Global Asset Allocation Strategy — March 2025

March 19, 2025 — 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

• Post election growth optimism has faded dramatically as the first quarter continues to progress. Data and sentiment have downshifted rapidly, and both rate and equity volatility have picked up on policy uncertainty.
• Tariff impacts and the haphazard methods of announcing, threatening, and negotiating them have been primary culprits to macro concerns and have hit the sentiment-based data hard.
• From a positioning perspective, even with a correction, equities are still underpricing growth risk in our view, and we continue to lean into the themes of more diversification and lowering overall valuations.