저자: TerrySmith · 외국인
요약 보기
테리 스미스는 '영국판 워런 버핏'으로 불리지만 이 영상은 그 별명이 타당한지 포트폴리오와 성과로 비교한다. 전략: 좋은 기업을 사고, 과도하게 지불하지 않고, 아무것도 하지 않는다는 3단계 단순 전략을 가진다. 미국 포트폴리오는 약 240억 달러 규모, 39개 종목. 최근 분기 변화: 아마존 전량 매도(비중 3% 이상), 프록터앤드갬블 182% 이상 증액(비중 3.1%). 상위 10~6위 비중과 분기 증감: 에스티로더 4.46%(-0.18%p), ADP 5.1%(-0.28%p), 펩시코 5.16%(-0.2%p), 맥코믹 5.66%(-0.2%p), 비자 5.74%(+2.63%p). 성과 비교: 1년 스미스 16.77% vs 버핏 13.76%; 5년 스미스 28.73% vs 버핏 50.29%; 10년 스미스 173.51% vs 버핏 158.58%. 버핏은 운용 규모가 훨씬 커서 10년 성과는 근소하게 스미스가 앞선다고 평가. 상위 5개 종목: 아이덱스 6.24%(장기 보유, 비중 축소 진행, 2018년 약 220달러 대비 큰 상승), 필립모리스 6.47%(2022년 1분기 19% 이상 대량 매도), 메타 6.81%(2022년 1분기 약 19.5% 감축, 약 100달러대 추가 매수는 없었음), 스트라이커 약 8%대(2022년 1분기 약 19% 감축, 현재 약 300달러), 마이크로소프트 12.88%(2022년 1분기 약 23%, 3분기 약 7% 감축). 2022년 1분기 대량 조정 배경: 펀드는 소액 다수 투자자 구조라 환매가 많고, 러시아의 우크라이나 침공 등 공포 시기 환매 압력이 있었을 것으로 해석. 핵심 결론: 장기 보유 위주, 잦은 소폭 조정은 자금 유출입 대응, 상위 10개 종목 모두 수익권이라는 점을 강조. 출연자 관점: 장기 투자 및 스미스의 투자 스타일을 긍정적으로 평가하나 별도 가격 전망은 제시하지 않음.
다듬은 글
Terry Smith is often called the English Warren Buffett, and we will actually compare them in this video to see if this nickname is justified. Terry Smith is the founder and CEO of a fund management company called Fundsmith. Oh, he certainly did not waste any money on PR team to create this name. And he has a very simple three-step investment strategy.
Buy good companies, don't overpay, and do nothing. So, today we will look at the changes he made to his portfolio in the last quarter. We will go through the history of his biggest investments, and hopefully, we will not only find some investment ideas, but more than that, we will learn quite a lot about his investment style.
So, his US portfolio is currently worth around $24 billion, and he owns 39 stocks. And, of course, we will not analyze all of those companies, but we will take a quick look at his investments from 10th biggest position in the portfolio all the way to the sixth position. And then, we will spend a bit more time concentrating on his five biggest investments.
So, this is his portfolio. Microsoft, Stryker, Meta Platforms, Philip Morris, IDEXX Laboratories, Visa, McCormick & Co., PepsiCo, Automatic Data Processing, Estée Lauder, and other investments. And before we go through the history of his biggest investments, let's see if he made any substantial changes to his portfolio in the last quarter.
Well, he made two really meaningful moves. One, he closed his position in Amazon, which made up over 3% of his portfolio. And he also added over 182% to his position in Procter & Gamble, making it 3.1% of his portfolio. Okay, so let's take a quick look at the companies from 10th all the way to sixth, and let's start with Estée Lauder.
It makes up 4.46% of his portfolio, and last quarter he reduced this position by 0.18%. Next up is Automatic Data Processing. It makes up 5.1% of his portfolio, and last quarter he reduced this position by 0.28%. At number eight, we have PepsiCo. It makes up 5.16% of his portfolio, and last quarter he reduced this position by 0.2%.
Next is McCormick & Co. It makes up 5.66% of his portfolio, and last quarter he reduced this position by 0.2%. Terry Smith's sixth biggest investment is Visa. It makes up 5.74% of his portfolio, and last quarter he added to this position 2.63%. And before we take a closer look at the top five positions, let's see if Terry Smith deserves to be called the English Warren Buffett.
Let's compare their performance. So, in the last year, Terry Smith performance was 16.77%, and Warren Buffett's was 13.76%. It is very nice, but one year is a very short term in investing. So, let's look at five years. It is 28.73% for Terry Smith, and for Buffett, it is 50.29%. So, the difference is quite big, but you know, nothing crazy.
