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Overview

The GMO International Equity Fund seeks to generate high total return by investing primarily in non-U.S. developed market equities. The Fund measures its performance against the MSCI World ex USA Index for performance comparison purposes.

The Fund’s investment approach is grounded in the Systematic Equity team’s belief that, in the short term, equity markets exhibit exploitable inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, while in the long term, returns are ultimately driven by economic reality. The Fund aims to take advantage of these inefficiencies by utilizing a multi-factor valuation model in conjunction with other methods, such as momentum and corporate alerts, to identify undervalued equity securities.

Also available as an ETF. 

The Fund offers both mutual fund share classes and an ETF class of shares. The ETF class shares are listed and traded on a national securities exchange and are not individually redeemable, unlike the mutual fund class shares. An investment in the ETF class shares is not an investment in a mutual fund, and an investment in the mutual fund class shares in not an investment in an ETF.

Facts

Doc Table
Fund Inception Date March 31, 1987
CUSIP 36262F855
Fund Total Assets as of 30/09/2026 1 $1.4bn USD

Share Class III

Inception Date March 31, 1987
Ticker Symbol GMOIX
CUSIP 362007304
NAV as of 20/10/2026 40.53
Net Expense Ratio 2 0.68%
Gross Expense Ratio 3 0.72%
Minimum Investment Size $35mm in GMO

1 Fund Total Assets: Total assets for the GMO International Equity Fund, including the ETF share class.

2 Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2027. Elimination of this reimbursement will result in higher fees and lower performance.

3 Gross Expense Ratio is equal to the Funds Total Annual Operating Expenses set forth in the Funds most recent prospectus dated June 30, 2026.

Performance

Quarter-End as of September 30, 2026(USD, %) | International Equity Fund-III

Table Caption
1-Year 3-Year 5-Year 10-Year ITD
International Equity Fund 32.04 28.79 16.78 12.24 8.49
MSCI World ex USA 15.89 18.89 9.66 9.27 6.10
MSCI World ex USA Value 24.33 23.70 14.72 10.40 7.41
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Quarter-End as of September 30, 2026(USD, %) | International Equity Fund-III

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
International Equity Fund 1.44 20.58 32.04 28.79 16.78 12.24 8.49
MSCI World ex USA 0.89 10.16 15.89 18.89 9.66 9.27 6.10
MSCI World ex USA Value 3.71 14.96 24.33 23.70 14.72 10.40 7.41
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Quarter-End as of September 30, 2026(USD, %) | International Equity Fund-III

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
International Equity Fund 1.61 21.18 32.93 29.65 17.56 12.98 9.23
MSCI World ex USA 0.89 10.16 15.89 18.89 9.66 9.27 6.10
MSCI World ex USA Value 3.71 14.96 24.33 23.70 14.72 10.40 7.41
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Month-End as of September 30, 2026(USD, %) | International Equity Fund-III

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
International Equity Fund -1.76 1.44 20.58 32.04 28.79 16.78 12.24 8.49
MSCI World ex USA -3.27 0.89 10.16 15.89 18.89 9.66 9.27 6.10
MSCI World ex USA Value -2.91 3.71 14.96 24.33 23.70 14.72 10.40 7.41
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Month-End as of September 30, 2026(USD, %) | International Equity Fund-III

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
International Equity Fund -1.70 1.61 21.18 32.93 29.65 17.56 12.98 9.23
MSCI World ex USA -3.27 0.89 10.16 15.89 18.89 9.66 9.27 6.10
MSCI World ex USA Value -2.91 3.71 14.96 24.33 23.70 14.72 10.40 7.41
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Year Ending December 31 (USD, %) | International Equity Fund-III

Calendar
International Equity Fund MSCI World ex USA MSCI World ex USA Value
2025 44.00 31.85 42.23
2024 12.98 4.70 6.65
2023 20.49 17.94 18.48
2022 -10.43 -14.29 -5.64
2021 12.14 12.62 13.26
2020 7.46 7.59 -3.22
2019 24.52 22.49 17.02
2018 -20.55 -14.09 -15.06
2017 25.73 24.21 21.04
2016 1.71 2.75 7.39
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Year Ending December 31 (USD, %) | International Equity Fund-III

Calendar
International Equity Fund MSCI World ex USA MSCI World ex USA Value
2025 44.96 31.85 42.23
2024 13.74 4.70 6.65
2023 21.29 17.94 18.48
2022 -9.83 -14.29 -5.64
2021 12.87 12.62 13.26
2020 8.17 7.59 -3.22
2019 25.32 22.49 17.02
2018 -20.02 -14.09 -15.06
2017 26.54 24.21 21.04
2016 2.38 2.75 7.39
  • International Equity Fund 1
  • MSCI World ex USA
  • MSCI World ex USA Value

Inception Date: March 31, 1987

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.

1 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 portfolio is actively-managed, is not managed relative to a benchmark and uses the Index for performance comparison purposes only and, where applicable, to compute a performance fee.
Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Performance for other periods, including this date, was also positively impacted, sometimes materially. Without this recovery, performance would have been lower in both absolute terms and relative to the benchmark. Additional information is available upon request. Returns reflect a significant, one-time increase to the net assets on November 26, 2025 attributable to European Union discriminatory tax refunds. These refunds contributed 5.18% to 2025 annual performance. Returns for other periods that include the date/period mentioned above were also positively impacted, sometimes substantially. In the absence of the refunds, performance would have been lower, both in absolute terms and relative to the benchmark. Additional information is available upon request. The Index used for performance reporting purposes changed from the MSCI EAFE Index to the MSCI World ex USA Index effective June 30th, 2026.

Documents

Literature

Fact Sheet Download
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Downloads

Performance Download
Portfolio Composition Download
Holdings Download
Holdings - Public 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 Financial Statements and Other Information Download
Annual Report Download
Semi-Annual Financial Statements and Other Information Download
Semi-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: (1) Market Risk - Equities: the market price of equities may decline due to factors affecting the issuer, its industries, 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; and (3) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results, including annualized returns and annualized volatility. For a more complete discussion of these and other risks, 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.

GMO and GMO Trust have received an exemptive order from the Securities and Exchange Commission permitting series of GMO Trust (“Funds”) to offer both a mutual fund share class (“MF Class”) and an exchange-traded share class (“Class ETF”) that operates as an ETF. Under this structure, the Class ETF shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the MF Class shares are purchased and redeemed at the Fund’s net asset value next determined after receipt of the order Unlike MF Class shares, Class ETF shares are not individually redeemable. Because all of the classes of a multi-class Fund are based on the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. In addition, MF Class and Class ETF shareholders of a multi-class Fund will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. For additional information regarding these differences, please see the applicable prospectus.

An investment in the ETF Class shares is not an investment in a mutual fund and an investment in the MF Class shares is not an investment in an ETF.

The GMO International Equity Fund and Class ETF shares are distributed by Funds Distributor, LLC. 

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