Goldman Sachs Equity Income Fund Q1 2025 Commentary (Mutual Fund:GSGRX)

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Jun. 24, 2025 8:30 PM ETGoldman Sachs Equity Income Fund Class A (GSGRX), GSGCX, GSIIX, GSGSX, GRGTX, GRGUX, GRGRXGSGRX, GSGCX, GSIIX, GSGSX, GRGTX, GRGUX, GRGRX

Summary

  • The US Equity Income Fund underperformed its benchmark amid a volatile market shaped by policy uncertainty, inflation, and shifting AI growth narratives.
  • Top contributors included AT&T and GE Aerospace, driven by strong earnings, AI adaptability, and market share gains; Marvell and Alphabet detracted due to AI capex concerns and sector weakness.
  • We initiated positions in Starbucks and International Paper, citing turnaround potential and global demand inflection, while exiting UPS due to weak volumes and legal challenges.
  • We remain committed to active, quality-focused management, emphasizing strong balance sheets and management teams to navigate volatility and seek long-term outperformance.

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Market Overview

The S&P 500 Index (SP500, SPX) increased by 2.41% (total return, USD) in the fourth quarter of 2024. The market saw its largest rally of the quarter following the US presidential election as a reduction of market

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