Glosario

A
  • Open (Fund):

    This Pension Fund is characterised by being able to channel investmnets from other pension funds. It does not require, for its constitution, of an initial minimum heritage for its correct one desenvolvimiento financial.

  • Defined contribution:

    Type of Pension Plan based on the stipulated obligations, in which the purpose defined is the amount of promoters' contributions and, where applicable, participants' contributions. The contribution can be established in absolute terms or depending on other variables such as wages, business flows, Social Security contributions or others. In this type, benefits are quantified when the contingency occurs and are the result of the capitalisation process employed by the plan.

  • Contributions:

    These are financial contributions that will be made by the promoter and/or participants, for the cases and methods that are established in the respective Pension Plan, pursuant to current regulations in force.

  • Business contributions:

    These are financial contributions made by promoters of Pension Plans in the employment system.

  • Partner (system):

    Type of Pension plan based on its individual members, where the promoter is any association or union and participations are their partners, or members.

  • Assignation of consolidated rights:

    The contributions of shareholders to Pension Plans determine for the same the ownership of affections resources to these plans; establishing some economic rights that define provisions.

B
  • Beneficiary:

    Private individual entitled to receive benefits, whether he/she has been a participant or not.

C
  • Capitalisation:

    Pension Plans are implemented through financial and actuarial systems of capitalisation. This means that they are managed as if they were individual products in which contributions are deposited that subsequently will handle payment of the benefits. The capitalisation system employed does not require the incorporation of new subjects, since it is a self-sufficient system.

  • Closed (Fund):

    Type of characterised Pension fund because it implements exclusively investments of Plan or comprehensive Pension Plans in him.

  • Ownership Certificate:

    It is the document that it issues the Managing Entity and that it proves the condition of shareholder of its holder.

  • Control Committee (of the Fund):

    It is the body of control and monitoring of the Pension fund. Between its functions the monitoring of the fulfillment of Planes is found assigned, the depiction of the Fund and the examination and the approval of the Managing Entity's activity.

  • Control Committee (of Plan):

    It is the body that it supervises the operation and execution of each Pension Plan of the system of employment and partner; formed by representatives of the developer or promoters and representatives of the shareholders and, where applicable, of the payees. In the Pension Plans of the individual system Control Committee of Plan is not constituted, corresponding to the developer functions and responsibilities of this Fee.

  • Promoter Fee:

    In the system of employment, once elaborated the initial project of the plan by the developer, is urged to the constitution of a promoter Fee with depiction of the developer or promoters and of the workers or potential shareholders. This Fee will be formed and it will operate all right in it planned for the Control Committee of a Pension plan. In the case of the Pension Plans of the individual system and partner, will be promoting entities who adopt agreements and they practice assigned functions to the Fee promoter of Pension Plans, proceeding to the presentation of the project of Plan before the Pension fund in which expects to integrate.

  • Pension commitments:

    They are the duties derived from legal obligations or contractual of the company with its staff, collected in collective agreement or willingness equivalent, that they have the aim to carry out contributions or to give provisions linked to the contingencies established in the Act of plans and pension funds regulation. Commitments for assumed pensions by companies must implement through insurance contracts, via the arrangement of a Pension Plan or of both.

  • Contingencies:

    They are those situations that covers are found for the Pension Plan: superannuation; total and permanent labour disability for the usual profession, or absolute and permanent for all work and severe disability; death of the shareholder or payee and Dependence.

  • Account of Position:

    It is the countable instrument that collects the current contributions and the goods and rights of Plan. Charged to this account, the fulfillment of the provisions is attended derived from Plan. In addition, collects the yields derived from investments of the Fund that they must assign to Plan. The accounting operation of the deposit account is adapted to the criteria established by the Ministry of Economy and Finance.

D
  • Defender of the Shareholder:

    It is a company or famous independent consultant to whose decision claims will be subjected that they formulate shareholders and payees against the Managing Entity, Depository and Promoter of Individual pension plans, whose decision will link to these Companies.

  • Depository:

    It is the company responsible for the custody and deposit of the chattel paper and other financial assets comprehensive in the Pension funds. They will be able to be it credit institutions with registered office or branch in Spain.

  • Vested rights:

    They are economic rights derived from contributions and of the actuarial financial regime that it contemplates the Pension Plan.

