Menu Our services in the selected location:
  • No services available for your region.
Select Location:
Remember my selection
Your browser is out of date. It has known security flaws and may not display all features of this and other websites
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.    

Disclaimer

Terms and Conditions (“Terms and Conditions”) for the UK Advisers’ Website (the “Website”)

This Website, including, without limitation, the information, functions and documents herein (the “Contents”), is intended exclusively for distributors, sub-distributors and other intermediaries who: i) may be involved in the marketing and distribution of Goldman Sachs Funds, SICAV, Goldman Sachs Funds II, SICAV and Goldman Sachs Funds, plc (each separately the “Fund”), ii) are residents of the United Kingdom and iii) qualify as professional clients under the Markets in Financial Instruments Directive 2014/65/EU (each an “Adviser” and together the “Advisers”). This Website and its Contents are made available for the exclusive use of Advisers and for educational purposes only (the “Purpose”). This Website is not intended for any other use other than the Purpose or for residents of any other jurisdictions.

The “Firm” shall mean Goldman Sachs Asset Management Fund Services Limited (“GSAMFSL”) and/or any other company or person controlled by, controlling or under common control with GSAMFSL.

You must read these Terms and Conditions for your own protection and benefit. When you have read the Terms and Conditions and provided you are entitled to view this Website according to these Terms and Conditions and any applicable laws and regulations, please click on the button below to acknowledge that you have read, understood and accept the Terms and Conditions and to proceed to the main part of the Website. If you are not an Adviser or if you are not in compliance with any of the provisions contained in the Terms and Conditions, you must not access this Website. GSAMFSL shall not be held liable for any actions that you may take or omit to take with regard to distribution or marketing of the Fund. You hereby represent that you understand and acknowledge that failure to comply with these Terms and Conditions may mean that GSAMFSL comes under a legal obligation to register the Fund in a particular jurisdiction and that this and other associated issues arising could result in irreparable injury to GSAMFSL for which monetary damages alone may not be an adequate remedy. You hereby agree that in the event of non compliance with these Terms and Conditions GSAMFSL will be entitled to specific performance and injunctive or other equitable relief as a remedy in addition to and not in lieu of any appropriate relief in the way of monetary damages.

The Contents are not intended to be accessed or used by any person or entity in any country or jurisdiction where this access or use is illegal or where the Firm will be under a legal obligation to register the shares of the Fund or any offering of such shares.

CONTENTS NOT TO BE CONSTRUED AS A SOLICITATION, A RECOMMENDATION OR ADVICE

The Contents do not constitute an invitation to invest or a public offer of the Fund in the U.S. or elsewhere. The Contents are provided exclusively for the Purpose and they have not been prepared as an offer to trade any particular security referred in the Contents. For the avoidance of doubt, this Website is not intended for end investors or beneficiaries resident in the U.S., or elsewhere.

The Contents have been prepared for informational purposes only without regard to the investment objectives, financial situation, or means of any particular person or entity, and GSAMFSL is not soliciting any action based upon them. The Contents are not to be construed as a recommendation or a representation about the suitability or appropriateness of the Fund; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Certain transactions, including those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors. Many of the products described on this Website involve significant risks. Transactions should not be entered without a full understanding of all such risks and an appropriate independent determination that such transactions are appropriate. Any discussion of the risks contained in this Website (including, without limitation, in respect of the Fund) should not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned. For complete information about the Fund, always refer to the Fund’s latest offering documentation, including but not limited to the relevant Fund prospectus as well as the relevant supplement of such prospectus. You should not construe any of the Contents as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice. The Firm will not treat users of this Website as its clients by virtue of them accessing it. The information presented is not a product of Goldman Sachs Global Investment 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.

REPRESENTATIONS

Compliance with applicable laws and regulations

You acknowledge that the Fund may not be publicly offered in some jurisdictions and will not be registered for public distribution in the U.S. Therefore, you represent and warrant to GSAMFSL that you will not take any actions or omit to take any actions which may require the shares of the Fund or any offering of such shares to become registered for sale under the laws of any jurisdiction.

