Important risk disclosure

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LU2475587056

Goldman Sachs Japan Equity Partners Portfolio Fund HKD-Hedged(LU2475587056)

Equities
Japan
HKD Cash
Accumulating
Complex

Invest with

HKD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to achieve long-term capital appreciation (over 3-5 years) by investing primarily in equities of Japanese companies.

Key information

Annual report

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Key fact sheet

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Prospectus

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Our perspective

Why we think this fund is best-in-class

Product

Offers investors exposure to a concentrated portfolio (25-40 stocks) of high quality Japanese listed companies that provide an attractive and sustained growth in the long term. Focuses on companies that are exposed to long-term structural growth trends (eg. factory automation, health technology), allowing them to be more resilient against economic cycles in Japan.

People

Helmed by Ichiro Kosuge, Head of Japan Fundamental Equity with more than 30 years of experience and supported by a team of five local investment professionals, some of whom came from GSAM's longstanding Japan Equity Portfolio that started in 2007. Reflecting the strong-team approach, Ichiuro is hands-on and also serves as a research analyst covering the technology, industrial and telecom sector.

Performance

The Fund has been a strong performer since its inception in May 2015, with outperformance being particularly impressive in years when the Japanese equity market has been positive, such as 2017 and 2020.

Process

The Fund focuses on identifying market inefficiencies, looking out for large/mid cap companies that are experiencing a second-wind driven by expanding new businesses, overseas expansion of existing businesses or improving domestic growth ("re-growth" potential). Fundamental bottom up stock selection process that starts with a belief that strong excess returns can be generated by building larger positions in fewer high-quality, high-conviction, long term opportunities.

Cost

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

How it fits in a portfolio

Investors looking for meaningful exposure to a concentrated portfolio of Japanese companies, with a tilt towards growth and quality attributes, can consider an allocation to the Fund. However, investors should be mindful that the Fund is concentrated in its geography and quantity of holdings rather than in a broader diversified basket. Due to this, one should be aware that the Fund can experience periods of significant volatility especially in negative market conditions.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

89.93%

YTD

0.09%

1 month

-9.88%

6 month

4.30%

1 year

18.98%

3 year

71.22%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-9.88%As of Mar 2026

Volatility

15.33%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	2.9%	8.0%	-9.9%	-	-	-	-	-	-	-	-	-
2025	13.5%	1.4%	-4.3%	-1.6%	-0.4%	7.9%	3.5%	0.6%	0.5%	1.6%	6.9%	-0.6%	-1.9%
2024	24.7%	5.0%	7.7%	2.8%	-3.8%	2.7%	4.3%	-1.8%	3.0%	-1.1%	-0.5%	2.4%	2.2%
2023	33.4%	6.2%	0.1%	3.8%	1.3%	7.6%	6.4%	2.4%	-0.5%	-3.3%	-3.9%	8.4%	1.5%
2022	-	-	-	-	-	0.0%	-6.0%	7.9%	1.0%	-6.0%	7.2%	4.8%	-7.2%

Top Exposures

Holdings

Regions

Sectors

Mitsubishi UFJ Financial Group Inc	7.47%
Hitachi Ltd	6.31%
Daifuku Co Ltd	5.20%
Sony Group Corp	5.20%
Tokio Marine Holdings Inc	4.69%
Hoya Corp	4.40%
Ebara Corp	4.25%
Recruit Holdings Co Ltd	4.04%
ASICS Corp	3.80%
Screen Holdings Co Ltd	3.80%
Keyence Corp	3.63%
Ryohin Keikaku Co Ltd	3.34%
Terumo Corp	3.26%
Daiichi Sankyo Co Ltd	2.99%
Disco Corp	2.64%

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

1.64%0.74% p.a.

Save 54%

Fund facts

ISIN

LU2475587056

Fund house

GSAM

Fund size

HK$18.8B

As of 28 Apr 2026

Fund inception date

25 May 2022

Fund class currency

HKD

Fund share class

OCS (HKDHDG) ACC

Oldest share inception date

27 May 2015

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.

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