Tactical Asset Allocation

"Its purpose is to create extra value by taking advantage of opportunities in the market place. It is an active strategy since the manager returns to the portfolio’s original strategic asset mixes when the desired short-term profits are achieved."

There is a strategic asset mix defined at the beginning but it allows for tactical changes when a segment of the market offers the opportunity for extra performance.
In other words, the manager selects or overweights investment based on those categories with the greatest potential for superior returns. The allocation will be changed in response to changing market conditions, thus always benefiting from market opportunities. The manager will rebalance the portfolio when the opportunity has been realised and come back to initial allocation.

This will translate into short term adjustments.
For example: favouring government bonds during the peak crisis, opportunistic choice for high yield bonds when these are showing some potential for gain.
With this approach, one assumes to avoid any substantial loss.