GMAUX Performance — GMO Emerging Markets ex-China Fund, Class III
Data updated: 2026-09-29
GMAUX returned +50.92% year to date and +86.04% over one year to May 2026. The annualised 3-year return is +33.67%. The fund beat its Emerging Markets Equity category average: $100 invested three years ago grew to $239, 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.
GMAUX 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 | GMAUX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $186 | $149 |
| 3 years (Jun 2023 – May 2026) | $239 | $186 |
| Since data start (Nov 2021 – May 2026) | $172 | $148 |
GMAUX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +50.92% |
| 1 year | +86.04% |
| 3 years (annualised) | +33.67% |
GMAUX 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) | +50.92% |
| 2025 | +31.84% |
| 2024 | +0.21% |
| 2023 | +27.06% |
| 2022 | −32.44% |
| 2021 (Nov–Dec) | +0.46% |
GMAUX 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 | +10.7% | +9.3% | −10.8% | +12.7% | +24.0% | — | — | — | — | — | — | — |
| 2025 | +1.4% | −4.2% | +1.7% | +2.7% | +5.5% | +6.0% | +1.1% | +1.4% | +3.9% | +5.7% | −1.6% | +5.0% |
| 2024 | −1.1% | +2.3% | +1.1% | −1.0% | +1.5% | +1.9% | +1.1% | +2.7% | +0.7% | −4.8% | −1.0% | −2.9% |
| 2023 | +8.3% | −4.3% | +1.6% | +0.5% | +0.2% | +3.9% | +5.6% | −5.1% | −0.6% | −2.3% | +9.9% | +7.7% |
| 2022 | −2.9% | −14.1% | −5.7% | −6.8% | +1.6% | −12.7% | +3.7% | −0.7% | −11.0% | +5.3% | +12.8% | −4.6% |
| 2021 | — | — | — | — | — | — | — | — | — | — | −4.7% | +5.4% |
GMAUX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 20.93%
- 3-year Sharpe ratio: 1.39 (vs 4.5% risk-free rate)
- Best month: +24.04% (May 2026)
- Worst month: −10.76% (Mar 2026)
GMAUX 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 |
GMAUX 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.