TIDMGSDO TIDMTTM
RNS Number : 9417U
Goldman Sachs Dynamic Opportunities
07 January 2013
Goldman Sachs Dynamic Opportunities Limited (USD Feeder)
Performance Highlight November 2012
Overview
Political risk took center stage in November, with a number of
events across the world's largest economies impacting investor
sentiment. Voters generally chose to maintain the status quo in the
U.S. elections on November 6, but shortly thereafter market
attention shifted toward the looming fiscal cliff. China witnessed
a leadership transition, with Xi Jinping replacing Hu Jintao as the
head of the Communist Party. Meanwhile, in Japan Prime Minister
Noda called for elections in a move that some managers felt could
drive a shift toward more aggressive policy, and the ongoing Greek
debt negotiations continued to influence sentiment in Europe. While
policy had often supported markets this year against a backdrop of
weak data, in November political uncertainty served as a headwind
for markets against a tentative improvement in data.
Equity markets sold off initially, but most indices rebounded to
finish in positive territory on the month, with the MSCI World
gaining 1.3%. U.S. markets generally lagged, as the S&P 500
Index rose 0.6%, while Japan outperformed as the Topix Index gained
5.3%. Fixed income markets rallied strongly to open the month, and
yields finished lower despite partially retracing this move in the
second half of November, with the U.S. 10-year yield declining 7
bps to 1.62% while the European 10-year yield fell 8 bps to 1.39%.
Volatility was generally lower in currencies as the Dollar Index
rose 0.3% on the month, with the notable exception of the Japanese
yen, which sold off by 3.3% against the U.S. dollar. Performance of
commodities was mixed, with gains in energy and metals leading the
S&P GSCI to increase by 1.5% on the month.
Hedge funds generated positive performance in November,
effectively navigating the choppy price action as gains were seen
across all sectors. Markets traced a V-shaped path during the
month, but most fundamental managers maintained consistent
positioning and some funds were able to generate alpha through
position-specific views. Trading-oriented managers also produced
gains, with increased risk allocated to currencies as managers saw
better trading opportunities. While managers generally have lower
conviction in the near-term direction of risk assets due to
concerns regarding the U.S. fiscal cliff, a number of funds have
expressed excitement regarding more idiosyncratic opportunities
across asset classes.
Event Driven managers generated modest gains in November, with
lower volatility in credit markets translating to muted
performance. The Equity Long/Short sector finished in positive
territory, with most managers maintaining moderate exposure
throughout the month and benefiting from strong stock selection as
markets rallied into month-end. Tactical Trading strategies
outperformed on the month, with strong performance from macro
managers while most managed futures funds posted positive
performance as well. Relative Value managers generated moderately
positive performance on the month.
Sources: Bloomberg, Financial Times, Reuters, The New York
Times, The Wall Street Journal.
Monthly & Cumulative Net Returns(1)
Monthly Cumulative Monthly Cumulative Monthly Cumulative
Date Net Return Net Return Date Net Return Net Return Date Net Return Net Return
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-06 0.90% 0.90% Oct-08 -5.63% -2.71% Dec-10 1.77% 15.79%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-06 -2.78% -1.90% Nov-08 -2.58% -5.22% Jan-11 -0.46% 15.26%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-06 1.54% -0.38% Dec-08 -1.96% -7.08% Feb-11 1.42% 16.89%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-06 2.27% 1.88% Jan-09 1.53% -5.66% Mar-11 0.05% 16.95%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-06 1.53% 3.44% Feb-09 0.31% -5.37% Apr-11 1.12% 18.26%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-07 1.48% 4.97% Mar-09 0.45% -4.94% May-11 -0.48% 17.70%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-07 -0.05% 4.92% Apr-09 1.51% -3.51% Jun-11 -1.36% 16.09%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-07 1.82% 6.83% May-09 3.45% -0.18% Jul-11 0.23% 16.36%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-07 1.91% 8.87% Jun-09 1.24% 1.05% Aug-11 -3.22% 12.61%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-07 2.57% 11.67% Jul-09 1.64% 2.71% Sep-11 -2.82% 9.43%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-07 0.65% 12.40% Aug-09 1.71% 4.47% Oct-11 1.57% 11.15%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-07 0.64% 13.11% Sep-09 1.91% 6.47% Nov-11 -1.21% 9.81%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-07 -1.19% 11.77% Oct-09 0.39% 6.88% Dec-11 -0.66% 9.08%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-07 1.58% 13.54% Nov-09 1.00% 7.95% Jan-12 1.63% 10.86%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-07 3.28% 17.27% Dec-09 1.46% 9.52% Feb-12 1.11% 12.09%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-07 -0.40% 16.79% Jan-10 0.25% 9.80% Mar-12 0.23% 