When critics attacked the father of modern economics, John Maynard Keynes, for changing his position on a topic, he responded with: 'If the facts change, I change my mind. What do you do?'

Trustees would do well to familiarise themselves with that retort this year, as any change they make to their fund's strategic asset allocation (SAA) will open them to charges they had it wrong to start with. This is not necessarily the case. If the structural environment has changed, a prudent trustee will adapt his or her fund's approach accordingly. Whether trustee directors amend their fund's SAA, or reassess the current configuration and find it still fits with the fund's long-te...