Great investors · Jeremy Grantham · Q3 2025
What Jeremy Grantham bought and sold in Q3 2025
GMO 13F portfolio as of Sep 30, 2025: 597 positions worth $35.4 bn. Largest: MSFT, GOOGL, META, AAPL. Filed with the SEC on Nov 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 Q3 2025
- IncreasedSalesforceCRM+0.6 pp
- IncreasedUnitedHealth GroupUNH+0.5 pp
Sells in Q3 2025
- ReducedOracleORCL−1.2 pp
- ReducedAlphabetGOOGL−0.6 pp
- ReducedWells FargoWFC−0.5 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 Q3 2025 13F lists 597 lines of US-listed securities worth $35.4 bn; the largest is MSFT at 7.25% of the portfolio. It was accepted by the SEC on Nov 13, 2025 at 6:24 AM ET.
Against the previous quarter, it opened 56 positions (CLH, VRNA, Sandstorm Gold and CYBR and 52 more), closed 53 (CW, POWI, JJSF and ENPH and 49 more), added to 153 (CRM, LLY, UNH and ACN and 149 more) and trimmed 173 (ORCL, GOOGL, WFC and KLAC and 169 more). 49 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 5.0 M | $2.6 bn | 7.25% | +2.1% |
| 2 | Alphabet GOOGL | 7.0 M | $1.7 bn | 4.81% | −11% |
| 3 | Meta Platforms META | 2.3 M | $1.7 bn | 4.71% | +2.1% |
| 4 | Apple AAPL | 6.1 M | $1.6 bn | 4.40% | +2.5% |
| 5 | Lam Research LRCX | 9.8 M | $1.3 bn | 3.72% | +1.6% |
| 6 | Johnson & Johnson JNJ | 6.8 M | $1.3 bn | 3.57% | +4% |
| 7 | Oracle ORCL | 4.2 M | $1.2 bn | 3.32% | −27% |
| 8 | Abbott Laboratories ABT | 8.2 M | $1.1 bn | 3.09% | +4.6% |
| 9 | Thermo Fisher Scientific TMO | 2.1 M | $1.0 bn | 2.93% | +16% |
| 10 | Broadcom AVGO | 2.8 M | $927M | 2.62% | −8.2% |
| 11 | UnitedHealth Group UNH | 2.7 M | $921M | 2.60% | +25% |
| 12 | Salesforce CRM | 3.8 M | $903M | 2.55% | +29% |
| 13 | US Bancorp \de\ USB | 17.8 M | $858M | 2.42% | +7.2% |
| 14 | Texas Instruments TXN | 4.7 M | $855M | 2.41% | no change |
| 15 | Visa V | 2.4 M | $833M | 2.35% | no change |
| 16 | Accenture ACN | 3.4 M | $827M | 2.33% | +27% |
| 17 | Elevance Health ELV | 2.5 M | $815M | 2.30% | +24% |
| 18 | Amazon.com AMZN | 3.6 M | $788M | 2.22% | no change |
| 19 | Merck MRK | 6.6 M | $556M | 1.57% | +2.4% |
| 20 | Eli Lilly LLY | 700,608 | $535M | 1.51% | +48% |
| 21 | UBER Technologies UBER | 5.5 M | $534M | 1.51% | no change |
| 22 | TJX TJX | 3.7 M | $528M | 1.49% | no change |
| 23 | Wells Fargo WFC | 6.3 M | $527M | 1.49% | −26% |
| 24 | Hilton Worldwide Holdings HLT | 2.0 M | $523M | 1.48% | +1% |
| 25 | Intuitive Surgical ISRG | 1.1 M | $510M | 1.44% | +4.6% |
| 26 | Constellation Brands STZ | 3.7 M | $500M | 1.41% | no change |
| 27 | KLA KLAC | 438,601 | $473M | 1.34% | −22% |
| 28 | Cigna Group CI | 1.6 M | $471M | 1.33% | +5.9% |
| 29 | Coca-Cola KO | 7.0 M | $463M | 1.31% | no change |
| 30 | Quest Diagnostics DGX | 1.7 M | $333M | 0.94% | no change |
| 31 | Tradeweb Markets TW | 2.0 M | $219M | 0.62% | +33% |
| 32 | Permian Resources PR | 13.3 M | $170M | 0.48% | +25% |
| 33 | Deutsche Bank Aktiengesellschaft DB | 4.2 M | $148M | 0.42% | −15% |
| 34 | Vodafone Group Public VOD | 10.6 M | $123M | 0.35% | −11% |
| 35 | Toronto Dominion Bank TD | 1.5 M | $123M | 0.35% | +96% |
| 36 | Darling Ingredients DAR | 3.6 M | $112M | 0.32% | −1.6% |
| 37 | GSK GSK | 2.6 M | $111M | 0.31% | −1.1% |
| 38 | Aramark ARMK | 2.9 M | $111M | 0.31% | +8.5% |
