The Sage Moderate Growth tactical ETF strategy is a global asset allocation portfolio that is managed consistent with the risk orientation of a moderate growth investor. The strategy will invest in the global fixed income, global equity and alternative market segments. Tactical allocation decisions will be applied on two levels; at the broad asset class level and within the various fixed income, equity and alternative market segments.

The Sage Moderate tactical ETF strategy is a global asset allocation portfolio that is managed consistent with the risk orientation of a moderate investor. The strategy will invest in the global fixed income, global equity and alternative market segments. Tactical allocation decisions will be applied on two levels; at the broad asset class level and within the various fixed income, equity and alternative market segments.

The Sage Conservative tactical ETF strategy is a global asset allocation portfolio that is managed consistent with the risk orientation of a conservative investor. The strategy will invest in the global fixed income, global equity and alternative market segments. Tactical allocation decisions will be applied on two levels; at the broad asset class level and within the various fixed income, equity and alternative market segments.

The Sage All Cap Equity Plus tactical ETF strategy seeks to provide strong risk-adjusted investment returns relative to the global equity market. The strategy will invest primarily in core domestic and international equity markets and will tactically allocate between 0%-40% in non-core segments such as emerging market equity, commodities, real estate and currencies.

The Sage Core Plus Fixed Income tactical ETF strategy seeks to provide excess yield and strong risk-adjusted investment returns relative to the Barclay’s Aggregate Bond Index. The strategy will invest primarily in core fixed income and will tactically allocate between 0%-40% in non-core segments such as high yield, non-dollar, emerging market debt and preferred stocks. The tactical allocation decisions will be determined by the desired portfolio duration, yield curve management and opportunities in non-core market segments.

October 17, 2023 — This presentation provides an overview of our market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Themes

• Waiting on the Lag — Tighter monetary conditions and fading stimulus will hurt growth and challenge the soft-landing narrative in the coming months.
• Credit Risk vs. Rate Risk — A challenging economic outlook, yield cushion against any further hikes, and unfavorable valuations in risk assets make rate risk the less worrisome risk.
• Liquidity Drought — Issuance and QT will keep the bias toward shrinking liquidity after the market has ridden the wave of excess liquidity for years.

October 12, 2023 — This one-page report details what contributed to and detracted from performance for the Sage Income ETF Model Portfolios in the third quarter.

October 12, 2023 — This one-page report details what contributed to and detracted from performance for the Sage ETF Model Portfolios in the third quarter.

October 10, 2023 — Tactical Investment Strategy provides an overview of key economic and policy themes and how Sage is tactically positioned in the current market environment.

Key Takeaways

• While US growth has surpassed expectations, we expect lagging data to begin to rollover slowly in the coming months as consumer strength starts to fade under the growing impact of a restrictive Fed and elevated inflation.
• Heading into the fourth quarter, the mix of macro drivers supports our view to stay defensive on risk assets, extend duration, and prep for volatility. Our view is that the Fed is almost done hiking and resilience in labor and consumer data will keep some pressure on rates in the near-term, but more optimistic growth revisions are already baked in.
• From a positioning perspective, we remain defensive across our asset allocation, with a modest overweight to fixed income.