Terry Smith - Fundsmith LLP

Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    34
Portfolio value:    $12,827,766,987

Holdings Activity Buys Sells History

History	Stock	Activity ▼	Share change	% change to portfolio
	Q1 2026
☰	BMI - Badger Meter Inc.	Buy	142,491	0.17
	Q4 2025
☰	ODD - Oddity Tech Ltd	Add 46.38%	657,211	0.16
☰	DOCS - Doximity Inc.	Add 21.69%	294,058	0.08
☰	ZTS - Zoetis Inc.	Add 7.90%	285,672	0.21
☰	INTU - Intuit Inc.	Add 3.50%	21,163	0.08
☰	NTNX - Nutanix Inc.	Buy	1,377,158	0.42
☰	ADMA - ADMA Biologics Inc.	Buy	2,102,054	0.22
	Q3 2025
☰	NSSC - Napco Security Technologies Inc.	Add 86.39%	824,945	0.18
☰	INTU - Intuit Inc.	Add 64.01%	235,916	0.82
☰	PAYC - Paycom Software Inc.	Add 26.58%	109,923	0.12
☰	ZTS - Zoetis Inc.	Add 25.32%	730,300	0.54
☰	CPRX - Catalyst Pharmaceuticals Inc.	Add 24.17%	654,721	0.06
☰	QLYS - Qualys Inc.	Add 21.19%	152,257	0.10
☰	WAT - Waters Corp.	Add 9.62%	347,091	0.53
☰	HD - Home Depot	Add 1.79%	1,493	0.00
☰	MTD - Mettler-Toledo International Inc.	Add 0.10%	617	0.00
☰	PG - Procter & Gamble	Add 0.10%	4,760	0.00
☰	TXN - Texas Instruments	Add 0.06%	1,591	0.00
☰	FTNT - Fortinet Inc.	Add 0.02%	1,730	0.00
☰	V - Visa Inc.	Add 0.01%	265	0.00
	Q2 2025
☰	INTU - Intuit Inc.	Add 102.91%	186,912	0.64
☰	CPRX - Catalyst Pharmaceuticals Inc.	Add 25.93%	557,812	0.05
☰	DOCS - Doximity Inc.	Add 13.96%	166,062	0.04
☰	ZTS - Zoetis Inc.	Add 13.29%	338,344	0.23
☰	VRT - Vertiv Holdings Co.	Buy	724,923	0.40
☰	MANH - Manhattan Associates	Buy	288,332	0.25
☰	NSSC - Napco Security Technologies Inc.	Buy	954,912	0.12
	Q1 2025
☰	ZTS - Zoetis Inc.	Add 1,020.18%	2,319,158	1.74
☰	DOCS - Doximity Inc.	Add 67.47%	479,380	0.12
☰	TXN - Texas Instruments	Add 60.28%	1,025,182	0.84
☰	QLYS - Qualys Inc.	Add 31.13%	170,593	0.10
☰	PAYC - Paycom Software Inc.	Add 28.18%	90,899	0.09
☰	INTU - Intuit Inc.	Buy	181,628	0.51
☰	CPRX - Catalyst Pharmaceuticals Inc.	Buy	2,151,274	0.24
	Q4 2024
☰	MEDP - Medpace Holdings Inc.	Buy	127,537	0.18
☰	DOCS - Doximity Inc.	Buy	710,502	0.16
	Q3 2024
☰	TXN - Texas Instruments	Add 10.09%	155,849	0.13
☰	CLX - Clorox Co.	Add 7.59%	43,291	0.03
☰	MCD - McDonald's Corp.	Add 1.11%	1,032	0.00
☰	HD - Home Depot	Add 1.10%	1,615	0.00
☰	MA - Mastercard Inc.	Add 1.10%	710	0.00
☰	ZTS - Zoetis Inc.	Add 1.10%	2,521	0.00
☰	MTD - Mettler-Toledo International Inc.	Add 0.06%	344	0.00
☰	MAR - Marriott Int'l.	Add 0.05%	2,144	0.00
☰	OTIS - Otis Worldwide Corp.	Add 0.05%	2,950	0.00
☰	GOOGL - Alphabet Inc.	Add 0.04%	2,828	0.00
☰	IDXX - IDEXX Laboratories	Add 0.04%	970	0.00
	Q2 2024
☰	TXN - Texas Instruments	Add 39.01%	433,475	0.34
☰	FTNT - Fortinet Inc.	Add 25.82%	2,110,679	0.52
☰	ODD - Oddity Tech Ltd	Add 21.69%	287,845	0.05
	Q1 2024
☰	PAYC - Paycom Software Inc.	Add 106.07%	167,427	0.13
☰	ODD - Oddity Tech Ltd	Add 20.18%	222,897	0.04
☰	AAPL - Apple Inc.	Add 19.70%	262,959	0.18
☰	FTNT - Fortinet Inc.	Add 11.50%	843,141	0.23
☰	MTD - Mettler-Toledo International Inc.	Add 7.49%	42,503	0.22
☰	MA - Mastercard Inc.	Add 1.21%	772	0.00
☰	MCD - McDonald's Corp.	Add 1.21%	1,122	0.00
☰	ZTS - Zoetis Inc.	Add 1.21%	2,741	0.00
☰	TXN - Texas Instruments	Buy	1,111,306	0.76
☰	CHH - Choice Hotels Int. Inc.	Buy	756,944	0.37
	Q4 2023
☰	ODD - Oddity Tech Ltd	Add 92.07%	529,416	0.11
☰	FTNT - Fortinet Inc.	Add 48.89%	2,407,603	0.59
☰	ADP - Automatic Data Processing Inc.	Add 5.36%	295,809	0.29
☰	HD - Home Depot	Add 1.46%	2,161	0.00
☰	JNJ - Johnson & Johnson	Add 1.46%	4,015	0.00
☰	MA - Mastercard Inc.	Add 1.46%	919	0.00
☰	ZTS - Zoetis Inc.	Add 1.46%	3,261	0.00
☰	MCD - McDonald's Corp.	Add 0.19%	175	0.00
☰	AAPL - Apple Inc.	Add 0.10%	1,299	0.00
☰	CLX - Clorox Co.	Buy	603,794	0.36
	Q3 2023
☰	MAR - Marriott Int'l.	Add 2,236.52%	4,207,552	3.76
☰	FTNT - Fortinet Inc.	Add 112.87%	2,610,938	0.69
☰	CHD - Church & Dwight	Add 9.09%	606,208	0.25
☰	MA - Mastercard Inc.	Add 0.68%	424	0.00
☰	HD - Home Depot	Add 0.19%	276	0.00
☰	JNJ - Johnson & Johnson	Add 0.19%	514	0.00
☰	ZTS - Zoetis Inc.	Add 0.19%	417	0.00
☰	SYK - Stryker Corp.	Add 0.13%	7,158	0.01
☰	IDXX - IDEXX Laboratories	Add 0.10%	3,003	0.01
☰	AAPL - Apple Inc.	Add 0.05%	651	0.00
☰	MCD - McDonald's Corp.	Buy	92,320	0.11
☰	ODD - Oddity Tech Ltd	Buy	575,000	0.07
	Q2 2023
☰	PG - Procter & Gamble	Add 182.51%	3,132,695	2.00
☰	GGG - Graco Inc.	Add 125.17%	683,317	0.25
☰	MAR - Marriott Int'l.	Add 88.90%	88,535	0.07
☰	MA - Mastercard Inc.	Add 49.61%	20,670	0.03
☰	IEX - IDEX Corp.	Add 48.30%	127,384	0.11
☰	WAT - Waters Corp.	Add 3.00%	111,104	0.12
☰	OTIS - Otis Worldwide Corp.	Add 2.77%	173,736	0.06
☰	V - Visa Inc.	Add 2.63%	147,863	0.15
☰	MTD - Mettler-Toledo International Inc.	Add 1.38%	7,730	0.04
☰	IDXX - IDEXX Laboratories	Add 0.25%	7,355	0.02
☰	SYK - Stryker Corp.	Add 0.24%	13,332	0.02
☰	EXPO - Exponent Inc	Buy	1,100,101	0.43
	Q1 2023
☰	PG - Procter & Gamble	Add 444.40%	1,401,185	0.90
☰	AAPL - Apple Inc.	Add 185.99%	872,745	0.62
☰	META - Meta Platforms Inc.	Add 3.42%	187,406	0.17
☰	BF.B - Brown-Forman Corp.	Add 0.69%	83,252	0.02
