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

According to the SEC 13F filed on Aug 14, 2026, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2013. 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	-