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Goldman Sachs Long Short Credit Strategies Fund

mutual fund
GSSAX
Payout Change
Pending
Price as of:
$7.88 +0.0 +0.0%
primary theme
Bond Sector Diversified
GSSAX (Mutual Fund)

Goldman Sachs Long Short Credit Strategies Fund

Payout Change
Pending
Price as of:
$7.88 +0.0 +0.0%
primary theme
Bond Sector Diversified
GSSAX (Mutual Fund)

Goldman Sachs Long Short Credit Strategies Fund

Payout Change
Pending
Price as of:
$7.88 +0.0 +0.0%
primary theme
Bond Sector Diversified

Name

As of 05/21/2024

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

$7.88

$45.1 M

5.97%

$0.47

1.49%

Vitals

YTD Return

1.7%

1 yr return

9.3%

3 Yr Avg Return

1.2%

5 Yr Avg Return

2.8%

Net Assets

$45.1 M

Holdings in Top 10

13.3%

52 WEEK LOW AND HIGH

$7.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 56.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/21/2024

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

$7.88

$45.1 M

5.97%

$0.47

1.49%

GSSAX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 1.2%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.51%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Goldman Sachs Long Short Credit Strategies Fund
  • Fund Family Name
    Goldman Sachs Fund Complex
  • Inception Date
    Nov 30, 2017
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ashish Shah

Fund Description

The Fund will seek to achieve its investment objective through long and short exposures to “credit related instruments.” Under normal market conditions, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in the following credit related instruments: (i) fixed rate and floating rate income securities; (ii) loans and loan participations including: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating, or variable interest rates; (iii) convertible securities; (iv) collateralized debt, bond and loan obligations; (v) bank and corporate debt obligations; (vi) securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), and securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia); (vii) preferred securities and trust preferred securities; (viii) structured securities, including credit-linked notes; and/or (ix) listed and unlisted, public and private, rated and unrated debt instruments and other obligations, including those of financially troubled companies (sometimes known as “distressed securities” or “defaulted securities”).The Fund may invest in instruments and obligations directly, or indirectly by investing in derivative or synthetic instruments, including, without limitation, credit default swaps (including credit default swaps on credit related indices) and loan credit default swaps. The Fund will opportunistically seek short exposures to credit related instruments through the use of such derivatives or synthetic instruments, including, but not limited to, credit default swaps (including credit default swaps on credit related indices).The Fund intends to implement short positions for hedging purposes or to seek to enhance absolute return, and may do so by using swaps or futures, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may buy credit default swaps. Credit default swaps involve the receipt of floating or fixed rate payments in exchange for assuming potential credit losses on an underlying security (or group of securities). When the Fund is the buyer of a credit default swap (buying protection), it may make periodic payments to the seller of the credit default swap to obtain protection against a credit default on a specified underlying asset (or group of assets). If a default occurs, the seller of a credit default swap may be required to pay the Fund the notional amount of the credit default swap on a specified security (or group of securities). On the other hand, when the Fund is a seller of a credit default swap (commonly known as selling protection), in addition to the credit exposure the Fund has on the other assets held in its portfolio, the Fund is also subject to the credit exposure on the notional amount of the swap since, in the event of a credit default, the Fund may be required to pay the notional amount of the credit default swap on a specified security (or group of securities) to the buyer of the credit swap. The Fund will be the seller of a credit default swap only when the credit of the underlying asset is deemed by the Investment Adviser to meet the Fund’s minimum credit criteria at the time the swap is first entered into.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 invest in U.S. dollar denominated as well as non-U.S. dollar denominated (foreign) securities. The Fund may also hold cash, and/or invest in cash equivalents.There is no minimum credit rating for instruments in which the Fund may invest, and the Fund may invest without limitation in securities below investment grade. Non-investment grade fixed income securities (commonly known as “junk bonds”) are 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 also invest in credit instruments of any maturity or duration.When making investments, the Investment Adviser seeks to identify securities that are both fundamentally mispriced and have a potential catalyst for value creation. Within this universe, the Investment Adviser seeks perceived risk-adjusted return opportunities with a focus on:Asymmetric return profile (i.e., upside versus downside potential);Relative value analysis and impact on the current portfolio;Technical dynamics in the market (i.e., understanding the price movements in the market relative to supply and demand); andOverall risk/return potential.The Fund employs a sell discipline aimed at minimizing losses. Although the portfolio management team considers many factors when implementing trades, there are three primary reasons why the Fund would exit an investment or trade:Position Target Achieved—Position targets are established at the time of investment and monitored on both an absolute and relative value basis. An asset is typically sold as it approaches the target, unless changes in circumstances dictate a revised target.Credit Profile Change/Credit Event—The loss of (or change to) a catalyst or change in fundamentals which no longer support the initial investment decision will cause the team to exit a position.Portfolio Re-Allocation—Each position is monitored on a relative value basis versus other holdings and market opportunities. Positions are sold or reduced to maintain proper portfolio diversification.The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process.The Fund seeks an absolute return comprised of income and capital appreciation. Absolute return performance may be uncorrelated to fixed income and equity markets over the long-term. The Fund’s investment strategies are intended to reduce volatility (i.e., the Fund may be less impacted by market fluctuations in rising and falling market conditions).The Fund’s benchmark index is the ICE Bank of America Merrill Lynch Three-Month US Treasury Bill Index.
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GSSAX - Performance

