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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 Multi-Sector Fixed Income Fund

GUGAX | Fund

$17.65

$80.4 M

0.60%

$0.11

0.74%

Vitals

YTD Return

1.5%

1 yr return

7.0%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

-0.8%

Net Assets

$80.4 M

Holdings in Top 10

96.1%

52 WEEK LOW AND HIGH

$17.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.74%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 256.00%

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 11/22/2024

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 Multi-Sector Fixed Income Fund

GUGAX | Fund

$17.65

$80.4 M

0.60%

$0.11

0.74%

GUGAX - Profile

Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return -0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.33%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    GMO Multi-Sector Fixed Income Fund
  • Fund Family Name
    GMO Mutual Funds
  • Inception Date
    Apr 30, 1997
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jason Hotra

Fund Description

The Fund’s investment program has two principal components. One component seeks to achieve a return commensurate with that of the Fund’s benchmark. The second component seeks to add value relative to the Fund’s benchmark by making investments that often will not track its benchmark. These investments principally include global interest rate and currency derivatives and indirect (through other GMO Funds) and direct investments in asset-backed, corporate, government and emerging country debt securities. This second component can cause the Fund’s performance to differ significantly from that of its benchmark.In deciding what investments to make in global interest rate and currency markets and the size of those investments, GMO uses a quantitative approach that considers macroeconomic factors (e.g., inflation) as well as price-based factors (e.g., interest and exchange rates). GMO evaluates the relative attractiveness of particular markets and instruments using various fixed income risk premium measures, which typically include, for example, term structure, foreign exchange, volatility, credit and liquidity. GMO also may consider the relative attractiveness of yield curve and duration positions in these markets. In addition, GMO seeks to identify opportunities arising from unusual market conditions not otherwise identified by its quantitative models and uses various portfolio construction techniques to manage risk.In making decisions regarding credit investments, GMO seeks to take advantage of its proprietary investment models to allocate the Fund’s assets opportunistically among credit sectors (e.g., investment grade and high yield) and to systematically identify investments within those credit sectors with the most attractive risk/return profiles. In selecting credit investments, the models used by GMO take into account value criteria, quality factors (including ESG (environmental, social, and governance) criteria in some cases), momentum, and liquidity.The factors GMO considers and investment methods GMO uses can change over time. In pursuing its investment program, the Fund may make or maintain investments in: (i) bonds denominated in various currencies, including non-U.S. and U.S. government bonds, agency bonds, and corporate bonds, asset-backed securities, and emerging country debt securities; (ii) shares of Opportunistic Income Fund (to provide exposure to asset-backed credit markets); (iii) shares of Emerging Country Debt Fund (“ECDF”) (to provide exposure to emerging country debt securities); and (iv) the types of investments typically held by money market funds. The Fund may also engage in short sales and invest in derivatives, including without limitation, to-be-announced transactions (“TBAs”), futures contracts, currency and interest rate options, currency forwards, repurchase agreements and reverse repurchase agreements, and swap contracts, such as swaps on securities and securities indices, total return swaps, interest rate swaps, and currency swaps, and other types of derivatives.The Fund has and expects to continue to have material exposure to U.S. and non-U.S. bonds, U.S. asset-backed securities, and emerging country debt securities that are below investment grade (below investment grade debt investments are commonly referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities or asset-backed securities).GMO normally seeks to maintain an annualized tracking error (standard deviation) relative to the Fund’s benchmark of 1-3% over a complete market cycle and an estimated interest rate duration within 2 years of the benchmark’s duration (approximately 6 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.”Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in bonds (see “Name Policies”). 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 (e.g., a futures contract, swap contract, currency forward, or option).The Fund may invest in securities of companies of any market capitalization. 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.
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GUGAX - Performance

Return Ranking - Trailing

Period GUGAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -6.4% 11.1% 74.85%
1 Yr 7.0% -2.1% 16.6% 54.93%
3 Yr -2.5%* -9.8% 27.8% 68.37%
5 Yr -0.8%* -7.5% 58.4% 87.66%
10 Yr 1.1%* -2.9% 73.8% 69.53%

* Annualized

Return Ranking - Calendar

Period GUGAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -16.2% 8.1% 1.54%
2022 -16.1% -34.7% 131.9% 52.63%
2021 -5.9% -11.6% 4.4% 96.59%
2020 -2.7% -10.1% 946.1% 98.75%
2019 3.7% -1.7% 16.9% 87.31%

Total Return Ranking - Trailing

Period GUGAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -6.4% 11.1% 74.85%
1 Yr 7.0% -2.1% 16.6% 54.93%
3 Yr -2.5%* -9.8% 27.8% 68.37%
5 Yr -0.8%* -7.5% 58.4% 87.66%
10 Yr 1.1%* -2.9% 73.8% 69.53%

