GDEJX — Goldman Sachs Defensive Equity Fund
Data updated: 2023-03-14
GDEJX — Goldman Sachs Defensive Equity Fund. Commodity · $5.61M AUM · 0.69% expense ratio · -13.1% 1-yr return. Holdings, fees, performance and SEC filings.
GDEJX Fund Overview
GDEJX — Goldman Sachs Defensive Equity Fund is a US mutual fund managed by Goldman Sachs Trust, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Goldman Sachs Trust
- Category: Commodity
- Assets under management: $5.61M
- 1-year return: -13.1%
- Ticker: GDEJX
- SEC CIK: 0000822977
- SEC series ID: S000068943
- Share class ID: C000220323
GDEJX Investment Objective and Strategy
Goldman Sachs Defensive Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Goldman Sachs Trust.
Investment objective
"The Goldman Sachs Defensive Equity Fund (the ""Fund"") seeks long-term growth of capital with lower volatility than equity markets."
Principal investment strategy
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in a diversified portfolio of equity investments. The Fund will typically invest in equity investments of U.S. issuers with public stock market capitalizations within the range of the market capitalization of the S&P 500 Index at the time of investment and other instruments with similar economic exposures as such issuers. The Fund will also employ an options-based overlay strategy (as described below) whereby the Fund simultaneously purchases near-the-money put options while selling (writing) out-of-the-money call and put options on the S&P 500 Index or other national or regional stock market indices (or exchange-traded funds (ETFs) that seek to track such indices).
The Fund seeks to maintain risk, style, and capitalization characteristics similar to the S&P 500 Index, while seeking to provide lower volatility and enhanced downside protection with the options-based overlay strategy. The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. The Fund may make investment decisions that deviate from those generated by the Investment Advisers proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Advisers proprietary research. The Fund constructs the options-based overlay by buying put options on the S&P 500 Index at a higher strike price and writing (or selling) put options on the same index at a relatively lower strike price, resulting in what is known as a put option spread, while simultaneously selling S&P 500 Index call options.
The put option spread is designed to provide the Fund with some downside protection, but this protection is limited to the extent of the difference between the strike price of a put option purchased and the strike price of a put option sold. As the seller of call and put options, the Fund will receive cash (the premium) from the purchaser. If the purchaser exercises the call option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. If the purchaser exercises the put option, the Fund pays the purchaser the difference between the exercise price of the option and the price of the index. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of call and put options.
During periods in which the U.S. equity markets are falling, a diversified portfolio of equity investments, with an options-based overlay strategy designed to seek to provide downside protection, may outperform the same portfolio without such an options overlay strategy. However, in strong rising markets, a portfolio with an options-based overlay strategy could significantly underperform the same portfolio without these options. In addition to the use of the options-based overlay strategy described above, the Fund may use futures contracts, primarily futures on indexes, options on futures, and total return swaps to more effectively gain targeted equity exposure, to equitize cash and to hedge the Funds portfolio if it is unable to purchase or write the necessary options for its overlay strategy.
Derivative positions may be listed or over-the-counter (OTC) and may or may not be centrally cleared. The Funds investments in fixed income securities are limited to cash equivalents (including money market funds) and U.S. Treasury Securities. The Funds benchmark index is the S&P 500 Index.
GDEJX Performance
Total returns for GDEJX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -13.1% |
| 3 years (annualised) | -0.1% |
GDEJX Risk Information
Risk metrics for GDEJX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.5%
GDEJX Costs and Fees
GDEJX costs about $69 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.69%
- Gross expense ratio: 5.33%
- Portfolio turnover: 305%
- Brokerage commissions: 1.37 bps of average net assets (SEC N-CEN)
GDEJX Cashflows
Over the 12 months to 2022-12, Goldman Sachs Defensive Equity Fund had net outflows of $422.14K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-12 | $46.72K |
| 2022-11 | $0 |
| 2022-10 | −$200.32K |
| 2022-09 | −$79 |
| 2022-08 | $19.46K |
| 2022-07 | $0 |
GDEJX Debt Constituents
No individual debt constituents are reported in Goldman Sachs Defensive Equity Fund's latest SEC N-PORT filing.
GDEJX Prospectus and SEC Filings
Official Goldman Sachs Defensive Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-04-29
- Prospectus (485BPOS) — filed 2021-04-30
- Prospectus (485BPOS) — filed 2020-09-30
- Portfolio holdings (N-PORT) — filed 2023-02-27
- Portfolio holdings (N-PORT) — filed 2022-11-25
- Portfolio holdings (N-PORT) — filed 2022-08-29
- Annual census (N-CEN) — filed 2023-03-14
- Annual census (N-CEN) — filed 2022-03-14
Related Funds
Other Commodity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.