  • Directorate-General for Insurance and Pension Funds:

    With regard to Pension Plans and Funds, it exercises administrative control over the fulfilment of the precise requirements for access to the activity by Pension Fund Managing Entities, the ordinary supervision of the exercise of the same, and the conditions that must be fulfilled by the Funds and Plans.

E
  • Employment (System):

    Type of Pension Plan because of subjects constituyentes that is characterised because its developer is any Company, Corporation, Society or Company and whose shareholders are its employees.

  • Specifications:

    It is the document that it constitutes the legal support of Plan and it contains, among others, following aspects: determination of the field and type of Plan, standards for the constitution of the Control Committee of Plan, finance system, attachment to a Pension fund, definition of the provisions, rights and obligations of the shareholders and standards for the modification and settlement of Plan.

  • State of position:

    It is part of the public documentation that informs to the shareholder of movements because of subscriptions or reimbursements deep down.

  • EURIBOR:

    (Euro Interbank Offered Rate). Interest rate of reference for the area Euro.

  • Excesses of Contribution:

    They are those contributions that they exceed the legally established limit. Excesses can be retirees before 30 June of the next year, without application of sanction.

  • Exteriorización:

    It is the legal obligation through which companies must take out out of its balance sheet and, therefore, of its willingness, the funds set aside for the coverage of commitments for pensions with its employees and payees.

F
  • Date of record of the fund in the CNMV:

    It is the moment starting from which an investment fund is authorised for its marketing, given that it has been registered in the records of the CNMV.

  • FIAMM:

    FIAMM (Investment funds in Assets of the Money Market) Type of funds that, by law, they must carry out its investments in fixed yield securities of short term maturity (until 18 months) and high liquidity.

  • FIM:

    (Investment funds Mobiliaria) Funds whose exclusive object is the purchase, tenancy, enjoy and sale of securities and other financial assets. The FIM invest more than the 90% of its asset in quoted securities in share markets: public debt, private fixed-income, stock and derivative instruments. The invested term and percentage in these assets they depend on the investment policy of the fund.

  • Explanatory brochure of the fund:

    Document that explains the characteristics of an investment fund and all the relevant aspects on the same one. It contains details on the management company, its Board of Directors, the investment policy of the fund, fees etc. So much the first brochure of the fund as successive updates are approved by the CNMV and its records are registered.

  • Simplified brochure of the fund:

    It contains in a summarised way information on the fund, on its objectives, risk profile, profile of the investor to that which goes directed the fund, and financial news and agent of the same. She is a complete brochure part of of the fund that is used as an instrument of its marketing.

  • Fondandalucia:

    Investment fund that invests a percentage of its portfolio in debt of the Regional Government of Andalusia.

  • Fund of Funds:

    Investment funds that invest its heritage mainly in shares of other funds.

  • Investment fund:

    It is a heritage belonging a plurality from investors, whose right to ownership is represented in the shape of shares, and that it has as an exclusive object the acquisition, tenancy, enjoy, chattel paper administration and transfer and other financial assets to compensate risks, with a suitable diversification of assets, without assuming an economic majority holding or policy in another society.

  • Pension fund:

    A financial asset with no legal personality where the financial resources of the Plan or Plans that integrate it must be invested, channelling the investments and paying out benefits to the beneficiaries.

  • Foreign fund:

    Direct billing product in a foreign country, but that is registered in the Comisión Nacional del Mercado de Valores (CNMV) for its marketing in Spain.

  • Guaranteed fund:

    Investment fund for that which there is guarantee of a third party and that it ensures good a fixed yield or an amount linked to instruments of equities.

  • Funds of accumulation:

    Additionally so-called capitalisation funds. Investment funds that reinvest yields that they obtain accumulated to theritage of the fund producing a liquidative appreciation in value of shares.

  • Money funds:

    Name through which Investment funds are known in Assets of the Money Market (FIAMM). Receive this name, owing to the fact that, when having a high liquidity, can be considered as substitutive of the money.

  • Funds of Currencies:

    Investment funds that they invest in fixed-income, equities or mixed of various markets, which is why its patrimonial assets are denominated in a basket of currencies. This supposes an extraneous risk, the risk of exchange rate.

  • Funds of Alternative Management:

    Investment funds that they try to obtain retornos in absolute terms instead of relative yields based on certain reference rates as it happens with traditional funds, which is why its retornos are not influenced by the address of markets.

  • Property investment funds:

    (FII) non-financial character Investment funds that they allow that the shareholder can invest in real properties starting from relatively small amounts. The fund property is that which purchase, rents, maintains and it sells properties. This type of funds can not develop different such as property development activities, construction or other certain ones in the regulations of funds.

