Managing Market Risk in a Technology-Focused Portfolio

In today's volatile financial markets, managing market risk is crucial for portfolio managers. You are tasked with assessing a client's current investment portfolio, which is heavily allocated towards technology stocks. The client has expressed concerns about potential market downturns and their impact on their investments. Based on the portfolio's current positioning, outline a comprehensive risk management strategy that focuses on managing market risk, including appropriate hedging techniques and the potential use of derivatives.