Terry Smith - Fundsmith 13F Activity & Position Changes (Q2 2021)

As of Jun 30, 2021, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2021. 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 2021, the filing reported:

New Buys - None reported

Increases - ANSYS, Inc., A.O. Smith Corporation, Brown Forman Inc, Cognex Corporation, Church & Dwight Company, Inc., and 29 more

Reductions - Automatic Data Processing, Inc., Becton, Dickinson and Company, Home Depot, Inc. (The), Microsoft Corporation, Philip Morris International Inc, and 1 more

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 2021	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-16,705	-0.2%	$1.41M	7,096,900
Q2 2021	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+45,670	+12.7%	$140.31K	404,278
Q2 2021	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+9,690	+0.6%	$127.41K	1,768,126
Q2 2021	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-6,321	-0.1%	$1.05M	4,328,550
Q2 2021	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+1,364,294	+12.1%	$943.94K	12,595,990
Q2 2021	CGNX Cognex Corporation	Cognex Corporation	Buy	+8,879	+0.6%	$136.17K	1,620,130
Q2 2021	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+3,000,761	+48.2%	$786.08K	9,224,122
Q2 2021	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+2,102	+1.8%	$9.94K	122,131
Q2 2021	EFX Equifax, Inc.	Equifax, Inc.	Buy	+3,723	+0.6%	$162.70K	679,315
Q2 2021	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+23,440	+0.3%	$2.17M	6,830,510
Q2 2021	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+4,122	+0.6%	$179.13K	752,030
Q2 2021	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-920	-17.5%	$1.39K	4,345
Q2 2021	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+21,850	+0.5%	$2.68M	4,242,462
Q2 2021	INTU Intuit Inc.	Intuit Inc.	Buy	+5,639	+0.1%	$2.25M	4,582,899
Q2 2021	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+3,471	+0.6%	$133.51K	633,458
Q2 2021	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+514,862	+7.8%	$1.18M	7,155,706
Q2 2021	MAR Marriott International	Marriott International	Buy	+1,251	+0.4%	$40.60K	297,432
Q2 2021	MASI Masimo Corporation	Masimo Corporation	Buy	+2,375	+0.6%	$105.09K	433,438
Q2 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+6,488	+0.1%	$2.24M	6,440,136
Q2 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+584,488	+3.4%	$1.57M	17,804,657
Q2 2021	MSCI MSCI Inc.	MSCI Inc.	Buy	+1,149	+0.6%	$111.82K	209,762
Q2 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-14,272	-0.1%	$3.26M	12,035,021
Q2 2021	NKE Nike, Inc.	Nike, Inc.	Buy	+828,386	+10.4%	$1.35M	8,755,854
Q2 2021	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+1,190	+0.6%	$78.92K	217,122
Q2 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+54,158	+0.5%	$1.49M	10,087,220
Q2 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+215,641	+255.0%	$40.51K	300,204
Q2 2021	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-34,952	-0.2%	$1.92M	19,353,620
Q2 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-15,280	-0.1%	$3.58M	12,289,470
Q2 2021	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+5,608	+0.5%	$107.40K	1,066,674
Q2 2021	ROL Rollins, Inc.	Rollins, Inc.	Buy	+398,260	+21.6%	$76.63K	2,240,687

Page 1 of 2