Tactical Investment Strategy — January 2024
January 17, 2024 — Tactical Investment Strategy provides an overview of key economic and policy themes and how Sage is tactically positioned in the current market environment.
- Strong economic momentum in the back half of 2023 and expectations of a Fed pivot have provided an optimistic tone to the consensus macro view, but we see a challenging backdrop ahead.
- Our base case is a “softish” landing with weak growth, as consensus predicts, but a higher probability of one or two quarters being pushed into modestly negative territory.
- Heading into 2024 we are focused on quality. Rate cuts are coming, yields will fall this year, and when combined with coupon carry, this should translate into strong fixed income returns. As such, we are overweight fixed income in our balanced allocations, and we expect core fixed income and municipals to reap strong returns in 2024. In equities, we are tilted toward high-quality exposure and regions with more discounted valuations and lower betas.
Tactical ETF Model Portfolios: Performance Commentary 4Q23
January 14, 2024 -- This one-page report details what contributed to and detracted from performance for the Sage ETF Model Portfolios in the fourth quarter.
Fed Focus Shifts to Growth Picture — Fixed Income Outlook in 5 Charts
January 12, 2024 -- Declining inflation through the second half of 2023 has given the Fed the green light to pivot to the other side of their dual mandate: economic growth.
Asset Allocation Perspectives 2024 Outlook
January 10, 2024 -- This presentation provides an overview of our market outlook and key themes, and it illustrates how Sage is positioned in the current environment.