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By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. As this information and terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction. Persons or entities, in respect of whom such prohibitions apply, must not access or use this website. This website is reserved exclusively for non-US persons and should not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing in this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained in this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website is accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses.  As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from our own websites. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

Swiss Life institutional funds are restricted to institutional investors (i.e. professional clients within the meaning of Annex II to Directive 2014/65/EU and qualified investors in accordance with the Swiss Federal Law on Collective Capital Investments).

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. . As this information and these terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction.  Persons or entities in respect of whom such prohibitions apply must not access or use this website. This website is reserved exclusively for non-US persons and may not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing on this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained on this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website are accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses, is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses. As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from its own website. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. As this information and terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction. Persons or entities, in respect of whom such prohibitions apply, must not access or use this website. This website is reserved exclusively for non-US persons and should not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing in this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained in this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website is accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses.  As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from our own websites. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. As this information and terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction. Persons or entities, in respect of whom such prohibitions apply, must not access or use this website. This website is reserved exclusively for non-US persons and should not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing in this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained in this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website is accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses.  As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from our own websites. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. As this information and terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction. Persons or entities, in respect of whom such prohibitions apply, must not access or use this website. This website is reserved exclusively for non-US persons and should not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing in this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained in this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website is accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses.  As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from our own websites. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. As this information and terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction. Persons or entities, in respect of whom such prohibitions apply, must not access or use this website. This website is reserved exclusively for non-US persons and should not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing in this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained in this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website is accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses.  As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from our own websites. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

Swiss Life institutional funds are restricted to institutional investors (i.e. professional clients within the meaning of Annex II to Directive 2014/65/EU and qualified investors in accordance with the Swiss Federal Law on Collective Capital Investments).

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. . As this information and these terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction.  Persons or entities in respect of whom such prohibitions apply must not access or use this website. This website is reserved exclusively for non-US persons and may not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing on this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained on this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website are accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses, is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses. As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from its own website. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

Swiss Life institutional funds are restricted to institutional investors (i.e. professional clients within the meaning of Annex II to Directive 2014/65/EU and qualified investors in accordance with the Swiss Federal Law on Collective Capital Investments).

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. . As this information and these terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction.  Persons or entities in respect of whom such prohibitions apply must not access or use this website. This website is reserved exclusively for non-US persons and may not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing on this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained on this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website are accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses, is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses. As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from its own website. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

Swiss Life institutional funds are restricted to institutional investors (i.e. professional clients within the meaning of Annex II to Directive 2014/65/EU and qualified investors in accordance with the Swiss Federal Law on Collective Capital Investments).

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. . As this information and these terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction.  Persons or entities in respect of whom such prohibitions apply must not access or use this website. This website is reserved exclusively for non-US persons and may not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing on this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained on this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website are accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses, is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses. As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from its own website. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.

Swiss Life institutional funds are restricted to institutional investors (i.e. professional clients within the meaning of Annex II to Directive 2014/65/EU and qualified investors in accordance with the Swiss Federal Law on Collective Capital Investments).

By accessing and/or using the website www.swisslife-am.com and any pages thereof (hereinafter referred to as "this website"), you confirm that you have read and understood the following important legal information and that you agree to the terms and conditions set forth therein. If you do not agree to, or do not wish to abide by, the following terms and conditions, please do not access or use this website. . As this information and these terms and conditions are subject to amendment from time to time, you should consult them regularly.

The information and services offered and described on this website are not intended for distribution to, or use by, any person or entity in any country or legal jurisdiction where such distribution or use would be contrary to applicable local laws or regulations or would subject the funds featured on this website to any registration requirements within such country or jurisdiction.  Persons or entities in respect of whom such prohibitions apply must not access or use this website. This website is reserved exclusively for non-US persons and may not be accessed by any citizens or residents of the United States. In particular, units of the applicable funds may not be offered for purchase or sold either in the United States or to or for the account of US citizens or US persons domiciled in the United States. To the extent that contents or documents are made available in a language that is not that of your country of domicile, this does not mean that sales authorisation has been granted or requested for countries with the corresponding national language.

The information contained in this website does not constitute an offer to buy or sell securities of any type. Nothing on this website should be construed as an offer or the solicitation of an offer to purchase, subscribe or sell an investment or to engage in any other transaction. Investors are expressly advised that the information provided is intended merely to provide inspiration for their own investment considerations. Its publication does not in itself constitute any investment advice and therefore cannot be construed as a recommendation to buy or sell securities, futures contracts or other financial instruments.

Furthermore, by offering information, products or services via this website, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation.

Products and services mentioned or described in this website may not be available to or suitable for you. The information provided here cannot replace consultation from an investment advisor/asset manager based on the individual circumstances of the investor.

All information contained on this website has been prepared by Swiss Life on the basis of publicly available information, internally developed data and other sources believed to be reliable. It is for general information purposes only and should not be considered a general or individualised recommendation or general or personalised investment, tax or legal advice. Reasonable care has been taken to ensure that the data and information used and contained in the website are accurate and that the opinions stated are fair and reasonable. All opinions and estimates constitute our judgement as of the date of publication and do not constitute general or specific investment advice. All figures and data are unaudited unless otherwise stated. All information on this website is subject to change without notice.

When purchasing or subscribing an investment on the basis of an analysis of the past performance of securities, futures contracts or other financial instruments, you should never forget that past performance offers no guarantee for the future. Both the value of an investment and its return can both rise and fall and investors may not recoup their invested capital. They should be aware of the fact that exchange rate fluctuations can exert an influence on investments in foreign currencies.

Any performance data presented on this website represent past performance. Past performance is no indication of current or future performance. The performance data do not include commissions and costs incurred when issuing and redeeming fund units.

Please note that Swiss Life Group companies and their employees may have interests or positions in relevant securities or may have a business relationship with the issuers.

Swiss Life takes great care to ensure that the information contained on its website is correct and up-to-date. However, Swiss Life neither explicitly nor implicitly guarantees that the data, information and references on this website are at all times correct, complete and available. Swiss Life reserves the right to change or remove data, information or references at any time without prior notice. The data and information are provided by Swiss Life on an "as is" and "as available" basis.

Your use of the internet or this website, and any links, hyperlinks and web addresses, is entirely at your own risk. This also applies to e-mails (electronic mail) and links that connect you to the Swiss Life website. Swiss Life assumes no liability whatsoever for direct or indirect loss or damage incurred by users of its websites or by third parties as a result of contacts or transactions made via the internet. In particular, it shall not be held liable for the accuracy, timeliness, quality, suitability or completeness of the data, information and content shown or transmitted via the internet.

Swiss Life does not guarantee technically smooth and uninterrupted access to its website, nor can it guarantee that use of the website will not lead to technical problems elsewhere. Owing to amendments to laws, decrees and regulations and the risks of electronic communication, Swiss Life offers no assurance or guarantee that the websites will operate consistently without interruption or error or be free from viruses. As a user, you agree to use this or any connected website and their contents at your own risk. "Use" is also understood to include access to the above-mentioned websites and their contents.

Neither Swiss Life nor any other party involved in the design, production or the provision of this website or any connected website shall be liable for any loss or damage resulting from its use or from any erroneous content, irrespective of whether such loss or damage is direct or indirect, causally or non-causally related, contractual or non-contractual, or resulting from a civil or criminal law offence. This exclusion of liability also refers to indirect and consequential loss or damage such as foregone profits or losses due to business interruptions.

By accepting these terms and conditions of use, visitors to the website confirm that the details they have provided are correct and undertake to indemnify Swiss Life if they should have provided false information.

Swiss Life makes no assurances in connection with other websites that can be accessed via a link on its own website and over which it has no surveillance. Swiss Life does not assume ownership of the contents of third-party websites linked from its own website. It is unable to accept any responsibility for the contents of the linked sites, particularly not for changes to said sites after configuration of the link. Information contained on third-party websites is independent of Swiss Life’s own information. Links, hyperlinks and web addresses leading to one or more other websites are for information purposes only and in no way imply that Swiss Life assumes responsibility for the contents of such websites or approves of their contents or their use.

This website contains proprietary names as well as images, information and brand and company names that are protected by copyright. All information contained on our websites is subject to the copyright provisions of your country of domicile and the applicable foreign laws. The applicable laws on the protection of intellectual property expressly prohibit any copying or use, either in full or in part, of such material, which includes the Swiss Life logo.

