KWH

GMO seeks to achieve the fund’s investment objective by investing the fund’s assets primarily in equities of companies operating in power infrastructure-related industries. Given global population growth, accelerating electrification, rising wealth in emerging markets, reindustrialization of developed economies and the increasing energy infrastructure requirements from datacenters partly due to the emergence of artificial intelligence (“AI”), GMO believes that companies economically tied to power infrastructure will benefit from the increasing demand for electricity, energy and related infrastructure. It is non-diversified.