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- Actively managed fund An investment strategy that seeks to achieve a particular goal, e.g. to perform better than a particular comparative benchmark (e.g. the market or an index) through selection of individual securities (such as equities). In contrast, a passively managed fund (index fund) tracks the securities listed in an index. - Administrator The administrator is responsible for the administrative duties associated with an investment fund, such as the calculation of the net asset value (NAV), proper accounting and the recording of the issue and redemption of fund shares or units. - Advisor see Investment advisor, Fund advisor and Financial Advisor. - Annual report A fund’s annual or semi-annual financial report includes a report on its investments and operations over a specific period, and includes detailed financial accounts. Annual and semi-annual reports allow investors to check whether the investment fund’s managers are doing their job properly and in accordance with the investment policy set out in the fund’s prospectus. The annual report also includes a certification by the independent auditor that the accounts give a true and fair view of the fund’s financial position. - Asset allocation The balance between different classes of investment held within a fund or an investor’s portfolio, also known as investment allocation or portfolio structuring. Creating an asset allocation model is often part of a fund manager’s investment process and is designed to ensure that portfolios are diversified as stated in the fund’s prospectus. The asset allocation model may specify limitations for particular asset classes, regions and sectors. - Asset class Refers to the classification of assets. The three main asset classes for Undertakings for Collective Investments in Transferable Securities (UCITS) are equities, bonds and money market instruments. - Assets The investments held by an investment fund. - Balanced funds see Mixed funds - Base rate The main interest rate set by a country’s central bank or monetary authority. Other lending and saving rates are calculated with reference to this figure. - Bear market An equity market in which prices are falling consistently; the opposite of a bull market. - Benchmark A financial yardstick, usually a stock or bond market index, against which the performance of an investment fund or portfolio of assets is measured and judged. - Bid/offer spread The difference between the price at which securities are sold and the price at which they can be bought. Bid is the sale price and offer is the purchase price. - Blue chip Also "standard stocks", a term denoting the world’s or an individual country’s biggest and best-known companies or the shares and bonds they issue. Investors may prefer blue-chip securities because of the stability and reliability they expect of them. - Bonds Debt securities issued by governments, financial institutions or other companies to raise capital. They are traded on financial markets and mainly offer fixed rates of interest over a determined period. The nominal value is repaid when the bond reaches the end of its term. While generally regarded less risky than equity investments, some bonds carry a greater degree of risk than others. The degree of risk depends on the issuer’s financial strength and stability but bond prices can also be affected by interest rate fluctuations or changes in overall market conditions. - Bull market A market enjoying a sustained period of growth, the opposite of a bear market. - Capital An amount of money available for investment or that has been invested. Capital growth (price gain) is the increase in the value of the investment, as opposed to any interest or dividend income it may pay out. - Capital protection fund An investment fund with capital protection aims to ensure that the whole or a specified proportion of the investor’s original investment is returned at the end of a pre-defined investment period. The investors are protected against a fall in their investment’s value at the end of the pre-determined investment period. Such protection is, however, associated with certain costs, so that the investor does not fully participate in price rises on his fund’s markets when these occur. There are also capital-protected funds with a guarantee given to the investor or the fund by the fund company or by a third party company such as a bank. - Closed-ended fund An investment fund with a fixed amount of share capital. Once the fund’s capital is fully issued, investors must buy shares in a secondary market from existing shareholders (often on a stock exchange). Existing shareholders must also use the secondary market when selling their shares. - Collective investments The pooling of investors’ money, usually through investment funds, in order to maximise the impact of their investments or to meet minimum investment levels, and to reduce the cost of making and managing investments. - CSSF Commission de Surveillance du Secteur Financier (Financial Sector Supervisory Authority), Luxembourg’s financial industry regulator. - Custodian The custodian of a fund is a regulated institution, usually a bank, and provides safekeeping of the fund’s assets in accordance with the applicable fund regulations. For some types of fund the custodian has additional monitoring functions. - Debt securities Financial instruments that represent a debt owed by the issuer to the holder, including government and corporate bonds, money-market instruments and other fixed-income securities. - Derivatives Financial instruments “derived” from securities such as shares and bonds, including futures (contracts to buy or sell securities at a fixed point in the future) and options (contracts that give the holder the right but not the obligation to carry out a specified transaction) as well as other financial contracts. - Distribution The sale of investment funds to investors through channels such as intermediaries including banks, brokers and independent financial advisers. - Distribution fee see Front-end load. - Distribution of income Income payment distributed