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 2018Dec 31, 2018	SABR Sabre Corporation	Sabre Corporation	Buy - Position Entry	+2,262,871	$48.97K	2,262,871
Q4 2018Dec 31, 2018	CGNX Cognex Corporation	Cognex Corporation	Buy - Position Entry	+1,033,167	$39.95K	1,033,167
Q4 2018Dec 31, 2018	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy - Position Entry	+689,903	$29.46K	689,903
Q4 2018Dec 31, 2018	EFX Equifax, Inc.	Equifax, Inc.	Buy - Position Entry	+527,747	$49.15K	527,747
Q4 2018Dec 31, 2018	MASI Masimo Corporation	Masimo Corporation	Buy - Position Entry	+479,372	$51.47K	479,372
Q4 2018Dec 31, 2018	CHKP Check Point	Check Point	Buy - Position Entry	+479,073	$49.18K	479,073
Q4 2018Dec 31, 2018	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy - Position Entry	+450,436	$49.12K	450,436
Q4 2018Dec 31, 2018	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+394,564+6.7%	$911.97K	6,275,561
Q4 2018Dec 31, 2018	INTU Intuit Inc.	Intuit Inc.	Buy	+297,945+7.3%	$997.87K	4,388,174
Q4 2018Dec 31, 2018	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy - Position Entry	+273,041	$39.03K	273,041
Q4 2018Dec 31, 2018	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy - Position Entry	+272,873	$40.46K	272,873
Q4 2018Dec 31, 2018	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy - Position Entry	+170,928	$20.93K	170,928
Q4 2018Dec 31, 2018	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy - Position Entry	+169,115	$19.16K	169,115
Q4 2018Dec 31, 2018	MSCI MSCI Inc.	MSCI Inc.	Buy - Position Entry	+144,247	$21.27K	144,247
Q4 2018Dec 31, 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+132,177+2.2%	$1.00M	6,092,839
Q4 2018Dec 31, 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+50,578+0.9%	$883.34K	5,863,113
Q4 2018Dec 31, 2018	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy - Position Entry	+18,267	$5.35K	18,267
Q4 2018Dec 31, 2018	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-6,827-0.1%	$632.04K	4,574,375
Q4 2018Dec 31, 2018	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-13,637-0.4%	$973.37K	3,729,405
Q4 2018Dec 31, 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-44,591-0.3%	$1.33M	15,157,619
Q4 2018Dec 31, 2018	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-44,595-1.0%	$1.09M	4,382,048
Q4 2018Dec 31, 2018	MMM 3M Company	3M Company	Sell	-47,291-1.4%	$724.73K	3,439,447
Q4 2018Dec 31, 2018	SYK Stryker Corporation	Stryker Corporation	Sell	-52,028-0.9%	$971.79K	5,469,325
Q4 2018Dec 31, 2018	MAR Marriott International	Marriott International	Sell	-56,166-35.2%	$13.66K	103,472
Q4 2018Dec 31, 2018	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-70,943-0.9%	$905.49K	8,099,198
Q4 2018Dec 31, 2018	V Visa Inc.	Visa Inc.	Sell	-71,475-1.3%	$847.15K	5,644,266
Q4 2018Dec 31, 2018	WAT Waters Corporation	Waters Corporation	Sell	-93,232-1.9%	$960.42K	4,933,327
Q4 2018Dec 31, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-101,244-0.8%	$1.00M	12,308,123
Q4 2018Dec 31, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-173,020-1.4%	$1.36M	11,901,040
Q4 2018Dec 31, 2018	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-2,880,379-56.9%	$146.03K	2,181,181

Page 31 of 42 • 1259 total trades

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