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Name

As of 11/22/2024

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 Opportunistic Income Fund

GAAAX | Fund

$24.13

$1.45 B

6.04%

$1.46

0.61%

Vitals

YTD Return

5.4%

1 yr return

7.5%

3 Yr Avg Return

3.4%

5 Yr Avg Return

N/A

Net Assets

$1.45 B

Holdings in Top 10

46.3%

52 WEEK LOW AND HIGH

$24.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.61%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 95.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

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 Opportunistic Income Fund

GAAAX | Fund

$24.13

$1.45 B

6.04%

$1.46

0.61%

GAAAX - Profile

Distributions

  • YTD Total Return 5.4%
  • 3 Yr Annualized Total Return 3.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.29%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    GMO Opportunistic Income Fund
  • Fund Family Name
    GMO Mutual Funds
  • Inception Date
    May 19, 2021
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joe Auth

Fund Description

The Fund invests primarily in securitized credit securities. Securitized credit securities include, but are not limited to, commercial and residential (non-agency and agency) mortgage-backed securities, small balance commercial mortgages, collateralized loan obligations, collateralized debt obligations, and securities backed by pools of receivables in various industries. The interest rates for these securities may be fixed or variable. The Fund also may invest in other fixed-income instruments, including, without limitation, bonds and other similar instruments issued or guaranteed by the U.S. government and its agencies and instrumentalities, by non-U.S. governments and their agencies and instrumentalities and by private sector entities.The Fund also may invest in the following: interest-only, principal-only, or inverse floating rate debt; mortgage dollar rolls; securities on a when-issued, delayed delivery or forward commitment basis through the “to-be-announced” market; mortgage loans; securities of any maturity or duration with fixed, floating, or variable rates; equity and debt securities issued by real estate investment trusts; debt securities issued by business development companies; corporate debt securities of any quality and maturity, including high-yield securities (also known as “junk bonds”); and securities that are not rated by any rating agency.GMO utilizes both a top-down and bottom-up security selection approach. GMO allocates Fund assets among various asset classes within the fixed income market based on its views regarding the best value relative to what is currently available in the market. In managing the Fund’s portfolio, GMO typically analyzes a variety of factors including, among others, maturity, yield and ratings information, opportunities for price appreciation, collateral quality, credit support, structure, and market conditions. GMO may cause the Fund to sell investments if it determines that any of these factors have changed materially from its initial analysis or that other factors indicate that an investment is unlikely to earn a return commensurate with its risk. GMO attempts to diversify risks that arise from position sizes, sectors and geographies, ratings, duration, deal structure and collateral values and seeks to limit risk of principal loss by causing the Fund to invest in securities or other instruments that it considers undervalued. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.From time to time, the Fund may have some direct or indirect exposure to equities. The Fund may invest in securities of companies of any market capitalization, as well as in securities of any maturity, duration, or credit quality.The Fund also may invest in exchange-traded funds (ETFs) and exchange-traded and over-the-counter (OTC) derivatives, including swap contracts (such as credit default swaps, swaps on securities and securities indices, total return swaps and interest rate swaps), futures contracts, forward currency contracts, currency and interest rate options, swaptions (including credit default swaptions), reverse repurchase agreements, and repurchase agreements. In addition, the Fund may lend its portfolio securities. 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 if the Fund were 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.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. The Fund may, but is not required to, hedge part or all of its net foreign currency exposure into U.S. dollars.
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GAAAX - Performance

Return Ranking - Trailing

Period GAAAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.4% -10.1% 17.5% 57.87%
1 Yr 7.5% -6.8% 20.9% 78.09%
3 Yr 3.4%* -16.6% 16.3% 16.30%
5 Yr N/A* -14.2% 14.0% 16.35%
10 Yr N/A* -7.1% 6.8% 41.21%

* Annualized

Return Ranking - Calendar

Period GAAAX Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -12.0% 8.9% 77.50%
2022 -7.2% -31.8% 18.4% 20.38%
2021 N/A -16.2% 25.7% N/A
2020 N/A -31.1% 18.7% N/A
2019 N/A -6.1% 15.3% N/A

Total Return Ranking - Trailing

Period GAAAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.4% -10.1% 17.5% 57.87%
1 Yr 7.5% -6.8% 20.9% 78.09%
3 Yr 3.4%* -16.6% 16.3% 16.30%
5 Yr N/A* -14.2% 14.0% 14.80%
10 Yr N/A* -7.1% 6.8% 36.54%

