United States
GMO quarterly · market valuations and climate
Co-founder of GMO and its long-term investment strategist. Writes the firm's quarterly letter — a wide-angle survey of asset-class valuations, multi-decade cycles, and increasingly the resource-and-climate constraints he sees defining the next century of returns.
GMO is bearish on US equities on supply grounds, expecting share issuance to turn the market lower before weak AI returns on investment become visible.
Windowpast 90 days · 1 event · ending Oct 26, 2026
Source1 citation →
GeneratedOct 26, 2026
NoteAuto-generated summary · not investment advice · verify before acting.
| Security | Shares | Market value | % of portfolio |
|---|
| MICROSOFT CORP COM | 6,816,326Shares increased 10% | $2542.6M | 5.7% |
| LAM RESEARCH CORP COM NEW | 5,464,726Shares decreased 21% | $2368.0M | 5.3% |
| ALPHABET INC CAP STK CL A | 6,132,636Shares decreased 11% | $2191.6M | 4.9% |
| APPLE INC COM | 6,848,782Shares decreased 1% | $1981.8M | 4.5% |
| META PLATFORMS INC CL A | 3,446,717Shares increased 12% | $1941.5M | 4.4% |
| JOHNSON & JOHNSON COM | 7,110,133Shares decreased 2% | $1805.8M | 4.1% |
| AMAZON COM INC COM | 6,136,926Shares decreased 1% | $1462.7M | 3.3% |
| TEXAS INSTRS INC COM | 4,674,406Shares decreased 8% | $1393.3M | 3.1% |
| THERMO FISHER SCIENTIFIC INC COM | 2,739,191Shares increased 9% | $1373.3M | 3.1% |
| BROADCOM INC COM | 3,267,040Shares decreased 2% | $1234.1M | 2.8% |
| KLA CORP COM NEW | 3,893,893Shares increased 744% | $1174.8M | 2.6% |
| UNITEDHEALTH GROUP INC COM | 2,825,022Shares decreased 11% | $1174.2M | 2.6% |
| VISA INC COM CL A | 3,318,194Shares increased 9% | $1138.4M | 2.6% |
| NVIDIA CORPORATION COM | 4,671,972Shares increased >999% | $934.8M | 2.1% |
| MASTERCARD INCORPORATED CL A | 1,818,743Shares increased 91% | $934.1M | 2.1% |
| US BANCORP COM NEW | 14,885,214Shares decreased 22% | $899.1M | 2.0% |
| ELI LILLY & CO COM | 743,966Shares decreased 1% | $892.3M | 2.0% |
| MERCK & CO INC COM | 6,785,008Shares decreased 3% | $871.9M | 2.0% |
| ABBOTT LABORATORIES COM | 8,794,077Shares decreased 1% | $798.0M | 1.8% |
| NETFLIX INC. COM | 10,350,004Shares increased 156% | $739.0M | 1.7% |
| THE CIGNA GROUP COM | 2,577,075Shares decreased 1% | $710.4M | 1.6% |
| SALESFORCE INC COM | 4,427,933Shares increased <1% | $693.7M | 1.6% |
| COCA COLA CO COM | 8,219,620Shares decreased 1% | $668.0M | 1.5% |
| ELEVANCE HEALTH INC FORMERLY COM | 1,691,671Shares decreased 13% | $654.2M | 1.5% |
| TJX COS INC NEW COM | 3,679,188Shares decreased 1% | $557.4M | 1.3% |
| CONSTELLATION BRANDS INC CL A | 3,998,425Shares decreased 1% | $556.1M | 1.3% |
| UBER TECHNOLOGIES INC COM | 7,389,658Shares increased <1% | $533.2M | 1.2% |
| G1151C101ACCENTURE PLC IRELAND SHS CLASS A | 3,984,233Shares increased 2% | $495.8M | 1.1% |
| INTUITIVE SURGICAL INC COM NEW | 1,227,993Shares decreased <1% | $488.3M | 1.1% |
| HILTON WORLDWIDE HLDGS INC COM | 1,381,224Shares decreased 38% | $456.4M | 1.0% |
| SYNOPSYS INC COM | 961,706Shares increased 6% | $429.0M | 1.0% |
| QUEST DIAGNOSTICS INC COM | 1,888,207Shares increased <1% | $400.2M | 0.9% |
| N07059210ASML HLDG NV N Y REGISTRY SHS | 151,987Shares decreased 2% | $302.4M | 0.7% |
| TRADEWEB MKTS INC CL A | 2,663,518Shares increased <1% | $265.4M | 0.6% |
