Terry Smith – Fundsmith Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys – NAPCO Security Technologies, In (NSSC), Vertiv Holdings, LLC (VRT), Manhattan Associates, Inc. (MANH)

Increases – Catalyst Pharmaceuticals, Inc. (CPRX), Zoetis Inc. (ZTS), Intuit Inc. (INTU), Doximity, Inc. (DOCS)

Reductions – Mettler-Toledo International, I (MTD), Waters Corporation (WAT), Texas Instruments Incorporated (TXN), Nike, Inc. (NKE), IDEXX Laboratories, Inc. (IDXX), and 20 more

Complete Exits – Equifax, Inc. (EFX), Brown Forman Inc (BF-B)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Fundsmith Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2023Mar 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-12,225-0.1%	$1.60B	16,463,863
Q1 2023Mar 31, 2023	SYK Stryker Corporation	Stryker Corporation	Sell	-108,728-1.9%	$1.57B	5,498,313
Q1 2023Mar 31, 2023	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-251,288-4.4%	$1.34B	5,428,332
Q1 2023Mar 31, 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-489,536-14.2%	$1.48B	2,954,196
Q1 2023Mar 31, 2023	ADBE Adobe Inc.	Adobe Inc.	Sell - Position Exit	-2,109,326-100.0%	$0.00	-
Q4 2022Dec 31, 2022	IEX IDEX Corporation	IDEX Corporation	Buy	+167,812+174.9%	$60.22M	263,740
Q4 2022Dec 31, 2022	AAPL Apple Inc.	Apple Inc.	Buy	+12,749+2.8%	$60.97M	469,234
Q4 2022Dec 31, 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+1,086+0.3%	$47.79M	315,297
Q4 2022Dec 31, 2022	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+950+0.3%	$48.72M	275,797
Q4 2022Dec 31, 2022	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+771+0.3%	$32.82M	223,956
Q4 2022Dec 31, 2022	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+511+0.3%	$48.25M	152,766
Q4 2022Dec 31, 2022	MSCI MSCI Inc.	MSCI Inc.	Sell	-234-0.1%	$98.30M	211,317
Q4 2022Dec 31, 2022	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-301-0.2%	$49.96M	161,007
Q4 2022Dec 31, 2022	EFX Equifax, Inc.	Equifax, Inc.	Sell	-549-0.1%	$96.27M	495,301
Q4 2022Dec 31, 2022	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-556-0.1%	$810.75M	560,900
Q4 2022Dec 31, 2022	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-590-0.1%	$93.52M	530,087
Q4 2022Dec 31, 2022	VRSN VeriSign, Inc.	VeriSign, Inc.	Sell	-742-0.1%	$138.63M	674,791
Q4 2022Dec 31, 2022	MASI Masimo Corporation	Masimo Corporation	Sell	-842-0.1%	$113.08M	764,319
Q4 2022Dec 31, 2022	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-944-0.1%	$80.87M	854,259
Q4 2022Dec 31, 2022	ROL Rollins, Inc.	Rollins, Inc.	Sell	-1,923-0.1%	$63.07M	1,726,161
Q4 2022Dec 31, 2022	ADBE Adobe Inc.	Adobe Inc.	Sell	-1,971-0.1%	$709.85M	2,109,326
Q4 2022Dec 31, 2022	CGNX Cognex Corporation	Cognex Corporation	Sell	-2,295-0.1%	$97.04M	2,059,788
Q4 2022Dec 31, 2022	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-2,554-0.1%	$113.10M	2,313,303
Q4 2022Dec 31, 2022	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-3,013-0.5%	$73.89M	658,407
Q4 2022Dec 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-3,419-0.1%	$659.09M	5,476,865
Q4 2022Dec 31, 2022	WAT Waters Corporation	Waters Corporation	Sell	-3,500-0.1%	$1.26B	3,689,697
Q4 2022Dec 31, 2022	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-5,201-0.1%	$491.84M	6,280,677
Q4 2022Dec 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-6,491-0.1%	$569.34M	6,777,831
Q4 2022Dec 31, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-6,515-0.1%	$672.87M	7,626,313
Q4 2022Dec 31, 2022	NKE Nike, Inc.	Nike, Inc.	Sell	-8,137-0.1%	$787.04M	6,726,271

Page 12 of 42 • 1259 total trades

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