Summary

• The Goldman Sachs Large Cap Value Insights Fund (I-share, net) returned 0.34% in the first quarter of the 2026, underperforming the Russell 1000 Value Index, by 176 basis points.
• US large cap equities (S&P 500 Index) fell by 4.33% in the first quarter of 2026, with Value outperforming Growth stocks.
• The High-Quality Business Models pillar also detracted from excess returns in the first quarter, driven by challenged stock selection within the Communication Services sector.

Market Review

US large cap equities (S&P 500 Index) fell by 4.33% in the first quarter of 2026, with Value outperforming Growth stocks. Sector performance was mixed, with strength concentrated in Energy and Industrials, while Information Technology and Financials lagged. Macro dynamics