Terry Smith / Transactions / 2014-Q1

    Company Shares change Shares owned end of quarter Transaction type Price range
    Choice Hotels International, Inc.
    US1699051066     		-540K 871K SELL
    Colgate-Palmolive Company
    US1941621039     		-335K 506K SELL
    Johnson & Johnson
    US4781601046     		+112K 1.2M BUY
    McDonald's Corporation
    US5801351017     		+148K 4.3M BUY
    PepsiCo, Inc.
    US7134481081     		+379K 1.6M BUY
    Philip Morris International Inc.
    US7181721090     		+279K 1.4M BUY
    The Procter & Gamble Company
    US7427181091     		+112K 1.4M BUY
    Stryker Corporation
    US8636671013     		+112K 2.2M BUY
    Visa Inc.
    US92826C8394     		+489K 1.5M BUY

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