Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q1 2024)

According to the SEC 13F filed on May 15, 2024, the Fundsmith Investment Services portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2024. 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 2024, the filing reported:

New Buys - Taiwan Semiconductor Manufactur, Texas Instruments Incorporated

Increases - Apple Inc., Automatic Data Processing, Inc., Church & Dwight Company, Inc., Fortinet, Inc., Alphabet Inc., and 12 more

Reductions - McCormick & Company, Incorporat, Microsoft Corporation, Pepsico, Inc.

Complete Exits - Johnson & Johnson

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 2024	AAPL Apple Inc.	Apple Inc.	Buy	+124,297	+25.3%	$105.55M	615,508
Q1 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+5,409	+0.3%	$421.94M	1,689,498
Q1 2024	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+6,358	+0.2%	$282.67M	2,709,907
Q1 2024	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+389,546	+24.3%	$136.14M	1,992,966
Q1 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+6,587	+0.3%	$286.05M	1,895,255
Q1 2024	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+2,116	+4.3%	$19.73M	51,427
Q1 2024	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+2,262	+0.3%	$443.22M	820,881
Q1 2024	JNJ Johnson & Johnson	Johnson & Johnson	Sell - Position Exit	-91,630	-100.0%	$0.00	-
Q1 2024	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+1,656	+7.9%	$10.89M	22,614
Q1 2024	MAR Marriott International	Marriott International	Buy	+4,995	+0.4%	$338.01M	1,339,669
Q1 2024	MCD McDonald's Corporation	McDonald's Corporation	Buy	+2,404	+7.9%	$9.26M	32,848
Q1 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-814,482	-20.0%	$250.49M	3,261,106
Q1 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-141,843	-5.9%	$946.57M	2,249,881
Q1 2024	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+4,948	+2.1%	$324.96M	244,095
Q1 2024	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+6,873	+0.4%	$168.84M	1,700,842
Q1 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-124,123	-6.2%	$329.98M	1,885,492
Q1 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+8,273	+0.4%	$303.43M	1,870,158
Q1 2024	SYK Stryker Corporation	Stryker Corporation	Buy	+19,649	+1.1%	$638.40M	1,783,901
Q1 2024	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+149,989	-	$20.41M	149,989
Q1 2024	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy - Position Entry	+270,145	-	$47.06M	270,145
Q1 2024	V Visa Inc.	Visa Inc.	Buy	+1,976	+0.1%	$475.41M	1,703,497
Q1 2024	WAT Waters Corporation	Waters Corporation	Buy	+3,121	+0.3%	$391.67M	1,137,804
Q1 2024	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+5,875	+7.9%	$13.58M	80,282