Rebalancing a Portfolio to Target Allocation

As an investment manager, you are tasked with overseeing a portfolio composed of 60% equities and 40% fixed income. Over the past year, the equities have significantly outperformed the fixed income securities due to a robust bull market. Consequently, the current allocation is now 70% equities and 30% fixed income. Given the investment policy statement outlines a target allocation of 60% equities and 40% fixed income, you are considering the rebalancing process. Which of the following actions should you take to align the portfolio back to the target allocation?