
We anticipate a continued trajectory of global economic expansion into 2026. This growth is expected to be broad-based, with significant contributions from most major economies. Key drivers include robust capital expenditures, particularly in AI-related sectors, alongside generally accommodating financial conditions and supportive fiscal policies.
The Goldman Sachs Inflation Protected Securities Fund's I-shares demonstrated a positive return of 0.16% net during the fourth quarter of 2025. This performance notably surpassed its benchmark by 2 basis points. The fund's strategic positioning in government securities and its active management of yield curve exposures were primary factors in this outperformance, with particular success stemming from its US 2y3y Steepener and US 2y5y Steepener trades.