12.34%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-07 0.38% 17.24% Feb-10 0.36% 10.20% Apr-12 -0.07% 12.26%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-08 -1.26% 15.76% Mar-10 1.75% 12.13% May-12 -0.68% 11.50%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-08 2.30% 18.42% Apr-10 0.96% 13.21% Jun-12 -0.85% 10.56%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-08 -1.46% 16.69% May-10 -2.44% 10.45% Jul-12 0.40% 10.99%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-08 0.29% 17.03% Jun-10 -0.98% 9.37% Aug-12 0.48% 11.53%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-08 0.71% 17.85% Jul-10 0.79% 10.23% Sep-12 0.67% 12.28%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-08 -1.62% 15.95% Aug-10 -0.20% 10.02% Oct-12 0.05% 12.34%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-08 -2.29% 13.29% Sep-10 2.39% 12.65% Nov-12 0.07% 12.41%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-08 -1.64% 11.43% Oct-10 1.26% 14.06%
-------- ------------ ------------ ------- ------------ ------------
Sep-08 -7.49% 3.09% Nov-10 -0.25% 13.78%
-------- ------------ ------------ ------- ------------ ------------
Historical Sector Allocations(2)
Equity Event Relative Tactical Equity Event Relative Tactical
Date Long/Short Driven Value Trading Date Long/Short Driven Value Trading
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Aug-06 31.41% 33.12% 17.67% 17.79% Nov-09 31.49% 45.65% 0.16% 22.69%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Sep-06 32.65% 34.46% 14.46% 18.43% Dec-09 31.91% 45.58% 0.17% 22.34%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Oct-06 33.30% 34.20% 14.23% 18.27% Jan-10 28.20% 48.38% 0.18% 23.25%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Nov-06 33.91% 34.08% 13.77% 18.23% Feb-10 29.94% 50.23% 0.19% 19.64%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Dec-06 33.92% 34.36% 13.31% 18.40% Mar-10 30.10% 50.38% 0.18% 19.33%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jan-07 32.95% 34.02% 14.66% 18.37% Apr-10 30.26% 50.07% 0.18% 19.50%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Feb-07 32.38% 33.79% 16.21% 17.63% May-10 30.37% 50.09% 0.19% 19.36%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Mar-07 32.59% 34.03% 15.95% 17.42% Jun-10 30.36% 49.89% 0.19% 19.56%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Apr-07 32.67% 33.96% 15.78% 17.58% Jul-10 23.00% 55.32% 0.21% 21.47%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
May-07 32.84% 33.87% 15.56% 17.73% Aug-10 22.40% 55.06% 0.21% 22.33%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jun-07 32.44% 33.91% 15.56% 18.09% Sep-10 22.86% 54.82% 0.22% 22.10%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jul-07 32.49% 34.08% 15.61% 17.82% Oct-10 23.28% 49.32% 0.23% 27.17%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Aug-07 31.99% 34.02% 16.07% 17.92% Nov-10 23.46% 49.19% 0.23% 27.11%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Sep-07 32.67% 34.13% 14.99% 18.21% Dec-10 23.34% 49.37% 0.22% 27.07%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Oct-07 31.63% 34.43% 14.79% 19.15% Jan-11 26.24% 47.59% 0.22% 25.96%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Nov-07 31.15% 34.17% 14.99% 19.70% Feb-11 30.44% 44.85% 0.20% 24.51%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Dec-07 31.53% 34.10% 14.54% 19.83% Mar-11 30.44% 44.90% 0.20% 24.46%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jan-08 31.98% 33.19% 13.87% 20.96% Apr-11 32.47% 40.93% 0.21% 26.38%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Feb-08 32.40% 32.65% 13.35% 21.60% May-11 32.40% 41.15% 0.21% 26.25%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Mar-08 31.53% 32.71% 13.46% 22.30% Jun-11 29.15% 41.07% 3.53% 26.25%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Apr-08 31.91% 36.13% 9.89% 22.07% Jul-11 29.88% 38.88% 3.63% 27.61%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
May-08 32.46% 36.47% 8.85% 22.22% Aug-11 28.57% 38.87% 3.73% 28.83%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jun-08 32.03% 36.74% 7.90% 23.33% Sep-11 28.39% 39.21% 3.87% 28.53%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jul-08 35.76% 43.87% 0.08% 20.29% Oct-11 27.33% 41.38% 4.98% 26.31%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Aug-08 34.39% 45.85% 0.08% 19.68% Nov-11 27.22% 41.27% 5.00% 26.51%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Sep-08 31.87% 44.27% 0.08% 23.79% Dec-11 27.35% 40.66% 5.05% 26.94%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Oct-08 29.41% 44.42% 0.09% 26.08% Jan-12 25.38% 49.72% 5.90% 18.99%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Nov-08 30.24% 45.11% 0.09% 24.56% Feb-12 25.96% 49.21% 5.92% 18.91%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Dec-08 21.37% 50.55% 0.10% 27.98% Mar-12 27.79% 52.74% 6.27% 13.20%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jan-09 23.73% 45.80% 0.11% 30.36% Apr-12 7.57% 75.08% 7.36% 9.99%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Feb-09 23.58% 45.91% 0.12% 30.40% May-12 7.38% 75.04% 7.45% 10.14%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Mar-09 23.95% 46.32% 0.12% 29.62% Jun-12 7.84% 79.15% 7.75% 5.26%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Apr-09 27.31% 47.16% 0.13% 25.41% Jul-12 4.30% 82.01% 7.21% 6.48%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
