13F filing recap · Q2 2014

What did Fundsmith buy in Q2 2014?

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

Stock value

$2.17B

Positions

Estimated turnover

18.2%

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.

New positions

EBAYEbay Inc.$59.59Mreported value+1.19M shares

Increased positions

MCDMcdonald’s Corporation$219.19Mreported value+966.2K shares+22.5%SYKStryker Corp$207.38Mreported value+233.5K shares+10.5%DPSDr Pepper Snapple Group, Inc.$196.05Mreported value+128.1K shares+4.0%PEPPepsico, Inc.$168.54Mreported value+277.2K shares

Reduced positions

BDXBecton Dickinson & Co$168.55Mreported value-10.4K shares-0.7%SIALSigma-Aldrich Corp$99.81Mreported value-511.4K shares-42.3%