Measuring Risk in a Multi-Asset Portfolio

As a seasoned portfolio manager, you are reviewing the performance of a multivariate investment strategy that employs both traditional and alternative assets. Recently, the volatility of both equities and real estate has increased significantly due to macroeconomic uncertainty. While assessing the portfolio's risk measures, you intend to utilize both statistical and fundamental approaches.

Discuss the various risk measurement techniques that you would apply in this scenario, including their strengths and limitations. How would you integrate these risk measurement approaches into the overall risk management framework of the investment strategy? Additionally, propose specific actions or adjustments you might consider based on the outcomes of your risk assessment.