Terry Smith
Fundsmith 创始人，Buy good companies, don't overpay, do nothing
Fundsmith 是 quality compounder 风格中資料透明度很高的公開基金样本，Terry Smith 的年度信、factsheet 和股東大會长期解释“好公司、别贵買、少折腾”的执行细节。最值得看的是高質量消费、医疗和科技公司在估值纪律、資本回報和增长質量上的變化。
| 股票 | 股數 | 市值 | 权重 |
|---|---|---|---|
MAR
|
3,370,872 | $1.1B | 8.6% |
SYK
|
3,061,416 | $1.0B | 7.8% |
WAT
|
3,212,075 | $956.6M | 7.5% |
V
|
3,104,090 | $938.2M | 7.3% |
GOOGL
|
2,956,198 | $850.1M | 6.6% |
PM
|
5,113,163 | $845.4M | 6.6% |
IDXX
|
1,465,786 | $823.6M | 6.4% |
ADP
|
3,855,105 | $783.3M | 6.1% |
MSFT
|
2,079,737 | $769.9M | 6.0% |
META
|
1,321,375 | $756.0M | 5.9% |
MTD
|
568,516 | $717.0M | 5.6% |
CHD
|
6,641,508 | $619.8M | 4.8% |
PG
|
4,199,914 | $606.6M | 4.7% |
TXN
|
2,623,124 | $509.3M | 4.0% |
FTNT
|
6,156,675 | $503.1M | 3.9% |
ZTS
|
3,877,559 | $458.4M | 3.6% |
OTIS
|
2,731,635 | $210.6M | 1.6% |
MSCI
|
64,788 | $34.9M | 0.3% |
ROL
|
619,935 | $33.1M | 0.3% |
MEDP
|
62,668 | $30.1M | 0.2% |
| 股票 | 動作 | 13F 時間 | 當前股數 | 上期股數 | 股數變化 | 13F市值變化 |
|---|---|---|---|---|---|---|
|
IDXX
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 1,465,786 | 1,876,035 | -21.9% | -$445.6M |
INTU
|
清倉 | 2026-03-31 披露 2026-05-15 | 0 | 625,619 | -100.0% | -$414.4M |
|
WAT
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 3,212,075 | 3,557,978 | -9.7% | -$394.9M |
NKE
|
清倉 | 2026-03-31 披露 2026-05-15 | 0 | 5,770,181 | -100.0% | -$367.6M |
|
V
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 3,104,090 | 3,534,684 | -12.2% | -$301.5M |
|
ADP
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 3,855,105 | 4,177,969 | -7.7% | -$291.4M |
|
SYK
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 3,061,416 | 3,687,511 | -17.0% | -$290.1M |
|
GOOGL
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 2,956,198 | 3,498,519 | -15.5% | -$245.0M |
|
MSFT
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 2,079,737 | 2,079,971 | -0.0% | -$236.1M |
|
META
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 1,321,375 | 1,363,539 | -3.1% | -$144.1M |
|
PM
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 5,113,163 | 6,124,597 | -16.5% | -$137.0M |
|
MAR
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 3,370,872 | 3,979,927 | -15.3% | -$132.2M |
|
MTD
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 568,516 | 580,507 | -2.1% | -$92.3M |
ODD
|
清倉 | 2026-03-31 披露 2026-05-15 | 0 | 2,074,167 | -100.0% | -$83.3M |
QLYS
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 226,077 | 647,806 | -65.1% | -$66.2M |
|
OTIS
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 2,731,635 | 3,112,380 | -12.2% | -$61.3M |
|
MSCI
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 64,788 | 166,619 | -61.1% | -$60.7M |
NSSC
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 383,596 | 1,779,857 | -78.4% | -$59.1M |
CPRX
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 844,887 | 3,363,807 | -74.9% | -$57.6M |
DOCS
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 691,786 | 1,650,002 | -58.1% | -$56.9M |
PAYC
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 219,457 | 523,433 | -58.1% | -$56.7M |
|
ROL
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 619,935 | 1,478,629 | -58.1% | -$55.6M |
|
CHD
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 6,641,508 | 6,728,404 | -1.3% | +$55.6M |
|
TXN
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 2,623,124 | 2,623,552 | -0.0% | +$54.1M |
NTNX
