Strategas Asset Management
@strategasasset
Strategas manages macro thematic portfolios, including three ETFs: SAMT, SAGP, & SAMM. For important disclosures, please visit our website:
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Equity Minus Fixed Income ETF flows have meaningfully retraced, while Cyclical Minus Defensive Sector ETF Flows have also retraced from extremes. What can we expect moving forward? Click the link to learn more:
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How did flows manifest to end October? Record month for Fixed Income ETF flows, with buying-the-dip activity in leveraged funds. Learn what this may mean in this week’s ETFs and Markets video with Todd Sohn:
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Policy uncertainty adds another consideration for AI investment. In our latest SAMT update, Portfolio Manager Ryan Grabinski examines how potential state and local restrictions on data centers and AI infrastructure could weigh on spending and associated beneficiaries. Holding additional cash preserves flexibility as the policy outlook evolves:
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New month, new momentum mix. In case you missed our posts last week, Strategas’ October rebalance of the Macro Momentum ETF increased exposure to Energy and Software and trimmed Semiconductors. Watch the rebalance update to learn more about what changed in SAMM—and why our process reviews the opportunity set every month:
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Concentration coming off the boil: October saw several groups' exposure to the S&P 500 come down. They’re still at historically high levels, but, for example, semis' exposure to the S&P 500 declined from 20% to 16%. Learn more in this week’s video with @Todd_Sohn:
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Financing costs matter for the equity outlook. Our October 30th SAMT update explores how potential further tightening and renewed pressure on longer-term yields could weigh on longer-duration equities and make funding more challenging for lower-quality companies.
Click here to read the full update:
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Momentum evolves—and SAMM evolves with it. In the October rebalance, the Strategas Macro Momentum ETF added weight to Energy and Software while reducing exposure to Semiconductors. See how our quantitative screening and monthly rebalance process are responding to the market’s latest signals:
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What's happening in the leveraged landscape? Inverse ETF volume has been rising; historically, this has indicated that investors are offside. Check out last week’s ETFs and Markets with @Todd_Sohn:
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AI investment remains robust—but funding that growth is coming under greater scrutiny. In this SAMT update, Portfolio Manager Ryan Grabinski examines how free cash flow pressures and potential capital raises could create volatility, particularly for AI facilitators. We believe waiting for greater clarity on future spending is prudent.
Click here to read the full update:
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What changed in the latest Strategas Macro Momentum ETF rebalance? October brought increased exposure to Energy and Software, while Semiconductor exposure moved lower. Watch our latest update for a closer look at the quantitative, monthly rebalance process behind SAMM:
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What do you find when you analyze the last 10 years of daily flow data? Only 4% of the time flows were below their 5th percentile, and the S&P 500 had a drawdown of less than 5%. Learn more in this week’s video:
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One theme we’re watching right now is cyclical restraint. While absolute cyclical flows aren’t at extremes, relative to the defensive sector, they are beginning to look like 2022, inching closer to extreme territory. Click the link to watch this week’s video with @Todd_Sohn:
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AI investment, sovereign financing pressure, and physical scarcity are reshaping the opportunity set. We see potential in second-order AI beneficiaries, the Analog Edge, selective global exposure, and commodities. Click the link to read the latest Insight:
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Before the Russell 2000 was rebalanced this past summer, 3 names made up 4% of the Index for the first time in 30 years. But like any good team that loses its best players, the market is waiting for the index to prove its strength wasn't concentrated in a handful of names. See what Todd Sohn has to say about the group in this week’s video:
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A drumbeat of concern is growing: the Western quality of life we require may be deteriorating, bringing a slow erosion of agency that policy remedies struggle to address. What could that mean for markets? Click the link to read the latest Insight by CEO @nbohnsack:
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A shift away from technology? As names in the sector start to roll over or stall, demand is changing. Where’s the money going to? Healthcare and Energy. Find out why in this week’s video:
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Investors, policymakers, and the public are traveling divergent paths. In our SAMT ETF, we’re seeking opportunities across AI, the Analog Edge, and De-Globalization as those paths converge. Click the link to read our latest Advisor Insight:
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"The intensity of tactical ETF flows have started to calm down", @Todd_Sohn in this week's ETFs and Markets:
1,000 new ETFs through the End of August - on pace to set the record by the end of October. Are there implications? Find out in this week's ETFs and Markets with @Todd_Sohn:
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What have flows into fixed income ETFs looked like as yields have been on the rise, particular the 10yr? Find out in this week’s video with @Todd_Sohn:
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