Jeremy Grantham is known as a rather pessimistic investor. But although he often warns of impending disaster on the market, he also relies on stocks himself with his investment company Grantham, Mayo & van Otterloo (GMO). These values were in the GMO depot in the third quarter of 2023.
Jeremy Gratham co-founded the asset manager Grantham, Mayo & van Otterloo (GMO) back in 1977. He is still a member of GMO’s supervisory board today – and even at the age of 85, he never tires of commenting on current market events. The star investor usually takes a rather bearish viewpoint and often makes quite gloomy forecasts. However, that doesn’t mean he would stay away from the stock market completely.
The portfolio of his investment company GMO recently contained managed securities with a total value of around 21.17 billion US dollars. Since the assets under management are significantly above the limit of 100 million US dollars, the investment company is obliged to report quarterly on its holdings to the US Securities and Exchange Commission (SEC) as part of Form 13F.
In the third quarter, GMO mainly worked on existing positions: some holdings were significantly reduced, while Jeremy Grantham’s investment company significantly increased others. Ultimately, none of the top positions in the GMO portfolio remained unchanged. The following ranking shows Jeremy Grantham’s 15 largest stock investments as of the end of the third quarter of 2023, ranked by percentage. The status is September 30, 2023, the data was published on November 13, 2023.
Editorial team finanzen.net
16th place: The ranking
As of the third quarter of 2023, Grantham, Mayo & van Otterloo (GMO), stock market expert Jeremy Grantham’s investment company, owned a total of 729 holdings. The total value of the positions disclosed via the 13F form amounted to around 21.2 billion US dollars as of the reporting date, which was slightly lower than at the end of the second quarter. The following ranking shows the 15 largest holdings in Granthams Depot, sorted by percentage. The data is as of September 30, 2023.
Source: Source: sec.gov, Image: Lane Turner/Boston Globe/Getty Images
15th place: TJX
As in the previous quarters, the US retail group TJX was again part of the GMO portfolio in the third quarter of 2023. However, Grantham’s fund sold 478,099 shares in the last quarter of the year and therefore only owned 4,156,457 TJX shares worth around $369.4 million as of the reporting date. The position thus recently accounted for 1.74 percent of the overall portfolio.
Source: Source: sec.gov, Image: JHVEPhoto / Shutterstock.com
14th place: Coca-Cola
Grantham, however, bought Coca-Cola shares in the third quarter of 2023. While the beverage manufacturer did not make it into the top 15 places in the previous quarter, it is now in 14th place. In the third quarter, GMO increased this position by a whopping 1,056,424 shares, or 18.02 percent, to 6,918,123 shares. As of the reporting date, the Coca-Cola share package was worth around $387.3 million and therefore accounted for 1.83 percent of the total portfolio.
Source: sec.gov, Image: MAHATHIR MOHD YASIN / Shutterstock.com
13th place: Elevance Health
At the end of the third quarter, the health insurer Elevance Health was represented by 889,912 shares in the portfolio of Jeremy Grantham’s investment company – the position was expanded by 59,071 shares compared to the previous quarter. As of September 30, 2023, Elevance Health shares held were worth approximately $387.5 million. This corresponded to a share of 1.83 percent of the total portfolio and thus 13th place.
Source: sec.gov, Image: T. Schneider / Shutterstock.com
12th place: Texas Instruments
The semiconductor manufacturer Texas Instruments is in twelfth place. Grantham added 346,264 shares to this position in the third quarter of 2023. The total of 2,543,188 TI shares had a market value of around $404.4 million as of the reporting date. The TI holding thus made up 1.91 percent of the entire portfolio.
Source: sec.gov, Image: Texas Instruments
11th place: Merck & Co.
The pharmaceutical company Merck & Co. is again in eleventh place in the GMO depot in the third quarter of 2023 with a share of 1.96 percent. However, the asset manager increased the position by 411,073 shares during the reporting period, meaning that GMO owned 4,028,916 Merck & Co. shares with a total value of around $414.8 million as of the reporting date.
Source: sec.gov, Image: Gil C / Shutterstock.com
10th place: Lam Research
40,780 shares of the semiconductor manufacturer Lam Research were thrown out of the GMO depot in the third quarter of 2023. The remaining 740,369 Lam shares had a market value of around $464.0 million as of the reporting date. That’s enough for tenth place in the ranking with a share of 2.19 percent of Jeremy Grantham’s total portfolio.
