GMAQX Performance — GMO Emerging Markets ex-China Fund, Class VI
Data updated: 2026-09-29
GMAQX returned +51.05% year to date and +86.30% over one year to May 2026. The annualised 3-year return is +33.87%. The fund beat its Emerging Markets Equity category average: $100 invested three years ago grew to $240, against $186 for the category, and to $186 over one year, against $149. Volatility over the past three years was 20.93% a year. In the 12 months to May 2026 the fund lost a net $13.5M, and assets reached $112.75M.
GMAQX Growth of $100
What $100 invested in GMO Emerging Markets ex-China Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | GMAQX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $186 | $149 |
| 3 years (Jun 2023 – May 2026) | $240 | $186 |
| Since data start (Oct 2021 – May 2026) | $173 | $151 |
GMAQX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +51.05% |
| 1 year | +86.30% |
| 3 years (annualised) | +33.87% |
GMAQX Annual Returns
Calendar-year total returns of GMO Emerging Markets ex-China Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +51.05% |
| 2025 | +31.99% |
| 2024 | +0.36% |
| 2023 | +27.28% |
| 2022 | −32.40% |
| 2021 (Oct–Dec) | +0.46% |
GMAQX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +10.8% | +9.3% | −10.8% | +12.6% | +24.1% | — | — | — | — | — | — | — |
| 2025 | +1.4% | −4.2% | +1.7% | +2.7% | +5.5% | +6.1% | +1.0% | +1.4% | +4.0% | +5.7% | −1.6% | +5.0% |
| 2024 | −1.1% | +2.3% | +1.2% | −1.0% | +1.5% | +1.9% | +1.2% | +2.7% | +0.7% | −4.8% | −1.0% | −2.9% |
| 2023 | +8.4% | −4.3% | +1.6% | +0.5% | +0.2% | +3.9% | +5.7% | −5.0% | −0.6% | −2.3% | +9.9% | +7.7% |
| 2022 | −2.9% | −14.0% | −5.7% | −6.9% | +1.7% | −12.7% | +3.7% | −0.8% | −10.9% | +5.3% | +12.8% | −4.7% |
| 2021 | — | — | — | — | — | — | — | — | — | −0.8% | −3.9% | +5.4% |
GMAQX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 20.93%
- 3-year Sharpe ratio: 1.40 (vs 4.5% risk-free rate)
- Best month: +24.11% (May 2026)
- Worst month: −10.78% (Mar 2026)
GMAQX Fund Flows
Monthly money in and out of GMO Emerging Markets ex-China Fund, from SEC Form N-PORT.
- 12-month net flow: −$13.5M
- 12-month gross sales (incl. reinvestments): $11.2M
- Sales ÷ redemptions: 0.45×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $0 | $9.6M | −$9.6M |
| Apr 2026 | $0 | $245K | −$245K |
| Mar 2026 | $3.1M | $1.8M | $1.2M |
| Feb 2026 | $0 | $2.2M | −$2.2M |
| Jan 2026 | $0 | $441K | −$441K |
| Dec 2025 | $6.8M | $0 | $6.8M |
| Nov 2025 | $0 | $1.7M | −$1.7M |
| Oct 2025 | $0 | $1.5M | −$1.5M |
| Sep 2025 | $0 | $890K | −$890K |
| Aug 2025 | $0 | $2.7M | −$2.7M |
| Jul 2025 | $1.3M | $355K | $938K |
| Jun 2025 | $0 | $3.2M | −$3.2M |
GMAQX Assets Under Management
Net assets of GMO Emerging Markets ex-China Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $112.75M |
| 2026-02-28 | $97.82M |
| 2025-11-30 | $78.48M |
| 2025-08-31 | $76.43M |
| 2025-05-31 | $76.40M |
| 2025-02-28 | $70.34M |
| 2024-11-30 | $76.07M |
| 2024-08-31 | $84.22M |
| 2024-05-31 | $115.62M |
| 2024-02-29 | $237.28M |
| 2023-11-30 | $214.63M |
| 2023-08-31 | $246.65M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.