WhaleCreep

Fundsmith (Terry Smith) 13F holdings, Q4 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-12-31, filed 2019-02-14

Fundsmith (Terry Smith) disclosed 32 US equity positions worth $15.8bn in its Q4 2018 13F filing. Its largest position is MSFT at 8.7% of the reported book, followed by PYPL and IDXX. Versus Q3 2018 it opened 15 new positions, added to 5, reduced 2 and exited 0.

$15.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
32
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.7%
Largest position
The largest single position as a share of the reported equity book.
67.8%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
16
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 2018: 15 new, 5 added, 2 reduced, 0 exited

32 rows
MSFT MICROSOFT CORPTechnology8.7%$1.4bn12.03m−0.4%held
PYPL PAYPAL HLDGS INCFinancial Services8.5%$1.3bn15.20m0.0%held
IDXX IDEXX LABS INCHealthcare7.0%$1.1bn4.43m+0.1%held
PM PHILIP MORRIS INTL INCConsumer Defensive6.4%$1.0bn12.41m0.0%held
META META PLATFORMS INCCommunication Services6.4%$1.0bn6.12m+2.7%added
INTU INTUITTechnology6.4%$1.0bn4.43m+8.2%added
SYK STRYKER CORPORATIONHealthcare6.2%$982m5.53m+0.1%held
BDX BECTON DICKINSON & COHealthcare6.2%$975m3.74m−0.2%held
WAT WATERS CORPHealthcare6.2%$970m4.98m−0.9%reduced
PEP PEPSICO INCConsumer Defensive5.8%$913m8.17m0.0%held
EL LAUDER ESTEE COS INCConsumer Defensive5.8%$913m6.28m+6.8%added
ADP AUTOMATIC DATA PROCESSING INTechnology5.7%$893m5.93m+2.0%added
V VISA INCFinancial Services5.5%$859m5.73m+0.2%held
MMM 3M COIndustrials4.7%$735m3.49m0.0%held
JNJ JOHNSON & JOHNSONHealthcare4.0%$633m4.58m0.0%held
MKC MCCORMICK & CO INCConsumer Defensive2.2%$354m2.69m–new
CL COLGATE PALMOLIVE COConsumer Defensive0.9%$149m2.22m−56%reduced
MASI* MASIMO CORP–0.3%$51.5m479,372–new
CHECK POINT SOFTWARE TECH LT no ticker–0.3%$49.2m479,073–new
EFX EQUIFAX INCIndustrials0.3%$49.1m527,747–new
VRSK VERISK ANALYTICS INCIndustrials0.3%$49.1m450,436–new
SABR SABRE CORPTechnology0.3%$49.0m2.26m–new
CDK CDK GLOBAL INC–0.3%$44.2m922,783–new
VRSN VERISIGN INCTechnology0.3%$40.5m272,873–new
CGNX COGNEX CORPTechnology0.3%$40.0m1.03m–new
AKX ANSYS INC–0.2%$39.0m273,041–new
AOS SMITH A O CORPIndustrials0.2%$29.5m689,903–new
MAR MARRIOTT INTL INC NEWConsumer Cyclical0.2%$24.0m181,589+14%added
MSCI MSCI INCFinancial Services0.1%$21.3m144,247–new
PAYC PAYCOM SOFTWARE INCTechnology0.1%$20.9m170,928–new
IPGP IPG PHOTONICS CORPTechnology0.1%$19.2m169,115–new
MELI MERCADOLIBREConsumer Cyclical0.03%$5.3m18,267–new

Sector mix

  • Healthcare29.6%
  • Technology21.9%
  • Consumer Defensive21.2%
  • Financial Services14.1%
  • Communication Services6.4%
  • Industrials5.5%
  • Unclassified1.2%
  • Consumer Cyclical0.2%

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