U.S. Opportunistic Value Fund

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Management

Simon Harris

Head of Systematic Equity

Mr. Harris is Head of GMO’s Systematic Equity team and is a partner of the firm. In his decades at GMO, Simon has had extensive portfolio management, quantitative research, and team leadership experience including as the head of the Global Equity team and head of the UK Equity team prior to its merger with Global Equity. Previously, he also served as co-CEO of GMO UK Ltd. Prior to joining GMO in 1989, he earned his BSc in Mathematics from The City University (London). Mr. Harris is a Fellow of The Chartered Institute for Securities & Investment.

George Sakoulis

Head of Investment Teams, Portfolio Manager, Systematic Equity

Dr. Sakoulis is the Head of Investment Teams at GMO and a partner of the firm. He previously worked at GMO from 2009 to 2014 leading quantitative research for GMO’s Emerging Markets Equity team. Prior to rejoining GMO in 2020, he was most recently a Managing Director and Head of Global Multi-Asset Solutions for QMA, where he focused on systematic total and absolute return investment solutions. Before that, he led QMA’s Global Portfolio Solutions group. Previously, Dr. Sakoulis also served as the Director of European Equity Strategies for Numeric Investors and as a Director for UBS O’Connor. He earned his bachelor's degree in Economics and Statistics from San Francisco State University and his MA in Economics and PhD in Financial Econometrics from the University of Washington.

Warren Chiang

Portfolio Manager, Systematic Equity

Mr. Chiang oversees portfolio management for GMO’s Systematic 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.

Tara Oliver

Portfolio Manager

Ms. Oliver is engaged in portfolio management and research for GMO’s Systematic Equity team and is a partner of the firm. Prior to joining GMO in 1996, she was an associate in the investment company practice at Coopers & Lybrand Consulting. Ms. Oliver earned her bachelor's degree from Duke University and her MBA from the Amos Tuck School of Business Administration at Dartmouth College. She is a CFA charterholder and CFA certified in ESG Investing.

John Thorndike

Co-Head of Asset Allocation

Mr. Thorndike is co-head of GMO’s Asset Allocation team and a partner of the firm. Mr. Thorndike currently oversees asset selection and portfolio construction decisions, as well as team management responsibilities. Prior to joining GMO in 2015, he was a managing director and Deputy CIO at The Investment Fund for Foundations. Previously, he was an analyst with TIFF. Mr. Thorndike earned his bachelor's degree in Physics from Bowdoin College.

Overview

The GMO U.S. Opportunistic Value Fund (the “Fund”) seeks to generate total return by investing primarily in U.S. equities. The Fund’s benchmark is the S&P Composite 1500 Index.

GMO’s U.S. Opportunistic Value Fund currently seeks to profit from our Asset Allocation Team’s insight that “deep value” stocks are truly dislocated in the U.S. This actively managed Fund avoids the “shallow value” stocks, which are expensive relative to their own history, and focuses solely on the deep value names. With this Fund we focus on the U.S. stocks that GMO’s Systematic Equity team identifies as the most undervalued, recognizing that relying on reported financials and index definitions of value can lead investors to misjudge the opportunity.

Facts

Doc Table
Fund Inception Date	December 13, 2022
CUSIP	36256V437
Fund Total Assets as of 31/03/2024	$567mm USD

Share Class I

Inception Date	February 15, 2023
Ticker Symbol	PPAEX
CUSIP	36256V452
NAV as of 18/04/2024	22.28
Net Expense Ratio ¹	0.58
Gross Expense Ratio ²	1.04

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 February 11, 2023.

Performance

Table Caption
	1-Year	ITD
U.S. Opportunistic Value Fund	25.22	15.45
S&P Composite 1500	29.15	24.23
S&P Composite 1500 Value	24.70	18.03

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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	ITD
U.S. Opportunistic Value Fund	10.30	10.30	25.22	15.45
S&P Composite 1500	10.31	10.31	29.15	24.23
S&P Composite 1500 Value	7.59	7.59	24.70	18.03

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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	ITD
U.S. Opportunistic Value Fund	10.46	10.46	25.95	16.11
S&P Composite 1500	10.31	10.31	29.15	24.23
S&P Composite 1500 Value	7.59	7.59	24.70	18.03

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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	ITD
U.S. Opportunistic Value Fund	6.45	10.30	10.30	25.22	15.45
S&P Composite 1500	3.35	10.31	10.31	29.15	24.23
S&P Composite 1500 Value	4.57	7.59	7.59	24.70	18.03

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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	ITD
U.S. Opportunistic Value Fund	6.50	10.46	10.46	25.95	16.11
S&P Composite 1500	3.35	10.31	10.31	29.15	24.23
S&P Composite 1500 Value	4.57	7.59	7.59	24.70	18.03

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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
	U.S. Opportunistic Value Fund	S&P Composite 1500	S&P Composite 1500 Value
2023	6.52	15.65	11.95

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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
	U.S. Opportunistic Value Fund	S&P Composite 1500	S&P Composite 1500 Value
2023	7.06	15.65	11.95

U.S. Opportunistic Value Fund ¹
S&P Composite 1500
S&P Composite 1500 Value

Inception Date: February 15, 2023

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 not managed relative to a benchmark. References to an index are for informational purposes only. 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
Prospectus		Download
Summary Prospectus		Download
Statement of Additional Information		Download
Download All		Download

Downloads

Performance		Download
Portfolio Composition		Download
Holdings		Download
Industry Exposure		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

NAVs and Distributions		Download
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Document Library

Risks

Risks associated with investing in the Fund may include Focused Investment Risk, Commodities Risk, Market Risk-Equities, Management and Operational Risk and Smaller Company Risk.

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.