Menu Our services in the selected location:
  • No services available for your region.
Select Location:
Remember my selection
Your browser is out of date.


March 10, 2023  |  11 Minute Read

Candice Tse

Global Head of Strategic Advisory Solutions

Candice Tse

Wendy Lin

Senior Market Strategist, Strategic Advisory Solutions

Wendy Lin

Post-Pandemic Silver Lining

The number of women investors has surged. Over the past two years, women have become more engaged in their finances, motivated by the build-up of excess wealth following significant pandemic fiscal transfers, the shift to hybrid work that has freed up time to invest, and the need to grow earnings as economic conditions became ambiguous. As a result, financial platforms with low barriers to investing saw the fastest rise in new account openings at the turn of this decade. We think this momentum will continue, further pushing the envelope on the composition of investors towards a younger, more diverse, and more female audience.


Looking at the decade ahead, the Boston Consulting Group expects women’s wealth to grow $5 trillion globally every year.1 A similar growth trend may appear with women investors in western Europe too. According to a McKinsey study,2 European women’s assets may grow at 8.1% CAGR relative to the 2.7% estimated for men through 2030. On a cumulative basis, European women’s share of investments is forecasted to reach 45% of assets under management by 2030.



Exhibit 1: Growth in Women Investors


Source: Fidelity, Robinhood, eToro, and Goldman Sachs Asset Management. As of March 1, 2023. Data shows the growth in new investing accounts during the COVID-19 pandemic.



Even against challenging market dynamics in 2022, investors generally have continued to demonstrate discipline in funding their retirement savings accounts. Data on How America Saves, a study on Vanguard’s defined contribution retirement plan participants, showed that 1) 50% of participants have kept their savings plan unchanged from prior year, 2) 24% increased retirement deferral from an annual automatic increase, and 3) 15% increased retirement contributions.3 While all positive news, we believe that the current macro backdrop may still require women investors to develop a dynamic portfolio to address both their unique challenges and needs amid this decade of potentially modest economic growth, moderate public market returns, and a higher cost of living.


Market Realities For Retirement Savings Plans

Today’s economic realities continue to cloud consumer sentiment on financial security. According to the National Association of Plan Advisors, roughly a third of advisors have seen their clients recalibrate expectations on retirement, citing inflation and recession as key factors driving their timeline.4


Our Retirement Survey & Insights Report has also identified inflation, a potential reduction in social security income, and meeting future healthcare needs as three top worries of investors today.


Elevated Inflation: The costs of many necessary expenses have outpaced the long-run trend of US CPI inflation, as shown in exhibit 2. We expect price pressures to persist at least through 2024 before normalizing to a historical trend level. In the meantime, these expenses may weigh on purchasing power and leave investors with less discretionary income to grow their savings.



Exhibit 2: Common Expenses Rising Faster Than Inflation


Source: US Bureau of Labor Statistics. As of March 3, 2023. For illustrative purposes only. US CPI refers to the monthly Consumer Price Index. Chart shows the average monthly change in consumer prices for all US urban consumers from January 1990 to January 2023. Past performance does not guarantee future results, which may vary.


Reduction in US Social Security Income: The fate of social security also remains uncertain, though the program is unlikely to disappear. Without an injection of cash, dwindling funds may ultimately translate to a smaller payout for future US retirees.


Future Healthcare Needs: According to the US Department of Health and Human Services, nearly 70% of retirees will need some type of long-term care. The average person will require these services for at least three years and 20% of retirees will need support for five or more years.5 Long-term care insurance will become a critical financial tool. For women, longer life expectancy means higher insurance premiums.


While these concerns have affected both men and women, we believe the trifecta of challenges confronting women – lower earnings power, longer lifespan, and greater amount of time spent out of the workforce – may magnify the shortfall in their investment portfolios relative to men.


Lower Earnings Power: Women continue to earn 82 cents for every dollar earned by their male counterparts.6 And while women comprise 47% of the workforce, they earn 21% less in lifetime income relative to men.7 Consequently, women's lifetime retirement contributions on average fall 30% short of their male peers.8 The resulting impact is a pronounced pay and wealth gap, leaving women less financially prepared for the future.


