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2018-06-21

2018-06-20

2018-06-19




Market Indices

Index Change Local
DJIA 24,657.80 42.41 16:39
NASDAQ 7,781.52 55.93 17:15
Nikkei 225 22,700.50 145.07 14:59
HSI 29,346.00 350.17 14:15
HSCEI 11,443.52 62.22 13:59
SHCOMP 2,894.96 20.77 14:15
Shanghai B 287.72 2.17 14:15
ASX/S&P 6,332.90 58.30 17:15
FTSE 7,627.40 23.55 16:34
DAX 12,695.16 17.19 18:30
10-Year Gov't Bond Yields (%) 6/20
Country Last Change
US 2.944 0.006
UK 1.297 0.014
Germany 0.377 0.004
France 0.711 0.008
Japan 0.043 0.004
China 3.617 0.031
Bid Change HK
Gold Futures 1,266.60 7.90 13:55
Oil(Brent) Futures 74.29 0.45 13:56
EUR/USD 1.1544 0.0029 14:19
USD/JPY 110.6900 0.3300 14:19
AUD/USD 0.7345 0.0022 14:18
USD/RMB 6.5015 0.0292 14:18
iClass

Investment Glossary

A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

 

A

Active management
積極管理

The constant supervision of a portfolio's holdings to maximize gains. Active managers rely on analytical research, forecasts, and their own judgment and experience in making investment decisions on what securities to buy, hold and sell.

積極的管理基金投資項目使基金獲利最大化。積極的投資管理模式依賴分析研究、預測,以及基金經理自身對於買賣證券的判斷和經驗。

 


Advisor (Adviser) 顧問

Person or company responsible for making mutual fund investments. Organization employed by a mutual fund to give professional advice on the fund's investments and asset management practices. Also known as investment advisor.

管理基金日常營運的機構。顧問是互惠基金聘請的機構,主要為基金投資和資產管理提供專業意見。有時被稱為投資顧問

 

Aggressive growth funds 進取型增長基金

A mutual fund that attempts to achieve the highest capital gains. Investments held in these funds are companies that demonstrate high growth potential, usually accompanied by a lot of share price volatility. These funds are only for risk-seeking investors willing to accept a high risk-return trade-off.

指致力於取得最高資本增值的投資基金。此類基金通常投資於正處於快速成長階段的公司的股票,不過這類公司的股價往往波動性較大。此類基金僅適合進取型投資者,他們願意接受高風險高回報的投資模式。

 

Alpha 爾法系數

Widely considered to be a measure of the 'value added' by an investment manager. It is therefore regarded as a proxy for manager or strategy skill. Alpha is sometimes described as outperformance of a benchmark or the return generated by an investment independent of the market – what an investment would hypothetically achieve if the market return was zero. More specifically, alpha is sometimes described as the return of an investment less the risk-free interest rate. 

被投資經理廣泛採用以量度「增值」幅度的指標,因而又代表著投資經理或策略的技巧。有時候,阿爾法系數解作超出基準指標的利潤,或獨立於市場的投資回報—即在市場回報是零的情況下,該投資可獲得的回報。更具體地說,阿爾法系數也有時解作投資回報減去無風險利率。

 

American Depository Receipt (ADR) 美國存托憑證

A negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas. 

是美國銀行發行的可轉讓憑證,代表持有特定數量(或一份)的可在美國交易的外國公司股票。美國存托憑證以美元計價,標的物為美國金融機構在海外持有的證券。

 

Annualized Returns 年度化回報:

The return on an investment over a specified number of years, calculated as what an investor would have received each year if the cumulative return were distributed evenly over each year within the specified time period. 

將投資項目多年的收益總數除以年數,計算每年相等的損益。

 

Appreciation 增值

An increase in the value of an asset over time. The increase can occur for a number of reasons including increased demand or weakening supply, or as a result of changes in inflation or interest rates.

資產的價值隨時間的推移而不斷增加。增值的原因有很多種,包括需求增加或供給減少,或是通脹或利率的變化。

 

Asian funds 亞洲基金

A fund that invests primarily in the stocks of companies located in Asia. These funds appeal to investors who believe that Asia potentially represents a growth area, and want to capitalize on that growth.

主要投資於亞洲企業股票的基金。基金吸引一些相信亞洲為高增長潛力地區的投資者,並希望從中其增長中獲利。

 

Ask price 賣出價

Also known as the offering price, the ask price is the price at which a mutual fund's shares can be bought. The ask price is calculated by adding a fund's current net asset value per share to its sales charges, if any.

買進互惠基金股份的價錢,亦稱Offering Price。此價錢的計算方式為基金的淨資產值除以股數加上任何買賣費用。

 

Asset allocation 資產配置

An investment strategy that aims to balance risk and reward by apportioning a portfolio's assets according to an individual's goals, risk tolerance and investment horizon. The proportion of a portfolio that is allotted to various asset classes such as stocks, bonds and cash.

資產配置是一種投資策略,意在根據個人的投資目標、風險偏好和投資期限,對資產組合進行分配,從而使風險和收益相均衡。投資組合內各種資產如股票、債券和現金的分佈情況。

 

Asset allocation fund 資產配置基金:

Funds that seek to provide an optimal mix of stocks, bonds and cash at any given time. Some asset allocation funds maintain a specific proportion of asset classes over time, while others vary the proportional composition in response to changes in the economy and investment markets.

將資產分散於股票、債券、及現款的基金。一些基金中的各類資產配置比例會保持固定,而另一些則會根據經濟和投資市場的變化情況調整各資產類別的比例。

 

Automatic investment plan 自動投資計劃

An investment program that allows investors to contribute small amounts of money, such as $200 a month. For example, funds are automatically deducted from the investor's checking/savings account or paycheck and invested in a retirement account or mutual fund. 

一個可以幫助投資者定期進行小額資金投資的項目,如每月投資200元。例如:基金公司會自動從投資者的儲蓄賬戶和工資中扣除一部分並投資到養老賬戶或基金賬戶中。

 

Average annual total return 每年平均總回報

A standard measurement of fund performance that includes dividends, gains, and changes in share price.

基金表現的標準計算方法,當中包括派息、價格改變及上升。

 

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B

Back end load 贖回手續費

One of three possible sales charge schedules imposed by funds that charge fees. A special percentage charge assessed when mutual fund shares are redeemed. The amount of the fee usually varies depending on how long the investment is held--generally the longer the time period, the smaller the fee. Funds sold under several sales charge options usually refer to the shares sold with a back end load as class B shares. 

三款最常見的基金銷售收費種類之一。贖回共同基金時所收的特殊手續費,通常以百分比計算。收取的費用額通常取決於投資年期,一般投資年期越長,所收取的費用越少。基金系列的B shares通常會於售出時收取贖回手續費。


 

Balanced fund 平衡基金

A fund allocates its portfolio assets across stocks and bonds, normally in relatively equal proportions. This broader diversification across asset classes makes balanced funds lower risk than equity-only funds, but will not perform as well as equity-only funds in a bull market.


基金組合內的資產投資於股票和債券,一般來說兩者的比例大概相同。更分散的資產類別使平衡基金的分散風險能力較純股票基金為高,但於牛市時表現亦會低於純股票基金。

 

Basis point (BP) 點子

The smallest measure used in quoting yields and interest rate movements on fixed income securities, equal to 1/100th of 1%, or 0.01%. 

在定息證券的利率及孳息改變時使用的最細計算單位,等於 1% 的1/100,即 0.01%。

 

Bear market 熊市

A market in which prices of securities are generally declining. 

資產價格大多下跌的市場。


 

Benchmark index 基準指數

An index that serves as a reference against which the performance returns of a fund or portfolio is measured. For example, a U,S Equity Fund may be compared with the S&P 500 index to assess how it performs over time. 

衡量基金或投資組合回報業績的參考指數。例如,可能將一個美國股票基金與標准普爾 500 指數進行比較,以評估其隨時間變化的業績表現。

 

Beta 貝他系數

A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. 

量度投資組合過往在整體市場(或合適市場指數)上升及下跌時的股價波幅。市場(或指數)的貝他系數為 1.00 ,因此若投資組合的貝他系數為 1.20,當整體市場上升或下降 10%,則投資組合的股價將上升或下跌12%。

 

Bid price 買入價

Also known as the "sell" price, the bid price is the price at which a fund's shares are bought back by the fund. The bid price of a fund share is usually its net asset value

泛指”售出”價,買入價是基金買回基金單位的價格。基金單位的買入價通常是其淨資產值。

Blue-chip stocks 藍籌股

A term used to describe the common stocks of corporations with the strongest reputation for generating earnings and paying dividends. 

投資術語,形容口碑最好且穩定發放股息的公司。

 

Blue chip stock fund 藍籌股基金

A mutual fund that consists of a portfolio of large or well known companies for the purposes of achieving growth. 

投資組合中以大型及知名企業為主的互惠基金,目的在於達到增長目的。

 

Bond 債券:

A debt security (IOU) issued by a corporation, government, or government agency in exchange for the money the bondholder lends it. In most instances, the issuer agrees to pay back the loan by a specific date and make regular interest payments until that date. 

由企業、政府或政府機構發行的債務證券(借據),以交換債券持有人所借出的款項。在大多數情況下,發行人同意於特定日期償還貸款,以及定期支付利息,直至該日。
 

Bond fund 債券基金

A type of mutual fund that invests in bond and preferred stocks, providing a stable income with low risk.

