Glossario

Il vocabolario dei grandi patrimoni:44 termini, ognuno con la propria pagina: cosa significa, perché è importante e dove fa la differenza.

Tutti Banche & Assicurazioni Famiglia & Governance Filantropia Mercati Privati Mercati Pubblici Fiscalità Trust & Successioni

RVPI RVPI Residual Value to Paid-In

A private-fund metric expressing the ratio of the net asset value of unrealized…

SFO SFO Single-Family Office

A single-family office is a private organization owned and operated by one family…

ILIT ILIT Irrevocable Life Insurance Trust

An irrevocable trust that owns a life insurance policy so that the death benefit is…

GST GST Generation-Skipping Transfer Tax

The Generation-Skipping Transfer (GST) tax is an additional federal tax on…

YTM YTM Yield to Maturity

Yield to maturity (YTM) is the total annualized return a bond investor would earn…

GRAT GRAT Grantor Retained Annuity Trust

An irrevocable trust in which the grantor receives fixed annuity payments for a set…

10b5-1 Plan A pre-arranged written trading plan that allows corporate insiders to buy or sell company stock on a set schedule, providing an affirmative defense… Mercati Pubblici

Advance Rate An advance rate is the percentage of a collateral asset's market value that a lender is willing to extend as a loan, effectively setting the maximum… Mercati Pubblici Alpha Alpha is the portion of an investment's return that is attributed to the manager's skill or decisions, after accounting for the return explained by… Mercati Pubblici

Basis Point bp One one-hundredth of one percentage point, commonly written as "bp" or "bps," used in finance to express small differences in rates, fees, and… Mercati Pubblici Benchmark A benchmark is a standard index or reference portfolio used to measure whether an investment portfolio is performing well or poorly relative to a… Mercati Pubblici Beta Beta measures how sensitively an investment's returns move relative to a reference market, typically expressed as a number where 1.0 means the… Mercati Pubblici Blackout Period A company-imposed window of time during which designated employees and insiders are prohibited from buying or selling company stock, typically… Mercati Pubblici Buffered Note A buffered note is a type of structured note that absorbs the first defined percentage of losses on a reference asset, in exchange for capping the… Mercati Pubblici

Closed-End Fund CEF A closed-end fund (CEF) is a pooled investment vehicle that raises a fixed amount of capital through an initial offering, lists its shares on an… Mercati Pubblici Collar A collar is an options strategy that limits both the downside loss and upside gain on a security position by simultaneously purchasing a protective… Mercati Pubblici Collateral (Maintenance) Call A lender's demand that a borrower deposit additional collateral or repay part of a loan because the pledged assets have fallen below the required… Mercati Pubblici Concentrated Position A concentrated position is a single investment, typically one stock or private holding, that represents an outsized share of a family's total net… Mercati Pubblici Convexity A measure of how a bond's duration itself changes as interest rates move, capturing the curvature in the price-yield relationship that duration alone… Mercati Pubblici Cost Basis Cost basis is the original purchase price of an asset, adjusted for certain events, used to calculate the taxable gain or loss when that asset is… Mercati Pubblici Covered Call A strategy in which an investor who owns shares sells another party the right to buy those shares at a set price, collecting a cash premium in… Mercati Pubblici Credit Spread A credit spread is the additional yield a bond offers above a comparable-maturity government bond, compensating investors for the risk that the… Mercati Pubblici

Direct Indexing Direct indexing is a strategy in which an investor owns the individual securities that make up an index directly, rather than holding a fund that… Mercati Pubblici Drawdown Drawdown is the peak-to-trough decline in the value of a portfolio or investment over a specific period, measuring how much was lost from a prior… Mercati Pubblici Duration A measure of a bond's price sensitivity to interest-rate changes, expressed in years, indicating how much a bond's price will rise or fall when rates… Mercati Pubblici

