Ryan Grabinski
Portfolio Manager
SAMT Update
07/15/2026
The strongest performers from the first half of the year have become the biggest detractors to start the second half and that rotation has been reflected in the divergence of returns across the fund's investment themes. Artificial Intelligence and the Industrial Power Renaissance have been the largest drags on performance as expectations for technology and technology-adjacent industries remain elevated. We have continued to reduce our semiconductor exposure and have fully exited our memory positions. The leverage embedded in ETFs tied to these industries has amplified market moves, and we intend to re-enter positions once there is greater clarity around the next phase of capex spending.
Sticking to our discipline of selling positions that decline more than 10% below our cost basis has also led to the exits of RKLB and PL, two of our highest-conviction long-term holdings. We will continue to monitor both companies closely over the coming weeks to determine whether the weakness reflects a fundamental shift in the underlying investment theme or is simply a normalization following the enthusiasm surrounding the SpaceX IPO.
As a result of these portfolio changes, we are once again carrying a higher cash balance, which provides flexibility to deploy capital opportunistically as new opportunities emerge. We also believe the macroeconomic backdrop for the second half of the year differs meaningfully from the first. Renewed tensions involving Iran, combined with a U.S. economy that has less of a cushion than earlier in the year, could create a more challenging environment for risk assets. In addition, expectations that international investors may repatriate capital back to Asia could put pressure on both the U.S. dollar and domestic equities. Finally, while the market is currently pricing in one interest rate hike this year, the greater risk may be that the timing is pulled forward, leading to tighter financial conditions sooner than investors expect.
Click here for Strategas Macro Thematic Opportunities ETF (SAMT)'s holdings:Strategas ETFS - Strategas Macro Thematic Opportunities ETF
Holdings are subject to change without notice.
This communication was prepared by Strategas Asset Management, LLC ("we" or "us" or “our”). This communication represents our views as of 07/15/2026, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.
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In addition to the normal risks associated with investing, the Strategas Global Policy Opportunities ETF (SAGP) is subject to lobbying focused investment risk. The adviser's investment process utilizes lobbying intensity as the primary input when selecting investments for the Fund's portfolio and does not consider an investment's traditional financial metrics. The Fund may underperform other funds that select investments utilizing more traditional investment metrics. The Fund may also focus its investments in a particular country or geographic region outside the U.S. and may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic regions well as risks of increased volatility and lower trading volume.
In addition to the normal risks associated with investing, the Strategas Macro Thematic Opportunities ETF (SAMT) is subject to macro-thematic trend investing strategy risk. Therefore, the value of the Fund may decline if, among other reasons, macro-thematic trends believed to be beneficial to the Fund do not develop as anticipated or maintain over time, or the securities selected for inclusion in the Fund's portfolio do not perform as anticipated.
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SAMT Update
Jul 15 2026