Glossary

462 terms used on the site's pages, each in one plain sentence: what the figure is and what it is made of. The same sentence opens from the ⓘ beside the figure wherever it appears.

Company accounts

228 terms

Added to policy reserves: The rise in what the insurer must hold to meet future claims on the policies in force.
Additional tier 1 capital ratio: The permanent capital beyond core equity, mostly perpetual bonds that can be written down, as a percentage of loans and other assets weighted by risk; shown only where the bank holds some.
Altman Z-score: Working capital, reserves, operating profit, market value and sales, each over total assets, weighted and added: a published measure of financial strain.
Asset turnover: Revenue divided by average total assets: rupees of sales for each rupee of assets.
Assets held for longer than a year: Everything the company owns that it does not expect to turn into cash within twelve months: plant, intangibles, long-term investments, loans given and the like.
Assets held for sale or for a demerger: Assets of businesses the company is selling or demerging, part of total assets and kept out of its other lines, plant and stock among them, until they leave.
Assets per rupee of net worth: Average total assets divided by average net worth: how far borrowings and other liabilities stretch the shareholders' money.
Assets turning to cash within a year: Everything the company expects to turn into cash or use up within twelve months: stock, money owed by customers, cash and short-term investments.
Assets under construction, years of additions: Capital work in progress divided by the year's additions to plant: how many years of building stand unfinished.
Associates and businesses sold or closed: The group's share of its associates' profit and the result of any business it sold or is closing, as a percentage of average total assets.

Bad investments in the policyholders' fund: Bonds and loans held for policyholders whose interest or repayment has stopped, at the amount still owed.
Bad investments in the policyholders' fund, after provisions: The same, less the amounts already set aside against them.
Bad investments in the shareholders' fund: Bonds and loans held with the shareholders' money whose interest or repayment has stopped, at the amount still owed.
Balances with banks and money at call: Money placed with other banks and lent for very short periods.
Beneish M-score: Eight ratios of this year against last, from customer credit to borrowing, weighted and added: a published test of whether profit may have been overstated.
Bonds and debentures: Money borrowed by issuing bonds, debentures and commercial paper.
Bonus given to policyholders: Bonus the insurer has added to its participating policies for the year.
Book value per share on that year's share count: Net worth belonging to shareholders divided by the shares in issue at that year end.
Borrowings: Loans, bonds and other money the company has borrowed and must repay with interest.
Borrowings raised: Cash received from new loans, bonds and debentures.
Borrowings repaid: Cash paid to repay loans, bonds and debentures.
Borrowings repayable after a year: Borrowings due for repayment more than twelve months after the balance sheet date.
Borrowings repayable within a year: Borrowings due for repayment within twelve months, including the part of longer loans that falls due in that time.

Capital employed in the segment: Segment assets less segment liabilities at the period end: the money tied up in this business.
Capital spending: Cash spent in the period on plant, equipment, buildings and other long-lived assets.
Capital spending to depreciation: Capital spending for the period divided by its depreciation and amortisation.
Capital work in progress: Plant and buildings still being built at the year end and not yet in use.
Capital work in progress, % of net block: Plant still being built as a percentage of the plant in use.
Cash and balances with the RBI: Cash in hand and the money the bank must keep with the Reserve Bank.
Cash and cash equivalents: Cash in hand and at the bank, and deposits that can be turned into cash within three months.
Cash conversion: Cash from operations as a percentage of net profit: how much of the reported profit came in as cash.
Cash conversion cycle: Receivable days plus inventory days less payable days: how long money is tied up between paying suppliers and being paid by customers.
Cash from financing: Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back.
Cash from investing: Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received.
Cash from operations: Cash the business brought in from its operations in the period, after paying suppliers, staff and tax.
Cash from operations to profit, three years: Three years of cash from operations added up, divided by three years of net profit added up.
Cash generated before tax: Cash from operations before income tax paid: profit before tax, with non-cash items added back and the change in working capital.
Change from asset turnover: The part of the change in return on equity that came from sales per rupee of assets.
Change from borrowing: The part of the change in return on equity that came from assets per rupee of net worth.
Change from the net margin: The part of the change in return on equity that came from profit per rupee of sales.
Change in claims still to pay: The rise, or fall, in claims made and not yet settled over the period.
Change in inventories: Cash taken up, below nought, or released by the change in stock held.
Change in payables: Cash kept, above nought, or paid out by the change in what the company owes suppliers.
Change in receivables: Cash taken up, below nought, or released by the change in what customers owe.
Change in return on equity: This year's return on equity less last year's, in percentage points, split below into what came from the margin, turnover and borrowing, which add up to it.
Change in working capital: Cash taken up, below nought, or released by the change in stock, money owed by customers, money owed to suppliers and other short-term items over the year.
Claims paid: Claims the insurer paid out in the period, net of what reinsurers bore.
Claims ratio: Claims as a percentage of premiums earned, as the insurer files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale.
Combined ratio: Claims plus expenses as a percentage of premiums.
Commission on first-year premium: Commission paid to agents and distributors on the first year's premium of new policies.
Commission on renewal premium: Commission paid on premiums renewing existing policies.
Commission on single premium: Commission paid on policies bought with one premium.
Common equity tier 1 ratio: The bank's core capital, mostly shareholders' money, as a percentage of its loans and other assets weighted by risk.
Companies bought: Cash paid to buy control of other companies, less the cash they held.
Conservation ratio: Renewal premiums this year as a percentage of last year's premiums on the same policies.
Contingent liabilities: What may become owed, such as guarantees given and claims disputed, and is not on the balance sheet.
Cost of funds: Interest paid as a percentage of average deposits and borrowings.
Cost of materials and goods: Raw materials used and goods bought for resale in the period, adjusted for the change in stock held.
Cost to income: Operating expenses as a percentage of net interest income plus other income.
Credit cost: Provisions for bad loans as a percentage of average loans.
Current investments: Investments the company expects to sell within a year, mostly liquid mutual funds and similar.
Current liabilities and provisions: What the insurer owes in the short term, claims outstanding and premiums received in advance among it.
Current tax: Income tax payable on the period's own taxable profit.

