13F

Position

Fundsmith LLP in Visa Inc.

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Estimated mark uses implied 13F prices (value ÷ shares). Adds are treated as happening at this quarter’s mark; cuts at last quarter’s. Share jumps can be splits, not buys. This is not realized P&L.

Latest estimated mark −$150.5M$350.71$302.24

QuarterSharesValueImplied pxEst. markFlowWeight
Q4 20253.53M$1.24B7.2%
Q1 20263.1M$938.2M$302.24−$150.5M−$151M7.3%