
METAMeta Platforms, Inc. Class A6.38%6,443,510$1.5Badded0%+0.34 pp10 q
IDXXIdexx Laboratories Inc6.11%4,240,711$1.4Btrimmed−0%+0.32 pp22 q
INTUIntuit Inc5.93%4,590,217$1.4Badded+3%+0.16 pp13 q
PMPhilip Morris International Inc.5.92%19,375,855$1.4Badded+14%−1.07 pp29 q
MKCMcCormick & Company, Incorporated Non-VTG CS5.91%7,543,578$1.4Badded+6%+0.25 pp7 q
ELThe Estee Lauder Companies Inc. Class A5.56%6,758,574$1.3Badded0%−0.48 pp17 q
VVISA Inc.5.18%6,150,855$1.2Badded+1%−0.35 pp29 q
PEPPepsiCo, Inc.5.07%8,787,703$1.2Badded+10%−0.33 pp29 q
SYKStryker Corporation4.88%6,204,547$1.1Badded+5%−0.68 pp29 q
BDXBecton, Dickinson and Co.4.43%4,242,057$1.0Badded+11%−0.50 pp15 q
ADPAutomatic Data Processing4.21%6,481,152$965Madded+3%−0.62 pp15 q
JNJJohnson & Johnson3.93%6,405,491$901Madded+19%−0.04 pp29 q
NKENike, Inc.3.10%7,244,034$710Madded×3.1+2.02 pp2 q
WATWaters Corp3.07%3,893,805$702Mtrimmed−18%−1.80 pp22 q
BF.BBrown-Forman Corporation Class B2.74%9,864,841$628Madded0%−0.34 pp4 q
SBUXStarbucks Corp2.68%8,336,710$613Madded×3.1+1.70 pp2 q
VRSKVerisk Analytics, Inc.0.45%607,423$103Madded+2%−0.02 pp7 q
AKXAnsys Inc0.43%335,033$98Madded+2%0.00 pp7 q
EFXEquifax, Incorporated0.43%576,779$99Madded+2%+0.05 pp7 q
MASIMasimo Corporation0.43%428,897$98Mtrimmed−10%−0.04 pp7 q
CGNXCognex Corp0.42%1,602,593$96Madded+6%+0.06 pp7 q
IPGPIPG Photonics Corporation0.40%574,773$92Madded+2%+0.05 pp7 q
VRSNVeriSign Inc0.33%360,694$75Madded+2%−0.03 pp7 q
SABRSabre Corporation0.32%9,185,260$74Madded+16%+0.05 pp7 q
AOSA.O. Smith Corporation0.31%1,487,541$70Madded+2%0.00 pp7 q
MSCIMSCI, Inc.0.30%207,490$69Madded+2%−0.03 pp7 q
QLYSQualys, Inc.0.28%623,812$65Mnew+0.28 ppnew
PAYCPaycom Software, Inc.0.26%195,926$61Madded+12%+0.06 pp7 q
CHKPCheck Point Software Technologies Ltd0.25%541,290$58Mtrimmed−38%−0.24 pp7 q
MELIMercado Libre, Inc0.13%30,000$30Mtrimmed−14%+0.03 pp7 q
MARMarriott International Class A0.07%183,887$16Madded+6%0.00 pp17 q
XPXP Inc. Class A0.05%253,367$11Mheld—2 q
CLXClorox Company—−1,592,042—exited−1.55 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001520023-20-000016
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet