Emerging Markets Select Equity Fund

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Emerging Markets Select Equity Fund

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Management

Warren Chiang

Head of Emerging Markets Select Equity; Portfolio Manager, Systematic Equity

Mr. Chiang oversees portfolio management for GMO’s Systematic Equity team and is the head of the Emerging Markets Select Equity team. He is a partner of the firm. Prior to joining GMO in 2015, he worked at Mellon Capital Management as a Managing Director of Active Equity Strategies. Previously, he worked at the Federal Reserve Bank of San Francisco as a research associate. Mr. Chiang earned his bachelor's degree in Economics and his MBA from the University of California Berkeley. He is a CFA charterholder.

Arjun Divecha

Founder of GMO Emerging Markets Equity

Mr. Divecha is a portfolio manager for GMO’s Emerging Market strategies and the founder of GMO’s Emerging Markets Equity team. He is also a member of the GMO Board of Directors and a partner of the firm. Prior to joining GMO in 1993, he spent 12 years at BARRA directing software development, marketing, client service, and emerging markets research and development. Mr. Divecha holds a Bachelor of Technology in Aeronautical Engineering from the Indian Institute of Technology, Bombay and an MBA in Finance from Cornell University.

Overview

GMO’s Emerging Markets Select Equity Fund seeks to outperform the MSCI Emerging Markets index by identifying secular growth trends in emerging markets and investing in quality businesses with pricing power that will benefit from those trends. We believe that the best way to capture opportunities and manage risk in emerging markets today is by balancing quality and sustainable growth across both companies and countries, using a fundamental approach that combines top-down country and sector allocation with bottom-up security selection.

Environmental, Social, and Governance issues have become increasingly relevant within emerging markets over the past several years. Most importantly, in our view, climate change threatens to severely impact the trajectory of emerging countries. We view sustainability as an essential element of quality and integrate it at all levels of our analysis – country, sector, and company – with specific focus on climate change considerations.

Facts

Doc Table
Fund Inception Date	March 1, 2011
Fund Total Assets as of 30/04/2023	$50mm USD
Benchmark	MSCI Emerging Markets

Share Class II

Inception Date	March 24, 2011
Ticker Symbol	GEDTX
CUSIP	362013229
NAV as of 26/05/2023	18.36
Net Expense Ratio ¹	0.81
Gross Expense Ratio ²	0.94
Minimum Investment Size	$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 sticker dated October 26, 2022..

Performance

Table Caption
	1-Year	3-Year	5-Year	10-Year	ITD
Emerging Markets Select Equity Fund	-10.03	4.51	-2.77	1.00	2.56
MSCI Emerging Markets	-10.70	7.83	-0.88	2.02	1.31

Inception Date: March 24, 2011

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 The performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Table Caption
	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
Emerging Markets Select Equity Fund	7.65	7.65	-10.03	4.51	-2.77	1.00	2.56
MSCI Emerging Markets	3.96	3.96	-10.70	7.83	-0.88	2.02	1.31

Inception Date: March 24, 2011

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 performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Table Caption
	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
Emerging Markets Select Equity Fund	7.84	7.84	-9.15	5.57	-1.77	2.06	3.64
MSCI Emerging Markets	3.96	3.96	-10.70	7.83	-0.88	2.02	1.31

Inception Date: March 24, 2011

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 performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
Emerging Markets Select Equity Fund	-2.10	-2.10	5.39	-7.11	1.55	-2.59	0.49	2.36
MSCI Emerging Markets	-1.13	-1.13	2.78	-6.51	4.33	-1.05	1.80	1.21

Inception Date: March 24, 2011

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 performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
Emerging Markets Select Equity Fund	-2.04	-2.04	5.65	-6.23	2.58	-1.59	1.55	3.43
MSCI Emerging Markets	-1.13	-1.13	2.78	-6.51	4.33	-1.05	1.80	1.21

Inception Date: March 24, 2011

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 performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Calendar
	Emerging Markets Select Equity Fund	MSCI Emerging Markets
2022	-24.59	-20.09
2021	-5.21	-2.54
2020	18.23	18.31
2019	19.33	18.44
2018	-20.41	-14.58
2017	37.47	37.28
2016	4.04	11.19
2015	-8.30	-14.92
2014	-0.69	-2.19
2013	3.40	-2.60

Inception Date: March 24, 2011

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 performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Calendar
	Emerging Markets Select Equity Fund	MSCI Emerging Markets
2022	-23.78	-20.09
2021	-4.22	-2.54
2020	19.45	18.31
2019	20.54	18.44
2018	-19.56	-14.58
2017	38.89	37.28
2016	5.15	11.19
2015	-7.30	-14.92
2014	0.38	-2.19
2013	4.51	-2.60

Inception Date: March 24, 2011

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 performance information (before and after taxes) for all periods prior to October 26, 2022, was achieved prior to the change in the Fund’s investment objective and principal investment strategies, effective October 26, 2022.

Documents

Literature

Fact Sheet		Download
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Downloads

Performance		Download
Portfolio Composition		Download
Holdings		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
NAVs and Distributions		Download
Tax-Related Distribution Information		Download
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Document Library

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. (3) Currency Risk: Fluctuations in exchange rates can adversely affect the market value of the Fund's foreign currency holdings and investments denominated in foreign 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.