主要投資債券或優先股的共同基金,能提供穩定的收入且風險較低。


 

Bottom-up 「由下而上」的分析

An investment strategy that starts with a study of the fundamentals of an individual asset rather than with an assessment of macroeconomic issues. A bottom-up manager would focus on selecting individual properties or shares which offered good value and growth prospects.

一種由研究個別資產的基本因素開始的挑選投資的方法,它與由評估宏觀經濟概況開始的方式不同。採取「由下而上」的分析方法的基金經理著眼於挑選價值和增長前景優秀的物業或股份。

 

Bull market 牛市

A market in which prices of securities are generally rising.

資產價格大多上升的市場。

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C
 

Callable 可贖回

A securities feature of some bonds or convertible securities that allow the issuer to retire the issue prior to the original maturity date. If the current interest rate falls below the yield paid on the security, it is in the issuer's best interest to call and retire the security, then reissue at the new lower rate. To reflect this risk for the holder of the security, a callable security is usually priced lower than a non-callable security. 

一種債券的特點,讓發行機構在到期日之間贖回整批債券。若目前市場上的利率比之前發行的債券利率低,發行機構即可以用此特點提前贖回此批債券,改用更低的利息從新發行。此特點對發行機構有利,對投資人的風險則較大,因此有可贖回特點的債券通常市價較低。

 

Call risk 贖回風險

The possibility that bonds will be re-paid (or "called") prior to maturity. This possibility increases during periods of falling interest rates.

債券會在到期日前被基金公司買回的可能性,通常於利率下降時被買回的可能性較高。

 

Capital appreciation 資本增值

A rise in the value of an asset based on a rise in market price. Essentially, the capital that was invested in the security has increased in value, and the capital appreciation portion of the investment includes all of the market value exceeding the original investment or cost basis. 

市場價格的上升引起的資產價值的增加。本質上講,投資證券的資本價值增加時,增值部分即為證券的市場價值高於初始投資或成本的部分。
 

Capital appreciation funds 資本增值基金:

Funds that invest primarily in common stocks the managers believe will provide maximum capital appreciation. Capital appreciation funds often resort to aggressive investment techniques, such as rapid portfolio turnover, leveraging, and investing in unregistered securities in order to achieve their objectives. Also known as aggressive growth funds.

主要投資於股票的基金,基金經理的目的在於提供最大的資本升值。資本增值基金往往採取進取的投資策略,如短線買賣,槓桿和參與未獲註冊的證券投資,以實現其目標。另一名稱為進取增長基金。
 

Capital gains 資本收益

The amount by which the proceeds from the sale of a capital asset exceed its original purchase price. 

出售資產價格減除購入時之價格,所賺取之價值。
 

Capital growth 資本增長

The increase in value of an investment when either its price rises or its profits are reinvested. 

投資項目價位上漲,或賺取的股息或利息在投資。
 

Capitalization 資本化

The total dollar value of all stocks and bonds issued by a corporation. 

公司發行的股票與債券總值。

 

Certificate 持有證

A The physical document representing ownership of a stock or bond. 

股票或債券的實體紙張,證實持有者擁有此證券。

 

Certificates of Deposit (CD) 存款證

A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination. CDs are generally issued by commercial banks and are insured by the FDIC. The term of a CD generally ranges from one month to five years. 

存款證(CD)又稱大額可轉讓定期存單,是在銀行定期存款的憑據上注明存款金額、期限、利率,到期持有人提取本金和利息的一種債務憑證。CD一般由商業銀行發行,發行面額不固定,到期期限一般從1個月到5年不等。
 

Contingent deferred sales charge (CDSC) 延後銷售費用

A type of back end load sales charge, a contingent deferred sales charge is a fee charged when shares are redeemed within a specific period following their purchase. These charges are usually assessed on a sliding scale, with the fee reduced each year the shares are held. 

贖回手續費的一種。延後銷售費用是指購入基金後一定時間內贖回時收取的費用。通常投資時間越長費用越低,最常見的是按年下調。
 

Certified financial planner (CFP) 金融理財師

Certified Financial Planner marks are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements. The designation shows that the financial planner has had training in budgeting, taxes, savings, and insurance.


金融理財師是國際金融理財標準委員會向符合條件的個人頒發的資格證書。獲認可的金融理財師在計算預算,稅收,儲蓄及保險等領域受過訓練。
 

Chartered financial consultant (ChFC) 特許金融顧問

Designation issued indicating completion of a program in financial, estate, and tax planning, in addition to investment management. 

除投資管理外,完全一系列包括金融、房地產、稅務預算等的課程並獲考獲認可的資格證書。
 

Chartered life underwriter (CLU) 特許人壽保險人

Designation issued indicating training in life insurance and personal insurance planning. 

完成人壽保險及個人保險策劃資格證書。

Closed-end fund 封閉式基金:

A fund with a fixed number of shares issued, and all trading is done between investors in the open market. The share prices are determined by market prices instead of their net asset value.

基金之發行股數有限定數目,所有交易由投資者互相在公開市場中自由買賣,基金股價由市場價格決定,而並非以基金之資產淨值計算。

 

Commercial paper 商業票據

An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. 

公司發行的無擔保短期債務工具,通常用於應收賬款、存貨融資和償還短期債務。商業票據的期限一般不超過270天。該票據通常按照當前市場利率的一定折扣發行。
 

Constant dollar investing 穩定貨幣投資

Investment strategy that do not fluctuate in price, such as savings accounts and money market funds. 

一種以價錢不會波動為目標的投資策略,如銀行儲蓄帳戶或貨幣市場基金等。
 

Consumer price index (CPI) 費者價格指數

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. 

指衡量選定的一籃子消費品或服務(例如交通、食物、醫療)購買價格的指數。通過計算預先選定的一攬子商品的價格變動,對其取平均數,就能夠得出消費者價格 指數。依據商品的重要性,賦予其不同權重。消費者物價指數是反映與居民生活有關的產品及勞務價格統計出來的物價變動指標,通常作為觀察通貨膨脹水準的重要 指標。
 

Contractual plan 合約計劃: 

A type of accumulation plan where a mutual fund investor makes a firm commitment to invest a specified amount of money over a specific period of time.

投資人保證在一段時間內投入某預定金額的互惠基金累積投資計畫。
 

Contrarian 逆向投資者

Investor who takes the reverse position from the majority. Term is often applied to those who do not believe a bull market will last. 

以市場主流持相反部署的投資者。一般會在不相信牛市會持續的情況出現。
 

Convertible Bond 可換股債券

A bond with an option, allowing the bondholder to exchange the bond for a specified number of shares of common stock in the firm. A conversion price is the specified value of the shares for which the bond may be exchanged. The conversion premium is the excess of the bond's value over the conversion price. 

附有期權之債券,予債券持有人權利以換取指定數目之公司普通股股份。 換股價為債券可換取同等股數之現價總值。 換股溢價為可換股債券之現市價超出換股價之總值。

 

Convertible bond funds 可換股債券基金

Mutual funds that invest primarily in convertible bonds and/or convertible preferred stocks. 

主要投資於可換股債券或可換優先股的互惠基金。
 

Corporate bonds 企業債

Debt instruments issued by corporations. 

由企業發出的債券。

 

Corporate bond funds 企業債基金

A fund that invests primarily in corporate bonds. In general, corporate bond funds seek income over capital growth. 

主要投資於企業債的基金。一般來說,企業債基金尋求穩定收入以達致資本增長。
 

Correlation 關性

Correlation measures the strength of the relationship between two investments. Combining low-correlating assets can help to diversify portfolio risk. Correlation values range between +1 and -1. Assets that are perfectly correlated, or move together in the same direction, have a correlation of +1. Those that exhibit an inverse relationship (moving in opposite directions) have a correlation of -1. A correlation of zero implies that there is no statistical relations. 

相關性用於衡量兩項投資之間關系的強弱程度。將相關性較弱的資産進行合並有助於分散投資組合的風險。相關性的數值在 +1 至 -1 的範圍內。若資産完全相關或同向變動,則相關性的數值爲 +1。若爲反向關系(反向變動),則相關性的數值爲 -1。若相關性的數值爲零,則表示兩者之間不存在任何關係。
 

Country funds 國家基金

A fund that invests primarily in the securities of a single country. In some cases, country funds also invest in securities outside the single country if those securities are expected to benefit by growth in that country. 

主要投資於單一國家證券的基金。有時候,若某些證券受惠於該單一國家的增長,國家基金可以投資該特定單一國家以外的證券。
 

Country risk 國家風險

The potential for price fluctuations in stocks sold in foreign countries due to events (political, financial, etc.) in these countries. 

因政治、金融等因素而導致股價被外國拋售而造成的潛在價格波動。
 

Credit rating 信貸評級

A measure of a bond issuer's creditworthiness as rated by an independent agency, such as Standard & Poor's or Moody's Investor Services. Ratings are set as a reflection of the perceived financial stability of the issuer, from AAA to D. Bonds rated Baa or higher by Moody's, or BBB or higher by S&P, are considered "investment grade". Conservative investors tend to select funds composed of all AAA rated bonds, or investment grade bonds. More aggressive investors, looking for high yields, are more interested in funds that invest in lower rated bonds. 

