Passive managed fund: Sometimes called tracker funds or index (tracker) funds. Passive managed funds mirror the progress of a stock market index by buying and selling shares in the same proportions as represented on the index. Unlike active managed funds they do not attempt to beat the benchmark.

Personal equity plans (PEPs): A tax free wrapper product, subsequently replaced by ISAs. Existing PEPs were converted to ISAs as at 6 April 2008.

Personal Pension Plan (PPP): A savings scheme introduced by the government in 1985. This enables the self employed, and employees working for companies not operating a group pension scheme, to build up a pension fund for retirement.

Phasing Option: This allows your lump sum investment to be drip fed over 3, 6 or 12 months to smooth any potential ups and downs of the market.

Portfolio: A portfolio can either refer to the holdings within a particular fund or the range of investments held by an individual investor.

Portfolio yield: The portfolio yield represents the expected revenue, over the next twelve months from investments, cash deposits and other current assets with no deductions for expenses, interest, costs and tax.

Pound-cost averaging: An strategy by which you invest fixed sums over time. The theory is that by investing small amounts over a period of time you are less likely to suffer short-term market volatility than if you invest your money one lump sum.

Preference shares: These are similar to bonds in that they usually pay a fixed rate of income. However, they pay a dividend rather than interest and are subject to the issuing company making sufficient profits.

Premium: If the share price of an investment trust is higher then the net asset value (NAV) per share, the trust is said to be trading at a premium. The premium is shown as a percentage of the NAV. The opposite of a premium is a discount.

Price: See mid-market price.

Prior charges: In simple terms, a prior charge should be seen as an amount which must be paid before your claim on the income or assets of the trust. This may include debt and/or the existence of prior ranking classes of shares.

Private Equity: An asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange, classifying them as unlisted securities.

Prospectus: A prospectus gives details of the company and the share issue, as well as highlighting important risk factors the investor should be aware of. It is a legally required document. .

Protected funds: Funds other than money market (cash) funds that aim to return a minimum amount of capital back to the investor, but also with the potential for some growth. Unlike guaranteed funds, they do not back their promise with a guarantee.

Provider: A financial company, in the case of unit trusts and OEICs a fund management company, that provides financial products to members of the public.

The value of your investments and the income from them can go down as well as up. You may not get back the full amount you have invested.

Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored.