Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2024)

According to the SEC 13F filed on May 15, 2024, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2024. 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 2024, the filing reported:

New Buys - Choice Hotels International, In, Texas Instruments Incorporated

Increases - Apple Inc., Fortinet, Inc., Mastercard Incorporated, McDonald's Corporation, Mettler-Toledo International, I, and 3 more

Reductions - Automatic Data Processing, Inc., Brown Forman Inc, Cognex Corporation, Church & Dwight Company, Inc., Clorox Company (The), and 25 more

Complete Exits - IPG Photonics Corporation, Johnson & Johnson

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 2024	AAPL Apple Inc.	Apple Inc.	Buy	+262,959	+19.7%	$273.95M	1,597,544
Q1 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-50,452	-0.9%	$1.44B	5,765,869
Q1 2024	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-193,926	-1.7%	$591.50M	11,458,780
Q1 2024	CGNX Cognex Corporation	Cognex Corporation	Sell	-53,083	-2.6%	$83.41M	1,966,235
Q1 2024	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-92,676	-1.3%	$748.05M	7,171,440
Q1 2024	CHH Choice Hotels International, In	Choice Hotels International, In	Buy - Position Entry	+756,944	-	$95.64M	756,944
Q1 2024	CLX Clorox Company (The)	Clorox Company (The)	Sell	-15,653	-2.6%	$90.05M	588,141
Q1 2024	EFX Equifax, Inc.	Equifax, Inc.	Sell	-12,764	-2.6%	$126.48M	472,805
Q1 2024	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-28,351	-2.6%	$86.83M	1,050,120
Q1 2024	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+843,141	+11.5%	$558.43M	8,174,985
Q1 2024	GGG Graco Inc.	Graco Inc.	Sell	-31,735	-2.6%	$109.86M	1,175,486
Q1 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-36,419	-0.5%	$1.05B	6,980,992
Q1 2024	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-3,234	-2.2%	$56.23M	146,584
Q1 2024	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-14,155	-0.5%	$1.47B	2,714,762
Q1 2024	IEX IDEX Corporation	IDEX Corporation	Sell	-10,095	-2.6%	$91.24M	373,902
Q1 2024	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell - Position Exit	-548,993	-100.0%	$0.00	-
Q1 2024	JNJ Johnson & Johnson	Johnson & Johnson	Sell - Position Exit	-278,393	-100.0%	$0.00	-
Q1 2024	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+772	+1.2%	$31.04M	64,449
Q1 2024	MAR Marriott International	Marriott International	Sell	-27,208	-0.6%	$1.10B	4,364,298
Q1 2024	MCD McDonald's Corporation	McDonald's Corporation	Buy	+1,122	+1.2%	$26.40M	93,617
Q1 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-29,157	-0.6%	$2.41B	4,969,549
Q1 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-2,860,820	-19.0%	$939.35M	12,229,563
Q1 2024	MSCI MSCI Inc.	MSCI Inc.	Sell	-35,306	-17.0%	$96.32M	171,859
Q1 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-325,421	-4.1%	$3.21B	7,617,903
Q1 2024	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+42,503	+7.5%	$812.21M	610,096
Q1 2024	NKE Nike, Inc.	Nike, Inc.	Sell	-172,996	-2.6%	$612.04M	6,512,417
Q1 2024	ODD Oddity Tech	Oddity Tech	Buy	+222,897	+20.2%	$57.67M	1,327,313
Q1 2024	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-147,050	-2.3%	$624.91M	6,295,103
Q1 2024	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+167,427	+106.1%	$64.73M	325,271
Q1 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-784,419	-11.8%	$1.02B	5,845,947

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