Terry Smith vs Lindsell Train
Terry Smith discloses $4.52B across 27 positions as of 2026Q2; Lindsell Train (Lindsell Train) discloses $2.63B across 28 as of 2026Q2. They overlap on 2 holdings.
Britain's two best-known quality-growth managers, rarely compared directly.
| Metric | Buffett | Lindsell Train |
|---|---|---|
| Disclosed portfolio | $4.52B | $2.63B |
| Positions | 27 | 28 |
| Top-5 concentration | 32% | 63% |
| Latest filing | 2026Q2 · Aug 14, 2026 | 2026Q2 · Jul 15, 2026 |
| Cloning this 13F returned | 3.4%/yr over 4.9 yrs | 12.9%/yr over 12.2 yrs |
| S&P 500, same window | 12.2%/yr | 13.7%/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
Where they diverge
Buffett's largest holding that Lindsell Train doesn't own: MAR at 7.4% of the book. Lindsell Train's largest holding Buffett doesn't own: TKO at 16.1%.
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.