Bring 4 cups of water to a rolling boil in a medium saucepan over high heat. Add 1 cup sago pearls and reduce heat to medium-low. Simmer for 15 minutes, stirring occasionally to prevent sticking, until pearls become translucent with small white centers.
Remove saucepan from heat, cover with lid, and let stand for 10 minutes until pearls become fully transparent. Drain through a fine mesh sieve and rinse under cold running water to remove excess starch and stop cooking.
Combine 1 cup coconut milk, 1/2 cup evaporated milk, and 1/4 cup granulated sugar in a large mixing bowl. Whisk vigorously for 1-2 minutes until sugar completely dissolves and mixture becomes smooth and well-combined.
Add cooled sago pearls to the milk mixture and stir gently with a rubber spatula until pearls are evenly distributed throughout the liquid.
Fold in 1 cup diced strawberries and 1 cup diced mango until fruit is evenly incorporated throughout the mixture.
Cover bowl with plastic wrap and refrigerate for at least 2 hours until thoroughly chilled and flavors have melded together.
Serve chilled in individual bowls over ice cubes, garnishing with additional fruit pieces if desired.