In The Spotlight
In The Spotlight
In The Spotlight
Stay on top of the latest market developments, key themes, and investment ideas affecting your portfolio and practices.
Explore how we can help youContact Us
April 20, 2023 | 11 Minute Read
Senior Market Strategist, Strategic Advisory Solutions
Investors have understood traditional definitions of Value and Growth as discrete investing styles that have taken turns dominating the market, but it may be time to take a holistic look at what drives alpha for a given company’s stock. The concepts of value and growth were first introduced by Eugene Fama and Kenneth French in their 1992 Three-Factor Model1 to help explain long-term investment returns in excess of the market. Fama and French defined Value stocks as those equities that have high book-to-market-value ratios, and Growth stocks as those that have low book-to-market-value ratios. The intuition is that Value stocks have low prices relative to their “intrinsic” value, i.e., their book value, but are characterized by high dividend yields and are therefore perceived to be undervalued. In contrast, the benefit of Growth stocks is the ability to potentially grow their cash flows over time and generate a higher return on assets in a way that’s less representative of the current book value of their assets.
Another way to categorize a company’s stock by style is to look at the net present value formula. Growth stocks often derive a bigger portion of their value from cash flows farther out in the future, so they may exhibit more sensitivity to changes in underlying interest rates, which affect the denominator in the discounted cash flow calculation. Value stocks’ cash flows are typically more evenly spread out, and so are less sensitive to changes in interest rates. This has implications for investors’ behavior: when capital is inexpensive, investors tend to invest in the future, i.e., Growth stocks, but if capital is expensive—which is normally the case when the inflation rate is high as central banks raise rates to fight it—investors generally prefer to focus on companies that have a shorter duration, i.e., Value stocks.
The post-pandemic environment of firmer inflation, higher yields and, until recently, above-potential growth has seen the resurgence of Value investing after 15 years of underperformance, prompting many commentators to herald the beginning of a long period of Value dominance. While Value might be more dominant in the coming market cycle, we believe investors could consider a full complement of Growth and Value in strategic portfolios.
Value has a long track record of outperformance, dominating the period between 1970 and early 2007 on a cumulative basis. By contrast, Growth prevailed from mid-2007 until the COVID-19 pandemic, when Value started to outperform again.
Source: Kenneth R. French, Bloomberg and Goldman Sachs Asset Management. As of March 9, 2023. Data from January 1970 to January 2023. The ratio of Value over Growth is defined as the ratio of Fama/French H20 portfolio formed on Book-to-Market factor and Fama/French L20 portfolio formed on Book-to-Market factor. Value regime is defined as the period between January 1970 to February 2007. Growth regime is defined as the period between March 2007 and September 2020. Past performance does not guarantee future results, which may vary.
That said, whenever we look to the past as a way of helping to inform the future, it’s important to be mindful of the interplay between cyclical dynamics and secular trends. Secular trends (those likely to continue moving in the same general direction for the foreseeable future) can dominate a cycle and determine long-term performance of Growth vs. Value.
Value and Growth environments are marked by very distinct secular drivers. Value dominance tends to assert itself when inflation is high, economic growth is strong and rates are elevated. By contrast, Growth stocks often outperform when inflation is low, economic growth is relatively weak and rates are low and falling.
There are two main reasons why inflation appears to favor Value stocks. First, inflation often happens when demand exceeds supply. At that point, earnings growth is commonly available, so investors are less willing to pay a premium for it. At the same time, demand is usually high for the traditional industries that typically comprise Value stocks. Second, the present value of an asset—especially those whose cash flows are in the future—partially depends on the cost of capital.
Source: Kenneth R. French, Bloomberg, Haver Analytics, Macrobond, and Goldman Sachs Asset Management. As of March 9, 2023. Value regime is defined as the period between January 1970 to February 2007. Growth regime is defined as the period between March 2007 and September 2020. Inflation is measured by the YoY change in US CPI. Growth is measured by the QoQ change in US real Gross Domestic Product (GDP) annualized. Unconditional refers to the entire period, not conditional to either Value or Growth outperformance. The 10-Year Yield is the yield on a generic US 10-year government bond. Value outperformance is calculated using the annualized performance of monthly returns on the Fama/French H20 portfolio formed on Book-to-Market factor during the Value period. Growth outperformance is calculated using the annualized performance of monthly returns on Fama/French L20 portfolio formed on Book-to-Market factor over the Growth period. All values are averages over the period. Past performance does not guarantee future results, which may vary.
