Goldman Sachs Asset Management
The latest research and outlooks in the ProAllocate library
- Portfolio Construction
Modernizing 60/40 with Tail-Risk Hedging Strategies
The article argues that traditional 60/40 portfolios face challenges from inflation and unreliable stock-bond correlation, and that tail-risk hedging adds most value not standalone but by enabling greater equity exposure. It highlights particular relevance for corporate defined benefit pension plans seeking to protect funded status.
- Macro
Market Pulse August
Goldman Sachs Asset Management expects global growth to slow in 2026 amid energy price headwinds, though AI investment supports US and EM growth. AI is reshaping labor markets rather than destroying jobs, potentially lifting productivity 15% over a decade.
- Macro
Market Pulse August
The article argues that generative AI will boost productivity and transform rather than devastate the labor market, with GS Research estimating a 15% productivity gain and $7tn GDP boost over a decade. While some job displacement is expected, most roles will be complemented by AI, with technology, financials, healthcare, and service sectors positioned as beneficiaries.
- Equities
Dual Engines: Combining Fundamental and Quantitative Equity Approaches in Portfolios
The article argues that combining fundamental and quantitative equity strategies creates structural portfolio advantages, as their low-to-negative correlations and complementary performance across market regimes enhance information ratios and provide style flexibility. It contends this dual-engine approach improves risk-adjusted returns better than either style alone.
- Pensions
Building Financial Grit: How to Help Savers Grow, Persist, and Progress
Goldman Sachs Asset Management argues that retirement saving success is driven more by behavioral resilience—termed 'Financial Grit'—than by income or financial literacy alone. It contends grit is learnable and that tailored interventions for Low, Mid, and High Grit savers can improve engagement and outcomes.
- Macro
Weekly Market Monitor
Goldman Sachs Asset Management argues that a hawkish repricing in global rate markets, driven by an energy supply shock, is overdone, favouring front-end rates—particularly UK—while long-end yields stay elevated on fiscal and AI-growth concerns. Equity earnings show resilient banks, AI infrastructure bottlenecks and a bifurcated consumer amid a mid-year momentum unwind.
- Equities
Weekly Market Monitor
Goldman Sachs argues the current AI investment boom shows few of the macro imbalances that ended the dot-com bubble and can fuel further equity upside, though markets remain vulnerable to disappointing AI adoption. Weekly commentary flags Middle East escalation lifting oil, rising yields, a bearish sterling view and value in front-end gilts and UK equities.
- Equities
Weekly Market Monitor
Goldman Sachs argues US single-stock volatility has surged relative to index volatility, favouring active stockpicking, while a broadening small-cap rally driven by earnings recovery across sectors signals a healthy market rather than an AI-driven bubble.
- Wealth Management
What We’re Hearing from RIA Leaders
Drawing on conversations with RIA leaders, the piece argues consolidation is raising industry standards without eliminating boutiques, and that durable growth stems from client-centric models, AI augmentation of advisors, and preparing for generational wealth transfer.