No information or references contained on this website may be copied, reproduced, distributed or used in other ways without the explicit written consent of Swiss Life, unless Swiss Life has expressly permitted certain use of the images, information or data in question (e.g. download of images). If you would like to apply for approval to copy information contained on this website that is not freely available for use, please contact Swiss Life.

Swiss Life undertakes to make use of the personal data that it receives via this website for internal data processing purposes only. Swiss Life shall to this end act within the limits of the statutory and regulatory provisions. Swiss Life undertakes to comply with the provisions of the European General Data Protection Regulation (Regulation [EU] 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing directive 95/46/EG) in force since 25 May 2018 as well as the national data protection laws as amended.

Please note that all your movements on this website may be recorded and analysed for security, marketing and system monitoring purposes, among others.

Access to and use of this website and any parts thereof, and the terms and conditions of this legal information, are governed by Swiss law. The place of jurisdiction is Zurich, Switzerland.

Swiss Life would like to point out that the concepts defined in the fund glossary are context dependent and may be interpreted differently in different situations. We therefore recommend you have their use in any specific context reviewed. Swiss Life can accept no claim or liability which may arise from the direct or indirect use of a term referred to in this glossary.

Should any provision of the aforementioned terms and conditions of use, sales restrictions and legal information be or become invalid, this shall not affect the validity of the remaining provisions.


Glossary

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A

Abenomics

Les "Abenomics" sont un nom donné au train de mesures de soutien de l'activité adopté par le premier ministre japonais Shinzo Abe. Ce modèle politique a été mis en place en 2012 au Japon afin de redynamiser la croissance économique nationale.

ABS

Les Asset Backed Securities, ou les titres adossés à des actifs en français, sont une valeur mobilière dont les flux sont basés sur ceux d'un actif ou d'un portefeuille d'actifs. La titrisation est le principal vecteur de création de ces actifs.

Actif net

L’actif net d’un fonds correspond à la valeur des titres qui le composent.

Agrégat monétaire

L'agrégat monétaire est l'ensemble des instruments monétaires.

Allocation d'actifs

Le terme allocation d’actifs désigne la stratégie de répartition d’un capital à investir entre différentes catégories d’actifs financiers (actions, obligations, produits du marché monétaire, immobilier etc.). Le montant des fonds à investir est divisé entre les catégories d'actifs différentes.

Alpha

L’alpha est la mesure de la surperformance d’un fonds par rapport à son indice de référence, prenant en compte l’exposition du fonds au risque de marché (mesuré par le Bêta). L’alpha est également connu sous le nom de rendement résiduel. L'alpha est calculé sur un horizon d'un an.

B

Banque centrale

Une banque centrale est une institution financière chargée par l'Etat de battre monnaie, de superviser le système bancaire et de conduire la politique monétaire.

Banque commerciale

L'essentiel de l'activité d'une banque commerciale consiste à consentir des crédits et à recueillir des dépôts.

Banque d'investissement

Une banque d'investissement est spécialisée sur les activités sur titres et le montage d'opérations financières.

Banque privée

Une banque privée est un établissement bancaire spécialisé dans la gestion du patrimoine de clients particuliers. Les services d'une banque privée sont généralement accessibles aux patrimoines dont la valeur atteint au moins quelques centaines de milliers d'euros.

Beta

Le bêta, ou coefficient bêta, d'un titre financier est une mesure de la volatilité ou de sensibilité du titre qui indique la relation existant entre les fluctuations de la valeur du titre et les fluctuations du marché. Il s'obtient en régressant la rentabilité de ce titre sur la rentabilité de l'ensemble du marché.

Beta

Le bêta d'un titre est un indicateur qui compare la fluctuation de la valeur du titre à celle du marché. Le bêta est calculé sur un horizon d'un an.

Bon du Trésor

Un bon du Trésor est un titre d'emprunt émis par l’État et remboursable à échéance. Ces titres obligataires sont émis par l'intermédiaire du Trésor public. L'acheteur d'un bon du Trésor se retrouve donc créancier de l'État.

Bottom-up

Le terme "bottom-up", dit aussi "méthode ascendante", désigne en finance une stratégie de gestion de portefeuille qui consiste à investir dans une société en privilégiant les caractéristiques des titres avant celles du secteur de la société ou de la conjoncture économique.

Buy and Hold

Le « Buy and hold » est une stratégie d’investissement passive dans laquelle un investisseur achète des titres et les garde en portefeuille pour une longue période, quelles que soient les fluctuations du marché.

C

CAC 40

Le CAC 40 (Cotation Assistée en Continu) est un indice boursier regroupant les 40 plus importantes capitalisations boursières françaises cotées à la bourse de Paris. Cet indice est utilisé comme un indicateur de l'évolution économique des grandes entreprises françaises.

Capitalisation

La capitalisation est le processus permettant de calculer la valeur future d'un capital, ou d'une série de flux financiers, placé à un taux d'intérêt donné et avec un réinvestissement des intérêts reçus, ou versés, avant échéance. La capitalisation est l'opération inverse de l'actualisation.

Capitalisation boursière

La capitalisation boursière représente la valeur marchande d'une société cotée, à un moment précis. Elle est obtenue en multipliant le nombre de ses actions par leur valeur boursière. On distingue les petites capitalisations, ou Small Caps (< 1 milliards d'euros), les moyennes capitalisations, ou Mid Caps (entre 1 et 5 milliards d’euros) et les grandes capitalisations, ou Large Caps (> 5 milliards d’euros).

Change fixe

Le système de change fixe correspond au système monétaire international dans lequel les devises sont reliées entre elles par un lien fixe qui empêche le cours de fluctuer.

Change flottant

Le système de change flottant désigne un système monétaire international dans lequel le cours des devises évolue librement en fonction de l'offre et de la demande.

Charge de la dette

La charge de la dette est la somme consacrée aux remboursements des intérêts d'une dette.

Classe d’actifs

Une classe d'actif est un terme utilisé pour dénommer les types de valeurs mobilières ou autres instruments financiers dans lesquels investit un fond : actions, obligations, dérivés, instruments monétaires, immobilier, matières premières, etc.

Cleanshare

La "Clean Shares Class" est une catégorie de parts de fonds faisant l'objet de frais de gestion réduits car ne payant pas de rétrocessions aux distributeurs.

Code ISIN

Le code ISIN (International Securities Identification Numbers, ou Numéro d’identification des titres internationaux en français) est un code à 12 chiffres qui permet d’identifier de manière unique un actif financier tel que des actions, des obligations ou des fonds.

Coefficient de corrélation

Le coefficient de corrélation mesure l'intensité de la relation entre les rendements de deux actifs. Le coefficient de corrélation correspond à un chiffre compris entre +1 (corrélation parfaite entre les rendements des deux actifs) et -1 (corrélation négative parfaite entre les rendements des deux actifs).

Collatéral

On appelle « collatéral » l'ensemble des actifs, titres ou liquidités, servant à couvrir le risque de crédit lors d'opérations financières dans le cas où le bénéficiaire de ce dernier ne pourrait pas satisfaire ses obligations de paiement.

Convexité

La convexité est une dérivée seconde du cours d'une obligation par rapport au taux d'intérêt. Elle mesure la variation relative à la sensibilité d'une obligation pour une petite fluctuation des taux d'intérêt. La convexité exprime la vitesse d'appréciation ou de dépréciation du cours de l'obligation si les taux baissent ou montent.

Corrélation

La corrélation est un lien existant entre deux actifs financiers, tels que les actions, les indices, les obligations, etc. Trois cas de figure peuvent se présenter : corrélation parfaite, corrélation inversée et corrélation partielle.

Coupon

Les agents économiques regroupent les entités participant au fonctionnement de l'économie. Ces entités sont l'État, les entreprises et les ménages.

Coupon

Le coupon, ou dividende, correspond au montant de rémunération (intérêts) versé à intervalles réguliers aux porteurs d'obligations. Le versement des coupons peut être plus ou moins espacé dans le temps et les intérêts ne sont pas versés qu'au moment du remboursement de l'emprunt après avoir été capitalisés.

Coupon/Dividende

Les agences de notation sont des organismes chargés d'évaluer la qualité financière d'un émetteur, autrement dit, sa faculté à rembourser ses dettes sur un horizon de temps donné. Les deux principales agences de notation sont Moody's et Standard and Poor's. Il existe aussi des agences de notation ESG.

