Fund Evaluator:
GMO U.S. Opportunistic Value I (PPAEX)
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Fund Details
GMO U.S. Opportunistic Value I Overview
GMO U.S. Opportunistic Value I (PPAEX) is an actively managed U.S. Equity Large Value fund. GMO launched the fund in 2023.
The investment seeks total return. The fund seeks to achieve the fund’s investment objective by investing the fund’s assets primarily in securities traded in U.S. equity markets. Under normal circumstances, the fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in companies tied economically to the United States. It also may invest in 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 U.S. Opportunistic Value I (PPAEX)
There are 3 members of the management team with an average tenure of 3.20 years: John Thorndike (2022), George Sakoulis (2024), Warren Chiang (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI USA NR USD index with a weighting of 100% and MSCI USA Value NR USD index with a weighting of 100%. GMO U.S. Opportunistic Value I has 169 securities in its portfolio. The top 10 holdings constitute 28.2% 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 U.S. Opportunistic Value I is part of the Equity global asset class and is within the U.S. Equity fund group. GMO U.S. Opportunistic Value I has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.7%. There is 1.0% 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 U.S. Opportunistic Value I has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $74 million in total assets, which is below the $1 billion average for the 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.
PPAEX 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 U.S. Opportunistic Value I expense ratio is above average compared to funds in the Large Value category. GMO U.S. Opportunistic Value I has an expense ratio of 0.61%, which is 34% 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 U.S. Opportunistic Value I has a portfolio turnover rate of 72%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, GMO U.S. Opportunistic Value I returned 5.9%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. 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 U.S. Opportunistic Value I has a trailing yield of 0.39%, which is below the 1.20% 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 U.S. Opportunistic Value I Grades
Year to date, the fund has returned 15.9%, 1.7 percentage points better than the category, which translates into a grade of B. The fund has returned 26.9% over the past year (grade of B) and 15.9% over the past three years (grade of C).
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PPAEX 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 |
|
| PPAEX Return (NAV) | 5.9% | 6.1% | 26.9% | 15.9% | na | na |
| PPAEX Grade | A | C | B | C | na | na |
| +/- Category | 3.0% | -0.1% | 3.1% | 0.3% | na | na |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| PPAEX Tax Cost Ratio | na | na | 2.5% | 3.4% | na | na |
PPAEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PPAEX Return (NAV) | 15.9% | 13.5% | 12.8% | 16.3% | na | na | na | na | na | na | na |
| PPAEX Grade | B | D | D | A | na | na | na | na | na | na | na |
| +/- Category | 1.7% | -1.7% | -1.2% | 4.4% | na | na | na | na | na | na | na |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.9% |
| Total Risk Index: | 1.05 - Above Average |
| Category Risk Index: | 1.07 - High |
| Category Risk Grade: | F (87% Rank) |
| Beta: | 0.73 |
| R-Squared: | 54% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $345 Mil |
| Fund Total Assets: | $ 75 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 72% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.6 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Thorndike John (2022), Chiang Warren (2022), Sakoulis George (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 169 |
| % in Top 10 Holdings: | 28.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 97.7% |
| Foreign Stock: | 1.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | GMO |
| Phone Number: | 617-346-7646 |
| Website: | www.gmo.com |
| Status: | Open |
| Inception Date: | February 15, 2023 |
| 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 (%): | 0.61% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | GMO U.S. Opportunistic Value Vi |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
