Alpha, 焦点（を合わせる）, dynamic, optimal, what do all these cryptic 基金 指名するs 現実に mean? Read our jargon buster

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投資 基金 指名するs are often a baffling mixture of fancy but vague words, which mean little to people who aren't already 手がかり（を与える）d up on 財政上の jargon.

There are thousands of 基金s and 投資 信用s out there to choose from, and 投資家s - 特に newcomers - need to be （疑いを）晴らす what 条件 such as alpha, dynamic or special 状況／情勢s 現実に mean before they start 危険ing their money.

People hoping to 上げる their 貯金 by buying a 基金 or 信用 直面する a 法外な learning curve, unless they're lucky enough to have a friend in the know or are willing to fork out 料金s to a 財政上の 助言者.?

We have tried to 供給する a short 削減（する）, by 収集するing a 名簿（に載せる）／表（にあげる） of ありふれた 条件 that often pop up in 基金 指名するs along with simple explanations - find our jargon buster below.

基金 jargon: 投資家s, 特に newcomers, need to know what fancy 指名するs mean before 危険ing their mon ey

Why are 基金 指名するs often so cryptic?

To be fair, many of the 条件 used in 基金 指名するs are useful and informative. UK, Japan, North America and so on are perfectly plain. 用心深い, 倫理的な and 積極的な are also 平易な to しっかり掴む.

いつかs - sadly not always - the 要約 of the 基金 goal will 供給する enough 状況 to let you have an educated guess at what the 基金 is up to even if its 指名する is meaningless.

Patrick Connolly, a 財政上の 専門家 at Chase de Vere, says descriptive 基金 指名するs are 罰金 but when they are 選ぶd for marketing 目的s they can be 誤って導くing or difficult for people to understand.

He takes particular 問題／発行する with '絶対の return' 基金s, which are meant to turn a 利益（をあげる） in any market 条件s. Connolly argues that their 指名するs give the perception of 安全 and 保護, but they can make big losses. He believes 公式に 改名するing the 部門 '的d 絶対の return' hasn't 改善するd 事柄s much either.

'Marketing is always on the 肯定的な 味方する rather than the 現実主義の 味方する,' he 追加するs. 'Rather than call the 基金 "higher 危険 基金" they will give them 指名するs like 焦点（を合わせる）, dynamic or alpha to make them more exciting, more marketable.

'I can think of lots of 基金s that are high 危険. I can't think of any that are called high 危険.'

Jason Hollands, managing director of Evelyn Partners, says 基金 指名するs are driven by fashion 同様に as marketing, and that alpha and 焦点（を合わせる） have been popular ones.

一方／合間, he 公式文書，認めるs that one 基金 that used to go by the 指名する '全世界の 巨人s' 結局 became 簡単に '全世界の'.

What about the abbreviations tacked on the end of 基金 指名するs?

To make things even more 複雑にするd, when 投資家s search out more （警察などへの）密告，告訴（状） about individual 基金s they typically discover there are several 見解／翻訳／版s of it, each with a baffling string of abbreviations and letters on the end.

Only some of them are ありふれた across the 産業. Th e 残り／休憩（する） are unique to each 基金 provider, because these 会社／堅いs have never bothered to get their 長，率いるs together to standardise them.

As a result, the letter 'C' on the end of a 指名する might mean one thing on one 基金, and やめる another on a different 基金 from a different 会社／堅い, and it 要求するs その上の 調査 to find out. We decode the most frequently used abbreviations below.

What do 基金 指名するs mean? Here's our jargon buster

絶対の Return

基金 試みる／企てるs to make a decent return for 投資家s whether wider markets are doing 井戸／弁護士席 or 不正に, although there is no 保証（人） it will 後継する. You should 確実にする you fully understand the 戦略s 存在 used, because they are いつかs 複雑にするd and risky.

Alpha?

