GMO Benchmark-Free Allocation Fund
GMO TRUST · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| C000014925 | 1.61% | 1.46% |
| GBMFX | 1.50% | 1.35% |
| GBMBX | 1.45% | 1.30% |
| GBMSX | 1.50% | 1.35% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 11.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +26.57% | +50.74% | +50.12% | 7.74% | -3.79% | |
| +26.64% | +51.06% | +50.59% | 7.75% | -3.79% | |
| — | — | — | — | — | |
| +26.45% | +50.26% | +49.35% | 7.73% | -3.83% | |
| +26.57% | +50.76% | +50.16% | 7.77% | -3.79% |
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| GIMFX | GMO Implementation FundGIMFX | 83.70% | $17.38 | $2.18B | 125.2M |
| GAAVX | GMO Alternative Allocation FundGAAVX | 12.27% | $18.51 | $318.76M | 17.2M |
| GMODX | GMO Opportunistic Income FundGMODX | 1.88% | $24.25 | $48.86M | 2.0M |
| GCCHX | GMO Climate Change FundGCCHX | 1.11% | $32.14 | $28.75M | 894.4K |
| GHVIX | GMO High Yield FundGHVIX | 0.99% | $17.54 | $25.69M | 1.5M |
| — | 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.
Top 10 positions are 100.06% of net assets, top 25 100.06%, across 6 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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