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Fund Snapshot
| ISIN | LU0622305505 |
| Share Class | BS |
| Investor Category | Retail |
| Inception Date | Jun 5, 2017 |
| Fund AUM | 3.08B |
| Fund AUM Date | Dec 31, 2021 |
| Drawdown Risk | Medium |
Fees
| Expense Ratio | 1.39% |
| Fund Management Fee | 1.25% |
| Fund Performance Fee | Not Applicable |
Fund Overview
The Goldman Sachs Emerging Markets Corporate Bond fund, incorporated in Luxembourg, provides exposure to a portfolio of Investment and Sub-Investment Grade corporate bonds issued by companies based in or earning most of their revenues from emerging markets. The fund is actively managed and uses the JPM CEMBI Broad Diversified Index as a reference benchmark. The Fund incorporates a multi-faceted approach to Environmental, Social and Governance (ESG) considerations (“ESG Criteria”) into its fundamental investment process. The fund invests primarily in USD securities.
Portfolio Construction
As of March 2023, the portfolio maintained a duration of 4.27 years, which is broadly aligned with its benchmark. The strategy offers a yield to maturity (YTM) of 8.53%, indicating an attractive income profile relative to many traditional fixed-income portfolios. The fund is also built with strong diversification in mind, holding more than 390 individual securities, which helps reduce issuer concentration risk.
Portfolio Metrics
| Metric | Value |
| Portfolio Duration | 4.27 Years |
| Yield to Maturity (YTM) | 8.53% |
| Number of Holdings | 390+ |
| Morningstar Rating | 4-Star |
The diversified holding structure allows the portfolio to spread exposure across multiple issuers and sectors, helping maintain stability while still targeting attractive yields.
Credit Rating Allocation
| Credit Rating | Allocation |
| BBB | 36.5% |
| BB | 23.8% |
| B | 11.2% |
A large share of the portfolio is invested in BBB-rated securities, representing the upper end of the investment-grade spectrum. The exposure to BB and B-rated bonds reflects the fund’s selective participation in higher-yield credit opportunities to enhance overall income potential.
Geographic Allocation
| Region | Allocation |
| Latin America | 29.8% |
| Asia | 25.1% |
| Middle East & Africa | 17.6% |
The geographic distribution demonstrates a balanced exposure across major emerging market regions. Latin America forms the largest allocation, followed by Asia, while Middle East and Africa contribute additional diversification to the overall portfolio.
The combination of diversified holdings, attractive yield characteristics, and disciplined portfolio construction has contributed to the fund receiving a 4-star rating from Morningstar, reflecting strong risk-adjusted performance compared with similar funds in its category.
Why this Fund ?
- Fund offers efficient exposure to emerging markets hard currency bonds, through active management
- Average credit rating of the portfolio (BBB-) with attractive yield pick-up
- “4 star” rated by Morningstar, and one of the largest funds in its category