For most of the post-World War II era until the 1970s, interest rates kept rising in response to ever-higher inflation, leading to a period of clear Value dominance. By the time inflation started to come down in the early 1980s, it had become so entrenched that investors were doubtful that this was the start of a new trend, as bond yields remained much higher than reported inflation for a long time. Cyclical shifts in Value vs. Growth leadership became more frequent during this period, but with inflation rates remaining in the high single digits until the early-2000s and economic growth staying relatively robust, Value mostly prevailed.
Value largely dominated until the 2008 Global Financial Crisis (GFC), kicking off an era of secular stagnation, which was very supportive of Growth. The post-GFC era was characterized by a period of stubbornly mediocre economic growth. This kept inflation at record low levels and prompted central banks to go out of their way to stimulate the economy by keeping interest rates near zero or even negative and flooding the markets with cheap money through quantitative easing programs. With the cost of capital negative and growth scarce, investors put their money in the few companies that delivered earnings growth. There were several reversals throughout this period but none of them lasted very long, as disinflationary forces and lower bond yields reasserted themselves.
The outperformance of Growth stocks peaked in 2020, when the COVID-19 pandemic sent global economic growth into a deep contraction and central banks went into overdrive. As the world moved online, Growth benefited as innovation and disruptions accelerated, and the digital uptake that would have needed years to take hold emerged in mere months. On the other hand, many Value sectors saw their revenues disappear due to widespread lockdowns.
The latest turning point for Value occurred with the COVID-19 vaccine announcements, which allowed countries to reopen and led to a sharp increase in inflation. This was exacerbated by the war in Ukraine, prompting central banks to embark on the fastest and steepest tightening cycle in decades. In the short term, however, cyclical dynamics could generate significant price movements in the opposite direction.
Within the broad market trends, we find brief periods of reversal, and that style dominance has been more nuanced. A look at cyclical inflection points shows that the two secular trends of dominance of one style over the other—1970-2007 for Value and 2007-2020 for Growth—contain bouts of outperformance of the other style. Since January 1970 there have been seven periods of more than a year when Value dominated, and seven periods of more than a year when Growth outperformed. On a higher frequency, those counts would be significantly higher.
Source: Kenneth R. French, Bloomberg and Goldman Sachs Asset Management. As of March 9, 2023. Data from January 1970 to January 2023. The ratio of Value over Growth is defined as the ratio of Fama/French H20 portfolio formed on Book-to-Market factor and Fama/French L20 portfolio formed on Book-to-Market factor. Style outperformance is defined as a period of at least 12 months of value or growth outperformance higher than 3 percentage points. Style changes of less than 12 months and with a performance difference of less than 3 percentage points over the period during opposite style regime were ignored. Past performance does not guarantee future results, which may vary.
Over the next year or so, we believe that the risks to the macro environment are skewed in favor of continued Value outperformance. The inflation rate, while falling, is likely to remain above central banks’ targets until the end of 2024. Meanwhile, faced with elevated inflation, central banks are unlikely to rush into cutting rates this year. And while economic growth has been slowing—which would normally boost Growth stocks—it has been better than expected.
Beyond that, leadership in style will depend on the prevailing levels of long-term economic growth and neutral interest rates. A key question is whether the trends of weak growth and low inflation expectations that have dominated the post-GFC era will reassert themselves, or if this marks the beginning of a sustained period of stronger growth, higher inflation expectations and interest rates.
While a sustained shift towards 1970s-type inflation rate looks unlikely, there are good reasons to think that the current higher inflation is neither transitory nor persistent, but rather structural, driven by forces such as aging demographics, deglobalization and decarbonization. The past 20 years have been defined by affordable and plentiful supplies of energy and labor. Both are becoming scarcer and more expensive as countries turn inward and commodities are weaponized. Growth is likely to be more volatile, and we expect commodities to play a more central role in driving economic growth than they have in previous business cycles. In this environment, the clear distinction between Growth and Value is likely to fade and give way to a greater focus on alpha opportunities and increased sector and geographical diversification. Technology is becoming a larger component of all industries, while the shift to decarbonization is enhancing growth opportunities in the parts of the market that had underperformed for so long.
