Jeremy Grantham's Top Q3 2026 Move: Space Exploration Technologies Corp at a 1.56% Portfolio Impact GuruFocus News Fri, November 13, 2026 at 12:01 PM EST 4 min read SPCX -0.75% MSFT +0.27% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Jeremy Grantham (Trades, Portfolio) recently submitted his 13F filing for the third quarter of 2026, offering a window into how one of the industry's most respected contrarians positioned capital during the period. Grantham is Chairman of the Board of Grantham Mayo van Otterloo (GMO) LLC, a Boston-based asset management firm, and is widely regarded as a highly knowledgeable investor across stock, bond and commodity markets. He launched one of the world's first index funds in the early 1970s and built his reputation by identifying speculative market "bubbles" as they formed, steering clients clear of the Japanese equity and real estate mania in the late eighties, technology stocks during the internet bubble, and the overvaluation of equity and credit markets in 2006, well before the crisis struck.
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Jeremy Grantham (Trades, Portfolio) added a total of 99 stocks, among them:
The most significant addition was Space Exploration Technologies Corp (NASDAQ:SPCX), with 4,829,713 shares, accounting for 1.56% of the portfolio and a total value of $728.61 million.
The second largest addition to the portfolio was Stryker Corp (NYSE:SYK), consisting of 1,339,348 shares, representing approximately 0.79% of the portfolio, with a total value of $368.84 million.
The third largest addition was The Home Depot Inc (NYSE:HD), with 753,931 shares, accounting for 0.46% of the portfolio and a total value of $214.49 million.
Jeremy Grantham (Trades, Portfolio) also increased stakes in a total of 320 stocks, among them:
The most notable increase was Netflix Inc (NASDAQ:NFLX), with an additional 3,276,320 shares, bringing the total to 13,626,324 shares. This adjustment represents a significant 31.66% increase in share count, a 0.49% impact on the current portfolio, and a total value of $948.12 million.
The second largest increase was Philip Morris International Inc (NYSE:PM), with an additional 1,204,645 shares, bringing the total to 1,980,562. This adjustment represents a significant 155.25% increase in share count, with a total value of $377.93 million.
Jeremy Grantham (Trades, Portfolio) completely exited 78 holdings in the third quarter of 2026, as detailed below:
Webster Financial Corp (WBS): Jeremy Grantham (Trades, Portfolio) sold all 591,218 shares, resulting in a -0.1% impact on the portfolio.
Qorvo Inc (NASDAQ:QRVO): Jeremy Grantham (Trades, Portfolio) liquidated all 311,237 shares, causing a -0.07% impact on the portfolio.
Jeremy Grantham (Trades, Portfolio) also reduced positions in 233 stocks. The most significant changes include:
Reduced Salesforce Inc (NYSE:CRM) by 2,233,228 shares, resulting in a -50.43% decrease in shares and a -0.79% impact on the portfolio. The stock traded at an average price of $206.28 during the quarter and has returned 8.30% over the past 3 months and -17.26% year-to-date.
Reduced Lam Research Corp (NASDAQ:LRCX) by 767,681 shares, resulting in a -14.05% reduction in shares and a -0.75% impact on the portfolio. The stock traded at an average price of $312.25 during the quarter and has returned -34.25% over the past 3 months and 29.70% year-to-date.
At the third quarter of 2026, Jeremy Grantham (Trades, Portfolio)'s portfolio included 683 stocks. The top holdings were 7.49% in Microsoft Corp (NASDAQ:MSFT), 4.9% in Meta Platforms Inc (NASDAQ:META), 4.57% in Alphabet Inc (NASDAQ:GOOGL), 4.31% in Apple Inc (NASDAQ:AAPL) and 4.3% in Thermo Fisher Scientific Inc (NYSE:TMO).
The holdings are mainly concentrated across all 11 industries: Technology, Healthcare, Communication Services, Financial Services, Consumer Cyclical, Consumer Defensive, Industrials, Basic Materials, Energy, Utilities and Real Estate.
The quarter's activity reflects a familiar Grantham pattern: broad diversification paired with decisive exits from positions that no longer fit his valuation framework. Opening 99 new positions while fully liquidating 78 others underscores an active, valuation-driven process rather than a passive buy-and-hold stance. The largest new commitment, Space Exploration Technologies Corp at 1.56% of the portfolio, stands out as a notable departure into a high-growth name, while the 50.43% cut to Salesforce and the 14.05% trim to Lam Research suggest reduced conviction in select software and semiconductor holdings after their respective price moves. Investors tracking Grantham's long history of bubble-spotting may find the balance between new growth exposure and defensive trims worth monitoring in the quarters ahead.
