Fundsmith (Terry Smith) 13F holdings, Q4 2015
Fundsmith (Terry Smith) disclosed 18 US equity positions worth $4.0bn in its Q4 2015 13F filing. Its largest position is MSFT at 10.5% of the reported book, followed by DR PEPPER SNAPPLE GROUP INC and PM. Versus Q3 2015 it opened 1 new position, added to 11, reduced 0 and exited 3.
- $4.0bn
- Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
- 18
- Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
- 10.5%
- Largest position The largest single position as a share of the reported equity book.
- 74.1%
- Top 10 weight The ten largest positions together, as a share of the reported equity book.
- 15
- 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 Q3 2015: 1 new, 11 added, 0 reduced, 3 exited
| MSFT MICROSOFT CORP | 10.5% | 0.0% | held |
| DR PEPPER SNAPPLE GROUP INC no ticker | 8.3% | 0.0% | held |
| PM PHILIP MORRIS INTL INC | 8.0% | +14% | added |
| PEP PEPSICO INC | 7.7% | +4.1% | added |
| BCRUSD BARD C R INC | 7.5% | +13% | added |
| SYK STRYKER CORPORATION | 7.5% | +9.5% | added |
| JNJ JOHNSON & JOHNSON | 7.3% | +5.3% | added |
| BDX BECTON DICKINSON & CO | 6.1% | 0.0% | held |
| MMM 3M CO | 5.7% | 0.0% | held |
| V VISA INC | 5.4% | +7.1% | added |
| ADP AUTOMATIC DATA PROCESSING IN | 5.2% | +20% | added |
| IDXX IDEXX LABS INC | 4.6% | +183% | added |
| WAT WATERS CORP | 3.9% | +44% | added |
| PYPL PAYPAL HLDGS INC | 3.9% | −0.4% | held |
| PG PROCTER & GAMBLE CO | 3.7% | 0.0% | held |
| SJM SMUCKER J M CO | 2.3% | – | new |
| CL COLGATE PALMOLIVE CO | 2.2% | +3.6% | added |
| DNKN DUNKIN BRANDS GROUP INC | 0.10% | +11% | added |
Exited since Q3 2015
Sector mix
Book over time
Every quarter on file (55)
| Quarter | Positions | Equity book |
|---|---|---|
| Q2 2026 | 41 | $13.6bn |
| Q1 2026 | 34 | $12.8bn |
| Q4 2025 | 37 | $17.1bn |
| Q3 2025 | 35 | $19.8bn |
| Q2 2025 | 39 | $23.0bn |
| Q1 2025 | 38 | $22.0bn |
| Q4 2024 | 38 | $23.5bn |
| Q3 2024 | 40 | $25.3bn |
| Q2 2024 | 40 | $24.5bn |
| Q1 2024 | 40 | $25.6bn |
| Q4 2023 | 40 | $23.9bn |
| Q3 2023 | 39 | $22.0bn |
| Q2 2023 | 39 | $23.8bn |
| Q1 2023 | 40 | $23.2bn |
| Q4 2022 | 38 | $21.9bn |
| Q3 2022 | 46 | $21.1bn |
| Q2 2022 | 43 | $22.7bn |
| Q1 2022 | 44 | $29.1bn |
| Q4 2021 | 44 | $41.0bn |
| Q3 2021 | 43 | $36.2bn |
| Q2 2021 | 43 | $36.1bn |
| Q1 2021 | 42 | $31.4bn |
| Q4 2020 | 39 | $30.2bn |
| Q3 2020 | 36 | $25.6bn |
| Q2 2020 | 34 | $22.9bn |
| Q1 2020 | 34 | $17.8bn |
| Q4 2019 | 31 | $21.2bn |
| Q3 2019 | 31 | $19.6bn |
| Q2 2019 | 31 | $19.2bn |
| Q1 2019 | 31 | $17.6bn |
| Q4 2018 | 32 | $15.8bn |
| Q3 2018 | 17 | $14.9bn |
| Q2 2018 | 17 | $13.4bn |
| Q1 2018 | 17 | $12.1bn |
| Q4 2017 | 18 | $11.7bn |
| Q3 2017 | 17 | $10.3bn |
| Q2 2017 | 19 | $9.5bn |
| Q1 2017 | 18 | $8.6bn |
| Q4 2016 | 18 | $7.6bn |
| Q3 2016 | 19 | $7.3bn |
| Q2 2016 | 19 | $6.3bn |
| Q1 2016 | 17 | $4.6bn |
| Q4 2015 | 18 | $4.0bn |
| Q3 2015 | 20 | $3.3bn |
| Q2 2015 | 19 | $3.2bn |
| Q1 2015 | 20 | $3.1bn |
| Q4 2014 | 16 | $2.8bn |
| Q3 2014 | 16 | $2.3bn |
| Q2 2014 | 16 | $2.2bn |
| Q1 2014 | 15 | $1.9bn |
| Q4 2013 | 15 | $1.6bn |
| Q3 2013 | 16 | $1.5bn |
| Q2 2013 | 17 | $1.4bn |
| Q1 2013 | 17 | $1.2bn |
| Q4 2012 | 12 | $575m |
Where Fundsmith (Terry Smith) was early
| CL COLGATE PALMOLIVE CO | Q1 2013 | 1 of 131 | 3.4% | Exited by Q1 2022 | +45% |
| MCD MCDONALD S ORD | Q1 2013 | 5 of 192 | 2.5% | Exited by Q4 2024 | +205% |
| MSFT MICROSOFT CORP | Q1 2013 | 6 of 374 | 7.2% | Held at last filing, Q2 2026 | +1204% |
| BDX BECTON DICKINSON AND CO | Q2 2013 | 5 of 168 | 7.6% | Exited by Q3 2021 | +146% |
| ADP AUTOMATIC DATA PROCESSING IN | Q2 2013 | 8 of 148 | 6.8% | Held at last filing, Q2 2026 | +270% |
| IDXX IDEXX LABS INC | Q1 2015 | 5 of 147 | 0.1% | Held at last filing, Q2 2026 | +582% |
| PYPL PAYPAL HOLDINGS INC | Q3 2015 | 8 of 322 | 4.0% | Exited by Q4 2022 | +177% |
| SJM SMUCKER J M CO | Q4 2015 | 8 of 128 | 2.3% | Exited by Q3 2017 | −4.1% |
| EL ESTEE LAUDER COMPANIES CL A | Q2 2016 | 6 of 161 | 3.4% | Exited by Q3 2023 | +116% |
| INTU INTUIT | Q2 2017 | 10 of 239 | 1.5% | Exited by Q1 2026 | +399% |
| MKC MCCORMICK & CO NON VTG SHRS | Q4 2018 | 2 of 109 | 2.2% | Exited by Q4 2024 | +18% |
| BF/B BROWN FORMAN CORP | Q3 2019 | 1 of 106 | 3.0% | Exited by Q2 2025 | −46% |
| CHD CHURCH & DWIGHT CO INC | Q3 2019 | 4 of 120 | 0.08% | Held at last filing, Q2 2026 | +29% |
| CLX CLOROX CO DEL | Q4 2019 | 5 of 140 | 1.2% | Held 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