Return Ranking - Trailing

Period GSSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -9.7% 7.4% 49.84%
1 Yr 9.3% -7.7% 25.9% 18.69%
3 Yr 1.2%* -16.9% 17.2% 26.10%
5 Yr 2.8%* -13.1% 15.0% 27.84%
10 Yr N/A* -13.6% 6.5% 69.78%

* Annualized

Return Ranking - Calendar

Period GSSAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -12.0% 15.7% 27.68%
2022 -13.8% -31.8% 18.4% 59.01%
2021 -1.2% -26.6% 25.7% 41.35%
2020 2.9% -49.2% 18.7% 38.32%
2019 3.2% -35.1% 15.3% 71.07%

Total Return Ranking - Trailing

Period GSSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -9.7% 7.4% 49.84%
1 Yr 9.3% -7.7% 25.9% 18.69%
3 Yr 1.2%* -16.9% 17.2% 26.10%
5 Yr 2.8%* -13.1% 15.0% 27.84%
10 Yr N/A* -13.6% 6.5% 67.31%

* Annualized

Total Return Ranking - Calendar

Period GSSAX Return Category Return Low Category Return High Rank in Category (%)
2023 10.8% -7.0% 22.2% 12.91%
2022 -8.8% -31.8% 21.1% 49.12%
2021 2.8% -13.5% 49.9% 35.42%
2020 6.9% -28.6% 24.1% 35.65%
2019 8.3% -4.8% 19.1% 56.13%

NAV & Total Return History


GSSAX - Holdings

Concentration Analysis

GSSAX Category Low Category High GSSAX % Rank
Net Assets 45.1 M 2.53 M 143 B 94.70%
Number of Holdings 279 4 9868 66.88%
Net Assets in Top 10 5.91 M -1.57 B 65.8 B 95.13%
Weighting of Top 10 13.28% 0.7% 171.7% 87.38%

Top 10 Holdings

  1. Goldman Sachs Financial Square Government Fund 5.86%
  2. Match Group Holdings II LLC 1.21%
  3. Titan Acquisition Ltd / Titan Co-Borrower LLC 0.95%
  4. APi Group DE Inc 0.86%
  5. CCO Holdings LLC / CCO Holdings Capital Corp 0.86%
  6. Viasat Inc 0.76%
  7. DRW Holdings, LLC 2021 Term Loan 0.71%
  8. Triumph Group Inc 0.69%
  9. TransDigm Inc 0.69%
  10. TransDigm Inc 0.68%

Asset Allocation

Weighting Return Low Return High GSSAX % Rank
Bonds
89.85% -150.81% 196.48% 44.11%
Stocks
6.37% -4.18% 99.88% 17.90%
Cash
5.22% -94.66% 258.91% 40.19%
Convertible Bonds
0.33% 0.00% 33.50% 72.13%
Preferred Stocks
0.00% 0.00% 30.46% 48.51%
Other
-1.44% -62.91% 100.00% 94.03%