☰	JNJ - Johnson & Johnson	Add 0.60%	1,667	0.00
☰	ZTS - Zoetis Inc.	Add 0.60%	1,353	0.00
☰	HD - Home Depot	Add 0.59%	897	0.00
☰	WAT - Waters Corp.	Add 0.24%	8,672	0.01
☰	MTD - Mettler-Toledo International Inc.	Add 0.09%	514	0.00
☰	CHD - Church & Dwight	Add 0.04%	3,355	0.00
☰	ADP - Automatic Data Processing Inc.	Add 0.02%	1,246	0.00
☰	GOOGL - Alphabet Inc.	Add 0.02%	1,885	0.00
☰	MKC - McCormick & Co.	Add 0.02%	3,377	0.00
☰	OTIS - Otis Worldwide Corp.	Add 0.02%	998	0.00
☰	PEP - PepsiCo Inc.	Add 0.02%	1,417	0.00
☰	V - Visa Inc.	Add 0.02%	1,275	0.00
☰	MSFT - Microsoft Corp.	Add 0.01%	1,065	0.00
☰	GGG - Graco Inc.	Buy	545,911	0.17
☰	MA - Mastercard Inc.	Buy	41,664	0.07
☰	MAR - Marriott Int'l.	Buy	99,594	0.07
	Q4 2022
☰	IEX - IDEX Corp.	Add 174.94%	167,812	0.18
☰	AAPL - Apple Inc.	Add 2.79%	12,749	0.01
☰	JNJ - Johnson & Johnson	Add 0.35%	950	0.00
☰	PG - Procter & Gamble	Add 0.35%	1,086	0.00
☰	ZTS - Zoetis Inc.	Add 0.35%	771	0.00
☰	HD - Home Depot	Add 0.34%	511	0.00
	Q3 2022
☰	GOOGL - Alphabet Inc.	Add 1,902.04%	7,251,576	3.30
☰	MTD - Mettler-Toledo International Inc.	Add 3.89%	21,004	0.11
☰	CGNX - Cognex Corp.	Add 1.23%	24,978	0.00
☰	VRSN - Verisign Inc.	Add 1.20%	8,035	0.01
☰	EFX - Equifax Inc.	Add 1.17%	5,737	0.00
☰	FTNT - Fortinet Inc.	Add 1.17%	26,787	0.01
☰	IPGP - IPG Photonics Corp.	Add 1.17%	9,892	0.00
☰	MASI - Masimo Corp	Add 1.17%	8,848	0.01
☰	MSCI - MSCI Inc.	Add 1.17%	2,447	0.00
☰	SABR - Sabre Corp.	Add 1.17%	262,934	0.01
☰	VRSK - Verisk Analytics Inc.	Add 1.12%	5,857	0.00
☰	JNJ - Johnson & Johnson	Add 0.51%	1,393	0.00
☰	PG - Procter & Gamble	Add 0.51%	1,593	0.00
☰	ZTS - Zoetis Inc.	Add 0.51%	1,132	0.00
☰	HD - Home Depot	Add 0.50%	750	0.00
☰	CHD - Church & Dwight	Add 0.16%	13,764	0.00
☰	ADBE - Adobe Inc.	Add 0.12%	2,449	0.00
☰	ADP - Automatic Data Processing Inc.	Add 0.11%	6,300	0.01
☰	BF.B - Brown-Forman Corp.	Add 0.11%	13,209	0.00
☰	WAT - Waters Corp.	Add 0.11%	3,972	0.01
☰	NKE - NIKE Inc.	Add 0.10%	6,671	0.00
☰	PEP - PepsiCo Inc.	Add 0.10%	7,287	0.01
☰	MKC - McCormick & Co.	Add 0.09%	13,838	0.00
☰	V - Visa Inc.	Add 0.09%	5,048	0.00
☰	AMZN - Amazon.com Inc.	Add 0.08%	5,302	0.00
☰	EL - Estee Lauder Cos.	Add 0.08%	4,678	0.00
☰	PM - Philip Morris Intl.	Add 0.06%	10,642	0.00
☰	IDXX - IDEXX Laboratories	Add 0.05%	1,902	0.00
☰	META - Meta Platforms Inc.	Add 0.05%	2,803	0.00
☰	OTIS - Otis Worldwide Corp.	Buy	6,285,878	1.90
☰	AAPL - Apple Inc.	Buy	456,485	0.30
☰	IEX - IDEX Corp.	Buy	95,928	0.09
☰	EW - Edwards Lifesciences Corp.	Buy	9,979	0.00
	Q2 2022
☰	FTNT - Fortinet Inc.	Add 395.48%	1,827,077	0.45
☰	MTD - Mettler-Toledo International Inc.	Add 30.99%	127,849	0.65
☰	JNJ - Johnson & Johnson	Add 12.79%	31,019	0.02
☰	TSM - Taiwan Semiconductor S.A.	Add 9.76%	13,837	0.01
☰	ADBE - Adobe Inc.	Add 9.65%	185,651	0.30
☰	CGNX - Cognex Corp.	Add 6.82%	130,057	0.02
☰	VRSN - Verisign Inc.	Add 6.54%	40,990	0.03
☰	BF.B - Brown-Forman Corp.	Add 3.64%	429,127	0.13
☰	SYK - Stryker Corp.	Add 3.48%	203,677	0.18
☰	EL - Estee Lauder Cos.	Add 2.70%	156,426	0.18
☰	HD - Home Depot	Add 2.32%	3,429	0.00
☰	PG - Procter & Gamble	Add 0.74%	2,288	0.00
☰	ZTS - Zoetis Inc.	Add 0.74%	1,625	0.00
☰	GOOGL - Alphabet Inc.	Add 0.22%	820	0.00
☰	PM - Philip Morris Intl.	Add 0.13%	21,134	0.01
☰	CHD - Church & Dwight	Add 0.07%	6,182	0.00
☰	ADP - Automatic Data Processing Inc.	Add 0.05%	2,530	0.00
☰	MKC - McCormick & Co.	Add 0.04%	6,217	0.00
☰	V - Visa Inc.	Add 0.04%	2,314	0.00
☰	WAT - Waters Corp.	Add 0.04%	1,653	0.00
☰	AMZN - Amazon.com Inc.	Add 0.02%	1,060	0.00
☰	IDXX - IDEXX Laboratories	Add 0.02%	813	0.00
☰	MSFT - Microsoft Corp.	Add 0.02%	2,102	0.00
☰	NKE - NIKE Inc.	Add 0.02%	1,310	0.00
☰	META - Meta Platforms Inc.	Add 0.01%	550	0.00
	Q1 2022
☰	MASI - Masimo Corp	Add 74.59%	325,159	0.16
☰	WING - Wingstop Ord	Add 47.57%	268,355	0.11
☰	PAYC - Paycom Software Inc.	Add 18.17%	39,689	0.05
☰	CGNX - Cognex Corp.	Add 5.24%	94,955	0.03
☰	ANSS - Ansys Inc	Add 0.01%	63	0.00
☰	MSCI - MSCI Inc.	Add 0.01%	29	0.00
☰	SABR - Sabre Corp.	Add 0.01%	1,336	0.00
☰	ADBE - Adobe Inc.	Buy	1,923,197	3.01
☰	MTD - Mettler-Toledo International Inc.	Buy	412,603	1.95
	Q4 2021
☰	PG - Procter & Gamble	Add 16.64%	52,948	0.02
☰	ROL - Rollins Inc.	Add 16.52%	371,404	0.03
☰	AMZN - Amazon.com Inc.	Add 15.65%	1,151,300	0.47
☰	SABR - Sabre Corp.	Add 12.83%	2,578,769	0.05
☰	CGNX - Cognex Corp.	Add 11.45%	186,106	0.03
☰	ZTS - Zoetis Inc.	Add 9.61%	23,112	0.01
☰	TSM - Taiwan Semiconductor S.A.	Add 9.32%	12,088	0.00
☰	MSFT - Microsoft Corp.	Add 8.04%	968,000	0.79
☰	SBUX - Starbucks Corp.	Add 7.74%	831,723	0.24
☰	HD - Home Depot	Add 7.62%	11,304	0.01
☰	BF.B - Brown-Forman Corp.	Add 7.15%	1,030,683	0.18
☰	IPGP - IPG Photonics Corp.	Add 6.83%	54,510	0.02
☰	PYPL - PayPal Holdings Inc.	Add 5.95%	730,632	0.34
☰	CHD - Church & Dwight	Add 5.77%	635,823	0.16
☰	META - Meta Platforms Inc.	Add 5.59%	360,125	0.30
☰	PM - Philip Morris Intl.	Add 5.53%	1,069,807	0.25
☰	EL - Estee Lauder Cos.	Add 4.88%	333,409	0.30
☰	CL - Colgate-Palmolive	Add 4.79%	5,890	0.00
☰	V - Visa Inc.	Add 4.15%	273,645	0.14
