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US Strategic Growth Select UMA Goldman Sachs Asset Management, L.P

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US Strategic Growth Select UMA Goldman Sachs Asset Management, L.P US Strategic Growth Select UMA Goldman Sachs Asset Management, L.P. Style: US Large Cap Growth Year Founded: 1989 Sub-Style: Traditional Growth GIMA Status: Approved 200 West Street Firm AUM: $2,093.0 billion Firm Ownership: Goldman Sachs Group, Inc. New York, New York 10282 Firm Strategy AUM: $2.4 billion Professional-Staff: 2043 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Portfolios typically contain 50-70 securities. Security selection is based Number of stock holdings: 50 to 70 ---------------06/21------ 12/20 on our investment team's first-hand, fundamental research, and ---------- P/E ratio: Above the S&P 500 Goldman Index*** Goldman bolstered by company, industry and economic research from analysts in Sachs Sachs which they have the most confidence. While they employ a bottom-up Cash level over market cycle: 0 to 5% Number of stock holdings 75 499 77 process and do not construct portfolios according to specific sector Risk (standard deviation): Similar to the S&P 500 allocation goals, they strive to invest within the following guidelines: no Dividend Yield 0.5% 0.7% 0.5% more than 5% of the portfolio will be concentrated in any one stock Average turnover rate: 20 to 30% holding, no more than 35% of the portfolio will be concentrated in any Distribution Rate — — — Use ADRs: 0 to 5% single sector and no more than 20% of the portfolio will be concentrated 51.90x 36.80x 42.81x in any single industry. They aim to be fully invested (less than a 5% cash Capitalization: Large, Medium and Small Wtd avg P/E ratio ¹ position) at all times. companies Wtd avg portfolio beta 0.88 — 0.88 Mega capitalization ⁺ 0.0% 69.0% 0.0% Large capitalization ⁺ 0.0% 27.6% 0.0% Medium capitalization ⁺ 0.0% 3.3% 0.0% Small capitalization ⁺ 0.0% 0.0% 0.0% Micro capitalization ⁺ 0.0% 0.0% 0.0% PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ ---------------06/21--------- 12/20 Sector Goldman------- Index*** Goldman Sachs Sachs PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Energy 0.00 0.33 0.00 Apple Inc. 8.3 7.4 Materials 2.10 1.03 2.00 Amazon.com, Inc. Microsoft Corporation 7.3 Industrials 4.70 6.37 3.30 Alphabet Inc. Class A 4.8 4.1 Consumer Discretionary 16.40 18.50 16.20 NVIDIA Corporation Consumer Staples 3.90 3.88 4.30 Health Care 11.30 9.07 13.40 % PROCESS BASED ON Financials 1.40 2.33 0.00 0 Asset allocation - cash vs. stock Information Technology 41.30 44.10 0.00 0 Industry or sector weighting Communication Services 14.60 12.63 13.40 100 Stock Selection MANAGER'S INVESTMENT STRATEGY Top-down / portfolio structures based on economic trends Utilities 0.00 0.03 0.00 Bottom-up / portfolio structure based on individual securities Real Estate/REITs 1.50 1.74 1.50 Cash/Cash Equivalents 2.80 0.00 1.20 ¹The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. ***Index : Russell 1000 Gr If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 7 US Strategic Growth Select UMA MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • Apply investment criteria to narrow down initial universe Investing in securities entails risks, including: Equity portfolios 06/21 03/21 12/20 09/20 • Determine attractiveness of securities through proprietary in-depth are subject to the basic stock market risk that a particular U.S. Stocks 97 97 99 97 security, or securities in general, may decrease in value. Growth fundamental analysis Non-U.S. Stocks 1 1 0 0 investing does not guarantee a profit or eliminate risk. The • Discuss and debate, solidifying team research view stocks of these companies can have relatively high valuations. ADRs/Non-U.S. Stocks 0 0 0 1 • Construct Portfolio-CIO and co-Lead PMs implement the team's Because of these high valuations, an investment in a growth Cash/Cash Equivalents 3 3 1 2 research views stock can be more risky than an investment in a company with • Monitor & Evaluate - sell discipline, attribution analysis and more modest growth expectations. Value investing does not accountability guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than that of a less concentrated portfolio. ¹The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. ***Index : Russell 1000 Gr If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 2 of 7 US Strategic Growth Select UMA RISK/RETURN ANALYSIS - 5 YEARS ENDING 06/30/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/21 R R a a t t e e o o f f R R e e t t u u r r n n s Standard Deviation s (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 06/30/21 Goldman Sachs (Gross) 19.40 23.48 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Goldman Sachs (Net) 19.34 20.68 Goldman Sachs (Gross) -2.04 20.64 32.58 13.99 4.16 2.41 31.39 -0.73 35.53 38.84 17.68 16.73 Russell 1000 Gr 19.02 23.66 Goldman Sachs (Net) -4.26 17.86 29.61 11.33 1.79 -0.01 28.43 -3.04 32.50 35.75 14.99 16.67 90-Day T-Bills 0.44 1.14 Russell 1000 Gr 2.64 15.25 33.49 13.06 5.68 7.08 30.21 -1.51 36.39 38.49 17.87 16.24 RISK VOLATALITY (%) PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS ENDING 06/30/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net Standard Deviation 24.84% 19.40% t 2011 1.98 1.39 1.80 1.21 -13.58 -14.09 9.18 8.60 e 24.53% 19.02% 2012 16.57 15.92 -4.16 -4.72 8.42 7.79 -0.40 -1.00 Standard Deviation of Primary Benchmark o 2013 8.04 7.43 0.82 0.24 10.47 9.86 10.17 9.56 0.93 1.15 f 2014 0.55 -0.06 4.35 3.74 3.18 2.57 5.29 4.69 Sharpe Ratio 2015 3.25 2.63 -0.37 -0.95 -5.49 -6.03 7.13 6.55 Sharpe Ratio of Primary 0.97 1.18 R Benchmark e 2016 -1.06 -1.68 0.07 -0.53 4.65 4.06 -1.16 -1.75 t 2017 11.38 10.76 5.22 4.63 4.78 4.19 6.98 6.38 Alpha -0.76% -0.40% u 2018 3.79 3.23 5.43 4.81 8.16 7.55 -16.13 -16.67 Beta 1.01 1.01 r 2019 16.61 15.99 4.54 3.95 1.16 0.57 9.91 9.28 Downside Risk 0.85% 1.36% n s 2020 -14.22 -14.72 28.11 27.45 13.93 13.30 10.90 10.23 R-Squared 1.00 0.99 2021 0.77 0.17 12.21 11.60 Tracking Error 1.00% 2.14% Related Select UMA Information Ratio -0.63 -0.08 *07/01/16-12/31/16 **01/01/21-06/30/21 Number Of Up Qtrs. Down Qtrs. PORTFOLIO DIVERSIFICATION - R ² (INCEPTION THROUGH 12/14)+ 1. Statistics are calculated using gross of fee performance only. Goldman Sachs (Gross) 17 3 R² 2. Russell 1000 Gr was used as the primary Goldman Sachs (Net) 17 3 0.98 Goldman Sachs vs. Russell 1000 Gr benchmark and the 90-Day T-Bills Index as the Russell 1000 Gr 18 2 risk-free benchmark. +Statistics are calculated using gross of fee performance only. See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above. If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program.
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