Additionally, profound change in the nature of the assets employed by businesses to generate economic value—specifically the rise of intangibles—may make traditional definitions of Growth and Value less accurate. Indeed, current accounting conventions, which evolved in the mid-20th century to reflect the economic reality of businesses whose operations relied primarily on physical assets, struggle to capture the true economic performance of intangible-driven businesses and can therefore create a distorted picture of Value.
Software costs are one example of an intangible that can be used to boost economic value. This reduces both reported accounting profits and balance sheet assets, thereby increasing price-to-earnings ratios and price-to-book ratios. Such a business would appear prohibitively expensive when assessed through the lens of Value investing, even though it is in fact creating value for shareholders. This shows that relying on any kind of categorical label for investing may not be ideal.
There are also some limitations in the way benchmarks are constructed. For example, some 170 stocks in the MSCI World Index—roughly 10% of the universe—feature in both the MSCI World Value and the MSCI World Growth benchmarks. This reinforces the need to look beyond style as the sole driver of an investment decision.
While style rotation can add value, the degree of difficulty in timing correctly appears high. The best- and worst-case scenarios to timing style rotations can generate a wide dispersion of outcomes. On average, investors must correctly time 60% of style rotations in order to beat market performance. Recent declines in correlations between style returns, from 0.83 in 2008-2019 to 0.68 since 2020, mean that outcomes have become more binary, potentially amplifying the upside and downside of extreme style tilting.
Source: Kenneth R. French, Bloomberg, and Goldman Sachs Asset Management. As of January 31, 2023. Correlations are calculated based on daily return differentials between growth-style equities and value-style equities. Correlation of 0.83 is derived from the daily returns of Fama/French H20 (Value) and L20 (Growth) portfolios formed on Book-to-Market factor, using the time range January 2, 2008 – December 31, 2019. Correlation of 0.68 is derived using the same portfolios daily returns from time range January 2, 2020, through January 31, 2023. Past performance does not guarantee future results, which may vary.
Over most of the last 15 years, investors have become accustomed to lean heavily on Growth, the style that was clearly outperforming up through 2020. But in a world where style leadership shifts might be more frequent and long-term secular megatrends may increasingly appear across style and regions, owning a full complement of Growth and Value in strategic portfolios may well pay off. Investors may also benefit from evaluating other factors related to a specific company’s financials to construct a portfolio.
We’re living in market conditions that have not existed for a long time. From a macroeconomic and geopolitical standpoint, the world is becoming more complex and changing, and we believe the investment approach should change as well. Compartmentalizing investments into traditional categories—Growth or Value, country, sector, public or private—may not be the optimal way to approach the investment opportunity set ahead.
Finally, in this new world, changes in style leadership may become more frequent, making it harder to anticipate market trends and portfolio moves more costly to implement. As a result, generating alpha in these conditions would require investors to consider the entire investment universe holistically and be precise in identifying the future wealth creators. We think the companies contributing to alpha going forward will innovate, disrupt, enable, adapt, and be diverse across global markets.
Committed to providing you with the insights you need to build your practice.
1Fama, Eugene F., and Kenneth R. French (1992). “The Cross-Section of Expected Stock Returns”, Journal of Finance, 47, pp. 427-465
Alpha refers to returns in excess of the benchmark return.
Book-to-market-value ratio compares the value of a company's assets minus the value of its liabilities to the value of the market price of one of its shares multiplied by the number of shares outstanding.
Correlation is a measure of the extent to which two investments vary relative to each other. Past correlations are not indicative of future correlations, which may vary.
CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Discounted cash flow is a method to estimate the value of an investment using its expected future cash flows.
GDP is the value of finished goods and services produced within a country's borders over one year.
Net present value is the difference between the present value of cash inflows and the present value of cash outflows over a period of time.
Price-to-earnings ratio is the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS).
Price-to-book ratios is the ratio for valuing a company that measures its current stock price per share to its book value per share (BVPS).
Secular trends are trends likely to continue moving in the same general direction for the foreseeable future.
MSCI World Value captures large and mid-cap securities exhibiting overall value style characteristics across 23 developed markets countries and 27 emerging markets countries.