| 39 | Sunrun RUN | 6.2 M | $108M | 0.30% | −41% |
| 40 | Ameresco AMRC | 3.2 M | $108M | 0.30% | −17% |
| 41 | Solaredge Technologies SEDG | 2.7 M | $99.8M | 0.28% | −33% |
| 42 | GE Aerospace GE | 303,774 | $91.4M | 0.26% | −19% |
| 43 | British American Tobacco p.l.c. BTI | 1.7 M | $89.4M | 0.25% | −32% |
| 44 | Procter & Gamble PG | 548,025 | $84.2M | 0.24% | +34% |
| 45 | Sociedad Quimica Y Minera De SQM | 1.9 M | $83.7M | 0.24% | −2.7% |
| 46 | NexGen Energy NXE | 8.8 M | $78.9M | 0.22% | −4.4% |
| 47 | RIO Tinto RIO | 1.1 M | $74.4M | 0.21% | +22% |
| 48 | Array Technologies ARRY | 8.9 M | $72.3M | 0.20% | −5.6% |
| 49 | Manulife Financial MFC | 2.3 M | $70.6M | 0.20% | −24% |
| 50 | Verizon Communications VZ | 1.4 M | $63.2M | 0.18% | −8.4% |
| 51 | Allegion ALLE | 349,097 | $61.9M | 0.17% | no change |
| 52 | Pfizer PFE | 2.4 M | $61.7M | 0.17% | −5.2% |
| 53 | NVIDIA NVDA | 328,468 | $61.3M | 0.17% | +73% |
| 54 | New York Times NYT | 1.1 M | $60.8M | 0.17% | −7% |
| 55 | First Solar FSLR | 274,898 | $60.6M | 0.17% | −30% |
| 56 | ConocoPhillips COP | 639,555 | $60.5M | 0.17% | +61% |
| 57 | California Resources CRC | 1.1 M | $59.3M | 0.17% | −14% |
| 58 | Albemarle ALB | 731,489 | $59.3M | 0.17% | −12% |
| 59 | PriceSmart PSMT | 489,201 | $59.3M | 0.17% | +25% |
| 60 | AAON AAON | 629,679 | $58.8M | 0.17% | no change |
| 61 | Qualcomm QCOM | 349,680 | $58.2M | 0.16% | +45% |
| 62 | Kosmos Energy KOS | 34.8 M | $57.7M | 0.16% | −5.5% |
| 63 | CVS Health CVS | 760,952 | $57.4M | 0.16% | −11% |
| 64 | Woodward WWD | 217,107 | $54.9M | 0.15% | no change |
| 65 | Bank of America BAC | 1.0 M | $54.1M | 0.15% | −11% |
| 66 | Citigroup C | 529,886 | $53.8M | 0.15% | −23% |
| 67 | Balchem BCPC | 355,823 | $53.4M | 0.15% | no change |
| 68 | AptarGroup ATR | 390,962 | $52.3M | 0.15% | no change |
| 69 | Open Text OTEX | 1.4 M | $51.5M | 0.15% | +2.5% |
| 70 | Mondelez International MDLZ | 818,644 | $51.1M | 0.14% | +18% |
| 71 | Marzetti MZTI | 291,822 | $50.4M | 0.14% | no change |
| 72 | Dolby Laboratories DLB | 674,036 | $48.8M | 0.14% | no change |
| 73 | Bank of Nova Scotia BNS | 752,514 | $48.7M | 0.14% | −6.1% |
| 74 | Comcast CMCSA | 1.5 M | $47.9M | 0.14% | −3.6% |
| 75 | Ollie's Bargain Outlet Holdings OLLI | 367,460 | $47.2M | 0.13% | +76% |
| 76 | Cirrus Logic CRUS | 376,008 | $47.1M | 0.13% | +1.5% |
| 77 | Taiwan Semiconductor Manufacturing TSM | 167,228 | $46.7M | 0.13% | −1.3% |
| 78 | FTI Consulting FCN | 288,875 | $46.7M | 0.13% | no change |
| 79 | Exxon Mobil XOM | 410,046 | $46.2M | 0.13% | +9% |
| 80 | General Motors GM | 747,260 | $45.6M | 0.13% | −18% |
| 81 | FOX FOX | 785,016 | $45.0M | 0.13% | +84% |
| 82 | eBay EBAY | 483,379 | $44.0M | 0.12% | −17% |
| 83 | Cummins CMI | 103,898 | $43.9M | 0.12% | −18% |
| 84 | Bristol-myers Squibb BMY | 967,975 | $43.7M | 0.12% | +11% |
| 85 | Intel INTC | 1.3 M | $43.7M | 0.12% | −9% |
| 86 | Stellantis STLA | 4.7 M | $43.5M | 0.12% | +3.1% |
| 87 | JPMorgan Chase JPM | 137,687 | $43.4M | 0.12% | −31% |
| 88 | Axcelis Technologies ACLS | 443,863 | $43.3M | 0.12% | no change |
| 89 | RBC Bearings RBC | 109,516 | $42.7M | 0.12% | no change |
| 90 | Novartis NVS | 331,032 | $42.5M | 0.12% | −6.1% |
| 91 | Globus Medical GMED | 728,438 | $41.7M | 0.12% | no change |
