FUNDSMITH INVESTMENT SERVICES LTD.

Key Holdings

The portfolio is dominated by a "barbell" of mega-cap technology and high-quality compounders, with the top four positions commanding approximately 83.3% of the total assets.

• Meta Platforms (META) remains the largest holding, comprising 23.29% of the portfolio ($519.56M). Despite a substantial reduction of 38.1% in share count (or value reduction of $324.24M), it retains its position as the primary anchor.
• Alphabet Inc. (GOOGL) follows closely at 21.21% ($473.17M). The firm reduced this position by 2.8% ($120.40M), suggesting a measured profit-taking or rebalancing rather than a loss of conviction in the business fundamentals.
• Idexx Labs (IDXX) and Visa Inc. (V) represent the "quality" healthcare and financial franchises, respectively. IDXX accounts for 19.71% ($439.78M), while Visa makes up 19.12% ($426.61M). Notably, Visa was reduced by 4.7%, while IDXX saw an 18.5% reduction.