Fund Times: Openings, Closings, & Manager Changes
Goldman Sachs, Morgan Stanley, Smith Barney, Managers, and others
Goldman Sachs Kills Off Global Sector Funds
Goldman Sachs (GS) has decided the world is not ready for globe-spanning sector funds. The firm will liquidate five global sector funds it launched little more than a year ago, according to Securities and Exchange Commission filings.
Pending shareholder approval, Goldman will terminate its Global Consumer Growth (GGCAX), Financial Services (GGFAX), Health Sciences (GHSAX), Infrastructure and Resources (GIRAX), and Technology (GGTAX) funds at the end of October. None of the funds, which closed to new investments Thursday, had much more than $5 million in assets or very appealing records. They all lost money over their short lifetimes, and all but Global Infrastructure and Resources ranked in the bottom half of their categories.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.