Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q4 2023)

As of Dec 31, 2023, the Fundsmith Investment Services portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 14, 2024. 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 Q4 2023, the filing reported:

New Buys - None reported

Increases - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Fortinet, Inc., Home Depot, Inc. (The), Johnson & Johnson, and 10 more

Reductions - Alphabet Inc., IDEXX Laboratories, Inc., McCormick & Company, Incorporat, Microsoft Corporation, Pepsico, Inc., and 1 more

Complete Exits - None reported

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
Q4 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+80,896	+5.0%	$392.34M	1,684,089
Q4 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+20,899	+0.8%	$255.65M	2,703,549
Q4 2023	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+864,961	+117.1%	$93.85M	1,603,420
Q4 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-100,359	-5.0%	$263.83M	1,888,668
Q4 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+5,586	+12.8%	$17.09M	49,311
Q4 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-170,973	-17.3%	$454.37M	818,619
Q4 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+10,381	+12.8%	$14.36M	91,630
Q4 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+2,374	+12.8%	$8.94M	20,958
Q4 2023	MAR Marriott International	Marriott International	Buy	+7,166	+0.5%	$300.98M	1,334,674
Q4 2023	MCD McDonald's Corporation	McDonald's Corporation	Buy	+1,103	+3.8%	$9.03M	30,444
Q4 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-7,025	-0.2%	$278.85M	4,075,588
Q4 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-258,420	-9.8%	$899.38M	2,391,724
Q4 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+6,342	+2.7%	$290.08M	239,147
Q4 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+9,861	+0.6%	$151.56M	1,693,969
Q4 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-102,028	-4.8%	$341.31M	2,009,615
Q4 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+11,867	+0.6%	$272.84M	1,861,885
Q4 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-66,757	-1.5%	$414.39M	4,404,706
Q4 2023	SYK Stryker Corporation	Stryker Corporation	Buy	+7,853	+0.4%	$528.32M	1,764,252
Q4 2023	V Visa Inc.	Visa Inc.	Buy	+4,344	+0.3%	$442.99M	1,701,521
Q4 2023	WAT Waters Corporation	Waters Corporation	Buy	+27,589	+2.5%	$373.57M	1,134,683
Q4 2023	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+8,430	+12.8%	$14.69M	74,407