Tracking Jeremey Grantham’s GMO Capital Portfolio – Q3 2018 Update

• Jeremey Grantham’s 13F portfolio value increased from $14.08B to $14.76B this quarter. 
• GMO Capital increased Fiat Chrysler while decreasing UnitedHealth Group and Johnson & Johnson. 
• The largest three individual stock positions are Apple, Alphabet Inc., and Microsoft Corporation and they add up to ~14% of the portfolio. 

Jeremey Grantham’s 13F portfolio value increased ~5% from $14.08B to $14.76B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Apple Inc. (AAPL), Alphabet Inc. (GOOG), Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and United Health (UNH) and they add up to ~21% of the portfolio.

Note: In January, Jeremey Grantham predicted the market to be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought emerging markets were a safe bet. As a secondary recommendation, EAFE equities were suggested. Consistent with that, he increased the iShares MSCI Emerging Market ETF (EEM) allocation by ~60% this quarter to a 3.11% portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q3 2018. For a look at how the portfolio has progressed, see our previous update:

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