Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2023)

According to the SEC 13F filed on May 15, 2023, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2023. 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 2023, the filing reported:

New Buys - Graco Inc., Mastercard Incorporated, Marriott International

Increases - Apple Inc., Automatic Data Processing, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Alphabet Inc., and 12 more

Reductions - Estee Lauder Companies, Inc. (T, IDEXX Laboratories, Inc., Philip Morris International Inc, Stryker Corporation

Complete Exits - Adobe Inc.

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 2023	AAPL Apple Inc.	Apple Inc.	Buy	+872,745	+186.0%	$221.29M	1,341,979
Q1 2023	ADBE Adobe Inc.	Adobe Inc.	Sell - Position Exit	-2,109,326	-100.0%	$0.00	-
Q1 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+1,246	+0.0%	$1.23B	5,541,966
Q1 2023	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+83,252	+0.7%	$786.03M	12,230,048
Q1 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+3,355	+0.0%	$747.06M	8,449,927
Q1 2023	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-251,288	-4.4%	$1.34B	5,428,332
Q1 2023	GGG Graco Inc.	Graco Inc.	Buy - Position Entry	+545,911	-	$39.86M	545,911
Q1 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+1,885	+0.0%	$791.27M	7,628,198
Q1 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+897	+0.6%	$45.35M	153,663
Q1 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-489,536	-14.2%	$1.48B	2,954,196
Q1 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+1,667	+0.6%	$43.01M	277,464
Q1 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+41,664	-	$15.14M	41,664
Q1 2023	MAR Marriott International	Marriott International	Buy - Position Entry	+99,594	-	$16.54M	99,594
Q1 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+187,406	+3.4%	$1.20B	5,664,271
Q1 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+3,377	+0.0%	$1.29B	15,498,588
Q1 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+1,065	+0.0%	$2.60B	9,031,101
Q1 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+514	+0.1%	$859.08M	561,414
Q1 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+998	+0.0%	$530.17M	6,281,675
Q1 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+1,417	+0.0%	$1.21B	6,658,537
Q1 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+1,401,185	+444.4%	$255.22M	1,716,482
Q1 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-12,225	-0.1%	$1.60B	16,463,863
Q1 2023	SYK Stryker Corporation	Stryker Corporation	Sell	-108,728	-1.9%	$1.57B	5,498,313
Q1 2023	V Visa Inc.	Visa Inc.	Buy	+1,275	+0.0%	$1.27B	5,613,420
Q1 2023	WAT Waters Corporation	Waters Corporation	Buy	+8,672	+0.2%	$1.15B	3,698,369
Q1 2023	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+1,353	+0.6%	$37.50M	225,309