Conservative investors prefer to restrict portfolio managers' risk taking by keeping narrow ranges around asset classes and asset groups. For example if the SAA allocates 20% to bonds, then a range of 18% to 22% for bonds is considered narrow compared with a range of 10% to 30%. Tactical Asset Allocation (TAA) with wider ranges will result in: Higher expected returns and higher total risk Lower expected return with higher total risk Lower expected return with higher relative risk O Higher expected retruns with lower relative risk Lower expected retruns with lower total and relative risk