Deferred tax: Tax charged or credited now that will be paid or saved in later years, because the tax rules count some income and costs in a different year from the accounts.
Deferred tax assets: Tax the company will save in later years on costs the accounts have counted before the tax rules do.
Deferred tax owed: Tax the company will pay in later years on income the accounts have counted before the tax rules do.
Deposits: Money customers have placed with the company on deposit.
Depreciation and amortisation: The part of the cost of plant, buildings and other long-lived assets charged against each year they are used.
Diluted earnings per share: Earnings per share counting the shares that options, warrants and convertible bonds already granted would add, on today's share count after splits and bonuses.
Diluted earnings per share, as stated: Diluted earnings per share as the company stated it that year, on that year's share count.
Dividend payout: Dividends declared for the year as a percentage of the profit belonging to shareholders.
Dividend per share: Dividends declared for the year per share, restated for later splits and bonuses.
Dividend per share as declared: Dividends per share as the company declared them that year, on that year's share count.
Dividends paid: Cash paid to shareholders as dividends during the period.
Dividends received: Dividends received in cash from the shares the company holds.

Earnings per share: Profit belonging to shareholders divided by the number of shares, restated for later splits and bonuses so they do not break the line.
Earnings per share as stated that year: Earnings per share as the company stated it that year, on that year's share count.
Earnings per share growth: This year's earnings per share less last year's, on the same share count, divided by last year's, times 100; blank where last year's is not above nought.
Effective tax rate: Tax charged as a percentage of profit before tax.
Employee costs: Salaries, wages, bonuses and other benefits paid to staff in the period.
Employee costs, % of revenue: Salaries, wages and other staff costs divided by revenue, times 100.
Exceptional items: Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset.
Expense ratio: The costs of running the insurance business as a percentage of premiums, as the insurer files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale.
Expenses of management: The insurer's running costs and commission together, the total the regulator caps.

Fees and commission: Fees and commissions charged to customers, such as processing fees and distribution commission.
Fees and commission paid: Fees and commissions the company paid, to loan agents and others, part of its operating expenses.
Finance costs: Interest and the other costs of borrowing in the period.
Fixed assets: Buildings, equipment and other assets the company uses, at cost less depreciation.
Free cash flow: Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep.

Gains on fair value changes: Gains on investments and other holdings counted at their market value at the period end.
Gains on loans sold: Gains on loans the company sold or assigned to others and took off its books.
Goodwill: What the company paid for businesses it bought above the value of their separately counted assets less their debts.
Government holding: The share of the company owned by the central government.
Gross non-performing loans: Loans whose borrowers have stopped paying, generally for 90 days, as a percentage of all loans, as the bank files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale.
Gross non-performing loans, ₹ crore: The rupee amount of loans whose borrowers have stopped paying, generally for 90 days.

Income from investments: Income, net of costs, from investing the money held for policyholders.
Income outside operations: Income the company earns outside its main business, as its form states it.
Intangible assets: Assets with no physical form, such as software, brands, licences and patents, at cost less amortisation.
Intangible assets being developed: Software, products and other intangibles still being built and not yet in use.
Interest cover: Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill.
Interest on balances with the RBI and other banks: Interest earned on money placed with the Reserve Bank and with other banks.
Interest on investments: Income from the bonds and other securities the bank holds.
Interest on loans: Interest and discount earned on the loans and bills the bank has given.
Interest paid: Interest paid in cash on borrowings, counted in financing.
Interest paid, in operations: Interest paid in cash that the company counts in its operations rather than its financing.
Interest received: Interest received in cash on deposits, loans and bonds.
Interim bonus paid: Bonus paid on policies that ended during the year, for the part of the year they ran.
Inventories: Raw materials, work in progress and finished goods the company holds.
Inventory days: Inventories divided by the cost of materials and goods, times 365: the days of stock the company holds.
Inventory growth less cost-of-goods growth: The growth in stock held less the growth in the cost of goods sold, in percentage points.
Investments for unit-linked policies: Investments held for policies whose value follows the funds they are invested in.
Investments of policyholders: Investments made with the money held for policyholders.
Investments of shareholders: Investments made with the shareholders' own money.

