Great investors · Jeremy Grantham · Q4 2024
What Jeremy Grantham bought and sold in Q4 2024
GMO 13F portfolio as of Dec 31, 2024: 570 positions worth $30.7 bn. Largest: MSFT, AAPL, GOOGL, META. Filed with the SEC on Feb 13, 2025.
The 13F is filed by GMO, not by Jeremy Grantham personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
- IncreasedThermo Fisher ScientificTMO+1.0 pp
- IncreasedUnitedHealth GroupUNH+0.6 pp
- IncreasedConstellation BrandsSTZ+0.5 pp
Sells in Q4 2024
- ReducedLam ResearchLRCX−2.1 pp
- ReducedTJXTJX−0.7 pp
- ReducedIntuitive SurgicalISRG−0.7 pp
6 companies with material moves, out of 6 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
GMO's Q4 2024 13F lists 570 lines of US-listed securities worth $30.7 bn; the largest is MSFT at 5.37% of the portfolio. It was accepted by the SEC on Feb 13, 2025 at 6:52 AM ET.
Against the previous quarter, it opened 71 positions (IVV, Arch Resources, MRNA and SilverCrest Metals and 67 more), closed 53 (Arcadium Lithium, MGRC, Championx and CLF and 49 more), added to 151 (TMO, VICI, UNH and STZ and 147 more) and trimmed 188 (LRCX, ISRG, TJX and KO and 184 more). 29 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 3.9 M | $1.7 bn | 5.37% | −2.1% |
| 2 | Apple AAPL | 6.3 M | $1.6 bn | 5.14% | no change |
| 3 | Alphabet GOOGL | 7.4 M | $1.4 bn | 4.55% | no change |
| 4 | Meta Platforms META | 2.2 M | $1.3 bn | 4.23% | −5.3% |
| 5 | UnitedHealth Group UNH | 2.1 M | $1.0 bn | 3.41% | +23% |
| 6 | Oracle ORCL | 5.9 M | $980M | 3.19% | −2.3% |
| 7 | Visa V | 3.0 M | $935M | 3.04% | +1.2% |
| 8 | Johnson & Johnson JNJ | 6.4 M | $920M | 2.99% | +1.1% |
| 9 | Abbott Laboratories ABT | 7.9 M | $893M | 2.91% | +11% |
| 10 | Texas Instruments TXN | 4.3 M | $804M | 2.62% | +1% |
| 11 | Accenture ACN | 2.2 M | $785M | 2.55% | +2.1% |
| 12 | Salesforce CRM | 2.2 M | $743M | 2.42% | −1.6% |
| 13 | Elevance Health ELV | 2.0 M | $738M | 2.40% | +19% |
| 14 | Amazon.com AMZN | 3.2 M | $706M | 2.30% | −9.5% |
| 15 | US Bancorp \de\ USB | 12.9 M | $619M | 2.01% | no change |
| 16 | Merck MRK | 6.2 M | $613M | 2.00% | +4.3% |
| 17 | Wells Fargo WFC | 8.7 M | $613M | 1.99% | −11% |
| 18 | Coca-Cola KO | 9.5 M | $589M | 1.92% | −18% |
| 19 | Lam Research LRCX | 8.1 M | $585M | 1.90% | −90% |
| 20 | Thermo Fisher Scientific TMO | 1.1 M | $569M | 1.85% | +141% |
| 21 | Intuitive Surgical ISRG | 1.1 M | $555M | 1.81% | −29% |
| 22 | Constellation Brands STZ | 2.5 M | $542M | 1.76% | +43% |
| 23 | Hilton Worldwide Holdings HLT | 2.0 M | $490M | 1.59% | +21% |
| 24 | Otis Worldwide OTIS | 5.2 M | $478M | 1.55% | +1.2% |
| 25 | TJX TJX | 3.8 M | $456M | 1.48% | −34% |
| 26 | Cigna Group CI | 1.5 M | $408M | 1.33% | +3.9% |
| 27 | KLA KLAC | 547,359 | $345M | 1.12% | no change |
| 28 | Quest Diagnostics DGX | 2.3 M | $342M | 1.11% | +1.2% |
| 29 | Eli Lilly LLY | 435,232 | $336M | 1.09% | +1.5% |
| 30 | Permian Resources PR | 10.6 M | $153M | 0.50% | no change |
| 31 | Darling Ingredients DAR | 4.3 M | $144M | 0.47% | −17% |
| 32 | GSK GSK | 4.2 M | $140M | 0.46% | +12% |
| 33 | iShares Core S&P 500 ETF IVV | 218,200 | $128M | 0.42% | new |
| 34 | Vodafone Group Public VOD | 14.6 M | $124M | 0.40% | +18% |
| 35 | Sociedad Quimica Y Minera De SQM | 3.3 M | $120M | 0.39% | +5.7% |
| 36 | Manulife Financial MFC | 3.9 M | $118M | 0.38% | −11% |
