Goldman Sachs Multi-Manager Non-Core Fixed Income Fund
Actively managed U.S. bond fund
The Goldman Sachs Multi-Manager Non-Core Fixed Income Fund (the Fund) seeks a total return consisting of income and capital appreciation.
The fund allocates assets among multiple unaffiliated investment managers who independently select non-core fixed income securities including high-yield bonds, loans, emerging-market debt, and related derivatives. Each underlying manager applies its own investment process and has discretion over its portion of the portfolio. The fund's performance is measured against a composite index of 70% Bloomberg Global High Yield Corporate Index and 30% S&P UBS Leveraged Loan Index. Because underlying managers act independently, the fund's returns may diverge from its benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Goldman Sachs Financial Square Government Fund | 6.46% | $128.19M | 128.2M | $1.0000 |
United States Treasury | 2.00% | $39.68M | — | — |
United States Treasury 3.75% · due 2027-06-30 | 1.04% | $20.63M | — | — |
United States Treasury | 0.75% | $14.86M | — | — |
Gainwell Acquisition Corp 7.80% floating · due 2027-10-01 | 0.63% | $12.43M | — | — |
A&K TRAVEL GROUP HOLD 7.50% · due 2033-05-15 | 0.49% | $9.72M | — | — |
MINERAL RESOURCES LTD 6.25% · due 2034-05-01 | 0.49% | $9.72M | — | — |
PROOFPOINT INC 6.70% · due 2028-08-31 | 0.43% | $8.62M | — | — |
HOLOGIC INC 5.92% · due 2033-04-07 | 0.43% | $8.48M | — | — |
Ellucian Holdings, Inc. 8.40% floating · due 2032-11-22 | 0.41% | $8.09M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,344 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%.
| Bonds | 60.55% |
| Loans | 29.72% |
| Stocks | 8.15% |
| Securitized | 1.92% |
| 2 smaller | 1.01% |
Look-through blends 1 underlying fund; 7.815% of NAV was not looked through and stays direct-classified. The blend is as of 2026Q1, one or more quarters before the direct holdings (2026Q2).
By sector
- Other
- 51.0%
- International
- 22.1%
- Government
- 3.5%
- Cash
- 3.3%
- 12 other sectors
- 20.1%
- Other
- 51.0%
- International
- 22.1%
- Government
- 3.5%
- Cash
- 3.3%
- Financials
- 2.7%
- Industrials
- 2.4%
- Information Technology
- 2.3%
- Health Care
- 2.3%
- Consumer Discretionary
- 2.1%
- Communication Services
- 2.0%
- Utilities
- 1.7%
- Energy
- 1.5%
- Securitized
- 1.4%
- Materials
- 0.8%
- Consumer Staples
- 0.7%
- Real Estate
- 0.2%
How it has done
GNCFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.44%. Past returns are a record, not a forecast.
May 2026 and Jun 2026 and Jul 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 Multi-Manager Non-Core Fixed Income 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
- Short duration
- Expense ratio, by class
- 0.70%· GNCFX 0.70%
- Portfolio turnover
- 146.00% a year · as of 2026 Q1
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.
283 new· the largest 6
223 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 65.4% |
| Floating rate | 20.2% |
| Zero-coupon or unclassified | 14.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 19.7% |
| 3-5y | 29.7% |
| 5-10y | 42.8% |
| 10y+ | 6.7% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 66% |
| Interest rates | 34% |
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 | +3.85 yr |
| Investment grade | +0.28 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.50 yr | 23% |
| 5 yr | 1.08 yr | 51% |
| 10 yr | 0.40 yr | 19% |
| 30 yr | 0.10 yr | 5% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.77 yr | 19% |
| 5 yr | 2.61 yr | 63% |
| 10 yr | 0.60 yr | 15% |
| 30 yr | 0.12 yr | 3% |
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 | +0.05 | +0.00 | +0.03 | $148 | $5.3k |
| 1 yr | +0.50 | +0.02 | +0.75 | $3.9k | $148.0k |
| 5 yr | +1.08 | +0.09 | +2.52 | $18.0k | $500.5k |
| 10 yr | +0.40 | +0.11 | +0.49 | $22.8k | $96.5k |
| 30 yr | +0.10 | +0.05 | +0.06 | $10.3k | $12.8k |
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 2.12 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.
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.
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