Goldman Sachs Global Future Generations 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 and is intended to complement an overall portfolio rather than serve as a standalone diversified investment. It is designed for investors seeking exposure to a thematic and concentrated global equity portfolio focused on companies that benefit from the consumption patterns of younger generations. The Key Information Document classifies it in risk class 5 out of 7 and states a recommended holding period of 5 years. The fund is aimed at investors who do not need income, understand that they may not recover the invested amount, and are looking for medium-term investment exposure through a distinct global growth and consumer-pattern theme.

Investment strategy

The fund seeks to provide capital growth over the longer term by investing mostly in shares or similar instruments of companies anywhere in the world that, in the Investment Adviser’s view, benefit from the consumption patterns of younger generations. Holdings are concentrated and may have significant exposure to specific sectors including technology and consumer sectors; the portfolio will not invest more than 33% of assets in other types of companies, money market instruments and non-share-related instruments, and not more than one-tenth of assets in other collective investment schemes. It may use derivatives for efficient portfolio management, risk management and investment purposes, and may invest up to 20% of net assets in PRC equity securities directly or indirectly, including through Stock Connect, the RQFII Program, access products or permitted funds investing in China A-Shares. The fund is actively managed and references the MSCI All Country World Growth Index (Total Return Net) (USD) for setting discretionary internal risk thresholds; the Investment Adviser has full discretion over portfolio composition and returns may deviate materially from the benchmark. Shares are redeemable daily, income is accumulated, the portfolio currency and share class currency are USD, and the recommended holding period is 5 years.

Investment philosophy

• The portfolio invests globally in listed equities or similar instruments of companies that the Investment Adviser believes are beneficiaries of younger generations’ consumption patterns, with a thematic and concentrated approach.

• It is actively managed with full discretion over asset selection and position sizes; while it will generally hold benchmark components, it can own them in different proportions and can also hold securities not in the benchmark.

• The current portfolio holds 48 positions, with 54% in the top 10 holdings; the largest disclosed positions are NVIDIA, Apple, Alphabet, Taiwan Semiconductor Manufacturing, Amazon.com, Broadcom, Eli Lilly, Mastercard, Advanced Micro Devices and Marvell Technology.

• Current sector positioning is led by Information Technology, Consumer Discretionary and Communication Services, while regional exposure is concentrated in North America, followed by Asia/Pacific ex Japan and Europe.

• Portfolio construction operates within stated limits, including no more than 33% in other types of companies, money market instruments and non-share-related instruments, no more than 10% in other collective investment schemes, and up to 20% in PRC equity securities; derivatives may be used for efficient portfolio management, risk management and investment purposes.

The asset manager

The fund is a sub-fund of Goldman Sachs Funds SICAV, a Luxembourg UCITS. Goldman Sachs Asset Management B.V. is named as the PRIIP manufacturer and management company, and it forms part of the Goldman Sachs group of companies. The documents state that Goldman Sachs Asset Management B.V. is authorised in the Netherlands and regulated by the Dutch Authority for the Financial Markets, and manages the fund on a cross-border basis under UCITS passporting rights. 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 offers a clearly defined thematic global equity strategy centred on younger generations’ consumption patterns, rather than a broad market approach. It combines global flexibility with a concentrated structure, holding 48 names with more than half of assets in the top 10 positions. The current portfolio has meaningful exposure to major growth sectors and includes large positions in companies such as NVIDIA, Apple, Alphabet, Taiwan Semiconductor Manufacturing and Amazon.com. It also promotes environmental and/or social characteristics and applies a multi-strategy ESG approach that may include exclusionary screens and ESG integration alongside traditional factors.

Risks

The Key Information Document classifies the fund in risk class 5 out of 7, described as medium-high risk, and states that investors may lose some or all of their investment. The documents identify market risk, liquidity risk, exchange rate risk, derivatives risk, counterparty risk, custodian risk, operational risk and emerging markets risk. Risk is shaped by the fund’s concentrated structure, significant exposure to specific sectors including technology and consumer sectors, global equity investing and the ability to invest in emerging markets including PRC equity securities. The fund may use derivatives for investment and risk management purposes, and the documents note that certain derivatives may result in losses greater than the amount originally invested. Currency movements may affect investor returns independently of underlying asset performance, and hedging techniques, if used, may not be effective.