We have been made aware that there are external parties falsely claiming to carry out financial services on behalf of Goldman Sachs (including Goldman Sachs Asset Management International and Goldman Sachs International) in order to market fake investment products and to solicit monetary payments. These external parties may pose as Goldman Sachs through the use of fraudulent communications via email, instant messaging or phone, as well as through the use of fake brochures and other documents containing Goldman Sachs branding and logos.
The Financial Conduct Authority of UK has issued warnings about these fraudulent activities which can be found here and here.
It is important to know that any communication you receive from Goldman Sachs would only come from an @gs.com e-mail address and/or be found on the goldmansachs.com website. Further information regarding how you can protect yourself from fraudulent activity online and how you can contact us about this can be found on the Goldman Sachs Security page, available here.
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We analyse markets globally and aim to build a multi-asset portfolio that robustly diversifies sources of income and return. Our portfolio management team have expertise in the active selection of asset classes and individual securities, based on their income sustainability and contribution to total returns. We seek to avoid stretching for yield by preventing equity biases to particular investment styles or sectors and maintaining an up in quality bias within bonds, limiting exposure to the lowest credit rating. Finally, we adjust our cross-asset positioning dynamically to navigate the economic cycle and manage risk.
Investors face unprecedented challenges, as a combination of record low interest rates, all-time high equity markets and increasing economic uncertainty make it difficult to generate income and total returns going forward. We think this backdrop makes thoughtful diversification, dynamism and risk management critical to the success of income-oriented investors.
Whilst we ultimately believe economic expansion will continue in 2020, we acknowledge increasing uncertainty and headwind that somewhat elevated valuations place on future returns. Equities remain our preferred asset class, but the ability to adjust positioning dynamically could prove particularly helpful as markets are likely to experience a greater degree of variability. We continue to see a low probability of a US recession in the 2020 and limited build-ups of imbalances which have historically contributed to market disruption. As the economic cycle progresses, we remain focused on securities which deliver attractive income whilst identifying companies with robust business models in more defensive industries.