Fundsmith Long/Short Master Fund

CIK

1813932

Location

GRAND CAYMAN, E9

Portfolio Value

Small $124,909,217

Diversification

Diversified

Filing Date

Global Rank

#4,940 / 6,038 ▼ 178 · as of Mar 2021

Top Industry

Software - Application 14.8%

Period ended 5 years ago

Filed May 14, 2021 · 5y

2 quarters · since Dec 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Mar 31, 2021, never from the firm's own description.

Style

Diversified active

Top 10 weight 45.7%, 26.4 effective positions, active share 85.9% against the S&P 500 as of 2021-03-31; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Turnover unknown

It needs four straight quarters of measured turnover

Horizon

Short horizon

Value-weighted holding period 2.0 quarters (under 4)

Closest benchmark: the S&P 500 as of 2021-03-31, active share 85.9%; sector active share 44.0% against the combined 13F book's sector weights.

Over time 2 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

29 tracked positions · as of Mar 31, 2021 · Δ vs Dec 31, 2020

Top Position

6.3%

+0.1 pts

Top 5

24.9%

+0.0 pts

Top 10

45.7%

−1.0 pts

HHI

379

Diversified−4

Portfolio Trend

2 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2021

Sector	% Portfolio	Value	Positions
Technology	28.9%	$36,124,465	7
Consumer Cyclical	23.4%	$29,215,051	6
Healthcare	16.0%	$19,975,095	5
Industrials	11.9%	$14,831,108	4
Financial Services	7.6%	$9,499,672	3
Consumer Defensive	5.4%	$6,789,997	2
Communication Services	4.6%	$5,805,186	1
Basic Materials	2.1%	$2,668,643	1

Last Quarter's Activity

Export CSV

Mar 31, 2021 vs Dec 31, 2020

Added To

Positions the filer increased

20 positions

Ticker	Company	Δ Shares	Shares	Value
APH	Amphenol Corp	+29,732	59,374	$7,833,805
DEO	Diageo PLC	+224	23,207	$3,810,821
OTIS	Otis Worldwide Corp	+161	73,375	$5,022,518
SBUX	Starbucks Corp	+155	51,011	$5,573,971
ROST	Ross Stores, Inc.	+80	48,457	$5,810,478
NKE	NIKE, Inc.	+59	41,153	$5,468,822
WCN	Waste Connections, Inc.	+39	25,807	$2,786,639
MSFT	Microsoft Corp	+37	22,517	$5,308,833
A	Agilent Technologies, Inc.	+36	33,519	$4,261,605
HD	Home Depot, Inc.	+35	8,313	$2,537,543
SYK	Stryker Corp	+34	19,138	$4,661,634
ZTS	Zoetis Inc.	+31	29,383	$4,627,234
SPGI	S&P Global Inc.	+23	13,823	$4,877,722
EFX	Equifax Inc	+18	11,656	$2,111,251
EL	Estee Lauder Companies Inc	+13	10,243	$2,979,176
INTU	Intuit Inc.	+12	11,039	$4,228,599
V	Visa Inc.	+11	10,534	$2,230,363
DHR	Danaher Corp	+8	12,229	$2,752,503
MA	Mastercard Inc	+6	6,717	$2,391,587
SHW	Sherwin Williams Co	+6	3,616	$2,668,643
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
HEI-A	Heico Corp	−7,918	43,228	$4,910,700
SNPS	Synopsys Inc	−4,451	18,249	$4,521,737
MAR	Marriott International Inc	−2,508	40,987	$6,070,584
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

29 tracked positions · $124,909,217 total · filing declares 29 positions · $122,184,000 · as of Mar 31, 2021

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
APH	Amphenol Corp Technology	Added	59,374	+29,732	$7,833,805	+1.0%	2	before history	6.27%
MAR	Marriott International Inc Consumer Cyclical	Reduced	40,987	-2,508	$6,070,584	+5.8%	2	before history	4.86%
ROST	Ross Stores, Inc. Consumer Cyclical	Added	48,457	+80	$5,810,478	−2.2%	2	before history	4.65%
META	Meta Platforms, Inc. Communication Services	Held	19,710	0	$5,805,186	+7.8%	2	before history	4.65%
SBUX	Starbucks Corp Consumer Cyclical	Added	51,011	+155	$5,573,971	+2.5%	2	before history	4.46%
NKE	NIKE, Inc. Consumer Cyclical	Added	41,153	+59	$5,468,822	−5.9%	2	before history	4.38%
MSFT	Microsoft Corp Technology	Added	22,517	+37	$5,308,833	+6.2%	2	before history	4.25%
ADBE	Adobe Inc. Technology	Held	10,700	0	$5,086,459	−4.9%	2	before history	4.07%
ADSK	Autodesk, Inc. Technology	Held	18,200	0	$5,044,130	−9.2%	2	before history	4.04%
OTIS	Otis Worldwide Corp Industrials	Added	73,375	+161	$5,022,518	+1.6%	2	before history	4.02%
HEI-A	Heico Corp Industrials	Reduced	43,228	-7,918	$4,910,700	−18.0%	2	before history	3.93%
SPGI	S&P Global Inc. Financial Services	Added	13,823	+23	$4,877,722	+7.5%	2	before history	3.91%
SYK	Stryker Corp Healthcare	Added	19,138	+34	$4,661,634	−0.4%	2	before history	3.73%
ZTS	Zoetis Inc. Healthcare	Added	29,383	+31	$4,627,234	−4.7%	2	before history	3.70%
SNPS	Synopsys Inc Technology	Reduced	18,249	-4,451	$4,521,737	−23.2%	2	before history	3.62%
A	Agilent Technologies, Inc. Healthcare	Added	33,519	+36	$4,261,605	+7.4%	2	before history	3.41%
INTU	Intuit Inc. Technology	Added	11,039	+12	$4,228,599	+1.0%	2	before history	3.39%
NOW	ServiceNow, Inc. Technology	Held	8,200	0	$4,100,902	−9.1%	2	before history	3.28%
DEO	Diageo PLC Consumer Defensive	Added	23,207	+224	$3,810,821	+4.4%	2	before history	3.05%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Held	7,400	0	$3,753,653	+12.1%	2	before history	3.01%
ICLR	Icon PLC Healthcare	Held	18,700	0	$3,672,119	+0.7%	2	before history	2.94%
EL	Estee Lauder Companies Inc Consumer Defensive	Added	10,243	+13	$2,979,176	+9.4%	2	before history	2.39%
WCN	Waste Connections, Inc. Industrials	Added	25,807	+39	$2,786,639	+5.4%	2	before history	2.23%
DHR	Danaher Corp Healthcare	Added	12,229	+8	$2,752,503	+1.4%	2	before history	2.20%
SHW	Sherwin Williams Co Basic Materials	Added	3,616	+6	$2,668,643	+0.6%	2	before history	2.14%
HD	Home Depot, Inc. Consumer Cyclical	Added	8,313	+35	$2,537,543	+15.4%	2	before history	2.03%
MA	Mastercard Inc Financial Services	Added	6,717	+6	$2,391,587	−0.2%	2	before history	1.91%
V	Visa Inc. Financial Services	Added	10,534	+11	$2,230,363	−3.1%	2	before history	1.79%
EFX	Equifax Inc Industrials	Added	11,656	+18	$2,111,251	−5.9%	2	before history	1.69%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.