May-09 28.09% 46.75% 0.12% 25.04% Aug-12 4.37% 81.96% 7.22% 6.45%
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jun-09 28.37% 46.93% 0.12% 24.58% Sep-12 4.55% 87.74% 7.71% N/A
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Jul-09 26.06% 50.41% 0.14% 23.39% Oct-12 12.81% 71.91% 15.29% N/A
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Aug-09 27.22% 51.00% 0.14% 21.64% Nov-12 12.43% 72.56% 15.00% N/A
-------- ----------- ------- --------- --------- ------- ----------- ------- --------- ---------
Sep-09 27.10% 51.42% 0.13% 21.36%
-------- ----------- ------- --------- ---------
Performance & Characteristics(1)
-- MSCI
------ Cumulative ---------------------- World USD --- Barclays
(%) ------ Annualized (%) ---------------------- Max. -- Agg --- Sharpe Inception
Vol Drawdown
MTD QTD YTD 1Y 3Y 5Y ITD(3) ITD (%) Correlation Beta Correlation Beta Ratio(4) Date
-------------- ----- ----- ------ ------ ----- ------ ------- ------- --------- ------------ ----- ------------ ----- --------- ----------
GSDO Limited Aug
(USD Feeder) 0.07 0.12 3.06 2.38 1.36 -0.76 1.86 6.37 -21.53 0.69 0.27 0.01 0.02 -0.03 06
GSDO Limited Aug
(GBP Feeder) 0.60 0.88 -1.42 -2.05 2.64 -1.77 0.95 8.14 -22.49 0.43 0.21 0.10 0.25 -0.23 06
MSCI World
Index Aug
Hedged USD 1.24 0.68 11.18 11.67 4.83 -3.92 -0.72 16.42 -51.88 1.00 1.00 0.05 0.25 -0.17 06
Barclays
Aggregate Aug
Bond Index 0.16 0.36 4.38 5.53 5.70 6.05 6.43 3.35 -3.82 0.05 0.01 1.00 1.00 1.31 06
Aug
3 Month Libor 0.03 0.06 0.44 0.47 0.37 1.18 2.05 0.60 N/A N/A N/A N/A N/A N/A 06
-------------- ----- ----- ------ ------ ----- ------ ------- ------- --------- ------------ ----- ------------ ----- --------- ----------
Sector Level Returns - Equity Long/Short
Monthly & Cumulative Net Returns(5)
Monthly Cumulative Monthly Cumulative Monthly Cumulative
Date Net Return Net Return Date Net Return Net Return Date Net Return Net Return
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Aug-06 1.19% 1.19% Oct-08 -7.71% -6.69% Dec-10 1.20% 38.49%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Sep-06 1.03% 2.23% Nov-08 -2.31% -8.84% Jan-11 -2.36% 35.21%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Oct-06 3.72% 6.03% Dec-08 0.28% -8.58% Feb-11 2.01% 37.92%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Nov-06 4.20% 10.48% Jan-09 2.98% -5.86% Mar-11 0.12% 38.09%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Dec-06 1.35% 11.98% Feb-09 -0.17% -6.02% Apr-11 1.18% 39.72%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Jan-07 0.42% 12.45% Mar-09 1.25% -4.85% May-11 -0.59% 38.90%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Feb-07 0.14% 12.61% Apr-09 6.38% 1.23% Jun-11 -1.38% 36.98%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Mar-07 2.22% 15.10% May-09 7.17% 8.49% Jul-11 -0.66% 36.08%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Apr-07 2.54% 18.02% Jun-09 2.60% 11.32% Aug-11 -7.55% 25.80%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
May-07 3.54% 22.20% Jul-09 3.13% 14.80% Sep-11 -5.42% 18.98%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Jun-07 -0.37% 21.75% Aug-09 3.65% 19.00% Oct-11 5.67% 25.72%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Jul-07 0.89% 22.83% Sep-09 2.25% 21.67% Nov-11 -1.58% 23.74%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Aug-07 -2.89% 19.28% Oct-09 -1.28% 20.11% Dec-11 -0.37% 23.28%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Sep-07 3.20% 23.10% Nov-09 2.20% 22.75% Jan-12 4.15% 28.39%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Oct-07 4.95% 29.20% Dec-09 3.20% 26.67% Feb-12 3.64% 33.06%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Nov-07 -1.96% 26.67% Jan-10 -0.01% 26.66% Mar-12 0.30% 33.46%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Dec-07 1.84% 29.00% Feb-10 1.58% 28.66% Apr-12 0.73% 34.44%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Jan-08 -5.91% 21.38% Mar-10 2.78% 32.24% May-12 -3.84% 29.27%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Feb-08 4.04% 26.28% Apr-10 1.87% 34.71% Jun-12 0.49% 29.91%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Mar-08 -4.19% 21.00% May-10 -2.44% 31.41% Jul-12 -2.31% 26.90%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Apr-08 0.77% 21.93% Jun-10 -1.15% 29.91% Aug-12 1.95% 29.38%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
May-08 1.48% 23.74% Jul-10 1.24% 31.51% Sept-12 -1.66% 27.23%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Jun-08 -4.06% 18.72% Aug-10 -2.86% 27.74% Oct- 12 -0.70% 26.34%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Jul-08 -2.49% 15.76% Sep-10 5.23% 34.42% Nov- 12 -1.80% 24.07%
-------- ------------ ------------ ------- ------------ ------------ -------- ------------ ------------
Aug-08 -2.31% 13.09% Oct-10 1.18% 36.01%
-------- ------------ ------------ ------- ------------ ------------
Sep-08 -10.59% 1.11% Nov-10 0.61% 36.84%
-------- ------------ ------------ ------- ------------ ------------
Performance & Characteristics(5)
-- MSCI
