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Of the 20 groups with the largest surpluses, 18 had received more than their target allocation.
Though the real estate market has declined and your portfolio is below its target allocation to it, he said, don't try to time the market.
Of the 20 groups with the tightest financial positions at 31 March 2014, 19 had received less than their target allocation.
According to a new survey by Preqin, a research firm, 42% of the largest endowments are above their target allocation to private equity.
Are you overexposed relative to your target allocation?
This target allocation can be limited to the three major asset classes.
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"Whether it is the poverty line or some other metric, some number has to be used to target allocations.
A Department of Health spokesperson said: "As the NAO recognises, there is a judgment to be made about how quickly areas can be moved to their target allocations without destabilising services.
Auditors identified a wide variation in the extent to which the funding received by local commissioners differs from their target allocations, which are supposed to be based on relative need.
Some people may chose to let their dividends accrue in a cash-like account so that they can use that money to rebalance their portfolio back to their target allocations at a later date.
If so, you should rebalance your portfolio back to the slowly changing target allocations.
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