Chuck
I dont pitch to clients-- have none- i am an investor for my family .
Re risk adjment calcs - im no theorist but one partial tool is to back out cash from equity exposure.

eg if i decide that instead of 60% equity because of high valuations I will cut exposure (dirty word-- raise cash) to 40%, the risk i bear is on only 2/3 of my equity bucket -- one third is risk free.

similarly I use Xray to back out cash and bonds from my MF holdings to get
the net equity exposure rather then the nominal ,

lastly i use full cycle history to check max drawdowns and up vs down captures to see risk beyond sortino whic is better than SD .

I am not CFA- an amateur -- best I can do -- can CFAs show me a better way?

Can any CFAs readers or authors meet my challenge to show me a better folio for equities than the few MF passing a screen --full cycle (now 10 years) for say 2-3 pct better net AR than BM and max drawdowns 2/3 of BM??
If so I'm ready to invest with you!

Marvin