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 577,392 | 1,377,158 | -58.1% | -$49.2M |
GGG
|
清倉 | 2026-03-31 披露 2026-05-15 | 0 | 579,016 | -100.0% | -$47.5M |
VRT
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 91,254 | 410,944 | -77.8% | -$43.7M |
VRSN
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 113,467 | 270,634 | -58.1% | -$37.6M |
CLX
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 257,217 | 613,497 | -58.1% | -$35.2M |
MANH
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 120,888 | 288,332 | -58.1% | -$33.9M |
|
ZTS
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 3,877,559 | 3,900,803 | -0.6% | -$32.4M |
ADMA
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 1,649,493 | 2,102,054 | -21.5% | -$23.5M |
BMI
|
新增 | 2026-03-31 披露 2026-05-15 | 142,491 | 0 | - | +$21.7M |
HD
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 28,611 | 80,206 | -64.3% | -$18.2M |
|
MEDP
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 62,668 | 82,567 | -24.1% | -$16.3M |
SABR
|
大幅減持 | 2026-03-31 披露 2026-05-15 | 9,013,783 | 21,499,095 | -58.1% | -$16.2M |
|
FTNT
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 6,156,675 | 6,516,011 | -5.5% | -$14.3M |
|
PG
|
小幅減持 | 2026-03-31 披露 2026-05-15 | 4,199,914 | 4,248,048 | -1.1% | -$2.2M |
|
GOOGL
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 3,498,519 | 6,289,352 | -44.4% | -$433.9M |
|
SYK
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 3,687,511 | 4,591,293 | -19.7% | -$401.2M |
|
IDXX
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 1,876,035 | 2,610,457 | -28.1% | -$398.6M |
|
MSFT
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 2,079,971 | 2,583,369 | -19.5% | -$332.1M |
|
OTIS
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 3,112,380 | 5,819,151 | -46.5% | -$260.2M |
|
META
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 1,363,539 | 1,558,664 | -12.5% | -$244.6M |
|
ADP
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 4,177,969 | 4,311,603 | -3.1% | -$190.8M |
|
FTNT
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 6,516,011 | 8,420,092 | -22.6% | -$190.5M |
|
PM
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 6,124,597 | 7,188,144 | -14.8% | -$183.5M |
|
WAT
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 3,557,978 | 3,955,498 | -10.0% | +$165.5M |
|
MAR
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 3,979,927 | 4,228,298 | -5.9% | +$133.5M |
|
PG
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 4,248,048 | 4,577,040 | -7.2% | -$94.5M |
|
MTD
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 580,507 | 590,654 | -1.7% | +$84.2M |
|
V
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 3,534,684 | 3,854,336 | -8.3% | -$76.1M |
|
NTNX
|
新增 | 2025-12-31 披露 2026-02-17 | 1,377,158 | 0 | - | +$71.2M |
|
NKE
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 5,770,181 | 6,129,483 | -5.9% | -$59.8M |
|
TXN
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 2,623,552 | 2,721,881 | -3.6% | -$44.9M |
|
ADMA
|
新增 | 2025-12-31 披露 2026-02-17 | 2,102,054 | 0 | - | +$38.3M |
|
ZTS
|
小幅增持 | 2025-12-31 披露 2026-02-17 | 3,900,803 | 3,615,131 | 7.9% | -$38.2M |
|
CHD
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 6,728,404 | 6,794,644 | -1.0% | -$31.2M |
|
QLYS
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 647,806 | 870,859 | -25.6% | -$29.1M |
|
GGG
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 579,016 | 900,545 | -35.7% | -$29.0M |
|
DOCS
|
