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Accumulation share Share or unit of an investment fund for which the profit that is earned by the fund and that would accrue to the holder of that share or unit is not paid to him as a dividend, but reinvested in the fund. Active fund management Investment strategy that involves making a targeted selection, based on in-depth research and analysis, of assets in which an investment fund invests the investors' money. An "active fund" is opposed to passively managed funds that simply replicate their benchmark, generally a stock market index, by investing exclusively in all the securities that make up the index. Asset class Refers to the different types of goods and financial instruments in which an investor can invest: money market instruments, equities, bonds, precious metals, commodities, real estate... Assets Valuables (cash, securities, real estate, etc.) that constitute the wealth of an individual, a company or an investment fund. Balanced fund Investment fund which generally seeks both capital growth and steady income by investing in a portfolio of equities, bonds and money market instruments. Base currency Currency in which the price of the units and shares of an investment fund or sub-fund is expressed and in which the assets of the fund or sub-fund are valued. Bear market Market in which prices fall over a longer period of time. The term is primarily used for the stock exchange. The opposite of a bull market. Benchmark In finance, the term benchmark refers to a reference value that allows to measure the performance of an investment. For example, the benchmark for an equity investment is the stock index which represents the stock market on which that equity investment was made. Blue chip Designation for globally recognized companies that are particularly well established and solid and offer the investor a certain degree of stability even in an uncertain economic environment. The term is also used to designate the stocks of such companies. Bond Debt security issued by governments, local authorities, public institutions or any type of company to lend money from investors. The issuer undertakes to pay fixed or variable interest to subscribers and to repay the borrowed amount after a fixed period of time (when the bond "matures"). Bonds are generally listed and traded on an exchange. Bond fund Investment fund investing in debt securities. Bull market Market in which prices are rising over a longer period of time. The term is primarily used for the stock exchange. The opposite of a bear market. Capital Money that is available for an investment or that has been invested. If the value of the investment object increases over time, the investor can realize a capital gain by selling the investment. However, if the value of the investment object decreases over time, the investor suffers a capital loss when selling his investment. Capital Growth Increase in the value of an asset. Capitalisation fund Investment fund that does not distribute profits to its shareholders in the form of dividends, but invests those profits in the same way as contributions made by investors. Closed-end fund An investment fund raising a fixed amount of capital by issuing a fixed number of units or shares for a limited period of time as part of a public purchase offer. Once the target capital has been reached, the fund is closed and does not accept any new investors. In contrast to open-end funds, investors cannot have their units or shares redeemed by the fund at any time. Equities and units of closed-end funds, on the other hand, are traded on the stock exchange in the same way as ordinary securities, and their price is thus determined by supply and demand. Collective investment Pooling of the capital of a more or less significant number of investors, usually through an investment fund or "undertaking for collective investment – UCI ", with the aim of achieving economies of scale and thereby reducing transaction costs while at the same time reducing investment risks through a broad diversification of investments. Convertible bond Bond issued by a company to which is attached a conversion right. This gives its holder the right, but not the obligation, to convert the bond into shares of that company at a predetermined conversion parity over a specified period of time. Corporate bond Bond issued by a company. CSSF Commission de surveillance du secteur financier, the supervisory and regulatory authority of the Luxembourg financial sector. Custodian Under Luxembourg law, every investment fund is legally obliged to appoint a custodian, also called depositary. This is a regulated entity, usually a financial institution, that ensures the safekeeping of the fund's assets, whether it is investors' money that has not yet been invested by the fund or the shares, bonds, derivatives and other financial instruments in which the fund has invested. Depending on the type of fund, the Custodian may also have a more or less extensive control and supervisory function. Debt security Generic term for any security that represents the obligation of its issuer to repay borrowed money to the holder at the end of a specified period, with or without interest. Bonds, commercial papers and treasury bills for example are debt securities. Depositary Under Luxembourg law, every investment fund is legally obliged to appoint a depositary, also called custodian. This is a regulated entity, usually a financial institution, that ensures the safekeeping of the fund's assets, whether it is investors' money that has not yet been invested by the fund or the equities, bonds, derivatives and other financial instruments in which the fund has invested. Depending on the type of fund, the depositary may also have a more or less extensive control and supervisory function. Derivative In finance, a derivative is a security whose value depends on or is derived from one or more underlying asset(s). It takes the form of a contract between two or more parties and relates to the underlying asset(s). These assets, whose price