A trading benchmark used especially in pension plans. VWAP is calculated by adding up the dollars traded for every transaction (price multiplied by number of shares traded) and then dividing by the total shares traded for the day. Taobiz explains Volume Weighted Average Price - VWAP The theory is that if the price of a buy trade is lower than the VWAP, it is a good trade. The opposite is true if the price is higher than the VWAP.
The yield on a fixed-income security when the average maturity is substituted for the maturity date of the issue. It is particularly useful when a bond has a sinking-fund feature, as average life in this case may be significantly less than the actual number of years until maturity. |||Yield to average life enables the investor to estimate the actual return from a bond investment, regardless of the actual maturity. The yield to average life calculation assumes that the bond matures on the day given by its average life and at the average redemption price instead of the par price.
A stock index that tracks the 30 largest companies with the most heavily-traded stocks on the Nordic stock exchanges. VINX 30 is denominated in euros and is an adjustable free-floating index. It tracks stocks that trade on the exchanges in Helsinki, Copenhagen and Stockholm. Taobiz explains VINX 30 The VINX 30 acts as a benchmark for investors who wish to track their Nordic investments against a similar index. There is also an ETF called the XACT Nordic 30 that owns the 30 stocks in this index. Investors who want to follow the returns of the index can do so by investing in this fund.
The difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings and risk. |||Looking at the yield spread, often with historical spreads, can give investors ideas for potential investment opportunities.For example, if the five-year Treasury bond is at 5% and the 30-year Treasury bond is at 6%, the yield spread between the two debt instruments is 1% (6% - 5%). If the yield spread has historically been closer to 5%, the investor is much more likely to invest in the five-year bond compared to the 30-year bond (as it should be trading around 1% instead of 6%).In other words, if the 30-year bond is trading at 6%, then based on the historical yield spread, the five-year should be trading at around 1%, making it very attractive at its current yield of 5%.
A mutual fund that invests in gaming, such as casino operators and gaming equipment, alcohol, tobacco and aerospace/defense sectors. The fund invests in both domestic and foreign-based equities, and holdings range from small cap to mega cap companies. The fund has been in operation since 2002 and focuses on so-called "vices" that are considered by many to be socially irresponsible investments, or "sin stocks". Taobiz explains Vice Fund The Vice Fund has little direct competition based on sector allocations, but as of 2007, it had outperformed the Russell 1000 Index (its benchmark index) since its inception. The fund is considered non-diversified, and carries a relatively high expense ratio of greater than 1.5% annually. The Vice Fund stands in stark contrast to the many socially conscious or responsible mutual funds on the market, but it is based on the philosophy that sectors like gaming and alcohol have inherently solid demand; therefore, companies that are leaders in these sectors should produce good returns for shareholders.
A gain in yield achieved by selling one bond and buying another with a higher yield. |||Usually, this is simply called "pickup". If the bond rating/credit risk is the same between the two bonds then this is a great strategy, but be careful that the bond you're buying isn't because its credit rating is poorer.
The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Taobiz explains Vesting Generally, non-forfeitable rights accrue based on the number of years of service performed by the employee. The exact requirements are specified in the plan document, which also contains any applicable regulations. Employees are always 100% vested in salary-deferral contributions as well as SEP and SIMPLE employer contributions.
A prepayment premium that allows investors to attain the same yield as if the borrower made all scheduled mortgage payments until maturity. |||Yield maintenance premiums are designed to make investors indifferent to prepayment. Furthermore, It also makes refinancing unattractive and uneconomical to borrowers.
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