June 23, 2022 — Sage’s Komson Silapachai discusses the outlook for inflation, Fed policy, economic growth, and asset pricing for the second half. See our Tactical Investment Strategy for more information.
Product Categories: Tactical ETF
Tactical Investment Strategy, June 2022
June 17, 2022 — This piece illustrates major investing themes, Sage’s asset class views, and portfolio positioning.
Tactical Investment Strategy, April 2022
April 22, 2022 — This piece illustrates major investing themes, Sage’s asset class views, and portfolio positioning.
Asset Allocation Perspectives, April 2022
April 20, 2022 — The following presentation outlines the current economic conditions, policy response and valuations, as well as how Sage is tactically positioned.
Tactical ETF Performance Commentary 1Q22
April 14, 2022 — This one-page report details what contributed to and detracted from performance for the Sage Tactical ETF Strategies in the first quarter.
Income ETF Performance Commentary 1Q22
April 14, 2022 — This one-page report details what contributed to and detracted from performance for the Sage Income ETF Strategies in the first quarter.
ESG ETF Performance Commentary 1Q22
April 14, 2022 — This one-page report details what contributed to and detracted from performance for the Sage ESG ETF Strategies in the first quarter.
Tactical ETF 1Q22 Market Review & Outlook
April 8, 2022 — Risk assets overall remained surprisingly resilient during Q1. Going into Q2, further resilience depends on the Russia-Ukraine war not worsening, expected strong earnings results, and for the consumer to weather the inflation shock. These are a lot of “ifs” and suggests that risk assets are not appropriately pricing in macro risks. On the policy front, the Fed will lead the charge globally in the inflation fight, and the market is already pricing in the Fed’s target of 2.0% to 2.5% by year end. Rate markets have absorbed much of this pain already, which could make rate moves more muted in the coming quarters.
Tactical Investment Strategy, March 2022
March 9, 2022 — The Russian invasion of Ukraine is the dominant macro influence now and is likely to remain so for a while. The near-term repercussions have been risk-off in markets, lower rates, and spiking energy prices. From a market and economic standpoint, the broader implications include the possible stalling of a post-Omicron economic growth rebound, higher inflation pressures due to energy prices, and disruptions to an already-fragile global supply chain. This also puts the Fed and other central banks in an even more precarious position of fighting inflation during a major geopolitical conflict while growth is already beginning to slow. Central bank policy will be the driving factor to returns this year, but extremely low visibility into the war in Ukraine suggests keeping risk toned down and maintaining a more defensive mindset overall.
Assessing Fair Value: How Much Further Could Markets Fall?
February 7, 2022 – Since mid-January risk markets have experienced elevated volatility and weakness due to fears of the Fed’s tightening policy. Market segments with the highest valuations and most perceived sensitivity to rates have suffered the worst, as many investors took gains after a sustained post-pandemic run.