Great investors · Jeremy Grantham · Q2 2025
What Jeremy Grantham bought and sold in Q2 2025
GMO 13F portfolio as of Jun 30, 2025: 604 positions worth $33.1 bn. Largest: MSFT, META, GOOGL, ORCL. Filed with the SEC on Aug 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 Q2 2025
- IncreasedBroadcomAVGO+1.1 pp
- NewTradeweb MarketsTW+0.7 pp
- IncreasedConstellation BrandsSTZ+0.5 pp
Sells in Q2 2025
- ReducedOtis WorldwideOTIS−1.6 pp
- ReducedVisaV−0.6 pp
5 companies with material moves, out of 5 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 Q2 2025 13F lists 604 lines of US-listed securities worth $33.1 bn; the largest is MSFT at 7.31% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 7:16 AM ET.
Against the previous quarter, it opened 86 positions (TW, MASI, BAH and JKHY and 82 more), closed 87 (SAIA, ONTO, Championx and Everi Hldgs and 83 more), added to 137 (ABEV, AVGO, UAL and COOP and 133 more) and trimmed 214 (V, AAPL, ORCL and ELV and 210 more). 17 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 4.9 M | $2.4 bn | 7.31% | +1.6% |
| 2 | Meta Platforms META | 2.2 M | $1.6 bn | 4.97% | +7.8% |
| 3 | Alphabet GOOGL | 7.9 M | $1.4 bn | 4.19% | no change |
| 4 | Oracle ORCL | 5.7 M | $1.2 bn | 3.78% | −5.9% |
| 5 | Apple AAPL | 6.0 M | $1.2 bn | 3.71% | −11% |
| 6 | Abbott Laboratories ABT | 7.8 M | $1.1 bn | 3.22% | −3.6% |
| 7 | Johnson & Johnson JNJ | 6.6 M | $1.0 bn | 3.03% | −3.8% |
| 8 | Texas Instruments TXN | 4.6 M | $958M | 2.90% | +1.4% |
| 9 | Lam Research LRCX | 9.7 M | $942M | 2.85% | +13% |
| 10 | Visa V | 2.4 M | $861M | 2.61% | −18% |
| 11 | Broadcom AVGO | 3.1 M | $844M | 2.55% | +76% |
| 12 | Salesforce CRM | 3.0 M | $806M | 2.44% | +11% |
| 13 | Elevance Health ELV | 2.0 M | $794M | 2.40% | −5.5% |
| 14 | Accenture ACN | 2.6 M | $792M | 2.40% | +8.6% |
| 15 | Amazon.com AMZN | 3.6 M | $791M | 2.39% | +4.9% |
| 16 | Thermo Fisher Scientific TMO | 1.9 M | $751M | 2.27% | +27% |
| 17 | US Bancorp \de\ USB | 16.6 M | $750M | 2.27% | +3.7% |
| 18 | Wells Fargo WFC | 8.5 M | $679M | 2.05% | +1.1% |
| 19 | UnitedHealth Group UNH | 2.1 M | $668M | 2.02% | −3.7% |
| 20 | Constellation Brands STZ | 3.7 M | $598M | 1.81% | +40% |
| 21 | Intuitive Surgical ISRG | 1.1 M | $592M | 1.79% | +1.4% |
| 22 | Hilton Worldwide Holdings HLT | 2.0 M | $532M | 1.61% | +1.8% |
| 23 | Merck MRK | 6.5 M | $512M | 1.55% | −3.2% |
| 24 | Cigna Group CI | 1.5 M | $510M | 1.54% | −2.8% |
| 25 | UBER Technologies UBER | 5.4 M | $506M | 1.53% | +21% |
| 26 | KLA KLAC | 565,053 | $506M | 1.53% | +2.1% |
| 27 | Coca-Cola KO | 7.0 M | $497M | 1.51% | −8.2% |
| 28 | TJX TJX | 3.6 M | $450M | 1.36% | −3.5% |
| 29 | Eli Lilly LLY | 474,022 | $370M | 1.12% | −2% |
| 30 | Quest Diagnostics DGX | 1.7 M | $314M | 0.95% | −13% |
| 31 | Tradeweb Markets TW | 1.5 M | $217M | 0.66% | new |
