Terry Smith - Fundsmith 13F Activity & Position Changes (Q2 2023)

As of Jun 30, 2023, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2023. 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 2023, the filing reported:

New Buys - Exponent, Inc.

Increases - Graco Inc., IDEXX Laboratories, Inc., IDEX Corporation, Mastercard Incorporated, Marriott International, and 6 more

Reductions - Apple Inc., Automatic Data Processing, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Estee Lauder Companies, Inc. (T, and 12 more

Complete Exits - Amazon.com, Inc., Edwards Lifesciences Corporatio

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 2023	AAPL Apple Inc.	Apple Inc.	Sell	-9,344	-0.7%	$258.49M	1,332,635
Q2 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-15,598	-0.3%	$1.21B	5,526,368
Q2 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-6,777,831	-100.0%	$0.00	-
Q2 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-34,531	-0.3%	$814.42M	12,195,517
Q2 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-1,781,171	-21.1%	$668.41M	6,668,756
Q2 2023	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-9,807	-0.2%	$1.06B	5,418,525
Q2 2023	EW Edwards Lifesciences Corporatio	Edwards Lifesciences Corporatio	Sell - Position Exit	-9,979	-100.0%	$0.00	-
Q2 2023	EXPO Exponent, Inc.	Exponent, Inc.	Buy - Position Entry	+1,100,101	-	$102.66M	1,100,101
Q2 2023	GGG Graco Inc.	Graco Inc.	Buy	+683,317	+125.2%	$106.14M	1,229,228
Q2 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-12,562	-0.2%	$911.59M	7,615,636
Q2 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-6,282	-4.1%	$45.78M	147,381
Q2 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+7,355	+0.2%	$1.49B	2,961,551
Q2 2023	IEX IDEX Corporation	IDEX Corporation	Buy	+127,384	+48.3%	$84.19M	391,124
Q2 2023	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-294,061	-34.4%	$76.09M	560,198
Q2 2023	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-3,600	-1.3%	$45.33M	273,864
Q2 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+20,670	+49.6%	$24.52M	62,334
Q2 2023	MAR Marriott International	Marriott International	Buy	+88,535	+88.9%	$34.56M	188,129
Q2 2023	MASI Masimo Corporation	Masimo Corporation	Sell	-33,942	-4.4%	$120.18M	730,377
Q2 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-11,134	-0.2%	$1.62B	5,653,137
Q2 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-31,481	-0.2%	$1.35B	15,467,107
Q2 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-18,510	-0.2%	$3.07B	9,012,591
Q2 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+7,730	+1.4%	$746.51M	569,144
Q2 2023	NKE Nike, Inc.	Nike, Inc.	Sell	-15,625	-0.2%	$740.65M	6,710,646
Q2 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+173,736	+2.8%	$574.60M	6,455,411
Q2 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-13,570	-0.2%	$1.23B	6,644,967
Q2 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+3,132,695	+182.5%	$735.81M	4,849,177
Q2 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-678,947	-4.1%	$1.54B	15,784,916
Q2 2023	SYK Stryker Corporation	Stryker Corporation	Buy	+13,332	+0.2%	$1.68B	5,511,645
Q2 2023	V Visa Inc.	Visa Inc.	Buy	+147,863	+2.6%	$1.37B	5,761,283
Q2 2023	WAT Waters Corporation	Waters Corporation	Buy	+111,104	+3.0%	$1.02B	3,809,473

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