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Emerging Country Debt Series Fund

  • Vehicle Mutual Fund
  • Asset Class Fixed Income

Overview

The GMO Emerging Country Debt Series Fund’s objective is total return in excess of that of its benchmark, the J.P. Morgan Emerging Markets Bond Index Global (EMBIG). 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. 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
Benchmark J.P. Morgan EMBI Global +

Share Class R6

CUSIP 380131557
Net Expense Ratio 1 0.59
Gross Expense Ratio 2 0.60

1 Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2020. 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, 2019.

Performance

Quarter-End as of September 30, 2019(USD, %) | GMO Emerging Country Debt Series Fund Class R6

Table Caption
1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Series Fund 7.21 3.40 4.85 9.38 13.62
J.P. Morgan EMBI Global + 10.74 3.84 5.10 6.51 9.86
J.P. Morgan EMBI Global 10.74 3.84 5.10 6.51 9.92
  • Emerging Country Debt Series Fund 1
  • J.P. Morgan EMBI Global +
  • J.P. Morgan EMBI Global

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.

1 GMO Emerging Country Debt Series Fund is a feeder fund investing substantially all of its assets in shares of a corresponding GMO Trust master fund. Returns are shown back to the GMO Trust master fund’s inception date and reflect the performance data of the corresponding GMO Trust master fund re-stated to reflect the fees and expenses associated with GMO Emerging Country Debt Series Fund. The effect of purchase premiums and redemption fees paid by the Series Fund to the GMO Trust master fund are not reflected. If the effect of these payments were reflected, returns would be less than those shown.

Quarter-End as of September 30, 2019(USD, %) | GMO Emerging Country Debt Series Fund Class R6

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Series Fund 0.76 10.94 8.84 3.92 5.17 9.54 13.69
J.P. Morgan EMBI Global + 1.34 12.08 10.74 3.84 5.10 6.51 9.86
J.P. Morgan EMBI Global 1.34 12.08 10.74 3.84 5.10 6.51 9.92
  • Emerging Country Debt Series Fund 1
  • J.P. Morgan EMBI Global +
  • J.P. Morgan EMBI Global

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.

1 GMO Emerging Country Debt Series Fund is a feeder fund investing substantially all of its assets in shares of a corresponding GMO Trust master fund. Returns are shown back to the GMO Trust master fund’s inception date and reflect the performance data of the corresponding GMO Trust master fund re-stated to reflect the fees and expenses associated with GMO Emerging Country Debt Series Fund. The effect of purchase premiums and redemption fees paid by the Series Fund to the GMO Trust master fund are not reflected. If the effect of these payments were reflected, returns would be less than those shown.

Month-End as of October 31, 2019(USD, %) | GMO Emerging Country Debt Series Fund Class R6

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
Emerging Country Debt Series Fund 0.32 0.32 11.29 12.09 4.67 5.01 9.33 13.65
J.P. Morgan EMBI Global + 0.37 0.37 12.50 13.69 4.48 4.83 6.54 9.84
J.P. Morgan EMBI Global 0.37 0.37 12.50 13.69 4.48 4.83 6.54 9.90
  • Emerging Country Debt Series Fund 1
  • J.P. Morgan EMBI Global +
  • J.P. Morgan EMBI Global

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.

1 GMO Emerging Country Debt Series Fund is a feeder fund investing substantially all of its assets in shares of a corresponding GMO Trust master fund. Returns are shown back to the GMO Trust master fund’s inception date and reflect the performance data of the corresponding GMO Trust master fund re-stated to reflect the fees and expenses associated with GMO Emerging Country Debt Series Fund. The effect of purchase premiums and redemption fees paid by the Series Fund to the GMO Trust master fund are not reflected. If the effect of these payments were reflected, returns would be less than those shown.

Year Ending December 31 (USD, %) | GMO Emerging Country Debt Series Fund Class R6

Calendar
Emerging Country Debt Series Fund J.P. Morgan EMBI Global + J.P. Morgan EMBI Global
2018 -5.96 -4.61 -4.61
2017 12.41 9.32 9.32
2016 13.79 10.19 10.19
2015 -0.04 1.23 1.23
2014 5.91 5.53 5.53
2013 -1.24 -6.58 -6.58
2012 26.65 18.54 18.54
2011 7.44 8.46 8.46
2010 25.57 12.04 12.04
2009 50.08 28.18 28.18
  • Emerging Country Debt Series Fund 1
  • J.P. Morgan EMBI Global +
  • J.P. Morgan EMBI Global

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.

1 GMO Emerging Country Debt Series Fund is a feeder fund investing substantially all of its assets in shares of a corresponding GMO Trust master fund. Returns are shown back to the GMO Trust master fund’s inception date and reflect the performance data of the corresponding GMO Trust master fund re-stated to reflect the fees and expenses associated with GMO Emerging Country Debt Series Fund. The effect of purchase premiums and redemption fees paid by the Series Fund to the GMO Trust master fund are not reflected. If the effect of these payments were reflected, returns would be less than those shown.

Management

Vandersteel_Tina

Tina Vandersteel

Head of Emerging Country Debt

Ms. Vandersteel is the head of GMO’s Emerging Country Debt team. Prior to joining GMO in 2004, she worked at J.P. Morgan in fixed income research developing quantitative arbitrage strategies for emerging debt and high yield bonds. She began her career at Morgan Guaranty Trust, attending Morgan Finance Program #18, before establishing her career in emerging debt. Ms. Vandersteel earned her B.A. in Economics from Washington & Lee University. She is a CFA charterholder.

Documents

Literature

Fact Sheet - Class R6
Prospectus
Statement of Additional Information
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Downloads

Performance
Portfolio Composition
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Commentary & Attribution

Commentary - Quarterly
Attribution - Quarterly
Attribution - YTD
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Risks

Risks associated with investing in the Fund may include those as follows. (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. The market price of a fixed income investment will normally decline as a result of the issuer's, guarantor's, or obligor's failure to meet its payment obligations. (2) Market Risk - Fixed Income Investments: The market price of a fixed income investment can decline due to a number of market-related factors, including rising interest rates and widening credit spreads or decreased liquidity stemming from the markets uncertainty about the value of a fixed income investment (or class of fixed income investments). (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 unwinding 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. 

Each GMO Series Trust Fund is a feeder fund investing substantially all of its assets in shares of a corresponding GMO Trust Fund (i.e., a master fund). Under the master-feeder structure, each GMO Series Trust Fund's sole portfolio holding, other than cash, is shares of the corresponding GMO Trust Fund.

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

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