저자: 미상 · 외국인
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영국 펀드스미스(Fundsmith)의 2025년 1분기 13F성 보유 내역 중 상위 10개 종목을 분석. 메타·마이크로소프트·스트라이커·필립모리스·비자 등 상위 종목에서 주식 수를 줄이는 트림(차익실현·리밸런싱) 패턴이 보이며, 워터스·IDEXX·알파벳·매리엇은 보유 유지. 해석은 추측이며 향후 가격 방향에 대한 발언은 없음.
다듬은 글
Hello everyone and welcome back to Stock Talk. Great to be here. Today we're doing a focus deep dive. We're looking uh specifically at Terry Smith's Fundsmith portfolio. That's right. We're zooming in on the top 10 holdings based on their Q1 2025 filing. And this is as of May 15th, 2025. Just for context, we're talking about a pretty substantial portfolio, right?
Over $21 billion. Yeah. 21 billion plus spread across, I think, 38 holdings in total. So these top 10 really represent the core bets. Exactly. So our mission today is really to unpack those biggest positions, see what insights we can, you know, pull out, understand what they're thinking basically through their largest allocations.
Okay. So let's jump right in. Number one, leading the pack, Meta Platforms, ticker Meta. Yep. It's a big one. Uh 10.19% of the entire portfolio. Wow. Okay. So the filing shows just under 3.9 million shares. The reported price was around $576. But look at the current price. It's way up closer to $655.
Yeah, quite a jump. And interestingly, their share count actually decreased. It's down almost 15% minus 14.85% to be exact. Right. So, fewer shares, but the price appreciation means it's still the biggest holding. What's that uh combination suggest to you? Well, it could be profit taking, couldn't it?
They rode a big wave up. Maybe decided to trim a bit, lock in some gains. That's definitely one possibility. Sell into strength. But you know clearly they still have huge conviction keeping it as the top holding despite selling shares. It also shows how much a rising price can inflate the waiting even if you're actually reducing the number of shares you hold.
Absolutely. Portfolio dynamics in action. Okay. So right behind Meta number two is Microsoft MSFT. Another tech giant. No huge surprise there. Makes up 9.17%. They held about 5.37 million shares. reported price was uh $375 roughly. Current price now quite a bit higher around $455. So similar story on the price appreciation front.
Yes. And also a similar story on the shares down again this time by uh just over 13%. So minus 13.20%. Okay. So trimming in both of the top two tech names. That feels like a deliberate move, doesn't it? It does. Maybe uh some strategic rebalancing within tech like keeping the exposure but maybe managing the concentration risks slightly.
could be or perhaps just taking some money off the table after strong performance in both still you know having almost 20% of the fund in just those two names that's significant conviction definitely okay moving down the list number three Striker Corp SYK that's 8.59% right a shift into healthcare tech here they've got about 5.1 million shares reported price $372 current price $392 so a nice gain but maybe not as dramatic as the tech names.
True. And the share count change is also different. Yeah, it's down but only by about 5%. Minus 4.96%. Much smaller adjustment. So, what does that tell us? Perhaps a steadier conviction here. Less need to trim compared to high-flying tech stocks. Could be. Maybe they see Striker as more of a um a long-term compounder, less volatile.
Perhaps that fits their typical style, doesn't it? Buy good companies, hold them. The smaller trim might reflect that buy and hold philosophy more strongly here. Makes sense. All right. Number four is Philip Morris International, ticker PM. Ah, yes. The consumer staples angle or maybe uh sin stock depending on your view.
7.81% of the portfolio. A pretty hefty holding 10.8 million shares. Reported price $158. Current price around $168. Decent little uptick there too. And the share count also down but again a smaller amount. Uh minus 3.91%. So similar to Striker in terms of the adjustment size. Interesting. you know, holding such a large position, Philip Morris always sparks discussion given the um the headwinds for traditional tobacco, right?
But they've been pushing hard into the reduced risk products, haven't they? Maybe Funmith is betting on that transformation story. That seems likely. It shows they're not just focused on, say, pure growth like tech, but also on resilient businesses. Maybe ones undergoing significant change they believe in and potentially dividends playing a role, too.
Good point. Okay, let's round out the top five. Visa, class A shares, ticker V. Back to financials or maybe tech- enabled financials you could argue. Yeah. 6.60% waiting. They held about 4.1 million shares. Uh reported price was $350. Current price just a bit higher at $362. So not a huge price move in the period covered relative to some others.
True, but look at the share count change down again and this time by a more significant amount. Uh minus 10.5%. Okay. So that's more like the meta and Microsoft trimming level. Yeah. So across the top five, we've got tech, healthcare tech, consumer staples, financials, and we see share count reductions in all of them, just varying degrees.
It really does suggest, as you said, a deliberate strategy. Maybe taking profits, maybe rebalancing, maybe getting slightly more concentrated overall by trimming across the board. It's a clear pattern. Anyway, yeah, let's see if it continues in the next five. Number six, automatic data processing, ADP, right?