fluctuations affect the value of the derivative, may be equities, bonds, commodities, currencies, interest rates or stock market indices. Derivatives can be used to hedge against adverse price fluctuations of the underlying asset, to speculate on a price increase or decrease of the underlying asset or to take advantage of price differences between the derivative and the underlying asset. Derivatives can be traded either over-the-counter or on an organised market. In the latter case, the derivatives are standardized. Distributing fund Investment fund that does not reinvest its profits but distributes them to its shareholders in the form of a dividend. Distribution of profits Distribution of profits made by a company or investment fund to its share- or unit holders in the form of dividends. Distribution share Share or unit of an investment fund in which the profit realised by the fund, to which the investor is entitled, is paid out to the investor in the form of a dividend and is not reinvested in the fund. Diversification Technique for reducing investment risks. The funds to be invested are spread over a wide range of different assets (money market instruments, equities, bonds, real estate, etc.), currencies, economic sectors or geographical regions. The basic idea is to structure the investment portfolio in such a way that a loss in value of one asset is compensated by an increase in value of another asset. Dividend Portion of the profits that a company or investment fund distributes to its shareholders or unitholders. Dividend stock Share in a company that regularly distributes a substantial portion of its profits to its shareholders in the form of dividends. Domiciliary and administrative agent Actor of the investment fund industry. The domiciliary and administrative agent provides the investment fund with a home address for correspondence and ensures the management of the fund's social life by assisting it in particular in complying with its legal and supervisory obligations (organising general meetings and Boards of Directors, legal publications, preparing documents and prospectuses, etc.). Dow Jones® Industrial Average (DJIA) The oldest and most famous stock market index, created by Charles Dow in 1896. It represents the shares of the 30 largest companies listed on the New York Stock Exchange. "The Dow" is a price-weighted index, which means that the more expensive stocks have more influence on the index than the cheaper ones. It is calculated continuously and in real time throughout the trading days. Emerging Markets Fund Investment fund investing in emerging markets, i. e. countries with a lower Gross Domestic Product (GDP) per capita than industrialised countries, but with high growth potential. Ethical fund Investment fund that not only selects its investments on the basis of performance criteria, but also takes into account the social, environmental and governance aspects of its investments. Exchange Market on which securities, derivatives or commodities are traded. The best-known exchanges are the New York Stock Exchange (NYSE), the NASDAQ in New York and the London Stock Exchange for securities, as well as the Chicago Mercantile Exchange for commodities. Exchange Traded Fund (ETF) Investment fund listed and traded on a stock exchange. An ETF is characterised by the fact that it can be bought and sold at any time during trading hours on the stock exchange and that its price is determined not only by the net asset value of its shares and units, but also by the supply and demand from investors. The majority of ETFs are index funds that replicate a specific stock market index. FCP Acronym for Fonds Commun de Placement, one of the most common legal forms of investment funds in Luxembourg. The FCP is an undivided co-ownership without legal personality, the rights of which are represented by units and which must be managed by a management company. The fund's assets are separated from those of the management company, so that in the event of financial difficulties of the management company, its creditors do not have access to the assets managed by the fund, which provides protection for investors. Feeder fund Investment fund that invests all of its assets in one single investment fund, called the "master fund". The feeder fund acts, to some extent, as the master fund's commercial agent on a particular local market and adapts its conditions to the specific characteristics of that market. Fixed-income security Security such as a bond and money market instrument, which makes payments to its holder (usually in the form of interest) at regular intervals over a given period of time and whose amount is known in advance. At the end of this period, the nominal value of the security is repaid to the investor. Front-end load Fee charged at the time of purchase of shares or units in an investment fund. Also known as subscription fee, this fee is usually used to reimburse the services of the fund's distributors. As with other costs and fees, the front-end load must also be disclosed in the fund's prospectus. Fund manager Person deciding which assets to buy or sell on behalf of the investment fund in accordance with the fund’s investment policy set out in its prospectus. Fund promoter Also known as a fund sponsor or fund initiator, the fund promoter is the person, group of persons or institution taking the initiative to set up an investment fund and determining its terms and conditions. Future (contract) Type of contract – known as ‘future’ – with which two anonymous parties undertake to buy or sell and deliver a standardised quantity of a financial instrument (stocks, bonds, etc.) or commodity (wheat, oil, etc.) at a later date and at a predetermined price. As with other derivatives, futures can be traded on regulated stock exchanges such as EUREX, the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBoT) or the London International Financial Futures Exchange (LIFFE), or over-the-counter. Growth share Share of a company with strong growth potential. Such companies develop faster than the average