Fund Evaluator:
GMO Climate Change I (GCCLX)
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Fund Details
GMO Climate Change I Overview
GMO Climate Change I (GCCLX) is an actively managed International Equity Global Small/Mid Stock fund. GMO launched the fund in 2020.
The investment seeks high total return. Under normal market conditions, the fund invests at least 80% of its assets in companies in "climate change-related industries". The advisor considers "climate change-related industries" to include clean energy, batteries and storage, electric grid, energy efficiency, recycling and pollution control, agriculture, water, and businesses that service such industries. The fund is permitted to invest directly and indirectly in equities of companies tied economically to any country in the world, including emerging countries.
About GMO Climate Change I (GCCLX)
There are 2 members of the management team with an average tenure of 9.40 years: Lucas White (2017), Thomas Hancock (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. GMO Climate Change I has 117 securities in its portfolio. The top 10 holdings constitute 38.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
GMO Climate Change I is part of the Equity global asset class and is within the International Equity fund group. GMO Climate Change I has 49.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.4%. There is 49.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.2% (0.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GMO Climate Change I has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $76 million in total assets, which is below the $892 million average for the Global Small/Mid Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GCCLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The GMO Climate Change I expense ratio is high compared to funds in the Global Small/Mid Stock category. GMO Climate Change I has an expense ratio of 0.86%, which is 32% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. GMO Climate Change I has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Global Small/Mid Stock category.
Recently, in the month of July 2026, GMO Climate Change I returned -5.5%, which earned it a grade of D, as the Global Small/Mid Stock category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
GMO Climate Change I has a trailing yield of 2.07%, which is above the 1.34% category average. The fund normally distributes its income semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
GMO Climate Change I Grades
Year to date, the fund has returned 9.9%, 1.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 38.2% over the past year (grade of A), -1.6% over the past three years (grade of F) and -1.2% per year over the past five years (grade of F).
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GCCLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GCCLX Return (NAV) | -5.5% | -8.9% | 38.2% | -1.6% | -1.2% | na |
| GCCLX Grade | D | F | A | F | F | na |
| +/- Category | -3.6% | -10.5% | 21.4% | -11.0% | -4.1% | na |
| Global Small/Mid Stock Avg | -2.0% | 1.7% | 16.8% | 9.4% | 2.9% | 8.3% |
| GCCLX Tax Cost Ratio | na | na | 0.9% | 0.5% | 1.1% | na |
GCCLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GCCLX Return (NAV) | 9.9% | 39.2% | -25.7% | -6.9% | -10.3% | 11.3% | 42.7% | 26.5% | -15.8% | na | na |
| GCCLX Grade | D | A | F | F | A | D | B | D | D | na | na |
| +/- Category | -1.0% | 25.0% | -28.6% | -23.4% | 12.0% | -4.8% | 15.3% | -1.1% | -1.8% | na | na |
| Global Small/Mid Stock Avg | 10.9% | 14.2% | 2.9% | 16.5% | -22.3% | 16.1% | 27.5% | 27.6% | -14.0% | 26.0% | 7.9% |
| Risk Measures | |
| Standard Deviation: | 26.6% |
| Total Risk Index: | 2.17 - High |
| Category Risk Index: | 1.57 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 1.48 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.1% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | |
| Total Assets: | $567 Mil |
| Fund Total Assets: | $ 76 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 41% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.4 years | |||
| Average Tenure: 9.4 years | |||
| Managers (Year): White Lucas (2017), Hancock Thomas (2017) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 117 |
| % in Top 10 Holdings: | 38.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 49.5% |
Portfolio Allocation |
|
| Domestic Stock: | 49.4% |
| Foreign Stock: | 49.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | GMO |
| Phone Number: | 617-346-7646 |
| Website: | www.gmo.com |
| Status: | Open |
| Inception Date: | February 25, 2020 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.26% |
| Share Class: | GMO Climate Change III |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
