{ "docId": "019dd923-5e88-73ef-bd5a-28c72cc9d740", "docSlug": "1b9c53be021f8188", "documentTitle": "asset and wealth management mn", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 71, "pageCount": 183, "prevPage": 70, "nextPage": 72, "slideType": "appendix_disclosure", "function": "other", "density": "balanced", "nDataPoints": 0, "notes": "This is a page from a Form ADV disclosure document.", "elementsJson": [ "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/71", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-71", "components": [ { "bbox": { "h": 0.795, "w": 0.764, "x": 0.118, "y": 0.143 }, "kind": "list", "text": "Credit Ratings—An Advisory Account may use credit ratings to evaluate securities even though such credit ratings might not fully reflect the true risks of an investment. A change in the credit rating of a security can have a rapid, adverse effect on the security’s liquidity and make it more difficult for an Advisory Account to sell at an advantageous price or time.\nExchange-Traded Notes—Exchange-traded notes are subject to credit risk, do not make periodic interest payments, and may impose fees and expenses on the Advisory Account.\nFixed-Income Securities Risks—Fixed-income securities are subject to the risk of the issuer’s or a guarantor’s inability to meet principal and interest payments on its obligations and to price volatility.\nFloating and Variable Rate Obligations Risks—There may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment with respect to instruments with a floating and/or variable rate obligation, which could harm or benefit the Advisory Account, depending on the interest rate environment or other circumstances.\nGeneral Risks of Secured Loans—An investment in loans that are secured is subject to the risk, among others, that the security interests in the underlying collateral are not properly or fully perfected, or that other lenders may have exclusive liens over particular assets (including assets held by non-guarantor subsidiaries) and/or may have priority over the Advisory Account. These risks could have an adverse impact on an Advisory Account’s recovery in connection with a secured loan.\nHigh Yield Debt Securities Risks—High yield debt securities have historically experienced greater default rates than investment grade securities and are subject to additional liquidity and volatility risk.\nInflation Protected Securities Risks—Investments in inflation protected securities involve risks including an inability to accurately measure the rate of inflation and declining prices due to market deflation.\nInvestment Grade Debt Securities Risk—Investment grade debt securities, like other types of debt securities, involve credit risk. Investment grade debt securities are also subject to the risk that their ratings may be downgraded by the ratings agencies. A rating downgrade could decrease the value of such securities, which could have an adverse impact on Advisory Accounts that own such securities.\nLack of Control Over Investments—GSAM may not have complete or even partial control over decisions affecting an investment.\nLimited Amortization Requirements—Senior secured debt will typically have limited mandatory amortization and interim repayment requirements, which may increase the risk that a company will not be able to repay or refinance the senior debt.\nLoan Risks—Risks associated with investing in loans include illiquidity due to extended trade settlement periods, default and foreclosure and decline in, or total loss of value, of the collateral securing the loan.\nMezzanine Debt Risks—An Advisory Account holding mezzanine debt will have lower priority than senior creditors, trade creditors and employees and will have substantially less influence over a company’s affairs than that of senior creditors, especially during periods of financial distress or following an insolvency.\nMortgage-Backed and/or Other Asset-Backed Securities Risks—Mortgage-related and other asset-backed securities are subject to certain credit risks associated with the performance of the underlying investments, such as “extension risk,”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "26290b80-2a4d-4ed1-ab10-6d758b55309d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.03, "x": 0.882, "y": 0.938 }, "kind": "paragraph", "text": "Page | 71", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "40e88415-1343-4851-a3af-10a9b76e67d6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.245, "x": 0.133, "y": 0.093 }, "kind": "title", "text": "Goldman Sachs Asset Management", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4aeb428e-060d-476e-8400-354ff0990148", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.133, "x": 0.779, "y": 0.093 }, "kind": "title", "text": "Form ADV | March 31, 2025", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1cd4168c-7db4-44af-9b5b-0c6333175c0e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 100, "from": 51, "beatId": "507e0c14-e8eb-4eed-82dc-6d107669f55c", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The firm provides evidence and proof of its investment strategies and risk management practices, such as data on assets under management and performance-based fees.", "position": 3, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }