Strategic Asset Allocation Adjustments

John is an experienced portfolio manager tasked with revising the strategic asset allocation of a pension fund. The fund has a target allocation of 60% equities and 40% bonds. However, recent market conditions indicate a potential rise in interest rates and a slowdown in economic growth, raising concerns about the performance of both asset classes.

John is considering adjusting the asset allocation to better manage risk and enhance returns for the fund. In this context, he evaluates three strategic allocation strategies:

1. Maintaining the current allocation but hedging equity exposure with options.
2. Increasing the bond allocation to 60% while reducing equities to 40%, given the anticipated rise in interest rates.
3. Implementing a tactical approach by adopting an allocation of 50% equities, 30% bonds, and 20% alternative investments, including real estate and commodities.

Your task is to identify which strategy best aligns with the principles of strategic asset allocation while considering John's goal of long-term risk management and return enhancement.