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

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