thanks for the explanation!!!Friend, you have a real winner here:
The concept is difficult , and then the literal translation would also difficult.
Backfilling, also known as introducing historical bias, is the process of introducing an asset with a higher historical return into a fund or portfolio, with the effect of increasing the reporting performance for the entire fund, on account of that particular asset, although the performance might have occurred before the asset was acquired. Honest reporting of performance requires that the backfill date be disclosed.
From reading your quote, I get the sense that the term is being used in an untraditional, possibly imprecise, way.
If equities are overweight relative to bonds, it means that the proportion of the value of equities is higher than it should be when measured against the reference asset allocation benchmark of the portfolio. In which case one can respond by adjusting: (i) either reducing the proportion of equities, or (ii) adjusting the benchmark.
I got the sense from the quote that the intent is to reduce (adjust) the equity exposure, just a little.
Hope you can work with that.