Goldman Sachs Asset Management Hires Wilson K. Magee, Jr. as Co-Portfolio Manager of the Goldman Sachs Real Estate Securities Fund.Business & Real Estate Editors NEW YORK--(BUSINESS WIRE)--Jan. 15, 2003 Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Asset Management announced today that Wilson K. Magee, Jr., has joined the firm as Co-Portfolio Manager of the Goldman Sachs Real Estate Securities portfolios. Mr. Magee will join a team of investment professionals, led by Senior Portfolio Manager Mark Howard-Johnson, that manages $255 million in real estate securities portfolios for institutional, high net worth and retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. . "We are delighted to have someone with Wilson's industry knowledge and vast experience on our real estate securities team. Having previously been colleagues at another real estate firm, I know the positive impact Wilson will have both on our team and our investors," said Mr. Howard-Johnson. The addition of Mr. Magee to the portfolio management team comes as the Goldman Sachs Real Estate Securities Fund nears its fifth anniversary. Since its inception on July 27, 1998, through year end 2002, Class A Shares of the Fund have outperformed the Wilshire Real Estate Securities Index, producing a cumulative total return of 34.01% versus the Index return of 28.57% over the same period, based on the Fund's net asset value; the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. total returns were 6.82% for the Fund and 5.83% for the Index. In 2002, the Fund's A Shares returned 2.91% based on NAV See navigation system and navigation bar. , versus the Index return of 2.68% over the same time period.(1) The success of the portfolios is primarily due to the fundamental analysis performed by the portfolio management team. Mr. Magee's real estate expertise will augment this effort. Mr. Magee joins Goldman Sachs Asset Management with more than 21 years of experience in the real estate field, most recently as a portfolio manager of a $240 million real estate securities portfolio at Grantham, Mayo Van Otterloo & Co. (GMO GMO abbr. genetically modified organism ), a Boston-based investment management company. He also led the firm's Global Property Group and managed the GMO Global Properties Fund. Prior to his five years at GMO, Mr. Magee was a Principal of The Penobscot Group, a real estate securities research firm. He also spent seven years managing his own real estate firm, which specialized in consulting, development, construction management and transaction services. In addition, Mr. Magee has held senior positions in real estate development, finance and consulting. After earning his BA from Tulane University History Founding/early history The University dates from 1834 as the Medical College of Louisiana.<ref name="facts" /> With the addition of a law department, it became The University of Louisiana , he began his career in real estate as a contractor in residential, commercial and public development projects. Mr. Magee is a member of the National Association of Real Estate Investment Trusts and the Pension Real Estate Association. Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE NYSE See: New York Stock Exchange :GS), which manages $348 billion as of November 30, 2002. Goldman Sachs Asset Management has been providing discretionary investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal since 1989 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. IMPORTANT ADDITIONAL INFORMATION (1) Goldman Sachs Real Estate Securities Fund Standardized Total Returns (includes maximum sales charge) as of 12/31/02 (Class A Shares) 1 Year -2.74% Since Inception (7/27/98) Annualized 5.47% Since Inception (7/27/98) Cumulative 26.66% The standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. total returns are average annual returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of all distributions at net asset value. The standardized total returns for Class A shares reflect a maximum initial sales charge Sales Charge A commission or fee paid by an investor at the time of purchasing mutual fund shares. The charge is paid to a mutual fund salesperson or financial advisor and is intended to provide compensation for the financial salesperson's efforts in assisting their client select of 5.5%. The returns represent past performance. The fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Wilshire Real Estate Securities Index is an unmanaged index of publicly traded REITs and real estate operating companies operating company A business that engages in transactions with outsiders. . The index figures do not reflect any deduction for fees, expenses or taxes. An investment in real estate securities is subject to greater price volatility and the special risks associated with direct ownership in real estate. Goldman, Sachs & Co. is the distributor of the Goldman Sachs funds. Copyright 2003 Goldman, Sachs & Co. All rights reserved. A prospectus containing more complete information about the Goldman Sachs Real Estate Securities Fund can be obtained by calling 1-800-526-7384. Investors should read the prospectus carefully before investing. |
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