to a shareholder or unit holder of a fund. - Diversification The spreading of investment risk by investing in different assets that may vary according to criteria such as country or region, sector, currency or asset type. - Dividend The income shareholders receive from a company as a share of its profits. Some investment funds distribute this income, while others re-invest any dividends received back into the fund. - Domiciliation agent Provides the legal registered office of the investment fund. The domiciliary agent is responsible for the performance of functions and duties associated with the physical domicile, such as the provision of office space and other facilities for the fund, handling all correspondence addressed to the fund and arranging the settlement of bills on its behalf. - Earnings per share A widely-used indicator of the return on investments in shares. It is arrived at by dividing the total profit of a company by the number of common stocks in circulation. - Exchange-traded funds Investment funds that are listed on a stock exchange. Their most important characteristic is that they can be bought and sold at any time that the exchanges are open. The majority of ETFs aim to track the performance of a particular index. - FCP The French abbreviation for Fonds Commun de Placement (common investment fund). The FCP is a co-ownership structure whose joint owners are only liable up to the amount they have contributed and whose rights are represented by units. A common fund has no legal personality and must be managed by a management company in accordance with applicable regulations. - Financial advisor See Investment Advisor or Independent Financial Advisor - Fixed income investments Securities such as bonds and money-market instrument that pay a set or floating (variable) rate level of interest over a predetermined period of time. - Front-end load A fee payable when fund units or shares are purchased, also termed a "subscription fee". As a rule, most of it goes to the fund distributor, such as a bank, broker, or financial advisor. This fee will be described in the fund’s prospectus. - Fund see Investment fund. - Fund administrator The administrator is responsible for the administrative duties associated with an investment fund, such as the calculation of the net asset value (NAV), proper accounting and the recording of the issue and redemption of fund shares or units. - Fund advisor see Investment advisor (fund). - Fund assets The securities, cash and other investments held by an investment fund. - Fund management company See Management company. - Fund manager The person responsible for the investment management of a particular investment fund. The fund manager takes day-to-day decisions as to which assets should be bought or sold. In doing this, he frequently makes use of research and analyses produced by a team of experts. - Fund promoter The person, group of persons or company that launches the investment fund and determines its business profile. - Fund units or shares Portions of ownership of an investment fund’s net assets that investors receive in return for their investments of capital. Investors in a UCITS fund have a legal right to sell their shares back to the fund; they can do so in most cases daily, and in all cases at least twice a month. - Futures A futures contract is a derivative that creates an obligation to buy or sell a specific asset such as a number of shares or bonds at a particular price on a specified future date. Like other derivatives, futures can be traded on specialised regulated exchanges, such as NYSE Liffe or Eurex, or on an ‘over the counter’ (OTC) basis. - Growth stocks Stocks of companies whose earnings are expected to increase at an above-average rate. Growth stocks are typically found in sectors benefiting from scientific or technological breakthroughs and where demand for companies’ products or services is growing rapidly. - Hedging A strategy used to reduce risk, usually by using derivative instruments such as futures and options to insure against a fall in the price of specific assets held by a fund or within an investor’s portfolio - Independent Financial Advisors Also known by the abbreviation IFA, the term denotes an independent expert who advise individuals on their financial investments. It is an IFA’s job to determine the individual’s financial means, investment profile and goals, and to recommend investments that fit their needs. - Index A measurement of the average price of a group of assets, especially shares and fixed-income securities. Indices can refer to securities or other assets from a country, region, sector, etc., and are often used as a benchmarks for the performance of an investment fund that invests in similar assets. They often serve as the basis for Exchange Traded Funds that are designed to track performance. - Index fund An investment fund whose investment strategy is to track an index, e.g. a stock or bond market index, as closely as possible. - Inflation The amount in percentage terms by which the prices of a selected basket of goods and services rises each year (or falls, which is deflation). The level of inflation is important to investment in all kinds of securities, but particularly fixed-income securities and funds, because inflation must be deducted from the annual return on an asset to determine the real gain for the investor. - Investment advisor (fund) Any person or group that makes investment recommendations or provides securities analysis to the investment fund’s manager in return for a fee. In some cases the fund company may appoint an investment advisor to use their specialist skills in the particular field or market in which the fund invests. - Investment advisor (private investors) An expert who is either independent or employed by financial companies such as banks or brokers, and provides guidance to individuals on the best way to invest their capital. It is the financial advisor’s job to examine the individual’s financial means, investment profile and goals, and to recommend investments that fit the individual’s needs. – see also Independent Financial