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 2023Dec 31, 2023	MSCI MSCI Inc.	MSCI Inc.	Sell	-2,704-1.3%	$117.18M	207,165
Q4 2023Dec 31, 2023	MAR Marriott International	Marriott International	Sell	-4,175-0.1%	$990.33M	4,391,506
Q4 2023Dec 31, 2023	IEX IDEX Corporation	IDEX Corporation	Sell	-5,011-1.3%	$83.37M	383,997
Q4 2023Dec 31, 2023	WAT Waters Corporation	Waters Corporation	Sell	-5,806-0.2%	$1.25B	3,800,688
Q4 2023Dec 31, 2023	SYK Stryker Corporation	Stryker Corporation	Sell	-6,177-0.1%	$1.65B	5,512,626
Q4 2023Dec 31, 2023	EFX Equifax, Inc.	Equifax, Inc.	Sell	-6,337-1.3%	$120.08M	485,569
Q4 2023Dec 31, 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-6,641-0.1%	$709.24M	4,839,932
Q4 2023Dec 31, 2023	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-6,782-1.3%	$124.13M	519,672
Q4 2023Dec 31, 2023	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-7,164-1.3%	$59.59M	548,993
Q4 2023Dec 31, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-7,439-0.1%	$1.77B	4,998,706
Q4 2023Dec 31, 2023	VRSN VeriSign, Inc.	VeriSign, Inc.	Sell	-8,633-1.3%	$136.25M	661,533
Q4 2023Dec 31, 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-8,760-0.1%	$576.38M	6,442,153
Q4 2023Dec 31, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-8,906-0.1%	$1.13B	6,630,366
Q4 2023Dec 31, 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-10,848-0.1%	$686.89M	7,264,116
Q4 2023Dec 31, 2023	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-14,074-1.3%	$94.95M	1,078,471
Q4 2023Dec 31, 2023	GGG Graco Inc.	Graco Inc.	Sell	-15,755-1.3%	$104.74M	1,207,221
Q4 2023Dec 31, 2023	NKE Nike, Inc.	Nike, Inc.	Sell	-16,849-0.3%	$725.84M	6,685,413
Q4 2023Dec 31, 2023	V Visa Inc.	Visa Inc.	Sell	-18,068-0.3%	$1.49B	5,738,531
Q4 2023Dec 31, 2023	ROL Rollins, Inc.	Rollins, Inc.	Sell	-22,085-1.3%	$73.90M	1,692,246
Q4 2023Dec 31, 2023	CGNX Cognex Corporation	Cognex Corporation	Sell	-26,353-1.3%	$84.29M	2,019,318
Q4 2023Dec 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-26,879-0.2%	$1.41B	15,037,657
Q4 2023Dec 31, 2023	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-29,940-4.6%	$122.47M	623,955
Q4 2023Dec 31, 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-222,282-1.5%	$1.03B	15,090,383
Q4 2023Dec 31, 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-235,637-7.9%	$1.51B	2,728,917
Q4 2023Dec 31, 2023	SABR Sabre Corporation	Sabre Corporation	Sell	-290,521-1.3%	$97.95M	22,261,537
Q4 2023Dec 31, 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-433,465-3.6%	$665.37M	11,652,706
Q4 2023Dec 31, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-571,317-7.5%	$980.26M	7,017,411
Q4 2023Dec 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-705,498-8.2%	$2.99B	7,943,324
Q3 2023Sep 30, 2023	MAR Marriott International	Marriott International	Buy	+4,207,552+2236.5%	$864.02M	4,395,681
Q3 2023Sep 30, 2023	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+2,610,938+112.9%	$288.95M	4,924,241

Page 8 of 42 • 1259 total trades

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