Goldman Sachs Asset Management
Overview

Since its founding in 1869, Goldman Sachs, & Co. has played a key role in shaping many of the world’s defining moments for companies and institutions, markets and industries — while forming long-term client relationships based on integrity and innovation.

Today, continuing the firm’s tradition of excellence, Goldman Sachs Asset Management (GSAM) serves the investment management needs of preeminent institutions and individual investors worldwide through institutional strategies, mutual funds and subadvised portfolios. With more than $735 billion in assets under management across geographic borders, investment styles, and asset classes, GSAM ranks among the top 15 asset management firms globally1. GSAM also ranks in the top three institutional money market managers globally,2 offering taxable and tax-advantaged, on shore and offshore, and US$, Euro, Sterling and Yen denominated money market portfolios.

The Goldman Sachs Advantage
 
GLOBAL RESEARCH EXCELLENCE
We believe the key driver of long-term investment performance is superior research.
More than 250 GSAM research professionals average more than 8,000 annual research visits, generating high-quality, proprietary, buy-side research to form the basis of decision-making in our fundamental equity investment portfolios.
 
DISCIPLINED INVESTMENT PROCESSES
Team-Driven: In our experience, the process of considering many perspectives and then making consensus decisions may potentially reduce portfolio risk while supporting consistent investment results relative to benchmarks.

Research-Intensive: In many cases, portfolio managers for GSAM's fundamental strategies are also research analysts, creating a tight link between research and decision-making. On the quantitative side, our team uses fundamentally-based criteria to help focus the investment effort within broad equity universes.

Risk-Managed: Ongoing risk management is performed by each portfolio management team, while independent monitoring is executed by GSAM's Risk Management and Analysis Group. At GSAM, risk management means world-class quality management that seeks to generate, not constrain, alpha3.

Goal: High-quality portfolios that aim for strong, consistent investment results.
 
WORLD-CLASS TALENT
Industry-wide, many asset managers offer just one or two mutual fund investment strategies and professionals within different disciplines tend to operate independently of one another. In contrast, GSAM offers breadth and depth of expertise across 10 independent, specialist portfolio management teams while collaborating on a global scale to seek the best results for clients.
Portfolio Management Team Designations
Number of MBAs
152
Number of CFAs
108
Number of PhDs
35
CIO Industry Experience
20 years (average)
As of September 30, 2007

 

A Strong Money Market Fund Heritage

At GSAM, money market fund management has been a core capability since 1981. Our $737 billion in assets under management as of 9/30/07 includes nearly $170 billion in money market fund assets, and GSAM is one of the largest providers of institutional money market funds.


This chart represents the growth of GSAM's total net assets in Money Market Funds and products4, including but not limited to the Goldman Sachs Financial Square FundsSM offered at this site.
An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
 

Primary Investment Objectives

Goldman Sachs money market funds have three main goals: to maintain stability of principal, to provide daily liquidity, and to maximize investment yield.


 
Strict credit analysis
The Goldman, Sachs & Co. Credit Department, consisting of over 250 credit analysts worldwide, provides an independently researched, "approved" list of securities to our money market portfolio management teams.5
Active interest rate risk management
Our portfolio management teams establish and periodically adjust weighted average maturity targets, implement and periodically adjust portfolio structures and provide rigorous analysis for new securities.
Careful monitoring of liquidity factors
These factors include consideration of liquidity needs as well as technical and economic influences that may lead to periods of increased asset volatility.
Active portfolio management
Active structuring of portfolios based on the short-term yield curve, our short-term interest rate outlook, and expected daily asset volatility.
Pursuing attractive investment opportunities while focusing on quality
We seek to leverage the vast resources of Goldman, Sachs & Co., including economists and credit research analysts, to better identify relative value trading opportunities.
Maximizing investment yield while maintaining a risk-managed environment
Active portfolio management allows us to seek competitive returns while offering investors the rigorous risk management they have come to expect from an industry leader.

 


You agree to receive the following prospectus electronically and to carefully read and agree to its terms before investing or sending money. A prospectus contains more complete information about the Fund. Please consider a Fund's objectives, risks, charges and expenses before investing. The prospectus contains this and other information about the Fund. If you would like a preprinted copy of the prospectus, please contact a Bank of New York representative.

1Ranking for Goldman Sachs Group, Inc., includes GSAM, Private Wealth Management and Merchant Banking 2006 year-end assets. Ranked 15th in Total Assets Worldwide. Pensions & Investments, May 2007.

2Source: iMoneyNet, Inc., December 2007, as ranked by assets in domestic and offshore funds. AUM cited is as of September 30, 2007.

3Alpha measures the difference between a portfolio's actual returns and its expected returns given its risk level as measured by its beta. (Beta measure a portfolio's relative volatility to a benchmark and is used as a measure of risk.) A positive alpha figure indicates a portfolio has performed better than its beta would predict. A negative alpha figure indicates a portfolio has underperformed, given the expectations established by the fund's beta.

4Source: Goldman Sachs Asset Management.

5Data as of September 30, 2007.

Goldman Sachs Financial Square Funds SM is a registered service mark of Goldman, Sachs & Co.

A Portfolio may include securities whose income is subject to the federal alternative minimum tax and state income taxes.

Goldman, Sachs & Co., distributor of the Goldman Sachs Funds, and Goldman, Sachs & Co. and Goldman Sachs International, co-distributors of Goldman Sachs Funds, Plc are not banks and fund shares offered are not deposits or obligations of or guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other government agency. Investments in the Funds involve investment risk, including possible loss of the principal amount invested.

This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement.

Shares of the Goldman Sachs Funds are issued solely on the basis of information set out in the current Prospectus of the Goldman Sachs Funds, plc, which is available free of charge at the Funds’ principal office. Prospective investors should review the Prospectus carefully and consult their financial adviser before investing to determine that an investment in the Funds would be suitable for them.

If a Fund is denominated in a currency other than that in which the majority of the investor’s assets are held, the investor should be aware that changes in rates of exchange may affect the value of their investment independently of the value of the Fund’s underlying assets.

This information does not constitute tax advice and as such, shareholders should be advised to consult their own tax advisers regarding the tax consequences of their investment activities.

Some of the Goldman Sachs Money Market Funds may have securities that have not been registered under the US Securities Act of 1933, as amended (the “Act”), or any state securities laws. Consequently, Shares of the Funds may not be offered or sold to or for the benefit of any United States person. Further, if you have requested information regarding the Funds while you are in the United States, you represent that (1) you are either a “Qualified Institutional Buyer” (as defined in Rule 144A under the Act) or (2) an “Accredited Investor” (as defined in Rule 501(a) under the Act). Furthermore, you agree that you will not transfer Shares of the Funds except in compliance with applicable securities laws, including the Act, and in compliance with the applicable restrictions in the Fund’s governing documents.

For Dublin domiciled Money Market Funds:

The Management company has no obligation to redeem shares at the offer value and the Funds are not subject to the supervision of the Hong Kong Monetary authority. Investment into the Funds is not insured or guaranteed by any Government agency, including the Federal Deposit Insurance Company, and is not the same as placing funds on deposit with a bank or deposit-taking company. Although the Goldman Sachs Money Market Funds seek to preserve a stable NAV per share, it is possible to lose money by investing in the Funds. The yield quotations more closely reflect the current earning of the Funds than do the total return quotations.

No part of this material may 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, without GSAM’s prior written consent.

 

© Copyright 2008, The Goldman Sachs Group, Inc. All rights reserved.