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 2017Dec 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+14,825+0.1%	$948.74K	11,091,160
Q4 2017Dec 31, 2017	WAT Waters Corporation	Waters Corporation	Buy	+9,557+0.2%	$843.34K	4,365,313
Q4 2017Dec 31, 2017	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-30,045-0.5%	$647.26K	5,523,192
Q4 2017Dec 31, 2017	SYK Stryker Corporation	Stryker Corporation	Sell	-36,389-0.7%	$795.61K	5,138,240
Q4 2017Dec 31, 2017	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-42,335-1.0%	$605.25K	4,331,856
Q4 2017Dec 31, 2017	MAR Marriott International	Marriott International	Sell	-44,995-24.4%	$18.96K	139,695
Q4 2017Dec 31, 2017	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-14,088,162-76.2%	$688.82K	4,404,756
Q3 2017Sep 30, 2017	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+14,046,878+315.9%	$1.58M	18,492,918
Q3 2017Sep 30, 2017	INTU Intuit Inc.	Intuit Inc.	Buy	+1,094,420+100.4%	$310.90K	2,184,854
Q3 2017Sep 30, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,010,877+19.3%	$698.89K	6,251,789
Q3 2017Sep 30, 2017	WAT Waters Corporation	Waters Corporation	Buy	+521,801+13.6%	$778.55K	4,355,756
Q3 2017Sep 30, 2017	MMM 3M Company	3M Company	Buy	+461,859+21.4%	$548.14K	2,615,924
Q3 2017Sep 30, 2017	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+376,897+7.3%	$605.41K	5,553,237
Q3 2017Sep 30, 2017	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+372,583+17.7%	$181.23K	2,477,902
Q3 2017Sep 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+355,610+3.3%	$817.99K	11,076,335
Q3 2017Sep 30, 2017	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+295,714+7.3%	$566.06K	4,374,191
Q3 2017Sep 30, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+225,363+4.2%	$621.70K	5,560,322
Q3 2017Sep 30, 2017	MAR Marriott International	Marriott International	Sell	-60-0.0%	$20.32K	184,690
Q3 2017Sep 30, 2017	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-608-0.0%	$408.87K	3,844,901
Q3 2017Sep 30, 2017	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-675-0.0%	$445.65K	2,301,915
Q3 2017Sep 30, 2017	SYK Stryker Corporation	Stryker Corporation	Sell	-1,376-0.0%	$725.48K	5,174,629
Q3 2017Sep 30, 2017	V Visa Inc.	Visa Inc.	Sell	-1,473-0.0%	$545.35K	5,216,150
Q3 2017Sep 30, 2017	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell - Position Exit	-2,043,846-100.0%	$0.00	-
Q3 2017Sep 30, 2017	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell - Position Exit	-14,051,261-100.0%	$0.00	-
Q2 2017Jun 30, 2017	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+1,164,972+29.0%	$530.37K	5,176,340
Q2 2017Jun 30, 2017	INTU Intuit Inc.	Intuit Inc.	Buy - Position Entry	+1,090,434	$144.46K	1,090,434
Q2 2017Jun 30, 2017	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+889,976+6.8%	$754.13K	14,051,261
Q2 2017Jun 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+518,608+5.1%	$738.98K	10,720,725
Q2 2017Jun 30, 2017	WAT Waters Corporation	Waters Corporation	Buy	+401,420+11.7%	$704.83K	3,833,955
Q2 2017Jun 30, 2017	V Visa Inc.	Visa Inc.	Buy	+262,930+5.3%	$489.31K	5,217,623

Page 34 of 42 • 1259 total trades

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