Overview

The GMO Emerging Markets ex-China Fund seeks total return in excess of that of its benchmark, the MSCI Emerging Markets ex-China Index. GMO uses proprietary quantitative techniques and fundamental analysis to evaluate and select countries, sectors, and equity investments based on factors including, but not limited to, valuation, quality, patterns of price movement and volatility, and macroeconomic factors. GMO also may consider ESG (environmental, social and governance) criteria and expects the Fund will have a value bias relative to its benchmark. 

Facts

Doc Table
Fund Inception Date October 18, 2021
CUSIP 36256V551
Benchmark MSCI Emerging Markets ex-China
Fund Total Assets as of 30/04/2024 $161mm USD

Share Class III

Inception Date November 17, 2021
Ticker Symbol GMAUX
CUSIP 36256V585
NAV as of 22/05/2024 15.83
Net Expense Ratio 1 0.80
Gross Expense Ratio 2 0.88

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 Markets Ex-China Fund III

Table Caption
1-Year ITD
Emerging Markets ex-China Fund 23.52 -5.13
MSCI Emerging Markets ex-China 20.11 0.03
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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 Markets Ex-China Fund III

Table Caption
QTD YTD 1-Year ITD
Emerging Markets ex-China Fund 2.36 2.36 23.52 -5.13
MSCI Emerging Markets ex-China 3.67 3.67 20.11 0.03
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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 Markets Ex-China Fund III

Table Caption
QTD YTD 1-Year ITD
Emerging Markets ex-China Fund 2.56 2.56 24.51 -4.36
MSCI Emerging Markets ex-China 3.67 3.67 20.11 0.03
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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 April 30, 2024(USD, %) | Emerging Markets Ex-China Fund III

Table Caption
MTD QTD YTD 1-Year ITD
Emerging Markets ex-China Fund -1.02 -1.02 1.31 21.63 -5.36
MSCI Emerging Markets ex-China -1.29 -1.29 2.33 17.60 -0.50
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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 April 30, 2024(USD, %) | Emerging Markets Ex-China Fund III

Table Caption
MTD QTD YTD 1-Year ITD
Emerging Markets ex-China Fund -0.96 -0.96 1.58 22.60 -4.59
MSCI Emerging Markets ex-China -1.29 -1.29 2.33 17.60 -0.50
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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 Markets Ex-China Fund III

Calendar
Emerging Markets ex-China Fund MSCI Emerging Markets ex-China
2023 27.06 20.03
2022 -32.43 -19.26
2021 0.46 -0.33
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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 Markets Ex-China Fund III

Calendar
Emerging Markets ex-China Fund MSCI Emerging Markets ex-China
2023 28.07 20.03
2022 -31.87 -19.26
2021 0.55 -0.33
  • Emerging Markets ex-China Fund
  • MSCI Emerging Markets ex-China

Inception Date: November 17, 2021

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

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Commentary & Attribution

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Investor Information

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Risks

Risks associated with investing in the Fund may include those as follows. (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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers) tend to be greater for investments in companies tied economically to emerging countries, the economies of which tend to be more volatile than the economies of developed countries. (3) Currency Risk: Fluctuations in exchange rates can adversely affect the market value of the Fund's non-U.S. currency holdings and investments denominated in non-U.S. currencies. 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.