  • Funds of allocation:

    Investment funds that they distribute with frequency dividends between its shareholders. Are complemented with Investment funds of capitalisation.

  • Overall funds:

    Investment funds without exact definition of its investment policy, invest in any market, currency or type of asset.

  • Funds index:

    The objective of these investment funds is to achieve a return equal to that one of an index, that they use of reference, through the training of a portfolio with a similar structure to the composition of the reference rate.

  • Sectorial funds:

    Investment funds mobiliaria whose portfolio is formed mainly by equities of a sector or certain sectors.

  • Solidarity funds:

    Characterised investment funds because a part of fees that generates the fund are yielded with a social purpose, as it can be in favour of non-governmental organisations.

  • Fondtesoros:

    Investment funds boosted for the State that they invest mainly in Public Debt.

  • Financial future:

    Contract of derivatives that it guarantees the purchase or sale from an asset to a price and a specific date.

G
  • Manager of Pension funds:

    She is the Public Limited company responsible for the administration and management of the Pension fund, llevanza of the accounting and accountability, issuance of the ownership certificates to the Pension Plan and control of the Company Depository.

I
  • Imputation:

    The contributions made by shareholders are direct and those which carries out the developer in favour of shareholders are the charged contributions. Contributions to Pension plans only will be able to carry out by the developer of a plan of the system of employment, in favour of its employed shareholders, and for the own shareholders, anyone that it is the type of the plan. Promoters of Pension Plans that make contributions must present an annual statement in which are related individually shareholders for who made its contributions and the amount contributed by every shareholder.

  • Individual (System):

    Type of Pension Plan, because of subjects constituyentes, that is characterised because promoters are one or more financial character Companies and whose shareholders are individuals.

  • Serious offences:

    They are anyone who involve the default on obligations of information or of other standards when the stock or omission at risk puts or it injures the rights of Promoting entities, shareholders and payees.

  • Slight offences:

    They are made that involve meer delays in the course of obligations of information or other provisions' non-compliance, provided that they do not put at risk nor affect directly to the rights of Promoting entities, shareholders and payees.

  • Very serious offences:

    They are stock or omissions, anyone that it is its nature, that they injure in a good shape serious the rights of Promoting entities, shareholders and payees, or they break the object specific to Pension funds.

  • Offences and Sanctions:

    Offences with regard to Planes and Pension funds are sancionables in official channel, classifying in slight, serious and very serious.

  • Income to Account:

    It adverts to the amount that is turned to the Public Treasury with the intention of fulfilling in advance tax obligations. The amount corresponding by the remunerations satisfied in kind will be calculated applying to its value the tax type that it corresponds. The subject obliged to withhold and to practice income to account must present in the first twenty calendar days of the months of April, July, October and January, statement of the amounts retained and of income to account that they correspond for the quarter, entering it in the Exchequer.

  • Integration:

    For the instrumentation of a Pension Plan, economic contributions to that promoters and shareholders of Plan were obliged must add immediate and necessarily in a Pension fund.

  • Investments:

    The asset of the Pension funds is invested in accordance with safety criteria, return and diversification of suitable terms to its aims, establishing some limits of maximum investment according to nature of the assets.

  • Irrevocabilidad:

    Contributions, once made, will have the character of irrevocable, and under no circumstances will be admissible its cancellation, except for imputable material error to the Companies Manager or Depository of the Pension fund.

J
  • Superannuation:

    Cessation stock and effect of the work activity, usually with a right to the perception of a pension, as a result of reaching certain age, services or physical impossibility long or mental to develop the work.

M
  • Minimum Staff and Relative:

    Amount that the Act of the I.R.P.F. it establishes to reduce the basis of assessment - first in its general part and, if it was surplus, in its special part-, without in no case can result negative.

  • Disability:

    Situation in which the Act allows making contributions to Pension Plans in favour of people with a degree of disability equal to or more than the 65 for 100, contributions that they can carry out to pension plans of the individual system, as well as to related system pension plans, if the disabled man, or the person that carries out the contribution to its favour, be member, member or member of the promoting entity.

  • Mixed:

    Type of Pension Plan because of stipulated obligations that is characterised because its object is, simultaneous or separately, the amount of the provision and the amount of the contribution.

