GMO

Investor Summary

Founded in 1977 by Jeremy Grantham, Dick Mayo, and Eijk van Otterloo, GMO has established itself as a leading global investment management firm with nearly 50 years of experience. Jeremy Grantham serves as co-founder, long-term investment strategist, and Chairman, bringing pioneering expertise in commercial indexing dating back to 1971 and holding a CBE from the UK. The current leadership team includes CEO Scott Hayward, Asset Allocation Co-Head Ben Inker, and Head of Focused Equity Tom Hancock, who holds a PhD in Computer Science from Harvard. The management team averages over 25 years of industry experience, fostering an environment that values individual contributions and encourages open debate and collaboration. GMO maintains global operations with offices in Boston, Amsterdam, London, Singapore, Sydney, Tokyo, and San Francisco, serving institutional investors, financial intermediaries, and high-net-worth families. The firm requires minimum investments of $5 million and caters to sophisticated clients including pension funds and sovereign wealth funds. GMO's leadership is recognized for academic rigor and practical investment expertise, with Jeremy Grantham being a member of the Academy of Arts and Sciences. The firm's culture emphasizes research-driven decision making and systematic approaches to investment management. GMO has successfully navigated multiple market cycles, demonstrating resilience and adaptability in changing market conditions.

Fund Strategy

GMO employs a contrarian investment philosophy based on mean reversion principles, taking generally bearish approaches to markets with the belief that assets will ultimately revert to their historical means. The firm emphasizes a valuation-based approach that serves clients' long-term interests through disciplined, research-driven strategies. GMO's methodology combines top-down identification of mispriced asset groups with bottom-up selection using proprietary models that incorporate growth and quality factors. The firm has successfully predicted major market bubbles including the Japanese asset price bubble, dot-com bubble, and 2008 housing crisis. GMO maintains a cautious stance on elevated market valuations, particularly noting concerns when more than 30% of U.S. market capitalization trades above 10 times sales. The investment approach blends systematic analysis across diverse asset classes with a focus on emerging market opportunities and ESG integration. Traditional accounting-based metrics are viewed as increasingly detached from economic reality, requiring more sophisticated analytical approaches. The firm encourages dynamic, valuation-aware strategies to navigate complex investment landscapes while maintaining long-term perspective. GMO's contrarian approach extends to tactical asset allocation decisions based on internal predictions of market direction.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

GMO's quarterly valuation update reveals a stark divergence in emerging debt attractiveness across currency exposures. Hard currency credit spreads at 121 bps excess spread fall in the first quintile of attractiveness, historically associated with negative 2-year returns of -1.9%. The firm expects spreads to widen from current rich levels. In contrast, local currency debt presents compelling opportunities with EM rates in the most attractive fourth quartile versus US rates, where historical mean returns have been +4.1%. FX valuations land in the attractive third quartile with expected spot returns of +1.2%. This extreme relative valuation has driven blended currency portfolios to maximum local currency allocation of 70% versus 30% hard currency. USD rates show neutral valuation with modest deterioration. The firm characterizes the dollar as rich relative to emerging currencies, supporting their constructive view on EMFX. Transaction costs in hard currency debt remain below historical averages despite brief tariff-related widening.

Forward Outlook

GMO expects hard currency credit spreads to widen based on rich current valuations. Local currency debt remains very attractive with EM rates and FX showing compelling valuations versus historical ranges. The firm maintains maximum allocation to local currency debt in blended portfolios.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 28 2026	2026 Q1	-	credit, Currency, emerging markets, fixed income, FX, rates, Spreads, valuation	-	GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations.
Feb 25 2026	2025 Q4	2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM	AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation	HUBS	Grantham identifies an extreme AI bubble in U.S. stocks, with valuations at dangerous levels comparable to history's greatest technology manias. Despite AI's transformational potential, massive overinvestment of $300 billion annually by tech giants and extreme valuations signal inevitable collapse. The bubble shows classic signs but hasn't yet peaked, though severe losses await most investors when sentiment shifts.
Jan 28 2026	2025 Q4	2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM	AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation	-	Grantham identifies an extreme AI bubble in U.S. stocks, with valuations at dangerous levels comparable to history's greatest technology manias. Despite AI's transformational potential, massive overinvestment of $300 billion annually by tech giants and extreme valuations signal inevitable collapse. The bubble shows classic signs but hasn't yet peaked, though severe losses await most investors when sentiment shifts.
Nov 21 2025	2025 Q3	-	asset allocation, deep value, growth, international, Japan, Long/Short, valuation, value	-	Traditional 60/40 portfolios face disappointing returns due to expensive U.S. growth stocks and tight credit spreads. GMO's valuation-sensitive approach capitalizes on deeply discounted international value stocks, Japanese structural reforms, and the widest growth-value spread in decades. Current environment offers compelling opportunities for dynamic allocators willing to look different from passive benchmarks.
Aug 21 2025	2025 Q2	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, TSM	Dollar, growth, international, Supply Shocks, tariffs, technology, Valuations	-	U.S. equity outperformance stems from dollar strength and valuation expansion, not superior fundamentals. The median S&P 500 company delivered historically weak growth while facing supply shocks from tariffs, immigration restrictions, and policy uncertainty. International stocks trade at significant discounts with comparable growth prospects and benefit from currency tailwinds and more manageable economic challenges.
Mar 13 2025	2025 Q1	BAYRY, MON	Capitalism, Chemicals, demographics, Fertility, Health, Resilience, sustainability, Toxicity	-	Chemical toxicity is driving an unprecedented fertility crisis that threatens human survival and will fundamentally reshape capitalism. Sperm counts have collapsed two-thirds since 1973, with current decline rates making most couples infertile within decades. This demographic collapse will stress economies while chemical companies face massive lawsuits. Investment strategy must emphasize resilience over growth.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 28 2026

2026 Q1

credit, Currency, emerging markets, fixed income, FX, rates, Spreads, valuation

GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations.

Feb 25 2026

2025 Q4

2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM

AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation

HUBS

Grantham identifies an extreme AI bubble in U.S. stocks, with valuations at dangerous levels comparable to history's greatest technology manias. Despite AI's transformational potential, massive overinvestment of $300 billion annually by tech giants and extreme valuations signal inevitable collapse. The bubble shows classic signs but hasn't yet peaked, though severe losses await most investors when sentiment shifts.

Jan 28 2026

2025 Q4

2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM

AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation

Nov 21 2025

2025 Q3

asset allocation, deep value, growth, international, Japan, Long/Short, valuation, value

Traditional 60/40 portfolios face disappointing returns due to expensive U.S. growth stocks and tight credit spreads. GMO's valuation-sensitive approach capitalizes on deeply discounted international value stocks, Japanese structural reforms, and the widest growth-value spread in decades. Current environment offers compelling opportunities for dynamic allocators willing to look different from passive benchmarks.

Aug 21 2025

2025 Q2

AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, TSM

Dollar, growth, international, Supply Shocks, tariffs, technology, Valuations

U.S. equity outperformance stems from dollar strength and valuation expansion, not superior fundamentals. The median S&P 500 company delivered historically weak growth while facing supply shocks from tariffs, immigration restrictions, and policy uncertainty. International stocks trade at significant discounts with comparable growth prospects and benefit from currency tailwinds and more manageable economic challenges.

Mar 13 2025

2025 Q1

BAYRY, MON

Capitalism, Chemicals, demographics, Fertility, Health, Resilience, sustainability, Toxicity

Chemical toxicity is driving an unprecedented fertility crisis that threatens human survival and will fundamentally reshape capitalism. Sperm counts have collapsed two-thirds since 1973, with current decline rates making most couples infertile within decades. This demographic collapse will stress economies while chemical companies face massive lawsuits. Investment strategy must emphasize resilience over growth.

QUARTER	THEMES	TAGS
2026 Q1	Credit Stress Hard currency credit spreads are rich at 121 bps excess spread, falling in the first quintile of attractiveness. Historical data suggests negative 2-year credit returns of -1.9% for this quintile. GMO expects spreads to widen based on historical patterns.	Credit Spreads EMBIG-D Sovereign Default
	Emerging markets Local currency debt shows very attractive valuations with EM rates in the fourth quartile versus US rates. FX valuations are attractive in the third quartile. Blended portfolios are tilted maximum local currency at 70% versus 30% hard currency due to extreme relative valuations.	Local Currency Valuation GBI-EMGD FX Rates
	Dollar USD rates show neutral valuation with modest deterioration in attractiveness. Current levels are slightly below fair value. The dollar is characterized as rich relative to emerging market currencies, consistent with GMO's view that EMFX is very attractive.	USD Dollar Rates Fair Value Currency
2025 Q4	AI AI investment has been a major contributor to recent growth and technology-led earnings, supported by long-term capital investment. However, the pace of AI-related investment is expected to slow from exceptionally fast levels seen over the past two years.	Artificial Intelligence Technology Investment Growth Capital
	Valuations Equity valuations remain elevated with the S&P 500 trading near 23x forward earnings, well above its long-term average of 15.6x. Elevated valuations constrain longer-term returns and increase market sensitivity to earnings disappointments.	Valuations Multiples Earnings Risk Returns
	Dollar A weaker U.S. dollar, down 9.4% in 2025, provided a notable tailwind for foreign assets and contributed significantly to international equity outperformance.	Currency Dollar International Foreign Assets
	Rates The Federal Reserve cut rates three times in 2025 and currently expects one more cut in 2026. Markets are pricing in roughly two additional cuts, which would bring the Fed funds rate to around 3%.	Federal Reserve Interest Rates Monetary Policy Cuts
2025 Q4	Housing Structural housing shortage in the US with rising millennial household formation. Higher mortgage rates reduce existing home supply, benefiting new homebuilders and their suppliers. BLDR positioned to benefit from this dynamic with value-add business comprising 40%+ of revenue.	Homebuilders Building Materials Residential Construction Mortgage Rates Supply Shortage
	Metallurgical Coal Significant underinvestment in metallurgical coal needed for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. HCC completing capital investment cycle with Blue Creek development wrapping up by 2026.	Steel Production Coal Mining Asia Capital Investment Supply Constraints
	Energy Significant underinvestment in natural gas, oil and thermal coal which are necessary for world economies to function. While renewables will play increasing role, the change will occur over decades. Offshore capital commitments expected to rebound in next 1-2 years.	Oil Natural Gas Offshore Drilling Energy Investment Commodities
	Regional Banks Flagstar has exceptional management ahead of the game in turning their business around. Trading at 67% of conservatively marked balance sheet versus similar banks at 140-160% of tangible book value. Turnaround going well with first profitable quarter reported.	Bank Turnaround Management Quality Valuation Balance Sheet Profitability
	AI Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. While AI will have impact, we are still very early in its lifecycle. Weak business fundamentals should become more apparent over time.	Artificial Intelligence Business Models Valuations Technology Hype Fundamentals
	Private Credit Space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have lent into AI/data-center space to businesses with questionable futures.	Private Lending Credit Markets Valuations Risk Management Data Centers
2025 Q3	Value Deep value stocks are extremely dislocated, trading at 3rd and 7th percentile discounts in US and developed ex-US markets respectively. The cheapest 20% of markets offer compelling opportunities through valuation normalization and rebalancing effects. GMO is leaning heavily into this opportunity through long-only US and International Opportunistic Value strategies.	Deep Value Valuation Rebalancing Opportunistic
	Japan Japanese equities represent a compelling opportunity driven by structural transformation, sustainable inflation, and corporate governance reforms. Japan small value stocks trade at historically wide discounts and benefit from an undervalued yen. Corporate reforms including increased buybacks and unwinding cross-shareholdings are accelerating.	Corporate Reform Small Value Yen Governance Structural Change
	Growth Growth stocks broadly are trading expensively relative to history, with the most richly priced 20% at 89th and 93rd percentile premiums in US and developed ex-US markets. The spread between extreme growth and deep value creates opportunities for long/short strategies to benefit from valuation normalization.	Expensive Growth Valuation Spread Long/Short Premium Multiples
2025 Q2	Valuations U.S. stocks trade at significant premiums to international peers despite similar growth prospects. International stocks offer 15-50% valuation discounts to U.S. counterparts with comparable expected growth rates. U.S. valuations are between 90th percentile on simple ratios and near all-time records relative to opportunity costs.	Multiples Premium Discount P/E Price/Gross Profit
	Dollar The U.S. dollar is close to its most overvalued level in the last half-century and contributed 80% of U.S. equity outperformance through currency strength. Current administration policies actively make dollar assets less attractive to foreigners. Dollar depreciation expected to provide tailwinds for international equity investors.	Currency Overvalued Depreciation Real Effective Exchange Rate
	Trade Policy Large tariffs on most imports represent a negative supply shock that will raise costs for U.S. companies, reduce global competitiveness, and increase the general price level. Tariffs function as a regressive tax that will likely drag on domestic demand and corporate profitability.	Tariffs Supply Shock Costs Competitiveness Inflation
	AI The Magnificent Six technology companies are making capital expenditures at vastly higher rates than ever before in pursuit of AI opportunities. These famously capital-light businesses will need to acquire new forms of magic if massive AI investments don't deliver expected returns.	Capital Expenditures Investment Technology Growth
2025 Q1	Toxicity Chemical toxicity from endocrine disruptors is causing fertility collapse and health damage globally. Sperm counts have declined by two-thirds since 1973, with current decline rates of 2.6% annually threatening human reproduction. This represents an existential threat requiring immediate action to detoxify the planet.	PFAS Endocrine Disruption Fertility Chemicals Health
	Resilience Investment strategy must emphasize resilience and sustainability in an increasingly risky world facing multiple shocks. High-quality stocks with strong margins and low leverage will outperform as failure rates of marginal companies increase. Resilience becomes more valuable as economic and climate shocks accelerate.	Quality Margins Leverage Sustainability Shocks

