GMO Implementation Fund
GMO TRUST · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
GMO Implementation Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| GIMFX | 0.38% | 0.34% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 140.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 46.8% |
| Government | 18.2% |
| Financials | 11.7% |
| Other | 10.8% |
| 11 smaller | 12.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Nomura Fixed Income Securities Private Ltd., Intercontinental Exchange, Inc. ×2, Osaka Exchange, Roche Holding AG, Petroleo Brasileiro SA - Petrobras, ASTS, Yageo Corp
Largest exited: Nomura Securities International, Inc., United States Treasury, Roche Holding AG, Hogy Medical Co Ltd, Bayerische Motoren Werke AG, HUBS, Universal Music Group NV, ON
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
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.
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 |
|---|---|---|---|---|---|
| — | United States Treasury3.72% 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 Treasury3.81% floating · due 2027-10-31 | 6.58% | — | $153.16M | — |
| — | United States Treasury3.78% floating · due 2027-07-31 | 4.30% | — | $100.10M | — |
| — | GMO USTF SEC LENDING | 4.03% | $5.01 | $93.93M | 18.7M |
| — | Taiwan Semiconductor Manufacturing Co Ltd | 1.76% | $74.09 | $40.97M | 553.0K |
| — | Samsung Electronics Co Ltd | 0.80% | $209.79 | $18.53M | 88.3K |
| — | BHP Group Ltd | 0.77% | $44.52 | $17.86M | 401.1K |
| — | 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.
Top 10 positions are 47.17% of net assets, top 25 54.86%, across 1.2K 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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