Advisor. - Investment company (see also SICAV) An investment fund structured as a company, with shareholders and a board of directors that is ultimately responsible for the successful operation of the fund according to the investment policy set out in its prospectus. - Investment fund The general term for any investment vehicle that pools together the money of a number of investors. An investment fund invests in certain markets and securities according to its investment strategy and objectives. Funds can take many legal forms, including companies, partnerships or contractual agreements. - Investment guidelines The rules set out in an investment fund’s prospectus that explain how investments should be managed, including any restrictions on the type and size of investments. - Investment instruments Financial products that are available for investment through funds or directly, including equities, bonds, money-market instruments, cash and derivatives. - Investment policy Describes in essence the measures taken to manage the fund assets. Among other things, it sets out the types of securities in which the investment fund may invest, as well as guidelines to be followed by the fund manager, such as the investment limits applicable to individual securities or asset classes or steps to be taken to hedge against weakened prices. - Investment process The established operating method according to which fund managers make decisions about which investments to buy and sell. In so doing, they make use of processes/methods for the selection of individual securities and/or general asset allocation. Some managers use quantitative methods that employ computer systems to screen for securities with particular characteristics. Investment processes include risk management procedures and may also involve regular meetings of committees that approve each investment. - Investment style The best-known styles of investment include “growth” and “value” stocks, which display different characteristics and perform in different ways depending on the economic climate. Another aspect of investment style is the size of companies in whose securities a fund invests, usually designated as ‘small cap, ‘mid-cap’ and ‘large cap’. - IPO Initial public offering, which takes place when a company first sells its shares to the public and lists them on stock exchange. - Key Investor Information Document The KIID (also abbreviated to KII or KID) is a concise overview of a UCITS fund’s main features, written in plain language and produced in a standard format on two A4 pages, introduced as of July 2011 as part of the UCITS IV legislation. - Liquidity The ease with which assets, including shares, bonds or fund shares, can be converted to cash. If an asset is described as highly liquid, this means it is quick and easy to sell. Property probably represents the least liquid of assets. If a fund offers daily liquidity, that means investors can buy (subscribe to) the fund’s shares or units or sell (redeem) them back on a daily basis. - Management company A company that organises, manages and administers an investment fund. - Management fee The charge levied by the management company for the services it provides in connection with the investment management and the operation of an investment fund. The more complex the investment strategy, the higher the management fee is likely to be. - Market capitalisation The value of a company, measured by its stock market price multiplied by the number of outstanding shares. Market capitalisation is widely used as a way to measure a company’s size for investment purposes, with companies classified as ‘small cap, ‘mid-cap’ and ‘large cap’. - Market maker A specialist company that act as an intermediary for investors seeking to buy or sell a particular share on a stock exchange. Market makers participate in these transactions for their own account and at their own risk. Their profit comes from the difference between the buying and the selling price. There are also market makers for exchange-traded funds. - Merger Merger (of funds) – the combining of two or more investment funds into one entity, which may happen for a variety of reasons. A fund may merge with another fund in order to create a larger pool of assets that is more economically viable to run, or where a merger of two fund management groups creates a range of overlapping funds with similar objectives. - MiFID The European Union’s Markets in Financial Instruments Directive, known as the Financial Markets Directive or MiFID for short, aims to provide a uniform set of rules for investor-oriented services throughout the EU, including stipulations on the quality of service offered by financial institutions to their clients. MIFID requires firms to categorise their clients and apply different levels of protection for each category, one of which comprises retail investors. Financial companies regulated under MiFID that deal with retail clients must have clear procedures in place and fulfil specific requirements to assess the suitability of each type of investment product for the investor. - Mixed funds Investment funds (also known as balanced funds) that invest in both equities and bonds, and sometimes other asset classes such as money-market instruments. - Mutual funds The US term for investment funds, normally used to denote funds that are available for sale to the general public. - Net asset value (NAV) Net asset value - The total value of an investment fund’s assets, minus any liabilities such as expenses and other debts. The price per unit (net asset value per share) is calculated by dividing the NAV of a fund by the number of outstanding units. The frequency of the NAV calculation depends on the nature of the fund and the provisions of the prospectus, and provides a basis for the price at which investors can buy (subscribe to) or sell (redeem) shares or units of a fund, subject to any fees and commission charges. - No-load An investment fund that does not require investors to pay fees (sales load) at the time they buy or sell shares or units in a fund. - OEIC Abbreviation for open-ended investment company used in the UK. Open-ended