The Fund seeks long-term capital appreciation by investing primarily in equity securities of companies that are domiciled anywhere in the world, which are beneficiaries from the behaviour of the Millennials generation.
Provides investors with thematic exposure to disruptive consumer trends, primarily focusing on the spending power and lifestyle habits of the Millennial and Gen Z generations. Targets long-term capital appreciation by investing in global companies that are positioned to benefit from the "Millennial Effect" across technology-enabled consumption and lifestyle areas. Offers a differentiated global equity solution by focusing on the convergence of increasing income among digital natives and accelerating technological innovation.
The portfolio is co-managed by Jennifer Sullivan and Sumit Mangal following a transition in early 2025. The management team possesses specialized expertise in sectors critical to the theme, including consumer discretionary, internet, and business services. The team benefits from the broader research capabilities of Goldman Sachs Asset Management's Fundamental Equity business, which employs a team-based approach to ensure continuity.
Aims for long-term outperformance by capturing structural shifts in global consumer behavior. Historical performance has demonstrated an ability to generate outsized returns during bullish market environments and periods of strong growth sentiment. The fund's structural growth tilt and focus on specific demographics can lead to higher volatility and more significant drawdowns during unfavorable market cycles.
Employs a fundamental, bottom-up investment process to identify high-quality businesses within a proprietary thematic universe. Utilizes a stringent selection framework that evaluates companies based on their thematic exposure, business quality, and valuation discipline. Adopts an unconstrained, benchmark-agnostic approach that often results in higher allocations to Emerging Markets and Small/Mid-cap companies compared to broad global growth indices.
Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.
It serves as a specialized thematic satellite holding for investors looking to capitalize on the long-term structural growth of the Millennial and Gen Z consumer cohorts. It provides a unique layer of differentiation to a core global equity allocation by focusing on disruptive consumer trends rather than traditional sector weightings. Due to its focus on growth-oriented companies and specific market caps, it is best suited for investors with a higher risk tolerance and a long-term investment horizon.
Daily data. Returns as of 07 Nov 2026.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
| 2026 | - | -3.5% | -3.6% | -7.0% | 13.0% | 7.3% | -1.4% | -2.7% | 1.6% | 0.1% | -4.3% | - | - |
| 2025 | 6.8% | 2.5% | -5.0% | -7.9% | -2.3% | 6.1% | 6.0% | 4.7% | 0.3% | 3.6% | 3.2% | -2.6% | -0.8% |
| 2024 | 30.5% | 1.8% | 8.5% | 3.9% | -1.1% | 2.4% | 3.9% | -4.0% | 0.4% | 3.0% | 1.3% | 5.1% | 2.0% |
| 2023 | 19.4% | 10.1% | -1.5% | 4.2% | 0.6% | 1.4% | 4.7% | 1.2% | -3.8% | -5.3% | -2.8% | 6.5% | 3.7% |
| 2022 | -39.6% | -12.7% | -2.9% | -0.6% | -8.5% | -6.1% | -8.8% | 9.4% | -2.9% | -11.0% | -1.7% | 4.3% | -5.5% |
| Load more | 5 of 7 | ||||||||||||
| NVIDIA Corp | 9.29% |
| Apple Inc | 7.66% |
| Alphabet Inc Class C | 7.35% |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.54% |
| Amazon.com Inc | 6.32% |
| Broadcom Inc | 3.91% |
| Eli Lilly and Co | 3.82% |
| Mastercard Inc Class A | 3.30% |
| Advanced Micro Devices Inc | 3.26% |
| Marvell Technology Inc | 2.62% |
| L'Oreal SA | 2.48% |
| Safran SA | 2.29% |
| Galderma Group AG Registered Shares | 2.27% |
| NextEra Energy Inc | 2.24% |
| Compagnie Financiere Richemont SA Class A | 1.86% |
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