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Overview

The GMO SGM Major Markets Fund’s investment objective is long-term total return. The Fund takes both long and short positions in a range of global equity, bond, currency, commodity markets, and over-the-counter (OTC) markets using exchange-traded OTC futures, forward non-U.S. currency contracts, swaps on commodity and equity indices, and index options.

The Systematic Global Macro team’s investment process systematically applies value and sentiment strategies across global markets. We believe that markets are inefficient but, in the long term, that economic reality will prevail and markets will revert toward fair value; however, the timing of this is uncertain. We aim to profit from mean reversion by buying markets that we believe are depressed in price and shorting markets that we believe are trading at inflated values. To deal with the uncertainty of timing, we model investor sentiment.

Facts

Doc Table
Fund Inception Date April 11, 2005
Fund Total Assets as of 31/08/2023 $36mm USD
Benchmark FTSE 3-Mo. TBill+++

Share Class III

Inception Date October 3, 2011
Ticker Symbol GSMFX
CUSIP 362014656
NAV as of 27/09/2023 24.22
Net Expense Ratio 1 1.02
Gross Expense Ratio 2 1.14
Minimum Investment Size $1mm in GMO

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 June 30, 2023(USD, %) | SGM Major Markets Fund-III

Table Caption
1-Year 3-Year 5-Year 10-Year ITD
SGM Major Markets Fund 6.33 0.93 0.74 1.98 2.06
FTSE 3-Mo. TBill+++ 3.75 1.33 1.57 0.98 0.84
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

Quarter-End as of June 30, 2023(USD, %) | SGM Major Markets Fund-III

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
SGM Major Markets Fund 0.86 0.57 6.33 0.93 0.74 1.98 2.06
FTSE 3-Mo. TBill+++ 1.25 2.39 3.75 1.33 1.57 0.98 0.84
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

Quarter-End as of June 30, 2023(USD, %) | SGM Major Markets Fund-III

Table Caption
QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
SGM Major Markets Fund 1.11 1.08 7.41 1.95 1.76 2.96 3.01
FTSE 3-Mo. TBill+++ 1.25 2.39 3.75 1.33 1.57 0.98 0.84
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

Month-End as of August 31, 2023(USD, %) | SGM Major Markets Fund-III

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
SGM Major Markets Fund 1.99 0.48 1.05 8.01 -0.02 1.10 1.98 2.07
FTSE 3-Mo. TBill+++ 0.46 0.92 3.33 4.44 1.63 1.68 1.07 0.91
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

Month-End as of August 31, 2023(USD, %) | SGM Major Markets Fund-III

Table Caption
MTD QTD YTD 1-Year 3-Year 5-Year 10-Year ITD
SGM Major Markets Fund 2.08 0.65 1.74 9.11 0.99 2.13 2.97 3.02
FTSE 3-Mo. TBill+++ 0.46 0.92 3.33 4.44 1.63 1.68 1.07 0.91
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

Year Ending December 31 (USD, %) | SGM Major Markets Fund-III

Calendar
SGM Major Markets Fund FTSE 3-Mo. TBill+++
2022 3.57 1.50
2021 -5.71 0.05
2020 7.48 0.58
2019 1.93 2.25
2018 -2.13 1.86
2017 3.89 0.84
2016 4.07 0.27
2015 0.37 0.03
2014 3.66 0.03
2013 6.16 0.05
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

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Year Ending December 31 (USD, %) | SGM Major Markets Fund-III

Calendar
SGM Major Markets Fund FTSE 3-Mo. TBill+++
2022 4.62 1.50
2021 -4.75 0.05
2020 8.56 0.58
2019 2.95 2.25
2018 -1.14 1.86
2017 4.93 0.84
2016 5.11 0.27
2015 1.24 0.03
2014 4.48 0.03
2013 6.96 0.05
  • SGM Major Markets Fund
  • FTSE 3-Mo. TBill+++

Inception Date: October 03, 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.

System.Threading.Tasks.Task`1[Microsoft.AspNetCore.Mvc.Razor.HelperResult]

Documents

Literature

Fact Sheet Download
Prospectus Download
Summary Prospectus Download
Statement of Additional Information Download
Download All Download

Downloads

Performance Download
Portfolio Composition Download
Exposures - Detailed Download
Volatility by Asset Class Download
Holdings Download
Download All Download

Commentary & Attribution

Commentary Quarterly Download
Attribution - Quarterly Download
Download All Download

Investor Information

Annual Report Download
Semiannual Report Download
NAVs and Distributions Download
Distribution Dates Download
Distribution Estimates Download
Tax-Related Distribution Information Download
Download All Download

Document Library

Risks

Risks associated with investing in the Fund may include those as follows. (1) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results including annualized returns and annualized volatility. (2) 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. (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.