The recent events at Oxford-based Woodford Investment Management (WIM) have clearly illustrated that investment risk is multi-faceted and entails much more than performance risk.

The latest quarterly report from Personal Assets Trust plc (PAT), a London-listed closed ended investment company which had just under £1.1 billion of assets under management at 31 August 2019, illustrates just how multi-faceted or nuanced investment risk actually is.

For the PAT report identifies 10 separate risk categories, together with ways in which they can be managed and mitigated.

The reality is that risk management entails mu...