Goldman Sachs High Yield Instl
GSHIX
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- Goldman Sachs High Yield Institutional Fund (GSHIX) is an open-end mutual fund that seeks a high level of current income, with secondary consideration for capital appreciation, by investing primarily in high-yield, non-investment grade fixed income securities. The fund, under normal circumstances, allocates at least 80% of its net assets plus any borrowings for investment purposes to high-yield bonds, including corporate bonds rated below investment grade; bank loans; loan participations and assignments; up to 25% in non-U.S. dollar denominated obligations of domestic and foreign issuers; and securities of emerging market issuers; with the remainder in cash equivalents, investment-grade debt securities, U.S. government securities, and derivatives such as options, futures, swaps, and credit default swaps for hedging and investment purposes. It maintains a portfolio emphasizing low credit quality and limited interest rate sensitivity, with an effective duration of 3.21 years, total net assets of approximately $2.0 billion, a net expense ratio of 0.69%, and a trailing twelve-month yield of 6.21%, targeting institutional investors with a minimum initial investment of $1 million. Launched on August 1, 1997, and domiciled in the United States, the fund operates within the high yield bond category and is managed by Goldman Sachs Asset Management, L.P., a subsidiary of The Goldman Sachs Group, Inc., headquartered in New York. Current portfolio managers include Aakash Thombre, who joined the team on February 28, 2023, and Ben Johnson, who started on July 29, 2025, overseeing a diversified portfolio with top holdings such as Goldman Sachs FS Government Instl (2.67%), U.S. Dollar cash (1.17%), iShares Broad USD High Yield Corp Bd ETF (0.77%), and various corporate bonds from issuers including CCO Holdings, ARKO Corp., and TransDigm. The fund's asset allocation is predominantly U.S. bonds (91.32%), supplemented by cash (3.89%), non-U.S. bonds (2.04%), and minor equity exposures. In recent developments, Goldman Sachs Asset Management expanded its high yield offerings with the February 2025 launch of two active high yield bond ETFs in EMEA—Goldman Sachs USD High Yield Bond Active UCITS ETF (GSHY) and EUR High Yield Bond Active UCITS ETF (EUHY)—employing top-down asset allocation and bottom-up security selection by its Fixed Income team managing over $1.75 trillion globally. Portfolio management stability was reinforced with Ben Johnson's appointment in July 2025, amid ongoing expense limitation agreements through at least July 29, 2025. The fund remains available primarily to U.S. investors through platforms like Goldman Sachs, with no reported acquisitions, funding rounds, or reorganizations specific to GSHIX in the last 1-2 years.