Great investors · Jeremy Grantham · Q4 2025
What Jeremy Grantham bought and sold in Q4 2025
GMO 13F portfolio as of Dec 31, 2025: 653 positions worth $39.1 bn. Largest: MSFT, GOOGL, META, AAPL. Filed with the SEC on Feb 17, 2026.
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 2025
- IncreasedAmazon.comAMZN+1.6 pp
- IncreasedMeta PlatformsMETA+1.1 pp
Sells in Q4 2025
- ReducedOracleORCL−2.1 pp
3 companies with material moves, out of 3 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 2025 13F lists 653 lines of US-listed securities worth $39.1 bn; the largest is MSFT at 6.51% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 8:05 AM ET.
Against the previous quarter, it opened 113 positions (CMA, PTC, DRES and REVG and 109 more), closed 47 (WFG, MEDP, Pinnacle Financial Partners and SM and 43 more), added to 181 (TTE, AMZN, ASML and META and 177 more) and trimmed 150 (GOOGL, LRCX, WFC and MFC and 146 more). 26 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 5.3 M | $2.5 bn | 6.51% | +6.2% |
| 2 | Alphabet GOOGL | 6.7 M | $2.1 bn | 5.34% | −4.9% |
| 3 | Meta Platforms META | 2.9 M | $1.9 bn | 4.91% | +28% |
| 4 | Apple AAPL | 6.7 M | $1.8 bn | 4.66% | +9.5% |
| 5 | Lam Research LRCX | 9.3 M | $1.6 bn | 4.09% | −5% |
| 6 | Johnson & Johnson JNJ | 7.1 M | $1.5 bn | 3.75% | +4% |
| 7 | Amazon.com AMZN | 6.4 M | $1.5 bn | 3.75% | +77% |
| 8 | Thermo Fisher Scientific TMO | 2.4 M | $1.4 bn | 3.57% | +13% |
| 9 | Salesforce CRM | 4.1 M | $1.1 bn | 2.78% | +7.7% |
| 10 | Broadcom AVGO | 3.1 M | $1.1 bn | 2.78% | +12% |
| 11 | Abbott Laboratories ABT | 8.5 M | $1.1 bn | 2.72% | +3.7% |
| 12 | US Bancorp \de\ USB | 18.4 M | $982M | 2.51% | +3.6% |
| 13 | Accenture ACN | 3.6 M | $972M | 2.48% | +8% |
| 14 | Visa V | 2.6 M | $929M | 2.38% | +8.6% |
| 15 | Elevance Health ELV | 2.5 M | $887M | 2.27% | no change |
| 16 | UnitedHealth Group UNH | 2.7 M | $881M | 2.25% | no change |
| 17 | Texas Instruments TXN | 4.9 M | $848M | 2.17% | +5% |
| 18 | Eli Lilly LLY | 739,274 | $794M | 2.03% | +5.5% |
| 19 | Merck MRK | 6.9 M | $723M | 1.85% | +3.7% |
| 20 | Hilton Worldwide Holdings HLT | 2.3 M | $672M | 1.72% | +16% |
| 21 | Intuitive Surgical ISRG | 1.2 M | $672M | 1.72% | +4.1% |
| 22 | KLA KLAC | 508,757 | $618M | 1.58% | +16% |
| 23 | Coca-Cola KO | 8.8 M | $616M | 1.57% | +26% |
| 24 | TJX TJX | 3.8 M | $583M | 1.49% | +4% |
| 25 | Cigna Group CI | 2.0 M | $539M | 1.38% | +20% |
| 26 | Constellation Brands STZ | 3.9 M | $533M | 1.36% | +4.1% |
| 27 | Wells Fargo WFC | 5.3 M | $498M | 1.27% | −15% |
| 28 | UBER Technologies UBER | 5.8 M | $476M | 1.22% | +6.9% |
| 29 | Quest Diagnostics DGX | 1.8 M | $315M | 0.81% | +4% |
| 30 | Tradeweb Markets TW | 2.5 M | $271M | 0.69% | +28% |
| 31 | Permian Resources PR | 13.4 M | $189M | 0.48% | +1.4% |
| 32 | Toronto Dominion Bank TD | 1.8 M | $174M | 0.45% | +20% |
| 33 | GSK GSK | 3.5 M | $171M | 0.44% | +36% |
| 34 | NVIDIA NVDA | 884,765 | $165M | 0.42% | +169% |
| 35 | Deutsche Bank Aktiengesellschaft DB | 3.8 M | $149M | 0.38% | −9.3% |
| 36 | ASML Holding ASML | 130,493 | $140M | 0.36% | +430% |
| 37 | Vodafone Group Public VOD | 10.4 M | $137M | 0.35% | −2% |
