GSYRX — Goldman Sachs N-11 Equity Fund
Data updated: 2021-01-13
GSYRX — Goldman Sachs N-11 Equity Fund. Commodity · $21.51M AUM · 1.40% expense ratio · 6.1% 1-yr return. Holdings, fees, performance and SEC filings.
GSYRX Fund Overview
GSYRX — Goldman Sachs N-11 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: $21.51M
- 1-year return: 6.1%
- Ticker: GSYRX
- SEC CIK: 0000822977
- SEC series ID: S000031300
- Share class ID: C000097025
GSYRX Investment Objective and Strategy
Goldman Sachs N-11 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 N-11 Equity Fund (the “Fund”) seeks long-term capital appreciation.
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 portfolio of equity investments that are tied economically to the N-11 countries, as defined below, or in issuers that participate in the markets of the N-11 countries. The Investment Adviser considers an investment to be tied economically to the N-11 countries if the investment is included in an index representative of one or more N-11 countries, the investments returns are linked to the performance of such an index, or the investment is exposed to the economic risks and returns of one or more N-11 countries. The N-11 countries are countries that have been identified by the Goldman Sachs Global Economics, Commodities, and Strategy Research Team as the Next Eleven emerging countries after the BRICs (i.e., after Brazil, Russia, India and China) that share the potential to experience high economic growth and be important contributors to global gross domestic product (GDP) in the future.
The N-11 countries are Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. The Fund will not invest in issuers organized under the laws of Iran, or domiciled in Iran, or in certain other issuers as necessary to comply with U.S. economic sanctions against Iran. Only securities open to foreign ownership by U.S. investors are eligible for investment by the Fund, and in some instances the Fund may be subject to foreign ownership limitations in these countries. The Fund may not be invested in all of the N-11 countries at all times. Under normal circumstances, the Fund maintains investments that are tied economically to and/or issuers that participate in the markets of at least four of the N-11 countries, and will not invest more than 50% of its Net Assets in investments that are tied economically to and/or issuers that participate in the markets of any one country.
The Fund expects to invest primarily in equity securities, including common or ordinary stocks, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), preferred stock, convertible securities, investment companies (including other mutual funds or exchange-traded funds (ETFs)), and rights and warrants. The Fund also intends to invest in derivatives, including (but not limited to) equity swaps, equity index swaps, futures, participation notes, options and other derivatives and structured securities, which are used primarily to gain broad access to markets and/or individual securities that may be difficult to access via direct investment in equity securities. The Funds investments are selected using a strong valuation discipline based on industry specific metrics, to purchase what the Investment Adviser believes are well positioned, cash-generating businesses run by shareholder-oriented management teams.
From a valuation perspective, the Investment Adviser generally looks for companies where its proprietary estimate of their earnings, asset value or cash flow is meaningfully different from consensus; or where the Investment Adviser believes growth in intrinsic value is not reflected in the share price. Allocation of the Funds investments is determined by the Investment Advisers assessment of a companys upside potential and downside risk, how attractive it appears relative to the Funds other holdings, and how the addition will impact the Funds sector and industry weightings. The largest weightings are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. The Funds investments may include companies of all capitalization sizes.
The Fund may invest in the aggregate up to 20% of its Net Assets in: (i) developed country investments and other emerging country investments; and (ii) fixed income investments, including non-investment grade fixed income securities. The Fund will not invest more than 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Funds benchmark index at the time of investment, the Fund may invest up to 35% of its assets in that industry. The Funds benchmark index is the Morgan Stanley Capital International (MSCI) Next 11 ex Iran GDP Weighted Index (Net, USD, Unhedged).
GSYRX Performance
Total returns for GSYRX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 6.1% |
GSYRX Risk Information
Risk metrics for GSYRX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 32.0%
GSYRX Costs and Fees
GSYRX costs about $140 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.40%
- Gross expense ratio: 2.79%
- Portfolio turnover: 85%
- Brokerage commissions: 22.41 bps of average net assets (SEC N-CEN)
GSYRX Cashflows
Over the 12 months to 2020-10, Goldman Sachs N-11 Equity Fund had net outflows of $866.12K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-10 | −$89.42K |
| 2020-09 | −$80.48K |
| 2020-08 | −$109.09K |
| 2020-07 | $1.04M |
| 2020-06 | −$149.33K |
| 2020-05 | −$93.11K |
GSYRX Debt Constituents
No individual debt constituents are reported in Goldman Sachs N-11 Equity Fund's latest SEC N-PORT filing.
GSYRX Prospectus and SEC Filings
Official Goldman Sachs N-11 Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2019-03-21
- Prospectus (485BPOS) — filed 2018-05-07
- Prospectus supplement (497) — filed 2020-03-25
- Portfolio holdings (N-PORT) — filed 2020-12-21
- Portfolio holdings (N-PORT) — filed 2020-09-25
- Portfolio holdings (N-PORT) — filed 2020-06-25
- Annual census (N-CEN) — filed 2021-01-13
- Annual census (N-CEN) — filed 2020-01-14
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.