Couverture du risque de change

La couverture du risque de change est la technique financière mise en place par une entreprise, ou une autre entité, en vue de la protéger des variations pouvant affecter le taux de change de la devise dans laquelle un actif ou un passif est exprimé. La couverture du risque de change implique l'usage de techniques telles que le change à terme, les swaps, les contrats ou les options.

Créance

Une créance est une somme d'argent qu'une personne, physique ou morale, appelée créancier, met à disposition à une autre, appelée débiteur. Le débiteur devra alors recouvrer cette somme au créancier.

Créancier

Le créancier est la personne, physique ou morale, qui met des fonds à disposition de l'autre partie, le débiteur.

Crise de liquidité

Une crise de liquidité est une période durant laquelle il devient impossible de se financer, faute de prêteurs.

D

Débiteur

Un débiteur est une personne, physique ou morale, qui doit une somme d'argent, généralement empruntée, à une autre (créancier) et qui, par conséquent, porte une dette envers celle-ci.

Décote

Il y a décote sur un titre financier lorsque les marchés ne sont pas totalement efficients, c’est-à-dire lorsque la valeur de marché de ce titre est inférieure à sa valeur intrinsèque.

Déflation

La déflation est une période économique caractérisée par une baisse généralisée et continue des prix.

Dépositaire

Le dépositaire est l'établissement chargé de la conservation des titres de l'OPCVM, du contrôle de la régularité des décisions de gestion prises pour le compte de l’OPCVM. Il peut déléguer contractuellement à un autre établissement ayant la capacité à exercer la fonction de dépositaire, une partie de ses fonctions, notamment la conservation d'actifs à un "conservateur". Il ne peut cependant pas déléguer la mission de contrôle de la régularité des décisions de la société de gestion de l'OPCVM.

Dérivé de crédit

Les dérivés de crédit sont une famille de produits financiers qui visent à transférer le risque de crédit auquel est exposé un prêteur, vers un autre prêteur. Les principaux dérivés de crédit sont : les swaps d'actifs (asset swaps), les credit default swaps (CDS), les credit-linked notes (CLN), les titrisations, etc.

Dette souveraine

Une dette souveraine est une dette émise ou garantie par un emprunteur souverain, c’est-à-dire un État.

Dette subordonnée

Une dette subordonnée présente la caractéristique particulière d'être remboursée après le remboursement des autres créanciers de cette dette. Son niveau de risque est élevé.

Dévaluation

La dévaluation est une mesure visant à abaisser le cours d'une monnaie.

DICI

Le Document d’Information Clé aux Investisseurs, plus connu sous le nom de KIID (Key Investor Information Document en anglais), est un document standardisé de 2 pages qui présente de manière succincte les caractéristiques d’un fonds : il s’agit en quelque sorte de sa « carte d’identité ». Il comprend 4 sections principales qui sont l’objectif et la stratégie d’investissement, le profil de rendement-risque, les frais et la performance.

Distribution

Un fonds de distribution est un OPC qui distribue les revenus encaissés sur les titres détenus en portefeuille sous forme de dividendes.

Diversification

La diversification est la répartition au sein d’un portefeuille entre différents types de titres financiers (actions, obligations), différentes régions géographiques, différentes monnaies et différents secteurs d’activité. La diversification réduit le risque de perte d’un placement. La diversification d’un patrimoine entre plusieurs placements de nature et de risque différents a également pour objectif de réduire le risque de diminution de la valeur de ce patrimoine.

Dow Jones Stoxx50

Cet indice est composé de 50 sociétés européennes, comprenant les leaders de différents secteurs. Il exclut les pays ne faisant pas partie de la zone euro tels que le Royaume-Uni, la Suède et la Suisse.

Duration

La duration indique la période après laquelle la rentabilité de l'obligation ne sera pas impactée par les modifications de taux d'intérêt. Plusieurs modèles permettent de calculer la duration d'une obligation : la duration modifiée et la duration effective.

Duration effective

La duration effective mesure la sensibilité aux taux d'obligations qui peuvent être remboursées avant leur échéance.

Duration modifiée

La duration modifiée mesure les effets des variations des taux d'intérêt.

Durée de vie moyenne pondérée

La durée de vie moyenne pondérée (DVMP, ou Weighted Average Life en anglais, WAL) est une moyenne pondérée du temps restant jusqu'à la maturité de l'instrument, sachant que la maturité est le moment où le capital sera totalement remboursé. La WAL permet de mesurer les risques de liquidité et de crédit.

E

Effet de levier

L'effet de levier est la faculté de démultiplier sa capacité d'intervention sur les marchés sans augmenter sa mise de fonds en recourant à l'emprunt.

EONIA

L'EONIA (Euro Over Night Interest Average) représente le taux de l’argent au jour le jour du marché interbancaire, il est calculé par la Banque centrale européenne à l’issue d’un relevé de cotations effectué en fin de journée auprès d’un panel de 57 établissements représentatifs de la zone euro.

Escompte

L'escompte est une opération consistant à céder un effet de commerce (créance détenue sur un client) à une banque en échange d'une avance de trésorerie.

ESG

Les critères ESG (Environnementaux, Sociaux et de Gouvernance) sont des indicateurs extra-financiers pris en compte dans l'investissement socialement responsable (ISR). Ils permettent de mesurer l’exercice de la responsabilité des entreprises vis-à-vis de l’environnement et de leurs parties prenantes (clients, partenaires, salariés et concitoyens). Pour faciliter la comparaison des résultats des entreprises dans ces domaines, il existe des référentiels internationaux, nationaux ou sectoriels.

Étalon-or

Un étalon-or est un système monétaire dans lequel l'unité monétaire est définie en référence à un poids fixe d'or.

ETF

Les ETF (Exchange-Traded Fund) ne sont pas des fonds stricto sensu. Il s’agit d’instruments financiers hybrides ayant certaines caractéristiques des fonds (SICAV ou FCP) et certaines des actions, en ce sens où ils sont cotés en bourse. Ils répliquent des indices boursiers et sont gérés de façon passive comme des fonds indiciels. Les cours des ETF fluctuant durant la journée, contrairement aux fonds qui n’ont qu’une valeur liquidative quotidienne ou hebdomadaire, les investisseurs peuvent choisir le moment et le prix de la transaction.

EURIBOR

L'Euribor est l’abréviation de Euro Interbank Offered Rate. Euribor est le taux d’intérêt moyen auquel 25/40 banques européennes de premier plan (le panel de banques) se consentent des prêts en euros. Pour déterminer les taux Euribor, les 15 % supérieurs et inférieurs des taux mentionnés ne sont pas pris en compte. Lorsque l’on parle d’Euribor, on fait souvent référence AU taux Euribor, comme s’il n’y en avait qu’un. Mais c’est faux : il existe 8 taux d’intérêt Euribor ayant chacun une échéance différente.

Euro stoxx 50

L’Euro Stoxx 50 est l’indice de référence des marchés de la zone euro. Au même titre que le CAC 40 pour la France, l’Euro Stoxx 50 regroupe 50 sociétés selon leur capitalisation boursière au sein de la zone euro. L’Euro Stoxx 50 mesure donc la performance moyenne de ces plus grandes sociétés qui sont sélectionnées au sein de 18 secteurs économiques différents.

Expected shortfall

L'expected shortfall, ou "perte attendue", mesure la perte moyenne sur un temps donné, dans x % des moins bons cas d'évolution des marchés financiers.

F

Facteur de taille

Le facteur de taille d'une prime de risque correspond à sélectionner des actions de petites sociétés qui ont obtenu un meilleur rendement que celles de grandes sociétés.

Facteur de valeur

Le facteur de valeur d'une prime de risque représente les titres jugés bon marché au regard de certains multiples de valorisation qui tendent à surperformer.

Facteur Momentum

Le facteur Momentum d'une prime de risque consiste à investir régulièrement sur les valeurs dont la performance a positivement évolué sur une période récente (quelques semaines ou quelques mois).

Facteur qualité

Le facteur qualité d'une prime de risque rassemble les titres de sociétés de bonne qualité, au regard d’indicateurs tels que la rentabilité ou le niveau d’endettement, surperformant les titres de sociétés de moins bonne qualité.

FCP

Les Fonds Commun de Placement sont des copropriétés de valeurs mobilières (type d'OPCVM). Le nombre de parts s'accroît par souscription de nouvelles parts et diminue par les rachats effectués par le FCP à la demande des porteurs de parts, à la valeur liquidative calculée au moins deux fois par mois, et hebdomadairement le plus souvent.

