Goldman Sachs Small Cap Value Svc

Release Date: 06-30-2024

GoldmanSachs SmCapVal Svc

..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar RatingTM 33

Morningstar Return Low

Morningstar Risk Average

Out of 573 Small Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

Investment Strategy from investment's prospectus

The investment seeks long-term capital appreciation. The fund normally invests 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 small-cap issuers. Although it will invest primarily in publicly traded U.S. securities, including real estate investment trusts, it may also invest in foreign securities.

Portfolio Analysis as of 06-30-24

Composition as of 06-30-24

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

97.6 2.1 0.0 0.3 0.0

Morningstar Equity Style BoxTM as of 06-30-24

Large Mid Small

% Market Cap

Giant

0.00

........................................................

Large

0.00

Medium

3.49

Value Blend Growth

Small

62.84

........................................................

Micro

33.67

Category Description: Small Blend

Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Notes Qualified retirement plans from American United Life Insurance Company? (AUL) are funded by an AUL group variable annuity contract. While a participant in an annuity contract may benefit from additional investment and annuity related benefits under the annuity contract, any tax deferral is provided by the plan and not the annuity contract. Registered group variable annuity contracts issued by AUL are distributed by OneAmerica FinancialSM Securities, INC., Members FINRA, SIPC, a Registered Investment Advisor, 433 N. Capitol Ave., Indianapolis, IN 46204, 1-877-285-3863, which is a wholly owned subsidiary of AUL.

For registered products, this material must be preceded or accompanied by prospectuses. For a current prospectus on these variable annuities and prospectuses for the underlying investment options, which contain more complete information including mortality and expense risk charges, administrative costs, portfolio management fees, risks and limitations, please contact your representative or the company. The investment option is not FDIC insured, may lose value and is not guaranteed by a bank or other financial institution. Please read the prospectus carefully before you invest or send money.

Products and financial services provided by American United Life Insurance Company?, a OneAmerica FinancialSM company.

Top 20 Holdings as of 06-30-24

% Assets

Meritage Homes Corp

1.44

SITE Centers Corp

1.34

Gates Industrial Corp PLC

1.31

ASGN Inc

1.15

Ameris Bancorp

1.11

.......................................................................................................

Mr. Cooper Group Inc

1.09

Acadia Realty Trust

1.08

Commercial Metals Co

1.05

Home BancShares Inc

1.02

MGIC Investment Corp

1.02

.......................................................................................................

Arcosa Inc

0.95

Stag Industrial Inc

0.93

Beacon Roofing Supply Inc Class A

0.92

SPX Technologies Inc

0.89

Murphy Oil Corp

0.85

.......................................................................................................

Primo Water Corp

0.85

Terreno Realty Corp

0.83

PNM Resources Inc

0.82

SouthState Corp

0.82

Chord Energy Corp Ordinary Shares - New

0.81

.......................................................................................................

Total Number of Stock Holdings

197

Total Number of Bond Holdings

0

Annual Turnover Ratio %

71.00

Total Fund Assets ($mil)

1,224.16

Volatility Analysis

Low

Moderate

Investment High Category

In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

Morningstar Proprietary Statistics

3 Year 5 Year 10 Year

Morningstar RatingTM

33 3

33

Out of # of Investments

573 544 388

Statistics as of 06-30-24

P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil)

Port Avg Rel S&P 500

13.18

0.59

1.34

0.32

6.37

0.42

3,236.34

0.01

Rel Cat

0.84 0.70 0.75 0.87

Risk Measures as of 06-30-24

3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared

Port Avg

20.64 0.98 -0.09 -9.51 70.76

Rel S&P 500

1.16

-- -0.20

--

--

Rel Cat

1.00 0.98 4.50 1.16 0.96

Morningstar Sectors as of 06-30-24

% Fund

ICyclical

53.19

.......................................................................................................

SBasic Materials

7.12

UConsumer Cyclical

12.28

ZFinancial Services

24.54

VReal Estate

9.25

KSensitive

34.77

.......................................................................................................

JCommunication Services

1.18

PEnergy

10.25

QIndustrials

14.46

BTechnology

8.88

LDefensive

12.04

.......................................................................................................

TConsumer Defensive

2.26

EHealthcare

6.07

GUtilities

3.71

Operations Advisor

Fund Inception Date Initial Share Class Inception Date Gross Expense Ratio Expense Ratio Redemption Fee

Goldman Sachs Asset Management, L.P. 08-15-97 10-22-92

1.53% of fund assets 1.50% of fund assets --

Portfolio Manager(s)

Robert Crystal. Since 2006. MBA, Vanderbilt U - Tennessee. BA, University of Richmond. Sean Greely, CFA. Since 2023.

?2024 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

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