June 9, 2021 — We continue to see further upside for risk assets in the second half of 2021. Our base case includes strong growth driven by a continued reopening of the global economy, a healthy consumer, and favorable policy that will push equities higher and keep spreads stable. We expect the Fed to remain patient and carefully prep markets for a gradual tapering process by year-end. Inflation and higher rates will remain possible headwinds, but inflation concerns have receded somewhat, and inflation readings in the second half will be coming off a higher base and appear less threatening. Beyond rates and inflation, we would add tax concerns and valuations as the other primary risks for the back half. Fears of higher corporate taxes may weigh on mega-cap growth/tech-oriented companies, which feeds into our preference for value.

May 13, 2021 — Most clients who seek high current income are typically at the stage of their investment life where they also need relative safety of principal.

May 7, 2021 — The second quarter got off to a fast start with strong economic momentum and earnings. This pushed global equities 4.2% higher while modestly lower rates drove positive gains in core fixed income markets. Despite strong returns, signs of caution emerged in April; rates drifted back down and the reflation trade paused, which led to value and small caps underperforming and an uptick in volatility.

April 23, 2021 — The second quarter brings a rosy economic picture, with double-digit GDP growth expected as reopening activity meets swelling consumer wallets. The primary risk to the outlook is an overheating scenario that drives up inflation quickly and prompts fears that the Fed will need to rush a more compressed taper/hiking timeline. We see this as unlikely and remain tilted toward an upside scenario, but we have lowered risk modestly given valuations and strong returns.

April 19, 2021 — The following presentation outlines the current economic conditions, policy response and valuations, as well as how Sage is positioned in the current environment.

April 14, 2021 — This one-page report details what contributed to and detracted from performance for the Sage Income ETF Strategies in the first quarter.

April 14, 2021 — This one-page report details what contributed to and detracted from performance for the Sage Tactical ETF Strategies in the first quarter.

April 13, 2021 — Heading into the second quarter, the macro picture continues to be supportive for risk assets; additional stimulus, increased vaccine distribution, and healthy consumer balance sheets have pushed growth forecasts higher. From an economic perspective, the global economy is primed to grow at its fastest pace in decades. Global GDP growth is now expected to be around 6.5% for 2021. The primary risk to the outlook is an overheating scenario, which could drive up inflation quickly and prompt fears that the Fed will need to rush a more compressed taper/hiking timeline. Indeed, these fears have already crept into bond markets as is evidenced by the rise in rates during the first quarter; over the next quarter, however, we do not see these fears derailing the recovery or the risk rally.