Tracking Jeremey Grantham’s GMO Capital Portfolio – Q2 2019 Update

• Jeremey Grantham’s 13F portfolio value increased from $13.90B to $14.21B this quarter. 
• GMO Capital decreased Costco Wholesale (COST) while increasing UnitedHealth (UNH), Merck (MRK), and Eli Lilly (LLY).   
• The largest three individual stock positions are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), and Apple (AAPL) and they add up to ~12% of the portfolio. 

Jeremey Grantham’s 13F portfolio value increased ~2% from $13.90B to $14.21B this quarter. The portfolio is diversified with recent 13F reports showing well over 500 different positions. The largest five stakes are Microsoft Corporation (MSFT), Alphabet Inc. (GOOG), Apple (AAPL), Oracle Corporation (ORCL), and UnitedHealth (UNH) and they add up to ~18% 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% last quarter and is now a 1.31% of the portfolio stake.

Below is a spreadsheet that shows the changes to Jeremey Grantham's GMO Capital 13F portfolio holdings as of Q2 2019. For a look at how the portfolio has progressed, see our previous update:

To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .