SAMT: Highly Sophisticated Active Strategy With Unconvincing Returns

Seeking Alpha published an analysis initiating coverage of the Strategas Macro Thematic Opportunities ETF (SAMT), an actively managed fund focused on macro themes like AI and de-globalization. While SAMT had successful years in 2022, 2024, and 2025 to date, a weak 2023 resulted in an annualized return 1.4% below the S&P 500 (IVV), leading to a "Hold" rating despite its holdings in companies with excellent growth characteristics but potentially expensive valuations and quality issues.

Analysis

The Strategas Macro Thematic Opportunities ETF (SAMT), an actively managed fund incepted in January 2022, focuses on macro-thematic trends such as Artificial Intelligence and de-globalization, benchmarked against the S&P 500. Despite successful performance in 2022, and reportedly in 2024 and 2025 to date, a significantly weak performance in 2023 has resulted in its annualized return being 1.4% below that of the iShares Core S&P 500 ETF (IVV). The fund currently comprises 36 holdings, including a substantial cash position, with its selected companies generally exhibiting excellent growth characteristics but also presenting expensive valuations and some quality concerns. This mixed profile of thematic appeal against performance challenges and valuation sensitivities supports the initial "Hold" rating assigned by the analyst.

Key Decisions for Investors

• Investors should carefully weigh SAMT's exposure to high-growth macro themes against its historical 1.4% annualized underperformance relative to its S&P 500 benchmark and the noted expensive valuations of its underlying holdings.
• The fund's significant cash allocation warrants consideration, as it may provide a defensive cushion in volatile markets but could also hinder performance during strong market rallies.
• Given the "Hold" rating and mixed performance data, it is advisable to monitor SAMT’s ability to effectively capitalize on its macro themes and improve relative returns before making substantial allocation changes.