Goldman Sachs says it is a portfolio of non-investment grade floating-rate loans and
other variable-rate securities issued by U.S. and foreign companies. The
fund’s investment objective is to seek a high level of current income.
GSAM’s Global Corporate Credit team, part of GSAM’s Global
Fixed Income team, will manage the fund. The Global Corporate Credit
team will employ research and risk management capabilities and
incorporate the best investment ideas across the senior bank loan
market.
With more than 40 investment professionals, the Global
Corporate Credit team oversees $81.7 billion in credit assets as of
December 31, 2010. The Global Fixed Income team, which oversees $299.6
billion in assets as of December 31, 2010, has more than 200 investment
professionals located across the globe.
The fund is offered in Class A and Class C shares, both with
$1,000 minimum initial investments. The Fund also offers Institutional
and Class R & Class IR Shares.
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The National Association of Real Estate Investment Trusts (NAREIT) is reporting that the total return of the FTSE NAREIT All Equity REITs Index
was up 7.5% in the quarter, and the FTSE NAREIT All REITs Index was up
6.8% compared to 5.92% for the S&P 500. NAREIT said REITs
delivered their first-quarter gains in spite of slightly negative
returns in March. The FTSE NAREIT All Equity REITs Index was down 1.28%
in the month, and the FTSE NAREIT All REITs Index was down 1.38%, while
the S&P 500 was up 0.04%.
Almost all sectors of the U.S. REIT market delivered
strong returns in the first quarter of 2011, and three sectors provided
double-digit returns. The Timber REIT sector was up 24.61% in the
period, while the Industrial sector gained 11.17%, and Self-Storage
REITs were up 11.03%.
Among other major segments of the REIT market, Office
REITs gained 7.61% in the quarter and Apartments were up 6.87%. The
Retail sector was up 4.51%, led by the Regional Malls segment, which was
up 6.3%.
According to the news release, on a 12-month basis ended
March 31, the total return of the FTSE NAREIT All Equity REITs Index was
up 25.02% and the FTSE NAREIT All REITs Index was up24.34%, significantly outpacing the S&P 500’s 15.65% gain in the period.
The U.S. REIT industry’s gains in the first quarter came on top of near 28% gains in both 2010 and 2009 (see “REITs Enjoy Strong 2010 Performance“),
years in which the S&P 500 gained approximately 15% and 26%,
respectively. At the end of this year’s first quarter, equity REITs were
up 205% from their market cycle trough in March 2009, but still
remained 18% below their peak in February 2007.
The equity market capitalization of the U.S. REIT industry
stood at $429 billion at the end of the 2011 first quarter, up 10.28%
from $389 billion at year-end 2010. Income-seeking investors also
continued to benefit from REIT dividend yields. The yield of the FTSE
NAREIT All REITs Index at the end of the first quarter was 4.2%, while
the FTSE NAREIT All Equity REITs Index’s yield was 3.46%. By comparison,
the dividend yield of the S&P 500 was 1.91%.
The public equity and debt markets continued to provide
REITs with a significant amount of fresh capital in the first quarter of
2011. REITs raised a combined $23.3 billion in 59 equity and debt
offerings in the period. The amount raised put the industry on track to
surpass the $47.5 billion in public equity and debt it raised in 2010,
the second largest annual amount raised in the industry’s history after
the $49 billion raised in the record year of 2006.
REITs have used the capital they have raised to
de-leverage, helping to reduce the industry’s debt ratio by more than
one-third from its high of 66.3% at the end of February 2009 to 39.8% at
year-end 2010, near its historical average. The strengthened balance
sheets have also provided REITs with the financial firepower to become
the commercial real estate industry’s most active acquirers of
properties in the past year.