Challenges in Tactical Asset Allocation Decisions

Julia is a seasoned portfolio manager who recently implemented a tactical asset allocation strategy for her clients' portfolios. She is reviewing the current market conditions and considering adjustments to her allocation based on macroeconomic indicators and anticipated changes in market volatility.

Julia notes that while long-term strategic asset allocation relies on historical performance data and risk tolerance of the clients, tactical asset allocation allows for short-term deviations from that strategy based on market forecasts. Given the current economic climate, she must decide whether to overweight equities and underweight bonds or maintain the current allocations.

Considering Julia's analysis, which of the following statements best describes a limiting factor that could impact her tactical asset allocation decisions?