Great investors · Jeremy Grantham · Q2 2026
What Jeremy Grantham bought and sold in Q2 2026
GMO 13F portfolio as of Jun 30, 2026: 661 positions worth $44.4 bn. Largest: MSFT, LRCX, GOOGL, AAPL. Filed with the SEC on Aug 13, 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 Q2 2026
- IncreasedNVIDIANVDA+1.9 pp
- IncreasedNetflixNFLX+1.0 pp
- IncreasedMastercardMA+1.0 pp
- IncreasedMicrosoftMSFT+0.5 pp
Sells in Q2 2026
- ReducedLam ResearchLRCX−1.4 pp
- ReducedHilton Worldwide HoldingsHLT−0.6 pp
- ReducedAlphabetGOOGL−0.6 pp
- ReducedUS Bancorp \de\USB−0.6 pp
8 companies with material moves, out of 8 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 2026 13F lists 661 lines of US-listed securities worth $44.4 bn; the largest is MSFT at 5.73% of the portfolio. It was accepted by the SEC on Aug 13, 2026 at 7:22 AM ET.
Against the previous quarter, it opened 105 positions (PM, QRVO, AAUC and NEE and 101 more), closed 67 (MICC, Chart Industries, B and Select Medical Holdings and 63 more), added to 180 (NVDA, NFLX, MA and MOS and 176 more) and trimmed 169 (LRCX, GOOGL, USB and KLAC and 165 more). 30 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 6.8 M | $2.5 bn | 5.73% | +10% |
| 2 | Lam Research LRCX | 5.5 M | $2.4 bn | 5.34% | −21% |
| 3 | Alphabet GOOGL | 6.1 M | $2.2 bn | 4.94% | −11% |
| 4 | Apple AAPL | 6.8 M | $2.0 bn | 4.47% | −1.3% |
| 5 | Meta Platforms META | 3.4 M | $1.9 bn | 4.37% | +12% |
| 6 | Johnson & Johnson JNJ | 7.1 M | $1.8 bn | 4.07% | −2.3% |
| 7 | Amazon.com AMZN | 6.1 M | $1.5 bn | 3.30% | −1.5% |
| 8 | Texas Instruments TXN | 4.7 M | $1.4 bn | 3.14% | −7.6% |
| 9 | Thermo Fisher Scientific TMO | 2.7 M | $1.4 bn | 3.09% | +9.5% |
| 10 | Broadcom AVGO | 3.3 M | $1.2 bn | 2.78% | −2.4% |
| 11 | KLA KLAC | 3.9 M | $1.2 bn | 2.65% | −16% |
| 12 | UnitedHealth Group UNH | 2.8 M | $1.2 bn | 2.65% | −11% |
| 13 | Visa V | 3.3 M | $1.1 bn | 2.57% | +9.3% |
| 14 | NVIDIA NVDA | 4.7 M | $935M | 2.11% | ×13 |
| 15 | Mastercard MA | 1.8 M | $934M | 2.10% | +91% |
| 16 | US Bancorp \de\ USB | 14.9 M | $899M | 2.03% | −22% |
| 17 | Eli Lilly LLY | 743,966 | $892M | 2.01% | no change |
| 18 | Merck MRK | 6.8 M | $872M | 1.96% | −3.3% |
| 19 | Abbott Laboratories ABT | 8.8 M | $798M | 1.80% | −1.3% |
| 20 | Netflix NFLX | 10.4 M | $739M | 1.67% | +156% |
| 21 | Cigna Group CI | 2.6 M | $710M | 1.60% | no change |
| 22 | Salesforce CRM | 4.4 M | $694M | 1.56% | no change |
| 23 | Coca-Cola KO | 8.2 M | $668M | 1.51% | no change |
| 24 | Elevance Health ELV | 1.7 M | $654M | 1.47% | −13% |
| 25 | TJX TJX | 3.7 M | $557M | 1.26% | no change |
| 26 | Constellation Brands STZ | 4.0 M | $556M | 1.25% | no change |
