January 31, 2023 — For most investors, taking advantage of the tax code is a prudent investment strategy that may enhance realized after-tax returns. Sage allows clients to take advantage of tax-loss selling as each client owns their securities in a separately managed account. While this can be an added benefit, clients and advisors should be aware of several important factors.
Product Categories: Municipal Fixed Income
Municipal Fixed Income 4Q22 Market Review & Outlook
January 10, 2023 — From an investment return standpoint, almost everyone was happy to see 2022 end. The municipal market was no exception; however, municipal investors can take a pyrrhic victory as relative performance was better than most asset classes.
‘Tis the Season . . . for a Muni Rally in January
January 3, 2023 — The “January Effect” will provide a supportive technical backdrop as investors look to rebalance asset allocations, including their municipal holdings.
A Muni Minute — Let’s Talk Turkey
November 15, 2022 — Despite a difficult return environment for fixed income this year, municipal bonds can provide investors with attractive relative performance, tax-free income, and a defensive credit profile.
Municipal Fixed Income 3Q22 Market Review & Outlook
October 10, 2022 — The municipal market has been playing an extreme game of give and take. For those invested in municipal bonds, the take has been painful with historic negative returns being realized. On the other hand, the municipal market is giving or, more accurately, offering new investors significant yield opportunities that have not existed since 2010. One catalyst that continues to influence municipal returns has been historic mutual fund outflows, which tops $100 billion YTD.
Identifying Value Opportunities Amid Struggling Municipal Hospitals
October 5, 2022 — It has been a rough couple of years for US hospitals, having navigated the front lines of the Covid-19 pandemic and subsequent staffing burnout. Municipal investors in the healthcare sector have seen negative returns, spurred by a combination of rapidly rising interest rates and widening credit spreads. Despite these challenges, now is not the time to shun the entire healthcare sector; rather, this represents an excellent entry point for investors willing to be selective within a sector that could provide a key yield enhancement to municipal bond portfolios.
The Ghosts of Pension Future (Part 3)
September 6, 2022 — To establish fund solvency, a number of pension systems need to discover new and innovative solutions to long-standing issues. Here are six recommendations from Sage on how to improve pension fund solvency and hopefully prevent or limit similar problems in the future.
The Ghosts of Pension Present (Part 2)
August 22, 2022 — It was not so long ago that pension problems were considered a longer-term challenge and there was plenty of time to fix persistent issues. Unfortunately for a growing number of municipalities, the future is now.
The Ghosts of Pension Past
August 22, 2022 — Numerous factors have contributed to the current state of underfunding in public pension plans, which has sparked political finger-pointing, credit rating downgrades, and even municipal bankruptcies in the most extreme cases. Although a handful of pension systems are near the point of total depletion, most funds still have the opportunity to correct course and establish fund solvency.
Municipal Fixed Income 2Q22 Market Review & Outlook
July 19, 2022 — Extreme, historic, elevated, unprecedented . . . those are just some of the adjectives used to describe the municipal market over the first half of the year.