June 12, 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 Takeaways

• Tax-exempt yields remain near historic highs, and at a 30% tax rate or higher, municipal bonds are outyielding most other fixed income options.
• The 10s30s curve offers a generous +120 bps to purchase long bonds, so if extending duration is an option, the long end offers attractive term premium.
• A significant increase in new issuance should provide advantageous issuer level opportunities.

May 13, 2025  — When evaluating an investment in a tax-exempt security, like a municipal bond, investors might overlook that its yield isn’t directly comparable to that of a taxable security. The tax-equivalent yield (TEY) is the pretax yield a taxable bond must have to match the yield of a tax-exempt bond. The TEY allows for a fair comparison between taxable and tax-exempt bonds.

May 7, 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 Takeaways

• Tax-exempt yields remain near historic highs, and for investors at a 30% tax rate or higher, municipal bonds are outyielding most other fixed income options.
• For those that can extend duration, the long end offers attractive term premium, with the 10s30s curve offering a generous +100 bps.
• Security selection remains the area of best opportunity, while sector and credit spreads are fully valued, except for pre-paid gas bonds.

The investment objective of this strategy is to minimize downside risk in any environment and maintain consistent quarterly after-tax total returns over a short to intermediate term investment horizon.

April 15, 2025 — Sage provides an outlook for the municipal market, including our sector views and positioning.

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.