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 2023Sep 30, 2023	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+606,208+9.1%	$666.60M	7,274,964
Q3 2023Sep 30, 2023	ODD Oddity Tech	Oddity Tech	Buy - Position Entry	+575,000	$16.30M	575,000
Q3 2023Sep 30, 2023	MCD McDonald's Corporation	McDonald's Corporation	Buy - Position Entry	+92,320	$24.32M	92,320
Q3 2023Sep 30, 2023	SYK Stryker Corporation	Stryker Corporation	Buy	+7,158+0.1%	$1.51B	5,518,803
Q3 2023Sep 30, 2023	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+3,003+0.1%	$1.30B	2,964,554
Q3 2023Sep 30, 2023	AAPL Apple Inc.	Apple Inc.	Buy	+651+0.0%	$228.27M	1,333,286
Q3 2023Sep 30, 2023	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+514+0.2%	$42.73M	274,378
Q3 2023Sep 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+424+0.7%	$24.85M	62,758
Q3 2023Sep 30, 2023	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+417+0.2%	$38.76M	222,803
Q3 2023Sep 30, 2023	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+276+0.2%	$44.62M	147,657
Q3 2023Sep 30, 2023	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-624-0.1%	$629.96M	568,520
Q3 2023Sep 30, 2023	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-1,103-0.7%	$41.46M	159,904
Q3 2023Sep 30, 2023	MSCI MSCI Inc.	MSCI Inc.	Sell	-1,448-0.7%	$107.68M	209,869
Q3 2023Sep 30, 2023	IEX IDEX Corporation	IDEX Corporation	Sell	-2,116-0.5%	$80.92M	389,008
Q3 2023Sep 30, 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-2,604-0.1%	$706.92M	4,846,573
Q3 2023Sep 30, 2023	WAT Waters Corporation	Waters Corporation	Sell	-2,979-0.1%	$1.04B	3,806,494
Q3 2023Sep 30, 2023	EFX Equifax, Inc.	Equifax, Inc.	Sell	-3,395-0.7%	$90.11M	491,906
Q3 2023Sep 30, 2023	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-3,633-0.7%	$124.37M	526,454
Q3 2023Sep 30, 2023	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Sell	-4,041-0.7%	$56.47M	556,157
Q3 2023Sep 30, 2023	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-4,498-0.1%	$518.07M	6,450,913
Q3 2023Sep 30, 2023	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-4,512-0.7%	$99.75M	653,895
Q3 2023Sep 30, 2023	VRSN VeriSign, Inc.	VeriSign, Inc.	Sell	-4,625-0.7%	$135.73M	670,166
Q3 2023Sep 30, 2023	V Visa Inc.	Visa Inc.	Sell	-4,684-0.1%	$1.32B	5,756,599
Q3 2023Sep 30, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-5,695-0.1%	$1.12B	6,639,272
Q3 2023Sep 30, 2023	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-5,856-0.1%	$1.33B	5,520,512
Q3 2023Sep 30, 2023	GGG Graco Inc.	Graco Inc.	Sell	-6,252-0.5%	$89.13M	1,222,976
Q3 2023Sep 30, 2023	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-7,556-0.7%	$93.52M	1,092,545
Q3 2023Sep 30, 2023	NKE Nike, Inc.	Nike, Inc.	Sell	-8,384-0.1%	$640.87M	6,702,262
Q3 2023Sep 30, 2023	ROL Rollins, Inc.	Rollins, Inc.	Sell	-11,830-0.7%	$64.00M	1,714,331
Q3 2023Sep 30, 2023	CGNX Cognex Corporation	Cognex Corporation	Sell	-14,117-0.7%	$86.82M	2,045,671

Page 9 of 42 • 1259 total trades

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