of their industry, may not yet make a profit, and if they do, they often invests that profit to finance their own expansion. Guarantee fund Investment fund that offers investors the guarantee that their invested capital will be at least fully repaid after a certain investment period. Hedging Transaction designed to protect against an economic or financial risk. A certain level of risk coverage can be achieved, for example, with derivatives such as futures or options. Index A value calculated regularly to measure changes in the prices of a basket of goods and services (consumer price index) or financial instruments (stock exchange index) on a given market. Index fund Also called Tracker Fund. An investment fund whose investment strategy is to replicate an index, for example the index of a stock or bond market, as closely as possible. Many Exchange Traded Funds (ETFs) are index funds. Inflation Inflation refers to the general and sustained rise in the prices of goods and services in an economy. Inflation rate The inflation rate, expressed as a percentage, reflects the change in consumer prices of a representative basket of goods and services in an economy over a given period (usually one year). Investment Advisor Person or company whose remunerated activity consists of making investment recommendations. Investment company Company whose business consists of making and managing investments on behalf of its clients or shareholders. Certain types of corporate investment funds that are registered as companies (such as the Luxembourg Société d' investissement à capital variable - SICAV and the Société d' investissement à capital fixe - SICAF) are investment companies. Investment fund Also called ‚unit trust’. A generic term for any mutual fund or ‘undertaking for collective investment’ that pools the money of investors in order to invest it according to its investment strategy and objectives. Legally, this may be a company, a partnership or a contractual agreement. Investment policy Each investment fund must adopt an investment policy to which it must adhere when making investment decisions. The investment policy must be described in detail in the fund's prospectus to enable the potential investor to assess whether or not the fund is suitable for him or her. It specifies, among other things, in which asset classes the fund is allowed to invest and to what extent, to what extent the fund may use derivatives and, increasingly, whether the fund takes into account social, ecological and governance aspects when making investment decisions. Investment portfolio Collection of investments belonging to a person, group or investment fund. Investment risk Generic term for the probability that an investor suffers a loss or does not achieve the expected return on his investment. Islamic Fund Investment fund whose investment policy respects the principles of Sharia law and is therefore suitable for Muslim investors. Issue price Price at which a share or unit of a company or an investment fund is issued. Issue prospectus The issue prospectus, or simply "the prospectus", of an investment fund is the key legal document that provides detailed information about the fund's investment objectives and policy, how it operates, its cost structure and the allocation of its profits. Key Investor Information Document – KIID Standardised document introduced at European level in July 2011. It must give investors wishing to invest their savings in an investment fund a concise, clear, accurate, non-deceptive and plain language overview of the fund's main features in order to enable them to make an informed investment decision. Leverage In finance, the term leverage is used primarily in the valuation of warrants and options. It indicates the extent to which the price of the warrant or option reacts to a change in the price of the underlying asset. For example, if the leverage of a stock option is 4, this means that the price of the option varies by 4% if the price of the underlying stock varies by 1%. Leverage effect In finance, the leverage effect describes a situation or product in which a minimal change to a variable causes significant fluctuations in the result. Liquidity Ease with which an asset can be converted into cash at a reasonable price. Securities (shares, bonds...) traded on a stock exchange as well as open-ended investment funds offer high liquidity, while real estate is a rather illiquid investment. Listed company Company whose shares are listed and traded on a stock exchange. Management company Company that organises and manages an investment fund. Management fee Fee charged by the manager or management company of an investment fund to compensate the manager or management company for performing and managing the fund's investments. Market capitalisation Value calculated to measure the size of a company whose shares are traded on a stock exchange. The market capitalisation is obtained by multiplying the current price of the company's shares by the number of its outstanding shares. Market maker Securities dealer who provides prices for the purchase and sale of specific securities on a continuous basis throughout the entire opening hours of a stock exchange and who undertakes to buy/sell these securities at these prices. Market makers, usually large financial institutions, thus contribute to the liquidity of the financial markets. Maturity Date on which the nominal amount of a debt obligation is to be repaid to the holder of this debt obligation. A maturity date applies only to financial assets with a limited life span (bonds, loans, futures, etc.). Maturity fund Investment fund that is liquidated after a predetermined term. Merger of funds Merger of two or more investment funds into one single fund. Investment funds are sometimes merged if their investment policies are similar and their activities overlap. The pooling of assets is intended to make fund management more efficient. MiFID Acronym for the European Union's ‘Markets in Financial Instruments Directive’, which aims to harmonise financial services markets in