Investment Commentary

2Q 2015

Goldman SachsBRICs Portfolio

Market review

The MSCI BRICIndex returned -2.86% in June, as many global equity markets declined during the month. The index retains gains for 2Q of 4.57%, and is up 8.29% year-to-date (all returns in USD). The uncertainty and rising intensity of the Greece’s negotiations with European Union (EU) leaders weighed on global financial markets in June. In addition, a sharp correction in China’s domestic equity market pressured the offshore Chinese equities as well as other Asian markets, as concerns grew about margin financing and high valuations. India notably outperformed during the month on a 25 bps repo rate cut to 7.25% and a better-than-expected monsoon season. Brazil’s market also rose, largely on currency appreciation following a further 50 bps interest rate increase to 13.75%, which is the highest level since December 2008. Gains in the local Russian equity market were lost in translation to dollars as the ruble weakened about 5% on the extension of European Union sanctions. The South African equity market also outperformed during the month. All sectors except Consumer Staples declined during the month, led by Industrials, Utilities and Healthcare.

Performance attribution

The Goldman Sachs BRICsPortfolio underperformed its benchmark, the MSCI BRIC Index, by 87 bps[1]on a net of fee basis during the second quarter of 2015. Strong stock selection in China contributed to the portfolio’srelative returns, whereas our positioning in the other three countries detracted from performance.

Chinawas a notable contributor to performance on both an absolute and relative basis during the quarter,driven by our superior stock selection. Financials was one of the best performing sectors in the benchmark as well as a large contributor to alpha, driven by Hong Kong Exchange.The main market operator for securities and derivatives trading and clearing in HKwas also the top contributor at the stock level. HKEx’s stock price went up sharply during the quarter as average trading volume surged on the back of the Shanghai Hong Kong Stock Connect and heightened volatility. While we like its dominant position in the market and steady cash flow generating capability, we trimmed our holding during the quarter to manage position size.

The Health Care sector was another large contributor driven by our position in SinoBiopharm. The company is primarily engaged in the R&D, manufacture and sale of generic drugs and is the market leader in drugs for hepatitis and cardio-cerebral diseases. The stock outperformed during the quarter after reporting better-than-expected earnings growth on back of strong sales of its key products. We maintain our overweight position in the stock.

The Consumer Staples sector, and most notably, Kweichow Moutaialso contributed to returns.The largest hard liquor maker reported a strong set of numbers for 1Q and the stock, which some investors like for its historical defensiveness, outperformed during a volatile quarter for Chinese equities. Given valuationsare at a discount to peers, we see re-rating potential driven by sequential earnings improvement, enforcement of A-H shares through-train, and the ongoing SOE reform process and added to our position.

On the other hand, the Consumer Discretionary sector was a large detractor during the quarter driven by our positions in Vipshop Holdings and Great Wall Motor. Vipshop, a leading online discount retailer, had a strong 1Q and has outperformed the market 40x since its IPO in 2012. In what was a challenging quarter for Chinese equities, the stock gave up some of its gains, correcting more than proportionately. Nevertheless, we maintain our position in the stock as we believe the company has carved out a niche for itself in the Chinese e-commerce market giving it the potential to grow volumes and expand margins. Great Wall Motor is an automobile manufacturer specializing in the sport utility vehicles (SUV) segment. The companydisappointed on volume growth due to industry-wide weakness and rising competition, even as it announced two price cuts. The negative wealth-effect from the stock market correction and the muted demand outlook for the summer, which is usually a lean period, have weighed on near term performance.

India was the only country to end the quarter in negative territory and our overweight allocation detracted from performance. The Consumer Discretionary sector and Bosch, in particular, was a notable detractor during the quarter.The supplier of automotive components took a breather after very strong share price performance in 1Q,following a pick-up in the passenger cars and heavy commercial vehicle segments. However, the stock price bounced back in June after reporting strong 1Q results, prompting us to book some profits.

Positioning

During the quarter, we initiated a position in Aurobindo Pharma within the Health Care sector in India. We maintain a positive view on the mid-cap generic drug manufacturerdue to its vertically integrated model and strong US formulations business. Even as the company attempts to turnaround its Europe business, it continues to execute well in a challenging environment of pricing pressure amidst a slowdown in new US approvals. As mentioned earlier, in the Consumer Staples sector, we added to our holding in Kweichow Moutai, China’s largest hard liquor maker.Sequential earnings improvement, enforcement of A-H shares through-train and the ongoing SOE reform process may all be catalysts for the stock in the coming quarters.

During the quarter, we trimmed our position in BB Seguridade within the Brazilian Financials space.While the insurance and brokerage company continued to report strong results in a tough environment,we opted to book profits on the name due to narrowing relative upside potential. As mentioned earlier, we also reduced our position in Bosch, an Indian supplier of automotive components.Despite maintaining a positive view on the company’s fundamentals, we trimmed our holding to crystallize gains and reallocate to more attractive opportunities elsewhere.

Outlook

Having a single, cohesive view on the macro environment in the emerging markets is difficult as country, sector and most importantly stock specific forces, as opposed to shared issues, have and will continue to drive the asset class. Consistent with this philosophy, we believe it is important to look at each of these countries, and the opportunities within these countries, independently rather than group them together into a single asset class. Truly understanding the businesses in which one is invested; recognizing where the market is mispricing companies; and being willing to accept near-term noise and volatility that macroeconomic forces can influence; will, in our opinion, underpin long-term success within emerging markets. As bottom-up fundamental investors, we constantly look across a broad range of sectors, countries and market capitalisations in order to identify the most compelling investment opportunities that are trading at attractive valuations and may outperform over the market cycle. In particular, we look for companies with strong or improving cash flows and sustainable competitive advantages that are able to withstand inflationary pressures on their margins while taking advantage of secular growth themes in these markets. Finally, we seek to invest in companies with strong corporate governance track records, especially with respect to their treatment of minority shareholders. With the uncertainty in the markets, we believe our focus on companies with strong fundamentals and secular growth opportunities will serve us well.

Growth and Emerging markets underperformed developed markets in 2014, as many developing markets faced macroeconomic headwinds and negative headlines. We fully acknowledge these medium-term macro headwinds and incorporate them in our bottom up fundamental analysis, including the end of Chinese double-digit growth, the impact of the Fed hiking rates, as well as some country-specific challenges. These macro concerns have not changed our view that emerging markets represent a core asset class for any well diversified portfolio. As investors consider their emerging markets equity allocations, we believe our purist stock selection based approach and compelling long-term track record make the GS BRICs Portfolio one of the strongest contenders within the emerging markets equity funds universe.

Past performance does not guarantee future results, which may vary. For existing investors only. Any mention of an investment decision is intended only to illustrate our investment approach and/or strategy, and is not indicative of the performance of our strategy as a whole. It should not be assumed that any investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of the investments discussed herein. A complete list of past recommendations is available upon request. Please see additional disclosures.

Investment Commentary

2Q 2015

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[1] Returns for the institutional accumulation share class.