| 32 | Deutsche Bank Aktiengesellschaft DB | 4.9 M | $146M | 0.44% | −13% |
| 33 | Permian Resources PR | 10.6 M | $145M | 0.44% | no change |
| 34 | Darling Ingredients DAR | 3.7 M | $140M | 0.42% | no change |
| 35 | Vodafone Group Public VOD | 11.9 M | $127M | 0.38% | −14% |
| 36 | British American Tobacco p.l.c. BTI | 2.5 M | $117M | 0.36% | +1.5% |
| 37 | Aramark ARMK | 2.7 M | $111M | 0.34% | +10% |
| 38 | GSK GSK | 2.6 M | $99.9M | 0.30% | +22% |
| 39 | GE Aerospace GE | 372,989 | $96.0M | 0.29% | −6.1% |
| 40 | Manulife Financial MFC | 3.0 M | $95.9M | 0.29% | −19% |
| 41 | Sunrun RUN | 10.6 M | $86.9M | 0.26% | −7.9% |
| 42 | Solaredge Technologies SEDG | 4.0 M | $81.7M | 0.25% | −12% |
| 43 | Sociedad Quimica Y Minera De SQM | 2.0 M | $70.6M | 0.21% | −18% |
| 44 | Verizon Communications VZ | 1.6 M | $67.9M | 0.21% | −13% |
| 45 | Procter & Gamble PG | 410,184 | $65.4M | 0.20% | +14% |
| 46 | First Solar FSLR | 394,467 | $65.3M | 0.20% | +10% |
| 47 | NexGen Energy NXE | 9.2 M | $63.9M | 0.19% | +18% |
| 48 | New York Times NYT | 1.1 M | $63.7M | 0.19% | +11% |
| 49 | Kosmos Energy KOS | 36.8 M | $63.3M | 0.19% | −7.7% |
| 50 | Pfizer PFE | 2.6 M | $61.9M | 0.19% | −11% |
| 51 | AptarGroup ATR | 387,318 | $60.6M | 0.18% | +13% |
| 52 | California Resources CRC | 1.3 M | $58.9M | 0.18% | +6.1% |
| 53 | CVS Health CVS | 852,225 | $58.8M | 0.18% | −9.5% |
| 54 | Ameresco AMRC | 3.8 M | $58.4M | 0.18% | no change |
| 55 | Citigroup C | 685,323 | $58.3M | 0.18% | −22% |
| 56 | JPMorgan Chase JPM | 198,928 | $57.7M | 0.17% | −17% |
| 57 | Toronto Dominion Bank TD | 780,723 | $57.3M | 0.17% | +5.6% |
| 58 | Comcast CMCSA | 1.6 M | $56.5M | 0.17% | −12% |
| 59 | Balchem BCPC | 352,498 | $56.1M | 0.17% | +19% |
| 60 | Bank of America BAC | 1.2 M | $55.8M | 0.17% | −28% |
| 61 | Array Technologies ARRY | 9.4 M | $55.5M | 0.17% | −7.1% |
| 62 | RIO Tinto RIO | 926,483 | $54.0M | 0.16% | +20% |
| 63 | Cisco Systems CSCO | 773,345 | $53.7M | 0.16% | −22% |
| 64 | Woodward WWD | 215,077 | $52.7M | 0.16% | −16% |
| 65 | Albemarle ALB | 835,806 | $52.4M | 0.16% | +6% |
| 66 | Vista Energy, S.A.B. de C.V. VIST | 1.1 M | $50.4M | 0.15% | −11% |
| 67 | Allegion ALLE | 349,856 | $50.4M | 0.15% | +114% |
| 68 | Marzetti MZTI | 289,100 | $49.9M | 0.15% | +5.1% |
| 69 | Dolby Laboratories DLB | 667,738 | $49.6M | 0.15% | +37% |
| 70 | STMicroelectronics STM | 1.6 M | $47.6M | 0.14% | −27% |
| 71 | Mondelez International MDLZ | 693,739 | $46.8M | 0.14% | +4.7% |
| 72 | FTI Consulting FCN | 286,176 | $46.2M | 0.14% | +31% |
| 73 | YPF Sociedad Anonima YPF | 1.5 M | $46.2M | 0.14% | −11% |
| 74 | AAON AAON | 623,811 | $46.0M | 0.14% | +73% |
| 75 | Stellantis STLA | 4.6 M | $45.6M | 0.14% | −6.5% |
| 76 | General Motors GM | 913,909 | $45.0M | 0.14% | −13% |
| 77 | Capital One Financial COF | 211,123 | $44.9M | 0.14% | −16% |
