Sage’s National Municipal Strategies Avoided California Wildfire Risk

January 23, 2025 — Without a doubt, the wildfires in Central California are one of the most tragic events to hit our nation. Since Sage primarily manages national municipal strategies, most clients in Sage strategies have little to no exposure to either the issuers affected or to any issuers within the State of California. This report addresses wildfire risk in California and the municipality that faces the highest potential for credit stress.