Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q2 2025)

As of Jun 30, 2025, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 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 Q2 2025, the filing reported:

New Buys - None reported

Increases - Church & Dwight Company, Inc., Intuit Inc., Marriott International, Mettler-Toledo International, I, Nike, Inc., and 3 more

Reductions - Automatic Data Processing, Inc., Fortinet, Inc., Alphabet Inc., Home Depot, Inc. (The), IDEXX Laboratories, Inc., and 8 more

Complete Exits - Brown Forman 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 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-44,253	-2.9%	$464.75M	1,506,966
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell - Position Exit	-2,855,440	-100.0%	$0.00	-
Q2 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+10,365	+0.4%	$280.13M	2,914,637
Q2 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-34,872	-1.4%	$265.40M	2,510,438
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-3,822	-0.2%	$352.77M	2,001,763
Q2 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-12,657	-27.6%	$12.18M	33,225
Q2 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-9,743	-1.1%	$453.00M	844,616
Q2 2025	INTU Intuit Inc.	Intuit Inc.	Buy	+66,776	+141.2%	$89.84M	114,068
Q2 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-6,901	-29.4%	$9.31M	16,576
Q2 2025	MAR Marriott International	Marriott International	Buy	+2,326	+0.2%	$410.78M	1,503,542
Q2 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-125,330	-9.9%	$843.80M	1,143,226
Q2 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-181,140	-10.2%	$790.85M	1,589,931
Q2 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+1,049	+0.4%	$306.08M	260,554
Q2 2025	NKE Nike, Inc.	Nike, Inc.	Buy	+1,803	+0.1%	$164.22M	2,311,641
Q2 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-31,968	-1.9%	$167.68M	1,693,358
Q2 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-4,397	-0.2%	$310.23M	1,947,227
Q2 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-649,488	-18.9%	$508.31M	2,790,907
Q2 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-163,213	-9.1%	$645.10M	1,630,554
Q2 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+65,502	+7.0%	$208.05M	1,002,053
Q2 2025	V Visa Inc.	Visa Inc.	Sell	-95,467	-6.8%	$465.79M	1,311,888
Q2 2025	WAT Waters Corporation	Waters Corporation	Buy	+4,951	+0.4%	$426.10M	1,220,785
Q2 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+150,371	+20.8%	$135.95M	871,773