Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2019)

According to the SEC 13F filed on Aug 14, 2026, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2019. 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 2019, the filing reported:

New Buys - None reported

Increases - Automatic Data Processing, Inc., ANSYS, Inc., A.O. Smith Corporation, Becton, Dickinson and Company, Check Point, and 21 more

Reductions - None reported

Complete Exits - Colgate-Palmolive Company

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 2019	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+131,058	+2.2%	$957.51K	5,994,171
Q1 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+19,485	+7.1%	$53.45K	292,526
Q1 2019	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+73,680	+10.7%	$40.71K	763,583
Q1 2019	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+41,754	+1.1%	$941.77K	3,771,159
Q1 2019	CHKP Check Point	Check Point	Buy	+45,113	+9.4%	$66.30K	524,186
Q1 2019	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell - Position Exit	-2,181,181	-100.0%	$0.00	-
Q1 2019	EFX Equifax, Inc.	Equifax, Inc.	Buy	+50,764	+9.6%	$68.55K	578,511
Q1 2019	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+356,142	+5.7%	$1.10M	6,631,703
Q1 2019	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+85,293	+1.9%	$998.90K	4,467,341
Q1 2019	INTU Intuit Inc.	Intuit Inc.	Buy	+93,144	+2.1%	$1.17M	4,481,318
Q1 2019	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+49,492	+29.3%	$33.18K	218,607
Q1 2019	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+25,360	+0.6%	$643.00K	4,599,735
Q1 2019	MAR Marriott International	Marriott International	Buy	+76,608	+74.0%	$22.53K	180,080
Q1 2019	MASI Masimo Corporation	Masimo Corporation	Buy	+11,291	+2.4%	$67.85K	490,663
Q1 2019	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+274,859	+4.5%	$1.06M	6,367,698
Q1 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+2,555,926	+96.5%	$783.97K	5,204,584
Q1 2019	MMM 3M Company	3M Company	Buy	+97,327	+2.8%	$734.87K	3,536,774
Q1 2019	MSCI MSCI Inc.	MSCI Inc.	Buy	+44,673	+31.0%	$37.56K	188,920
Q1 2019	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+239,328	+2.0%	$1.43M	12,140,368
Q1 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+170,356	+2.1%	$1.01M	8,269,554
Q1 2019	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,007,253	+8.2%	$1.18M	13,315,376
Q1 2019	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+180,804	+1.2%	$1.59M	15,338,423
Q1 2019	SABR Sabre Corporation	Sabre Corporation	Buy	+704,957	+31.2%	$63.48K	2,967,828
Q1 2019	SYK Stryker Corporation	Stryker Corporation	Buy	+112,516	+2.1%	$1.10M	5,581,841
Q1 2019	V Visa Inc.	Visa Inc.	Buy	+145,137	+2.6%	$904.25K	5,789,403
Q1 2019	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+63,244	+14.0%	$68.32K	513,680
Q1 2019	WAT Waters Corporation	Waters Corporation	Buy	+93,430	+1.9%	$1.27M	5,026,757