Emerging Country Debt UCITS Fund | Australia | GMO

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Management

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.

Overview

The GMO Emerging Country Debt UCITS Fund’s objective is total return in excess of that of its benchmark, the J.P. Morgan Emerging Markets Bond Global Diversified Index (EMBIG-D). 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-D. 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
Fund Inception Date	April 1, 2020
Benchmark	J.P. Morgan EMBI Global Diversified (USD Return in CHF)
Fund Total Assets as of 31/03/2024	$534mm USD

CHF Class G

Inception Date	May 28, 2020
SEDOL	BKP37X5
ISIN	IE00BKP37X55
NAV as of 15/04/2024	20.34

Performance

Table Caption
	QTD	YTD	1-Year	3-Year	ITD
Emerging Country Debt UCITS Fund	4.13	4.13	13.52	-1.58	0.46
J.P. Morgan EMBI Global Diversified (USD Return in CHF)	2.04	2.04	11.28	-1.39	0.61

Inception Date: May 28, 2020

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.

Table Caption
	QTD	YTD	1-Year	3-Year	ITD
Emerging Country Debt UCITS Fund	4.29	4.29	14.25	-0.93	1.12
J.P. Morgan EMBI Global Diversified (USD Return in CHF)	2.04	2.04	11.28	-1.39	0.61

Inception Date: May 28, 2020

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.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	ITD
Emerging Country Debt UCITS Fund	2.84	4.13	4.13	13.52	-1.58	0.46
J.P. Morgan EMBI Global Diversified (USD Return in CHF)	2.09	2.04	2.04	11.28	-1.39	0.61

Inception Date: May 28, 2020

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.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	ITD
Emerging Country Debt UCITS Fund	2.89	4.29	4.29	14.25	-0.93	1.12
J.P. Morgan EMBI Global Diversified (USD Return in CHF)	2.09	2.04	2.04	11.28	-1.39	0.61

Inception Date: May 28, 2020

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.

Calendar
	Emerging Country Debt UCITS Fund	J.P. Morgan EMBI Global Diversified (USD Return in CHF)
2023	9.73	11.09
2022	-18.85	-17.78
2021	-2.92	-1.80
2020	13.05	11.86

Inception Date: May 28, 2020

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.

Calendar
	Emerging Country Debt UCITS Fund	J.P. Morgan EMBI Global Diversified (USD Return in CHF)
2023	10.45	11.09
2022	-18.30	-17.78
2021	-2.28	-1.80
2020	13.49	11.86

Inception Date: May 28, 2020

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

Fact Sheet		Download
Product Primer		Download
Prospectus - Supplement		Download
PRIIP - CHF		Download
PRIIP - EUR		Download
PRIIP - GBP		Download
PRIIP - USD		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
Semiannual Report		Download
NAVs and Distributions		Download
Fair Value Hierarchy - As of 31/03/23		Download
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Document Library

Risks

Risks associated with investing in the Fund may include: Credit Risk, Market Risk - Fixed Income, Illiquidity Risk, Derivatives and Short Sales Risk, and Counterparty 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.