GMO Implementation Fund
Actively managed global stock fund
As of its 2026 Q2 report, GMO Implementation Fund held 1,261 positions with $2.33B in net assets. Its ten largest holdings made up 47.2% of the fund. The GIMFX share class costs 0.34% a year. Over the 12 months to May 2026, GIMFX returned 32.3%, with dividends reinvested. In 2026 Q2 it added 189 new positions and exited 224.
Positive total return, not relative return.
The fund pursues positive absolute returns by allocating across asset classes—equities, bonds, real estate, commodities, and alternatives—based on GMO's multi-year forecasts of risk-adjusted returns and its view that valuations revert to fair value over market cycles. The fund adjusts exposures dynamically in response to changing valuations and market outlook, with no limits on shifts among asset classes, sector or country concentration, or use of derivatives including short sales. Because the fund may hold substantial positions in single asset classes, sectors, or issuers and may employ leverage through derivatives, performance can diverge materially from broad market returns and losses may be amplified.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
United States Treasury 3.72% floating · due 2028-01-31 | 10.61% | $247.03M | — | — |
Nomura Fixed Income Securities Private Ltd. | 9.02% | $210.00M | — | — |
Daiwa Capital Markets America, Inc. | 8.59% | $200.00M | — | — |
United States Treasury 3.81% floating · due 2027-10-31 | 6.58% | $153.16M | — | — |
United States Treasury 3.78% floating · due 2027-07-31 | 4.30% | $100.10M | — | — |
GMO USTF SEC LENDING | 4.03% | $93.93M | 18.7M | $5.01 |
Taiwan Semiconductor Manufacturing Co Ltd | 1.76% | $40.97M | 553.0K | $74.09 |
Samsung Electronics Co Ltd | 0.80% | $18.53M | 88.3K | $209.79 |
BHP Group Ltd | 0.77% | $17.86M | 401.1K | $44.52 |
State Street Global Advisors | 0.72% | $16.76M | — | — |
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.
The 200 largest of 1,261 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 | 59.35% |
| Bonds | 24.75% |
| Cash & short-term | 19.45% |
| Other | 0.06% |
| Derivatives | -1.02% |
Look-through blends 1 underlying fund; 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.
By sector
- International
- 46.8%
- Government
- 18.2%
- Financials
- 11.7%
- Other
- 10.8%
- 11 other sectors
- 12.4%
- International
- 46.8%
- Government
- 18.2%
- Financials
- 11.7%
- Other
- 10.8%
- Health Care
- 2.8%
- Information Technology
- 2.1%
- Consumer Discretionary
- 1.7%
- Communication Services
- 1.5%
- Industrials
- 1.3%
- Energy
- 0.9%
- Consumer Staples
- 0.8%
- Cash
- 0.7%
- Materials
- 0.5%
- Utilities
- 0.0%
- Real Estate
- 0.0%
How it has done
GIMFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.93%. Past returns are a record, not a forecast.
Fees & fund details
GMO Implementation Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.34%· GIMFX 0.34%
- Portfolio turnover
- 140.00% 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.
189 new· the largest 7
224 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 99.0% |
| Fixed rate | 1.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 99.0% |
| 5-10y | 0.4% |
| 10y+ | 0.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund carries a net credit hedge: it would gain roughly 1.5% if credit spreads widened 100bp, where a comparable bond fund would lose.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.00 yr |
| High yield | -1.39 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.58 yr | 26% |
| 5 yr | 1.04 yr | 47% |
| 10 yr | 0.57 yr | 25% |
| 30 yr | 0.05 yr | 2% |
3 mo is NEGATIVE (-0.16 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.16 | +0.00 | -0.00 | $2 | -$56 |
| 1 yr | +0.58 | +0.00 | -0.01 | $59 | -$1.6k |
| 5 yr | +1.04 | +0.00 | -1.36 | $205 | -$315.9k |
| 10 yr | +0.57 | +0.00 | -0.02 | $84 | -$5.2k |
| 30 yr | +0.05 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.07 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — GIMFX, QQQ and the fund in my 401(k)?”
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