{
  "docId": "019dd923-5e88-73ef-bd5a-742247342cf7",
  "docSlug": "8fb5f6e162f8b5f5",
  "documentTitle": "e03d5b95 7f97 45dd 967f 891c3bf12198",
  "authorId": "GoldmanSachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.294,
  "pageNumber": 1,
  "pageCount": 37,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Includes contact information for the research team and a promotional link for Equity Baskets.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "kpi_table",
    "table_of_contents",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/hidoJ2heJWfmogn7uwCiq0dxgQfzAkc-GEbCETvfg28/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZmI1ZjZlMTYyZjhiNWY1L3AwMDEuanBn",
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-742247342cf7/1",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-742247342cf7",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-742247342cf7.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-742247342cf7#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The rise of passive ownership across the S&P 500 and its impact on company valuation and performance.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-aea1-133562840bd8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.91
      },
      "kind": "disclaimer",
      "text": "Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b20f1ef5-e58d-4372-8746-47c0bb5a7121",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.44,
        "y": 0.76
      },
      "kind": "image",
      "text": "Equity Baskets promotional section.",
      "attrs": null,
      "subkind": "infographic",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0be6592c-b73a-4d4f-8ef8-de256f92b192",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.44,
        "y": 0.41
      },
      "kind": "list",
      "text": "Table of Contents listing report sections and page numbers.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "264a3723-00ee-41c7-83fd-db2142416735",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "S&P 500 EPS Growth: 26%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-aea1-17f8d79d2cac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.15,
        "x": 0.81,
        "y": 0.41
      },
      "kind": "other",
      "text": "Research team contact list.",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e51eaa2-f04f-4692-a1a0-d55f85e3230b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.88,
        "x": 0.06,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "During the past decade, passive equity mutual funds and ETFs have seen $2.8 trillion of inflows compared with $3.0 trillion of cumulative outflows from actively-managed funds. The share of passive ownership for the typical S&P 500 firm has risen from 18% two decades ago to 26% today.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47810f20-398a-4fc3-8c87-527aadf80a8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.3,
        "x": 0.06,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "Performance: The S&P 500 was down 1.8% this week. Communication Services was the best-performing sector (+2.3%) while Information Technology was the worst-performing sector (-3.3%).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56ef3c1b-694d-49d0-aaef-87eeca134841",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.135,
        "w": 0.388,
        "x": 0.06,
        "y": 0.525
      },
      "kind": "table",
      "text": "S&P 500 earnings and valuation table comparing Goldman Sachs Portfolio Strategy vs Consensus Bottom-Up for 2024E/2025E EPS, Growth, and P/E.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2d00234-f5a0-45a1-bb9e-d3a6ee1311b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.88,
        "x": 0.06,
        "y": 0.21
      },
      "kind": "title",
      "text": "The rise of passive ownership across the S&P 500 and its impact on company valuation and performance",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "980dd23f-1aa6-4769-a889-ee9e37c8df71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "title",
      "text": "US Weekly Kickstart",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0784cfa1-2f0c-4239-b7e2-d26e07086a73",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "a6a242fe-24fb-4837-ae7e-224ccdc41741",
      "evidence": "This slide is titled 'US Weekly Kickstart' and contains a summary of key market information, making it an executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 2,
      "from": 1,
      "beatId": "0de61819-ac51-4e83-ad13-9a129d88e3f4",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Setup",
      "beatSlug": "setup",
      "evidence": "The report's introduction and overview of the current market trends.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/wKuW3rUVogPBAU-ARHh0BKPKGsjgaV8Azp4OJVuH1EE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZmI1ZjZlMTYyZjhiNWY1L3AwMDEucG5n",
  "thumbSrc": "https://imgproxy.kitesheet.com/UQ5PmzaU1vBkpfWqaJozNjVIWYA9JRCTg2Ewk6uKcJ4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZmI1ZjZlMTYyZjhiNWY1L3AwMDEuanBn",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/a7FaNzz8TIeDDgob3SIx9OsbMlZKlRUJsDmLoFZf3Gg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZmI1ZjZlMTYyZjhiNWY1L3AwMDEucG5n"
}