Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Clorox Company (The)

Increases - A.O. Smith Corporation, Becton, Dickinson and Company, Brown Forman Inc, Check Point, Equifax, Inc., and 13 more

Reductions - Automatic Data Processing, Inc., Marriott International, Philip Morris International Inc, PayPal Holdings, Inc., Visa Inc., and 1 more

Complete Exits - Church & Dwight Company, Inc.

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 2019	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-16,287	-0.3%	$1.10M	6,464,198
Q4 2019	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+329,485	+38.8%	$56.12K	1,178,048
Q4 2019	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+3,492	+0.1%	$1.04M	3,821,427
Q4 2019	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+387,421	+4.2%	$651.03K	9,630,607
Q4 2019	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell - Position Exit	-202,952	-100.0%	$0.00	-
Q4 2019	CHKP Check Point	Check Point	Buy	+74,049	+10.2%	$88.97K	801,834
Q4 2019	CLX Clorox Company (The)	Clorox Company (The)	Buy - Position Entry	+1,682,176	-	$258.28K	1,682,176
Q4 2019	EFX Equifax, Inc.	Equifax, Inc.	Buy	+33,467	+5.4%	$91.68K	654,288
Q4 2019	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+108,840	+1.6%	$1.42M	6,875,587
Q4 2019	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+35,883	+0.8%	$1.20M	4,591,899
Q4 2019	INTU Intuit Inc.	Intuit Inc.	Buy	+82,411	+1.8%	$1.24M	4,743,046
Q4 2019	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+66,904	+17.0%	$66.64K	459,804
Q4 2019	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+106,578	+1.8%	$884.47K	6,063,399
Q4 2019	MAR Marriott International	Marriott International	Sell	-39,544	-18.7%	$26.01K	171,758
Q4 2019	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy	+11,160	+47.2%	$19.91K	34,804
Q4 2019	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+106,103	+1.6%	$1.35M	6,588,286
Q4 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+88,039	+1.2%	$1.25M	7,379,711
Q4 2019	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+883	+0.0%	$1.92M	12,190,529
Q4 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+180,289	+2.2%	$1.16M	8,469,394
Q4 2019	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-29,347	-0.2%	$1.44M	16,899,236
Q4 2019	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-216,545	-1.4%	$1.64M	15,185,799
Q4 2019	SABR Sabre Corporation	Sabre Corporation	Buy	+439,380	+12.1%	$91.34K	4,070,298
Q4 2019	SYK Stryker Corporation	Stryker Corporation	Buy	+137,887	+2.3%	$1.28M	6,082,992
Q4 2019	V Visa Inc.	Visa Inc.	Sell	-30,116	-0.5%	$1.21M	6,415,516
Q4 2019	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+87,133	+16.3%	$92.84K	621,663
Q4 2019	WAT Waters Corporation	Waters Corporation	Sell	-16,201	-0.3%	$1.19M	5,106,666