Kept for future allocation: The part of the year's surplus held back for policyholders or shareholders, not yet given to either.

Lease payments: Cash paid on leases of property and equipment, the principal and the interest on it.
Liabilities due after a year: Everything the company owes that falls due more than twelve months on, borrowings among it.
Liabilities due within a year: Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions.
Liabilities going with businesses held for sale: What the company owes that leaves with the businesses it is selling or demerging, borrowings among it, kept out of its other liability lines until they go.
Loans: Money borrowed from banks and other lenders, besides bonds and deposits.
Loans given, due after a year: Money the company has lent, to staff, related companies or others, repayable after twelve months.
Loans given, due within a year: Money the company has lent that is repayable within twelve months.
Loans to deposits: Loans given as a percentage of deposits taken.
Long-term investments: Investments the company plans to hold for more than a year: shares in other companies, bonds and mutual funds.

Market cap at the year end: The closing share price on the year's last trading day times the shares in issue.
Materials, % of revenue: Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100.

Net block: Plant, buildings and equipment in use, at what they cost less the depreciation charged on them so far.
Net change in cash: Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects.
Net debt: Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay.
Net interest income: Interest earned on loans and investments less interest paid on deposits and borrowings.
Net interest margin: Net interest income as a percentage of average interest-earning assets: loans, investments and balances with the central bank and other banks.
Net margin: Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
Net margin without joint ventures and associates: Net profit less the share of profit of joint ventures and associates, as a percentage of revenue: the margin on the businesses whose revenue the statement carries. Shown where the company states such a share.
Net non-performing loans: Non-performing loans left after what has been set aside against them, as a percentage of loans, as the bank files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale.
Net non-performing loans, ₹ crore: The rupee amount of non-performing loans left after what the bank has set aside against them.
Net premium: Gross premium less the part passed on to reinsurers: the premiums the insurer keeps.
Net profit: What is left of revenue and other income after every cost, interest and tax.
Net profit growth: This year's net profit less last year's, divided by last year's, times 100; blank where last year's is not above nought.
Net worth: What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits.
Net worth belonging to outside owners of subsidiaries: The part of net worth that belongs to the other shareholders of subsidiaries the company does not fully own.
Net worth belonging to the company's shareholders: Net worth less the part that belongs to outside owners of subsidiaries.

Operating expenses: What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax.
Operating margin: Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs.
Operating profit: Underwriting profit plus income from investments and other income, as the revenue account states it.
Operating profit after depreciation (EBIT): Operating profit before depreciation, less depreciation and amortisation.
Operating profit before depreciation (EBITDA): Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax.
Operating profit growth: This year's operating profit before depreciation less last year's, divided by last year's, times 100; blank where last year's is not above nought.
Other assets: Assets besides cash, loans, investments and fixed assets, such as interest accrued and advance tax.
Other assets due within a year: Short-term assets not under a financial contract, such as advances paid to suppliers, prepaid expenses and tax credits.
Other assets held for longer than a year: Long-term assets not under a financial contract, such as advances paid for plant and prepaid expenses.
Other bank balances: Bank deposits that cannot be drawn within three months, such as fixed deposits and money held as security.
Other comprehensive income: Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation.
Other current assets growth less revenue growth: The growth in other current assets less the growth in revenue, in percentage points.
Other expenses: Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like.
Other expenses, % of revenue: Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100.
Other financial assets due within a year: Money due to the company under contracts within twelve months besides loans and customers, such as interest accrued and deposits paid.
Other financial assets held for longer than a year: Money due to the company under contracts besides loans and customers, such as security deposits paid and long bank deposits.
Other financial liabilities due after a year: Money owed under contracts besides borrowings and suppliers that falls due more than twelve months on, lease dues among it.
Other financial liabilities due within a year: Money owed under contracts besides borrowings and suppliers, such as interest accrued, deposits taken and amounts due on capital spending.
Other income: Income from outside the main business, such as interest on deposits, dividends received and gains on investments.
Other interest: Interest earned besides on loans, investments and balances with banks.
Other liabilities and provisions: What the bank owes besides deposits and borrowings, such as interest accrued, bills payable and provisions.
Other liabilities due after a year: Dues not under a financial contract that fall due more than twelve months on, such as income received in advance.
Other liabilities due within a year: Dues that are not under a financial contract, such as advances received from customers and taxes collected to pay over.
Other operating expenses: Running costs besides staff: premises, technology, marketing and the like.
Other operating revenue: Revenue from operations not under interest, fees, gains, dividends, rent or sales.
Other working capital: The working-capital change from every other short-term item: advances, provisions, other assets and liabilities.
Owed on unit-linked policies: The value of the funds held for unit-linked policyholders.
Owed to policyholders: What the insurer must hold to meet its future claims on traditional policies.

