Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio

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. It is classified as a medium-high risk product with a risk indicator of 5 out of 7 and 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.

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How the strategy works

The 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.

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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.

• At 31 August 2026, the portfolio was 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.

• At that date, sector exposure was 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.

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Distinctive features

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 portfolio at 31 August 2026 provided targeted exposure through 36 holdings with significant weight in energy infrastructure names.

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Risks

The fund has a summary risk indicator of 5 out of 7, reflecting a medium-high risk class. The fund is subject to concentration risk because this is a concentrated asset strategy, and to correlation risk because the link between portfolio value and oil, gas and energy prices may vary significantly, especially over short periods. Additional 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.

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Asset manager

Goldman Sachs Asset Management B.V. is the management company and PRIIP manufacturer of the fund and forms part of the Goldman Sachs group of companies. Goldman Sachs Asset Management B.V. 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.

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