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

As of Mar 31, 2024, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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