Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2024)

As of Dec 31, 2024, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 14, 2025. 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 2024, the filing reported:

New Buys - Doximity, Inc., Medpace Holdings, Inc.

Increases - None reported

Reductions - Automatic Data Processing, Inc., Brown Forman Inc, Church & Dwight Company, Inc., Fortinet, Inc., Alphabet Inc., and 16 more

Complete Exits - Apple Inc., Cognex Corporation, McDonald's Corporation, McCormick & Company, Incorporat

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 2024	AAPL Apple Inc.	Apple Inc.	Sell - Position Exit	-1,558,589	-100.0%	$0.00	-
Q4 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-558,108	-10.0%	$1.47B	5,013,712
Q4 2024	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-372,626	-3.7%	$366.05M	9,637,881
Q4 2024	CGNX Cognex Corporation	Cognex Corporation	Sell - Position Exit	-1,906,276	-100.0%	$0.00	-
Q4 2024	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-25,654	-0.4%	$718.01M	6,857,121
Q4 2024	DOCS Doximity, Inc.	Doximity, Inc.	Buy - Position Entry	+710,502	-	$37.93M	710,502
Q4 2024	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-1,587,870	-15.7%	$805.95M	8,530,423
Q4 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-3,809	-0.1%	$1.30B	6,848,278
Q4 2024	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-2,176	-1.5%	$56.65M	145,639
Q4 2024	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-1,307	-0.0%	$1.10B	2,662,855
Q4 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-957	-1.5%	$33.72M	64,033
Q4 2024	MAR Marriott International	Marriott International	Sell	-11,315	-0.3%	$1.19B	4,255,340
Q4 2024	MCD McDonald's Corporation	McDonald's Corporation	Sell - Position Exit	-94,403	-100.0%	$0.00	-
Q4 2024	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy - Position Entry	+127,537	-	$42.37M	127,537
Q4 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-310,012	-6.4%	$2.67B	4,561,352
Q4 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell - Position Exit	-1,728,157	-100.0%	$0.00	-
Q4 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-713,242	-10.3%	$2.61B	6,187,033
Q4 2024	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-464	-0.1%	$723.75M	591,455
Q4 2024	NKE Nike, Inc.	Nike, Inc.	Sell	-163,864	-2.6%	$464.28M	6,135,629
Q4 2024	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-174,451	-2.8%	$552.58M	5,966,777
Q4 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-76,311	-1.3%	$861.22M	5,663,677
Q4 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-6,846	-0.1%	$775.61M	4,626,376
Q4 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-767,484	-6.4%	$1.35B	11,245,175
Q4 2024	SYK Stryker Corporation	Stryker Corporation	Sell	-2,844	-0.1%	$1.92B	5,333,977
Q4 2024	V Visa Inc.	Visa Inc.	Sell	-924,264	-16.7%	$1.46B	4,622,567
Q4 2024	WAT Waters Corporation	Waters Corporation	Sell	-11,477	-0.3%	$1.35B	3,634,522
Q4 2024	ZTS Zoetis Inc.	Zoetis Inc.	Sell	-3,397	-1.5%	$37.04M	227,329