Fed funds

Le terme "Fed funds" est l'abréviation de "Federal Funds". Il s’agit du taux d’intérêt auquel les banques commerciales américaines se prêtent de l'argent entre elles à très court terme (taux interbancaire). En jouant sur la liquidité du marché, c'est-à-dire en retirant ou en injectant de l’argent du circuit bancaire, la Réserve fédérale peut ajuster ce taux d’intérêt à son objectif de politique monétaire.

Fonds de fonds

Les fonds de fonds ont pour objectif de détecter les meilleurs gérants et d'investir dans leurs fonds. Ils offrent ainsi un accès indirect à leurs performances à une plus grande masse d'investisseurs qui ne peuvent pas y accéder directement. Par ailleurs, ils offrent une bonne diversification.

Fonds flexibles

Les fonds flexibles sont des fonds dont l’allocation entre les classes d’actifs est variable dans le temps afin de chercher à s’adapter et tirer profits des différentes configurations de marché.

Fonds monétaires

Les fonds monétaires désignent des OPCVM investis sur le marché monétaire.

Fonds nourriciers

Un fonds nourricier est un fonds investi au minimum à 85% dans un seul autre fonds qui prend alors la qualification de maître.

Fonds profilés

Les fonds profilés sont des SICAV, ou de fonds multi-actifs, gérés en fonction du niveau de risque accepté par les investisseurs. Les établissements proposent trois profils : prudent, équilibré ou dynamique. Le premier comprend une part prépondérante de placements monétaires ; le deuxième comporte surtout des obligations et fait une petite part aux actions ; le troisième fonds profilé est à dominante actions.

Frais d'arbitrage

Les frais d’arbitrage sont facturés à l’investisseur à chaque opération de réallocation de ses investissements. En d’autres termes, ces frais interviennent lorsque l’investisseur modifie la répartition de son investissement.

Frais de gestion

Les frais de gestion, exprimés généralement sous forme de pourcentage, correspondent à la rémunération du gestionnaire pour couvrir les coûts d’exploitation du fonds. Ils sont déduits des actifs nets du fonds.

Frais de sortie

Les frais de sortie correspondent aux frais de sortie facturés lors de la vente de parts ou actions d'OPCVM. La commission de rachat peut être forfaitaire, proportionnelle au montant des rachats, dégressive ou progressive.

Frontière efficiente

La frontière efficiente correspond aux portefeuilles offrant les meilleurs rapports risque-rentabilité possibles.

G

Gestion alternative

La gestion alternative est un mode de gestion qui regroupe un ensemble de méthodes dont le but est d’obtenir une performance absolue (indépendante, à la hausse comme à la baisse, de l’évolution des marchés financiers) et à être décorrélé des marchés. Ces méthodes s’appuient sur des techniques et instruments plus sophistiqués que les fonds dits classiques.

Gestion discrétionnaire

Lorsqu’un mandat de gestion est géré de manière « discrétionnaire » (le mandataire fait tous les choix de gestion sans en référer à son client), il doit clairement indiquer notamment les spécificités, les avantages et les inconvénients liés à ce type de gestion, le degré de risque et la latitude laissée au mandataire.

Gestion indicielle

La gestion indicielle est une technique de gestion de fonds qui consiste à obtenir une performance la plus proche possible de celle d’un indice correspondant à l’objectif de gestion.

Gestion quantitative

La gestion quantitative désigne une gestion d’actifs utilisant un modèle économétrique, dont le but est d'obttenir des niveaux de performance et de risque optimaux. Pour obtenir la volatilité la plus faible possible, la gestion quantitative intègre dans ses modélisations, la volatilité des titres mais aussi leur risque fondamental, leur risque de liquidité et leur risque spécifique.

Gestion thématique

La gestion thématique, ou sectorielle, gère des fonds axés sur un thème, une catégorie, un secteur d’activité ou une zone géographique définis. Les gérants s'en occupant peuvent investir quasiment sans contraintes de taille d’entreprises, de localisation ou d’activité.

GILT

Le terme GILT provient de "gilt-edged security", soit littéralement "valeurs mobilières dorées sur tranche", et fait référence aux titres émis par la banque d’Angleterre. Leur risque est généralement considéré comme faible.

H

Haut rendement

L'expression "Haut rendement" désigne la catégorie de fonds qui est plus risquée que les autres, mais elle est aussi potentiellement, plus rentable. Ces fonds ont pour particularité de n’investir que dans des obligations à haut rendement (aussi appelées "High yield" dont la société est, au mieux, notée BB+ par les agences de notation. Ces notations font référence à un niveau de risque plus élevé que les titres notés "Investment Grade".

Hedge fund

Le Hedge fund est un fonds d’investissement à vocation spéculative et à forte prise de risque, souvent investi sur des marchés très volatils. Ces fonds sont peu réglementés et leur politique de gestion est difficile à connaître.

Horizon de placement

L’horizon de placement est la durée souhaitée du placement à souscrire, et découle de l'objectif de placement défini par l'investisseur. Pour un investissement en bourse, c’est la durée minimale pendant laquelle l’investisseur peut se passer de son argent placé.

I

Indicateur économique

Un indicateur économique est une donnée chiffrée qui mesure l'activité économique d'un secteur ou d'un pays. Cette mesure est publiquement publiée à intervalle régulier par des organismes d'études statistiques publics ou privés. Ces indicateurs sont classés selon leur importance et leur impact sur les marchés. On distingue trois types d'indicateurs : avancés (climat économique, prix à la consommation, etc.), coïncidents (PIB, production industrielle, etc.) et retardés (PIB réel, taux de chômage, etc.).

Indice boursier

Un indice boursier constitue un indicateur clé pour déterminer la performance d'un marché. Les indices boursiers permettent aux investisseurs de gérer leur portefeuille d'actions. Ils sont représentatifs soit d'un marché (CAC 40, SMI, etc.) ,soit d'un secteur d'activité particulier.

Indice de gestion

Un indice de gestion est un indice déterminé par la société de gestion comme comparatif de performance.

Indice de référence

L'indice de référence est utilisé pour comparer la performance d'un fonds d'investissement avec un secteur ou un marché. Si le fonds a une stratégie de gestion sur les actions françaises, on comparera sa performance avec le CAC 40.

Instrument de couverture

L'instrument de couverture est un titre financier qui permet de se protéger contre la baisse du cours d'un actif.

Intérêts courus

Les intérêts courus désignent les intérêts cumulés entre deux dates de paiement prévues. Ils restent à payer par un débiteur, ou à percevoir par un créancier, mais n'ont pas encore été débloqués.

Investment Grade

La catégorie Investment Grade (IG) correspond à la notation des agences de rating situées entre AAA et BBB- selon l'échelle de Standard & Poor's. Elle correspond à un niveau de risque faible. Certains investisseurs institutionnels sont contraints par leurs statuts de n'investir que dans des entreprises Investment Grade.

ISR

Les fonds dits ISR (Investissement Socialement Responsable) (ISR) désignent des fonds principalement ou uniquement investis dans des titres d'entreprises respectant des critères sociaux, environnementaux ou de gouvernance. Ils s'appuient souvent sur des notations d'agences spécialisées qui attribuent des notes aux entreprises selon leur respect de ces critères. Cf. ESG.

L

Levier financier

Un levier financier est une opération par laquelle on investit plus qu'on ne possède. Selon le SRD (Service de Règlement Différé), on peut ainsi investir jusqu'à 5 fois plus qu'on ne dispose d'espèces. Ce mécanisme spéculatif permet de grands gains mais aussi de fortes pertes. Il faut donc le manier avec précaution.

LIBOR

Le LIBOR (London InterBank Offered Rate) désigne le taux interbancaire pratiqué à Londres auquel les banques empruntent des fonds, à un niveau négociable, à d’autres banques du marché interbancaire de Londres.

Liquidité bancaire

La liquidité bancaire est l'ensemble de la monnaie banque centrale détenue par les banques.

LTRO

Les LTRO (Long Term Refinancing Operations) sont des opérations de refinancement à long terme, d'environ trois ans, réalisées par la Banque centrale européenne (BCE) dans le cadre de ses opérations d'open market. L'objectif des LTRO est d'éviter un effondrement du crédit et de soutenir l'économie d'un État, d'une région.

M

Mandat de gestion

Le mandat de gestion est une convention grâce à laquelle le mandant donne pouvoir au mandataire (société de gestion) de gérer un portefeuille incluant un ou plusieurs instrument(s) financier(s), en fonction de ses objectifs, de son expérience et de sa situation.

