Fundsmith LLP Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	3,900,803 (+7.9%)	$490,799 (-7.2%)	2.9%	$158.67	-17.9%	CL A	98978V103
DOCS	DOXIMITY INC	1,650,002 (+21.7%)	$73,062 (-26.3%)	0.4%	$55.05	+2.0%	CL A	26622P107
ODD	ODDITY TECH LTD	2,074,167 (+46.4%)	$83,340 (-5.6%)	0.5%	$40.80	+10.8%	SHS CL A	M7518J104
INTU	INTUIT	625,619 (+3.5%)	$414,423 (+0.4%)	2.4%	$668.61	-1.2%	COM	461202103

Decreased Positions (21)

GOOGL ALPHABET INC 6.4%

Value ($000) $1,095,036 (-28.4%) Shares 3,498,519 (-44.4%) Est. Cost $111.70 Unrealized +155.7%

SYK STRYKER CORPORATION 7.6%

Value ($000) $1,296,049 (-23.6%) Shares 3,687,511 (-19.7%) Est. Cost $117.22 Unrealized +210.1%

IDXX IDEXX LABS INC 7.4%

Value ($000) $1,269,194 (-23.9%) Shares 1,876,035 (-28.1%) Est. Cost $140.18 Unrealized +385.8%

MSFT MICROSOFT CORP 5.9%

Value ($000) $1,005,916 (-24.8%) Shares 2,079,971 (-19.5%) Est. Cost $117.79 Unrealized +325.0%

OTIS OTIS WORLDWIDE CORP 1.6%

Value ($000) $271,866 (-48.9%) Shares 3,112,380 (-46.5%) Est. Cost $69.56 Unrealized +28.3%

META META PLATFORMS INC 5.3%

Value ($000) $900,058 (-21.4%) Shares 1,363,539 (-12.5%) Est. Cost $184.69 Unrealized +261.3%

ADP AUTOMATIC DATA PROCESSING IN 6.3%

Value ($000) $1,074,699 (-15.1%) Shares 4,177,969 (-3.1%) Est. Cost $97.84 Unrealized +170.7%

FTNT FORTINET INC 3.0%

Value ($000) $517,436 (-26.9%) Shares 6,516,011 (-22.6%) Est. Cost $59.78 Unrealized +38.7%

PM PHILIP MORRIS INTL INC 5.7%

Value ($000) $982,385 (-15.7%) Shares 6,124,597 (-14.8%) Est. Cost $58.91 Unrealized +160.7%

WAT WATERS CORP 7.9%

Value ($000) $1,351,427 (+14.0%) Shares 3,557,978 (-10.0%) Est. Cost $179.85 Unrealized +104.6%

MAR MARRIOTT INTL INC NEW 7.2%

Value ($000) $1,234,733 (+12.1%) Shares 3,979,927 (-5.9%) Est. Cost $192.83 Unrealized +48.0%

PG PROCTER AND GAMBLE CO 3.6%

Value ($000) $608,788 (-13.4%) Shares 4,248,048 (-7.2%) Est. Cost $137.75 Unrealized +6.8%

MTD METTLER TOLEDO INTERNATIONAL 4.7%

Value ($000) $809,337 (+11.6%) Shares 580,507 (-1.7%) Est. Cost $1382.25 Unrealized +1.0%

V VISA INC 7.2%

Value ($000) $1,239,649 (-5.8%) Shares 3,534,684 (-8.3%) Est. Cost $94.30 Unrealized +260.9%

NKE NIKE INC 2.1%

Value ($000) $367,618 (-14.0%) Shares 5,770,181 (-5.9%) Est. Cost $91.18 Unrealized -28.8%

TXN TEXAS INSTRS INC 2.7%

Value ($000) $455,160 (-9.0%) Shares 2,623,552 (-3.6%) Est. Cost $171.95 Unrealized -0.7%

QLYS QUALYS INC 0.5%

Value ($000) $86,093 (-25.3%) Shares 647,806 (-25.6%) Est. Cost $116.50 Unrealized +18.1%

GGG GRACO INC 0.3%

Value ($000) $47,462 (-38.0%) Shares 579,016 (-35.7%) Est. Cost $71.41 Unrealized +14.8%

VRT VERTIV HOLDINGS CO 0.4%

Value ($000) $66,577 (-25.4%) Shares 410,944 (-30.5%) Est. Cost $97.15 Unrealized +78.7%

MEDP MEDPACE HLDGS INC 0.3%

Value ($000) $46,374 (-29.3%) Shares 82,567 (-35.3%) Est. Cost $339.14 Unrealized +67.4%