| 27 | UBER Technologies UBER | 7.4 M | $533M | 1.20% | no change |
| 28 | Accenture ACN | 4.0 M | $496M | 1.12% | +2.1% |
| 29 | Intuitive Surgical ISRG | 1.2 M | $488M | 1.10% | no change |
| 30 | Hilton Worldwide Holdings HLT | 1.4 M | $456M | 1.03% | −38% |
| 31 | Synopsys SNPS | 961,706 | $429M | 0.97% | +5.7% |
| 32 | Quest Diagnostics DGX | 1.9 M | $400M | 0.90% | no change |
| 33 | ASML Holding ASML | 151,987 | $302M | 0.68% | −1.7% |
| 34 | Tradeweb Markets TW | 2.7 M | $265M | 0.60% | no change |
| 35 | Toronto Dominion Bank TD | 1.7 M | $210M | 0.47% | −12% |
| 36 | GSK GSK | 3.6 M | $189M | 0.43% | +2.2% |
| 37 | Deutsche Bank Aktiengesellschaft DB | 5.3 M | $179M | 0.40% | +29% |
| 38 | RIO Tinto RIO | 1.8 M | $175M | 0.39% | −8.3% |
| 39 | Aramark ARMK | 2.9 M | $165M | 0.37% | −1% |
| 40 | Taiwan Semiconductor Manufacturing TSM | 329,546 | $157M | 0.35% | −12% |
| 41 | Philip Morris International PM | 775,917 | $140M | 0.32% | new |
| 42 | Procter & Gamble PG | 936,608 | $137M | 0.31% | +4.8% |
| 43 | Vodafone Group Public VOD | 10.1 M | $133M | 0.30% | no change |
| 44 | Darling Ingredients DAR | 2.3 M | $126M | 0.28% | −15% |
| 45 | Albemarle ALB | 897,013 | $121M | 0.27% | −1.1% |
| 46 | TotalEnergies TTE | 1.6 M | $121M | 0.27% | +4.3% |
| 47 | Bank of Nova Scotia BNS | 1.4 M | $120M | 0.27% | +14% |
| 48 | Sociedad Quimica Y Minera De SQM | 1.6 M | $119M | 0.27% | −4% |
| 49 | Sunrun RUN | 8.0 M | $107M | 0.24% | +2.4% |
| 50 | GE Aerospace GE | 279,787 | $105M | 0.24% | −13% |
| 51 | Magna International MGA | 1.5 M | $102M | 0.23% | +27% |
| 52 | Array Technologies ARRY | 11.9 M | $88.1M | 0.20% | +8.6% |
| 53 | Solaredge Technologies SEDG | 1.2 M | $72.7M | 0.16% | −44% |
| 54 | NexGen Energy NXE | 7.6 M | $71.3M | 0.16% | no change |
| 55 | UBS Group UBS | 1.3 M | $65.0M | 0.15% | +145% |
| 56 | Citigroup C | 460,213 | $64.4M | 0.15% | −13% |
| 57 | Roper Technologies ROP | 180,936 | $61.2M | 0.14% | +62% |
| 58 | Verizon Communications VZ | 1.4 M | $60.6M | 0.14% | +8.6% |
| 59 | Green Plains GPRE | 3.9 M | $60.0M | 0.14% | −1.2% |
| 60 | ConocoPhillips COP | 575,379 | $59.8M | 0.13% | −7.2% |
| 61 | Bank of America BAC | 1.0 M | $59.4M | 0.13% | −11% |
| 62 | STMicroelectronics STM | 781,931 | $58.6M | 0.13% | −19% |
| 63 | Ameresco AMRC | 2.0 M | $56.1M | 0.13% | −8.9% |
| 64 | CVS Health CVS | 541,115 | $56.0M | 0.13% | −15% |
| 65 | Manulife Financial MFC | 1.3 M | $54.1M | 0.12% | −2.7% |
| 66 | Pfizer PFE | 2.2 M | $52.5M | 0.12% | −4.6% |
| 67 | Sun Life Financial SLF | 667,734 | $52.4M | 0.12% | +4.7% |
| 68 | PriceSmart PSMT | 266,317 | $52.0M | 0.12% | +3.2% |
