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GSZIX Goldman Sachs Strategic Income Instl

  • Fund
  • GSZIX
  • Price as of: Jul 19, 2019
  • $9.37 - $0.00 - 0.00%
  • Category
  • Government Bonds

GSZIX - Profile

Vitals

  • YTD Return 3.7%
  • 3 Yr Annualized Return -0.4%
  • 5 Yr Annualized Return -2.4%
  • Net Assets $1.6 B
  • Holdings in Top 10 23.2%

52 WEEK LOW AND HIGH

$9.37
$9.01
$9.41

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.66%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 169.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000,000

IRA

$0

Investment Themes

CATEGORY

Government Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Nontraditional Bond

Distributions

  • YTD Total Return 4.0%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return -1.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.10%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Goldman Sachs Strategic Income Fund
  • Fund Family Name Goldman Sachs
  • Inception Date Jun 30, 2010
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Michael Swell

Fund Description

The Goldman Sachs Strategic Income Fund Institutional Shares (GSZIX) is an actively managed fund that is designed to provide a high level of current income. GSZIX is considered a multisector bond fund and can invest in variety of IOUs. These include junk bonds, Treasuries, MBS, emerging-market debt and municipals. The fund shifts its holdings based on various credit factors as well as market events and Federal Reserve actions.

With its focus on bond varieties, and domestic and foreign issues, GSZIX makes for a great core fixed-income position. The fund is managed by Goldman Sachs Asset Management, L.P.

GSZIX - Performance

Return Ranking - Trailing

Period GSZIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -0.5% 19.9% 19.93%
1 Yr -0.1% -80.0% 10.2% 92.67%
3 Yr -0.4%* -41.5% 1.9% 11.36%
5 Yr -2.4%* -27.5% 3.4% 95.24%
10 Yr N/A* -14.9% 6.9% N/A

* Annualized


Return Ranking - Calendar

Period GSZIX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.7% -80.0% 0.1% 92.31%
2017 -1.6% -2.9% 10.1% 83.52%
2016 0.2% -9.3% 2.5% 3.30%
2015 -6.4% -46.1% 0.2% 93.41%
2014 -3.6% -88.9% 41.3% 99.25%

Total Return Ranking - Trailing

Period GSZIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -0.5% 19.9% 17.79%
1 Yr 1.9% -80.0% 10.2% 68.86%
3 Yr 0.8%* -41.5% 3.8% 12.09%
5 Yr -1.3%* -27.5% 3.5% 90.84%
10 Yr N/A* -14.9% 9.7% N/A

* Annualized


Total Return Ranking - Calendar

Period GSZIX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -80.0% 3.0% 78.39%
2017 -0.7% -2.2% 10.1% 63.00%
2016 0.2% -9.3% 5.1% 22.34%
2015 -5.1% -46.1% 3.9% 93.41%
2014 -3.0% -88.9% 41.3% 99.63%

NAV & Total Return History

GSZIX - Holdings

Concentration Analysis

GSZIX Category Low Category High GSZIX % Rank
Net Assets 1.6 B 1.26 M 22.2 B 20.21%
Number of Holdings 1032 7 15908 6.38%
Net Assets in Top 10 410 M -1.2 B 4.93 B 29.43%
Weighting of Top 10 23.19% 8.3% 425.3% 80.50%

Top 10 Holdings

  1. ACIS CLO 2014-4 Ltd/ Llc 4.16% 3.82%

  2. Japan (Government Of) 0.1% 2.63%

  3. RECETTE CLO LTD 3.68% 2.56%

  4. United States Treasury Notes 0.38% 2.37%

  5. EFS Volunteer No. 2 LLC 3.84% 2.34%

  6. Academic Loan Funding Trust 3.59% 2.28%

  7. MADISON PARK FUNDING XII LTD & LLC 3.54% 2.02%

  8. Crown Point CLO Ltd. 3.7% 1.78%

  9. Ripon Mortgages Pl A2 2017-1x Frn 20 Aug 2056 Regs 1.77%

  10. Montage Resources Corp 1.63%


Asset Allocation

Weighting Return Low Return High GSZIX % Rank
Bonds
87.58% 0.00% 156.49% 87.23%
Cash
10.58% -56.49% 69.74% 13.83%
Stocks
1.63% -0.22% 96.85% 3.55%
Convertible Bonds
0.28% 0.00% 3.65% 5.32%
Preferred Stocks
0.00% 0.00% 3.11% 36.52%
Other
-0.06% -43.10% 6.14% 94.33%

