Dirty price

The total price payable on the purchase of a gilt. It’s calculated as the clean price plus accrued interest.

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Retail Prices Index (RPI)

An index published each month by the Office for National Statistics, which measures the level of retail prices in the UK. Cash flows on all index-linked gilts are linked to the RPI.
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Equity

The amount of money a company would be left with by subtracting its liabilities from the value of its assets.
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Time-Weighted Rate of Return (TWRR)

A return calculated over the time period invested, that excludes extraneous elements, such as deposits to and withdrawals from the investment accounted.
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American Depository Receipts (ADRs)

Tradeable assets that let Americans invest in overseas stocks using US laws and dollars.
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Volatility

A measure of how much the prices of an asset or index vary over time.
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Accounting standards

The rules a company follows when preparing financial statements.
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UK Treasury bill

A debt instrument issued by the UK government with a maturity of less than one year.
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Investment Trust

A company that pools money together from multiple investors and then invests it.
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Professional Client

An investor that is able to meet several regulatory criteria.
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