Warren Buffett vs Terry Smith
Warren Buffett discloses $299.25B across 29 positions as of 2026Q2; Terry Smith (Fundsmith) discloses $4.52B across 27 as of 2026Q2. They overlap on 1 holding.
| Metric | Buffett | Terry Smith |
|---|---|---|
| Disclosed portfolio | $299.25B | $4.52B |
| Positions | 29 | 27 |
| Top-5 concentration | 69% | 32% |
| Latest filing | 2026Q2 · Aug 14, 2026 | 2026Q2 · Aug 14, 2026 |
| Cloning this 13F returned | 11.3%/yr over 12.2 yrs | 3.4%/yr over 4.9 yrs |
| S&P 500, same window | 13.8%/yr | 12.2%/yr |
Clone returns replicate each manager's 13F at reported weights with the real disclosure lag; the S&P 500 figure beneath is measured over that manager's identical window (SPY total return). Because each manager has a different amount of 13F history, the two columns cover different spans — compare each manager against their own benchmark row, not across columns. Methodology.
Where they agree
| Shared holding | Buffett wt. | Terry Smith wt. |
|---|---|---|
| GOOGL | 9.4% | 4.4% |
Where they diverge
Buffett's largest holding that Terry Smith doesn't own: AAPL at 22.0% of the book. Terry Smith's largest holding Buffett doesn't own: MAR at 7.4%.
From SEC EDGAR Form 13F-HR filings (2026Q2 / 2026Q2). Long US-listed equities only — cash, shorts, bonds, and non-US positions are not disclosed, and both managers' real books extend beyond what a 13F shows. Not investment advice.