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

According to the SEC 13F filed on Feb 14, 2024, the Fundsmith Investment Services portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 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