☰	G - Genpact Ltd.	Add 3.97%	12,129	0.00
☰	SYK - Stryker Corp.	Add 3.38%	237,196	0.15
☰	PEP - PepsiCo Inc.	Add 3.23%	325,550	0.14
☰	WNS - Wns Hldgs Ltd	Add 2.26%	4,267	0.00
☰	MKC - McCormick & Co.	Add 1.05%	197,289	0.05
☰	EFX - Equifax Inc.	Add 0.22%	1,477	0.00
☰	JNJ - Johnson & Johnson	Add 0.22%	15,629	0.01
☰	QLYS - Qualys Inc.	Add 0.22%	2,310	0.00
☰	VRSK - Verisk Analytics Inc.	Add 0.22%	1,707	0.00
☰	WING - Wingstop Inc	Add 0.22%	1,218	0.00
☰	ANSS - Ansys	Add 0.21%	998	0.00
☰	AOS - Ao Smith	Add 0.21%	3,804	0.00
☰	FTNT - Fortinet Inc.	Add 0.21%	1,360	0.00
☰	MASI - Masimo	Add 0.21%	927	0.00
☰	MSCI - MSCI Inc.	Add 0.21%	451	0.00
☰	PAYC - Paycom Software Inc.	Add 0.21%	468	0.00
☰	VRSN - Verisign Inc.	Add 0.21%	1,490	0.00
☰	IDXX - IDEXX Laboratories	Add 0.00%	81	0.00
☰	GOOGL - Alphabet Inc.	Buy	419,096	2.96
	Q3 2021
☰	HD - Home Depot	Add 3,314.02%	143,994	0.13
☰	WNS - Wns Hldgs Ltd	Add 59.12%	70,191	0.01
☰	SABR - Sabre Corp.	Add 28.96%	4,511,772	0.15
☰	IPGP - IPG Photonics Corp.	Add 26.05%	165,004	0.07
☰	CHD - Church & Dwight	Add 19.50%	1,798,374	0.41
☰	VRSN - Verisign Inc.	Add 17.80%	104,750	0.06
☰	ANSS - Ansys	Add 14.93%	60,374	0.06
☰	BF.B - Brown-Forman Corp.	Add 14.50%	1,826,621	0.34
☰	ZTS - Zoetis Inc.	Add 9.04%	19,947	0.01
☰	PG - Procter & Gamble	Add 5.99%	17,977	0.01
☰	MKC - McCormick & Co.	Add 5.11%	908,972	0.20
☰	WAT - Waters Corp.	Add 2.34%	103,155	0.10
☰	V - Visa Inc.	Add 0.90%	58,709	0.04
☰	JNJ - Johnson & Johnson	Add 0.67%	47,863	0.02
☰	CL - Colgate-Palmolive	Add 0.62%	759	0.00
☰	AOS - Ao Smith	Add 0.36%	6,389	0.00
☰	CGNX - Cognex Corp.	Add 0.36%	5,857	0.00
☰	EFX - Equifax Inc.	Add 0.36%	2,439	0.00
☰	MASI - Masimo	Add 0.36%	1,572	0.00
☰	MSCI - MSCI Inc.	Add 0.36%	758	0.00
☰	PAYC - Paycom Software Inc.	Add 0.36%	784	0.00
☰	QLYS - Qualys Inc.	Add 0.36%	3,839	0.00
☰	WING - Wingstop Inc	Add 0.36%	2,016	0.00
☰	ROL - Rollins Inc.	Add 0.35%	7,874	0.00
☰	VRSK - Verisk Analytics Inc.	Add 0.35%	2,802	0.00
☰	NKE - NIKE Inc.	Add 0.10%	8,885	0.00
☰	PEP - PepsiCo Inc.	Add 0.05%	5,432	0.00
☰	EL - Estee Lauder Cos.	Add 0.02%	1,242	0.00
☰	SYK - Stryker Corp.	Add 0.02%	1,369	0.00
☰	AMZN - Amazon.com Inc.	Buy	7,357,220	3.34
☰	G - Genpact Ltd.	Buy	305,208	0.04
	Q2 2021
☰	PG - Procter & Gamble	Add 255.01%	215,641	0.08
☰	CHD - Church & Dwight	Add 48.22%	3,000,761	0.71
☰	WING - Wingstop Inc	Add 25.34%	113,394	0.05
☰	ROL - Rollins Inc.	Add 21.62%	398,260	0.04
☰	VRSK - Verisk Analytics Inc.	Add 12.85%	89,892	0.04
☰	ANSS - Ansys	Add 12.74%	45,670	0.04
☰	BF.B - Brown-Forman Corp.	Add 12.15%	1,364,294	0.28
☰	NKE - NIKE Inc.	Add 10.45%	828,386	0.35
☰	TSM - Taiwan Semiconductor S.A.	Add 9.88%	11,652	0.00
☰	JNJ - Johnson & Johnson	Add 7.75%	514,862	0.24
☰	SABR - Sabre Corp.	Add 4.35%	650,072	0.02
☰	ZTS - Zoetis Inc.	Add 3.93%	8,348	0.00
☰	MKC - McCormick & Co.	Add 3.39%	584,488	0.14
☰	CL - Colgate-Palmolive	Add 1.75%	2,102	0.00
☰	V - Visa Inc.	Add 0.68%	44,008	0.03
☰	AOS - Ao Smith	Add 0.55%	9,690	0.00
☰	CGNX - Cognex Corp.	Add 0.55%	8,879	0.00
☰	EFX - Equifax Inc.	Add 0.55%	3,723	0.00
☰	FTNT - Fortinet Inc.	Add 0.55%	4,122	0.00
☰	IPGP - IPG Photonics Corp.	Add 0.55%	3,471	0.00
☰	MASI - Masimo	Add 0.55%	2,375	0.00
☰	MSCI - MSCI Inc.	Add 0.55%	1,149	0.00
☰	PAYC - Paycom Software Inc.	Add 0.55%	1,190	0.00
☰	VRSN - Verisign Inc.	Add 0.55%	3,226	0.00
☰	PEP - PepsiCo Inc.	Add 0.54%	54,158	0.02
☰	QLYS - Qualys Inc.	Add 0.53%	5,608	0.00
☰	IDXX - IDEXX Laboratories	Add 0.52%	21,850	0.04
☰	MAR - Marriott Int'l.	Add 0.42%	1,251	0.00
☰	EL - Estee Lauder Cos.	Add 0.34%	23,440	0.02
☰	WAT - Waters Corp.	Add 0.33%	14,495	0.01
☰	SBUX - Starbucks Corp.	Add 0.24%	25,856	0.01
☰	INTU - Intuit Inc.	Add 0.12%	5,639	0.01
☰	SYK - Stryker Corp.	Add 0.11%	7,637	0.01
☰	META - Meta Platforms Inc.	Add 0.10%	6,488	0.01
☰	WNS - Wns Hldgs Ltd	Buy	118,721	0.03
	Q1 2021
☰	PG - Procter & Gamble	Add 121.54%	46,392	0.02
☰	ZTS - Zoetis Inc.	Add 75.37%	91,204	0.05
☰	AOS - Ao Smith	Add 18.07%	269,119	0.06
☰	VRSN - Verisign Inc.	Add 17.40%	86,738	0.05
☰	VRSK - Verisk Analytics Inc.	Add 15.07%	91,668	0.05
☰	QLYS - Qualys Inc.	Add 13.63%	127,279	0.04
☰	CHD - Church & Dwight	Add 10.52%	592,157	0.16
☰	SABR - Sabre Corp.	Add 9.67%	1,316,243	0.06
☰	BF.B - Brown-Forman Corp.	Add 9.52%	975,848	0.21
☰	CL - Colgate-Palmolive	Add 7.09%	7,950	0.00
☰	MKC - McCormick & Co.	Add 6.73%	1,086,376	0.31
☰	MAR - Marriott Int'l.	Add 6.57%	18,261	0.01
☰	V - Visa Inc.	Add 6.05%	370,101	0.25
☰	SYK - Stryker Corp.	Add 5.60%	371,593	0.29
☰	PEP - PepsiCo Inc.	Add 3.98%	384,256	0.17
☰	JNJ - Johnson & Johnson	Add 3.88%	248,335	0.13
☰	SBUX - Starbucks Corp.	Add 2.68%	279,348	0.10
☰	NKE - NIKE Inc.	Add 2.51%	193,924	0.08
☰	ANSS - Ansys	Add 0.42%	1,505	0.00
☰	CGNX - Cognex Corp.	Add 0.42%	6,760	0.00
☰	EFX - Equifax Inc.	Add 0.42%	2,834	0.00
☰	FTNT - Fortinet Inc.	Add 0.42%	3,137	0.00
☰	IPGP - IPG Photonics Corp.	Add 0.42%	2,643	0.00
☰	MASI - Masimo	Add 0.42%	1,809	0.00
☰	MSCI - MSCI Inc.	Add 0.42%	876	0.00
☰	PAYC - Paycom Software Inc.	Add 0.42%	906	0.00
