Goldman Sachs Prime Services Hedge Fund Performance Report September 2026

Monthly Hedge Fund Performance Update Global Banking & Markets – Public Prime Services September 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

SEPTEMBER MARKET WRAP September was a tricky month to navigate as investors digested a sharp repricing in long-end rates and real yields alongside firmer oil and a hawkish Fed. The Federal Reserve hiked rates for the first time since 2023, and Chair Warsh's accompanying message indicated that another hike by year-end would be likely. Global sovereign bonds sold off as longer-dated yields approached post-GFC highs, led by real yields. Equity breadth narrowed sharply beneath flat headline indices: the S&P 500 traded just 1% below its mid-August record while the median stock sat 16% below its own 52-week high – the weakest breadth reading since the Dotcom Bubble – and the real 10y UST yield rose 53bp over the month, crossing the two-standard-deviation threshold historically associated with negative equity returns. HEDGE FUND PERFORMANCE Hedge funds were flat in September on a global-basis. Systematic Macro / CTA funds led by a decisive margin at +3.8% for the month, marking the strongest single-month gain for the strategy this year, and making it the top performing strategy on a year-to-date basis. Managers in this group cited short fixed income and long energy positions as key contributors for performance in September. Quant managers also had a strong month with gains driven mainly by short-side momentum and momentum alpha. Fundamental strategies lagged in September, and regionally, Asia was the only cohort in positive territory.

Hedge Fund Performance from Letters - Global Client Base Index Performance Sept '26 YTD Sept ‘26 YTD Equity Fundamental L/S -0.9% 8.2% MSCI World TR -1.2% 11.8% Credit -0.7% 3.1% S&P 500 TR -0.4% 12.8% Event Driven -0.9% 5.7% Russell 2000 TR -5.3% 13.7% Discretionary Macro -0.7% 2.1% NASDAQ 1.9% 15.6% Systematic Macro / CTA 3.8% 12.6% Nikkei 225 0.7% 32.6% Quant 2.1% 8.3% Hang Seng -3.7% -4.0% Relative Value -1.2% 3.1% CSI 300 -5.8% -5.9% Multi-Strategy -0.7% 3.4% Euro Stoxx 50 -2.4% 8.3% Multi-PM -0.2% 2.7%

Americas -0.4% 6.6% Asia 0.1% 10.0% Europe -0.2% 5.3%

Global Strategy-Weighted Average2 0.0% 6.3% Global Equal-Weighted Average -0.3% 6.8%

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 9.0% 9.7% 12.1% 3.8% 7.9% 5.0% 15.6% 11.2% 4.5% 5.6% 3YR 11.1% 11.3% 15.6% 8.9% 11.7% 9.4% 3.7% 11.9% 7.2% 9.5% 5YR 7.8% 7.1% 8.9% 5.8% 6.7% 7.3% 5.3% 10.5% 5.8% 6.9%

Source: Goldman Sachs Prime Services data as of 13-Oct-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 | September 2026 1

GLOBAL BANKING & MARKETS | FICC & EQUITIES

Year-to-Date Performance by Hedge Fund Strategy

13.0% Systematic Macro / CTA, 12.6%

Multi-Strategy, 3.4% 3.0% Credit, 3.1% Relative Value, 3.1% Discretionary Macro, 2.1%

Fundamental Equity Long / Short Performance Breakdown Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -1.0% PERFORMANCE DISPERSION Simple Average 10th %ile 25th %ile 50th %ile 75th %ile 90th %ile Dispersion* September 2026 -0.9% -5.7% -2.9% -0.6% 1.3% 3.6% 4.2% 2026 YTD 8.2% -8.2% -1.4% 5.7% 14.8% 27.2% 16.3%

*Dispersion = the absolute…