Multi-Manager High Yield Bond Fund
Goldman Sachs Trust II · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Multi-Manager High Yield Bond 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
Fund profile
As filed in the prospectus · 2026 Q1
The Multi-Manager High Yield Bond Fund (the Fund) seeks a high level of current income and may also consider the potential for capital appreciation.
The fund allocates its assets among multiple unaffiliated underlying managers, each of whom independently selects high-yield fixed-income securities rated below investment grade, along with derivatives and other instruments with similar economic characteristics. The Investment Adviser oversees manager hiring, termination, and asset allocation across the portfolio. Because each underlying manager acts independently with its own investment process, the fund's holdings and performance will reflect the distinct decisions and security selections of multiple managers rather than a single unified strategy.
| Share class | Gross | Net |
|---|---|---|
| MMHGX | 0.53% | 0.44% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 2.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 90.67% |
| Stocks | 5.56% |
| Loans | 2.98% |
| Cash & short-term | 0.35% |
| 2 smaller | 0.07% |
Look-through blends 2 underlying funds; 5.552% 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 | 53.4% |
| International | 13.0% |
| Financials | 4.9% |
| Consumer Discretionary | 4.7% |
| 11 smaller | 24.0% |
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: United States Treasury ×2, COOPER-STANDARD AUTOMOTI, SV RNO PROPERTY OWNER 1, OAK-EAGLE ACQUIRECO INC ×2, MERIDIAN ARC HOLDCO LLC, APLD COMPUTECO 2 LLC
Largest exited: ASTON MARTIN CAPITAL HOL, Lumen Technologies Inc, CHOBANI HOLDCO II LLC, DELEK LOG PART/FINANCE, ENCOMPASS HEALTH CORP, Seagate Data Storage Technology Pte Ltd, HUDBAY MINERALS INC, FIRST QUANTUM MINERALS L
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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 | 96.4% |
| Floating rate | 3.2% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 20.3% |
| 3-5y | 41.5% |
| 5-10y | 35.6% |
| 10y+ | 1.3% |
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 | 51% |
| Interest rates | 49% |
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 | +2.63 yr |
| Investment grade | +0.03 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 | 0.04 yr | 2% |
| 1 yr | 0.76 yr | 30% |
| 5 yr | 1.40 yr | 55% |
| 10 yr | 0.28 yr | 11% |
| 30 yr | 0.06 yr | 2% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.80 yr | 30% |
| 5 yr | 1.52 yr | 57% |
| 10 yr | 0.27 yr | 10% |
| 30 yr | 0.03 yr | 1% |
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 | +0.04 | +0.00 | +0.04 | $360 | $10.4k |
| 1 yr | +0.76 | +0.01 | +0.79 | $2.5k | $226.5k |
| 5 yr | +1.40 | +0.01 | +1.51 | $3.0k | $429.3k |
| 10 yr | +0.28 | +0.00 | +0.27 | $1.2k | $76.2k |
| 30 yr | +0.06 | +0.00 | +0.03 | $1.1k | $8.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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 |
|---|---|---|---|---|---|
| — | Goldman Sachs Financial Square Government Fund | 5.55% | $1.00 | $158.33M | 158.3M |
| — | iShares Broad USD High Yield Corporate Bond ETF | 2.00% | $37.23 | $56.89M | 1.5M |
| — | United States Treasury3.88% · due 2030-06-30 | 0.74% | — | $21.11M | — |
| — | United States Treasury3.88% · due 2028-03-31 | 0.69% | — | $19.64M | — |
| — | PGIM Active High Yield Bond ETF | 0.58% | $35.10 | $16.67M | 475.0K |
| — | BEACH ACQUISITION BIDCO10.00% · due 2033-07-15 | 0.52% | — | $14.88M | — |
| — | ASURION LLC/ASURION CO8.00% · due 2032-12-31 | 0.48% | — | $13.66M | — |
| — | 1261229 BC LTD10.00% · due 2032-04-15 | 0.43% | — | $12.35M | — |
| — | VOYAGER PARENT LLC9.25% · due 2032-07-01 | 0.40% | — | $11.37M | — |
| — | Radiate Holdco LLC8.77% floating · due 2029-09-25 | 0.38% | — | $10.92M | — |
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.
Top 10 positions are 11.78% of net assets, top 25 16.79%, across 648 issuers.
See more of this fund's book
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