Terry Smith - Fundsmith 13F Activity & Position Changes (Q3 2018)

According to the SEC 13F filed on Aug 14, 2026, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2018. 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 Q3 2018, the filing reported:

New Buys - Microsoft Corporation

Increases - Automatic Data Processing, Inc., Becton, Dickinson and Company, Colgate-Palmolive Company, Estee Lauder Companies, Inc. (T, Intuit Inc., and 8 more

Reductions - IDEXX Laboratories, Inc., PayPal Holdings, Inc., Visa Inc.

Complete Exits - McDonald's 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
Q3 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+26,045	+0.5%	$875.72K	5,812,535
Q3 2018	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+7,963	+0.2%	$976.93K	3,743,042
Q3 2018	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+1,474,901	+41.1%	$338.87K	5,061,560
Q3 2018	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+964,438	+19.6%	$854.63K	5,880,997
Q3 2018	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-2,461	-0.1%	$1.11M	4,426,643
Q3 2018	INTU Intuit Inc.	Intuit Inc.	Buy	+120,882	+3.0%	$930.12K	4,090,229
Q3 2018	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+25,716	+0.6%	$632.99K	4,581,202
Q3 2018	MAR Marriott International	Marriott International	Buy	+22,094	+16.1%	$21.08K	159,638
Q3 2018	MCD McDonald's Corporation	McDonald's Corporation	Sell - Position Exit	-12,080,320	-100.0%	$0.00	-
Q3 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+442,859	+8.0%	$980.29K	5,960,662
Q3 2018	MMM 3M Company	3M Company	Buy	+88,566	+2.6%	$734.69K	3,486,738
Q3 2018	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+12,074,060	-	$1.38M	12,074,060
Q3 2018	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+488,214	+6.4%	$913.42K	8,170,141
Q3 2018	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,934,219	+18.5%	$1.01M	12,409,367
Q3 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-7,530	-0.0%	$1.34M	15,202,210
Q3 2018	SYK Stryker Corporation	Stryker Corporation	Buy	+4,691	+0.1%	$981.03K	5,521,353
Q3 2018	V Visa Inc.	Visa Inc.	Sell	-4,136	-0.1%	$857.88K	5,715,741
Q3 2018	WAT Waters Corporation	Waters Corporation	Buy	+297,565	+6.3%	$978.57K	5,026,559