#Jeremy grantham super bubble series

That was followed with a ~25% reduction in Q2 2022 at prices between ~$452 and ~$546. The five years through 2019 had seen a ~75% selling at prices between $102 and $296. The position size peaked in 2007 at over 20.5M shares. UnitedHealth Group ( UNH): The top three 3.65% of the portfolio stake in UNH was already a very large ~18M share position in 2005. His estimate of the probability of a market crash has gone down from about 85% likely to 70% likely. The latest was in a WealthTrack interview in July. Note 2: Jeremy Grantham has repeatedly said the US stock market is in a bubble since June 2020.

#Jeremy grantham super bubble series

The ~$12.5M investment was made 8 years ago as part of a series of bets on early-stage “green technology” companies. Note 1: It was reported in December 2020 that Jeremy Grantham has a ~4.8M share stake in QuantumScape ( QS). Their flag ship mutual fund is GMO Benchmark-Free Allocation Fund ( MUTF: GBMFX) which was incepted in 2003. The assets are distributed among separately managed, institutional, and mutual fund accounts. The firm currently has ~$75B under management, a far cry from ~$120B that they had at the peak. Please visit our Tracking Jeremy Grantham’s GMO Portfolio series to get an idea of their investment philosophy and our last report for the fund’s moves during Q2 2023.Īs of September 30, 2023, GMO’s 7-year asset class real return forecast is for US Large Cap asset class to have a negative 2% annualized return on one end and Emerging Value asset class to have a positive 6.6% annualized return at the other extreme.

The largest five stakes are Microsoft Corporation, UnitedHealth, Alphabet, Johnson & Johnson, and Meta Platforms. There are 39 securities that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The portfolio is diversified with recent 13F reports showing well over 500 different positions although most of them are very small. Jeremy Grantham’s 13F portfolio value decreased ~2% from $21.60B to $21.17B this quarter. It is based on GMO’s regulatory 13F Form filed on. 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.