The ASX is entering what has historically been a period of seasonal strength. However, the All Ords index is again testing recent lows that were hit in August. Investor sentiment has been soured as the growth outlook remains unclear and a number of macro headwinds appear to be giving investors the jitters. August 2015 saw the highest level of volatility in equity markets since 2011 and the highest level of volatility on an intra month basis since 2008. Against this backdrop we ask three leading fund managers what they perceive to be the biggest risk facing investors and how this is impacting their own portfolios. Responses come from K2 Asset Management, Platypus Asset Management and Paradice Asset Management.