investment companies in Luxembourg are known as SICAVs after the French abbreviation. - Open-ended fund An investment fund that allows the creation of new shares or units whenever investors seek to make an investment in the fund. The size of the fund varies according to the current number of investors and the number of shares or units they hold. - Options Derivatives that take the form of an agreement under which the holder of an option may (but is not obliged to) to buy or sell a particular security at a specific price in the future. Options can offer insurance against changes in asset prices. - Passive investment An investment strategy that seeks to perform in line with a particular market, typically reflected by an index, generally by investing in stocks or securities in the same proportions as the index in question. If there are changes in the index, for instance because individual stocks or their weighting change, a passive investment fund needs to make similar adjustments. - Performance An investment fund’s performance is measured by the return it delivers over a particular time period, often compared with the returns of similar funds or with a benchmark such as a stock market index. - Portfolio Is the sum of all investments in securities held in a custody account by a private or institutional investor. It also refers to the aggregate assets held by an investment fund. - Price-earnings ratio A widely-used indicator of the return on investments in shares. It is arrived at by dividing the total profit of a company by the number of common stocks in circulation. - Prospectus The key legal document of the investment fund, providing comprehensive details of the fundamental goals of the fund, its investment policy and details of how it operates. - Purchase fee See Front-end load. - Quoted company A company whose shares are traded on a stock exchange. Quoted companies must publish regular information about their financial position as well as other information that could affect their share price. - Redemption fee A type of fee charged by some investment funds when investors sell or redeem their shares or units back to the fund. A redemption fee is paid to the fund and is typically used to defray some of the fund’s costs associated with the redemption. This fee will be described in the fund’s prospectus. - Regular savings The process by which investors make regular purchases of financial assets, usually monthly but sometimes annually, and as a rule according to a predetermined plan. It is the opposite of a lump sum investment that involves a single purchase of assets. Regular savings ensure that you put money in the market in all conditions, when prices are low as well as when they are high. - Retirement provision A precautionary arrangement that provides an income for an individual’s retirement, funded either by that individual through their own savings, by their employer or by the government of the country they live in. Many company and private pensions use investment funds as the basis of their assets. - Risk The general term given to the likelihood that investors may suffer a loss or fail to receive the expected level of return from an investment. Many investment funds show the level of risk taken by the fund through an indicator such as volatility, which represents the historical level of price fluctuation a fund or an asset experiences. - Sales charge A charge levied on the investor at the time they buy shares or units in an investment fund (see Front-end load). - Sector A particular part of the economy in which a fund may invest; for example an industry group, such as technology, a geographic location such as a single country or region, a continent or the entire world. - Securities Frequently used as another term for financial assets such as shares and bonds. Legally speaking, a security is a certificate securitizing a private right such as, for example, shared ownership of a company. - Semi-annual report A fund’s annual or semi-annual financial report includes a report on its investments and operations over a specific period, and includes detailed financial accounts. Annual and semi-annual reports allow investors to check whether the investment fund’s managers are doing their job properly and in accordance with the investment policy set out in the fund’s prospectus. The annual report also includes a certification by the independent auditor that the accounts give a true and fair view of the fund’s financial position. - Share classes Different types of share issued by a single investment fund that typically confer different rights on their owners. For example, some funds issue shares in a variety of currencies, such as the euro, the US dollar and the pound sterling. Others, however, offer a variety of share classes with varying conditions and fee structures for different types of investor. - Shares Units of ownership of a company. Shares can be listed and traded on a stock exchange or held by the company’s owners on a private basis. Shares are sold at a price decided by the issuing company in an initial public offering or subsequent share issue, but subsequently their price is determined by supply and demand, influenced by factors such as the company’s profitability and the overall economic environment. - SICAV The French abbreviation for Société d’Investissement à Capital Variable (open-ended investment company), one of the main types of investment fund established in Luxembourg. In a SICAV the capital of the fund will always be equal to its net asset value, and the price at which shares are bought and sold is based on the current net asset value. - Simplified prospectus A document established under the UCITS III legislation in 2001 that provides a summary of the content of the full prospectus. From 2011/2012 this will be replaced by a Key Information Document (KID) providing a concise overview of the fund’s main features on two pages. - Stock exchange A market in which securities such as shares, bonds and certain types of investment funds (including exchange-traded funds) are traded. - Stock selection The investment process by which a fund manager