Goldman Sachs Inflation Protected Securities Fund Class R6 · NASDAQ:GSRUX
Goldman Sachs Inflation Protected Securities Fund Class R6 — Goldman Sachs — Bernstein Strategic Decisions Conference 2024
20 slides from Goldman Sachs Inflation Protected Securities Fund Class R6's conference presentation, May 30, 2024
Slide 1: Goldman Sachs at Bernstein Strategic Decisions Conference
Goldman Sachs at Bernstein Strategic Decisions Conference John Waldron President and Chief Operating Officer May 30, 2024
Slide 2: Two World-Class and Interconnected Franchises Positioned to Deliver Mid-Teens Returns
Two World-Class and Interconnected Franchises Positioned to Deliver Mid-Teens Returns #1 Global Leading Global Active Investment Bank1 Asset Manager3 One Global Banking Asset & Wealth Top 5 Alternative #1 Equities Franchise2 & Markets Goldman Management Asset Manager3 Sachs Premier Ultra High #3 FIC
Slide 3: Leading Global Asset and Wealth Management Platform
Leading Global Asset and Wealth Management Platform FRANCHISE HIGHLIGHTS1 FIRMW IDE INVEST MENT PLAT FORM5 Brokerage Leading Global Active Asset Manager Liquidity ~$450bn ~$2.8tn Total AUS (1Q24) | +11% CAGR vs. ‘19 ~$700bn 25 Consecutive Quarters of Long-Term Fee-Based Net Inflows Top 5 Alternative
Slide 4: Significant Opportunities to Drive Organic Growth
Significant Opportunities to Drive Organic Growth GROWTH OPPORTUNITIES Wealth Management Alternatives Solutions Serve more clients via tailored Scale established flagship programs Provide customized solutions at scale and differentiated offerings Serve broad spectrum of corporate Deliver unique lend
Slide 5: Over 30 Years of Experience Investing Across Alternative Strategies
Over 30 Years of Experience Investing Across Alternative Strategies COMPETITIVE ADVANTAGES BREADTH AND DEPTH ACROSS STRATEGIES 1 30+ year track record of managing risk Private Equity Private Credit Real Estate Hedge Funds & Other through cycles; average tenure at GS for $186bn $139bn $52bn $71bn par
Slide 6: Focus on Margin Improvement Balanced by Investing for Growth
Focus on Margin Improvement Balanced by Investing for Growth PRE-TAX MARGIN PROFILES UNLOCK OPPORTUNITY 35%+ Growth and maturity in third party Alternatives fund strategies 30%+ Mid-Twenties 23% 20%+ Mix shift towards higher-fee Alternatives solutions Ongoing automation and other efficiency opportun
Slide 7: Driving Operating Leverage as Fund Strategies Mature
Driving Operating Leverage as Fund Strategies Mature CURRENT POTENTIAL MARGIN INVESTING TEAM & INFRASTRUCTURE MARGIN PROFILE PROFILE Asset & Wealth Asset & Wealth FUNDS Management MANAGED Management Margin profile improves with incremental management fees from successor funds Alternatives Alternativ
Slide 8: Private Credit: Long-Tenured Expertise in Secular Growth Area
Private Credit: Long-Tenured Expertise in Secular Growth Area GS PRIVATE CREDIT PLATFORM ADDRESSABLE MARKET1 $1.6tn $2.8tn 2023E TAM 2028E TAM Deep Capabilities Across Capital Structure Presence in Senior Direct Lending, Mezzanine, and Hybrid Capital GS TOTAL CREDIT ALTERNATIVE ASSETS ($BN) $300 Inv
Slide 9: Deep Wealth Relationships and Growing Presence in Institutional Markets for Alternatives
Deep Wealth Relationships and Growing Presence in Institutional Markets for Alternatives W EALTH INSTITUTIONAL Leading UHNW client franchise Strong partner to leading institutional allocators Solutions designed for growing wealth market Ability to provide bespoke, customized solutions Open architect
