Market Insights

MARKET STRATEGIST INSIGHTS 1 of 2

PORTFOLIO MANAGER INSIGHTS 2 of 2

Market Strategy

Complex markets can be difficult to decipher. We provide investment professionals and their clients with a global perspective to help explain the issues and trends affecting their portfolios.

Chart of the Week

Tippy Top

The S&P 500’s incredible recovery from its trough in March has been fueled by outperformance of the top five names. To date, these companies have yielded +34% in returns. They reflect companies with strong business models, high margins, and solid balance sheets. Even still, a high degree of market concentration may introduce operational risks for mutual fund managers constrained by holding limitations.

Source:GSAM. As of September 10, 2020

Market Know-How

Breaking Out from the Outbreak

Economic evidence suggests that through relatively low-cost face masks and targeted physical distancing measures, economies can recuperate while vaccines and treatments are developed. From an investment perspective, we think this unprecedented moment validates the lessons of strategic discipline, risk management and quality.

Edition 3 Themes

1From the great reset.

2Change in leadership.

3When defense is offense.

4Lower for longer.

5 Then and now.

6Meet in the middle.

GSAM Connect

September 24, 2020

Are Bond Investors Right to be Worried About BBBs?

When the pandemic hit and oil prices collapsed, BBB-rated corporate bonds came under meaningful selling pressure. Does that mean you should steer clear of these assets altogether? We don’t think so.

September 22, 2020

Can the Equity Growth Spurt Last?

When a rubber band is stretched to its extremes, it often snaps back on its holder to its natural form. But sometimes, it simply becomes a bigger band. In the equity market, recent demand for growth over value is similar—it may feel stretched, but we do not expect a permanent snap back in the near future.

September 11, 2020

Five Reasons to Consider Bank Loans in Today’s Market

Interest rates remain historically and persistently low, which has weighed on investor demand for floating rate assets, including leveraged loans (“bank loans”). Despite low interest rates, we believe bank loans can provide investors with attractive and differentiating qualities. In the current environment, we see a number of reasons to invest in the loan market: 1) Low rates ≠ low yields, 2) Valuations provide attractive compensation for credit risk, 3) Loans offer advantageous capital structure positioning from senior secured exposure, 4) Supply/Demand dynamics are supportive, and 5) Loans have historically offered superior risk-adjusted returns.

Stay posted on the latest market developments and key themes for your portfolios and practices

More Market Strategy

September 2020

Monthly Market Pulse: September

Monthly recap of global markets, thought leadership, and investment themes from across Goldman Sachs.

May 2020

Riding the Storm Out

The consequences of COVID-19 will not be equally distributed. Our forecast is for the sudden deceleration in economic activity to be most acute in the second quarter, followed by a resurgence in growth.

View more perspectives on the latest market developments and trends

Asset Class Views

Access the latest views from our product teams on macro strategies and browse insights by key topics, such as equities, fixed income, money markets and alternatives.

How High to Hike

Our portfolio manager discusses how machine learning interprets investor sentiments and extracts topical subjects

LEARN MORE

August 2020

Global Fixed Income Weekly

Each week the Fixed Income team releases its views on macro strategies including duration, country, cross macro and currency, and sector strategies such as securitized debt, corporate credit and emerging markets debt.

GOLDMAN SACHS RESEARCH

Follow trends in the global economy, including policy issues and analysis of economic development from Goldman Sachs Global Investment Research.