| TORONTO DOMINION BK ONT COM NEW | 1,731,101Shares decreased 12% | $210.4M | 0.5% |
| GSK PLC SPONSORED ADR | 3,599,521Shares increased 2% | $188.7M | 0.4% |
| D18190898DEUTSCHE BK AG NAMEN AKT | 5,288,878Shares increased 29% | $179.1M | 0.4% |
| RIO TINTO PLC SPONSORED ADR | 1,839,135Shares decreased 8% | $174.6M | 0.4% |
| ARAMARK COM | 2,893,600Shares decreased 1% | $164.6M | 0.4% |
| TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS | 329,546Shares decreased 12% | $157.4M | 0.4% |
| PHILIP MORRIS INTL INC COM | 775,917New position this quarter | $140.4M | 0.3% |
| PROCTER & GAMBLE CO COM | 936,608Shares increased 5% | $137.3M | 0.3% |
| VODAFONE GROUP PLC SPONSORED ADR | 10,061,670Shares decreased <1% | $133.1M | 0.3% |
| DARLING INGREDIENTS INC COM | 2,300,482Shares decreased 15% | $125.7M | 0.3% |
| ALBEMARLE CORP COM | 897,013Shares decreased 1% | $121.1M | 0.3% |
| TOTALENERGIES SE ACT | 1,555,564Shares increased 4% | $121.0M | 0.3% |
| BANK NOVA SCOTIA B C COM | 1,381,602Shares increased 14% | $120.0M | 0.3% |
| SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B | 1,612,070Shares decreased 4% | $119.4M | 0.3% |
| SUNRUN INC COM | 8,004,682Shares increased 2% | $107.1M | 0.2% |
| GE AEROSPACE COM NEW | 279,787Shares decreased 13% | $104.6M | 0.2% |
| MAGNA INTL INC COM | 1,548,799Shares increased 27% | $101.7M | 0.2% |
| ARRAY TECHNOLOGIES INC COM SHS | 11,890,976Shares increased 9% | $88.1M | 0.2% |
| SOLAREDGE TECHNOLOGIES INC COM | 1,243,795Shares decreased 44% | $72.7M | 0.2% |
| NEXGEN ENERGY LTD COM | 7,592,203Shares increased 1% | $71.3M | 0.2% |
| UBS GROUP AG SHS | 1,308,707Shares increased 145% | $65.0M | 0.1% |
| CITIGROUP INC COM NEW | 460,213Shares decreased 13% | $64.4M | 0.1% |
| ROPER TECHNOLOGIES INC COM | 180,936Shares increased 62% | $61.2M | 0.1% |
| VERIZON COMMUNICATIONS INC COM | 1,432,234Shares increased 9% | $60.6M | 0.1% |
| GREEN PLAINS INC COM | 3,898,967Shares decreased 1% | $60.0M | 0.1% |
| CONOCOPHILLIPS COM | 575,379Shares decreased 7% | $59.8M | 0.1% |
| BANK OF AMER CORP COM | 1,042,673Shares decreased 11% | $59.4M | 0.1% |
| STMICROELECTRONICS N V NY REGISTRY | 781,931Shares decreased 19% | $58.6M | 0.1% |
| AMERESCO INC CL A | 2,030,950Shares decreased 9% | $56.1M | 0.1% |
| CVS HEALTH CORP COM | 541,115Shares decreased 15% | $56.0M | 0.1% |
| MANULIFE FINL CORP COM | 1,334,399Shares decreased 3% | $54.1M | 0.1% |
| PFIZER INC COM | 2,179,317Shares decreased 5% | $52.5M | 0.1% |
| SUN LIFE FINANCIAL INC. COM | 667,734Shares increased 5% | $52.4M | 0.1% |
| PRICESMART INC COM | 266,317Shares increased 3% | $52.0M | 0.1% |
| ALLSTATE CORP COM | 214,358Shares increased 1% | $51.0M | 0.1% |
| ONTO INNOVATION INC COM | 132,223Shares decreased 3% | $50.0M | 0.1% |
| UNITED PARCEL SVCS INC CL B | 450,312Shares decreased 2% | $48.4M | 0.1% |
| CALIFORNIA RES CORP COM STOCK | 907,661Shares increased 13% | $48.0M | 0.1% |
| TARGET CORP COM | 361,774Shares decreased 21% | $47.3M | 0.1% |
| GENERAL MTRS CO COM | 610,405Shares decreased 14% | $47.1M | 0.1% |
| VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS | 735,909Shares decreased 22% | $47.0M | 0.1% |
| N20944109CNH INDL N V SHS | 4,144,498Shares increased 68% | $46.5M | 0.1% |
