Portfolio shares: an underrated FTSE 100 dividend stock

One of the advantages of my dividend portfolio system is that it's designed for slow investing. Only very rarely do I need to take prompt action about anything.

I've kept a cursory eye on the markets during this results season, but I've also been spending a little more time in the real world than usual. However, normal service should now be resumed.

In my usual month-end update, I'll take a look at results issued by my portfolio stocks in August. However, this week I want to consider a FTSE 100 dividend stock that rarely gets any coverage in the investor press. I'm not sure why this is; I think it has all the hallmarks of a quality business.

I'm not alone, either. Terry Smith's Fundsmith business is a top 10 shareholder, having held a 5% stake since 2018.

Here's how the company in question has performed over the last 20 years:

My sums suggest that Mr Smith's position is underwater slightly at current levels. The model dividend portfolio's position is also running a small loss, but I'm not concerned. I reckon the long-term picture remains very attractive.

To find out the identity of this business and why I've chosen it for my model portfolio, read on.

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