Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q4 2024)

According to the SEC 13F filed on Feb 14, 2025, the Fundsmith Investment Services portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 2024, the filing reported:

New Buys - Global X MSCI Argentina ETF, IES Holdings, Inc., Medpace Holdings, Inc., Reddit, Inc., Shopify Inc., and 1 more

Increases - Marriott International, Stryker Corporation, Texas Instruments Incorporated

Reductions - Automatic Data Processing, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Meta Platforms, Inc., Microsoft Corporation, and 5 more

Complete Exits - Apple Inc., McDonald's Corporation, McCormick & Company, Incorporat

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 2024	AAPL Apple Inc.	Apple Inc.	Sell - Position Exit	-600,898	-100.0%	$0.00	-
Q4 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-114,621	-6.2%	$503.52M	1,720,076
Q4 2024	ARGT Global X MSCI Argentina ETF	Global X MSCI Argentina ETF	Buy - Position Entry	+58,754	-	$4.86M	58,754
Q4 2024	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-43,675	-1.5%	$108.45M	2,855,440
Q4 2024	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-4,815	-0.2%	$305.27M	2,915,421
Q4 2024	IESC IES Holdings, Inc.	IES Holdings, Inc.	Buy - Position Entry	+33,400	-	$6.71M	33,400
Q4 2024	MAR Marriott International	Marriott International	Buy	+78,770	+5.5%	$419.80M	1,504,980
Q4 2024	MCD McDonald's Corporation	McDonald's Corporation	Sell - Position Exit	-36,108	-100.0%	$0.00	-
Q4 2024	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy - Position Entry	+64,138	-	$21.31M	64,138
Q4 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-94,494	-5.9%	$879.28M	1,501,730
Q4 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell - Position Exit	-85,247	-100.0%	$0.00	-
Q4 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-115,183	-5.3%	$875.86M	2,077,968
Q4 2024	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-14,692	-0.8%	$163.62M	1,766,746
Q4 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,673	-0.1%	$344.23M	2,053,257
Q4 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-210,929	-5.5%	$434.33M	3,608,876
Q4 2024	RDDT Reddit, Inc.	Reddit, Inc.	Buy - Position Entry	+76,675	-	$12.53M	76,675
Q4 2024	SHOP Shopify Inc.	Shopify Inc.	Buy - Position Entry	+96,127	-	$10.22M	96,127
Q4 2024	SYK Stryker Corporation	Stryker Corporation	Buy	+20,163	+1.1%	$687.33M	1,908,979
Q4 2024	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+18,009	+3.7%	$94.48M	503,887
Q4 2024	V Visa Inc.	Visa Inc.	Sell	-276,598	-15.2%	$487.33M	1,541,994
Q4 2024	WAT Waters Corporation	Waters Corporation	Sell	-3,435	-0.3%	$454.43M	1,224,932
Q4 2024	WM Waste Management, Inc.	Waste Management, Inc.	Buy - Position Entry	+48,193	-	$9.72M	48,193