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Investment involves risk. For more detailed information on the risks associated with an investment in the Portfolio, please refer to the Hong Kong offering documents including the Product Key Facts Statement (KFS).

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 has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, a licensed entity regulated by the Securities and Futures Commission (“SFC”) in Hong Kong. 

Investors should not invest in the Portfolio based on this document alone. Prior to an investment, prospective investors should carefully read the latest Product Key Facts Statement (KFS) as well as the Hong Kong offering documents, including but not limited to the Portfolio’s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The Portfolio's investment portfolio may fall in value due to the applicable risks. You may not get back the full amount of money you invest. Past performance information is not indicative of future performance, which may vary. The value of investments and the income from them can fluctuate and is not guaranteed.

Furthermore, this information should not be construed as financial research. 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 information in this website is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of Goldman Sachs Asset Management (Hong Kong) Limited. Goldman Sachs Asset Management (Hong Kong) Limited accepts no liability for the misuse or inappropriate distribution of this material. This website is provided at your request for informational purposes only. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund.

This website only contains selected information with regards to the portfolio and does not constitute an offer to buy shares in the portfolio. 

This website has not been reviewed by the SFC. This website has been published in and material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, a licensed entity regulated by the Securities and Futures Commission (“SFC”) in Hong Kong. 

This website has not been reviewed by the SFC. The Portfolios provided in this document are authorized by the SFC under the SFC Code on Unit Trusts and Mutual Funds. SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance.  It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

Distribution of Shares: Shares of the Portfolio may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the Portfolio must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.

Investment Advice and Potential Loss: Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them.

Swing Pricing: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark based solely on the effect of swing pricing rather than price developments of underlying instruments.

An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.

Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

Portfolio returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

The Net Asset Value represents the net assets of the Portfolio (ex-dividend) divided by the total number of shares.

Stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do.

Overall Morningstar Ratings, Morningstar sector: © 2024 Morningstar, Inc. All Rights Reserved. The Information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Performance is shown as of the month end.

Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the quarter.

Additional information is provided in our Form ADV Part-2.

A copy of each of the following documents in relation to the Portfolio and the Fund may be inspected or obtained, free of charge, during normal business hours at the office of Goldman Sachs Asset Management (Hong Kong) Limited which is situated at Cheung Kong Center, 68th Floor, 2 Queen's Road Central, Hong Kong, People's Republic of China.

(a) the Articles;

(b) the Prospectus, the Hong Kong Covering Document and the product key facts statements; and

(c) the latest annual report and accounts and semi-annual report.

More information about the Overall Morningstar Rating and its calculation can be found on their website.

Confidentiality

No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

Investment involves risk. This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, a licensed entity regulated by the Securities and Futures Commission of Hong Kong (SFC). This material has not been reviewed by the SFC.

The strategy’s use of derivatives (including options, forwards, swaps, options on swaps, structured securities and other derivative instruments) may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be less liquid, volatile, difficult to price, and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses.

The risk of foreign currency exchange rate fluctuations may cause the value of securities denominated in such foreign currency to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced for investments in securities of issuers located in, or otherwise economically tied to, emerging countries. If applicable, investment techniques used to attempt to reduce the risk of currency movements (hedging), may not be effective. Hedging also involves additional risks associated with derivatives.

Emerging markets investments may be less liquid and are subject to greater risk than developed market investments 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.

Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, prepayment and extension risk. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price.  The value of securities with variable and floating interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates. Variable and floating rate securities may decline in value if interest rates do not move as expected. Conversely, variable and floating rate securities will not generally rise in value if market interest rates decline. Credit risk is the risk that an issuer will default on payments of interest and principal. Credit risk is higher when investing in high yield bonds, also known as junk bonds. Prepayment risk is the risk that the issuer of a security may pay off principal more quickly than originally anticipated. Extension risk is the risk that the issuer of a security may pay off principal more slowly than originally anticipated. All fixed income investments may be worth less than their original cost upon redemption or maturity.

When interest rates increase, fixed income securities will generally decline in value. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities.

Options may be used for investing or hedging purposes, but also entail risks related to liquidity, market conditions and credit that may increase volatility. The value of a strategy’s positions in options may fluctuate in response to changes in the value of the underlying asset. Selling call options may limit returns in a rising market. Options are not suitable for all investors. There may be additional risks that are not currently foreseen or considered.

High-yield, lower-rated securities involve greater price volatility and present greater credit risks than higher-rated fixed income securities.

Investing in high-yield securities can be complex and involves a variety of risks and benefits. Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

The fund / the investment manager may at its discretion pay dividend out of the capital of the fund, or out of gross income while charging/ paying all or part of the fund’s fees and expenses to/out of the capital of the fund, resulting in an increase in distributable income for the payment of dividends by the fund and therefore, the fund may effectively pay dividend out of capital.

Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.

Any distributions involving payment of dividends out of the fund’s capital or payment of dividends effectively out of the fund’s capital (as the case may be) may result in an immediate reduction of the net asset value per share/unit.

Distribution of dividends (if any) is not applicable to all share classes and is not guaranteed, and is subject to the sole and absolute discretion of Management Company. Dividend yield is not indicative of your investment’s return.

• Net Distributable Income means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include the net realized gains (if any) based on unaudited management accounts.    

• Net Distributable Income which is not declared and paid as dividends in a period of a financial year can be carried forward as net distributable income for the next period(s) within the same financial year.

• Net Distributable Income that has been accrued as at the end of a financial year and is declared and paid as dividends at the next distribution date immediately after that financial year end could be treated as Net Distributable Income in respect of that financial year.

• Net Distributable Income which has been accrued as at the end of a financial year but is not declared and paid as dividends at the next distribution date immediately after that financial year end should be included as “capital” for the next financial year.

Investors should not invest in the Portfolio based on this document alone. Prior to an investment, prospective investors should carefully read the latest Product Key Facts Statement (KFS) as well as the Hong Kong offering documents, including but not limited to the Portfolio’s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The Portfolio's investment portfolio may fall in value due to the applicable risks. You may not get back the full amount of money you invest. Past performance information is not indicative of future performance, which may vary. The value of investments and the income from them can fluctuate and is not guaranteed.

Furthermore, this information should not be construed as financial research. 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.

This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of Goldman Sachs Asset Management (Hong Kong) Limited. Goldman Sachs Asset Management (Hong Kong) Limited accepts no liability for the misuse or inappropriate distribution of this material.

This document has not been reviewed by the SFC. The Portfolios provided in this document are authorised by the SFC under the SFC Code on Unit Trusts and Mutual Funds. SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance.  It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

Distribution of Shares: Shares of the Portfolio may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the Portfolio must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.

Investment Advice and Potential Loss: Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them.

An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.

Swing Pricing: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark/comparative index based solely on the effect of swing pricing rather than price developments of underlying instruments.

Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

The Net Asset Value represents the net assets of the Portfolio (ex-dividend) divided by the total number of shares.

Stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do.

Investment Advice and Potential Loss: This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them. The value of shares in the fund and any income derived from it may fall or rise. An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.

Swing Pricing: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark/comparative index based solely on the effect of swing pricing rather than price developments of underlying instruments.  Returns on the fund are calculated on an offer-to-bid basis [as per the Securities and Futures (Offers of Investments)(Collective Investment Schemes) Regulations Fifth Schedule (‘Fifth Schedule’)] assuming that all dividends and distributions, if any, are reinvested, and taking into account all charges payable upon such reinvestment.

Distribution of Dividends: Past dividend payout yields and dividend payments do not represent future dividend payout yields and dividend payments. Historical dividend payments may comprise of distributable income and/or capital. Upon the declaration of any dividends to Shareholders of a Portfolio, the net asset value of the Shares of that Portfolio will be reduced by the amount of such dividends. Investors should be aware that the distribution of capital gains and/or capital as a dividend may result in an erosion of capital and may reduce future capital growth. Similarly, deductions of expenses from capital may also result in erosion of capital and may reduce future capital growth. Distribution of dividends is not guaranteed, and is made at the Fund’s board of directors’ discretion.

The Fund may use or invest in financial derivatives.

More information about the Overall Morningstar Rating and its calculation can be found on their website

Morningstar Risk-Adjusted Ratings: GS Global Multi-Asset Income Portfolio Base USD GrossMDist 3 Year 4 stars out of 1203 funds, 5 Year 4 stars out of 1118 funds, 10-year 4 stars out of 900 funds. The Morningstar RatingTM is calculated for funds with at least a 3-year history based on a risk-adjusted return measure that accounts for variation in a fund's monthly excess returns. Exchange-traded funds and open-ended mutual funds are considered a single population. In each category, the top 10% = 5 stars, next 22.5% = 4 stars, next 35% = 3 stars, next 22.5% = 2 stars, and bottom 10% = 1 star. Overall rating is derived from a weighted average of the returns associated with its 3-, 5-, and 10-year (if applicable) rating, excluding all sales charges. Weights are based on the # of months of total returns: 100% 3-year rating for 36-59 months, 60% 5-year rating/40% 3-year rating for 60-119 months, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months.

©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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.

Your capital is at risk and you may lose some or all of the capital you invest.

Further information in relation to the sustainability-related aspects of the Fund can be found in the Fund Document Library.

Diversification does not protect an investor from market risk and does not ensure a profit.

