By its very nature, investing requires that managers take on some form of risk. However, risk is a complex concept and how it is defined can affect the decisions fund managers make.

We believe the most crucial risk for most clients is not meeting their return objectives over the long term. This can occur because clients are invested in a fund that underperforms the objective (or experiences a permanent capital loss) or because a client exits a fund at the wrong time (potentially due to short-term underperformance), crystallising losses...

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