Municipal Fixed Income Investment Strategy — July 2023
July 11, 2023 — Municipal Fixed Income Investment Strategy provides an overview of Sage’s market outlook and sector positioning.
- The municipal credit environment continues to improve and currently exhibits multiple fundamental metrics that have not been this strong in over two decades. Post-Covid challenges related to inflationary pressure have permanently increased the cost of labor, goods, and services that will increase pressure on budgets over time. In addition, long-term challenges such as underfunded pension and OPEB funds will likely result in credit downgrades for those issues that continue to neglect those obligations.
- Looking forward to the second half of the year, municipal returns are anticipated to be positive, despite some initial yield volatility, delivering 1.5% to 2.0% returns on income alone. Higher-beta credits will continue to outperform as the additional spread will improve both income and provide further price appreciation. With the Fed tightening cycle concluding soon, Sage will continue to add duration in longer-dated maturities since valuations are compelling in that area.
Fixed Income Investment Strategy — July 2023
July 10, 2023 -- Fixed Income Investment Strategy provides an overview of Sage's market outlook and sector positioning. . . .
Income ETF Strategies Performance Commentary 2Q23
July 11, 2023 -- This one-page report details what contributed to and detracted from performance for the Sage Income ETF Strategies in the second quarter.
Fixed Income, Municipal Fixed Income, Tactical ETF
Sage Advice Quarterly Market Review 2Q23
July 10, 2023 -- Heading into the back half of 2023, the prevailing narrative seems to be that we are slowing down but only gradually . . .