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

As of Mar 31, 2025, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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