HD HOME DEPOT INC 0.2%

Value ($000) $27,599 (-19.7%) Shares 80,206 (-5.5%) Est. Cost $298.21 Unrealized +22.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	3,498,519 (-44.4%)	$1,095,036 (-28.4%)	6.4%	$111.70	+155.7%	CAP STK CL A	02079K305
SYK	STRYKER CORPORATION	3,687,511 (-19.7%)	$1,296,049 (-23.6%)	7.6%	$117.22	+210.1%	COM	863667101
IDXX	IDEXX LABS INC	1,876,035 (-28.1%)	$1,269,194 (-23.9%)	7.4%	$140.18	+385.8%	COM	45168D104
MSFT	MICROSOFT CORP	2,079,971 (-19.5%)	$1,005,916 (-24.8%)	5.9%	$117.79	+325.0%	COM	594918104
OTIS	OTIS WORLDWIDE CORP	3,112,380 (-46.5%)	$271,866 (-48.9%)	1.6%	$69.56	+28.3%	COM	68902V107
META	META PLATFORMS INC	1,363,539 (-12.5%)	$900,058 (-21.4%)	5.3%	$184.69	+261.3%	CL A	30303M102
ADP	AUTOMATIC DATA PROCESSING IN	4,177,969 (-3.1%)	$1,074,699 (-15.1%)	6.3%	$97.84	+170.7%	COM	053015103
FTNT	FORTINET INC	6,516,011 (-22.6%)	$517,436 (-26.9%)	3.0%	$59.78	+38.7%	COM	34959E109
PM	PHILIP MORRIS INTL INC	6,124,597 (-14.8%)	$982,385 (-15.7%)	5.7%	$58.91	+160.7%	COM	718172109
WAT	WATERS CORP	3,557,978 (-10.0%)	$1,351,427 (+14.0%)	7.9%	$179.85	+104.6%	COM	941848103
MAR	MARRIOTT INTL INC NEW	3,979,927 (-5.9%)	$1,234,733 (+12.1%)	7.2%	$192.83	+48.0%	CL A	571903202
PG	PROCTER AND GAMBLE CO	4,248,048 (-7.2%)	$608,788 (-13.4%)	3.6%	$137.75	+6.8%	COM	742718109
MTD	METTLER TOLEDO INTERNATIONAL	580,507 (-1.7%)	$809,337 (+11.6%)	4.7%	$1382.25	+1.0%	COM	592688105
V	VISA INC	3,534,684 (-8.3%)	$1,239,649 (-5.8%)	7.2%	$94.30	+260.9%	COM CL A	92826C839
NKE	NIKE INC	5,770,181 (-5.9%)	$367,618 (-14.0%)	2.1%	$91.18	-28.8%	CL B	654106103
TXN	TEXAS INSTRS INC	2,623,552 (-3.6%)	$455,160 (-9.0%)	2.7%	$171.95	-0.7%	COM	882508104
QLYS	QUALYS INC	647,806 (-25.6%)	$86,093 (-25.3%)	0.5%	$116.50	+18.1%	COM	74758T303
GGG	GRACO INC	579,016 (-35.7%)	$47,462 (-38.0%)	0.3%	$71.41	+14.8%	COM	384109104
VRT	VERTIV HOLDINGS CO	410,944 (-30.5%)	$66,577 (-25.4%)	0.4%	$97.15	+78.7%	COM CL A	92537N108
MEDP	MEDPACE HLDGS INC	82,567 (-35.3%)	$46,374 (-29.3%)	0.3%	$339.14	+67.4%	COM	58506Q109
HD	HOME DEPOT INC	80,206 (-5.5%)	$27,599 (-19.7%)	0.2%	$298.21	+22.3%	COM	437076102

Unchanged Positions (10)

CHD CHURCH AND DWIGHT CO INC 3.3%

Value ($000) $564,177 Shares 6,728,404 Est. Cost $83.36 Unrealized +2.3%

PAYC PAYCOM SOFTWARE INC 0.5%

Value ($000) $83,414 Shares 523,433 Est. Cost $197.80 Unrealized -10.6%

CLX CLOROX CO DEL 0.4%

Value ($000) $61,859 Shares 613,497 Est. Cost $125.25 Unrealized -13.6%

CPRX CATALYST PHARMACEUTICALS INC 0.5%

Value ($000) $78,511 Shares 3,363,807 Est. Cost $22.32 Unrealized -0.2%

SABR SABRE CORP 0.2%

Value ($000) $29,239 Shares 21,499,095 Est. Cost $13.59 Unrealized -87.3%

VRSN VERISIGN INC 0.4%

Value ($000) $65,751 Shares 270,634 Est. Cost $181.85 Unrealized +37.9%

MANH MANHATTAN ASSOCIATES INC 0.3%

Value ($000) $49,971 Shares 288,332 Est. Cost $181.51 Unrealized +0.7%

NSSC NAPCO SEC TECHNOLOGIES INC 0.4%

Value ($000) $74,220 Shares 1,779,857 Est. Cost $29.64 Unrealized +41.6%

ROL ROLLINS INC 0.5%

Value ($000) $88,747 Shares 1,478,629 Est. Cost $33.49 Unrealized +75.1%

MSCI MSCI INC 0.6%

Value ($000) $95,594 Shares 166,619 Est. Cost $158.16 Unrealized +254.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CHD	CHURCH AND DWIGHT CO INC	6,728,404	$564,177	3.3%	$83.36	+2.3%	COM	171340102
PAYC	PAYCOM SOFTWARE INC	523,433	$83,414	0.5%	$197.80	-10.6%	COM	70432V102
CLX	CLOROX CO DEL	613,497	$61,859	0.4%	$125.25	-13.6%	COM	189054109
CPRX	CATALYST PHARMACEUTICALS INC	3,363,807	$78,511	0.5%	$22.32	-0.2%	COM	14888U101
SABR	SABRE CORP	21,499,095	$29,239	0.2%	$13.59	-87.3%	COM	78573M104
VRSN	VERISIGN INC	270,634	$65,751	0.4%	$181.85	+37.9%	COM	92343E102
MANH	MANHATTAN ASSOCIATES INC	288,332	$49,971	0.3%	$181.51	+0.7%	COM	562750109
NSSC	NAPCO SEC TECHNOLOGIES INC	1,779,857	$74,220	0.4%	$29.64	+41.6%	COM	630402105
ROL	ROLLINS INC	1,478,629	$88,747	0.5%	$33.49	+75.1%	COM	775711104
MSCI	MSCI INC	166,619	$95,594	0.6%	$158.16	+254.1%	COM	55354G100