Tactical Asset Allocation Strategy Analysis

John Doe is a portfolio manager at XYZ Wealth Advisors, overseeing a balanced fund that primarily invests in equities and fixed income securities. Recently, there has been increasing volatility in the financial markets due to geopolitical tensions and changing economic indicators. John has been tasked with reviewing the fund's asset allocation strategy in light of these events and is considering a tactical asset allocation approach to enhance returns while managing risk.

In your essay, analyze the key considerations for implementing a tactical asset allocation strategy in this context. Discuss the potential advantages and disadvantages of tactical asset allocation compared to a strategic asset allocation approach. Additionally, outline the criteria John should use to determine when to adjust the fund’s asset allocation.