GOAL Kickstart Summer data only update

Portfolio Strategy Research 17 August 2026 | 5:04PM BST

During August we provide a data-only GOAL Kickstart. Christian Mueller-Glissmann, CFA Pricing as of August 14th close. | christian.mueller- Goldman Sachs International

Andrea Ferrario | Goldman Sachs International

Alessandro Giglio | Goldman Sachs International

Elena Porfidia | Goldman Sachs International

Peter Oppenheimer | Goldman Sachs International

This report is intended for distribution to GS institutional clients only.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Exhibit 1: GOAL asset allocation recommendations and GS cross-asset forecasts Allocation Weighting Current Forecasts Forecast Upside/Downside (%) 3m 12m Level 3m 6m 12 m 3m 6m 12 m Equities N OW Index level Total Return S&P 500 ($) OW OW Stoxx Europe 600 (€) UW UW MSCI Asia-Pacific ex. JP ($) OW OW Topix (¥) OW OW Year Government Bonds N N Yield (%) Total Return US OW OW Germany OW N Japan UW UW UK N OW Corporate Bonds N UW Spread Total Return Bloomberg USD IG OW OW Bloomberg USD HY OW OW Bloomberg EUR IG UW UW Bloomberg EUR HY UW UW EM Hard Currency Sovereign N N Commodities N N Spot price Spot Return WTI ($/bbl) N N Brent ($/bbl) N N Copper ($/mt) N N 14,576 13,700 13,800 13, Gold ($/troy oz) N OW 4,392 4,840 5,005 5, FX - - Spot rate Spot Return EUR/USD - - USD/JPY - - GBP/USD - - AUD/USD - - USD/BRL - - USD/INR - - USD/CNY - - Cash N N Spot rate Total Return US 3-month Tbill - - - - - - Germany 3-month Bubills - - - - - - Source: Bloomberg, Datastream, Bloomberg-Barclays, ICE-BAML, iBoxx, Goldman Sachs Global Investment Research