저자: TerrySmith관련분석,채널진행자미상 · 외국인
요약 보기
테리 스미스의 펀드(Fundsmith, Smithson)가 최근 분기에 매수한 종목들을 분석. 스미스의 투자 철학은 고품질(높은 ROCE, 높은 마진, 낮은 레버리지)·적정가 매수 후 장기 보유. Clorox는 사이버 공격 후 하락 시 재매수, Graco·Croda·Exponent 등 재무지표가 기준에 부합. 진행자는 소형주(Odity 등)에 관심을 표명하며 추가 리서치 예정이라고 함. 특정 자산의 1~3개월 가격 방향에 대한 예측 발언은 없음.
다듬은 글
Super investor Terry Smith if you don't know who he is he's sometimes referred to as a UK's Warren Buffett he runs fun Smith and a smaller cap and midcap fun Smithson and we'll have a look at what they've been buying in this past quarter I've put quite a bit of work into this one so I'm excited for it so let's get straight into it so here on ticket terminal we can see what they have been buying Smith this actually incorporates Smithson in it they don't separate it out on ticket terminal this shows International filings not just in the US so they do buy worldwide now not that long ago Terry Smith had this book published you might have heard of it it's called investing for growth but he does have value investing elements to his investing as well similar to how Warren Buffett does it so we'll get into that along the way too but it's a really good book I'm going to put a link in the description to that well worth a read so here on ticket terminal and I'll put a link to that in the description as well a referral link we can see the stocks that they own here and it's the percentage change in the number of shares held right there we can see that column there so that's the important one as we go down there we can see what they hold in the top one is noo Nordisk at 9.64% but down here in this past quarter is what we're interested in we can see what they've been buying automatic data processing 48.890717 water net which we'll have a look at there's only a few in this past quarter that's one so they Apple They just added a little bit to you see there but 100% here 100% of Clorox which they've owned before I know the story of that I know during the pandemic they sold out because it rocketed to the moon because of the all the cleaning you know products and everything that they have bleach and so forth it just Clorox went to the moon and that got so egregious the price and Terry Smith said that they sort of had to sell it and made sense to sell it but they bought it back now it's gone back down and they explain why they did that and this one here croa International 26.83% we'll have a look at that so some of these are in Smithson and some of them are in fundsmith they just bunched them all together here and then Home Depot they added a little bit too a tech here which is an interesting one they added 92.7% so they bought that a little bit earlier on and they've added to during this quarter here you might see a few videos out there about what super investors have been buying the stocks but I'm going to dig a little bit deeper find out why that they've bought these things let's dig a little deeper and see what these companies are especially the smaller caps cuz I'm more interested in smaller caps so hope you get some value out of this let's get into it first I want to explain how Terry Smith invests how he goes about it and that will help us understand why he's bought these particular companies at this particular time so here we go Terry Smith is a fund manager from London fundsmith is an Equity Fund that invests in small number of high quality resilient Global growth companies that are good value and which we intend to hold for the long term they say in Smithson fun Smiths can't invest in $2 billion companies or less because of the fund size it holds so much money that really it's not going to move the needle with these smaller companies that's why they set up a fund called Smithson which looks at these smaller companies so this is the one that I'm more interested in so fundsmith owns really big companies you might know if you've been following this channel me for a while that I'm more interested in smaller caps with a long runway for growth it's easier for a company to grow say from 1 or two billion and go 10x or more than say a huge company to to do that so he says we try to invest in only good companies we don't overpay and then we do nothing so fairly simple investing is easy right so this is similar to Warren Buffett and Charlie manga so we try to invest in only good companies we don't overpay so that's the value investing aspect to it so they like a margin of safety they don't they're not going to pay up too much which is difficult to do to find these quality companies that you know aren't expensive and then do nothing so basically let it compound don't interrupt the compounding unnecessarily as Charlie mongus said and just let them run that's their core philosophy and I like it a lot I have to say I like that a lot what is a good company then that's the crucial fact he says it makes high Returns on operating Capital employed so that's something that Warren Buffett also likes in other value investors return on Capital employee that's what we can look for and we're going to look for some of that in the metrics we're going to see if the companies they've bought have this have these things to see if you know that they practice what they preach why return on capital is important a good company has return on Capital employed or rce above its cost of capital every day you own a good company its value grows a bad company has a rocce below its cost of capital every day it's value declines so that's a crucial point we want companies that are going to shoot the lights out a high roce say 27% and that is high if you've looked at metrics of companies before that's high and it's hard to find it's so few companies that really have that these are the core metrics that they look for this is really important and really valuable I think fundsmith portfolio companies from 2012 to 2018 he the metrics of the companies that fundsmith invested in they had an rce between 26 and 31% during that time and if we look at here this is the average of the say the S&P 500 it's only 177% during that time so way above average return on Capital employed gross margins they had were between 58 and 65% and the average there is the S&P was 39% and this here ft SE that's the foot SE in Europe so that's the comparison there which is was a little bit higher for that so operating margin their portfolio companies had between 23 and 28% so the S&P 500 average is around 16% during that time cash conversion they had 95 to 108% which is really