Marché à terme

Le marché à terme (Eurex, ICE, CME ou LIFFE) est un marché organisé sur lequel les prix des actifs négociés sont fixés au moment de la négociation, dont la livraison et le règlement s'effectuent ultérieurement.

Marché au comptant

Le marché au comptant, ou cash, est un marché organisé sur lequel sont réalisées les transactions pour livraison et règlement immédiat.

Marché de gré à gré

Un marché de gré à gré est un marché organisé sur lequel les transactions sont conclues directement entre l'acheteur et le vendeur, contrairement aux marchés organisés où les opérations d'achat ou de vente se font face à une centrale de clearing.

Marché des emprunts d'Etat

Un marché des emprunts d'État est un marché dont les titres de dette sont émis par les États.

Marché du crédit

Le marché du crédit se compose de l'ensemble des titres de dettes émises par les entreprises privées industrielles, commerciales ou financières. Il s'agit d'un des principaux marchés financiers du monde en volume de transactions.

Marché émergent

Un marché émergent est le marché financier d’un pays en voie de développement. Certains considèrent un tel marché comme présentant un risque d’investissement plus élevé, en raison de sa possible instabilité politique et économique, du caractère récent du marché et du risque d’illiquidité.

Marché interbancaire

Le terme de marché interbancaire désigne le marché où les banques prêtent et empruntent des liquidités entre elles à court terme. C'est également sur ce marché qu'intervient une banque centrale pour appliquer sa politique monétaire en injectant ou en retirant de la liquidité.

Marché organisé

Un marché organisé, ou marché réglementé, est un marché financier sur lequel des instruments fongibles sont négociés à travers la confrontation centralisée des ordres d'achat et de vente.

Marché primaire

Le marché primaire concentre les titres de valeurs mobilières nouvellement émis et souscrits par les investisseurs. Une fois l'émission terminée, les valeurs mobilières passent sur le marché secondaire.

Marché secondaire

Le marché secondaire est un marché sur lequel s'échangent les valeurs mobilières émis et souscrits sur le marché primaire. Ce marché assure la liquidité des investissements financiers, ce qui permet aux détenteurs des titres de les revendre, ou de les transformer en liquidités.

Marché spéculatif

Un marché spéculatif est un marché où les investisseurs se comportent exclusivement en spéculateurs, laissant la réalité économique. Si plusieurs spéculateurs pensent qu'un titre va monter, le cours de ce dernier montera. Les autres spéculateurs suivront le mouvement et la demande s'auto-entretiendra, ce qui provoquera une hausse sur la valorisation future du titre, et ainsi de suite. Cependant, à la première révision des anticipations, le mécanisme s'inversera et le cours du titre s'effondrera brutalement.

Masse monétaire

La masse monétaire est l'ensemble de la monnaie en circulation.

Maturité

La maturité d'un titre financier est le temps restant avant la date d'échéance finale de ce titre, date à laquelle il disparaîtra définitivement. Ainsi, une obligation à échéance 2026 a une maturité de 8 ans en 2018.

Maturité moyenne pondérée

La maturité moyenne pondérée (Weighted Average Maturity en anglais, WAM) est la mesure de la durée moyenne du temps restant jusqu'à la maturité de tous les titres sur lesquels est investi un OPCVM. La WAM permet de mesurer la sensibilité aux taux d'intérêt d'un fonds monétaire.

Maximum drawdown

Le "max drawdown", ou la perte successive maximale, est un indicateur du risque d'un portefeuille. Le maximum drawdown mesure la plus forte baisse historiquement constatée dans la valeur d'un portefeuille. Le maximum drawdown se calcule sur un horizon de 5 ans.

MBS

Un MBS (Mortgage Backed Securities) est un titre adossé à des créances hypothécaires. Il s'agit d'un type de valeur mobilière adossée à des actifs (asset-backed security). Sa valeur de revente est garantie à la fois par un ensemble de portions d'hypothèques et par les intérêts payés sur ces hypothèques.

Minimum variance

Appelée aussi « minimum volatility », la stratégie de gestion « minimum variance » permet de limiter les pertes au sein des portefeuilles actions en focalisant le processus d’investissement sur le risque. Son objectif est de proposer des rendements attractifs tout en profitant du potentiel de performance des actions à long terme, mais avec un risque limité. Pour cela, cette stratégie utilise la volatilité comme critère de sélection des valeurs, en sélectionnant essentiellement les valeurs les moins volatiles.

Momentum

Le momentum est un indicateur d'analyse technique qui permet de détecter des tendances à la hausse ou à la baisse pour les différents actifs (action, matière, …). Le momentum s'obtient en mesurant, par exemple quotidiennement, la différence de niveau de cours d'un actif. Un momentum positif signifie que l'actif est en phase haussière, alors qu'un momentum négatif, indique que sa tendance est orientée à la baisse.

Monnaie banque centrale

La base monétaire, ou « monnaie de banque centrale », désigne la monnaie qui a été créée par la banque centrale. Cette monnaie se compose des billets et des pièces en circulation, et des avoirs monétaires détenus par les titulaires de comptes auprès de la banque centrale, c'est-à-dire principalement les banques commerciales.

Monnaie fiduciaire

La monnaie fiduciaire (du latin fiducia : confiance) se compose des pièces et des billets de banque, dont la valeur est déterminée par la confiance que lui accorde ses utilisateurs plutôt que par son coût de production. Cette monnaie est matérielle. La monnaie fiduciaire est dite “monnaie banque centrale”, car seule la banque centrale est autorisée à l’émettre.

MSCI BARRA

MSCI Barra est un fournisseur leader d'outils de soutien à des décisions d'investissement à travers le monde, qui comprend l'analytique d'indices et de portefeuilles. Plus simplement, c'est un outil quantitatif d’optimisation.

MSCI EMU

Le MSCI EMU Net est un indice représentatif des marchés actions des pays de la zone euro. Il est composé de valeurs libellées en euro et calculées sur la base des cours de clôture des valeurs le composant (pondéré par les capitalisations) avec un réinvestissement des dividendes nets.

MSCI Euro

L’indice MSCI Euro est un indice publié par Morgan Stanley Capital International, représentatif de l’évolution des marchés actions de la zone euro. Cet indice est calculé hors dividendes.

MSCI World

Le MSCI World est un indice boursier constitué de valeurs cotées, comme son nom l’indique, dans le monde entier. Il permet ainsi de mesurer la performance des marchés boursiers de 23 pays distincts, considérés comme les plus développés économiquement, et ne prend donc pas en compte les valeurs présentes sur les places financières des pays émergents, qui se trouvent, pour leur part, être réunis dans le MSCI Emerging Market Index.

Multigestion

La multigestion est une forme de gestion collective consistant à investir sur des OPCVM gérés par plusieurs sociétés de gestion différentes. La multigestion a pour objectif d'offrir aux investisseurs les meilleurs produits compte tenu des cycles des marchés et des profils des clients.

N

Nikkei 225

Le Nikkei 225 est l'indice de référence majeur de la Bourse de Tokyo calculé à partir des 225 plus fortes capitalisations.

Notation

La notation financière, ou rating, permet de mesurer la qualité de la signature de l'emprunteur. Elle est évaluée par une agence de notation financière. Cette notation évalue la solvabilité d'un emprunteur, c'est-à-dire sa capacité à rembourser le capital et les intérêts de ses dettes. Cet emprunteur peut être un État, une collectivité locale ou une entreprise. La notation traduit le sentiment d'une l'agence sur le risque de crédit à un instant et sur un horizon de temps donné. Il existe aussi des notations / ratings sur les critères extra-financiers ESG.

O

OAT

Les OAT (Obligation Assimilable du Trésor) sont des obligations à long terme émis par le Trésor français pour des durées comprises entre 7 et 50 ans, habituellement par voie d'adjudication (accord d'un titre de propriété sur un bien meuble ou immeuble à la personne faisant l'offre la plus élevée).

OATi

Les OATi (Obligations Assimilable du Trésor) sont des obligations émises par l’État français, indexée sur l’inflation. Chaque année, le coupon et le prix de remboursement sont réévalués pour tenir compte de la hausse de l’indice des prix depuis le lancement de l’emprunt. L’investisseur est ainsi protégé contre l’inflation.

