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Wells Street Journal: Goldman Sachs’ new blackbox fund

Whoever says asset management is shrouded in secrecy clearly has never had the pleasure of reading an industry-standard factsheet. Here at WSJ Towers, broken windows are regularly repaired with the documents, such is their transparency.

But it seems Goldman Sachs Asset Management didn’t get the memo. Surprisingly for a fund trying to attract investors, basic details on Goldmans’ fledging multi-manager offering are extremely hard to come by.

The holdings of the £50m Wealthbuilder Multi-Asset Growth Portfolio are a closely guarded secret, absent from factsheets and reportedly under lock and key by armed guards at GSAM HQ.

Charges levied make the grade, as does the fund’s allocation. But the firm is reluctant to give any further information – the theory being presumably that investors could become overloaded by unimportant details such as the fund’s performance, which is helpfully excluded from the Key Investor Information Document. This is because the fund is less than a year old, GSAM says.

Interestingly, the factsheet sports a warning to investors not to rely on past performance; sage advice, but tricky to do without any performance stats whatsover.

Luckily for advisers, the fund’s performance details have been shared with FE Analytics. That shows the fund has outpaced the Mixed Asset Aggressive sector by almost 5 percentage points since launch, posting a return of 1.39 per cent over the past eight months.

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