Stock Sector Breakdown

Weighting Return Low Return High GSSAX % Rank
Energy
100.00% 0.00% 100.00% 0.29%
Utilities
0.00% 0.00% 100.00% 53.58%
Technology
0.00% 0.00% 28.30% 43.27%
Real Estate
0.00% 0.00% 100.00% 50.72%
Industrials
0.00% 0.00% 100.00% 56.45%
Healthcare
0.00% 0.00% 18.60% 44.70%
Financial Services
0.00% 0.00% 100.00% 60.74%
Communication Services
0.00% 0.00% 100.00% 51.29%
Consumer Defense
0.00% 0.00% 99.97% 44.41%
Consumer Cyclical
0.00% 0.00% 89.95% 53.58%
Basic Materials
0.00% 0.00% 100.00% 46.70%

Stock Geographic Breakdown

Weighting Return Low Return High GSSAX % Rank
US
6.37% -4.11% 99.88% 17.11%
Non US
0.00% -0.07% 17.73% 28.26%

Bond Sector Breakdown

Weighting Return Low Return High GSSAX % Rank
Corporate
73.09% 0.00% 96.66% 7.20%
Government
2.04% 0.00% 99.43% 76.32%
Cash & Equivalents
0.00% 0.00% 74.29% 94.17%
Securitized
0.00% 0.00% 99.65% 92.32%
Municipal
0.00% 0.00% 54.26% 46.56%
Derivative
-1.44% -62.91% 37.37% 94.65%

Bond Geographic Breakdown

Weighting Return Low Return High GSSAX % Rank
US
89.32% -151.11% 196.48% 29.51%
Non US
0.54% 0.00% 67.77% 59.18%

GSSAX - Expenses

Operational Fees

GSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.49% 0.03% 20.67% 35.68%
Management Fee 1.00% 0.00% 2.29% 85.05%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

GSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

GSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

GSSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 56.00% 0.00% 632.00% 28.95%

GSSAX - Distributions

Dividend Yield Analysis

GSSAX Category Low Category High GSSAX % Rank
Dividend Yield 5.97% 0.00% 13.03% 20.06%

Dividend Distribution Analysis

GSSAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

GSSAX Category Low Category High GSSAX % Rank
Net Income Ratio 3.51% -1.55% 10.56% 26.63%

Capital Gain Distribution Analysis

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

Distributions History

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GSSAX - Fund Manager Analysis

Managers

Ashish Shah


Start Date

Tenure

Tenure Rank

Mar 04, 2019

3.24

3.2%

Mr. Shah is Co-Chief Investment Officer of Global Fixed Income, Global Head of Corporate Credit and Head of the Cross-Sector Strategy within Fixed Income. Mr. Shah joined Goldman Sachs Asset Management, L.P. in 2018. Mr. Shah was previously at AllianceBernstein from 2010 to 2018, where he was most recently the Head of Fixed Income and Chief Investment Officer of Global Credit. Prior to AB, he was a managing director and head of Global Credit Strategy at Barclays Capital (2008-2010). From 2003 to 2008, Shah was the head of Credit Strategy at Lehman Brothers.

Michael McGuiness


Start Date

Tenure

Tenure Rank

Aug 06, 2019

2.82

2.8%

Mr. McGuiness is the Head of Opportunistic Corporate Credit and a portfolio manager within Global Fixed Income. Prior to joining the Investment Adviser in 2015, Mr. McGuiness was a partner and portfolio manager with a focus on credit selection at Taurasi Capital Management, Battleground Capital Management, Ore Hill Partners, and W.R. Huff Asset Management.

Aakash Thombre


Start Date

Tenure

Tenure Rank

Feb 10, 2021

1.3

1.3%

Mr. Thombre is a portfolio manager specializing in multi-sector credit, high yield, bank loan, and emerging market corporate debt. He joined the Goldman Sachs Asset Management in 2007.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.78 3.19