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 2020Mar 31, 2020	MASI Masimo Corporation	Masimo Corporation	Sell	-99,110-17.2%	$84.28K	475,853
Q1 2020Mar 31, 2020	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-136,925-2.0%	$1.07M	6,738,662
Q1 2020Mar 31, 2020	SYK Stryker Corporation	Stryker Corporation	Sell	-151,667-2.5%	$987.51K	5,931,325
Q1 2020Mar 31, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-154,425-2.3%	$1.07M	6,433,861
Q1 2020Mar 31, 2020	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-189,365-2.9%	$857.64K	6,274,833
Q1 2020Mar 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-217,608-1.8%	$1.89M	11,972,921
Q1 2020Mar 31, 2020	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-255,506-3.5%	$1.01M	7,124,205
Q1 2020Mar 31, 2020	INTU Intuit Inc.	Intuit Inc.	Sell	-285,450-6.0%	$1.03M	4,457,596
Q1 2020Mar 31, 2020	V Visa Inc.	Visa Inc.	Sell	-316,879-4.9%	$982.61K	6,098,637
Q1 2020Mar 31, 2020	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-346,672-7.5%	$1.03M	4,245,227
Q1 2020Mar 31, 2020	WAT Waters Corporation	Waters Corporation	Sell	-351,616-6.9%	$865.66K	4,755,050
Q1 2020Mar 31, 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-474,329-5.6%	$960.21K	7,995,065
Q1 2020Mar 31, 2020	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-683,618-11.3%	$705.45K	5,379,781
Q1 2020Mar 31, 2020	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-2,778,705-18.3%	$1.19M	12,407,094
Q4 2019Dec 31, 2019	CLX Clorox Company (The)	Clorox Company (The)	Buy - Position Entry	+1,682,176	$258.28K	1,682,176
Q4 2019Dec 31, 2019	SABR Sabre Corporation	Sabre Corporation	Buy	+439,380+12.1%	$91.34K	4,070,298
Q4 2019Dec 31, 2019	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+387,421+4.2%	$651.03K	9,630,607
Q4 2019Dec 31, 2019	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy	+329,485+38.8%	$56.12K	1,178,048
Q4 2019Dec 31, 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+180,289+2.2%	$1.16M	8,469,394
Q4 2019Dec 31, 2019	SYK Stryker Corporation	Stryker Corporation	Buy	+137,887+2.3%	$1.28M	6,082,992
Q4 2019Dec 31, 2019	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+108,840+1.6%	$1.42M	6,875,587
Q4 2019Dec 31, 2019	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+106,578+1.8%	$884.47K	6,063,399
Q4 2019Dec 31, 2019	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+106,103+1.6%	$1.35M	6,588,286
Q4 2019Dec 31, 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+88,039+1.2%	$1.25M	7,379,711
Q4 2019Dec 31, 2019	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+87,133+16.3%	$92.84K	621,663
Q4 2019Dec 31, 2019	INTU Intuit Inc.	Intuit Inc.	Buy	+82,411+1.8%	$1.24M	4,743,046
Q4 2019Dec 31, 2019	CHKP Check Point	Check Point	Buy	+74,049+10.2%	$88.97K	801,834
Q4 2019Dec 31, 2019	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+66,904+17.0%	$66.64K	459,804
Q4 2019Dec 31, 2019	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+35,883+0.8%	$1.20M	4,591,899
Q4 2019Dec 31, 2019	EFX Equifax, Inc.	Equifax, Inc.	Buy	+33,467+5.4%	$91.68K	654,288

Page 27 of 42 • 1259 total trades

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