UK Global Investor

In August, Fundsmith sold out of Estee Lauder $EL and bought Marriott $MAR as well as one other undisclosed position. ❌️ $EL ✅️ $MAR ✅️ ?

One account that has quickly become one of my favourite people to follow is @returnoncap Original and astute observations, most of which I find myself agreeing with. Vastly underfollowed too.

Terry reveals the reason for their exit from $AMZN.....the continued foray into retail grocery and how it contradicts the stated capital allocation strategy.

Fundsmith sells out of $AMZN during May having first bought in Q3 2021.

How very odd!

@fundhunter_co @MelloEventsUK Good luck Andrew

Looking forward to @MelloEventsUK 2023 starting tomorrow (23rd -25th May). If anyone is interested, I am presenting on Three Types of Fund tomorrow at Mello in the morning. Categorising funds helps to avoid the trap of having much exposure to 'exciting' high-risk funds. 1/n.

Li Lu's (Himalaya Capital Management) US holdings as at end Q1 2023. Big cut to $MU, add to $BAC, new purchase of $EWBC.

Fundsmith's April update. Small position taken in $PG.

@usernavn @ArneUlland Don’t quote me on it but, no, I think he would have liked the recent moves made by Zuckerberg off the back of Brad Gerstner’s letter.

@oli_sgm @FASTGraphs Very much agree, a simple yet effective tool that gives so much more context than a standard price chart.

I find using @FASTGraphs instructive in the same way Munger talks about value line. It’s a really handy way to visualise earnings and cash flows relative to market price

Fundsmith sells out of $ADBE less than a year after buying. They replace it with an as yet unknown position.

Terry Smith - Fundsmith Annual Meeting 2023 replay: youtu.be/PW5bJ7_i05g

@fundhunter_co Thanks for taking the time to write this up Andrew.

Fundsmith ASM 2023 - Quick notes. It is covered in a Citywire article as well and will be available on YouTube like all past ASMs in a few weeks. Citywire article link. But in any event a few quick notes mainly on stocks in case of interest 1/n: citywire.com/wealth-manager…

@long_equity Thanks for sharing as always. I'd be interested in your views/slide deck on Cerillion. I'm holding out for a no-brainer valuation on this one, which might never come of course.

Here's our factsheet for February 2023. New position in Cerillion (LON:CER) YTD = 7.7% Weighted financials: FCF Growth = 19% FCF ROC = 27% FCF Margin = 32% FCF Yield = 2.67% 5yr Linearity = 0.87 longeq.com/wp-content/upl…

No new purchases or outright sales for Fundsmith in February.

@usernavn I couldn't make it this year unfortunately. Maybe @fundhunter_co can fill us in...

@LifeSentosa + Amadeus

@LifeSentosa Novo Nordisk, L'Oréal, LVMH, Diageo, Unilever, Coloplast

🚨 Fundsmith 13F just released. No major moves that we didn't already know about. A small add to $AAPL the pick of the activity. Apart from $INTU and $PYPL, the outright sales relate to the winding down of FEET, the emerging markets fund.

@fundhunter_co I'm sure @bkaellner or @TomInvesting have done some videos on why the superinvestors have bought $MU over the past few years.

@UKInvestGlobal How does such a large position in Micron Technology $MU make sense? Isn't that a low-value add, capital intensive and cyclical semiconductor company? Wonder what Li Lu's angle on it is apart from the valuation.

Li Lu's 13F is out. Sizeable add to $GOOGL makes the combined Alphabet position his 2nd largest holding in his US portfolio behind Micron $MU.