------ Cumulative -------------------- World USD --- Barclays
(%) ------ Annualized (%) -------------------- Max. -- Agg --- Sharpe Inception End
Weight(6) Vol Drawdown
(%) MTD QTD YTD 1Y 3Y 5Y ITD(3) ITD (%) Correlation Beta Correlation Beta Ratio(7) Date Date
------------- ---------- ------ ------ ----- ----- ----- ------ ------- ------- --------- ------------ ----- ------------ ----- --------- ---------- -----
Aug Nov
Performance 3.06 -1.80 -2.48 0.65 0.27 0.36 -0.41 3.46 11.25 -29.45 0.77 0.52 0.02 0.05 0.13 06 12
------------- ---------- ------ ------ ----- ----- ----- ------ ------- ------- --------- ------------ ----- ------------ ----- --------- ---------- -----
Sector Level Returns - Event Driven
Monthly & Cumulative Net Returns(5)
Monthly Cumulative Monthly Cumulative Monthly Cumulative
Date Net Return Net Return Date Net Return Net Return Date Net Return Net Return
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-06 0.87% 0.87% Oct-08 -7.76% -1.29% Dec-10 2.32% 26.46%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-06 1.12% 2.00% Nov-08 -3.48% -4.72% Jan-11 0.65% 27.29%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-06 0.93% 2.95% Dec-08 -2.65% -7.25% Feb-11 1.61% 29.34%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-06 1.90% 4.91% Jan-09 0.97% -6.34% Mar-11 0.50% 29.99%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-06 2.15% 7.17% Feb-09 0.74% -5.65% Apr-11 1.31% 31.69%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-07 2.36% 9.70% Mar-09 0.58% -5.10% May-11 0.20% 31.96%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-07 1.20% 11.01% Apr-09 0.64% -4.50% Jun-11 -1.32% 30.21%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-07 2.28% 13.54% May-09 3.31% -1.34% Jul-11 -0.04% 30.16%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-07 2.07% 15.90% Jun-09 2.03% 0.66% Aug-11 -3.16% 26.04%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-07 2.74% 19.08% Jul-09 3.00% 3.68% Sep-11 -3.49% 21.65%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-07 1.00% 20.27% Aug-09 2.20% 5.97% Oct-11 1.27% 23.19%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-07 1.24% 21.76% Sep-09 3.55% 9.73% Nov-11 -1.37% 21.50%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-07 -1.55% 19.87% Oct-09 2.21% 12.16% Dec-11 -2.34% 18.65%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-07 1.36% 21.51% Nov-09 1.53% 13.87% Jan-12 1.98% 21.00%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-07 2.51% 24.56% Dec-09 2.04% 16.19% Feb-12 0.46% 21.55%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-07 -1.17% 23.10% Jan-10 1.35% 17.76% Mar-12 0.55% 22.22%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-07 0.39% 23.58% Feb-10 0.32% 18.13% Apr-12 0.55% 22.89%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-08 -1.99% 21.12% Mar-10 2.52% 21.11% May-12 -1.32% 21.26%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-08 1.01% 22.34% Apr-10 0.71% 21.97% Jun-12 0.31% 21.64%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-08 -1.35% 20.69% May-10 -2.43% 19.00% Jul-12 1.01% 22.87%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-08 0.91% 21.79% Jun-10 -1.41% 17.33% Aug-12 0.90% 23.97%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-08 0.69% 22.63% Jul-10 1.58% 19.18% Sep-12 1.26% 25.53%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-08 -2.05% 20.12% Aug-10 -0.33% 18.79% Oct-12 1.32% 27.18%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-08 -2.56% 17.05% Sep-10 2.70% 21.99% Nov-12 2.31% 30.11%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-08 -1.88% 14.85% Oct-10 1.51% 23.84%
-------- ------------ ------------ ------- ------------ ------------
Sep-08 -6.82% 7.02% Nov-10 -0.20% 23.59%
-------- ------------ ------------ ------- ------------ ------------
Performance & Characteristics(5)
-- MSCI
------ Cumulative -------------------- World USD --- Barclays
(%) ------ Annualized (%) -------------------- Max. -- Agg --- Sharpe Inception End
Weight(6) Vol Drawdown
(%) MTD QTD YTD 1Y 3Y 5Y ITD(3) ITD (%) Correlation Beta Correlation Beta Ratio(7) Date Date
------------- ---------- ----- ----- ------ ----- ----- ----- ------- ------ --------- ------------ ----- ------------ ------ --------- ---------- -----
Aug Nov
Performance 17.89 2.31 3.66 9.66 7.09 4.54 1.11 4.24 7.29 -25.54 0.72 0.32 -0.00 -0.01 0.30 06 12
------------- ---------- ----- ----- ------ ----- ----- ----- ------- ------ --------- ------------ ----- ------------ ------ --------- ---------- -----
Sector Level Returns - Relative Value
Monthly & Cumulative Net Returns(5)
Monthly Cumulative Monthly Cumulative Monthly Cumulative
Date Net Return Net Return Date Net Return Net Return Date Net Return Net Return
