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We believe a glossary is key for any client trying to navigate through the range of complex terms and jargon in our industry.

Our most frequently defined terms are defined below but if there's something you think we should add, please contact us.



Refers to the amount of deposit that an investor has to place with an exchange or counterparty against open derivative positions. Rather like paying a deposit on a buy-now-pay-later agreement, the margin is an indication of an investors’ ability to pay. If the derivatives position incurs a loss whilst it is still open, the investor may be asked to increase the margin deposit in order to demonstrate an ability to cover any losses on the investment.

Market neutral

A long/short fund with no net exposure to the underlying market.


Recording the price or value of a security, portfolio or account according to the market value.


Length of time until the last interest payment and the principal of a bond is redeemed.

Maximum drawdown

Maximum drawdown refers to the greatest possible percentage loss of capital an investor could have experienced from owning a particular asset. It can be calculated as the percentage drop from the asset’s highest achieved unit price to any subsequent lowest unit price.

Money market

The market for short-term loans and cash deposits.

Money weighted rate of return (or internal rate of return)

Actual return achieved over a period that does not adjust for the timing of cash flows. It is therefore not suitable for comparative analysis of an investment manager’s performance if external cash flows are beyond the manager’s control. See also time weighted rate of return.

Mortgage Backed Securities (MBS)

An investment instrument that represents ownership of an interest in a pool of mortgages. Principal and interest from the individual mortgages are used to pay principal and interest on the MBS.

Multi-asset management

A single manager is responsible for several asset classes and is measured against a peer group or customised benchmark which specifies a fixed asset allocation. (The manager may or may not have discretion to vary the allocation around this benchmark.)

Mutual fund

The US name for a pooled fund (usually an open-ended fund) operated by an investment manager.