投資s are 存在 活発に managed with the goal of outperforming the market. 'Alpha' has a somewhat slippery 鮮明度／定義, but it's often taken to mean the return you make from active 投資するing, on 最高の，を越す of what you can get by just stashing money in a passive tracker 基金 that clones market 業績／成果. However, in practice many active 基金s are more 高くつく／犠牲の大きい than trackers but still fail to （警官の）巡回区域，受持ち区域 their （判断の）基準s, or 結局最後にはーなる に引き続いて them 公正に／かなり closely anyway.?

Balanced

投資するs in 在庫／株s, 法人組織の／企業の and 政府 社債s and other 資産s with the 分裂（する） between them remaining 直す／買収する，八百長をするd or not changing much.

Cash

Money is deposited to get a 類似の or only very わずかに better return to what you would make from a 貯金 account. These 基金s can be used as the no-危険 部分 of a diversified 大臣の地位.

Charity

投資するs on に代わって of charities. These 基金s don't tend to be suitable for personal 投資家s, because you usually can't put them in a 税金-efficient Isa or in a Self-投資するd Personal 年金 (Sipp) and they might also 始める，決める a high 最小限 投資 level.

核心

焦点（を合わせる）s on mainstream 投資s, rather than anything too niche.?

合意?

Another 指名する for a balanced 基金, but one that 跡をつけるs markets rather than taking an active approach to 選ぶing 投資s.?

防御の

投資するs in 在庫／株s that tend to withstand 経済的な shocks with little trouble, but where 業績／成果 will lag behind in good times. That's in contrast to cyclical 在庫／株s, which take a 攻撃する，衝突する when 投資家 信用／信任 is low, but will have more growth 可能性のある when the economy is doing better. 公共事業（料金）／有用性, タバコ and 世帯 goods 会社／堅いs are 防御の 在庫／株s, while retailers and 航空機によるs are cyclical 在庫／株s.

Query: How do you tell the difference between an 適切な時期s and an opportunistic 基金?

Diversified

投資s are spread across a lot of different 資産 classes. This 含むs the main ones like 在庫／株s, 法人組織の／企業の and 政府 社債s, 所有物／資産／財産 and cash, 加える いつかs more niche areas such as 私的な 公正，普通株主権. The wide variety of 資産s should make a 基金 いっそう少なく volatile and 減ずる the 危険 of losses, because no 持つ／拘留するing is 相当な enough to torpedo returns if it does 不正に. Also, when one 資産 is 成し遂げるing 貧しく, this will 一般に be 相殺する by another that is doing better.

Dynamic

経営者／支配人 has a lot of 範囲 to switch up 投資s depending on 現在の or 心配するd market 条件s. They can be 類似の to Alpha 基金s.?

公正，普通株主権

基金 投資するs wholly ? or if not, almost 完全に - in 株.?

高めるd Income

経営者／支配人 will try to 上げる returns from more mundane income-収入 資産s such as （株主への）配当-支払う／賃金ing 在庫／株s and 法人組織の／企業の or 政府 社債s by selling 株 '選択s' to other 投資家s. They earn 料金s from giving such 投資家s the 権利 to buy some of the 基金's 株 at a 直す／買収する，八百長をするd price in 未来. If the 株 price doesn't rise enough, the other 投資家 won't bother to 演習 their 選択 負かす／撃墜する the line. However, if it does the other 投資家 gets to buy 株 from the 基金 at what is by then a 割引.

Episode

Looks at 投資家s' behavioural biases and tries to make money based on the 適切な時期s these might throw up. M&G 投資s, which runs a number of episode 基金s, says: 'Episodes are periods in which markets become driven by behavioural rather than 根底となる considerations. 投資家s may become 極端に 焦点（を合わせる）d on one 問題／発行する, become too 関心d about the short 称する，呼ぶ／期間／用語, and 落ちる 犠牲者 to a whole host of biases which can create 適切な時期s.'

延長するd

A 称する，呼ぶ／期間／用語 いつかs tagged の上に Alpha and Long Short 基金 指名するs, and also referred to as a '130/30' 戦略. It means 経営者／支配人s are going to pile money into companies they think will do 井戸／弁護士席, but 相殺する the 危険 of doing this by short selling - betting against - other 会社／堅いs they reckon will do 貧しく (see Alpha and Long Short).

