Risk is an inevitable component of investment. To a great extent, risk also determines the returns you anticipate from your portfolio. Though you can choose the degree of risk you would like to take while investing in a fund, it may alter in the future according to market and economic conditions. Apart from the market conditions, as your goals and appetite for risk change, you might want to modify the risk of your portfolio.
While earning returns is the ultimate goal of your investment, you cannot optimize your investments without adjusting your risks as per your requirements.
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Refer to Jama Wealth blog