  • Mutual societies of Social Security:

    They are Private organisations that they operate to fixed premium or variable, non-profit, out of the frame of the systems of forecast that they constitute Social Security Institute compulsory, acting a type insurer of voluntary character, directed to protect to its members or to its goods against circumstances or events of accidental character and predictable, through direct contributions of its partners or of other Companies or protective people.

P
  • Shareholder:

    They are subjects constituyentes of Pension Plans. They have the consideration of shareholders individuals in whose interest Plan is created, regardless of that they carry out or not contributions.

  • Shareholder in Suspense:

    They are shareholders that they have stopped in the performance of contributions, direct or accused, maintaining its consolidated rights within Plan, in accordance with its predictions.

  • Risk profile:

    Classification of the client according to the risk that it wishes to assume in its investment in order to selecting the product that it conforms to its characteristics. The attitude that can take an investor when dealing with the risk can be of three types: aversion (the investor will prefer a smaller return with such of assuming a smaller risk), indifference (the investor does not take into account the risk when to carry out the investment) or preference (the inverse one assumes a high risk to reach a great return).

  • Legal Entity:

    Nature person's quality legal. They are legal persons the corporations, associations and foundations of recognised public interest for the Act; and associations of particular interest, are civil, mercantile or industrial, to those which the Act grants own personality.

  • Plan of Rebalancing:

    It is the agreement reached for the Fee Promoter of the Pension Plan or by the Control Committee, in virtue of which, within the pension plan rights are integrated for services past tenses corresponding to commitments for pensions for the active staff and obligations before retired and payees.

  • Pension Plans:

    They define the right of people to whose favour are constituted to receive incomes or capitals for superannuation, survival, widowhood, orphanhood or disability; obligations of contribution to the same; and the rules of constitution and operation of theritage that to the fulfillment of the rights that it recognises has to create. Set up voluntarily, its provisions are not substitutive of those of the Social Security Institute, having private and complementary character.

  • Defined provision:

    Type of the Pension Plans because of stipulated obligations, in which is defined as a predetermined magnitude or estimated the amount of all the provisions to be received by payees. Set or estimated the provision, the precise contribution will result of the application of the financial system actuarial that it is used.

  • Benefits:

    When it happens a covered contingency for the plan, the examination of an economic right is produced in favour of payees. In accordance with it considered in every Pension Plan, provisions will be able to be in the shape of capital, consisting of a fee-paying only perception; provisions in the shape of income; or mixed provisions, that they combine incomes of any type with an only charge in the shape of capital.

  • Joint promotion:

    Several companies or companies can promote jointly a Pension Plan of Employment in instrumentation of the commitments subject to be covered. The regulations will be able to establish conditions when are constituted by companies of the same group, by SMEs, or for several companies that they have assumed commitments for pensions in virtue of an agreement of field collective negotiation higher than that one of company.

  • Developer:

    It is subject constituyente of a Pension Plan, being able to be any Company, Corporation, Society, Company, Association, Trade union or group of any class that they urge to its creation or they participate in its desenvolvimiento.

R
  • R²:

    Coefficient that in a regression it measures the percentage of the variable's variance shop assistant that it is explained by independent variables. It is a measure of the goodness of the reduction and of predictions that via him you can carry out.

  • Ranking:

    It is the classification of a family of investment funds, tidy according to the return, risk, heritage or any other criterion. Standard and Poor's has developed its star ranking (Standard and Poor's Micropal Star Ranking (TM)), based on the relative return of the fund.

  • Ráting:

    Rating of an investment fund for a series of parameters, as the return and the risk. This way, the investment is not analysed just for the obtained return. There are rating agencies specialised in the analysis of the funds, as Standard&Poor's.

  • Credit rating:

    Rating of the liabilities of an agent issuer, based on its skills to comply with its obligations.

  • Ratio of Information:

    It is an indicator of return and risk relative with respect to the reference rate of the fund. Specifically, measures the obtained differential return for the fund when dealing with the reference rate for unit of relative risk in which has incurred. This ratio is measured as: (return of the fund - return of the reference rate) / tracking error. Is calculated in year-on-year terms. If the ratio is positive and higher than one means that every differential risk unit assumed is being seen compensating with more than an unit of return of surplus when dealing with the index.

  • Ratio return-risk:

    Is calculated as the quotient between the return and the volatility in year-on-year terms. It constitutes an indicator of the management of the fund in absolute terms. In a context of positive return, this ratio represents the return of the fund for unit of assumed risk. If the ratio is positive, how much elder is its better value results will have thrown the style of management representing the fund.

