Strategic asset allocation

The long-term target mix, set from the investor's objectives, horizon and risk tolerance rather than from any view about markets.

It is written down in an investment policy statement and changed rarely, which is the point. Its function is to be the thing that does not move when markets do.

Reviewing it should be triggered by a change in circumstances rather than by a change in prices.

The allocation is a decision about the investor. The market is not consulted.