Longer Lifespan: Differences in life expectancies between men and women may further amplify the retirement shortfall. Women tend to live three years longer than men, on average, which makes retirement savings longevity vital. Yet women are more likely than men to retire earlier than planned due to health reasons, family care needs, or job loss.9


Time out of the Workforce: Competing life priorities reflect key factors fueling additional retirement challenges. Women tend to work nine years less than men from taking on primary childcare responsibilities, leaving women with less savings. According to our study, two four-year periods out of the workforce can lower retirement savings by up to 35%.10


The starting point of earning less, living longer, and retiring earlier creates additional pressure on women to ensure that they have sufficient savings to endure these uncertainties. Importantly, as financial needs have grown commensurately with macro challenges, we believe that it is no longer enough to just afford today’s bills but also a necessity to get ahead of future ones too.


Underserved And Underheard

While there is a growing need and appetite for financial advice, women today remain financially underserved. A 2022 survey by Ellevest found that nearly 70% of US women have never met with a financial advisor compared to 41% of men.11 Moreover, women have routinely relied on the guidance of family members for financial advice. The share of older women with personal retirement savings has also lagged their male peers by ~3.5 percentage points and the gap grows based on marital status.12 Even across non-retirees with retirement savings, a higher share of men reported being comfortable managing their own investments relative to women.



Exhibit 3: Confidence in Self-Directed Investing


Source: Federal Reserve and Goldman Sachs Asset Management, as of February 2, 2023.



Not only have we seen this confidence gap persist, but we also believe an investing gap will grow. While women are investing more, their account balances still lag that of men. A survey conducted by the FINRA Foundation and the University of Chicago in 2020 revealed that across new investors, 23% of women reported account balances below $500 versus just 15% of men. Male investors also frequently reported balances of $25,000 and over.13 These differences in account balances may become significant over time as contribution variances and portfolio compounding effects drive dispersion in cumulative savings.


On contributions, we think the way in which Americans engage the US labor force may also play a large part in impacting wealth outcomes today. Americans have moved from a traditional employment structure (one worker to one employer) to a “one worker to many employers” structure, ultimately driving the shift in responsibility of financial well-being from employers to employees. Accordingly, this structural shift has led Americans to explore a broader range of retirement savings accounts as evident by a growing footprint of assets held in personal accounts (52%) and IRAs (55%).14



Exhibit 4: Investment Savings – Eggs in Many Baskets


Source: Federal Reserve and Goldman Sachs Asset Management, as of February 2, 2023.



This burden of financial security disproportionately impacts women over men. Our prior work on labor force participation detailed the greater share of women engaged in part-time employment. Private sector jobs data from ADP Research Institute have noted a similar trend, reinforcing the growth in the gig economy from 14.2% of the workforce in 2010 to 16.4% in 2019.15 Unlike traditional employment, women made up the majority (57%) of short-term W-2 employees while men were more heavily represented in 1099-MISC independent contract work (as shown in exhibit 5). The demographic profiles between groups are distinct, with contractors often older, more educated, and more likely to have higher incomes. Still, across both pools, access to health and retirement benefits varied widely. Most gig workers over the age of 55 did not have an employer-sponsored retirement plan. Meanwhile, only 37% of independent contractors and 28% of short-term employees had a self-funded retirement plan.16



Exhibit 5: Worker Profile in the Gig Economy


Source: ADP Research and Goldman Sachs Asset Management. As of February 2020, latest available.



In our view, the inertia in the gig economy may further amplify the retirement financing gap and deepen the savings shortfall for women relative to men. For example, women’s concentration in W-2 gig work may keep them from participating in corporate 401K matching programs and accessing a pre-vetted list of sound investment vehicles.17 Consequently, a greater segment of women will need to either rely on social security benefits to fund retirement or to perform their own diligence on investment funds, which in our view is a difficult solo task.


Even as asset managers, we believe markets can be incredibly complex to navigate at times and selecting managers outside of a pre-vetted list may feel like looking for a needle in a haystack. Our analysis in exhibit 6 illustrates the wide historical dispersion of investment performance across US large cap equity funds. For example, a female investor deploying $100 in the market over the last 10 years would have realized a five-fold increase in her initial investment if she experienced the returns of a top quartile US large cap equity fund. However, her investment would have led to a significantly different outcome if she selected a bottom quartile fund, delivering less than a two-fold increase.