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-06 0.92% 0.92% Oct-08 0.50% -4.94% Dec-10 0.00% 4.53%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-06 -20.48% -19.75% Nov-08 -2.60% -7.41% Jan-11 0.00% 4.53%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-06 0.10% -19.67% Dec-08 -1.50% -8.80% Feb-11 0.00% 4.53%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-06 1.30% -18.63% Jan-09 -0.36% -9.13% Mar-11 0.32% 4.86%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-06 2.29% -16.77% Feb-09 3.25% -6.18% Apr-11 0.00% 4.86%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-07 2.02% -15.08% Mar-09 0.00% -6.18% May-11 0.00% 4.86%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-07 2.14% -13.26% Apr-09 -0.03% -6.21% Jun-11 -0.15% 4.70%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-07 1.96% -11.56% May-09 0.20% -6.02% Jul-11 -0.20% 4.49%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-07 1.19% -10.51% Jun-09 2.00% -4.14% Aug-11 -0.62% 3.85%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-07 1.55% -9.12% Jul-09 -0.05% -4.19% Sep-11 -1.36% 2.43%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-07 0.93% -8.28% Aug-09 0.00% -4.19% Oct-11 -1.23% 1.18%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-07 1.64% -6.77% Sep-09 -2.00% -6.11% Nov-11 -0.85% 0.31%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-07 1.56% -5.32% Oct-09 -1.64% -7.65% Dec-11 0.17% 0.48%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-07 -1.57% -6.80% Nov-09 -1.25% -8.80% Jan-12 1.82% 2.31%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-07 4.14% -2.94% Dec-09 4.75% -4.47% Feb-12 1.81% 4.16%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-07 0.97% -2.00% Jan-10 0.50% -3.99% Mar-12 -0.86% 3.26%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-07 -2.46% -4.41% Feb-10 0.29% -3.71% Apr-12 -0.18% 3.08%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-08 1.58% -2.90% Mar-10 0.00% -3.71% May-12 -0.19% 2.89%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-08 -1.16% -4.03% Apr-10 0.00% -3.71% Jun-12 -1.62% 1.22%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-08 -0.72% -4.72% May-10 -0.22% -3.92% Jul-12 -0.02% 1.20%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-08 -1.23% -5.89% Jun-10 0.00% -3.92% Aug-12 0.56% 1.77%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-08 1.22% -4.74% Jul-10 0.00% -3.92% Sep-12 0.74% 2.53%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-08 0.00% -4.74% Aug-10 0.00% -3.92% Oct-12 0.63% 3.18%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-08 0.00% -4.74% Sep-10 9.29% 5.01% Nov-12 -0.72% 2.43%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-08 0.00% -4.74% Oct-10 0.00% 5.01%
-------- ------------ ------------ ------- ------------ ------------
Sep-08 -0.70% -5.42% Nov-10 -0.45% 4.53%
-------- ------------ ------------ ------- ------------ ------------
Performance & Characteristics(5)
-- MSCI
------ Cumulative -------------------- World USD --- Barclays
(%) ------ Annualized (%) -------------------- Max. -- Agg --- Sharpe Inception End
Weight(6) Vol Drawdown
(%) MTD QTD YTD 1Y 3Y 5Y ITD(3) ITD (%) Correlation Beta Correlation Beta Ratio(7) Date Date
------------- ---------- ------ ------ ----- ----- ----- ----- ------- ------- --------- ------------ ----- ------------ ------ --------- ---------- -----
Aug Nov
Performance 3.70 -0.72 -0.09 1.94 2.11 3.95 0.89 0.38 10.13 -20.48 0.04 0.03 -0.15 -0.47 -0.16 06 12
------------- ---------- ------ ------ ----- ----- ----- ----- ------- ------- --------- ------------ ----- ------------ ------ --------- ---------- -----
Sector Level Returns - Tactical Trading
Monthly & Cumulative Net Returns(5)
Monthly Cumulative Monthly Cumulative Monthly Cumulative
Date Net Return Net Return Date Net Return Net Return Date Net Return Net Return
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-06 1.60% 1.60% Oct-08 0.79% 49.76% Dec-10 1.58% 82.40%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-06 0.68% 2.29% Nov-08 2.09% 52.89% Jan-11 0.11% 82.60%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-06 0.79% 3.10% Dec-08 -1.04% 51.29% Feb-11 1.40% 85.16%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-06 2.15% 5.31% Jan-09 2.07% 54.42% Mar-11 -0.11% 84.96%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-06 2.26% 7.69% Feb-09 0.65% 55.43% Apr-11 2.32% 89.25%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-07 3.24% 11.18% Mar-09 0.27% 55.84% May-11 -0.86% 87.62%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-07 -2.26% 8.67% Apr-09 0.28% 56.28% Jun-11 -1.45% 84.90%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-07 0.36% 9.06% May-09 2.68% 60.46% Jul-11 1.93% 88.47%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-07 3.24% 12.59% Jun-09 -0.28% 60.02% Aug-11 0.96% 90.29%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-07 3.89% 16.97% Jul-09 2.01% 63.24% Sep-11 -0.08% 90.14%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-07 2.87% 20.33% Aug-09 1.70% 66.01% Oct-11 -0.86% 88.51%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-07 -0.72% 19.47% Sep-09 1.37% 68.28% Nov-11 -0.45% 87.66%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-07 -0.84% 18.46% Oct-09 0.33% 68.83% Dec-11 0.76% 89.08%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Sep-07 2.70% 21.66% Nov-09 0.10% 69.01% Jan-12 0.96% 90.89%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Oct-07 5.23% 28.02% Dec-09 0.23% 69.40% Feb-12 0.92% 92.66%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Nov-07 2.41% 31.11% Jan-10 -1.05% 67.62% Mar-12 0.29% 93.22%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Dec-07 1.27% 32.77% Feb-10 0.33% 68.18% Apr-12 -1.46% 90.40%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jan-08 6.46% 41.35% Mar-10 0.60% 69.19% May-12 0.12% 90.64%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Feb-08 5.76% 49.50% Apr-10 2.20% 72.91% Jun-12 -1.80% 87.21%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Mar-08 1.69% 52.02% May-10 -3.48% 66.89% Jul-12 1.38% 89.80%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Apr-08 0.15% 52.25% Jun-10 -0.08% 66.76% Aug-12 -0.22% 89.38%
