Important risk disclosure

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LU1932893719

Goldman Sachs Emerging Markets Corporate Bond Portfolio Fund (Dist.)(LU1932893719)

Fixed income
Investment grade
Corporate bond
Emerging markets
HKD Cash
Distributing

Invest with

HKD Cash

Payout type

Distributing

Risk rating

About this fund

Description

The Fund aims to provide income with some capital appreciation by investing primarily in investment and sub-investment grade corporate bonds issued by companies based in or earning most of their revenues from emerging markets.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Invests primarily in a diversified portfolio of corporate bonds issued by companies domiciled in, or with significant operations in, emerging markets. Focuses predominantly on hard currency (USD) debt to mitigate currency volatility, with the flexibility to hold quasi-sovereign and local currency debt to capture specific opportunities.

People

Managed by Anupam Damani and Nick Saunders, Co-Heads of the Emerging Market Debt platform, who hold ultimate responsibility for portfolio construction and risk budgeting decisions. Leverages the resources of a broad Emerging Market Debt platform comprising over 40 professionals, integrating inputs from sovereign economists and corporate credit analysts to drive investment views.

Performance

Targets excess returns primarily through bottom-up corporate credit selection (expected to drive 50-75% of alpha), rather than relying heavily on macro duration or currency bets. Performance is actively managed within a defined tracking error range, seeking to capture upside while mitigating downside risk through a "default avoidance" philosophy.

Process

Employs a structured, research-intensive process that combines bottom-up fundamental analysis with a top-down risk budgeting framework to determine beta positioning. Credit selection is driven by identifying mispriced securities through deep fundamental research and rigorous liquidity analysis. Portfolio construction utilizes a strict risk management framework, including position sizing based on conviction (typically sub-2% active weights) and liquidity to avoid excessive concentration.

Cost

Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.

How it fits in a portfolio

Serves as a yield-enhancing satellite allocation for investors seeking specific exposure to the emerging market corporate debt universe. Offers diversification against developed market fixed income and sovereign debt, providing access to different credit cycles and corporate growth drivers within emerging economies. Investors should note that while the fund focuses on hard currency debt to mitigate FX risk, it carries specific emerging market risks and should be balanced with other asset classes.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this distributing fund, which includes dividends paid out.

Total returns

Cumulative

Annualised

All Time

26.09%

YTD

-0.07%

1 month

-2.01%

6 month

1.02%

1 year

6.04%

3 year

22.59%

5 year

9.87%

As of Mar 2026

Distributions

6.52%

Frequency

Monthly

31 Mar 2026

Yield

6.17%As of Jan 2026

Risk metrics

Max drawdown

-20.37%As of Mar 2026

Volatility

8.39%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.9%	1.1%	-2.0%	-	-	-	-	-	-	-	-	-
2025	8.7%	1.1%	1.3%	0.0%	-1.0%	1.9%	1.6%	1.0%	0.4%	1.0%	0.2%	0.3%	0.6%
2024	5.8%	0.6%	0.5%	1.2%	-1.1%	1.1%	1.3%	0.9%	1.5%	0.8%	-0.9%	0.5%	-0.7%
2023	8.7%	3.7%	-2.1%	0.3%	0.9%	-0.8%	1.2%	0.7%	-0.2%	-0.8%	-1.1%	3.5%	3.2%
2022	-13.2%	-2.0%	-6.3%	-1.1%	-2.1%	-0.9%	-3.8%	0.8%	1.7%	-4.4%	-2.3%	5.4%	1.4%
Load more		5 of 8

Top Exposures

Holdings

Regions

Sectors

Sr254507 Irs Usd R F 3.60000 2 Ccpois (2026-03-18 Maturity)	12.77%
2 Year Treasury Note Future Mar 26 (2026-03-31 Maturity)	5.95%
Us Long Bond(Cbt) Mar26 Xcbt 20260320 (2026-03-20 Maturity)	1.92%
Sr254704 Irs Usd R F 3.57614 2 Ccpois (2031-04-28 Maturity)	1.62%
Us Ultra Bond Cbt Mar26 Xcbt 20260320 (2026-03-20 Maturity)	1.57%
First Abu Dhabi Bank Pjs Jr Subordina Regs 12/99 Var	1.22%
Eagle Funding Luxco S.a.r.l. 5.5% (2030-08-17 Maturity)	1.07%
Banco de Bogota SA 6.25% (2026-05-12 Maturity)	1.06%
Aeropuertos Dominicanos Siglo XXI SA 7% (2034-06-30 Maturity)	0.95%
10 Year Treasury Note Future Mar 26 (2026-03-20 Maturity)	0.92%
Seplat Energy Plc Company Guar Regs 03/30 9.125 (2030-03-21 Maturity)	0.91%
Petroleos Mexicanos Sa De CV 5.95% (2031-01-28 Maturity)	0.90%
Grupo Nutresa Sa 8% (2030-05-12 Maturity)	0.87%
Samarco Mineracao SA 9% (2031-06-30 Maturity)	0.86%
Czechoslovak Group A.S. 6.5% (2031-01-10 Maturity)	0.84%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.38%0.64% p.a.

Save 53%

Fund facts

ISIN

LU1932893719

Fund house

GSAM

Fund size

HK$29.5B

As of 15 Apr 2026

Fund inception date

30 Jan 2019

Fund class currency

HKD

Fund share class

OCS (HKD) Inc

Oldest share inception date

17 May 2011

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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