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
Q2 2017Jun 30, 2017	MMM 3M Company	3M Company	Buy	+199,716+10.2%	$448.44K	2,154,065
Q2 2017Jun 30, 2017	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+118,489+3.2%	$369.09K	3,845,509
Q2 2017Jun 30, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+79,106+1.5%	$615.54K	5,240,912
Q2 2017Jun 30, 2017	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+5,977+0.3%	$449.26K	2,302,590
Q2 2017Jun 30, 2017	SYK Stryker Corporation	Stryker Corporation	Buy	+552+0.0%	$718.33K	5,176,005
Q2 2017Jun 30, 2017	MAR Marriott International	Marriott International	Buy	+60+0.0%	$18.53K	184,750
Q2 2017Jun 30, 2017	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-18,158-0.9%	$155.20K	2,105,319
Q2 2017Jun 30, 2017	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-25,596-0.6%	$539.54K	4,078,477
Q2 2017Jun 30, 2017	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-34,167-0.8%	$717.68K	4,446,040
Q2 2017Jun 30, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-35,246-0.7%	$616.13K	5,334,959
Q2 2017Jun 30, 2017	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-1,570,720-43.5%	$240.29K	2,043,846
Q1 2017Mar 31, 2017	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+565,992+4.5%	$566.20K	13,161,285
Q1 2017Mar 31, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+378,680+7.6%	$600.71K	5,370,205
Q1 2017Mar 31, 2017	WAT Waters Corporation	Waters Corporation	Buy	+349,178+11.3%	$536.54K	3,432,535
Q1 2017Mar 31, 2017	SYK Stryker Corporation	Stryker Corporation	Buy	+226,057+4.6%	$681.35K	5,175,453
Q1 2017Mar 31, 2017	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+198,067+10.3%	$154.58K	2,123,477
Q1 2017Mar 31, 2017	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+136,237+3.8%	$316.01K	3,727,020
Q1 2017Mar 31, 2017	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+133,125+3.4%	$410.72K	4,011,368
Q1 2017Mar 31, 2017	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+71,691+3.2%	$421.29K	2,296,613
Q1 2017Mar 31, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+8,735+0.2%	$582.77K	5,161,806
Q1 2017Mar 31, 2017	MAR Marriott International	Marriott International	Buy	+8,254+4.7%	$17.39K	184,690
Q1 2017Mar 31, 2017	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+3,341+0.1%	$692.68K	4,480,207
Q1 2017Mar 31, 2017	V Visa Inc.	Visa Inc.	Buy	+2,401+0.0%	$440.32K	4,954,693
Q1 2017Mar 31, 2017	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+681+0.0%	$511.16K	4,104,073
Q1 2017Mar 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-166-0.0%	$671.91K	10,202,117
Q1 2017Mar 31, 2017	MMM 3M Company	3M Company	Sell	-6,193-0.3%	$373.93K	1,954,349
Q1 2017Mar 31, 2017	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-7,798-0.2%	$473.80K	3,614,566
Q4 2016Dec 31, 2016	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy - Position Entry	+3,878,243	$401.24K	3,878,243
Q4 2016Dec 31, 2016	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy - Position Entry	+2,224,922	$369.67K	2,224,922
Q4 2016Dec 31, 2016	SYK Stryker Corporation	Stryker Corporation	Buy	+812,518+19.6%	$596.60K	4,949,396

Page 35 of 42 • 1259 total trades

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