Goldman Sachs Asset Management Hungarian Forint Short Duration Bond

The fund’s objective is to generate returns by investing in short term fixed income instruments (i.e. government (guaranteed) bonds, commercial paper, floating rate notes, deposits, etc.) mainly denominated in Hungarian Forint. We will primarily invest in short term government securities. The fund offers an alternative to short term money market funds and to fixed income funds as the expected weighted average maturity (duration) of its investments is not more than 2 years. A higher duration means a stronger interest rate sensitivity. We use both fundamental and quantitative research inputs to invest in a diversified portfolio of bonds seeking to ensure safety of principal as well as considering time to maturity of the securities during the investment process. 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 RMAX. 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 seeks to provide you with capital growth and does not aim to provide a dividend. It will reinvest all earnings.