Goldman Sachs Euro Covered Bond - I EUR ACC Fonds

The fund primarily invests in a diversified portfolio of covered bonds of high quality denominated in Euro (with a rating of AAA to BBB-). A covered bond is a secured debt instrument issued by a credit institution (typically a bank) and backed by a pool of collateral (cover pool). Measured over a period of several years we aim to beat the performance of the benchmark Bloomberg Euro-Aggregate Securitized Covered Bond Index. The benchmark is a broad representation of our investment universe. The fund can also include bonds that are not part of the benchmark universe. We actively manage the fund and combine our analysis on specific issuers of covered bonds with a broader market analysis to construct the optimal portfolio which positioning can materially deviate from the benchmark. To evaluate different covered bonds and identify investment opportunities, we consider the country's macro conditions, legal framework, credit, issuer, and cover pool quality as well as the bond's specific documentation. As issuer specific risk is an important driver of performance, we subject all issuers in the portfolio to an in-depth analysis of credit risk, which includes the quality of the cover pool. For risk management purposes, rating and country deviation limits are maintained relative to the benchmark. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund aims at providing you with a regular dividend.