The prospectus, the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable), information on sustainability-related aspects of the fund (such as the SFDR classification), and other legally required documents relating to the fund (containing information about the fund, the costs and the risks involved) are available on www.gsam.com/responsible-investing in the relevant languages of the countries where the fund is registered or notified for marketing purposes. Goldman Sachs Asset Management B.V. may decide to terminate the arrangements made for the marketing of the fund in accordance with article 93a UCITS Directive and article 32a AIFM Directive as implemented in Dutch law in article 2:121ca and 2:124.0a Wft. Information about investor rights and collective redress mechanisms are available on www.gsam.com/responsible-investing. Investment sustains risk. The decision to invest in a fund should take into account all the characteristics, objectives, and associated risks of a fund as described in the prospectus. The investment promoted concerns the acquisition of units or shares in a fund, and not in an underlying asset in which the fund invests. Please note that the value of any investment may rise or fall and that past performance is not indicative of future results and should in no event be deemed as such. A return on investment may increase or decrease as a result of currency fluctuation. The fees are the fees the fund charges to investors to cover the costs of running the Fund, which will impact on the overall return which an investor receives. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which will impact on the overall return of the Fund. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations. All charges will be paid out by the Fund, which will impact on the overall return of the Fund. Any future returns will be subject to tax which depends on the personal tax situation of each investor, which may change over time.

Fund Characteristics

1.  Investment Objective

The Goldman Sachs Global Multi-Asset Income Portfolio (the “Portfolio”) seeks total returns consisting predominantly of income with the potential for capital appreciation by investing primarily in equity and fixed income securities, with a focus on higher income yielding securities. 

2.  Investment Policy

The Portfolio will, under normal circumstances, invest at least two thirds of its net assets in equity and/or equity related Transferable Securities and fixed income Transferable Securities of issuers located anywhere in the world. The Investment Adviser will generally seek to predominantly hedge the Portfolio’s currency exposure back to the US Dollar.

The Portfolio may not invest in excess of 20% of its net assets in mortgage and asset-backed securities. The Portfolio may invest up to 10% of its net assets in Permitted Funds (as defined in the Fund's Prospectus). The Portfolio may invest up to 100% of its net assets in debt securities below Investment Grade. "Investment Grade" means, in respect of securities, securities rated at the time of investment at least BBB- by S&P or Fitch or Baa3 by Moody's, except for commercial paper which must be rated at least A-3 by S&P, F-3 by Fitch or Prime-3 by Moody's, or in the case of "unrated" securities, securities which are deemed to be of comparable credit quality by the Investment Adviser. The Portfolio may invest in debt instruments with loss-absorption features ("LAP") which may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s), including but not limited to CoCos, Tier 1 and Tier 2 capital instruments and senior non-preferred debts. The Portfolio's expected total maximum investments in LAP is up to 20% of its net assets. The Portfolio may invest up to 25% of its net assets in convertible debt obligations, including up to 5% of its net assets in CoCos. The Portfolio may also use financial derivative instruments as part of its investment policy or for hedging purposes. In line with the UCITS requirements, the Portfolio will not have uncovered short positions. The Portfolio will not have directionally net short positions at Portfolio level. The long and short active currency, credit and interest rate positions implemented by the Portfolio may not be correlated with the underlying securities positions held by the Portfolio. Financial derivative instruments used may include, but are not limited to, foreign currency forward contracts, futures, options (on equity securities and markets, interest rates, credit and currencies), swaps (including equity swaps, interest rate swaps, credit default swaps and total return swaps) and credit linked instruments. In exceptional and temporary circumstances (including but not limited to, sharp downturn in financial markets, political or economic crisis), the Portfolio may hold up to 100% in liquid assets (including but not limited to, deposits and Money Market Instruments), provided that the Investment Adviser considers this to be in the best interests of the shareholders of the Portfolio.

For the complete set of investment policies governing the management of the fund, please refer to the prospectus.

3.  Type of Assets in Which Fund May Invest

The Portfolio invests across income-generating strategies including more traditional income drivers such as credit and higher dividend equities and access to non-traditional drivers such as high yield, real estate, infrastructure, emerging market debt, and covered call options. 

4.  Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark 

We do not actively manage this fund against benchmark. Therefore, the performance of the Portfolio and the Reference Portfolio/Benchmark may deviate. The Benchmark should not be relied on for comparison of the Portfolio’s performance as the Portfolio is not designed to track the Benchmark.

5.  Leverage

The net derivative exposure may be up to 50% of the Portfolio’s net asset value. The expected Gross sum of notionals is 0-200%*

6.  SFDR Classification

Article 6

7. Risks

The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because the Portfolio is not able to pay you. We have classified this Portfolio as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the Portfolio's capacity to pay you.

8. Costs and Charges

One-off costs upon entry or exit

Entry costs

5.5% of the amount your pay in when entering this investment.

Ongoing costs taken each year

Management fees and other administrative or operating costs

1.25% of the value of your investment per year. This percentage is based on actual costs over the last year.

No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.