European Shorting
Number of Stocks: 608
Number of New Stocks: 105
Total Value: $37,519 Mil
Q/Q Turnover: 8%
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GMO, a global investment management firm, manages $110 billion in client assets it invests across a variety of asset classes based using a combination of “traditional judgments with innovative quantitative methods to find undervalued securities and markets,” per their website. The firm, led by Chairman of the Board Jeremy Grantham, bought 104 new U.S. stocks in the first quarter, for a total of 608 and quarter-over-quarter turnover of 8%.
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Overseer of $106 billion at the global investment management firm GMO, Jeremy Grantham bought stock of 103 new companies in the fourth quarter. The largest new positions of these are: New Oriental Education & Technology Group (EDU), Buenaventura Mining Company (BVN), PSS World Medical (PSSI) and Southern Copper Corporation (SCCO). Grantham has secured 23.5% of his equity investments in the consumer defensive sector, the largest represented, followed by 21.7% in the health care sector. He holds 581 stocks in total and had a 9% quarter-over-quarter turnover. 
This quarter I will review any new data that has come out on the topic of likely lower GDP growth. Then I will consider any investment implications that might come with lower GDP growth: counter intuitively, we find that investment returns are likely to be more or less unchanged – a little lower only if lower growth brings with it less instability, hence less risk. Finally I will take a look at the reaction to last quarter's letter, specifically about my outlook for lower GDP growth.
Prologue: For GMO's asset allocation team, valuations are our first protection against losses. We generally believe that cheaper assets are more resilient against bad economic and financial events, and that if we focus on avoiding the overvalued assets, we should not only achieve higher returns over time, but more often than not do less badly when markets encounter difficulty.
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