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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Goldman D USD | LSE:GSDU | London | Ordinary Share | GB00B173P701 | ORD NPV USD |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.015 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMGSDO TIDMGSDE TIDMGSDU
RNS Number : 2478J
Goldman Sachs Dynamic Opportunities
28 June 2011
Goldman Sachs Dynamic Opportunities Limited
Performance Highlight
April 2011
Market Overview
Goldman Sachs Dynamic Opportunities Limited ("GSDO" or the "Fund") generated positive performance of 1.12% (US Dollar, net of fees) in April as all sectors contributed positively.
The majority of Equity Long/Short managers experienced positive performance in April, as especially managers with a greater focus on Europe generated positive returns, whereas the Fund's manager with a focus on emerging markets detracted. Top performing managers realized outperformance from long exposures and were largely able to limit losses from shorts, although most managers lagged the broader upswing in the markets, as long exposures in cyclically orientated sectors such as energy, materials/industrials, and technology underperformed relative to more stable sectors such as healthcare, consumer staples, and utilities. The underperforming manager primarily lost from long positions in the industrial, media, consumer and financial sectors, while positions in the technology sector contributed positive performance. Short exposures broadly detracted or were flat across sectors.
Event Driven managers collectively realized positive performance in April. While a decline in benchmark interest rates and spread compression was beneficial for credit exposure, for the most part gains in the Event Driven sector's credit portfolios continue to be driven mainly by idiosyncratic long positions as bankruptcy and reorganization situations progress toward completion. Equity special situations positions also contributed to positive performance. Increased deal flow has not yet translated into any significant increases in merger arbitrage exposure, and the contribution of merger arbitrage to performance in April was modest as deal spreads on plain vanilla transactions remain tight. However, other areas of event driven equity investing have been fairly profitable and continue to attract capital as managers are seeing relatively more value in equities amid fairly tight credit spreads.
The Tactical Trading sector also experienced positive performance in April as almost all managers generated gains. Macro trading in commodities contributed positively, driven largely by long positions in energy and precious metal commodities. Trading in currencies was also profitable from broadly short U.S. Dollar positioning. Macro managers had low levels of risk in equities, but profited from long positions. Fixed income performance was mixed in April. The Fund's systematic trading manager also contributed positively as positions in equities, commodities and currencies contributed and fixed income positions were the only detractor. The commodity-focused manager was the only detractor in the sector in April as losses from soybeans and soft commodities more than offset gains from long positions in grains.
Sources: Bloomberg, Financial Times, Reuters, The New York Times, The Wall Street Journal.
Performance
Hot Features
Premium
NAV
per Cum Ann Vol Inception
Share MTD QTD YTD ITD ITD(2) ITD Date
--------------- ------- ------- ------- ------- ------- ------- ------- ----------
Goldman Sachs
Dynamic
Opportunities
Limited -
(USD) Net(1) 2.131 1.12% 1.12% 2.13% 18.26% 3.59% 6.86% Aug-06
3 Month USD
