Great investors · Jeremy Grantham · Q1 2025
What Jeremy Grantham bought and sold in Q1 2025
GMO 13F portfolio as of Mar 31, 2025: 615 positions worth $31.7 bn. Largest: MSFT, AAPL, GOOGL, META. Filed with the SEC on May 14, 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 Q1 2025
- NewUBER TechnologiesUBER+1.0 pp
- IncreasedMicrosoftMSFT+1.0 pp
- IncreasedBroadcomAVGO+0.8 pp
- IncreasedThermo Fisher ScientificTMO+0.6 pp
Sells in Q1 2025
No sale of 0.5 points of the portfolio or more this quarter.
4 companies with material moves, out of 4 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 Q1 2025 13F lists 615 lines of US-listed securities worth $31.7 bn; the largest is MSFT at 5.66% of the portfolio. It was accepted by the SEC on May 14, 2025 at 7:17 AM ET.
Against the previous quarter, it opened 112 positions (UBER, SAIA, ONTO and TREX and 108 more), closed 61 (IVV, ACI, EFOR and ESNT and 57 more), added to 220 (AVGO, MSFT, TMO and CW and 216 more) and trimmed 130 (KO, META, GSK and DGX and 126 more). 16 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 4.8 M | $1.8 bn | 5.66% | +22% |
| 2 | Apple AAPL | 6.7 M | $1.5 bn | 4.68% | +5.9% |
| 3 | Alphabet GOOGL | 7.8 M | $1.2 bn | 3.82% | +6.1% |
| 4 | Meta Platforms META | 2.1 M | $1.2 bn | 3.75% | −7.1% |
| 5 | UnitedHealth Group UNH | 2.2 M | $1.2 bn | 3.67% | +7.4% |
| 6 | Johnson & Johnson JNJ | 6.8 M | $1.1 bn | 3.56% | +7.1% |
| 7 | Abbott Laboratories ABT | 8.1 M | $1.1 bn | 3.39% | +2.7% |
| 8 | Visa V | 3.0 M | $1.0 bn | 3.29% | no change |
| 9 | Elevance Health ELV | 2.2 M | $939M | 2.96% | +7.9% |
| 10 | Oracle ORCL | 6.1 M | $848M | 2.67% | +3.1% |
| 11 | Texas Instruments TXN | 4.6 M | $818M | 2.58% | +6.1% |
| 12 | Accenture ACN | 2.4 M | $761M | 2.40% | +9.3% |
| 13 | Thermo Fisher Scientific TMO | 1.5 M | $725M | 2.28% | +33% |
| 14 | Salesforce CRM | 2.7 M | $716M | 2.26% | +20% |
| 15 | US Bancorp \de\ USB | 16.0 M | $675M | 2.13% | +24% |
| 16 | Amazon.com AMZN | 3.4 M | $654M | 2.06% | +6.8% |
| 17 | Lam Research LRCX | 8.6 M | $625M | 1.97% | +6.1% |
| 18 | Wells Fargo WFC | 8.4 M | $602M | 1.90% | −4% |
| 19 | Merck MRK | 6.7 M | $600M | 1.89% | +8.5% |
| 20 | Otis Worldwide OTIS | 5.5 M | $564M | 1.78% | +5.8% |
| 21 | Coca-Cola KO | 7.7 M | $548M | 1.73% | −19% |
| 22 | Intuitive Surgical ISRG | 1.1 M | $532M | 1.68% | no change |
| 23 | Cigna Group CI | 1.6 M | $523M | 1.65% | +7.4% |
| 24 | Constellation Brands STZ | 2.6 M | $483M | 1.52% | +7.3% |
| 25 | TJX TJX | 3.8 M | $460M | 1.45% | no change |