Exhibit 6: Wide Dispersion in Fund Performance


Source: Morningstar and Goldman Sachs Asset Management. Data uses returns of US equity funds that are categorized as US Large Cap Blend. Data reflects net monthly returns from January 2013 to December 2022. GROWTH OF $100: A graphical measurement of a portfolio's return that simulates the performance of an initial investment of $100 over the given time period.



We believe these risks may be exacerbated by asset allocation differences. Research on this topic remains quite mixed, with some studies touting a tendency for women to hoard cash18 while others have found a negligible difference between portfolio allocation across genders.19 Meanwhile, according to McKinsey, a noticeable gap appears between the average portfolio allocations of European women and men. The average female portfolio in Europe comprised 32% equities, 32% fixed income, with the remainder in cash.20 In comparison, the average male portfolio placed a greater emphasis on equities (45%) while holding less in fixed income (24%) and cash (31%). Still, we highlight the potential wealth implications of under-investing by extrapolating the above asset allocation decisions over a 10-year horizon. Our findings suggest that first, idle cash may impede accumulation goals most significantly for investors with little near-term liquidity needs. Second, over a long-term horizon, under-investing in equities has historically led to lower portfolio returns, all else equal. In this hypothetical scenario, an average female portfolio allocated to global equities and global aggregate bonds based on the splits noted above would have yielded a 43% return between 2012 and 2022. When applying the asset allocation weights of an average European male, the same assets would have yielded a 16-percentage point increase in cumulative returns, just by virtue of taking a little more risk and owning a little less cash.



Exhibit 7: Hypothetical Portfolio Returns Assuming Gender Differences in Asset Allocation


Source: Bloomberg and Goldman Sachs Asset Management. Data reflects monthly returns from January 2013 to December 2022. Equities refer to the MSCI ACWI Index. Bonds refer to the Bloomberg Global Aggregate Bond Index. Monthly cash return is based on the 1-month LIBOR. GROWTH OF $100: A graphical measurement of a portfolio's gross return that simulates the performance of an initial investment of $100 over the given time period. The example provided does not reflect the deduction of investment advisory fees and expenses which would reduce an investor's return. Please be advised that since this example is calculated gross of fees and expenses the compounding effect of an investment manager's fees are not taken into consideration and the deduction of such fees would have a significant impact on the returns the greater the time period and as such the value of the $100 if calculated on a net basis, would be significantly lower than shown in this example. The hypothetical historical returns were created with the benefit of hindsight using the percentage allocations indicated above. Any changes will have an impact on the hypothetical historical performance results, which could be material. Hypothetical performance results have many inherent limitations and no representation is being made that any investor will, or is likely to achieve, performance similar to that shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved. The result will vary based on market conditions and your allocation. Past performance does not guarantee future results, which may vary.



In our view, maximizing the probability of reaching financial targets can partially be solved with setting strategic asset allocations. The decision to do so may require wealth-planning expertise and partnership with the right professionals.


Potential Strategic Solutions To Bridge The Gap

We believe a few practices can help bridge the financial gap for women in this decade.


Growing income: Following the great reset in fixed income yields, we believe there is a plausible path to earning attractive coupons on bonds without having to take on significant credit risk. As the band of returns between equities and bonds has begun to narrow, we think the advantages of owning fixed income—predictable cash flows and diversification potential—have returned.


Allocating to return-generating assets: While fixed income assets are a critical risk-managing tool for portfolios, real portfolio growth may require some allocation to equities. For a moderate risk profile, we advocate for a blend of US and non-US equity allocations across a portfolio’s equity exposure.


Positioning assets in a volatile world: The uncertainty in the road to retirement makes financial planning difficult. We believe this decade will feature lower economic growth, higher rates, and elevated inflation, resulting in more episodic volatility. To address this risk, we believe portfolios should consider alternative assets with differentiated return streams and lower volatility to the market.




