13F filing recap · Q1 2015

What did Fundsmith buy in Q1 2015?

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

Stock value

$3.09B

Positions

Estimated turnover

44.6%

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

MSFTMicrosoft Corporation$290.24Mreported value+7.19M shares BCRC.r. Bard, Inc.$193.05Mreported value+1.16M shares WATWaters Corporation$38.63Mreported value+310.7K shares MARMarriott International Inc /md/$3.96Mreported value+49.4K shares IDXXIdexx Laboratories Inc /de$3.94Mreported value+25.5K shares DNKNDunkin' Brands Group Inc$3.81Mreported value+80.1K shares

Increased positions

BDXBecton Dickinson & Co$257.29Mreported value+76.8K shares+4.5%SYKStryker Corp$248.59Mreported value+103.9K shares+4.0%EBAYEbay Inc.$229.28Mreported value+901.2K shares+29.3%PMPhilip Morris International Inc.$221.64Mreported value+453.6K shares

Reduced positions

CHHChoice Hotels International Inc /de$35.47Mreported value-408.2K shares-42.4%

Exited positions

MCDMcdonald’s Corporation$284.11Mprior reported value-6.12M shares-100.0%SIALSigma-Aldrich Corp$155.91Mprior reported value-936.9K shares-100.0%