  • Reduction in Basis Of assessment:

    The general tax basis is obtained practicing in the general part of the basis of assessment, after reducing this in the amount of minimum staff and relative that they correspond, certain reductions, being one of these contributions to Social Security Pension plans and Mutual societies.

  • Reimbursement:

    Rescue or settlement, total or partial, of the shares of a fund.

  • Temporary arrangement:

    Shares of acquired investment funds before 31/12/1994 will reduce the patrimonial gain, where applicable, for the application of the proofreader coefficient of the 14.28 % and this will be done for every year that it exceeds of two, rounding for excess the number of years that they go from the purchase date until 31/12/1996. These gains of more than a year are integrated in the special basis of assessment paying taxes to the fixed rate of the 15 %.

  • Insurance and Reinsurance Firm Registry:

    Administrative registry that reports to the Directorate-General for Insurance and Pension Funds, which contains data on these companies.

  • Depository Institutions Registry:

    Administrative record in which figure the resolution of the prior authorisation and the enrollment, denomination, registered office, managers and top officials of the Company who would have been empowered for the exercise of the functions of the Company Depository of Pension funds; and the relationship of managers, Directors or Managers that were authorised representatives.

  • Management Institutions Registry:

    Administrative registry that reports to the Directorate-General for Insurance and Pension Funds, which safeguards rulings on prior authorisations and registrations; company name and registered address; managers and top official names of the Company; share capital, mutual or Non-current liability Fund of the Head Office; statutory modifications; Managed pension funds; and whatever other details are determined.

  • Mutual Societies Registry:

    Book of the Record of Insurers Companies dedicated to Mutual societies of Social Security, in which the administrative authorisations, modifications of statutes are registered, the appointment and cessation of the members of the Board Of directors, the merger agreements, demerger and transformation, the revocation of the authorisation, and how many other are determined.

  • Pension Schemes and Funds Registry:

    Administrative record in which must register Pension funds after the acquisition of the previous administrative authorisation. In him also appears Plan or comprehensive Pension Plans in the Fund.

  • Commercial Registry:

    The Commercial Registry is an advertising instrument for the security of legal traffic; it is a public office, existing in all provincial capitals and other planned cities; and it is formed by the set of books, legajos and deposited documents and that are kept under the responsibility of the Registrar.

  • Administrative records:

    They are Formed by the Record of Actuaries, the Record of Auditors, the Record of Companies Insurers, the Record of Managing Entities, that one of Depository Companies, Mutual societies and the Record of Planes and Pension funds.

  • Regulations of management:

    Set of standards that, fulfilling the requirements established in the current legislation, regulates and it governs the characteristics of an Investment fund and its operation.

  • Yields of Economic Activities:

    Those from personal work, capital, or both, which entail own organisation of production measures, human resources, or both, with the aim of participating in the production or distribution of goods or services.

  • Returns on capital:

    Total profits and considerations, whatever their name or nature, monetary or in kind, that come directly or indirectly from equity instruments, assets or rights, whose ownership is the taxpayer, and that are not affected by this party's economic activities.

  • Investment incomes:

    Total profits and considerations, whatever their name or nature, monetary or in kind, that come directly or indirectly from investment income and, in general, from assets and rights not classified as property, of which the taxpayer is the owner and that are not affected by this party's economic activities..

  • Earned incomes:

    Considerations or profits, whatever their name or nature, monetary or in kind, that come directly or indirectly from the personal work or labour or statutory relationship and are not considered yields on financial activities.

  • Net Yields:

    Difference, positive or negative, between gross income and deductible costs.

  • Fixed-income:

    Set of financial assets that bring a periodic return (bonds, promissory notes, etc.). The fixed-income does not involve the security of charge, that it depends on the solvency of the issuer.

  • Equities:

    Generic expression that is applied to the equity market. Is called thus because the return depends on the variable payment of dividends which in turn depends on the profits of the society and of its dividend policy.

  • Profitability:

    - Calculation of the percentage of profit or loss that obtains the investor, since it subscribes shares until the day of reference for its calculation.

    - Total gain (appreciation and income) by unit invested in a certain period.

  • Year-on-year return:

    Calculation of the percentage of profit or loss that obtains the investor, considering as a time horizon the latest ones 12 months.

  • Repos:

    Operations with debt buyback to very short term. You usually are part of the portfolio of the funds to place part of its liquidity in exchange for an attractive return. They are current especially in the funds of the money market.

