Assessing Risk Measures in Multi-Asset Portfolios

As a portfolio manager, you are tasked with presenting a detailed analysis of the risk measures that you utilize within your investment strategy. Your firm primarily employs a multi-asset portfolio including equities, fixed income, and alternative investments. Define and discuss at least three quantitative measures of risk you would assess in this context, explaining how each measure can aid in understanding the portfolio's risk profile. Additionally, address any advantages and disadvantages of these measures.

Be sure to demonstrate your understanding of how these risk measures can inform investment decisions and align with the overall risk tolerance of your clients.