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 2021Dec 31, 2021	NKE Nike, Inc.	Nike, Inc.	Sell	-10,757-0.1%	$1.46M	8,753,982
Q4 2021Dec 31, 2021	INTU Intuit Inc.	Intuit Inc.	Sell	-849,662-18.5%	$2.40M	3,732,877
Q3 2021Sep 30, 2021	SABR Sabre Corporation	Sabre Corporation	Buy	+4,511,772+29.0%	$237.91K	20,093,468
Q3 2021Sep 30, 2021	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+1,826,621+14.5%	$966.46K	14,422,611
Q3 2021Sep 30, 2021	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+1,798,374+19.5%	$910.13K	11,022,496
Q3 2021Sep 30, 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+908,972+5.1%	$1.52M	18,713,629
Q3 2021Sep 30, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+367,861	$1.21M	367,861
Q3 2021Sep 30, 2021	G Genpact	Genpact	Buy - Position Entry	+305,208	$14.50K	305,208
Q3 2021Sep 30, 2021	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+165,004+26.0%	$126.48K	798,462
Q3 2021Sep 30, 2021	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+143,994+3314.0%	$48.69K	148,339
Q3 2021Sep 30, 2021	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+104,750+17.8%	$142.13K	693,291
Q3 2021Sep 30, 2021	WAT Waters Corporation	Waters Corporation	Buy	+103,155+2.3%	$1.61M	4,511,194
Q3 2021Sep 30, 2021	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+60,374+14.9%	$158.19K	464,652
Q3 2021Sep 30, 2021	V Visa Inc.	Visa Inc.	Buy	+58,709+0.9%	$1.47M	6,595,049
Q3 2021Sep 30, 2021	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+47,863+0.7%	$1.16M	7,203,569
Q3 2021Sep 30, 2021	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+19,947+9.0%	$46.69K	240,502
Q3 2021Sep 30, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+17,977+6.0%	$44.48K	318,181
Q3 2021Sep 30, 2021	NKE Nike, Inc.	Nike, Inc.	Buy	+8,885+0.1%	$1.27M	8,764,739
Q3 2021Sep 30, 2021	ROL Rollins, Inc.	Rollins, Inc.	Buy	+7,874+0.4%	$79.44K	2,248,561
Q3 2021Sep 30, 2021	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+6,389+0.4%	$108.37K	1,774,515
Q3 2021Sep 30, 2021	CGNX Cognex Corporation	Cognex Corporation	Buy	+5,857+0.4%	$130.44K	1,625,987
Q3 2021Sep 30, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+5,432+0.1%	$1.52M	10,092,652
Q3 2021Sep 30, 2021	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+3,839+0.4%	$119.14K	1,070,513
Q3 2021Sep 30, 2021	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+2,802+0.4%	$158.72K	792,510
Q3 2021Sep 30, 2021	EFX Equifax, Inc.	Equifax, Inc.	Buy	+2,439+0.4%	$172.77K	681,754
Q3 2021Sep 30, 2021	WING Wingstop Inc.	Wingstop Inc.	Buy	+2,016+0.4%	$92.29K	562,965
Q3 2021Sep 30, 2021	MASI Masimo Corporation	Masimo Corporation	Buy	+1,572+0.4%	$117.76K	435,010
Q3 2021Sep 30, 2021	SYK Stryker Corporation	Stryker Corporation	Buy	+1,369+0.0%	$1.85M	7,015,492
Q3 2021Sep 30, 2021	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+1,242+0.0%	$2.05M	6,831,752
Q3 2021Sep 30, 2021	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+784+0.4%	$108.03K	217,906

Page 19 of 42 • 1259 total trades

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