WhaleCreep

Fundsmith (Terry Smith) 13F holdings, Q3 2019

Long-only investorSEC filingsCompare with another fundHoldings as of 2019-09-30, filed 2019-11-12

Fundsmith (Terry Smith) disclosed 31 US equity positions worth $19.6bn in its Q3 2019 13F filing. Its largest position is MSFT at 8.7% of the reported book, followed by PYPL and EL. Versus Q2 2019 it opened 2 new positions, added to 14, reduced 0 and exited 2.

$19.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
31
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.
67.1%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
17
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 2019: 2 new, 14 added, 0 reduced, 2 exited

31 rows
MSFT MICROSOFT CORPTechnology8.7%$1.7bn12.19m+0.2%held
PYPL PAYPAL HLDGS INCFinancial Services8.2%$1.6bn15.40m+0.1%held
EL LAUDER ESTEE COS INCConsumer Defensive6.9%$1.3bn6.77m+1.6%added
SYK STRYKER CORPORATIONHealthcare6.6%$1.3bn5.95m+2.5%added
PM PHILIP MORRIS INTL INCConsumer Defensive6.6%$1.3bn16.93m+11%added
INTU INTUITTechnology6.3%$1.2bn4.66m+0.2%held
IDXX IDEXX LABS INCHealthcare6.3%$1.2bn4.56m+1.9%added
META META PLATFORMS INCCommunication Services5.9%$1.2bn6.48m+0.1%held
WAT WATERS CORPHealthcare5.8%$1.1bn5.12m+0.2%held
MKC MCCORMICK & CO INCConsumer Defensive5.8%$1.1bn7.29m+7.2%added
PEP PEPSICO INCConsumer Defensive5.8%$1.1bn8.29m+0.2%held
V VISA INCFinancial Services5.7%$1.1bn6.45m+5.3%added
ADP AUTOMATIC DATA PROCESSING INTechnology5.3%$1.0bn6.48m+5.7%added
BDX BECTON DICKINSON & COHealthcare4.9%$966m3.82m+0.2%held
JNJ JOHNSON & JOHNSONHealthcare3.9%$771m5.96m+10%added
BF/B BROWN FORMAN CORP–3.0%$580m9.24m–new
EFX EQUIFAX INCIndustrials0.4%$87.3m620,8210.0%held
MASI* MASIMO CORP–0.4%$85.5m574,9630.0%held
VRSK VERISK ANALYTICS INCIndustrials0.4%$84.5m534,530+1.6%added
SABR SABRE CORPTechnology0.4%$81.3m3.63m0.0%held
CHECK POINT SOFTWARE TECH LT no ticker–0.4%$79.7m727,785+17%added
AKX ANSYS INC–0.4%$76.8m347,128+7.2%added
CGNX COGNEX CORPTechnology0.3%$57.4m1.17m0.0%held
IPGP IPG PHOTONICS CORPTechnology0.3%$53.3m392,900+16%added
VRSN VERISIGN INCTechnology0.3%$51.5m272,8730.0%held
MSCI MSCI INCFinancial Services0.2%$43.6m200,070+2.7%added
AOS SMITH A O CORPIndustrials0.2%$40.5m848,5630.0%held
PAYC PAYCOM SOFTWARE INCTechnology0.2%$35.8m170,9280.0%held
MAR MARRIOTT INTL INC NEWConsumer Cyclical0.1%$26.3m211,302+20%added
CHD CHURCH & DWIGHT CO INCConsumer Defensive0.08%$15.3m202,952–new
MELI MERCADOLIBREConsumer Cyclical0.07%$13.0m23,6440.0%held

Exited since Q2 2019

2 rows
MMM 3M CO3.2%$612m
CDK CDK GLOBAL INC0.3%$54.9m

Sector mix

  • Healthcare27.6%
  • Consumer Defensive25.2%
  • Technology21.8%
  • Financial Services14.0%
  • Communication Services5.9%
  • Unclassified4.2%
  • Industrials1.1%
  • 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