☰	ADP - Automatic Data Processing Inc.	Add 0.37%	25,988	0.02
☰	EL - Estee Lauder Cos.	Add 0.30%	20,343	0.02
☰	META - Meta Platforms Inc.	Add 0.23%	14,774	0.01
☰	ROL - Rollins Inc.	Buy	1,842,427	0.20
☰	WING - Wingstop Inc	Buy	447,555	0.18
☰	HD - Home Depot	Buy	5,265	0.01
	Q4 2020
☰	FTNT - Fortinet Inc.	Add 250.57%	532,326	0.26
☰	MKC - McCormick & Co.	Add 113.92%	8,591,698	2.72
☰	SABR - Sabre Corp.	Add 34.06%	3,458,939	0.14
☰	EFX - Equifax Inc.	Add 16.64%	95,979	0.06
☰	VRSN - Verisign Inc.	Add 16.08%	69,059	0.05
☰	QLYS - Qualys Inc.	Add 14.76%	120,067	0.05
☰	PEP - PepsiCo Inc.	Add 8.28%	737,625	0.36
☰	ANSS - Ansys	Add 6.59%	22,070	0.03
☰	SYK - Stryker Corp.	Add 5.70%	357,755	0.29
☰	CL - Colgate-Palmolive	Add 4.50%	4,828	0.00
☰	WAT - Waters Corp.	Add 2.74%	117,807	0.10
☰	ADP - Automatic Data Processing Inc.	Add 2.42%	167,702	0.10
☰	MSFT - Microsoft Corp.	Add 1.20%	142,879	0.11
☰	SBUX - Starbucks Corp.	Add 0.57%	58,866	0.02
☰	IPGP - IPG Photonics Corp.	Add 0.14%	890	0.00
☰	AOS - Ao Smith	Add 0.12%	1,776	0.00
☰	CGNX - Cognex Corp.	Add 0.12%	1,898	0.00
☰	MSCI - MSCI Inc.	Add 0.12%	247	0.00
☰	VRSK - Verisk Analytics Inc.	Add 0.12%	725	0.00
☰	PAYC - Paycom Software Inc.	Add 0.11%	232	0.00
☰	BDX - Becton Dickinson	Add 0.10%	4,443	0.00
☰	MASI - Masimo	Add 0.08%	357	0.00
☰	BF.B - Brown-Forman Corp.	Add 0.02%	2,103	0.00
☰	CHD - Church & Dwight	Buy	5,631,204	1.63
☰	ZTS - Zoetis Inc.	Buy	121,003	0.07
☰	TSM - Taiwan Semiconductor S.A.	Buy	117,981	0.04
☰	PG - Procter & Gamble	Buy	38,171	0.02
	Q3 2020
☰	MAR - Marriott Int'l.	Add 52.02%	95,665	0.03
☰	QLYS - Qualys Inc.	Add 30.44%	189,908	0.07
☰	SBUX - Starbucks Corp.	Add 24.54%	2,045,505	0.69
☰	VRSN - Verisign Inc.	Add 19.08%	68,824	0.05
☰	SABR - Sabre Corp.	Add 10.57%	971,182	0.02
☰	WAT - Waters Corp.	Add 10.23%	398,223	0.30
☰	PAYC - Paycom Software Inc.	Add 9.63%	18,868	0.02
☰	IPGP - IPG Photonics Corp.	Add 8.99%	51,681	0.03
☰	NKE - NIKE Inc.	Add 7.02%	508,364	0.25
☰	ADP - Automatic Data Processing Inc.	Add 6.77%	438,763	0.24
☰	BF.B - Brown-Forman Corp.	Add 3.94%	388,904	0.11
☰	BDX - Becton Dickinson	Add 2.33%	98,915	0.09
☰	PEP - PepsiCo Inc.	Add 1.41%	123,478	0.07
☰	SYK - Stryker Corp.	Add 1.17%	72,591	0.06
☰	PM - Philip Morris Intl.	Add 0.66%	127,460	0.04
☰	EL - Estee Lauder Cos.	Add 0.62%	41,759	0.04
☰	JNJ - Johnson & Johnson	Add 0.10%	6,119	0.00
☰	INTU - Intuit Inc.	Add 0.09%	4,324	0.01
☰	FTNT - Fortinet Inc.	Buy	212,445	0.10
☰	CL - Colgate-Palmolive	Buy	107,251	0.03
	Q2 2020
☰	SBUX - Starbucks Corp.	Add 214.62%	5,686,925	1.83
☰	NKE - NIKE Inc.	Add 212.33%	4,924,683	2.11
☰	JNJ - Johnson & Johnson	Add 19.07%	1,025,710	0.63
☰	SABR - Sabre Corp.	Add 15.53%	1,234,759	0.04
☰	PM - Philip Morris Intl.	Add 13.82%	2,352,902	0.72
☰	PAYC - Paycom Software Inc.	Add 12.21%	21,320	0.03
☰	BDX - Becton Dickinson	Add 11.32%	431,265	0.45
☰	PEP - PepsiCo Inc.	Add 9.91%	792,638	0.46
☰	MAR - Marriott Int'l.	Add 6.39%	11,040	0.00
☰	CGNX - Cognex Corp.	Add 6.20%	93,594	0.02
☰	MKC - McCormick & Co.	Add 5.89%	419,373	0.33
☰	SYK - Stryker Corp.	Add 4.61%	273,222	0.21
☰	ADP - Automatic Data Processing Inc.	Add 3.29%	206,319	0.13
☰	INTU - Intuit Inc.	Add 2.98%	132,621	0.17
☰	ANSS - Ansys	Add 1.53%	5,048	0.01
☰	AOS - Ao Smith	Add 1.52%	22,326	0.00
☰	EFX - Equifax Inc.	Add 1.52%	8,657	0.01
☰	IPGP - IPG Photonics Corp.	Add 1.52%	8,626	0.01
☰	MSCI - MSCI Inc.	Add 1.52%	3,114	0.00
☰	VRSK - Verisk Analytics Inc.	Add 1.52%	9,117	0.01
☰	VRSN - Verisign Inc.	Add 1.52%	5,413	0.00
☰	V - Visa Inc.	Add 0.86%	52,218	0.04
☰	EL - Estee Lauder Cos.	Add 0.30%	19,912	0.02
☰	BF.B - Brown-Forman Corp.	Add 0.21%	20,210	0.01
☰	META - Meta Platforms Inc.	Add 0.15%	9,649	0.01
☰	QLYS - Qualys Inc.	Buy	623,812	0.28
	Q1 2020
☰	SABR - Sabre Corp.	Add 95.33%	3,880,203	0.13
☰	VRSN - Verisign Inc.	Add 30.20%	82,408	0.08
☰	CGNX - Cognex Corp.	Add 29.22%	341,182	0.08
☰	AOS - Ao Smith	Add 24.38%	287,167	0.06
☰	IPGP - IPG Photonics Corp.	Add 23.13%	106,343	0.07
☰	CHKP - Check Point Software Technologies Ltd.	Add 8.06%	64,603	0.04
☰	BF.B - Brown-Forman Corp.	Add 2.22%	214,024	0.07
☰	MSCI - MSCI Inc.	Add 2.15%	4,306	0.01
☰	PAYC - Paycom Software Inc.	Add 2.15%	3,678	0.00
☰	PM - Philip Morris Intl.	Add 0.73%	123,717	0.05
☰	MAR - Marriott Int'l.	Add 0.63%	1,089	0.00
☰	NKE - NIKE Inc.	Buy	2,319,351	1.08
☰	SBUX - Starbucks Corp.	Buy	2,649,785	0.98
☰	XP - XP Inc.	Buy	253,367	0.03
	Q4 2019
☰	MELI - Mercadolibre Inc.	Add 47.20%	11,160	0.03
☰	AOS - Ao Smith	Add 38.83%	329,485	0.08
☰	IPGP - IPG Photonics Corp.	Add 17.03%	66,904	0.05
☰	VRSK - Verisk Analytics Inc.	Add 16.30%	87,133	0.06
☰	SABR - Sabre Corp.	Add 12.10%	439,380	0.05
☰	CHKP - Check Point Software Technologies Ltd.	Add 10.17%	74,049	0.04
☰	EFX - Equifax Inc.	Add 5.39%	33,467	0.02
☰	BF.B - Brown-Forman Corp.	Add 4.19%	387,421	0.12
☰	SYK - Stryker Corp.	Add 2.32%	137,887	0.14
☰	PEP - PepsiCo Inc.	Add 2.18%	180,289	0.12
☰	JNJ - Johnson & Johnson	Add 1.79%	106,578	0.07
☰	INTU - Intuit Inc.	Add 1.77%	82,411	0.10
☰	META - Meta Platforms Inc.	Add 1.64%	106,103	0.10
