Terry Smith - Fundsmith 13F Activity & Position Changes (Q2 2019)

According to the SEC 13F filed on Aug 14, 2026, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2019. 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 Q2 2019, the filing reported:

New Buys - None reported

Increases - Automatic Data Processing, Inc., ANSYS, Inc., A.O. Smith Corporation, Becton, Dickinson and Company, Cognex Corporation, and 21 more

Reductions - Marriott International, 3M Company

Complete Exits - None reported

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
Q2 2019	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+135,582	+2.3%	$1.01M	6,129,753
Q2 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+31,251	+10.7%	$66.32K	323,777
Q2 2019	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+84,980	+11.1%	$40.02K	848,563
Q2 2019	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+41,012	+1.1%	$960.71K	3,812,171
Q2 2019	CGNX Cognex Corporation	Cognex Corporation	Buy	+134,650	+13.0%	$56.03K	1,167,817
Q2 2019	CHKP Check Point	Check Point	Buy	+99,292	+18.9%	$72.08K	623,478
Q2 2019	EFX Equifax, Inc.	Equifax, Inc.	Buy	+42,310	+7.3%	$83.96K	620,821
Q2 2019	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+29,082	+0.4%	$1.22M	6,660,785
Q2 2019	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+2,697	+0.1%	$1.23M	4,470,038
Q2 2019	INTU Intuit Inc.	Intuit Inc.	Buy	+170,529	+3.8%	$1.22M	4,651,847
Q2 2019	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+120,212	+55.0%	$52.26K	338,819
Q2 2019	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+800,396	+17.4%	$752.13K	5,400,131
Q2 2019	MAR Marriott International	Marriott International	Sell	-3,398	-1.9%	$24.79K	176,682
Q2 2019	MASI Masimo Corporation	Masimo Corporation	Buy	+84,300	+17.2%	$85.57K	574,963
Q2 2019	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy	+5,377	+29.4%	$14.46K	23,644
Q2 2019	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+107,359	+1.7%	$1.25M	6,475,057
Q2 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+1,598,866	+30.7%	$1.05M	6,803,450
Q2 2019	MMM 3M Company	3M Company	Sell	-7,083	-0.2%	$611.84K	3,529,691
Q2 2019	MSCI MSCI Inc.	MSCI Inc.	Buy	+5,850	+3.1%	$46.51K	194,770
Q2 2019	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+30,766	+0.3%	$1.63M	12,171,134
Q2 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+5,787	+0.1%	$1.09M	8,275,341
Q2 2019	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,953,131	+14.7%	$1.20M	15,268,507
Q2 2019	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+52,605	+0.3%	$1.76M	15,391,028
Q2 2019	SABR Sabre Corporation	Sabre Corporation	Buy	+663,090	+22.3%	$80.61K	3,630,918
Q2 2019	SYK Stryker Corporation	Stryker Corporation	Buy	+219,599	+3.9%	$1.19M	5,801,440
Q2 2019	V Visa Inc.	Visa Inc.	Buy	+334,127	+5.8%	$1.06M	6,123,530
Q2 2019	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+12,330	+2.4%	$77.04K	526,010
Q2 2019	WAT Waters Corporation	Waters Corporation	Buy	+87,249	+1.7%	$1.10M	5,114,006