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 2024Sep 30, 2024	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+155,849+10.1%	$351.30M	1,700,630
Q3 2024Sep 30, 2024	CLX Clorox Company (The)	Clorox Company (The)	Buy	+43,291+7.6%	$99.94M	613,497
Q3 2024Sep 30, 2024	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Buy	+2,950+0.0%	$638.32M	6,141,228
Q3 2024Sep 30, 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+2,828+0.0%	$1.14B	6,852,087
Q3 2024Sep 30, 2024	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+2,521+1.1%	$45.08M	230,726
Q3 2024Sep 30, 2024	MAR Marriott International	Marriott International	Buy	+2,144+0.1%	$1.06B	4,266,655
Q3 2024Sep 30, 2024	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+1,615+1.1%	$59.89M	147,815
Q3 2024Sep 30, 2024	MCD McDonald's Corporation	McDonald's Corporation	Buy	+1,032+1.1%	$28.75M	94,403
Q3 2024Sep 30, 2024	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+970+0.0%	$1.35B	2,664,162
Q3 2024Sep 30, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+710+1.1%	$32.09M	64,990
Q3 2024Sep 30, 2024	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Buy	+344+0.1%	$887.70M	591,919
Q3 2024Sep 30, 2024	V Visa Inc.	Visa Inc.	Sell	-5,689-0.1%	$1.53B	5,546,831
Q3 2024Sep 30, 2024	WAT Waters Corporation	Waters Corporation	Sell	-8,451-0.2%	$1.31B	3,645,999
Q3 2024Sep 30, 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-13,941-0.2%	$1.54B	5,571,820
Q3 2024Sep 30, 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-13,996-0.3%	$802.47M	4,633,222
Q3 2024Sep 30, 2024	SYK Stryker Corporation	Stryker Corporation	Sell	-19,443-0.4%	$1.93B	5,336,821
Q3 2024Sep 30, 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-21,099-0.4%	$976.08M	5,739,988
Q3 2024Sep 30, 2024	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-31,591-0.5%	$720.76M	6,882,775
Q3 2024Sep 30, 2024	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-46,366-10.0%	$111.92M	417,685
Q3 2024Sep 30, 2024	EFX Equifax, Inc.	Equifax, Inc.	Sell	-95,059-20.7%	$106.77M	363,328
Q3 2024Sep 30, 2024	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-167,371-1.6%	$784.67M	10,118,293
Q3 2024Sep 30, 2024	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-181,621-17.8%	$96.43M	836,477
Q3 2024Sep 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-240,340-3.4%	$2.97B	6,900,275
Q3 2024Sep 30, 2024	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-1,128,244-10.1%	$492.52M	10,010,507
Q3 2024Sep 30, 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-2,461,786-17.0%	$1.46B	12,012,659
Q3 2024Sep 30, 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-8,320,340-82.8%	$142.23M	1,728,157
Q2 2024Jun 30, 2024	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+2,110,679+25.8%	$619.92M	10,285,664
Q2 2024Jun 30, 2024	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Buy	+433,475+39.0%	$300.51M	1,544,781
Q2 2024Jun 30, 2024	ODD Oddity Tech	Oddity Tech	Buy	+287,845+21.7%	$63.41M	1,615,158
Q2 2024Jun 30, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-169-0.3%	$28.36M	64,280

Page 4 of 42 • 1259 total trades

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