Without prejudice to the foregoing, you represent and warrant to GSAMFSL that you will not promote or market the Fund unless such promotion and marketing is made in compliance with any applicable laws, rules and regulations related to the promotion of financial products or services, all of such laws, rules and regulations you represent to know and have appropriate compliance procedures designed to ensure that you, your representatives, associates, affiliates and agents comply with all of such laws, rules and regulations.

Non U.S. Person Representation

The Contents are not available to U.S. persons or persons acting on their behalf, and the Fund described in the Contents is not being offered in the United States or to U.S. persons. Therefore, you represent, warrant and covenant to GSAMFSL that: (i) you are not a U.S. Person (as defined in Rule 902 of Regulation S under the U.S. Securities Act of 1933, as amended) or acting for the account or benefit of a U.S. Person; (ii) you are a Non-United States Person (as defined in Rule 4.7 under the U.S. Commodity Exchange Act, as amended) and are not acting for the account or benefit of a person who is not a Non-United States Person; (iii) you will not make the Contents available to, or offer or promote the sale of any interest in the Fund to, any such U.S. Person or any person who is not such a Non-United States Person; and (iv) you will forthwith cease any use of the Contents for any purpose if any of the foregoing representations is no longer true.

INTELLECTUAL PROPERTY

All intellectual property rights related to the Contents, including the information, text, materials, images, logos, photographs and illustrations on this Website and regarding the lay-out and design thereof (such intellectual property rights referred as the “Intellectual Property”) are the property of the Firm or have been licensed to the Firm by the owner(s) of those rights. None of the Contents, nor any copy of it, may be altered in any way (including, for the avoidance of doubt, any removal of any copyright, trademark or any other notices that are provided to you in connection with the Contents), transmitted to, copied or distributed to any other party, without the prior express written permission of GSAMFSL. All trademarks, service marks and logos used on this Website are trademarks or service marks or registered trademarks or service marks of the Firm or other entities.

GSAMFSL reserves the right, at any time and from time to time, in the interests of its own editorial discretion and business judgment to add, modify, or remove any of the Contents. These Terms and Conditions are not intended to, and will not, transfer or grant any rights in or to the Intellectual Property other than those which are specifically described herein, and all rights not expressly granted herein are reserved by the Firm or, where applicable, the third party providers from whom the Firm has obtained the Intellectual Property.

LINKED WEBSITES

The Website may contain addresses or hyperlinks which lead you out of this Website. GSAMFSL has not reviewed any such websites to which this Website may link, and is not responsible for the content of any websites or pages linked to or linking from this Website. Such addresses or hyperlinks (including addresses or hyperlinks to the Firm’s own website material) are provided solely for your convenience and information. Accessing such websites or following such links to any other websites or pages shall be at your own risk. GSAMFSL has not tested any information, software, or products found on any such websites and therefore, GSAMFSL makes no representations concerning their content or sponsors, or the suitability or appropriateness of the products or transactions described therein. The inclusion within this Website of addresses or hyperlinks which lead you out of this Website does not constitute an endorsement, authorization, sponsorship, or affiliation by the Firm with respect to any websites, its owners, or its providers.

MONITORING BY GSAMFSL

Your use of this Website may be monitored by GSAMFSL or its service providers, and the resultant information may be used by GSAMFSL for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.

GOVERNING LAW AND JURISDICTION

These Terms and Conditions shall be governed by English law.

INDEMNITY

Without prejudice to the foregoing, you will keep the Firm indemnified and harmless with respect to any liabilities (including all costs of investigation and defence) and other damages that directly or indirectly may derive from the failure to comply with the Terms and Conditions hereunder, including, but not limited to, any liability or damage that directly or indirectly may derive from any use of the Website which is not in accordance with the Purpose or any breach by you or by any of your agents or delegates of: i) these Terms and Conditions, or ii) any applicable rules and regulations related to the promotion of financial products or services.

