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Jeremy Grantham Portfolio

Jeremy Grantham co-founded the investment firm known as GMO.

Grantham, Mayo, Van Otterloo & Co. LLC Holdings · Q4 2025

Disclosed value
$39.1B
Holdings
653
Top sector
Technology
Filed
Feb 17, 2026
Performance
YTD
+6.7%
−2.3% vs S&P 500
1Y
+17.8%
+1.1% vs S&P 500
3Y
+49.0%
−15.3% vs S&P 500
Jeremy Grantham's latest portfolio (Q4 2025) holds 653 stocks worth $39.1B. Top holdings: Microsoft Corporation (MSFT), Alphabet Inc. (GOOGL), Meta Platforms, Inc. (META).Biggest last-quarter moves:

Grantham, Mayo, Van Otterloo & Co. LLC Holdings · 653

Q4 2025 · Showing 15 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
MSoftware - InfrastructureMicrosoft Corporation (MSFT) 6.5%
Avg. buy price $323.86 Estimated gain+49.3%Quarter-end price $483.62 Last transaction Added· Q4 2025Increased shares by 6.2%
M 6.5% $323.86 +49.3% $483.62 Added· Q4 2025Increased shares by 6.2%
GInternet Content & InformationAlphabet Inc. (GOOGL) 5.3%
Avg. buy price $126.05 Estimated gain+148.3%Quarter-end price $313.00 Last transaction Reduced· Q4 2025Sold 4.9% of shares
G 5.3% $126.05 +148.3% $313.00 Reduced· Q4 2025Sold 4.9% of shares
MInternet Content & InformationMeta Platforms, Inc. (META) 4.9%
Avg. buy price $327.44 Estimated gain+102.5%Quarter-end price $662.93 Last transaction Added· Q4 2025Increased shares by 28.0%
M 4.9% $327.44 +102.5% $662.93 Added· Q4 2025Increased shares by 28.0%
AConsumer ElectronicsApple Inc. (AAPL) 4.7%
Avg. buy price $174.47 Estimated gain+55.8%Quarter-end price $271.86 Last transaction Added· Q4 2025Increased shares by 9.5%
A 4.7% $174.47 +55.8% $271.86 Added· Q4 2025Increased shares by 9.5%
LSemiconductorsLam Research Corporation (LRCX) 4.1%
Avg. buy price $75.74 Estimated gain+127.9%Quarter-end price $172.58 Last transaction Reduced· Q4 2025Sold 5.0% of shares
L 4.1% $75.74 +127.9% $172.58 Reduced· Q4 2025Sold 5.0% of shares
JDrug Manufacturers - GeneralJohnson & Johnson (JNJ) 3.8%
Avg. buy price $161.40 Estimated gain+28.2%Quarter-end price $206.95 Last transaction Added· Q4 2025Increased shares by 4.0%
J 3.8% $161.40 +28.2% $206.95 Added· Q4 2025Increased shares by 4.0%
ASpecialty RetailAmazon.com, Inc. (AMZN) 3.7%
Avg. buy price $168.94 Estimated gain+37.0%Quarter-end price $231.46 Last transaction Added· Q4 2025Increased shares by 77.1%
A 3.7% $168.94 +37.0% $231.46 Added· Q4 2025Increased shares by 77.1%
TMedical - Diagnostics & ResearchThermo Fisher Scientific Inc. (TMO) 3.6%
Avg. buy price $523.17 Estimated gain+10.8%Quarter-end price $579.45 Last transaction Added· Q4 2025Increased shares by 12.6%
T 3.6% $523.17 +10.8% $579.45 Added· Q4 2025Increased shares by 12.6%
CSoftware - ApplicationSalesforce, Inc. (CRM) 2.8%
Avg. buy price $244.57 Estimated gain+8.3%Quarter-end price $264.93 Last transaction Added· Q4 2025Increased shares by 7.7%
C 2.8% $244.57 +8.3% $264.93 Added· Q4 2025Increased shares by 7.7%
ASemiconductorsBroadcom Inc. (AVGO) 2.8%
Avg. buy price $225.35 Estimated gain+53.8%Quarter-end price $346.64 Last transaction Added· Q4 2025Increased shares by 11.6%
A 2.8% $225.35 +53.8% $346.64 Added· Q4 2025Increased shares by 11.6%
AMedical - DevicesAbbott Laboratories (ABT) 2.7%
Avg. buy price $112.55 Estimated gain+11.3%Quarter-end price $125.29 Last transaction Added· Q4 2025Increased shares by 3.7%
A 2.7% $112.55 +11.3% $125.29 Added· Q4 2025Increased shares by 3.7%
UBanks - DiversifiedU.S. Bancorp (USB) 2.5%
Avg. buy price $45.28 Estimated gain+18.6%Quarter-end price $53.71 Last transaction Added· Q4 2025Increased shares by 3.6%
U 2.5% $45.28 +18.6% $53.71 Added· Q4 2025Increased shares by 3.6%
AInformation Technology ServicesAccenture plc (ACN) 2.5%
Avg. buy price $285.11 Estimated gain−5.9%Quarter-end price $268.30 Last transaction Added· Q4 2025Increased shares by 8.0%
A 2.5% $285.11 −5.9% $268.30 Added· Q4 2025Increased shares by 8.0%
VFinancial - Credit ServicesVisa Inc. (V) 2.4%
Avg. buy price $254.48 Estimated gain+37.8%Quarter-end price $350.71 Last transaction Added· Q4 2025Increased shares by 8.6%
V 2.4% $254.48 +37.8% $350.71 Added· Q4 2025Increased shares by 8.6%
EMedical - Healthcare PlansElevance Health Inc. (ELV) 2.3%
Avg. buy price $404.12 Estimated gain−13.3%Quarter-end price $350.55 Last transaction Added· Q4 2025Increased shares by 0.3%
E 2.3% $404.12 −13.3% $350.55 Added· Q4 2025Increased shares by 0.3%
Data through Q4 2025 · filed Feb 17, 2026
15 of 653
Show all 653 holdings