LIBOR N/A 0.02% 0.02% 0.10% 12.97% 2.60% 0.62% Aug-06
Goldman Sachs
Dynamic
Opportunities
Limited -
(EUR) Net(1) 1.3942 -3.18% -3.18% -7.55% -2.73% -0.58% 11.83% Aug-06
3 Month EUR
LIBOR N/A 0.10% 0.10% 0.33% 13.49% 2.70% 0.50% Aug-06
Goldman Sachs
Dynamic
Opportunities
Limited -
(GBP) Net(1) 1.1470 1.16% 1.16% 2.17% 16.74% 3.31% 8.63% Aug-06
3 Month GBP
LIBOR N/A 0.07% 0.07% 0.25% 17.36% 3.43% 0.69% Aug-06
--------------- ------- ------- ------- ------- ------- ------- ------- ----------
Portfolio Characteristics (Reflects USD Share Class)(1)
Beta
MSCI
Excess World
Return Fund (Hgd Beta
Annualized Annualized Standard to Barclays
(Net)(2,3) (Net)(2) Deviation Sharpe USD) Agg
----------- ----------- ----------- ---------
Last 12
Months 4.11% 4.47% 4.66% 0.88 0.27 -0.62
Since
Inception 0.99% 3.59% 6.86% 0.14 0.27 0.08
------------ ----------- ----------- ---------- ------- ------- ---------
Cumulative Performance (Reflects USD Share Class)(1)
Date Fund (Net) Date Fund (Net) -------- ----------- ------- ----------- Aug-06 0.90% Sep-09 6.47% -------- ----------- ------- ----------- Sep-06 -1.90% Oct-09 6.88% -------- ----------- ------- ----------- Oct-06 -0.38% Nov-09 7.95% -------- ----------- ------- ----------- Nov-06 1.88% Dec-09 9.52% -------- ----------- ------- ----------- Dec-06 3.44% Jan-10 9.80% -------- ----------- ------- ----------- Jan-07 4.97% Feb-10 10.20% -------- ----------- ------- ----------- Feb-07 4.92% Mar-10 12.13% -------- ----------- ------- ----------- Mar-07 6.83% Apr-10 13.21% -------- ----------- ------- ----------- Apr-07 8.87% May-10 10.45% -------- ----------- ------- ----------- May-07 11.67% Jun-10 9.37% -------- ----------- ------- ----------- Jun-07 12.40% Jul-10 10.23% -------- ----------- ------- ----------- Jul-07 13.11% Aug-10 10.02% -------- ----------- ------- ----------- Aug-07 11.77% Sep-10 12.65% -------- ----------- ------- ----------- Sep-07 13.54% Oct-10 14.06% -------- ----------- ------- ----------- Oct-07 17.27% Nov-10 13.78% -------- ----------- ------- ----------- Nov-07 16.79% Dec-10 15.79% -------- ----------- ------- ----------- Dec-07 17.24% Jan-11 15.26% -------- ----------- ------- ----------- Jan-08 15.76% Feb-11 16.89% -------- ----------- ------- ----------- Feb-08 18.42% Mar-11 16.95% -------- ----------- ------- ----------- Mar-08 16.69% Apr-11 18.26% -------- ----------- ------- ----------- Apr-08 17.03% -------- ----------- ------- ----------- May-08 17.85% -------- ----------- ------- ----------- Jun-08 15.95% -------- ----------- ------- ----------- Jul-08 13.29% -------- ----------- ------- ----------- Aug-08 11.43% -------- ----------- ------- ----------- Sep-08 3.09% -------- ----------- ------- ----------- Oct-08 -2.71% -------- ----------- ------- ----------- Nov-08 -5.22% -------- ----------- ------- ----------- Dec-08 -7.08% -------- ----------- ------- ----------- Jan-09 -5.66% -------- ----------- ------- ----------- Feb-09 -5.37% -------- ----------- ------- ----------- Mar-09 -4.94% -------- ----------- ------- ----------- Apr-09 -3.51% -------- ----------- ------- ----------- May-09 -0.18% -------- ----------- ------- ----------- Jun-09 1.05% -------- ----------- ------- ----------- Jul-09 2.71% -------- ----------- ------- ----------- Aug-09 4.47% -------- ----------- ------- -----------
Return Comparison (Inception-To-Date) (Reflects USD Share Class)(1)
Annualized Return(2) Risk
----------------- --------------------- -------
Fund (Net) 3.59% 6.86%
MSCI World (Hgd
to USD) -0.49% 17.24%
Barclays Agg 6.36% 3.65%
----------------- --------------------- -------
Weights(4)
# of # of
Core Niche
Sectors % Managers Managers
------------------ ------- ---------- ----------
Equity Long
