Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2013)

As of Dec 31, 2013, 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 Q4 2013, the filing reported:

New Buys - None reported

Increases - Johnson & Johnson, McDonald's Corporation, Pepsico, Inc., Philip Morris International Inc, Stryker Corporation

Reductions - Choice Hotels International, In, Domino's Pizza Inc

Complete Exits - Waters 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
Q4 2013	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-11,153	-0.8%	$69.31K	1,411,382
Q4 2013	DPZ Domino's Pizza Inc	Domino's Pizza Inc	Sell	-95,082	-4.3%	$148.67K	2,134,570
Q4 2013	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+2,162	+0.2%	$95.33K	1,040,791
Q4 2013	MCD McDonald's Corporation	McDonald's Corporation	Buy	+47,802	+1.2%	$154.96K	4,142,263
Q4 2013	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+81,073	+7.1%	$102.01K	1,229,894
Q4 2013	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+128,976	+13.0%	$97.53K	1,119,353
Q4 2013	SYK Stryker Corporation	Stryker Corporation	Buy	+23,227	+1.1%	$158.88K	2,114,386
Q4 2013	WAT Waters Corporation	Waters Corporation	Sell - Position Exit	-449,096	-100.0%	$0.00	-