저자: Mike · 외국인
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Terry Smith(Fundsmith) 포트폴리오 분석 영상. 핵심 보유종목(Striker, Idexx, Alphabet, Microsoft, Meta, Waters, Zoetis, Visa 등)의 비중과 최근 증감(Alphabet·Microsoft·Meta 축소, Waters·Intuit·Napco 확대)을 설명. 고밸류에이션 기술주 차익실현 및 헬스케어·전문 소프트웨어로 로테이션하는 흐름을 소개. 'do nothing' 장기 보유 철학을 강조하며 단기 가격 예측은 없음.
다듬은 글
Terry Smith from Fundsmith'; Terry Smith has often been called the Warren Buffett of Britain. Looking at this $20.6 billion portfolio, you can really see that philosophy in action. He focuses on highquality companies with resilient models, but even with a do nothing mantra, he's making moves. He really is.
The core of the fundsmith strategy is finding businesses with high returns on capital. He wants companies that can weather any economic storm. Today, the portfolio is down slightly by 0.39%. However, his overall gain stands at a solid 3.9%. Let's look at his biggest bet right now. Striker Corp makes up 8.6% of his entire portfolio.
That is a massive $1.68 $68 billion position. Interestingly, he recently reduced his holding by 1.83%. Mike, what's the story with Striker? Striker is a powerhouse in the medical technology space. They dominate in reconstructive surgery and neurochnology. The current price is $366.32. It's been a bit of a bumpy ride for Smith here.
He's actually down 0.9% overall on this position. That's surprising given his track record. Is the market losing faith? I saw some headlines suggesting investors haven't warmed to Striker lately. This is despite the company's own reassurances about growth. The valuation is definitely a talking point.
We are looking at a PV ratio of 46.9. That is quite high for a medical device company, but Smith likes their competitive mode. They have an earnings per share of $7.62. He's also collecting a 1.0 01% dividend while he waits for the turnaround. It's a classic Smith play. He's looking at the 52- week range, which goes from $329 up to $46.
He's holding steady near that lower end. Now, let's shift to his second largest holding, Idex Laboratories. This represents 8.4% of the portfolio. This is a 1.87 billion position for him. Idex is the leader in pet healthcare diagnostics. If you've taken your dog to the vet recently, you've probably used their tech.
The stock is currently trading at $715.99. He's doing much better here than with Striker. He's up 12.1% overall on Idex. But look at that PE ratio, Mike. It's sitting at 54.3. Isn't that a bit rich even for a quality investor? It is very expensive by traditional standards. However, Idex has incredible pricing power.
Recent news shows the stock is up nearly 65% over the last year. Smith did trim this position slightly by 1.09% recently. It looks like he might be taking a tiny bit of profit off the table. The technicals are impressive. The 52- week range is wide from $356 to $769. It's trading near the top of that range with an EPS of 12.61.
The growth story seems very intact. It really does. Smith loves the recurring revenue model of diagnostics. Vets don't switch these machines out easily once they are installed. It creates a very sticky business. Let's move to the third heavy hitter. Alphabet Inc. makes up 7.7% of the portfolio. This is where we see the most significant recent change.
He reduced his stake in Alphabet by 7.56%. That's a notable move for someone who hates trading. It really is. He owns over 6.2 2 million shares worth about $2.02 billion. Alphabet has been a home run for him. He is up 32.4% overall on this position. The stock jumped 2.41% just today to reach $321.93.
Why Trim such a winner? Is he worried about the AI transition or the regulatory pressure? It could be a bit of both, but look at the valuation. Alphabet's PE ratio is 30.5. Compared to Idex or Striker, it actually looks cheap. They have an EPS of 10.00. They also recently started paying a small dividend of 0.27%.
It's interesting to see the 52- week range here. It goes from $140 to $328. Alphabet is trading very close to its yearly highs. Perhaps Smith feels the easy money has been made for now. He's still holding a massive $2 billion stake though. Exactly. It's still a core pillar. Even with the trim, it's one of his top three.
He's also likely watching the broader media landscape. There was news about Samur hitting a $330 million valuation to fuel global expansion. It shows how much capital is still flowing into the ad and information space where Alphabet lives. So, across these top three, we see the pattern. He's slightly trimming his winners like Alphabet and Idex.
He's also slightly reducing his lagard striker. It feels like he's cleaning up the edges of the portfolio. He's definitely refining. When you manage $20 billion, you can't move quickly. These small percentage trims represent hundreds of millions of dollars. He's maintaining that high conviction core while managing the total risk.
It's a masterclass in patience. Most investors would be panicking over a 0.9% loss in their largest holding. Smith just sees it as an opportunity to hold a quality asset. He's focused on the long-term cash flow. That's the fund Smith way. He isn't chasing the daily 2.4% gains we saw in Alphabet today.
