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GSAM targets Hong Kong retail investors

The US-based firm has prepared four SFC-approved products for launch.

Four products from Goldman Sachs Asset Management received approval from the Securities and Futures Commission (SFC) last week, according to the regulator’s website.

They are the Emerging Markets Multi-Asset Portfolio, the US CORE Equity Portfolio, the Global Multi-Asset Income Portfolio and the Global Millennials Equity Portfolio.

All of the funds have been available to both accredited and retail investors in Singapore except global millennials, which is only available to accredited investors in the Lion City, according to FE Fundinfo.

The four products are Luxembourg-domiciled, FE Fundinfo shows.

In 2018, the firm made seven mutual funds available to Hong Kong retail investors. Prior to that, the firm only sold to institutional investors and private banks in the SAR.

Moreover, last year, it signed an agreement with DBS and HSBC to distribute its funds to retail investors in Hong Kong.

In Singapore, the firm has 76 products for accredited investors and 17 funds for retail investors, according to FE Fundinfo.

FSA contacted the firm for more information but it was unable to reply in time for publication.


The US CORE Equity Portfolio is managed by the firm’s quantitative investment strategies team, which makes use of technology to analyse 13,000 stocks daily, FSA previously reported.

The fund holds 192 positions.

Over the trailing three years, it has outperformed the peer category average but underperformed its benchmark, the S&P 500 (chart below).

The top holdings include Microsoft (6.5%), Apple (5.9%) and Amazon (5.1%) while the top ten positions account for 31.7% of total assets.

The information technology and healthcare sectors together account for about 40% of allocation, the factsheet shows.

The Global Multi-Asset Income Portfolio has its highest asset allocation to corporate bonds high yield (27.9%), followed by call writing (27.6%), and US equity (25%), according to its factsheet.

The Global Millennials Equity Portfolio is “designed for investors seeking exposure to a thematic and concentrated global portfolio that invests in companies that benefit from the behavior of the millennials generation – individuals born between 1980 and 1999,” according to the factsheet.

Communication services and information technology make up 55% of the fund.

The US CORE Equity Portfolio vs category average and benchmark

Source: FE Fundinfo. In US dollars, three-year cumulative performance.


Part of the Mark Allen Group.