一種由獨立機構衡量債券發行人的信用評級的指標,如標準普爾或穆迪投資者服務公司等。信貸評級用作反映發行人的金融穩定性,評級可由AAA至D。獲穆迪Baa或標準普爾BBB或以上的債券稱為「投資級別」。保守投資者傾向於選擇由AAA評級債券,或投資級別債券組成的資金。尋找高收益的進取投資者則傾向選擇低評級債券的基金。
 

Credit risk 信用風險

The danger that a bond issuer's ability to repay what it owes will deteriorate. This danger usually prompts bond rating firms to downgrade the credit rating of company or municipality that issued the bond, sending the yield of the bond higher to justify the increased risk associated with this bond. 

債券發行機構償還能力衰退的風險。通常這種情況發生時信用評等機構會將這些債券評等降級,而這些債券的利息也會應聲上漲來反應更高的風險。
 

Currency risk 貨幣風險

A risk that incurs when an investor buys into a mutual fund that invests in foreign markets. Any foreign currency could depreciate against home currency reducing the return achieved in the foreign currency when translated back to home currency.. 

投資者買入投資於外國市場的互惠基金所面對的風險。若外國貨幣兌本國貨幣貶值,當有關貨幣兌換為本國貨幣時,回報便會減少。
 

Current yield 價息率: 

A return measure that indicates the amount of current income a bond provides relative to its market price. It is shown as: Coupon Rate divided by Price multiplied by 100%. For example, a bond with a $1,000 face value and a coupon of 5% purchased at $900 has a current yield of 6.56% (50 / 900). When the market price of a bond declines, its current yield rises. Conversely, when the market price rises, the current yield declines.

用作量度債券回報率,為債券之現時利息比對現市價,程式為票息率/價格×100﹪。舉例來說,一個面值$1,000、票息5%的債券若以$900買進,其 實計利息為6.56% (50 / 900)。當一個債券市值下降時,實際利息會相對上漲。相反的若市值上漲,則實際利息會下降。
 

Custodian 託管人

The organization (usually a bank) that keeps custody of securities and other assets of a fund. The custodian is a third party, independent from the fund promoter's organization. The custodian holds the fund's cash accounts, settles its trades and ensures that the fund is fulfilling its investment objectives.

指負責託管基金證券及其他資產機構(通常是銀行)。託管人必須是第三方機構,獨立於基金發行商。託管人持有基金的現金賬戶,並進行交易結算,以確保基金滿足投資目標。

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D

Deferred sales charge 延後銷售費用

A type of back end load sales charge, a deferred sales charge is a fee charged when shares are redeemed within a specific period following their purchase. 

贖回手續費的一種。延後銷售費用是指購入基金後一定時間內贖回時收取的費用。
 

Depreciation 貶值

A decline in an investment's value. 

指投資價格下跌。
 

Derivatives 衍生工具

Financial contracts such as futures, options and various securities that offer 'synthetic' access to an underlying asset such as a commodity, stock market or fixed income security. The price movements of a derivative generally follow the price movements of the underlying asset but derivatives generally require only small amounts of capital (margin) to gain exposure to the underlying asset. 

透過金融合約如期貨、期權和各類證券間接投資於商品、股市或固定收益證券等基礎資產。衍生工具的價格走向通常與基礎資產一致,但前者一般只需少量的資金(保證金)作為潛在損失的押金,即可間接投資於基礎資產上。
 

Distribution 派息

The payments of dividends or capital gains. Funds are required to distribute gains (if any) to shareholders at least once per year. 

基金發放股息或資本增值的利益。互惠基金規定若有收益則最少每年必須發放一次給股東。
 

Distributor 經銷商

The organization arranging for the sale of fund shares either directly to the public or through intermediaries, such as financial advisers. 

負責安排銷售基金的機構,可直接向公眾或經中間人,如理財顧問,銷售。
 

Diversification 分散風險

The inclusion of a number of different investment vehicles in a portfolio in order to increase returns or be exposed to less risk. Diversification works best when the returns of the securities are varied, so that losses incurred by securities falling in price are offset by gains of those rising in price. By nature, mutual funds are a diversified investment. 

增加不同投資工具,以達致降低整體投資組合的風險。越多種類的證券,分散風險的效果越好,其中一種證券價格下降所產生的損失會被另一種證券價格上升所抵消。基本上,互惠基金是均是分散投資的。
 

Dividends 股息

A payment made to common and preferred shareholders out of a company's after-tax earnings. Dividends can be received from the ownership of stock or from mutual funds. Mutual fund share holders have the option to reinvest dividends automatically in order to purchase more shares. 

從公司的稅後盈利派發予普通股優先股持有人的金額。股息可從擁有股票或基金中收取,基金持有人有權選擇發派的股息自動用作再投資或購買更多基金單位。

 

Dividend yield 股息率

The percentage that is derived through dividing the indicated annual dividend by the current price of an investment. For funds, indicated yield represents return on a share of a mutual fund held over the past year. For stocks, indicated yield represents annual dividends divided by current stock price.

把年度股息除以該投資的現行價格而得出的百份比。基金方面,股息率指過去一年持有基金所得的股息與投資本金的比例。股票方面,股息率指過去一年持有股票所得的股息與股票價錢的比例。
 

Dollar cost averaging 平均成本法: 

An investment strategy that entails making regular payments into a mutual fund and having earnings automatically reinvested. Investors benefit from this strategy as they can buy more shares at lower prices during bear market. Since mutual funds permit the buying of fractional shares, the fixed amount will acquire more shares when the fund decreases in price, and fewer shares when the price rises. 

指定期以固定金額投資於一項互惠基金,並把盈利自動再投資的投資策略。這種策略令投資者受惠,因為在熊市時可以較低價格買入更多股份。因為互惠基金股數可以包含小數,每期買進的股數會依照股價變動而不同。
 

Domicile 註冊地

Refers to the legal base of the fund. Location where fund is registered, but not necessarily where it is administered.

指基金應用的地方法律基礎。基金可不在註冊的地方進行管理活動。

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E

 

Emerging markets 新興市場

Normally refers to newly industrialized markets of the developing world. The Asia-Pacific region, Eastern Europe and Latin America are commonly referred to as emerging markets. 

通常近年起步工業化的發展中國家。新興市場多數指亞太區、東歐及拉丁美等地區。

 

Emerging markets funds 新興市場基金

Fund that invest primarily in the stocks of companies in, or doing business in, developing countries and emerging markets. Emerging market funds usually have an investment objective of long-term growth and are generally considered aggressive stock funds. 

主要投資於發展中國家及新興市場上市的股票或於該地區有業務的企業。新興市場基金的投資目標通常是尋求長遠增長潛力,並被歸納為進取股票基金。
 

Equity 股本

Ownership of the company in the form of shares of common stock.. 

公司普通股股份,代表擁有公司所有股東之股本。

 

Equity income funds 股票收入基金:

Mutual funds that focus on large-company stocks that pay big dividends. As a result, they can be less risky than other types of stock funds. 

投資大型公司,以股息收入為主的互惠基金。因此,其風險窗其他股票基金為低。
 

Ethical fund 道德基金

A fund that only invests in the securities of firms meeting certain social standards. For example, an ethical fund might exclude securities of companies that are known to practice discrimination, that operate in certain countries, or that produce specific products such as alcohol, tobacco, or nuclear weapons. 

只投資於滿足一定社會標準的企業證券的基金。例如,道德基金可能撇除於某些帶有歧視的國家的企業,或者從事產生特定產品的企業,如酒精,煙草或核武器等。
 

Eurodollar CDs 歐洲存款證

CDs issued by U.S. banks that have branches in other countries. These tend to have higher yields than domestic CDs. 

由美國銀行發行在其他地區的存款證,其目標是為得到較當本存款證更追的利率。
 

European stock fund 歐洲股票基金:

A fund that invests primarily in the stock of Western European companies. 

主要投資於西歐地區企業股票的基金
 

Ex-dividend date 除息日

The day on which the price of a security is reduced to reflect dividend payout. The first day on which the buyer of a security will no longer be entitled to receive the recently announced dividend payment.. 

股價因為發行股息而價位向下調整之日。公司宣佈發放股息後,在此日起若買進股票不會得到領取股息的權力。
 

Expenses 費用

Fund shareholders pay expenses that go towards the operation and management of the fund. Expenses are often less than 1% of the investor's holdings in the value. Many investors choose to compare expenses as a factor in choosing which fund to invest in.

基金單位持有需為基金營運和管理支付的費用。費用往往少於投資者所持有價值的1%。大部份投資者在選舉基金投資時會以費用作其中一個挑選因素。

 

Expense ratio 費用比率

The operating costs, management fees, administrative fees and all other costs incurred by the fund expressed as a percentage of the fund's total asset. Funds with lower expense ratios are able to distribute a higher percentage of gross income returns to shareholders. 

基金的營運、管理、行政及其他費用佔基金總值的比例。擁有較低費用比率的基金意味著股東獲得較高的總回報。
 

Explanatory memorandum 基金說明書

See prospectus

請參考基金章程

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F

Face value 面值:

The value of a financial instrument as stated on the instrument. Interest is calculated on face/nominal value. 

債券票面的價值。利息是根據此數值計算。
 

Family of funds 家庭式基金

A mutual fund company which offers investors a choice of two or more mutual funds; with different objectives or investment strategies. Often shareholders have the option to easily exchange shares between different funds in the same family over the phone with no fee. 

