Tracking Jeremy Grantham's GMO Capital Portfolio - Q1 2025 Update

2025-05-21 22:14:39 ET

Summary

• GMO’s Q1 2025 13F shows a portfolio value increase to $31.7B, with top holdings in MSFT, AAPL, GOOG, META, and UNH.
• Significant stake increases were made in Microsoft, Apple, Alphabet, UnitedHealth, Johnson & Johnson, and several other healthcare and tech names.
• Meta Platforms, Wells Fargo, and Coca-Cola saw notable trimming, indicating selective profit-taking and portfolio rebalancing.
• GMO’s asset class forecast remains bearish on US large caps, favoring Japanese small value, reflecting Grantham’s cautious market outlook.

This article is part of a series that provides an ongoing analysis of the changes made to GMO’s 13F stock portfolio on a quarterly basis. It is based on GMO’s regulatory 13F Form filed on 05/14/2025. Jeremy Grantham’s 13F portfolio value increased from $30.74B to $31.72B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions, although most of them are very small. There are 31 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Apple, Alphabet, Meta Platforms, and UnitedHealth Group. They add up to ~22% of the portfolio. Please visit our Tracking Jeremy Grantham’s GMO Portfolio series to get an idea of their investment philosophy and our last report for the fund’s moves during Q4 2024....

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