GMO Benchmark-Free Allocation Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, GMO Benchmark-Free Allocation Fund held 6 positions with $2.60B in net assets. Its ten largest holdings made up 100.1% of the fund. The GBMFX share class costs 1.35% a year. Over the 12 months to May 2026, GBMFX returned 28.5%, with dividends reinvested. In 2026 Q2 it added no new positions and exited none.
Positive total return.
The fund is a fund of funds that invests in other GMO-managed funds—including fixed income, alternative, and implementation funds, as well as GMO exchange-traded funds—rather than holding securities directly. GMO allocates assets across these underlying funds based on quantitative multi-year forecasts of risk-adjusted returns by asset class, shifting allocations in response to changes in valuations and market outlook. The fund may hold substantial exposure to derivatives and short sales, and because of derivative exposure may at times carry gross investment exposure exceeding net assets, creating higher risk of loss during leveraged periods.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GIMFXGMO Implementation Fund | 83.70% | $2.18B | 125.2M | $17.38 |
GAAVXGMO Alternative Allocation Fund | 12.27% | $318.76M | 17.2M | $18.51 |
GMODXGMO Opportunistic Income Fund | 1.88% | $48.86M | 2.0M | $24.25 |
GCCHXGMO Climate Change Fund | 1.11% | $28.75M | 894.4K | $32.14 |
GHVIXGMO High Yield Fund | 0.99% | $25.69M | 1.5M | $17.54 |
State Street Global Advisors | 0.13% | $3.33M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 6 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 57.55% |
| Bonds | 24.57% |
| Cash & short-term | 19.21% |
| Securitized | 1.55% |
| Other | 0.08% |
| Derivatives | -0.60% |
Look-through blends 5 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
How it has done
GBMFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.79%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.35% | +28.53% | +60.10% | +50.91% | -3.79% | |
| 1.30% | +28.64% | +60.43% | +51.42% | -3.79% | |
| — | — | — | — | — | |
| — | +28.40% | +59.61% | +50.19% | -3.83% | |
| 1.35% | +28.53% | +60.13% | +50.95% | -3.79% |
Fees & fund details
GMO Benchmark-Free Allocation Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified · Fund of funds
- Expense ratio, by class
- 1.30% – 1.46%· GBMFX 1.35%
- Portfolio turnover
- 11.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
0 new
0 exited
Understand how this fund fits with the rest.
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