Group 1: Investment Activity - Terry Smith, known as the "Warren Buffett of Britain," has completely sold his stake in Apple, which was previously Berkshire Hathaway's top holding [6][8] - Fundsmith's 13F filings indicate that Smith's fund increased its stake in Zoetis by 1,020% in just three months, purchasing 2,319,158 shares [16][17] Group 2: Company Performance - Apple's stock price increased from the $150s to the $220s between Q3 2022 and Q3 2024, prompting profit-taking by Smith [9] - Despite a share buyback program that has repurchased approximately $775 billion worth of stock, Apple's net income fell from $94.7 billion to $93.7 billion from fiscal 2021 to fiscal 2024 [8][12] Group 3: Market Trends - The global animal health market is projected to grow from $67 billion in 2024 to $149 billion by 2032, driven by demand for livestock medicines and companion animal care [18] - Zoetis holds a significant market share in the animal health sector, with over 300 products and 17 therapies generating at least $100 million in annual sales [20] Group 4: Valuation and Growth Potential - Zoetis is trading at less than 22 times the forecast EPS for 2026, representing a 34% discount to its average forward-year earnings multiple over the past five years [22] - The company has been actively acquiring businesses to enhance its product and service ecosystem, ensuring stability despite potential loss of exclusivity on individual drugs [21]