Terry Smith - Fundsmith 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. 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 2025, the filing reported:

New Buys - None reported

Increases - Catalyst Pharmaceuticals, Inc., Fortinet, Inc., Home Depot, Inc. (The), Intuit Inc., Mettler-Toledo International, I, and 8 more

Reductions - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Alphabet Inc., IDEXX Laboratories, Inc., Marriott International, and 5 more

Complete Exits - Choice Hotels International, In, Exponent, Inc., Mastercard Incorporated, Verisk Analytics, Inc.

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 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-50,496	-1.2%	$1.27B	4,311,603
Q3 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-29,645	-0.4%	$595.41M	6,794,644
Q3 2025	CHH Choice Hotels International, In	Choice Hotels International, In	Sell - Position Exit	-733,892	-100.0%	$0.00	-
Q3 2025	CPRX Catalyst Pharmaceuticals, Inc.	Catalyst Pharmaceuticals, Inc.	Buy	+654,721	+24.2%	$66.27M	3,363,807
Q3 2025	EXPO Exponent, Inc.	Exponent, Inc.	Sell - Position Exit	-746,820	-100.0%	$0.00	-
Q3 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+1,730	+0.0%	$707.96M	8,420,092
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-514,102	-7.6%	$1.53B	6,289,352
Q3 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+1,493	+1.8%	$34.38M	84,860
Q3 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-28,832	-1.1%	$1.67B	2,610,457
Q3 2025	INTU Intuit Inc.	Intuit Inc.	Buy	+235,916	+64.0%	$412.79M	604,456
Q3 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell - Position Exit	-27,663	-100.0%	$0.00	-
Q3 2025	MAR Marriott International	Marriott International	Sell	-8,301	-0.2%	$1.10B	4,228,298
Q3 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-2,010,088	-56.3%	$1.14B	1,558,664
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,358,140	-47.7%	$1.34B	2,583,369
Q3 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+617	+0.1%	$725.09M	590,654
Q3 2025	NSSC NAPCO Security Technologies, In	NAPCO Security Technologies, In	Buy	+824,945	+86.4%	$76.44M	1,779,857
Q3 2025	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+109,923	+26.6%	$108.95M	523,433
Q3 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+4,760	+0.1%	$703.26M	4,577,040
Q3 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-1,886,051	-20.8%	$1.17B	7,188,144
Q3 2025	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+152,257	+21.2%	$115.24M	870,859
Q3 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-85,714	-1.8%	$1.70B	4,591,293
Q3 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+1,591	+0.1%	$500.09M	2,721,881
Q3 2025	V Visa Inc.	Visa Inc.	Buy	+265	+0.0%	$1.32B	3,854,336
Q3 2025	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell - Position Exit	-176,195	-100.0%	$0.00	-
Q3 2025	VRT Vertiv Holdings, LLC	Vertiv Holdings, LLC	Sell	-133,473	-18.4%	$89.23M	591,450
Q3 2025	WAT Waters Corporation	Waters Corporation	Buy	+347,091	+9.6%	$1.19B	3,955,498
Q3 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+730,300	+25.3%	$528.97M	3,615,131