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 2022Mar 31, 2022	EFX Equifax, Inc.	Equifax, Inc.	Sell	-188,546-27.6%	$117.29K	494,685
Q1 2022Mar 31, 2022	ROL Rollins, Inc.	Rollins, Inc.	Sell	-337,858-12.9%	$79.99K	2,282,107
Q1 2022Mar 31, 2022	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-624,221-14.7%	$1.98M	3,618,062
Q1 2022Mar 31, 2022	INTU Intuit Inc.	Intuit Inc.	Sell	-725,977-19.4%	$1.45M	3,006,900
Q1 2022Mar 31, 2022	WAT Waters Corporation	Waters Corporation	Sell	-823,307-18.3%	$1.14M	3,687,572
Q1 2022Mar 31, 2022	V Visa Inc.	Visa Inc.	Sell	-1,240,666-18.1%	$1.25M	5,628,028
Q1 2022Mar 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,323,330-19.5%	$1.22M	5,476,931
Q1 2022Mar 31, 2022	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-1,370,291-19.1%	$1.58M	5,794,870
Q1 2022Mar 31, 2022	SYK Stryker Corporation	Stryker Corporation	Sell	-1,406,517-19.4%	$1.56M	5,846,171
Q1 2022Mar 31, 2022	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-1,531,542-21.6%	$1.27M	5,562,848
Q1 2022Mar 31, 2022	AOS A.O. Smith Corporation	A.O. Smith Corporation	Sell - Position Exit	-1,778,319-100.0%	$0.00	-
Q1 2022Mar 31, 2022	NKE Nike, Inc.	Nike, Inc.	Sell	-2,027,555-23.2%	$905.11K	6,726,427
Q1 2022Mar 31, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-2,542,615-19.5%	$1.21M	10,476,837
Q1 2022Mar 31, 2022	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-2,610,281-25.1%	$1.31M	7,807,921
Q1 2022Mar 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,983,934-22.9%	$3.09M	10,018,432
Q1 2022Mar 31, 2022	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-3,220,240-27.6%	$838.58K	8,438,079
Q1 2022Mar 31, 2022	SBUX Starbucks Corporation	Starbucks Corporation	Sell	-3,343,106-28.9%	$749.01K	8,233,643
Q1 2022Mar 31, 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-3,424,252-18.1%	$1.55M	15,486,666
Q1 2022Mar 31, 2022	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-3,669,290-23.7%	$789.76K	11,784,004
Q1 2022Mar 31, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-3,966,136-19.4%	$1.55M	16,457,291
Q1 2022Mar 31, 2022	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-6,976,763-96.6%	$42.97K	242,435
Q4 2021Dec 31, 2021	SABR Sabre Corporation	Sabre Corporation	Buy	+2,578,769+12.8%	$194.75K	22,672,237
Q4 2021Dec 31, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,069,807+5.5%	$1.94M	20,423,427
Q4 2021Dec 31, 2021	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+1,030,683+7.1%	$1.13M	15,453,294
Q4 2021Dec 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+968,000+8.0%	$4.37M	13,002,366
Q4 2021Dec 31, 2021	SBUX Starbucks Corporation	Starbucks Corporation	Buy	+831,723+7.7%	$1.35M	11,576,749
Q4 2021Dec 31, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+730,632+5.9%	$2.46M	13,019,452
Q4 2021Dec 31, 2021	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+635,823+5.8%	$1.19M	11,658,319
Q4 2021Dec 31, 2021	GOOGL Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+419,096	$1.21M	419,096
Q4 2021Dec 31, 2021	ROL Rollins, Inc.	Rollins, Inc.	Buy	+371,404+16.5%	$89.63K	2,619,965

Page 17 of 42 • 1259 total trades

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