Glossary
Information for LifeStages advisers and their clients
Information for LifeStages advisers and their clients
The excess return of an asset or fund relative to the return of its benchmark. It is often considered to represent the value that a fund manager adds to or subtracts from a fund’s return.
Authorised Corporate Directors (ACDs) are responsible for the running of an investment fund. They have a duty to act in the best interests of the fund’s investors, and ensure that the fund is well managed in line with regulations and with the investment objectives and policies set out in its prospectus.
The funds in this sector are expected to have a range of different investments. However, the fund manager has significant flexibility over what to invest in. There is no minimum or maximum requirement for investment in company shares (equities) and there is scope for funds to have a high proportion of shares. The manager is accorded a significant degree of discretion over asset allocation and is allowed to invest up to 100% in equities at their discretion.
Funds in this sector are required to have a range of different investments. Up to 35% of the fund can be invested in company shares (equities). At least 45% of the fund must be in fixed income investments (for example, corporate and government bonds) and/or “cash” investments. “Cash” can include investments such as current account cash, short-term fixed income investments and certificates of deposit.
Funds in this sector are expected to have a range of different investments. The fund must have between 20% and 60% invested in company shares (equities). At least 30% of the fund must be in fixed income investments (for example, corporate and Government bonds) and/or “cash” investments. “Cash” can include investments such as current account cash, short-term fixed income investments and certificates of deposit.
Funds in this sector are expected to have a range of different investments. However, there is scope for funds to have a high proportion in company shares (equities). A fund must have between 40% and 85% invested in company shares.
The ‘Unit Trust Manager’ is responsible for the running of a unit trust. They have a duty to act in the best interests of the fund’s investors, and ensure that the unit trust is well managed in line with regulations and with the investment objectives and policies set out in its prospectus.
The weighted average amount of time remaining until the securities held in a fund’s portfolio are scheduled to be repaid.
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