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You developed an investment policy statement (IPS) and establish a multi-asset portfolio for a new client a few months ago the IPS specifying the preferred long-term strategic asset allocation and the permissible tactical asset allocation movements

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You developed an investment policy statement (IPS) and establish a multi-asset portfolio for a new client a few months ago the IPS specifying the preferred long-term strategic asset allocation and the permissible tactical asset allocation movements. Due to a very strong recent equity performance, however, the client's portfolio is heavily overweight in equities compared to their holdings in bonds, cash and other asset classes. What advice would be most appropriate for you to provide to your clients in these circumstances? Maintain the current equity weightings to continue to benefit from the strong performance of equities Increase the equity weightings to gain a greater benefit from the strong performance of equities O Reduce the equity weightings to bring the asset class balance in the portfolio in line with the IPS O Maintain the current equity weightings the year of the portfolio to maximize the benefits of the strong market performance