| 69 | Allstate ALL | 214,358 | $51.0M | 0.11% | +1.4% |
| 70 | ONTO Innovation ONTO | 132,223 | $50.0M | 0.11% | −3.1% |
| 71 | United Parcel Service UPS | 450,312 | $48.4M | 0.11% | −2.3% |
| 72 | California Resources CRC | 907,661 | $48.0M | 0.11% | +13% |
| 73 | Target TGT | 361,774 | $47.3M | 0.11% | −21% |
| 74 | General Motors GM | 610,405 | $47.1M | 0.11% | −14% |
| 75 | Vista Energy, S.A.B. de C.V. VIST | 735,909 | $47.0M | 0.11% | −22% |
| 76 | CNH Industrial CNH | 4.1 M | $46.5M | 0.10% | +68% |
| 77 | Capital One Financial COF | 231,303 | $46.4M | 0.10% | no change |
| 78 | Regeneron Pharmaceuticals REGN | 74,200 | $46.3M | 0.10% | +34% |
| 79 | AGCO AGCO | 381,704 | $45.7M | 0.10% | +32% |
| 80 | Nucor NUE | 203,235 | $45.3M | 0.10% | −21% |
| 81 | Itron ITRI | 522,662 | $45.2M | 0.10% | +17% |
| 82 | Webster Financial WBS | 591,218 | $45.2M | 0.10% | +25% |
| 83 | Jack Henry & Associates JKHY | 325,836 | $44.9M | 0.10% | no change |
| 84 | Northwestern Energy Group NWE | 623,112 | $44.6M | 0.10% | +14% |
| 85 | Qualcomm QCOM | 241,187 | $44.6M | 0.10% | −46% |
| 86 | Brown Forman BF/B | 1.7 M | $44.4M | 0.10% | +16% |
| 87 | Hewlett Packard Enterprise HPE | 958,210 | $43.2M | 0.10% | −31% |
| 88 | Comcast CMCSA | 1.7 M | $42.2M | 0.10% | −2.2% |
| 89 | Ford Motor F | 3.0 M | $42.1M | 0.09% | −27% |
| 90 | Delta Air Lines DAL | 447,312 | $41.9M | 0.09% | +3.2% |
| 91 | Exxon Mobil XOM | 297,503 | $40.7M | 0.09% | −11% |
| 92 | Clean Harbors CLH | 135,230 | $40.4M | 0.09% | no change |
| 93 | Unilever UL | 652,686 | $39.2M | 0.09% | +22% |
| 94 | TXNM Energy TXNM | 688,984 | $39.1M | 0.09% | +34% |
| 95 | D.R. Horton DHI | 239,691 | $39.0M | 0.09% | +3.8% |
| 96 | Norfolk Southern NSC | 123,701 | $38.9M | 0.09% | +79% |
| 97 | Corteva CTVA | 458,878 | $38.9M | 0.09% | −4.3% |
| 98 | Novartis NVS | 245,957 | $38.5M | 0.09% | −11% |
| 99 | Cirrus Logic CRUS | 259,065 | $38.5M | 0.09% | +2.7% |
| 100 | Nextpower NXT | 316,913 | $37.8M | 0.09% | +32% |
The 100 largest lines are shown. The other 561 add up to 10.1% of the portfolio; full 13F of GMO →
Positions it closed (67)
- Magnum Ice Cream MICCwas 0.09% · 2.4 M shares
- Chart Industries was 0.07% · 135,117 shares
- Barrick Mining Bwas 0.05% · 497,435 shares
- Select Medical Holdings was 0.04% · 986,809 shares
- ON Semiconductor ONwas 0.02% · 152,175 shares
- Woodward WWDwas 0.02% · 25,182 shares
- EPAM Systems EPAMwas 0.02% · 50,877 shares
- Qfin Holdings QFINwas 0.02% · 466,829 shares
- B2gold BTGwas 0.01% · 1.3 M shares
- Aptiv APTVwas 0.01% · 71,029 shares
- Super Micro Computer SMCIwas 0.01% · 192,092 shares