/ Short 32.47% 4 2
Event Driven 40.93% 4 6
Relative Value 0.21% 1 0
Tactical Trading 26.38% 3 2
------------------ ------- ---------- ----------
# of
Overall % Managers
----------------- ------- ----------
Core Allocation 66.42% 12
Niche Exposure 33.58% 10
----------------- ------- ----------
Attribution (Reflects USD Share Class)(5,6)
Contribution to Fund
Returns
-------------------------
Sector MTD QTD YTD
--------------------- ------- ------- -------
Equity Long / Short 0.38% 0.38% 0.39%
Event Driven 0.54% 0.54% 1.80%
Relative Value 0.00% 0.00% 0.00%
Tactical Trading 0.61% 0.61% 0.96%
--------------------- ------- ------- -------
Performance Analysis - Sectors (Reflects USD Share Class)(5,7)
Portfolio Ann Vol Inception
Sector Weight(4) MTD QTD YTD ITD ITD(2) ITD Date
---------- ---------- ------ ------ ------
Equity
Long /
Short 32.47% 1.18% 1.18% 0.89% 39.72% 7.30% 11.25% Aug-06
Event
Driven 40.93% 1.31% 1.31% 4.13% 31.69% 5.97% 7.71% Aug-06
Relative
Value 0.21% 0.00% 0.00% 0.32% 4.86% 1.00% 11.57% Aug-06
Tactical
Trading 26.38% 2.32% 2.32% 3.76% 89.25% 14.37% 6.62% Aug-06
---------- ---------- ------ ------ ------ ------- ------- ------- ----------
Performance Analysis - Overall (Reflects USD Share Class)(5,7)
Portfolio Ann Vol
Sector Weight(4) MTD QTD YTD ITD ITD(2) ITD Date
------------ ---------- ------ ------ ------
Core
Allocation 66.42% 1.23% 1.23% 3.55% 31.58% 5.95% 7.79% Aug-06
Niche
Exposure 33.58% 2.11% 2.11% 2.37% 55.35% 9.72% 7.35% Aug-06
------------ ---------- ------ ------ ------ ------- ------- ------ -------
Monthly Performance (Reflects USD Share Class)(5)
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year ----- ------- ------- ------- ------ ------- ------- ------- ------- ------- ------- ------- ------- -------- 2011 -0.46% 1.42% 0.05% 1.12% 2.13% 2010 0.25% 0.36% 1.75% 0.96% -2.44% -0.98% 0.79% -0.20% 2.39% 1.26% -0.25% 1.77% 5.73% 2009 1.53% 0.31% 0.45% 1.51% 3.45% 1.24% 1.64% 1.71% 1.91% 0.39% 1.00% 1.46% 17.86% 2008 -1.26% 2.30% -1.46% 0.29% 0.71% -1.62% -2.29% -1.64% -7.49% -5.63% -2.58% -1.96% -20.74% 2007 1.48% -0.05% 1.82% 1.91% 2.57% 0.65% 0.64% -1.19% 1.58% 3.28% -0.40% 0.38% 13.34% 2006 - - - - - - - 0.90% -2.78% 1.54% 2.27% 1.53% 3.44% ----- ------- ------- ------- ------ ------- ------- ------- ------- ------- ------- ------- ------- --------
GSDO's Investments by Manager Name(8,9)
Sector / Manager Strategy Holding
Equity Long / Short
------------------------------- ------------------------------ --------
AKO Capital Europe Diversified Niche
Brookside Global Growth Core
Conatus Capital Global Growth Core
Highbridge Global Diversified Core
Moon Emerging Markets Diversified Niche
TPG-Axon Capital Global Diversified Core
Event Driven
------------------------------- ------------------------------ --------
Anchorage Credit Opportunities / Core
Distressed
Eton Park Multi-Strategy Core
Harbinger Credit Opportunities / Core
Distressed
Manikay Partners Multi-Strategy Niche
Perry Partners Multi-Strategy Core
Silver Point Credit Opportunities / Niche
Distressed
Spinnaker (Capital Pacnet Multi-Strategy Niche
Holdings Class A)
Spinnaker (Capital Pacnet Multi-Strategy Niche
Holdings Class R)
Spinnaker (Global Opportunity) Multi-Strategy Niche
Tactical Trading
------------------------------- ------------------------------ --------
Brevan Howard Macro - Discretionary Core
D.E. Shaw Macro - Model Core
Moore Macro - Discretionary Core
Transtrend Managed Futures - Model Niche
Yannix Capital Managed Futures - Fundamental Niche
Commodities
Total Number of Allocations:
20
Endnotes
Past performance is not indicative of future results, which may vary. Please see Disclosures for important information.