Obligation

Une obligation est un titre de dette à moyen ou long terme, parfois même à perpétuité, émise dans une devise donnée par un État, une collectivité locale ou une entreprise. L'obligation donne droit au paiement d'un intérêt fixe ou variable, appelé coupon qui est parfois capitalisé jusqu'à sa maturité.

Obligation à haut rendement

Une obligation à haut rendement ou high yield est une obligation offrant un rendement élevé, en raison du risque important qui lui est associé. Elle porte sur des entreprises notées en dessous de BBB- par les agences.

Obligation à long terme

Une obligation à long terme est une obligation dont le remboursement intervient au terme de plusieurs années.

Obligation à taux fixe

Une obligation à taux fixe est une obligation assortie d'un coupon fixe pendant toute sa durée de vie.

Obligation convertible

Un obligation convertible est une obligation qui offre la possibilité de la convertir en un nombre d'actions de la société émettrice fixé à l'avance. La décision de convertir peut être soit entre les mains de l’émetteur soit entre celles de l’investisseur, mais n’a pas de caractère obligatoire.

Obligation d’État

Une obligation d'État (ou emprunt d'État) est un titre de créance émi par un État pour financer ses dépenses en empruntant des fonds sur les marchés financiers. Théoriquement, les emprunts d'État sont considérés comme des placements sûrs, car la probabilité de voir un État faire faillite est faible.

Obligation indexée sur l'inflation

Une obligation indexée sur l'inflation, ou inflation-indexed bond en anglais, telle l’OATi en France, l'iBund et l'iBob en Allemagne, les TIPS aux États-Unis, ou encore les Index-linked Gilts au Royaume-uni, est une obligation dont le capital remboursé à l’échéance est indexé sur l’inflation.

Obligation privée

Une obligation privée est une obligation émise par une entreprise privée.

Obligation sécurisée

Une obligation sécurisée est un titre de créance qui est sécurisé par un actif permettant de protéger l'investisseur en cas de faillite de l'émetteur.

Offre de monnaie

L'offre de monnaie est l'ensemble de la monnaie créée.

OPCVM

Un OPCVM, ou Organisme de Placement Collectif en Valeurs Mobilières, est un support d'investissement qui collecte de l'épargne en vendant des parts, pour les investir dans des valeurs mobilières. Les OPCVM comprennent deux grands groupes, les SICAV (Société d'Investissement à Capital Variable) et les FCP (Fonds Communs de Placement).

Open Market

L'Open Market est une opération par laquelle la banque centrale apporte ou retire des liquidités.

P

PAM

PAM ou Proprietary Asset Management désigne les activités pour compte propre, autrement dit chez Swiss Life Asset Managers, les activités pour le compte des compagnies d’assurance du groupe Swiss Life.

Parité

La parité est le cours de change d'une devise, qui représente le prix d'achat ou de vente de cette devise exprimé en une autre devise.

Parité de risque

Le concept de parité de risque repose sur le principe selon lequel les différentes classes d‘actifs d’un portefeuille doivent contribuer de manière égale au risque global. Les classes d’actifs sont donc pondérées en fonction non pas de leurs performances attendues, mais de leur contribution à la volatilité du portefeuille.

Part

Un fonds peut se composer d'une ou plusieurs parts. Il existe plusieurs catégories de parts de fonds : C, D, P et I, qui respectivement, correspondent à Capitalisation, Distribution, Privé (F ou R pour Retail) et Institutionnel. Les parts peuvent être aussi affectées à une devise qui leur est propre.

Performance

La performance, ou performance absolue, se calcule en pourcentage et correspond à la différence entre le prix de vente et le prix d’achat divisée par le prix d’achat. Plus le résultat est positif plus la performance est bonne. Voir par exemple l'alpha comme outil de mesure de la performance d'un gestionnaire.

PIB

Le PIB (Produit Intérieur Brut) est un indicateur économique qui mesure les richesses créées dans un pays ou une région donnée et pour une période donnée. Il correspond à la somme des valeurs ajoutées, c'est-à-dire à la valeur de la production de biens et de services par des agents économiques à l'intérieur du pays, quelles que soient leurs nationalités, mais le PIB ne reflète pas forcément la richesse de ses habitants.

Placement liquide

Un placement liquide est un placement financier permettant d'obtenir rapidement son argent et ses liquidités. Cette forme de placement apporte une solution d'une récupération rapide de son capital si nécessaire. Les plus courants sont le livret d'épargne A, les livrets d'épargne, le compte à terme, le compte à vue, le compte de dépôt et certains contrats d'assurance-vie.

Point mort d'inflation

Le point mort d'inflation correspond à la différence de rendement entre une obligation indexée et celui d'une obligation nominale émise par le même émetteur et pour la même maturité. Le niveau de point mort d'inflation est un indicateur des attentes de marché en matière d'inflation.

Politique d'argent cher

La politique d'argent cher est une politique monétaire qui consiste à augmenter substantiellement les taux directeurs.

Politique de l'offre

La politique de l'offre est une méthode économique basée sur le soutien aux entreprises en leur permettant de produire mieux et moins cher. Ce soutien peut prendre la forme d’une simple aide financière, d'une baisse des impôts, d'un allègements de charges, de crédits ou encore de dons de subventions.

Politique de la demande

Une politique de la demande est une politique économique, dont l'inspiration vient du courant keynésien, menée par l’État qui vise à augmenter les investissements publics et la consommation du secteur public tout en essayant de favoriser la consommation privée.

Politique monétaire

La politique monétaire est l'ensemble des mesures prises par la banque centrale afin de réguler l'offre de monnaie.

Politique monétaire expansionniste

La politique monétaire expansionniste consiste à accroître sensiblement la masse monétaire en circulation.

Politique monétaire non conventionnelle

La politique monétaire non conventionnelle est le nom donné aux politiques monétaires expansionnistes menées par les banques centrales occidentales à partir de 2008 (programme d'achat de titres publics ou privés, assouplissement des conditions de refinancements des banques, etc.).

Prêt hypothécaire

Le prêt hypothécaire, ou crédit hypothécaire, n’est pas un prêt immobilier, il s'agit d'un prêt bancaire garanti par un bien immobilier. Cette solution de financement est réservée aux propriétaires d’un patrimoine immobilier et garantie contractuellement par une hypothèque sur un bien détenu par l’emprunteur ou une tierce personne.

PRI

Les PRI (Principes pour l'Investissement Responsable) sont un engagement volontairefaisant l'objet d'une charte publiée par les Nations Unies qui s'adresse au secteur financier et incite les investisseurs à intégrer les problématiques Environnementale, Sociale et de Gouvernance (ESG) dans la gestion de leurs portefeuilles, mais au sens large. Les PRI sont un des moyens de tendre vers une généralisation de la prise en compte des aspects extra-financiers par l'ensemble des métiers financiers.

Prime de risque

La prime de risque mesure pour un actif la différence entre le taux de rendement exigé sur le marché et le taux d’un actif sans risque (obligation d'Etat). Cet écart rémunère l'investisseur pour sa prise de risque. Pour déterminer la prime de risque propre à chaque titre, il suffit ensuite de multiplier la prime de risque du marché par le coefficient bêta du titre en question.
Il existe 4 principaux facteurs de prime de risque :
- Facteur de taille : correspond à sélectionner des actions de petites sociétés qui ont obtenu un meilleur rendement que celles de grandes sociétés ;
- Facteur de valeur : représente les titres jugés bon marché au regard de certains multiples de valorisation qui tendent à surperformer ;
- Facteur Momentum : consiste à investir régulièrement sur les valeurs dont la performance a positivement évolué sur une période récente (quelques semaines ou quelques mois). Le facteur momentum permet d’obtenir les rendements les plus élevés ;
- Facteur qualité : rassemble les titres de sociétés de bonne qualité, au regard d’indicateurs tels que la rentabilité ou le niveau d’endettement, surperformant les titres de sociétés de moins bonne qualité.

Prix d'achat moyen

Le prix d’achat moyen est le prix moyen auquel le titre a été acheté.

Profil d’investissement

Le profil d’investissement défini le type d’investisseur selon ses facteurs pris en compte tels que l’âge, la situation financière, les objectifs de placement et, surtout, le degré de risque souhaité ou pris.

Profil rendement / risque

Le profil, ou ratio, rendement / risque indique que le niveau de performance est généré par un actif financier rapporté au niveau de risque encouru pour générer cette performance.

Programme d'austérité

Un plan d'austérité, ou plan de rigueur, est une politique visant à redresser l'économie d'un pays, dont les mesures consistent à augmenter la fiscalité et la maîtrise des dépenses publiques dans le but de réduire le déficit.

