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 – Manhattan Associates, Inc. (MANH), NAPCO Security Technologies, In (NSSC), Vertiv Holdings, LLC (VRT)

Increases – Catalyst Pharmaceuticals, Inc. (CPRX), Doximity, Inc. (DOCS), Intuit Inc. (INTU), Zoetis Inc. (ZTS)

Reductions – Automatic Data Processing, Inc. (ADP), Church & Dwight Company, Inc. (CHD), Exponent, Inc. (EXPO), Fortinet, Inc. (FTNT), Graco Inc. (GGG), and 20 more

Complete Exits – Brown Forman Inc (BF-B), Equifax, Inc. (EFX)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-151,800	-3.4%	$1.35B	4,362,099
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell - Position Exit	-9,637,881	-100.0%	$0.00	-
Q2 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-23,197	-0.3%	$655.88M	6,824,289
Q2 2025	CPRX Catalyst Pharmaceuticals, Inc.	Catalyst Pharmaceuticals, Inc.	Buy	+557,812	+25.9%	$58.79M	2,709,086
Q2 2025	DOCS Doximity, Inc.	Doximity, Inc.	Buy	+166,062	+14.0%	$83.17M	1,355,944
Q2 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell - Position Exit	-235,505	-100.0%	$0.00	-
Q2 2025	EXPO Exponent, Inc.	Exponent, Inc.	Sell	-89,657	-10.7%	$55.79M	746,820
Q2 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-104,678	-1.2%	$889.99M	8,418,362
Q2 2025	GGG Graco Inc.	Graco Inc.	Sell	-239,096	-21.0%	$77.42M	900,545
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-39,759	-0.6%	$1.20B	6,803,454
Q2 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-31,369	-27.3%	$30.57M	83,367
Q2 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-9,042	-0.3%	$1.42B	2,639,289
Q2 2025	INTU Intuit Inc.	Intuit Inc.	Buy	+186,912	+102.9%	$290.27M	368,540
Q2 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-21,791	-44.1%	$15.54M	27,663
Q2 2025	MANH Manhattan Associates, Inc.	Manhattan Associates, Inc.	Buy - Position Entry	+288,332	-	$56.94M	288,332
Q2 2025	MAR Marriott International	Marriott International	Sell	-14,961	-0.4%	$1.16B	4,236,599
Q2 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-315,044	-8.1%	$2.63B	3,568,752
Q2 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-428,653	-8.0%	$2.46B	4,941,509
Q2 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-801	-0.1%	$693.13M	590,037
Q2 2025	NKE Nike, Inc.	Nike, Inc.	Sell	-6,146	-0.1%	$435.44M	6,129,483
Q2 2025	NSSC NAPCO Security Technologies, In	NAPCO Security Technologies, In	Buy - Position Entry	+954,912	-	$28.35M	954,912
Q2 2025	ODD Oddity Tech	Oddity Tech	Sell	-198,202	-12.3%	$106.94M	1,416,956
Q2 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-47,586	-0.8%	$576.21M	5,819,151
Q2 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-48,126	-1.0%	$728.46M	4,572,280
Q2 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-1,731,697	-16.0%	$1.65B	9,074,195
Q2 2025	ROL Rollins, Inc.	Rollins, Inc.	Sell	-118,884	-7.4%	$83.42M	1,478,629
Q2 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-392,180	-7.7%	$1.85B	4,677,007
Q2 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Sell	-5,522	-0.2%	$564.79M	2,720,290
Q2 2025	V Visa Inc.	Visa Inc.	Sell	-282,953	-6.8%	$1.37B	3,854,071
Q2 2025	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-154,429	-46.7%	$54.88M	176,195