References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an "index") are provided for your information only. References to the indices do not imply that the portfolio will achieve returns, volatility or other results similar to the indices. The composition of the indices 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. Information regarding the Fund's investment objectives is contained in the Fund's latest report and accounts, but is subject to amendment. Source for index data: Bloomberg.
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 or a recommendation to buy or sell investments in the Fund or any other investments mentioned in this report or to follow any investment strategy. Furthermore, this report should not be construed as an invitation or inducement to engage in investment activity in the Fund.
(1) Performance is final and unaudited. The figures published here are final as of 29/04/2011, calculated as of 31/05/2011, but are potentially subject to revision. Returns are presented in the currency displayed.
(2) Returns less than 12 months are cumulative, not annualized.
(3) This is the excess return over the risk-free rate (3 Month USD LIBOR).
(4) Does not include cash. The Investment Manager may change the allocations over time. The allocations noted before should not be deemed representative of allocations in the future. Allocations based upon month-end valuations as of 29/04/2011, calculated as of 31/05/2011. Figures may not sum to 100% due to rounding.
(5) Performance is final and unaudited. The figures published here are final as of 29/04/2011, calculated as of 31/05/2011, but are potentially subject to revision.
(6) Contribution data is geometrically calculated based on a monthly time series. Data will not arithmetically sum to fund total. Cumulative geometric returns for less than 12 months are calculated as follows: (1+r1)*(1+r2)*...*(1+rn)-1. Annualized geometric returns for returns greater than 12 months are calculated as follows: [(1+r1)*(1+r2)*...*(1+m)](12/m) -1.
(7) Sector and overall returns are net of underlying manager fees but gross of Goldman Sachs management and incentive fees. Presented in USD unless otherwise stated.
(8) As of 29/04/2011, calculated as of 31/05/2011. 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 or a recommendation to buy or sell investments in the Fund or any other investments mentioned in this report or to follow any investment strategy. Furthermore, this report should not be construed as an invitation or inducement to engage in investment activity in the Fund.
(9) This is a list of all GSDO managers excluding Amaranth and Tisbury. Amaranth and Tisbury have been excluded because each is a holding (a) that comprises less than 1% of GSDO's assets and (b) from which GSDO has submitted a full redemption form. The list is subject to change without notice to investors and therefore may not be an indication of the ten largest investments that currently comprise the Fund's portfolio.
Disclosures
Opinions and views expressed are current opinions as of the date appearing in this material only. No part of this material may be i) copied, photocopied or duplicated in any form, by any means; or ii) redistributed without the prior written consent of Goldman Sachs Hedge Fund Strategies LLC.
The performance described herein is based in part on estimates of the recovery value of such fund's assets currently held at Lehman Brothers and/or amounts owed to such fund by Lehman Brothers. In addition, these exposures are based on information we have received from the majority, but not all of our underlying hedge fund managers, and we have no way of independently verifying or otherwise confirming the accuracy of the information provided. There can be no guarantee that our estimate is accurate. There is significant uncertainty with respect to the ultimate outcome of the Lehman Brothers insolvency proceedings, and therefore the amounts ultimately recovered from Lehman Brothers could be materially different than our estimates. Accordingly, the estimated values set forth herein may not completely reflect the impact of potential losses. When realized, such losses could adversely impact the performance of the fund. We continue to assess our funds' exposure to the bankruptcy of Lehman Brothers and we may revise our estimates of recovery value at any time.
This report does not form part of, and must not be used for the purposes of, any offering of shares in the Fund.
