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 www.gs.com/research/hedge.html. 9 July 2025 | 5:00AM BST This report is intended for distribution to GS institutional clients only. GOAL: Global Opportunity Asset Locator 2H Outlook: Goldilocks and the three bears Christian Mueller-Glissmann, CFA +44(20)7774-1714 | christian.mueller- glissmann@gs.com Goldman Sachs I ...