  • Resident:

    The Spanish regulations determines that a person is resident district attorney in Spain when it remains more than 183 days a year in Spanish territory, or when is here where it lies the main core or its economic interests' base or of its business or professional activities.

  • Remuneration:

    Reward or payment for some service or condition.

  • Review of Planes:

    The financial and actuarial system of Planes should be revised by actuary and, where applicable, rectified, at least, every three years, taking into account the evolution of the wages, the return of the investments, the mortality rates of the group, the survival of the liabilities, and the other concurrent circumstances.

  • Risk:

    Probability of suffering a loss in the investment made. The greater the risk assumed, the greater gain that can be expected from the investment.

  • Credit risk:

    Impossibility by the issuer of the title of addressing the payment of the interest or of the amount invested initially. This risk is measured via the credit quality (rating) issued by Agencies of Rating, that it allows comparing in a homogenous way the various issuances that are negotiated on the market.

  • Risk of market:

    The risk of market is the potential loss before adverse movements in the variables of the market that affect asset prices.

  • Exchange rate risk:

    Risk of that unfavourable variations are produced in the exchange rate. Is incurred in this risk if the return of foreign assets is seen dwindled when obtaining its value in euros.

  • Risk of interest rate:

    Risk of that they vary interest rates and, therefore, the asset price of fixed-income.

S
  • Last services:

    are those provided prior to a specific date. For the staff on active service to the date of taking effect of Planes Act and Pension funds, will be able to recognise rights for services past tenses derived from commitments prior to 17 September 1986, formalised in Collective Agreement or willingness equivalent.

  • Sharpe:

    Ratio very used when to assess a fund with respect to the rest of products of its category and that it results of the quotient of its return and its volatility in a certain period of time, that it usually is three-year. How much elder is the ratio, better will be the quality of management of the fund, since offers a higher return for every risk unit.

  • SICAV:

    Variable capital investment trust, whose object is the investment of the assets in portfolio. As they appear more investing that they wish to participate in the society, new stock are issued. In the same way, when it disinvests, its capital is reduced.

  • Management company:

    Company that manages the fund and it decides which is the investment policy to be followed, selects securities and financial instruments that they are going to buy and to sell.

  • Sub-plans:

    Within the same Employment Pension Plan is admissible the existence of subplans, even if these are of different types or they articulate in each different contributions and provisions. The integration in every subplan and the diversification of the developer's contributions must carry out in accordance with established criteria through collective or willingness agreement equivalent or pursuant to specifications of the Pension Plan.

  • Swap:

    Financial derivative that consists of the exchange of future financial flows between two parts, to a price and to some predetermined terms.

T
  • APR (equivalent annual rate) or annualised return:

    This is the formula expressed annually for any interest rate or simple return. It represents the return that would be obtained on assets if the investment term was one year. For example, a simple return of 65 % obtained in a three-year period is equivalent an APR from 18.17 %; a simple return of 2.5% in a 3-month period is equivalent to an annual rate of 10.38%.

  • Holder:

    Rightful owner of a title or value.

  • Interest rate:

    It is the expression that it indicates the temporary value of the money. The money has a temporary value, or price; who provide them/invest, require an incentive that it allows them to maintain its purchasing power in the time or to obtain a profit for doing.

  • Traking error:

    Is calculated as the std. deviation of the differences of returns between fund and index. It constitutes an indicator of the risk of the fund in relative terms, that is, when dealing with its reference rate. A tracking error close to zero represents a similar behaviour to the one of that one of its reference rate. How much elder is this great ratio will be its yields' deviation with respect to those of its reference rate.

V
  • Acquisition value of shares:

    Price of subscription of each share.

  • Cash value:

    Resulting from divide theritage of the fund between the number of existing shares. Daily the Management Company determines and it publishes the net asset value of the Fund, according to the daily assessment of theritage.

  • Negotiable security:

    Straight ahead of patrimonial content, anyone that it is the denomination that gives him to him, that, for its legal set-up own and regime of transmission, be subject to generalised and impersonal traffic in a financial market.

  • VAR:

    Value at Risk (value at risk). Maximum potential return daily of the fund estimated with about 99 % of probability. Is calculated as the average of the VaR daily registered in the three previous months.

  • Maturity:

    Date in which expires a title, guarantee, etc.

  • Volatility:

    Fluctuation that suffers the value of a good (fixed-income, equities, investment fund, etc.) in a certain time period.