Stock Sector Breakdown

Weighting Return Low Return High GSZIX % Rank
Energy
1.63% 0.00% 1.63% 18.75%
Utilities
0.00% 0.00% 0.00% 31.25%
Technology
0.00% 0.00% 15.31% 37.50%
Real Estate
0.00% 0.00% 6.03% 56.25%
Industrials
0.00% 0.00% 11.49% 37.50%
Healthcare
0.00% 0.00% 35.47% 37.50%
Financial Services
0.00% 0.00% 15.62% 37.50%
Communication Services
0.00% 0.00% 0.00% 31.25%
Consumer Defense
0.00% 0.00% 8.03% 37.50%
Consumer Cyclical
0.00% 0.00% 10.93% 37.50%
Basic Materials
0.00% 0.00% 0.00% 31.25%

Stock Geographic Breakdown

Weighting Return Low Return High GSZIX % Rank
US
1.63% -0.22% 93.08% 3.55%
Non US
0.00% 0.00% 3.77% 35.11%

Bond Sector Breakdown

Weighting Return Low Return High GSZIX % Rank
Securitized
38.24% 0.00% 159.61% 59.57%
Corporate
29.38% 0.00% 98.43% 2.84%
Government
11.85% -56.38% 100.00% 62.41%
Cash & Equivalents
5.48% -56.49% 70.56% 32.27%
Municipal
2.23% 0.00% 86.81% 8.51%
Derivative
-0.06% -9.75% 14.05% 93.62%

Bond Geographic Breakdown

Weighting Return Low Return High GSZIX % Rank
US
63.95% 0.00% 155.87% 92.20%
Non US
23.63% -0.40% 23.63% 1.06%

GSZIX - Expenses

Operational Fees

GSZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.04% 3.79% 68.46%
Management Fee 0.54% 0.00% 0.80% 89.01%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.45% N/A

Sales Fees

GSZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.40% 4.75% N/A
Deferred Load N/A 0.50% 5.50% N/A

Trading Fees

GSZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Turnover 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.

GSZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 169.00% 0.00% 1450.00% 70.14%

GSZIX - Distributions

Dividend Yield Analysis

GSZIX Category Low Category High GSZIX % Rank
Dividend Yield 0.02% 0.00% 2.56% 25.89%

Dividend Distribution Analysis

GSZIX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

GSZIX Category Low Category High GSZIX % Rank
Net Income Ratio 4.10% 0.06% 4.99% 0.72%

Capital Gain Distribution Analysis

GSZIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

GSZIX - Managers

Michael Swell

Manager

Start Date

Tenure

Tenure Rank

Jun 30, 2010

9.01

9.0%

Michael is the co-head of Global Lead Portfolio Management within the Global Fixed Income GroupLiquidity Management team at Goldman Sachs Asset Management (GSAM).He is a member of the Fixed Income Strategy. In this role, he is responsible co-leading the global team of portfolio managers that are responsible for overseeing multi-sector portfolios. Previously, Michael was a senior portfolio manager and co-head of the US Fixed Income group. Michael joined Goldman Sachs Asset Management, L.P. in 2007 as a managing director and head of Structured Products. This role entailed the creation of structured product asset management vehicles across the spectrum of fixed income products and management of opportunistic/alternative portfolios. Prior to joining the firm, from 2005 to 2007, Mr. Swell was a Senior Managing Director in charge of Friedman, Billings & Ramsey’s Fixed Income Sales & Trading division.. Under Michael's guidance, his division was responsible for the underwriting of more than $22 billion of mortgage-related transactions and the trading and hedging of all MBS and ABS products. Prior to joining FBR, Michael was the vice president in charge of Freddie Mac’s Securities Sales and Trading Group, Freddie Mac’s in-house MBS broker dealer. Prior to joining Freddie Mac in 1992, Michael marketed and developed fixed income asset management vehicles at BlackRock Financial Management, a fixed income money management firm. Michael started his career as a corporate analyst in the Investment Banking Division of Lehman Brothers helping institutions raise debt capital. Michael earned a BA in Politics and Economics from Brandeis University, a General Course Degree from the London School of Economics and an MA in International Economics and Finance from the Lemberg School at Brandeis University.


Ashish C. Shah

Manager

Start Date

Tenure

Tenure Rank

Jan 01, 2019

0.49

0.5%

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), where he was responsible for the High Grade, High Yield, Structured Credit and Municipal Strategy groups and the Special Situations Research team. From 2003 to 2008, Shah was the head of Credit Strategy at Lehman Brothers, leading the Structured Credit/CDO and Credit Strategy groups and covering the cash bond, credit derivatives and CDO product areas for global credit investors. He holds a BS in economics from the Wharton School of the University of Pennsylvania.


Tenure Analysis

Category Low

0.0

Category High

33.52

Category Average

7.41

Category Mode

0.33