Goldman Sachs Global CORE® Equity Portfolio

Investment rationale

The fund seeks capital growth over the longer term through a global equity portfolio and can form a core holding in an overall portfolio. It is designed for investors who do not need income, are looking for medium-term investment, and understand that the share class is classified as 4 out of 7, a medium risk class and a recommended holding period of 5 years. It is suitable for investors seeking a global equity portfolio with style, sector, risk and capitalization characteristics similar to the benchmark, while aiming to add value through stock and country selection. Its distinct feature is the use of Goldman Sachs’ CORE strategy, a proprietary multi-factor model applied to a broadly benchmark-aware global equity portfolio.

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How the strategy works

The objective is to provide capital growth over the longer term. The fund invests mostly in shares or similar instruments relating to companies anywhere in the world, and may also invest up to 33% of assets in bonds issued by corporate or government entities, convertibles, money market instruments and non-share related instruments. It is actively managed and references the MSCI World Index (Net Total Return, Unhedged, USD) or MSCI World Index (Net TR) (USD) for discretionary internal risk thresholds that may reference deviations from the benchmark; the portfolio will generally hold benchmark components but can hold them in different proportions and can also hold non-benchmark assets. The fund may use derivatives for efficient portfolio management, risk management and investment purposes to seek increased return, income is accumulated rather than distributed, shares are redeemable daily, and the recommended holding period is 5 years.

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Investment philosophy

• The portfolio invests mainly in global equities, holding shares or similar instruments of companies anywhere in the world, with a broad benchmark-aware remit linked to the MSCI World Index.

• Security selection is driven by the CORE strategy, Goldman Sachs’ proprietary multi-factor model that aims to forecast returns on securities.

• The fund is intended to maintain style, sector, risk and capitalization characteristics similar to the benchmark, while seeking differentiation through underlying stock and country selection.

• As at 31 August 2026, the portfolio holds 267 securities, with 30% in the top 10 holdings; the largest positions are Apple, NVIDIA, Microsoft, Broadcom, Alphabet, Amazon.com, JPMorgan Chase, Tesla, Costco Wholesale and Micron Technology.

• Regionally, the portfolio is concentrated in North America, followed by Europe ex-UK, Japan, the UK and Asia ex-Japan; derivatives may be used for efficient portfolio management, risk management and investment purposes, and non-equity exposure is limited to no more than 33% of assets.

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Distinctive features

The fund is positioned as a global core equity holding rather than a narrowly focused allocation. Its structure combines broad global equity diversification with a rules-based proprietary multi-factor process and explicit benchmark awareness through internal risk thresholds tied to MSCI World. The portfolio is liquid in structure, with daily dealing and valuation, and uses an accumulating share class for investors seeking capital appreciation rather than income. It also incorporates a multi-strategy ESG approach through exclusionary screens and proprietary climate metrics to address climate transition risk, while promoting environmental and/or social characteristics.

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Risks

The share class is classified as 4 out of 7, a medium risk class, and poor market conditions could affect the portfolio’s capacity to pay investors. The fund is exposed to market risk, liquidity risk, exchange rate risk, derivatives risk, counterparty risk, custodian risk, model risk, operational risk and emerging markets risk. These risks are linked to the fund’s investment in global equities, its ability to invest worldwide including emerging markets, its use of derivatives, and its reliance on Goldman Sachs’ proprietary models for security selection. The fund does not provide capital protection, investors may lose some or all of their investment, and currency movements may change returns independently of the performance of the underlying assets.

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Asset manager

Goldman Sachs Asset Management B.V. is the management company and forms part of the Goldman Sachs group. The portfolio is a sub-fund of Goldman Sachs Funds SICAV, a Luxembourg-domiciled UCITS umbrella with segregated liability between portfolios.

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