IE000N5QCMO9

GMO Climate Change Transition Investment Fund(IE000N5QCMO9)

Equities
Global
SGD Cash
Accumulating

Invest with

SGD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to deliver high total return by investing in companies GMO believes are positioned to benefit, directly or indirectly, from efforts to mitigate the long-term effects of global climate change, to address the environmental challenges pre...

Key information

Annual report

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Product Highlight Sheet

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Prospectus

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Our perspective

Why we think this fund is best-in-class

Product

Thematic offering provides investors with exposure to beneficiaries of the climate change transition.Core allocation to Clean Energy and Energy Efficiency themes, but provides interesting and meaningful exposure to Agriculture and Water as well.SMID and value/quality focus provides diversification benefits due to the low ownership; real assets exposure also potentially provides inflation-hedging characteristics.SFDR Article 8

People

GMO as a firm is known for its quantitative approach, grounded in a long-term, valuation-based investment philosophy.Part of the GMO Focused Equity team, consisting of 12 investment professionals of which five are GMO partners.The team focuses on Quality and Real Asset Equity strategies and adopts a high conviction, long horizon and a blend of fundamental and quantitative approach.The Fund is somewhat like an extension of the GMO Resources strategy, due to the importance of Real Assets in both strategies. As a result, both funds are managed by the same portfolio manager, Lucas White.Lucas works closely with Tom Hancock, Head of the Focused Equity team and is supported by a team of analysts who engage in fundamental and quantitative research.Analyst coverage is typically organised around segment ownership.

Performance

Process

since inception on 30th April 2017 has been strong, with the composite outperforming the MSCI ACWI index by more than 2% on an annualised basis as of 31st May 2023.The Fund was able to capture significant upside in 2020, when the clean energy segment went through a bullish phase. The climate change fund had a +43% return compared to the MSCI ACWI’s +16%.In 2022, the Fund also captured less downside with a -10% return compared to the MSCI ACWI’s -18%. A large part of this defensiveness was due to the clean energy segment’s relatively better showing, as holdings in Solar, Biofuels and Power Generation fared well.ProcessUniverse is first defined - one that is targeted for impact and focuses on companies involved in the mitigation of and adaptation to climate change.Strategic allocation defines a set of long-term targets that steer the portfolio’s allocation to climate change segments.Stock selection involves GMO’s quantitative model that is driven by valuation-based modelling. The four key inputs of the model are Value, Momentum, Diversification and Liquidity. The output serves as a starting point in determining the final portfolio positioning of 100 to 150 names.

Cost

Access to the clean share class with no trailer fee to achieve lower cost of access.

How it fits in a portfolio

Investors who are interested in the opportunities driven by the ongoing climate change transition can consider an investment in the Fund. By focusing on an important structural theme driven by secular growth, the Fund has the potential to generate outsized returns in the long-term.The Fund’s investments in real assets such as clean energy, utilities and agriculture potentially provides inflation-hedging characteristics. Additionally, due to the Fund’s bias towards small and mid-cap companies that are traditionally underowned, the Fund is able to provide diversification benefits relative to larger, broad-based equity funds.Lastly, due to GMO’s strong focus on valuation, the Fund tends to be more defensive relative to similar thematic peers that would likely have strong growth biases. This trait could potentially appeal to investors interested in thematic investing but wary of the outsized levels of volatility and drawdowns.At the same time, investors should be aware that the Fund focuses on a singular theme, with a relatively concentrated portfolio of 100 to 150 positions. Therefore, in periods where the market environment is unfavourable, the Fund may still be subjected to higher levels of volatility and drawdowns. Sizing and diversification remain key when considering an allocation to the Fund.Updated as of 2023/06/25

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Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

-8.09%

YTD

9.91%

1 month

-1.54%

6 month

18.92%

1 year

62.92%

3 year

-3.73%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-45.98%As of Mar 2026

Volatility

25.51%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	8.6%	2.8%	-1.5%	-	-	-	-	-	-	-	-	-
2025	30.7%	1.3%	-8.6%	-4.8%	-3.7%	7.2%	5.6%	9.2%	10.5%	4.0%	8.3%	-0.3%	0.2%
2024	-22.8%	-10.9%	1.8%	5.8%	-4.3%	7.0%	-10.7%	4.2%	-1.7%	1.8%	-5.9%	-2.5%	-7.9%
2023	-8.3%	11.3%	-1.8%	-3.3%	-2.8%	-2.2%	6.8%	3.0%	-10.6%	-7.1%	-14.3%	6.9%	9.2%
2022	-	-	-	-	-	0.0%	-14.2%	14.5%	1.5%	-11.0%	3.6%	8.9%	-9.7%

Top Exposures

Holdings

Regions

Sectors

Darling Ingredients Inc	4.94%
Sunrun Inc	4.81%
LG Chem Ltd	4.30%
Albemarle Corp	3.47%
Sociedad Quimica Y Minera De Chile SA ADR	3.40%
SolarEdge Technologies Inc	3.34%
Vestas Wind Systems AS	3.33%
Array Technologies Inc Ordinary Shares	3.33%
Ameresco Inc Class A	3.10%
Neste OYJ	2.73%
Valeo SA	2.25%
Nexans	2.24%
First Solar Inc	1.89%
Infineon Technologies AG	1.81%
NexGen Energy Ltd	1.74%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.83% p.a.

Fund facts

ISIN

IE000N5QCMO9

Fund house

GMO

Fund size

S$571.3M

As of 17 Apr 2026

Fund inception date

19 May 2022

Fund class currency

SGD

Fund share class

A SGD

Oldest share class ISIN

IE00BDT8SN47

Oldest share inception date

14 Mar 2018

Pricing frequency

Daily

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