GRMMX — Goldman Sachs Multi-Manager Alternatives Fund
Data updated: 2026-09-22
GRMMX — Goldman Sachs Multi-Manager Alternatives Fund. Market-Neutral · $56.55M AUM · 1.40% expense ratio. Holdings, fees, performance and SEC filings.
GRMMX Fund Overview
GRMMX — Goldman Sachs Multi-Manager Alternatives Fund is a US mutual fund managed by Goldman Sachs Trust II, categorised as Market-Neutral. 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 II
- Category: Market-Neutral
- Assets under management: $56.55M
- 1-year return: -5.0%
- Ticker: GRMMX
- SEC CIK: 0001557156
- SEC series ID: S000040071
- Share class ID: C000124404
GRMMX Investment Objective and Strategy
Goldman Sachs Multi-Manager Alternatives Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Goldman Sachs Trust II.
Investment objective
The Goldman Sachs Multi-Manager Alternatives Fund (the “Fund”) seeks long-term growth of capital.
Principal investment strategy
The Fund generally seeks to achieve its investment objective by allocating its assets among multiple investment managers (Underlying Managers) who are unaffiliated with the Investment Adviser and who employ one or more non-traditional and alternative investment strategies including, but not limited to, Equity Long Short, Dynamic Equity, Event Driven and Credit, Relative Value, Tactical Trading, and Opportunistic Fixed Income Strategies, each of which is described below. The Fund will primarily invest in a portfolio of (i) equity securities, including common and preferred stocks, convertible securities, rights and warrants, depositary receipts, real estate investment trusts (REITs), pooled investment vehicles, including other investment companies, exchange-traded funds (ETFs), European registered investment funds (UCITS) and private investment funds, and partnership interests, including master limited partnerships (MLPs); (ii) fixed income and/or floating rate securities, including debt issued by corporations, debt issued by governments (including the U.S.
and foreign governments), their agencies, instrumentalities, sponsored entities, and political subdivisions, covered bonds, notes, debentures, debt participations, convertible bonds, non-investment grade securities (commonly known as junk bonds), bank loans (including senior secured loans) and other direct indebtedness; (iii) mortgage-backed and other mortgage-related securities, asset-backed securities, municipal securities, to be announced (TBA) securities, and custodial receipts; (iv) currencies; and (v) unregistered securities, including, for example, restricted securities eligible for resale pursuant to an exemption from registration under the Securities Act of 1933, as amended (Securities Act). The Funds investments may be publicly traded or privately issued or negotiated. The Fund may invest without restriction as to issuer capitalization, country, currency, maturity or credit rating.
The Funds investments may include securities of U.S. and foreign issuers, including securities of issuers in emerging countries and securities denominated in a currency other than the U.S. dollar. Up to 15% of the Funds net assets may be invested in illiquid investments. The Fund does not have a target duration. The Fund will also invest in derivatives for both hedging and non-hedging purposes (although no Underlying Manager is required to hedge any of the Funds positions or to use derivatives). The Funds derivative investments may include (i) futures contracts, including futures based on equity or fixed income securities and/or equity or fixed income indices, interest rate futures, currency futures and swap futures; (ii) swaps, including equity, currency, interest rate, total return, variance and credit default swaps, and swaps on futures contracts; (iii) options, including long and short positions in call options and put options on indices, individual securities or currencies, swaptions and options on futures contracts; (iv) forward contracts, including forwards based on equity or fixed income securities and/or equity or fixed income indices, currency forwards, interest rate forwards, swap forwards and non-deliverable forwards; and (v) other instruments, including structured securities, exchange-traded notes, and contracts for differences (CFDs).
As a result of the Funds use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments, including money market funds, repurchase agreements, cash and time deposits. The Fund may use leverage (e.g., through borrowing and/or the use of derivatives). As a result, the sum of the Funds investment exposures may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. The Fund may take long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price. The Fund may implement short positions through short sales of any instrument (including ETFs) that the Fund may purchase for investment or by using options, swaps, futures, forwards, and other derivatives.
For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset that it does not currently own at a specified price and time in the future. This gives the Fund a short position with respect to that asset. The Fund intends to gain exposure to the commodities markets primarily by investing in five wholly-owned subsidiaries of the Fund, each organized as a company under the laws of the Cayman Islands (together, the MMA Subsidiaries). The MMA Subsidiaries are advised by the Investment Adviser and subadvised by one or more Underlying Managers. The Fund may also gain exposure to the commodities markets through investments in other investment companies, ETFs or other pooled investment vehicles. The Fund may invest up to 25% of its total assets in aggregate in the MMA Subsidiaries.
The MMA Subsidiaries primarily obtain their commodity exposure by investing in commodity-linked derivative instruments (including, but not limited to, commodity futures, commodity options and commodity-linked swaps). Commodity futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of, or economic exposure to the price of, a commodity or a specified basket of commodities at a future time. An option on commodities gives the purchaser the right (and the writer of the option the obligation) to assume a position in a commodity or a specified basket of commodities at a specified exercise price within a specified period of time. Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index over the life of the swap.
The value of commodity-linked derivatives will rise and fall in response to changes in the underlying commodity or commodity index. Commodity-linked derivatives expose the MMA Subsidiaries and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the swaps. Neither the Fund nor the MMA Subsidiaries invest directly in physical commodities. The MMA Subsidiaries also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions, and foreign currency transactions (including forward contracts). From time to time, the Investment Adviser may, for short or longer-term periods, select a transition manager to transition a portion of Fund assets from one Underlying Manager to another, or, at the direction of the Investment Adviser, to implement a sub-strategy with an objective of providing investment results that seek to correspond, before fees and expenses, to the performance of a specified index.
