Fund Evaluator:

GMO International Opportunistic Val I Overview

GMO International Opportunistic Val I (IOVFX) is an actively managed International Equity Foreign Large Value fund. GMO launched the fund in 2023.

The investment seeks total return. The adviser seeks to achieve the fund’s investment objective by investing the fund’s assets primarily in international equity markets. The fund primarily invests directly and indirectly (e.g., through underlying funds or derivatives) in equities of companies tied economically to developed countries other than the United States. Under normal circumstances, the fund invests directly and indirectly at least 80% of its assets in equities.

About GMO International Opportunistic Val I (IOVFX)

There are 3 members of the management team with an average tenure of 2.82 years: John Thorndike (2023), George Sakoulis (2024), Warren Chiang (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World ex USA NR USD index with a weighting of 100% and MSCI World Ex USA Value NR USD index with a weighting of 100%. GMO International Opportunistic Val I has 175 securities in its portfolio. The top 10 holdings constitute 27.5% 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 International Opportunistic Val I is part of the Equity global asset class and is within the International Equity fund group. GMO International Opportunistic Val I has 98.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 98.3% 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 International Opportunistic Val I has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $314 million in total assets, which is below the $951 million average for the Foreign Large Value 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.

IOVFX 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 International Opportunistic Val I expense ratio is above average compared to funds in the Foreign Large Value category. GMO International Opportunistic Val I has an expense ratio of 0.77%, which is 26% 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 International Opportunistic Val I has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.

Recently, in the month of June 2026, GMO International Opportunistic Val I returned -1.5%, which earned it a grade of D, as the Foreign Large Value category had an average return of -0.6%. 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 International Opportunistic Val I has a trailing yield of 2.63%, which is below the 2.87% category average. The fund normally distributes its income semi-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 International Opportunistic Val I Grades

Year to date, the fund has returned 12.7%, 2.0 percentage points better than the category, which translates into a grade of B. The fund has returned 34.1% over the past year (grade of A), 23.1% over the past three years (grade of A) and 12.7% per year over the past five years (grade of B) and 11.1% per year over the past 10 years (grade of A).

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