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

As of Dec 31, 2014, 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 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