DISCLAIMER OF WARRANTIES

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgment at the original date of publication by the Firm and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this Website can fall as well as rise. Foreign currency denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investors in securities, the values of which are influenced by currency volatility, effectively assume this risk. Valuations provided in the Website may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets and market liquidity, as well as other assumptions (which are subject to change without notice) and publicly available information. All assumptions and estimates should not be relied upon for any investment decision. GSAMFSL does not represent that any transaction can or could have been effected at such valuations. Any valuations are provided as a courtesy and are intended solely for your analysis.

This Website is subject to periodic update and revision. However GSAMFSL has not verified the Contents and does not represent that such Contents are accurate, current, or complete and it should not be relied upon as such, without regard to the date on which you may access the information. GSAMFSL maintains the right to delete or modify information on this Website without prior notice. The Firm may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Website. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and the Firm is under no obligation to ensure that such reports are brought to your attention.

The Firm makes no warranty whatsoever to you, express or implied, regarding the security of this Website.

BY ACCESSING THIS WEBSITE, YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE CONTENTS MADE AVAILABLE BY GSAMFSL AND OUR THIRD PARTY PROVIDERS ARE ON AN "AS IS" BASIS, AND USED AT YOUR SOLE RISK. THE FIRM MAKES NO WARRANTY, EXPRESS OR IMPLIED, CONCERNING THIS WEBSITE. THE FIRM HEREBY EXPRESSLY DISCLAIMS TO THE EXTENT PERMITTED BY APPLICABLE LAW AND/OR REGULATION ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THIS WEBSITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THIS WEBSITE, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR REGULATIONS OF ANY JURISDICTION. THE FIRM DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, CORRECTNESS, QUALITY, RELIABILITY, COMPLETENESS OR AVAILABILITY OF THIS WEBSITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF THIS WEBSITE, OR THAT THIS WEBSITE OR ITS CONTENTS OR RESULTS WILL BE FREE FROM ERROR.

UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW AND/OR REGULATION, TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, SHALL THE FIRM BE LIABLE TO ANYONE FOR ANY LOSS OR DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE ACCESS OF, USE OF OR BROWSING IN THE WEBSITE OR RESULTING FROM INABILITY TO ACCESS OR USE THIS WEBSITE REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOSS OF PROFITS, BUSINESS, GOODWILL OR REPUTATION, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF THE FIRM KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

CONFIRMATION

You expressly acknowledge that you have checked and confirm that you: (i) are a distributor, sub-distributor or other intermediary who: a) may be involved in the marketing and distribution of the Fund, b) is a resident of the United Kingdom and c) qualifies as a professional client under the Markets in Financial Instruments Directive 2014/65/EU; (ii) understand and accept the Terms and Conditions above and are legally entitled to view this Website; and (iii) understand that the information on the Website is not a promotion and that you will not treat it as such and that any information on the Website is not addressed specifically to you.

Should you not be an Adviser or should you not be in compliance with any of the Terms and Conditions, you must immediately discontinue from using the Website and refrain from accessing any pages of the Website.

Goldman Sachs Asset Management Fund Services Limited is authorised and regulated in Ireland by the Central Bank of Ireland (CBI) and appears in the CBI’s Register (Registration C181982). GSAMFSL is registered as a Limited Company in Ireland (registered no: 623005) and its VAT registration number is IE 3573871MH. The CBI regulates the financial services industry in Ireland and is located at New Wapping Street, North Wall Quay, Dublin 1, DO1 F7X3.

I further confirm that (i) I am a professional client resident in United Kingdom; (ii) I am not a U.S. Person (as defined in Regulation S of the US Securities Act 1933, as amended), nor am I acting for the account or benefit of a U.S. Person; and (iii) I am a Non-United States Person (as defined in Rule 4.7 of the United States Commodity Exchange Act) and am not acting for the account or benefit of a person who is not a Non-United States Person.