QUARTER

THEMES

Credit Stress

Hard currency credit spreads are rich at 121 bps excess spread, falling in the first quintile of attractiveness. Historical data suggests negative 2-year credit returns of -1.9% for this quintile. GMO expects spreads to widen based on historical patterns.

Credit Spreads EMBIG-D Sovereign Default

Emerging markets

Local currency debt shows very attractive valuations with EM rates in the fourth quartile versus US rates. FX valuations are attractive in the third quartile. Blended portfolios are tilted maximum local currency at 70% versus 30% hard currency due to extreme relative valuations.

Local Currency Valuation GBI-EMGD FX Rates

Dollar

USD rates show neutral valuation with modest deterioration in attractiveness. Current levels are slightly below fair value. The dollar is characterized as rich relative to emerging market currencies, consistent with GMO's view that EMFX is very attractive.

USD Dollar Rates Fair Value Currency

2025 Q4

AI

AI investment has been a major contributor to recent growth and technology-led earnings, supported by long-term capital investment. However, the pace of AI-related investment is expected to slow from exceptionally fast levels seen over the past two years.

Artificial Intelligence Technology Investment Growth Capital

Valuations

Equity valuations remain elevated with the S&P 500 trading near 23x forward earnings, well above its long-term average of 15.6x. Elevated valuations constrain longer-term returns and increase market sensitivity to earnings disappointments.

Valuations Multiples Earnings Risk Returns

Dollar

A weaker U.S. dollar, down 9.4% in 2025, provided a notable tailwind for foreign assets and contributed significantly to international equity outperformance.

Currency Dollar International Foreign Assets

Rates

The Federal Reserve cut rates three times in 2025 and currently expects one more cut in 2026. Markets are pricing in roughly two additional cuts, which would bring the Fed funds rate to around 3%.

Federal Reserve Interest Rates Monetary Policy Cuts

2025 Q4

Housing

Structural housing shortage in the US with rising millennial household formation. Higher mortgage rates reduce existing home supply, benefiting new homebuilders and their suppliers. BLDR positioned to benefit from this dynamic with value-add business comprising 40%+ of revenue.

