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 2022Sep 30, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+10,642+0.1%	$1.37M	16,489,067
Q3 2022Sep 30, 2022	EW Edwards Lifesciences Corporatio	Edwards Lifesciences Corporatio	Buy - Position Entry	+9,979	$825.00	9,979
Q3 2022Sep 30, 2022	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+9,892+1.2%	$72.14K	855,203
Q3 2022Sep 30, 2022	MASI Masimo Corporation	Masimo Corporation	Buy	+8,848+1.2%	$108.01K	765,161
Q3 2022Sep 30, 2022	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+8,035+1.2%	$117.34K	675,533
Q3 2022Sep 30, 2022	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+7,287+0.1%	$1.17M	7,144,313
Q3 2022Sep 30, 2022	NKE Nike, Inc.	Nike, Inc.	Buy	+6,671+0.1%	$559.76K	6,734,408
Q3 2022Sep 30, 2022	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+6,300+0.1%	$1.26M	5,571,678
Q3 2022Sep 30, 2022	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+5,857+1.1%	$90.50K	530,677
Q3 2022Sep 30, 2022	EFX Equifax, Inc.	Equifax, Inc.	Buy	+5,737+1.2%	$85.00K	495,850
Q3 2022Sep 30, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+5,302+0.1%	$766.63K	6,784,322
Q3 2022Sep 30, 2022	V Visa Inc.	Visa Inc.	Buy	+5,048+0.1%	$1.00M	5,635,390
Q3 2022Sep 30, 2022	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+4,678+0.1%	$1.29M	5,955,974
Q3 2022Sep 30, 2022	WAT Waters Corporation	Waters Corporation	Buy	+3,972+0.1%	$995.43K	3,693,197
Q3 2022Sep 30, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+2,803+0.1%	$743.57K	5,480,284
Q3 2022Sep 30, 2022	ADBE Adobe Inc.	Adobe Inc.	Buy	+2,449+0.1%	$581.03K	2,111,297
Q3 2022Sep 30, 2022	MSCI MSCI Inc.	MSCI Inc.	Buy	+2,447+1.2%	$89.23K	211,551
Q3 2022Sep 30, 2022	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+1,902+0.1%	$1.18M	3,620,777
Q3 2022Sep 30, 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+1,593+0.5%	$39.67K	314,211
Q3 2022Sep 30, 2022	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+1,393+0.5%	$44.90K	274,847
Q3 2022Sep 30, 2022	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+1,132+0.5%	$33.10K	223,185
Q3 2022Sep 30, 2022	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+750+0.5%	$42.01K	152,255
Q3 2022Sep 30, 2022	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Sell	-94,414-36.9%	$53.23K	161,308
Q3 2022Sep 30, 2022	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-104,576-27.6%	$60.87K	274,559
Q3 2022Sep 30, 2022	ROL Rollins, Inc.	Rollins, Inc.	Sell	-151,188-8.0%	$59.93K	1,728,084
Q3 2022Sep 30, 2022	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-268,786-28.9%	$92.19K	661,420
Q3 2022Sep 30, 2022	SYK Stryker Corporation	Stryker Corporation	Sell	-421,279-7.0%	$1.14M	5,628,569
Q3 2022Sep 30, 2022	INTU Intuit Inc.	Intuit Inc.	Sell	-674,761-28.5%	$657.15K	1,696,667
Q3 2022Sep 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-735,920-7.3%	$2.16M	9,284,614
Q3 2022Sep 30, 2022	WING Wingstop Inc.	Wingstop Inc.	Sell - Position Exit	-825,464-100.0%	$0.00	-

Page 14 of 42 • 1259 total trades

«‹

12 13 14 15 16

›»