Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2025. 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 2025, the filing reported:

New Buys - Catalyst Pharmaceuticals, Inc., Intuit Inc.

Increases - Doximity, Inc., Paycom Software, Inc., Qualys, Inc., Texas Instruments Incorporated, Zoetis Inc.

Reductions - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Equifax, Inc., Fortinet, Inc., Alphabet Inc., and 15 more

Complete Exits - IDEX Corporation, Pepsico, 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 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-499,813	-10.0%	$1.38B	4,513,899
Q1 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-9,635	-0.1%	$753.84M	6,847,486
Q1 2025	CPRX Catalyst Pharmaceuticals, Inc.	Catalyst Pharmaceuticals, Inc.	Buy - Position Entry	+2,151,274	-	$52.17M	2,151,274
Q1 2025	DOCS Doximity, Inc.	Doximity, Inc.	Buy	+479,380	+67.5%	$69.05M	1,189,882
Q1 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell	-127,823	-35.2%	$57.36M	235,505
Q1 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-7,383	-0.1%	$820.43M	8,523,040
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-5,065	-0.1%	$1.06B	6,843,213
Q1 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-30,903	-21.2%	$42.05M	114,736
Q1 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-14,524	-0.5%	$1.11B	2,648,331
Q1 2025	IEX IDEX Corporation	IDEX Corporation	Sell - Position Exit	-362,501	-100.0%	$0.00	-
Q1 2025	INTU Intuit Inc.	Intuit Inc.	Buy - Position Entry	+181,628	-	$111.52M	181,628
Q1 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-14,579	-22.8%	$27.11M	49,454
Q1 2025	MAR Marriott International	Marriott International	Sell	-3,780	-0.1%	$1.01B	4,251,560
Q1 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-677,556	-14.9%	$2.24B	3,883,796
Q1 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-816,871	-13.2%	$2.02B	5,370,162
Q1 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-617	-0.1%	$697.73M	590,838
Q1 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-100,040	-1.7%	$605.45M	5,866,737
Q1 2025	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+90,899	+28.2%	$90.34M	413,510
Q1 2025	PEP Pepsico, Inc.	Pepsico, Inc.	Sell - Position Exit	-5,663,677	-100.0%	$0.00	-
Q1 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-5,970	-0.1%	$787.41M	4,620,406
Q1 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-439,283	-3.9%	$1.72B	10,805,892
Q1 2025	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+170,593	+31.1%	$90.49M	718,602
Q1 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-264,790	-5.0%	$1.89B	5,069,187
Q1 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+1,025,182	+60.3%	$489.83M	2,725,812
Q1 2025	V Visa Inc.	Visa Inc.	Sell	-485,543	-10.5%	$1.45B	4,137,024
Q1 2025	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-87,061	-20.8%	$98.40M	330,624
Q1 2025	VRSN VeriSign, Inc.	VeriSign, Inc.	Sell	-54,465	-8.7%	$144.71M	570,035
Q1 2025	WAT Waters Corporation	Waters Corporation	Sell	-21,325	-0.6%	$1.33B	3,613,197
Q1 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+2,319,158	+1020.2%	$419.28M	2,546,487