| 26 | Hilton Worldwide Holdings HLT | 2.0 M | $446M | 1.41% | −1.1% |
| 27 | Eli Lilly LLY | 483,800 | $400M | 1.26% | +11% |
| 28 | KLA KLAC | 553,642 | $376M | 1.19% | +1.1% |
| 29 | Quest Diagnostics DGX | 2.0 M | $340M | 1.07% | −12% |
| 30 | UBER Technologies UBER | 4.5 M | $328M | 1.03% | new |
| 31 | Broadcom AVGO | 1.7 M | $291M | 0.92% | +666% |
| 32 | Permian Resources PR | 10.6 M | $147M | 0.46% | no change |
| 33 | Deutsche Bank Aktiengesellschaft DB | 5.7 M | $135M | 0.42% | +5.8% |
| 34 | Vodafone Group Public VOD | 13.9 M | $130M | 0.41% | −4.7% |
| 35 | Manulife Financial MFC | 3.7 M | $116M | 0.36% | −3.6% |
| 36 | Darling Ingredients DAR | 3.7 M | $114M | 0.36% | −14% |
| 37 | British American Tobacco p.l.c. BTI | 2.4 M | $101M | 0.32% | +79% |
| 38 | Sociedad Quimica Y Minera De SQM | 2.4 M | $96.5M | 0.30% | −26% |
| 39 | Kosmos Energy KOS | 39.9 M | $90.9M | 0.29% | +22% |
| 40 | Aramark ARMK | 2.4 M | $83.3M | 0.26% | +72% |
| 41 | GSK GSK | 2.1 M | $82.9M | 0.26% | −48% |
| 42 | Verizon Communications VZ | 1.8 M | $81.9M | 0.26% | +5.7% |
| 43 | GE Aerospace GE | 397,408 | $79.5M | 0.25% | −13% |
| 44 | Solaredge Technologies SEDG | 4.6 M | $74.1M | 0.23% | −7.6% |
| 45 | Pfizer PFE | 2.9 M | $73.0M | 0.23% | +7.6% |
| 46 | Bank of America BAC | 1.6 M | $68.3M | 0.22% | +6.8% |
| 47 | Sunrun RUN | 11.5 M | $67.6M | 0.21% | +8.6% |
| 48 | Comcast CMCSA | 1.8 M | $66.3M | 0.21% | +16% |
| 49 | CVS Health CVS | 941,367 | $63.8M | 0.20% | +21% |
| 50 | Citigroup C | 875,887 | $62.2M | 0.20% | −3.4% |
| 51 | Procter & Gamble PG | 361,181 | $61.6M | 0.19% | +12% |
| 52 | Cisco Systems CSCO | 988,222 | $61.0M | 0.19% | +11% |
| 53 | JPMorgan Chase JPM | 239,659 | $58.8M | 0.19% | +14% |
| 54 | YPF Sociedad Anonima YPF | 1.6 M | $57.5M | 0.18% | −11% |
| 55 | eBay EBAY | 840,673 | $56.9M | 0.18% | no change |
| 56 | Albemarle ALB | 788,606 | $56.8M | 0.18% | +29% |
| 57 | Exxon Mobil XOM | 465,370 | $55.3M | 0.17% | +7.7% |
| 58 | Vista Energy, S.A.B. de C.V. VIST | 1.2 M | $54.9M | 0.17% | −4.4% |
| 59 | International Business Machines IBM | 219,658 | $54.6M | 0.17% | −34% |
| 60 | Ollie's Bargain Outlet Holdings OLLI | 466,114 | $54.2M | 0.17% | +59% |
| 61 | Stellantis STLA | 4.9 M | $54.2M | 0.17% | +7.9% |
| 62 | California Resources CRC | 1.2 M | $53.4M | 0.17% | +38% |
| 63 | Regeneron Pharmaceuticals REGN | 83,330 | $52.9M | 0.17% | +32% |
| 64 | New York Times NYT | 1.0 M | $50.9M | 0.16% | +13% |
| 65 | AptarGroup ATR | 342,817 | $50.9M | 0.16% | +25% |
