Head-to-head comparison

Seth Klarman vs Terry Smith

Seth Klarman

Baupost Group

Q9/10

"Margin of safety. Cash is a position. Patience pays."

6 positionsSince 1982

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.

Seth Klarman

NCLHADD +113%
CMENEW
AXTANEW
PSNEW
GPCADD +89%
GDSADD +24%
AMZNADD +20%
GOOGADD +16%
WTWEXIT
PCVXEXIT
WCCREDUCE -54%
EXPREDUCE -41%
LBTYKREDUCE -36%
UNPREDUCE -23%
DNOWREDUCE -23%
QSRREDUCE -16%
TFXREDUCE -12%
COLDREDUCE -12%
AONREDUCE -11%

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.'

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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