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
Q2 2021Jun 30, 2021	CGNX Cognex Corporation	Cognex Corporation	Buy	+8,879+0.6%	$136.17K	1,620,130
Q2 2021Jun 30, 2021	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+8,348+3.9%	$41.10K	220,555
Q2 2021Jun 30, 2021	SYK Stryker Corporation	Stryker Corporation	Buy	+7,637+0.1%	$1.82M	7,014,123
Q2 2021Jun 30, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+6,488+0.1%	$2.24M	6,440,136
Q2 2021Jun 30, 2021	INTU Intuit Inc.	Intuit Inc.	Buy	+5,639+0.1%	$2.25M	4,582,899
Q2 2021Jun 30, 2021	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+5,608+0.5%	$107.40K	1,066,674
Q2 2021Jun 30, 2021	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+4,122+0.6%	$179.13K	752,030
Q2 2021Jun 30, 2021	EFX Equifax, Inc.	Equifax, Inc.	Buy	+3,723+0.6%	$162.70K	679,315
Q2 2021Jun 30, 2021	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+3,471+0.6%	$133.51K	633,458
Q2 2021Jun 30, 2021	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+3,226+0.6%	$134.00K	588,541
Q2 2021Jun 30, 2021	MASI Masimo Corporation	Masimo Corporation	Buy	+2,375+0.6%	$105.09K	433,438
Q2 2021Jun 30, 2021	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+2,102+1.8%	$9.94K	122,131
Q2 2021Jun 30, 2021	MAR Marriott International	Marriott International	Buy	+1,251+0.4%	$40.60K	297,432
Q2 2021Jun 30, 2021	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+1,190+0.6%	$78.92K	217,122
Q2 2021Jun 30, 2021	MSCI MSCI Inc.	MSCI Inc.	Buy	+1,149+0.6%	$111.82K	209,762
Q2 2021Jun 30, 2021	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-920-17.5%	$1.39K	4,345
Q2 2021Jun 30, 2021	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-6,321-0.1%	$1.05M	4,328,550
Q2 2021Jun 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-14,272-0.1%	$3.26M	12,035,021
Q2 2021Jun 30, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-15,280-0.1%	$3.58M	12,289,470
Q2 2021Jun 30, 2021	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-16,705-0.2%	$1.41M	7,096,900
Q2 2021Jun 30, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-34,952-0.2%	$1.92M	19,353,620
Q1 2021Mar 31, 2021	ROL Rollins, Inc.	Rollins, Inc.	Buy - Position Entry	+1,842,427	$63.42K	1,842,427
Q1 2021Mar 31, 2021	SABR Sabre Corporation	Sabre Corporation	Buy	+1,316,243+9.7%	$221.14K	14,931,624
Q1 2021Mar 31, 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+1,086,376+6.7%	$1.54M	17,220,169
Q1 2021Mar 31, 2021	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+975,848+9.5%	$774.65K	11,231,696
Q1 2021Mar 31, 2021	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Buy	+592,157+10.5%	$543.61K	6,223,361
Q1 2021Mar 31, 2021	WING Wingstop Inc.	Wingstop Inc.	Buy - Position Entry	+447,555	$56.92K	447,555
Q1 2021Mar 31, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+384,256+4.0%	$1.42M	10,033,062
Q1 2021Mar 31, 2021	SYK Stryker Corporation	Stryker Corporation	Buy	+371,593+5.6%	$1.71M	7,006,486
Q1 2021Mar 31, 2021	V Visa Inc.	Visa Inc.	Buy	+370,101+6.0%	$1.37M	6,492,332

Page 21 of 42 • 1259 total trades

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