Payable days: Trade payables divided by the cost of materials and goods, times 365: the average days the company takes to pay suppliers.
Persistency, 13 months: The share of policies whose holders are still paying premiums thirteen months on.
Piotroski F-score: Nine yes-or-no tests of profit, cash, borrowing and efficiency against the year before, one point for each passed.
Plant and property sold: Cash received from selling plant, equipment, buildings and land.
Premium kept: The share of premiums the insurer keeps rather than passes on to reinsurers, as the insurer files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale.
Profit before one-off items and tax: Profit before tax as it would be without the one-off items below it, as the company states it.
Profit before provisions: Income less operating expenses, before anything is set aside for loans that may not be repaid.
Profit belonging to outside owners of subsidiaries: The part of net profit that belongs to the other shareholders of subsidiaries the company does not fully own.
Profit belonging to the company's shareholders: Net profit less the share that belongs to outside owners of subsidiaries the company does not fully own.
Profit from discontinued businesses: The profit after tax of businesses the company has sold, demerged or closed, or is about to. It is part of net profit; revenue and the lines above leave those businesses out.
Profit not backed by cash (Sloan accruals): Net profit less cash from operations, as a percentage of average total assets.
Property held to earn rent: Land and buildings the company holds to rent out or to sell at a gain, not to use itself.
Provision coverage: The share of non-performing loans already covered by money set aside against them.
Provision for doubtful debts: Amounts set aside in the period for money owed to the insurer that may not be paid.
Provision for fall in investment value: Amounts set aside in the period for investments worth less than they are held at.
Provisions due after a year: Amounts set aside for costs expected more than twelve months on, such as gratuity and other staff benefits.
Provisions due within a year: Amounts set aside for costs the company expects to pay within twelve months whose exact size or date is not yet fixed, such as staff leave and warranties.
Provisions for bad loans: Money set aside in the period against loans that may not be repaid.

Receivable days: Trade receivables divided by revenue, times 365: the average days customers take to pay.
Receivables growth less revenue growth: The growth in money owed by customers less the growth in revenue, in percentage points.
Rent received: Rent earned on property the company lets out.
Reserves: The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value.
Return on assets: Net profit as a percentage of average total assets.
Return on capital employed in the segment: The year's segment profit as a percentage of the capital employed in the segment at the year end.
Revenue from operations: Money earned from selling the company's goods and services in the period.
Revenue growth: This year's revenue less last year's, divided by last year's, times 100; blank where last year's is not above nought.

Sale of products: Revenue from goods the company sold, outside its lending.
Sale of services: Revenue from services the company provided, outside its lending.
Sales per rupee of plant: Revenue divided by the net block: rupees of sales for each rupee of plant in use.
Segment assets: What the company holds for this business at the period end: plant, stock, receivables and the like.
Segment liabilities: What this business owes at the period end, such as payments due to suppliers.
Segment margin: Segment profit as a percentage of the segment's revenue.
Segment profit: What the business earned before tax and finance costs, as the company measures each of its businesses.
Segment profit growth, year on year: The change in the segment's profit from the same period a year before, as a percentage of that earlier profit, left empty where either is a loss, since growth from or into a loss is not a percentage.
Segment revenue growth, year on year: The change in the segment's revenue from the same period a year before, as a percentage of that earlier revenue: a year against the year before, a quarter against the same quarter.
Share capital: The face value of all the shares the company has issued.
Share of profit of joint ventures and associates: The group's share of the profit of companies it part-owns and does not consolidate, as stated. It is part of net profit but not of revenue or operating profit: their sales and costs are not in the group's lines.
Shareholder yield: Dividends paid plus shares bought back, less shares issued, as a percentage of market cap at the year end.
Shares bought back: Cash spent buying the company's own shares back from shareholders.
Shares issued: Cash raised by selling new shares.
Solvency ratio: The capital an insurer holds divided by the capital the regulator requires it to hold.
Spread: Yield on interest-earning assets less the cost of funds.
Stakes in joint ventures and associates: The company's investment in businesses it part-owns and does not consolidate, carried at cost plus its share of their profits since.
Subordinated debt: Borrowings repaid only after other lenders if the company fails, which count towards its capital.

Tax charged less tax paid: Tax charged against profit less tax actually paid in cash, as a percentage of profit before tax.
Tax owed: Income tax for the year and earlier years not yet paid.
Tax paid: Income tax paid in cash during the year, net of refunds.
Tax paid in advance: Income tax paid or deducted at source above what is due, to be refunded or set off.
Terminal bonus paid: A one-time bonus paid on participating policies when they mature or end in a claim.
Tier 1 capital ratio: Core capital plus other permanent capital, as a percentage of loans and other assets weighted by risk.
Total assets: Everything the company owns or controls: plant, investments, stock, money owed by customers and cash.
Total comprehensive income: Net profit plus other comprehensive income.
Total income: Everything the company earned in the period: for a bank or a lender, interest earned plus other income; for an insurer, premiums, income from its investments and other income.
Trade payables: Money the company owes its suppliers for goods and services already received.
Trade payables due after a year: Money owed to suppliers that falls due more than twelve months on.
Trade receivables: Money customers owe the company for goods and services already delivered.
Trade receivables due after a year: Money customers owe that falls due more than twelve months on.

Underwriting profit: Premiums earned less claims, commission and expenses: what the insurance business made before investment income.

Working capital days: Assets turning to cash within a year, less cash, bank deposits and current investments, minus liabilities due within a year, less borrowings, divided by the year's revenue, times 365.

