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
Q3 2022Sep 30, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-4,040,576-41.9%	$482.96K	5,611,242
Q2 2022Jun 30, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+6,440,122+1900.3%	$720.00K	6,779,020
Q2 2022Jun 30, 2022	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+1,827,077+395.5%	$129.52K	2,289,070
Q2 2022Jun 30, 2022	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+429,127+3.6%	$856.87K	12,213,131
Q2 2022Jun 30, 2022	SYK Stryker Corporation	Stryker Corporation	Buy	+203,677+3.5%	$1.20M	6,049,848
Q2 2022Jun 30, 2022	ADBE Adobe Inc.	Adobe Inc.	Buy	+185,651+9.7%	$771.97K	2,108,848
Q2 2022Jun 30, 2022	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+156,426+2.7%	$1.52M	5,951,296
Q2 2022Jun 30, 2022	CGNX Cognex Corporation	Cognex Corporation	Buy	+130,057+6.8%	$86.62K	2,037,105
Q2 2022Jun 30, 2022	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+127,849+31.0%	$620.86K	540,452
Q2 2022Jun 30, 2022	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+40,990+6.5%	$111.69K	667,498
Q2 2022Jun 30, 2022	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+31,019+12.8%	$48.54K	273,454
Q2 2022Jun 30, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+21,134+0.1%	$1.63M	16,478,425
Q2 2022Jun 30, 2022	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+13,837+9.8%	$12.72K	155,558
Q2 2022Jun 30, 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+6,217+0.0%	$1.29M	15,492,883
Q2 2022Jun 30, 2022	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+6,182+0.1%	$782.45K	8,444,261
Q2 2022Jun 30, 2022	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+3,429+2.3%	$41.55K	151,505
Q2 2022Jun 30, 2022	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+2,530+0.0%	$1.17M	5,565,378
Q2 2022Jun 30, 2022	V Visa Inc.	Visa Inc.	Buy	+2,314+0.0%	$1.11M	5,630,342
Q2 2022Jun 30, 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+2,288+0.7%	$44.95K	312,618
Q2 2022Jun 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+2,102+0.0%	$2.57M	10,020,534
Q2 2022Jun 30, 2022	WAT Waters Corporation	Waters Corporation	Buy	+1,653+0.0%	$1.22M	3,689,225
Q2 2022Jun 30, 2022	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+1,625+0.7%	$38.17K	222,053
Q2 2022Jun 30, 2022	NKE Nike, Inc.	Nike, Inc.	Buy	+1,310+0.0%	$687.58K	6,727,737
Q2 2022Jun 30, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+820+0.2%	$41.54K	381,252
Q2 2022Jun 30, 2022	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+813+0.0%	$1.27M	3,618,875
Q2 2022Jun 30, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+550+0.0%	$883.24K	5,477,481
Q2 2022Jun 30, 2022	MSCI MSCI Inc.	MSCI Inc.	Sell	-1,896-0.9%	$86.18K	209,104
Q2 2022Jun 30, 2022	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-2,341-0.9%	$71.63K	255,722
Q2 2022Jun 30, 2022	EFX Equifax, Inc.	Equifax, Inc.	Sell	-4,572-0.9%	$89.58K	490,113
Q2 2022Jun 30, 2022	MASI Masimo Corporation	Masimo Corporation	Sell	-4,783-0.6%	$98.83K	756,313

Page 15 of 42 • 1259 total trades

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