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Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

GMO High Yield Fund

GHVIX | Fund

$17.65

$172 M

8.80%

$1.55

0.47%

Vitals

YTD Return

-0.5%

1 yr return

7.8%

3 Yr Avg Return

2.2%

5 Yr Avg Return

3.9%

Net Assets

$172 M

Holdings in Top 10

91.0%

52 WEEK LOW AND HIGH

$17.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.47%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 98.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$300,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

GMO High Yield Fund

GHVIX | Fund

$17.65

$172 M

8.80%

$1.55

0.47%

GHVIX - Profile

Distributions

  • YTD Total Return -0.5%
  • 3 Yr Annualized Total Return 2.2%
  • 5 Yr Annualized Total Return 3.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.05%
DIVIDENDS
  • Dividend Yield 8.8%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    GMO High Yield Fund
  • Fund Family Name
    GMO Mutual Funds
  • Inception Date
    Jun 25, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joe Auth

Fund Description

The Fund’s investment objective is total return (net of fees) in excess of the Markit iBoxx USD Liquid High Yield Index. GMO seeks to achieve the Fund’s investment objective by applying a systematic, factor-based approach to portfolio construction. Through its research, GMO has identified factors that it believes affect returns across the high yield asset class, and it seeks to allocate the Fund’s assets to capitalize on opportunities related to those factors. GMO uses quantitative models, index sampling techniques and diversification, liquidity and cost management considerations to make investment decisions for the Fund.The Fund invests in U.S. high yield bonds, commonly referred to as “junk bonds,” and other instruments providing high yield bond exposure, including fallen angel bonds (bonds originally issued as investment grade that have since been downgraded to below investment grade), short-dated bonds (bonds with short terms to maturity), exchange-traded funds (“ETFs”), swaps on the credit default swap index (CDX) and other high yield indices, and swaps on the benchmark, other high yield indices, and ETFs. The Fund may sell (write) put options and take short positions on the CDX and other high yield indices. The Fund also may invest in non-U.S. high yield bonds and other instruments providing non-U.S. high yield bond exposure. In addition, the Fund may lend its portfolio securities.Besides the bonds and derivative instruments indicated above, the Fund may (but is not obligated to) invest in a wide variety of exchange-traded and over-the-counter (OTC) derivatives for investment exposure or hedging purposes, including, without limitation, reverse repurchase agreements, options, futures, swap contracts, swaptions, and foreign currency contracts. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged), and therefore may be subject to higher risk of loss during those times than when the Fund is not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices.For collateral and cash management purposes, the Fund may invest to a significant extent in cash equivalents (e.g., Treasury bills, Treasury floating rate notes and Federal Home Loan Bank discount notes and other agency notes), money market instruments, other fixed income securities (including non-U.S. fixed income securities) and instruments (including corporate notes, convertible debt securities and preferred stocks), as well as other investment companies (including ETFs, unit investment trusts, and closed-end funds) that invest primarily in high yield debt investments.Under normal circumstances, the Fund invests directly and indirectly (e.g., through derivatives and ETFs) at least 80% of its assets in high yield bonds (see “Name Policy”). The term “bond” includes (i) obligations of an issuer to make payments on future dates of principal, interest (whether fixed or variable) or both and (ii) synthetic debt instruments created by GMO by investing in derivatives. “High yield bonds” generally include those bonds rated BB+ and lower by S&P Global Ratings or Ba1 and lower by Moody’s Investors Service, Inc. They also may include unrated bonds that GMO determines are of similar quality to bonds with those ratings.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, directly in the types of investments typically held by money market funds, and in fixed income securities issued by non-U.S. developed countries and their agencies and instrumentalities.
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GHVIX - Performance

Return Ranking - Trailing

Period GHVIX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.5% -6.8% 4.6% 86.83%
1 Yr 7.8% -9.2% 14.6% 50.16%
3 Yr 2.2%* -16.4% 19.8% 20.20%
5 Yr 3.9%* -11.9% 36.5% 18.58%
10 Yr N/A* -4.8% 19.3% N/A

