Terry Smith - Fundsmith 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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 2026, the filing reported:

New Buys - Badger Meter, Inc.

Increases - None reported

Reductions - ADMA Biologics Inc, Automatic Data Processing, Inc., Church & Dwight Company, Inc., Clorox Company (The), Catalyst Pharmaceuticals, Inc., and 28 more

Complete Exits - Graco Inc., Intuit Inc., Nike, Inc., Oddity Tech

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 2026	ADMA ADMA Biologics Inc	ADMA Biologics Inc	Sell	-452,561	-21.5%	$14.86M	1,649,493
Q1 2026	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-322,864	-7.7%	$783.28M	3,855,105
Q1 2026	BMI Badger Meter, Inc.	Badger Meter, Inc.	Buy - Position Entry	+142,491	-	$21.71M	142,491
Q1 2026	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-86,896	-1.3%	$619.79M	6,641,508
Q1 2026	CLX Clorox Company (The)	Clorox Company (The)	Sell	-356,280	-58.1%	$26.66M	257,217
Q1 2026	CPRX Catalyst Pharmaceuticals, Inc.	Catalyst Pharmaceuticals, Inc.	Sell	-2,518,920	-74.9%	$20.92M	844,887
Q1 2026	DOCS Doximity, Inc.	Doximity, Inc.	Sell	-958,216	-58.1%	$16.12M	691,786
Q1 2026	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-359,336	-5.5%	$503.12M	6,156,675
Q1 2026	GGG Graco Inc.	Graco Inc.	Sell - Position Exit	-579,016	-100.0%	$0.00	-
Q1 2026	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-542,321	-15.5%	$850.08M	2,956,198
Q1 2026	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-51,595	-64.3%	$9.41M	28,611
Q1 2026	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-410,249	-21.9%	$823.61M	1,465,786
Q1 2026	INTU Intuit Inc.	Intuit Inc.	Sell - Position Exit	-625,619	-100.0%	$0.00	-
Q1 2026	MANH Manhattan Associates, Inc.	Manhattan Associates, Inc.	Sell	-167,444	-58.1%	$16.09M	120,888
Q1 2026	MAR Marriott International	Marriott International	Sell	-609,055	-15.3%	$1.10B	3,370,872
Q1 2026	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-19,899	-24.1%	$30.09M	62,668
Q1 2026	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-42,164	-3.1%	$756.00M	1,321,375
Q1 2026	MSCI MSCI Inc.	MSCI Inc.	Sell	-101,831	-61.1%	$34.92M	64,788
Q1 2026	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-234	-0.0%	$769.86M	2,079,737
Q1 2026	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-11,991	-2.1%	$717.01M	568,516
Q1 2026	NKE Nike, Inc.	Nike, Inc.	Sell - Position Exit	-5,770,181	-100.0%	$0.00	-
Q1 2026	NSSC NAPCO Security Technologies, In	NAPCO Security Technologies, In	Sell	-1,396,261	-78.4%	$15.11M	383,596
Q1 2026	NTNX Nutanix, Inc.	Nutanix, Inc.	Sell	-799,766	-58.1%	$21.95M	577,392
Q1 2026	ODD Oddity Tech	Oddity Tech	Sell - Position Exit	-2,074,167	-100.0%	$0.00	-
Q1 2026	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-380,745	-12.2%	$210.55M	2,731,635
Q1 2026	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-303,976	-58.1%	$26.67M	219,457
Q1 2026	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-48,134	-1.1%	$606.64M	4,199,914
Q1 2026	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-1,011,434	-16.5%	$845.41M	5,113,163
Q1 2026	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-421,729	-65.1%	$19.86M	226,077
Q1 2026	ROL Rollins, Inc.	Rollins, Inc.	Sell	-858,694	-58.1%	$33.11M	619,935

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