April 15, 2025 — This presentation provides an overview of our municipal market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Themes

• Municipal credit quality remains solid and continues to improve. For investors whose effective federal tax rate is 30% or higher, municipal bonds should be part of their fixed income allocation.
• Lock in higher yields now before market conditions change. Longer dated maturities offer the best value due to a steep yield curve — the 10s30s curve offers a generous 100 bps to extend duration.
• Sector and credit spreads are fully valued, except for pre-paid gas bonds, but security selection can still provide selective opportunities to add income.

February 25, 2025 — This presentation provides an overview of our municipal market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Themes

• Keep it simple –generate tax-exempt income with exceptional principal protection.
• Longer duration strategies are poised for out-performance over the coming market cycle.
• Security over sector selection as credit spreads remain fully valued.

January 13, 2025 — Sage provides an outlook for the municipal market, including our sector views and positioning.

January 13, 2025 — This presentation provides an overview of our municipal market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Themes

• Municipal income generation begins 2025 at near decade highs.
• Consider locking in higher rates by adding duration in the steepest part of the yield curve.
• Municipal credit metrics provide a solid foundation to overall asset allocation.

December 5, 2024 — This presentation provides an overview of our municipal market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Themes

• Municipal yields have most likely peaked and should grind tighter over 2025.
• The time to extend duration is now, with longer dated strategies offering maximal risk-adjusted returns.
• Investors can benefit from an early reallocation to municipal bonds to avoid the seasonal rush to market that occurs every January.

October 14, 2024 — Sage provides an outlook for the municipal market, including our sector views and positioning and the key themes we are following.

Key Themes

• The municipal market continues to be characterized by broad-based credit strength, positive direct and indirect fund flows, and an attractive after-tax yield environment.
• Several seasonal factors will define the fourth quarter, contributing to varying levels of liquidity and the potential for short-term volatility swings.
• Sage has a slightly long duration tilt for all our investment strategies, and if rates decline, Sage’s barbell allocation should mitigate the challenge of an inverted 2s5s yield curve while providing a better return profile.