Biggest position changes

In Q4 2025: 117 new, 242 added, 236 reduced, 56 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q4 2025, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
O Oracle Corporation (ORCL) −$996M G Alphabet Inc. (GOOGL) −$98M W Wells Fargo & Company (WFC) −$82M L Lam Research Corporation (LRCX) −$76M F First Solar, Inc. (FSLR) −$35M N The New York Times Company (NYT) −$35M M Micron Technology, Inc. (MU) −$31M C Centene Corp. (CNC) −$26M A Amazon.com, Inc. (AMZN) +$633M M Meta Platforms, Inc. (META) +$424M A Apple Inc. (AAPL) +$157M M Microsoft Corporation (MSFT) +$154M T Thermo Fisher Scientific Inc. (TMO) +$153M K The Coca-Cola Company (KO) +$127M A Broadcom Inc. (AVGO) +$116M A ASML Holding N.V. (ASML) +$111M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
A AvidXchange Holdings, Inc. (AVDX) Exited−2.8M S Sandstorm Gold Ltd. (SAND) Exited−2.2M N NexGen Energy Ltd. (NXE) −1.0M A Ameresco, Inc. (AMRC) −880K
Manulife Finl Corp −872K
R Sunrun Inc. (RUN) −811K I Informatica Inc. (INFA) Exited−566K C Crescent Energy Company (CRGY) −503K B Banco Bradesco S.A. (BBD) +4.3M M The Magnum Ice Cream Company N.V. (MICC) New+2.2M C CEMEX, S.A.B. de C.V. (CX) +1.9M
Totalenergies SE New+1.6M
B B2Gold Corp. (BTG) +1.1M
GMO ETF Trust New+1.0M
G GSK plc (GSK) +917K C CNH Industrial N.V. (CNHI) +902K

New this quarter

P PTC Inc. (PTC) New· Q4 2025 C Comerica Incorporated (CMA) New· Q4 2025 E Exact Sciences Corporation (EXAS) New· Q4 2025 W Warner Bros. Discovery, Inc. (WBD) New· Q4 2025 N New Gold Inc. (NGD) New· Q4 2025 D Deckers Outdoor Corporation (DECK) New· Q4 2025 L Lululemon Athletica Inc. (LULU) New· Q4 2025 C Coca-Cola Consolidated, Inc. (COKE) New· Q4 2025

Portfolio composition

Largest holdings in Q4 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Microsoft Corporation (MSFT): 6.5%Alphabet Inc. (GOOGL): 5.3%Meta Platforms, Inc. (META): 4.9%Apple Inc. (AAPL): 4.7%Lam Research Corporation (LRCX): 4.1%Other holdings: 74.5%
M Microsoft Corporation (MSFT) 6.5%
G Alphabet Inc. (GOOGL) 5.3%
M Meta Platforms, Inc. (META) 4.9%
A Apple Inc. (AAPL) 4.7%
L Lam Research Corporation (LRCX) 4.1%
Other holdings 74.5%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
Microsoft Corporation (MSFT)Alphabet Inc. (GOOGL)Johnson & Johnson (JNJ)Apple Inc. (AAPL)Meta Platforms, Inc. (META)Lam Research Corporation (LRCX)Amazon.com, Inc. (AMZN)Thermo Fisher Scientific Inc. (TMO)Other holdings

