SAMT: Theme Rotation Strategy With Intriguing Premise Has Disadvantages, A Hold

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. My skeptical stance is mainly influenced by its factor mix: industrials-heavy SAMT has weaker GARP and quality characteristics than IVV. Another issue is unconvincing long-term returns. However, given that SAMT was capable of delivering notable alpha over a few periods in the past, this vehicle is definitely worth monitoring. Today, I would like to offer a fresh review of the Strategas Macro Thematic Opportunities ETF ( SAMT ), an actively managed vehicle that features an intriguing and deeply sophisticated rotation strategy switching between a few macro