| 92 | Jack Henry & Associates JKHY | 277,632 | $41.3M | 0.12% | +48% |
| 93 | Liberty Broadband LBRDK | 633,246 | $40.2M | 0.11% | +65% |
| 94 | Capital One Financial COF | 188,952 | $40.2M | 0.11% | −11% |
| 95 | Entegris ENTG | 430,942 | $39.8M | 0.11% | +151% |
| 96 | Stepstone Group STEP | 598,398 | $39.1M | 0.11% | no change |
| 97 | Magna International MGA | 824,325 | $39.1M | 0.11% | +3.1% |
| 98 | International Business Machines IBM | 137,185 | $38.7M | 0.11% | +9.4% |
| 99 | TXNM Energy TXNM | 676,094 | $38.2M | 0.11% | +40% |
| 100 | Green Plains GPRE | 4.3 M | $38.0M | 0.11% | −2.8% |
The 100 largest lines are shown. The other 497 add up to 10.6% of the portfolio; full 13F of GMO →
Positions it closed (53)
- Curtiss-wright CWwas 0.10% · 64,367 shares
- Power Integrations POWIwas 0.08% · 460,765 shares
- J&j Snack Foods JJSFwas 0.08% · 220,680 shares
- Enphase Energy ENPHwas 0.06% · 518,656 shares
- Coca Cola Femsa SAB De CV KOFwas 0.03% · 101,989 shares
- Moderna MRNAwas 0.02% · 255,018 shares
- Ally Financial ALLYwas 0.02% · 149,750 shares
- Ambev ABEVwas 0.02% · 2.4 M shares
- EPAM Systems EPAMwas 0.02% · 32,431 shares
- Block XYZwas 0.02% · 74,404 shares
- Gildan Activewear GILwas 0.02% · 101,758 shares
- Viatris VTRSwas 0.01% · 445,161 shares
- Pearson PSOwas 0.01% · 181,651 shares
- Republic Services RSGwas 0.01% · 9,703 shares
- Dropbox DBXwas 0.01% · 59,953 shares
- Credicorp BAPwas 0.00% · 6,400 shares
- Amrize AMRZwas 0.00% · 26,766 shares
- Autohome ATHMwas 0.00% · 46,369 shares
- SEI Investments SEICwas 0.00% · 13,224 shares
- NetApp NTAPwas 0.00% · 10,973 shares
- Manpowergroup MANwas 0.00% · 25,855 shares
- AppLovin APPwas 0.00% · 2,886 shares
- LA Z BOY LZBwas 0.00% · 26,709 shares
- Toll Brothers TOLwas 0.00% · 8,471 shares
- Rocket Companies RKTwas 0.00% · 63,300 shares
- Otis Worldwide OTISwas 0.00% · 8,100 shares
- Xcel Energy XELwas 0.00% · 10,552 shares
- Essential Utilities WTRGwas 0.00% · 18,930 shares
- Spotify Technology SPOTwas 0.00% · 900 shares
- Broadridge Financial Solutions BRwas 0.00% · 2,840 shares
- Lennox International LIIwas 0.00% · 1,200 shares
- CoStar Group CSGPwas 0.00% · 8,373 shares
- Ametek AMEwas 0.00% · 3,600 shares
- Ross Stores ROSTwas 0.00% · 4,800 shares
- Assurant AIZwas 0.00% · 3,100 shares
- Ralph Lauren RLwas 0.00% · 2,173 shares
- Mettler-Toledo International MTDwas 0.00% · 481 shares
- Snowflake SNOWwas 0.00% · 2,000 shares
- Brixmor Property Group BRXwas 0.00% · 15,420 shares
- GoDaddy GDDYwas 0.00% · 2,200 shares
- Brown & Brown BROwas 0.00% · 3,400 shares
- UFP Industries UFPIwas 0.00% · 3,158 shares
- American Financial Group AFGwas 0.00% · 2,467 shares
- TEVA Pharmaceutical Industries TEVAwas 0.00% · 15,337 shares
- Equitable Holdings EQHwas 0.00% · 4,505 shares
- Jazz Pharmaceuticals JAZZwas 0.00% · 2,267 shares
- Centerpoint Energy CNPwas 0.00% · 6,407 shares
- Turning Point Brands TPBwas 0.00% · 3,075 shares
- Host Hotels & Resorts HSTwas 0.00% · 14,936 shares
- World Kinect WKCwas 0.00% · 7,416 shares
- Capital City Bank Group CCBGwas 0.00% · 5,300 shares
- MDU Resources Group MDUwas 0.00% · 11,197 shares
- Diversified Healthcare Trust DHCwas 0.00% · 23,775 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.