Goldman Sachs Global Managed Beta Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Goldman Sachs Global Managed Beta Fund held 625 positions with $4.87B in net assets. Its ten largest holdings made up 85.5% of the fund. The GGMBX share class costs 0.37% a year. Over the 12 months to May 2026, GGMBX returned 31.3%, with dividends reinvested. In 2026 Q3 it added 145 new positions and exited 144.
The Goldman Sachs Global Managed Beta Fund (the Fund) seeks to provide long-term capital growth.
The fund invests in a diversified global equity portfolio across large-cap, small-cap, and emerging markets, using a cycle-aware strategic allocation model with factor-based diversification that screens for momentum, valuation, volatility, and quality characteristics. The fund also employs an options strategy on global equity indices, seeking to profit when realized volatility is lower than implied volatility, and may hedge overall equity exposure through interest rate or fixed income options. Volatility index derivatives and commodity-linked derivatives are obtained primarily through a wholly-owned Cayman Islands subsidiary. Because the fund's options strategy caps gains in sharply rising markets and may not fully protect in sharply declining markets, performance will diverge from broad equity index returns.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Goldman Sachs MarketBeta US Equity ETF | 24.59% | $1.20B | 11.5M | $104.43 |
iShares Core MSCI Emerging Markets ETF | 11.93% | $581.48M | 7.0M | $83.47 |
Goldman Sachs MarketBeta International Equity ETF | 11.83% | $576.58M | 7.6M | $75.67 |
GCCXXGoldman Sachs Central Government Fund | 8.06% | $392.73M | 392.7M | $1.00 |
Goldman Sachs MarketBeta Russell 1000 Value Equity ETF | 7.86% | $383.10M | 6.3M | $61.10 |
iShares Core MSCI EAFE ETF | 5.67% | $276.05M | 2.8M | $98.02 |
Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF | 5.01% | $243.93M | 3.5M | $68.88 |
State Street SPDR Portfolio S&P 500 Growth ETF | 4.84% | $235.73M | 1.9M | $121.50 |
iShares MSCI EAFE Small-Cap ETF | 4.35% | $211.81M | 2.4M | $86.49 |
Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1.32% | $64.51M | 1.2M | $51.99 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 625 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 96.55% |
| Derivatives | 3.61% |
| Cash & short-term | 2.07% |
| Other | 0.53% |
| Bonds | 0.11% |
Look-through blends 11 underlying funds; 9.358% of NAV was not looked through and stays direct-classified.
How it has done
GGMBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.23%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 and Aug 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Goldman Sachs Global Managed Beta Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.37%· GGMBX 0.37%
- Portfolio turnover
- 31.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
145 new· the largest 3
144 exited· the largest 4
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
| Credit spreads | 0% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.00 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 1 yr | 0.96 yr | 75% |
| 5 yr | 0.33 yr | 25% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
3 mo is NEGATIVE (-0.07 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 100% |
| 1 yr | 0.00 yr | 0% |
| 5 yr | 0.00 yr | 0% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.07 | +0.00 | +0.00 | $0 | $80 |
| 1 yr | +0.96 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.33 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — GGMBX, QQQ and the fund in my 401(k)?”
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