U.S. Equity Fund

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Management

George Sakoulis

Head of Investment Teams, Head of Systematic Equity, Portfolio Manager

Dr. Sakoulis is the Head of Investment Teams at GMO, Head of GMO's Systematic Equity team, and a portfolio manager for GMO’s Systematic Equity products. Dr. Sakoulis is a partner of the firm. He previously worked at GMO from 2009 to 2014 leading quantitative research for GMO’s Emerging Markets Equity team. Prior to rejoining GMO in 2020, he was most recently a Managing Director and Head of Global Multi-Asset Solutions for QMA, where he focused on systematic total and absolute return investment solutions. Before that, he led QMA’s Global Portfolio Solutions group. Previously, Dr. Sakoulis also served as the Director of European Equity Strategies for Numeric Investors and as a Director for UBS O’Connor. He earned his bachelor's degree in Economics and Statistics from San Francisco State University and his MA in Economics and PhD in Financial Econometrics from the University of Washington.

Warren Chiang

Portfolio Manager, Systematic Equity

Mr. Chiang oversees portfolio management for GMO’s Systematic Equity team. He is a partner of the firm. Prior to joining GMO in 2015, he worked at Mellon Capital Management as a Managing Director of Active Equity Strategies. Previously, he worked at the Federal Reserve Bank of San Francisco as a research associate. Mr. Chiang earned his bachelor's degree in Economics and his MBA from the University of California Berkeley. He is a CFA charterholder.

Simon Harris

Portfolio Manager, Systematic Equity

Mr. Harris is engaged in portfolio management for GMO’s Systematic Equity team and is a partner of the firm. In his decades at GMO, Simon has had extensive portfolio management, quantitative research, and team leadership experience including as the head of the Systematic Equity and Global Equity teams, and head of the UK Equity team prior to its merger with Global Equity. Previously, he also served as co-CEO of GMO UK Ltd. Prior to joining GMO in 1989, he earned his BSc in Mathematics from The City University (London). Mr. Harris is a Fellow of The Chartered Institute for Securities & Investment.

Overview

The GMO U.S. Equity Fund seeks to generate high total return by investing primarily in U.S. equities. The Fund measures its performance against the S&P Composite 1500+ Index.

The Fund’s investment approach is grounded in the Systematic Equity team’s belief that, in the short term, equity markets exhibit exploitable inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, while in the long-term returns are ultimately driven by economic reality. The Fund aims to take advantage of these inefficiencies by utilizing a multi-factor valuation model in conjunction with other methods, such as momentum and corporate alerts, to identify undervalued equity securities.

Facts

Doc Table
Fund Inception Date	September 18, 1985
CUSIP	362013658
Fund Total Assets as of 31/10/2024	$141mm USD

Share Class III

Inception Date	September 16, 2005
Ticker Symbol	GMUEX
CUSIP	362013658
NAV as of 2/12/2024	15.15
Net Expense Ratio ¹	0.48
Gross Expense Ratio ²	0.53
Minimum Investment Size	$1mm in GMO

¹ Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2025. Elimination of this reimbursement will result in higher fees and lower performance.

² Gross Expense Ratio is equal to the Funds Total Annual Operating Expenses set forth in the Funds most recent prospectus dated June 30, 2024.

Performance

Table Caption
	1-Year	3-Year	5-Year	10-Year	ITD
U.S. Equity Fund	33.22	12.44	15.52	12.05	11.44
S&P Composite 1500	35.54	11.46	15.58	13.11

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

If certain expenses were not reimbursed, performance would be lower. Transaction costs, if any, are paid to the fund to offset the cost of portfolio transactions to invest or raise cash.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Table Caption
	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
U.S. Equity Fund	4.41	19.78	33.22	12.44	15.52	12.05	11.44
S&P Composite 1500	6.04	21.26	35.54	11.46	15.58	13.11

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Table Caption
	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
U.S. Equity Fund	4.53	20.22	33.87	12.97	16.07	12.57	11.97
S&P Composite 1500	6.04	21.26	35.54	11.46	15.58	13.11

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
U.S. Equity Fund	-0.83	-0.83	18.79	35.83	10.20	15.04	11.76	11.39
S&P Composite 1500	-0.94	-0.94	20.12	37.54	8.69	14.89	12.71

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
U.S. Equity Fund	-0.79	-0.79	19.27	36.48	10.72	15.58	12.29	11.92
S&P Composite 1500	-0.94	-0.94	20.12	37.54	8.69	14.89	12.71

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Calendar
	U.S. Equity Fund	S&P Composite 1500
2023	21.88	25.47
2022	-12.44	-17.78
2021	32.13	28.45
2020	13.69	17.92
2019	28.57	30.90
2018	-9.78	-4.96
2017	18.46	21.13
2016	13.58	13.03
2015	0.65	1.01
2014	9.27	13.08

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Calendar
	U.S. Equity Fund	S&P Composite 1500
2023	22.46	25.47
2022	-12.02	-17.78
2021	32.73	28.45
2020	14.22	17.92
2019	29.16	30.90
2018	-9.36	-4.96
2017	19.00	21.13
2016	14.10	13.03
2015	1.11	1.01
2014	9.77	13.08

Inception Date: September 18, 1985

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only. Performance information presented is that of Class III shares of GMO U.S. Core Fund for all periods ending on or before September 16, 2005.

Documents

Literature

Fact Sheet		Download
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Downloads

Performance		Download
Portfolio Composition		Download
Holdings		Download
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Commentary & Attribution

Commentary Quarterly		Download
Market Review		Download
Attribution - Monthly		Download
Attribution - Quarterly		Download
Attribution - YTD		Download
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Investor Information

Annual Report		Download
Semi-Annual Financial Statements and Other Information		Download
Semi-Annual Report		Download
NAVs and Distributions		Download
Distribution Estimates		Download
Tax-Related Distribution Information		Download
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Document Library

Risks

Risks associated with investing in the Fund may include: (1) Market Risk - Equities: The market price of equities may decline due to factors affecting the issuer, its industries, or the economy and equity markets generally. Declines in stock market prices generally are likely to reduce the net asset value of the Fund's shares. (2) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results, including annualized returns and annualized volatility. (3) Focused Investment Risk: The Fund invests its assets in the securities of a limited number of issuers, and a decline in the market price of a particular security held by the Fund may affect the Fund's performance more than if the Fund invested in the securities of a larger number of issuers.For a more complete discussion of these risks and others, please consult the Fund's Prospectus.

Disclosures

An investor should consider the fund’s investment objectives, risks, charges and expenses before investing. This and other important information can be found in the fund’s prospectus. Read the prospectus carefully before investing. Please see prospectus above.

The GMO Trust funds are distributed in the United States by Funds Distributor LLC. GMO and Funds Distributor LLC are not affiliated.