☰	EL - Estee Lauder Cos.	Add 1.61%	108,840	0.11
☰	MKC - McCormick & Co.	Add 1.21%	88,039	0.07
☰	IDXX - IDEXX Laboratories	Add 0.79%	35,883	0.04
☰	BDX - Becton Dickinson	Add 0.09%	3,492	0.00
☰	MSFT - Microsoft Corp.	Add 0.01%	883	0.00
☰	CLX - Clorox Co.	Buy	1,682,176	1.22
	Q3 2019
☰	MAR - Marriott Int'l.	Add 19.59%	34,620	0.02
☰	CHKP - Check Point Software Technologies Ltd.	Add 16.73%	104,307	0.06
☰	IPGP - IPG Photonics Corp.	Add 15.96%	54,081	0.04
☰	PM - Philip Morris Intl.	Add 10.87%	1,660,076	0.64
☰	JNJ - Johnson & Johnson	Add 10.31%	556,690	0.37
☰	ANSS - Ansys	Add 7.21%	23,351	0.03
☰	MKC - McCormick & Co.	Add 7.18%	488,222	0.39
☰	ADP - Automatic Data Processing Inc.	Add 5.72%	350,732	0.29
☰	V - Visa Inc.	Add 5.26%	322,102	0.28
☰	MSCI - MSCI Inc.	Add 2.72%	5,300	0.01
☰	SYK - Stryker Corp.	Add 2.48%	143,665	0.16
☰	IDXX - IDEXX Laboratories	Add 1.92%	85,978	0.12
☰	VRSK - Verisk Analytics Inc.	Add 1.62%	8,520	0.01
☰	EL - Estee Lauder Cos.	Add 1.59%	105,962	0.11
☰	INTU - Intuit Inc.	Add 0.19%	8,788	0.01
☰	PEP - PepsiCo Inc.	Add 0.17%	13,764	0.01
☰	WAT - Waters Corp.	Add 0.17%	8,861	0.01
☰	BDX - Becton Dickinson	Add 0.15%	5,764	0.01
☰	MSFT - Microsoft Corp.	Add 0.15%	18,512	0.01
☰	META - Meta Platforms Inc.	Add 0.11%	7,126	0.01
☰	PYPL - PayPal Holdings Inc.	Add 0.07%	11,316	0.01
☰	BF.B - Brown-Forman Corp.	Buy	9,243,186	2.97
☰	CHD - Church & Dwight	Buy	202,952	0.08
	Q2 2019
☰	IPGP - IPG Photonics Corp.	Add 54.99%	120,212	0.10
☰	MKC - McCormick & Co.	Add 30.72%	1,598,866	1.29
☰	MELI - Mercadolibre Inc.	Add 29.44%	5,377	0.02
☰	SABR - Sabre Corp.	Add 22.34%	663,090	0.08
☰	CDK - Cdk Gbl.	Add 20.43%	188,549	0.05
☰	CHKP - Check Point Software Technologies Ltd.	Add 18.94%	99,292	0.06
☰	JNJ - Johnson & Johnson	Add 17.40%	800,396	0.58
☰	MASI - Masimo	Add 17.18%	84,300	0.07
☰	PM - Philip Morris Intl.	Add 14.67%	1,953,131	0.80
☰	CGNX - Cognex Corp.	Add 13.03%	134,650	0.03
☰	AOS - Ao Smith	Add 11.13%	84,980	0.02
☰	ANSS - Ansys	Add 10.68%	31,251	0.03
☰	EFX - Equifax Inc.	Add 7.31%	42,310	0.03
☰	V - Visa Inc.	Add 5.77%	334,127	0.30
☰	SYK - Stryker Corp.	Add 3.93%	219,599	0.24
☰	INTU - Intuit Inc.	Add 3.81%	170,529	0.23
☰	MSCI - MSCI Inc.	Add 3.10%	5,850	0.01
☰	VRSK - Verisk Analytics Inc.	Add 2.40%	12,330	0.01
☰	ADP - Automatic Data Processing Inc.	Add 2.26%	135,582	0.12
☰	WAT - Waters Corp.	Add 1.74%	87,249	0.10
☰	META - Meta Platforms Inc.	Add 1.69%	107,359	0.11
☰	BDX - Becton Dickinson	Add 1.09%	41,012	0.05
☰	EL - Estee Lauder Cos.	Add 0.44%	29,082	0.03
☰	PYPL - PayPal Holdings Inc.	Add 0.34%	52,605	0.03
☰	MSFT - Microsoft Corp.	Add 0.25%	30,766	0.02
☰	PEP - PepsiCo Inc.	Add 0.07%	5,787	0.00
☰	IDXX - IDEXX Laboratories	Add 0.06%	2,697	0.00
	Q1 2019
☰	MKC - McCormick & Co.	Add 93.55%	2,515,590	2.15
☰	SABR - Sabre Corp.	Add 31.15%	704,957	0.09
☰	MSCI - MSCI Inc.	Add 30.97%	44,673	0.05
☰	IPGP - IPG Photonics Corp.	Add 29.27%	49,492	0.04
☰	VRSK - Verisk Analytics Inc.	Add 14.04%	63,244	0.05
☰	AOS - Ao Smith	Add 10.68%	73,680	0.02
☰	EFX - Equifax Inc.	Add 9.62%	50,764	0.03
☰	CHKP - Check Point Software Technologies Ltd.	Add 9.42%	45,113	0.03
☰	PM - Philip Morris Intl.	Add 7.30%	906,009	0.46
☰	ANSS - Ansys	Add 7.14%	19,485	0.02
☰	EL - Estee Lauder Cos.	Add 5.56%	349,306	0.33
☰	META - Meta Platforms Inc.	Add 4.05%	247,913	0.23
☰	MASI - Masimo	Add 2.36%	11,291	0.01
☰	MMM - 3M Co.	Add 1.44%	50,036	0.06
☰	INTU - Intuit Inc.	Add 1.26%	55,544	0.08
☰	PEP - PepsiCo Inc.	Add 1.22%	99,413	0.07
☰	ADP - Automatic Data Processing Inc.	Add 1.12%	66,480	0.06
☰	V - Visa Inc.	Add 1.12%	64,032	0.06
☰	BDX - Becton Dickinson	Add 0.95%	35,453	0.05
☰	SYK - Stryker Corp.	Add 0.95%	52,688	0.06
☰	MSFT - Microsoft Corp.	Add 0.94%	113,382	0.08
☰	PYPL - PayPal Holdings Inc.	Add 0.90%	136,213	0.08
☰	WAT - Waters Corp.	Add 0.87%	43,498	0.06
☰	IDXX - IDEXX Laboratories	Add 0.79%	35,049	0.04
☰	JNJ - Johnson & Johnson	Add 0.40%	18,533	0.01
	Q4 2018
☰	MAR - Marriott Int'l.	Add 13.75%	21,951	0.02
☰	INTU - Intuit Inc.	Add 8.20%	335,545	0.48
☰	EL - Estee Lauder Cos.	Add 6.83%	401,400	0.37
☰	META - Meta Platforms Inc.	Add 2.67%	159,123	0.17
☰	ADP - Automatic Data Processing Inc.	Add 1.98%	115,156	0.11
☰	V - Visa Inc.	Add 0.17%	9,630	0.01
☰	SYK - Stryker Corp.	Add 0.14%	7,800	0.01
☰	IDXX - IDEXX Laboratories	Add 0.13%	5,649	0.01
☰	MKC - McCormick & Co.	Buy	2,688,994	2.25
☰	MASI - Masimo	Buy	479,372	0.33
☰	CHKP - Check Point Software Technologies Ltd.	Buy	479,073	0.31
☰	EFX - Equifax Inc.	Buy	527,747	0.31
☰	SABR - Sabre Corp.	Buy	2,262,871	0.31
☰	VRSK - Verisk Analytics Inc.	Buy	450,436	0.31
☰	CDK - Cdk Gbl.	Buy	922,783	0.28
☰	VRSN - Verisign Inc.	Buy	272,873	0.26
☰	ANSS - Ansys	Buy	273,041	0.25
☰	CGNX - Cognex Corp.	Buy	1,033,167	0.25
☰	AOS - Ao Smith	Buy	689,903	0.19
☰	MSCI - MSCI Inc.	Buy	144,247	0.14
☰	PAYC - Paycom Software Inc.	Buy	170,928	0.13
☰	IPGP - IPG Photonics Corp.	Buy	169,115	0.12
☰	MELI - Mercadolibre Inc.	Buy	18,267	0.03
	Q3 2018
☰	CL - Colgate-Palmolive	Add 41.12%	1,474,901	0.66
