Category: glossary , Asked by: Lindsay S. From Ireland
A: "normal-course issuer bid " is The action of a company buying back its own outstanding shares from the markets so it can cancel them. The amount the company may repurchase is subject to regulatory approval. Instead of holding shares, which fluctuate day to day in the market, a company will cancel the shares to add to its core value. Visit NobleTrading
Category: glossary by Skyler E. From Watford, United Kingdom
A ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR the more consistent a manager is and consistency is an ideal trait. Rp = Return of the portfolio Ri = Return of the index or benchmark Sp-i = Tracking error (standard deviation of the difference between returns of the portfolio and the returns of the index) A high IR can be achieved by having a high return in the portfolio, a low return of the index and a low tracking error. For example: Manager A might have returns of 13% and a tracking error of 8% Manager B has returns of 8% and tracking error of 4.5% The index has returns of -1.5% Manager A's IR = [13-(-1.5)]/8 = 1.81 Manager B's IR = [8-(-1.5)]/4.5 = 2.11 Manager B had lower returns but a better IR. A high ratio means a manager can achieve higher returns more efficiently than one with a low ratio by taking on additional risk. Additional risk could be achieved through leveraging.
Category: glossary by Marco C. From Dallas, United States
Investment vehicles issued by various levels of governments containing variable coupon payments that increase and decrease with changes in the consumer price index (CPI). This type of debt security is similar to regular municipal bonds, but municipal inflation-linked securities offer investors a slightly lower coupon rate because these securities are safer than debt instruments that expose the holder to inflation risk. Also, because these securities carry reduced inflation risk, they don't - like other debt securities - have the potential to increase in price should the rate of inflation subside.
Category: general by D. D. From United States
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