![]() ![]() ![]() This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Currency fluctuations will also affect the value of an investment. This leverage presents the potential for substantial profits but also entails a high degree of risk including the risk that losses may be similarly substantial. The currency market affords investors a substantial degree of leverage. Investments in commodities may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity. Foreign and emerging markets investments may be more volatile and less liquid than investments in US securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Investors cannot invest directly in indices.Įquity securities are more volatile than bonds and subject to greater risks. The figures for the index reflect the reinvestment of all income or dividends, but do not reflect the deduction of any fees or expenses which would reduce returns. The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. A capitalization-weighted index, TOPIX lists all firms that have been determined to be part of the "first section" of the TSE. The Tokyo Price Index (TOPIX) is a metric for stock prices on the Tokyo Stock Exchange (TSE). The STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index (TMI) and is a subset of the STOXX Global 1800 Index. It is not possible to invest directly in an unmanaged index. The index figures do not reflect any deduction for fees, expenses or taxes. The S&P 500 Index is the Standard & Poor’s 500 Composite Stock Prices Index of 500 stocks, an unmanaged index of common stock prices. The MSCI AC Asia Pacific ex Japan Index captures large and mid cap representation across 4 of 5 Developed Markets countries and 8 Emerging Markets countries in the Asia Pacific region. Full valuations is subjective terminology describing elevated S&P 500 valuation relative to its own history. ![]() Alpha refers to returns in excess of the benchmark return. Price-to-earnings ratio is a valuation metric comparing the price of a security, or collection of securities, to the earnings per share generated by that security, or collection of securities.īottom Section Notes: Chart shows the share of the median S&P 500 stock's trailing 6-month return explained by micro-driven factors. Middle Section Notes: Chart shows the trailing twelve-month price-to-earnings ratio of META, AMZN, GOOGL, MSFT, and AAPL collectively, the S&P 500, and the S&P 500 excluding META, AMZN, GOOGL, MSFT, and AAPL. “MAGMA” is an acronym that refers to those five mega-cap companies (META, AMZN, GOOGL, MSFT, and AAPL). Top Section Notes: Chart shows the market capitalization of 5 mega-cap companies in the S&P 500 Index as a percent of the total market capitalization of the Index. Zombie firms refers to companies with weak balance sheets and de minimis growth prospectsĭuration is a measure of a security's price sensitivity to changes in interest ratesįull valuations is subjective terminology describing elevated S&P 500 valuation relative to its own history. GIR refers to Goldman Sachs Global Investment ResearchįOMC refers to the Federal Open Market CommitteeĪlpha refers to risk-adjusted returns in excess of a benchmark ![]() Real GDP refers to gross domestic product adjusted for inflation Source: “Global equities gained 2.5% Japan outperformed” –. Price targets of major asset classes are provided by Goldman Sachs Global Investment Research. Individual portfolio management teams for Goldman Sachs Asset Management may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.Ģ. “Shorter Term” view refers to less than 6 months. The views expressed herein are as of May 2023 and subject to change in the future. Asset Class Outlook for equities, credits, sovereigns, real assets,Īnd currencies are informed by Goldman Sachs Asset Management, Goldman Sachs Global Investment Research, and Goldman Sachs Investment Strategy Group views. ![]()
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