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 2014Dec 31, 2014	MCD McDonald's Corporation	McDonald's Corporation	Buy	+627,492+11.4%	$284.11K	6,116,468
Q4 2014Dec 31, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+545,784+28.1%	$202.71K	2,488,707
Q4 2014Dec 31, 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+195,665+13.6%	$170.45K	1,629,983
Q4 2014Dec 31, 2014	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+189,091+12.4%	$238.66K	1,714,997
Q4 2014Dec 31, 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+108,240+7.5%	$139.45K	1,541,919
Q4 2014Dec 31, 2014	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+81,341+4.3%	$186.08K	1,967,897
Q4 2014Dec 31, 2014	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+57,510+3.6%	$137.54K	1,649,776
Q4 2014Dec 31, 2014	SYK Stryker Corporation	Stryker Corporation	Buy	+51,774+2.0%	$244.40K	2,590,890
Q4 2014Dec 31, 2014	MMM 3M Company	3M Company	Buy	+19,810+2.3%	$142.38K	866,465
Q4 2014Dec 31, 2014	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-262,980-21.5%	$53.88K	961,757
Q3 2014Sep 30, 2014	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy - Position Entry	+1,592,266	$116.05K	1,592,266
Q3 2014Sep 30, 2014	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy - Position Entry	+1,525,906	$173.66K	1,525,906
Q3 2014Sep 30, 2014	EBAY eBay Inc.	eBay Inc.	Buy	+748,074+62.8%	$109.77K	1,938,349
Q3 2014Sep 30, 2014	MCD McDonald's Corporation	McDonald's Corporation	Buy	+232,700+4.4%	$254.47K	5,488,976
Q3 2014Sep 30, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+158,810+8.9%	$162.04K	1,942,923
Q3 2014Sep 30, 2014	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+130,933+10.0%	$152.88K	1,434,318
Q3 2014Sep 30, 2014	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+101,686+11.7%	$63.08K	972,598
Q3 2014Sep 30, 2014	SYK Stryker Corporation	Stryker Corporation	Buy	+79,628+3.2%	$205.03K	2,539,116
Q3 2014Sep 30, 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+19,368+1.4%	$120.06K	1,433,679
Q3 2014Sep 30, 2014	V Visa Inc.	Visa Inc.	Buy	+15,764+2.7%	$127.54K	597,748
Q3 2014Sep 30, 2014	MMM 3M Company	3M Company	Buy	+11,559+1.4%	$119.95K	846,655
Q3 2014Sep 30, 2014	CHH Choice Hotels International, In	Choice Hotels International, In	Sell	-210,466-14.7%	$63.46K	1,224,737
Q2 2014Jun 30, 2014	EBAY eBay Inc.	eBay Inc.	Buy - Position Entry	+1,190,275	$59.59K	1,190,275
Q2 2014Jun 30, 2014	MCD McDonald's Corporation	McDonald's Corporation	Buy	+966,246+22.5%	$219.19K	5,256,276
Q2 2014Jun 30, 2014	CHH Choice Hotels International, In	Choice Hotels International, In	Buy	+564,291+64.8%	$67.61K	1,435,203
Q2 2014Jun 30, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+385,406+27.6%	$150.42K	1,784,113
Q2 2014Jun 30, 2014	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+364,510+72.0%	$59.38K	870,912
Q2 2014Jun 30, 2014	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+277,189+17.2%	$168.54K	1,886,556
Q2 2014Jun 30, 2014	SYK Stryker Corporation	Stryker Corporation	Buy	+233,533+10.5%	$207.38K	2,459,488
Q2 2014Jun 30, 2014	V Visa Inc.	Visa Inc.	Buy	+211,220+57.0%	$122.63K	581,984

Page 40 of 42 • 1259 total trades

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