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 2018Sep 30, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+12,074,060	$1.38M	12,074,060
Q3 2018Sep 30, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,934,219+18.5%	$1.01M	12,409,367
Q3 2018Sep 30, 2018	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+1,474,901+41.1%	$338.87K	5,061,560
Q3 2018Sep 30, 2018	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+964,438+19.6%	$854.63K	5,880,997
Q3 2018Sep 30, 2018	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+488,214+6.4%	$913.42K	8,170,141
Q3 2018Sep 30, 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+442,859+8.0%	$980.29K	5,960,662
Q3 2018Sep 30, 2018	WAT Waters Corporation	Waters Corporation	Buy	+297,565+6.3%	$978.57K	5,026,559
Q3 2018Sep 30, 2018	INTU Intuit Inc.	Intuit Inc.	Buy	+120,882+3.0%	$930.12K	4,090,229
Q3 2018Sep 30, 2018	MMM 3M Company	3M Company	Buy	+88,566+2.6%	$734.69K	3,486,738
Q3 2018Sep 30, 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+26,045+0.5%	$875.72K	5,812,535
Q3 2018Sep 30, 2018	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+25,716+0.6%	$632.99K	4,581,202
Q3 2018Sep 30, 2018	MAR Marriott International	Marriott International	Buy	+22,094+16.1%	$21.08K	159,638
Q3 2018Sep 30, 2018	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+7,963+0.2%	$976.93K	3,743,042
Q3 2018Sep 30, 2018	SYK Stryker Corporation	Stryker Corporation	Buy	+4,691+0.1%	$981.03K	5,521,353
Q3 2018Sep 30, 2018	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-2,461-0.1%	$1.11M	4,426,643
Q3 2018Sep 30, 2018	V Visa Inc.	Visa Inc.	Sell	-4,136-0.1%	$857.88K	5,715,741
Q3 2018Sep 30, 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-7,530-0.0%	$1.34M	15,202,210
Q3 2018Sep 30, 2018	MCD McDonald's Corporation	McDonald's Corporation	Sell - Position Exit	-12,080,320-100.0%	$0.00	-
Q2 2018Jun 30, 2018	MCD McDonald's Corporation	McDonald's Corporation	Buy - Position Entry	+12,080,320	$1.19M	12,080,320
Q2 2018Jun 30, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,566,361+17.6%	$845.76K	10,475,148
Q2 2018Jun 30, 2018	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+1,098,314+16.7%	$836.33K	7,681,927
Q2 2018Jun 30, 2018	MMM 3M Company	3M Company	Buy	+695,760+25.7%	$668.49K	3,398,172
Q2 2018Jun 30, 2018	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+607,099+14.1%	$701.54K	4,916,559
Q2 2018Jun 30, 2018	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+458,925+14.7%	$232.45K	3,586,659
Q2 2018Jun 30, 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+374,922+7.3%	$1.07M	5,517,803
Q2 2018Jun 30, 2018	WAT Waters Corporation	Waters Corporation	Buy	+360,404+8.2%	$915.49K	4,728,994
Q2 2018Jun 30, 2018	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+228,175+5.3%	$552.76K	4,555,486
Q2 2018Jun 30, 2018	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+129,173+3.6%	$894.77K	3,735,079
Q2 2018Jun 30, 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+8,507+0.1%	$776.20K	5,786,490
Q2 2018Jun 30, 2018	SYK Stryker Corporation	Stryker Corporation	Buy	+2,215+0.0%	$931.54K	5,516,662

Page 32 of 42 • 1259 total trades

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