GEMAX Fees and Costs — Goldman Sachs Emerging Markets Equity Fund, Class A
Data updated: 2026-09-24
The net expense ratio is 1.33%: a 0.99% management fee, a 0.25% 12b-1 fee plus 0.24% other expenses, less a 0.15% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $3.0M in broker commissions, 0.1075% of average net assets, and portfolio turnover was 43%.
GEMAX Fees and Expenses
Annual operating expenses and sales charges of GEMAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.24% |
| Gross expense ratio | 1.48% |
| Fee waiver | −0.15% |
| Net expense ratio | 1.33% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GEMAX Costs Over Time
On $10,000 invested in GEMAX, assuming 5% a year before costs, total costs come to $1,544 over 5 years, cutting the return by 2.67% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.33%) | $132 | $410 | $708 |
| Trading costs (broker commissions) | $11 | $33 | $57 |
| Lost growth on money paid in costs | $27 | $109 | $230 |
| Total costs | $720 | $1,102 | $1,544 |
| Value after costs | $9,780 | $10,475 | $11,219 |
| Impact on return, per year | 7.20% | 3.44% | 2.67% |
GEMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1075%
- Total broker commissions: $3.0M
- Bought from dealers (principal trades, not a cost): $22.1M
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $3.4M
- Net income from securities lending: $141K (0.005% of average net assets)
GEMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $367K | 20.56% |
| UBS Securities LLC | $274K | 15.32% |
| BOFA SECURITIES, INC. | $271K | 15.17% |
| J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED | $198K | 11.10% |
| CITIGROUP GLOBAL MARKETS INC. | $182K | 10.18% |
| J.P. MORGAN SECURITIES LLC | $141K | 7.89% |
| CITIGROUP GLOBAL MARKETS TAIWAN SECURITIES COMPANY LIMITED | $104K | 5.80% |
| HSBC BANK PLC | $103K | 5.75% |
| CITIGROUP GLOBAL MARKETS LIMITED | $81K | 4.53% |
| HSBC SECURITIES (USA) INC. | $66K | 3.70% |
GEMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $12.5M | 56.70% |
| IIFL FINANCE LIMITED | $4.6M | 20.97% |
| MORGAN STANLEY & CO. LLC | $3.7M | 16.57% |
| MOTILAL OSWAL FINANCIAL SERVICES LIMITED | $1.3M | 5.76% |
Goldman Sachs Emerging Markets Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GAHPX | Class P | 1.02% | — |
| GEMUX | Class R6 | 1.02% | none |
| GEMIX | Institutional Class | 1.03% | none |
| GIRMX | Investor Shares | 1.08% | none |
| GEMAX | Class A | 1.33% | 5.50% |
| GEMSX | Service Class | 1.53% | none |
| GEMCX | Class C | 2.08% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.