* Annualized

Return Ranking - Calendar

Period GHVIX Return Category Return Low Category Return High Rank in Category (%)
2023 8.2% -4.7% 14.3% 3.59%
2022 -14.8% -33.4% 3.6% 37.01%
2021 -7.8% -8.4% 14.9% 99.51%
2020 3.1% -13.9% 302.7% 8.95%
2019 6.0% -4.4% 13.3% 76.95%

Total Return Ranking - Trailing

Period GHVIX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.5% -6.8% 4.6% 86.83%
1 Yr 7.8% -9.2% 14.6% 50.16%
3 Yr 2.2%* -16.4% 19.8% 20.20%
5 Yr 3.9%* -11.9% 36.5% 18.58%
10 Yr N/A* -4.8% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period GHVIX Return Category Return Low Category Return High Rank in Category (%)
2023 12.9% -4.7% 18.2% 28.55%
2022 -8.0% -33.4% 47.8% 17.17%
2021 5.0% -8.4% 24.8% 50.49%
2020 5.5% -9.6% 325.6% 49.83%
2019 14.3% 0.9% 21.5% 38.99%

NAV & Total Return History

GHVIX - Holdings

Concentration Analysis

GHVIX Category Low Category High GHVIX % Rank
Net Assets 172 M 1.45 M 23.6 B 75.81%
Number of Holdings 103 2 2736 92.41%
Net Assets in Top 10 151 M -492 M 4.45 B 33.13%
Weighting of Top 10 91.05% 4.2% 146.9% 1.24%

Top 10 Holdings

  1. NOMURA REPO 39.09%
  2. Japan Treasury Discount Bill 15.21%
  3. United States Treasury Floating Rate Note 9.36%
  4. United States Treasury Floating Rate Note 9.24%
  5. Japan Treasury Discount Bill 6.21%
  6. United States Treasury Floating Rate Note 5.73%
  7. United States Treasury Floating Rate Note 3.13%
  8. State Street Institutional Treasury Money Market Fund 1.37%
  9. SWAP/CDSWAP/ICE: (CDX.NA.HY.41.V1) 0.93%
  10. TRSWAP: IBOXHY INDEX 0.79%

Asset Allocation

Weighting Return Low Return High GHVIX % Rank
Other 		41.43% -63.70% 102.57% 0.62%
Bonds 		37.30% -3.13% 154.38% 96.61%
Cash 		22.78% -52.00% 48.07% 0.62%
Stocks 		0.00% 0.00% 99.54% 75.19%
Preferred Stocks 		0.00% 0.00% 7.88% 46.28%
Convertible Bonds 		0.00% 0.00% 17.89% 94.27%

Bond Sector Breakdown

Weighting Return Low Return High GHVIX % Rank
Government 		46.54% 0.00% 99.07% 0.78%
Cash & Equivalents 		22.78% 0.00% 48.07% 0.62%
Corporate 		20.50% 0.00% 129.69% 98.14%
Derivative 		2.34% -15.04% 42.26% 3.72%
Securitized 		0.00% 0.00% 97.24% 50.08%
Municipal 		0.00% 0.00% 4.66% 14.11%

Bond Geographic Breakdown

Weighting Return Low Return High GHVIX % Rank
US 		37.30% -3.13% 129.21% 96.13%
Non US 		0.00% 0.00% 98.19% 45.05%

GHVIX - Expenses

Operational Fees

GHVIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.47% 0.04% 31.61% 92.72%
Management Fee 0.41% 0.00% 1.84% 14.97%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

GHVIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

GHVIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GHVIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 98.00% 1.00% 255.00% 85.91%

GHVIX - Distributions

Dividend Yield Analysis

GHVIX Category Low Category High GHVIX % Rank
Dividend Yield 8.80% 0.00% 48.30% 88.92%

Dividend Distribution Analysis

GHVIX Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Monthly Monthly Monthly

Net Income Ratio Analysis

GHVIX Category Low Category High GHVIX % Rank
Net Income Ratio 1.05% -2.39% 14.30% 99.37%

Capital Gain Distribution Analysis

GHVIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

GHVIX - Fund Manager Analysis

Managers

Joe Auth

Start Date

Tenure

Tenure Rank

Apr 16, 2018

4.13

4.1%

Mr. Auth has been responsible for providing portfolio management services to GMO’s structured credit portfolios since 2014. Previously, Mr. Auth was a portfolio manager at Harvard Management Company.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.12 8.17

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