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Overview

The GMO Tax-Managed International Equities Fund seeks to generate high after-tax total return by investing primarily in non-U.S. equities. The Fund’s benchmark is the MSCI EAFE (After-Tax) Index.

The Fund’s investment approach is grounded in the Systematic Equity team’s belief that, in the short term, equity markets exhibit exploitable inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, while in the long term returns are ultimately driven by economic reality. The Fund aims to take advantage of this inefficiency by utilizing a multi-factor valuation model in conjunction with other methods, such as cross-asset signals and corporate alerts, to identify mispriced equity securities. The Fund’s portfolio management process seeks to maximize expected alpha net of costs, including transaction costs and taxes.

Facts

Doc Table
Fund Inception Date July 29, 1998
Fund Total Assets as of 8/31/2022 $34mm USD
Benchmark MSCI EAFE

Share Class III

Inception Date July 29, 1998
Ticker Symbol GTMIX
CUSIP 362008666
NAV as of 9/23/2022 11.16
Net Expense Ratio 1 0.85
Gross Expense Ratio 2 1.44
Minimum Investment Size 3 $5mm in GMO

1 Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2023. Elimination of this reimbursement will result in higher fees and lower performance.

2 Gross Expense Ratio is equal to the Funds Total Annual Operating Expenses set forth in the Funds most recent prospectus dated June 30, 2022.

3 $5 million in tax-managed GMO products

Performance

Quarter-End as of June 30, 2022(USD, %)

Table Caption
1-Year 3-Year 5-Year 10-Year ITD
Tax-Managed International Equities Fund -16.98 2.93 1.75 4.45 5.21
MSCI EAFE -17.77 1.07 2.20 5.40 3.76
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

If certain expenses were not reimbursed, performance would be lower. Transaction costs, if any, are paid to the fund to offset the cost of portfolio transactions to invest or raise cash.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Quarter-End as of June 30, 2022(USD, %)

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Tax-Managed International Equities Fund -12.65 -16.07 -16.98 2.93 1.75 4.45 5.21
MSCI EAFE -14.51 -19.57 -17.77 1.07 2.20 5.40 3.76
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Quarter-End as of June 30, 2022(USD, %)

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Tax-Managed International Equities Fund -12.49 -15.78 -16.42 3.70 2.52 5.20 5.94
MSCI EAFE -14.51 -19.57 -17.77 1.07 2.20 5.40 3.76
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Month-End as of August 31, 2022(USD, %)

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Tax-Managed International Equities Fund -3.80 -1.95 -17.71 -18.64 3.95 0.33 3.86 5.08
MSCI EAFE -4.75 0.00 -19.57 -19.80 2.39 1.63 5.00 3.73
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Month-End as of August 31, 2022(USD, %)

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Tax-Managed International Equities Fund -3.74 -1.84 -17.32 -18.08 4.72 1.09 4.60 5.81
MSCI EAFE -4.75 0.00 -19.57 -19.80 2.39 1.63 5.00 3.73
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Year Ending December 31 (USD, %)

Calendar
Tax-Managed International Equities Fund MSCI EAFE
2021 10.79 11.26
2020 7.50 7.82
2019 23.31 22.01
2018 -21.24 -13.79
2017 28.44 25.03
2016 -0.36 1.00
2015 -5.35 -0.81
2014 -7.54 -4.90
2013 25.62 22.78
2012 14.68 17.32
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Year Ending December 31 (USD, %)

Calendar
Tax-Managed International Equities Fund MSCI EAFE
2021 11.59 11.26
2020 8.32 7.82
2019 24.29 22.01
2018 -20.59 -13.79
2017 29.31 25.03
2016 0.31 1.00
2015 -4.72 -0.81
2014 -6.92 -4.90
2013 26.44 22.78
2012 15.43 17.32
  • Tax-Managed International Equities Fund
  • MSCI EAFE

Inception Date: July 29, 1998

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Documents

Literature

Prospectus Download
Summary Prospectus Download
Statement of Additional Information Download
Download All Download

Downloads

Performance Download
Portfolio Composition Download
Holdings Download
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Commentary & Attribution

Commentary - Quarterly Download
Market Review Download
Attribution - Monthly Download
Attribution - Quarterly Download
Attribution - YTD Download
Download All Download

Investor Information

Annual Report Download
Semiannual Report Download
NAVs and Distributions Download
Distribution Dates Download
Tax-Related Distribution Information Download
Download All Download

Document Library

Risks

Risks associated with investing in the Fund may include: (1) Market Risk - Equities: The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. Declines in stock market prices generally are likely to reduce the net asset value of the Fund's shares. (2) Non-U.S. Investment Risk: The market prices of many non-U.S. securities (particularly of companies tied economically to emerging countries) fluctuate more than those of U.S. securities. Many non-U.S. markets (particularly emerging markets) are less stable, smaller, less liquid, and less regulated than U.S. markets, and the cost of trading in those markets often is higher than it is in U.S. markets. (3) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results. For a more complete discussion of these risks and others, please consult the Fund's prospectus.

Disclosures

An investor should consider the fund’s investment objectives, risks, charges and expenses before investing. This and other important information can be found in the fund’s prospectus. Read the prospectus carefully before investing. Please see prospectus above.

The GMO Trust funds are distributed in the United States by Funds Distributor LLC. GMO and Funds Distributor LLC are not affiliated.