Yield on interest-earning assets: Interest earned as a percentage of average interest-earning assets: loans, investments and balances with the central bank and other banks.

Mutual funds

124 terms

₹10,000 a month: What ₹10,000 invested on the same day each month over the window is worth at the latest NAV, before tax and any exit load.

52-week high NAV: The highest NAV the plan priced at over the last year.
52-week low NAV: The lowest NAV the plan priced at over the last year.

AAA-rated bonds: The share of the fund lent to borrowers rated AAA, the highest rating.
Added to: Holdings with more units than the month before. Where the fund states no units, a weight that rose by more than a tenth.
Alpha: The yearly return the fund made beyond what its beta to the benchmark accounts for.
Amount invested: ₹10,000 on the 1st of every month, or the next day the fund priced, added up over the period.
Asset allocation: What the fund owns, by kind of asset, each as a share of its net assets; futures and options are shown beside it, not in it, since they are contracts rather than assets bought.
Assets the manager runs: The latest monthly size of every fund the manager runs now, added up; a fund run with others counts in full for each of its managers, and the line under it counts only the funds they run alone.
Assets under management: The money the fund manages for all its investors, across every plan, at the end of the month.
Average assets under management: The money the fund managed, averaged over every day of the quarter, added up across its plans.
Average assets, excluding the house's funds of funds: The quarter's average assets less the money the same fund house's funds of funds hold in this fund, so that money is not counted twice.
Average maturity: The weighted average time, in years, until the fund's bonds are repaid.
Average rolling return: The average of the yearly returns of every window of this length in the fund's history.

Back at the high: The first day the NAV closed at or above the high it had fallen from.
Base expense ratio: The part of the expense ratio that pays the fund house and the distributor, before brokerage, transaction costs, levies and GST.
Benchmark: The index the fund house chose to measure the fund against, in its total return form, with dividends added back.
Benchmark over the same days: The change in the fund's benchmark index over the same days as the manager's return, worked out the same way, with the dividends of the index's companies added back.
Benchmark P/E: The price to earnings ratio of the fund's benchmark index on the last twelve months' profit, as the fund house states it.
Benchmark return: The change in the benchmark index's total return level over the same dates as the fund's return, as a yearly rate over a year and longer.
Benchmark's risk level: The riskometer level of the fund's benchmark index for the same month, on the same six-step scale as the fund's own.
Beta: How much the fund's monthly return moved for each 1% move in its benchmark: 1 moves with it, below 1 moves less.

Calendar year return: The change in NAV from the last NAV of one year to the last NAV of the next.
Category median: The middle return of the funds in the category over the same window: half returned more, half less.
Change in weight: The holding's weight this month less its weight the month before, in percentage points; a price move alone changes it.
Correlation: How closely the fund's monthly returns moved in step with its benchmark's, from minus 1 (always opposite) to 1 (always together).
Credit rating: A rating agency's grade for how likely the borrower is to repay on time: AAA down to D for loans of over a year, A1+ down to A4 for loans of under a year, two scales that are never compared.

Day's range: The lowest and the highest price the ETF traded at in the session.
Days to sell a quarter of the portfolio: The trading days the fund house says it would take to sell a quarter of every holding, in proportion, trading a set fraction of each stock's recent daily volume.
Days to sell half the portfolio: The trading days the fund house says it would take to sell half of every holding, in proportion, trading a set fraction of each stock's recent daily volume.
Difference from the benchmark: The fund's return in the manager's time less its benchmark's over the same days, in percentage points.
Direct and regular plan cost gap: The regular plan's expense ratio less the direct plan's: what buying through a distributor costs each year, since both plans own the same portfolio.
Downside capture: The fund's return in the months its benchmark fell, as a percentage of the benchmark's fall in those months.
Downside deviation: Standard deviation counting only the months in which the fund lost money, stated as a yearly figure.

Effective number of holdings: The number of equal-sized positions that would be as concentrated as the fund's actual weights.
Exit load: A charge, as a share of the amount redeemed, on units sold before a set period has passed since they were bought.
Expense ratio change: The plan's typical expense ratio (the middle of its daily figures) in the month the change took effect, against the month before, in percentage points.
Expense ratio, 30-day average: The total expense ratio averaged over the last 30 days the fund filed it, which evens out the day-to-day moves in brokerage and levies.

Futures and options, gross: The value the fund's contracts are written on, as a share of its net assets, counting each contract as a plus whichever way it faces.
Futures and options, net: The value of the shares or bonds the fund's contracts are written on, as a share of its net assets, a sold contract counted as a minus: a hedged fund's sold futures offset the shares it holds.

Gone since the last filing: Holdings in the last portfolio on record that are not in this one. Months in between are missing, so whether each was sold or repaid is not known.
Government bonds: The share of the fund lent to the central and state governments.
Growth of ₹10,000: What ₹10,000 put in at the NAV of the first day would be worth at the latest NAV, after the fund's expenses and before tax and any exit load.

