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

According to the SEC 13F filed on Feb 14, 2025, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2024. 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