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Investment risk includes both intended or expected risk from the investment process and unintended risk that may result from investment decisions, assumptions, market movements, and other factors. While the fund’s adviser manages this risk, directors have an important oversight role. This Reference provides an overview of the statistical measures that may be used to evaluate investment risk in equity funds and that may be included in reports provided to directors. The resource includes: key factors to consider when reviewing risk measures; a summary of the most common uses of the risk measures, follow-up questions that directors may find useful; and a glossary with definitions of common risk measures.