International Opportunistic Value 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.

Tara Oliver

Portfolio Manager

Ms. Oliver is engaged in portfolio management and research for GMO’s Systematic Equity team and is a partner of the firm. Prior to joining GMO in 1996, she was an associate in the investment company practice at Coopers & Lybrand Consulting. Ms. Oliver earned her bachelor's degree from Duke University and her MBA from the Amos Tuck School of Business Administration at Dartmouth College. She is a CFA charterholder and CFA certified in ESG Investing.

John Thorndike

Co-Head of Asset Allocation, Portfolio Manager

Mr. Thorndike is Co-Head of GMO’s Asset Allocation team and a portfolio manager for the team’s products. Mr. Thorndike is a partner of the firm. Mr. Thorndike currently oversees asset selection and portfolio construction decisions, as well as team management responsibilities. Prior to joining GMO in 2015, he was a managing director and Deputy CIO at The Investment Fund for Foundations. Previously, he was an analyst with TIFF. Mr. Thorndike earned his bachelor's degree in Physics from Bowdoin College.

Overview

The GMO International Opportunistic Value Fund seeks to generate total return by investing primarily in international equities. The Fund measures its performance against the MSCI World ex-U.S.A. Value Index.

The Fund aims to profit from our Asset Allocation team’s top-down insights as to the most attractively valued segment of developed markets outside the U.S. Currently, the team finds developed, non-U.S. “deep value” (cheapest 20%) stocks to be unusually cheap relative to their own history. This actively managed Fund concentrates exposure in the deep value segment by focusing on the international stocks that GMO’s Systematic Equity team identifies as the most undervalued, using proprietary valuation models because we believe that relying on reported financials and index definitions of value may lead investors to misjudge the opportunity.

Facts

Doc Table
Fund Inception Date	July 29, 1998
CUSIP	362008666
Fund Total Assets as of 30/11/2024	$392mm USD

Share Class III

Inception Date	July 29, 1998
Ticker Symbol	GTMIX
CUSIP	362008666
NAV as of 20/12/2024	13.66
Net Expense Ratio ¹	0.68
Gross Expense Ratio ²	0.80
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
International Opportunistic Value Fund	22.09	7.19	9.61	4.67	6.21
MSCI World ex USA Value	23.90	9.14	8.51	4.69	5.21
MSCI World ex USA	24.98	5.65	8.36	5.68	4.99

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Table Caption
	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
International Opportunistic Value Fund	9.59	13.46	22.09	7.19	9.61	4.67	6.21
MSCI World ex USA Value	9.69	14.12	23.90	9.14	8.51	4.69	5.21
MSCI World ex USA	7.76	13.10	24.98	5.65	8.36	5.68	4.99

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Table Caption
	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
International Opportunistic Value Fund	9.77	14.04	22.92	7.92	10.39	5.42	6.94
MSCI World ex USA Value	9.69	14.12	23.90	9.14	8.51	4.69	5.21
MSCI World ex USA	7.76	13.10	24.98	5.65	8.36	5.68	4.99

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
International Opportunistic Value Fund	-0.97	-5.50	7.22	12.51	6.48	7.22	4.25	5.94
MSCI World ex USA Value	-0.02	-4.50	8.99	14.70	8.92	6.71	4.39	4.99
MSCI World ex USA	0.24	-4.87	7.59	13.47	4.55	6.34	5.19	4.76

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Table Caption
	MTD	QTD	YTD	1-Year	3-Year	5-Year	10-Year	ITD
International Opportunistic Value Fund	-0.92	-5.39	7.89	13.28	7.21	7.98	5.00	6.67
MSCI World ex USA Value	-0.02	-4.50	8.99	14.70	8.92	6.71	4.39	4.99
MSCI World ex USA	0.24	-4.87	7.59	13.47	4.55	6.34	5.19	4.76

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Calendar
	International Opportunistic Value Fund	MSCI World ex USA Value	MSCI World ex USA
2023	17.88	18.48	17.94
2022	-9.85	-5.64	-14.29
2021	10.79	13.26	12.62
2020	7.50	-3.22	7.59
2019	23.31	17.02	22.49
2018	-21.24	-15.06	-14.09
2017	28.44	21.04	24.21
2016	-0.36	7.39	2.75
2015	-5.35	-7.68	-3.04
2014	-7.54	-5.41	-4.32

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Calendar
	International Opportunistic Value Fund	MSCI World ex USA Value	MSCI World ex USA
2023	18.69	18.48	17.94
2022	-9.24	-5.64	-14.29
2021	11.59	13.26	12.62
2020	8.32	-3.22	7.59
2019	24.29	17.02	22.49
2018	-20.59	-15.06	-14.09
2017	29.31	21.04	24.21
2016	0.31	7.39	2.75
2015	-4.72	-7.68	-3.04
2014	-6.92	-5.41	-4.32

International Opportunistic Value Fund ¹
MSCI World ex USA Value
MSCI World ex USA

Inception Date: July 29, 1998

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. The performance information for all periods prior to May 15, 2023, was achieved prior to the change in the Fund’s investment objective and principal investment strategies. The Index used for performance reporting purposes changed from MSCI World ex-USA to MSCI World ex-USA Value effective June 30th, 2024.

Documents

Literature

Fact Sheet		Download
Prospectus		Download
Summary Prospectus		Download
Statement of Additional Information		Download
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Downloads

Performance		Download
Portfolio Composition		Download
Holdings		Download
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Commentary & Attribution

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

Semi-Annual Financial Statements and Other Information		Download
Semi-Annual Report		Download
NAVs and Distributions		Download
Distribution Dates		Download
Distribution Estimates		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) Non-U.S. Investment Risk: The market prices of many non-U.S. securities (particularly of companies tied economically to emerging countries) fluctuate more than those of U.S. securities. Many non-U.S. markets (particularly emerging markets) are less stable, smaller, less liquid, and less regulated than U.S. markets, and the cost of trading in those markets often is higher than it is in U.S. markets. (3) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results, including annualized returns and annualized volatility.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.