GMCDX Performance — GMO Emerging Country Debt Fund, Class III
Data updated: 2026-09-29
GMCDX returned +8.38% year to date and +26.77% over one year to May 2026. Annualised returns are +20.39% over 3 years and +7.95% over 5 years. The fund beat its International Intermediate Core Bond category average: $100 invested three years ago grew to $174, against $125 for the category, and to $127 over one year, against $109. Volatility over the past three years was 7.23% a year. In the 12 months to May 2026 the fund lost a net $429.8M, and assets reached $2.27B.
GMCDX Growth of $100
What $100 invested in GMO Emerging Country Debt Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the International Intermediate Core Bond category average over the same months.
| Period | GMCDX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $127 | $109 |
| 3 years (Jun 2023 – May 2026) | $174 | $125 |
| 5 years (Jun 2021 – May 2026) | $147 | $110 |
| Since data start (Sep 2019 – May 2026) | $161 | $115 |
GMCDX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +8.38% |
| 1 year | +26.77% |
| 3 years (annualised) | +20.39% |
| 5 years (annualised) | +7.95% |
GMCDX Annual Returns
Calendar-year total returns of GMO Emerging Country Debt Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +8.38% |
| 2025 | +22.32% |
| 2024 | +13.36% |
| 2023 | +17.64% |
| 2022 | −16.33% |
| 2021 | −1.31% |
| 2020 | +7.24% |
| 2019 (Sep–Dec) | +2.90% |
GMCDX 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 | +3.9% | +1.5% | −3.0% | +4.2% | +1.6% | — | — | — | — | — | — | — |
| 2025 | +3.2% | +1.6% | −1.2% | −0.8% | +1.8% | +3.5% | +2.4% | +2.0% | +2.2% | +3.9% | +1.1% | +0.9% |
| 2024 | +0.1% | +2.2% | +3.3% | −0.7% | +1.5% | +0.5% | +1.8% | +1.9% | +2.5% | −0.9% | +1.2% | −0.7% |
| 2023 | +4.3% | −2.3% | 0.0% | 0.0% | −0.5% | +3.9% | +3.6% | −1.2% | −2.5% | +0.3% | +6.2% | +5.0% |
| 2022 | −3.1% | −6.9% | +1.1% | −5.5% | −0.3% | −7.9% | +2.5% | −0.5% | −6.1% | +0.7% | +8.5% | +0.9% |
| 2021 | −1.3% | −2.1% | −1.2% | +3.0% | +1.4% | +0.8% | +0.5% | +1.3% | −2.2% | −0.1% | −2.5% | +1.5% |
| 2020 | +1.8% | −0.9% | −15.2% | +1.6% | +5.6% | +4.9% | +4.5% | +1.1% | −2.5% | −0.4% | +5.4% | +3.0% |
| 2019 | — | — | — | — | — | — | — | — | −0.1% | +0.3% | 0.0% | +2.6% |
GMCDX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 7.23%
- 3-year Sharpe ratio: 2.20 (vs 4.5% risk-free rate)
- Best month: +6.22% (Nov 2023)
- Worst month: −2.99% (Mar 2026)
GMCDX Fund Flows
Monthly money in and out of GMO Emerging Country Debt Fund, from SEC Form N-PORT.
- 12-month net flow: −$429.8M
- 12-month gross sales (incl. reinvestments): $730.3M
- Sales ÷ redemptions: 0.63×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $40.1M | $45.1M | −$5.1M |
| Apr 2026 | $27.2M | $270.8M | −$243.6M |
| Mar 2026 | $407K | $20K | $386K |
| Feb 2026 | $223.7M | $206.1M | $17.5M |
| Jan 2026 | $26.1M | $20.0M | $6.1M |
| Dec 2025 | $81.4M | $19.1M | $62.3M |
| Nov 2025 | $155.1M | $296.0M | −$140.9M |
| Oct 2025 | $140.5M | $251.2M | −$110.7M |
| Sep 2025 | $7.6M | $14.5M | −$6.8M |
| Aug 2025 | $0 | $6.1M | −$6.1M |
| Jul 2025 | $26.7M | $24.0M | $2.7M |
| Jun 2025 | $1.4M | $7.2M | −$5.7M |
GMCDX Assets Under Management
Net assets of GMO Emerging Country Debt Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $2.27B |
| 2026-02-28 | $2.45B |
| 2025-11-30 | $2.33B |
| 2025-08-31 | $2.42B |
| 2025-05-31 | $2.28B |
| 2025-02-28 | $2.33B |
| 2024-11-30 | $2.28B |
| 2024-08-31 | $2.23B |
| 2024-05-31 | $2.29B |
| 2024-02-29 | $2.28B |
| 2023-11-30 | $2.56B |
| 2023-08-31 | $2.60B |
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.