| CAPITAL ONE FINL CORP COM | 231,303Shares increased <1% | $46.4M | 0.1% |
| REGENERON PHARMACEUTICALS COM | 74,200Shares increased 34% | $46.3M | 0.1% |
| AGCO CORP COM | 381,704Shares increased 32% | $45.7M | 0.1% |
| NUCOR CORP COM | 203,235Shares decreased 21% | $45.3M | 0.1% |
| ITRON INC COM | 522,662Shares increased 17% | $45.2M | 0.1% |
| WEBSTER FINL CORP COM | 591,218Shares increased 25% | $45.2M | 0.1% |
| HENRY JACK & ASSOC INC COM | 325,836Shares increased <1% | $44.9M | 0.1% |
| NORTHWESTERN ENERGY GROUP IN COM NEW | 623,112Shares increased 14% | $44.6M | 0.1% |
| QUALCOMM INC COM | 241,187Shares decreased 46% | $44.6M | 0.1% |
| BROWN FORMAN CORP CL B | 1,666,644Shares increased 16% | $44.4M | 0.1% |
| HEWLETT PACKARD ENTERPRISE C COM | 958,210Shares decreased 31% | $43.2M | 0.1% |
| COMCAST CORP NEW CL A | 1,719,869Shares decreased 2% | $42.2M | 0.1% |
| FORD MTR CO COM | 3,029,539Shares decreased 27% | $42.1M | 0.1% |
| DELTA AIR LINES INC COM NEW | 447,312Shares increased 3% | $41.9M | 0.1% |
| EXXON MOBIL CORP COM | 297,503Shares decreased 11% | $40.7M | 0.1% |
| CLEAN HARBORS INC COM | 135,230Shares decreased <1% | $40.4M | 0.1% |
| UNILEVER PLC SPON ADR NEW | 652,686Shares increased 22% | $39.2M | 0.1% |
| TXNM ENERGY INC COM | 688,984Shares increased 34% | $39.1M | 0.1% |
| D R HORTON INC COM | 239,691Shares increased 4% | $39.0M | 0.1% |
| NORFOLK SOUTHN CORP COM | 123,701Shares increased 79% | $38.9M | 0.1% |
| CORTEVA INC COM | 458,878Shares decreased 4% | $38.9M | 0.1% |
| NOVARTIS AG SPONSORED ADR | 245,957Shares decreased 11% | $38.5M | 0.1% |
| CIRRUS LOGIC INC COM | 259,065Shares increased 3% | $38.5M | 0.1% |
| NEXTPOWER INC CLASS A COM | 316,913Shares increased 32% | $37.8M | 0.1% |
Showing the top 100 of 663 disclosed positions — sort to surface different rows.
Jeremy Grantham's GMO made its largest sector move in Q2 2026 inside the very corner of the market it publicly warned against: Information Technology received a net $2.5B, equal to roughly 6% of the firm's disclosed book. Industrials and Financials also saw increased weight, with GMO adding a net $987.9M and $819.6M respectively — each representing about 2% of book. On the other side, Materials and Energy were trimmed by modest amounts, $146.5M and $101.8M, each less than 1% of book. Across the two quarters, roughly $5.9B — about 14% of the book — was reshuffled in total. The scale of the Information Technology build stands out given GMO's stated view that share issuance will weigh on US equities before the market can see how thin AI returns on investment actually are. The thread connecting these moves is tension: GMO's public bearishness on US equities and AI economics sits alongside a portfolio that, in practice, added its heaviest dollar weight to the sector most exposed to both.
AI summary of filed 13F sector changes
Industrials rose most (▲ +3pp) · Consumer Staples fell most (▼ −2pp)
609 of 663 holdings classified · Sectors derived from free SEC SIC codes + curated overrides.
Latest filed · 2026-09-24
Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.
What they said
GMO is bearish on US equities on supply grounds, expecting share issuance to turn the market lower before weak AI returns on investment become visible. (letter)
2026-09-24
