In The Spotlight

Fixed Income Separately Managed Accounts

Our strategies take a holistic approach to fixed income SMA investing that seeks to align with client objectives and needs.
At a Glance
$193+
BillionFixed Income SMA AUM
25+
Years' Investing Experience
50+
ThousandAccounts
120+
Collective Years of Market Experience
36%
of the United States Represented
8
Languages Spoken

Source: Goldman Sachs Asset Management as of June 30, 2025. Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. The "United States Represented" item refers to where the FI SMA team has lived.

Common Questions

Learn more about fixed income SMA strategies and how they can work for you.

What is a bond?

A bond is a loan from an investor to the issuer. The issuer borrows money in exchange for paying interest over the life of the bond plus the return of principal at maturity1. Maturities generally range from 30 days to 30 years with some maturities shorter or longer than this range. 

What is yield and how does it correlate with price?

Yield is the annualized return, expressed as a percentage, an investor receives over the life of the bond and is calculated based on the interest payments the bond pays relative to its market price. Interest rates and bond prices have an inverse relationship -- as yields move higher, prices (or market value) will move lower.

What is duration and how does it impact a portfolio?

Duration is a measure of price volatility as interest rates rise or fall, also known as interest rate risk. The overall duration of a portfolio is determined by the duration of all its individual securities. Since rates and prices are inversely correlated, when interest rates rise, a higher duration portfolio will exhibit greater mark-to-market losses than a lower one (e.g., as interest rates increase by a certain percentage, a bond’s price will change inversely by the same percentage. For a 1% increase in interest rates, the value of the portfolio would decrease 1% for each year of duration.)

How does investment grade fixed income contribute to a diversified portfolio?

Investment Grade (“IG”) fixed income potentially provides a three-pronged benefit to portfolios by 1) generating a stable source of income by providing regular cash flows, 2) serving as a source of liquidity for rebalancing into risky assets, or as needed for other purposes, and 3) providing a hedge against equity risks and dampening portfolio volatility in risk off environments. Due to its reliability, IG fixed income is considered the “sleep-well” portion of the asset allocation.

How does the fixed income SMA team customize portfolios designed to meet client needs?

The GSAM fixed income SMA platform allows clients to access the municipal and corporate market in a simplified approach. Our strategy keeps the investment objectives of principal preservation, low volatility, and predictable tax-exempt income at front of mind when constructing portfolios of fixed income securities. We provide a tailored approach for each unique client, as individual portfolios are managed with respect to the client’s state of residence, tax liability, credit exposure, risk tolerance, income needs, and any other prevailing specifications. 

1Payment of interest and principal is subject to the credit of the issuer.

Our Leadership Team
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Scott Diamond
Co-Head of Municipal Fixed Income
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Sylvia Yeh
Co-Head of Municipal Fixed Income
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David Alter
Head of Credit Research, Municipal Fixed Income
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Ed Paulinski
Portfolio Manager, Head of Municipal Separately Managed Accounts
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Brooke Mayne
Portfolio Manager, Head of Fixed Income Client Portfolio Management
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Andrew Parra
Head of Corporate SMA Portfolio Management Team
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Ben Johnson
Global Head of Corporate Credit, Fixed Income and Liquidity Solutions

Documents

Document Name
Goldman Sachs Preferred & Hybrid Securities Strategy Separately Managed Account
Goldman Sachs Government/Corporate Fixed Income Separately Managed Account
Goldman Sachs Corporate Fixed Income Separately Managed Account
Goldman Sachs Fixed Income Tax Aware Separately Managed Account
Goldman Sachs Dynamic Municipal Income Separately Managed Account
Goldman Sachs Active Municipal Fixed Income Separately Managed Account
Goldman Sachs Municipal Bond Ladders Separately Managed Account
Goldman Sachs Custom Municipal Ladders Separately Managed Account
Goldman Sachs Treasury Ladders Separately Managed Account
Goldman Sachs Ultra-Short Fixed Income Separately Managed Account
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