the European Union and provide better investor protection. Money market fund Investment fund investing in money market instruments with high liquidity (bank deposits, certificates of deposit, treasury bills, etc.). Multiple compartment fund Investment fund with a more or less large number of sub-funds or compartments within one single legal entity. These sub-funds are strictly separated from each other and each one has its own investment policy, its own investors, etc. Their operation is no different from that of conventional funds. Many umbrella funds allow their investors to migrate from one sub-fund to another at a reduced fee. Mutual fund The American equivalent of an open-ended investment fund. The term is mainly used for retail funds. Net Asset Value (NAV) The value of all the assets of an investment fund less its liabilities. The NAV per share/unit is used as the basis for calculating the prices at which the investor can acquire or redeem shares or units of the investment fund. The NAV per share/unit is calculated by dividing the fund’s total NAV by the number of outstanding shares or units of the fund. The frequency of the NAV calculation depends on the type of fund and the respective provisions in its prospectus. Net assets Total assets of an investment fund less its debts. No load fund Investment fund sold without a front-end load (or subscription fee). Open-ended investment fund Also called mutual fund or unit trust. An investment fund that allows investors at any time to buy units and shares of the fund or to withdraw their investments by returning their units or shares to the fund. The fund's capital and the number of shares and units in circulation vary accordingly. Option A financial contract that grants the right (but does not impose an obligation) on the holder of the option to buy (in the case of a call option) or to sell (in the case of a put option) a specific quantity of securities or commodities for a fixed period of time (US options) or at the end of that period (European options) at a predetermined price. An option is a derivative that is listed and traded on a Stock Exchange. Options are used by buyers to protect themselves against price fluctuations of the underlying securities or commodities, but also for purely speculative purposes. Passive fund management Investment strategy that replicates a specific stock market index by investing exclusively in all of the securities that make up the index. A passively managed investment fund does not research the quality of securities before investing. Its only and unique selection criterion is the fact that a security belongs to the index it replicates. The aim of this investment strategy is to achieve a performance close to that of the index, which serves as a benchmark for measuring the fund’s performance. Performance Change in the value of an investment or portfolio over a given period. In order to assess whether the performance of an investment is good or bad, it is generally compared with a benchmark that reflects the overall development of the market on which the investment is made. The performance of the BMW stock or of an investment fund investing in German equities for example is thus compared with the DAX, the benchmark index of the Frankfurt Stock Exchange, which reflects the price performance of the 30 largest German companies listed on the Frankfurt Stock Exchange and is considered to represent the general development of the German equity market. Performance fee A contingency fee that is added to an investment fund's annual management fee if its performance exceeds that of a specific benchmark index or a trigger specified in its issue prospectus. This type of fee is common in the hedge fund industry, but is increasingly being applied by retail funds as well. Portfolio turnover rate The portfolio turnover rate indicates how often the manager has replaced the values in the fund portfolio, i. e. the volume of transactions executed by the manager over a period of one year. This rate is an indicator of a manager's management style: a high ratio means that the manager is more active, a low rate means that he is following a long-term investment strategy. As each purchase and sale of securities by the fund involves transaction costs (which are not included in the calculation of the fund's total cost ratio), a high fluctuation rate has a major impact on the total costs borne by the investor. Price-to-earnings ratio The price-to-earnings ratio – obtained by dividing the price of a share by the net earnings per share – is used to assess whether a company's share is relatively expensive or cheap compared to the historical prices of the share or with shares of other companies in the same economic sector. While the calculation of this ratio is easy, its interpretation often leads to widely divergent conclusions. Prime rate Interest rate fixed by the Central Bank or the monetary authorities of a country. The loan and savings interest rates of financial institutions are based on this base rate. Real estate fund Investment fund investing in real estate. Redemption fee Fee which may be charged by an investment fund at the time when an investor intends to withdraw his invested money from the fund and asks the fund to repurchase his units or shares. Usually expressed as a percentage of the unit value, the redemption fee is calculated on the basis of the Net Asset Value (NAV). Reinvestment One way of using the profits of an investment fund, which consists of keeping the profits generated in the fund and investing them in the same way as the contributions made by investors instead of distributing them to investors as a dividend. Return Gain or loss generated by an investment over a given period, expressed as a percentage of the amount invested. The return consists of the increase in value – or loss in value – of the investment plus the income (such as dividends or interests) generated by it. Savings plan Investment strategy in which identical amounts of money are invested in the acquisition of financial assets at regular intervals over