GSAJX Fees and Costs — Goldman Sachs Small Cap Growth Fund, Institutional Shares
Data updated: 2026-07-24
The net expense ratio is 0.90%: a 0.85% management fee plus 0.18% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $276K in broker commissions, 0.1044% of average net assets, and portfolio turnover was 73%.
GSAJX Fees and Expenses
Annual operating expenses and sales charges of GSAJX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.13% |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
GSAJX Costs Over Time
On $10,000 invested in GSAJX, assuming 5% a year before costs, total costs come to $628 over 5 years, cutting the return by 1.05% 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 |
| Fund expenses (net expense ratio 0.90%) | $94 | $295 | $511 |
| Trading costs (broker commissions) | $11 | $34 | $59 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $105 | $345 | $628 |
| Value after costs | $10,395 | $11,231 | $12,135 |
| Impact on return, per year | 1.05% | 1.05% | 1.05% |
GSAJX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1044%
- Total broker commissions: $276K
- Bought from dealers (principal trades, not a cost): $10.4M
- Portfolio turnover (prospectus): 73%
- Securities on loan, average value: $2.7M
- Net income from securities lending: $67K (0.025% of average net assets)
GSAJX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $64K | 26.28% |
| J.P. MORGAN SECURITIES LLC | $58K | 23.61% |
| CITIGROUP GLOBAL MARKETS INC. | $29K | 11.95% |
| JEFFERIES LLC | $28K | 11.65% |
| RBC CAPITAL MARKETS, LLC | $18K | 7.36% |
| LIQUIDNET, INC. | $16K | 6.44% |
| BOFA SECURITIES, INC. | $14K | 5.83% |
| KEYBANC CAPITAL MARKETS, INC. | $7K | 2.73% |
| Raymond James & Associates, Inc. | $5K | 2.10% |
| CANTOR FITZGERALD & CO. | $5K | 2.05% |
GSAJX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $3.1M | 29.84% |
| J.P. Morgan Securities LLC | $3.0M | 28.98% |
| UBS SECURITIES LLC | $1.9M | 18.42% |
| BOFA SECURITIES, INC. | $1.2M | 11.40% |
| CitiGroup Global Markets Inc. | $583K | 5.58% |
| PIPER SANDLER & CO. | $307K | 2.94% |
| JEFFERIES LLC | $296K | 2.84% |
Goldman Sachs Small Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GSADX | Class P | 0.90% | — |
| GSAJX | Institutional Shares | 0.90% | none |
| GSBEX | Class R6 | 0.90% | none |
| GSAHX | Investor Shares | 0.97% | none |
| GSBDX | Class A | 1.22% | 5.50% |
| GSBAX | Class C | 1.97% | 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.