Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2015)

As of Mar 31, 2015, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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 Q1 2015, the filing reported:

New Buys - IDEXX Laboratories, Inc., Marriott International, Microsoft Corporation, Waters Corporation

Increases - Colgate-Palmolive Company, eBay Inc., Johnson & Johnson, 3M Company, Pepsico, Inc., and 4 more

Reductions - Choice Hotels International, In

Complete Exits - Automatic Data Processing, Inc., Becton, Dickinson and Company, McDonald's Corporation

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
Q1 2015	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell - Position Exit	-1,649,776	-100.0%	$0.00	-
Q1 2015	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell - Position Exit	-1,714,997	-100.0%	$0.00	-
Q1 2015	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-408,168	-42.4%	$35.47K	553,589
Q1 2015	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+109,348	+11.2%	$74.61K	1,081,946
Q1 2015	EBAY eBay Inc.	eBay Inc.	Buy	+901,177	+29.3%	$229.28K	3,975,089
Q1 2015	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy - Position Entry	+25,493	-	$3.94K	25,493
Q1 2015	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+272,120	+16.7%	$189.97K	1,902,103
Q1 2015	MAR Marriott International	Marriott International	Buy - Position Entry	+49,424	-	$3.96K	49,424
Q1 2015	MCD McDonald's Corporation	McDonald's Corporation	Sell - Position Exit	-6,116,468	-100.0%	$0.00	-
Q1 2015	MMM 3M Company	3M Company	Buy	+54,382	+6.3%	$150.94K	920,847
Q1 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+7,185,480	-	$290.24K	7,185,480
Q1 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+202,368	+10.3%	$207.52K	2,170,265
Q1 2015	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+76,770	+5.0%	$131.58K	1,618,689
Q1 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+453,586	+18.2%	$221.64K	2,942,293
Q1 2015	SYK Stryker Corporation	Stryker Corporation	Buy	+103,904	+4.0%	$248.59K	2,694,794
Q1 2015	V Visa Inc.	Visa Inc.	Buy	+1,948,755	+326.0%	$166.26K	2,546,503
Q1 2015	WAT Waters Corporation	Waters Corporation	Buy - Position Entry	+310,736	-	$38.63K	310,736