Value of fund's or ETF's assets per share before subtracting any fees.

The highest NAV of a fund to date is known as the "high water mark".

The ratio between the change in the theoretical value of an option and change in price of the underlying stock at a given point in time. In other words an option’s hedge ratio is the change in the price of an option for a $1 change in the stock price.

A facility in which a third-party holds the data and runs the programs in its own computers. In the context of StatPro, this means clients access our services (applications, market data etc) which are supported by StatPro infrastructure (servers) and can be accessed...

"Holding period return (HPR), also referred to as total return, is the percentage by which the value of an asset has grown for a particular period. It is the sum of price appreciation (capital gains) and income (e.g. dividends) divided by the initial price. True...

Independent Financial Advisers or IFAs ffer independent advice on financial matters to their clients and recommend suitable financial products. The term was developed to reflect a UK regulatory position and has a specific UK meaning, although it has been adopted in...

Index is a basket of securities selected to represent the market (or its section) and is used as a benchmark for investors, showing whether a given investment has out- or underperformed the index. There are different methodologies for index construction (market...

The action or process of investing money for profit or material result.

Intangible assets lack physical substance and usually are very hard to evaluate. They include patents, copyrights, franchises, goodwill, trademarks, trade names, etc. Websites are treated differently in different countries and may fall under either tangible or...

This is the cumulative return of a fund indexed at 100 from the inception date of the fund or a specified future date.  This differs from monthly returns which show the month by month percentage change in fund performance.  Indexed performance is sometimes referred to...

The Information Ratio measures a fund's return in excess of its benchmark (active return) divided by the standard deviation of the active return (tracking error). The information ratio is a synthetic indicator which allows comparing accounts with active management,...

An ISIN uniquely identifies a security. Its structure is defined in ISO 6166. Securities for which ISINs are issued include bonds, commercial paper, equities and warrants. The ISIN code is a 12-character alpha-numerical code that does not contain information...

The Intranet Reporting Module (IRM) has been specifically designed to allow StatPro clients the capability to host the reporting element of StatPro Composites on an internal company Intranet.

The IMC is recognized by the fund management industry as the entry-level qualification of choice for those working in financial analysis and investment management in the UK. It is an exam which covers a broad base of conceptual issues and investment products in...

At its most basic investment management software is a set of programs used to manage the buying and selling of investments within a portfolio. The term, investment portfolio management software, most often refers to technology enabling the portfolio manager to manage...

Junk bonds (also referred to as high yield bonds) are bonds with credit rating below BBB- on the S&P scale (or its equivalent by another rating agency). They are referred to as "junk" because of their riskiness and high probability of default.

The Jensen’s Alpha is the difference between actual returns of a fund and those that could have been earned on a benchmark portfolio with the same amount of market risk (e.g. the same Beta). Jensen's Alpha measures the return earned by a portfolio above or below that...

Liquidity is an asset's ability to be sold without causing a significant movement in the price and with minimum loss of value. Money, or cash, is the most liquid asset, and can be used immediately to perform economic actions like buying, selling, or paying debt,...

In finance, leverage (sometimes referred to as gearing in the United Kingdom) is a general term for any technique to multiply gains and losses. Common ways to attain leverage are borrowing money (expecting the profits made to be greater than the cost of borrowing), or...

A professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities. Mutual funds are operated by fund managers, who invest the fund's capital and attempt...

Marginal VaR measures the change in the total portfolio VaR following an increase of investment of 1 unit of portfolio base currency in the asset or segment.

Maximum Loss (also referred to as maximum drawdown) represents the worst possible investment period in the period analysed. This may include temporary up periods.

Measures the change in the total portfolio volatility following an increase of investment of 1 unit of portfolio base currency in the asset or segment.