decides which shares in a particular sector or market to buy rather than others. The decision usually involves detailed analysis of companies’ activities and accounts, and often face-to-face meetings between fund managers and company management. - Subscription fee see Front-end load - Swing pricing A mechanism for compensating an investment fund for the dilution effect of redemptions and subscriptions, and to protect continuing investors. It aims to ensure that investors subscribing to or redeeming from a fund bear a portion of the trading costs, i.e. transaction costs or the spread between the bid and offer prices of underlying securities. - Total expense ratio (TER) A measure of the total costs charged to an investment fund and expressed in percentage terms of the fund’s total assets. The total expense ratio typically includes the administration fee, management fee, audit fee, and the cost of the prospectus. - Tracker fund See also Index fund - Trailer fee A recurring fee, generally charged to the investment fund, which pays for the costs of ongoing payments to fund intermediaries. - Transfer agent A regulated company that undertakes the administration of subscriptions to and redemptions from funds by investors and maintains the register of the fund’s shareholders. - UCITS An acronym standing for Undertakings for Collective Investment in Transferable Securities, the title of a series of directives introduced by the European Union (EU) beginning in 1985. Funds that meet the conditions laid down by the directives are known as UCITS funds and may be marketed throughout the EU. - Umbrella fund An investment fund that contains a number of sub-funds or compartments, each of which can have a different investment policy. The various sub-funds may invest in different assets or markets, be aimed at different types of investor such as individuals and institutions, or be priced in different currencies to suit investors from various parts of the world. The rights of investors and creditors of a sub-fund are in general limited to the assets of that sub-fund. - Valuation currency The currency in which a fund’s assets are valued, even though the assets themselves may be denominated in a different currency. - Value stocks Shares of companies that are considered underpriced by the market (in the sense that their current price does not reflect their fundamental characteristics) and which therefore represent an attractive investment opportunity. A value stock may be identified by key data such as a low market price compared with its book value, a high dividend yield or a low price relative to earnings multiple. - Volatility Indicates the degree to which the price of a fund or security fluctuates during a given time period. - Yield The annual return realised from an investment such as stocks, bonds or investment funds, expressed as a percentage of the price. It is often used to compare and contrast the performance of financial assets and funds.
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Rječnik pojmova ADR American Depository Receipt – Certifikat koji izdaje američka depozitna banka, a koji predstavlja strane dionice koje banka ima u svom portfelju, obično kod podružnice ili korespondentske banke u zemlji izdanja dionice. Arbitraža Kupovanje neke robe na jednom tržištu da bi je se prodalo na drugom. Mnoge vrijednosnice kotiraju na više tržišta i na tim tržištima imaju različite cijene. Arbitraža predstavlja nerizičnu zaradu. Ask Cijena po kojoj je vlasnik voljan prodati neku vrijednosnicu. Alokacija imovine Raspodjela sredstava među različitim vrstama imovine (dionice, obveznice, depoziti, nekretnine…) Asset/liability management Način upravljanja sredstvima financijske institucije da bi se postigla njihova dva temeljna cilja – da bi se ostvario očekivani povrat na uložena sredstva i da bi imovina ostala veća od obveza. Aktivno upravljanje portfeljem Strategija korištenja dostupnih informacija i tehnika analize da bi se odabrali instrumenti sa što većim potencijalnim rastom vrijednosti. Suprotna strategija je pasivno upravljanje portfeljem. Back office Engleski izraz koji označava organizacijsku jedinicu unutar banke i ostalih financijskih institucija koja nije izravno uključena u prodaju ili trgovanje, a brine se za knjigovodstvenu evidenciju, prijeboj i namiru transakcija. Bid Cijena po kojoj je netko voljan kupiti neku vrijednosnicu. Bik Investitor koji smatra da će tržište porasti. Bikovo tržište Tržište na kojem cijene vrijednosnica rastu. Blagajnički zapisi Kratkoročni utrživi vrijednosni papiri s rokom dospijeća do jedne godine. Izdaju ga ministarstva financija, državne agencije ili centralne banke. U Hrvatskoj blagajničke zapise emitira Hrvatska narodna banka. Smatraju se nerizičnim instrumentom, a sigurnost i niži prinos glavne su mu karakteristike. Prodaju se uz diskont na 91, 182 i 364 dana. Broker Pojedinac koji za proviziju izvršava naloge klijenata. Broker je u pravilu specijaliziran za određenu vrstu vrijednosnica i mora biti registriran kod burze. Bruto domaći proizvod (BDP) Tržišna vrijednost svih dobara i usluga proizvedenih unutar jedne godine, isključujući prihode stranih tvrtki i stranaca koji rade u zemlji. Burza (stock exchange) Organizirana tržišta na kojima se trguje različitim kategorijama imovine (dionice, obveznice, različite robe...) po unaprijed definiranim i strogo utvrđenim pravilima uvrštenja i trgovanja uvrštenim kategorijama. Caveat emptor, caveat subscriptor Latinska izreka – neka paze i kupac i prodavač. Upozorenje se odnosi na posebno rizična tržišta bez adekvatnog nadzora. Crni petak Veliki pad cijena na tržištu. Originalni crni petak je bio 24 rujna 1869. godine kada je došlo do pada cijena na tržištu zlata. Crni ponedjeljak 19. listopad 1987. godine – dan kada je Dow Jones Industrial Average (DJIA) – najpoznatiji indeks New York Stock Exchange pao 22,6%. To je bio najveći pojedinačni pad do tada. CROBEX Službeni indeks cijena dionica kojima se trguje na Zagrebačkoj burzi vrijednosnica. Uključuje redovne dionice 10 poduzeća kojima se trgovalo barem 75% raspoloživih dana trgovanja u prethodnih šest mjeseci, koje su uvrštene