Feeder

Puts money into a separate master 基金 which does the actual 投資するing.

焦点（を合わせる）

投資するs in a 比較して small number of 在庫／株s, usually just 20 to 30, and/or a 明確な／細部 market 部門 or 地域.

Foreign

投資するs all over the world but not in the UK (see 全世界の, Overseas and International).

全世界の

投資するs all over the world, usually in the UK too but not always (see Overseas, International and Foreign).

Growth

負担s up on 投資s that will grow 資本／首都 急速な／放蕩な, a goal that is prioritised over 供給するing a good income. In practice, that means 支援 companies that stick all their spare cash into growing their 商売／仕事, rather than 手渡すing it out in （株主への）配当s to 株主s.

Hedged

These are not classic 'hedge' 基金s, which are risky 投機・賭けるs that are typically only open to very 豊富な 投資家s. When 'hedged' appears in a mainstream 基金 指名する, this means it is taking 対策 to 保護する against 逆の 通貨 movements.?

High Income

追求するs riskier 戦略s than a straightforward income 基金 to 生成する a stream of 収入s for 投資家s (see Income).

High 産する／生じる?

Buys the riskier 法人組織の／企業の 社債s, which means company 負債 given lower 得点する／非難する／２０s by credit 率ing 機関s 基準 and Poor's, Moody's and Fitch. When a company's 社債s are みなすd risky, they have to 支払う／賃金 a higher coupon - 利益／興味 率 - to attract 投資家s. That translates to better returns, 供給するing the company 問題／発行するing the 社債 doesn't go 破産した／（警察が）手入れする. High 産する／生じる 社債s are also known as junk 社債s (see Income).

Income

投資するs with the 目的（とする） of 生成するing a good stream of 収入s, which is prioritised over growing 資本／首都 as 急速な／放蕩な as possible. This 戦略 often means just buying reliable （株主への）配当-支払う／賃金ing 在庫／株s. However, an income 基金 might also 投資する in what are known in 産業 jargon as 直す／買収する，八百長をするd-income 資産s like 法人組織の／企業の and 政府 社債s. Those that buy 法人組織の／企業の 社債s tend to 焦点（を合わせる） on ones that are '投資 grade', which means company 負債 given a good 得点する／非難する／２０ by the credit 率ing 機関s. The 会社／堅いs use different codes for their 得点する／非難する／２０s, but 基本的に anything between AAA and BBB or 同等（の） is 投資 grade. Anything BB and below is a riskier junk bon d - or high 産する／生じる 社債, which is the politer moniker preferred by the 投資 産業 (see High 産する／生じる).

International

投資するs all over the world but not in the UK (see 全世界の, Overseas and Foreign).

Leaders

投資するs in high 質 companies, usually the biggest or with the 可能性のある to be the biggest in their 部門, with strong brands and very little chance that new entrants can challenge their status. The 強調 tends to be on 追求するing growth rather than income (see Growth and Income).

Long-時代遅れの

This 称する，呼ぶ／期間／用語 is いつかs 含むd in 社債 基金 指名するs to 示す that the 負債 存在 held has a 成熟 date some way into the 未来, when all 存在 井戸／弁護士席 the money 投資家s have lent will be repaid. 社債s with a long 成熟 date tend to be regarded as riskier than those with a shorter one because there is more time for things to go wrong before you get your money 支援する. However, in times of 危機 投資家s いつかs decide short-時代遅れの 負債 is just as or more risky than long-時代遅れの 負債. Some pundits regard this occurrence as a portent of 後退，不況.?

Long Short

This is a hedge 基金 戦略 where bets are made that some 在庫／株 prices will 落ちる (going short) while others will rise (going long) with the 全体にわたる goal of making money in both good and more challenging market 条件s. This can be a 複雑にするd and risky area, and as with other hedge 基金 戦略s make sure you fully understand it before you 投資する.

適切な時期

投資するs in 資産s that have high growth 可能性のある, but with lot of 危険 大（公）使館員d.