{ "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": 74, "pageCount": 183, "prevPage": 73, "nextPage": 75, "slideType": "appendix_disclosure", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": "This is a regulatory disclosure page from a Goldman Sachs Asset Management Form ADV document.", "elementsJson": [ "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/74", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-74", "components": [ { "bbox": { "h": 0.265, "w": 0.794, "x": 0.128, "y": 0.42 }, "kind": "list", "text": "General Risks—As with other investment products under the GSAM platform, Managed Account Services involve risk, including loss of principal, which investors should be prepared to bear. Under normal conditions, an Enrolled Participant's asset allocation will typically become more conservative over time as retirement approaches through a reduced allocation to equity funds and an increased allocation to fixed income funds in accordance with the baseline glidepath, subject to certain guardrails around the baseline glidepath established by GSAM and adjustments based on information about an Enrolled Participant's retirement circumstances and goals. A conservative asset allocation does not mean that the asset allocation or its underlying investments are without risk. The Enrolled Participant Accounts are subject to the risks associated with their underlying investments. These risks change over time as the asset allocation strategy adjusts. There is no assurance that the asset allocation strategy or any underlying investment will achieve its investment objective, and each will fluctuate due to market conditions and other factors, including various market, liquidity, currency, economic, political and other risks. The ability of the asset allocation strategy to meet its investment objective is directly related to the information that GSAM receives (and the accuracy of that information), the ability of the underlying investments to meet their investment objectives, and the allocation among those investments. There is no guarantee Managed Account Services will provide adequate income at or through retirement.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab72551a-c1cd-4eec-a0ae-32cba3e6c951", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.155, "w": 0.794, "x": 0.128, "y": 0.231 }, "kind": "list", "text": "U.S. Treasury Securities Risk—Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate, including as changes in domestic and global economic conditions affect the demand for these securities. Additionally, it is expected that the SEC's recent adoption of rules which will require central clearing of a broad range of cash and repurchase transactions in U.S. Treasury securities beginning on December 31, 2026 will result in significant changes in the current marketplace, which in turn will have significant effects on market participants including GSAMLP, GS&Co., GSAMI and GSAMS and on the prices of U.S. Treasury securities. The full impact of these changes is uncertain.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dbf28dbb-c743-4769-9f98-612de9475eab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.794, "x": 0.128, "y": 0.187 }, "kind": "list", "text": "U.S. Government Securities Risks—Issuers of U.S. government securities may not have the funds to meet their payment obligations and may not receive financial support from the United States.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ecf91fc6-aa36-4cc4-9002-c8dd50f0f702", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.265, "w": 0.794, "x": 0.128, "y": 0.694 }, "kind": "list", "text": "Risks Associated with Using the Managed Account Services Algorithms—The algorithms used by Managed Account Services (\"Managed Account Services Algorithms\") are based on the capital market assumptions and analysis of GSAM or an Institution. The investment objectives of the Managed Account Services Algorithms are not intended to replicate a perfect \"model\" portfolio, but are, instead, intended to reflect the investment philosophy of GSAM or an Institution. The Managed Account Services Algorithms also entail the use of sophisticated statistical calculations and complex computer systems, and there is no assurance that GSAM will be successful in carrying out such calculations correctly, or that the use of these quantitative models and systems will not expose Enrolled Participant Accounts to the risk of significant losses. More specifically, GSAM's ability to implement key investment objectives is dependent on a number of considerations, including, but not limited to, the economic, analytical and mathematical components and assumptions of each model, the accurate encapsulation of those components in a complex computational environment (including the Software Platform), the data quality incorporated into the models, changes in market conditions, the successful expression of the models' views into any applicable investment portfolio construction, and the ability of", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fa78ed8d-c17d-49c4-bfcb-92043b479e30", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.041, "x": 0.881, "y": 0.965 }, "kind": "paragraph", "text": "Page | 74", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d73d0f3-9c73-4a58-8e51-d5cecce81625", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.246, "x": 0.128, "y": 0.093 }, "kind": "title", "text": "Goldman Sachs Asset Management", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "17d7e51e-5ff8-4dff-9d12-d22e30ffd9c7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.435, "x": 0.128, "y": 0.396 }, "kind": "title", "text": "RISKS THAT APPLY PRIMARILY TO MANAGED ACCOUNT SERVICES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fef71b7e-dedf-4a14-bf5a-3ae281d299c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.143, "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": "1d250c2a-d31c-4dc5-8406-3ca4df8de2e1", "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 }