Held since: The first month end of the fund's current run of holding this position; marked "or earlier" where that month is the fund's first portfolio on record or the first after a gap in its portfolios.
Highest rolling return: The best yearly return of any window of this length in the fund's history.
Holdings: The number of different securities in the fund's latest monthly portfolio: shares, bonds, money market paper and units of other funds, not cash, overnight lending or futures.

IDCW payout: Rupees paid out per unit to holders on the record date; the money comes out of the fund, so the plan's NAV falls by the same amount.
IDCW yield: A payout as a share of the plan's NAV on the record date, before the NAV fell by the amount paid.
In shares: The share of the fund held in company shares.
Index tracked: The index or price the ETF is built to follow. It holds what that index holds, in the same weights, or the metal itself, so its NAV moves with it.
Information ratio: The fund's return above its benchmark, divided by how much that difference varied, as stated by the fund house.

Large cap share: The share of the fund's shares held in the 100 largest listed companies.
Large, mid and small cap: Companies ranked by average market value over six months: the first 100 are large cap, the next 150 mid cap, the rest small cap, by the list in force for the portfolio's month.
Largest fall: The biggest drop in NAV from a high to the low that followed, before the NAV went back above that high.
Largest holding: The share of the fund in its single largest position, cash and futures not counted as positions.
Launch date: The day the fund first allotted units to investors, at the close of its new fund offer.
Lending to one borrower: The share of the fund lent to a single company or group of companies, government bonds left out.
Lock-in: The time after each purchase during which those units cannot be sold.
Lowest rolling return: The worst yearly return of any window of this length in the fund's history, one window starting on each day it priced.

Macaulay duration: The weighted average time, in years, until the fund's bonds pay back their interest and principal.
Manager's time on the fund: How long the longest-serving of the fund's current managers has managed it.
Matured: Bonds and deposits whose repayment date fell between the two portfolios, so they were repaid rather than sold. One sold in its last days reads the same.
Maturity date known: The share of the bond book, perpetual bonds left out, whose repayment date is known: the bonds the durations and the maturity profile are taken over.
Maturity profile: The fund's bonds grouped by how long until each is repaid, as a share of the fund's net assets; a bond with no known maturity date is left off.
Mid cap share: The share of the fund's shares held in the 101st to 250th largest listed companies.
Middle half of the category: The returns of the fund a quarter of the way down the category and the fund a quarter of the way up, over the same window: half the category's funds returned between the two.
Minimum investment: The smallest amount the plan accepts for a first purchase.
Minimum SIP: The smallest monthly instalment the plan accepts.
Modified duration: Roughly how much the bonds' value changes, in per cent, for each one point change in interest rates.

Net asset value (NAV): What one unit of the fund is worth: everything the fund owns, less what it owes, divided by the units held by investors, worked out once a day after the market closes.
New fund offer opened: The day the fund's new fund offer opened for investors to apply; units are allotted when it closes.
New positions: Holdings in this month's portfolio that were not in the month before.

P/E: What the fund pays for each rupee of yearly profit its companies earn: the total value of its shares divided by those companies' last four quarters of profit, each in proportion to what the fund holds. The profit leaves out one-off items (exceptional items and businesses sold or demerged), so one company's one-off gain cannot make the fund look cheap. A loss-making company lowers the profit. Shown when at least 80% of the fund's shares are counted.
Perpetual bonds: Bonds with no maturity date: the issuer pays interest with no fixed day to repay. Their share of the bond book; they are in no duration and no maturity window.
Place in category: The fund's rank in its category as a share of the funds ranked: 10% is the top tenth over the window.
Portfolio changed after the handover: How much of the portfolio was different three months after the manager took over: half the sum of every holding's change in weight, with each side's holdings scaled to add up to 100 so a move into cash does not count.
Portfolio changed before the handover: The same measure over the three months before the manager took over, since portfolios change anyway.
Portfolio overlap: The share of the two funds' portfolios that is the same: for every holding they share, the smaller of its two weights, added up.
Portfolio P/E: The price to earnings ratio of the fund's stocks taken together, on the last twelve months' profit, as the fund house states it.
Portfolio turnover: How much of the portfolio the fund bought or sold over the last year, as a share of its assets, as the fund house states it.
Potential risk class: The most risk a debt fund says it may take, as a letter and a numeral: the letter is credit risk, from A (relatively low) to C (relatively high), and the numeral is interest rate risk, from I (relatively low) to III (relatively high).
Premium or discount: How far the ETF's closing price on the exchange was above or below its NAV the same day: the close divided by that day's NAV, less one. Above the NAV is a premium, below it a discount.

R-squared: The share of the fund's monthly movement that its benchmark's movement explains, from 0 to 100.
Rank among funds on the same index: The fund's place among the funds tracking the same index on the same plan: from the lowest tracking error and expense ratio, and from the highest tracking difference after fee.
Rank in category: The fund's place among the funds of its category with a return over the same window, highest return first.
Return between two dates: The change in NAV from the last NAV on or before the first day to the last NAV on or before the second, as it stands, not as a yearly rate.
Return in the manager's time: The change in the plan's NAV from the day the manager took the fund over to the latest NAV; past a year, the yearly rate that would compound to the same change.
Return in the year to March: The change in NAV from the last NAV on or before 31 March of one year to the last NAV on or before 31 March of the next.
Riskometer: The fund's own risk label on SEBI's six-step scale, from Low to Very High, set from what the fund holds and reviewed every month.
Rolling returns: The yearly return over every window of the same length in the fund's history, one starting on each day it priced, read as the range from the lowest to the highest.

