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

As of Mar 31, 2022, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 16, 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