Q

Quantitative Easing

Le QE, ou l'assouplissement quantitatif en français, désigne des mesures de politique monétaire non conventionnelle qui, à cause de la crise en 2009, ont été mises en place par les banques centrales. Ces mesures consistent à racheter des titres de dettes aux acteurs financiers, notamment des bons du Trésor ou des obligations d'entreprise, et dans certaines circonstances, des titres adossés à des actifs comme des titres hypothécaires, des dettes publiques et de certaines dettes privées.

R

Rating moyen pondéré

Le facteur de notation moyen pondéré (ou Weighted Average Rating Factor en anglais, WARF) est la mesure indiquant la qualité de crédit d'un portefeuille. Le WARF regroupe toutes les notations en une notation unique.

Ratio de Sharpe

Le ratio de Sharpe mesure la rentabilité excédentaire par rapport au taux de l'argent sans risque d'un portefeuille d'actifs divisé par l'écart type de cette rentabilité. Il permet de mesurer les performances de gérants pratiquant des politiques de risque différentes.

Ratio d’information

Le ratio d'information est un indicateur de la surperformance ou sous-performance d'un fonds par rapport à son indice de référence. Un ratio d’information positif indique une surperformance. Plus le ratio d'information est élevé, meilleur est le fonds.

Rebalancement

Le rebalancement consiste en un rééquilibrage du portefeuille pour que celui-ci correspondent aux objectifs préalablement fixés.

Recouvrement

Le délai de recouvrement est le nombre de jours nécessaires pour effacer la plus forte perte historique. Chez Swiss Life Asset Managers, le recouvrement se calcule sur un horizon de 5 ans.

Refinancement

Le refinancement est l'opération qui consiste pour une banque à se procurer des liquidités auprès de la banque centrale.

Remboursement au pair

Le remboursement au pair désigne le prix d’une obligation ou d’une action. Pour une obligation, une « émission au pair » signifie que le prix d’émission de l’obligation est égal à 100% de la valeur nominale.

Risque action

Le risque action matérialise le risque de perte en capital induit par la baisse de la valeur de marché des instruments et positions du portefeuille qui sont de type actions ou dont la valorisation dépend du cours des actions.

Risque d'inflation

Le risque d'inflation est le risque de voir apparaître, de manière plus ou moins durable et contrôlable, une hausse continue des prix. Ce risque résulte principalement des variations brutales de l'offre et de la demande de biens et de produits dans l'économie.

Risque de change

Le risque de change est lié à l'incertitude du taux de change d'une monnaie par rapport à une autre à court ou moyen terme. Il s'agit du risque qui pèse sur la valeur d'une devise par rapport à une autre du fait de la variation future du taux de change.

Risque de contrepartie

Un risque de contrepartie est un risque de défaillance d'un emprunteur qui ne peut plus rembourser sa dette dans son intégralité. Toute personne qui accorde un crédit prend un risque de contrepartie.

Risque de crédit

Le risque de crédit est le risque que prend un créancier lorsqu'il accorde à un débiteur un prêt. Le créancier court le risque que le débiteur ne rembourse pas ce prêt. Ce risque est conditionné par 3 facteurs : le montant de la créance, la probabilité de défaut, et le pourcentage de la dette qui ne sera pas honoré par le débiteur.

Risque de liquidité

Le risque de liquidité résulte de la difficulté à acheter ou vendre un instrument financier. Cette difficulté peut être, soit une impossibilité de le vendre, soit une décote dite d'illiquidité.

Risque de perte en capital

Le risque de perte en capital est le risque de perdre tout ou partie du capital initial investi par un porteur.

Risque de taux

Le risque de taux, ou de taux d'intérêt, désigne les possibles pertes économiques dues au désinvestissement ou au réinvestissement des flux monétaires.

Risque SRRI

Le SRRI (Synthetic Risk and Reward Indicator ou Indicateur Synthétique de Risque et de Performance en français) est un indicateur de risque et de rendement. Il est calculé sur la base de données historiques de volatilité (écart-type mensuel sur les 5 dernières années, et note le risque de 1 (niveau faible) à 7 (niveau élevé).

S

S&P 500

Le S&P 500 est un indice basé sur les 500 grandes sociétés cotées sur les bourses américaines. Créé le 4 mars 1957, il doit son nom à l’agence de notation financière Standard & Poor’s qui le gère.

SBF 120

Le SBF (Société des Bourses Françaises) 120 est un indice action de la Bourse de Paris composé des 120 valeurs les plus actives de la cote (les 40 valeurs du CAC 40 + 80 valeurs inscrites aux premier et second marchés cotées en continu).

Sensibilité

La sensibilité est un indicateur qui vise à mesurer le pourcentage de variation d'un cours d'une obligation ou de la valeur liquidative d'un fonds obligataire, lié à une variation de 1% des taux d'intérêts en vigueur sur le marché. Par exemple, une sensibilité de 3 implique qu'en cas de variation de 1% des taux d'intérêt, l'actif du fonds va varier de 3%. Cette notion permet ainsi d'évaluer l'exposition d'un fonds au risque de taux.

SICAV

Les SICAV (Société d'Investissement à Capital Variable) sont des sociétés anonymes gérées comme des entreprises, dont la mission est la gestion de portefeuille de valeurs mobilières. Les SICAV peuvent être concentrées sur un seul marché ou sur un seul secteur économique, et être spécialisées sur un type d'investissement (monétaire, obligataire, action ou diversifiés). Les SICAV sont une catégorie d'OPCVM.

SMI

L’indice SMI (Swiss Market Index) représente les 20 plus grosses capitalisations du marché Suisse. Il est exprimé en CHF.

Société de gestion

Une société de gestion ou société de gestion de portefeuille, est un établissement qui gère des actifs financiers pour son compte ou pour le compte de tiers. Les sociétés de gestion offrent plus de diversification à leurs clients car la mutualisation des actifs permet d’éviter les minimums de souscriptions souvent requis pour un investisseur particulier et permet aux clients d’avoir accès à l’ensemble des classes d’actifs. Une société de gestion se rémunère au travers de frais de gestion prélevés sur les valeurs des actifs gérés. En France une société de gestion est agréée par l'AMF.

Spread

Le spread est l'écart entre le taux de rentabilité de l'obligation et celui d'un emprunt sans risque de durée identique. Le spread est naturellement d'autant plus faible que la solvabilité de l'émetteur et donc sa notation est perçue comme bonne.

SPV

Le Special Purpose Vehicule, le Fonds Commun de Créances (FCC) en français, est une entité spécialement créée pour acheter des actifs titrisés et qui se finance en émettant des titres de créance sur les marchés.

Stagflation

La stagflation est une situation économique qui cumule une croissance économique faible, ou nulle, et d'une forte inflation. Cette situation est souvent accompagnée d'un taux de chômage élevé.

Standard & Poor's

Standard & Poor's est une des trois principales agences de notation financière dont le rôle est de fournir deux notes (une à court terme et une autre à long terme) sur la solvabilité et les risques financiers d’un état ou d’une entreprise. La note maximale est le triple A (ou AAA) et la note minimale D fait référence à un défaut.

Stock Picking

Le "Stock picking" est une stratégie boursière qui sélectionne des valeurs boursières pour leur valeur intrinsèque. L'objectif est de miser sur les titres qui vont le mieux performer.

Stratégie active

La stratégie active est un type gestion ayant pour objectif de réaliser des meilleures performances que l'indice de référence de son portefeuille. La stratégie active s'oppose à la stratégie passive en prenant des positions pouvant s'écarter substantiellement de la pondération des indices.

Stratégie d'investissement

C’est une approche d’investissement adaptée à la propension au risque, aux objectifs et aux intérêts d’un investisseur particulier. En suivant cette stratégie, un investisseur peut décider des différents types d’actifs qu’il devrait inclure dans son portefeuille de placements.

Stratégie de portage

La stratégie de portage, plus connue sous le nom de "carry trade" en anglais, est une stratégie d'investissement qui consiste à bénéficier du différentiel de taux d’intérêt entre deux devises.

Stratégie passive

Une stratégie dite passive est une technique de gestion de portefeuille qui consiste à prendre des positions sur des actifs, sans s’appuyer sur une analyse spécifique. La stratégie passive est le contraire de la stratégie active.

