Year to date, GSIE is performing mostly inline with the rival index, which is arguably a disappointment when a considering its multi-factor approach emphasizing highly profitable companies as well as the low volatility, momentum and value factors.
GSIE holds 816 stocks and while the fund is passively managed, it takes an active approach to factor management.
GSIE allocates about a third of its weight to financial services and consumer staples names and its valuations are mostly inline with those of the competing MSCI index.
Now, they will be a "single business unit," said Jimmy Morgan, director of GSIE
. He said that TACOM already has been in discussions with 19 government-employee unions about the implications of this reorganization.