He looking at where these companies will be in 2030. These top three holdings alone account for nearly a quarter of his entire fund. That is a lot of trust in medical tech, pet health, and digital advertising. We're back to finish our deep dive into the $20.6 billion fund Smith portfolio. In the first half, we looked at some of the massive consumer staples Terry Smith loves.
But Mike, I want to talk about some of the big moves he's made recently, specifically those massive trims in the tech giants. You're likely looking at Microsoft and Meta Platforms. This is where the do nothing philosophy meets the don't overpay rule. He reduced his Microsoft position by nearly 48%. He still holds over $1.2 billion worth, which is $6.8% of the portfolio.
But that is a huge haircut for a core holding. Why trim such a high quality winner? Microsoft is trading at $4852. It's a powerhouse. It is, but look at the valuation. The price earnings ratio is sitting around 34. Smith has always been wary of AI mania. We see news reports lately questioning if AI spending has hit a fever pitch.
He also slashed his Meta Platform's position by over 56%. Even after that, he's still holding over 1 billion in meta. It seems like he's locking in gains while the Magnificent 7 trade is still hot. It's interesting because while he's trimming big tech, he's adding to specialized tech and healthcare.
Look at Waters Corporation. That's now a 6% allocation worth over $1.5 billion. He added nearly 10% to that position recently. Waters is a classic Terry Smith play. They make analytical instruments for labs. It's a razor and blade business model. Once a lab buys the machine, they need the consumables forever.
The stock is at $4004 right now. It has a 33% overall gain in the portfolio. That's a massive win compared to the broader market. He also seems to be doubling down on animal health with sodies. He increased the position by over 25%. Exactly. Zodies is worth about $458 million in the portfolio. It's currently trading at $126.71.
It's actually down about 13% for him overall. But Smith often adds to his conviction stocks when they're in the bargain bin. The price to earnings ratio there is 21.5, which is quite reasonable for a leader in pet medicines. Let's talk about the payment space. Visa is a massive 6.7% of the total portfolio.
That's $1.37 billion. It's such a steady performer, isn't it? It really is the ultimate tollbridge business. He barely touched the position recently, just a tiny out of 01%. It's trading at $3561. It's not cheap with a 34p, but the dividend yield of 76%. And the sheer market dominance make it a core pillar for fundsmith.
I noticed a bit of a struggle in some of the defensive names. Automatic data processing or AD is down 11% overall and Proctor and Gamble is down 10%. Does that worry you? It's a bit of a drag on the daily numbers. ADP is a 6.4% allocation. So that 11% loss hurts. It's trading at $261. But look at the dividend.
It's yielding 2.64%. PNG is yielding over 3%. These are the ballast in the ship. They provide steady cash flow even when the stock price is sitting near the bottom of its 52- week range. We also have to mention the massive add in into it. He boosted that position by 64%. That's a huge vote of confidence.
It brings the position to nearly $400 million. Intuitit is the king of tax and accounting software. Even though it's trading at $652 with a high PE of 43, Smith clearly thinks the growth runway is still there. He's also been buying NAPCO security technologies. He increased that holding by 86%. It's a smaller position, only about $73 million, but he's clearly hunting for growth in the security sector.
On the flip side, he's pulling back on Philip Morris. He reduced that position by 20%. Is the tobacco story changing for him? It might be a valuation play. Philip Morris has been on a tier trading at $156. It's near its 52- week high of 186. He still has over 1.1 billion in it. It pays a great dividend of nearly 4%.
But trimming 20% suggests he's finding better places to put that capital. Like Marriott International, that's a 5.6% allocation. It's worth $1.35 billion. Marriott has been fantastic for him. He's up 23% on that position. It's trading at $321, right at the top of his 52- week range. He trimmed it by a tiny fraction, but it remains a top five holding.
It shows he still believes in the global travel recovery. To wrap things up, Mike, what's the big takeaway from the Fundsmith strategy this quarter? The takeaway is that doing nothing doesn't mean being asleep at the wheel. Smith is aggressively taking profits from the tech winners like Microsoft and Meta.
He is rotating that cash into healthcare and specialized software like Intuitit and Zodies. He's sticking to his guns on high quality, high return on capital businesses. He's willing to sit through some short-term pain in names like Nike or PNG because he trusts the long-term compounding. It's a 20 billion masterclass and patience and discipline.
Even with a small daily dip of.39%, the overall gain of nearly 4% shows the strategy is holding firm. Precisely. Invest in good companies. Don't overpay and then have the stomach to stay the course. That's a great place to end it. Thanks for the deep dive, Mike. This has been a fascinating look at one of the world's most watched portfolios. Always a pleasure, Sarah. See you next time. .
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