| 66 | General Motors GM | 1.1 M | $49.4M | 0.16% | +3.9% |
| 67 | Array Technologies ARRY | 10.1 M | $49.3M | 0.16% | −9.3% |
| 68 | Balchem BCPC | 296,303 | $49.2M | 0.16% | +45% |
| 69 | Hess Midstream HES | 305,026 | $48.7M | 0.15% | −25% |
| 70 | Marzetti MZTI | 274,995 | $48.1M | 0.15% | +19% |
| 71 | Cognizant Technology Solutions CTSH | 624,203 | $47.8M | 0.15% | −1.6% |
| 72 | Centene CNC | 783,671 | $47.6M | 0.15% | +17% |
| 73 | Walgreens Boots Alliance WBA | 4.2 M | $47.1M | 0.15% | +42% |
| 74 | STMicroelectronics STM | 2.1 M | $47.0M | 0.15% | +20% |
| 75 | Woodward WWD | 257,196 | $46.9M | 0.15% | +51% |
| 76 | Ameresco AMRC | 3.8 M | $46.5M | 0.15% | −4.6% |
| 77 | RIO Tinto RIO | 772,076 | $46.4M | 0.15% | +99% |
| 78 | PayPal Holdings PYPL | 708,072 | $46.2M | 0.15% | +22% |
| 79 | Chevron CVX | 275,920 | $46.2M | 0.15% | −20% |
| 80 | Curtiss-wright CW | 144,735 | $45.9M | 0.14% | +445% |
| 81 | Freeport-McMoRan FCX | 1.2 M | $45.4M | 0.14% | −19% |
| 82 | RBC Bearings RBC | 140,875 | $45.3M | 0.14% | +9.6% |
| 83 | First Solar FSLR | 358,507 | $45.3M | 0.14% | +34% |
| 84 | Intel INTC | 2.0 M | $45.2M | 0.14% | −16% |
| 85 | Capital One Financial COF | 251,271 | $45.1M | 0.14% | −11% |
| 86 | Mondelez International MDLZ | 662,381 | $44.9M | 0.14% | +50% |
| 87 | Qualcomm QCOM | 292,348 | $44.9M | 0.14% | +64% |
| 88 | Toronto Dominion Bank TD | 739,032 | $44.3M | 0.14% | +25% |
| 89 | Open Text OTEX | 1.7 M | $43.9M | 0.14% | +34% |
| 90 | Novartis NVS | 392,151 | $43.7M | 0.14% | −32% |
| 91 | Nextpower NXT | 1.0 M | $43.7M | 0.14% | −2.8% |
| 92 | Cummins CMI | 138,411 | $43.4M | 0.14% | +41% |
| 93 | Synchrony Financial SYF | 818,293 | $43.3M | 0.14% | +16% |
| 94 | Globus Medical GMED | 589,277 | $43.1M | 0.14% | +18% |
| 95 | Ford Motor F | 4.3 M | $43.0M | 0.14% | −2.5% |
| 96 | HP HPQ | 1.5 M | $42.9M | 0.14% | +14% |
| 97 | Stepstone Group STEP | 806,596 | $42.1M | 0.13% | +15% |
| 98 | Honda Motor HMC | 1.5 M | $41.7M | 0.13% | no change |
| 99 | Cirrus Logic CRUS | 414,649 | $41.3M | 0.13% | no change |
| 100 | Zoom Communications ZM | 559,775 | $41.3M | 0.13% | no change |
The 100 largest lines are shown. The other 515 add up to 13.3% of the portfolio; full 13F of GMO →
Positions it closed (61)
- Ishares Tr IVVwas 0.42% · 218,200 shares
- Albertsons Companies ACIwas 0.14% · 2.2 M shares
- Everforth EFORwas 0.12% · 460,300 shares
- Essent Group ESNTwas 0.10% · 566,121 shares
- Ansys ANSSwas 0.09% · 81,697 shares
- Arcbest ARCBwas 0.08% · 257,060 shares
- Juniper Networks JNPRwas 0.07% · 560,159 shares
