GMO Quality Trust

The Trust typically invests directly and indirectly (e.g., through derivatives) in equities of companies that GMO Australia believes to be of high quality. GMO Australia believes a high quality company generally to be a company that has an established business that will deliver a high level of return on past investments and that will utilise cash flows in the future by making investments with the potential for a high return on capital or by returning cash to shareholders through dividends, share buybacks, or other mechanisms.