================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. )(1)
Grupo Financiero
-----------------------------------------------------
(Name of Issuer)
ADR
-----------------------------------------------------
(Title of Class of Securities)
399909100
-----------------------------------------------------
(CUSIP Number)
as of 12/31/03
-----------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-(c)
[ ] Rule 13d-1(d)
----------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
================================================================================
=================== ===================
CUSIP No. 399909100 13G Page 2 of 5 Pages
=================== ===================
================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Grantham, Mayo, Van Otterloo & Co., LLC
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Boston, Massachusetts USA
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
6,560,850
NUMBER OF --------------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY N/A
OWNED BY --------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 6,560,850
PERSON --------------------------------------------------------------
WITH 8. SHARED DISPOSITIVE POWER
N/A
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,560,850
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.09%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
Investment Adviser (IA)
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
=================== ===================
CUSIP No. 399909100 13G Page 3 of 5 Pages
=================== ===================
Item 1. (a) Name of Issuer:
---------------
Grupo Financiero Galicia
-----------------------------------------------------------------
(b) Address of Issuer's Principal Executive Offices:
Tte Gral Juan D. Peron 456, 1038 Buenos Aires, Argentina
-----------------------------------------------------------------
Item 2. (a) Name of Person Filing:
----------------------
GRANTHAM, MAYO, VAN OTTERLOO & CO., LLC
-----------------------------------------------------------------
(b) Address of Principal Business Office, or if None, Residence:
40 ROWES WHARF, BOSTON, MA 02110
-----------------------------------------------------------------
(c) Citizenship:
USA
-----------------------------------------------------------------
(d) Title of Class of Securities:
ADR
-----------------------------------------------------------------
(e) CUSIP Number:
399909100
-----------------------------------------------------------------
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
-------------------------------------------------------------------
check whether the person filing is a:
-------------------------------------
(a) [_] Broker or Dealer registered under Section 15 of the Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Act.
(c) [_] Insurance Company as defined in Section 3(a)(19) of the Act.
(d) [_] Investment Company registered under Section 8 of the
Investment Company Act.
(e) [X] An investment adviser in accordance with Rule 13d-1(b)
(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition on an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(j).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [ ]
=================== ===================
CUSIP No. 399909100 13G Page 4 of 5 Pages
=================== ===================
Item 4. Ownership.
----------
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in
Item 1.
(a) Amount beneficially owned: 6,560,850
-------------------------------------,
(b) Percent of class: 8.09%
----------------------------------------------,
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 6,560,850
-----------------,
(ii) Shared power to vote or to direct the vote N/A
--------------,
(iii) Sole power to dispose or to direct the disposition of
6,560,850
-------------------------------------------------------,
(iv) Shared power to dispose or to direct the disposition of
N/A
-------------------------------------------------------
Item 5. Ownership of Five Percent or Less of a Class.
---------------------------------------------
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities check the following
[_].
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
----------------------------------------------------------------
Item 7. Identification and Classification of the Subsidiary Which Acquired the
----------------------------------------------------------------------
Security Being Reported on by the Parent Holding Company or Control
-------------------------------------------------------------------
Person.
-------
Item 8. Identification and Classification of Members of the Group.
----------------------------------------------------------
Item 9. Notice of Dissolution of Group.
-------------------------------
Item 10. Certification.
--------------
(a) The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(b):
"By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired and not
held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having such purpose or effect."
(b) The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(c):
"By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having such purpose or effect."
=================== ===================
CUSIP No. 46624A106 13G Page 5 of 5 Pages
=================== ===================
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: January 22, 2004
/s/ William R. Royer
------------------------
(Signature)
William R. Royer
Partner, General Counsel
------------------------
(Name/Title)
NOTE. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
for whom copies are to be sent.
ATTENTION. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).