Glossary

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Half-yearly report
Also known as the "interim report". Provides investors with details of how the company has performed, as well as listing its investments and objectives. The report is sent to investors during the financial year.
Hedge funds
A fund that uses an assortment of trading techniques and instruments to meet a performance objective. The aim is to provide positive investment returns irrespective of the performance of stock markets.
High Yield Coporate Bonds
High-yield debt (non-investment grade or junk bond) is corporate debt, usually a bond, that has a higher yield (compared with investment grade debt) because of a high perceived credit risk (default risk). Debt is bought and sold in the form of bonds traded on markets where the price is determined by factors, including the interest rate and the degree of risk associated with the underlying assets.
Historic pricing
Where the price at which you buy or sell your units/shares is calculated at the last valuation point. The fund manager uses the price set before he received the instructions to buy or sell.