Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2018)

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, 2018. 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 2018, the filing reported:

New Buys - ANSYS, Inc., A.O. Smith Corporation, Cognex Corporation, Check Point, Equifax, Inc., and 9 more

Increases - Automatic Data Processing, Inc., Estee Lauder Companies, Inc. (T, Intuit Inc., Meta Platforms, Inc.

Reductions - Becton, Dickinson and Company, Colgate-Palmolive Company, IDEXX Laboratories, Inc., Johnson & Johnson, Marriott International, and 8 more

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 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+50,578	+0.9%	$883.34K	5,863,113
Q4 2018	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy - Position Entry	+273,041	-	$39.03K	273,041
Q4 2018	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy - Position Entry	+689,903	-	$29.46K	689,903
Q4 2018	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-13,637	-0.4%	$973.37K	3,729,405
Q4 2018	CGNX Cognex Corporation	Cognex Corporation	Buy - Position Entry	+1,033,167	-	$39.95K	1,033,167
Q4 2018	CHKP Check Point	Check Point	Buy - Position Entry	+479,073	-	$49.18K	479,073
Q4 2018	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-2,880,379	-56.9%	$146.03K	2,181,181
Q4 2018	EFX Equifax, Inc.	Equifax, Inc.	Buy - Position Entry	+527,747	-	$49.15K	527,747
Q4 2018	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+394,564	+6.7%	$911.97K	6,275,561
Q4 2018	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-44,595	-1.0%	$1.09M	4,382,048
Q4 2018	INTU Intuit Inc.	Intuit Inc.	Buy	+297,945	+7.3%	$997.87K	4,388,174
Q4 2018	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy - Position Entry	+169,115	-	$19.16K	169,115
Q4 2018	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-6,827	-0.1%	$632.04K	4,574,375
Q4 2018	MAR Marriott International	Marriott International	Sell	-56,166	-35.2%	$13.66K	103,472
Q4 2018	MASI Masimo Corporation	Masimo Corporation	Buy - Position Entry	+479,372	-	$51.47K	479,372
Q4 2018	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy - Position Entry	+18,267	-	$5.35K	18,267
Q4 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+132,177	+2.2%	$1.00M	6,092,839
Q4 2018	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy - Position Entry	+2,648,658	-	$348.96K	2,648,658
Q4 2018	MMM 3M Company	3M Company	Sell	-47,291	-1.4%	$724.73K	3,439,447
Q4 2018	MSCI MSCI Inc.	MSCI Inc.	Buy - Position Entry	+144,247	-	$21.27K	144,247
Q4 2018	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-173,020	-1.4%	$1.36M	11,901,040
Q4 2018	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy - Position Entry	+170,928	-	$20.93K	170,928
Q4 2018	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-70,943	-0.9%	$905.49K	8,099,198
Q4 2018	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-101,244	-0.8%	$1.00M	12,308,123
Q4 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-44,591	-0.3%	$1.33M	15,157,619
Q4 2018	SABR Sabre Corporation	Sabre Corporation	Buy - Position Entry	+2,262,871	-	$48.97K	2,262,871
Q4 2018	SYK Stryker Corporation	Stryker Corporation	Sell	-52,028	-0.9%	$971.79K	5,469,325
Q4 2018	V Visa Inc.	Visa Inc.	Sell	-71,475	-1.3%	$847.15K	5,644,266
Q4 2018	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy - Position Entry	+450,436	-	$49.12K	450,436
Q4 2018	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy - Position Entry	+272,873	-	$40.46K	272,873

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