Jeremy Grantham’s Latest Portfolio: Top 10 Holdings & Biggest Trades

Jeremy Grantham reported an equity portfolio valued at approximately $44.40 billion in the latest reported quarter, with Grantham, Mayo, Van Otterloo & Co. (GMO) maintaining a broadly diversified portfolio across technology, healthcare, financials, and other sectors.

The latest filing shows the top 10 holdings accounting for approximately 41.20% of reported assets.

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Top 10 Holdings & Weights

• Microsoft Corp (MSFT) — 5.73%
• Lam Research Corp (LRCX) — 5.33%
• Alphabet Inc (GOOGL) — 4.94%
• Apple Inc (AAPL) — 4.46%
• Meta Platforms Inc (META) — 4.37%
• Johnson & Johnson (JNJ) — 4.07%
• Amazon.com Inc (AMZN) — 3.29%
• Texas Instruments Inc (TXN) — 3.14%
• Thermo Fisher Scientific Inc (TMO) — 3.09%
• Broadcom Inc (AVGO) — 2.78%

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Key Takeaways

Microsoft is GMO’s largest reported holding, with approximately 6.82 million shares valued at $2.54 billion, representing 5.73% of the portfolio.

Lam Research ranks second at 5.33%, with approximately 5.46 million shares valued at $2.37 billion, despite the position being reduced by 1.44 million shares during the quarter.

Alphabet remains the third-largest holding at 4.94%, although GMO reduced its position by approximately 768,000 shares (-11.13%).

Meta Platforms moved in the opposite direction, with GMO adding approximately 374,000 shares (+12.16%), lifting the position to $1.94 billion.

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Biggest Changes Last Quarter

Nvidia (NVDA)

Shares increased by 4,317,457 (+1,217.85%)

GMO dramatically increased its Nvidia position to approximately 4.67 million shares, valued at $934.8 million and representing 2.11% of the portfolio.

KLA Corp (KLAC)

Shares increased by 3,432,691 (+744.29%)

The position grew to approximately 3.89 million shares, valued at $1.17 billion and representing 2.65% of the portfolio.

Mastercard (MA)

Shares increased by 867,958 (+91.29%)

GMO nearly doubled its Mastercard holding to approximately 1.82 million shares, valued at $934.1 million.

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Notable Reductions

GMO reduced several major positions during the quarter, including Lam Research (-20.85%), Alphabet (-11.13%), UnitedHealth Group (-10.56%), and Texas Instruments (-7.64%).

The firm also cut its U.S. Bancorp (USB) position by approximately 4.23 million shares (-22.12%).