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

According to the SEC 13F filed on Aug 14, 2025, the Fundsmith Investment Services portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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