GMAFX — GMO Emerging Country Debt Shares Fund
Data updated: 2026-07-29
GMAFX — GMO Emerging Country Debt Shares Fund. United States Multi-Cap / All-Cap Equity · $61.82M AUM. Holdings, fees, performance and SEC filings.
GMAFX Fund Overview
GMAFX — GMO Emerging Country Debt Shares Fund is a US mutual fund managed by Gmo Trust, categorised as United States Multi-Cap / All-Cap Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Gmo Trust
- Category: United States Multi-Cap / All-Cap Equity
- Assets under management: $61.82M
- Ticker: GMAFX
- SEC CIK: 0000772129
- SEC series ID: S000068930
- Share class ID: C000220256
GMAFX Investment Objective and Strategy
GMO Emerging Country Debt Shares Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Gmo Trust.
Investment objective
Total return in excess of that of its benchmark, the J.P. Morgan EMBI Global Diversified.
Principal investment strategy
The Fund invests substantially all of its assets in Class III shares of Emerging Country Debt Fund (ECDF). ECDF invests in securities and other instruments. The Funds investment objective and principal investment strategies are substantially similar to those of ECDF. Except as otherwise indicated, references to the Fund may also refer to ECDF, and references to actions undertaken or investments held by the Fund may also refer to those by ECDF. GMO serves as investment adviser to both the Fund and ECDF. The Fund seeks its investment objective by investing primarily in debt of emerging country sovereign, quasi-sovereign, and corporate issuers and in emerging country credit, currency, and interest rate derivatives. Sovereign refers to a government and quasi-sovereign refers to a governmental agency, political subdivision or other instrumentality or corporate issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by or derived from a government.
The Fund can invest in both local currency denominated debt (local debt) and non-local currency denominated debt (hard currency debt). Consistent with its hard currency benchmark, the Fund typically invests primarily in hard currency debt and only opportunistically in local currency debt. In constructing the Funds portfolio, GMO uses fundamental analytical techniques to select country credit, corporate credit, currency, interest-rate, and individual bond and derivative instruments. For country credit selection, GMO considers a countrys economic structure, fiscal sustainability, external liquidity, and certain ESG (environmental, social, and governance) criteria. For quasi-sovereign and corporate credit selection, GMO focuses on quasi-sovereign credits and considers the stand-alone credit quality of the issuer, its relationship to the local government, and any idiosyncratic risks of the bond and issuer.
In selecting individual bonds, GMO considers the bond-specific characteristics, such as the coupon rate, seniority and yield. With respect to opportunistic local currency investments, GMO considers the nature of the currency (i.e., floating-rate or pegged), a countrys economic cycle, market sentiment (for floating rate currencies) and valuation-based factors (for pegged currencies). With respect to local currency interest rates, GMO considers real yields and its assessment of fundamental fair values. GMO considers risk at both the Funds portfolio and individual security level and generally takes into account, among other factors, U.S. dollar and local currency interest rate duration, credit spread duration, currency exposure, liquidity, transaction costs and sovereign and corporate default scenarios.
The factors GMO considers and investment methods GMO uses can change over time. The Fund may invest in debt investments of all credit qualities, including securities that are in default. (The debt investments in which the Fund invests include below investment grade debt investments, which are commonly referred to as high yield or junk bonds, although these terms are not generally used to refer to emerging country debt securities.) The hard currency debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling. After hedging, U.S. dollars typically represent at least 75% of the Funds currency exposures. The Fund typically invests in less liquid debt investments with the intention of holding them for an extended period of time.
Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in debt investments tied economically to emerging countries (see Name Policies). In general, the Fund considers emerging countries to include countries whose securities are included in the Funds benchmark or countries that have similar economic and social structures or default histories to those of countries whose securities are included in the Funds benchmark. The Funds performance is likely to be more volatile than that of its benchmark. In seeking to achieve the Funds investment objective, GMO typically invests a portion of the Funds assets in over-the-counter (OTC) and exchange-traded derivatives, including options, swap contracts (including interest rate swaps, total return swaps and credit default swaps), forward currency contracts (including forward contracts on currencies of developed markets), and reverse repurchase agreements.
The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. The Fund may also engage in short sales. Leverage is not a principal component of the Funds investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to a higher risk of loss during those times than if the Fund were not leveraged. The Funds performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices. The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.
GMO normally seeks to maintain an interest rate duration for the Fund that is similar to that of its benchmark (approximately 6.3 years as of May 31, 2026). For an additional discussion of duration, see Additional Information About the Funds Investment Strategies, Risks, and Expenses Bond Funds Duration.
GMAFX Holdings
Top 2 holdings of GMO Emerging Country Debt Shares Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| GMO Emerging Country Debt | 100.04% |
| State Street Global Advisors | 0.03% |
GMAFX Portfolio Allocation
Asset-class allocation of GMO Emerging Country Debt Shares Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 100.0% |
GMAFX Performance
Total returns for GMAFX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 6.0% |
GMAFX Costs and Fees
GMAFX costs about $67 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.67%
- Gross expense ratio: 1.93%
- Portfolio turnover: 0%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
GMAFX Cashflows
Over the 12 months to 2026-05, GMO Emerging Country Debt Shares Fund had net inflows of $60.26M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $6.72M |
| 2026-04 | $27.24M |
| 2026-03 | $212.04K |
| 2026-02 | $1.68M |
| 2026-01 | $24.40M |
GMAFX Debt Constituents
No individual debt constituents are reported in GMO Emerging Country Debt Shares Fund's latest SEC N-PORT filing.
GMAFX Prospectus and SEC Filings
Official GMO Emerging Country Debt Shares Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other United States Multi-Cap / All-Cap Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.