Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2020)

As of Mar 31, 2020, 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 2020, the filing reported:

New Buys - Nike, Inc., Starbucks Corporation, XP Inc

Increases - A.O. Smith Corporation, Brown Forman Inc, Cognex Corporation, Check Point, IPG Photonics Corporation, and 6 more

Reductions - Automatic Data Processing, Inc., ANSYS, Inc., Becton, Dickinson and Company, Clorox Company (The), Equifax, Inc., and 14 more

Complete Exits - None reported

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 2020	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-189,365	-2.9%	$857.64K	6,274,833
Q1 2020	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-17,143	-4.9%	$76.71K	329,985
Q1 2020	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+287,167	+24.4%	$55.40K	1,465,215
Q1 2020	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-10,635	-0.3%	$875.61K	3,810,792
Q1 2020	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+214,024	+2.2%	$546.48K	9,844,631
Q1 2020	CGNX Cognex Corporation	Cognex Corporation	Buy	+341,182	+29.2%	$63.71K	1,508,999
Q1 2020	CHKP Check Point	Check Point	Buy	+64,603	+8.1%	$87.11K	866,437
Q1 2020	CLX Clorox Company (The)	Clorox Company (The)	Sell	-90,134	-5.4%	$275.82K	1,592,042
Q1 2020	EFX Equifax, Inc.	Equifax, Inc.	Sell	-86,166	-13.2%	$67.86K	568,122
Q1 2020	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-136,925	-2.0%	$1.07M	6,738,662
Q1 2020	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-346,672	-7.5%	$1.03M	4,245,227
Q1 2020	INTU Intuit Inc.	Intuit Inc.	Sell	-285,450	-6.0%	$1.03M	4,457,596
Q1 2020	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+106,343	+23.1%	$62.44K	566,147
Q1 2020	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-683,618	-11.3%	$705.45K	5,379,781
Q1 2020	MAR Marriott International	Marriott International	Buy	+1,089	+0.6%	$12.93K	172,847
Q1 2020	MASI Masimo Corporation	Masimo Corporation	Sell	-99,110	-17.2%	$84.28K	475,853
Q1 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-154,425	-2.3%	$1.07M	6,433,861
Q1 2020	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-255,506	-3.5%	$1.01M	7,124,205
Q1 2020	MSCI MSCI Inc.	MSCI Inc.	Buy	+4,306	+2.2%	$59.06K	204,376
Q1 2020	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-217,608	-1.8%	$1.89M	11,972,921
Q1 2020	NKE Nike, Inc.	Nike, Inc.	Buy - Position Entry	+2,319,351	-	$191.90K	2,319,351
Q1 2020	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+3,678	+2.2%	$35.27K	174,606
Q1 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-474,329	-5.6%	$960.21K	7,995,065
Q1 2020	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+123,717	+0.7%	$1.24M	17,022,953
Q1 2020	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-2,778,705	-18.3%	$1.19M	12,407,094
Q1 2020	SABR Sabre Corporation	Sabre Corporation	Buy	+3,880,203	+95.3%	$47.15K	7,950,501
Q1 2020	SBUX Starbucks Corporation	Starbucks Corporation	Buy - Position Entry	+2,649,785	-	$174.20K	2,649,785
Q1 2020	SYK Stryker Corporation	Stryker Corporation	Sell	-151,667	-2.5%	$987.51K	5,931,325
Q1 2020	V Visa Inc.	Visa Inc.	Sell	-316,879	-4.9%	$982.61K	6,098,637
Q1 2020	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-23,357	-3.8%	$83.39K	598,306

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