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
May-08 0.46% 52.96% Jul-10 -0.16% 66.49% Sep-12 N/A N/A
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jun-08 2.07% 56.13% Aug-10 3.74% 72.71% Oct-12 N/A N/A
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Jul-08 -0.42% 55.47% Sep-10 2.10% 76.33% Nov-12 N/A N/A
-------- ------------ ------------ ------- ------------ ------------ ------- ------------ ------------
Aug-08 -1.44% 53.23% Oct-10 2.21% 80.23%
-------- ------------ ------------ ------- ------------ ------------
Sep-08 -3.03% 48.58% Nov-10 -0.38% 79.55%
-------- ------------ ------------ ------- ------------ ------------
Performance & Characteristics(5)
-------------------- -- MSCI
------ Cumulative Annualized (%) World USD --- Barclays
(%) ------ -------------------- Max. -- Agg --- Sharpe Inception End
Weight(6) Vol Drawdown
(%) MTD QTD YTD 1Y 3Y 5Y ITD(3) ITD (%) Correlation Beta Correlation Beta Ratio(7) Date Date
----------- ----- ------------------- ------ ---- ---- ---- ------- ------- --------- ------------ ----- ------------ ----- --------- ---------- -----
Aug Aug
Performance N/A N/A N/A 0.16 N/A N/A N/A 11.07 6.31 -4.83 0.07 0.03 0.05 0.09 1.42 06 12
------------- ----------- ----- ----- ------ ---- ---- ---- ------- ------- --------- ------------ ----- ------------ ----- --------- ---------- -----
Manager Level Performance(8) (%)
------------ ---------------------------
Cumulative ------------ Annualized --------------------------- Inception End
Vol
Manager Classification Weight(6) MTD QTD YTD 1Y 3Y 5Y ITD(3) ITD Date Date
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Equity
Long/Short
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
TPG-Axon Jan Nov
Capital Global 3.06 -1.80 -2.48 -1.76 -1.87 0.81 N/A -5.28 14.51 08 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Jan Mar
AKO Europe N/A N/A N/A 11.94 N/A N/A N/A 7.40 13.92 08 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Brookside Jan Mar
Capital Global N/A N/A N/A 7.77 N/A N/A N/A -7.55 11.84 11 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Nov
Overall 3.06 -1.80 -2.48 0.65 0.27 0.36 -0.41 3.46 11.25 06 12
------------------------------ ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Event
Driven
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Nov
Eton Park Multi-Strategy 5.69 -1.77 -1.09 4.29 2.39 0.93 0.78 7.01 7.25 06 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Spinnaker Jul Nov
GO Multi-Strategy 5.16 1.60 2.90 11.42 10.88 N/A N/A -0.96 11.13 11 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Silver
Point Credit Opps Aug Nov
Capital - Dist 3.66 13.22 14.75 25.85 27.33 18.37 9.22 8.93 11.00 06 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Harbinger
Special Credit Opps Jul Nov
Situations - Dist 2.53 -0.11 2.72 -17.93 -39.81 -24.41 N/A -31.32 32.44 08 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Feb Nov
Spinnaker Multi-Strategy 0.81 0.00 1.24 -27.70 -27.75 N/A N/A -16.69 18.58 11 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Feb Nov
Spinnaker Multi-Strategy 0.04 -0.06 1.22 -27.43 -27.47 N/A N/A -16.30 18.58 11 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Perry Jan Sep
Partners Multi-Strategy N/A N/A N/A 10.49 N/A N/A N/A 1.27 7.72 11 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Sep
Tisbury Multi-Strategy N/A N/A N/A -56.49 N/A N/A N/A -27.22 22.96 06 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Anchorage
Capital Credit Opps Apr Jun
Partners - Dist N/A N/A N/A 7.41 N/A N/A N/A 6.17 8.40 08 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Nov
Overall 17.89 2.31 3.66 9.66 7.09 4.54 1.11 4.24 7.29 06 12
------------------------------ ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Relative
Value
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Moon Equity Market Jul Nov
Capital Neutral 3.27 -0.82 -0.10 1.88 2.06 N/A N/A -0.05 3.48 11 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Nov
Amaranth Multi-Strategy 0.42 0.00 0.00 4.71 4.71 -8.59 -6.04 -21.46 31.92 06 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Nov
Overall 3.70 -0.72 -0.09 1.94 2.11 3.95 0.89 0.38 10.13 06 12
------------------------------ ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Tactical
Trading
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Moore Apr Aug
Capital Macro N/A N/A N/A 1.54 N/A N/A N/A 4.41 9.54 08 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Brevan
Howard
Fund Aug Mar
(Class B) Macro N/A N/A N/A 0.69 N/A N/A N/A 6.16 4.63 09 12
------------ ---------------- ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Aug Aug
Overall N/A N/A N/A 0.16 N/A N/A N/A 11.07 6.31 06 12
