Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

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LU2011196776

Goldman Sachs Global Multi-Asset Income Portfolio Fund (Dist.)(LU2011196776)

Multi-asset
Global
HKD Cash
Distributing

Invest with

HKD Cash

Payout type

Distributing

Risk rating

About this fund

Description

To provide strong total returns primarily through generating an attractive and sustainable income by investing globally across a broad range of income-generating asset classes.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Utilises a multi-asset approach combining bonds, large-cap equities, and covered calls to generate income and capital appreciation. A significant portion of income is derived from a systematic options writing strategy, leveraging the firm's trading capabilities to provide a sustainable yield source. The strategy aims to deliver lower volatility than pure equities while maintaining lower interest rate sensitivity compared to traditional investment-grade bonds.

People

Managed by the Multi-Asset Solutions team, led by CIO Neill Nuttall and three senior portfolio managers who each possess over a decade of experience. The Asset Allocation team oversees strategic construction and risk budgeting, leveraging specialized teams for equity selection, fixed income selection, and quantitative option writing. The leadership team is supported by a broad global resource of over 200 multi-asset solutions professionals.

Performance

Delivered robust risk-adjusted returns relative to peers over a full market cycle while maintaining a comparable risk exposure. The strategy exhibits a lower value style bias compared to typical income peers, which may influence relative performance during specific factor rotations. Performance is anchored on long-term asset allocation, though investors should note that diversification benefits may diminish during market shocks when cross-asset correlations converge.

Process

The Asset Allocation team determines strategic allocations and reference benchmarks for each sleeve, actively monitoring overall portfolio duration and tracking error. Fixed Income allocation employs a barbell approach combining high-yield debt with emerging market and corporate exposures. Equity allocation focuses on a high-conviction, income-oriented large-cap strategy. The Quantitative Investment Strategies team executes a systematic covered call writing program primarily on major global indices including the US, Europe, UK, and Japan.

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 an alternative income solution distinct from pure fixed income or equity mandates, with minimal exposure to REITs. The strategy offers differentiation through its significant reliance on index option writing and high-yield fixed income for income generation. Investors should note that the covered call strategy may cap upside participation during strong bull markets, making this fund most suitable for specific income needs alongside non-income related allocations.

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

42.73%

YTD

-0.35%

1 month

-4.06%

6 month

2.64%

1 year

10.15%

3 year

27.56%

5 year

25.47%

As of Mar 2026

Distributions

6.33%

Frequency

Monthly

31 Mar 2026

Risk metrics

Max drawdown

-17.44%As of Mar 2026

Volatility

9.80%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	1.4%	2.4%	-4.1%	-	-	-	-	-	-	-	-	-
2025	11.2%	2.5%	0.2%	-2.1%	-1.2%	3.2%	2.4%	1.1%	0.5%	1.2%	1.0%	1.1%	0.8%
2024	7.2%	0.4%	0.8%	2.1%	-2.2%	1.2%	1.4%	1.5%	1.7%	1.1%	-1.6%	2.6%	-1.8%
2023	12.7%	4.9%	-1.4%	1.4%	1.5%	-1.5%	2.3%	1.0%	-0.5%	-2.5%	-2.5%	5.4%	4.1%
2022	-12.9%	-2.9%	-2.1%	0.4%	-2.8%	-0.6%	-6.9%	5.3%	-2.4%	-6.3%	3.8%	2.9%	-1.3%
Load more		5 of 8

Top Exposures

Holdings

Regions

Sectors

10 Year Treasury Note Future Mar 26 (2026-03-20 Maturity)	8.56%
Usd	6.76%
Goldman Sachs Sicav I Gs E Gs Emrg Mkt Debt Pt Iogmdus	3.90%
Goldman Sachs Emerging Markets Gs Em Mkt Debt Loc P Iogrmds	3.06%
Us Ultra Bond Cbt Mar26 Xcbt 20260320 (2026-03-20 Maturity)	2.91%
Euro Bobl Future Mar 26 (2026-03-06 Maturity)	1.31%
Johnson & Johnson	1.06%
Euro Schatz Future Mar 26 (2026-03-06 Maturity)	0.95%
The Home Depot Inc	0.95%
Us Long Bond(Cbt) Mar26 Xcbt 20260320 (2026-03-20 Maturity)	0.94%
Procter & Gamble Co	0.92%
Shell PLC	0.84%
Coca-Cola Co	0.76%
Walmart Inc	0.72%
Rio Tinto PLC Ordinary Shares	0.72%

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

1.49%0.75% p.a.

Save 49%

Fund facts

ISIN

LU2011196776

Fund house

GSAM

Fund size

HK$5.3B

As of 14 Apr 2026

Fund inception date

28 Jun 2019

Fund class currency

HKD

Fund share class

OCS (Gross MDist) (HKD)

Oldest share inception date

18 Mar 2014

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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