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

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, 2020. 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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