| 38 | Darling Ingredients DAR | 3.7 M | $134M | 0.34% | +2.3% |
| 39 | Albemarle ALB | 923,071 | $131M | 0.33% | +26% |
| 40 | RIO Tinto RIO | 1.6 M | $126M | 0.32% | +39% |
| 41 | Taiwan Semiconductor Manufacturing TSM | 407,315 | $124M | 0.32% | +144% |
| 42 | Sociedad Quimica Y Minera De SQM | 1.7 M | $118M | 0.30% | −12% |
| 43 | TotalEnergies TTE | 1.6 M | $101M | 0.26% | ×15 |
| 44 | Sunrun RUN | 5.4 M | $99.6M | 0.25% | −13% |
| 45 | Procter & Gamble PG | 671,372 | $96.2M | 0.25% | +23% |
| 46 | Aramark ARMK | 2.5 M | $93.3M | 0.24% | −12% |
| 47 | GE Aerospace GE | 302,914 | $93.3M | 0.24% | no change |
| 48 | British American Tobacco p.l.c. BTI | 1.5 M | $86.2M | 0.22% | −9.6% |
| 49 | Array Technologies ARRY | 8.3 M | $76.3M | 0.20% | −6.7% |
| 50 | Solaredge Technologies SEDG | 2.5 M | $73.3M | 0.19% | −5.8% |
| 51 | NexGen Energy NXE | 7.8 M | $71.6M | 0.18% | −12% |
| 52 | Ameresco AMRC | 2.3 M | $68.1M | 0.17% | −27% |
| 53 | Citigroup C | 552,715 | $64.5M | 0.16% | +4.3% |
| 54 | ConocoPhillips COP | 668,782 | $62.6M | 0.16% | +4.6% |
| 55 | Bank of America BAC | 1.1 M | $61.1M | 0.16% | +5.9% |
| 56 | Bank of Nova Scotia BNS | 825,124 | $60.9M | 0.16% | +9.6% |
| 57 | Qualcomm QCOM | 350,976 | $60.0M | 0.15% | no change |
| 58 | Magna International MGA | 1.1 M | $59.6M | 0.15% | +36% |
| 59 | Pfizer PFE | 2.4 M | $59.2M | 0.15% | −1.7% |
| 60 | Verizon Communications VZ | 1.4 M | $58.2M | 0.15% | no change |
| 61 | CVS Health CVS | 721,118 | $57.2M | 0.15% | −5.2% |
| 62 | General Motors GM | 692,885 | $56.3M | 0.14% | −7.3% |
| 63 | Bristol-myers Squibb BMY | 978,888 | $52.8M | 0.14% | +1.1% |
| 64 | Capital One Financial COF | 216,404 | $52.4M | 0.13% | +15% |
| 65 | Stellantis STLA | 4.7 M | $52.3M | 0.13% | no change |
| 66 | Mondelez International MDLZ | 949,486 | $51.1M | 0.13% | +16% |
| 67 | Manulife Financial MFC | 1.4 M | $50.6M | 0.13% | −38% |
| 68 | Comcast CMCSA | 1.7 M | $50.6M | 0.13% | +11% |
| 69 | eBay EBAY | 573,858 | $50.0M | 0.13% | +19% |
| 70 | Freeport-McMoRan FCX | 954,525 | $48.5M | 0.12% | +67% |
| 71 | Exxon Mobil XOM | 390,461 | $47.0M | 0.12% | −4.8% |
| 72 | Open Text OTEX | 1.4 M | $45.9M | 0.12% | +2.3% |
| 73 | Synchrony Financial SYF | 539,145 | $45.0M | 0.11% | +9.7% |
| 74 | California Resources CRC | 994,879 | $44.5M | 0.11% | −11% |
| 75 | Ford Motor F | 3.4 M | $44.3M | 0.11% | +26% |
| 76 | Cisco Systems CSCO | 572,450 | $44.1M | 0.11% | +9.7% |
| 77 | TXNM Energy TXNM | 745,857 | $43.9M | 0.11% | +10% |
| 78 | Regeneron Pharmaceuticals REGN | 56,704 | $43.8M | 0.11% | −7.8% |
| 79 | Cognizant Technology Solutions CTSH | 524,242 | $43.5M | 0.11% | +5% |
| 80 | Barrick Mining B | 986,183 | $43.0M | 0.11% | +158% |
| 81 | Target TGT | 439,283 | $42.9M | 0.11% | +28% |
| 82 | United Parcel Service UPS | 427,383 | $42.4M | 0.11% | +1.3% |
| 83 | Vista Energy, S.A.B. de C.V. VIST | 869,908 | $42.3M | 0.11% | −11% |
| 84 | YPF Sociedad Anonima YPF | 1.1 M | $41.4M | 0.11% | −17% |
| 85 | Novartis NVS | 299,175 | $41.2M | 0.11% | −9.6% |
| 86 | Hewlett Packard Enterprise HPE | 1.7 M | $40.1M | 0.10% | +21% |
| 87 | Nucor NUE | 243,937 | $39.8M | 0.10% | +14% |
