A rating system that ranks a mutual fund's success based on whether the fund has met certain goals. Mutual funds are ranked based on total return, consistent return, preservation, tax efficiency or expenses. The top 20% of funds receive the highest ratings and are named Lipper Leaders, based on the Thomson Reuters mutual fund company of the same name (Lipper). Asset managers, fund companies and financial intermediaries recognize Lipper's benchmarking and classifications as an industry standard. A fund that has received a Lipper rating for total return has proven to return income from dividends, interest and capital appreciation. A rating for expense identifies low cost funds. Consistent return ratings are funds that provide constant returns that are risk-adjusted. A Lipper rating for preservation is for funds that demonstrate a high ability to preserve capital as compared with other funds within the same asset class.
Employer-funded plans that reimburse employees for incurred medical expenses that are not covered by the company's standard insurance plan. Because the employer funds the plan, any distributions are considered tax deductible (to the employer). Reimbursement dollars received by the employee are generally tax free. The downside to HRAs is that companies may choose whether to start or fund such a plan. Also, if a plan has already been established, the employer has the right to cancel it at virtually any time. |||As a benefit, an employee may be reimbursed for qualified medical expenses from his or her employer. The funds received are tax-free, but because the plan is employer funded, the employer has the right to cancel or alter the distributions at any time. In spite of this, many employees consider HRAs as a valuable benefit given the rising cost of health care.
Created by Morningstar, a style box is designed to visually represent the investment characteristics of fixed-income (bond), domestic equity (stock) and international equity (stock) securities and their respective mutual funds. A style box is a valuable tool for investors to use to determine the asset allocation and risk-return structures of their portfolios and/or how a security fits into their investing criteria. There are slightly different style boxes used for equity and fixed-income funds. For stock funds (domestic and international), the horizontal axis of the style box is divided into three investment style categories: value, blend (a value/growth mix) and growth. The vertical axis is divided into three company-size (based on market-capitalization) indicators: large, medium and small.For bonds and bond funds, the horizontal axis is divided into three maturity categories: short-term, intermediate-term, and long-term. The vertical axis is divided into three credit-quality categories: high, medium and low (BB-C). Investors can use a style box to put together mutual fund portfolio and visually see the results as a total picture. For example, an investor looking for a relatively safe stock fund would seek out one categorized as a large-cap value fund. If that same investor is willing to accept more risk for the opportunity of a greater return, he/she might select a fund in the small-cap growth category. Putting dollar values on the fund selections in the same and/or differing category squares will readily reflect the risk-return parameters of the whole portfolio.
A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to convert the equity in their home to cash. The amount that may be borrowed is based on the appraised value of the home (subject to FHA limits), and the age of the borrower (borrowers must be at least 62 years old). Money is advanced against the value of the home. Interest accrues on the outstanding loan balance, but no payments must be made until the home is sold or the borrower(s) die, at which point the mortgage must be repaid entirely. Because the home secures the mortgage, no credit check is made on the borrower. |||Privately sponsored reverse mortgages might allow for higher borrowing amounts, and have lower costs than HECMs, but HECMs typically have a lower interest rate. The economics of a HECM versus a privately sponsored reverse mortgage will depend on how long the borrower expects to live or own the home. Since the FHA insures HECM loans, the borrower will not owe more than value of the loan in the event that the loan exceeds the value of the home's equity. A home equity loan is an alternative to a reverse mortgage, however, unlike a reverse mortgage, a home equity loan will require a credit check. Additionally, a home equity loan will most likely have substantially lower costs than a HECM, but a higher interest rate.
Assets whose fair value cannot be determined by using observable measures, such as market prices or models. Level 3 assets are typically very illiquid, and fair values can only be calculated using estimates or risk-adjusted value ranges. In addition to Level 1 and Level 2 assets (both of which have more accurate fair values), Level 3 assets must be reported on by all publicly traded companies as of 2008. This classification system came about as a result of FASB Statement 157, which aims to bring clarity to the balance sheet assets of corporations. Even though they are hard to value, Level 3 assets are held at large investment shops and commercial banks by the billions. These assets received heavy scrutiny during the credit crunch of 2007, as many Level 3 assets consist of mortgage-backed securities (which suffered massive defaults and write-downs in value). The firms that owned them were often not adjusting asset values downward even though credit markets had dried up in the market for asset-backed securities, and all signs pointed to a decrease in fair value.
A technique for calculating termination payments on a prematurely ended swap. Termination payments are used to compensate the party who did not cause the swap to end early for its financial loss. Because they are not very liquid, currency swaps tend to use the formula method, but it is one of the less common methods for calculating damages. Of the three official methods for calculating termination payments as established by the International Swaps and Derivatives Association, the agreement value method, which is based on the terms available for a replacement swap, is most common. The third method, the indemnification method, is not often used. A swap may be terminated early if a termination event such as an illegality, tax event, tax event upon merger or credit event occurs. An event of default, such as bankruptcy or failure to pay, can also cause early termination.
A Vietnamese currency previously issued by the Vietnam National Bank. The hao, or hào, is one-tenth of a Vietnamese dong and can be subdivided into 10 xu. Neither the xu or the hao are currently in use in Vietnam. |||The word hao has similar linguistic origins as the Chinese hào, which means one-tenth of a currency unit. It was issued by the Vietnam National Bank (which became the State Bank of Vietnam in 1960) first as bank notes then as aluminum coins. As inflation kicked in, the denominations for the Vietnamese dong became so high that the hao was no longer deemed necessary. For example, a can of Coke cost around 8,000 dong in 2010, which translates to 80,000 hao.
A bank loan to a highly leveraged company. HLTs can be thought of as similar to junk bonds as they both face default risk, but HLTs are more secure and have stronger debt covenants due to their structure.HLT guidelines are set out by the U.S. Office of the Comptroller of Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation. |||For a loan to be classified as an HLT it must meet the following guidelines: · loan financing used for buyouts, acquisitions and recapitalizations.· loan financing which doubles the borrower's liabilities and results in a leverage ratio greater than 50% or increase the leverage ratio higher than 75%.· loan financing designated as an HLT by the syndication agent.· loan financing to subsidiaries of highly leveraged companies, even if the subsidiary does not meet the other HLT definitions.
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