I spent most of my career working for money managers that employed the typical buy and hold strategy associated with most mutual funds and sma's. I also worked for a tactical manager, and eventually came to the conclusion that buy and hold is a dying, outdated style.
There are some tactical funds around, but if you go through a fee-based advisor, you'll get access to daily tactical money management similar to that of an sma (without the high investment minimum associated with sma's or hedge funds). Tactical strategies are based on reacting to the market with high volume trading. The ETF universe is constantly expanding, giving tactical managers a lot to work with in building and trading their portfolios. It used to be difficult to tactically manage money because mutual funds would typically ban tactical managers (read: market timers), but with the ETF, they can trade as much as they want.
There are tax implications with tactical management, so be sure to talk to the money manager and your tax person about your specific situation before you invest.