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

As of Sep 30, 2019, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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