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
Q4 2016Dec 31, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+676,958+5.7%	$503.31K	12,595,293
Q4 2016Dec 31, 2016	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+388,714+8.4%	$524.06K	4,991,525
Q4 2016Dec 31, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+267,350+2.7%	$641.62K	10,202,283
Q4 2016Dec 31, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+187,023+3.8%	$472.69K	5,153,071
Q4 2016Dec 31, 2016	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+160,348+4.7%	$277.46K	3,590,783
Q4 2016Dec 31, 2016	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+120,074+3.0%	$473.90K	4,103,392
Q4 2016Dec 31, 2016	WAT Waters Corporation	Waters Corporation	Buy	+52,997+1.7%	$414.71K	3,083,357
Q4 2016Dec 31, 2016	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+19,873+1.0%	$126.85K	1,925,410
Q4 2016Dec 31, 2016	V Visa Inc.	Visa Inc.	Buy	+7,755+0.2%	$387.96K	4,952,292
Q4 2016Dec 31, 2016	SJM The J.M. Smucker Company	The J.M. Smucker Company	Sell	-1,534-0.0%	$467.83K	3,622,364
Q4 2016Dec 31, 2016	MMM 3M Company	3M Company	Sell	-8,010-0.4%	$349.78K	1,960,542
Q4 2016Dec 31, 2016	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-14,017-0.3%	$528.63K	4,476,866
Q4 2016Dec 31, 2016	MAR Marriott International	Marriott International	Sell	-19,942-10.2%	$14.97K	176,436
Q4 2016Dec 31, 2016	ORCL Oracle Corporation	Oracle Corporation	Sell - Position Exit	-22,526-100.0%	$0.00	-
Q3 2016Sep 30, 2016	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy - Position Entry	+3,430,435	$303.80K	3,430,435
Q3 2016Sep 30, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+2,022,180+20.4%	$488.29K	11,918,335
Q3 2016Sep 30, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+1,097,542+12.4%	$572.25K	9,934,933
Q3 2016Sep 30, 2016	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+1,062,725+30.0%	$500.65K	4,602,811
Q3 2016Sep 30, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+598,401+13.7%	$482.80K	4,966,048
Q3 2016Sep 30, 2016	WAT Waters Corporation	Waters Corporation	Buy	+589,042+24.1%	$480.28K	3,030,360
Q3 2016Sep 30, 2016	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy	+521,450+37.7%	$140.51K	1,905,537
Q3 2016Sep 30, 2016	V Visa Inc.	Visa Inc.	Buy	+427,457+9.5%	$408.91K	4,944,537
Q3 2016Sep 30, 2016	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+278,625+7.5%	$470.55K	3,983,318
Q3 2016Sep 30, 2016	SYK Stryker Corporation	Stryker Corporation	Buy	+204,143+5.2%	$481.57K	4,136,878
Q3 2016Sep 30, 2016	MAR Marriott International	Marriott International	Buy - Position Entry	+196,378	$13.22K	196,378
Q3 2016Sep 30, 2016	SJM The J.M. Smucker Company	The J.M. Smucker Company	Buy	+173,109+5.0%	$488.38K	3,623,898
Q3 2016Sep 30, 2016	MMM 3M Company	3M Company	Buy	+32,051+1.7%	$346.92K	1,968,552
Q3 2016Sep 30, 2016	ORCL Oracle Corporation	Oracle Corporation	Buy - Position Entry	+22,526	$881.00	22,526
Q3 2016Sep 30, 2016	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Buy	+21,547+0.5%	$506.26K	4,490,883
Q3 2016Sep 30, 2016	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell - Position Exit	-1,793,493-100.0%	$0.00	-

Page 36 of 42 • 1259 total trades

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