大幅增持 | 2025-12-31 披露 2026-02-17 | 1,650,002 | 1,355,944 | 21.7% | -$26.1M |
|
VRT
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 410,944 | 591,450 | -30.5% | -$22.6M |
|
MEDP
|
大幅減持 | 2025-12-31 披露 2026-02-17 | 82,567 | 127,537 | -35.3% | -$19.2M |
|
HD
|
小幅減持 | 2025-12-31 披露 2026-02-17 | 80,206 | 84,860 | -5.5% | -$6.8M |
|
ODD
|
大幅增持 | 2025-12-31 披露 2026-02-17 | 2,074,167 | 1,416,956 | 46.4% | -$4.9M |
|
INTU
|
小幅增持 | 2025-12-31 披露 2026-02-17 | 625,619 | 604,456 | 3.5% | +$1.6M |
|
META
|
大幅減持 | 2025-09-30 披露 2025-11-14 | 1,558,664 | 3,568,752 | -56.3% | -$1.5B |
|
MSFT
|
大幅減持 | 2025-09-30 披露 2025-11-14 | 2,583,369 | 4,941,509 | -47.7% | -$1.1B |
|
PM
|
大幅減持 | 2025-09-30 披露 2025-11-14 | 7,188,144 | 9,074,195 | -20.8% | -$486.8M |
|
GOOGL
|
小幅減持 | 2025-09-30 披露 2025-11-14 | 6,289,352 | 6,803,454 | -7.6% | +$330.0M |
|
IDXX
|
小幅減持 | 2025-09-30 披露 2025-11-14 | 2,610,457 | 2,639,289 | -1.1% | +$252.2M |
|
FTNT
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 8,420,092 | 8,418,362 | 0.0% | -$182.0M |
|
SYK
|
小幅減持 | 2025-09-30 披露 2025-11-14 | 4,591,293 | 4,677,007 | -1.8% | -$153.1M |
|
INTU
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 604,456 | 368,540 | 64.0% | +$122.5M |
CHH
|
清倉 | 2025-09-30 披露 2025-11-14 | 0 | 733,892 | -100.0% | -$93.1M |
|
ADP
|
小幅減持 | 2025-09-30 披露 2025-11-14 | 4,311,603 | 4,362,099 | -1.2% | -$79.8M |
|
ZTS
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 3,615,131 | 2,884,831 | 25.3% | +$79.1M |
|
WAT
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 3,955,498 | 3,608,407 | 9.6% | -$73.6M |
|
TXN
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 2,721,881 | 2,720,290 | 0.1% | -$64.7M |
|
CHD
|
小幅減持 | 2025-09-30 披露 2025-11-14 | 6,794,644 | 6,824,289 | -0.4% | -$60.5M |
|
MAR
|
小幅減持 | 2025-09-30 披露 2025-11-14 | 4,228,298 | 4,236,599 | -0.2% | -$56.3M |
EXPO
|
清倉 | 2025-09-30 披露 2025-11-14 | 0 | 746,820 | -100.0% | -$55.8M |
VRSK
|
清倉 | 2025-09-30 披露 2025-11-14 | 0 | 176,195 | -100.0% | -$54.9M |
|
V
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 3,854,336 | 3,854,071 | 0.0% | -$52.6M |
|
NSSC
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 1,779,857 | 954,912 | 86.4% | +$48.1M |
|
MTD
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 590,654 | 590,037 | 0.1% | +$32.0M |
|
PG
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 4,577,040 | 4,572,280 | 0.1% | -$25.2M |
|
PAYC
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 523,433 | 413,510 | 26.6% | +$13.3M |
|
QLYS
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 870,859 | 718,602 | 21.2% | +$12.6M |
|
CPRX
|
大幅增持 | 2025-09-30 披露 2025-11-14 | 3,363,807 | 2,709,086 | 24.2% | +$7.5M |
|
VRT
|
大幅減持 | 2025-09-30 披露 2025-11-14 | 591,450 | 724,923 | -18.4% | -$3.9M |
|
HD
|
小幅增持 | 2025-09-30 披露 2025-11-14 | 84,860 | 83,367 | 1.8% | +$3.8M |
|
MSFT
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 4,941,509 | 5,370,162 | -8.0% | +$442.1M |
|
META
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 3,568,752 | 3,883,796 | -8.1% | +$395.6M |
BF.B
|
清倉 | 2025-06-30 披露 2025-08-14 | 0 | 9,637,881 | -100.0% | -$327.1M |
|
IDXX
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 2,639,289 | 2,648,331 | -0.3% | +$303.4M |
|
INTU
|
大幅增持 | 2025-06-30 披露 2025-08-14 | 368,540 | 181,628 | 102.9% | +$178.8M |
|
MAR
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 4,236,599 | 4,251,560 | -0.4% | +$144.8M |
|
GOOGL
