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   EQUITIES
   
   The GMO U.S. Opportunistic Value Strategy seeks to generate total return by
   investing primarily in U.S. equities. The Strategy’s benchmark is the S&P
   Composite 1500 Index. GMO’s U.S. Opportunistic Value Strategy currently seeks
   to...
   
   Read More
   Strategy
   
   
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   EQUITIES
   
   The GMO Quality Strategy seeks to generate total return by investing
   primarily in equities the Focused Equity team believes to be of high quality.
     The team believes that companies with established track records of
   historical pro...
   
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   POPULAR RESOURCES
   
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    * 7-Year Asset Class Forecast
   
   FEATURED RESEARCH
   
   GMO Fall Conference
   
   
   OPPORTUNITIES IN TODAY’S ENVIRONMENT
   
   
   
   November 01, 2022
   
   As the super-growth cycle ends in dramatic fashion, we are already seeing
   some of the most attractive valuation opportunities in years. We shared our
   highest-conviction, valuation-led ideas.
   
   Read More
   GMO Quarterly Letter
   
   
   3Q 2022 GMO QUARTERLY LETTER
   
   BY BEN INKER
   
   November 30, 2022
   
   Value, especially U.S. Deep Value, remains attractive and is positioned to
   win – even if it remains cheap.
   
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   investing primarily in equities of companies GMO believes are positioned to
   benefit, directly or indirectly, from efforts to curb or mitigate the
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   Articles
   
   Mr. Grantham co-founded GMO in 1977 and is a member of GMO’s Asset Allocation
   team, serving as the firm’s long-term investment strategist. He is a member
   of the GMO Board of Directors, a partner of the firm, and has also served on
   the investment boards of several non-profit organizations. Prior to GMO’s
   founding, Mr. Grantham was co-founder of Batterymarch Financial Management in
   1969 where he recommended commercial indexing in 1971, one of several claims
   to being first. He began his investment career as an economist with Royal
   Dutch Shell. Mr. Grantham earned his undergraduate degree from the University
   of Sheffield (U.K.) and an MBA from Harvard Business School. He is a member
   of the Academy of Arts and Sciences, holds a CBE from the UK and is a
   recipient of the Carnegie Medal for Philanthropy.

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HIGH YIELD STRATEGY

Fixed Income

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Jump To:
 * Overview
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 * Documents
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Start Investing Download Fact Sheet





MANAGEMENT


JOE AUTH

HEAD OF DEVELOPED FIXED INCOME

Articles

Mr. Auth is the head of GMO's Developed Fixed Income team and a partner of the
firm. He is the lead portfolio manager for the Opportunistic Income and High
Yield strategies and heads the Structured Products team as well. Prior to
joining GMO in 2014, he was a Portfolio Manager for the Harvard Management
Company. He was also a Research Director at Standish Mellon Asset Management.
Mr. Auth earned his bachelor's degree in Government and History from Connecticut
College and his MBA from the University of Connecticut. He is a CFA
charterholder.


RACHNA RAMACHANDRAN

PORTFOLIO MANAGER

Articles

Ms. Ramachandran is a portfolio manager for GMO’s High Yield Strategy. She is a
member of GMO’s Structured Products and High Yield teams, also contributing
research focused on macro credit. Prior to joining GMO in 2019, Ms. Ramachandran
held numerous positions at Bank of America Merrill Lynch most recently as a
Director in Credit Trading, covering macro and quantitative credit strategy.
Previously at Bank of America Merrill Lynch she held positions as a credit
portfolio strategist and a credit derivatives strategist. Ms. Ramachandran
earned her BE in electronics and telecommunications from the University of
Mumbai and her MS in financial mathematics from City University of London.


OVERVIEW

The GMO High Yield Strategy seeks to generate total return in excess of that of
its benchmark, the Markit iBoxx USD Liquid High Yield Index by applying a
systematic, factor-based approach to portfolio construction.

We use a proprietary, factor-based model, which has identified several sectors
of the high yield market that over time tend to generate superior returns
compared to the index as a whole. While the model can allocate to several cash
bond strategies within the high yield market, our tool kit also includes
investment options such as ETFs, total return swaps on high yield indices, and
the CDX market. The factor-based model dynamically adjusts the allocations to
the different investment options using factors such as carry, roll down, ratings
distribution, and spread, all compared to the index.


DOCUMENTS


LITERATURE

Fact Sheet Download Product Primer Download GIPS® Composite Report Download
Composite Descriptions Download Download All Download


DOWNLOADS

Performance Download Portfolio Composition Download Download All Download


COMMENTARY & ATTRIBUTION

Commentary - Quarterly Download Year-End Letter Download Download All Download

Document Library


RISKS

Risks associated with investing in the Strategy may include Management and
Operational Risk, Market Risk - Fixed Income, Credit Risk, Illiquidity Risk, and
Derivatives and Short Sales Risk.


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