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Name

As of 11/01/2024

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 Benchmark-Free Fund

GBFFX | Fund

$19.57

$1.11 B

3.43%

$0.67

0.66%

Vitals

YTD Return

5.9%

1 yr return

13.6%

3 Yr Avg Return

5.9%

5 Yr Avg Return

4.1%

Net Assets

$1.11 B

Holdings in Top 10

38.0%

52 WEEK LOW AND HIGH

$19.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 138.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/01/2024

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 Benchmark-Free Fund

GBFFX | Fund

$19.57

$1.11 B

3.43%

$0.67

0.66%

GBFFX - Profile

Distributions

  • YTD Total Return 5.9%
  • 3 Yr Annualized Total Return 5.9%
  • 5 Yr Annualized Total Return 4.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.19%
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    GMO Benchmark-Free Fund
  • Fund Family Name
    GMO Mutual Funds
  • Inception Date
    Jun 15, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ben Inker

Fund Description

The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for the other accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment.The Fund invests its assets in direct investments, shares of other series of GMO Trust, including the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative Funds, and shares of GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”).GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive risk-adjusted returns. GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. The Fund is permitted to invest in any asset class (e.g., U.S. equity, non-U.S. equity, emerging country equity, U.S. fixed income, non-U.S. fixed income, emerging country debt, and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as “high yield” or “junk bonds”), maturity and duration. GMO’s ability to shift investments among asset classes is not subject to any limits.The Fund typically has substantial exposure to derivatives and short-sales. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative exposure, 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.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. In addition, the Fund may lend its portfolio securities.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.
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GBFFX - Performance

Return Ranking - Trailing

Period GBFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.9% -23.7% 16.4% 22.10%
1 Yr 13.6% -8.9% 48.3% 94.64%
3 Yr 5.9%* -2.2% 16.4% 94.43%
5 Yr 4.1%* -0.7% 13.4% 93.46%
10 Yr N/A* 0.9% 11.8% 91.09%

* Annualized

Return Ranking - Calendar

Period GBFFX Return Category Return Low Category Return High Rank in Category (%)
2023 8.9% -40.8% 20.6% 73.84%
2022 -8.4% -21.0% 24.5% 94.99%
2021 -0.2% -24.2% 27.8% 77.34%
2020 -6.5% -23.1% 11.7% 37.56%
2019 9.4% -100.0% 20.6% 17.44%

Total Return Ranking - Trailing

Period GBFFX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.9% -23.7% 16.4% 21.46%
1 Yr 13.6% -12.8% 48.3% 87.92%
3 Yr 5.9%* -3.4% 16.4% 94.32%
5 Yr 4.1%* -1.1% 13.4% 93.36%
10 Yr N/A* 0.9% 11.8% 90.61%

* Annualized

Total Return Ranking - Calendar

Period GBFFX Return Category Return Low Category Return High Rank in Category (%)
2023 15.2% -40.8% 20.6% 73.84%
2022 -3.3% -21.0% 24.5% 94.99%
2021 4.4% -24.2% 27.8% 78.74%
2020 -3.4% -23.1% 11.7% 17.37%
2019 13.8% -2.9% 23.1% 15.80%

NAV & Total Return History

GBFFX - Holdings

Concentration Analysis

GBFFX Category Low Category High GBFFX % Rank
Net Assets 1.11 B 1.12 M 110 B 26.35%
Number of Holdings 1417 2 10961 3.34%
Net Assets in Top 10 420 M -31.7 M 22 B 28.60%
Weighting of Top 10 38.00% 10.8% 100.0% 69.18%

Top 10 Holdings

  1. U.S. Treasury Floating Rate Notes 7.64%
  2. NOMURA REPO 6.33%
  3. GMO Opportunistic Income Fund 4.65%
  4. U.S. Treasury Inflation-Indexed Notes 4.65%
  5. U.S. Treasury Inflation-Indexed Notes 4.64%
  6. GMO Resources Fund 4.34%
  7. GMO Emerging Country Debt 2.34%
  8. GMO High Yield Fund 1.32%
  9. GMO Climate Change Fund 1.19%
  10. U.S. Treasury Floating Rate Notes 0.90%