Second benchmark: An additional index the fund house chose to compare the fund with, beside the first benchmark, which every fund of its category shares.
Sector weight: The fund's shares grouped by the business each company is in, less the futures sold on them, each group as a share of the fund's net assets.
Share of assets in the direct plans: The direct plans' average assets for the quarter as a percentage of the fund's total; the rest is in the regular plans, bought through distributors.
Share of the fund's shares: The same sector weights divided by everything the fund holds in shares, Indian and foreign, so the sectors add up to 100.
Shared holdings: The number of securities both funds hold, cash and futures left out.
Sharpe ratio: The monthly return above the 91-day Treasury bill yield, divided by its standard deviation and stated for a year: the extra return for each unit of movement in the NAV.
SIP return (XIRR): The yearly rate that, applied to each monthly instalment from the day it was invested, gives the value of all the units today.
SIP return after stamp duty: The same SIP return with stamp duty of 0.005% taken from every instalment since 1 Jul 2020, so ₹10,000 buys ₹9,999.50 of units.
Small cap share: The share of the fund's shares held in listed companies after the 250 largest.
Sold out: Holdings in last month's portfolio that are gone from this one, other than a bond or deposit repaid on its due date.
Sortino ratio: The monthly return above the 91-day Treasury bill yield, divided by how far it fell below that yield and stated for a year: the extra return for each unit of movement on the way down.
Stamp duty and exit load: The stamp duty on every instalment since 1 Jul 2020, plus the plan's current exit load on the units held for less than its holding period, in rupees.
Stamp duty paid: The stamp duty on all the instalments, in rupees: 0.005% of each purchase made since 1 Jul 2020.
Standard deviation: How far the fund's monthly returns spread around their average, stated as a yearly figure: the wider the spread, the more the NAV moves.

Ten largest investors' share: The share of the fund's assets held by its ten largest investors, as the fund house states it.
Top 10 holdings: The share of the fund held in its ten largest positions.
Top 10 shares: The share of the fund held in its ten largest shareholdings, bonds and fund units left out.
Top 5 holdings: The share of the fund held in its five largest positions.
Total expense ratio: What the fund charges each year as a share of the money invested, taken out of the NAV every day, so the returns shown are already after it.
Tracking difference: The index fund's return less its index's return over the same period; the fund's costs make it negative.
Tracking difference after fee: The one-year tracking difference with the year's average expense ratio added back: how far the fund was from its index for reasons other than its fee.
Tracking error: How much an index fund's daily returns differed from its index's, stated as a yearly figure.
Traded at least: The smaller of the weight bought in new positions and the weight sold out of old ones, cash left out: the least the fund must have bought and sold in the month.
Trailing return: The change in NAV from the start date to the latest NAV; over a year and longer, the yearly rate that would compound to the same change (CAGR).
Trimmed: Holdings with fewer units than the month before. Where the fund states no units, a weight that fell by more than a tenth.

Unchanged: Holdings with the same number of units as the month before. Their weight can still move with the price.
Upside capture: The fund's return in the months its benchmark rose, as a percentage of the benchmark's return in those months.

Value today: What the units bought by every instalment are worth at the latest NAV.

Weight in the fund: The holding's market value on the portfolio date as a share of the fund's net assets.
Weight that moved: Half the sum of every position's change in weight between the two month ends, new and sold positions included; price moves alone raise it.
What changed: New: not held the month before. Added or trimmed: more or fewer units than the month before, or, where no units are stated, a weight that moved by more than a tenth. Sold out: held the month before, gone now. Matured: a bond or deposit whose repayment date fell between the two portfolios, so it was repaid rather than sold (one sold in its last days reads the same).
Windows that ended higher: The share of all the windows of this length in which the NAV ended above where it started.

Yield after expenses: The yield to maturity less the plan's expense ratio.
Yield to maturity: The yearly return the fund's bonds would earn if each were held to maturity at today's price, weighted by what the fund holds of each.

Market indices

10 terms

Change since the start of the window: Each day's close against the index's own close on the window's first day, as a percentage, so indices at very different levels share one scale.
Companies in an index: How many companies the index holds on its current list, which the exchange revises from time to time.

Dividend yield of an index: The index's dividend yield as the exchange publishes it: dividends its members paid over the last twelve months as a percentage of their market value.

Members above their 200-day average: The share of the index's members whose latest close is above their own average close of the last 200 trading days; members listed too recently to have one are left out.
Mutual funds that follow an index: Mutual funds still running that name this index as their benchmark, the index a fund measures its own return against, in their latest monthly report.

One-month return of an index: The latest close against the close a month earlier, on the same date or the last trading day before it, as a percentage.
One-year return of an index: The latest close against the close a year earlier, on the same date or the last trading day before it, as a percentage.

