Goldman Sachs Short-Term Conservative Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Goldman Sachs Short-Term Conservative Income Fund held 207 positions with $2.01B in net assets. Its ten largest holdings made up 17.4% of the fund. The GPPIX share class costs 0.24% a year. Over the 12 months to May 2026, GPPIX returned 4.4%, with dividends reinvested. In 2026 Q2 it added 70 new positions and exited 62.
The Goldman Sachs Short-Term Conservative Income Fund (the "Fund") seeks to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity .
The fund invests at least 80% of assets in short-term, investment-grade fixed income securities selected for attractive yields relative to comparable instruments, with at least 70% in the highest short-term credit ratings and the remainder in upper-medium grades. It concentrates more than 25% of assets in the financial services industry and maintains a dollar-weighted average maturity not exceeding nine months. Because the fund's manager identifies individual securities believed to offer relative value rather than tracking an index, performance will diverge from its stated benchmarks. The fund is not a money market fund and does not maintain a stable net asset value.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GCCXXGoldman Sachs Central Government Fund | 5.13% | $103.01M | 103.0M | $1.0000 |
BNP Paribas SA | 2.24% | $45.00M | — | — |
GENERAL MOTORS FINL CO 4.82% floating · due 2028-04-04 | 1.64% | $32.87M | — | — |
SOCIETE GENERALE 5.25% · due 2027-02-19 | 1.51% | $30.28M | — | — |
Oracle Corp | 1.26% | $25.37M | — | — |
BANCO SANTANDER SA 4.25% · due 2027-04-11 | 1.20% | $24.18M | — | — |
MORGAN STANLEY PVT BANK 4.41% floating · due 2028-11-17 | 1.20% | $24.10M | — | — |
NTT FINANCE CORP 4.57% · due 2027-07-16 | 1.10% | $22.18M | — | — |
NATWEST MARKETS PLC 4.47% floating · due 2028-11-06 | 1.05% | $21.08M | — | — |
SALESFORCE INC 4.50% · due 2028-03-15 | 1.03% | $20.67M | — | — |
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.
The 200 largest of 207 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 | 66.08% |
| Cash & short-term | 25.44% |
| Stocks | 5.13% |
| Securitized | 1.51% |
By sector
- Other
- 27.0%
- International
- 25.9%
- Cash
- 23.6%
- Financials
- 14.0%
- 7 other sectors
- 9.4%
- Other
- 27.0%
- International
- 25.9%
- Cash
- 23.6%
- Financials
- 14.0%
- Government
- 3.2%
- Information Technology
- 2.1%
- Securitized
- 1.5%
- Industrials
- 1.2%
- Health Care
- 0.7%
- Real Estate
- 0.4%
- Utilities
- 0.3%
How it has done
GPPIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.31%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.24% | +4.42% | +16.42% | +20.22% | 0.00% | |
| — | — | — | — | — | |
| 0.47% | +4.28% | +15.74% | +18.96% | 0.00% | |
| — | — | — | — | — | |
| 0.23% | +4.44% | +16.49% | +20.29% | 0.00% | |
| 0.23% | +4.44% | +16.49% | +20.29% | 0.00% | |
| 0.32% | +4.32% | +16.17% | +19.89% | 0.00% |
Fees & fund details
Goldman Sachs Short-Term Conservative Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.23% – 0.47%· GPPIX 0.24%
- Portfolio turnover
- 117.00% a year · as of 2025 Q3
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.
70 new· the largest 8
62 exited· the largest 7
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 | 64.0% |
| Floating rate | 36.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 26.2% |
| 1-3y | 73.6% |
| 5-10y | 0.1% |
| 10y+ | 0.1% |
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
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 | 59% |
| Interest rates | 41% |
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.
| Investment grade | +0.59 yr |
| High yield | +0.02 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 | 0.10 yr | 24% |
| 1 yr | 0.30 yr | 71% |
| 5 yr | 0.02 yr | 5% |
| 30 yr | 0.00 yr | 0% |
10 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.10 yr | 16% |
| 1 yr | 0.42 yr | 70% |
| 5 yr | 0.09 yr | 15% |
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 | +0.10 | +0.09 | +0.01 | $17.1k | $2.0k |
| 1 yr | +0.30 | +0.41 | +0.01 | $83.2k | $1.1k |
| 5 yr | +0.02 | +0.09 | +0.00 | $17.8k | $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.
Understand how this fund fits with the rest.
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