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

As of Mar 31, 2024, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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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