Super Finance Glossary
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Portfolio Opportunity Set
Definition: The expected return/standard deviation pairs of all portfolios that can be constructed from a given set of assets.
Definition: The expected return/standard deviation pairs of all portfolios that can be constructed from a given set of assets.
Portfolio R2
Definition: Used in the context of general equities. Number between 0 and 1 that measures the strength of correlation of movement between the portfolio/stock and the index. Indeed, the R2 is the square of the correlation. For hedging purposes, the higher the R2, the better.
Definition: Used in the context of general equities. Number between 0 and 1 that measures the strength of correlation of movement between the portfolio/stock and the index. Indeed, the R2 is the square of the correlation. For hedging purposes, the higher the R2, the better.
Portfolio Restructuring
Definition: Applies to derivative products. Recomposition of a portfolio's asset mix by selling off undesired asset types (equities, debt, or cash) or specific securities within that class, while simultaneously buying desired types or securities. Often a firm is asked to bid on an old portfolio and give an offering of the desired portfolio. See: Program trading.
Definition: Applies to derivative products. Recomposition of a portfolio's asset mix by selling off undesired asset types (equities, debt, or cash) or specific securities within that class, while simultaneously buying desired types or securities. Often a firm is asked to bid on an old portfolio and give an offering of the desired portfolio. See: Program trading.
Portfolio Separation Theorem
Definition: Theory that an investor's choice of a risky investment portfolio is separate from his attitude towards risk. Related: Fisher's separation theorem.
Definition: Theory that an investor's choice of a risky investment portfolio is separate from his attitude towards risk. Related: Fisher's separation theorem.
Portfolio Transaction Costs
Definition: The expenses associated with buying and selling securities, including commissions, purchase and redemption fees, exchange fees, and other miscellaneous costs. In a mutual fund prospectus, these expenses are listed separately from the fund's expense ratio.
Definition: The expenses associated with buying and selling securities, including commissions, purchase and redemption fees, exchange fees, and other miscellaneous costs. In a mutual fund prospectus, these expenses are listed separately from the fund's expense ratio.
Portfolio Turnover Rate
Definition: For an investment company, an annualized rate found by dividing the lesser of purchases and sales by the average of portfolio assets.
Definition: For an investment company, an annualized rate found by dividing the lesser of purchases and sales by the average of portfolio assets.
Portfolio Variance
Definition: Weighted sum of the covariance and variances of the assets in a portfolio.
Definition: Weighted sum of the covariance and variances of the assets in a portfolio.
Position
Definition: A market commitment; the number of contracts bought or sold for which no offsetting transaction has been entered into. The buyer of a commodity is said to have a long position, and the seller of a commodity is said to have a short position. Related: Open contracts.
Definition: A market commitment; the number of contracts bought or sold for which no offsetting transaction has been entered into. The buyer of a commodity is said to have a long position, and the seller of a commodity is said to have a short position. Related: Open contracts.
Position Accountability
Definition: A rule adopted by an exchange requiring persons holding a certain number of outstanding contracts to report the nature of the position, trading strategy, and hedging information of the position to the exchange, upon request of the exchange. See Speculative Position Limit.
Definition: A rule adopted by an exchange requiring persons holding a certain number of outstanding contracts to report the nature of the position, trading strategy, and hedging information of the position to the exchange, upon request of the exchange. See Speculative Position Limit.
Position Building
Definition: Buying shares to build up a long position or selling shares to create a short position in a particular security or group of securities.
Definition: Buying shares to build up a long position or selling shares to create a short position in a particular security or group of securities.
Position Diagram
Definition: Diagram showing the possible payoffs from a derivative investment.
Definition: Diagram showing the possible payoffs from a derivative investment.
Position Limits
Definition: Applies to derivative products. Maximum position available in any one future or option contract for a given institution. For "bona fide" futures hedgers, there are no position limits.
Definition: Applies to derivative products. Maximum position available in any one future or option contract for a given institution. For "bona fide" futures hedgers, there are no position limits.
Position Self
Definition: Used in the context of general equities. Going long or short in anticipation of a stock's movement.
Definition: Used in the context of general equities. Going long or short in anticipation of a stock's movement.
Position Sheet
Definition: Used in the context of general equities. List of long and short positions for an individual trader or desk, at times accompanied by the trades from the previous trading session that brought these closing positions.
Definition: Used in the context of general equities. List of long and short positions for an individual trader or desk, at times accompanied by the trades from the previous trading session that brought these closing positions.
Position Trader
Definition: A commodities trader who takes a long-term approach in maintaining positions in the market and does not close out of these positions until close to the delivery date.
Definition: A commodities trader who takes a long-term approach in maintaining positions in the market and does not close out of these positions until close to the delivery date.
Positive Convexity
Definition: A property of option-free bonds that the price appreciation for a large downward change in interest rates will be greater (in absolute terms) than the price depreciation for the same downward change in interest rates.
Definition: A property of option-free bonds that the price appreciation for a large downward change in interest rates will be greater (in absolute terms) than the price depreciation for the same downward change in interest rates.
Positive Covenant (of A Bond)
Definition: A bond covenant that specifies certain actions the firm must take. Also called an affirmative covenant.
Definition: A bond covenant that specifies certain actions the firm must take. Also called an affirmative covenant.
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