Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 Q3 2025, the filing reported:

New Buys - None reported

Increases - Intuit Inc., Nike, Inc., Waters Corporation, Zoetis Inc.

Reductions - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Fortinet, Inc., Alphabet Inc., Home Depot, Inc. (The), and 11 more

Complete Exits - First Citizens BancShares, Inc., Mastercard Incorporated, Shopify 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
Q3 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-62,101	-4.1%	$424.07M	1,444,865
Q3 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-108,408	-3.7%	$245.91M	2,806,229
Q3 2025	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell - Position Exit	-10,369	-100.0%	$0.00	-
Q3 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-230,706	-9.2%	$191.68M	2,279,732
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-55,352	-2.8%	$473.17M	1,946,411
Q3 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-19,174	-57.7%	$5.69M	14,051
Q3 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-156,259	-18.5%	$439.78M	688,357
Q3 2025	INTU Intuit Inc.	Intuit Inc.	Buy	+74,446	+65.3%	$128.74M	188,514
Q3 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell - Position Exit	-16,576	-100.0%	$0.00	-
Q3 2025	MAR Marriott International	Marriott International	Sell	-39,981	-2.7%	$381.17M	1,463,561
Q3 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-435,745	-38.1%	$519.56M	707,481
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-584,298	-36.7%	$520.87M	1,005,633
Q3 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-6,768	-2.6%	$311.55M	253,786
Q3 2025	NKE Nike, Inc.	Nike, Inc.	Buy	+2,867	+0.1%	$161.39M	2,314,508
Q3 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-49,255	-2.9%	$150.32M	1,644,103
Q3 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-58,252	-3.0%	$290.24M	1,888,975
Q3 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-556,767	-19.9%	$362.38M	2,234,140
Q3 2025	SHOP Shopify Inc.	Shopify Inc.	Sell - Position Exit	-88,177	-100.0%	$0.00	-
Q3 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-76,774	-4.7%	$574.39M	1,553,780
Q3 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Sell	-16,192	-1.6%	$181.13M	985,861
Q3 2025	V Visa Inc.	Visa Inc.	Sell	-62,239	-4.7%	$426.61M	1,249,649
Q3 2025	WAT Waters Corporation	Waters Corporation	Buy	+135,504	+11.1%	$406.63M	1,356,289
Q3 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+303,950	+34.9%	$172.03M	1,175,723