Terry Smith - Fundsmith 13F Activity & Position Changes (Q3 2024)

According to the SEC 13F filed on Nov 14, 2024, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2024. 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 2024, the filing reported:

New Buys - None reported

Increases - Clorox Company (The), Alphabet Inc., Home Depot, Inc. (The), IDEXX Laboratories, Inc., Mastercard Incorporated, and 6 more

Reductions - Automatic Data Processing, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Equifax, Inc., Exponent, Inc., and 10 more

Complete Exits - None reported

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 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-13,941	-0.2%	$1.54B	5,571,820
Q3 2024	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-1,128,244	-10.1%	$492.52M	10,010,507
Q3 2024	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-31,591	-0.5%	$720.76M	6,882,775
Q3 2024	CLX Clorox Company (The)	Clorox Company (The)	Buy	+43,291	+7.6%	$99.94M	613,497
Q3 2024	EFX Equifax, Inc.	Equifax, Inc.	Sell	-95,059	-20.7%	$106.77M	363,328
Q3 2024	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-181,621	-17.8%	$96.43M	836,477
Q3 2024	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-167,371	-1.6%	$784.67M	10,118,293
Q3 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+2,828	+0.0%	$1.14B	6,852,087
Q3 2024	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+1,615	+1.1%	$59.89M	147,815
Q3 2024	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+970	+0.0%	$1.35B	2,664,162
Q3 2024	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+710	+1.1%	$32.09M	64,990
Q3 2024	MAR Marriott International	Marriott International	Buy	+2,144	+0.1%	$1.06B	4,266,655
Q3 2024	MCD McDonald's Corporation	McDonald's Corporation	Buy	+1,032	+1.1%	$28.75M	94,403
Q3 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-8,320,340	-82.8%	$142.23M	1,728,157
Q3 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-240,340	-3.4%	$2.97B	6,900,275
Q3 2024	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+344	+0.1%	$887.70M	591,919
Q3 2024	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+2,950	+0.0%	$638.32M	6,141,228
Q3 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-21,099	-0.4%	$976.08M	5,739,988
Q3 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-13,996	-0.3%	$802.47M	4,633,222
Q3 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-2,461,786	-17.0%	$1.46B	12,012,659
Q3 2024	SYK Stryker Corporation	Stryker Corporation	Sell	-19,443	-0.4%	$1.93B	5,336,821
Q3 2024	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+155,849	+10.1%	$351.30M	1,700,630
Q3 2024	V Visa Inc.	Visa Inc.	Sell	-5,689	-0.1%	$1.53B	5,546,831
Q3 2024	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-46,366	-10.0%	$111.92M	417,685
Q3 2024	WAT Waters Corporation	Waters Corporation	Sell	-8,451	-0.2%	$1.31B	3,645,999
Q3 2024	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+2,521	+1.1%	$45.08M	230,726