Fund Evaluator:
GMO Emerging Country Debt Share I (GMAJX)
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Best Performing in Emerging Markets Bond Over the Last Year
| 17.9% | American Beacon DevelopingWldIncFd-InvCl (AGEPX) |
| 14.3% | Artisan Emerging Markets Debt Opp Inv (APFOX) |
| 9.8% | TCW Emerging Markets Income N (TGINX) |
| 9.8% | Fidelity New Markets Income (FNMIX) |
| 9.7% | Fidelity Advisor New Markets Income Z (FGBMX) |
Fund Details
GMO Emerging Country Debt Share I Overview
GMO Emerging Country Debt Share I (GMAJX) is an actively managed Taxable Bond Emerging Markets Bond fund. GMO launched the fund in 2026.
The investment seeks total return in excess of that of its benchmark, the J.P. Morgan EMBI Global Diversified. Under normal circumstances, the fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in debt investments tied economically to emerging countries.
About GMO Emerging Country Debt Share I (GMAJX)
There are 1 members of the management team with an average tenure of 6.17 years: Tina Vandersteel (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: JPM EMBI Global Diversified TR USD index with a weighting of 100%. GMO Emerging Country Debt Share I has securities in its portfolio. The top 10 holdings constitute 0.0% 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 Emerging Country Debt Share I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. GMO Emerging Country Debt Share I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GMO Emerging Country Debt Share I has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $331 million average for the Emerging Markets Bond 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.
GMAJX 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 Emerging Country Debt Share I expense ratio is high compared to funds in the Emerging Markets Bond category. GMO Emerging Country Debt Share I has an expense ratio of 0.80%, which is 20% 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. A portfolio turnover rate cannot be currently calculated for GMO Emerging Country Debt Share I. By way of comparison, the average portfolio turnover is 83% for the Emerging Markets Bond category.
Recently, in the month of August 2026, GMO Emerging Country Debt Share I returned 1.3%, which earned it a grade of A, as the Emerging Markets Bond category had an average return of 0.8%. 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 Emerging Country Debt Share I has a trailing yield of 0.00%, which is below the 5.95% category average. The fund normally distributes its income annually and its capital gains 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.
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GMAJX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GMAJX Return (NAV) | 1.3% | 0.8% | na | na | na | na |
| GMAJX Grade | A | B | na | na | na | na |
| +/- Category | 0.5% | 0.2% | na | na | na | na |
| Emerging Markets Bond Avg | 0.8% | 0.6% | 8.0% | 9.9% | 2.7% | 3.5% |
| GMAJX Tax Cost Ratio | na | na | na | na | na | na |
GMAJX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GMAJX Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| GMAJX Grade | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Emerging Markets Bond Avg | 3.3% | 13.8% | 6.4% | 11.6% | -14.9% | -2.9% | 5.5% | 13.1% | -5.4% | 11.2% | 11.9% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $40 Mil |
| Fund Total Assets: | $ 40 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 6.2 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): Vandersteel Tina (2020) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | GMO |
| Phone Number: | 617-346-7646 |
| Website: | www.gmo.com |
| Status: | Open |
| Inception Date: | January 13, 2026 |
| 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 (%): | 0.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.00% |
| Share Class: | GMO Emerging Country Debt Share I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