But, the most important metric is the long-term performance. Let's take a look at the results after 10 years. Terry Smith made 173.51%, and Warren Buffett made 158.58%. So, Terry Smith actually has better results in the last 10 years. But, we have to remember that the scale of operation for Buffett is much greater, which makes it harder to get such results.
But, they are pretty close, so uh not a bad job by Terry Smith. Okay, let's go back to the five top positions in his portfolio. And let's start with IDEXX Laboratories. It makes up 6.24% of his portfolio, and last quarter he added to this position 0.25%. IDEXX Laboratories is a global leader in animal health and technology.
The company provides diagnostic products and services for companion animals and livestock. Unfortunately, we don't know when he bought his first shares of this company because we only have data since Q2 2018, when the price was around $220. But, we know that it is a long-term investment for Terry Smith.
And this position is getting smaller through the years. We see a first reduction around Q1 2020, and then another one two years later, which was under 15% with the price at around $550. So, a massive gain since 2018. Next up is Philip Morris. It makes up 6.47% of his portfolio, and last quarter he reduced this position by 4.12%.
Philip Morris International is an American multinational tobacco company with products sold in over 180 countries. The most recognized and best-selling product of the company is Marlboro. Other important brands are L&M, Chesterfield, Bond Street, and IQOS. He was adding to this position all through the years, and during Q1 2020, when COVID started, the price went down substantially, and he added significantly to this position.
But, in Q1 2022, we see a huge reduction of over 19%. So, he was growing this investment, he was taking advantage of some price swings, but then, for some reason at the beginning of 2022, he changes his behavior and sells a lot of shares. Okay, let's go to the podium places. At number three, we have Meta Platforms.
It makes up 6.81% of his portfolio, and last quarter he reduced this position by 0.2%. Meta is, of course, the parent company for Facebook, Instagram, Threads, and WhatsApp, among other products and services. As with other investments, we have data only since Q2 2018. So, we don't know when he bought his first shares, and the price went just over $190 back then.
And in Q3 2018, he added 8% when the price fell to And then, when the price continued to grow, he didn't make any major moves. And again, in Q1 2022, we see a reduction of 19.5% at around $220 per share. Maybe a bit too late, but again, before the main drop in price. So, it is clear that he changed a lot of things in his portfolio around Q1 2022.
And there can be a number of reasons for that, but we will get back to that in a minute. What is interesting is that he did not invest in a meaningful way in Meta when the price dropped to around $100. So, did he miss his chance, or maybe he just didn't want to make this position over 7% of his portfolio?
The second biggest investment is Stryker. It makes up and last quarter he added to this position 0.24%. Stryker is a major player in the medical technology industry. It designs, manufactures, and sells implants used in joint replacement, surgical equipment, and much, much more. This is also a long-term investment.
Data from Q2 2018 show that the price was around $170. Data from Q2 2018 show that the price was around $170. And this story repeats again. He is slowly adding to this position, and then Q1 2022 comes, and we see a 19% reduction at around $270. And of course, as with all the other investments, he is significantly up.
The price in the last quarter was around $300. And his biggest investment currently is Microsoft. It makes up 12.88% of his portfolio and last quarter he reduced this position by 0.2%. Microsoft is a leading technology company that develops and sells software, hardware, and services. We don't see any significant movements through the years, but when the price hits its peak around Q1 2022, we see a reduction of 23%.
And again in Q3 2022, we see another reduction of over 7% at $230. So, these are his biggest investments, but before we get to the main takeaways, let's find out what was the story with Q1 2022. Well, to understand that, first we have to understand how Terry Smith's company works. The fund requires only a small initial investment like 100 pounds a month.
So, it has many small investors. If these investors want to withdraw their money, the fund manager cannot stop them. On February 24th, 2022, Russia invaded Ukraine. This caused many people to be scared and it is possible that they decided to withdraw their money from the fund. We also see a similar pattern at the of COVID but on a much smaller scale.
Okay, so what are my main takeaways from this analysis? Well, first of all, he only has long-term investments. Almost all of his 10 biggest investments were bought over 5 years ago. He also makes a lot of small changes to his positions every quarter. Why is that? Well, he has a lot of investors, so every quarter some of them withdraw their money and others invest even more.
And he needs to make small corrections to his portfolio to accommodate these changes. And the last thing is the incredible fact that all of his top 10 investments are up. Not one of them is currently in the red. Tell me in the comments if you have any different thoughts or observations about his portfolio and his way of investing.
I'm curious how you look at this exceptional investor. Thanks for watching and see you in the next one.
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