Goldman Sachs Prime Services Hedge Fund Performance Report July 2026

Monthly Hedge Fund Performance Update Global Banking & Markets – Public Prime Services July 2026 Hedge Fund Insights & Analytics

Prepared by Prime Brokerage. In evaluating this material, you should know that it could have been previously provided to other clients and/or internal Goldman Sachs personnel, who could have already acted on it. The views or ideas expressed here are those of the desk and/or author only and are not an official view of Goldman Sachs; others at Goldman Sachs may have opinions or may express views that are contrary to those herein. This material is not independent advice and is not a product of Global Investment Research. This material is a solicitation of derivatives business generally, only for the purposes of, and to the extent it would otherwise be subject to, CFTC Regulations 1.71 and 23.605.

Performance Summary and Commentary1 JULY MARKET WRAP In July, global financial markets experienced a notable sector rotation out of mega-cap tech and AI pioneer companies as investors questioned whether heavy capital expenditures in the AI ecosystem would yield returns quickly enough. Crowded AI and semiconductor trades violently reversed into value and defensive names, causing a historic momentum unwind – the GS High-Beta Momentum Basket suffered its worst monthly performance since 2000. At the same time, renewed hostilities and supply concerns in the Middle East drove a sharp rebound in crude oil prices, which revived broader inflation worries. These inflationary pressures, compounded by ongoing fiscal concerns, caused long-term sovereign bond yields to climb higher. The Federal Reserve kept interest rates steady during the month but adopted a more hawkish tone regarding potential future hikes. Against this backdrop, major equity benchmarks finished the month mixed, though second-quarter corporate earnings remained resilient despite tighter overall financial conditions. HEDGE FUND PERFORMANCE Hedge funds lost -1.1% in July on a global strategy-weighted basis. Fundamental equity L/S managers saw the second worst drawdown in nearly four years, driven by both alpha and beta losses on the back of the sudden momentum reversal in AI and semiconductor names in the US & Asia. Multi-PM managers also suffered against the crowded trade unwinds in regional and global technology portfolios, with platforms in Asia experiencing more severe losses. On the other hand, quant managers outperformed during the choppy month, with asset selection, long crowdedness, and short-term momentum being among the largest factor contributors to alpha generation. Hedge Fund Performance from Letters - Global Client Base Index Performance Jul '26 YTD Jul ‘26 YTD Equity Fundamental L/S -3.2% 8.6% MSCI World TR 0.5% 10.3% Credit -0.2% 3.8% S&P 500 TR -0.1% 10.1% Event Driven -0.1% 6.2% Russell 2000 TR -3.0% 18.9% Discretionary Macro 0.0% 2.8% NASDAQ -3.2% 9.2% Systematic Macro / CTA -0.8% 6.4% Nikkei 225 -8.1% 27.9% Quant 0.8% 3.9% Hang Seng 13.1% 1.0% Relative Value 0.5% 4.2% CSI 300 -7.9% -0.9% Multi-Strategy -1.0% 4.3% Euro Stoxx 50 0.5% 9.9% Multi-PM -1.8% 2.6%

Americas -1.5% 7.0% Asia -4.8% 8.6% Europe -0.2% 4.4%

Global Strategy-Weighted Average2 -1.1% 5.7% Global Equal-Weighted Average -1.8% 6.5%

Trailing Performance by Hedge Fund Strategy All HFs All HFs Discretionary Systematic Relative Multi- Date (Strategy- (Equal- Equity L/S Credit Event Driven Quantitative Macro Macro / CTA Value Strategy Weighted) Weighted) 1YR 12.1% 13.8% 18.4% 6.6% 10.8% 9.4% 13.7% 8.8% 8.4% 9.7% 3YR 11.0% 11.2% 15.3% 9.0% 11.9% 9.3% 2.9% 11.9% 7.4% 9.8% 5YR 7.9% 7.3% 9.2% 6.2% 7.4% 7.8% 4.2% 9.8% 6.3% 7.3%

Source: Goldman Sachs Prime Services data as of 17-Aug-2026. Past performance is not indicative of future results. All references to "we/us/our" refer to the views and observations of the desk.

Prime Services | Hedge Fund Insights & Analytics Hedge Fund Performance | July 2026 1

GLOBAL BANKING & MARKETS | FICC & EQUITIES

Year-to-Date Performance by Hedge Fund Strategy

YTD Performance (%) Equity, 8.6% 8.0% Systematic Macro / CTA, 6.4% 6.0% Event Driven, 6.2% Multi-Strategy, 4.3% Relative Value, 4.2% 4.0% Quant, 3.9% Credit, 3.8% Discretionary Macro, 2.8% 2.0%

0.0% Jan…