Asset Allocation

Weighting Return Low Return High GBFFX % Rank
Stocks 		73.69% -45.72% 98.42% 65.76%
Bonds 		18.69% -39.76% 93.84% 60.33%
Other 		6.24% -1.25% 197.12% 98.96%
Preferred Stocks 		0.86% -0.03% 14.00% 32.57%
Cash 		0.51% -97.12% 185.58% 8.14%
Convertible Bonds 		0.00% 0.00% 25.49% 84.97%

Stock Sector Breakdown

Weighting Return Low Return High GBFFX % Rank
Financial Services 		22.18% 0.00% 30.34% 4.88%
Consumer Cyclical 		14.76% 0.00% 20.84% 7.43%
Technology 		13.36% 0.00% 39.48% 64.12%
Industrials 		11.89% 0.09% 32.39% 24.84%
Basic Materials 		9.48% 0.00% 60.23% 19.11%
Communication Services 		7.39% 0.00% 28.59% 49.68%
Healthcare 		6.26% 0.00% 30.30% 79.19%
Consumer Defense 		4.96% 0.00% 31.85% 63.91%
Energy 		4.47% 0.00% 38.61% 56.69%
Real Estate 		3.51% 0.00% 90.14% 55.63%
Utilities 		1.74% 0.00% 40.29% 79.62%

Stock Geographic Breakdown

Weighting Return Low Return High GBFFX % Rank
Non US 		47.11% -46.69% 57.06% 0.21%
US 		26.59% -4.82% 95.75% 96.87%

Bond Sector Breakdown

Weighting Return Low Return High GBFFX % Rank
Government 		36.73% 0.00% 98.64% 38.00%
Securitized 		7.54% 0.00% 83.28% 38.83%
Corporate 		2.07% 0.00% 99.90% 82.05%
Cash & Equivalents 		0.27% 0.10% 100.00% 15.66%
Municipal 		0.00% 0.00% 31.28% 62.42%
Derivative 		-0.08% 0.00% 41.88% 27.97%

Bond Geographic Breakdown

Weighting Return Low Return High GBFFX % Rank
US 		18.69% -177.12% 87.76% 47.81%
Non US 		0.00% -39.00% 137.36% 66.60%

GBFFX - Expenses

Operational Fees

GBFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.16% 2.71% 98.54%
Management Fee 0.00% 0.00% 1.70% 1.07%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

GBFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% 98.04%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

GBFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 92.86%

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.

GBFFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 138.00% 0.00% 441.00% 88.52%

GBFFX - Distributions

Dividend Yield Analysis

GBFFX Category Low Category High GBFFX % Rank
Dividend Yield 3.43% 0.00% 10.92% 4.16%

Dividend Distribution Analysis

GBFFX Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annually Monthly Monthly

Net Income Ratio Analysis

GBFFX Category Low Category High GBFFX % Rank
Net Income Ratio 3.19% -5.20% 6.33% 16.34%

Capital Gain Distribution Analysis

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

Distributions History

View More +

GBFFX - Fund Manager Analysis

Managers

Ben Inker

Start Date

Tenure

Tenure Rank

Jun 15, 2011

10.97

11.0%

Mr. Inker, Co-Heads of the Division, is the director of asset allocation. Mr. Inker has been responsible for overseeing the portfolio management of GMO's asset allocation portfolios since 1996. Mr. Inker joined Grantham, Mayo, Van Otterloo & Co. LLC in 1992 following the completion of his B.A. in Economics from Yale University. He is a CFA charterholder.

John Thorndike

Start Date

Tenure

Tenure Rank

Jun 30, 2019

2.92

2.9%

John Thorndike joined TAS in 2004. Prior to joining TAS, Mr. Thorndike was an analyst in the investment office of Bowdoin College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.03 30.27 6.52 9.25

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