- ResMed RMDwas 0.01% · 18,923 shares
- SLB SLBwas 0.01% · 79,453 shares
- Fortuna Mining FSMwas 0.01% · 344,500 shares
- Organon OGNwas 0.01% · 448,874 shares
- Gartner ITwas 0.01% · 15,791 shares
- Liberty Energy LBRTwas 0.01% · 86,674 shares
- Royal Bank of Canada RYwas 0.01% · 15,049 shares
- Annaly Capital Management NLYwas 0.01% · 114,442 shares
- Invesco Exch Traded Fd Tr II PZAwas 0.00% · 74,867 shares
- Fastenal FASTwas 0.00% · 36,390 shares
- Akamai Technologies AKAMwas 0.00% · 14,433 shares
- Exelixis EXELwas 0.00% · 38,235 shares
- Idexx Laboratories IDXXwas 0.00% · 2,613 shares
- Skydance PSKYwas 0.00% · 162,199 shares
- DICK'S Sporting Goods DKSwas 0.00% · 7,358 shares
- Brighthouse Financial BHFwas 0.00% · 21,576 shares
- Berkshire Hathaway BRK/Bwas 0.00% · 2,654 shares
- The Trade Desk TTDwas 0.00% · 53,617 shares
- Gildan Activewear GILwas 0.00% · 21,585 shares
- W. P. Carey WPCwas 0.00% · 16,986 shares
- Concentrix CNXCwas 0.00% · 39,532 shares
- Tyson Foods TSNwas 0.00% · 16,512 shares
- Novo Nordisk A/s NVOwas 0.00% · 27,971 shares
- Paccar PCARwas 0.00% · 8,452 shares
- Globalfoundries GFSwas 0.00% · 20,800 shares
- Allison Transmission Holdings ALSNwas 0.00% · 6,243 shares
- Valaris VALwas 0.00% · 7,359 shares
- Vanguard Intl Equity Index F VWOwas 0.00% · 12,635 shares
- Rentokil Initial RTOwas 0.00% · 21,600 shares
- Ishares Tr IWBwas 0.00% · 1,817 shares
- Garrett Motion GTXwas 0.00% · 34,649 shares
- Vanguard Intl Equity Index F VSSwas 0.00% · 3,480 shares
- Sharkninja SNwas 0.00% · 4,577 shares
- NMI Holdings NMIHwas 0.00% · 10,930 shares
- Penumbra PENwas 0.00% · 1,150 shares
- Cardinal Health CAHwas 0.00% · 1,784 shares
- Worthington Enterprises WORwas 0.00% · 7,211 shares
- Vanguard Index Fds VVwas 0.00% · 1,191 shares
- Vanguard Intl Equity Index F VPLwas 0.00% · 3,495 shares
- Smithfield Foods SFDwas 0.00% · 12,030 shares
- Heritage Insurance Holdings HRTGwas 0.00% · 12,342 shares
- Gates Industrial was 0.00% · 12,692 shares
- Ezcorp EZPWwas 0.00% · 11,265 shares
- Newmark Group NMRKwas 0.00% · 18,637 shares
- Teradyne TERwas 0.00% · 932 shares
- Ralliant RALwas 0.00% · 6,525 shares
- Associated Banc-Corp ASBwas 0.00% · 10,200 shares
- LTC Properties LTCwas 0.00% · 6,836 shares
- Buckle BKEwas 0.00% · 4,843 shares
- ICF International ICFIwas 0.00% · 3,589 shares
- DEL Monte DMCwas 0.00% · 5,796 shares
- Walmart WMTwas 0.00% · 1,720 shares
- Atrium Therapeutics RNAwas 0.00% · 15,444 shares
- Nokia NOKwas 0.00% · 18,000 shares
- Larimar Therapeutics LRMRwas 0.00% · 13,065 shares
- Holley HLLYwas 0.00% · 13,457 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.