A unit or share that accumulates the [amounts of] income payable to the holder within its unit price instead of that income being paid out to holders (see 'income unit/share').
The price of accumulation units or shares will be higher than those of income units or shares. The letters 'acc' after a fund's name indicate accumulation units or shares ('inc' indicates income units or shares).
Strategy used by investment managers to outperform the market through independent analysis of companies. Annual management fees for actively managed funds are generally higher than those for passively managed or index tracker funds as active management involves more proactive analysis.
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The annual report prepared by the fund manager which includes the firms audited accounts and a report on the investments and results for the financial year. This is available from the fund manager within four months of the end of each financial year.
See also 'Half yearly report and accounts'.
The net return (ie. profit or loss) for a basic rate taxpayer over a given period (e.g. the last 10 years) expressed as a percentage rate per year.
A transferable security that is admitted to official listing in an EEA State or is traded on or under the rules of an eligible securities market.
An eligible securities market is broadly one which is regulated, operates regularly and is open to the public.
Funds that are at least 80% invested in shares of Asia Pacific companies, but excluding Japan.
This is a summary definition. For the full technical version see Sector definitions.
Funds that are at least 80% invested in Asia Pacific equities (through shares or derivatives), including a Japanese equity content.
This is a summary definition. For the full technical version see Sector definitions
The allocation of a sum of money (or a proportion of the fund) for investment in particular asset classes - for example, as between shares, cash, bonds (fixed interest securities) or property.
The different financial instruments or types of investment which investors, including fund managers can buy, e.g shares, bonds, commodities or property. Each asset classes has different characteristics in terms of income and capital generated. The choice of which asset class to invest in depends on your view of the wider economy, your risk appetite, and your investment needs and goals.
Used generally to describe the investments that a fund owns.
Permission granted by the UK financial services regulator to an entity that meets the regulator's requirements to conduct a specified financial sector activity or range of financial services activities.
Those whose business it is to manage money for investors in the UK are required to be authorised, as are those who act as managers of investment funds, or as trustees or depositaries or custodians to funds. Funds that are offered to the public in the UK must also be authorised, as must entities providing financial advice.
It is illegal in the UK to undertake investment activity by way of business unless authorised or exempted.
A fund that is created under UK law as an 'investment company with variable capital' (ICVC) - commonly called an OEIC - is required to have as a director of the fund a firm which is authorised by the UK financial sector regulator to manage such a fund. This firm is known as the 'Authorised Corporate Director' or 'ACD'. The equivalent of the ACD for a unit trust is the unit trust manager.
A unit trust or an open-ended investment company (OEIC) that meets the regulatory