AAPL…MSFT…GOOGL…META…NVDA…BRK-B…AMZN…JPM…BAC…KO…CVX…OXY…AXP…CMG…V…AAPL…MSFT…GOOGL…META…NVDA…BRK-B…AMZN…JPM…BAC…KO…CVX…OXY…AXP…CMG…V…

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Head-to-head comparison

Howard Marks vs Terry Smith

Oaktree Capital

Q9/10

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

6 positionsSince 1995

Fundsmith

Q9/10

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

6 positionsSince 2010

Recent moves — Q4 2025

Latest quarter activity for each manager.

Howard Marks

VSTADD +18%
Adding to Vistra — power demand from AI.
PRADD +15%
Building Permian Resources.
TRMDADD +8%
More Torm shipping.

Terry Smith

MSFTADD +5%
Quality compounder top-up.
METAREDUCE -8%
Small META trim.

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