基金公司為投資者提供兩個或兩個以上的互惠基金選擇,各互惠基金具不同的投資目標或策略。通常股東可以透過電話在同一個家庭式基金下簡單地轉換基金,而且不收取任何費用。
 

Financial adviser 理財顧問

One who provides financial advice or guidance to customers for compensation. Financial advisors can provide many different services, such as investment management, income tax preparation and estate planning. 

向顧客提供理財建議或指導以獲取報酬的專業人士。財務顧問可以提供很多不同的服務,比如投資管理、稅收籌畫和房地產規劃。

 

Financial planner 理財策劃師

A qualified investment professional who helps individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve that client's goals. Financial planners specialize in tax planning, asset allocation, risk management, retirement and/or estate planning.

理財策劃師是具備相關資質的專業人士,他們幫助個人或公司進行長期財務規劃,會對客戶的當前狀況進行分析然後制定一個理財方案説明客戶實現目標。理財策劃師專注於稅收規劃、資產配置、風險管理、退休金和遺產規劃。

 

Fixed income security 定息證券

Investment vehicles that offer a fixed periodic return. This term is usually used in reference to government, corporate or municipal bonds, which pay a fixed rate of interest until the bonds mature, and to preferred stock, which pay a fixed dividend. Fixed income securities offer the guarantee of a fixed return, but do not offer an investor much, if any, potential for growth. 

提供固定回報之投資工具。通常指直至債券到期日會支付固定利息政府,企業或地方政府債券,和會支付固定股息的優先股。定息證券提供固定的保證回報,但或不會為投資者提供增長潛力。
 

Fixed-income fund 定息基金

Another term for a bond fund

債券基金的另一稱呼。
 

Flexible portfolio fund 靈活組合基金

A fund that can invest in stocks, bonds and cash in whatever proportion the manager deems appropriate, providing the manager total flexibility to achieve maximum returns. Flexible portfolio funds are sometimes called asset allocation funds. 

可以投資於股票、債券和不限制現金比例的基金。基金經理可以進行他覺得最為合適的資產配置,巨大的靈活性幫助基金經理實現最大的投資回報。靈活組合基金有時亦被稱為資產配置基金
 

Front-end load 首次認購費

One of three possible sales charge schedules imposed by funds that charge fees. A sales fee paid by an investor at the time of subscription to the fund company or their distributors, and can range from 3% to 8% of the purchase amount.

三款最常見的基金銷售收費種類之一。投資者在認購基金時向基金公司或分銷商繳付的銷售費,收費介乎認購額的3%至8%不等。
 

Fully invested 全面持倉

The investment of nearly all available assets in securities other than short-term securities (such as savings and money market accounts). When a fund is said to be "fully invested", it usually implies that the fund's manager is confident that the securities markets will be improving. 

指接近所有可用的資產投資在證券而非其他短期證券(如儲蓄和貨幣市場)。當基金表示其已“全面持倉”,通常意味著基金經理對未來證券市場相當有信心。
 

Fund administrator (administrative agent) 基金管理人(行政代理):

Performs fund's administrative functions. The administrator calculates the value of the fund. This calculation is based upon the value of the assets in the fund's portfolio. The calculation produces a price known as the Net Asset Value (NAV). The NAV becomes the fund's dealing price.

執行基金的行政功能。管理人負責計算基金價格。計算根據基金的投資組合中的資產價值。經計算後得出的價格稱為資產淨值(NAV)。資產淨值會成為基金的交易價格。

Fund manager 基金經理

The person(s) responsible for implementing a fund's investing strategy and managing its portfolio trading activities. A fund can be managed by one person, by two people as co-managers and by a team of three or more people. Fund managers are paid a fee for their work, which is a percentage of the fund's average assets under management. 

負責執行基金投資策略、管理基金交易活動的專業人士,基金可以由一位經理人、兩位共同經理人、或三位及以上的經理人組成的團隊進行管理。基金經理會收取一定的費用作為其報酬,一般是按其管理的基金的平均資產來計算。
 

Fund of funds (multi-funds, multi-advisor funds) 组合型基金

A fund that invests in other funds. Fund-of-funds managers seek to reduce risk by investing in other funds thus avoiding the highs and lows of any single fund. These funds offer a single entry fee into the funds they are investing in which is usually far lower than the combined entry fees of each fund. Fund of funds usually offer great diversification. The disadvantage of funds of funds is that they add another layer of management expenses on to shareholders who are effectively paying for two fund managers. 

投資於其他基金的基金。组合型基金的基金經理投資其他基金來減低風險,從而避免單一基金的價格波動。基金為他們的投資的一系列基金提供單一的入場費,其入場費通 常遠低於投資者獨立購入各基金的總費用。组合型基金分散風險的能力很高。但组合型基金的缺點是,基金單位持有人需額外支付组合型基金的管理費用,暗示投資 者需要分別支付组合型基金及其買入基金的費用。
 

Futures 期貨

A future is a derivative instrument that involves a contract to buy or sell an asset (stock index, commodity, currency, fixed income or other security) for delivery at a future date at a specific price. This is a practice commonly used by fund managers of aggressive growth mutual funds. 

期貨是一種衍生工具,以合約形式並依指定價格預購或預售於未來指定日期交付的資產,包括股票指數、商品、貨幣、固定收益或其他證券。進取型的增長基金的基金經理會經常使用期貨作投資用途。
 

Futures fund 期貨基金

See managed futures fund.

請參考期貨管理基金

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G


Global depository receipt (GDR) 環球存託憑證

Receipt for shares in mainly emerging-market-based companies. GDRs are traded on numerous exchanges around the world, enabling investors access to emerging market companies without having to face custodian and other administrative delays that are often associated with the exchanges in emerging markets. 


主要是指新興市場企業的股份憑證。環球存託憑證可於世界上多個市場交易。新興市場交易往往需面對託管及其他行政延誤等問題。環球存託憑證可為進入新興市場的投資者解決這些問題。


 

Global mutual fund 環球互惠基金

Mutual funds that invest in both the U.S. and foreign countries. Also known as world funds

主要投資於美國及環球其他地區的互惠基金,亦稱為環球基金


 

Government National Mortgage Association (GNMA) 政府國家抵押貸款協會: 

A government corporation that provides primary mortgages through bond issuances. Its securities are called Ginnie Maes. 

經由發行債券提供一級市場抵押貸款的政府公司,其發行的轉付證券俗稱Ginnie Maes。

 

Going long 長倉

Buying a security in the normal manner. (This is a term most often used in derivative investing). 

以正常方式購買證券(衍生工具投資經常使用的術語)。
 

 

Going short 短倉:

Selling a security that the seller does not have. This is done by borrowing security at a certain price that is expected to have dropped by the time the security has to be paid for. 

賣家在沒有持有的情況下預先出售證券。賣家在一定時間後交付指定價格證券,通常是賣家預計證券價格將會下跌的時候進行。

 

Growth fund 增長基金:

A fund that invests for growth by seeking out smaller companies with good earnings growth. These funds tend to be more volatile than most other equity mutual funds. 

主要投資於具勁強盈利增長的小型公司,基金的波動性一般會較股票基金為高。

 

 

Guaranteed fund 保證基金:

A guaranteed amount is paid to the fund's shareholders if they hold the units until a specific date in the future. A guarantee can include the initial capital investment plus a fixed return.

一種給予投資者保證回報的基金,條件是投資者須持有該基金直至指定日期。保證金額可包括初始投資金額加固定回報。

 

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H

 

Hedging 對沖:

A strategy that seeks to reduce, or even eliminate, the extraneous risk in investment, such as currency risk in an international equity investment. In this situation, a fund manager would buy the currency forward at an agreed price. (Hedging is not to be confused with hedge funds, which are very different.)

一種在於減低甚至可以消除外來風險的策略,好像是投資在國際股份時的貨幣風險。就以貨幣風險為例,基金經理會以約定價格買入遠期外匯來對沖貨幣波動的風險。 (對沖與對沖基金不能混為一談,因為雙方有着非常大的差異。)

 

Hedge fund 對沖基金

A private investment partnership in which the fund manager is able to take both long and short positions. These funds typically use leverage and employ a large number of derivative instruments in their investments.

一個私人投資的合作夥伴關係,基金經理能同時採取長倉及短倉策略(即同時買入及沽空股票)。這些資金通常涉及使用槓桿成份,並會在他們的投資當中運用大量的衍生工具。

 

High-yield (or junk) bond 高收益債券(又稱垃圾債券):

Security that pays higher yield to compensate for the greater risk of holding a non-investment grade bond. (An investment-grade bond is one that rating agencies will give BB or higher.)

一種透過高利息收益來彌補其本身高風險的非投資級別證券。(投資級別債券是指獲評級機構給予BB或更高信用評級的債券。)

 

High-yield bond fund 高收益債券基金:

A fund that invests primarily in high yield bonds, also referred to as junk bonds. High yield bond funds generally seek high returns and tend to be one of the riskier bond fund investments.

一種主要投資於高收益債券(也稱垃圾債券)的基金。高收益債券基金一般追求高回報,是其中一種最高風險的債券基金投資。

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I

 

Inception date 基金成立日期:

The date a fund was first made available to investors.

基金首次供投資者交易的日期。

 

Income 收益(或入息):

Periodic interest or dividend distributions obtained from a fund.

