Pragmatic, not dogmatic approach Tactical Asset Changes
By Matt Cheek — 3 March 2026
We regularly assess when it is appropriate to adjust portfolios. But we do not believe in ‘rebalancing’ for the sake of it.
Some MPS providers rebalance on a fixed schedule, monthly or quarterly, regardless of market conditions. We believe that approach prioritises process over judgement. We take a different view.
in sailing, 'tacking' is where the crew adjusts course to take advantage of the prevailing environment…
The word “rebalancing” implies a mechanical reset, it paints a picture of returning portfolios to a pre-set allocation. In reality, markets evolve. Valuations shift. Risks change. Opportunities emerge.
When we make changes, they are deliberate and forward-looking. We are not simply reverting to an arbitrary starting point. We are making tactical asset changes based on the prevailing market conditions and the positioning required to meet long-term objectives.
A more appropriate terminology may be Tactical Asset Changes (TAC). In sailing, “tacking” is where the crew adjusts course to take advantage of the prevailing environment. The destination remains the same, but the route adapts to conditions. This better reflects what we do.
A pragmatic, not dogmatic approach to making Tactical Asset Changes – tacking
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Important Information
This article is for information only and does not constitute advice or recommendation and you should not make any investment decisions based on it. The views and opinions of this article are those of Casterbridge at the time of writing and may change without notice. Any opinions should not be viewed as indicating any guarantee of return from investments managed by Casterbridge nor as advice of any nature. It is important to remember that past performance and the value of an investment, and any income from it, may go down as well as up and the investor may not get back the original amount invested.