Investment objective & strategy
As of April 29, 2025 · prospectusObjective. The Goldman Sachs Global Infrastructure Fund (the "Fund") seeks total return comprised of long-term growth of capital and income.
Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (Net Assets) in a portfolio of investments in issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies). The Fund will invest primarily in the common stock of infrastructure companies. An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets. Infrastructure assets include, but are not limited to, utilities, energy, transportation, real estate, … The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (Net Assets) in a portfolio of investments in issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies). The Fund will invest primarily in the common stock of infrastructure companies. An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets. Infrastructure assets include, but are not limited to, utilities, energy, transportation, real estate, media, telecommunications and capital goods. The Fund will invest in the securities of infrastructure companies that are economically tied to at least three countries, including the United States. Although the Fund will invest, under normal circumstances, primarily in the securities of infrastructure companies that are economically tied to developed countries (namely developed countries in North America and Europe), the Fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies (emerging countries). The Fund may invest without restriction as to issuer capitalization (including small- and mid-capitalization companies). A portion of the Funds securities are denominated in foreign currencies and held outside the United States. The Fund may invest in real estate investment trusts (REITs). The Fund may also invest up to 20% of its total assets (measured at time of purchase) in master limited partnerships (MLPs) that are taxed as partnerships and up to 20% of its Net Assets (measured at time of purchase) in issuers that are not infrastructure companies. Exchange-traded funds (ETFs) that provide exposure to infrastructure companies and derivative instruments, such as futures, that have similar economic exposures to infrastructure companies will be counted towards the Funds 80% policy discussed above. The Funds investment strategy combines bottom-up company analysis with fundamental real asset research. The Investment Adviser may integrate environmental, social and governance (ESG) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. The Investment Adviser may decide to sell a position for various reasons, including valuation and price considerations or for risk management purposes. The Fund concentrates its investments in the securities of issuers in the infrastructure group of industries. The Investment Adviser measures the Funds performance against the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged). THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (INVESTMENT COMPANY ACT), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ENBRIDGE INC | — | $10.53M | 8.09% |
| NATIONAL GRID PL | — | $8.37M | 6.43% |
| AMERICAN TOWER CORP | — | $7.16M | 5.50% |
| VINCI SA | — | $6.93M | 5.33% |
| CHENIERE ENERGY INC | — | $5.28M | 4.06% |
| TARGA RESOURCES CORP | — | $5.19M | 3.99% |
| WILLIAMS COS INC | — | $4.82M | 3.70% |
| TC ENERGY CORP | — | $3.84M | 2.95% |
| PG&E CORP | — | $3.81M | 2.93% |
| SEMPRA ENERGY | — | $3.67M | 2.82% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| ProShares DJ Brookfield Global Infrastructure ETF · TOLZ | 65% | 0.46% |
| DWS RREEF Global Infrastructure Fund · TOLLX, TOLCX, TOLSX, TOLIX, TOLZX | 61% | 0.95% |
| PGIM Jennison Global Infrastructure Fund · PGJAX, PGJCX, PGJZX, PGJQX | 43% | 1.17% |
Advisers
| Firm | Role |
|---|---|
| Goldman Sachs Asset Management, L.P. | Adviser |
Footnotes
- Expense ratio as of April 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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