Related Insights


1 Boston Consulting Group (BCG), as of April 2020.

2 McKinsey, as of June 23, 2022. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. The economic and market forecasts presented herein are for informational purposes as of the date of this document. There can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this document.

3 Vanguard and Plansponsor, as of February 2023. and

4 National Association of Plan Advisors, as December 6, 2022.

5 Administration of Community Living and US Department of Health and Human Services, as of February 18, 2020.

6 US Bureau of Labor Statistics, Report 1097, as of March 2022.

7 US Senate Joint Economic Committee, Gender Pay Inequality, Consequences for Women, Families, and the Economy, as of 2016.

8 US Government Accountability Office, The Gender Pay Gap and Its Effect on Women’s Retirement Savings, as of March 24, 2021.

9 Goldman Sachs Asset Management, Women & Retirement Security: Navigating the Financial Vortex, as of December 7, 2022.

10 Administration for Community Living, 2018 Profile of Older Americans, as of May 31, 2019.

11 Ellevest, The State of Women’s Financial Wellness in 2022, as of August 2022.

12 US Census Bureau, Those Who Married Once More Likely Than Others to Have Retirement Savings, as of January 13, 2022.

13 FINRA Foundation and University of Chicago, Investing 2020: New Accounts and the People Who Opened Them, as of February 2021.

14 Federal Reserve, Economic Well-Being of US Households (SHED), as of February 2023. Data assesses US households from January 2021 – May 2022.

15 ADP Research Institute, Illuminating the Shadow Workforce: Insights into the Gig Workforce in Businesses, as of February 2020.

16 Georgia State University Law Review, Volume 8, Issue 2, Women, Retirement, and the Growing Economy Workforce, as of April 2022.

17 Goldman Sachs Asset Management, Empowering Women: How COVID-19 Has Affected the Gender Gap, as of March 2020.

18 SoFi, Examining Male vs. Female Investment Behavior, as of November 7, 2018.

19 Vanguard, The same but different: Gender and investor behavior in Vanguard retail accounts, as of May 2020.

20  McKinsey, as of June 23, 2022.


Bloomberg Global Aggregate Bond Index measures global investment grade debt from 24 local currency markets, including treasury, government-related, corporate, and securitized fixed-rated bonds from both developed and merging market issuers.

MSCI All Country World (ACWI) Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. It comprises of stocks from 23 developed countries and 24 emerging markets.

One-Month LIBOR refers to the ICE one-month London Interbank Offer Rate.

CAGR refers to the compound annual growth rate.

Gig economy refers to activity where people earn income providing on-demand work, services, or goods.

US CPI refers to the US Consumer Price Index.

Volatility is a measure of variation of a financial instrument's price.

Risk Considerations and General Disclosures

Equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth” and “value”) tend to shift in and out of favor, and, at times, the strategy may underperform other strategies that invest in similar asset classes. The market capitalization of a company may also involve greater risks (e.g. "small" or "mid" cap companies) than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements, in addition to lower liquidity.

International securities may be more volatile and less liquid and are subject to the risks of adverse economic or political developments. International securities are subject to greater risk of loss as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, prepayment and extension risk. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price. The value of securities with variable and floating interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates. Variable and floating rate securities may decline in value if interest rates do not move as expected. Conversely, variable and floating rate securities will not generally rise in value if market interest rates decline. Credit risk is the risk that an issuer will default on payments of interest and principal. Credit risk is higher when investing in high yield bonds, also known as junk bonds. Prepayment risk is the risk that the issuer of a security may pay off principal more quickly than originally anticipated. Extension risk is the risk that the issuer of a security may pay off principal more slowly than originally anticipated. All fixed income investments may be worth less than their original cost upon redemption or maturity.

Hedge funds and other private investment funds (collectively, “Alternative Investments”) are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of such Alternative Investments.

Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested. There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers.

Conflicts of Interest

There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investment. These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Individual portfolio management teams for Goldman Sachs Asset Management may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this commentary and may be subject to change, they should not be construed as investment advice.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.


Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this document and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The website links provided are for your convenience only and are not an endorsement or recommendation by Goldman Sachs Asset Management of any of these websites or the products or services offered. Goldman Sachs Asset Management is not responsible for the accuracy and validity of the content of these websites.

Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years).

©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not guarantee of future results.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

European Economic Area (EEA): This financial promotion is provided by Goldman Sachs Bank Europe SE.

This material is a financial promotion disseminated by Goldman Sachs Bank Europe SE, including through its authorised branches ("GSBE"). GSBE is a credit institution incorporated in Germany and, within the Single Supervisory Mechanism established between those Member States of the European Union whose official currency is the Euro, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufischt, BaFin) and Deutsche Bundesbank.

Switzerland: For Qualified Investor use only – Not for distribution to general public. This is marketing material. This document is provided to you by Goldman Sachs Bank AG, Zürich. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Bank AG, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law.

Bahrain: This material has not been reviewed by the Central Bank of Bahrain (CBB) and the CBB takes no responsibility for the accuracy of the statements or the information contained herein, or for the performance of the securities or related investment, nor shall the CBB have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. This material will not be issued, passed to, or made available to the public generally.

Israel: This document has not been, and will not be, registered with or reviewed or approved by the Israel Securities Authority (ISA”). It is not for general circulation in Israel and may not be reproduced or used for any other purpose. Goldman Sachs Asset Management International is not licensed to provide investment advisory or management services in Israel.

Kuwait: This material has not been approved for distribution in the State of Kuwait by the Ministry of Commerce and Industry or the Central Bank of Kuwait or any other relevant Kuwaiti government agency. The distribution of this material is, therefore, restricted in accordance with law no. 31 of 1990 and law no. 7 of 2010, as amended. No private or public offering of securities is being made in the State of Kuwait, and no agreement relating to the sale of any securities will be concluded in the State of Kuwait. No marketing, solicitation or inducement activities are being used to offer or market securities in the State of Kuwait.

Oman: The Capital Market Authority of the Sultanate of Oman (the "CMA") is not liable for the correctness or adequacy of information provided in this document or for identifying whether or not the services contemplated within this document are appropriate investment for a potential investor. The CMA shall also not be liable for any damage or loss resulting from reliance placed on the document.

Qatar: This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose.

Saudi Arabia: These materials are presented to you by Goldman Sachs Saudi Arabia Company ("GSSA"). GSSA is authorised and regulated by the Capital Market Authority (“CMA”) in the Kingdom of Saudi Arabia. GSSA is subject to relevant CMA rules and guidance, details of which can be found on the CMA’s website at

The CMA does not make any representation as to the accuracy or completeness of these materials, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of these materials. If you do not understand the contents of these materials, you should consult an authorised financial adviser.

United Arab Emirates: This document has not been approved by, or filed with the Central Bank of the United Arab Emirates or the Securities and Commodities Authority. If you do not understand the contents of this document, you should consult with a financial advisor.

South Africa: Goldman Sachs Asset Management International is authorised by the Financial Services Board of South Africa as a financial services provider.

Asia excluding Japan: Please note that neither Goldman Sachs Asset Management (Hong Kong) Limited (“GSAMHK”) or Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H ) (“GSAMS”) nor any other entities involved in the Goldman Sachs Asset Management business that provide this material and information maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, Malaysia, India and China. This material has been issued for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H) and in or from Malaysia by Goldman Sachs (Malaysia) Sdn Berhad (880767W).

Australia: This material is distributed by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This document may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of GSAMA.

To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), Goldman Sachs Asset Management, LP (GSAMLP) or Goldman Sachs & Co. LLC (GSCo). Both GSCo and GSAMLP are regulated by the US Securities and Exchange Commission under US laws, which differ from Australian laws. Both GSI and GSAMI are regulated by the Financial Conduct Authority and GSI is authorized by the Prudential Regulation Authority under UK laws, which differ from Australian laws. GSI, GSAMI, GSCo, and GSAMLP are all exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences. Any financial services given to any person by GSI, GSAMI, GSCo or GSAMLP by distributing this document in Australia are provided to such persons pursuant to ASIC Class Orders 03/1099 and 03/1100.

No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licensce No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).

Canada: This document has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd.


No part of this material may, without Goldman Sachs Asset Management’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

Date of First Use: March 8, 2023.  310053-OTU-1759257.