high and the S&P 500 was 96 and leverage only 28% so we want they want this to be low they look for companies that are low so does Warren Buffett and the S&P 500 average there was 39% and interest cover you know the S&P 500 was 9 so higher interest cover for their portfolio companies so on average they're looking for a greater than average better than average that's the Quality Companies when he says this is a good company what he really means is this is a really high quality company not just good so another thing that they look for here is growth driven from reinvestment of their cash flows at high rates of Return number three make money from a large number of everyday small ticket repeat predictable transactions so typically the investing companies that do have that number four able to protect returns against competition so another word for this would be the mode or sustainable competitive Advantage so that's what really what they look for he says if you have a high rce competition will see that and try to come and take market share from you so he talks about being able to defend that mode number five resilient to change particularly to Tech Innovation and six operating in sectors with tangible advantages so Brands distribution installed based franchises and then we have don't overpay and then do nothing so that's just hold on to it let it compound now let's go into some of those companies that he's bought and have a look which ones do I want to dig deeper into because these are high quality companies or are they is there anything interesting for me or for you to dig into to research a little bit deeper so let's have a look at that now if you're getting value out of this video so far i' thanks these are the companies that they bought I'm going to start from the biggest foret here so the market cap is $ 53.9 billion here which is that's basically too big for me but I've had a look at the metrics here and I'll show you the return on Capital employees 37 here remember these metric here so they're looking for 26 to 31 gross margin 76.6 gross margin they're looking for is between 58 and 65 so that's high operating margin of 23.33% interested so Clorox is $8.9 billion US market cap and it's got a return on Cal employed of 6.33 so pretty low there this is just for the last year mind you we'd have to dig into it and see what's going on there there wasn't an anomaly there this is what they said in their fact sheet we acquired a position in Clorox after the share price of the high quality household goods company fell due to a Cyber attack the effects of which have now been contained so they took the opportunity there remember don't overpay as I said it shot to the moon during the pandemic and then it had this fall afterwards so they they knew it was a good company and it's an old company this is not a new company by any means and they took that opportunity to buy it back okay so next we have Graco I don't know this company and this is a $14.8 billion company so midcap grco is a US Industrial company founded in 1926 so not a new company by any means and focused on the design and manufacturer of fluid me measuring and dispensing equipment the rce here is 27.8 so that's high gross margin 52 operating margin 29 cash conversion 197 leverage point just 0.02 which is really low and interest cover 124 so all those metrics fit the metrics that they look for croa another one which we're getting smaller again going down this is so 8.58 billion market cap see the ROC here is only 8.
83 for the last 12 months they said their CER is a UK chemical ingredient company focused on the personal care and Life Sciences sectors we've got gross margin 45 operating margin 17 cash conversion 145 leverage just 32 and interest covers 17 now I we get to what is more interesting to me because the if you look at the market cap here it's 3.8 getting smaller so these smaller companies could have a longer runway for growth would have to dive in and see what the potential Market is and so forth it might not be the case but that you know they like growth here they like compounding over a long time so chances are that could be the case so this was back in June 2023 they said exponent a us-based Consulting business which focuses on highly technical areas within the engineering and environmental sectors often in response to disasters and litigation by the way you'll notice that they haven't bought some of these companies recently in this past quarter but I dug into their fact sheets and saw what they've been buying over the last few quarters not going going back too far going back about a year the return on Capital employed is around 24 which is really high gross margin of 35.7 operating margin of 20 cash conversion of 91 and leverage of8 so low again and interest cover no debt and so we have here odity which again is interesting to me I am going to dig into this one I think odity a newly listed company based in Israel which develops and sells cosmetics and skin care direct to Consumers so a newly listed company which is interesting and so July 2023 so 78 months so far that they've had it so this market cap is only nearly 2.5 billion Enterprise value of 2.29 s so yes we're getting down to the small caps with smaller caps with newer companies the metrics sometimes aren't so good you can't tell yet but this one you'll notice the RC is 35 which is really high just for the last 12 month so this is one I'm definitely want to dig into gross margin of 70 operating margin of 14 cash conversion of 51 leverage of 0.5 and interest cover of 147 so this looks really interesting to me so I'm certainly going to dig into some of these companies a bit more and have a look at them research them I'm not saying they're buy for me at this point but I'm going to dig into them spend some time on them spend quite a few hours on them finding out about them to see if they would any of them would go on my watch list for the future so what do you think do you think any of these companies might be good to dig into let me know in the comments what looks interesting to you now if you don't know already I've started the out of value patreon over there I'm talking about stocks that I'm researching just like this but more indepth and adree of course in an ongoing way it's just for the price of a cup of coffee I'm doing that each month so I'll put a link in the description and hopefully see you over there
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