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Overview

The GMO Emerging Country Debt Fund’s objective is total return in excess of that of its benchmark, the J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBIG-D). The Fund invests primarily in external debt of sovereigns and quasi-sovereigns.

GMO’s Emerging Country Debt team focuses on bottom-up issue selection, seeking to find issues with similar default characteristics but better long-term total return potential than the issues in EMBIG-D. We believe that our approach provides long-term, value-oriented clients with the best chance for total return in this asset class and differentiates us from other emerging debt managers who focus on economic forecasting, market timing, and other macro/top-down approaches.

Facts

Doc Table
Fund Inception Date April 19, 1994
CUSIP 362007270
Benchmark J.P. Morgan EMBI Global Diversified +
Fund Total Assets as of 3/31/2024 $2.3bn USD

Share Class III

Inception Date April 19, 1994
Ticker Symbol GMCDX
CUSIP 362007270
NAV as of 4/17/2024 19.24
Net Expense Ratio 1 0.54
Gross Expense Ratio 2 0.54
Purchase Premium 0.75%
Redemption Fee 0.75%
Minimum Investment Size $1mm in GMO

1 Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2024. 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, 2023.

Performance

Quarter-End as of March 31, 2024(USD, %) | Emerging Country Debt Fund-III

Table Caption
1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Fund 20.19 1.96 3.02 4.29 11.98
J.P. Morgan EMBI Global Diversified + 11.28 -1.39 0.75 2.75 8.27
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Quarter-End as of March 31, 2024(USD, %) | Emerging Country Debt Fund-III

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Fund 5.63 5.63 22.02 2.47 3.33 4.45 12.04
J.P. Morgan EMBI Global Diversified + 2.04 2.04 11.28 -1.39 0.75 2.75 8.27
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Quarter-End as of March 31, 2024(USD, %) | Emerging Country Debt Fund-III

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Fund 5.77 5.77 22.67 3.02 3.88 5.01 12.66
J.P. Morgan EMBI Global Diversified + 2.04 2.04 11.28 -1.39 0.75 2.75 8.27
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Month-End as of March 31, 2024(USD, %) | Emerging Country Debt Fund-III

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Fund 3.28 5.63 5.63 22.02 2.47 3.33 4.45 12.04
J.P. Morgan EMBI Global Diversified + 2.09 2.04 2.04 11.28 -1.39 0.75 2.75 8.27
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Month-End as of March 31, 2024(USD, %) | Emerging Country Debt Fund-III

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Fund 3.33 5.77 5.77 22.67 3.02 3.88 5.01 12.66
J.P. Morgan EMBI Global Diversified + 2.09 2.04 2.04 11.28 -1.39 0.75 2.75 8.27
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Year Ending December 31 (USD, %) | Emerging Country Debt Fund-III

Calendar
Emerging Country Debt Fund J.P. Morgan EMBI Global Diversified +
2023 17.64 11.09
2022 -16.32 -17.78
2021 -1.29 -1.80
2020 7.23 5.65
2019 14.28 14.42
2018 -5.91 -4.61
2017 12.48 9.32
2016 13.86 10.19
2015 0.02 1.23
2014 5.98 5.53
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Year Ending December 31 (USD, %) | Emerging Country Debt Fund-III

Calendar
Emerging Country Debt Fund J.P. Morgan EMBI Global Diversified +
2023 18.27 11.09
2022 -15.87 -17.78
2021 -0.76 -1.80
2020 7.81 5.65
2019 14.88 14.42
2018 -5.41 -4.61
2017 13.08 9.32
2016 14.47 10.19
2015 0.58 1.23
2014 6.56 5.53
  • Emerging Country Debt Fund
  • J.P. Morgan EMBI Global Diversified +

Inception Date: April 19, 1994

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. The local market in which the Fund is priced was closed for Good Friday on March 29, 2024. Therefore, the performance for the fund and corresponding benchmark will utilize March 28 for purposes of the ending valuation for the March return and the starting valuation for the April return.

Documents

Literature

Fact Sheet Download
Prospectus Download
Statement of Additional Information Download
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Downloads

Performance Download
Portfolio Composition Download
Holdings Download
Holdings - Enhanced Download
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Commentary & Attribution

Commentary Quarterly Download
Attribution - Monthly Download
Attribution - Quarterly Download
Attribution - YTD Download
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Investor Information

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

Risks

Risks associated with investing in the Fund may include: (1) Credit Risk: The risk that the issuer or guarantor of a fixed income investment or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner. (2) Market Risk - Fixed Income: The market price of a fixed income investment can decline due to market-related factors, including rising interest rates and widening credit spreads, or decreased liquidity due to market uncertainty about the value of a fixed income investment (or class of fixed income investments). In addition, the market prices of emerging country sovereign and quasi-sovereign debt instruments can decline due to uncertainty about their credit quality and the reliability of their payment streams. (3) Illiquidity Risk: Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. 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.