Stock fact sheet · data as of
Goldman Sachs Managed Futures Strategy Fund (GMSAX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Blend
Is GMSAX undervalued?
GMSAX has a margin of safety of 62%: the stock closed at 10.14 on 16 Oct 2026 against a GLS average fair value of 26.60. 1 of the 1 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
Only 1 of the nine models produced a value (10 Cap); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files GMSAX under Blend.
Nine valuation models for GMSAX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 26.60 | +162% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -0.9736 | -110% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - GMSAX passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.5 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC 2.9%, ROE 3.5%, ROA 2.9% - with debt at 0.18 times equity and a free-cash-flow yield of 23.7%.
Goldman Sachs Managed Futures Strategy Fund pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 2.9% |
|---|---|---|---|
| GLS Moat | 4.5 / 10 | ROE | 3.5% |
| Debt / equity | 0.18 | ROA | 2.9% |
| Free-cash-flow yield | 23.7% | Payout ratio | 302% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
GMSAX has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at - a day on a market cap of $203M, with a beta of 0.20 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 62% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 7 / 15 | moat 4.5/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 0k shares/day, $203M cap, beta 0.20 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for GMSAX in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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|---|---|---|---|---|---|
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| SRV NXG Cushing Midstream Energy Fund | 43.85 | 124.29 | +65% | 39No options | $205M |
| MFM Aberdeen Municipal Income Fund | 4.98 | 8.66 | +42% | 39No options | $205M |
| PNNT PennantPark Investment Corporation | 3.15 | 15.53 | +80% | 74Good | $206M |
| PRIHX T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. | 9.58 | 23.71 | +60% | 39No options | $200M |
| IIF Morgan Stanley India Investment Fund, Inc. | 21.82 | 29.21 | +25% | 39No options | $206M |
| EICA Eagle Point Income Company Inc. | 24.94 | 38.11 | +35% | 39No options | $206M |
| LIEN Chicago Atlantic BDC, Inc. | 9.15 | 107.97 | +92% | 39No options | $209M |
| VPV Invesco Pennsylvania Value Municipal Income Trust | 10.97 | 9.74 | -13% | 36No options | $196M |
| EIC Eagle Point Income Company Inc. | 8.97 | 38.11 | +76% | 39No options | $210M |
| AHTPX American Beacon AHL TargetRisk Fund - Investor Class | 11.21 | 15.69 | +29% | 39No options | $195M |
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Start free See the Sunday ScanQuestions about GMSAX
Is GMSAX undervalued right now?
By the GLS models, yes: at 10.14 the stock is 62% below the average fair value of 26.60 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of GMSAX and what does it mean?
GMSAX has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for GMSAX?
26.60 per share as of 16 Oct 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Goldman Sachs Managed Futures Strategy Fund report earnings next?
No upcoming earnings date is recorded for GMSAX in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does GMSAX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on GMSAX, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.