Despite this, S&P continued to have a positive view on the overall quality of managers reviewed in the peer group, which included BlackRock, Schroders, Zurich and Pengana, S&P fund analyst Simone Arblaster said.
"Schroders and BlackRock were two of the better-performing managers during the 2008 market decline because they invest at the higher end of the market cap spectrum," she said.
"For the 12 months to 30 June 2009, Goldman Sachs was the poorest performer in the unhedged peer group because of its exposure to alternative energy in emerging markets, specifically Brazil."
The Dimensional Global Small Company Trust was downgraded to three stars from four.
S&P released fund ratings for seven managers with a total of nine capabilities following the review.
