Terry Smith - Fundsmith 13F Activity & Position Changes (Q3 2023)

According to the SEC 13F filed on Nov 14, 2023, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Sep 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 Q3 2023, the filing reported:

New Buys - McDonald's Corporation, Oddity Tech

Increases - Apple Inc., Church & Dwight Company, Inc., Fortinet, Inc., Home Depot, Inc. (The), IDEXX Laboratories, Inc., and 5 more

Reductions - Automatic Data Processing, Inc., Brown Forman Inc, Cognex Corporation, Equifax, Inc., Exponent, Inc., and 22 more

Complete Exits - Estee Lauder Companies, Inc. (T, Masimo 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 2023	AAPL Apple Inc.	Apple Inc.	Buy	+651	+0.0%	$228.27M	1,333,286
Q3 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-5,856	-0.1%	$1.33B	5,520,512
Q3 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-109,346	-0.9%	$697.25M	12,086,171
Q3 2023	CGNX Cognex Corporation	Cognex Corporation	Sell	-14,117	-0.7%	$86.82M	2,045,671
Q3 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+606,208	+9.1%	$666.60M	7,274,964
Q3 2023	EFX Equifax, Inc.	Equifax, Inc.	Sell	-3,395	-0.7%	$90.11M	491,906
Q3 2023	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell - Position Exit	-5,418,525	-100.0%	$0.00	-
Q3 2023	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-7,556	-0.7%	$93.52M	1,092,545
Q3 2023	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+2,610,938	+112.9%	$288.95M	4,924,241
Q3 2023	GGG Graco Inc.	Graco Inc.	Sell	-6,252	-0.5%	$89.13M	1,222,976
Q3 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-26,908	-0.4%	$993.06M	7,588,728
Q3 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+276	+0.2%	$44.62M	147,657
Q3 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+3,003	+0.1%	$1.30B	2,964,554
Q3 2023	IEX IDEX Corporation	IDEX Corporation	Sell	-2,116	-0.5%	$80.92M	389,008
Q3 2023	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-4,041	-0.7%	$56.47M	556,157
Q3 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+514	+0.2%	$42.73M	274,378
Q3 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+424	+0.7%	$24.85M	62,758
Q3 2023	MAR Marriott International	Marriott International	Buy	+4,207,552	+2236.5%	$864.02M	4,395,681
Q3 2023	MASI Masimo Corporation	Masimo Corporation	Sell - Position Exit	-730,377	-100.0%	$0.00	-
Q3 2023	MCD McDonald's Corporation	McDonald's Corporation	Buy - Position Entry	+92,320	-	$24.32M	92,320
Q3 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-646,992	-11.4%	$1.50B	5,006,145
Q3 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-154,442	-1.0%	$1.16B	15,312,665
Q3 2023	MSCI MSCI Inc.	MSCI Inc.	Sell	-1,448	-0.7%	$107.68M	209,869
Q3 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-363,769	-4.0%	$2.73B	8,648,822
Q3 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-624	-0.1%	$629.96M	568,520
Q3 2023	NKE Nike, Inc.	Nike, Inc.	Sell	-8,384	-0.1%	$640.87M	6,702,262
Q3 2023	ODD Oddity Tech	Oddity Tech	Buy - Position Entry	+575,000	-	$16.30M	575,000
Q3 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-4,498	-0.1%	$518.07M	6,450,913
Q3 2023	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-1,103	-0.7%	$41.46M	159,904
Q3 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-5,695	-0.1%	$1.12B	6,639,272

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