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
Q1 2021Mar 31, 2021	SBUX Starbucks Corporation	Starbucks Corporation	Buy	+279,348+2.7%	$1.17M	10,720,429
Q1 2021Mar 31, 2021	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+269,119+18.1%	$118.89K	1,758,436
Q1 2021Mar 31, 2021	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+248,335+3.9%	$1.09M	6,640,844
Q1 2021Mar 31, 2021	NKE Nike, Inc.	Nike, Inc.	Buy	+193,924+2.5%	$1.05M	7,927,468
Q1 2021Mar 31, 2021	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+127,279+13.6%	$111.18K	1,061,066
Q1 2021Mar 31, 2021	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+91,668+15.1%	$123.65K	699,816
Q1 2021Mar 31, 2021	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+91,204+75.4%	$33.42K	212,207
Q1 2021Mar 31, 2021	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+86,738+17.4%	$116.34K	585,315
Q1 2021Mar 31, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+46,392+121.5%	$11.45K	84,563
Q1 2021Mar 31, 2021	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+25,988+0.4%	$1.34M	7,113,605
Q1 2021Mar 31, 2021	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+20,343+0.3%	$1.98M	6,807,070
Q1 2021Mar 31, 2021	MAR Marriott International	Marriott International	Buy	+18,261+6.6%	$43.87K	296,181
Q1 2021Mar 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+14,774+0.2%	$1.89M	6,433,648
Q1 2021Mar 31, 2021	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+7,950+7.1%	$9.46K	120,029
Q1 2021Mar 31, 2021	CGNX Cognex Corporation	Cognex Corporation	Buy	+6,760+0.4%	$133.72K	1,611,251
Q1 2021Mar 31, 2021	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy - Position Entry	+5,265	$1.61K	5,265
Q1 2021Mar 31, 2021	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy	+3,137+0.4%	$137.93K	747,908
Q1 2021Mar 31, 2021	EFX Equifax, Inc.	Equifax, Inc.	Buy	+2,834+0.4%	$122.37K	675,592
Q1 2021Mar 31, 2021	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+2,643+0.4%	$132.89K	629,987
Q1 2021Mar 31, 2021	MASI Masimo Corporation	Masimo Corporation	Buy	+1,809+0.4%	$99.00K	431,063
Q1 2021Mar 31, 2021	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+1,505+0.4%	$121.77K	358,608
Q1 2021Mar 31, 2021	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+906+0.4%	$79.91K	215,932
Q1 2021Mar 31, 2021	MSCI MSCI Inc.	MSCI Inc.	Buy	+876+0.4%	$87.47K	208,613
Q1 2021Mar 31, 2021	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Sell	-4,275-15.0%	$35.66K	24,225
Q1 2021Mar 31, 2021	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-5,816-0.1%	$2.07M	4,220,612
Q1 2021Mar 31, 2021	INTU Intuit Inc.	Intuit Inc.	Sell	-10,325-0.2%	$1.75M	4,577,260
Q1 2021Mar 31, 2021	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-10,544-0.2%	$1.05M	4,334,871
Q1 2021Mar 31, 2021	WAT Waters Corporation	Waters Corporation	Sell	-16,291-0.4%	$1.25M	4,393,544
Q1 2021Mar 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-23,045-0.2%	$2.84M	12,049,293
Q1 2021Mar 31, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-28,991-0.2%	$2.99M	12,304,750

Page 22 of 42 • 1259 total trades

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