Slide 10: Well-Positioned to Deliver on Our Targets
Well-Positioned to Deliver on Our Targets M E D I U M - T E R M T A R G E T S 1 Management and Other Fees High Single Digit Annual Growth Private Banking and Lending Incentive Fees Normalize at $1bn Equity + Debt Investments Normalize at $2bn+ Historical Principal Investments Sell vast majority AWM
Slide 11: Reference Materials
Goldman Sachs Reference Materials
Slide 12: Delivering Strong Growth in AUS and More Durable Revenues
Delivering Strong Growth in AUS and More Durable Revenues TOTAL AW M AUS ($BN) AWM MORE DURABLE REVENUES ($BN) $2,848 $2,812 $12.6 $2,547 $12.1 $2,470 $11.2 $698 $2.6 $2.9 $2,145 $9.4 $2.5 $1,859 $8.1 $1.7 $713 $7.7 $462 $1.4 $1.5 $423 $9.5 $9.7 $8.8 $7.8 $1,141 $6.1 $6.8 $789 $2.1bn $185 $296 2019
Slide 13: Alternatives: Diversified Franchise Poised For Further Growth
Alternatives: Diversified Franchise Poised For Further Growth TOTAL ALTERNATIVE ASSETS ($BN) ALTERNATIVES FEE GENERATION $492bn (1Q24) $296bn (1Q24) $485 $492 Total Alternative Assets Fee-Earning AUS $450 $436 $367 $331 Mgmt. and Other Fees Incentive Fees 2019 2020 2021 2022 2023 1Q24 $40-50bn Fundr
Slide 14: Top 5 Alternatives Manager Operating Across Large and Growing Markets
Top 5 Alternatives Manager Operating Across Large and Growing Markets 2023E 2028E TOTAL ALTERNATIVES ASSETS1 ($BN) INDUSTRY AUM2 INDUSTRY AUM2 $1,061 CAGR $929 +7% Real Assets3 ~$4.5tn ~$6.2tn $671 Hedge Funds ~$4.4tn +3% ~$5.2tn $578 $492 $428 $425 Private Credit ~$1.6tn +12% ~$2.8tn Private Equity
Slide 15: Strong Fundraising Success Across Alternatives Asset Classes
Strong Fundraising Success Across Alternatives Asset Classes GS CUMULATIVE FUNDRAISING CUMULATIVE FUNDRAISING SINCE 2019 BY YEAR ($BN) SINCE 20191 ($BN) $696 $411 $265 $251 $28 $346 $59 $290 $179 $267 $265 $82 $107 $151 $40 $96 2020 2021 2022 2023 1Q24 BX APO KKR BAM ARES GS CG Corporate Equity Cred
Slide 16: Track Record of Generating Strong Alternatives Investment Returns
Track Record of Generating Strong Alternatives Investment Returns P R I V A T E E Q U I T Y 1,2 C R E D I T 1,3 R E A L E S T A T E 1,4 15.6% 11.8% 10.1% 7.1% 3.6% 1.3% Public Market Equivalent GS Net IRR Public Market Equivalent GS Net IRR Public Market Equivalent GS Net IRR 16
Slide 17: Harnessing the Power of the One Goldman Sachs Ecosystem
Harnessing the Power of the One Goldman Sachs Ecosystem UHNW Clients Access to Capital Institutional Clients Our Clients Goldman Sachs Individuals Public Pensions Advisors Corporate Corporate Relationships Family Offices Pensions Insurers Investment Sourcing Partnering with Clients Endowments Founda
Slide 18: End Notes
End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 2: 1. Based on cumulative publicly-disclosed Investment Banking revenues from 2020-1Q24. Peers include MS, JPM, BAC, C, BARC, DB, UBS, CS (through FY22) 2. Based on cumulative publicly-disclosed net revenues
Slide 19: End Notes
End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 10: 1. Medium term refers to a 3-5 year time horizon from year-end 2022 Slide 14: 1. Total Alternative Assets and Fee-Earning AUS as of 1Q24, as reported 2. Data via Preqin; 2023 and 2028 represent estimates
Slide 20: Cautionary Note on Forward-Looking Statements
Cautionary Note on Forward-Looking Statements Today’s remarks include forward-looking statements. These statements are not historical facts, but instead represent only the Firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Firm’s contr
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