Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2023)

According to the SEC 13F filed on Feb 14, 2024, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2023. 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 2023, the filing reported:

New Buys - Clorox Company (The)

Increases - Apple Inc., Automatic Data Processing, Inc., Fortinet, Inc., Home Depot, Inc. (The), Johnson & Johnson, and 4 more

Reductions - Brown Forman Inc, Cognex Corporation, Church & Dwight Company, Inc., Equifax, Inc., Exponent, Inc., and 25 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 2023	AAPL Apple Inc.	Apple Inc.	Buy	+1,299	+0.1%	$256.95M	1,334,585
Q4 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+295,809	+5.4%	$1.36B	5,816,321
Q4 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-433,465	-3.6%	$665.37M	11,652,706
Q4 2023	CGNX Cognex Corporation	Cognex Corporation	Sell	-26,353	-1.3%	$84.29M	2,019,318
Q4 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-10,848	-0.1%	$686.89M	7,264,116
Q4 2023	CLX Clorox Company (The)	Clorox Company (The)	Buy - Position Entry	+603,794	-	$86.09M	603,794
Q4 2023	EFX Equifax, Inc.	Equifax, Inc.	Sell	-6,337	-1.3%	$120.08M	485,569
Q4 2023	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-14,074	-1.3%	$94.95M	1,078,471
Q4 2023	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+2,407,603	+48.9%	$429.13M	7,331,844
Q4 2023	GGG Graco Inc.	Graco Inc.	Sell	-15,755	-1.3%	$104.74M	1,207,221
Q4 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-571,317	-7.5%	$980.26M	7,017,411
Q4 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+2,161	+1.5%	$51.92M	149,818
Q4 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-235,637	-7.9%	$1.51B	2,728,917
Q4 2023	IEX IDEX Corporation	IDEX Corporation	Sell	-5,011	-1.3%	$83.37M	383,997
Q4 2023	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-7,164	-1.3%	$59.59M	548,993
Q4 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+4,015	+1.5%	$43.64M	278,393
Q4 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+919	+1.5%	$27.16M	63,677
Q4 2023	MAR Marriott International	Marriott International	Sell	-4,175	-0.1%	$990.33M	4,391,506
Q4 2023	MCD McDonald's Corporation	McDonald's Corporation	Buy	+175	+0.2%	$27.43M	92,495
Q4 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-7,439	-0.1%	$1.77B	4,998,706
Q4 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-222,282	-1.5%	$1.03B	15,090,383
Q4 2023	MSCI MSCI Inc.	MSCI Inc.	Sell	-2,704	-1.3%	$117.18M	207,165
Q4 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-705,498	-8.2%	$2.99B	7,943,324
Q4 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-927	-0.2%	$688.47M	567,593
Q4 2023	NKE Nike, Inc.	Nike, Inc.	Sell	-16,849	-0.3%	$725.84M	6,685,413
Q4 2023	ODD Oddity Tech	Oddity Tech	Buy	+529,416	+92.1%	$51.39M	1,104,416
Q4 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-8,760	-0.1%	$576.38M	6,442,153
Q4 2023	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-2,060	-1.3%	$32.63M	157,844
Q4 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-8,906	-0.1%	$1.13B	6,630,366
Q4 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-6,641	-0.1%	$709.24M	4,839,932

Page 1 of 2