How Can Income Investors Navigate Greater Macro Volatility?
Investment involves risk. Prospective investors should seek independent advice. This advertisement or publication material has not been reviewed by the Monetary Authority of 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).
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This document has been issued by Goldman Sachs International, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Offering Documents: This material is provided at your request for informational purposes. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund. The value of the shares in the fund and the income accruing to the shares, if any, may fall or rise. Prior to an investment, prospective investors should carefully read the latest Singapore Prospectus and Product Highlight Sheet (‘PHS’), which contain inter alia a comprehensive disclosure of applicable risks. The Singapore Prospectus, PHS and latest annual/semi-annual report are available free of charge from the fund’s Singapore representative, Goldman Sachs Asset Management (Singapore) Pte. Ltd., 1 Raffles Link, #07-01 South Lobby, Singapore 039393, from our website at http://www.gsamfunds.com/sg or via your financial adviser. This advertisement or publication material has not been reviewed by the Monetary Authority of 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).
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.
Past performance does not guarantee future results, which may vary. The value of investments and the income from them can fluctuate and is not guaranteed.
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.
Goldman Sachs hereby notifies each recipient of this material that is an Accredited Investor that GS is exempt from complying with certain compliance requirements under the Financial Advisers Act, Chapter 110 of Singapore (“FAA”), the Financial Advisers Regulations (“FAR”) and the relevant Notices and Guidelines issued thereunder, in respect of any financial advisory service which GS may provide to such recipient. In particular, GS will be exempt from: (a) Section 25 of the FAA (relating to the disclosure of material information on designated investment products (i.e. units collective investment schemes, life policies (including group life policies) or such other investment product as the Monetary Authority of Singapore may prescribe); (b) Section 27 of the FAA (which requires that there must be a reasonable basis for recommendations) when making recommendations on investment products to accredited investors, and capital markets products to expert investors; and (c) Section 36 of the FAA (which requires the disclosure of interests when making recommendations on specified products (i.e. securities, securities-based derivative contracts or units in a collective investment scheme in a circular or other similar written communication) when sending a circular or other similar written communication in which a recommendation is made in respect of specified products.
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 is not guarantee of future results.
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 at [insert relevant webpage link to fund documents 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.
Exit Costs
We do not charge an exit fee for this product, but the person selling you the product may do so.
Ongoing costs taken each year
Management fees and other administrative or operating costs
1.46% of the value of your investment per year. This percentage is based on actual costs over the last year.
Transaction costs
0.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investment s for the product. The actual amount will vary depending on how much we buy and sell.
Incidental costs taken under specific conditions
Performance fees (and carried interest)
There is no performance fee for this product.
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.