Head-to-head comparison

Howard Marks vs Terry Smith

Howard Marks

Oaktree Capital

Q9/10

"You can't predict, you can prepare. Second-level thinking."

6 positionsSince 1995

Terry Smith

Fundsmith

Q9/10

"Buy good companies. Don't overpay. Do nothing."

6 positionsSince 2010

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Recent moves — Q2 2026

Latest quarter activity for each manager.

Howard Marks

BTAIQADD +472%
OCSLADD +325%
UBERADD +270%
FIVE9ADD +145%
SPYNEW
VSATNEW
MMYTNEW
MATWNEW
VCNEW
QMCONEW
SHAZNEW
BTDRNEW
MINENEW
SGRYNEW
BMMNEW
DASHNEW
DPCNEW
BABANEW
NNBRNEW
OPINEW

+ 47 more moves this quarter (showing the 20 highest-conviction)

Terry Smith

MANEW
UBERNEW
TSMNEW
NFLXNEW
GEVNEW
APPNEW
NXTNEW
TJXNEW
VEEVNEW
YUMNEW
FICONEW
IDCCNEW
ORLYNEW
NSSCADD +58%
MANHADD +43%
BMIADD +23%
MTDEXIT
ZTSEXIT
OTISEXIT
QLYSEXIT

+ 19 more moves this quarter (showing the 20 highest-conviction)

Data sourced from 13F filings with the SEC. Overlap in top positions is a concrete consensus signal, not investment advice.

Deep dive

Reading for your research

Optional background reading on interpreting company disclosures and investing methods. These books do not validate a signal or predict returns.

Amazon affiliate links — as an Amazon Associate, HoldLens earns from qualifying purchases and membership trials at no extra cost to you. These are books we genuinely recommend. Not investment advice; always do your own research.

Benjamin Graham

The Intelligent Investor

The foundational text. Buffett calls it 'by far the best book about investing ever written.'

See price on Amazon

Benjamin Graham & David Dodd

Security Analysis

The deep dive behind The Intelligent Investor — how to actually read a filing and value a business.

See price on Amazon

See the full investing reading list