Price to book of an index: The index's P/B as the exchange publishes it: its members' market value divided by their net worth, the assets they own less everything they owe.
Price to earnings of an index: The index's P/E as the exchange publishes it with the close: its members' market value divided by their profit over the last twelve months, each member counted as the index weighs it.

Three-month return of an index: The latest close against the close three months earlier, on the same date or the last trading day before it, as a percentage.

Technical analysis

42 terms

20-day average: The average of the last 20 closes: the middle of the Bollinger bands.

Average directional index, 14 days: A 0 to 100 measure of how much of the last 14 sessions' movement ran one way, whichever way that was.
Average true range as a share of price: The 14-day average true range as a percentage of the close.
Awesome oscillator: The 5-day average of each day's midpoint between high and low less the 34-day average of the same, in rupees.

Bollinger band width: The distance between the two Bollinger bands as a percentage of the 20-day average.
Bull bear power, 13 days: The day's high less the 13-day exponential average of the close, added to the day's low less that same average, in rupees.

Camarilla pivot levels: Levels above and below the close at 1.1 times the session's range divided by 12, 6 and 4.
Classic pivot levels: The pivot is the average of the session's high, low and close; each level above and below it adds or takes away a multiple of the session's range.
Closes above the 20-day average, 60 sessions: The percentage of the last 60 sessions that closed above their own 20-day moving average.
Commodity channel index, 20 days: How far the typical price, the average of high, low and close, sits from its 20-day average, in units of 0.015 times its average distance from that average.

Delivery: The share of the session's traded shares that were delivered into demat accounts rather than bought and sold again the same day.
Delivery, last 21 sessions: Of all the shares traded over the last 21 sessions, the share delivered: each session's delivery weighted by its volume, so a busy session counts for more.
Delivery, last 5 sessions: Of all the shares traded over the last 5 sessions, the share delivered: each session's delivery weighted by its volume, so a busy session counts for more.
DeMark pivot levels: One level either side of a pivot that also reads the open: the high or the low the session closed towards is counted twice, so a session that closed under its open sets lower levels.

Fibonacci pivot levels: Levels above and below the classic pivot at 0.382, 0.618 and 1 times the session's range.

Hull moving average, 9 days: A 9-day average that follows the price closely: a 3-day weighted average of twice the 4-day weighted average less the 9-day one, each weighting the latest close most.

Ichimoku base line, 26 sessions: The midpoint of the highest high and the lowest low of the last 26 sessions.

Lower Bollinger band: The 20-day moving average less twice the standard deviation of the last 20 closes.

MACD histogram: The MACD line less its signal line.
MACD line: The 12-day exponential moving average of the close less the 26-day one, in rupees.
MACD signal line: The 9-day exponential moving average of the MACD line.
Momentum, 10 sessions: The close less the close 10 sessions earlier, in rupees.
Money flow index, 14 days: Money traded on days the typical price rose, as a percentage of money traded on days it rose or fell, over the last 14 sessions.

Negative directional indicator, 14 days: Falls in the day's low over the last 14 sessions as a percentage of the true range over the same sessions.

Positive directional indicator, 14 days: Rises in the day's high over the last 14 sessions as a percentage of the true range over the same sessions.

Sessions above the 200-day average: Of the last 250 sessions that had a 200-day average, how many closed above it.
Sessions since MACD crossed its signal line: Trading sessions since the MACD line last moved from one side of its signal line to the other.
Sessions since the 50-day average crossed the 200-day: Trading sessions since the 50-day moving average last moved from one side of the 200-day moving average to the other, with the day and the close it happened at.
Slope of the 200-day average: The 200-day moving average today against its value 20 sessions ago, as a percentage change.
Stochastic %D: The average of the last three %K readings.
Stochastic %K, 14 days: Where the close sits in the range of the last 14 sessions, from 0 at the lowest low to 100 at the highest high.
Stochastic RSI: Where today's 14-day RSI sits in the range of its own last 14 readings, from 0 at the lowest to 100 at the highest.

Ultimate oscillator: A 0 to 100 average of where each close sits in its day's true range, taken over 7, 14 and 28 sessions and weighted 4, 2 and 1.
Upper Bollinger band: The 20-day moving average plus twice the standard deviation of the last 20 closes.

Volume against usual, day: The day's shares traded divided by the average of the 50 sessions before it.
Volume against usual, month: The average shares traded over the last 21 sessions divided by the average of the 50 before them.
Volume against usual, week: The average shares traded over the last 5 sessions divided by the average of the 50 before them.
Volume on rising days, 20 sessions: Of all shares traded over the last 20 sessions, the percentage traded on sessions that closed higher than the one before.
Volume trend, 20 sessions: The average shares traded over the last 20 sessions against the 20 before them, as a percentage change.
Volume-weighted average, 20 days: The average close of the last 20 sessions with each weighted by the shares traded that day, so a busy day counts for more.

Williams %R, 14 days: How far the close sits below the highest high of the last 14 sessions as a share of their range, from 0 at the high to minus 100 at the low.
Woodie pivot levels: The classic levels, with the close counted twice in the pivot.

Share price and valuation

Company accounts

Mutual funds

Market indices

Technical analysis