Strategy. GMO seeks to achieve the Funds investment objective by investing under normal circumstances at least 80% of the Funds assets directly and indirectly (e.g., through underlying funds or derivatives) in companies tied economically to markets that are not treated as developed markets in the MSCI World Index (emerging markets). Under normal circumstances, the Fund also invests at least 80% of its assets in equities (see Name Policies). The Fund primarily invests in companies with what GMO believes to be high quality, growth-oriented business models within emerging markets or companies well-positioned to benefit from the development and growth of the worlds emerging markets. The Funds investments are not limited to investments in companies located in any particular country or geographic region … Show more… GMO seeks to achieve the Funds investment objective by investing under normal circumstances at least 80% of the Funds assets directly and indirectly (e.g., through underlying funds or derivatives) in companies tied economically to markets that are not treated as developed markets in the MSCI World Index (emerging markets). Under normal circumstances, the Fund also invests at least 80% of its assets in equities (see Name Policies). The Fund primarily invests in companies with what GMO believes to be high quality, growth-oriented business models within emerging markets or companies well-positioned to benefit from the development and growth of the worlds emerging markets. The Funds investments are not limited to investments in companies located in any particular country or geographic region and often include investments in companies located in developed markets (e.g., the United States) when those companies are tied economically to emerging markets. GMOs investment process begins with country and sector allocation and then uses fundamental analytical techniques to select individual companies. In evaluating and selecting investments, GMO considers a number of factors, including, among others, GMOs assessment of an investments fundamentals, growth prospects, and positioning relative to its competitors. GMO also may consider ESG (environmental, social and governance) criteria, such as emissions, climate change risk and resilience, income inequality and ability to implement governmental policies. GMO generally avoids investing the Funds assets in companies that are engaged in the manufacture, supply, or distribution of cluster munitions, are primarily involved in the production of fossil fuels or tobacco or that GMO believes are directly complicit in violations of core international norms and conventions, as described in the United Nations Global Compact Principles. GMO typically seeks to limit the carbon intensity of the Funds portfolio to no more than 50% of that of the Funds benchmark. In constructing the Funds portfolio, GMO considers a number of factors, including the trade-off among forecasted returns, risk, transaction costs, and liquidity. The Fund may invest in securities of companies of any market capitalization. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency or companies with similar market capitalizations. The factors GMO considers and investment methods GMO uses can change over time. As an alternative to investing directly in equities and fixed income securities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include options, futures, forward currency contracts, swap contracts, and reverse repurchase agreements. The Funds foreign currency exposure may differ from the currency exposure represented by its equity investments. In addition, the Fund may lend its portfolio securities. The Fund also may invest in fixed income securities of any maturity or credit quality (including below investment grade securities (commonly referred to as high yield or junk bonds)). The Fund 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. Show less