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

As of Dec 31, 2019, 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 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