 

By clicking the "I Accept" button, you agree to abide by the terms and conditions listed below.

PortfolioStrategy

Portfolio Strategy | Building Better Portfolios

Why Does Portfolio Construction Matter?

There are many asset classes available to investors these days, but choosing the right ones for your portfolio can be difficult. Learn more about why portfolio construction matters below.

Investment Strategy
Investors Typically Own What Is Most Familiar To Them

Many investors rely on a limited number of assets as they build their portfolios. They tend to think that accessing a range of equities from various countries or regions represents diversification. We believe that this approach does not go far enough. The historical returns of regional equities have often been similar to one another.

To see historical results, select two regions and watch £10,000 grow over time.

ASSET CLASS
ANNUALIZED PERFORMANCE
ANNUALIZED VOLATILITY
Make another selection
Global Equity
Asia Equity
Europe Equity
US Equity
UK Equity
Historically, pairs of regional equities have shared similar peaks, troughs, and returns.
To see this performance effect across other styles go back and select two more.
SEE THE RESULTS
VIEW LESS DISCLOSURE

Portfolio Construction

Historical Performance in Context

The coloured bars represent the annual returns of asset classes, ranked from best to worst.

UK Equity
Global Bonds
Untitled
Alternatives
Asia Equity
Commodities
Emerging Market Debt
Emerging Market Equity
Europe Equity
Global Bonds
Global Equity
Global High Yield Bonds
Global Infrastructure
Global Real Estate
Global Small Cap Equity
Local Emerging Market Debt
UK Equity
US Equity

Source: GSAM as of 12/31/2016. Past performance does not guarantee future results, which may vary.

HIDE ASSET CLASS INDEXES

Emotional Investing

In keeping with the classic investment adage “it is hard to time the market,” forecasting which investments to own, and when to own them, can be difficult. To examine investors’ timing decisions, we can use mutual fund cash flows as a window into how investors move in and out of their investments. Fund flows suggest that investors may have missed out on the full return potential of some asset classes as a result of their timing decisions. This timing effect is the "investor return gap," shown in light blue.

In other words, the investor return gap is the penalty the average investor bears by entering and exiting investments at the wrong times compared to the average investment manager, who generally stays invested for the long term.

For example, as shown by the first bar, the average investor in Japanese Stock reaped 6.4% (dark blue), but missed out on an additional 2.8% due to timing decisions (light blue), since the average manager achieved a 9.1% return (dark blue + light blue).

 

Average Fund Returns (2012-2016)

Large Investor Return Gap
2.8%
Average Investor Return Gap
1.8%
Small Investor Return Gap
0.8%
Source: GSAM, Morningstar as of 12/31/2016. For illustrative purposes only. Past performance does not guarantee future results, which may vary. Manager return is the arithmetic average of the net returns of every fund in the Morningstar category or categories that represent a given asset class. Investor return is the average money-weighted return of the funds in the Morningstar category or categories that represent a given asset class. The investor return statistic accounts for flows into and out of the mutual funds. The difference between manager return and investor return is referred to as the investor return gap, or shortfall. The asset class Japanese Stocks is represented by the Japanese Stock category. The asset class High Yield Bonds is represented by the High Yield Bond category. The asset classes Infrastructure & MLPs are represented by the average of Master Limited Partnerships and Infrastructure categories. The asset class Corporate Bonds is represented by the Corporate Bond category. The asset class Emerging Markets Debt is represented by the average of the Emerging Market Bond and Emerging-Markets Local-Currency Bond categories. All categories used are US open-end fund categories due to data availability.

How much could the Investor Return Gap cost you?

