Goldman Sachs China Equity Fund
Fund
GSAFX
Price as of:
$21.04
- $0.49
- 2.28%
Primary Theme
fund company
Name
As of 11/22/2024Price
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
Vitals
YTD Return
11.0%
1 yr return
6.2%
3 Yr Avg Return
-15.1%
5 Yr Avg Return
-2.9%
Net Assets
$36.9 M
Holdings in Top 10
38.3%
52 WEEK LOW AND HIGH
$21.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.55%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 46.00%
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 11/22/2024Price
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
GSAFX - Profile
Distributions
- YTD Total Return 11.0%
- 3 Yr Annualized Total Return -15.1%
- 5 Yr Annualized Total Return -2.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.08%
- Dividend Yield 1.1%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameGoldman Sachs China Equity Fund
-
Fund Family NameGoldman Sachs
-
Inception DateFeb 28, 2018
-
Shares OutstandingN/A
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBasak Yavuz
Fund Description
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in issuers economically tied to China. For purposes of the 80% investment policy, China includes Mainland China and China’s special administrative regions, such as Hong Kong. The Fund expects to invest primarily in common stocks, but may also invest in depositary receipts. This may include securities that trade in local Chinese, Hong Kong, or other foreign exchanges and securities that trade in Renminbi (“RMB”), the official currency of China. The Fund may invest in the securities of Chinese companies, normally restricted to residents of Mainland China (commonly known as “A Shares” or “China A Shares”), through the China Stock Connect program or other channels. The Fund may also invest in other investments including, but not limited to, “B Shares” of companies listed on the Shanghai and Shenzhen Stock Exchanges, “H Shares” of companies incorporated in Mainland China and listed on the Hong Kong Stock Exchange and other foreign exchanges, shares of “Red Chip” and “P-Chip” companies with controlling Chinese shareholders that are incorporated outside of Mainland China and listed on the Hong Kong Stock Exchange, and shares of companies listed on the Hong Kong Stock Exchange that generate the majority of their value and revenue from doing business in China. “Red Chip” companies are controlled, either directly or indirectly, by Mainland China state entities. “P-Chip” companies are controlled by Mainland Chinese companies or individuals.While the Fund may invest in companies of any market capitalization, it expects to primarily invest in large- and mid-capitalization companies. As of February 1, 2024, the Fund generally considers issuers with public stock market capitalizations of approximately $2.5 billion to $10 billion to be mid-capitalization companies, and issuers with public stock market capitalizations of approximately $10 billion or more to be large-capitalization companies. The Fund may also invest in futures, exchange-traded funds (“ETFs”) and other instruments with similar economic exposures.Allocation of the Fund’s investments is determined by the Investment Adviser’s assessment of a company’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest weightings in the Fund’s portfolio relative to the benchmark of the Fund are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk.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 stock selection process.The Fund may invest in the aggregate up to 20% of its Net Assets in: (i) equity investments in issuers that are not economically tied to China; and (ii) fixed income securities, such as government, corporate and bank debt obligations.The Fund’s benchmark index is the Morgan Stanley Capital International (MSCI) China All Shares Index (Net, USD, Unhedged).
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GSAFX - Performance
Return Ranking - Trailing
| Period | GSAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.0% | -15.4% | 24.0% | 30.00% |
| 1 Yr | 6.2% | -20.2% | 26.6% | 35.56% |
| 3 Yr | -15.1%* | -22.9% | 5.9% | 66.67% |
| 5 Yr | -2.9%* | -13.6% | 14.4% | 50.72% |
| 10 Yr | N/A* | -4.6% | 9.6% | 39.71% |
* Annualized
Return Ranking - Calendar
| Period | GSAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -19.5% | -26.6% | 26.3% | 68.75% |
| 2022 | -30.7% | -41.6% | -9.4% | 77.78% |
| 2021 | -19.0% | -52.5% | 26.5% | 54.02% |
| 2020 | 41.6% | 1.3% | 138.5% | 26.67% |
| 2019 | 25.5% | -1.9% | 42.6% | 52.05% |
Total Return Ranking - Trailing
| Period | GSAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.0% | -15.4% | 24.0% | 30.00% |
| 1 Yr | 6.2% | -20.2% | 26.6% | 35.56% |
| 3 Yr | -15.1%* | -22.9% | 5.9% | 66.67% |
| 5 Yr | -2.9%* | -13.6% | 14.4% | 50.72% |
| 10 Yr | N/A* | -4.6% | 9.6% | 38.24% |
* Annualized
Total Return Ranking - Calendar
