13F filing recap · Q4 2013

What did Fundsmith buy in Q4 2013?

Reported stock-position changes between this filing and the previous one.

Stock value

$1.61B

Positions

Estimated turnover

5.3%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Increased positions

SYKStryker Corp$158.88Mreported value+23.2K shares+1.1%MCDMcdonald’s Corporation$154.96Mreported value+47.8K shares+1.2%BDXBecton Dickinson & Co$129.97Mreported value+30.9K shares+2.7%PEPPepsico, Inc.$102.01Mreported value+81.1K shares+7.1%PMPhilip Morris International Inc.$97.53Mreported value+129.0K shares+13.0%JNJJohnson & Johnson$95.33Mreported value+2.2K shares+0.2%SIALSigma-Aldrich Corp$59.30Mreported value+13.2K shares+3.1%

Reduced positions

DPZDomino’s Pizza, Inc.$148.67Mreported value-95.1K shares-4.3%CHHChoice Hotels International Inc /de$69.31Mreported value-11.2K shares-0.8%

Exited positions

WATWaters Corporation$47.70Mprior reported value-449.1K shares-100.0%