Fund Evaluator:
GMO-Usonian Japan Value Creation I (GMIIX)
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Best Performing in Japan Stock Over the Last Year
| 40.9% | Fidelity Advisor Japan Z (FIQLX) |
| 40.7% | Fidelity Japan (FJPNX) |
| 34.2% | GMO-Usonian Japan Value Creation I (GMIIX) |
| 33.4% | Fidelity Japan Smaller Companies (FJSCX) |
| 31.5% | Commonwealth Japan (CNJFX) |
Fund Details
GMO-Usonian Japan Value Creation I Overview
GMO-Usonian Japan Value Creation I (GMIIX) is an actively managed International Equity Japan Stock fund. GMO launched the fund in 2021.
The investment seeks total return. Under normal circumstances, the fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in securities of companies tied economically to Japan. It also may invest in GMO U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.
About GMO-Usonian Japan Value Creation I (GMIIX)
There are 2 members of the management team with an average tenure of 3.94 years: Drew Edwards (2020), Colin Bekemeyer (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Topix TR USD index with a weighting of 100%. GMO-Usonian Japan Value Creation I has 40 securities in its portfolio. The top 10 holdings constitute 43.0% 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-Usonian Japan Value Creation I is part of the Equity global asset class and is within the International Equity fund group. GMO-Usonian Japan Value Creation I has 97.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.1% (1.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GMO-Usonian Japan Value Creation I has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $130 million in total assets, which is below the $219 million average for the Japan 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.
GMIIX 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-Usonian Japan Value Creation I expense ratio is high compared to funds in the Japan Stock category. GMO-Usonian Japan Value Creation I has an expense ratio of 0.82%, which is 14% 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-Usonian Japan Value Creation I has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Japan Stock category.
Recently, in the month of June 2026, GMO-Usonian Japan Value Creation I returned -2.5%, which earned it a grade of F, as the Japan Stock category had an average return of 0.1%. 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-Usonian Japan Value Creation I has a trailing yield of 3.23%, which is above the 3.16% 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-Usonian Japan Value Creation I Grades
Year to date, the fund has returned 20.8%, 1.6 percentage points better than the category, which translates into a grade of C. The fund has returned 34.2% over the past year (grade of B), 22.6% over the past three years (grade of A) and 12.0% per year over the past five years (grade of A).
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GMIIX 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 |
|
| GMIIX Return (NAV) | -2.5% | 13.6% | 34.2% | 22.6% | 12.0% | na |
| GMIIX Grade | F | C | B | A | A | na |
| +/- Category | -2.6% | -0.4% | 2.4% | 2.4% | 3.5% | na |
| Japan Stock Avg | 0.1% | 14.0% | 31.8% | 20.2% | 8.5% | 9.7% |
| GMIIX Tax Cost Ratio | na | na | 2.0% | 1.6% | 2.4% | na |
GMIIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GMIIX Return (NAV) | 20.8% | 31.3% | 8.1% | 21.6% | -12.9% | -0.1% | na | na | na | na | na |
| GMIIX Grade | C | C | C | A | A | B | na | na | na | na | na |
| +/- Category | 1.6% | 3.2% | -0.7% | 5.8% | 8.6% | 2.0% | na | na | na | na | na |
| Japan Stock Avg | 19.2% | 28.1% | 8.8% | 15.8% | -21.5% | -2.1% | 22.9% | 23.3% | -13.9% | 33.3% | 5.8% |
| Risk Measures | |
| Standard Deviation: | 15.0% |
| Total Risk Index: | 1.24 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (45% Rank) |
| Beta: | 0.86 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.2% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | |
| Total Assets: | $305 Mil |
| Fund Total Assets: | $ 131 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Edwards Drew (2020), Bekemeyer Colin (2024) | |||
Portfolio Composition (as of 2/28/26)
| # of Holdings: | 40 |
| % in Top 10 Holdings: | 43.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 97.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 1.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | GMO |
| Phone Number: | 617-346-7646 |
| Website: | www.gmo.com |
| Status: | Open |
| Inception Date: | June 7, 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 (%): | 0.96% |
| Share Class: | GMO-Usonian Japan Value Creation VI |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