| 88 | Green Plains GPRE | 4.0 M | $39.5M | 0.10% | −6.8% |
| 89 | FOX FOX | 568,440 | $36.9M | 0.09% | −28% |
| 90 | Comerica CMA | 423,815 | $36.8M | 0.09% | new |
| 91 | Globus Medical GMED | 420,222 | $36.7M | 0.09% | −42% |
| 92 | EOG Resources EOG | 348,981 | $36.6M | 0.09% | +29% |
| 93 | PriceSmart PSMT | 293,188 | $36.0M | 0.09% | −40% |
| 94 | Jack Henry & Associates JKHY | 196,791 | $35.9M | 0.09% | −29% |
| 95 | PayPal Holdings PYPL | 608,718 | $35.5M | 0.09% | +11% |
| 96 | First Solar FSLR | 134,967 | $35.3M | 0.09% | −51% |
| 97 | Magnum Ice Cream MICC | 2.2 M | $35.2M | 0.09% | from a spin-off |
| 98 | Cemex SAB De CV CX | 3.1 M | $35.1M | 0.09% | +165% |
| 99 | Brown Forman BF/B | 1.3 M | $34.9M | 0.09% | no change |
| 100 | New York Times NYT | 493,204 | $34.2M | 0.09% | −53% |
The 100 largest lines are shown. The other 553 add up to 10.1% of the portfolio; full 13F of GMO →
Positions it closed (47)
- West Fraser Timber WFGwas 0.05% · 264,974 shares
- Medpace Holdings MEDPwas 0.05% · 34,097 shares
- Pinnacle Financial Partners was 0.03% · 131,456 shares
- SM Energy SMwas 0.02% · 335,805 shares
- Veralto VLTOwas 0.02% · 52,921 shares
- Liberty Global LBTYAwas 0.01% · 452,678 shares
- Sandisk SNDKwas 0.01% · 24,603 shares
- Align Technology ALGNwas 0.01% · 21,125 shares
- Graftech International EAFwas 0.01% · 189,518 shares
- Northern Oil and Gas NOGwas 0.01% · 95,697 shares
- FMC FMCwas 0.01% · 66,400 shares
- Vermilion Energy VETwas 0.01% · 279,901 shares
- Philip Morris International PMwas 0.01% · 13,305 shares
- Old Republic International ORIwas 0.01% · 42,793 shares
- Coterra Energy CTRAwas 0.00% · 62,535 shares
- Itau Unibanco Holding ITUBwas 0.00% · 190,130 shares
- DoorDash DASHwas 0.00% · 4,606 shares
- Reddit RDDTwas 0.00% · 5,195 shares
- Carnival CCLwas 0.00% · 38,887 shares
- Middleby MIDDwas 0.00% · 8,300 shares
- Maplebear CARTwas 0.00% · 29,257 shares
- Docusign DOCUwas 0.00% · 14,483 shares
- Frontdoor FTDRwas 0.00% · 13,143 shares
- Virtu Financial VIRTwas 0.00% · 18,724 shares
- Howard Hughes Holdings HHHwas 0.00% · 8,000 shares
- Whirlpool WHRwas 0.00% · 5,757 shares
- Roblox RBLXwas 0.00% · 3,220 shares
- United Natural Foods UNFIwas 0.00% · 10,946 shares
- Independent Bank IBCPwas 0.00% · 13,122 shares
- Ryerson Holding RYZwas 0.00% · 17,563 shares
- Unum Group UNMwas 0.00% · 4,439 shares
- Ameren AEEwas 0.00% · 3,007 shares
- JD.com JDwas 0.00% · 8,384 shares
- Grand Canyon Education LOPEwas 0.00% · 1,283 shares
- Hdfc Bank HDBwas 0.00% · 7,875 shares
- ABM Industries ABMwas 0.00% · 5,741 shares
- Dana DANwas 0.00% · 13,073 shares
- Old National Bancorp ONBwas 0.00% · 11,806 shares
- First Bancorp FBPwas 0.00% · 11,347 shares
- MasterBrand MBCwas 0.00% · 17,938 shares
- Interface TILEwas 0.00% · 8,146 shares
- Park Hotels & Resorts PKwas 0.00% · 20,175 shares
- CNO Financial Group CNOwas 0.00% · 5,598 shares
- Ziff Davis ZDwas 0.00% · 5,576 shares
- Farmers National Banc FMNBwas 0.00% · 14,154 shares
- Piedmont Realty Trust PDMwas 0.00% · 22,589 shares
- NatWest Group NWGwas 0.00% · 10,388 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.