Tracking Jeremy Grantham's GMO Capital Portfolio

This article is part of a series that provides an ongoing analysis of the changes made to GMO's 13F stock portfolio on a quarterly basis. It is based on GMO's regulatory 13F Form filed on 08/13/2026. Jeremy
Tracking Jeremy Grantham's GMO Capital Portfolio - Q2 2026 Update
Summary
- GMO’s 13F portfolio rose from ~$39B to ~$44B, with Microsoft, Lam Research, Alphabet, Apple, and Meta Platforms comprising ~25%.
- Microsoft remains in the top position, increasing ~10% this quarter; significant builds also occurred in Thermo Fisher, KLA, and NVIDIA.
- Substantial reductions were made in Lam Research, Alphabet, and U.S. Bancorp, reflecting active rebalancing among top holdings.
- The portfolio demonstrates a disciplined, dynamic allocation strategy across technology, healthcare, and financials, with ongoing conviction in core mega-cap tech names.
This article was written by
Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOGL, META, AMZN, V, NVDA, MA, UBER either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Facts Only

* GMO’s 13F portfolio rose from approximately $39B to $44B.
* Microsoft increased its position by approximately 10% this quarter.
* Significant builds occurred in Thermo Fisher, KLA, and NVIDIA.
* Substantial reductions were made in Lam Research, Alphabet, and U.S. Bancorp.
* Top holdings included Microsoft, Lam Research, Alphabet, Apple, and Meta Platforms.

Executive Summary

The GMO Capital portfolio increased from approximately $39 billion to $44 billion based on the 13F filing from August 13, 2026. Key holdings included Microsoft, Lam Research, Alphabet, Apple, and Meta Platforms, which collectively represented about 25% of the portfolio. Microsoft maintained its top position, experiencing a roughly 10% increase during the quarter, alongside significant acquisitions in Thermo Fisher, KLA, and NVIDIA. The portfolio reflected active rebalancing through substantial reductions in holdings such as Lam Research, Alphabet, and U.S. Bancorp. Overall, the allocation strategy demonstrated a disciplined approach focused across technology, healthcare, and financials, maintaining strong conviction in major technology stocks.

Full Take

The reported portfolio shift illustrates a dynamic rebalancing occurring within a mega-cap technology focus, evidenced by the simultaneous growth in core holdings like Microsoft and strategic builds in semiconductor and industrial technology firms such as NVIDIA, KLA, and Thermo Fisher. The simultaneous divestment from certain positions, such as Lam Research and Alphabet, alongside gains in others suggests an active management strategy overriding passive trends within the portfolio structure. This pattern points toward a conviction-based allocation where shifts are driven by specific internal strategic decisions rather than purely external market reactions. The sustained emphasis on core mega-cap technology names while making tactical adjustments implies an underlying belief in the long-term growth trajectory of these specific sectors, despite immediate fluctuations that necessitate rebalancing actions. What factors influence the timing and scale of these reallocations relative to broader market sentiment? How does the demonstrated commitment to a sector strategy interact with short-term portfolio adjustments made during the quarter?

Sentinel — Human

Confidence

The text exhibits the precise, data-driven structure typical of financial reporting, strongly suggesting it was written by an individual with direct access to or deep analysis of the underlying documents.

Signals Detected

Sentence length variance is relatively varied, typical of analytical reporting rather than uniform AI rhythm.

The flow is direct and focused on conveying portfolio changes, lacking unnecessary hedging or generalized balancing.

The structure directly mirrors a specific data source (13F filing) and follows a clear summary of quantitative shifts.

The content is anchored to verifiable financial filings, indicating a strong factual basis rather than pure fabrication.

Human Indicators

The inclusion of specific portfolio movements and direct reference to a 13F filing suggests an insider or highly specialized report structure.

The explicit personal disclosure regarding stock ownership and opinion strongly points toward a named individual author.