Goldman Sachs Czech Crown Bond

The objective of this fund is to realize long-term capital growth by investing in a diversified portfolio of Czech Crown denominated bonds. This includes bonds issued by the Czech government, municipalities and corporations as well as issues of Czech subsidiaries of international companies. We use both fundamental and quantitative research inputs to invest in bonds with an attractive interest rate which we consider to have a relatively low risk of default and which are quoted on an official stock exchange or another regulated market. The fund uses active management to target the most promising issuances and sectors considering our view on interest rate developments, outlook on different countries and our view on fixed income markets in general, with duration deviation limits maintained relative to the benchmark. The fund positioning can therefore materially deviate from the benchmark. Measured over a period of several years we aim to beat the performance of the benchmark 100% BofA Merrill Lynch Czech Governments Index. The benchmark is a broad representation of our investment universe. The fund may also include investments into bonds that are not part of the benchmark universe. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund aims at providing you with a regular dividend.