Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio
Equity · North America · Sector
Figures refer to the share class ISIN LU1046546229, currency USD, retail share class.
Key facts
- Management company
- Goldman Sachs Asset Management B.V.
- Asset class
- Equity
- Geography
- North America
- Strategy
- Sector
- Share class currency
- USD
- Share class inception
- 14.04.2014
- Fund size
- 109 million (as at 15.09.2026)
- Management fee
- 0.75%
- Performance fee
- No
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- Yes
Price history
Rebased to 100 at 30.09.2021.
Table view
| Period | From | Fund (100 at start) |
|---|---|---|
| 1Y | 03.10.2025 | 129.2 |
| 3Y | 29.09.2023 | 166.4 |
| 5Y | 30.09.2021 | 250.0 |
| Since 2014 | 14.04.2014 | 179.5 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Benchmark line not shown: price history held back: source clearance pending.
Fund history to 29.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LU1046546229, currency USD, retail share class | 4.17 | 8.64 | 12.28 | 33.86 | 7.53 | 21.46 | 5.41 | 34.82 | 20.73 | 23.25 | 15.62 | 1.00 | -10.49 |
| BenchmarkNorth American energy 50/50 (tracker proxy) USD | 5.03 | 11.31 | 13.98 | 38.57 | 7.09 | 22.73 | 7.43 | 38.58 | 22.26 | 24.78 | 15.99 | 1.06 | -9.99 |
| Differencefund minus benchmark, in percentage points | -0.86 | -2.67 | -1.70 | -4.71 | 0.43 | -1.28 | -2.02 | -3.76 | -1.53 | -1.54 | – | – | – |
Within the list: OpenList — Real Assets
Compared with the equity funds on OpenList — Real Assets (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 34.82 | 38.42 | 6 of 10 |
| Return 3Y p.a. | 20.73 | 21.13 | 7 of 10 |
| 3Y p.a. over its own benchmark | -1.53 | 5.19 | 8 of 10 |
| Volatility 3Y | 15.62 | 16.79 | 4 of 10 |
| Sharpe ratio 3Y | 1.00 | 0.98 | 5 of 10 |
| Max drawdown 3Y | -10.49 | -10.99 | 4 of 10 |
| Management fee | 0.75% | 1.05% | 3 of 10 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Real Assets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
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 is designed to complement a portfolio rather than serve as a core holding. It seeks capital appreciation with some need for income by investing in North American energy companies, including energy producers, energy infrastructure and energy users, with a focus on energy infrastructure companies. The Key Information Document classifies it as a medium-high risk product with a risk indicator of 5 out of 7 and gives a recommended holding period of 5 years. It is intended for investors seeking sector-specific exposure to North American energy, who understand they may not recover the invested amount and are making the investment on advice from an investment professional.
Investment strategy
The stated objective is to generate income with capital appreciation. The portfolio mostly holds shares or similar instruments and MLP related securities of North American midstream energy companies, while also being able to invest in upstream and downstream companies and in companies based anywhere in the world; it will not invest more than 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 a blended benchmark of 50% Alerian Midstream Energy Select Index (Total Return Gross) and 50% Energy Select Sector Index (Total Return Net) for discretionary internal risk thresholds, while the investment adviser retains full discretion and returns may deviate materially from the benchmark. The portfolio may use derivatives for efficient portfolio management, risk management and investment purposes to seek increased return; shares may be redeemed daily, income is accumulated, and the recommended holding period is 5 years.
Investment philosophy
• The portfolio invests primarily in North American midstream energy companies through shares, similar instruments and MLP related securities, with additional flexibility to invest in upstream and downstream energy companies and in companies based anywhere in the world.
• It is actively managed against a reference blend of 50% Alerian Midstream Energy Select Index (Total Return Gross) and 50% Energy Select Sector Index (Total Return Net), which is used for internal risk thresholds rather than as a portfolio-construction constraint.
• The current portfolio is concentrated, with 36 holdings and 53% of assets in the top 10 positions; the largest disclosed holdings include ExxonMobil Holdings Corp, Chevron Corp, Williams Cos Inc, Alerian MLP Index ETNs due January 28 2044, and Targa Resources Corp.
• Sector exposure is overwhelmingly in Energy at 94.5%, with 5.2% unclassified and 0.4% in cash and cash equivalents; several top holdings are in energy infrastructure, alongside energy diversified and energy producer exposures.
• Portfolio limits and implementation tools include a cap of 33% of assets in bonds, convertibles, money market instruments and non-share related instruments, and the ability to use derivatives for efficient portfolio management, risk management and investment purposes.
The asset manager
The management company named in the documents 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 states that it 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 a sub-fund of Goldman Sachs Funds SICAV, authorised in Luxembourg.
Strengths
The fund offers a focused allocation to North American energy and energy infrastructure, particularly midstream companies involved in transportation, storage and processing. Its structure combines traditional equities with MLP related securities, which is a distinct feature relative to broader diversified equity funds. The portfolio is actively managed with freedom to differ materially from the reference benchmark, while still using a defined benchmark blend for internal risk thresholds. Daily dealing is available, and the current portfolio provides targeted exposure through 36 holdings with significant weight in energy infrastructure names.
Risks
The Key Information Document assigns the fund a summary risk indicator of 5 out of 7, reflecting a medium-high risk class. The documents specifically identify concentration risk because this is a concentrated asset strategy, and correlation risk because the link between portfolio value and oil, gas and energy prices may vary significantly, especially over short periods. Additional named risks include market risk, liquidity risk, exchange rate risk, derivatives risk, counterparty risk, custodian risk, operational risk, regulatory and tax risk, and small capitalisation companies risk. These risks are linked to the fund’s sector-focused energy exposure, use of derivatives, concentrated holdings, investment in MLP related securities and potential exposure to smaller and less liquid companies.