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

According to the SEC 13F filed on Aug 14, 2023, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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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