從基金獲得的定期利息或股息分派。

 

Income fund 收益基金:

A fund that invests primarily in fixed income securities and/or high-yielding utility, telephone, and blue-chip stocks. Capital appreciation is not a consideration for these funds.

一種主要投資在定息債券及/或高收益的公用事業,電話和藍籌股的基金。資本增值並非其考慮因素。

 

Index 指數:

Indicators used to provide a point of reference for evaluating a fund's performance. The most common indices for stock funds are the Dow Jones Industrial Average and the S&P 500 Index. For fixed-income funds it is the Lehman Brothers Aggregate Bond Index.

一組用作衡量基金投資表現的指標。股票基金最常用的指標有道瓊斯工業平均指數以及標普500指數。而債劵基金則為雷曼兄弟綜合債券指數。

 

Index fund 指數基金:

A fund that invests in a collection of securities intended to match that of a broad-based index (NOTE: It is not possible for investors to actually invest in the actual index, such as the S&P 500). In general, index funds seek the same or a slightly better return that the index they mirror. Index funds tend to charge low administrative expenses.

一種其證券組合與某市場指數成份相若的基金。(注:投資者不可能直接投資在實際指數,如S&P500)。一般而言,指數基金尋求與其追蹤的指數一樣或稍佳的表現。指數基金收取的行政收費用大多較低。

 

Inflation risk 通脹風險:

The possibility that the value of assets or income will be eroded by inflation (the rising cost of goods and services). Inflation risk is often mentioned in relation to conservative fixed income funds

通脹令某項投資的價值或回報被侵蝕的可能性。(貨品和服務的花費上升)。通脹風險在保守型固定收益基金中時常被提到。這類固定收益基金將失去本金的可能性降到最低,因而令投資者承受通脹風險。

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 J

 

Junk bonds 垃圾債券:

Bonds rated BB or below by Standard & Poor's Corporation and Ba or below by Moody's Investor Service. Junk bonds tend to be more volatile and higher yielding than bonds with higher quality ratings.

當債券被標準普爾評為BB級或以下及被穆迪評為低於Ba級或以下。垃圾債券往往較高質量債券較波動,但收益率較高。

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L

 

Large-caps 大型股:

Stocks of companies with market capitalizations of more than $1 billion. Large-caps tend to be well established companies, so that their stocks entail less risk than smaller-caps, but which also offer less potential for dramatic growth.

股票市值超過10億美元的公司。大型股普遍是結構良好的公司,其股票風險比小型股低,但大幅增長的潛力亦較少。

 

Leverage 槓桿:

Borrowing capital or using derivatives to maximize return on an investment. A leveraged investment is subject to a multiplied effect in the profit or loss resulting from a comparatively small change in price. Leverage offers the opportunity to achieve enhanced returns, but at the same time typically involves greater risk and can result in a loss that is proportionally greater than the amount invested.

以借貸或利用衍生工具,把投資回報率極大化。即使價格變動幅度較小,槓桿投資也會將所造成的收益或損失以倍數效果增加。槓桿提供實現更高回報的機會,但同時亦通常涉及較大的風險,並可能導致大於投資金額的損失。

 

Liquidity 流動性:

The ease with which an investment can be converted into cash. Shares in a fund are generally considered highly liquid investments because they can be sold on any business day for their then current value.

將一項投資轉換成現金的難易程度。基金內的股票投資普遍被視為高流動性的投資,因為它們可以在任何營業日以當時市值出售。

 

Loaded fund 收費基金:

A mutual fund that charges a sales fee on top of other fees. Loads do not mean a fund is managed better.

在其他費用上另外再收取銷售費的互惠基金。收費並不意味基金管理得更好。

 

Long-term bond funds 長期債券基金:

Mutual funds that invest in bonds that mature in more than 10 years.

投資到期日在10年以上債券的互惠基金。

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M

 

Managed futures fund 管理期貨基金:

A fund investing in futures and derivatives of commodities, indices, interest rates, currencies and related products.

They usually employ quantitative or technical analysis and systematic investment processes.

投資於大宗商品,指數,利率,貨幣及相關產品的期貨及衍生工具的基金。它們常運用量化或技術分析及系統化的投資程序。

 

Management fee 管理費:

The amount a fund pays to its investment adviser for its services. The average annual fee industry wide is about one half of or one percent of fund assets. A fund's management fee must be listed in its prospectus.

支付給其投資顧問服務的金額。行業的平均年費大致是基金資產的1.5或1%左右。基金的管理費必須在其招股說明書中列出。

 

Market capitalization 市場總值:

Also referred to as "market cap." Market capitalization is a measure of a corporation's value, calculated by multiplying the number of outstanding shares of common stock by the current market price per share. Market capitalization is usually grouped into four main categories: large-cap, mid-cap, small-cap, and micro-cap.

市場總值(市值)是一個企業價值的衡量,以流通的普通股數目乘以每股目前的市場價格計算。市值通常可分為四大類:大型股中型股小型股微型股

 

Market risk 市場風險:

Refers to the potential of loss that is possible, as a result of the short term volatility of the stock market. Owning mutual funds, due to their diversification, shield an investor to some market risk that a stock holder may be vulnerable to.

指因為股市短期波動而可能造成的潛在損失。互惠基金由於其投資多元化,可以保護投資者免受部分一般股票持有人承受的市場風險

 

Market timing 選時交易:

Attempting to time the purchase and sale of securities to coincide with ideal market conditions. Mutual fund investors may switch from stock funds to bond funds to money market funds as the strength of the economy and interest rate directions change.

嘗試在理想的市場狀況下購買或出售證券。互惠基金投資者可因應經濟和利率方向的變化,從股票基金、債券基金和貨幣市場基金之間互相轉換。

 

Maturity date 到期日:

The date on which the principal amount of a bond is to be paid in full.

債券本金全額支付的日期。

 

Micro caps 微型股:

Stocks that are capitalized at under $50 million. Micro-caps tend to be new, relatively untested corporations that can offer greater growth potential than larger caps, but also entail greater risk.

在5千萬美元以下的股票。微型股多是新上市,相對未經測試的公司,增長潛力較大型股大,但也伴隨着更大的風險。

 

Mid caps 中型股:

Stocks which are capitalized at between approximately $500 million and $1 billion. Mid-caps are often considered to offer more growth potential than larger-caps (but less than small caps) and less risk than small-caps (but more than large-caps).

在5億美元至10億美元的股票。普遍認為中型股的增長潛力較大型股大(但小於小型股),同時也較小型股風險細(但大於大型股)。

 

Mid-cap fund 中型企業股票基金:

A fund that invests primarily in the stocks of companies with a medium market capitalization (mid caps).

基金主要投資於具有中等市值(中型股)公司的股票。

 

Money market instruments 貨幣市場工具:

Include short term investments such as CDs, Treasury bill, and short term commercial bonds. Money market funds invest in these types of short term investments; as a result, there is little to no risk of losing any portion of the principle investment.

包括短期投資 如存款證,短期國債及短期商業債券。貨幣市場基金會投資在這類型的短期投資工具。失去本金的風險十分低。

 

Money market fund 貨幣市場基金:

Mutual fund that invests typically in short-term government and company loans and CDs. These tend to be lower-yielding, but less risky than most other types of funds. Also known as money funds.

通常投資短期政府和公司貸款和存款證的互惠基金。這類基金往往收益較低,但風險低於大多數其他類型的基金。也被稱為貨幣市場基金或貨幣基金。

 

Mortgage-backed security 按揭證券:

A security that returns principal and interest monthly as payments are received on the underlying mortgages. They are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity.

以收回本金及每月收到利息為目的的相關按揭的證券。他們是由按揭貸款組成的債務,通常為住宅物業。按揭貸款來自銀行、按揭貸款公司或其他發起人,然後再由政府,半政府或私人公司組合。

 

Multi-fund 多重基金:

See Fund of funds.

基金中的基金

 

Municipal bond 地方政府債券:

A bond issued by a municipality to finance schools, highways, hospitals, airports, bridges, water and sewer works, and other public projects.

又名市政債券。由地方政府發行的債券,以資助學校,公路,醫院,機場,橋樑,供水和下水道工程和其他公共項目。

 

Municipal bond funds 地方政府債券基金:

Mutual funds that invest in tax-exempt bonds issued by states and local governments.

投資在由國家和地方政府發行免稅債券的互惠基金。

 

Mutual fund (or unit trust) 互惠基金(單位信託):

A pooled investment vehicle, which invests in portfolios of stocks, bonds and/or cash managed by an investment company on behalf of many investors with a specific objective.

一種投資於股票、債券或現金組合的集體投資工具,由管理公司按預定的目標代表眾多投資者管理。

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N

 

Negative yield curve 負孳息曲線:

See Inverted yield curve.

倒置的孳息曲線

 

Net asset value (NAV) 資產淨值:

The current market worth of a mutual fund's share. A fund's net asset value is calculated daily by taking the funds total assets, securities, cash and any accrued earnings, deducting liabilities, and dividing the remainder by the number of shares outstanding.

互惠基金目前的市場價值。基金淨資產每日會透過計算資金總資產,證券,現金及任何累計收益的總和,然後扣除負債,再將餘數除以股份數目得出。

 

Net assets 淨資產:

Net assets are the excess of assets over liabilities.

指資產減去負債的數值。

 

Note 票據:

Another word for short-term bond.

