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) Risk assets are supported by resilient economic data, stable credit conditions, and AI-driven momentum, despite tight valuations and macro/geopolitical risks. 2) Fixed income will remain attractive into 2026, with strong year-to-date returns, favorable yield prospects, and opportunities for active management across sectors. 3) Portfolio positioning reflects a growth tilt, with increased equity exposure — especially in software and healthcare — while maintaining diversification and valuation discipline.