Tactical Investment Strategy, September 2021
September 20, 2021 — The third quarter has been a bumpy ride, with a surge in the Delta variant that has shifted the macro landscape and slowed the economic reopening. Other angst-inducing events include the tech crackdown in China, the question of peak growth in the U.S., and the Fed nearing a policy shift toward tapering. The most serious risk to growth and our overall outlook has been Delta, as it has induced a drag on economic data, reopening momentum, and confidence. This was evident in disappointing data over the last several months, a ratcheting down of third-quarter GDP expectations and, most recently, a dampening of inflation readings. Some of these effects will linger, especially in supply chain disruptions, but we see enough positives to keep us constructive on growth and risk assets for Q4.
The Winners and Losers of the Great Reflation Trade
Not all commodities have benefitted equally in the reflation/economic reopening trade. Some have long-term structural supply/demand imbalances, while others have seen . . .
Fixed Income Returns & Rising Rate Environments
September 10, 2021 -- Given the large moves in interest rates over the past 12 months, investors are focused on the near-term direction of rates. Understandably so . . .
Fixed Income Performance Through Rising Rate Environments
This presentation illustrates how Sage fixed income strategies and benchmark indexes have fared during periods of rising 10-year Treasury yields. While investors may . . .