Investors with similar portfolios

InvescoInvesco Ltd.Also holds Microsoft Corporation (MSFT) and Alphabet Inc. (GOOGL)Tiger Global ManagementTiger Global Management LLCAlso holds Alphabet Inc. (GOOGL) and Amazon.com, Inc. (AMZN)Ken FisherFisher Asset Management, LLCAlso holds Apple Inc. (AAPL) and Alphabet Inc. (GOOGL)Coatue ManagementCoatue Management LLCAlso holds Lam Research Corporation (LRCX) and Taiwan Semiconductor Manufacturing Company Limited (TSM)Ken GriffinCitadel Advisors LLCAlso holds Microsoft Corporation (MSFT) and Apple Inc. (AAPL)Bill AckmanPershing Square Capital Management, L.P.Also holds Microsoft Corporation (MSFT) and Amazon.com, Inc. (AMZN)

About Jeremy Grantham and Grantham, Mayo, Van Otterloo & Co. LLC

Jeremy Grantham co-founded the investment firm known as GMO. This page shows GMO's quarterly Form 13F report of certain United States listed long positions, not Grantham's personal account or every GMO strategy. Cash, short positions, private investments, many derivatives, and trades completed before quarter end may be absent.

SEC filing history for Grantham, Mayo, Van Otterloo & Co. LLC

Jeremy Grantham FAQ

Profile refreshed July 20, 2026

What stocks does Jeremy Grantham own?

As of the Q4 2025 filing, Jeremy Grantham's largest disclosed holdings are Microsoft Corporation (MSFT), Alphabet Inc. (GOOGL), Meta Platforms, Inc. (META). The table shows 15 of 653 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Jeremy Grantham buy last quarter?

The biggest disclosed buys in Q4 2025 were Amazon.com, Inc. (AMZN), Meta Platforms, Inc. (META), Apple Inc. (AAPL), based on the Grantham, Mayo, Van Otterloo & Co. LLC 13F filing. New positions are marked "new" in the table above.

What did Jeremy Grantham sell last quarter?

The biggest reductions in Q4 2025 were Oracle Corporation (ORCL), Alphabet Inc. (GOOGL), Wells Fargo & Company (WFC). The filing comparison contains 56 full exits, summarized in the activity view above.

How big is Jeremy Grantham's portfolio?

The latest 13F discloses $39.1B across 653 positions in Q4 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q4 2025, the latest disclosed quarter. The filing date is shown with every table.

Where does the Grantham, Mayo, Van Otterloo & Co. LLC portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Grantham, Mayo, Van Otterloo & Co. LLC provide the Q4 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (82%); holdings without sufficient price history are excluded from the calculation.

Who is Jeremy Grantham?

Jeremy Grantham is a British investor who co-founded GMO in 1977 and serves as the firm's chief investment strategist.

What does reversion to the mean mean in Grantham's work?

He expects markets and asset classes that move far above or below their historical norms eventually to move back toward them. GMO uses long-run history when forming asset-allocation views.

Why is Grantham associated with market bubbles?

He built his reputation by warning about extreme valuations and limiting exposure during the Japanese asset bubble, the technology boom, and the United States housing bubble.

Can Jeremy Grantham predict exactly when a bubble will burst?

No. Grantham has said that recognizing an overpriced bubble is different from knowing when it will collapse, which he considers impossible to time precisely.

Did Grantham help start an early index fund?

Yes. In 1971 he helped establish one of the earliest index funds at Batterymarch Financial Management, although the idea was unusual at the time and the fund was not successful.

Is this Jeremy Grantham's personal portfolio or net worth?

No. It is a filing by GMO, covering only part of the firm's investment activity. It is not Grantham's personal balance sheet.

Does this page prove Grantham's track record or reproduce his approach?

No. His record includes successful historical warnings and periods when the approach lagged the market, but this holdings page is not a return series and cannot show all of GMO's asset-allocation, short, derivative, or non-US positions.

What environmental work has Grantham supported?

Grantham and his wife established the Grantham Foundation for the Protection of the Environment in 1997. It has supported climate research and environmental institutions.