Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q1 2023)

As of Mar 31, 2023, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2023. 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 2023, the filing reported:

New Buys - Mastercard Incorporated, Marriott International

Increases - Apple Inc., Automatic Data Processing, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Estee Lauder Companies, Inc. (T, and 15 more

Reductions - None reported

Complete Exits - Adobe 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 2023	AAPL Apple Inc.	Apple Inc.	Buy	+202,955	+78.0%	$76.36M	463,041
Q1 2023	ADBE Adobe Inc.	Adobe Inc.	Sell - Position Exit	-693,071	-100.0%	$0.00	-
Q1 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+144,182	+10.1%	$349.44M	1,569,617
Q1 2023	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+72,592	+1.8%	$258.00M	4,014,256
Q1 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+2,572	+0.1%	$289.12M	3,270,225
Q1 2023	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+850	+0.1%	$403.26M	1,636,213
Q1 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+1,447	+0.1%	$205.94M	1,985,362
Q1 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+687	+1.7%	$12.39M	41,981
Q1 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+324	+0.0%	$502.29M	1,004,420
Q1 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+1,278	+1.7%	$12.09M	78,010
Q1 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+11,748	-	$4.27M	11,748
Q1 2023	MAR Marriott International	Marriott International	Buy - Position Entry	+28,021	-	$4.65M	28,021
Q1 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+160,709	+12.1%	$314.53M	1,484,039
Q1 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+2,589	+0.1%	$339.17M	4,076,050
Q1 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+817	+0.0%	$794.49M	2,755,787
Q1 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+142	+0.1%	$346.16M	226,218
Q1 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+765	+0.0%	$137.41M	1,628,133
Q1 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+1,086	+0.1%	$384.45M	2,108,889
Q1 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+485,317	+553.2%	$85.21M	573,039
Q1 2023	SYK Stryker Corporation	Stryker Corporation	Buy	+838	+0.1%	$469.98M	1,646,350
Q1 2023	V Visa Inc.	Visa Inc.	Buy	+978	+0.1%	$332.73M	1,475,775
Q1 2023	WAT Waters Corporation	Waters Corporation	Buy	+74,169	+8.9%	$281.58M	909,407
Q1 2023	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+1,038	+1.7%	$10.54M	63,347