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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 Benchmark-Free Fund

GBFFX | Fund

$19.13

$1.1 B

9.76%

$1.87

0.61%

Vitals

YTD Return

1.8%

1 yr return

11.7%

3 Yr Avg Return

3.5%

5 Yr Avg Return

3.7%

Net Assets

$1.1 B

Holdings in Top 10

34.1%

52 WEEK LOW AND HIGH

$19.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.61%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 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 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 Benchmark-Free Fund

GBFFX | Fund

$19.13

$1.1 B

9.76%

$1.87

0.61%

GBFFX - Profile

Distributions

  • YTD Total Return 1.8%
  • 3 Yr Annualized Total Return 3.5%
  • 5 Yr Annualized Total Return 3.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.19%
DIVIDENDS
  • Dividend Yield 9.8%
  • 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 a significant portion of its assets in shares of other series of GMO Trust (each, a “GMO Fund”). The Fund may invest in any GMO Fund (collectively, the “underlying GMO Funds”), whether now existing or created in the future. These underlying GMO Funds may include, among others, the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative Funds (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also invests a significant portion of its assets in direct investments.GMO implements the Fund’s strategy by allocating its assets among asset classes (e.g., non-U.S. equity, U.S. equity, emerging country equity, emerging country debt, non-U.S. fixed income, U.S. fixed income and commodities). The Fund is not limited in its exposure to any particular asset class and at times may invest a substantial portion of its assets in a single asset class (e.g., fixed income). In addition, the Fund is not limited in its exposure to any particular market, capitalization range or, in the case of debt instruments, credit quality (i.e., the Fund may invest in below investment grade securities (commonly referred to as “high yield” or “junk bonds”)) or maturity. At times, the Fund may have substantial exposure to a particular country (including emerging and other non-U.S. countries) or group of countries sharing the same economic or other characteristics. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to select the Fund’s investments and to decide how much to invest 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. GMO changes the Fund’s holdings 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. GMO’s ability to shift investments among the underlying GMO Funds and between underlying GMO Funds and direct investments is not subject to any limits. The Fund may invest substantially all its assets in a few underlying GMO Funds that primarily invest in the same asset class. The Fund also may, at times, invest a substantial portion of its assets in a single underlying GMO Fund. The Fund may have substantial investments in derivatives and effect short sales directly or through its investment in underlying GMO Funds. The factors GMO considers and investment methods GMO uses can change over time.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 1.8% -23.7% 16.4% 22.10%
1 Yr 11.7% -8.9% 48.3% 94.64%
3 Yr 3.5%* -2.2% 16.4% 94.43%
5 Yr 3.7%* -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 1.8% -23.7% 16.4% 21.46%
1 Yr 11.7% -12.8% 48.3% 87.92%
3 Yr 3.5%* -3.4% 16.4% 94.32%
5 Yr 3.7%* -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 1.1 B 1.12 M 110 B 26.35%
Number of Holdings 1509 2 10961 3.34%
Net Assets in Top 10 370 M -31.7 M 22 B 28.60%
Weighting of Top 10 34.12% 10.8% 100.0% 69.18%

Top 10 Holdings

  1. United States Treasury Inflation Indexed Bonds 7.27%
  2. GMO Opportunistic Income Fund 4.84%
  3. GMO Resources Fund 4.44%
  4. GMO Emerging Country Debt 3.68%
  5. United States Treasury Inflation Indexed Bonds 3.57%
  6. NOMURA REPO 2.86%
  7. United States Treasury Floating Rate Note 2.77%
  8. United States Treasury Floating Rate Note 1.84%
  9. Federal Home Loan Banks 1.48%
  10. Federal Home Loan Banks 1.38%

Asset Allocation

Weighting Return Low Return High GBFFX % Rank
Stocks 		76.79% -45.72% 98.42% 65.76%
Bonds 		19.51% -39.76% 93.84% 60.33%
Other 		2.91% -1.25% 197.12% 98.96%
Preferred Stocks 		1.10% -0.03% 14.00% 32.57%
Cash 		0.69% -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 		49.96% -46.69% 57.06% 0.21%
US 		26.82% -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 		0.69% 0.10% 100.00% 15.66%
Derivative 		0.05% 0.00% 41.88% 27.97%
Municipal 		0.00% 0.00% 31.28% 62.42%

Bond Geographic Breakdown

Weighting Return Low Return High GBFFX % Rank
US 		19.51% -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 0.61% 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 9.76% 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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