Glossary

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Glossary
Shares in issue

Shares in issue

All the shares of a company that could be traded on a stock exchange.

Riverstone Credit Opportunities proposes managed wind down

[Apologies that we didn’t spot this earlier but it was buried in the company’s AGM announcement] After talking to the manager (Riverstone Investment Group LLC), its sub-manager, Breakwall […]

Portfolio update from NB Distressed Debt

Portfolio update from NB Distressed Debt – NB Distressed Debt (NBDD) has provided a portfolio update this morning; the company’s portfolio is invested across distressed, stressed and special situations investments, […]

North American Income Trust – Macro driven market is creating opportunities

Macro driven market is creating opportunities Fran Radano, the manager of North American Income Trust (NAIT), comments that the US market has been very highly driven by macroeconomic […]

Henderson Diversified Income Trust – Soft landing likely…

Soft landing likely… …but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising interest […]

Henderson Diversified Income Trust – Soft landing likely…

Soft landing likely… …but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising rates […]

Commentary from Fidelity China Special Situations interim results

Commentary from Fidelity China Special Situations interim results – Fidelity China Special Situations (FCSS) has reported half-year results to 30 September 2019, with total return NAV and the share […]

Henderson High Income – The trust that delivers

The trust that delivers Henderson High Income Trust (HHI) launched in November 1989, with an objective of generating a high income from a portfolio consisting primarily of UK […]

Secondary – issue or trading

In an investment context, secondary can refer to trade in bonds or shares that have already been issued as opposed to primary

Primary – issue or trading

In an investment context, “primary” usually refers to new issues – as opposed to secondary which refers to trading shares or bonds that have already been issued

Zero dividend preference shares

Zero dividend preference shares (ZDP) are Shares that will be redeemed at a fixed price at some defined point in the future (provided that sufficient assets are available). Their entitlement to the assets of the company rises in a straight line between their entitlement on issue and their redemption value. They are not entitled to […]

EPRA Earnings per share or EPRA EPS

EPRA Earnings per share or EPRA EPS – EPRA Earnings is a measure of the underlying operating performance of an investment property company excluding fair value gains, investment property disposals and limited other items that are not considered to be part of the core activity of an investment property company. EPRA earnings per share are […]

Net Asset Value per share (NAV per share)

Net Asset Value per share (NAV per share) – The Net assets divided by the number of shares in issue (often just abbreviated to net asset value or NAV). Read our guide to net asset values Click here to subscribe for free equity research on investment trusts, funds and listed companies.

Market capitalisation

The value of all the shares in issue of a company, calculated by multiplying the share price by the number of shares in issue.

American Depositary Receipt (ADR)

The term American depositary receipt (ADR) refers to a negotiable certificate issued by a U.S. depositary bank representing a specified number of shares—usually one share—of a foreign company’s stock. The ADR trades on U.S. stock markets as any domestic shares would. ADRs offer U.S. investors a way to purchase stock in overseas companies that would not otherwise be […]

pre-emption rights

Pre-emption rights give existing shareholders in a company the right to subscribe for their pro rata share of any new shares in that company issued for cash, providing them with protection against inappropriate dilution of their investments. Pre-emption rights are very important. The rules that govern how listed companies behave say that, unless you agree […]

Additional Tier 1 or AT1

Additional Tier 1 or AT1 In addition to a bank’s core capital or Tier 1 capital, it may also use other additional forms of capital to ensure its capital adequacy. Tier 1 capital is used to describe the capital adequacy of a bank and is the core capital that includes equity capital and disclosed reserves. […]

Participation notes

Participation notes are a form of derivative, issued by a counterparty such as a bank or a broker, which give an investor the same exposure as buying the underlying security would. For example, for an investor who isn’t allowed to hold shares in an Indian company directly, a bank or a broker can create a […]