Portfolio Monitoring and Rebalancing Decision

As part of an ongoing portfolio review process, an investment manager is tasked with monitoring the performance and risk characteristics of a multi-asset investment portfolio consisting of equities, fixed income, and alternative investments. The portfolio's primary objective is to achieve long-term capital appreciation while maintaining a moderate level of volatility. In the most recent review, the investment manager notices that the allocation to equities has increased significantly due to strong market performance while fixed income and alternatives have underperformed.

The manager also notes that the current asset allocation deviates from the established strategic asset allocation targets, with equities now representing 75%, fixed income 15%, and alternatives 10%, compared to the target allocation of 60%, 30%, and 10%, respectively.

Given these observations, which of the following actions should the investment manager prioritize in order to realign the portfolio with its investment objectives?