From the webinars I've seen, Syfe basically just rebalances as many times as necessary if the risk exceeds their risk corridor. Not 100% sure how they determine if the risk exceeds, or what the perceived risk is benchmarked against.
After looking some more at their stuff this seems like it is by design -- overweight riskier assets during less-volatile run-up, then rely on frequent adjustments (based on sustained volatility?) to get out of the riskier assets when it drops. So it will perform especially well during a long run-up, as they like to mention their algos would have brought some portfolios to 100% equity (!!) during a bull run, but overall performance really hinges on how their algo responds during the drawdown. That's what we are seeing now.
It sounds very human in a way Everything looks good, let's go to 100% equity (or even extra risky but performing very well subsections of equity), then oops market is dropping I'm very scared let's sell equity and buy bonds to prevent portfolio dropping too much.
Interesting. Very different strategy from StashAway which does their medium-term macro kind of thing, even if both talk about constructing portfolios based on value at risk and expected loss in a year kinda thing.