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Our Glossary

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Management Fee The fee paid by the fund to the investment company in accordance with the law and the fund’s statute. It is calculated from the average annual value of the equity capital in the mutual fund, which is calculated as the arithmetic mean of the values of the fund’s equity capital on the last day of each calendar month. The specific percentage of the fee is set by the board of directors of the investment company.
Market Capitalisation (Market Cap) The total value of all outstanding shares of a company. Investors use this indicator to determine the company’s size. Market Cap = number of shares outstanding x current market price per share.
Market Maker The market maker’s obligation at all times when the market is opened is to keep the price offers for the purchase and sale of the respective securities and thereby to maintain and promote liquidity.
Market Order Order to buy – shares will be bought at the market’s currently lowest available price Order to sell – shares will be sold at the market’s currently highest available price
Market Risk Expresses the risk of loss due to an (adverse) change in market conditions, particularly in: - interest rate (interest rate risk) - prices of shares (equity risk) - commodity prices (commodity risk) - bond prices (due to increased credit risk of the issuer) - exchange rates (exchange rate or currency risk) Market risks include also liquidity and volatility risks:
MiFID MiFID (Markets in Financial Instruments Directive) is an abbreviation referring to the Directive of the European Parliament and Council 2004/39/EC on markets in financial instruments. MiFID has brought further regulation of the provision of investment services (e.g., it provides for new rules for the execution of client orders, client categorisation, information duties to clients, etc.).
Min/Max Performance Min/Max performance means the highest yield in % p.a. and the lowest yield in % p.a. of a fund in the relevant accounting year, where the values correspond to the yields with reinvested proceeds.
Mixed (Balanced) Funds Their position is between the equity and the bond funds. They invest simultaneously in shares, bonds and money market instruments and the fund manager adjusts the distribution of investments to the current situation in the market based on the fund’s statute. They are very flexible and can have a conservative strategy or even a very dynamic strategy with high investment risk and the corresponding long-term appreciation. They are suitable for a medium- to long-term investment horizon.
Mixed Funds Mutual funds that combine multiple asset classes (money market instruments, bonds, shares, commodities and alternative investment instruments) according to the fund’s specific investment strategy, which also results in the risk associated with investing in this type of fund and the expected yield of the fund.
Modified Duration Modified duration indicates the percentage change of the rate when profitability is modified by one percentage point. Example: Modified duration: 3.73 Rate: 98.53 Fund’s profitability: 5.9% If profitability falls to 4.9%, the rate increases by 3.73% to 102.21.


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