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Our Glossary

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Absolute Return Strategy Investment strategy striving for certain appreciation in the given time horizon regardless of market developments
Active Portfolio Management The deciding on which securities, in what volume and when will be purchased or sold. It depends on the decisions of the portfolio manager based on the fund’s statute and investment strategy or the planned portfolio structure.
Aliquot Interest Yield The aliquot interest yield is a part of the nominal yield which pertaining to the bond holder for the period from the bond issue or from the last coupon payment calculated until the transaction settlement date. Aliquot interest yield is added automatically to the bond price and can be positive or negative. For a client buying a bond, a positive aliquot interest yield means compensation that he has to pay when s/he becomes entitled to the whole coupon without holding the bond all the time. For a client buying a bond, a negative aliquot interest yield represents compensation for the period when the bond is held without entitlement to the coupon.
Annual Report Report on the activities of a company or fund. It includes explanations of the costs and income achieved during the accounting year as well as the overall development during the particular period. In can contain also basic strategies for the next period.
Arbitrage Investment strategy based on the utilisation of price differences in individual instruments. These price differences can result, for example, from trading the same contract at different stock exchanges (territorial arbitrage). Due to the present large interconnection of the individual markets, the opportunities for arbitrage are currently relatively small.
Asset Allocation Allocation of assets. In the context of portfolio management (asset management), it means the optimisation of assets allocation among the respective investment instruments so as to be suitable for the client while taking into account the profitability and risk as well as the situation on the securities market.


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