Business services, payroll, HR solutions, 6.28% 28% of the fund holding 4.5 million shares. Reported price $35. Current is around $315. So a modest price increase. And the shares down again almost 10% minus 9.97%. So another significant trim. Wow. Okay. So even in a perhaps more stable, less uh flashy name like KDP, they're still reducing the position quite actively.
It does reinforce that idea of active management even within their long-term holdings. Makes you wonder if they're freeing up capital or just, you know, managing position sizes very carefully. Yeah. Becoming more selective, maybe focusing capital on the absolute highest conviction ideas within the portfolio.
Number seven brings us to Waters Corp. ticker Watt 6.06% waiting. Scientific instruments, life sciences tools. They held 3.6 million shares. Now, this is interesting. The reported price was $368, but the current price is actually down slightly to around $350. Oh, okay. Bit of it there. But look at the share count change.
Practically nothing. Down only 59%. So they basically held steady here despite the price falling a bit. That is interesting. Stands out from the others we've discussed. What do you make of that? Well, maybe it suggests real long-term conviction. They see the price dip as temporary noise perhaps, and they're happy to hold their position.
maybe even add if it fell further, though the filing doesn't show that, right? It signals they aren't just reacting to short-term price moves. They believe in the fundamental value of waters, it seems. Okay, next one. Number eight, IdisX Laboratories. IDXX. Back to the animal health space. Diagnostics mainly 5.06% of the portfolio holding 2.6 million shares.
Reported price was around $420. And the current big jump here over $512 currently. That's what nearly a 22% increase. Wow. Yeah, that's a strong performer. And the shares again very little change down just 0.55%. Minimal tweak. So they held tight and enjoyed a significant price run up. That holding must have been a nice contributor to performance in Q1.
Absolutely. It really highlights how individual stock selection even lower down the top 10 can have a big impact when it works out well. Definitely shows the benefit of sticking with winners sometimes. Number nine, another tech giant, Alphabet Class A, Google GL. Yep. Google 4.82% waiting. They held 6.8 million shares.
Uh reported price $154. Their current price around $165. So a decent gain. And the share count change I'm guessing minimal again based on the last few. Spot on. Down only 07%. Basically unchanged. Okay. So similar to Waters and Idaxx in terms of holding steady. Seems like a strong long-term conviction play.
They're happy with their alphabet exposure. Yeah. Not much active trading there. It seems just holding on. consistent with their overall philosophy for many core holdings. Right. And finally, rounding out the top 10, number 10 is Marriott International, Class A, MAR, Hospitality, Travel Recovery Play, perhaps 4.61% of the portfolio.
They held 4.25 million shares. Reported price $238. And again, a nice price increase here. Currently trading around $272. That's over 14% up. Solid performance. And the share count again very very slight decrease down just 0.9% essentially holding steady. So another one where they seem content to let it run likely reflecting positive trends they're seeing in travel and leisure.
So looking back at that second group number six to 10 we saw ADP trimmed significantly like the top five but Waters IDAXX Alphabet and Marriott were all held pretty steady with minimal share count changes. Yeah it it's a bit more of a mixed bag in that group compared to the consistent trimming in the top five.
No, maybe the decisions are more stock specific further down could be. Or maybe related to the size of the price moves. Idex, XX, and Marriott had strong gains, but they held tight. Waters dipped, they held tight. Alphabet gained moderately, they held tight. ADP gained moderately, but they trimmed significantly.
It's complex, isn't it? Without hearing directly from the manager, we're piecing together clues, but the overall picture is one of high concentration in quality names with some uh active trimming, particularly at the very top, and relative stability in several other key holdings. Absolutely. These 10 positions clearly dominate the portfolio's direction.
The pattern of trimming, especially in the bigger tech names, alongside holding steady in others despite price moves, is definitely the main takeaway for me. Agreed. It underscores that high conviction approach, but also hints at active rebalancing and perhaps managing concentration risk even within their favorite sectors.
The mix of tech, healthcare, financials, consumer, and industrials is also notable. Well, that was a really useful breakdown going through those top 10 one by one really gives you a feel for the core of the Fundsmith portfolio right now. It does. And you know, for listeners who appreciate this kind of detailed look at portfolio construction.
Yeah, definitely make sure you subscribe to the Stock Talk podcast if you haven't already. We do these deep dives regularly. Absolutely. And if you found this look into Fundsmith valuable, please do share it. Maybe send it to a friend or colleague who follows the markets or is interested in investment strategies.
We'd also really appreciate it if you'd like this content and leave a comment. Let us know your thoughts, any questions you have, or maybe what other funds or stocks you'd like us to look at. Your feedback really does help guide us. So, thanks again for tuning in to Stock Talk. It leaves you wondering, doesn't it?
What do these subtle shifts, these big bets really signal about their outlook for the rest of the year? Food for thought, definitely. We'll wait. Until next time.
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