13F filing recap · Q4 2017

What did Fundsmith buy in Q4 2017?

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

Stock value

$11.67B

Positions

Estimated turnover

34.2%

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

PYPLPayPal Holdings, Inc.$1.06Breported value+14.46M shares

Increased positions

MSFTMicrosoft Corporation$948.74Mreported value+14.8K shares+0.1%DPSDr Pepper Snapple Group, Inc.$848.54Mreported value+1.25M shares+16.7%WATWaters Corporation$843.34Mreported value+9.6K shares+0.2%PMPhilip Morris International Inc.$793.18Mreported value+1.26M shares

Reduced positions

BCRC.r. Bard, Inc.$822.79Mreported value-44.3K shares-1.8%SYKStryker Corp$795.61Mreported value-36.4K shares-0.7%IDXXIdexx Laboratories Inc /de$688.82Mreported value-14.09M shares-76.2%ADPAutomatic Data Processing Inc$647.26Mreported value-30.0K shares