Global Asset Allocation Strategy provides an overview of key economic and policy themes and how Sage is positioned in the current market environment. Key Takeaways: 1) Markets are transitioning away from broad, policy‑driven gains toward an environment shaped by earnings durability, income generation, and selective risk‑taking. 2) Yields have come down from their highs but remain compelling, with carry and a shifting Fed backdrop continuing to support bond allocations. 3) While earnings momentum and global growth trends are supportive, elevated valuations and concentration risk reinforce the need for diversification and active positioning.