☰	EL - Estee Lauder Cos.	Add 19.62%	964,438	0.94
☰	PM - Philip Morris Intl.	Add 18.46%	1,934,219	1.06
☰	MAR - Marriott Int'l.	Add 16.06%	22,094	0.02
☰	META - Meta Platforms Inc.	Add 8.03%	442,859	0.49
☰	PEP - PepsiCo Inc.	Add 6.36%	488,214	0.37
☰	WAT - Waters Corp.	Add 6.29%	297,565	0.39
☰	INTU - Intuit Inc.	Add 3.05%	120,882	0.18
☰	MMM - 3M Co.	Add 2.61%	88,566	0.13
☰	JNJ - Johnson & Johnson	Add 0.56%	25,716	0.02
☰	ADP - Automatic Data Processing Inc.	Add 0.45%	26,045	0.03
☰	BDX - Becton Dickinson	Add 0.21%	7,963	0.01
☰	SYK - Stryker Corp.	Add 0.09%	4,691	0.01
☰	MSFT - Microsoft Corp.	Buy	12,074,060	9.26
	Q2 2018
☰	MMM - 3M Co.	Add 25.75%	695,760	1.02
☰	PM - Philip Morris Intl.	Add 17.58%	1,566,361	0.94
☰	PEP - PepsiCo Inc.	Add 16.68%	1,098,314	0.89
☰	CL - Colgate-Palmolive	Add 14.67%	458,925	0.22
☰	EL - Estee Lauder Cos.	Add 14.09%	607,099	0.64
☰	WAT - Waters Corp.	Add 8.25%	360,404	0.52
☰	META - Meta Platforms Inc.	Add 7.29%	374,922	0.54
☰	JNJ - Johnson & Johnson	Add 5.27%	228,175	0.21
☰	BDX - Becton Dickinson	Add 3.58%	129,173	0.23
☰	MAR - Marriott Int'l.	Add 0.59%	802	0.00
☰	ADP - Automatic Data Processing Inc.	Add 0.15%	8,507	0.01
☰	INTU - Intuit Inc.	Add 0.04%	1,672	0.00
☰	SYK - Stryker Corp.	Add 0.04%	2,215	0.00
☰	IDXX - IDEXX Laboratories	Add 0.03%	1,447	0.00
☰	MCD - McDonald's Corp.	Buy	12,080,320	8.87
	Q1 2018
☰	BDX - Becton Dickinson	Add 56.65%	1,303,991	2.33
☰	INTU - Intuit Inc.	Add 43.88%	1,210,005	1.73
☰	CL - Colgate-Palmolive	Add 25.35%	632,473	0.37
☰	PM - Philip Morris Intl.	Add 18.66%	1,401,190	1.15
☰	PEP - PepsiCo Inc.	Add 13.44%	780,013	0.70
☰	EL - Estee Lauder Cos.	Add 12.08%	464,559	0.57
☰	MSFT - Microsoft Corp.	Add 8.87%	984,147	0.74
☰	SYK - Stryker Corp.	Add 7.32%	376,207	0.50
☰	PYPL - PayPal Holdings Inc.	Add 5.28%	763,390	0.48
☰	ADP - Automatic Data Processing Inc.	Add 4.61%	254,791	0.24
☰	IDXX - IDEXX Laboratories	Add 0.52%	22,901	0.04
☰	MMM - 3M Co.	Add 0.48%	12,792	0.02
☰	WAT - Waters Corp.	Add 0.08%	3,277	0.01
☰	META - Meta Platforms Inc.	Buy	5,142,881	6.77
	Q4 2017
☰	INTU - Intuit Inc.	Add 26.22%	572,816	0.77
☰	PM - Philip Morris Intl.	Add 20.09%	1,255,808	1.14
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 16.72%	1,252,556	1.04
☰	V - Visa Inc.	Add 9.90%	516,508	0.50
☰	PEP - PepsiCo Inc.	Add 4.38%	243,278	0.25
☰	MMM - 3M Co.	Add 2.82%	73,696	0.15
☰	CL - Colgate-Palmolive	Add 0.70%	17,359	0.01
☰	WAT - Waters Corp.	Add 0.22%	9,557	0.02
☰	MSFT - Microsoft Corp.	Add 0.13%	14,825	0.01
☰	PYPL - PayPal Holdings Inc.	Buy	14,461,577	9.13
	Q3 2017
☰	IDXX - IDEXX Laboratories	Add 315.94%	14,046,878	11.65
☰	INTU - Intuit Inc.	Add 100.37%	1,094,420	1.51
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 41.54%	2,197,994	1.88
☰	MMM - 3M Co.	Add 21.44%	461,859	0.94
☰	PM - Philip Morris Intl.	Add 19.29%	1,010,877	1.09
☰	CL - Colgate-Palmolive	Add 17.70%	372,583	0.26
☰	WAT - Waters Corp.	Add 13.61%	521,801	0.90
☰	ADP - Automatic Data Processing Inc.	Add 7.28%	376,897	0.40
☰	JNJ - Johnson & Johnson	Add 7.25%	295,714	0.37
☰	PEP - PepsiCo Inc.	Add 4.22%	225,363	0.24
☰	MSFT - Microsoft Corp.	Add 3.32%	355,610	0.25
	Q2 2017
☰	ADP - Automatic Data Processing Inc.	Add 29.04%	1,164,972	1.25
☰	WAT - Waters Corp.	Add 11.69%	401,420	0.77
☰	MMM - 3M Co.	Add 10.22%	199,716	0.44
☰	PYPL - PayPal Holdings Inc.	Add 6.76%	889,976	0.50
☰	V - Visa Inc.	Add 5.31%	262,930	0.26
☰	MSFT - Microsoft Corp.	Add 5.08%	518,608	0.37
☰	EL - Estee Lauder Cos.	Add 3.18%	118,489	0.12
☰	PM - Philip Morris Intl.	Add 1.53%	79,106	0.10
☰	BDX - Becton Dickinson	Add 0.26%	5,977	0.01
☰	MAR - Marriott Int'l.	Add 0.03%	60	0.00
☰	SYK - Stryker Corp.	Add 0.01%	552	0.00
☰	INTU - Intuit Inc.	Buy	1,090,434	1.51
	Q1 2017
☰	WAT - Waters Corp.	Add 11.32%	349,178	0.63
☰	CL - Colgate-Palmolive	Add 10.29%	198,067	0.17
☰	PEP - PepsiCo Inc.	Add 7.59%	378,680	0.49
☰	MAR - Marriott Int'l.	Add 4.68%	8,254	0.01
☰	SYK - Stryker Corp.	Add 4.57%	226,057	0.35
☰	PYPL - PayPal Holdings Inc.	Add 4.49%	565,992	0.28
☰	EL - Estee Lauder Cos.	Add 3.79%	136,237	0.13
☰	ADP - Automatic Data Processing Inc.	Add 3.43%	133,125	0.16
☰	BDX - Becton Dickinson	Add 3.22%	71,691	0.15
☰	BCR - Bard C R Inc	Add 2.09%	52,272	0.15
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 0.46%	24,232	0.03
☰	PM - Philip Morris Intl.	Add 0.17%	8,735	0.01
☰	IDXX - IDEXX Laboratories	Add 0.07%	3,341	0.01
☰	V - Visa Inc.	Add 0.05%	2,401	0.00
☰	JNJ - Johnson & Johnson	Add 0.02%	681	0.00
	Q4 2016
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 34.35%	1,356,247	1.62
☰	SYK - Stryker Corp.	Add 19.64%	812,518	1.29
☰	PEP - PepsiCo Inc.	Add 8.45%	388,714	0.54
☰	PYPL - PayPal Holdings Inc.	Add 5.68%	676,958	0.36
☰	EL - Estee Lauder Cos.	Add 4.67%	160,348	0.16
☰	PM - Philip Morris Intl.	Add 3.77%	187,023	0.23
☰	JNJ - Johnson & Johnson	Add 3.01%	120,074	0.18
☰	MSFT - Microsoft Corp.	Add 2.69%	267,350	0.22
☰	WAT - Waters Corp.	Add 1.75%	52,997	0.09
☰	CL - Colgate-Palmolive	Add 1.04%	19,873	0.02
☰	V - Visa Inc.	Add 0.16%	7,755	0.01
☰	BCR - Bard C R Inc	Buy	2,500,869	7.38
