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

As of Mar 31, 2023, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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