When the stock market exhibits more than the usual short-term ups and downs, investors' thoughts typically turn to managing risk. Although it is usually not desirable to eliminate risk, there are strategies that may help to manage the volatility of your portfolio. A diversified investment mix, a focus on large cap growth stocks, and exposure to active portfolio managers may all help you deal with greater market volatility. In recent years, it was easy for investors who didn't periodically rebalance their portfolios to become over-weighted in value stocks. Value stocks have tended to be more cyclical than growth stocks. As volatility has returned to the financial markets growth stocks have displayed less volatility than their value peers. While the return of volatility may be unwelcome by some market participants -- it may actually be good news. A focus on diversification, large cap growth stocks, and active management can help to effectively manage portfolio volatility.