短期債券的另一個稱呼。

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O

 

 

Offshore center 離岸中心:

Used to signify financial centres which offered a more tolerant tax regime than those 'onshore'. Today, offshore centres are the legal domiciles for most internationally marketed funds. The administrative functions of internationally marketed funds are performed in the offshore centres.

用來表示較「陸上」中心稅制更加寬容的金融中心。今時今日,離岸中心是國際市場資金的合法註冊地。國際市場資金的行政職能是在離岸中心執行。

 

Open-ended fund 開放式基金:

A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to s redeems. Units are bought and sold at their current NAV.

持續向投資者銷售股份的互惠基金,並會回購投資者有意沽售的股份。單位買賣以當時資產淨值計算。

 

Option 期權:

Gives the holder the right to buy (call) or sell (put) a security or asset at a fixed price within a specified period or at a specified date.

賦予期權持有人在指定的時間內或日期買入(認購期權)或沽出(認沽期權)某項證券或資產的權利。

 

Over-the-counter market 場外交易:

Also known as OTC, means the dealers directly bargaining themselves. In the OTC market, dealers are using telephone and computer network to trade, rather than using the exchange trading system. OTC markets do not have an automatic mechanism for disclosing price to public, and can process non-standardized transactions. Bonds, foreign exchange, forward contracts, swap and some non-standardized derivatives are primarily trading through OTC.

又稱店頭市場,指交易商直接議價的交易方式。在場外市場,交易商通過電話及電腦網絡,而不是交易所的系統進行買賣。場外市場沒有向大眾自動披露交易價格的 機制,而且可進行非標準化的交易。債券、外匯、遠期合約、掉期(swaps)以及一些非標準化衍生工具,都主要透過場外市場交易。

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P

 

Price earning (P/E) ratio 市盈率:

Ratio of the price of a stock to the total earnings of the company. A common measure of how expensive a stock is. P/E is an indicator of market expectations about a company's prospects; the higher the P/E, the greater the expectations for a company's future growth in earnings.

公司的股票價格除以總盈利的比率。一種常用以衡量股票是否昂貴的常用方法。市盈率是一個指標,顯示市場對公司的前景的預期;市盈率愈高,公司日後的盈利增長的預期愈大。

 

Penny stock 蚊型股:

An inexpensive stock, also known as micro-cap stock. This term usually refers to stocks costing less than $1 per share, but it may also refer to stocks under $5.00 too. Many aggressive growth mutual funds have portfolios consisting of many cheap stocks, with the belief that cheap stocks have greater growth potential.

一種廉價股票,也稱為微型股。這個術語通常是指價格低於每股1美元的股票,但也可以指5美元以下的股票。許多進取的增長基金的投資組合包含很多便宜的股票,因認為便宜的股票有更大的增長潛力。

 

Pension fund 養老基金:

Fund investing on behalf of an organization to provide income for the fund's members upon retirement.

以組織身份為組織成員提供退休後的收入的基金投資。

 

Performance 績效:

A measure of how well a fund is doing over time. Two commonly used mutual fund performance measures are yield (which measures dividends) and total return (which measures dividends plus changes in net asset value). Please be reminded that past performance is not a guaranteed of future performance.

衡量基金隨時間的表現。兩種常用的互惠基金量度表現方法為收益率(計算股息),總回報(計算股息加資產淨值的變化)。請注意,過去表現並不保證未來績效。

 

Pooling 集資:

Pooling is the basic concept behind mutual funds. A fund pools the money of thousands of individual and institutional investors who share common financial goals. The fund uses this pool to buy a diversified portfolio of investments.

集資是互惠基金背後的基本概念。基金集合了眾多有著共同的財務目標的個人和機構投資者的資金。基金再利用集合了的資金購買多元化的投資組合。

 

Portfolio 投資組合:

The securities of a Fund. A fund's portfolio may include a combination of stocks, bonds, and money market securities.

基金持有的證券。基金的投資組合可以包括股票,債券及貨幣市場證券。

 

Portfolio manager 投資組合經理:

The individual who is responsible for managing a mutual fund's assets.

負責管理互惠基金資產的人。

 

Portfolio turnover 投資組合周轉率:

A measure of the trading activity in the fund's portfolio of investments. In other words, how often securities are bought and sold.

量度基金的投資組合間的交易活動。換句話說,就是購買和出售證券的頻率。

 

Positive yield curve 正孳息曲線:

When short-term interest rates are lower than long-term rates. This is the usual situation where investors would expect to gain a higher rate of return for holding on to a bond for a longer period of time.

當短期利率低於長期利率。正常的情況下,投資者預期持有較長時間的債券應獲得一個更高的回報率。

 

 

Prepayment risk 提前償還風險:

The possibility that, as interest rates fall, homeowners will refinance their home mortgages, resulting in the prepayment of GNMA securities, and possible decline in net asset values of GNMA Funds.

房主有可能因利率下降,將他們的按揭貸款重組,導致GNMA證券提前償還,GNMA基金資產淨值可能會下降。

 

Prospectus (or explanatory memorandum for unit trusts) 章程(或單位信託基金的說明備忘錄):

The official document that describes a mutual fund. It contains information on such subjects as the fund's investment objectives, policies, services and fees. Prospective investors should always read the mutual fund's prospectus before sending money.

描述互惠基金正式文件。信息包含基金的投資目標,政策,服務和費用等項目。的章程。準投資者應在投資前閱讀互惠基金的招股說明書。

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Q

 

Qualitative analysis 質化分析:

A securities analysis that uses subjective judgment based on non-financial data such as management style and capacity, business cycles, product development, labor relations, operation risks and expenses.

根據管理層風格及能力、行業週期、產品研發能力、勞資關係、營運風險和成本等非財務數據對證券作出主觀分析及評估。

 

Quantitative analysis 量化分析:

Quantitative analysis is based on numeric analysis and statistics using key financial ratios and economic indicators. Financial models and simulation are built objectively to identify potential investment candidates.

與質化分析相反,量化分析依賴可量度的因素。利用統計法及主要的財務比率和經濟指標,建立不同的數據統計模型。使用客觀數據篩選出具有投資潛力的選擇。

 

Quantitative Easing (QE) 量化寬鬆:

A government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital, in an effort to promote increased lending and liquidity.

政府推行的一種貨幣政策以刺激經濟。中央銀行會購入大量國家債券和其他資產,為市場注入超額的流動性及刺激信貸。

 

Quartile Ranking 四分位数排名:

A term often used in fund performance. For example, funds are referred to as being in the top or bottom quartile, meaning that this is where they have been ranked in relation to the other funds in their category.

基金常用的數據以比較基金之間的表現。例如,基金被排名為行業前四分之一或尾四分之一,意味著該基金在其類別中排名的高低。

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R

 

Real return 實質回報:

The actual return earned on an investment after factoring in the rate of inflation.

指投資收益扣除通脹後的實質回報。

 

Rebalancing 平衡調配:

Investment strategy in which you adjust your mix of investments periodically to keep the proper percentage holdings in each asset class (asset allocation), based on your tolerance for risk.

指一種隨著市場變化而作出調配的投資策略。當個別資產的分配比原先設定的配置比例過高或過低時,就應適量地增加或減少比重以恢復組合長期的目標配置策略(資產配置)。

 

Record date 截止過戶日期:

The date on which a shareholder must officially own a stock's shares in order to receive a company's declared dividend or to vote on company issues.

於此日期前在股份過戶處有登記的股東,可以收到該公司宣派的股息或投票權。

 

Redemption 贖回:

Liquidation of shareholding in a mutual fund by selling back to the mutual fund.

通過直銷和代銷機構向基金公司發出贖回指令,要求部份或全部退出基金的投資,正常情況下,基金公司必須購回有關股權。

 

Redemption price 贖回價:

The price at which a mutual fund's shares are redeemed (bought back) by the mutual fund. The redemption price is the approximate per share NAV at redemption, minus any fees that the fund deducts at that time, such as redemption fee. This price is shown as the "bid" price on newspaper.

投資者向基金公司出售基金的價格,亦是基金公司購回股份的價格。贖回價是該基金的每股資產淨值減去有關費用如贖回費(如有)。在報章上,「贖回價」亦會稱為「買入價」。

 

Regional funds 區域基金:

Mutual funds that invest in one specific region of the globe.

投資於一個特定區域的基金。

 

Registrar and transfer agent 過戶登記代理:

Responsible for keeping records of, and for communicating with, a fund's shareholders. Typically this involves canceling and issuing the fund's shares.

過戶登記代理負責保持及紀錄股東名冊如註銷或發行基金股份,以及與基金的股東保持溝通。

 

Repurchase agreement (REPO) 回購協議:

A type of short-term loan much used in the money markets, whereby the seller (dealer) commits to buy a security back from the purchaser (investor) at a specified price at a designated future date. Purchaser earns interest competitive with money market rates.

貨幣市場常用的一種安排,即證券持有者(賣方)在賣出一批證券後,協議在某一到期日再以事先約定的價格向買方購回債券,賣方再支付一筆利息。

 

Return on equity (ROE) 股東回報率:

The amount of net income returned as a percentage of shareholders equity calculated by dividing net income (after preferred stock dividends, but before common stock dividends) by average shareholders' equity. Return on equity indicates to shareholders how effectively their money is being employed.

