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 2021Mar 31, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-79,369-0.4%	$1.72M	19,388,572
Q4 2020Dec 31, 2020	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+8,591,698+113.9%	$1.54M	16,133,793
Q4 2020Dec 31, 2020	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy - Position Entry	+5,631,204	$491.21K	5,631,204
Q4 2020Dec 31, 2020	SABR Sabre Corporation	Sabre Corporation	Buy	+3,458,939+34.1%	$163.66K	13,615,381
Q4 2020Dec 31, 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+737,625+8.3%	$1.43M	9,648,806
Q4 2020Dec 31, 2020	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+532,326+250.6%	$110.62K	744,771
Q4 2020Dec 31, 2020	SYK Stryker Corporation	Stryker Corporation	Buy	+357,755+5.7%	$1.63M	6,634,893
Q4 2020Dec 31, 2020	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+167,702+2.4%	$1.25M	7,087,617
Q4 2020Dec 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+142,879+1.2%	$2.69M	12,072,338
Q4 2020Dec 31, 2020	ZTS Zoetis Inc.	Zoetis Inc.	Buy - Position Entry	+121,003	$20.03K	121,003
Q4 2020Dec 31, 2020	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+120,067+14.8%	$113.80K	933,787
Q4 2020Dec 31, 2020	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+117,981	$12.87K	117,981
Q4 2020Dec 31, 2020	WAT Waters Corporation	Waters Corporation	Buy	+117,807+2.7%	$1.09M	4,409,835
Q4 2020Dec 31, 2020	EFX Equifax, Inc.	Equifax, Inc.	Buy	+95,979+16.6%	$129.74K	672,758
Q4 2020Dec 31, 2020	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+69,059+16.1%	$107.89K	498,577
Q4 2020Dec 31, 2020	SBUX Starbucks Corporation	Starbucks Corporation	Buy	+58,866+0.6%	$1.12M	10,441,081
Q4 2020Dec 31, 2020	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy - Position Entry	+38,171	$5.31K	38,171
Q4 2020Dec 31, 2020	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+22,070+6.6%	$129.91K	357,103
Q4 2020Dec 31, 2020	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+4,828+4.5%	$9.58K	112,079
Q4 2020Dec 31, 2020	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+4,443+0.1%	$1.09M	4,345,415
Q4 2020Dec 31, 2020	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+2,103+0.0%	$814.62K	10,255,848
Q4 2020Dec 31, 2020	CGNX Cognex Corporation	Cognex Corporation	Buy	+1,898+0.1%	$128.82K	1,604,491
Q4 2020Dec 31, 2020	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+1,776+0.1%	$81.64K	1,489,317
Q4 2020Dec 31, 2020	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+890+0.1%	$140.39K	627,344
Q4 2020Dec 31, 2020	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+725+0.1%	$126.25K	608,148
Q4 2020Dec 31, 2020	MASI Masimo Corporation	Masimo Corporation	Buy	+357+0.1%	$115.20K	429,254
Q4 2020Dec 31, 2020	MSCI MSCI Inc.	MSCI Inc.	Buy	+247+0.1%	$92.76K	207,737
Q4 2020Dec 31, 2020	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+232+0.1%	$97.25K	215,026
Q4 2020Dec 31, 2020	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Sell	-1,500-5.0%	$47.74K	28,500
Q4 2020Dec 31, 2020	MAR Marriott International	Marriott International	Sell	-1,632-0.6%	$36.66K	277,920

Page 23 of 42 • 1259 total trades

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