Strategas Macro Thematic Opportunities ETF

SAMT

時価総額 $7.83億

I maintain the Hold rating on the Strategas Macro Thematic Opportunities ETF. With 43 equities in the portfolio, SAMT apparently targets the AI 2.0, Analog Edge, Cash Flow Aristocrats, Deglobalization, and Industrial Power Renaissance themes at the moment. With substantial alpha delivered earlier this year, SAMT has already lost its edge over IVV, and I expect it to continue underperforming into 2027.

Strategas Macro Thematic Opportunities ETF (SAMT) continues to outperform the S&P 500, validating its active, hedge-fund-like approach. SAMT maintains a conservative portfolio with over 20% in cash and avoids concentrated single-name risks, supporting stability. The ETF's high Sharpe ratio (1.8) and limited drawdowns (-8% max) highlight strong risk-adjusted returns despite higher volatility.

The investing landscape this year is marked by several crucial, competing, intertwined themes. AI looms over areas from robotics to electrification, space to semiconductors.

Strategas Macro Thematic Opportunities ETF has marginally outperformed the Russell 1000 since inception, meeting its stated objective. SAMT employs a top-down, thematic approach, currently emphasizing AI, cash flow aristocrats, de-globalization, and industrial power renaissance. The fund offers superior sales and cash flow growth lower valuation ratios but lags in earnings growth relative to the benchmark.

2025 was sprinkled with hints that a thematic exchange-traded fund (ETF) comeback could be in its initial stages. With over $240 million in assets under management (AUM) and growing, the Procure Space ETF (UFO) could be one of those funds to watch in 2026.

Strategas Macro Thematic Opportunities ETF is an actively managed ETF targeting macro-thematic trends, offering unconstrained portfolio flexibility similar to a hedge fund. The fund's high turnover and dynamic allocation (currently 80% equities, 16% cash, 4% gold) allow it to capitalize on market themes. Traditional valuation metrics are less relevant; performance is driven by thematic momentum and active management, as seen in recent strong returns.

Incepted in January 2022, SAMT is an actively managed vehicle with a strategy revolving around macro themes like AI, de-globalization, etc. It is benchmarked against the S&P 500. At this juncture, it has 36 holdings, including a massive cash position. Most companies have excellent growth characteristics, yet are expensive and have a few quality issues. 2022 was a success, and so were 2024 and 2025 to date. Yet, owing to feeble 2023, SAMT's annualized return is 1.4% below that of IVV.

Strategas Macro Thematic Opportunities ETF is an actively managed ETF holding 36 stocks, along with gold and cash. The fund's portfolio is diversified across large, mid, and small caps, with significant exposure to industrials, consumer staples, and financials. SAMT has underperformed an equity market benchmark, missing one of its objectives.

Hermed offentliggøres prospekter samt formue og antal investorer i afdelingerne UCITS ETF Solar Wind Nuclear og UCITS ETF Lifestyle & Obesity, som optages til handel på Nasdaq Copenhagen A/S med første handelsdag 25. november 2024.

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