Goldman Sachs U.S. Tax-Managed Equity Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Goldman Sachs U.S. Tax-Managed Equity Fund held 245 positions with $4.78B in net assets. Its ten largest holdings made up 33.9% of the fund. The GCTIX share class costs 0.69% a year. Over the 12 months to May 2026, GCTIX returned 26.9%, with dividends reinvested. In 2026 Q2 it added 71 new positions and exited 58.
The Goldman Sachs U.S. Tax-Managed Equity Fund (the Fund) seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of U.S. equity securities.
The fund invests in a diversified U.S. equity portfolio across large-cap, mid-cap, and small-cap stocks, selected through quantitative models that screen for fundamental mispricings, high-quality business models, positive sentiment shifts, and favorable market themes. The strategy prioritizes after-tax returns by harvesting capital losses to offset gains, managing turnover, and directing returns toward price appreciation rather than distributions. Because investment decisions may deviate from the models' output at the adviser's discretion, fund performance may diverge from its Russell 3000 benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
AAPLAPPLE INC | 6.82% | $326.10M | 1.1M | $289.36 |
NVDANVIDIA CORP | 6.00% | $286.93M | 1.4M | $200.09 |
GOOGLALPHABET INC | 4.84% | $231.23M | 647.0K | $357.37 |
AVGOBROADCOM INC | 3.14% | $150.10M | 397.4K | $377.75 |
MSFTMICROSOFT CORP | 2.84% | $135.78M | 364.0K | $373.02 |
AMZNAMAZON.COM INC | 2.42% | $115.50M | 484.6K | $238.34 |
TSLATESLA INC | 2.25% | $107.60M | 255.8K | $420.60 |
2.07% | $98.97M | 389.7K | $253.97 | |
1.77% | $84.66M | 73.3K | $1,154.29 | |
1.73% | $82.68M | 191.6K | $431.46 |
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 245 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 | 98.37% |
| Cash & short-term | 0.11% |
| Derivatives | -0.01% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 32.2%
- Financials
- 11.6%
- Health Care
- 11.4%
- Consumer Discretionary
- 11.2%
- 10 other sectors
- 33.6%
- Information Technology
- 32.2%
- Financials
- 11.6%
- Health Care
- 11.4%
- Consumer Discretionary
- 11.2%
- Communication Services
- 9.2%
- Industrials
- 8.9%
- Consumer Staples
- 4.7%
- Energy
- 3.2%
- International
- 3.1%
- Materials
- 2.2%
- Real Estate
- 1.7%
- Utilities
- 0.3%
- Cash
- 0.1%
- Other
- 0.0%
How it has done
GCTIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.60%. 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 |
|---|---|---|---|---|---|
| 0.69% | +26.93% | +82.51% | +78.24% | -9.66% | |
| 1.19% | +26.29% | +79.76% | +73.83% | -9.78% | |
| 1.01% | +26.50% | +80.71% | +75.34% | -9.75% | |
| 1.76% | +25.55% | +76.68% | +68.89% | -9.89% | |
| 0.76% | +26.82% | +82.06% | +77.57% | -9.67% | |
| 0.68% | +26.93% | +82.51% | +78.29% | -9.67% | |
| 0.68% | +26.94% | +82.51% | +78.30% | -9.67% |
These classes hold the same portfolio, so the 9.40pp spread over 5 years is the cost difference between them — roughly 1.88pp a year — not a difference in what they own.
Fees & fund details
Goldman Sachs U.S. Tax-Managed Equity Fund is an actively managed U.S. equity fund. 20% of GCTIX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 95% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.68% – 1.76%· GCTIX 0.69%
- Portfolio turnover
- 188.00% a year · as of 2026 Q2
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.
71 new· the largest 8
58 exited· the largest 8
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 — GCTIX, 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?”