Sage Income ETF Strategies Performance Commentary 1Q20

This one-page report details what contributed to and detracted from performance for the Sage Income ETF Strategies in the first quarter. Given the extreme stress in credit markets, the Multi-Asset Income Strategy produced a negative return, with high-yield corporates, municipal bonds, and equities acting as the largest detractors. The portfolio recovered some performance near the end of the quarter due to policy stimulus. The TAMAI strategy underperformed during the first quarter as equities, credit, and municipals all sold off; however, we believe that for longer-term investors, municipals are trading at the most attractive valuations they’ve seen in several years.