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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 Emerging Country Debt Fund

GMDFX | Fund

$20.59

$2.37 B

1.47%

$0.30

0.53%

Vitals

YTD Return

12.5%

1 yr return

22.3%

3 Yr Avg Return

3.1%

5 Yr Avg Return

3.8%

Net Assets

$2.37 B

Holdings in Top 10

21.7%

52 WEEK LOW AND HIGH

$20.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.53%

SALES FEES

Front Load 0.75%

Deferred Load N/A

TRADING FEES

Turnover 34.00%

Redemption Fee 0.75%

Min Investment

Standard (Taxable)

$125,000,000

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 Emerging Country Debt Fund

GMDFX | Fund

$20.59

$2.37 B

1.47%

$0.30

0.53%

GMDFX - Profile

Distributions

  • YTD Total Return 12.5%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return 3.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.56%
DIVIDENDS
  • Dividend Yield 1.5%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    GMO Emerging Country Debt Fund
  • Fund Family Name
    GMO Mutual Funds
  • Inception Date
    Jan 09, 1998
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Tina Vandersteel

Fund Description

The Fund invests primarily in debt of emerging country sovereign and quasi-sovereign issuers. “Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in debt investments tied economically to emerging countries (see “Name Policies”). In general, the Fund considers “emerging countries” to be countries whose securities are included in the Fund’s benchmark or countries that have similar national domestic products or default histories to those of countries whose securities are included in the Fund’s benchmark. The Fund’s performance is likely to be more volatile than that of its benchmark.The Fund typically gains its investment exposure by purchasing debt investments or by investing in derivatives, typically credit default swaps. The Fund may invest in debt investments of all credit qualities, including securities that are in default, and may invest in corporate bonds. (The debt investments in which the Fund invests includes below investment grade debt investments, which are commonly referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities.) The Fund invests in both non-local currency denominated debt (“external debt”) and, to a lesser extent, local currency denominated debt. The external debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling. After hedging, U.S. dollars typically represent at least 75% of the Fund’s currency exposures. The Fund typically invests in less liquid debt investments with the intention of holding them for an extended period of time.When constructing the Fund’s portfolio, GMO considers risk at both the Fund’s portfolio and individual security level and generally takes into account, among other factors, interest rate duration, credit spread duration, liquidity, transaction costs and default scenarios as well as the idiosyncratic risk of each instrument. When making investment decisions, GMO typically relies more heavily on its assessment of the risk-reward characteristics of individual investments in a given country than on its outlook for that particular country. GMO uses fundamental analytical techniques as the basis for its analysis of both individual investments and country outlook. In performing its analysis with respect to country outlook, GMO typically considers a country’s economic structure, fiscal sustainability, external liquidity, and ESG (environmental, social, and governance) criteria. The factors GMO considers and investment methods GMO uses can change over time.In seeking to achieve the Fund’s investment objective, GMO typically invests a portion of the Fund’s assets in over-the-counter (OTC) and exchange-traded derivatives, including options, swap contracts (including interest rate swaps, total return swaps and credit default swaps), forward currency contracts (including forward contracts on currencies of developed markets), and reverse repurchase agreements. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. The Fund may also engage in short sales. 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 a 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.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.GMO normally seeks to maintain an interest rate duration for the Fund that is similar to that of its benchmark (approximately 6.5 years as of May 31, 2024). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.”
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GMDFX - Performance

Return Ranking - Trailing

Period GMDFX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.5% -5.8% 469.7% 3.06%
1 Yr 22.3% -1.0% 511.1% 1.36%
3 Yr 3.1%* -8.3% 59.4% 3.87%
5 Yr 3.8%* -7.6% 29.3% 5.17%
10 Yr 4.5%* -5.6% 14.5% 4.37%

* Annualized

Return Ranking - Calendar

Period GMDFX Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% -10.6% 17.8% 31.53%
2022 -26.5% -29.1% -2.4% 97.54%
2021 -10.5% -24.0% 2.7% 74.73%
2020 -2.6% -14.0% 9.7% 86.03%
2019 7.1% -6.4% 13.0% 68.28%

