GSAFX
Goldman Sachs China Equity Fund
Goldman Sachs Trust
Expense ratio1
1.09%
Net assets2
$40.99M
Holdings2
82
Category
International Equity
2025 return3
32.87%

Investment objective & strategy

As of Feb. 26, 2026 · prospectus

Objective. The Goldman Sachs China Equity Fund (the Fund) seeks long-term capital appreciation.

Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in a diversified portfolio of equity investments in issuers economically tied to China. For purposes of the 80% investment policy, China includes Mainland China and Chinas special administrative regions, such as Hong Kong. The Fund expects to invest primarily in common stocks, but may also invest in depositary receipts. This may include securities that trade in local Chinese, Hong Kong, or other foreign exchanges and securities that trade in Renminbi (RMB), the official currency of China. The Fund may invest in the securities of Chinese companies, normally restricted to residents of Mainland China … The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in a diversified portfolio of equity investments in issuers economically tied to China. For purposes of the 80% investment policy, China includes Mainland China and Chinas special administrative regions, such as Hong Kong. The Fund expects to invest primarily in common stocks, but may also invest in depositary receipts. This may include securities that trade in local Chinese, Hong Kong, or other foreign exchanges and securities that trade in Renminbi (RMB), the official currency of China. The Fund may invest in the securities of Chinese companies, normally restricted to residents of Mainland China (commonly known as A Shares or China A Shares), through the China Stock Connect program or other channels. The Fund may also invest in other investments including, but not limited to, B Shares of companies listed on the Shanghai and Shenzhen Stock Exchanges, H Shares of companies incorporated in Mainland China and listed on the Hong Kong Stock Exchange and other foreign exchanges, shares of Red Chip and P-Chip companies with controlling Chinese shareholders that are incorporated outside of Mainland China and listed on the Hong Kong Stock Exchange, and shares of companies listed on the Hong Kong Stock Exchange that generate the majority of their value and revenue from doing business in China. Red Chip companies are controlled, either directly or indirectly, by Mainland China state entities. P-Chip companies are controlled by Mainland Chinese companies or individuals. While the Fund may invest in companies of any market capitalization, it expects to primarily invest in large- and mid-capitalization companies. As of December 31, 2025, the Fund generally considers issuers with public stock market capitalizations of approximately $2.5 billion to $10 billion to be mid-capitalization companies, and issuers with public stock market capitalizations of approximately $10 billion or more to be large-capitalization companies. The Fund may also invest in futures, exchange-traded funds (ETFs) and other instruments with similar economic exposures. Allocation of the Funds investments is determined by the Investment Advisers assessment of a companys upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest weightings in the Funds portfolio relative to the benchmark of the Fund are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk. The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (ESG) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the stock selection process. The Fund may invest in the aggregate up to 20% of its Net Assets in: (i) equity investments in issuers that are not economically tied to China; and (ii) fixed income securities, such as government, corporate and bank debt obligations. The Investment Adviser measures the Fund's performance against the MSCI China All Shares Index (Net, USD, Unhedged).

Top holdings

As of April 30, 2026 · N-PORT
SecurityTickerValue% of fund
TENCENT HOLDINGS LTD $3.32M 8.11%
BABA-W $2.90M 7.08%
SIGENERGY TECHNOLOGY CO LTD CNY0.1 H $1.54M 3.75%
Receive CONTEMPORARY A-A Pay Overnight Rate -1 $1.53M 3.73%
KWEICHOW MOUTAI CO LTD A $1.24M 3.03%
CCB-H $1.11M 2.72%
CHINA CONST BA-A $1.04M 2.53%
ZIJIN MINING-H $956.66K 2.33%
ZHONGJI INNOLI-A $934.75K 2.28%
PETROCHINA-H $907.00K 2.21%
View all holdings →

Allocation by sector

As of April 30, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Jan 31, 2026 → Apr 30, 2026
Opened
18
Exited
14
Increased
21
Decreased
42
Unchanged
1

How 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.

View portfolio moves →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
Baillie Gifford China Equities Fund · BGCBX, BGCDX 43% 0.87%
JPMorgan Active China ETF · JCHI 42% 0.65%
William Blair China Growth Fund · WICGX, WRCGX 41% 0.94%
View all similar funds →

Advisers

As of October 31, 2025 · N-CEN
FirmRole
Goldman Sachs Asset Management, L.P. Adviser

Footnotes

  1. Expense ratio as of February 26, 2026, from the fund's prospectus.
  2. Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
  3. 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).

Machine-readable: JSON · Markdown. Programmatic access via the agent surface.