Fund Evaluator:
GMO MAC Implementation (GMIHX)
Follow This Fund
Best Performing in Nontraditional Bond Over the Last Year
| 11.2% | Artisan Global Unconstrained Investor (APFPX) |
| 6.3% | Goldman Sachs Dynamic Bond Inv (GZIRX) |
| 5.2% | PGIM Absolute Return Bond Z (PADZX) |
| 4.9% | Spectrum Low Volatility Investor (SVARX) |
| 4.8% | Spectrum Unconstrained Investor (SUNBX) |
Fund Details
GMO MAC Implementation Overview
GMO MAC Implementation (GMIHX) is an actively managed Taxable Bond Nontraditional Bond fund. GMO launched the fund in 2025.
The investment seeks total return and capital preservation. The fund invests in a portfolio of fixed income instruments of varying maturities, which may be represented by bonds, forward contracts or derivatives such as options, futures contracts, or swap agreements. GMO evaluates the relative attractiveness of particular fixed income markets and instruments using various fixed income risk premium measures.
About GMO MAC Implementation (GMIHX)
There are 2 members of the management team with an average tenure of 1.14 years: Joe Auth (2025), Kevin Breaux (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and MSCI World NR USD index with a weighting of 100%. GMO MAC Implementation has 16 securities in its portfolio. The top 10 holdings constitute 396.8% 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 MAC Implementation is part of the Fixed Income global asset class and is within the Taxable Bond fund group. GMO MAC Implementation has 30.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 30.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 335.0% (335.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GMO MAC Implementation has -245.0% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $663 million average for the Nontraditional 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.
GMIHX 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 MAC Implementation expense ratio is low compared to funds in the Nontraditional Bond category. GMO MAC Implementation has an expense ratio of 0.01%, which is 99% 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 MAC Implementation has a portfolio turnover rate of 668%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, GMO MAC Implementation returned -4.3%, which earned it a grade of F, as the Nontraditional Bond category had an average return of -0.2%. 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 MAC Implementation has a trailing yield of 2.81%, which is below the 4.94% 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.
GMO MAC Implementation Grades
Year to date, the fund has returned -6.2%, 7.4 percentage points worse than the category, which translates into a grade of F. The fund has returned -1.7% over the past year (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about GMO MAC Implementation, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
GMIHX 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 |
|
| GMIHX Return (NAV) | -4.3% | -4.6% | -1.7% | na | na | na |
| GMIHX Grade | F | F | F | na | na | na |
| +/- Category | -4.0% | -5.0% | -6.1% | na | na | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| GMIHX Tax Cost Ratio | na | na | 1.9% | na | na | na |
GMIHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GMIHX Return (NAV) | -6.2% | na | na | na | na | na | na | na | na | na | na |
| GMIHX Grade | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -7.4% | na | na | na | na | na | na | na | na | na | na |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| 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: | 2.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $21 Mil |
| Fund Total Assets: | $ 21 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 668% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Auth Joe (2025), Breaux Kevin (2025) | |||
Portfolio Composition (as of 5/31/25)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 396.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 30.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 335.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -20.2% |
| Cash: | -245.0% |
Purchase Information
| Fund Family: | GMO |
| Phone Number: | 617-346-7646 |
| Website: | www.gmo.com |
| Status: | Open |
| Inception Date: | May 21, 2025 |
| 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 (%): | 0.01% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | GMO MAC Implementation |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