------------------------------ ---------- ------ ------ --------- ------- ------- ------ ------- ------- ---------- -----
Endnotes
For Existing Investors Only. Past performance does not guarantee
future results, which may vary. Please refer to the Disclosures
page for important information.
Sector returns are net of manager management and incentive fees,
but do not reflect the fees paid to GS Hedge Fund Strategies
LLC.
This information discusses general market activity, industry or
sector trends, or other broad-based economic, market or political
conditions. It also refers to specific securities which pertains to
past performance or is the basis for previously made discretionary
investment decisions. It should not be construed as research or
investment advice, or recommendation to buy or sell investments in
the strategy or any other investments mentioned in this report or
to follow any investment strategy. Please see additional
disclosures at the end of this report.
(1) This is the performance for Goldman Sachs Dynamic
Opportunities Limited (USD Feeder), which includes the performance
of the Fund since its inception. Not all investors may be holders
of this Class and this Class currently may not be available for
purchase. Please refer to the offering documents of the Fund for a
discussion of the differences among Classes that might impact
performance. Returns are presented in USD. Performance is final and
unaudited. The figures published here are final as of November
2012.
(2) Based on invested assets. The investment manager may change
the allocations over time. The allocations noted should not be
deemed representative of allocations in the future. All the
allocations were done using the portfolio's valuations at
month-end.
(3) Returns less than 12 months are cumulative.
(4) The following risk free rates were used for this
calculation: Fund - 3 Month Libor (USD), GSDO Limited (GBP Feeder)
- 3 Month Libor (GBP), MSCI World Index Hedged USD- 3 Month Libor
(USD), Barclays Aggregate Bond Index - 3 Month Libor (USD).
(5) This is the performance for the Fund classification of
Goldman Sachs Dynamic Opportunities Limited (USD Feeder). Returns
are presented in USD. Performance is final and unaudited. The
figures published here are final as of November 2012.
(6) Based on the end equity value of the Fund. Allocations as of
November 2012. The investment manager may change the allocations
over time. The allocations noted should not be deemed
representative of allocations in the future. All the allocations
were done using the portfolio's valuations at month-end. Figures
may not sum to 100%due to rounding.
(7) The 3 Month Libor (USD) rate is used for this
calculation.
(8) The returns presented are net of manager management and
incentive fees, but do not reflect the fees paid to GS Hedge Fund
Strategies LLC.
Disclosures
Investors are reminded of their agreement in the Subscription
Agreement pertaining to the Fund that, without the prior written
consent of the Investment Manager, investors shall not disclose any
information relating to the Fund to any person who is not an
officer, employee, accountant, attorney or tax advisor involved in
their investments except as otherwise provided in the Subscription
Agreement. Each Investor acknowledges and agrees that the third
party managers and their funds described herein, and the partners,
employees, officers, and affiliates thereof, have made no
representation or warranty with respect to these materials, and
such parties do not assume any warranty of liability in connection
with the distribution of these materials and shall not be held
liable to any person for any losses resulting from the furnishing
of these materials. Although certain information has been obtained
from sources believed to be reliable, the Investment Manager does
not guarantee its accuracy, completeness or fairness, and has
relied upon and assumed without independent verification, the
accuracy and completeness of all information available from public
sources.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING
COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE
PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE,
AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES
TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING
IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY
TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES
TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING
PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.
Although the Investment Manager is registered with the CFTC
under the Commodity Exchange Act as a CPO with respect to other
pools that it operates, the Investment Manager will operate the
Fund as if it was exempt from such registration pursuant to Rule
4.13(a)(4) under the Commodity Exchange Act because (i) the Shares
are exempt from registration under the Securities Act of 1933, as
amended (the 'Securities Act') and are being offered and sold
without marketing to the public in the United States, and (ii)
Shares may be purchased only by persons who are 'qualified eligible
persons' as defined in Rule 4.7 under the Commodity Exchange Act.
