Grantham, Mayo, Van Otterloo & Co (GMO) Portfolio holdings
Grantham, Mayo, Van Otterloo, known as GMO, is an asset manager with a contrarian, generally bearish outlook, betting that markets will drift back to their historical averages. Jeremy Grantham, Dick Mayo and Eijk van Otterloo founded it in 1977, after Grantham and Mayo had started Batterymarch Financial Management in 1969 and van Otterloo had worked alongside Grantham. It began as a conservative, value-oriented firm, and Grantham later used his number-driven background to build equity and bond funds that run on models and trade when prices stray from long-run norms. In 1994 GMO bought a fund that focused on defaulted bank loans, which became its Emerging Country Debt Fund, and in 2020 it acquired Usonian Investments, a Japan-based equity manager.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$888M |
| 2 |
Netflix
NFLX
|
+$555M |
| 3 |
Mastercard
MA
|
+$433M |
| 4 |
Microsoft
MSFT
|
+$259M |
| 5 |
Meta Platforms (Facebook)
META
|
+$228M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lam Research
LRCX
|
+$437M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$276M |
| 3 |
Hilton Worldwide Holdings Inc. Common Stock
HLT
|
+$275M |
| 4 |
US Bancorp
USB
|
+$237M |
| 5 |
KLA
KLAC
|
+$143M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.29% |
| 2 | Healthcare | 22.19% |
| 3 | Communication Services | 11.94% |
| 4 | Financials | 10.93% |
| 5 | Consumer Discretionary | 7.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$3.96T
| $2.54B | 5.73% |
6,816,326
+640,188
| +10% | +$259M |
2013 Q2
52 quarters
|
|
|
2
Lam Research
LRCX
$278B
| $2.37B | 5.33% |
5,464,726
-1,439,480
| -21% | -$437M |
2019 Q3
27 quarters
|
|
|
3
Alphabet (Google) Class A
GOOGL
$3.53T
| $2.19B | 4.94% |
6,132,636
-767,941
| -11% | -$276M |
2015 Q4
42 quarters
|
|
4
Apple
AAPL
$5.06T
| $1.98B | 4.46% |
6,848,782
-88,792
| -1% | -$25.4M |
2013 Q2
52 quarters
|
|
|
5
Meta Platforms (Facebook)
META
$1.64T
| $1.94B | 4.37% |
3,446,717
+373,676
| +12% | +$228M |
2018 Q1
33 quarters
|
|
6
Johnson & Johnson
JNJ
$676B
| $1.81B | 4.07% |
7,110,133
-168,733
| -2% | -$39.3M |
2013 Q2
52 quarters
|
|
7
Amazon
AMZN
$2.93T
| $1.46B | 3.29% |
6,136,926
-92,449
| -1% | -$23.2M |
2018 Q3
31 quarters
|
|
8
Texas Instruments
TXN
$275B
| $1.39B | 3.14% |
4,674,406
-386,641
| -8% | -$107M |
2016 Q2
40 quarters
|
|
9
Thermo Fisher Scientific
TMO
$266B
| $1.37B | 3.09% |
2,739,191
+236,985
| +9% | +$114M |
2024 Q2
8 quarters
|
|
10
Broadcom
AVGO
$1.58T
| $1.23B | 2.78% |
3,267,040
-81,477
| -2% | -$32.7M |
2021 Q1
21 quarters
|
|
|
11
KLA
KLAC
$199B
| $1.17B | 2.65% |
3,893,893
-718,127
| -16% | -$143M |
2017 Q3
35 quarters
|
|
12
UnitedHealth
UNH
$363B
| $1.17B | 2.64% |
2,825,022
-333,429
| -11% | -$124M |
2013 Q2
52 quarters
|
|
13
Visa
V
$789B
| $1.14B | 2.56% |
3,318,194
