Goldman Sachs Managed Futures Strategy Fund
GFIRX
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- Goldman Sachs Managed Futures Strategy Fund (GFIRX) is an open-end mutual fund managed by Goldman Sachs Asset Management that implements a systematic trend-following strategy to seek long-term absolute returns and portfolio diversification. Launched on February 29, 2012, and domiciled in the United States, the fund primarily invests across more than 100 global markets in a risk-managed portfolio of equities, equity index futures, bonds, bond futures, equity swaps, interest rate swaps, currency forwards and non-deliverable forwards, options, exchange-traded funds, structured securities, and commodity-linked derivatives through its wholly-owned Cayman Islands subsidiary; it takes both long and short positions in developed and emerging market equities, long-term, medium-term, and short-term fixed income, developed and emerging market currencies, commodities, and developed equity volatility. The fund targets institutional and retail investors seeking uncorrelated returns to traditional asset classes such as stocks and bonds, with operations spanning global markets including the United States, Europe, Asia, emerging markets, and commodities exchanges. The Investor Class shares (ticker: GFIRX) feature a net expense ratio of 1.35%, with total net assets of approximately $169.45 million across all share classes as of late 2025; other share classes include Class I (GMSSX), Class A (GMSAX), Class C (GMSCX), Class R (GFFRX), and Class IR (GFIRX variant). In recent developments, the fund's primary benchmark shifted effective July 29, 2021, from the ICE Bank of America Merrill Lynch U.S. Dollar One-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index to better reflect short-term cash benchmarks. Expense ratios for Class I shares were adjusted in April 2025 to a net rate of 0.80% (gross 1.46%), with waivers extended through at least April 30, 2027; the fund maintained a Morningstar rating of three stars overall in the Systematic Trend category as of September 30, 2025. As part of broader Goldman Sachs Asset Management initiatives, the parent firm acquired Innovator Capital Management for $2 billion in December 2025 to expand defined outcome ETF capabilities and Industry Ventures in October 2025 to enhance its $540 billion alternatives platform, potentially benefiting managed futures strategies through diversified quantitative approaches. The fund reported a Q3 2025 return of 5.59% for Institutional shares amid strong developed equity contributions, with assets under management at $169.45 million.