Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2026, the filing reported:

New Buys - Apple Inc., Amazon.com, Inc., Badger Meter, Inc., TJX Companies, Inc. (The), Taiwan Semiconductor Manufactur

Increases - None reported

Reductions - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Fortinet, Inc., Alphabet Inc., Home Depot, Inc. (The), and 13 more

Complete Exits - Coupang, Inc., IES Holdings, Inc., Intuit Inc., Nike, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2026	AAPL Apple Inc.	Apple Inc.	Buy - Position Entry	+2,183	-	$554.02K	2,183
Q1 2026	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-117,556	-8.1%	$269.68M	1,327,309
Q1 2026	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+1,989	-	$414.25K	1,989
Q1 2026	BMI Badger Meter, Inc.	Badger Meter, Inc.	Buy - Position Entry	+132,631	-	$20.21M	132,631
Q1 2026	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-209,070	-7.5%	$242.37M	2,597,159
Q1 2026	CPNG Coupang, Inc.	Coupang, Inc.	Sell - Position Exit	-634,547	-100.0%	$0.00	-
Q1 2026	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-619,943	-27.2%	$135.64M	1,659,789
Q1 2026	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-812,032	-41.7%	$326.20M	1,134,379
Q1 2026	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-9,466	-67.4%	$1.51M	4,585
Q1 2026	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-206,771	-30.0%	$270.60M	481,586
Q1 2026	IESC IES Holdings, Inc.	IES Holdings, Inc.	Sell - Position Exit	-33,400	-100.0%	$0.00	-
Q1 2026	INTU Intuit Inc.	Intuit Inc.	Sell - Position Exit	-188,514	-100.0%	$0.00	-
Q1 2026	MAR Marriott International	Marriott International	Sell	-264,436	-18.1%	$392.20M	1,199,125
Q1 2026	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-238,441	-33.7%	$268.35M	469,040
Q1 2026	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-341,631	-34.0%	$245.79M	664,002
Q1 2026	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-31,027	-12.2%	$280.94M	222,759
Q1 2026	NKE Nike, Inc.	Nike, Inc.	Sell - Position Exit	-2,314,508	-100.0%	$0.00	-
Q1 2026	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-677,316	-41.2%	$74.52M	966,787
Q1 2026	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-128,294	-6.8%	$254.31M	1,760,681
Q1 2026	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-556,421	-24.9%	$277.39M	1,677,719
Q1 2026	SYK Stryker Corporation	Stryker Corporation	Sell	-367,930	-23.7%	$389.66M	1,185,850
Q1 2026	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy - Position Entry	+3,213	-	$513.12K	3,213
Q1 2026	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+2,853	-	$964.17K	2,853
Q1 2026	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Sell	-118,864	-12.1%	$168.32M	866,997
Q1 2026	V Visa Inc.	Visa Inc.	Sell	-224,204	-17.9%	$309.93M	1,025,445
Q1 2026	WAT Waters Corporation	Waters Corporation	Sell	-259,434	-19.1%	$326.64M	1,096,855
Q1 2026	ZTS Zoetis Inc.	Zoetis Inc.	Sell	-55,576	-4.7%	$132.41M	1,120,147
Q3 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-62,101	-4.1%	$424.07M	1,444,865
Q3 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-108,408	-3.7%	$245.91M	2,806,229
Q3 2025	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell - Position Exit	-10,369	-100.0%	$0.00	-

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