Source: sec.gov, Image: Michael Vi / Shutterstock.com
9th place: Oracle
Grantham added 38,602 new Oracle shares to his portfolio in the last quarter. The stock market expert and his investment company therefore held 4,440,231 shares in the IT group as of the reporting date. These were worth around $470.3 million at the end of the quarter – which corresponded to 2.22 percent of the value of the entire GMO portfolio.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
8th place: Accenture
GMO has owned shares in the management consultant Accenture since 2007, and in the third quarter of 2023 another 21,371 Accenture shares were added. The total of 1,545,804 shares made up a total of 2.24 percent of the Grantham portfolio as of the reporting date. With a market value of around $474.7 million at the end of September, they rank eighth in Jeremy Grantham’s portfolio.
Source: sec.gov, Image: Daniel J. Macy / Shutterstock.com
7th place: Amazon
The shares of the mail order company Amazon fell two places in the last quarter. Grantham sold 345,715 shares in the online department store, leaving 4,081,610 shares remaining. As of the reporting date, these were worth around $518.9 million on the stock exchange. This means that Amazon shares in the GMO depot recently had a share of 2.45 percent.
Source: sec.gov, Image: Benny Marty / Shutterstock.com
6th place: Apple
The iPhone manufacturer Apple is in sixth place. With a market value of around $528.3 million, the total of 3,085,458 shares recently made up 2.5 percent of the GMO portfolio. The investment company purchased 60,076 shares of the company in the third quarter, increasing its previous position by 1.99 percent.
Source: sec.gov, Image: Bocman1973 / Shutterstock.com
5th place: Meta Platforms
When it came to his investment in Facebook parent Meta, Jeremy Grantham canceled his investment in the third quarter of 2023 and threw 563,998 shares out of the portfolio. The position shrank by around 23 percent to 1,890,832 meta shares. As of the reporting date, these were worth around $567.6 million and still accounted for 2.68 percent of the total GMO portfolio. The investment company’s previously second-largest investment ended up in fifth place at the end of the third quarter.
Source: sec.gov, Image: Valeriya Zankovych / Shutterstock.com
4th place: Johnson & Johnson
However, the investment in the US pharmaceutical heavyweight Johnson & Johnson was able to gain a few places: in sixth place in the previous quarter, the company has now moved to fourth place in the GMO ranking. This is also because Grantham expanded its position by 382,035 shares in the past quarter. The total of 3,744,857 shares were worth around $583.3 million at the end of September, making up 2.75 percent of the portfolio.
Source: sec.gov, Image: josefkubes / Shutterstock.com
3rd place: Alphabet A
The A shares of Google parent Alphabet also rose in the rankings during the reporting period. In contrast to C shares, ordinary shares come with voting rights. Although Jeremy Grantham sold 30,080 A shares in the third quarter of 2023, the share of the position in the overall portfolio rose from 2.51 percent to 2.78 percent due to a favorable price development. After ranking seventh in the previous quarter, Alphabet shares are now in third place. The 4,503,029 shares that were most recently owned by GMO were worth around $589.3 million as of the reporting date.
Source: sec.gov, Image: Fenixx666 / Shutterstock.com
2nd place: UnitedHealth
The US insurer UnitedHealth moved up one place. With an additional purchase of 178,597 shares, the investment company owned a whopping 1,534,720 UnitedHealth shares as of September 30, 2023. At the end of the quarter, these were worth around $773.8 million on the stock market, which corresponded to 3.65 percent of the entire Grantham portfolio.
Source: sec.gov, Image: II.studio / Shutterstock.com
1st place: Microsoft
Back in first place in the third quarter of 2023: Grantham’s stake in Microsoft. The company held a total of 2,910,130 shares in the Windows developer at the end of the quarter – 125,110 fewer than at the end of June. Despite the sales, the largest position in the GMO portfolio was worth around $918.9 million as of the reporting date, which corresponded to 4.34 percent of the total portfolio value.
Source: sec.gov, Image: Volodymyr Kyrylyuk / Shutterstock.com
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