| 37 | Kosmos Energy KOS | 32.6 M | $112M | 0.36% | +22% |
| 38 | Sunrun RUN | 10.6 M | $98.3M | 0.32% | −4.5% |
| 39 | Ameresco AMRC | 4.0 M | $94.7M | 0.31% | −4.2% |
| 40 | Deutsche Bank Aktiengesellschaft DB | 5.4 M | $93.1M | 0.30% | +72% |
| 41 | YPF Sociedad Anonima YPF | 1.8 M | $78.4M | 0.25% | −29% |
| 42 | GE Aerospace GE | 457,321 | $76.3M | 0.25% | +4.9% |
| 43 | International Business Machines IBM | 330,772 | $72.7M | 0.24% | −14% |
| 44 | Pfizer PFE | 2.7 M | $71.0M | 0.23% | +21% |
| 45 | Verizon Communications VZ | 1.7 M | $68.3M | 0.22% | no change |
| 46 | Array Technologies ARRY | 11.2 M | $67.4M | 0.22% | +37% |
| 47 | Solaredge Technologies SEDG | 5.0 M | $67.4M | 0.22% | +15% |
| 48 | Bank of America BAC | 1.5 M | $67.3M | 0.22% | −25% |
| 49 | Vista Energy, S.A.B. de C.V. VIST | 1.2 M | $66.8M | 0.22% | +6.2% |
| 50 | Citigroup C | 907,166 | $63.9M | 0.21% | −15% |
| 51 | Stellantis STLA | 4.5 M | $59.0M | 0.19% | +3.7% |
| 52 | Comcast CMCSA | 1.5 M | $58.0M | 0.19% | −3.4% |
| 53 | Freeport-McMoRan FCX | 1.5 M | $56.6M | 0.18% | +22% |
| 54 | Novartis NVS | 577,901 | $56.2M | 0.18% | −13% |
| 55 | Hess Midstream HES | 407,618 | $54.2M | 0.18% | +5.9% |
| 56 | Procter & Gamble PG | 321,936 | $54.0M | 0.18% | −7.6% |
| 57 | General Motors GM | 1.0 M | $53.9M | 0.18% | −9.2% |
| 58 | Axcelis Technologies ACLS | 764,069 | $53.4M | 0.17% | +54% |
| 59 | Albemarle ALB | 612,998 | $52.8M | 0.17% | +19% |
| 60 | Cisco Systems CSCO | 890,797 | $52.7M | 0.17% | −42% |
| 61 | Broadcom AVGO | 227,074 | $52.6M | 0.17% | +5.7% |
| 62 | Aramark ARMK | 1.4 M | $52.5M | 0.17% | +16% |
| 63 | eBay EBAY | 834,090 | $51.7M | 0.17% | −5.8% |
| 64 | JPMorgan Chase JPM | 210,309 | $50.4M | 0.16% | −39% |
| 65 | Capital One Financial COF | 282,500 | $50.4M | 0.16% | −26% |
| 66 | Corteva CTVA | 878,065 | $50.0M | 0.16% | −11% |
| 67 | Chevron CVX | 343,811 | $49.8M | 0.16% | −15% |
| 68 | Green Plains GPRE | 5.2 M | $49.8M | 0.16% | −7.1% |
| 69 | British American Tobacco p.l.c. BTI | 1.4 M | $49.7M | 0.16% | +203% |
| 70 | PayPal Holdings PYPL | 579,190 | $49.4M | 0.16% | −11% |
| 71 | Cognizant Technology Solutions CTSH | 634,347 | $48.8M | 0.16% | −6.1% |
| 72 | Discover Financial Services | 277,394 | $48.1M | 0.16% | −25% |
| 73 | New York Times NYT | 908,643 | $47.3M | 0.15% | +9.7% |
| 74 | Intel INTC | 2.4 M | $47.2M | 0.15% | −3.7% |
| 75 | First Solar FSLR | 267,516 | $47.1M | 0.15% | no change |
| 76 | Hewlett Packard Enterprise HPE | 2.2 M | $46.6M | 0.15% | −10% |
| 77 | Exxon Mobil XOM | 432,196 | $46.5M | 0.15% | −21% |
| 78 | Ciena CIEN | 543,556 | $46.1M | 0.15% | −17% |
| 79 | California Resources CRC | 882,879 | $45.8M | 0.15% | −5.8% |
| 80 | Synchrony Financial SYF | 703,947 | $45.8M | 0.15% | −30% |
| 81 | Zoom Communications ZM | 558,539 | $45.6M | 0.15% | −9.3% |
| 82 | Regeneron Pharmaceuticals REGN | 62,979 | $44.9M | 0.15% | +21% |
| 83 | ON Semiconductor ON | 709,652 | $44.7M | 0.15% | −4.7% |
| 84 | STMicroelectronics STM | 1.8 M | $44.6M | 0.15% | −23% |
| 85 | HP HPQ | 1.4 M | $44.5M | 0.14% | −10% |
| 86 | Honda Motor HMC | 1.5 M | $44.2M | 0.14% | −17% |
| 87 | Magna International MGA | 1.0 M | $43.7M | 0.14% | +8.3% |
| 88 | Ford Motor F | 4.4 M | $43.5M | 0.14% | −5.4% |
| 89 | NexGen Energy NXE | 6.6 M | $43.5M | 0.14% | −33% |