Subprime

Un subprime désigne initialement un prêt immobilier bancaire auprès d'un client dit "à risque". Le taux d'intérêt lié à ce prêt se voit être plus haut que celui d'un prêt offert à un client ayant de meilleures garanties. Ce type de prêt est apparu aux États-Unis et est un prêt dit "hypothécaire".

Swap

Un swap est un contrat dans lequel deux parties, généralement des banques ou des établissements financiers, s'échangent une série de flux financiers, dont au moins une est calculée en fonction de l'évolution d'un indicateur financier (indice de taux d'intérêt, taux de change, prix d'une action, etc.). Il existe de nombreux types de swaps (swap d'actions, swap d'inflation, swap de corrélation, swap de variance). Les 4 principaux swaps :
- Swap de devise : échange de capital entre deux sociétés dans deux devises différentes ;
- Swap de risque de crédit : échange de protection sur le risque de crédit d'un émetteur d'obligations contre des versements périodiques et réguliers ;
- Swap de taux d'intérêts : échange de flux d’intérêts fixes contre des flux variables, en général dans la même devise, entre deux parties ; Swap de matières premières : échange de prix fixe déterminé à la conclusion du contrat contre un prix variable, correspondant à la moyenne d'un indice..

T

Taux actuariel

Le taux d'intérêt actuariel permet de calculer le coût effectif d'un emprunt mais aussi le taux de rendement véritable d'un placement. Il s'agit taux d'un placement ou d'un investissement d'un an et pour lequel les intérêts sont reçus ou payés au bout d'un an.

Taux d'intérêt

Le taux d'intérêt correspond à la rémunération d'un prêt d'argent effectué par un agent économique à un autre agent économique. Il existe plusieurs types de taux d'intérêts :
- Taux d'intérêt actuariel : permet de calculer le coût effectif d'un emprunt mais aussi le taux de rendement véritable d'un placement. Il s'agit taux d'un placement ou d'un investissement d'un an et pour lequel les intérêts sont reçus ou payés au bout d'un an ;
- Taux d'intérêt nominal : taux fixé par le créancier lors de la conclusion du contrat et permet de calculer les intérêts dus. ;
- Taux d'intérêt actuariel "déflaté" : taux d'intérêt auquel on retire l'inflation.

Taux de refinancement

Le taux de refinancement est le taux auquel les banques et institutions financières empruntent auprès de la Banque centrale européenne. Ce taux a une influence directe sur les taux courts du marché interbancaire.

Taux de rendement

Le taux de rendement correspond au profit réalisé sur un placement, habituellement exprimé sur une base annuelle.

Taux de rendement à l’échéance

Le taux de rendement à l'échéance correspond au taux de rendement total, y compris l'intérêt et la plus-value, obtenu sur une obligation détenue jusqu'à l'échéance.

Taux de rendement actuariel

Le taux de rendement actuariel d’un actif financier est le taux assurant l’égalité entre le montant placé, le montant investi et les revenus engendrés par l’actif financier. Il permet de mesurer la performance financière réelle de ce dernier.

Taux directeurs

Le taux directeur est le taux d'intérêt fixé par une institution financière, telle que les banques centrales, relative à un pays ou à un groupe de pays.

Taux d’intérêt réel

Le taux d'intérêt réel tient compte de l'évolution prévisible de l'inflation, c'est-à-dire de la hausse des prix dans les années à venir.

Taux interbancaire

Le taux interbancaire est le taux d’intérêt appliqué sur les prêts court terme entre les banques, qui empruntent et prêtent de l’argent sur le marché interbancaire pour avoir de la liquidité et répondre aux conditions qui leurs sont imposées.

Taux long

Les taux longs, ou taux d'intérêt à long terme, sont les taux pratiqués sur les obligations à long terme.

Taux nominal

Le taux d'intérêt nominal est le taux fixé par le créancier lors de la conclusion du contrat et permet de calculer les intérêts dus.

Taux nominal "déflaté"

Le taux d'intérêt nominal « déflaté » est le taux d'intérêt auquel on retire l'inflation.

Thérorie quantitative de la monnaie

Cette théorie explique l'évolution des prix par les variations de la quantité de monnaie en circulation.

TIPS

Les TIPS ou "Treasury Inflation-Protected Security", sont le nom donné aux obligations indexées sur l'inflation du Trésor américain. Le marché des TIPS est le plus grand marché d'obligations indexées sur l'inflation globalement, avec environ 600 milliards d'encours, et représente environ 40% du marché mondial de cette catégorie de titres.

Titrisation

La titrisation est une technique financière qui consiste à transformer des créances en valeurs mobilières pour pouvoir les céder à des investisseurs.

Top-down

Le terme "top-down", également appelé "méthode descendante", désigne une stratégie de gestion qui consiste à établir une analyse macroéconomique, puis à identifier les secteurs d'activité à forts potentiels. Suite à cela, l'investisseur sélectionne les industries et les sociétés jouissant d'une conjoncture économique dont les perspectives d'essor seront propices au rendement d'un titre.

TOPIX

L’indice Topix (Tokyo Stock Price Index) est composé d’environ 1 700 valeurs des grandes et moyennes capitalisations japonaises.

TPAM

TPAM (Third Party Asset Management) désigne les activités pour compte de tiers de Swiss Life Asset Managers.

Tracking error

La tracking error est la mesure du risque relatif pris par un fonds par rapport à son indice de référence. Elle est donnée par l'écart type annualisé des performances relatives d'un fonds par rapport à son indice de référence. Plus la tracking error est faible plus le fonds ressemble à son indice de référence en terme de risque.

U

Unité de compte

L'unité de compte correspond à l'étalon de mesure de la valeur de chaque bien. En Assurance Vie, l'unité de compte est une catgéorie spécifique d'investissement au sein du contrat d'assurance vie, par opposition au contrat en Euros se portant sur l'actif général de la compagnie.

V

Valeur cyclique

Les valeurs cycliques sont des sociétés cotées dont l’évolution du cours de Bourse est très corrélée à la situation économique. Il existe trois types de valeurs cycliques : macroéconomiques, saisonnières et économiques. Elles s'opposent aux valeurs défensives.

Valeur défensive

Les valeurs défensives sont des sociétés côtées dont l’évolution du cours de Bourse est relativement décorrélée de la situation économique, car le secteur auquel elles appartiennent est peu sensible à la baisse de la consommation des ménages. Elles s'opposent aux valeurs cycliques.

Valeur liquidative

La valeur liquidative est la valeur intrinsèque de la part ou de l'action d'un OPCVM, c'est-à-dire l'actif net divisé par le nombre de parts de l'OPCVM. Les ventes et achats de ces dernières s'effectuent sur la base de la VL, qui varient quotidiennement.

Valeurs de croissance

Les valeurs de croissance, ou les growth stocks en anglais, se caractérisent par une croissance forte de leur activité et de l'ensemble des agrégats financiers. Ces valeurs de croissance s'opposent aux valeurs de rendement.

Valeurs de rendement

Les valeurs de rendement sont représentées par des sociétés arrivées à maturité, dont les besoins en investissement sont limités. Ces entreprises auront tendance à verser sous forme de dividendes une part de plus en plus grande de leurs bénéfices. Ces valeurs sont défensives et sont de parfaits parachutes en période troublée, un peu de la même manière que les obligations convertibles. Les valeurs de rendement s'opposent aux valeurs de croissance.

VAR

La VAR (Value At Risk ou Valeur Risquée) est une estimation de la perte maximale d'un portefeuille sur une période définie et avec un niveau de confiance déterminé.

Variance

La variance est un outil statistique qui permet de mesurer la dispersion d'une variable par rapport à sa moyenne.

Volatilité

La volatilité mesure l'importance des fluctuations de valeur d'un actif et donc son risque. Elle se calcule mathématiquement par l'écart type des rentabilités de l'actif.

Volatilité ex-post

La volatilité ex-post est une volatilité calculée à partir des valeurs liquidatives quotidiennes sur l’année calendaire.

Y

Year to date

L'expression Year to Date, ou YTD, indique la performance du fonds depuis le début de l’année jusqu’à la plus récente date de valorisation.

Yield to maturity

L'expression Yield to maturity désigne le rendement visé par un investisseur qui conserve son placement jusqu'à la maturité. Il s'agit du taux de rendement obtenu suite à l'investissement dans un produit de taux à l'échéance.

Yield to worst

Le terme yield to worst désigne le rendement potentiel le plus faible pouvant être réalisé sur une obligation sans que l’émetteur ne soit en défaut de paiement.