barem šest mjeseci na burzi te čija je kapitalizacija 250 milijuna kuna. Uveden je 1997. godine. Datum objave – Announcement Date Dan kada će se objaviti vijest o nekoj tvrtci. Koristi se u analizama kretanja cijena vrijednosnica. Dealer Pojedinac koji trguje vrijednosnicama za svoj račun. Deflacija Pad cijena roba i usluga, suprotan pojam inflaciji. Depozitna banka (Custody) Banka skrbnik investicijskog fonda koja vodi račune novca i vrijednosnica investicijskog fonda. Depozitna banka vrši plaćanja i namire vrijednosnica. Za svoju uslugu zaračunava naknadu investicijskim fondovima. Derivativni instrumenti Ugovori kao što su opcije i futuresi. Predstavljaju klađenje na smjer u kojem će se kretati cijena baze. Baza može biti dionica, indeks ili neka druga roba. Imaju veću financijsku polugu od klasičnih financijskih instrumenata. Devizno tržište (fx - foreign exchange market) Dio ukupnog tržišta, na kojemu se prema određenim pravilima trguje devizama, odnosno razmjenjuju se nacionalne valute po deviznom tečaju formiranom na osnovi njihove ponude i potražnje. Granice fluktuiranja odnosnih tečajeva određene su intervencijama centralnih banaka. Dividenda Dobit dioničkog društva isplaćena dioničarima. Općenito, bilo koji iznos poslovnog rezultata ili kapitalnog dobitka od emisije dionica iznad nominalne vrijednosti koji se dijeli ili distribuira među vlasnike dionica. Dionice (stocks, shares) Vrijednosni papiri koji vlasniku daju pravo upravljanja i pravo na proporcionalno sudjelovanje u dobiti dioničkog društva. Dionice su dugoročni tržišni vrijednosni papiri bez unaprijed utvrđenog dospijeća kojima se trguje na tržištima kapitala. Dijele se na obične (redovne) i preferencijalne (povlaštene). Dionički fond (equity fund) Vrsta investicijskog fonda koji sredstva ulaže u dionice različitih kompanija. Zbog volatilne prirode dionica, ulaganje u fond nosi povećan rizik, ali je mogućnost ostvarenja povećanog prinosa realna. Diverzifikacija portfelja/ulaganja (diversification) Distribucija uloženog kapitala u više vrijednosnih papira. Što je kapital uložen u više vrijednosnih papira, rizik se smanjuje. Dospijeće (maturity) Dan kada kredit, rata kredita, zajmovni vrijednosni papir ili kakva druga obveza dospijevaju i trebaju biti isplaćeni. Kod obveznica dospijećem je emitent dužan zakonitom držaocu isplatiti nominalnu svotu na koju obveznica glasi. Dumping Nuđenje velike količine neke robe (mogu biti i vrijednosnice) za cijenu koja je znatno niža od tržišne cijene. Ekspanzija Rast ekonomske aktivnosti u nekoj regiji, obično označen kao rast BDP-a kroz dva uzastopna kvartala. Održava se na tržištu vrijednosnica kao rast cijena. Suprotan pojam je recesija s kojom čini poslovni ciklus. Fond fondova Investicijski fond koji ulaže u druge investicijske fondove. Fond menadžer (Fund manager) Financijski stručnjak, osoba čiji je posao ulaganje imovine fonda, kako bi ostvario ciljani prinos uz što nižu razinu rizika. Front office Engleski izraz koji označava brokere/dilere i pomoćno osoblje izravno uključeno u stvaranje poslovanja i ostvarivanja profita za svoju tvrtku. Fundamentalna analiza Analiza vrijednosnica kroz analizu poslovanja tvrtke koja ih je izdala. Analiza se usredotočuje na računovodstvene izvještaje tvrtke i na očekivanja o njenom budućem poslovanju. Fundamentalna analiza ne promatra samo tvrtku i njeno poslovanje u danom trenutku, nego gleda i makroekonomsko okruženje (kamatne stope, tečaj, BDP). Da bi se odredila realna vrijednost neke tvrtke, uspoređuje ju se sa sličnim tvrtkama. GDR - General Depository Receipt Certifikat koji izdaje bilo koja depozitna banka, predstavlja strane dionice koje banka ima u svom portfelju, obično kod podružnice ili korespondentske banke u zemlji izdanja dionice. HANFA Hrvatska agencija za nadzor financijskih usluga (HANFA) - regulatorna i nadzorna institucija, provodi zakonske mjere, izdaje i oduzima dozvole, odobrenja i suglasnosti, donosi propise i provodi druge mjere iz djelokruga i nadležnosti Agencije. Obavlja nadzor nad poslovanjem društava za osiguranje, mirovinskih osiguravajućih društava, zastupnika i posrednika u osiguranju i pravnih osoba koje se bave poslovima leasinga i factoringa. Obavlja nadzor nad poslovanjem burzi i uređenih javnih tržišta, ovlaštenih društava i izdavatelja vrijednosnih papira, brokerskih društava, brokera, investicijskih savjetnika, institucionalnih ulagača, Središnje depozitarne agencije, društava za upravljanje investicijskim fondovima, privatizacijskih investicijskih fondova, mirovinskih fondova, Fonda hrvatskih branitelja iz Domovinskog rata i članova njihovih obitelji, Umirovljeničkog fonda, Središnjeg registra osiguranika, a uz navedeno HANFA prikuplja, obrađuje i analizira nadzorna i financijska izvješća subjekata nadzora. Index Statistička veličina koja mjeri promjene u ekonomiji ili na financijskom tržištu. Često je izražen kao postotna promjena unutar nekog razdoblja. Indeksi mjere padove i rast na tržištima dionica, obveznica i drugih roba. Indeksi su najčešće sastavljeni od dionica najkvalitetnijih tvrtki. Indeksni fond Investicijski fond koji kopira sastav nekog indeksa doslovno ili samo ulaže u nekoliko dionica zastupljenih u indeksu. To je pasivna strategija ulaganja. Inflacija Stopa po kojoj rastu cijene dobara i usluga. Suprotan pojam je deflacija. Insolventnost Ukupne obveze neke tvrtke su veće od ukupnih potraživanja. Računovodstveni pojam. Investicijski fond (investment fund) Investicijski fond se osniva na temelju odobrenja Komisije za vrijednosne papire isključivo radi javnog prikupljanja novčanih i imovinskih sredstava javnom prodajom, odnosno izdavanjem udjela u fondu ili dionica, čija se sredstva, uz primjereno uvažavanje načela sigurnosti, profitabilnosti, likvidnosti i razdiobe rizika, ulažu u prenosive vrijednosne papire i/ili nekretnine te depozite u financijskim institucijama. Izlazna naknada (redemption fee) Dio ukupne vrijednosti novčanih sredstava koji se povlači iz otvorenog investicijskog fonda. Plaća se društvu za upravljanje fondovima prilikom prodaje udjela. Komercijalni papiri (commercial papers) Kratkoročni dužnički vrijednosni papiri koje izdaju poduzeća