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 2021Sep 30, 2021	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+759+0.6%	$9.29K	122,890
Q3 2021Sep 30, 2021	MSCI MSCI Inc.	MSCI Inc.	Buy	+758+0.4%	$128.07K	210,520
Q3 2021Sep 30, 2021	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-260-0.0%	$2.64M	4,242,202
Q3 2021Sep 30, 2021	INTU Intuit Inc.	Intuit Inc.	Sell	-360-0.0%	$2.47M	4,582,539
Q3 2021Sep 30, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-650-0.0%	$3.20M	12,288,820
Q3 2021Sep 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-655-0.0%	$3.39M	12,034,366
Q3 2021Sep 30, 2021	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-766-0.0%	$1.42M	7,096,134
Q3 2021Sep 30, 2021	SBUX Starbucks Corporation	Starbucks Corporation	Sell	-1,259-0.0%	$1.19M	10,745,026
Q3 2021Sep 30, 2021	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-117,615-15.6%	$185.28K	634,415
Q3 2021Sep 30, 2021	MAR Marriott International	Marriott International	Sell - Position Exit	-297,432-100.0%	$0.00	-
Q3 2021Sep 30, 2021	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell - Position Exit	-4,328,550-100.0%	$0.00	-
Q2 2021Jun 30, 2021	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+3,000,761+48.2%	$786.08K	9,224,122
Q2 2021Jun 30, 2021	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+1,364,294+12.1%	$943.94K	12,595,990
Q2 2021Jun 30, 2021	NKE Nike, Inc.	Nike, Inc.	Buy	+828,386+10.4%	$1.35M	8,755,854
Q2 2021Jun 30, 2021	SABR Sabre Corporation	Sabre Corporation	Buy	+650,072+4.4%	$194.46K	15,581,696
Q2 2021Jun 30, 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+584,488+3.4%	$1.57M	17,804,657
Q2 2021Jun 30, 2021	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+514,862+7.8%	$1.18M	7,155,706
Q2 2021Jun 30, 2021	ROL Rollins, Inc.	Rollins, Inc.	Buy	+398,260+21.6%	$76.63K	2,240,687
Q2 2021Jun 30, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+215,641+255.0%	$40.51K	300,204
Q2 2021Jun 30, 2021	WING Wingstop Inc.	Wingstop Inc.	Buy	+113,394+25.3%	$88.42K	560,949
Q2 2021Jun 30, 2021	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+89,892+12.8%	$137.98K	789,708
Q2 2021Jun 30, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+54,158+0.5%	$1.49M	10,087,220
Q2 2021Jun 30, 2021	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+45,670+12.7%	$140.31K	404,278
Q2 2021Jun 30, 2021	V Visa Inc.	Visa Inc.	Buy	+44,008+0.7%	$1.53M	6,536,340
Q2 2021Jun 30, 2021	SBUX Starbucks Corporation	Starbucks Corporation	Buy	+25,856+0.2%	$1.20M	10,746,285
Q2 2021Jun 30, 2021	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+23,440+0.3%	$2.17M	6,830,510
Q2 2021Jun 30, 2021	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+21,850+0.5%	$2.68M	4,242,462
Q2 2021Jun 30, 2021	WAT Waters Corporation	Waters Corporation	Buy	+14,495+0.3%	$1.52M	4,408,039
Q2 2021Jun 30, 2021	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+11,652+9.9%	$15.58K	129,633
Q2 2021Jun 30, 2021	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+9,690+0.6%	$127.41K	1,768,126

Page 20 of 42 • 1259 total trades

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