Goldman Sachs Strategic Factor Allocation Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Goldman Sachs Strategic Factor Allocation Fund held 614 positions with $2.41B in net assets. Its ten largest holdings made up 52.0% of the fund. The SFAFX share class costs 0.82% a year. Over the 12 months to May 2026, SFAFX returned 17.8%, with dividends reinvested. In 2026 Q3 it added 43 new positions and exited 57.
The Goldman Sachs Strategic Factor Allocation Fund (the Fund) seeks long-term total return.
The fund implements Goldman Sachs' proprietary Strategic Factor Allocation process, which allocates across equity, fixed income, and foreign exchange based on the firm's market views on academic return factors. It gains exposure through derivatives, pooled investment vehicles including ETFs and ETNs, and direct holdings of securities; volatility index and commodity-linked derivatives are obtained primarily through a wholly-owned Cayman Islands subsidiary. The fund sells call and put options on indices and futures to generate income, purchasing long options or related securities to limit downside risk. Because the fund's returns depend on the performance of underlying instruments relative to option strike prices and the premiums collected, outcomes will vary with market moves in those instruments.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GCCXXGoldman Sachs Central Government Fund | 11.97% | $288.42M | 288.4M | $1.0000 |
United States Treasury | 6.39% | $154.05M | — | — |
United States Treasury | 6.05% | $145.84M | — | — |
United States Treasury | 5.20% | $125.34M | — | — |
United States Treasury | 4.79% | $115.35M | — | — |
United States Treasury | 4.12% | $99.22M | — | — |
United States Treasury | 3.65% | $88.00M | — | — |
United States Treasury | 3.52% | $84.69M | — | — |
NVDANVIDIA Corp | 3.23% | $77.73M | 368.2K | $211.14 |
United States Treasury | 3.03% | $72.93M | — | — |
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 614 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 | 52.53% |
| Cash & short-term | 42.55% |
| Derivatives | 1.70% |
Derivatives are shown at market value, not notional exposure.
By sector
- Cash
- 49.7%
- Information Technology
- 15.6%
- Other
- 9.0%
- Financials
- 4.8%
- 10 other sectors
- 21.0%
- Cash
- 49.7%
- Information Technology
- 15.6%
- Other
- 9.0%
- Financials
- 4.8%
- Communication Services
- 3.9%
- Consumer Discretionary
- 3.8%
- Health Care
- 3.8%
- Industrials
- 3.2%
- Consumer Staples
- 1.9%
- Energy
- 1.4%
- International
- 0.9%
- Utilities
- 0.8%
- Real Estate
- 0.7%
- Materials
- 0.6%
How it has done
SFAFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.24%. 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.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.82% | +17.81% | +41.44% | +44.47% | -4.70% | |
| 0.81% | +17.94% | +41.98% | +44.93% | -4.77% |
These classes hold the same portfolio, so the 0.46pp spread over 5 years is the cost difference between them — roughly 0.09pp a year — not a difference in what they own.
Fees & fund details
Goldman Sachs Strategic Factor Allocation Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Fund of funds
- Expense ratio, by class
- 0.81% – 0.82%· SFAFX 0.82%
- Portfolio turnover
- 0.00% 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.
43 new· the largest 2
57 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
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% |
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 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.
| 5 yr | 1.98 yr | 62% |
| 10 yr | 1.20 yr | 38% |
3 mo and 1 yr and 30 yr are NEGATIVE (-0.08 yr, -0.14 yr, -0.00 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.08 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | -0.14 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +1.98 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +1.20 | +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.
Duration contribution in years, summing to the fund's 2.96 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.
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 — SFAFX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”