Goldman Sachs High Yield Fund
GOLDMAN SACHS TRUST · 8 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Goldman Sachs High Yield Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Goldman Sachs High Yield Fund (the "Fund") seeks a high level of current income and may also consider the potential for capital appreciation.
The fund invests at least 80% of assets in non-investment-grade fixed income securities rated BB+ or below, selected through bottom-up fundamental analysis that incorporates macroeconomic conditions, industry and company-specific performance, and ESG factors alongside traditional metrics; it targets a duration range approximating the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index plus or minus 2.5 years. The fund may hold up to 20% in investment-grade securities and up to 25% in non-dollar-denominated obligations. Because individual security selection depends on the manager's assessment of relative value and outlook rather than index replication, the fund's composition and returns will diverge from its benchmark.
| Share class | Gross | Net |
|---|---|---|
| GSHIX | 0.78% | 0.68% |
| GSHSX | 1.28% | 1.18% |
| GSHAX | 1.11% | 0.98% |
| GSHCX | 1.86% | 1.73% |
| GSHRX | 1.36% | 1.23% |
| GSHTX | 0.86% | 0.73% |
| GSHUX | 0.77% | 0.67% |
| GGMPX | 0.77% | 0.67% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 42.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 88.03% |
| Cash & short-term | 4.81% |
| Stocks | 3.52% |
| Loans | 2.73% |
| 2 smaller | 0.60% |
Look-through blends 1 underlying fund; 3.008% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 49.3% |
| International | 14.0% |
| Financials | 7.2% |
| Industrials | 6.3% |
| 10 smaller | 23.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Goldman Sachs Central Government Fund, PR RNO PROPERTY OWNER 1, AutoNation Inc, VENTURE GLOBAL LNG INC, TRAVEL + LEISURE CO, MERIDIAN ARC HOLDCO LLC, NRG ENERGY INC, QTS FAYETTEV I DC1-2/TRS
Largest exited: Air Lease Corp, CHARLES SCHWAB CORP, AutoNation Inc, META PLATFORMS INC, RWE AG, DISCOVERY HOLDINGS INC, Intercontinental Exchange, Inc., General Mills Inc
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +8.59% | +25.58% | +17.93% | 3.27% | -2.44% | |
| +8.04% | +23.92% | +15.16% | 3.17% | -2.34% | |
| +8.27% | +24.69% | +16.38% | 3.28% | -2.31% | |
| +7.65% | +21.93% | +12.13% | 3.13% | -2.61% | |
| +8.01% | +23.55% | +14.91% | 3.08% | -2.36% | |
| +8.52% | +25.60% | +17.82% | 3.27% | -2.27% | |
| +8.79% | +26.08% | +18.25% | 3.12% | -2.25% | |
| +8.61% | +25.60% | +17.97% | 3.06% | -2.44% |
These classes hold the same portfolio, so the 6.11pp spread over 5 years is the cost difference between them — roughly 1.22pp a year — not a difference in what they own.
May 2026 and Jun 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.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 96.7% |
| Floating rate | 3.0% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.5% |
| 1-3y | 22.1% |
| 3-5y | 36.9% |
| 5-10y | 35.3% |
| 10y+ | 3.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
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 nearly 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 | 50% |
| Credit spreads | 50% |
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 | +2.54 yr |
| Investment grade | +0.45 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.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.81 yr | 27% |
| 5 yr | 1.71 yr | 56% |
| 10 yr | 0.37 yr | 12% |
| 30 yr | 0.12 yr | 4% |
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.80 yr | 27% |
| 5 yr | 1.62 yr | 54% |
| 10 yr | 0.40 yr | 13% |
| 30 yr | 0.11 yr | 4% |
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 | +0.03 | +0.00 | +0.04 | $1.0k | $11.5k |
| 1 yr | +0.81 | +0.06 | +0.74 | $15.9k | $190.3k |
| 5 yr | +1.71 | +0.15 | +1.47 | $38.9k | $377.3k |
| 10 yr | +0.37 | +0.15 | +0.25 | $38.0k | $64.3k |
| 30 yr | +0.12 | +0.08 | +0.03 | $20.8k | $7.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 3.03 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| GCCXX | Goldman Sachs Central Government FundGCCXX | 3.01% | $1.00 | $77.16M | 77.2M |
| — | Goldman Sachs Financial Square Government Fund | 1.80% | — | $46.15M | — |
| — | CRC INSURANCE GROUP LLC7.13% · due 2031-06-01 | 1.35% | — | $34.70M | — |
| — | SV RNO PROPERTY OWNER 15.88% · due 2031-03-01 | 0.92% | — | $23.55M | — |
| — | ONESKY FLIGHT LLC8.88% · due 2029-12-15 | 0.91% | — | $23.34M | — |
| — | PR RNO PROPERTY OWNER 16.50% · due 2031-05-01 | 0.88% | — | $22.52M | — |
| — | BLACK PEARL COMPUTE LLC6.13% · due 2031-02-15 | 0.86% | — | $22.18M | — |
| — | AutoNation Inc | 0.84% | — | $21.65M | — |
| — | CHARTER COMM OPT LLC/CAP5.75% · due 2048-04-01 | 0.79% | — | $20.19M | — |
| — | VENTURE GLOBAL LNG INC9.88% · due 2032-02-01 | 0.78% | — | $20.01M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 12.14% of net assets, top 25 22.13%, across 387 issuers.
See more of this fund's book
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