☰	ADP - Automatic Data Processing Inc.	Buy	3,878,243	5.28
☰	BDX - Becton Dickinson	Buy	2,224,922	4.87
	Q3 2016
☰	CL - Colgate-Palmolive	Add 37.67%	521,450	0.63
☰	PEP - PepsiCo Inc.	Add 30.02%	1,062,725	1.91
☰	WAT - Waters Corp.	Add 24.13%	589,042	1.54
☰	PYPL - PayPal Holdings Inc.	Add 20.43%	2,022,180	1.37
☰	PM - Philip Morris Intl.	Add 13.70%	598,401	0.96
☰	MSFT - Microsoft Corp.	Add 12.42%	1,097,542	1.05
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 9.65%	347,448	0.52
☰	V - Visa Inc.	Add 9.46%	427,457	0.58
☰	JNJ - Johnson & Johnson	Add 7.52%	278,625	0.54
☰	SYK - Stryker Corp.	Add 5.19%	204,143	0.39
☰	SJM - J.M. Smucker Co	Add 5.02%	173,109	0.39
☰	MMM - 3M Co.	Add 1.66%	32,051	0.09
☰	IDXX - IDEXX Laboratories	Add 0.48%	21,547	0.04
☰	EL - Estee Lauder Cos.	Buy	3,430,435	5.02
☰	MAR - Marriott Int'l.	Buy	196,378	0.22
☰	ORCL - Oracle Corp.	Buy	22,526	0.01
	Q2 2016
☰	PYPL - PayPal Holdings Inc.	Add 114.20%	5,276,062	3.17
☰	SJM - J.M. Smucker Co	Add 68.25%	1,399,810	3.50
☰	WAT - Waters Corp.	Add 66.36%	973,788	2.25
☰	MMM - 3M Co.	Add 28.80%	432,985	1.25
☰	BCR - Bard C R Inc	Add 24.72%	435,595	1.68
☰	JNJ - Johnson & Johnson	Add 24.10%	719,532	1.43
☰	V - Visa Inc.	Add 15.16%	594,574	0.72
☰	ADP - Automatic Data Processing Inc.	Add 15.08%	437,236	0.66
☰	PEP - PepsiCo Inc.	Add 13.61%	424,100	0.74
☰	MSFT - Microsoft Corp.	Add 12.43%	977,061	0.82
☰	PM - Philip Morris Intl.	Add 11.61%	454,367	0.76
☰	BDX - Becton Dickinson	Add 11.09%	179,029	0.50
☰	SYK - Stryker Corp.	Add 9.08%	327,206	0.64
☰	CL - Colgate-Palmolive	Add 6.98%	90,358	0.11
☰	IDXX - IDEXX Laboratories	Add 6.14%	258,657	0.39
	Q1 2016
☰	SJM - J.M. Smucker Co	Add 170.53%	1,292,846	3.61
☰	IDXX - IDEXX Laboratories	Add 69.02%	1,719,511	2.90
☰	V - Visa Inc.	Add 40.51%	1,130,885	1.86
☰	WAT - Waters Corp.	Add 27.26%	314,348	0.89
☰	ADP - Automatic Data Processing Inc.	Add 17.67%	435,403	0.84
☰	SYK - Stryker Corp.	Add 12.73%	407,066	0.94
☰	BCR - Bard C R Inc	Add 10.97%	174,189	0.76
☰	PYPL - PayPal Holdings Inc.	Add 8.66%	368,207	0.31
☰	PM - Philip Morris Intl.	Add 8.21%	296,790	0.63
☰	JNJ - Johnson & Johnson	Add 5.11%	145,133	0.34
☰	MSFT - Microsoft Corp.	Add 4.36%	328,645	0.39
☰	BDX - Becton Dickinson	Add 2.00%	31,600	0.10
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 1.33%	47,410	0.09
☰	PEP - PepsiCo Inc.	Add 0.93%	28,572	0.06
	Q4 2015
☰	IDXX - IDEXX Laboratories	Add 182.93%	1,610,682	2.95
☰	WAT - Waters Corp.	Add 44.49%	355,083	1.20
☰	ADP - Automatic Data Processing Inc.	Add 19.70%	405,573	0.86
☰	PM - Philip Morris Intl.	Add 14.04%	445,132	0.98
☰	BCR - Bard C R Inc	Add 12.77%	179,746	0.85
☰	DNKN - Dunkin Brands Group Inc	Add 11.38%	9,121	0.01
☰	SYK - Stryker Corp.	Add 9.47%	276,622	0.65
☰	V - Visa Inc.	Add 7.12%	185,620	0.36
☰	JNJ - Johnson & Johnson	Add 5.34%	143,858	0.37
☰	PEP - PepsiCo Inc.	Add 4.12%	122,058	0.31
☰	CL - Colgate-Palmolive	Add 3.65%	45,535	0.08
☰	SJM - J.M. Smucker Co	Buy	758,133	2.35
	Q3 2015
☰	IDXX - IDEXX Laboratories	Add 1,217.30%	813,646	1.84
☰	WAT - Waters Corp.	Add 156.84%	487,363	1.76
☰	MMM - 3M Co.	Add 21.16%	262,570	1.14
☰	ADP - Automatic Data Processing Inc.	Add 16.79%	296,017	0.72
☰	JNJ - Johnson & Johnson	Add 16.57%	383,301	1.09
☰	PG - Procter & Gamble	Add 15.53%	251,413	0.55
☰	PEP - PepsiCo Inc.	Add 15.38%	395,198	1.14
☰	BCR - Bard C R Inc	Add 11.02%	139,732	0.79
☰	PM - Philip Morris Intl.	Add 6.44%	191,970	0.46
☰	SYK - Stryker Corp.	Add 5.73%	158,446	0.45
☰	MSFT - Microsoft Corp.	Add 4.70%	338,065	0.46
☰	V - Visa Inc.	Add 1.88%	48,211	0.10
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 1.11%	39,134	0.09
☰	PYPL - PayPal Holdings Inc.	Buy	4,269,126	4.04
	Q2 2015
☰	IDXX - IDEXX Laboratories	Add 162.19%	41,347	0.08
☰	MMM - 3M Co.	Add 34.76%	320,099	1.56
☰	JNJ - Johnson & Johnson	Add 21.60%	410,766	1.26
☰	PEP - PepsiCo Inc.	Add 18.43%	399,893	1.17
☰	CL - Colgate-Palmolive	Add 15.37%	166,248	0.34
☰	BCR - Bard C R Inc	Add 9.81%	113,330	0.61
☰	MAR - Marriott Int'l.	Add 9.63%	4,758	0.01
☰	EBAY - eBay Inc.	Add 7.40%	294,037	0.56
☰	SYK - Stryker Corp.	Add 2.55%	68,601	0.21
☰	PM - Philip Morris Intl.	Add 1.26%	37,095	0.09
☰	V - Visa Inc.	Add 0.44%	11,287	0.02
☰	MSFT - Microsoft Corp.	Add 0.11%	8,140	0.01
☰	BDX - Becton Dickinson	Buy	1,651,879	7.36
☰	ADP - Automatic Data Processing Inc.	Buy	1,762,562	4.45
	Q1 2015
☰	V - Visa Inc.	Add 326.02%	1,948,755	4.74
☰	EBAY - eBay Inc.	Add 29.32%	901,177	1.94
☰	PM - Philip Morris Intl.	Add 18.23%	453,586	1.27
☰	JNJ - Johnson & Johnson	Add 16.69%	272,120	1.01
☰	CL - Colgate-Palmolive	Add 11.24%	109,348	0.28
☰	PEP - PepsiCo Inc.	Add 10.28%	202,368	0.72
☰	MMM - 3M Co.	Add 6.28%	54,382	0.33
☰	PG - Procter & Gamble	Add 4.98%	76,770	0.23
☰	SYK - Stryker Corp.	Add 4.01%	103,904	0.36
☰	MSFT - Microsoft Corp.	Buy	7,185,480	10.83
☰	BCR - Bard C R Inc	Buy	1,155,034	7.20
☰	WAT - Waters Corp.	Buy	310,736	1.44
☰	IDXX - IDEXX Laboratories	Buy	25,493	0.15
☰	MAR - Marriott Int'l.	Buy	49,424	0.15
☰	DNKN - Dunkin Brands Group Inc	Buy	80,148	0.14
	Q4 2014
