Fund Evaluator:
Goldman Sachs US Mortgages Investor (GGIRX)
Follow This Fund
Best Performing in Government Mortgage-Backed Bond Over the Last Year
| 5.4% | Fidelity Advisor Mortgage Securities Z (FIKUX) |
| 5.3% | Vanguard Mortgage-Backed Secs Idx Adm (VMBSX) |
| 5.2% | Fidelity Mortgage Securities (FMSFX) |
| 5.2% | Fidelity GNMA (FGMNX) |
| 5.0% | RBC BlueBay Access Cptl Community InvmIS (ACATX) |
Fund Details
Goldman Sachs US Mortgages Investor Overview
Goldman Sachs US Mortgages Investor (GGIRX) is an actively managed Taxable Bond Government Mortgage-Backed Bond fund. Goldman Sachs launched the fund in 2011.
The investment seeks a high level of 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 securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage loans or other mortgage-related securities of U.S. issuers. The fund may also invest in mortgage dollar rolls, asset-backed securities (including collateralized loan obligations (“CLOs”)) and foreign securities.
About Goldman Sachs US Mortgages Investor (GGIRX)
There are 2 members of the management team with an average tenure of 2.59 years: Peter Stone (2025), Rob Pyne (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Scrtzd MBS ABS CMBS TR USD index with a weighting of 100%. Goldman Sachs US Mortgages Investor has 939 securities in its portfolio. The top 10 holdings constitute 37.0% 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 US Mortgages Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Goldman Sachs US Mortgages Investor has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.3%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (97.9% domestic bond, 1.4% foreign bond and 0.0% convertible bond). Goldman Sachs US Mortgages Investor has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $24 million in total assets, which is below the $337 million average for the Government Mortgage-Backed 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.
GGIRX 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 US Mortgages Investor expense ratio is average compared to funds in the Government Mortgage-Backed Bond category. Goldman Sachs US Mortgages Investor has an expense ratio of 0.54%, which is 39% 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 US Mortgages Investor has a portfolio turnover rate of 1219%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 367% for the Government Mortgage-Backed Bond category.
Recently, in the month of June 2026, Goldman Sachs US Mortgages Investor returned 0.2%, which earned it a grade of B, as the Government Mortgage-Backed Bond category had an average return of 0.2%. 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 US Mortgages Investor has a trailing yield of 3.94%, which is above the 3.81% 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 US Mortgages Investor Grades
Year to date, the fund has returned 0.9%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 4.8% over the past year (grade of B), 4.5% over the past three years (grade of B) and 0.2% per year over the past five years (grade of D) and 1.3% per year over the past 10 years (grade of C).
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GGIRX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GGIRX Return (NAV) | 0.2% | 0.6% | 4.8% | 4.5% | 0.2% | 1.3% |
| GGIRX Grade | B | B | B | B | D | C |
| +/- Category | 0.0% | 0.2% | 0.6% | 0.4% | -0.2% | 0.2% |
| Government Mortgage-Backed Bond Avg | 0.2% | 0.4% | 4.2% | 4.2% | 0.4% | 1.1% |
| GGIRX Tax Cost Ratio | na | na | 1.6% | 1.6% | 1.3% | 1.2% |
GGIRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GGIRX Return (NAV) | 0.9% | 8.2% | 1.3% | 5.1% | -12.6% | -1.5% | 5.7% | 6.3% | 0.6% | 1.7% | 1.8% |
| GGIRX Grade | C | B | B | A | F | C | B | A | C | B | B |
| +/- Category | 0.1% | 0.6% | 0.2% | 0.6% | -2.1% | -0.1% | 1.3% | 1.1% | 0.2% | 0.4% | 0.4% |
| Government Mortgage-Backed Bond Avg | 0.8% | 7.6% | 1.2% | 4.4% | -10.5% | -1.4% | 4.4% | 5.2% | 0.5% | 1.3% | 1.4% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (81% Rank) |
| Beta: | 1.13 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $286 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 1219% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Pyne Rob (2022), Stone Peter (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 939 |
| % in Top 10 Holdings: | 37.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | -0.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.9% |
| Foreign Bond: | 1.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Goldman Sachs |
| Phone Number: | 800-526-7384 |
| Website: | www.goldmansachsfunds.com |
| Status: | Open |
| Inception Date: | July 29, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.54% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.89% |
| Share Class: | Goldman Sachs US Mortgages SAI |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