radi pribavljanja kratkoročnih sredstava. Obično ih izdaju velike korporacije dobrog kreditnog rejtinga. Investitoru/kupcu nose prihod/kamatu u obliku diskonta. Konverzija vrijednosnih papira (conversion) Postupak zamjene vrijednosnih papira za druge vrste vrijednosnih papira ili za iste vrijednosne papire drugih emisija, odnosno serija. Korekcija Naziv za pad cijena na tržištu. Krivulja prinosa (yield curve) Grafički prikaz odnosa vremena dospijeća jedne vrste financijskog instrumenta i prinosa tog instrumenta. Odnos ovih veličina označava se i pojmom - vremenska struktura kamatnih stopa. Najčešći oblici su normalna (pozitivna), inverzna (negativna) i ravna. Kupon (coupon) Periodične isplate kamate na vrijednosnicu imaocu instrumenta. Kupon se izražava kao anualizirana postotna vrijednost nominalnog iznosa instrumenta duga. Kuponski način naplate kamata je uobičajen, popularan i najčešće je polugodišnji i godišnji. Karakterističan je za emisije obveznica u materijalnom obliku i glasi na donosioca, pri čemu kupon može naplatiti svatko tko ga posjeduje. Kupi i drži strategija Pasivna strategija ulaganja. Investitor odabere neku vrijednosnicu i drži je u portfelju do kraja horizonta ulaganja. Kupovna cijena (bid) Cijena po kojoj market makeri kupuju financijske instrumente. Market useri po bidu prodaju financijske instrumente market makerima. Laisse-faire Ekonomska doktrina koja kaže da se država ne bi trebala miješati u ekonomiju, jer će tržište samo sebe regulirati. London Interbank Offered Rate (LIBOR) Kamatna stopa koje velike banke u Londonu obračunavaju jedne drugima za kredite. Kamatne stope u ostatku svijeta su bazirane na LIBOR-u. Kontrast je LIBID – kamatna stopa po kojoj se te banke žele zadužiti. Likvidnost Mogućnost da se neka imovina brzo pretvori u novac, tj. da se može brzo prodati bez značajnog gubitka vrijednosti. Makroekonomija Proučava gospodarstvo neke države ili regije kao cjelinu. Market maker Banka, broker ili druga financijska institucija koja je uvijek spremna kupiti po kupovnoj cijeni (bid) i prodati po prodajnoj cijeni (ask). Medvjed Investitor koji vjeruje da je tržište u padu. Medvjeđe tržište Tržište na kojem kroz duži period padaju cijene vrijednosnica, obično oko 20 %. Middle office Engleski izraz koji označava organizacijsku jedinicu unutar financijske institucije koja je odgovorna za upravljanje izloženosti rizicima i limitima. Mikroekonomija Proučava poslovanje tvrtki i njihovu međusobnu interakciju. Proučava gospodarstvo na mikrorazini. Mješoviti fond (balanced fund) Vrsta otvorenih investicijskih fondova koji ulažu u razne vrste financijske imovine na temelju omjera propisanih prospektom i statutom fonda. Najčešći su podjednaki omjeri ulaganja u obveznice i dionice. Takav fond privlači investitore koji žele mogućnost višeg prinosa kojeg nude dionice i stabilnost koju pružaju obveznice. NAV (Net Asset Value) Neto vrijednost imovine, odnosno "stvarna" vrijednost investicijskog fonda. Računa se kao ukupna vrijednost svih vrijednosnih papira u portfelju fonda (umnožak broja vrijednosnica i njihove aktualne tržišne cijene) uvećana za vrijednost ostale imovine (novac na računima, depoziti, odobreni krediti) i umanjena za obveze fonda. Novčani fond (money market fund) Vrsta investicijskog fonda koji sredstva ulaže u instrumente novčanog tržišta koji nose minimalan rizik (depoziti, trezorski zapisi, blagajnički zapisi i dr.). Novčano tržište (money market) Podrazumijeva tržište novca i tržište kratkoročnih dužničkih instrumenata. Temeljni zadatak ovog tržišta je trajna i svakodnevna opskrba banaka novcem kao prometnim i platežnim sredstvom kako bi one postigle likvidnost kojom se omogućuju tekuća plaćanja njihovih komitenata. Obveznice (bonds) Dugoročni dužnički vrijednosni papiri s rokom dospijeća preko jedne godine. Kupac obveznice posuđuje iznos na koji obveznica glasi njezinu izdavatelju, a izdavatelj obveznice jamči da će tijekom utvrđenog vremenskog razdoblja imatelju obveznice godišnje plaćati utvrđeni iznos kamata, te o dospijeću obveznice isplatiti iznos na koji ona glasi. Za razliku od klasičnog kredita, dužnički financijski instrument može biti kupljen ili prodan na sekundarnom tržištu. Obveznički fond (bond fund) Vrsta investicijskog fonda koji sredstva ulaže u obveznice različitih izdavatelja. Prinosi fondova su stabilni uz smanjen rizik zbog sigurnosti obveznica. Otvoreni investicijski fond (open-end investment fund) Otvoreni fond je zasebna imovina, bez pravne osobnosti, što ga uz odobrenje Komisije za vrijednosne papire osniva društvo za upravljanje fondovima, kojemu je predmet poslovanja isključivo prikupljanje novčanih sredstava izdavanjem i javnom prodajom dokumenata o udjelu. Obveza fonda je da u svakom trenutku bezuvjetno otkupi izdane udjele. Otvoreni investicijski fond s javnom ponudom Otvoreni investicijski fond s javnom ponudom jest zasebna imovina, bez pravne osobnosti, koju uz odobrenje Agencije osniva Društvo s ciljem prikupljanja novčanih sredstava javnom ponudom udjela u fondu, čija se sredstva ulažu u skladu s odredbama Zakona i čiji imatelji imaju pravo, pored prava na razmjerni udio u dobiti fonda, u svako doba zahtijevati isplatu udjela i na taj način istupiti iz fonda. Sredstva otvorenog investicijskog fonda s javnom ponudom prikupljena izdavanjem i javnom prodajom udjela u fondu te imovina stečena ulaganjem uplaćenih novčanih sredstava, uključujući prihode i prava proizašla iz imovine fonda, čine otvoreni investicijski fond s javnom ponudom, odnosno zasebnu imovinu u zajedničkom vlasništvu svih imatelja. Otvoreni investicijski fondovi, dakle, nisu u vlasništvu Društva, već u vlasništvu imatelja, proporcionalno veličini njihovih udjela u fondu, dok Društvo samo donosi odluke o tome na koji način će se ulagati imovina fonda. Poslovni ciklus (konjukturni ciklus) Ciklus kroz koji prolazi gospodarstvo, izmjena recesija i ekspanzija. Portfelj (portfolio) Skup financijskih sredstava koje neki pojedinac ili poduzeće posjeduje. Može se sastojati od novca (gotovina, depoziti i dr.) i od vrijednosnih papira (dionice, obveznice i dr.). Diverzifikacija portfelja je ulaganje novca u razne vrijednosne