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Goldman Sachs Short Duration Bond P Overview

Goldman Sachs Short Duration Bond P (GMCPX) is an actively managed Taxable Bond Short-Term Bond fund. Goldman Sachs launched the fund in 2018.

The investment seeks total return consisting of income and 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 U.S. or foreign fixed income securities. It may not invest, in the aggregate, more than 20% of its total assets measured at the time of purchase in emerging countries debt and non-investment grade fixed income securities. The fund’s target duration range under normal interest rate conditions is expected to approximate that of the Goldman Sachs Short Duration Bond Fund Composite Index plus or minus two years.

About Goldman Sachs Short Duration Bond P (GMCPX)

There are 3 members of the management team with an average tenure of 4.50 years: John Olivo (2016), Tasneem Nalwala (2024), Shaun Cullinan (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 3 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, Bloomberg US Corp 1-3 Yr TR USD index with a weighting of 50% and Bloomberg US Govt 1-3 Yr TR USD index with a weighting of 50%. Goldman Sachs Short Duration Bond P has 545 securities in its portfolio. The top 10 holdings constitute 45.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Goldman Sachs Short Duration Bond P is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Goldman Sachs Short Duration Bond P has 21.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.0% (70.9% domestic bond, 21.1% foreign bond and 0.0% convertible bond). Goldman Sachs Short Duration Bond P has 7.0% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $904 million average for the Short-Term Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

GMCPX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Goldman Sachs Short Duration Bond P expense ratio is average compared to funds in the Short-Term Bond category. Goldman Sachs Short Duration Bond P has an expense ratio of 0.43%, which is 35% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Goldman Sachs Short Duration Bond P has a portfolio turnover rate of 141%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.

Recently, in the month of July 2026, Goldman Sachs Short Duration Bond P returned -0.0%, which earned it a grade of D, as the Short-Term Bond category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Goldman Sachs Short Duration Bond P has a trailing yield of 4.45%, which is above the 4.16% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Goldman Sachs Short Duration Bond P Grades

Year to date, the fund has returned 1.1%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 4.1% over the past year (grade of A), 5.4% over the past three years (grade of B) and 2.5% per year over the past five years (grade of B) and 2.6% per year over the past 10 years (grade of B).

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