Well positioned going into 2021

Glossary

Diversification: way of spreading risk by mixing different types of assets/asset classes in a portfolio.

Net asset value (NAV): The total value of a fund's assets less its liabilities

Leverage: The use of borrowing to increase exposure to an asset/market. This can be done by borrowing cash and using it to buy an asset, or by using financial instruments such as derivatives to simulate the effect of borrowing for further investment in assets.

Volatility: The rate and extent at which the price of a portfolio, security or index, moves up and down.

Thematic investing: an approach which focuses on predicted long-term trends rather than specific companies or sectors, enabling investors to access structural, one-off shifts that can change an entire industry

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