AMOUNT INVESTED
YEARS INVESTED
Large Investor Return Gap
(2.8% Gap)
Average Investor Return Gap
(1.8% Gap)
Small Investor Return Gap
(0.8% Gap)
Source: GSAM (as of 31/12/15)

Risk Managed Investing

VIEW LESS DISCLOSURE

Seeking to Improve Return and Reduce Risk

Returns of various £1 Million Illustrative Portfolios

Traditional
Account Value after 16 Years
£2,795,000
Volatility (Risk)
9.9%
Diversified
Account Value after 16 Years
£3,101,300
Volatility (Risk)
9.3%
More Diversified
Account Value after 16 Years
£2,978,300
Volatility (Risk)
8.2%
Source: GSAM as of 8/31/2017. Time period from May 2001 to August 2017 was chosen based on data availability and may indicate a long investment horizon that might capture many market environments.
VIEW LESS DISCLOSURE

What Tools May Help Diversify Portfolios?

Given the uncertainty pervading the current equity and interest rate environment, we believe now is a particularly important time to consider diversifying portions of traditional portfolios. Although specific allocations may vary over time, we view diversification as a long-term effort. Today, for many investors, this may be easier to accomplish than ever. Investors can access a number of diversifying and alternative strategies in broadly available investment tools such as mutual funds and exchange-traded funds.

Home-Country Bias

Diversifying Strategies

Diversifying Investments: A Primary Tool

There are many tools that can potentially be used to diversify a portfolio. A "diversifier" is defined as a complement to an investor's traditional, or core, portfolio. Their risks have tended to diverge from the risks of core equities. Incorporating diversifiers into a well-balanced portfolio potentially enables investors to access several different sources of risk and return.

LEARN MORE
Core Strategies

Seek to potentially provide exposure to asset classes that are broadly representative of the market

+
Diversifying Strategies

Have the potential to increase returns and reduce risk by tapping into differentiated markets

Result

More efficient portfolio construction with higher return potential and increased diversification

Diversifiers Explained

Diversifiers are asset classes with attractive return potential and historically lower correlations when compared to core investments such as investment grade fixed income and most equities of developed markets. We believe the diversifiers below can be deployed in search of improved returns or lowered risk, and may help build more balanced portfolios.

For illustrative purposes only. Diversification does not protect and investor from market risk and does not ensure a profit. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. There is no guarantee that these objectives will be met.


Alternative Investments

An Effective Tool for Risk

Alternatives are an additional tool that can potentially be used to diversify a portfolio. Alternative strategies may complement an investor’s traditional portfolio by employing tools such as shorting and/or leverage. Incorporating alternatives into a well-diversified portfolio potentially enables investors to access a differentiated source of return, lower the overall risk of their portfolios, and provide shallower drawdowns during market crises.

Traditional
RETURNS
5.0%
VOLATILITY
9.5%
With Alternatives
RETURNS
4.8%
VOLATILITY
7.3%
Returns and volatilities above are the median figures for rolling 10-year periods since 1990, the longest common inception date of the indices used. Median is used as the sumary statistic to reduce the representation of extreme outcomes. The allocations above were chosen for illustrative and educational purposes only.
VIEW LESS DISCLOSURE

Alternatives are an additional tool that can potentially be used to diversify a portfolio. Alternative strategies may complement an investor’s traditional portfolio by employing tools such as shorting and/or leverage. Incorporating alternatives into a well-diversified portfolio potentially enables investors to access a differentiated source of return, lower the overall risk of their portfolios, and provide shallower drawdowns during market crises.

Traditional
RETURNS
7.4%
VOLATILITY
7.3%
With Alternatives
RETURNS
7.2%
VOLATILITY
5.7%
Returns and volatilities above are the median figures for rolling 10-year periods since 1990, the longest common inception date of the indices used. Median is used as the sumary statistic to reduce the representation of extreme outcomes. The allocations above were chosen for illustrative and educational purposes only.

See How Alternative Strategies Might Affect Your Portfolio

Use this tool to explore the potential benefits of adding alternatives to a hypothetical portfolio.

Also Explore

Market Strategy

Perspectives on the latest market developments and trends

Business Strategy

Tailored business strategies designed to strengthen key aspects of your practice


CONTACT US

For More Information
Funds Client Service