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

As of Jun 30, 2019, 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 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