Tracking Jeremey Grantham’s GMO Capital Portfolio – Q1 2019 Update

• Jeremey Grantham’s 13F portfolio value increased from $12.52B to $13.90B this quarter. 
• GMO Capital decreased Alphabet (GOOG) and United Technologies (UTX) during the quarter.   
• The largest three individual stock positions are Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~13% of the portfolio. 

Jeremey Grantham’s 13F portfolio value increased ~11% from $12.52B to $13.90B 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 ~19% of the portfolio.

Note: In January 2018, 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 Q3 2018. That quarter saw the position reduced by ~80% to a small 0.72% portfolio stake. The position was increased by ~80% this quarter and is now a 1.32% of the portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q1 2019. For a look at how the portfolio has progressed, see our previous update:

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