* Annualized

Total Return Ranking - Calendar

Period GUGAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -11.3% 11.9% 49.49%
2022 -14.5% -32.2% 131.9% 78.00%
2021 -3.2% -9.4% 9.2% 97.58%
2020 7.9% -1.9% 1009.0% 60.41%
2019 9.6% 1.1% 21668.0% 28.00%

NAV & Total Return History

GUGAX - Holdings

Concentration Analysis

GUGAX Category Low Category High GUGAX % Rank
Net Assets 80.4 M 2.9 M 314 B 91.38%
Number of Holdings 346 1 17787 75.23%
Net Assets in Top 10 78.7 M 1.62 M 35.1 B 75.85%
Weighting of Top 10 96.09% 4.4% 432.9% 2.89%

Top 10 Holdings

  1. NOMURA REPO 25.63%
  2. GMO Opportunistic Income Fund 17.90%
  3. Amazon.com Inc 14.16%
  4. Japan Treasury Discount Bill 12.15%
  5. Uniform Mortgage-Backed Security, TBA 10.28%
  6. Uniform Mortgage-Backed Security, TBA 4.91%
  7. GMO Emerging Country Debt 4.86%
  8. Ginnie Mae 3.07%
  9. State Street Institutional Treasury Money Market Fund 1.78%
  10. U.S. Treasury Floating Rate Notes 1.34%

Asset Allocation

Weighting Return Low Return High GUGAX % Rank
Bonds 		43.66% 0.00% 993.61% 98.05%
Stocks 		36.93% 0.00% 99.99% 2.46%
Other 		24.05% -27.25% 53.64% 5.45%
Cash 		13.93% -54.51% 237.69% 13.67%
Convertible Bonds 		1.66% 0.00% 7.93% 43.17%
Preferred Stocks 		0.00% 0.00% 71.02% 35.87%

Stock Sector Breakdown

Weighting Return Low Return High GUGAX % Rank
Technology 		23.01% 0.00% 43.45% 10.24%
Financial Services 		14.85% 0.00% 100.00% 25.30%
Healthcare 		12.88% 0.00% 17.70% 6.02%
Consumer Cyclical 		11.84% 0.00% 100.00% 9.64%
Communication Services 		11.13% 0.00% 100.00% 10.24%
Industrials 		9.29% 0.00% 48.31% 14.46%
Consumer Defense 		6.46% 0.00% 99.67% 12.65%
Energy 		2.90% 0.00% 100.00% 46.39%
Real Estate 		2.59% 0.00% 99.26% 21.08%
Utilities 		2.54% 0.00% 100.00% 24.10%
Basic Materials 		2.50% 0.00% 100.00% 16.87%

Stock Geographic Breakdown

Weighting Return Low Return High GUGAX % Rank
US 		36.93% 0.00% 99.99% 2.36%
Non US 		0.00% 0.00% 88.46% 15.42%

Bond Sector Breakdown

Weighting Return Low Return High GUGAX % Rank
Corporate 		34.51% 0.00% 100.00% 36.44%
Securitized 		27.94% 0.00% 98.40% 54.87%
Government 		17.88% 0.00% 86.23% 67.60%
Cash & Equivalents 		13.93% -0.46% 237.69% 13.77%
Municipal 		0.00% 0.00% 100.00% 76.71%
Derivative 		-1.58% -1.91% 44.82% 99.28%

Bond Geographic Breakdown

Weighting Return Low Return High GUGAX % Rank
US 		43.66% 0.00% 993.61% 97.94%
Non US 		0.00% 0.00% 30.95% 42.86%

GUGAX - Expenses

Operational Fees

GUGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.01% 39.64% 44.57%
Management Fee 0.40% 0.00% 1.76% 61.68%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

GUGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

GUGAX 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.

GUGAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 256.00% 2.00% 493.39% 78.42%

GUGAX - Distributions

Dividend Yield Analysis

GUGAX Category Low Category High GUGAX % Rank
Dividend Yield 0.60% 0.00% 10.11% 98.15%

Dividend Distribution Analysis

GUGAX Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Quarterly Monthly Monthly

Net Income Ratio Analysis

GUGAX Category Low Category High GUGAX % Rank
Net Income Ratio 1.33% -1.28% 4.79% 72.91%

Capital Gain Distribution Analysis

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

Distributions History

View More +

GUGAX - Fund Manager Analysis

Managers

Jason Hotra

Start Date

Tenure

Tenure Rank

Jun 01, 2016

6.0

6.0%

Mr. Hotra is a Portfolio Manager for Developed Fixed Income Team of GMO. Mr. Hotra has been responsible for providing portfolio management services to GMO’s developed fixed income portfolios since June 2016. Previously, Mr. Hotra was a portfolio manager at Convexity Capital Management.

Riti Samanta

Start Date

Tenure

Tenure Rank

Jun 30, 2020

1.92

1.9%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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