Grantham, Mayo, Van Otterloo (GMO) 13F, Q3 2025
Jeremy Grantham · quarter ending 30 September 2025 · filed 13 November 2025 · SEC CIK 1352662
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 3 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q3 2025
The 25 largest of 597 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| MICROSOFT CORP | MSFT | $2.57B | 7.3% | +2% shares |
| ALPHABET INC | GOOGL | $1.71B | 4.8% | -11% shares |
| META PLATFORMS INC | META | $1.67B | 4.7% | +2% shares |
| APPLE INC | AAPL | $1.56B | 4.4% | +3% shares |
| LAM RESEARCH CORP | LRCX | $1.32B | 3.7% | unchanged |
| JOHNSON & JOHNSON | JNJ | $1.26B | 3.6% | +4% shares |
| ORACLE CORP | ORCL | $1.18B | 3.3% | -27% shares |
| ABBOTT LABS | ABT | $1.10B | 3.1% | +5% shares |
| THERMO FISHER SCIENTIFIC INC | TMO | $1.04B | 2.9% | +16% shares |
| BROADCOM INC | AVGO | $927.29M | 2.6% | -8% shares |
| UNITEDHEALTH GROUP INC | UNH | $920.79M | 2.6% | +25% shares |
| SALESFORCE INC | CRM | $903.12M | 2.5% | +29% shares |
| US BANCORP DEL | USB | $858.29M | 2.4% | +7% shares |
| TEXAS INSTRS INC | TXN | $855.10M | 2.4% | unchanged |
| VISA INC | V | $832.96M | 2.4% | unchanged |
| ACCENTURE PLC IRELAND | $827.06M | 2.3% | +27% shares | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $815.38M | 2.3% | +24% shares |
| AMAZON COM INC | AMZN | $787.58M | 2.2% | unchanged |
| MERCK & CO INC | MRK | $556.07M | 1.6% | +2% shares |
| ELI LILLY & CO | LLY | $534.56M | 1.5% | +48% shares |
| UBER TECHNOLOGIES INC | UBER | $534.22M | 1.5% | unchanged |
| TJX COS INC NEW | TJX | $527.89M | 1.5% | unchanged |
| WELLS FARGO CO NEW | WFC | $527.00M | 1.5% | -26% shares |
| HILTON WORLDWIDE HLDGS INC | HLT | $523.23M | 1.5% | unchanged |
| INTUITIVE SURGICAL INC | ISRG | $509.69M | 1.4% | +5% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Grantham, Mayo, Van Otterloo (GMO) opened 57 new positions, added to 194, trimmed 248, left 98 unchanged and exited 64. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- CLH$28.92M
- VERONA PHARMA PLC$28.18M
- SANDSTORM GOLD LTD$27.27M
- CYBERARK SOFTWARE LTD$25.47M
- VERITEX HLDGS INC$14.88M
- NWSA$14.45M
- BBD$12.73M
- B$12.51M
and 49 more
Exited
- AZEK CO INCwas $40.52M
- CWwas $31.45M
- HESS CORPwas $31.23M
- WALGREENS BOOTS ALLIANCE INCwas $29.16M
- POWIwas $25.76M
- JJSFwas $25.03M
- PACIFIC PREMIER BANCORPwas $21.82M
- ENPHwas $20.56M
and 56 more
Other quarters
Source: SEC Form 13F-HR, accession 0001072613-25-000786, filed by Grantham, Mayo, Van Otterloo & Co. LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.