| 90 | Acushnet Holdings GOLF | 610,338 | $43.4M | 0.14% | −7.5% |
| 91 | AptarGroup ATR | 273,545 | $43.0M | 0.14% | +4% |
| 92 | Albertsons Companies ACI | 2.2 M | $42.9M | 0.14% | −27% |
| 93 | AGCO AGCO | 444,209 | $41.5M | 0.14% | −17% |
| 94 | Globus Medical GMED | 500,484 | $41.4M | 0.13% | −26% |
| 95 | Landstar System LSTR | 240,169 | $41.3M | 0.13% | +4.7% |
| 96 | Clean Energy Fuels CLNE | 16.4 M | $41.2M | 0.13% | −7.1% |
| 97 | Nutrien NTR | 916,561 | $41.0M | 0.13% | no change |
| 98 | Cirrus Logic CRUS | 411,508 | $41.0M | 0.13% | +45% |
| 99 | Stepstone Group STEP | 702,767 | $40.7M | 0.13% | +4.2% |
| 100 | Centene CNC | 670,874 | $40.6M | 0.13% | +14% |
The 100 largest lines are shown. The other 470 add up to 14.0% of the portfolio; full 13F of GMO →
Positions it closed (53)
- Arcadium Lithium was 0.08% · 9.4 M shares
- McGRATH RENTCORP MGRCwas 0.06% · 191,372 shares
- Championx was 0.06% · 616,246 shares
- Cleveland-cliffs CLFwas 0.05% · 1.3 M shares
- Amedisys AMEDwas 0.04% · 141,521 shares
- Endeavor Group Hldgs was 0.04% · 472,390 shares
- Chord Energy CHRDwas 0.03% · 83,977 shares
- Carmax KMXwas 0.03% · 140,531 shares
- Delta Air Lines DALwas 0.03% · 213,918 shares
- Lennox International LIIwas 0.03% · 14,566 shares
- Ishares IEMGwas 0.02% · 113,663 shares
- UBS Group UBSwas 0.02% · 198,887 shares
- Alcoa AAwas 0.02% · 145,686 shares
- Veren was 0.01% · 432,520 shares
- Silicon Motion Technology SIMOwas 0.01% · 41,965 shares
- Independent Bank Group INDBwas 0.01% · 38,142 shares
- Fomento Economico Mexicano S FMXwas 0.01% · 20,680 shares
- ETSY ETSYwas 0.01% · 30,172 shares
- XP XPwas 0.01% · 91,200 shares
- NetApp NTAPwas 0.00% · 10,389 shares
- United Microelectronics UMCwas 0.00% · 125,346 shares
- Parsons PSNwas 0.00% · 9,623 shares
- WNS Hldgs was 0.00% · 17,741 shares
- Hdfc Bank HDBwas 0.00% · 13,353 shares
- Shoe Station Group SHOEwas 0.00% · 16,483 shares
- Foot Locker WOOwas 0.00% · 26,699 shares
- Deckers Outdoor DECKwas 0.00% · 3,474 shares
- Organon OGNwas 0.00% · 28,646 shares
- LendingTree TREEwas 0.00% · 9,104 shares
- Pagseguro Digital PAGSwas 0.00% · 59,654 shares
- Grupo Aeroportuario DEL Cent OMABwas 0.00% · 7,381 shares
- Reliance RSwas 0.00% · 1,525 shares
- GMS was 0.00% · 4,833 shares
- Brown & Brown BROwas 0.00% · 3,908 shares
- Old Republic International ORIwas 0.00% · 11,325 shares
- Prudential Financial PRUwas 0.00% · 3,291 shares
- V. F. VFCwas 0.00% · 19,862 shares
- TEVA Pharmaceutical Industries TEVAwas 0.00% · 18,792 shares
- Assurant AIZwas 0.00% · 1,698 shares
- Haverty Furniture Companies HVTwas 0.00% · 11,594 shares
- Enel Chile ENICwas 0.00% · 98,255 shares
- Science Applications International SAICwas 0.00% · 1,881 shares
- Innovative Industrial Properties IIPRwas 0.00% · 1,857 shares
- Travelers Companies TRVwas 0.00% · 1,032 shares
- Bread Financial Holdings BFHwas 0.00% · 5,035 shares
- Photronics PLABwas 0.00% · 9,551 shares
- G III Apparel Group GIIIwas 0.00% · 7,729 shares
- Service Corporation International SCIwas 0.00% · 2,933 shares
- Minerals Technologies MTXwas 0.00% · 2,663 shares
- Empire State Realty Trust ESRTwas 0.00% · 17,061 shares
- Itau Unibanco Holding ITUBwas 0.00% · 26,277 shares
- MRC Global MRCwas 0.00% · 11,962 shares
- Immersion IMMRwas 0.00% · 12,369 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.