Homebuilders Building Materials Residential Construction Mortgage Rates Supply Shortage

Metallurgical Coal

Significant underinvestment in metallurgical coal needed for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. HCC completing capital investment cycle with Blue Creek development wrapping up by 2026.

Steel Production Coal Mining Asia Capital Investment Supply Constraints

Energy

Significant underinvestment in natural gas, oil and thermal coal which are necessary for world economies to function. While renewables will play increasing role, the change will occur over decades. Offshore capital commitments expected to rebound in next 1-2 years.

Oil Natural Gas Offshore Drilling Energy Investment Commodities

Regional Banks

Flagstar has exceptional management ahead of the game in turning their business around. Trading at 67% of conservatively marked balance sheet versus similar banks at 140-160% of tangible book value. Turnaround going well with first profitable quarter reported.

Bank Turnaround Management Quality Valuation Balance Sheet Profitability

AI

Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. While AI will have impact, we are still very early in its lifecycle. Weak business fundamentals should become more apparent over time.

Artificial Intelligence Business Models Valuations Technology Hype Fundamentals

Private Credit

Space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have lent into AI/data-center space to businesses with questionable futures.

Private Lending Credit Markets Valuations Risk Management Data Centers

2025 Q3

Value

Deep value stocks are extremely dislocated, trading at 3rd and 7th percentile discounts in US and developed ex-US markets respectively. The cheapest 20% of markets offer compelling opportunities through valuation normalization and rebalancing effects. GMO is leaning heavily into this opportunity through long-only US and International Opportunistic Value strategies.

Deep Value Valuation Rebalancing Opportunistic

Japan

Japanese equities represent a compelling opportunity driven by structural transformation, sustainable inflation, and corporate governance reforms. Japan small value stocks trade at historically wide discounts and benefit from an undervalued yen. Corporate reforms including increased buybacks and unwinding cross-shareholdings are accelerating.

Corporate Reform Small Value Yen Governance Structural Change

Growth

Growth stocks broadly are trading expensively relative to history, with the most richly priced 20% at 89th and 93rd percentile premiums in US and developed ex-US markets. The spread between extreme growth and deep value creates opportunities for long/short strategies to benefit from valuation normalization.

Expensive Growth Valuation Spread Long/Short Premium Multiples

2025 Q2

Valuations

U.S. stocks trade at significant premiums to international peers despite similar growth prospects. International stocks offer 15-50% valuation discounts to U.S. counterparts with comparable expected growth rates. U.S. valuations are between 90th percentile on simple ratios and near all-time records relative to opportunity costs.

Multiples Premium Discount P/E Price/Gross Profit

Dollar

The U.S. dollar is close to its most overvalued level in the last half-century and contributed 80% of U.S. equity outperformance through currency strength. Current administration policies actively make dollar assets less attractive to foreigners. Dollar depreciation expected to provide tailwinds for international equity investors.

Currency Overvalued Depreciation Real Effective Exchange Rate

Trade Policy

Large tariffs on most imports represent a negative supply shock that will raise costs for U.S. companies, reduce global competitiveness, and increase the general price level. Tariffs function as a regressive tax that will likely drag on domestic demand and corporate profitability.

Tariffs Supply Shock Costs Competitiveness Inflation

AI

The Magnificent Six technology companies are making capital expenditures at vastly higher rates than ever before in pursuit of AI opportunities. These famously capital-light businesses will need to acquire new forms of magic if massive AI investments don't deliver expected returns.

Capital Expenditures Investment Technology Growth

2025 Q1

Toxicity

Chemical toxicity from endocrine disruptors is causing fertility collapse and health damage globally. Sperm counts have declined by two-thirds since 1973, with current decline rates of 2.6% annually threatening human reproduction. This represents an existential threat requiring immediate action to detoxify the planet.

PFAS Endocrine Disruption Fertility Chemicals Health

Resilience

Investment strategy must emphasize resilience and sustainability in an increasingly risky world facing multiple shocks. High-quality stocks with strong margins and low leverage will outperform as failure rates of marginal companies increase. Resilience becomes more valuable as economic and climate shocks accelerate.