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 6,803,454 | 6,843,213 | -0.6% | +$140.7M |
|
CHD
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 6,824,289 | 6,847,486 | -0.3% | -$98.0M |
|
VRT
|
新增 | 2025-06-30 披露 2025-08-14 | 724,923 | 0 | - | +$93.1M |
|
V
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 3,854,071 | 4,137,024 | -6.8% | -$81.5M |
|
TXN
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 2,720,290 | 2,725,812 | -0.2% | +$75.0M |
|
WAT
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 3,608,407 | 3,613,197 | -0.1% | -$72.2M |
|
FTNT
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 8,418,362 | 8,523,040 | -1.2% | +$69.6M |
|
VRSN
|
大幅減持 | 2025-06-30 披露 2025-08-14 | 270,634 | 570,035 | -52.5% | -$66.6M |
|
PM
|
大幅減持 | 2025-06-30 披露 2025-08-14 | 9,074,195 | 10,805,892 | -16.0% | -$62.5M |
|
PG
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 4,572,280 | 4,620,406 | -1.0% | -$59.0M |
EFX
|
清倉 | 2025-06-30 披露 2025-08-14 | 0 | 235,505 | -100.0% | -$57.4M |
|
MANH
|
新增 | 2025-06-30 披露 2025-08-14 | 288,332 | 0 | - | +$56.9M |
|
NKE
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 6,129,483 | 6,135,629 | -0.1% | +$45.9M |
|
VRSK
|
大幅減持 | 2025-06-30 披露 2025-08-14 | 176,195 | 330,624 | -46.7% | -$43.5M |
|
ODD
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 1,416,956 | 1,615,158 | -12.3% | +$37.1M |
|
SYK
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 4,677,007 | 5,069,187 | -7.7% | -$36.6M |
|
ADP
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 4,362,099 | 4,513,899 | -3.4% | -$33.9M |
|
ZTS
|
小幅增持 | 2025-06-30 披露 2025-08-14 | 2,884,831 | 2,546,487 | 13.3% | +$30.6M |
|
OTIS
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 5,819,151 | 5,866,737 | -0.8% | -$29.2M |
|
NSSC
|
新增 | 2025-06-30 披露 2025-08-14 | 954,912 | 0 | - | +$28.4M |
|
GGG
|
大幅減持 | 2025-06-30 披露 2025-08-14 | 900,545 | 1,139,641 | -21.0% | -$17.8M |
|
DOCS
|
小幅增持 | 2025-06-30 披露 2025-08-14 | 1,355,944 | 1,189,882 | 14.0% | +$14.1M |
|
EXPO
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 746,820 | 836,477 | -10.7% | -$12.0M |
MA
|
大幅減持 | 2025-06-30 披露 2025-08-14 | 27,663 | 49,454 | -44.1% | -$11.6M |
|
HD
|
大幅減持 | 2025-06-30 披露 2025-08-14 | 83,367 | 114,736 | -27.3% | -$11.5M |
|
CPRX
|
大幅增持 | 2025-06-30 披露 2025-08-14 | 2,709,086 | 2,151,274 | 25.9% | +$6.6M |
|
MTD
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 590,037 | 590,838 | -0.1% | -$4.6M |
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ROL
|
小幅減持 | 2025-06-30 披露 2025-08-14 | 1,478,629 | 1,597,513 | -7.4% | -$2.9M |
Terry Smith 解释 Fundsmith 2025 年繼續跑输 MSCI World 的原因，重點放在指數集中度、被動資金動量、AI 龙头估值、美元走弱和坚持不追逐指數权重。
2025 半年度信披露 Fundsmith 上半年組合調整：開始累积 Zoetis、Intuit、EssilorLuxottica，並賣出 PepsiCo 和 Brown-Forman。
Fundsmith Owner's Manual 是理解 Terry Smith 方法的基础文件，系统解释基金目標、投資標准、费用、交易纪律和股東應該如何评價 Fundsmith。
2024 年度信围绕 AI、Nvidia、指數集中和被動資金展開，解释為什么 Fundsmith 持有部分大型科技公司但不愿把組合變成 Magnificent Seven 权重複制。
2024 半年度信披露低换手和新買入 Texas Instruments，並说明在半年度阶段 Fundsmith 更重視长期自由現金流而不是短期價格動作。
2023 年度信讨论 Meta、Microsoft、Novo Nordisk 等贡献，重新阐述 Fundsmith 三步策略：買高質量公司、保持價格纪律、減少無效换手。
2023 半年度信解释組合估值、低换手、賣出 Amazon，以及為什么 Fundsmith 仍把长期自由現金流複利放在第一位。
2022 年度信把 Fundsmith 的回撤放進通胀、利率上升、easy money 結束和高估值成长股重估的大背景下解释。
2022 半年度信重點解释通胀、毛利率、自由現金流收益率和利率上行對高質量成长組合的影响。
2021 年度信回顾疫情後市場、組合質量和长期複利，讨论高估值、業務基本面和投資者對短期风格輪動的诱惑。
2021 半年度信讨论疫情複苏中的價值股反弹、質量組合韧性和為什么差公司不會因為估值低就自動變成好投資。
疫情冲擊初期的特别信，Smith 用非常短的形式提醒股東關注企業韧性、現金流和长期持有，而不是试图预测市場底部。
Fundsmith 第一封年度信，记錄基金成立初期的目標、投資纪律和如何向股東解释长期質量投資。