What term describes a long-term asset mix that a manager is committed to maintaining?

The term that accurately describes a long-term asset mix that a manager is committed to maintaining is "strategic asset allocation." This approach involves setting a target asset allocation based on an investor's long-term goals and risk tolerance. It establishes a framework for how the investment portfolio will be constructed over time and guides the overall investment strategy. By committing to this long-term asset mix, the manager can ensure that the portfolio remains aligned with the investor's objectives, while also allowing for periodic rebalancing to maintain the desired risk and return characteristics.

In contrast, asset allocation refers to the general approach of dividing investments among different asset categories, but it may not necessarily focus on a long-term commitment. A diversified portfolio relates to spreading investments across various assets to reduce risk, but it does not imply a specific long-term strategy. Tactical asset allocation refers to short-term deviations from the strategic asset allocation in response to market conditions, which is not aligned with the concept of maintaining a long-term commitment. Hence, strategic asset allocation is the most appropriate term for describing a long-term asset mix that a manager is committed to.