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A bond issued by the British government. The US equivalent are called Treasuries.

Government Bonds

Bonds issued by governments. Typically these are considered safer than corporate bonds issued by companies in the same country e.g. gilts are issued by the UK government.

Growth Stocks

Growth stocks are characterised by fast growing revenues. These stocks typically have high P/E ratios and high price to book ratios.


Hedging is used to reduce risks to a fund from adverse movements in interest rates, markets, currencies or share prices. Similar to hedging your bets.

High Yield

A bond issued by a company or government which carries a lower credit rating. These bonds pay a higher yield than other bonds, reflecting the higher risk of default.

Income Share Class

Pays out all of the fund’s net income to the investor in cash. Income can be paid out biannually, quarterly, monthly or even triannually. Note: Income can still be reinvested to buy more units in the fund. Typically this is done where there is no accumulation share class available.

Index Fund

A passive fund aiming to mirror the performance of a benchmark index.

Index-Linked Bonds

Bonds which are linked to an inflation index. For example, UK government index-linked bonds are linked to the UK Retail Price Index(RPI). These bonds are typically used to protect investors from high inflation. Government and corporate bonds can both be index linked.

Initial Public Offering (IPO)

The first time a company sells shares to the public.

Information Ratio

A measurement (or ratio) of risk-adjusted returns. The information ratio is a special version of the Sharpe ratio in that the benchmark doesn't have to be the risk-free rate. The information ratio also attempts to measure the consistency of the fund manager's performance. A manager with a higher information ratio, is deemed to have consistently better performance.

Investment Grade Corporate Bonds

Corporate bonds carry a relatively low risk of default and have a high credit rating. As they are lower risk than high yield bonds they tend to have a lower yield.


The degree to which a security can be bought or sold without affecting its price. Liquidity is often low in emerging markets and for smaller companies.

A-F Absolute Return to Funds

M-R Market Capitalisation to R Squared

S-Z Secondary Offering to Yield Curve