Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2022)

According to the SEC 13F filed on May 16, 2022, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2022. 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 2022, the filing reported:

New Buys - Adobe Inc., Mettler-Toledo International, I

Increases - ANSYS, Inc., Cognex Corporation, Masimo Corporation, MSCI Inc., Paycom Software, Inc., and 2 more

Reductions - Automatic Data Processing, Inc., Amazon.com, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Equifax, Inc., and 24 more

Complete Exits - A.O. Smith Corporation, 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 2022	ADBE Adobe Inc.	Adobe Inc.	Buy - Position Entry	+1,923,197	-	$876.25K	1,923,197
Q1 2022	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-1,531,542	-21.6%	$1.27M	5,562,848
Q1 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-86,528	-20.3%	$1.10M	338,898
Q1 2022	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+63	+0.0%	$147.93K	465,713
Q1 2022	AOS A.O. Smith Corporation	A.O. Smith Corporation	Sell - Position Exit	-1,778,319	-100.0%	$0.00	-
Q1 2022	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-3,669,290	-23.7%	$789.76K	11,784,004
Q1 2022	CGNX Cognex Corporation	Cognex Corporation	Buy	+94,955	+5.2%	$147.13K	1,907,048
Q1 2022	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-3,220,240	-27.6%	$838.58K	8,438,079
Q1 2022	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell - Position Exit	-128,780	-100.0%	$0.00	-
Q1 2022	EFX Equifax, Inc.	Equifax, Inc.	Sell	-188,546	-27.6%	$117.29K	494,685
Q1 2022	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-1,370,291	-19.1%	$1.58M	5,794,870
Q1 2022	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-173,782	-27.3%	$157.88K	461,993
Q1 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-38,664	-9.2%	$1.06M	380,432
Q1 2022	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-11,567	-7.2%	$44.32K	148,076
Q1 2022	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-624,221	-14.7%	$1.98M	3,618,062
Q1 2022	INTU Intuit Inc.	Intuit Inc.	Sell	-725,977	-19.4%	$1.45M	3,006,900
Q1 2022	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-6,976,763	-96.6%	$42.97K	242,435
Q1 2022	MASI Masimo Corporation	Masimo Corporation	Buy	+325,159	+74.6%	$110.77K	761,096
Q1 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,323,330	-19.5%	$1.22M	5,476,931
Q1 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-3,424,252	-18.1%	$1.55M	15,486,666
Q1 2022	MSCI MSCI Inc.	MSCI Inc.	Buy	+29	+0.0%	$106.11K	211,000
Q1 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,983,934	-22.9%	$3.09M	10,018,432
Q1 2022	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy - Position Entry	+412,603	-	$566.58K	412,603
Q1 2022	NKE Nike, Inc.	Nike, Inc.	Sell	-2,027,555	-23.2%	$905.11K	6,726,427
Q1 2022	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+39,689	+18.2%	$89.39K	258,063
Q1 2022	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-2,610,281	-25.1%	$1.31M	7,807,921
Q1 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-60,799	-16.4%	$47.42K	310,330
Q1 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-3,966,136	-19.4%	$1.55M	16,457,291
Q1 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-2,542,615	-19.5%	$1.21M	10,476,837
Q1 2022	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-133,995	-12.5%	$133.70K	938,828

Page 1 of 2