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 2018Jun 30, 2018	INTU Intuit Inc.	Intuit Inc.	Buy	+1,672+0.0%	$810.96K	3,969,347
Q2 2018Jun 30, 2018	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+1,447+0.0%	$965.28K	4,429,104
Q2 2018Jun 30, 2018	MAR Marriott International	Marriott International	Buy	+802+0.6%	$17.41K	137,544
Q2 2018Jun 30, 2018	V Visa Inc.	Visa Inc.	Sell	-841-0.0%	$757.60K	5,719,877
Q2 2018Jun 30, 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-15,227-0.1%	$1.27M	15,209,740
Q2 2018Jun 30, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Sell - Position Exit	-12,075,307-100.0%	$0.00	-
Q1 2018Mar 31, 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+5,142,881	$821.78K	5,142,881
Q1 2018Mar 31, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,401,190+18.7%	$885.53K	8,908,787
Q1 2018Mar 31, 2018	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+1,303,991+56.6%	$781.40K	3,605,906
Q1 2018Mar 31, 2018	INTU Intuit Inc.	Intuit Inc.	Buy	+1,210,005+43.9%	$687.80K	3,967,675
Q1 2018Mar 31, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+984,147+8.9%	$1.10M	12,075,307
Q1 2018Mar 31, 2018	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+780,013+13.4%	$718.60K	6,583,613
Q1 2018Mar 31, 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+763,390+5.3%	$1.16M	15,224,967
Q1 2018Mar 31, 2018	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+632,473+25.3%	$224.20K	3,127,734
Q1 2018Mar 31, 2018	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+464,559+12.1%	$645.21K	4,309,460
Q1 2018Mar 31, 2018	SYK Stryker Corporation	Stryker Corporation	Buy	+376,207+7.3%	$887.38K	5,514,447
Q1 2018Mar 31, 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+254,791+4.6%	$655.68K	5,777,983
Q1 2018Mar 31, 2018	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+22,901+0.5%	$847.41K	4,427,657
Q1 2018Mar 31, 2018	MMM 3M Company	3M Company	Buy	+12,792+0.5%	$593.23K	2,702,412
Q1 2018Mar 31, 2018	WAT Waters Corporation	Waters Corporation	Buy	+3,277+0.1%	$867.82K	4,368,590
Q1 2018Mar 31, 2018	MAR Marriott International	Marriott International	Sell	-2,953-2.1%	$18.59K	136,742
Q1 2018Mar 31, 2018	JNJ Johnson & Johnson	Johnson & Johnson	Sell	-4,545-0.1%	$554.54K	4,327,311
Q1 2018Mar 31, 2018	V Visa Inc.	Visa Inc.	Sell	-11,940-0.2%	$684.31K	5,720,718
Q4 2017Dec 31, 2017	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy - Position Entry	+14,461,577	$1.06M	14,461,577
Q4 2017Dec 31, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,255,808+20.1%	$793.18K	7,507,597
Q4 2017Dec 31, 2017	INTU Intuit Inc.	Intuit Inc.	Buy	+572,816+26.2%	$435.11K	2,757,670
Q4 2017Dec 31, 2017	V Visa Inc.	Visa Inc.	Buy	+516,508+9.9%	$653.64K	5,732,658
Q4 2017Dec 31, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+243,278+4.4%	$695.97K	5,803,600
Q4 2017Dec 31, 2017	MMM 3M Company	3M Company	Buy	+73,696+2.8%	$633.06K	2,689,620
Q4 2017Dec 31, 2017	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+17,359+0.7%	$188.27K	2,495,261

Page 33 of 42 • 1259 total trades

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