Evaluating Asset Allocation Strategy for Pension Funds

As an investment analyst working with a large pension fund, you have been tasked with evaluating the fund's current asset allocation strategy. The pension fund has a long-term investment horizon and aims to provide retirement benefits to its members while also managing risks associated with market fluctuations.

Discuss the key considerations that an investment analyst must take into account when assessing the asset allocation strategy of a pension fund. Include at least three fundamental factors that should influence the decision-making process regarding asset allocation.