+282,078
| +9% | +$90.6M |
2017 Q3
35 quarters
|
|
|
14
NVIDIA
NVDA
$4.08T
| $935M | 2.11% |
4,671,972
+4,317,457
| +1,218% | +$888M |
2023 Q2
12 quarters
|
|
|
15
Mastercard
MA
$574B
| $934M | 2.1% |
1,818,743
+867,958
| +91% | +$433M |
2024 Q3
7 quarters
|
|
|
16
US Bancorp
USB
$94.7B
| $899M | 2.02% |
14,885,214
-4,228,429
| -22% | -$237M |
2017 Q2
36 quarters
|
|
17
Eli Lilly
LLY
$1.28T
| $892M | 2.01% |
743,966
-5,849
| -0.8% | -$5.98M |
2013 Q2
52 quarters
|
|
18
Merck
MRK
$365B
| $872M | 1.96% |
6,785,008
-228,769
| -3% | -$26.8M |
2016 Q3
39 quarters
|
|
19
Abbott
ABT
$191B
| $798M | 1.8% |
8,794,077
-116,868
| -1% | -$10.7M |
2013 Q2
52 quarters
|
|
|
20
Netflix
NFLX
$260B
| $739M | 1.66% |
10,350,004
+6,300,973
| +156% | +$555M |
2024 Q3
7 quarters
|
|
21
Cigna
CI
$79.9B
| $710M | 1.6% |
2,577,075
-21,143
| -0.8% | -$5.97M |
2020 Q4
22 quarters
|
|
22
Salesforce
CRM
$176B
| $694M | 1.56% |
4,427,933
+2,381
| +0.1% | +$419K |
2020 Q3
23 quarters
|
|
23
Coca-Cola
KO
$417B
| $668M | 1.5% |
8,219,620
-60,128
| -0.7% | -$4.75M |
2013 Q2
52 quarters
|
|
24
Elevance Health
ELV
$92.8B
| $654M | 1.47% |
1,691,671
-246,605
| -13% | -$91.5M |
2013 Q2
52 quarters
|
|
25
TJX Companies
TJX
$151B
| $557M | 1.26% |
3,679,188
-33,338
| -0.9% | -$5.27M |
2013 Q2
52 quarters
|
|
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Grantham, Mayo, Van Otterloo & Co (GMO)'s Q2 2026 Portfolio in Review
As of Q2 2026, Grantham, Mayo, Van Otterloo & Co (GMO) held 737 positions worth $44.4B, up 14% from $39.1B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Grantham, Mayo, Van Otterloo & Co (GMO)'s Q2 2026 filing shows 109 new, 260 increased, 259 reduced and 74 closed positions. Its largest new stake was Philip Morris: 775,917 shares worth $140M. The largest sale was Lam Research, an estimated $437M.
By sector, the portfolio is most concentrated in Technology at 35% of assets, up from 32% a quarter earlier, followed by Healthcare and Communication Services.
- Grantham, Mayo, Van Otterloo & Co (GMO)'s largest Q2 2026 buy was Philip Morris: 775,917 shares worth $140M.
- Grantham, Mayo, Van Otterloo & Co (GMO) added most to NVIDIA in Q2 2026, an estimated $888M increase.
- Grantham, Mayo, Van Otterloo & Co (GMO)'s biggest Q2 2026 reduction was Lam Research, cutting an estimated $437M.
- Grantham, Mayo, Van Otterloo & Co (GMO) fully exited The Magnum Ice Cream Company N.V. in Q2 2026, selling an estimated $35M.
- Grantham, Mayo, Van Otterloo & Co (GMO)'s ten largest holdings make up 41% of its $44.4B portfolio in Q2 2026.
- Grantham, Mayo, Van Otterloo & Co (GMO) opened 109 new positions and closed 74 in Q2 2026.
- Grantham, Mayo, Van Otterloo & Co (GMO)'s portfolio value rose 14% quarter-over-quarter to $44.4B.
Based on Grantham, Mayo, Van Otterloo & Co (GMO)'s 13F filing for Q2 2026, filed 13 Aug 2026.