Tracking Jeremey Grantham’s GMO Capital Portfolio – Q4 2018 Update

• Jeremey Grantham’s 13F portfolio value decreased from $14.76B to $12.52B this quarter. 
• GMO Capital increased 3M and Texas Instruments while reducing Qualcomm during the quarter.   
• The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~14% of the portfolio. 

Jeremey Grantham’s 13F portfolio value decreased ~15% from $14.76B to $12.52B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Alphabet Inc. (GOOG), Apple Inc. (AAPL),Microsoft Corporation (MSFT), Oracle Corporation (ORCL), and 3M (MMM) and they add up to ~21% of the portfolio.

Note: Last 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 call, he increased the iShares MSCI Emerging Market ETF (EEM) allocation to a 3.11% portfolio stake thru last quarter. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q4 2018. For a look at how the portfolio has progressed, see our previous update:

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