☰	EBAY - eBay Inc.	Add 58.58%	1,135,563	2.27
☰	PM - Philip Morris Intl.	Add 28.09%	545,784	1.59
☰	SIAL - Bard C R Inc	Add 17.04%	136,399	0.81
☰	JNJ - Johnson & Johnson	Add 13.64%	195,665	0.73
☰	BDX - Becton Dickinson	Add 12.39%	189,091	0.94
☰	MCD - McDonald's Corp.	Add 11.43%	627,492	1.04
☰	PG - Procter & Gamble	Add 7.55%	108,240	0.35
☰	PEP - PepsiCo Inc.	Add 4.31%	81,341	0.27
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 4.13%	139,543	0.36
☰	ADP - Automatic Data Processing Inc.	Add 3.61%	57,510	0.17
☰	MMM - 3M Co.	Add 2.34%	19,810	0.12
☰	SYK - Stryker Corp.	Add 2.04%	51,774	0.17
	Q3 2014
☰	EBAY - eBay Inc.	Add 62.85%	748,074	1.81
☰	SIAL - Bard Cr Inc	Add 14.70%	102,570	0.63
☰	CL - Colgate-Palmolive	Add 11.68%	101,686	0.28
☰	JNJ - Johnson & Johnson	Add 10.05%	130,933	0.60
☰	PM - Philip Morris Intl.	Add 8.90%	158,810	0.57
☰	MCD - McDonald's Corp.	Add 4.43%	232,700	0.46
☰	SYK - Stryker Corp.	Add 3.24%	79,628	0.28
☰	V - Visa Inc.	Add 2.71%	15,764	0.14
☰	MMM - 3M Co.	Add 1.38%	11,559	0.07
☰	PG - Procter & Gamble	Add 1.37%	19,368	0.07
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 0.85%	28,433	0.08
☰	BDX - Becton Dickinson	Buy	1,525,906	7.42
☰	ADP - Automatic Data Processing Inc.	Buy	1,592,266	4.96
	Q2 2014
☰	CL - Colgate-Palmolive	Add 71.98%	364,510	1.33
☰	CHH - Choice Hotels Int. Inc.	Add 64.79%	564,291	1.42
☰	V - Visa Inc.	Add 56.97%	211,220	2.37
☰	PM - Philip Morris Intl.	Add 27.55%	385,406	1.73
☰	MCD - McDonald's Corp.	Add 22.52%	966,246	2.15
☰	PEP - PepsiCo Inc.	Add 17.22%	277,189	1.32
☰	JNJ - Johnson & Johnson	Add 13.06%	150,517	0.84
☰	SYK - Stryker Corp.	Add 10.49%	233,533	1.05
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 3.98%	128,053	0.40
☰	EBAY - eBay Inc.	Buy	1,190,275	3.18
	Q1 2014
☰	SIAL - Bard Cr Inc	Add 172.73%	765,927	7.00
☰	V - Visa Inc.	Add 49.12%	122,130	1.63
☰	PEP - PepsiCo Inc.	Add 30.85%	379,473	1.96
☰	PM - Philip Morris Intl.	Add 24.96%	279,354	1.41
☰	JNJ - Johnson & Johnson	Add 10.77%	112,077	0.68
☰	PG - Procter & Gamble	Add 8.64%	112,478	0.56
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 5.99%	181,880	0.61
☰	SYK - Stryker Corp.	Add 5.28%	111,569	0.56
☰	MCD - McDonald's Corp.	Add 3.57%	147,767	0.37
	Q4 2013
☰	PM - Philip Morris Intl.	Add 13.02%	128,976	0.82
☰	PEP - PepsiCo Inc.	Add 7.06%	81,073	0.49
☰	SIAL - Bard Cr Inc	Add 3.07%	13,190	0.13
☰	MCD - McDonald's Corp.	Add 1.17%	47,802	0.13
☰	SYK - Stryker Corp.	Add 1.11%	23,227	0.13
☰	JNJ - Johnson & Johnson	Add 0.21%	2,162	0.01
	Q3 2013
☰	MCD - McDonald's Corp.	Add 856.65%	3,666,462	9.49
☰	V - Visa Inc.	Add 85.69%	114,740	1.70
☰	SIAL - Bard Cr Inc	Add 64.49%	168,675	1.51
☰	PEP - PepsiCo Inc.	Add 17.45%	170,675	1.05
☰	PM - Philip Morris Intl.	Add 16.96%	143,639	0.97
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 7.26%	205,649	0.72
☰	CL - Colgate-Palmolive	Add 7.15%	56,136	0.26
☰	SYK - Stryker Corp.	Add 3.45%	69,742	0.37
	Q2 2013
☰	CL - Colgate-Palmolive	Add 114.20%	418,458	1.68
☰	CHH - Choice Hotels Int. Inc.	Add 39.25%	400,986	1.12
☰	MCD - McDonald's Corp.	Add 34.38%	109,505	0.76
☰	WAT - Waters Corp.	Add 25.49%	151,200	1.06
☰	PM - Philip Morris Intl.	Add 16.12%	117,541	0.71
☰	PEP - PepsiCo Inc.	Add 15.79%	133,357	0.77
☰	PG - Procter & Gamble	Add 13.80%	157,882	0.85
☰	MSFT - Microsoft Corp.	Add 10.77%	342,781	0.83
☰	JNJ - Johnson & Johnson	Add 10.20%	96,165	0.58
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 8.79%	228,668	0.74
☰	V - Visa Inc.	Add 7.93%	9,837	0.13
☰	SYK - Stryker Corp.	Add 7.45%	140,224	0.64
☰	MMM - 3M Co.	Add 1.92%	15,733	0.12
☰	DPZ - Dominos Pizza Inc.	Add 1.44%	31,567	0.13
☰	BDX - Becton Dickinson	Buy	1,098,017	7.63
☰	ADP - Automatic Data Processing Inc.	Buy	1,408,541	6.82
	Q1 2013
☰	CHH - Choice Hotels Int. Inc.	Add 77.17%	444,956	1.76
☰	PM - Philip Morris Intl.	Add 55.30%	259,648	2.26
☰	2777284Z - Dr Pepper Snapple Group Inc	Add 49.20%	858,198	3.79
☰	PEP - PepsiCo Inc.	Add 42.91%	253,641	1.88
☰	SYK - Stryker Corp.	Add 41.78%	554,311	3.41
☰	PG - Procter & Gamble	Add 39.14%	321,776	2.35
☰	DPZ - Dominos Pizza Inc.	Add 32.71%	541,805	2.63
☰	WAT - Waters Corp.	Add 30.38%	138,217	1.22
☰	CL - Colgate-Palmolive	Add 30.03%	84,618	0.94
☰	JNJ - Johnson & Johnson	Add 29.28%	213,461	1.64
☰	MMM - 3M Co.	Add 21.14%	142,977	1.43
☰	MCD - McDonald's Corp.	Add 19.95%	52,967	0.50
☰	SIAL - Sigma Aldrich	Add 16.44%	58,417	0.43
☰	MSFT - Microsoft Corp.	Buy	3,182,263	8.56
	Q4 2012
☰	2777284Z - Dr Pepper Snapple Group Inc C	Buy	1,744,191	12.27
☰	SYK - Stryker Corp.	Buy	1,326,882	11.58
☰	DPZ - Dominos Pizza Inc.	Buy	1,656,280	11.48
☰	MMM - 3M Co.	Buy	676,386	10.00
☰	PG - Procter & Gamble	Buy	822,175	8.88
☰	JNJ - Johnson & Johnson	Buy	729,003	8.13
☰	PEP - PepsiCo Inc.	Buy	591,148	6.44
☰	WAT - Waters Corp.	Buy	454,935	6.31
☰	PM - Philip Morris Intl.	Buy	469,549	6.25
☰	CL - Colgate-Palmolive	Buy	281,792	4.69
☰	SIAL - Sigma Aldrich C	Buy	355,407	4.16
☰	MCD - McDonald's Corp.	Buy	265,527	3.73
☰	CHH - Choice Hotels Int. Inc.	Buy	576,593	3.09
☰	V - Visa Inc.	Buy	124,057	2.99