Sage Advice Taxable Quarterly Market Review 1Q2020
Our base-case scenario has shifted from a fragile stabilization going into 2020 to a global recession, with a large contraction in the first half and some recovery into year-end. Given our macro outlook, safety and liquidity remain our current mindset within our fixed income strategies. With the significant reset in spread sector valuations and limited carry in Treasuries and high-quality markets, we believe returns over the coming quarters will ultimately be driven more by spread tightening and security selection opportunities. To this end, we have maintained a close to full duration position to mitigate continued volatility in spreads, but we have started to trim some duration and add to credit opportunistically.
Featured Insights
Tactical ETF
Tactical Investment Strategy March 2020
Given the shutdown in economies across the globe, the oil shock, and credit crunch, the base case economic outlook has rapidly shifted to include a period of negative . . .
Tactical ETF
Asset Allocation Perspectives March 2020
This presentation outlines the macroeconomic landscape, monetary policy outlook, relative valuations, and how Sage is positioned . . .
Fixed Income
Webinar – Markets Reflect an Economic Contraction & Could Present a Medium-Term Opportunity
Listen to members of our investment team discuss changes in key market segments and where Sage sees opportunities.