Terry Smith pared down every stock in his portfolio except one
Terry Smith, known as Britain’s Warren Buffett, has reduced his holdings in nearly every stock in his $13 billion portfolio. He completely exited four positions and pared down the remaining 33 holdings during the first quarter.
The selling likely reflects the historical priciness of the stock market. At the end of 2025, Smith was overseeing $17.1 billion in assets spread across 37 holdings, including several members of the Dow Jones Industrial Average components and healthcare stocks.
This move is consistent with Smith’s value investing approach, similar to Warren Buffett’s strategy. Smith’s actions may indicate a cautious outlook on the market, given the high valuations of many stocks.