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Overview

GMO’s Usonian Japan Value Fund seeks long term capital appreciation over a full market cycle and measures its performance against the TOPIX Total Return Index (the “Index”) for performance comparison purposes. The Fund employs a fundamental, value-oriented approach to invest in Japanese equities. Additionally, the Fund focuses on protecting capital in down markets and strives to have lower total volatility compared to the Index.

In managing the Fund, GMO’s Usonian Japan Equity team follows a disciplined, bottom-up approach using fundamental research to identify Japanese equities that we believe are undervalued and profitable with high quality balance sheets. The team spends considerable time developing a high level of knowledge about our companies and focusing on downside risk. Additionally, as long-term investors, we engage collaboratively with corporate management to unlock shareholder value.

Facts

Doc Table
Fund Inception Date February 16, 2018
Fund Total Assets as of 31/05/2022 $312mm USD

GBP Class A

Inception Date February 16, 2018
SEDOL BFNNG02
ISIN IE00BFNNG024
NAV as of 5/07/2022 9.8055

Performance

Quarter-End as of March 31, 2022(GBP, %) | Usonian Japan Value Fund GBA1

Table Caption
QTD YTD 1-Year 3-Year ITD
Usonian Japan Value Fund -3.39 -3.39 -7.95 1.01 -0.20
Tokyo Stock Price Index (TR, GBP) -4.06 -4.06 -3.06 5.41 3.22
MSCI Japan Value (GBP) 3.90 3.90 3.77 5.58 3.34
  • Usonian Japan Value Fund 1
  • Tokyo Stock Price Index (TR, GBP)
  • MSCI Japan Value (GBP)

Inception Date: February 16, 2018

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 The data presented prior to August 7, 2020, was generated by the Usonian team while employed at Usonian Investments LLC. The Usonian Japan Value Fund manager, Drew Edwards, has been the Fund’s manager since its inception in 2018. On August 7, 2020, Usonian Investments LLC was acquired by GMO. Following the acquisition, Drew Edwards continued to manage the Fund as an employee of GMO using the same investment process. GMO did not calculate the performance data prior to August 7, 2020, but believes such data to be accurate. Usonian Japan Value Fund is a sub fund of Skyline Umbrella Fund ICAV.

Quarter-End as of March 31, 2022(GBP, %) | Usonian Japan Value Fund GBA1

Table Caption
QTD YTD 1-Year 3-Year ITD
Usonian Japan Value Fund -3.20 -3.20 -7.26 1.67 0.42
Tokyo Stock Price Index (TR, GBP) -4.06 -4.06 -3.06 5.41 3.22
MSCI Japan Value (GBP) 3.90 3.90 3.77 5.58 3.34
  • Usonian Japan Value Fund 1
  • Tokyo Stock Price Index (TR, GBP)
  • MSCI Japan Value (GBP)

Inception Date: February 16, 2018

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.

1 The data presented prior to August 7, 2020, was generated by the Usonian team while employed at Usonian Investments LLC. The Usonian Japan Value Fund manager, Drew Edwards, has been the Fund’s manager since its inception in 2018. On August 7, 2020, Usonian Investments LLC was acquired by GMO. Following the acquisition, Drew Edwards continued to manage the Fund as an employee of GMO using the same investment process. GMO did not calculate the performance data prior to August 7, 2020, but believes such data to be accurate. Usonian Japan Value Fund is a sub fund of Skyline Umbrella Fund ICAV.

Month-End as of May 31, 2022(GBP, %) | Usonian Japan Value Fund GBA1

Table Caption
MTD QTD YTD 1-Year 3-Year ITD
Usonian Japan Value Fund 0.13 -2.06 -5.38 -6.21 0.32 -0.68
Tokyo Stock Price Index (TR, GBP) 1.29 -3.06 -6.99 -3.58 4.27 2.34
MSCI Japan Value (GBP) 0.93 -1.18 2.67 3.80 5.31 2.93
  • Usonian Japan Value Fund 1
  • Tokyo Stock Price Index (TR, GBP)
  • MSCI Japan Value (GBP)

Inception Date: February 16, 2018

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 The data presented prior to August 7, 2020, was generated by the Usonian team while employed at Usonian Investments LLC. The Usonian Japan Value Fund manager, Drew Edwards, has been the Fund’s manager since its inception in 2018. On August 7, 2020, Usonian Investments LLC was acquired by GMO. Following the acquisition, Drew Edwards continued to manage the Fund as an employee of GMO using the same investment process. GMO did not calculate the performance data prior to August 7, 2020, but believes such data to be accurate. Usonian Japan Value Fund is a sub fund of Skyline Umbrella Fund ICAV.

