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 05/14/2020. Jeremy Grantham’s 13F portfolio value decreased ~20%, from $14.97B to $11.99B this quarter. The portfolio is diversified, with recent 13F reports showing well over 500 different positions, although most of them are very small. There are 48 securities that are significantly large (more than 0.5% of the portfolio each), and they are the focus of this article. The largest