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D

Dealing day

The specific day on which investors can subscribe (buy) or redeem (sell) their holding in a product, as detailed in the relevant product legal document. The dealing day can be daily, weekly, monthly or quarterly, depending on product valuation frequency.

Delta

The sensitivity of an option price to moves in the price of the underlying asset.

Derivatives

Financial contracts such as futures [see Futures], options and various securities that offer 'synthetic' access to an underlying asset such as a commodity, stock market or fixed income security. The price movements of a derivative generally follow the price movements of the underlying asset but derivatives generally require only small amounts of capital (margin) to gain exposure to the underlying asset.

Downside reduction

By employing long/ short investing and hedging strategies the investment may be able to provide protection against severe market drawdowns.

Drawdown

An investment is said to be in a drawdown when its price falls below its last peak [see Net new highs]. The drawdown is the percentage drop in the price of an investment from its last peak price. The period between the peak level and the trough is called the length of the drawdown, and the period between the trough and the recapturing of the peak is called the recovery. The worst or maximum drawdown represents the greatest peak to trough decline over the life of an investment.

E

Efficient frontier

See Portfolio efficient frontier

Equity

An ownership right representing an interest in a company.

Equity Long-Short

Profits from taking up long and offsetting short positions in undervalued and overvalued stocks with a fixed or variable underlying net long or short exposure.

F

Fixed Income Asset Class

A security that pays a specific level of interest. An example of a fixed income security is a bond issued by a government or large company.

Forward contract

A forward contract is a customised contract between two counterparties to buy or sell a specific asset on a future date at an agreed price. As opposed to stocks and bonds, a forward contract is a derivative instrument, the value of which depends on an underlying asset. Unlike standard futures contracts, forward contracts are not traded on a centralised exchange and are highly customisable.

Fundamental analysis

The underlying proposition of fundamental analysis is that there is a basic intrinsic value for the aggregate stock market, various industries or individual securities and that these depend on underlying economic factors. The identification and analysis of relevant variables combined with the ability to quantify the future value of these variables are key to achieving superior investment results. A wide range of financial information is evaluated in fundamental analysis, including such income statement data as sales, operating costs, pre-tax profit margin, net profit margin, return on equity, cash flow, and earnings per share.

Fundamental analysis contrasts with technical analysis which contends that the prices for individual securities and the overall value of the market tend to move in trends that persist.

Futures

A future is a derivative instrument [see Derivatives] that involves a contract to buy or sell an asset (stock index, commodity, currency, fixed income or other security) for delivery at a future date at a specific price.
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