Grantham’s Bear Market Call Tests Patience of GMO Fund Investors
- Its main Benchmark-Free fund has declined almost 4% this year
- GMO’s assets have fallen by half since 2015 to $60 billion
Photographer: Daniel Acker/Bloomberg
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Jeremy Grantham’s GMO is paying the price for yet another contrarian call by its co-founder.
Convinced that U.S. equities were unjustifiably expensive given the economic damage from the pandemic, the renowned value investing money manager and his asset allocation chief, Ben Inker, told investors in June that it was time to sell stocks.