13F filing recap · Q4 2015

What did Fundsmith buy in Q4 2015?

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

Stock value

$3.98B

Positions

Estimated turnover

13.8%

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

SJMThe J. M. Smucker Company$93.51Mreported value+758.1K shares

Increased positions

PMPhilip Morris International Inc.$317.93Mreported value+445.1K shares+14.0%PEPPepsico, Inc.$308.49Mreported value+122.1K shares+4.1%BCRC.r. Bard, Inc.$300.39Mreported value+179.7K shares+12.8%SYKStryker Corp$297.26Mreported value+276.6K shares

Reduced positions

PYPLPayPal Holdings, Inc.$153.92Mreported value-17.2K shares-0.4%

Exited positions

EBAYEbay Inc.$56.12Mprior reported value-2.30M shares-100.0%DPZDomino’s Pizza, Inc.$4.89Mprior reported value-45.3K shares-100.0%MARMarriott International Inc /md/$3.69Mprior reported value-54.2K shares-100.0%