Goldman Sachs Global CORE® Equity Portfolio

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

The fund seeks capital growth over the longer term through a global equity portfolio and is described as a fund that 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, with a recommended holding period of 5 years. The documents describe it as 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.

Investment strategy

The stated 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.

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, described as a 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.

• The current 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.

The asset manager

The management company is Goldman Sachs Asset Management B.V., which is the PRIIP manufacturer of the fund and forms part of the Goldman Sachs group of companies. In the EU and EEA, the marketing communication is disseminated by Goldman Sachs Asset Management B.V., which is authorised and regulated by the Dutch Authority for the Financial Markets as a manager of UCITS. The fund itself is Goldman Sachs Funds SICAV, a Luxembourg-domiciled UCITS organised as a SICAV umbrella with segregated liability between portfolios. The registered office of the Luxembourg-domiciled fund is c/o State Street Bank International GmbH, Luxembourg Branch, 49 Avenue J-F Kennedy, L-1855 Luxembourg.

Strengths

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.

Risks

The Key Information Document classifies the share class as 4 out of 7, a medium risk class, and states that poor market conditions could affect the portfolio’s capacity to pay investors. The documents name 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 product 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.