3 Source: FactSet. As of December 31, 2021.
Equity securities are more volatile than bonds and subject to greater risks. Small and mid-sized company stocks involve greater risks than those customarily associated with larger companies.
Bonds are subject to interest rate, price and credit risks. Prices tend to be inversely affected by changes in interest rates. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds.
High-yield, lower-rated securities involve greater price volatility and present greater credit risks than higher-rated fixed income securities.
Investments in foreign securities entail special risks such as currency, political, economic, and market risks. These risks are heightened in emerging markets.
An investment in Private Equity is speculative with a substantial risk of loss. An investment in private equities is not suitable for all investors. Investors should carefully review and consider their potential investments, risks, chargers and expenses before investing. Private equity investments are speculative, highly illiquid, involve a high degree of risk, have high fees and expenses that could reduce returns, and subject to the possibility of partial or total loss of capital. They are, therefore, intended for experienced and sophisticated long-term investors who can accept such risks.
Alpha: Alpha refers to returns in excess of the benchmark return.
Correlation: Correlation is a measure of the relationship between two variables.
Dovish: Dovish refers to relatively more accommodative monetary policy.
GDP: Gross Domestic Product (GDP) is the value of finished goods and services produced within a country's borders over one year.
The views expressed herein are as December 31, 2021 and subject to change in the future. 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.
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Date of First Use: January 12, 2022