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Umbrella Fund |
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An investment company which
has a group of sub-funds (pools) each having its
own investment portfolio. The purpose of this structure
is to provide investment flexibility and widen investor
choice. |
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Underlier or Underlying
Security |
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A security or commodity which
is subject to delivery upon exercise of an option
contract or convertible security. Exceptions include
index options and futures , which cannot be delivered
and are therefore settled in cash. |
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Underweight |
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A situation where a portfolio does
not hold a sufficient amount of securities to satisfy
the accepted benchmark of the portfolio's asset allocation
strategy. For example, if a portfolio normally holds 40%
stock and currently holds 30%, the position in equities
would be considered underweight. |
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Unit Trust |
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A common form of collective investment
(similar to a mutual fund) |
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where
investors money is pooled and invested into a variety
of shares and bonds in order to reduce risk. Its capital
structure is open ended as units can be created or redeemed,
depending on demand from investors. It should be noted
that a Unit Trust means something completely different
in the US. |
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