為淨收益相對股東權益的百分比,計算方法是將扣除優先股股息後的溢利除以期內平均股東權益。這個數字顯示上市公司運用股東資金的有效程度,是盈利能力的重要指標。

 

Risk-adjusted return 經風險調整後回報:

A measure of how much risk is involved in producing a particular level of return. It is a return achieved per unit of risk or the risk associated with a particular level of reward, typically represented by the Sharpe ratio. Improving the risk-adjusted return depends either on increasing returns and maintaining the level of risk or maintaining the level of returns and lowering the associated risk.

一個用來衡量賺取回報所承擔風險的指標,每單位風險的回報,或特定回報水平所涉及的風險。此比例一般以夏普比率表示。改善已調整風險的表現有兩種方式,一是指維持風險水平不變但增加回報,二是指維持回報水平不變但降低相關風險。

 

Risk tolerance 風險承受水平:

The willingness of an investor to tolerate the risk of losing money for the potential to make money.

投資者對承受投資價格下跌,同時等待投資增值的能力或願意程度。

 

R-squared R平方:

A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index), values range from 0 to 100. If a portfolio's total return precisely matched that of the overall market or benchmark, it's R-squared would be 1.00. If a portfolio's return bore no relationship to the market's returns, its R-squared would be 0. A higher R-squared value will indicate a more useful beta figure.

衡量投資組合的表現中多少可歸因於整體市場(或基準指數)的回報,程度以 0 至 1.00 計。若投資組合的總回報準確緊貼整體市場或基準的總回報,則投資組合的判定系數為 1.00 。若組合的回報跟市場的回報無關,則判定系數為 0 。較高的R平方值表示啤打係數beta較準確。

 

Russell 2000 羅素2000指數:

The Russell 2000 is by far the most common benchmark for mutual funds that identify themselves as "small-cap". It is an index of the bottom 2,000 stocks in the Russell 3000 Index in US.

羅素2000指數是市場上中、小型股基金最常用的基準指標,由美國羅素3000指數中市值最小的2000支股票構成。

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S

 

S&P 500 標準普爾 500指數:

A board based unmanaged index focuses on the large-cap sector of the US market and often considered representative of the stock market in general. It covers 500 industrial, utility, transportation and financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization and 30% of NYSE issues.

The S&P 500 Index由美國市值最大的 500 間公司所組成的指數,被公認為衡量美國股市整體的健全程度的指引。它涵蓋了美國市場500家最大約工業、公用事業、交通運輸和金融機構(主要在紐約證交所 交易)。這指數覆蓋約75%紐約證券交易所上市公司的市值和30%紐約證券交易所的公司數目。這指數屬非託管並不能直接進行投資。

 

S&P 500 index fund 標準普爾 500指數基金:

A fund that invests primarily in the stocks included in the S&P 500 Index. Sometimes referred to as blue-chip stocks, they tend to be of large, well-established companies.

一支主要投資於S&P 500指數成分股的基金。成分股也被稱為「藍籌股」,指他們於行業中擁有重要地位、市值大、完善經營、高知名度的公司。

 

Secondary market 二級市場:

Market wherein bonds, stocks, or other securities are bought and sold after they're already issued.

一個證券交易市場讓投資者在此買賣從一級市場認購而得到的股票或證券。二級市場可以是指在一個交易所內進行的買賣,也可以是在交易場以外的買賣。

 

Sector fund 行業基金:

A type of mutual fund that invests in the stocks of companies representing a specific industry, such as technology, utilities or health care; also known as the theme fund. Sector funds entail more risk, but may offer greater potential returns than funds that diversify their portfolios.

投資於一個特定行業的基金,如科技、公用事業或健康護理為主題的基金,也被稱為主題基金。行業基金的風險較高,但與一般股票基金相比可能提供更高的潛在回報,亦可以進一步分散投資組合的風險。

 

Securities 證券:

Stocks, bonds, money market or rights to ownership, such as options, typically sold by a broker.

股票、債券、貨幣市場工具或相關的股權,例如期權,一般於經紀行交易。

 

Securities exchange 證券交易所:

Tightly regulated marketplace where stocks, bonds, and cash are traded.

是嚴格監管買賣股票、債券、貨幣市場工具等有價證券的市場。

 

Sharpe ratio 夏普比率:

The Sharpe ratio is a risk-adjusted method for measuring a fund's performance. A ratio of excess return per unit of risk calculated by subtracting the risk-free rate (for example the return from a US Treasury bill) from the portfolio's total return and then dividing this by its standard deviation. The higher the number the better the fund’s risk adjusted return.

為風險調整回報的一個量度指標,顯示每單位風險值所衍生出的額外回報。計算夏普比率時,先將實際回報減去短期無風險的回報率(如美國國庫券收益率),再將得出的額外回報除以標準差。夏普比率越高,基金的經風險調整回報越大。

 

Short selling 沽空:

A trading technique whereby an investment manager arranges to borrow stock from a stock lender with a view to selling it and buying it back at a lower price in the future.

預期資產跌價,於是借貨沽出,稍後再以較低價買回。

 

SICAV 盧森堡注冊可變資本投資公司:

SICAV stands for Societe d'Investissement a Capital Variable (an investment company with variable capital). SICAVs are common fund structures in Luxembourg.

SICAV (Societe d'Investissement a Capital Variable)是一家可變資本投資公司。SICAVs在盧森堡是一種非常普遍的基金結構。

 

Small caps 細價股:

Generally it is a stock with a market capitalization of between $500 million and $2 billion. In general, small caps tend to be less established companies that offer more growth potential than larger capitalized companies, but which also entail greater risk.

一般介於美金五百萬至二十億市值的股票。在一般情況下,細價股往往規模較少,但比大企業提供更高的增長潛力,但也意味著更大的風險。

 

Small company growth fund 小型公司增長基金:

A fund that seeks aggressive growth of capital by investing primarily in stocks of relatively small companies with the potential for rapid growth. Many small cap funds come under the heading of an aggressive growth mutual fund.

主要投資於被認為擁有高增長的小型資本值公司的股票證券,以達致長線資本增值目標的基金。許多小型公司基金的標題均包括積極、進取、增長等字眼。

 

Socially responsible funds 社會責任基金:

Mutual funds that invest in companies that don't pollute the environment or sell arms. They will not own tobacco or alcohol stocks, nor invest in companies with poor employee relations.

主要投資於無污染環境或出售軍火的責任企業的基金。他們不會投資於煙草或酒精類股,也不會投資於勞資關係不佳的企業。

 

Sovereign debt 主權債務:

A debt obligation of any government, including political sub-divisions, local authorities, government agencies, government-owned, controlled, sponsored or guaranteed corporations and supra-nationals.

任何政府的債務,包括政治部門、本地權力機關、政府機構、由政府擁有、控制、營辦或擔保的公司,以及超國家機構。

 

Sortino ratio 索提諾比率:

A measure of risk-adjusted performance that indicates the level of excess return per unit of downside risk. It differs from the Sharpe ratio in that it recognizes investors' preference for upside ('good') over downside ('bad') volatility and uses a measure of 'bad' volatility as provided by semi-deviation – the annualized standard deviation of the returns that fall below a target return, say the risk free rate.

量度經風險調整後的一項指標,顯示每單位下跌風險的額外回報。索提諾比率與夏普比率的分別在於,前者認為投資者在獲利時對「利好波幅」的接納程度較高,在虧損時對「利淡波幅」的接納程度較低,而索提諾比率所使用的正是「利淡波幅」,即低於目標回報的年度化標準差,又名為半偏差。

 

Specialty funds 特定對象基金:

Funds that invest in one specific industry or industry sector.

基金投資於一個特定的產業或行業。

 

Speculation 投機:

Unlike investment, risk is not a consideration or speculator gambles on a risky investment in hopes of a high payoff down the road.

不同於投資,往往不考慮風險或接受較高的風險,希望追求更高回報的心態。

 

Standard deviation 標準差:

A measure of the degree to which a fund's return varies from its previous returns or from the average of all similar funds. The larger the standard deviation, the greater the likelihood (and risk) that a security's performance will fluctuate from the average return.

一種廣泛使用的風險量度數據,衡量基金的回報與以往回報或所有同類基金的平均回報之差異程度。標準差愈大,證券的表現偏離平均回報的可能性(及風險)愈大。

 

Stock fund 股票型基金:

A fund that invests primarily in stocks.

主要投資於股票的基金。

 

Style 風格:

The overarching strategy used by investment managers to set asset allocation and choose individual securities for investment. The investment style of a fund can be broadly drawn, such as "international bonds", or finely tuned, such as "mid-cap value stocks that pay steady income", which helps set expectations for long-term performance potential.

指一個投資方法,讓投資經理設定資產配置並選擇個別證券投資的主要的概念。基金的投資風格可以很廣泛,如「國際債券」,或細緻如「派息穩定的中型股票」,這有助投資者理解基金長期的回報預期。

 

Subscription 認購:

Investor willingness to purchase some assets or financial products (such as the newly listed stocks or funds).

指投資者願意購入某種資產或金融工具(如新上市股票或基金)。

 

Switching 轉換:

The movement/ exchange of assets from one fund to another. An investor will switch mutual funds when their investment objectives change or because of market conditions. This is usually done within a family of funds, but can be done across different fund houses. The charge for same fund house switching is usually lower than cross fund house switching.

