Asset Allocation Perspectives, 4Q23 Outlook
October 17, 2023 — This presentation provides an overview of our market outlook and key themes, and it illustrates how Sage is positioned in the current environment.
- Waiting on the Lag — Tighter monetary conditions and fading stimulus will hurt growth and challenge the soft-landing narrative in the coming months.
- Credit Risk vs. Rate Risk — A challenging economic outlook, yield cushion against any further hikes, and unfavorable valuations in risk assets make rate risk the less worrisome risk.
- Liquidity Drought — Issuance and QT will keep the bias toward shrinking liquidity after the market has ridden the wave of excess liquidity for years.
When the Tax Equivalent Yield Outpaces Cash
October 16, 2023 -- A historic rise in municipal bond yields offers high-net-worth investors with an excellent opportunity to capture tax-free income in an asset class . . .
Fixed Income Field Manual
October 10, 2023 -- Recent data surprises have caused a significant repricing in yields, causing investors to worry about another negative year for fixed income. . . .
Tactical Investment Strategy — October 2023
October 10, 2023 -- Tactical Investment Strategy provides an overview of key economic and policy themes and how Sage is tactically positioned . . .