Automatic Data Processing

The Estee Lauder Companies Inc. Class A

Alphabet Inc. Class A Common Stock

Idexx Laboratories Inc

L'OREAL UNSP/ADR

LVMH-MOET H/L/V UNSP/ADR

Marriot International Class A Common Stock

Meta Platforms, Inc. Class A Common Stock

McCormick & Co., Inc.

Novo-Nordisk A/S

Stryker Corporation

VISA Inc.

Terry Smith (Fundsmith Equity Fund) has exited Estée Lauder $EL and replaced it with a holding in Marriott $MAR in August. Estée Lauder $EL was a top 10 position in the Fund up until end of April 2023.

The top 5 contributors in August:

- Novo Nordisk
- Visa
- Automatic Data Processing
- Stryker
- Alphabet

$NVO $V $ADP $SYK $GOOGL


 The top 5 detractors in August:

- Meta Platforms
- LVMH
- IDEXX
- L'Oréal
- McCormick

$META $LVMUY $IDXX $LRLCY $MKCV



![Image upload](https://cdn.commonstock.com/75767490304764c99531a557ab828e1dd14495cac18b6c0c99bcf2e4c7a6e358-497x201.jpg)
_Source: Fundsmith Equity Fund Factsheet - August 2023_


![Image upload](https://cdn.commonstock.com/9b82b7506bce76abd7a20033ae4938e371efa4a5593dc83d1ee79904aa27502c-249x207.jpg)
_Source: Fundsmith Equity Fund Factsheet - August 2023_


[https://www.fundsmith.co.uk/media/jd3bahos/august.pdf](https://www.fundsmith.co.uk/media/jd3bahos/august.pdf)

His holdings are always very interesting to me. Thought he might sell EL for Ulta lol. But I actually started looking into the hotel industry myself. I like Hilton over Marriott personally but both are great. I just think Hilton offers a broader portfolio of brands then Marriott. Marriot is more high end hotels which nothing wrong with that but it reminds me of Ulta. Catering to a very proud group of people Hilton is. Haven’t started a position or anything like that but I’m considering. 

Christian

https://www.fundsmith.co.uk/media/jd3bahos/august.pdf

Terry Smith (Fundsmith Equity Fund) replaces Estée Lauder $EL with Marriott $MAR

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Todor Kostov