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Point 1 is correct. Tactical asset allocation can be accomplished through trading assets or through a derivative overlay, but as a result of cost savings and saving time, a derivative overlay tends to be a more common approach. The other three points are incorrect. Tactical asset allocation can be performed at the asset class, sector, industry, or in some cases, asset level. Also, tactical asset allocation can be performed at regular intervals (part of a regular program) or sporadically as market conditions warrant. Because of the flexibility of tactical asset allocation, it could be performed by internal personnel or by outside firms that specialize in tactical allocation.