WhaleCreep

Fundsmith (Terry Smith) 13F holdings, Q3 2015

Long-only investorSEC filingsCompare with another fundHoldings as of 2015-09-30, filed 2015-10-20

Fundsmith (Terry Smith) disclosed 20 US equity positions worth $3.3bn in its Q3 2015 13F filing. Its largest position is MSFT at 10.2% of the reported book, followed by DR PEPPER SNAPPLE GROUP INC and PEP. Versus Q2 2015 it opened 1 new position, added to 13, reduced 3 and exited 0.

$3.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
20
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.2%
Largest position
The largest single position as a share of the reported equity book.
77.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
14
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
55
Quarters on file since Q4 2012
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2015: 1 new, 13 added, 3 reduced, 0 exited

20 rows
MSFT MICROSOFT CORPTechnology10.2%$333m7.53m+4.7%added
DR PEPPER SNAPPLE GROUP INC no ticker–8.6%$281m3.55m+1.1%added
PEP PEPSICO INCConsumer Defensive8.5%$280m2.97m+15%added
SYK STRYKER CORPORATIONHealthcare8.4%$275m2.92m+5.7%added
BCRUSD BARD C R INC–8.0%$262m1.41m+11%added
JNJ JOHNSON & JOHNSONHealthcare7.7%$252m2.70m+17%added
PM PHILIP MORRIS INTL INCConsumer Defensive7.7%$252m3.17m+6.4%added
MMM 3M COIndustrials6.5%$213m1.50m+21%added
BDX BECTON DICKINSON & COHealthcare6.4%$210m1.58m−4.2%reduced
V VISA INCFinancial Services5.5%$182m2.61m+1.9%added
ADP AUTOMATIC DATA PROCESSING INTechnology5.0%$165m2.06m+17%added
PG PROCTER & GAMBLE COConsumer Defensive4.1%$135m1.87m+16%added
PYPL PAYPAL HLDGS INCFinancial Services4.0%$133m4.27m–new
WAT WATERS CORPHealthcare2.9%$94.3m798,099+157%added
CL COLGATE PALMOLIVE COConsumer Defensive2.4%$79.2m1.25m0.0%held
IDXX IDEXX LABS INCHealthcare2.0%$65.4m880,486+1217%added
EBAY EBAY INC.Consumer Cyclical1.7%$56.1m2.30m−46%reduced
DPZ DOMINOS PIZZA INCConsumer Cyclical0.1%$4.9m45,290−97%reduced
DNKN DUNKIN BRANDS GROUP INC–0.1%$3.9m80,1480.0%held
MAR MARRIOTT INTL INC NEWConsumer Cyclical0.1%$3.7m54,1820.0%held

Sector mix

  • Healthcare27.3%
  • Consumer Defensive22.7%
  • Unclassified16.7%
  • Technology15.2%
  • Financial Services9.6%
  • Industrials6.5%
  • Consumer Cyclical2.0%

Book over time

Every quarter on file (55)
QuarterPositionsEquity book
Q2 202641$13.6bn
Q1 202634$12.8bn
Q4 202537$17.1bn
Q3 202535$19.8bn
Q2 202539$23.0bn
Q1 202538$22.0bn
Q4 202438$23.5bn
Q3 202440$25.3bn
Q2 202440$24.5bn
Q1 202440$25.6bn
Q4 202340$23.9bn
Q3 202339$22.0bn
Q2 202339$23.8bn
Q1 202340$23.2bn
Q4 202238$21.9bn
Q3 202246$21.1bn
Q2 202243$22.7bn
Q1 202244$29.1bn
Q4 202144$41.0bn
Q3 202143$36.2bn
Q2 202143$36.1bn
Q1 202142$31.4bn
Q4 202039$30.2bn
Q3 202036$25.6bn
Q2 202034$22.9bn
Q1 202034$17.8bn
Q4 201931$21.2bn
Q3 201931$19.6bn
Q2 201931$19.2bn
Q1 201931$17.6bn
Q4 201832$15.8bn
Q3 201817$14.9bn
Q2 201817$13.4bn
Q1 201817$12.1bn
Q4 201718$11.7bn
Q3 201717$10.3bn
Q2 201719$9.5bn
Q1 201718$8.6bn
Q4 201618$7.6bn
Q3 201619$7.3bn
Q2 201619$6.3bn
Q1 201617$4.6bn
Q4 201518$4.0bn
Q3 201520$3.3bn
Q2 201519$3.2bn
Q1 201520$3.1bn
Q4 201416$2.8bn
Q3 201416$2.3bn
Q2 201416$2.2bn
Q1 201415$1.9bn
Q4 201315$1.6bn
Q3 201316$1.5bn
Q2 201317$1.4bn
Q1 201317$1.2bn
Q4 201212$575m

Where Fundsmith (Terry Smith) was early

14 rows
CL COLGATE PALMOLIVE COQ1 20131 of 1313.4%3.4%30Exited by Q1 2022+45%
MCD MCDONALD S ORDQ1 20135 of 1922.5%10.9%14Exited by Q4 2024+205%
MSFT MICROSOFT CORPQ1 20136 of 3747.2%13.0%47Held at last filing, Q2 2026+1204%
BDX BECTON DICKINSON AND COQ2 20135 of 1687.6%8.5%27Exited by Q3 2021+146%
ADP AUTOMATIC DATA PROCESSING INQ2 20138 of 1486.8%6.8%47Held at last filing, Q2 2026+270%
IDXX IDEXX LABS INCQ1 20155 of 1470.1%15.3%46Held at last filing, Q2 2026+582%
PYPL PAYPAL HOLDINGS INCQ3 20158 of 3224.0%9.9%28Exited by Q4 2022+177%
SJM SMUCKER J M COQ4 20158 of 1282.3%8.3%7Exited by Q3 2017−4.1%
EL ESTEE LAUDER COMPANIES CL AQ2 20166 of 1613.4%6.9%29Exited by Q3 2023+116%
INTU INTUITQ2 201710 of 2391.5%6.8%26Exited by Q1 2026+399%
MKC MCCORMICK & CO NON VTG SHRSQ4 20182 of 1092.2%5.9%24Exited by Q4 2024+18%
BF/B BROWN FORMAN CORPQ3 20191 of 1063.0%3.9%23Exited by Q2 2025−46%
CHD CHURCH & DWIGHT CO INCQ3 20194 of 1200.08%4.8%24Held at last filing, Q2 2026+29%
CLX CLOROX CO DELQ4 20195 of 1401.2%1.6%13Held at last filing, Q2 2026−38%

Concentration and tenure

9.9%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
68.8%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
9
Median completed holding, quarters