WhaleCreep

Fundsmith (Terry Smith) 13F holdings, Q3 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-09-30, filed 2018-11-09

Fundsmith (Terry Smith) disclosed 17 US equity positions worth $14.9bn in its Q3 2018 13F filing. Its largest position is MSFT at 9.3% of the reported book, followed by PYPL and IDXX. Versus Q2 2018 it opened 1 new position, added to 10, reduced 0 and exited 1.

$14.9bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
17
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.3%
Largest position
The largest single position as a share of the reported equity book.
71.1%
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 Q2 2018: 1 new, 10 added, 0 reduced, 1 exited

17 rows
MSFT MICROSOFT CORPTechnology9.3%$1.4bn12.07m–new
PYPL PAYPAL HLDGS INCFinancial Services9.0%$1.3bn15.20m0.0%held
IDXX IDEXX LABS INCHealthcare7.4%$1.1bn4.43m−0.1%held
PM PHILIP MORRIS INTL INCConsumer Defensive6.8%$1.0bn12.41m+18%added
SYK STRYKER CORPORATIONHealthcare6.6%$981m5.52m+0.1%held
META META PLATFORMS INCCommunication Services6.6%$980m5.96m+8.0%added
WAT WATERS CORPHealthcare6.6%$979m5.03m+6.3%added
BDX BECTON DICKINSON & COHealthcare6.6%$977m3.74m+0.2%held
INTU INTUITTechnology6.2%$930m4.09m+3.0%added
PEP PEPSICO INCConsumer Defensive6.1%$913m8.17m+6.4%added
ADP AUTOMATIC DATA PROCESSING INTechnology5.9%$876m5.81m+0.5%held
V VISA INCFinancial Services5.8%$858m5.72m−0.1%held
EL LAUDER ESTEE COS INCConsumer Defensive5.7%$855m5.88m+20%added
MMM 3M COIndustrials4.9%$735m3.49m+2.6%added
JNJ JOHNSON & JOHNSONHealthcare4.2%$633m4.58m+0.6%added
CL COLGATE PALMOLIVE COConsumer Defensive2.3%$339m5.06m+41%added
MAR MARRIOTT INTL INC NEWConsumer Cyclical0.1%$21.1m159,638+16%added

Exited since Q2 2018

1 row
MCD MCDONALDS CORP8.9%$1.2bn

Sector mix

  • Healthcare31.4%
  • Technology21.4%
  • Consumer Defensive20.9%
  • Financial Services14.7%
  • Communication Services6.6%
  • Industrials4.9%
  • Consumer Cyclical0.1%

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