Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Fundsmith Investment Services portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2025. 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 2025, the filing reported:

New Buys - Coupang, Inc., Intuit Inc.

Increases - Nike, Inc., Texas Instruments Incorporated, Waste Management, Inc., Zoetis Inc.

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

Complete Exits - Global X MSCI Argentina ETF, Medpace Holdings, Inc., NVIDIA Corporation, Pepsico, Inc., Reddit, Inc., and 1 more

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 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-168,857	-9.8%	$473.94M	1,551,219
Q1 2025	ARGT Global X MSCI Argentina ETF	Global X MSCI Argentina ETF	Sell - Position Exit	-58,754	-100.0%	$0.00	-
Q1 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-11,149	-0.4%	$319.73M	2,904,272
Q1 2025	CPNG Coupang, Inc.	Coupang, Inc.	Buy - Position Entry	+634,547	-	$13.92M	634,547
Q1 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-4,324	-0.2%	$245.01M	2,545,310
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-3,644	-0.2%	$310.14M	2,005,585
Q1 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-10,655	-18.8%	$16.82M	45,882
Q1 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-10,649	-1.2%	$358.79M	854,359
Q1 2025	INTU Intuit Inc.	Intuit Inc.	Buy - Position Entry	+47,292	-	$29.04M	47,292
Q1 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-1,381	-5.6%	$12.87M	23,477
Q1 2025	MAR Marriott International	Marriott International	Sell	-3,764	-0.3%	$357.59M	1,501,216
Q1 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell - Position Exit	-64,138	-100.0%	$0.00	-
Q1 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-233,174	-15.5%	$731.14M	1,268,556
Q1 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-306,897	-14.8%	$664.84M	1,771,071
Q1 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-430	-0.2%	$306.45M	259,505
Q1 2025	NKE Nike, Inc.	Nike, Inc.	Buy	+1,093	+0.0%	$146.63M	2,309,838
Q1 2025	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell - Position Exit	-85,880	-100.0%	$0.00	-
Q1 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-41,420	-2.3%	$178.05M	1,725,326
Q1 2025	PEP Pepsico, Inc.	Pepsico, Inc.	Sell - Position Exit	-1,848,406	-100.0%	$0.00	-
Q1 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-101,633	-4.9%	$332.60M	1,951,624
Q1 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-168,481	-4.7%	$546.09M	3,440,395
Q1 2025	RDDT Reddit, Inc.	Reddit, Inc.	Sell - Position Exit	-76,675	-100.0%	$0.00	-
Q1 2025	SHOP Shopify Inc.	Shopify Inc.	Sell	-7,950	-8.3%	$8.42M	88,177
Q1 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-115,212	-6.0%	$667.73M	1,793,767
Q1 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell - Position Exit	-149,989	-100.0%	$0.00	-
Q1 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+432,664	+85.9%	$168.30M	936,551
Q1 2025	V Visa Inc.	Visa Inc.	Sell	-134,639	-8.7%	$493.22M	1,407,355
Q1 2025	WAT Waters Corporation	Waters Corporation	Sell	-9,098	-0.7%	$448.12M	1,215,834
Q1 2025	WM Waste Management, Inc.	Waste Management, Inc.	Buy	+22,282	+46.2%	$16.32M	70,475
Q1 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+633,152	+717.5%	$118.78M	721,402