Month-End as of May 31, 2022(GBP, %) | Usonian Japan Value Fund GBA1

Table Caption
MTD QTD YTD 1-Year 3-Year ITD
Usonian Japan Value Fund 0.19 -1.96 -5.09 -5.52 0.98 -0.06
Tokyo Stock Price Index (TR, GBP) 1.29 -3.06 -6.99 -3.58 4.27 2.34
MSCI Japan Value (GBP) 0.93 -1.18 2.67 3.80 5.31 2.93
  • Usonian Japan Value Fund 1
  • Tokyo Stock Price Index (TR, GBP)
  • MSCI Japan Value (GBP)

Inception Date: February 16, 2018

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.

1 The data presented prior to August 7, 2020, was generated by the Usonian team while employed at Usonian Investments LLC. The Usonian Japan Value Fund manager, Drew Edwards, has been the Fund’s manager since its inception in 2018. On August 7, 2020, Usonian Investments LLC was acquired by GMO. Following the acquisition, Drew Edwards continued to manage the Fund as an employee of GMO using the same investment process. GMO did not calculate the performance data prior to August 7, 2020, but believes such data to be accurate. Usonian Japan Value Fund is a sub fund of Skyline Umbrella Fund ICAV.

Year Ending December 31 (GBP, %) | Usonian Japan Value Fund GBA1

Calendar
Usonian Japan Value Fund Tokyo Stock Price Index (TR, GBP) MSCI Japan Value (GBP)
2021 -2.24 1.60 6.77
2020 -1.11 8.83 -2.63
2019 13.94 15.32 12.04
2018 -6.82 -6.87 -5.37
  • Usonian Japan Value Fund 1
  • Tokyo Stock Price Index (TR, GBP)
  • MSCI Japan Value (GBP)

Inception Date: February 16, 2018

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 The data presented prior to August 7, 2020, was generated by the Usonian team while employed at Usonian Investments LLC. The Usonian Japan Value Fund manager, Drew Edwards, has been the Fund’s manager since its inception in 2018. On August 7, 2020, Usonian Investments LLC was acquired by GMO. Following the acquisition, Drew Edwards continued to manage the Fund as an employee of GMO using the same investment process. GMO did not calculate the performance data prior to August 7, 2020, but believes such data to be accurate. Usonian Japan Value Fund is a sub fund of Skyline Umbrella Fund ICAV.

Year Ending December 31 (GBP, %) | Usonian Japan Value Fund GBA1

Calendar
Usonian Japan Value Fund Tokyo Stock Price Index (TR, GBP) MSCI Japan Value (GBP)
2021 -1.53 1.60 6.77
2020 -0.50 8.83 -2.63
2019 14.57 15.32 12.04
2018 -6.36 -6.87 -5.37
  • Usonian Japan Value Fund 1
  • Tokyo Stock Price Index (TR, GBP)
  • MSCI Japan Value (GBP)

Inception Date: February 16, 2018

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.

1 The data presented prior to August 7, 2020, was generated by the Usonian team while employed at Usonian Investments LLC. The Usonian Japan Value Fund manager, Drew Edwards, has been the Fund’s manager since its inception in 2018. On August 7, 2020, Usonian Investments LLC was acquired by GMO. Following the acquisition, Drew Edwards continued to manage the Fund as an employee of GMO using the same investment process. GMO did not calculate the performance data prior to August 7, 2020, but believes such data to be accurate. Usonian Japan Value Fund is a sub fund of Skyline Umbrella Fund ICAV.

Documents

Literature

Fact Sheet Download
Prospectus Download
Supplemental Prospectus - 7 August 2020 Download
Supplemental Prospectus - 9 March 2021 Download
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Downloads

Performance Download
Portfolio Composition Download
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Commentary & Attribution

Commentary - Monthly Download
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
Fair Value Hierarchy - As of 12/31/21 Download
Fair Value Hierarchy - As of 3/31/22 Download
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Document Library

Risks

Risks associated with investing in the Fund may include: Objective Risk, Management Risk, Concentration Risk, Equities and Securities Risk, and Large Cap Company Risk. For a more complete discussion of these risks and others, please consult the Fund's prospectus.

Disclosures

The making available of any document on this website does not constitute a promotion, offer or sale of any securities, financial instruments, or other financial products to the public in or into any jurisdiction where such promotion, offer or sale is prohibited or to any person or class of person to whom such securities or financial instruments may not be lawfully promoted, offered or sold. You should not rely on any document on this website in making any decision to engage in investment activity without seeking further information from GMO to enable GMO to determine whether you may be eligible to receive such further information or purchase or subscribe for any securities or other financial instruments.