Terry Smith - Fundsmith Investment Services 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the Fundsmith Investment Services portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 2025, the filing reported:

New Buys - Apple Inc., Amazon.com, Inc., Badger Meter, Inc., TJX Companies, Inc. (The), Taiwan Semiconductor Manufactur

Increases - Zoetis Inc.

Reductions - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Fortinet, Inc., Alphabet Inc., Home Depot, Inc. (The), and 14 more

Complete Exits - Coupang, Inc., IES Holdings, 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
Q4 2025	AAPL Apple Inc.	Apple Inc.	Buy - Position Entry	+605	-	$164.47K	605
Q4 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-106,545	-7.4%	$344.26M	1,338,320
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+715	-	$165.04K	715
Q4 2025	BMI Badger Meter, Inc.	Badger Meter, Inc.	Buy - Position Entry	+132,631	-	$23.13M	132,631
Q4 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-185,990	-6.6%	$219.71M	2,620,239
Q4 2025	CPNG Coupang, Inc.	Coupang, Inc.	Sell - Position Exit	-634,547	-100.0%	$0.00	-
Q4 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-461,499	-20.2%	$144.39M	1,818,233
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-689,193	-35.4%	$393.51M	1,257,218
Q4 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-4,730	-33.7%	$3.21M	9,321
Q4 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-134,498	-19.5%	$374.70M	553,859
Q4 2025	IESC IES Holdings, Inc.	IES Holdings, Inc.	Sell - Position Exit	-33,400	-100.0%	$0.00	-
Q4 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-12,154	-6.4%	$116.82M	176,360
Q4 2025	MAR Marriott International	Marriott International	Sell	-145,310	-9.9%	$408.97M	1,318,251
Q4 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-183,945	-26.0%	$345.58M	523,536
Q4 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-337,084	-33.5%	$323.32M	668,549
Q4 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-14,050	-5.5%	$334.24M	239,736
Q4 2025	NKE Nike, Inc.	Nike, Inc.	Sell	-88,151	-3.8%	$141.84M	2,226,357
Q4 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-392,590	-23.9%	$109.32M	1,251,513
Q4 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-111,865	-5.9%	$254.68M	1,777,110
Q4 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-142,339	-6.4%	$335.52M	2,091,801
Q4 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-246,373	-15.9%	$459.51M	1,307,407
Q4 2025	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy - Position Entry	+1,155	-	$177.42K	1,155
Q4 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+605	-	$183.85K	605
Q4 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Sell	-113,282	-11.5%	$151.38M	872,579
Q4 2025	V Visa Inc.	Visa Inc.	Sell	-170,135	-13.6%	$378.60M	1,079,514
Q4 2025	WAT Waters Corporation	Waters Corporation	Sell	-210,080	-15.5%	$435.36M	1,146,209
Q4 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+30,691	+2.6%	$151.79M	1,206,414