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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.


Pair trades

Strategy that pairs long and short ideas with a hedge to focus exposure on specific risk factors in the lead idea while minimising unwanted risks.

Pension Protection Fund (PPF)

The Pension Protection Fund was established to pay compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation. Pension Protection Fund compensation payments will be funded partly by the assets transferred from schemes for which the Pension Protection Fund has assumed responsibility, and partly by an annual risk based levy raised on eligible pension schemes.

Performance attribution

Process which attributes outperformance or underperformance to the different investment decisions taken in the investment management process, such as asset allocation, stock selection, currency management, etc.

Performance measurement

The calculation of a portfolio’s return on its investments. This can be performed on total assets or on individual asset classes. For the purposes of analysing a manager’s performance relative to benchmark, performance is calculated on a time weighted rate of return basis which is unaffected by the size and incidence of client cash flows (which are outside of the manager’s control). See also money weighted rate of return (or internal rate of return).

Performance related fee

A management fee determined by the degree of outperformance relative to an agreed benchmark.


An annuity in which the periodic payments begin on a fixed date and continue indefinitely.

Pooled fund

Vehicle in which a number of investors pool their assets so that they can be managed on a collective basis. This usually suits investors wishing to invest in a broad spread of investments. Holdings in a pooled fund are denominated in units or shares that are re-priced regularly to reflect changes in the value of underlying assets. This allows investors to value their holdings and provides a basis upon which transactions into and out of the fund can take place.

Primary market

The main market for the purchase and sale of an investment.

Principal, face value or nominal amount

That amount inscribed on the face of a security, exclusive of interest or premium, due to a security holder at maturity and it is the amount used in the computation of interest due on such security.

Principles of Responsible Investment (PRI)

The PRI is the world's leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. See for more information.

Put option

The purchaser of a put option has the right, but not the obligation, to sell an asset at an agreed price within an agreed time limit. See also call option.


A measure of an instrument or portfolio’s sensitivity to changes in interest rates. It measures the change in the present value of the instrument or portfolio resulting from a 0.01% upward shift in the yield curve.