Therefore, the Investment Manager is not required to deliver to
Shareholders certified annual reports and a disclosure document
that are required to be delivered pursuant to the Commodity
Exchange Act, which would contain certain disclosures required
thereby that may not be included herein or in the reports to be
provided to Shareholders by the Fund.
This document may be communicated outside of the United States
by Goldman Sachs International, Peterborough Court, 133 Fleet
Street, London, EC4A 2BB, authorized and regulated by the Financial
Services Authority, and is approved for use in the United States by
Goldman, Sachs & Co. Hedge Funds are not schemes of the type
described in section 238(4) of the UK Financial Services and
Markets Act 2000. The Fund will therefore be made available in the
UK only to persons to whom such investment may be promoted in
accordance with rules or orders made pursuant to sections 238(5) or
(6) of that Act.
To the extent this presentation is used by Private Wealth
Management, this presentation is intended only to facilitate your
discussions with Goldman Sachs as to the opportunities available to
our Private Wealth Management clients. The presentation is not
intended to be used as a general guide to investing. It makes no
implied or express recommendations concerning the manner in which
any client's account should or would be handled, as finding the
appropriate investment strategies for a client will depend upon the
client's investment objectives.
This presentation may also be communicated in the United Kingdom
by Goldman Sachs Asset Management International which is authorized
and regulated by the Financial Services Authority (FSA).
Past performance is not indicative of future results, which may
vary. The value of investments and the income derived from
investments can go down as well as up. Future returns are not
guaranteed, and a loss of principal may occur.
Effect of fees on performance:
The following table provides a simplified example of the effect
of management and incentive fees on portfolio returns. For example,
assume a portfolio has a steady investment return, gross of fees,
of 0.5% per month and total management fees of 0.1042% per month of
the market value of the portfolio on the last day of the month and
incentive fees of 10% of net profits. Management fees and incentive
fees are deducted from the market value of the portfolio on that
day. There are no cash flows during the period. The table shows
that, assuming that other factors such as investment return and
fees remain constant, the difference increases due to the
compounding effect over time. Of course, the magnitude of the
difference between gross-of-fee and net-of-fee returns will depend
on a variety of factors, and the example has been intentionally
simplified.
Period Gross Return Net Return Differential
1 year 6.17% 4.61% 1.56%
2 years 12.72% 9.43% 3.29%
10 years 81.94% 56.89% 25.05%
There may be conflicts of interest relating to the Alternative
Investment and its service providers, including Goldman Sachs and
its affiliates, who are engaged in businesses and have interests
other than that of managing, distributing and otherwise providing
services to the Alternative Investment. These activities and
interests include potential multiple advisory, transactional and
financial and other interests in securities and instruments that
may be purchased or sold by the Alternative Investment, or in other
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relating to these conflicts is set forth in the offering materials
for the Alternative Investment.
This material has been prepared by GSAM and is not a product of
the Goldman Sachs Global Investment Research Division. The views
and opinions expressed may differ from those of the Global
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Goldman Sachs and its affiliates. Investors are urged to consult
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Holdings are subject to change and should not be construed as
research or investment advice.
References to market or composite indices or other measures of
relative market performance over a specified period of time (each,
an "index") are provided for your information only. Reference to
this index does not imply that the portfolio will achieve returns,
volatility or other results similar to the index. The composition
of the index may not reflect the manner in which a portfolio is
constructed in relation to expected or achieved returns, portfolio
guidelines, restrictions, sectors, correlations, concentrations,
volatility or tracking error targets, all of which are subject to
change over time.
Indices are unmanaged. The figures for the index reflect the
reinvestment of dividends but do not reflect the deduction of any
fees or expenses which would reduce returns. Investors cannot
invest directly in indices.
Barclays Aggregate Bond Index
The Barclays Capital U.S. Aggregate Index represents securities
that are SEC-registered, taxable, and dollar denominated. The index
covers the U.S. investment grade fixed rate bond market, with index
components for government and corporate securities, mortgage
pass-through securities, and asset-backed securities. These major
sectors are subdivided into more specific indices that are
calculated and reported on a regular basis.
MSCI World Index Hedged USD
Morgan Stanley Capital International's market capitalization
weighted index is composed of companies representative of the
market structure of 22 developed market countries in North America,
Europe, and the Asia/Pacific Region. The index is calculated
without dividends, with net or with gross dividends reinvested, in
both USdollars and local currencies.
Supplemental Risk Disclosure for All Potential Investors in
Hedge Funds and other private investment funds (collectively,
"Alternative Investments")
In connection with your consideration of an investment in any
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Alternative Investments are not subject to the same regulatory
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or manager of any Alternative Investment may not be registered with
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Alternative Investments often engage in leverage and other
investment practices that are extremely speculative and involve a
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Alternative Investments may purchase instruments that are traded
on exchanges located outside the United States that are "principal
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Investment Restrictions apply to many of Goldman Sachs' Alternative
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