papire radi disperzije rizika uspješnosti pojedinih investicija. Povrat na imovinu (Return on assets - ROA) Indikator profitabilnosti. Dobije se dijeljenjem ukupnog neto prinosa ostvarenog u zadnjih godinu dana s ukupnom imovinom. Rezultat se prikazuje kao postotak. Povrat na investirana sredstva (Return on investment - ROI) Indikator profitabilnosti. Dobije se dijeljenjem ukupnog neto prinosa s računovodstvenom vrijednosti ulaganja. Prinos do dospijeća (yield to maturity) Prihod od obveznica na anualiziranom nivou, ali nakon što se u obzir uzme cijena obveznice na tržištu kapitala. To je diskontna stopa koja izjednačava neto sadašnju vrijednost svih budućih novčanih tokova od obveznice s njenom trenutnom cijenom. Prospekt fonda (fund prospectus) Dokument o poslovanju fonda odobren od strane Komisije za vrijednosne papire koji detaljno propisuje uvjete poslovanja fonda. Dokument se izdaje prilikom osnivanja investicijskih fondova i u njemu su sadržani svi bitni podaci za predstavljanje fonda potencijalnim investitorima (strategija ulaganja, investicijski limiti, ulazne naknade i dr.). Recesija Pad ekonomske aktivnosti u nekoj regiji, obično označen kao pad BDP-a kroz dva uzastopna kvartala. Održava se na tržištu vrijednosnica kao pad cijena. Suprotan pojam je ekspanzija s kojom čini poslovni ciklus. Rejting (rating) Klasifikacija kredibiliteta izdavatelja dužničkog vrijednosnog papira. Izdaju ga specijalizirane kompanije koje se bave procjenom sposobnosti podmirivanja obveza od strane izdavatelja. Klasifikacija se izražava kombinacijom brojki i slova. AAA rejting je oznaka najviše kvalitete vrijednosnih papira, izdavatelja vrijednosnih papira ili financijske institucije. Najpoznatije svjetske agencije za procjenu kredibiliteta su Moody's i Standar & Poor's. Rizik (risk) Odstupanje stvarnog od očekivanog povrata na ulaganje. Rizik promjene cijena vrijednosnih papira Tržišni rizik (market risk) - imovina fonda koja je uložena u vrijednosne papire kojima se trguje na financijskim tržištima izložena je dnevnim promjenama cijena što utječe na rast ili pad vrijednosti imovine. Rizik promjene tečaja Valutni rizik (foreign currency risk) - imovina fonda može biti uložena u vrijednosne papire denominirane u različitim valutama (kuna, američki dolar, japanski jen i dr.), čime se taj dio imovine izlaže riziku promjene tečaja pojedine valute u odnosu na obračunsku valutu u kojoj se mjeri prinos na ulaganje u fondu. Rizik uzrokovan inflacijom Rizik da će se potencijalni prinos izgubiti zbog pada vrijednosti novca. Sistemski rizik Kada je tržište sastavljeno od niza velikih kompanija koje su međusobno povezane. Kada jedna od tih kompanija ima problema, ti problemi će se raširiti i na ostale kompanije. Sistemski rizik je posebno jako izražen u financijskoj industriji. SDA, Središnja Depozitarna Agencija (Central Depository Agency) Središnji depozitorij u kojemu se vrijednosni papiri čuvaju u obliku elektronskih zapisa koji omogućava obavljanje poslova prijeboja i namire. Statut fonda Dokument koji uređuje pravne odnose društva s vlasnicima dokumenata o udjelu u otvorenom investicijskom fondu Stečena kamata (accrued interest) Kamata koju prilikom trgovanja obveznicama kupac plaća prodavatelju. Obračunava se od zadnjeg datuma isplate kupona. Cijena obveznice koja uključuje stečenu kamatu naziva se "dirty price", dok se cijena bez stečene kamate naziva "clean price". Strukturirani proizvod (assets backed security) Strukturirani financijski proizvod osiguran nekom imovinom, primjerice dužnički vrijednosni papir izdan na osnovu bankarskog kredita čiji povrat je osiguran nekom imovinom. Tehnička analiza Analiza vrijednosnica koja pokušava predvidjeti kretanje cijene neke vrijednosnice s obzirom na njeno kretanje u prošlosti. Trezorski zapis (treasury bill - T bill) Kratkoročni utrživi vrijednosni papir s rokom dospijeća do jedne godine. Izdaju ga državni trezori (ministarstva financija), a mogu ga izdavati i jedinice lokalne uprave. Smatra se nerizičnim vrijednosnim papirom radi umjerenog prihoda i sigurnosti. Prodaje se na dražbi uz diskont (popust), tako da mu je cijena pri prodaji niža od nominalne, a pri dospijeću se isplaćuje nominalna cijena. Uobičajeno se izdaju na 91 dan, 182 dana ili 364 dana. Tržište kapitala (capital market) Tržište na kojemu se kupuje i prodaje kapital, odnosno mjesto na kojemu se susreću potražnja i ponuda kapitala. Na njemu se susreću interesi štediša s jedne strane i investitora s druge strane. Trguje se dugoročnim vrijednosnim papirima (dionice i obveznice). Burze su najčešća mjesta na kojima se trguje instrumentima tržišta kapitala. Tečaj Cijena jedne valute izražena u drugoj valuti. Tečaj je cijena na deviznom tržištu. Teorija balona (bubble theory) Na tržištu ponekad dođe do velikog rasta cijena iznad stvarnih vrijednosti vrijednosnica, a kada "balon pukne" dolazi do naglog pada cijena. Udjel Imovina investicijskog fonda je podijeljena na udjele. Podjela služi kako bi se mogao pratiti prinos za svakog pojedinog ulagača. Ulazna naknada (entry fee) Jednokratni trošak prilikom kupnje udjela investicijskih fondova, uglavnom izražen kao postotak od uloženog iznosa. Vremenski horizont (time horizont) Period u kojem je investitor spreman držati uloženu imovinu do prodaje. Zakon jedne cijene Ekonomsko pravilo koje kaže da bilo koja vrijednosnica mora imati samo jednu cijenu bez obzira na koliko tržišta se njome trgovalo. Zakon jedne cijene održava arbitraža. Ako je na jednom tržištu cijena neke vrijednosnice niža, a na drugom viša, netko će uočiti tu priliku i početi kupovati na jednom i prodavati na drugom tržištu te tako održati zakon jedne cijene. Zatvoreni investicijski fond (close-end investment fund) Zatvoreni fond je dioničko društvo što ga uz odobrenje Komisije za vrijednosne papire osniva i njime upravlja društvo za upravljanje fondovima, kojemu je predmet poslovanja isključivo prikupljanje novčanih sredstava i imovinskih stvari javnom ponudom svojih neograničeno prenosivih dionica i ulaganje tih sredstava. Društvo za upravljanje fondom nema obvezu otkupa dionica na zahtjev dioničara, već se njima trguje na nekom tržištu vrijednosnih papira.