Pension Fund Asset Allocation Concern

ABC Institutional Pension Fund, managing $8 billion in assets, recently conducted a review of its investment strategy. The fund's investment committee is focused on ensuring that its current asset allocation aligns with both its long-term liability profile and the risk tolerance specified in its Investment Policy Statement (IPS). The fund currently allocates 60% to equity, 30% to fixed income, and 10% to alternative investments.

Due to recent volatility in the equity markets and a shift in interest rates, the committee is considering adjusting the allocation to reduce equity exposure to 50% while increasing fixed income allocations to 40%. They are also exploring the introduction of a new hedge fund investment that would comprise 10% of the total portfolio. Given the pension fund's long-term liabilities and the investment horizon, what is the primary concern related to the proposed change in allocation?