Total Return Ranking - Trailing

Period GMDFX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.5% -5.8% 469.7% 3.06%
1 Yr 22.3% -1.0% 511.1% 1.36%
3 Yr 3.1%* -8.3% 59.4% 3.87%
5 Yr 3.8%* -7.6% 29.3% 5.17%
10 Yr 4.5%* -5.6% 14.5% 4.37%

* Annualized

Total Return Ranking - Calendar

Period GMDFX Return Category Return Low Category Return High Rank in Category (%)
2023 17.7% -0.6% 20.0% 1.36%
2022 -16.3% -27.6% -1.7% 76.14%
2021 -1.3% -18.5% 7.4% 17.79%
2020 7.3% -7.8% 18.0% 19.85%
2019 14.4% -3.0% 23.0% 30.97%

NAV & Total Return History

GMDFX - Holdings

Concentration Analysis

GMDFX Category Low Category High GMDFX % Rank
Net Assets 2.37 B 565 K 14.8 B 10.51%
Number of Holdings 318 4 1860 40.34%
Net Assets in Top 10 483 M -134 M 1.25 B 14.58%
Weighting of Top 10 21.68% 5.8% 102.2% 44.18%

Top 10 Holdings

  1. Petroleos Mexicanos 3.75%
  2. Colombia Government International Bonds 2.49%
  3. Mexico Government International Bond 2.45%
  4. Dominican Republic International Bonds 2.42%
  5. Bahrain Government International Bond 1.94%
  6. NOMURA REPO 1.89%
  7. Oman Government International Bonds 1.86%
  8. Turkiye Government International Bonds 1.82%
  9. Albania Government International Bond 1.56%
  10. Republic of Poland Government International Bond 1.50%

Asset Allocation

Weighting Return Low Return High GMDFX % Rank
Bonds 		95.69% 0.00% 105.61% 44.41%
Cash 		2.65% 0.00% 24.01% 71.53%
Other 		1.08% -13.89% 86.73% 15.25%
Stocks 		0.00% -0.01% 96.53% 45.08%
Preferred Stocks 		0.00% 0.00% 2.76% 19.32%
Convertible Bonds 		0.00% 0.00% 8.47% 65.07%

Bond Sector Breakdown

Weighting Return Low Return High GMDFX % Rank
Government 		51.89% 0.00% 99.79% 68.15%
Corporate 		12.53% 0.00% 91.26% 69.86%
Securitized 		0.20% 0.00% 2.41% 10.27%
Cash & Equivalents 		0.14% 0.00% 23.23% 71.53%
Municipal 		0.00% 0.00% 0.00% 13.70%
Derivative 		-0.04% -3.00% 13.76% 72.54%

Bond Geographic Breakdown

Weighting Return Low Return High GMDFX % Rank
US 		82.44% -42.31% 99.15% 45.42%
Non US 		13.25% 0.00% 132.49% 54.24%

GMDFX - Expenses

Operational Fees

GMDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.53% 0.02% 32.92% 94.56%
Management Fee 0.45% 0.00% 1.10% 8.14%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.65% N/A

Sales Fees

GMDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 0.75% 0.75% 5.75% 98.00%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

GMDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 0.75% 0.75% 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.

GMDFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 34.00% 0.00% 218.00% 16.67%

GMDFX - Distributions

Dividend Yield Analysis

GMDFX Category Low Category High GMDFX % Rank
Dividend Yield 1.47% 0.00% 22.22% 3.73%

Dividend Distribution Analysis

GMDFX Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annual Monthly Monthly

Net Income Ratio Analysis

GMDFX Category Low Category High GMDFX % Rank
Net Income Ratio 5.56% -2.28% 8.00% 6.60%

Capital Gain Distribution Analysis

GMDFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

GMDFX - Fund Manager Analysis

Managers

Tina Vandersteel

Start Date

Tenure

Tenure Rank

Oct 01, 2015

6.67

6.7%

Ms. Vandersteel is Head of Emerging Country Debt Team. Ms. Vandersteel has been in this role since October, 2015. Ms. Vandersteel has been responsible for providing research and portfolio management services for this and other emerging debt portfolios at GMO since 2004.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.15 23.87 6.49 6.11

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