Terry Smith - Fundsmith 13F Activity & Position Changes (Q2 2022)

According to the SEC 13F filed on Aug 15, 2022, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2022. 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 2022, the filing reported:

New Buys - None reported

Increases - Adobe Inc., Automatic Data Processing, Inc., Amazon.com, Inc., Brown Forman Inc, Cognex Corporation, and 20 more

Reductions - ANSYS, Inc., Equifax, Inc., Intuit Inc., IPG Photonics Corporation, Masimo Corporation, and 9 more

Complete Exits - Starbucks Corporation

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 2022	ADBE Adobe Inc.	Adobe Inc.	Buy	+185,651	+9.7%	$771.97K	2,108,848
Q2 2022	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+2,530	+0.0%	$1.17M	5,565,378
Q2 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+6,440,122	+1900.3%	$720.00K	6,779,020
Q2 2022	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-86,578	-18.6%	$90.72K	379,135
Q2 2022	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+429,127	+3.6%	$856.87K	12,213,131
Q2 2022	CGNX Cognex Corporation	Cognex Corporation	Buy	+130,057	+6.8%	$86.62K	2,037,105
Q2 2022	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+6,182	+0.1%	$782.45K	8,444,261
Q2 2022	EFX Equifax, Inc.	Equifax, Inc.	Sell	-4,572	-0.9%	$89.58K	490,113
Q2 2022	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+156,426	+2.7%	$1.52M	5,951,296
Q2 2022	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+1,827,077	+395.5%	$129.52K	2,289,070
Q2 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+820	+0.2%	$41.54K	381,252
Q2 2022	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+3,429	+2.3%	$41.55K	151,505
Q2 2022	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+813	+0.0%	$1.27M	3,618,875
Q2 2022	INTU Intuit Inc.	Intuit Inc.	Sell	-635,472	-21.1%	$914.04K	2,371,428
Q2 2022	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-7,661	-0.9%	$79.57K	845,311
Q2 2022	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+31,019	+12.8%	$48.54K	273,454
Q2 2022	MASI Masimo Corporation	Masimo Corporation	Sell	-4,783	-0.6%	$98.83K	756,313
Q2 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+550	+0.0%	$883.24K	5,477,481
Q2 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+6,217	+0.0%	$1.29M	15,492,883
Q2 2022	MSCI MSCI Inc.	MSCI Inc.	Sell	-1,896	-0.9%	$86.18K	209,104
Q2 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+2,102	+0.0%	$2.57M	10,020,534
Q2 2022	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+127,849	+31.0%	$620.86K	540,452
Q2 2022	NKE Nike, Inc.	Nike, Inc.	Buy	+1,310	+0.0%	$687.58K	6,727,737
Q2 2022	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-2,341	-0.9%	$71.63K	255,722
Q2 2022	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-670,895	-8.6%	$1.19M	7,137,026
Q2 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+2,288	+0.7%	$44.95K	312,618
Q2 2022	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+21,134	+0.1%	$1.63M	16,478,425
Q2 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-825,019	-7.9%	$674.08K	9,651,818
Q2 2022	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-8,622	-0.9%	$117.34K	930,206
Q2 2022	ROL Rollins, Inc.	Rollins, Inc.	Sell	-402,835	-17.7%	$65.62K	1,879,272

Page 1 of 2