저자: TerrySmith · 외국인
요약 보기
Fundsmith의 'Quality/Obliquity' 전략으로 최근 신규 매수한 종목(Essilor Luxottica(ESLOY, 자막상 'ES-O'), Zoetis) 설명. 에실로룩소티카는 메타 스마트 글래스 등 혁신과 시력교정 성장성, 올해 약 1/3 상승. 조에티스는 부작용 이슈로 하락 후 저가 매수 중. 과거 Intuit 매도 이유(Mailchimp 고가 인수 실패)와 Vodafone 사례로 과매 기업의 주식 발행 인수 경계. 현금을 쌓지 않고 거의 완전 투자 상태이며 시장 하락 시 유동성 높은 종목을 매도해 전환 매수 가능하다고 언급.
다듬은 글
Hello, I'm pleased to be joined by Terry Smith from Funsmith Equity Fund. So Terry, you've been buying some new positions for the fund this year. You've invested in stocks such as ES-O, Inuit, and Zoetis. Why have you been buying into these companies and what is it that you really like about them? We believe in a term which is a real world called oblquity which is just try and buy really good companies at at decent valuations and let them do the work basically not going oh well I've got I need something that's going to go up 100% because what will happen is it will go down.
Um so look just briefly with each of of companies we have owned in it before. It's the leading uh supplier of accounting software and tax software uh based in America. We sold it uh when they bought a thing called Mailchimp which is an online uh uh marketing uh business. It was outside their area of expertise in our view and they paid about three times the right price and we thought it was disastrous and it has proved to be disastrous.
I think the good news is a that's got into the share price and b I think they may have learned something from that which is don't get outside your core responsibility and don't overpay. I mean in particular when they bought it and we said you're overpaying. They they made that absolutely fatal error when talking to us of saying yeah but we're paying partly with our shares.
Oh so you think your shares are overvalued. Tremendous. I always cite the example back in the dotcom of Vodafone bidding for management and management was on a P of 50 and and when we talked to Vodafone they said yeah we're on a P of 52 so it doesn't matter. I think it matters your shareholders. And then here we are 20 plus years later.
Vodafone was 570 a share or something like that on the day when they bid for management. They're now 88p or something like that. That's what happens if you do things like that. So I think that that's all um come home to roost and we we're buying back into that at the moment. We're buying SLO which we've followed since the day inception.
We've only owned it very recently. It's the leading uh maker and retailer of eyeglass lenses and frames in the world basically. So in a pretty good business. you know, vision correction is not something that's uh uh got anything other than a secular growth trend for people. um they're pretty innovative in terms of it in terms of the lenses that deal with myopia now and help to stop that uh progressing and of course their big development at the moment are the meta glasses where which I think are a big leap forward basically they glasses which are using uh virtual reality and enable you to see things in in the vision of the lens at the moment which give you display um and but also are likely to do other things you're going to start looking at things and it's going to tell you things about it and recognize it um because of course it goes over your ears, it'll also be able to put input into your ears, whether it's hearing assistance or whether it's translation.
So I think this is a when you look at what they've done with with Ray-B bands basically versus what Apple's done with its uh with its VR uh offering, it's fantastic in comparison. It's onetenth of the price and uh and and wildly successful. So we've been buying it like Suis we've admired for a long time.
Uh we like investing in in in anything in the pet area, pet foods, veterary diagnostics, in this case, veterary pharmaceuticals because pet care, medical care for pets and feeding pets is on a growth trend. You know, we treat animals like we treat human beings now in terms of all of these things better than we treat human beings in some respects.
And Zois is the biggest veterary pharmaceutical company out there. It's had a bit of a setback with one of its drugs that's got some uh side effects that people were worried about. Um, as it so happens, my elder daughter is a is a veterary surgeon. So, she's my veterinary consultant. So, I said, "Do you still prescribe this?" "Yes, it's got side effects, but it's very efficacious, and you know, we we know about the side effects." So, we've been buying into that.
So, obviously the the share price of this company, it has been on a bit of a decline since last year. Is that actually an opportunity for you? You you're able to buy in cheaply or is that simply because of this drug that you've just mentioned? Well, time will tell, but I mean we it's very typical that we will be buying into something when the share price is is on a decline, not when it's when it's going up.
I mean, as it happens across those, I think you would say that we've got at the moment, the Eselor has has been going up some about a third this year today, whereas Zuetus is pretty weak because people have been worried about this. So, we're continuing to buy more Zuatus than we are because has taken off with all of the uh the noise around the amount of the meta ray bands.
Yeah. Are you seeing lots more opportunities in the market now or actually are you sort of storing up some cash like a war chest in case we get a market sell off and then you you've got some got shopping list we don't run cash we don't we don't try market time in that regard so we're pretty much fully invested got minimal cash in the fund but look we've got things that are very liquid in the event that there is a market sell off we've got things that we can sell pretty readily in order to make switching and we have done that in the past I mean when we say look this has happened you know we sold all of our Clorox to buy a load of L'Oreal back in the day uh because you know L'Oreal was going through a bit of a depression because of a bet family controlling shareholder problem and chlorox have been bid for like okay we're out of one and the other it does happen not not all that often but it
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