Sage Advice Municipal Quarterly Market Review 4Q2019

Since valuations continue to remain rich for lower-rated credits, municipal investors would benefit from a modest reduction in BBB credits into A or better credits until relative value improves. Our portfolio sector allocations will remain focused on stable-to-improving sectors, including both general obligation and essential service revenue bonds rated A2 and higher. Ultimately, in a fully valued market, Sage will remain focused on value-based adjustments to incrementally add return and reduce risk over time.

  • DATE: January 13, 2020

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