Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q2 2023)

As of Jun 30, 2023, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 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 Q2 2023, the filing reported:

New Buys - First Citizens BancShares, Inc., Fortinet, Inc.

Increases - Apple Inc., Automatic Data Processing, Inc., Estee Lauder Companies, Inc. (T, Alphabet Inc., Home Depot, Inc. (The), and 15 more

Reductions - Church & Dwight Company, Inc.

Complete Exits - Amazon.com, 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
Q2 2023	AAPL Apple Inc.	Apple Inc.	Buy	+28,170	+6.1%	$95.28M	491,211
Q2 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+32,979	+2.1%	$352.23M	1,602,596
Q2 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-1,797,640	-100.0%	$0.00	-
Q2 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-655,848	-20.1%	$262.04M	2,614,377
Q2 2023	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+1,624	+0.1%	$321.64M	1,637,837
Q2 2023	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy - Position Entry	+5,015	-	$6.44M	5,015
Q2 2023	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy - Position Entry	+86,860	-	$6.57M	86,860
Q2 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+2,761	+0.1%	$237.98M	1,988,123
Q2 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+1,313	+3.1%	$13.45M	43,294
Q2 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+15,108	+1.5%	$512.04M	1,019,528
Q2 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+2,440	+3.1%	$13.32M	80,450
Q2 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+6,653	+56.6%	$7.24M	18,401
Q2 2023	MAR Marriott International	Marriott International	Buy	+27,515	+98.2%	$10.20M	55,536
Q2 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+21,689	+1.5%	$432.11M	1,505,728
Q2 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+4,944	+0.1%	$355.99M	4,080,994
Q2 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+17,618	+0.6%	$944.46M	2,773,405
Q2 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+4,821	+2.1%	$303.04M	231,039
Q2 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+55,216	+3.4%	$149.83M	1,683,349
Q2 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+2,074	+0.1%	$390.99M	2,110,963
Q2 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+1,276,065	+222.7%	$280.58M	1,849,104
Q2 2023	SYK Stryker Corporation	Stryker Corporation	Buy	+109,445	+6.6%	$535.68M	1,755,795
Q2 2023	V Visa Inc.	Visa Inc.	Buy	+220,790	+15.0%	$402.90M	1,696,565
Q2 2023	WAT Waters Corporation	Waters Corporation	Buy	+116,798	+12.8%	$273.52M	1,026,205
Q2 2023	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+1,981	+3.1%	$11.25M	65,328