Quality Margins Leverage Sustainability Shocks

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 25, 2026	Fund Letters	Jeremy Grantham	HUBS	HubSpot, Inc.	Information Technology	Application Software	Neutral	New York Stock Exchange	Expectations, Multiple compression, Revenue Growth, SaaS, Sentiment, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 25, 2026

Fund Letters

Jeremy Grantham

HUBS

HubSpot, Inc.

Information Technology

Application Software

Neutral

New York Stock Exchange

Expectations, Multiple compression, Revenue Growth, SaaS, Sentiment, valuation

TICKER	COMMENTARY
No ticker commentary found.

TICKER

COMMENTARY

No ticker commentary found.

Ticker	Put/Call	Company Name	Industry	Value (M)	Shares	Weight %	Shares Purchased/Sold	Change in Share %	Market Cap (M)
MSFT	-	MICROSOFT CORP	Information Technology	2,547.6M	5,267,686	6.5%	308,087	6.2%	2,969,829.4M
GOOGL	-	ALPHABET INC	Communication Services	2,088.2M	6,671,591	5.3%	-342,538	-4.9%	3,657,769.9M
META	-	META PLATFORMS INC	Communication Services	1,919.9M	2,908,562	4.9%	635,655	28.0%	1,614,716.5M
AAPL	-	APPLE INC	Information Technology	1,823.4M	6,707,117	4.7%	584,276	9.5%	3,877,900.6M
LRCX	-	LAM RESEARCH CORP	Information Technology	1,599.5M	9,344,080	4.1%	-489,931	-5.0%	301,541.9M
JNJ	-	JOHNSON & JOHNSON	Health Care	1,467.1M	7,089,139	3.8%	273,944	4.0%	589,099.8M
AMZN	-	AMAZON COM INC	Consumer Discretionary	1,466.5M	6,353,413	3.7%	2,766,500	77.1%	2,196,633.2M
TMO	-	THERMO FISHER SCIENTIFIC INC	Health Care	1,397.7M	2,412,063	3.6%	270,200	12.6%	191,727.6M
CRM	-	SALESFORCE INC	Information Technology	1,087.2M	4,104,033	2.8%	293,398	7.7%	178,457.2M
AVGO	-	BROADCOM INC	Information Technology	1,085.6M	3,136,731	2.8%	325,982	11.6%	1,575,667.4M

Ticker

Put/Call

Company Name

Industry

Value (M)

Weight %

Shares Purchased/Sold

Change in Share %

Market Cap (M)

MSFT

MICROSOFT CORP

Information Technology

2,547.6M

5,267,686

6.5%

308,087

6.2%

2,969,829.4M

GOOGL

ALPHABET INC

Communication Services

2,088.2M

6,671,591

5.3%

-342,538

-4.9%

3,657,769.9M

Industry	Prev Quarter %	Current Quarter %	Change
Information Technology	26.26%	31.67%	+5.41%
Health Care	22.88%	24.30%	+1.42%
Communication Services	10.05%	11.56%	+1.51%
Financials	9.44%	10.17%	+0.72%
Consumer Discretionary	5.64%	8.92%	+3.29%
Consumer Staples	3.18%	4.55%	+1.37%
Energy	2.92%	2.87%	-0.06%
Industrials	2.46%	2.86%	+0.40%
Materials	1.58%	2.32%	+0.75%
Utilities	-0.29%	0.31%	+0.59%
Other	0.13%	0.24%	+0.11%
Real Estate	0.07%	0.12%	+0.05%

Symbol	Company	Filed By	Filing Date	Filing
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
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-	-	-	-	-

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Credit Stress

Emerging markets

Dollar

AI

Valuations

Dollar

Rates

Housing

Metallurgical Coal

Energy

Regional Banks

AI

Private Credit

Value

Japan

Growth

Valuations

Dollar

Trade Policy

AI

Toxicity

Resilience

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Jeremy Grantham Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Jeremy Grantham Latest 13D & 13G Filings

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