an extended period of time. In the case of a savings plan based on investment funds, the investor thus buys fewer units or shares if their price is high, and buys more if their price is low. By doing so, he benefits from an attractive average purchase price in the long term. A savings plan is opposed to a single investment. Sector In economics and finance, the term sector refers to a more or less broad set of companies with similar activities. The three main sectors of an economy are the primary sector (agriculture), the secondary sector (production of goods) and the tertiary sector (services). These three sectors are divided into a multitude of more specific sectors such as the automotive sector, banking, IT, healthcare, etc. Sector fund Investment fund that focuses its investments on a specific sector of the economy. Security Generic term for financial instruments such as shares and bonds. Share capital Total amount of money and material assets that are made available to the company when it is founded or when capital increases are made at a later date in exchange for shares or share certificates. Share class Investment funds may issue different classes of units or shares which differ, for example, in terms of their reference currency, the amount and type of fees and commissions charged to the investor or the allocation of the profits made by the fund (distribution / reinvestment). The different share classes allow the provider of an investment fund to adapt its product to specific types of customers and/or markets. Shareholder Holder of shares in a company or an investment fund. SICAV Acronym for "Société d'investissement à capital variable" (Investment company with variable capital), one of the main legal forms of investment funds, particularly in Luxembourg. As the name implies, the capital of a SICAV increases or decreases permanently according to the payments and withdrawals made by investors. Simplified prospectus Document summarising the content of the full prospectus of an investment fund. Since 2011, it has been replaced by the "Key Information Document" (KIID), which provides a two-page overview of the fund's main features. SRI fund (socially responsible investment fund) Investment fund that takes into account social, environmental or governance criteria when selecting investments. Stock Also known as share or equity. Type of security representing the partial ownership of a company incorporated as a public limited company. A company's shares may be listed and traded on a stock exchange. The initial price of a company's shares is set by the company itself. On the stock exchange, their price increases or decreases depending on supply and demand from investors, who in turn depend on the company's actual results and future prospects. Stock market index A calculated value that reflects the price level of the most important companies listed on a particular stock exchange. It serves as a benchmark against which the performance of securities, asset portfolios or investment funds can be measured and compared. The best-known indices are the American Dow Jones Industrial Average (the "Dow"), the British Financial Times Stock Exchange (FTSE) and the Japanese Nikkei 225. Subscription fee Fee charged at the time of purchase of shares or units in an investment fund. Also known as front-end load, this fee is usually used to reimburse the services of the fund's distributors. As with other costs and fees, the subscription fee must be disclosed in the fund's prospectus. Total expense ratio (TER) The Total Expense Ratio (TER) of an investment fund is expressed as a percentage of its total assets and provides information on all fees and expenses related to the administration and management of the fund (management fees, legal fees, audit fees, etc.), with the exception of transaction costs generated by the purchase and sale of assets. This ratio is important for the investor since the fees and commissions in question are debited from the fund's assets and therefore reduce the fund's return. Tracker fund Also called Index Fund. An investment fund whose investment strategy is to replicate an index, for example the index of a stock or bond market, as closely as possible. Many Exchange Traded Funds (ETFs) are tracker funds. Transfer agent and Registrar Actor of the investment fund industry. The transfer agent and registrar acts as an intermediary between the investors, the distributors of an investment fund and the investment fund itself. As a regulated company, the transfer agent and registrar manages the subscription and redemption orders for shares and units by investors and keeps the register of the fund's shareholders. UCI Acronym for “undertaking for collective investment”. Investment vehicle to pool and to invest the capital of a more or less significant number of investors with the aim of achieving economies of scale and thereby reducing transaction costs while at the same time reducing investment risks through a broad diversification of investments. UCITS Acronym for 'undertaking for collective investment in transferable securities'. This type of investment fund was created in 1985 by a European Union Directive, the aim of which was to create a single European market for these investment vehicles and to provide a high level of investor protection. A UCITS is a strictly regulated and monitored investment vehicle. Umbrella fund Investment fund investing in other investment funds. Variable Income Security Security whose payments to the investor are not compulsory and therefore uncertain. This is particularly the case for equities, where the payment of dividends depends on the financial results of the companies in question. Venture capital fund Investment fund that invests in companies that have been newly established or are still at an early stage of their development. Volatility Indicator of the extent to which the value of an investment may increase or decrease over a given period of time.
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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.