| Period | GSAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -18.5% | -25.7% | 30.1% | 65.63% |
| 2022 | -30.5% | -40.4% | -6.8% | 84.44% |
| 2021 | -14.0% | -48.9% | 29.5% | 64.37% |
| 2020 | 48.7% | 2.0% | 138.5% | 26.67% |
| 2019 | 26.7% | 7.8% | 44.4% | 57.53% |
NAV & Total Return History
GSAFX - Holdings
Concentration Analysis
| GSAFX | Category Low | Category High | GSAFX % Rank | |
|---|---|---|---|---|
| Net Assets | 36.9 M | 1.06 M | 5.63 B | 55.21% |
| Number of Holdings | 71 | 27 | 1176 | 27.08% |
| Net Assets in Top 10 | 13.5 M | 603 K | 3.28 B | 59.38% |
| Weighting of Top 10 | 38.33% | 5.6% | 85.4% | 75.00% |
Top 10 Holdings
- Tencent Holdings Ltd 10.32%
- China Construction Bank Corp 4.71%
- Alibaba Group Holding Ltd 4.39%
- Meituan 3.36%
- China Yangtze Power Co Ltd 3.35%
- Zijin Mining Group Co Ltd 3.09%
- Kweichow Moutai Co Ltd 3.09%
- Xiaomi Corp 2.01%
- Contemporary Amperex Technology Co Ltd 2.01%
- PetroChina Co Ltd 1.99%
Asset Allocation
| Weighting | Return Low | Return High | GSAFX % Rank | |
|---|---|---|---|---|
| Stocks | 96.95% | 51.72% | 113.15% | 61.46% |
| Cash | 3.05% | 0.00% | 33.85% | 38.54% |
| Preferred Stocks | 0.00% | 0.00% | 2.47% | 18.75% |
| Other | 0.00% | -0.02% | 47.32% | 26.04% |
| Convertible Bonds | 0.00% | 0.00% | 0.15% | 19.57% |
| Bonds | 0.00% | 0.00% | 0.00% | 13.54% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | GSAFX % Rank | |
|---|---|---|---|---|
| Consumer Cyclical | 22.20% | 0.00% | 95.37% | 51.09% |
| Financial Services | 15.09% | 0.00% | 41.62% | 38.04% |
| Communication Services | 14.42% | 0.00% | 41.06% | 33.70% |
| Industrials | 12.09% | 0.00% | 36.69% | 47.83% |
| Consumer Defense | 11.17% | 0.00% | 20.13% | 25.00% |
| Technology | 7.89% | 0.00% | 58.02% | 66.30% |
| Healthcare | 7.42% | 0.00% | 100.00% | 60.87% |
| Basic Materials | 4.12% | 0.00% | 19.86% | 36.96% |
| Real Estate | 2.82% | 0.00% | 22.12% | 42.39% |
| Energy | 1.89% | 0.00% | 19.38% | 25.00% |
| Utilities | 0.89% | 0.00% | 11.37% | 36.96% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | GSAFX % Rank | |
|---|---|---|---|---|
| Non US | 91.90% | 0.00% | 100.09% | 39.58% |
| US | 5.05% | 0.00% | 100.63% | 54.17% |
GSAFX - Expenses
Operational Fees
| GSAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.55% | 0.09% | 14.63% | 44.79% |
| Management Fee | 1.00% | 0.09% | 1.50% | 82.29% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.06% | 0.25% | N/A |
Sales Fees
| GSAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| GSAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 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.
| GSAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 46.00% | 4.00% | 241.00% | 48.10% |
GSAFX - Distributions
Dividend Yield Analysis
| GSAFX | Category Low | Category High | GSAFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.09% | 0.00% | 8.89% | 45.83% |
Dividend Distribution Analysis
| GSAFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annually | Quarterly | Annual |
Net Income Ratio Analysis
| GSAFX | Category Low | Category High | GSAFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.08% | -1.76% | 3.66% | 44.57% |
Capital Gain Distribution Analysis
| GSAFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 20, 2023 | $0.230 | OrdinaryDividend |
| Dec 20, 2022 | $0.062 | OrdinaryDividend |
| Dec 14, 2021 | $2.138 | CapitalGainLongTerm |
| Dec 14, 2020 | $1.968 | OrdinaryDividend |
| Dec 20, 2019 | $0.258 | OrdinaryDividend |
| Dec 21, 2018 | $0.156 | OrdinaryDividend |
| Dec 11, 2018 | $1.494 | CapitalGainLongTerm |
GSAFX - Fund Manager Analysis
Managers
Basak Yavuz
Start Date
Tenure
Tenure Rank
Mar 14, 2019
3.22
3.2%
Ms. Yavuz is the co-head of GSAM’s Emerging Markets Equity team and a portfolio manager for GSAM’s Emerging Markets Equity. Ms. Yavuz joined the Goldman Sachs Asset Management, L.P in September 2011 from HSBC Asset Management, where she spent three and half years as a portfolio manager for frontier markets. Prior to joining HSBC, she was a research analyst at AllianceBernstein in London from 2001 to 2008.
Hiren Dasani
Start Date
Tenure
Tenure Rank
Mar 14, 2019
3.22
3.2%
Hiren Dasani is the co-head of GSAM’s Emerging Markets Equity team and a portfolio manager for GSAM’s Emerging Markets Equity and India Equity strategies. Mr. Dasani joined GSAM’s India Equity Research team in January 2007 from SSKI Securities.
Christine Pu
Start Date
Tenure
Tenure Rank
Nov 20, 2019
2.53
2.5%
Ms. Pu is a portfolio manager within the Greater China Equity Research Team. She joined the Goldman Sachs Asset Management, L.P. in November 2007.
Shao Ping Guan
Start Date
Tenure
Tenure Rank
Nov 20, 2019
2.53
2.5%
Mr. Guan is head of the China Equity team and portfolio manager of GSAM China Equity strategies. He joined the Goldman Sachs Asset Management, L.P. in in October 2008.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 24.1 | 3.67 | 3.22 |