Glossar
In the portfolio management of UCITS, "active management" refers to the way in which the invested funds are managed. It is characterized by trading activity based on own market assessments. Methods of decision-making may include fundamental analysis and technical analysis. Active management differs from passive management, in which the portfolio manager always strives to track a benchmark.
The front-end load (also: premium) is a fee that may have to be paid in addition to the purchase price of a capital investment. This fee is usually used to remunerate the investment advisor or broker or the bank or online broker. The front-end load is usually stated as a percentage and relates to the investment amount.
Frühere Wertentwicklungen, Simulationen oder Prognosen sind kein verlässlicher Indikator für die künftige Wertentwicklung. Die Bruttowertentwicklung nach BVI Methode lässt die bei der Ausgabe und Rücknahme der Anteile erhobenen Kosten (Ausgabe- und Rücknahmeaufschlag) und während der Haltedauer anfallenden Gebühren (z.B. Transaktionskosten) unberücksichtigt.
The high water mark model is a model for performance-related remuneration in which the performance-related
performance-related remuneration may only be calculated if a new high water mark is reached during the reference period for the performance. High water mark in turn refers to the highest NAV per unit in the reference period.
“Ongoing costs” is a term in German investment law and is synonymous with the total expense ratio. They must be shown as a percentage in the basic information sheet (KID). Ongoing costs include all costs and payments borne by the investment fund during the year in relation to the average net asset value (NAV) of this investment fund. For investment funds that have not existed for a year, the running costs are estimated.
“NAV” abbreviates the net asset value (NAV). It indicates the total value of a fund's assets. It is calculated by adding all assets minus all liabilities of the fund. If you divide the NAV by the number of outstanding fund shares, you get the NAV per share. For UCITS, the management company generally determines the NAV at least once a day.
UCITS is the short name for “undertaking for collective investment in transferable securities” (UCITS). These are investment funds that meet the requirements of Directive 2009/65/EC (UCITS Directive). Accordingly, the UCITS refers to organisms whose exclusive purpose is to invest funds raised from the public for joint account in accordance with the principle of risk diversification in securities and/or certain other liquid financial investments, and to invest their shares directly or indirectly at the expense of the assets at the request of the unitholders of these organisms can be taken back or paid out.
SFDR is the English abbreviation for Sustainable Finance Disclosure Regulation. The official German title is: Regulation (EU ) 2019/2088 of the European Parliament and of the Council of November 27, 2019 on sustainability-related disclosure requirements in the financial services sector.
See “Ongoing costs”.