MSCI World Growth captures large and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets countries and 27 emerging markets countries.
MSCI World Index is a free-float weighted equity index that includes developed world markets and does not include emerging markets.
All investing involves risk, including loss of principal.
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.
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.
Commodities may experience greater volatility than investments in traditional securities. Investments in commodities may be affected by changes in overall market movements, changes in interest rates, or factors affecting a particular industry or commodity. Commodities are also subject to social, political, military, regulatory, economic, environmental or natural disaster risks.
The above are not an exhaustive list of potential risks. There may be additional risks that are not currently foreseen or considered.
Index Benchmarks 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.
Diversification does not protect an investor from market risk and does not ensure a profit.
The views expressed herein are as April 12, 2023 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.
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, they should not be construed as investment advice.
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.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.
Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
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.
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 presentation 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.
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.
The opinions expressed in this white paper are those of the authors, and not necessarily of Goldman Sachs. Any investments or returns discussed in this paper do not represent any Goldman Sachs product. This white paper makes no implied or express recommendations concerning how a client’s account should be managed. This white paper is not intended to be used as a general guide to investing or as a source of any specific investment recommendations.
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 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.
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).
This material is distributed in New Zealand 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 in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978, fall within the definition of a wholesale client for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA) and the Financial Advisers Act 2008 (FAA),and fall within the definition of a wholesale investor under one of clause 37, clause 38, clause 39 or clause 40 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) of New Zealand (collectively, a “NZ Wholesale Investor”). GSAMA is not a registered financial service provider under the FSPA. GSAMA does not have a place of business in
New Zealand: In New Zealand, this document, and any access to it, is intended only for a person who has first satisfied GSAMA that the person is a NZ Wholesale Investor. This document is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAMA.
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 of the following entities. They are 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, and are regulated under their respective laws applicable to their jurisdictions, which differ from Australian laws. Any financial services given to any person by these entities by distributing this document in Australia are provided to such persons pursuant to the respective ASIC Class Orders and ASIC Instrument mentioned below.
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 Licence 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 presentation 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.
South Africa: Goldman Sachs Asset Management International is authorised by the Financial Services Board of South Africa as a financial services provider.
Malaysia: This material is issued in or from Malaysia by Goldman Sachs (Malaysia) Sdn Bhd (880767W)
Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited.
Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).
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.
Jordan: The document has not been presented to, or approved by, the Jordanian Securities Commission or the Board for Regulating Transactions in Foreign Exchanges.
Colombia: Esta presentación no tiene el propósito o el efecto de iniciar, directa o indirectamente, la adquisición de un producto a prestación de un servicio por parte de Goldman Sachs Asset Management a residentes colombianos. Los productos y/o servicios de Goldman Sachs Asset Management no podrán ser ofrecidos ni promocionados en Colombia o a residentes Colombianos a menos que dicha oferta y promoción se lleve a cabo en cumplimiento del Decreto 2555 de 2010 y las otras reglas y regulaciones aplicables en materia de promoción de productos y/o servicios financieros y /o del mercado de valores en Colombia o a residentes colombianos. Al recibir esta presentación, y en caso que se decida contactar a Goldman Sachs Asset Management, cada destinatario residente en Colombia reconoce y acepta que ha contactado a Goldman Sachs Asset Management por su propia iniciativa y no como resultado de cualquier promoción o publicidad por parte de Goldman Sachs Asset Management o cualquiera de sus agentes o representantes. Los residentes colombianos reconocen que (1) la recepción de esta presentación no constituye una solicitud de los productos y/o servicios de Goldman Sachs Asset Management, y (2) que no están recibiendo ninguna oferta o promoción directa o indirecta de productos y/o servicios financieros y/o del mercado de valores por parte de Goldman Sachs Asset Management.
Esta presentación es estrictamente privada y confidencial, y no podrá ser reproducida o utilizada para cualquier propósito diferente a la evaluación de una inversión potencial en los productos de Goldman Sachs Asset Management o la contratación de sus servicios por parte del destinatario de esta presentación, no podrá ser proporcionada a una persona diferente del destinatario de esta presentación.
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.
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.
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: The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. If you do not understand the contents of this document you should consult an authorised financial adviser.
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.
Date of First Use: April 20, 2023. 309886-OTU-1771284