Expectations of risk and return are determined by a portfolio’s asset allocation. Over time, market returns can cause one or more assets to drift away from their initial asset allocation targets, leading to portfolios that may not reflect an investor’s risk tolerance or investment goals. An investor must decide which rebalancing strategy, if any, is appropriate to maintain the target allocation. This paper presents a comparative analysis of different rebalancing strategies. Meketa Investment Group recommends adopting an explicit rebalancing policy, the precise form of which is dependent on a Board’s preferences and governance structure.