- Paramount Skydance was 0.06% · 1.6 M shares
- TECK Resources TECKwas 0.06% · 421,744 shares
- Bath & Body Works BBWIwas 0.05% · 412,722 shares
- BIO RAD Labs BIOwas 0.05% · 42,784 shares
- Potlatchdeltic PCHwas 0.04% · 348,323 shares
- Sanfilippo John B & SON JBSSwas 0.02% · 72,375 shares
- Exelixis EXELwas 0.02% · 151,153 shares
- Constellation Energy CEGwas 0.02% · 21,300 shares
- Cenovus Energy CVEwas 0.01% · 227,181 shares
- Tapestry TPRwas 0.01% · 50,473 shares
- AngloGold Ashanti AUwas 0.01% · 131,969 shares
- Norfolk Southern NSCwas 0.01% · 11,921 shares
- Vulcan Materials VMCwas 0.01% · 10,289 shares
- Rockwell Automation ROKwas 0.01% · 9,229 shares
- Martin Marietta Materials MLMwas 0.01% · 5,014 shares
- Arista Networks ANETwas 0.01% · 23,032 shares
- Kinross Gold KGCwas 0.01% · 260,452 shares
- Jacobs Solutions Jwas 0.01% · 16,497 shares
- BRP DOOwas 0.01% · 43,272 shares
- Fluor FLRwas 0.01% · 42,866 shares
- Knight-Swift Transportation Holdings KNXwas 0.01% · 39,243 shares
- Huntington Ingalls Industries HIIwas 0.01% · 9,716 shares
- Quanta Services PWRwas 0.01% · 5,524 shares
- Li-cycle Holdings LICYQwas 0.00% · 841,976 shares
- Robert Half RHIwas 0.00% · 21,145 shares
- Berry Corporation (bry) BRYwas 0.00% · 355,500 shares
- First Horizon FHNwas 0.00% · 66,583 shares
- TD Synnex SNXwas 0.00% · 11,266 shares
- Dow DOWwas 0.00% · 27,913 shares
- Republic Services RSGwas 0.00% · 4,511 shares
- Hafnia HAFNwas 0.00% · 146,419 shares
- Ishares EMXCwas 0.00% · 13,251 shares
- B2gold BTGwas 0.00% · 275,937 shares
- HNI HNIwas 0.00% · 11,404 shares
- ASE Technology Holding ASXwas 0.00% · 49,092 shares
- EPR Properties EPRwas 0.00% · 10,310 shares
- Acuity AYIwas 0.00% · 1,452 shares
- Booz Allen Hamilton Holding BAHwas 0.00% · 3,278 shares
- GEO Group GEOwas 0.00% · 13,539 shares
- Sylvamo SLVMwas 0.00% · 4,164 shares
- Community Trust Bancorp CTBIwas 0.00% · 5,252 shares
- KT KTwas 0.00% · 17,755 shares
- Barrick Mining ABXwas 0.00% · 16,687 shares
- Popular BPOPwas 0.00% · 2,684 shares
- F5 FFIVwas 0.00% · 980 shares
- East West Bancorp EWBCwas 0.00% · 2,498 shares
- Benchmark Electronics BHEwas 0.00% · 5,241 shares
- Highwoods Properties HIWwas 0.00% · 7,648 shares
- TTM Technologies TTMIwas 0.00% · 9,295 shares
- AZZ AZZwas 0.00% · 2,632 shares
- Vontier VNTwas 0.00% · 5,873 shares
- International Bancshares IBOCwas 0.00% · 3,254 shares
- Primoris Services PRIMwas 0.00% · 2,641 shares
- Lufax Holding LUwas 0.00% · 28,662 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.