Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2014)

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, 2014. 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 2014, the filing reported:

New Buys - None reported

Increases - Automatic Data Processing, Inc., Becton, Dickinson and Company, eBay Inc., Johnson & Johnson, McDonald's Corporation, and 5 more

Reductions - Choice Hotels International, In

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
Q4 2014	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+57,510	+3.6%	$137.54K	1,649,776
Q4 2014	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+189,091	+12.4%	$238.66K	1,714,997
Q4 2014	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-262,980	-21.5%	$53.88K	961,757
Q4 2014	EBAY eBay Inc.	eBay Inc.	Buy	+1,135,563	+58.6%	$172.51K	3,073,912
Q4 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+195,665	+13.6%	$170.45K	1,629,983
Q4 2014	MCD McDonald's Corporation	McDonald's Corporation	Buy	+627,492	+11.4%	$284.11K	6,116,468
Q4 2014	MMM 3M Company	3M Company	Buy	+19,810	+2.3%	$142.38K	866,465
Q4 2014	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+81,341	+4.3%	$186.08K	1,967,897
Q4 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+108,240	+7.5%	$139.45K	1,541,919
Q4 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+545,784	+28.1%	$202.71K	2,488,707
Q4 2014	SYK Stryker Corporation	Stryker Corporation	Buy	+51,774	+2.0%	$244.40K	2,590,890