The Fund may obtain passive exposure to a particular sub-asset class from time to time by making an index-based investment (e.g., in an ETF). Management Process The Investment Adviser and the Fund have received an exemptive order from the Securities and Exchange Commission (SEC). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Funds Board of Trustees, to oversee the Underlying Managers and recommend their hiring, termination and replacement. The initial shareholder of the Fund approved the Funds operation in this manner and reliance by the Fund on this exemptive order. The Investment Adviser determines the percentage of the Funds portfolio allocated to each Underlying Manager in order to seek to achieve the Funds investment objective.
The Investment Advisers Alternative Investments & Manager Selection (AIMS) Group is responsible for making recommendations with respect to hiring, terminating, or replacing the Funds Underlying Managers, as well as the Funds asset allocations. With respect to the Fund, the AIMS Group applies a multifaceted process with respect to manager due diligence, portfolio construction, and risk management. The Investment Adviser may determine to allocate the Funds assets to Underlying Managers employing all or a subset of the non-traditional and alternative strategies described below at any one time, and may change those allocations from time to time in its sole discretion and without prior notice to shareholders. In the future, the Investment Adviser may also determine to allocate the Funds assets to Underlying Managers employing other strategies not described herein.
The descriptions of the investment strategies below are subjective, are not complete descriptions of any strategy and may differ from classifications made by other investment advisers that implement similar investment strategies. The Investment Advisers determination of the strategy shall govern. Equity Long Short Strategies generally involve long and short investing, based on fundamental evaluations, research and various analytical measurements, in equity and equity-related investments. Equity Long Short managers may, for example, buy stocks that they expect to outperform or that they believe to be undervalued, and may also sell short stocks that they believe will underperform, or that they believe to be overvalued. Within this framework, Equity Long Short managers may exhibit a range of styles, including longer term buy-and-hold investing and/or shorter term trading styles.
The portion of the Funds assets invested in equity long/short strategies may cumulatively represent a net short or net long position (though are typically net long). Dynamic Equity Strategies generally involve investing in equity instruments, often with a long term view. Dynamic Equity Strategies are long-biased strategies and may have low excess return correlations to traditional long-only equity strategies. Dynamic Equity Strategies are less likely to track a benchmark than traditional long-only strategies. Dynamic Equity managers are less constrained than traditional long-only managers with respect to factors such as position concentration, sector and country weights, style, and market capitalization. Dynamic Equity managers may hedge long positions and may also purchase, in addition to equity investments, bonds, options, preferred securities, and convertible securities, among others.
Event Driven and Credit Strategies seek to achieve gains from market movements in security prices caused by specific corporate events or changes in perceived relative value. These strategies may include, among others, Merger Arbitrage, Distressed Credit, Opportunistic Credit, and Value With a Catalyst investing styles. Merger Arbitrage investing involves long and/or short investments in securities affected by a corporate merger or acquisition. Distressed Credit investing typically involves the purchase of securities or other financial instrumentsusually bonds or bank loansof companies that are in, or are about to enter, bankruptcy or financial distress. Opportunistic Credit investing generally involves investing across the capital structure (which could include, investing in both mezzanine debt and convertible securities of an issuer and/or adjusting exposures across fixed income and floating rate market segments based on perceived opportunity and current market conditions).
This can be done by taking a long position in a credit security or other financial instrument that is believed to be underpriced or a short position in a credit security or other financial instrument that is believed to be overpriced.
GRMMX Holdings
Top 10 holdings of Goldman Sachs Multi-Manager Alternatives Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Goldman Sachs Central Government Fund | 34.18% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 16.02% |
| Goldman Sachs Access U.S. Preferred Stock and Hybrid ETF | 5.85% |
| iShares Convertible Bond ETF | 3.14% |
| State Street Blackstone Senior Loan ETF | 1.79% |
| Vanguard Real Estate ETF | 1.71% |
| State Street SPDR Bloomberg Convertible Securities ETF | 1.58% |
| Intercontinental Exchange, Inc. | 1.15% |
| iShares Global Clean Energy ETF | 0.72% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.27% |
GRMMX Portfolio Allocation
Asset-class allocation of Goldman Sachs Multi-Manager Alternatives Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 65.4% |
| Derivatives | 1.8% |
GRMMX Performance
Total returns for GRMMX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -5.0% |
| 3 years (annualised) | -2.1% |
GRMMX Risk Information
Risk metrics for GRMMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.1%
GRMMX Costs and Fees
GRMMX costs about $140 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.40%
- Gross expense ratio: 2.21%
- Portfolio turnover: 46%
- Brokerage commissions: 4.15 bps of average net assets (SEC N-CEN)
GRMMX Cashflows
Over the 12 months to 2026-04, Goldman Sachs Multi-Manager Alternatives Fund had net outflows of $3.34M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$183.11K |
| 2026-03 | −$617.19K |
| 2026-02 | −$765.88K |
| 2026-01 | −$294.19K |
| 2025-12 | $2.55M |
| 2025-11 | −$418.53K |
GRMMX Debt Constituents
No individual debt constituents are reported in Goldman Sachs Multi-Manager Alternatives Fund's latest SEC N-PORT filing.
GRMMX Prospectus and SEC Filings
Official Goldman Sachs Multi-Manager Alternatives Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-26
- Prospectus (485BPOS) — filed 2025-02-27
- Prospectus supplement (497) — filed 2025-03-13
- Portfolio holdings (N-PORT) — filed 2026-09-22
- Portfolio holdings (N-PORT) — filed 2026-06-24
- Portfolio holdings (N-PORT) — filed 2026-03-23
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2024-01-12
Related Funds
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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.