January 24, 2022 — For 2022, we expect the Fed’s policy transition to be the dominant macro factor, driving rates moderately higher, limiting fixed income returns, and injecting volatility into credit spreads and equity prices. From an economic standpoint, the recovery appears on firm ground, despite the recent spike in new Covid infections. We expect continued strong consumer demand —supported by elevated savings, ebbing effects of Covid on economies, and loosening supply lines –to drive above-trend growth globally for the first half of 2022. We also expect inflation to run above trend for a couple more quarters until it starts to decelerate in the second half, as base effects and easing supply chains come into play. Given our outlook, we’ve broadly reduced risk overall among our strategies, which has mitigated volatility in early 2022 and should create some dry powder for tactical opportunities as they present themselves.

January 21, 2022 — This one-page report details what contributed to and detracted from performance for the Sage Tactical ETF Strategies in the fourth quarter.

January 21, 2022 — This one-page report details what contributed to and detracted from performance for the Sage Income ETF Strategies in the fourth quarter.

January 21, 2022 — This one-page report details what contributed to and detracted from performance for the Sage ESG ETF Strategies in the fourth quarter.

January 18, 2022 — Robust growth and high inflation will support the more aggressive monetary policy path, which now includes a rapid tapering of QE purchases by the end of Q1, three to four hikes during the year, and strong indications of balance sheet reductions during 2022. We expect long rates to reprice modestly higher during the first half and yields to move more aggressively on the front end, flattening the curve and pushing 10yr yields closer to 2%. We also expect credit spreads to remain stable; however, we believe spreads are more vulnerable to balance sheet reductions, fears that the Fed may cause the economy to slow faster than expected, and overall elevated volatility during the first half.

December 13, 2021 — Heading into 2022, we expect above-trend growth, but lower returns and higher volatility, given virus concerns and the Fed’s accelerated timeline toward tighter policy. From an asset allocation standpoint, we remain broadly tilted toward risk assets, overweight equities vs. fixed income in balanced accounts and overweight credit and higher-yielding markets in fixed income.

December 13, 2021 — The following presentation outlines the current economic conditions, policy response and valuations, as well as how Sage is positioned going into 2022.

November 1, 2021 — In Q4 we expect the economic recovery to continue as the Delta variant’s initial impact on data fades, but for the overall growth trend to moderate. Several macro variables will continue to complicate the outlook for investors, including concerns regarding China’s slowdown and credit issues, upcoming policy withdrawal from the Fed, and fears of more persistent inflation pressures. Despite these risks, we expect the growth, earnings, and liquidity backdrop to support risk assets into year-end, and for favorable technicals and stable spreads to mitigate rate-related damage in fixed income. The primary risk to this view, which is key to both the growth and inflation outlook, will be how quickly supply chain disruptions ease.

October 27, 2021 — The following presentation outlines the current economic conditions, policy response and valuations, as well as how Sage is positioned in the current environment.