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Trending ETFs

Goldman Sachs Dynamic Municipal Income Fund

mutual fund
GSMEX
Payout Change
Pending
Price as of:
$15.25 -0.01 -0.07%
primary theme
Municipal Bond
GSMEX (Mutual Fund)

Goldman Sachs Dynamic Municipal Income Fund

Payout Change
Pending
Price as of:
$15.25 -0.01 -0.07%
primary theme
Municipal Bond
GSMEX (Mutual Fund)

Goldman Sachs Dynamic Municipal Income Fund

Payout Change
Pending
Price as of:
$15.25 -0.01 -0.07%
primary theme
Municipal Bond

Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$15.25

$9.18 B

3.11%

$0.47

0.91%

Vitals

YTD Return

0.2%

1 yr return

5.2%

3 Yr Avg Return

-1.0%

5 Yr Avg Return

0.8%

Net Assets

$9.18 B

Holdings in Top 10

5.3%

52 WEEK LOW AND HIGH

$15.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.91%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 15.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$15.25

$9.18 B

3.11%

$0.47

0.91%

GSMEX - Profile

Distributions

  • YTD Total Return 0.2%
  • 3 Yr Annualized Total Return -1.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.79%
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Goldman Sachs Dynamic Municipal Income Fund
  • Fund Family Name
    Goldman Sachs Fund Complex
  • Inception Date
    Aug 15, 1997
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Diamond

Fund Description

The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes). The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities.The Fund may invest up to 30% of its Net Assets in Municipal Securities that, at the time of purchase, are non-investment grade (commonly referred to as “junk bonds”). Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality. The Fund may purchase the securities of issuers that are in default.The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”).The Fund may focus its investments in issuers within the same state or economic sector. The team uses a multi-faceted approach when evaluating whether to add or maintain exposure to any individual position. A top-down approach is used to assess broad macro trends while a bottom-up analysis is used to determine relative value between individual securities. As part of the team’s fundamental investment process, the team may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process.Under normal interest rate conditions, the Fund’s duration is expected to range between two and eight years. (Historically, over the last five years, the duration of the Bloomberg Municipal Bond 1-10 Year Blend Index has been between approximately 3.67 and 4.16 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price.The Fund’s benchmark index is the Bloomberg Municipal Bond 1-10 Year Blend Index.
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GSMEX - Performance

Return Ranking - Trailing

Period GSMEX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -4.8% 14.5% 12.41%
1 Yr 5.2% -1.4% 30.1% 12.22%
3 Yr -1.0%* -11.5% 2.6% 30.91%
5 Yr 0.8%* -6.6% 1100.8% 36.45%
10 Yr 2.1%* -0.7% 248.1% 22.64%

* Annualized

Return Ranking - Calendar

Period GSMEX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -1.4% 41.0% 29.45%
2022 -11.4% -39.7% 0.3% 49.74%
2021 0.8% -5.6% 6.9% 9.97%
2020 1.3% -2.6% 310.0% 68.12%
2019 4.7% 0.0% 26.0% 20.25%

Total Return Ranking - Trailing

Period GSMEX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -4.8% 14.5% 12.41%
1 Yr 5.2% -1.4% 30.1% 12.22%
3 Yr -1.0%* -11.5% 2.6% 30.91%
5 Yr 0.8%* -6.6% 1100.8% 36.45%
10 Yr 2.1%* -0.7% 248.1% 22.64%

* Annualized

Total Return Ranking - Calendar

Period GSMEX Return Category Return Low Category Return High Rank in Category (%)
2023 6.7% -1.3% 41.0% 25.15%
2022 -9.2% -39.7% 1.1% 49.47%
2021 2.8% -4.8% 23761504.0% 19.15%
2020 3.4% -1.5% 17057.9% 63.83%
2019 6.1% 0.2% 3514.6% 60.96%

NAV & Total Return History


GSMEX - Holdings

Concentration Analysis

GSMEX Category Low Category High GSMEX % Rank
Net Assets 9.18 B 3.22 M 71.9 B 2.47%
Number of Holdings 4138 2 13067 1.36%
Net Assets in Top 10 498 M -317 M 3.56 B 5.52%
Weighting of Top 10 5.35% 2.0% 100.2% 97.53%

Top 10 Holdings

  1. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.58%
  2. Texas Municipal Gas Acquisition and Supply Corp II 0.78%
  3. City of Detroit MI 0.43%
  4. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.43%
  5. Commonwealth of Massachusetts 0.39%
  6. State of Washington 0.38%
  7. Tobacco Settlement Financing Corp/VA 0.36%
  8. Kentucky Public Energy Authority 0.34%
  9. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.33%
  10. County of Miami-Dade FL Aviation Revenue 0.32%

Asset Allocation

Weighting Return Low Return High GSMEX % Rank
Bonds
98.68% 0.00% 150.86% 50.19%
Cash
1.37% -50.86% 46.80% 46.78%
Stocks
0.00% 0.00% 99.81% 74.87%
Preferred Stocks
0.00% 0.00% 0.56% 71.54%
Convertible Bonds
0.00% 0.00% 0.93% 71.62%
Other
-0.05% -3.18% 33.35% 95.58%

Bond Sector Breakdown

Weighting Return Low Return High GSMEX % Rank
Municipal
98.34% 44.39% 100.00% 50.29%
Corporate
0.59% 0.00% 9.41% 4.83%
Cash & Equivalents
0.00% 0.00% 46.24% 87.26%
Securitized
0.00% 0.00% 5.93% 71.75%
Government
0.00% 0.00% 52.02% 74.62%
Derivative
-0.05% -3.18% 19.67% 95.39%

Bond Geographic Breakdown

Weighting Return Low Return High GSMEX % Rank
US
98.68% 0.00% 142.23% 47.95%
Non US
0.00% 0.00% 23.89% 73.75%

GSMEX - Expenses

Operational Fees

GSMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.01% 20.65% 34.33%
Management Fee 0.35% 0.00% 1.20% 28.38%
12b-1 Fee 0.25% 0.00% 1.00% 55.53%
Administrative Fee 0.25% 0.01% 0.44% 95.12%

Sales Fees

GSMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

GSMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GSMEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 15.00% 0.00% 283.00% 42.69%

GSMEX - Distributions

Dividend Yield Analysis

GSMEX Category Low Category High GSMEX % Rank
Dividend Yield 3.11% 0.00% 14.51% 36.17%

Dividend Distribution Analysis

GSMEX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GSMEX Category Low Category High GSMEX % Rank
Net Income Ratio 1.79% -0.53% 5.33% 59.17%

Capital Gain Distribution Analysis

GSMEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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GSMEX - Fund Manager Analysis

Managers

Scott Diamond


Start Date

Tenure

Tenure Rank

Mar 01, 2002

20.26

20.3%

Mr. Diamond joined the Goldman Sachs Asset Management, L.P. in 2002 as a portfolio manager on the U.S. Municipals team. Before joining the Investment Adviser, Mr. Diamond worked for Prudential Financial for nine years where he served as the portfolio manager for national and state specific mutual funds, as well as managing the municipal portfolio of several institutional accounts.

Joseph Wenzel


Start Date

Tenure

Tenure Rank

Jul 29, 2019

2.84

2.8%

Mr. Wenzel is a member of the municipal fixed income portfolio management team. His current responsibilities include portfolio construction, security selection and trading for municipal separate accounts and mutual funds. Prior to joining the team in 2004, Mr. Wenzel worked for 2 years in the Goldman Sachs Asset Management Compliance Group.

Sylvia Yeh


Start Date

Tenure

Tenure Rank

Mar 12, 2021

1.22

1.2%

TBD

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58