Exchange Fund A private partnership that allows multiple investors to contribute appreciated shares and receive diversified fund interests in return, potentially… Mercati Pubblici Exchange-Traded Fund ETF An exchange-traded fund (ETF) is a pooled investment vehicle that holds a basket of securities and trades on a stock exchange throughout the day like… Mercati Pubblici Expense Ratio An expense ratio is the annual cost of owning a fund, expressed as a percentage of assets, covering management fees and operating expenses charged… Mercati Pubblici

General Obligation Bond GO A general obligation bond is a municipal debt security backed by the full taxing power of the issuing government, rather than by revenues from a… Mercati Pubblici

High Yield High-yield bonds are debt securities rated below investment grade by credit-rating agencies, offering higher interest payments to compensate… Mercati Pubblici

Investment Grade IG Investment grade (IG) describes bonds rated by recognized credit-rating agencies within the higher-quality tiers, indicating a relatively lower… Mercati Pubblici

Margin Loan A margin loan is a loan from a broker-dealer to an account holder, secured by securities in a brokerage account and governed by federal margin… Mercati Pubblici

Premium / Discount to NAV Premium or discount to NAV describes whether a fund's market price trades above (premium) or below (discount) the per-share value of the assets it… Mercati Pubblici Protective Put A protective put is an options contract purchased on a security already owned, granting the right to sell that security at a specified price, thereby… Mercati Pubblici

Rebalancing Rebalancing is the disciplined process of buying and selling portfolio holdings to restore the asset mix back to its original or target policy… Mercati Pubblici Restricted and Control Stock Shares of a company that cannot be freely sold or transferred until specific conditions, such as a vesting schedule or regulatory holding period… Mercati Pubblici Revenue Bond A revenue bond is a municipal security whose principal and interest are repaid solely from the income generated by a specific project or facility… Mercati Pubblici Rule 144 An SEC safe-harbor rule that defines the specific conditions under which holders of restricted or control stock may sell those shares into the public… Mercati Pubblici

Securities-Based Line of Credit SBLOC A securities-based line of credit (SBLOC) is a revolving loan extended by a lender using a borrower's investment portfolio as collateral, outside the… Mercati Pubblici Separately Managed Account SMA A separately managed account (SMA) is a professionally managed investment portfolio in which the client directly owns each individual security… Mercati Pubblici Sharpe Ratio The Sharpe ratio measures the return an investment delivered above a risk-free rate, divided by the volatility of those returns, expressing how much… Mercati Pubblici Structured Note A structured note is a debt security issued by a financial institution whose repayment terms are linked to the performance of an underlying asset… Mercati Pubblici

Tax-Equivalent Yield TEY Tax-equivalent yield is the pretax return a taxable bond must offer to produce the same after-tax income as a tax-exempt bond for an investor at a… Mercati Pubblici Tax-Loss Harvesting TLH Tax-loss harvesting (TLH) is the practice of selling a security at a loss to generate a realized capital loss that can offset taxable capital gains… Mercati Pubblici Treasury Bill T-bill A Treasury bill is a short-term U.S. government debt obligation, maturing in one year or less, sold at a discount to face value and redeemed at full… Mercati Pubblici Treasury Inflation-Protected Securities TIPS Treasury Inflation-Protected Securities are U.S. government bonds whose principal value is adjusted periodically in line with a government inflation… Mercati Pubblici

Volatility Volatility measures how widely and rapidly an investment's returns fluctuate over time, most commonly expressed as the annualized standard deviation… Mercati Pubblici

Wash Sale A wash sale occurs when an investor sells a security at a loss and repurchases the same or a substantially identical security within thirty days… Mercati Pubblici

Yield Curve The yield curve is a visual representation of the interest rates available on bonds of the same credit quality across a range of maturities, from… Mercati Pubblici Yield to Maturity YTM Yield to maturity (YTM) is the total annualized return a bond investor would earn if the bond is held until it matures and every promised payment is… Mercati Pubblici

Glossario

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