This material has been prepared by Goldman Sachs Asset Management (GSAM) and/or Goldman Sachs International (GSI) and is not a product of the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed may differ from those of the GIR Department or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and neither GSAM nor GSI has an obligation to provide any updates or changes.
References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an "index") are provided for your information only. References to the indices do not imply that the portfolio will achieve returns, volatility or other results similar to the indices. The composition of the indices 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. Information regarding portfolio objectives is contained in the prospectus as amended from time to time. Source for index data: Bloomberg.
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.
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 0.1250% 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% 4.13% 2.04%
2 years 12.72% 8.42% 4.29%
10 years 81.94% 49.83% 32.11%
MSCI World Index: 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 US dollars and local currencies.
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.
Supplemental Risk Disclosure for All Potential Investors in Hedge Funds and other private investment funds (collectively, "Alternative Investments")
In connection with your consideration of a direct or indirect investment in any Alternative Investment, you should be aware of the following risks:
Alternative Investments are not subject to the same regulatory requirements or governmental oversight as mutual funds. The sponsor or manager of any Alternative Investment may not be registered with any governmental agency.
Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested.
Alternative Investments may purchase instruments that are traded on exchanges located outside the United States that are "principal markets" and are subject to the risk that the counterparty will not perform with respect to contracts. Furthermore, since there is generally less government supervision and regulation of foreign exchanges, Alternative Investments are also subject to the risk of the failure of the exchanges and there may be a higher risk of financial irregularities and/or lack of appropriate risk monitoring and controls.
Past performance is not a guide to future performance and the value of Alternative Investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur.
Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Alternative Investment's trading profits.
Alternative Investments are offered in reliance upon an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering in the United States.
Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to transfer your investment.
Alternative Investments generally are not required to provide their investors with periodic pricing or valuation information.
There may be conflicts of interest between the Alternative Investment and other service providers, including the investment manager and sponsor of the Alternative Investment.
Alternative Investments may involve complex tax and legal structures. Investment in any particular Alternative Investment, or Alternative Investments generally, is only suitable for sophisticated investors for whom such an investment does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in such Alternative Investment. You are urged to consult with your own tax, accounting and legal advisers regarding any investment in any Alternative Investment.
Investors are also urged to take appropriate advice regarding any applicable legal requirements and any applicable taxation and exchange control regulations in the country of their citizenship, residence or domicile which may be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any Alternative Investment.
We refer you to the prospectus for a more complete discussion of the risks relating to an investment in any particular Alternative Investment. You are urged to read all applicable offering materials, including the entire prospectus, prior to any investment in any Alternative Investment. Investment Restrictions apply to many of Goldman Sachs' Alternative Investments. Goldman Sachs Hedge Fund Strategies LLC (HFS) is the Investment Manager to the Fund referenced herein. HFS, a US registered investment adviser, is part of Goldman Sachs Asset Management and is a wholly owned subsidiary of The Goldman Sachs Group, Inc.
There may be conflicts of interest relating to the Fund 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 Fund. 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 Fund, or in other investment vehicles that may purchase or sell such securities and instruments. These are considerations of which investors in the Fund should be aware. Additional information relating to these conflicts is set forth in the latest prospectus for the Fund.
This document has been communicated outside of the United States by Goldman Sachs International, Peterborough Court, 133 Fleet Street, London, EC4A 2BB, authorised and regulated by the Financial Services Authority.
This report may also be communicated in the United Kingdom by Goldman Sachs Asset Management International which is authorised and regulated by the Financial Services Authority (FSA).
Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.
Investors should consider that the returns that they will receive will be a function of the share price of the Fund. While we would expect that the Fund would trade substantially in line with its underlying NAV, investors should consider that the traded status of the Fund could lead it to have a significantly higher volatility and correlation to equities.
Investors should consider that the liquidity of their investment will be a function of the market demand for the shares of the Fund. There is the potential for the Fund to trade at a discount to NAV and lack of market demand may lead to their being a less liquid market.
a2011 Goldman Sachs. All Rights Reserved. 45292.UCITS.TMPL.
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END
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