| 78 | Bank of Nova Scotia BNS | 801,324 | $44.2M | 0.13% | −1.3% |
| 79 | Houlihan Lokey HLI | 240,486 | $43.3M | 0.13% | +5.3% |
| 80 | eBay EBAY | 579,424 | $43.1M | 0.13% | −31% |
| 81 | Novartis NVS | 352,695 | $42.7M | 0.13% | −10% |
| 82 | Globus Medical GMED | 721,781 | $42.6M | 0.13% | +22% |
| 83 | RBC Bearings RBC | 108,491 | $41.7M | 0.13% | −23% |
| 84 | Cummins CMI | 127,028 | $41.6M | 0.13% | −8.2% |
| 85 | PriceSmart PSMT | 391,603 | $41.1M | 0.12% | +11% |
| 86 | Exxon Mobil XOM | 376,096 | $40.5M | 0.12% | −19% |
| 87 | AZEK AZEK | 745,471 | $40.5M | 0.12% | +41% |
| 88 | Masimo MASI | 240,563 | $40.5M | 0.12% | new |
| 89 | Universal Display OLED | 261,969 | $40.5M | 0.12% | −5.9% |
| 90 | Bristol-myers Squibb BMY | 870,304 | $40.3M | 0.12% | +402% |
| 91 | Cognizant Technology Solutions CTSH | 507,675 | $39.6M | 0.12% | −19% |
| 92 | PayPal Holdings PYPL | 532,498 | $39.6M | 0.12% | −25% |
| 93 | Open Text OTEX | 1.3 M | $39.2M | 0.12% | −23% |
| 94 | Cirrus Logic CRUS | 370,348 | $38.6M | 0.12% | −11% |
| 95 | Synchrony Financial SYF | 576,544 | $38.5M | 0.12% | −30% |
| 96 | Qualcomm QCOM | 241,385 | $38.4M | 0.12% | −17% |
| 97 | Taiwan Semiconductor Manufacturing TSM | 169,374 | $38.4M | 0.12% | +14% |
| 98 | Liberty Broadband LBRDK | 383,835 | $37.8M | 0.11% | +17% |
| 99 | Booz Allen Hamilton Holding BAH | 358,447 | $37.3M | 0.11% | new |
| 100 | International Business Machines IBM | 125,349 | $37.0M | 0.11% | −43% |
The 100 largest lines are shown. The other 504 add up to 11.3% of the portfolio; full 13F of GMO →
Positions it closed (87)
- Saia SAIAwas 0.13% · 117,840 shares
- ONTO Innovation ONTOwas 0.11% · 284,587 shares
- Championx was 0.08% · 902,956 shares
- Everi Hldgs was 0.06% · 1.5 M shares
- Ciena CIENwas 0.05% · 252,853 shares
- Amedisys AMEDwas 0.05% · 164,064 shares
- Landstar System LSTRwas 0.05% · 97,886 shares
- Mosaic MOSwas 0.05% · 537,895 shares
- Neogen NEOGwas 0.04% · 1.4 M shares
- Adecoagro AGROwas 0.03% · 985,375 shares
- Air Products and Chemicals APDwas 0.03% · 35,617 shares
- Coupang CPNGwas 0.03% · 462,065 shares
- Textron TXTwas 0.03% · 116,394 shares
- Brookfield BNwas 0.03% · 153,518 shares
- Viper Energy VNOMwas 0.02% · 143,392 shares
- ProPetro Holding PUMPwas 0.01% · 595,067 shares
- Sea SEwas 0.01% · 30,959 shares
- Intercontinental Exchange ICEwas 0.01% · 20,113 shares
- Suncor Energy SUwas 0.01% · 89,428 shares
- Raymond James Financial RJFwas 0.01% · 23,562 shares
- Celestica CLSwas 0.01% · 36,883 shares
- Shopify SHOPwas 0.01% · 30,100 shares
- Synopsys SNPSwas 0.01% · 6,610 shares
- Infosys INFYwas 0.01% · 152,257 shares
- Conagra Brands CAGwas 0.01% · 98,764 shares
- LKQ LKQwas 0.01% · 60,471 shares
- Markel Group MKLwas 0.01% · 1,153 shares
- Morgan Stanley Direct Lending Fund MSDLwas 0.01% · 106,927 shares
