Terry Smith - Fundsmith 13F Activity & Position Changes (Q3 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Brown Forman Inc, Church & Dwight Company, Inc.

Increases - Automatic Data Processing, Inc., ANSYS, Inc., Becton, Dickinson and Company, Check Point, Estee Lauder Companies, Inc. (T, and 16 more

Reductions - None reported

Complete Exits - 3M Company

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 2019	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+350,732	+5.7%	$1.05M	6,480,485
Q3 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+23,351	+7.2%	$76.84K	347,128
Q3 2019	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+5,764	+0.2%	$965.78K	3,817,935
Q3 2019	BF-B Brown Forman Inc	Brown Forman Inc	Buy - Position Entry	+9,243,186	-	$580.29K	9,243,186
Q3 2019	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy - Position Entry	+202,952	-	$15.27K	202,952
Q3 2019	CHKP Check Point	Check Point	Buy	+104,307	+16.7%	$79.69K	727,785
Q3 2019	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+105,962	+1.6%	$1.35M	6,766,747
Q3 2019	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+85,978	+1.9%	$1.24M	4,556,016
Q3 2019	INTU Intuit Inc.	Intuit Inc.	Buy	+8,788	+0.2%	$1.24M	4,660,635
Q3 2019	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+54,081	+16.0%	$53.28K	392,900
Q3 2019	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+556,690	+10.3%	$770.69K	5,956,821
Q3 2019	MAR Marriott International	Marriott International	Buy	+34,620	+19.6%	$26.28K	211,302
Q3 2019	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+7,126	+0.1%	$1.15M	6,482,183
Q3 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+488,222	+7.2%	$1.14M	7,291,672
Q3 2019	MMM 3M Company	3M Company	Sell - Position Exit	-3,529,691	-100.0%	$0.00	-
Q3 2019	MSCI MSCI Inc.	MSCI Inc.	Buy	+5,300	+2.7%	$43.56K	200,070
Q3 2019	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+18,512	+0.2%	$1.69M	12,189,646
Q3 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+13,764	+0.2%	$1.14M	8,289,105
Q3 2019	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,660,076	+10.9%	$1.29M	16,928,583
Q3 2019	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+11,316	+0.1%	$1.60M	15,402,344
Q3 2019	SYK Stryker Corporation	Stryker Corporation	Buy	+143,665	+2.5%	$1.29M	5,945,105
Q3 2019	V Visa Inc.	Visa Inc.	Buy	+322,102	+5.3%	$1.11M	6,445,632
Q3 2019	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+8,520	+1.6%	$84.53K	534,530
Q3 2019	WAT Waters Corporation	Waters Corporation	Buy	+8,861	+0.2%	$1.14M	5,122,867