Fund Evaluator:
GMO Resources I (GEACX)
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Best Performing in Natural Resources Over the Last Year
| 47.4% | GMO Resources I (GEACX) |
| 44.8% | US Global Investors Global Res (PSPFX) |
| 40.1% | PGIM Jennison Natural Resources Z (PNRZX) |
| 39.9% | ICON Natural Resources and Infras Inv (ICBAX) |
| 36.0% | Nomura Natural Resources Y (IGNYX) |
Fund Details
GMO Resources I Overview
GMO Resources I (GEACX) is an actively managed Sector Equity Natural Resources fund. GMO launched the fund in 2021.
The investment seeks total return. Under normal market conditions, the fund invests at least 80% of its assets in the securities of companies in that sector. The fund's managers consider the “natural resources sector” to include companies that own, produce, refine, process, transport, and market natural resources and companies that provide related equipment, infrastructure, and services. The fund manager seeks to achieve the fund’s investment objective by investing the fund’s assets primarily in equities of companies in the natural resources sector.
About GMO Resources I (GEACX)
There are 2 members of the management team with an average tenure of 12.68 years: Lucas White (2015), Thomas Hancock (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI ACWI Commodity Producers NR USD index with a weighting of 100%. GMO Resources I has 138 securities in its portfolio. The top 10 holdings constitute 36.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
GMO Resources I is part of the Equity global asset class and is within the Sector Equity fund group. GMO Resources I has 60.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 38.3%. There is 60.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.5% (0.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GMO Resources I has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $368 million in total assets, which is above the $232 million average for the Natural Resources 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.
GEACX 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 Resources I expense ratio is high compared to funds in the Natural Resources category. GMO Resources I has an expense ratio of 0.82%, which is 29% lower than its category average, making the fund expense ratio grade a B. 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 Resources I has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 60% for the Natural Resources category.
Recently, in the month of June 2026, GMO Resources I returned -11.4%, which earned it a grade of F, as the Natural Resources category had an average return of -5.5%. 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 Resources I has a trailing yield of 3.59%, which is above the 2.09% 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 Resources I Grades
Year to date, the fund has returned 17.5%, 5.9 percentage points better than the category, which translates into a grade of A. The fund has returned 47.4% over the past year (grade of A), 6.2% over the past three years (grade of F) and 3.5% per year over the past five years (grade of F) and 11.6% per year over the past 10 years (grade of B).
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GEACX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GEACX Return (NAV) | -11.4% | -9.6% | 47.4% | 6.2% | 3.5% | 11.6% |
| GEACX Grade | F | F | A | F | F | B |
| +/- Category | -5.9% | -5.4% | 15.6% | -7.0% | -7.3% | 2.1% |
| Natural Resources Avg | -5.5% | -4.1% | 31.8% | 13.2% | 10.8% | 9.5% |
| GEACX Tax Cost Ratio | na | na | 1.7% | 1.7% | 2.5% | na |
GEACX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GEACX Return (NAV) | 17.5% | 22.9% | -17.8% | -1.6% | -0.2% | 22.4% | 22.5% | 20.1% | -6.7% | 28.4% | 44.3% |
| GEACX Grade | A | D | F | D | D | F | A | B | A | A | A |
| +/- Category | 5.9% | -5.6% | -17.3% | -4.9% | -8.2% | -8.4% | 12.9% | 5.2% | 13.8% | 15.3% | 15.7% |
| Natural Resources Avg | 11.6% | 28.6% | -0.5% | 3.4% | 8.0% | 30.8% | 9.6% | 14.8% | -20.5% | 13.1% | 28.6% |
| Risk Measures | |
| Standard Deviation: | 21.8% |
| Total Risk Index: | 1.79 - High |
| Category Risk Index: | 1.22 - High |
| Category Risk Grade: | F (93% Rank) |
| Beta: | 0.71 |
| R-Squared: | 17% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1160 Mil |
| Fund Total Assets: | $ 368 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 43% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.5 years | |||
| Average Tenure: 12.7 years | |||
| Managers (Year): Hancock Thomas (2011), White Lucas (2015) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 138 |
| % in Top 10 Holdings: | 36.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 60.9% |
Portfolio Allocation |
|
| Domestic Stock: | 38.3% |
| Foreign Stock: | 60.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | GMO |
| Phone Number: | 617-346-7646 |
| Website: | www.gmo.com |
| Status: | Open |
| Inception Date: | January 22, 2021 |
| 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 (%): | 0.82% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | GMO Resources III |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