- Edwards Lifesciences EWwas 0.01% · 26,591 shares
- Stride LRNwas 0.01% · 13,420 shares
- Pagseguro Digital PAGSwas 0.01% · 210,698 shares
- Edgewell Personal Care EPCwas 0.00% · 43,990 shares
- Ingredion INGRwas 0.00% · 9,608 shares
- Ss&c Technologies Holdings SSNCwas 0.00% · 15,530 shares
- Snap-on SNAwas 0.00% · 3,634 shares
- Blackstone Secured Lending Fund BXSLwas 0.00% · 37,006 shares
- VALE VALEwas 0.00% · 113,737 shares
- NVR NVRwas 0.00% · 155 shares
- Onemain Holdings OMFwas 0.00% · 22,592 shares
- Lloyds Banking Group LYGwas 0.00% · 256,198 shares
- Grupo Aeroportuario DEL Sure ASRwas 0.00% · 3,415 shares
- CarGurus CARGwas 0.00% · 30,562 shares
- JOYY JOYYwas 0.00% · 20,000 shares
- Autoliv ALVwas 0.00% · 9,184 shares
- Travel & Leisure TNLwas 0.00% · 16,767 shares
- Victoria's Secret VSXYwas 0.00% · 40,202 shares
- Entergy ETRwas 0.00% · 8,586 shares
- Public Storage PSAwas 0.00% · 2,400 shares
- Stryker SYKwas 0.00% · 1,892 shares
- Copart CPRTwas 0.00% · 12,400 shares
- Qorvo QRVOwas 0.00% · 9,664 shares
- Samsara IOTwas 0.00% · 17,670 shares
- Boise Cascade BCCwas 0.00% · 6,680 shares
- HF Sinclair DINOwas 0.00% · 19,300 shares
- Fortune Brands Innovations FBINwas 0.00% · 10,302 shares
- Masco MASwas 0.00% · 8,831 shares
- Amdocs DOXwas 0.00% · 6,492 shares
- Cboe Global Markets CBOEwas 0.00% · 2,600 shares
- Ameriprise Financial AMPwas 0.00% · 1,200 shares
- Ishares Tr INDAwas 0.00% · 11,227 shares
- Nasdaq NDAQwas 0.00% · 7,487 shares
- ZoomInfo Technologies GTMwas 0.00% · 56,433 shares
- Brunswick BCwas 0.00% · 10,290 shares
- Gentex GNTXwas 0.00% · 22,862 shares
- Jones Lang LaSalle JLLwas 0.00% · 2,021 shares
- Barrett Business Services BBSIwas 0.00% · 11,800 shares
- Las Vegas Sands LVSwas 0.00% · 11,387 shares
- Millrose Properties MRPwas 0.00% · 16,414 shares
- Valero Energy VLOwas 0.00% · 3,045 shares
- Core & Main CNMwas 0.00% · 7,688 shares
- Victory Capital Holdings VCTRwas 0.00% · 6,387 shares
- Tennant TNCwas 0.00% · 4,574 shares
- Hormel Foods HRLwas 0.00% · 8,791 shares
- Stewart Information Services STCwas 0.00% · 3,730 shares
- Algoma Steel Group ASTLwas 0.00% · 48,684 shares
- Wabtec WABwas 0.00% · 1,439 shares
- Mitsubishi UFJ Financial Group MUFGwas 0.00% · 18,679 shares
- G III Apparel Group GIIIwas 0.00% · 8,511 shares
- Canadian Pacific Kansas City CPwas 0.00% · 3,289 shares
- Ziff Davis ZDwas 0.00% · 5,576 shares
- Apogee Enterprises APOGwas 0.00% · 4,423 shares
- Sonos SONOwas 0.00% · 13,303 shares
- Telefonica Brasil VIVwas 0.00% · 12,987 shares
- Genworth Financial GNWwas 0.00% · 13,182 shares
- Olo OLOwas 0.00% · 11,100 shares
- Hertz Global Holdings HTZwas 0.00% · 12,243 shares
- Taboola.com TBLAwas 0.00% · 10,492 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.
Follow Jeremy Grantham and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.