Great investors · Jeremy Grantham
Jeremy Grantham portfolio · Q2 2026
Jeremy Grantham, co-founder of GMO. This is the stock portfolio GMO reported to the SEC (Form 13F) as of Jun 30, 2026, filed on Aug 13, 2026.
The 13F is filed by the firm, not the person: when this page says what Jeremy Grantham “owns” or “bought”, it means the positions of GMO as a whole. With 661 positions, it is the sum of many teams and strategies (and, where options are reported, of hedges and market-making): it is not a portfolio picked by one person.
Next 13F: Q3 2026 usually filed ~Nov 13, 2026; deadline Nov 16, 2026. See the quarter page →
Not counted as a concentrated manager: its portfolio is not within 5 to 100 positions; its top 10 positions are under 45%. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
What stocks does Jeremy Grantham own?
The largest positions of GMO in Q2 2026 are MSFT, LRCX, GOOGL, AAPL, META.
- 1MicrosoftMSFTIncreased5.7%
- 2Lam ResearchLRCXReduced5.3%
- 3AlphabetGOOGLReduced4.9%
- 4AppleAAPLReduced4.5%
- 5Meta PlatformsMETAIncreased4.4%
- 6Johnson & JohnsonJNJReduced4.1%
- 7Amazon.comAMZNReduced3.3%
- 8Texas InstrumentsTXNReduced3.1%
- 9Thermo Fisher ScientificTMOIncreased3.1%
- 10BroadcomAVGOReduced2.8%
Where there are two tickers (e.g. GOOGL · GOOG) they are two share classes of the same company and the weight is the sum: that is why there are 658 rows here and the 13F has 661 positions.
What did Jeremy Grantham buy in Q2 2026?
- IncreasedNVIDIANVDA+1,218% shares · 2.1% of portfolio
- IncreasedNetflixNFLX+156% shares · 1.7% of portfolio
- IncreasedMastercardMA+91% shares · 2.1% of portfolio
- IncreasedMicrosoftMSFT+10% shares · 5.7% of portfolio
- IncreasedMeta PlatformsMETA+12% shares · 4.4% of portfolio
- NewPhilip Morris InternationalPM0.3% of portfolio
- IncreasedThermo Fisher ScientificTMO+9.5% shares · 3.1% of portfolio
- IncreasedVisaV+9.3% shares · 2.6% of portfolio
What did Jeremy Grantham sell in Q2 2026?
- ReducedLam ResearchLRCX−21% shares · 5.3% of portfolio
- ReducedHilton Worldwide HoldingsHLT−38% shares · 1.0% of portfolio
- ReducedAlphabetGOOGL−11% shares · 4.9% of portfolio
- ReducedUS Bancorp \de\USB−22% shares · 2.0% of portfolio
- ReducedKLAKLAC−16% shares · 2.6% of portfolio
- ReducedUnitedHealth GroupUNH−11% shares · 2.6% of portfolio
- ReducedTexas InstrumentsTXN−7.6% shares · 3.1% of portfolio
- ReducedElevance HealthELV−13% shares · 1.5% of portfolio
39 positions opened or added to and 113 trimmed or closed, against the previous quarter's 13F. Each is measured the same way across the page: how much the share count changed and its weight in the portfolio today (share classes of the same company added together). The 13F has 652 positions with a change, 8 of them material (0.5 points of the portfolio or more). All full exits are listed, even those that moved less than 0.5 points of the portfolio.
Declared options (2)
Besides stocks, GMO declared 2 calls (they gain if it rises) with a notional of $15.9M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- CALLiShares 20+ Year Treasury BD ETFTLTnew this quarter$10.3M
- CALLiShares 7-10 Year Treasury B ETFIEFnew this quarter$5.6M
Source: SEC 13F filings show the portfolio at quarter end and are filed up to 45 days later: positions may have changed. They only cover U.S.-listed stocks and some others; no short positions or cash. Not investment advice.