A class of mutual fund shares available for sale to investing institutions, either on a load or no-load basis. With sizable minimum investments, usually around $500,000 or more, funds will typically waive any front-end sales charges on these shares. Watch: Mutual Funds Institutions, such as large money managers, often buy a significant number of shares in mutual funds at any one time. Buyers of big blocks of mutual fund shares expect, and often receive, a break on commission charges. Because of the large investments required to receive these breaks, individual investors typically cannot afford these shares.
In international trade, a contract specification requiring the seller to deliver goods to a named destination, usually a border location, by a predetermined time. Up to the border, the seller is responsible for all risks and expenses associated with the delivery. |||Terms used in international trade, such as delivered at frontier, outline who bears the risks and expenses of transporting goods under international transactions. A variety of terms exist for various methods of transportation. Delivered at frontier is most often used when using ground transport, such as truck or rail, to supply the goods.It's important to realize that because this is a legal term, its exact definition is much more complicated and differs by country. It is suggested that you contact an international trade lawyer before using any trade term.
A dual option position involving a bull and bear spread with identical expiry dates. This investment strategy provides for minimal risk. Additionally, it can lead to an arbitrage position as an investor attempts to lock in a small return at expiry. A box spread is a complicated strategy for the more advanced options trader. The purpose of this investment is to locate and exploit the discrepancies within the market prices of option contracts.
A swap with varying combinations of interest rate, currency and equity swap features, where payments are based on the movement of two different countries' interest rates. This is also referred to as a differential or "diff" swap. |||Though they deal with two different currencies, payments are settled in the same currency. For example, a typical quanto swap would involve a U.S. investor paying six-month LIBOR in U.S. dollars (for a US$1 million loan), and receive payments in U.S. dollars at the six-month EURIBOR + 75 basis points.Fixed-for-floating quanto swaps allow an investor to minimize foreign exchange risk. This is achieved by fixing both the exchange rate and interest rate at the same time. Floating-for-floating swaps have slightly higher risk, since each party is exposed to the spread between each country's currency interest rate.
In the United Kingdom, the exchange may determine that a market movement is so sharp that quotes cannot practically be kept current. Under the Fast Market Rule, market makers may be permitted to trade outside quoted ranges where updating quotes is deemed impractical. This rule is made possible because circuit breakers are not used.
One of the most acclaimed mutual fund investors and portfolio managers of the past 40 years. John Neff is often considered a contrarian investor who is not largely concerned with rigorous security analysis and implemented such strategies as emphasizing a low P/E ratio investments. He resembles other investors such as Warren Buffett in that he looks strongly to ROE (return on equity) as a prime quality indicator. John managed Vanguard's Windsor fund from 1961 to 1995. In that time, the fund averaged 13.7% per year, compared to 10.6% for the Standard and Poor's 500 Index. He also published a highly acclaimed book on investment strategies in 2001, "John Neff on Investing".
A Financial Accounting Standards Board (FASB) Statement that requires all publicly-traded companies in the U.S. to classify their assets based on the certainty with which fair values can be calculated. This statement created three asset categories: Level 1, Level 2 and Level 3. Level 1 assets are the easiest to value accurately based on standard market-based prices and Level 3 are the most difficult. FASB 157 was passed to help investors and regulators understand how accurate a given company's asset estimates truly were. Many firms (including some of the largest in terms of assets) had to write down billions of dollars in hard-to-value Level 3 assets following the subprime meltdown and related credit crisis, which began in late 2006. By making companies report to investors the breakdown of assets, they allow investors to potentially see what percentage of the balance sheet could be open to revaluation or susceptible to sudden write-downs.
A liquidity metric that looks at a company's ability to support short-term expenditures. Degree of relative liquidity is determined by looking at the total percentage of cash that a company has available on hand. The cash must be earned through regular operations and be able to be spent on expenditures and short-term debt obligations through a specific period. Companies that possess a higher degree of relative liquidity will probably have less difficulty in retrieving funds for payment purposes. |||As with all liquidity metrics, indications that a company is barely able to make short-term payments can be a sign that the company could be facing more serious financial issues in the long term. Financial distress as a result of inability to make debt payments could lead to bankruptcy.
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