Goldman Sachs Rebalances Billions.
Goldman Sachs Trims Major ETF Holdings, Signaling Ongoing Portfolio Rebalancing.
Goldman Sachs reduced its holdings in the iShares Core MSCI EAFE ETF (IEFA), selling about 2.36 million shares and leaving it with roughly 21.06 million shares worth about $1.88 billion. The bank also trimmed its stake in the Goldman Sachs MarketBeta U.S. Equity ETF (GSUS), cutting about 311,000 shares and leaving it with about 16.76 million shares worth roughly $1.58 billion. In addition, Goldman Sachs cut its position in the Vanguard Short-Term Bond ETF (BSV) by about 11.4%, after selling about 1.96 million shares; its remaining stake was valued at about $1.20 billion. Other institutional investors continued making countervailing trades across these ETFs, including additions to IEFA, GSUS, and BSV, underscoring ongoing portfolio rebalancing rather than a single-direction move.
Key Points
Goldman Sachs’ iShares Core MSCI EAFE ETF (IEFA) position amounted to 1.23% of the fund, according to its latest SEC Form 13F filing (after selling 2,361,664 shares, leaving 21,061,206).
Goldman Sachs owned about 0.55% of the Goldman Sachs MarketBeta U.S. Equity ETF (GSUS), worth $1.58 billion at the end of the most recent reporting period (after trimming 311,361 shares).
For Vanguard Short-Term Bond ETF (BSV), Goldman’s stake represented approximately 2.83% of the ETF and was valued at about $1.202 billion after selling 1,957,497 shares.
IEFA’s structure and benchmark are specified in the articles: it tracks the MSCI EAFE IMI index (developed markets in Europe, Australasia, and the Far East, excluding North America) and is “managed by BlackRock.”
The articles also detail BSV’s investment approach: the ETF “seeks to track the performance of a market-weighted bond index with a short-term, dollar-weighted average maturity,” using a passive/indexing strategy.
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