* Annualized

Total Return Ranking - Calendar

Period GAAAX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -6.9% 22.2% 67.64%
2022 -2.2% -31.8% 21.1% 12.01%
2021 N/A -13.5% 49.9% N/A
2020 N/A -28.6% 24.1% N/A
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History

GAAAX - Holdings

Concentration Analysis

GAAAX Category Low Category High GAAAX % Rank
Net Assets 1.45 B 2.63 M 143 B 35.56%
Number of Holdings 332 4 9195 61.28%
Net Assets in Top 10 733 M -204 M 80.4 B 27.22%
Weighting of Top 10 46.31% 5.8% 265.8% 25.86%

Top 10 Holdings

  1. REPO DAIWA 22.74%
  2. U.S. Treasury Floating Rate Notes 6.55%
  3. Uniform Mortgage-Backed Security, TBA 4.12%
  4. U.S. Treasury Floating Rate Notes 3.34%
  5. U.S. Treasury Floating Rate Notes 2.84%
  6. Uniform Mortgage-Backed Security, TBA 2.52%
  7. Man GLG US CLO 1.10%
  8. Benchmark 2019-B15 Mortgage Trust 1.08%
  9. COMM 2024-277P Mortgage Trust 1.02%
  10. COMM 2018-COR3 Mortgage Trust 0.99%

Asset Allocation

Weighting Return Low Return High GAAAX % Rank
Bonds 		54.98% 0.00% 199.60% 84.91%
Other 		47.19% -73.61% 147.15% 3.42%
Stocks 		0.73% -6.18% 99.66% 42.77%
Cash 		0.25% -94.66% 99.97% 87.87%
Preferred Stocks 		0.00% 0.00% 26.42% 43.23%
Convertible Bonds 		0.00% 0.00% 33.50% 84.19%

Stock Sector Breakdown

Weighting Return Low Return High GAAAX % Rank
Utilities 		0.00% 0.00% 100.00% N/A
Technology 		0.00% 0.00% 28.30% N/A
Real Estate 		0.00% 0.00% 100.00% N/A
Industrials 		0.00% 0.00% 100.00% N/A
Healthcare 		0.00% 0.00% 18.60% N/A
Financial Services 		0.00% 0.00% 100.00% N/A
Energy 		0.00% 0.00% 100.00% N/A
Communication Services 		0.00% 0.00% 100.00% N/A
Consumer Defense 		0.00% 0.00% 99.97% N/A
Consumer Cyclical 		0.00% 0.00% 89.95% N/A
Basic Materials 		0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High GAAAX % Rank
US 		0.73% -6.18% 99.66% 40.28%
Non US 		0.00% -0.26% 17.73% 23.02%

Bond Sector Breakdown

Weighting Return Low Return High GAAAX % Rank
Securitized 		55.02% 0.00% 99.65% 14.29%
Government 		34.47% 0.00% 99.43% 10.59%
Derivative 		0.44% -73.61% 147.15% 23.40%
Cash & Equivalents 		0.25% 0.00% 94.89% 85.49%
Corporate 		0.21% 0.00% 96.66% 92.30%
Municipal 		0.00% 0.00% 54.26% 39.33%

Bond Geographic Breakdown

Weighting Return Low Return High GAAAX % Rank
US 		54.98% 0.00% 199.60% 77.29%
Non US 		0.00% 0.00% 74.14% 67.81%

GAAAX - Expenses

Operational Fees

GAAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.61% 0.03% 20.67% 90.85%
Management Fee 0.55% 0.00% 2.29% 32.10%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

GAAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

GAAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

GAAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 95.00% 0.00% 632.00% 62.03%

GAAAX - Distributions

Dividend Yield Analysis

GAAAX Category Low Category High GAAAX % Rank
Dividend Yield 6.04% 0.00% 23.30% 8.78%

Dividend Distribution Analysis

GAAAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GAAAX Category Low Category High GAAAX % Rank
Net Income Ratio 3.29% -1.55% 11.51% 37.44%

Capital Gain Distribution Analysis

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

Distributions History

View More +

GAAAX - Fund Manager Analysis

Managers

Joe Auth

Start Date

Tenure

Tenure Rank

Feb 06, 2015

7.32

7.3%

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
0.08 28.19 5.71 3.19

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