Measuring Risk in Multi-Asset Portfolios

As a portfolio manager, understanding and measuring risk is crucial to effective portfolio management. Consider a scenario where you are reviewing the performance of a multi-asset investment portfolio that includes equities, fixed income, and alternative investments. You are tasked with evaluating the risk exposures of this portfolio over the past year.

Discuss the different methods of measuring risk that could be employed to assess the portfolio's risk exposure. In your answer, include at least three measurement techniques, describe how they work, and evaluate their advantages and disadvantages. Additionally, explain how these measurements can inform your portfolio management decisions.