The Heritage and Stabilization Fund is a sovereign wealth fund that was established in March 2007 by the government of the Republic of Trinidad and Tobago. It was previously known as the Interim Revenue Stabilization Fund, which was set up in 2000. The primary objectives of the fund are to save and invest surplus petroleum production revenues in order to support and sustain public expenditures during periods of revenue downturn, and to provide a heritage for future generations of the nation. |||The Heritage and Stabilization Fund is denominated in U.S. dollars and its fiscal year ends in September. The fund provides a cushion to the economy in times when the price of oil or natural gas have fallen. As of September 30, 2009, the fund had net assets of $2.96 billion.
The act of following the crowd into an investment that will inevitably head for disaster. In the animal kingdom, a lemming is a rodent known for periodic mass migrations that occasionally end in drowning.
A law enacted to stop or prevent the abuse of a loophole, but ends up imposing more restrictions than are necessary for reasonable prevention. In the context of the market, many people believe that investor education and further transparency do much more for the market than stricter legislation.
An atypical fund structure in which a fund, such as a hedge fund or mutual fund, is managed by another management team or firm than where the assets are held. Sub-advised funds are often found in wrap programs or variable annuities. Sub-advised funds are often smaller versions of larger mutual funds and hold the same stock proportions as the larger mutual fund. Because there are two management companies being paid, sub-advised funds can often have layered fees, so these funds should be examined closely before deciding to invest.
A program that allows for the quick conversion of currencies based on current exchange rates. A universal currency converter can often be found online and can convert the value of one currency to another, such as dollars to euros. Currency converters are usually free when found online, and are useful when determining how much of your home currency (base currency) you will need to exchange when traveling to a foreign country. |||For example, a U.S. citizen who is traveling to the U.K. would need to exchange U.S. dollars to Great Britain pounds. This is where the use of an online currency converter becomes important. The calculator shows the traveler how much domestic currency is needed to get a predetermined amount of the foreign currency.
The premium charged upon the initial purchase of a compound option. In other words, the front fee is what it costs to acquire a compound option. If the compound option is exercised, a second payment (the back fee) must be made.
A model that applies forward rates to an existing term structure of interest rates to determine appropriate prices for securities that are sensitive to changes in interest rates. |||The HJM model is very theoretical and is used at the most advanced levels of financial analysis. It is used mainly by arbitrageurs seeking arbitrage opportunities.
The costs involved with a company paying increased healthcare fees and other benefit-related costs for its current employees and retired pensioners. It is believed that escalating legacy costs can be a very large contributing factor towards limiting a company's competitiveness. Typically, it is the larger, older and more established companies that have problems with spiraling legacy costs, because they have the most pension and healthcare liabilities. In the face of these costs, many companies are taking measures to lower legacy costs as much as possible. One example of this can be seen by the trend of companies changing their employee retirement plans from defined-benefit plans to defined-contribution plans.
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