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
Q4 2021Dec 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+360,125+5.6%	$2.29M	6,800,261
Q4 2021Dec 31, 2021	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+333,409+4.9%	$2.65M	7,165,161
Q4 2021Dec 31, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+325,550+3.2%	$1.81M	10,418,202
Q4 2021Dec 31, 2021	V Visa Inc.	Visa Inc.	Buy	+273,645+4.1%	$1.49M	6,868,694
Q4 2021Dec 31, 2021	SYK Stryker Corporation	Stryker Corporation	Buy	+237,196+3.4%	$1.94M	7,252,688
Q4 2021Dec 31, 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+197,289+1.1%	$1.83M	18,910,918
Q4 2021Dec 31, 2021	CGNX Cognex Corporation	Cognex Corporation	Buy	+186,106+11.4%	$140.91K	1,812,093
Q4 2021Dec 31, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+57,565+15.6%	$1.42M	425,426
Q4 2021Dec 31, 2021	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+54,510+6.8%	$146.83K	852,972
Q4 2021Dec 31, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+52,948+16.6%	$60.71K	371,129
Q4 2021Dec 31, 2021	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+23,112+9.6%	$64.33K	263,614
Q4 2021Dec 31, 2021	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+15,629+0.2%	$1.23M	7,219,198
Q4 2021Dec 31, 2021	G Genpact	Genpact	Buy	+12,129+4.0%	$16.84K	317,337
Q4 2021Dec 31, 2021	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+12,088+9.3%	$17.05K	141,721
Q4 2021Dec 31, 2021	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+11,304+7.6%	$66.25K	159,643
Q4 2021Dec 31, 2021	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+5,890+4.8%	$10.99K	128,780
Q4 2021Dec 31, 2021	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+3,804+0.2%	$152.67K	1,778,319
Q4 2021Dec 31, 2021	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+2,310+0.2%	$147.21K	1,072,823
Q4 2021Dec 31, 2021	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+1,707+0.2%	$181.66K	794,217
Q4 2021Dec 31, 2021	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+1,490+0.2%	$176.35K	694,781
Q4 2021Dec 31, 2021	EFX Equifax, Inc.	Equifax, Inc.	Buy	+1,477+0.2%	$200.04K	683,231
Q4 2021Dec 31, 2021	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+1,360+0.2%	$228.50K	635,775
Q4 2021Dec 31, 2021	WING Wingstop Inc.	Wingstop Inc.	Buy	+1,218+0.2%	$97.49K	564,183
Q4 2021Dec 31, 2021	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+998+0.2%	$186.78K	465,650
Q4 2021Dec 31, 2021	MASI Masimo Corporation	Masimo Corporation	Buy	+927+0.2%	$127.63K	435,937
Q4 2021Dec 31, 2021	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+468+0.2%	$90.67K	218,374
Q4 2021Dec 31, 2021	MSCI MSCI Inc.	MSCI Inc.	Buy	+451+0.2%	$129.26K	210,971
Q4 2021Dec 31, 2021	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+81+0.0%	$2.79M	4,242,283
Q4 2021Dec 31, 2021	WAT Waters Corporation	Waters Corporation	Sell	-315-0.0%	$1.68M	4,510,879
Q4 2021Dec 31, 2021	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-1,744-0.0%	$1.75M	7,094,390

Page 18 of 42 • 1259 total trades

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