The PFR Tactical Passive solution offers active management of asset weightings whilst benefiting from the low costs of underlying Passive securities. It comprises the discretionary management of Passive funds across seven distinct asset class groups. Each asset group is populated with Passive collective securities aimed at meeting the risk and return characteristics of that  group, and is managed by the investment manager as a discrete model. The solution asset allocation is Tactical. This means the investment mangers use their judgement to determine the appropriate asset weightings for any particular risk grade and will made active changes to these weightings as they see fit in aiming to deliver superior risk adjusted returns.