將目前持有的基金申請轉換為其它基金。由於投資目標或由於市場條件改變,投資者可以轉換基金。轉換的對象通常是同一家基金公司發行的基金,但也可以轉換至不同基金公司之間的基金。通常同一家基金公司的轉換費用比較便宜。

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T

 

Tax-deferred investment 遞延課稅投資項目:

The return of an investment, including its dividends, interest and unrealized capital gains, is not taxed until money is withdrawn, usually at retirement.

合資格的投資項目/賬戶的所得回報如股息、利息及未變現資本增值,毋須繳稅直至有關人士從賬戶提取款項,通常是在退休時。

 

Technology fund 科技基金:

A fund that invests primarily in the stocks of companies engaged in the technology industry.

主要投資於從事新科技技術行業股票的基金。

 

Top down 由上而下:

An investment approach that first seeks to define major economic and industry trends, and then proceeds to identify specific companies that are likely to benefit from those trends, the opposite of "bottom-up."

投資者物色最佳的經濟體或行業,然後發掘區內或業內表現最優秀的公司進行投資的一種投資策略,為「由下而上」的反義詞。

 

Total expense ratio (TER) 總開支比率:

Amount shareholders pay as costs for an investment in a mutual fund. TER is calculated as a percentage of total investment. They include all operating expenses as well as annual management fee of the fund.

股東投資於一支基金需支付的成本金額。基金開支比率顯示基金總開支佔基金資產值的百分比。開支包括付予投資經理的費用及基金行政服務所需的開支。

 

Total return 總回報:

A measure of a fund's performance that takes these factors into account: income dividends, capital gains distributions, reinvestment of distributions and share price appreciation/depreciation.

衡量基金的表現將這些因素考慮:股息收入,資本收益分配,分派再投資和股價升值/貶值。

 

Transfer 過戶:

The process of changing ownership of an account within the same fund.

在基金交易方面,指買賣後將有關基金轉名的手續。

 

Transfer agent 過戶代理:

Transfer agent: The organization employed by a mutual fund to prepare and maintain records relating to the accounts of its shareholders. Some funds serve as their own transfer agents.

受僱於互惠基金的機構,負責擬備和保留股東的賬戶記錄。有些基金本身就是自己的過戶代理。

 

Treasuries 國庫券:

Debt obligation issued by the U.S. government and backed by its full faith and credit. Treasuries include: Treasury Bills (T-Bills), Treasury Notes and Treasury Bonds.

國庫券是指以國家信用為擔保發行證券。美國國庫券是美國財政部發行的政府債券, 包括短期國庫券(T-bill)、中期國庫券和長期國庫券。

 

Treasury Bill 短期國庫券:

A fixed-income security issued by the U.S. Government with maturity less than one year.

發行期短於一年的美國國庫券。

 

Trust 信託:

A legal arrangement in which an individual (the trustor) gives fiduciary control of property to a person or institution (the trustee) for the benefit of beneficiaries.

信託是指委託人基於對受託人的信任,將其合法持有的財產委託給受託人,由受託人根據委託人意願,以受託人自己的名義管理和處置該財產,從而為受益人獲得利益。

 

Trustee 受託人:

In the trust arrangements, the trustee, in accordance with the Trust Deed, acts on behalf of the beneficiary to manage the underlying assets. Trustee may be an individual or a company, so long as they are not beneficiaries.

在信託安排上,受託人即按照該信託契約,代表受益人擁有相關資產。受託人可以是個人或公司,只要他們不是受益人。

 

Turnover rate 週轉率:

The rate at which the fund buys and sells securities each year. For example, if a fund's assets total $100 million and the fund bought and sold $100 million of securities that year, its portfolio turnover rate would be 100%.

基金每年買入和賣出證券的頻率。如果某基金的資產總額為1億元,這一年購買和出售的證券同樣是1億元,其組合周轉率為100%。

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U

 

U.S. treasury fund 美國國庫券基金:

A fund that invests primarily in financial instruments issued or guaranteed by the U.S. Treasury or its agencies.

主要投資於由美國財政部或其代理機構發行或擔保的金融工具如國庫券

 

UCITS fund 可轉讓證券集體投資計劃基金:

UCITS stands for Undertaking for Collective Investment in Transferable Securities. The UCITS directive was agreed by the European Union member states in order to create a single passport for the sale of funds throughout Europe. A UCITS fund is a mutual fund or an open-ended investment company that is domiciled in Europe, and conforms to the various UCITS regulations.

可轉讓證券集體投資計劃(UCITS)指符合一系列歐洲指令的基金,有關指令旨在於歐盟內建立單一金融服務市場。UCITS基金是指符合各種UCITS條例的互惠基金或開放式投資公司,並駐於歐洲。

 

Umbrella fund 傘子基金:

Fund structure containing sub-funds (or compartments) with different investment objectives, focusing on different markets. Umbrella funds enable investors to switch between sub-funds for a low fee and to pursue different investment strategies within the same fund.

是開放式基金的一種組織結構,旗下設立多隻不同目標、主題的子基金,投資者可以根據條款以較低費用轉換至不同投資策略的子基金

 

Underwriter 包銷商:

The organization that acts as the distributor of a mutual fund and sells shares to investors or through broker/dealers.

為互惠基金直接或通過經紀人/經銷商,銷售股權予投資者的機構。

 

Unit trust 單位信託基金:

See mutual fund.

請參見互惠基金

 

Unrealized gain or loss 未變現損益:

Increases or decreases in the prices of securities held by the fund.

所持有的證券價格上漲或下跌導致該基金出現未實現的利益或虧損。

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V

 

Value investing 價值投資:

The investment style of attempting to buy underpriced stocks that have the potential to perform well and increase in price.

一種基本分析方法衡量某證券的內在價值,若發現高於其市價,則投資者應購入有關股份。

 

Volatility 波幅:

A measure of risk used most often in the investment industry. The magnitude by which the price of a security fluctuates as market conditions change. Funds whose price moves sharply are said to have high volatility. Those with stable prices have low volatility. It is usually calculated as ‘standard deviation’ and expressed as annualized volatility – the standard deviation on a yearly basis.

波幅是投資界最普遍採用量度風險的指標。簡單來說,波幅是量度一項投資價格變化過程中偏離平均價位的距離。基金的價格大幅波動被認為具有較高的波動性; 價格穩定的基金波動性則較低。波幅通常用標準差計算,並以「年度化波幅」表示,即逐年計算的標準差

 

Vulture fund 禿鷹基金:

A term commonly used to refer to a private equity or hedge fund that Invests in a distressed securities (with low valuation) of the market. Its name comes after how vultures dispose dead bodies. Once this area of the market is rising, the fund's value should grow rapidly.

「禿鷹基金」以專門食死屍的禿鷹為名,指一些專門以低價買入高危證券或債項及藉此博取超高回報的私募基金或對沖基金

 

Value-at-risk(VAR) 風險值:

A widely used risk measurement technique that calculates the maximum loss that would be experienced in a day or some other pre-specified time horizon in the event of an increase in volatility or an adverse correlated move in market prices at a pre-specified level of probability.

一種廣泛使用的風險計算方式,指在一定或然概率水平下,計算當波幅增加或市場價格、資產或組合配置出現相關且不利走勢時,在單日或其他預設限期內可能引起的最大損失。

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W

 

World funds 世界基金:

Mutual funds that invest in securities from a number of countries, including the US. Also known as global funds.

基金旨在投資於許多國家包括美國在內的證券,也被稱為全球基金。

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Y

 

Yield 收益率/孳息:

The income return on investments. This differs from total return in that the income does not include price changes. Stock yields are expressed in dividends. Bonds have three yields: coupon (the annual payments paid by the issuer relative to the bond's par value), current (the bond interest rate as a percentage of the current price of the bond), and yield to maturity (an estimate of what an investor will receive if the bond is held to its maturity date).

持有證券的現金收益率。此收益不包括價格變化,與總回報率有所區別。在股票,收益率表示股息率。債券則三種收益率: 票面息率(指發債機構按照本金每年向債券持有人分派的利息的百分比)、目前收益率(以當前債券價格計算的利息百分比)、到期收益率(估計持有債券到期,投資者將收到的收益率)。

 

Yield curve 孳息曲線:

A graph depicting yield as it relates to maturity. If short-term rates are lower than long-term rates, it is called a positive yield curve. If short-term rates are higher, it is called a negative, or inverted, yield curve. If there is little difference, it is called a flat yield curve.

孳息曲線是分析不同期限債券及其對應的不同收益率利率走勢。在正常情況下,短期利率低於長期利率,稱為正孳息曲線。如果通脹高企令短期利率高企,而長期利率則因經濟衰退的預期而下跌,就會造成孳息曲線逆轉。如果孳息曲線平坦則意味著長短期利率沒有什麼差別。

 

Yield to maturity 到期收益率:

The effective annual rate of return earned by a bond if held to maturity. This rate takes into account the amount paid for the bond, the length of time to maturity, and assumes coupon payments can be reinvested at the yield to maturity.

考慮支付債券的成本金額、持有年期、並假設票息可以同一收益率再投資下,持有證券至到期日的情況下獲得的預期收益率。

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Z

Zero coupon bond 零票息債券:

Bond issued at a discount which accrues interest that is paid in full at maturity.

按面值的折讓價買入,並於到期日作出全數付款的債券。與其他債券不同的是,零票息債券並不會定期支付利息,因此命名為「零票息債券」。

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