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4-Traders Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc    GS

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Goldman Sachs Group, Inc. : New Goldman Sachs Fund Brings Alternative Investments Within Reach of Individual Investors

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05/16/2013 | 03:35pm CEST

Individual investors are increasingly seeking access to alternative investments to help diversify returns and reduce risk in their portfolios. However, achieving this exposure has traditionally been difficult, with investors requiring resources for manager selection, expertise in risk management, and an ability to efficiently access such opportunities. We believe this has left many individual investors' portfolios and retirement accounts underweight alternatives, relative to their institutional counterparts.

To bring alternative investments to a wider investor base, Goldman Sachs Asset Management ("GSAM") today announced the launch of the Goldman Sachs Multi-Manager Alternatives Fund (Class A Share: GMAMX) (the "Fund"), which offers exposure to a range of alternative and non-traditional investment strategies within the convenient structure of a mutual fund. The Fund expects to invest in a wide range of strategies, including equity long-short, dynamic equity, event-driven and credit, relative value, tactical-trading, and opportunistic fixed income strategies.

"We believe today's complex markets require sophisticated investment techniques that can enhance a traditional portfolio, and bring investors closer to their long term goals," said Jason Gottlieb, the Fund's co-portfolio manager. "We are excited to offer investors the Goldman Sachs Multi-Manager Alternatives Fund to complement core portfolio holdings, by providing a comprehensive alternative investment solution that may improve risk-adjusted returns and diversify a portfolio."

Co-portfolio managers for the Fund, Jason Gottlieb and Ryan Roderick, sit within GSAM's Alternative Investments & Manager Selection ("AIMS") Group. With over 275 professionals across 10 offices around the world, the AIMS Group provides manager diligence, portfolio construction, risk management, and liquidity solutions to investors, drawing on Goldman Sachs' market insights and risk management expertise1. AIMS manages over $120 billion of client assets for the world's leading sovereign wealth funds, pension plans, governments, financial institutions, endowments, foundations and family offices.2

1. Subject to legal, internal, regulatory and Chinese Wall restrictions.

2. Assets as of December 2012. Personnel and offices as of April 2013.

"We look forward to extending the capabilities of our large team and our experience in manager selection, portfolio construction and risk management to the daily liquid alternatives market," said co-portfolio manager Ryan Roderick. "We believe our dedicated alternatives expertise, combined with GSAM's established mutual fund business, will provide a differentiated solution for our investors."

The Fund is offered in Class A and Class C Shares, both with $1,000 minimum initial investments. It also offers Institutional, Class R and Class IR Shares.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $860 billion as of March 31, 2013. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

The Goldman Sachs Multi-Manager Alternatives Fund allocates its assets among multiple investment managers ("Underlying Managers") who are unaffiliated with the Investment Adviser and who employ one or more non-traditional and alternative investment strategies. A strategy implemented by an Underlying Manager and/or the use of quantitative models to implement that strategy may fail to produce the intended results. Different investment styles (e.g., "alternative") tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund's 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. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund's investments in fixed income securities and loans are subject to the risks associated with debt securities generally, including credit, interest rate, liquidity, call and extension risk. Foreign and emerging market investments may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments. Derivative instruments may involve a high degree of financial risk, including the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk. Over-the-counter transactions are subject to less government regulation and supervision. The Fund is subject to the risks associated with short selling of securities, which involves leverage of the Fund's assets and presents various other risks. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders. The Fund's investments in other pooled investment vehicles subject it to additional expenses. The Fund is "non-diversified" and may invest more of its assets in fewer issuers than "diversified" funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses.

The AIMS Group also manages additional pooled vehicles which have similar investment strategies to those of the Fund that are not offered to retail investors and are not registered under the Investment Company Act of 1940, as amended (the "Act"). Because these vehicles are not registered under the Act, they are subject to fewer regulatory restraints than the Fund (e.g., fewer trading constraints) and (i) may invest with managers other than the Fund's Underlying Managers, (ii) may employ strategies that are not subject to the same constraints as the Fund, and (iii) may perform differently than the Fund despite their similar strategies.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-526-7384. Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund. To learn more, visit www.gsam.com.

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

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.

Compliance Code: 99321.MF.MED.TMPL/5/2013

Date of first use: May 14, 2013

© 2013 Goldman Sachs. All Rights Reserved.

Goldman Sachs Asset Management
Media:
Andrea Raphael, 212-357-0025
or
Konstantin Shishkin, 212-445-8462


© Business Wire 2013
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Financials ($)
Sales 2016 29 022 M
EBIT 2016 9 238 M
Net income 2016 6 091 M
Debt 2016 -
Yield 2016 1,66%
P/E ratio 2016 11,52
P/E ratio 2017 9,50
Capi. / Sales 2016 2,31x
Capi. / Sales 2017 2,14x
Capitalization 66 945 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 181 $
Spread / Average Target 12%
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NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
Gary D. Cohn President, Chief Operating Officer & Director
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