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.

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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Fixed Income

An investment that provides a fixed rate of return, often over a specific set of time.
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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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Yield to maturity (YTM)

What is yield to maturity and why is it useful?
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Forward pricing

Mutual funds are traded on a forward pricing basis, meaning the price you see will be different to the price you may trade at.
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Securities

Bonds and stocks.
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Arithmetic Mean

The sum of a set of numbers added together and then divided by the total amount of numbers in that set.
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Conventional gilts

Gilts where the dividends and principal repayments are fixed in nominal terms. This is as opposed to an index-linked gilt where the dividends and principal repayments are related to movements in the Retail Prices Index (RPI).
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Costs and Charges

The money you pay when investing.
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Depository

We look at what is a depository and what role they play in keeping markets work.
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