Asset Liability Monitor 1Q24

April 30, 2024 — The Sage Asset Liability Monitor evaluates the quarterly performance of assets vs. liabilities in the context of the current market environment. In addition to reviewing changes to key bond market and pension metrics, we provide a historical perspective on the asset vs. liability performance and the health of corporate pension plans over time.

1Q24 Cash Balance Moderate Strategy

The Sage Cash Balance Moderate Strategy will seek to earn, on an annual basis, a return ranging between 4%-6%, while limiting volatility and downside risk. The Strategy will invest in the fixed-income, equity, and alternative market segments. A target asset allocation will be set at the beginning of each calendar year. Tactical allocation changes will be made throughout the year based on changing economic and market conditions. As the Strategy makes progress towards the annual return target, the risk profile of the Strategy will likely be reduced.

1Q24 Cash Balance Conservative Strategy

The Sage Cash Balance Conservative Strategy will seek to earn, on an annual basis, a return ranging between 2%-4%, while limiting volatility and downside risk. The Strategy will invest in the fixed-income, equity, and alternative market segments. A target asset allocation will be set at the beginning of each calendar year. Tactical allocation changes will be made throughout the year based on changing economic and market conditions. As the Strategy makes progress towards the annual return target, the risk profile of the Strategy will likely be reduced.

1Q24 Cash Balance Ultra Conservative Strategy

The Sage Cash Balance Ultra Conservative Strategy will seek to earn, on an annual basis, a return ranging between 1%-3%, while limiting volatility and downside risk. The Strategy will invest primarily in fixed-income market segments. A target asset allocation will be set at the beginning of each calendar year. Tactical allocation changes will be made throughout the year based on changing economic and market conditions. As the Strategy makes progress towards the annual return target, the risk profile of the Strategy will likely be reduced.