R²:

Coefficient that in a regression measures the percentage of the variable's variance shop assistant that is explained by the independent variables. Is a measure of the goodness of the reduction and of the predictions that via him you can carry out.

Ranking:

Is the classification of a family of investment funds, tidy according to the return, risk, assets or any other criterion. Standard and Poor's has developed its star ranking (Standard and Poor's Micropal Star Ranking (TM)), based on the relative return of the fund.

Rating:

Rating of an investment fund for a series of parameters, as the return and the risk. This way, the investment is not analysed just for the obtained return. There are rating agencies specialised in the analysis of the funds, as Standard&Poor's.

Credit rating:

Rating of the liabilities of an agent issuer, based on its skills to comply with its obligations.

Ratio of Information:

Is an indicator of return and risk relative with respect to the reference rate of the fund. Specifically, measures the obtained differential return for the fund when dealing with the reference rate for unit of relative risk in which has incurred. This ratio is measured as: (return of the fund - return of the reference rate) / tracking error. Is calculated in year-on-year terms. If the ratio is positive and higher than one means that every differential risk unit assumed is being seen compensating with more than an unit of return of surplus when dealing with the index.

Ratio return-risk:

Is calculated as the quotient between the return and the volatility in year-on-year terms. Constitutes an indicator of the management of the fund in absolute terms. In a context of return positive, this ratio represents the return of the fund for unit of assumed risk. If the ratio is positive, how much elder is its value better results will have hurled the style of management representing the fund.

Reduction in Basis Of assessment:

The general tax basis is obtained practicing in the general part of the basis of assessment, after reducing this in the amount of minimum staff and relative that they correspond, certain reductions, being one of these the contributions to Social Security Pension plans and Mutual societies.

Reimbursement:

Rescue or settlement, total or partial, of the shares of a fund.

Transitional arrangement:

Shares of acquired investment funds before 31/12/1994 will reduce the patrimonial gain, where applicable, for the application of the proofreader coefficient of 14.28% and this will be done for every year that it exceeds of two, rounding for excess the number of years that they go from the purchase date until 31/12/1996. These gains of more than a year are integrated in the special basis of assessment paying taxes to the fixed rate of 15%.

Insurers Company' record and Reinsurers:

Administrative record depending from the Directorate-General for Insurance and Pension Funds in which contain the data related to these companies.

Depositary Company' record:

Administrative record in which figure the resolution of the prior authorisation and the enrollment, denomination, registered office, managers and top officials of the Company who was had authorised representative for the financial year of the functions of the Company Depositary of Pension funds; and the relationship of managers, Directors or Managers that were authorised representatives.

Managing Entity' record:

Administrative record depending from the Directorate-General for Insurance and Pension Funds, in which appear the resolutions on prior authorisation and enrollment; denomination and registered office; managers and top official names of the Company; share capital, mutual or Non-current liability Fund of the Head Office; statutory modifications; Managed pension funds; and whatever other details that are determined.

Record of Mutual societies:

Book of the Record of Insurers Companies dedicated to Mutual societies of Social Security, in which are registered the administrative authorisations, modifications of statutes, the appointment and cessation of the members of the Board Of directors, the merger agreements, demerger and transformation, the revocation of the authorisation, and how many others are determined.

Record of Planes and Pension funds:

Administrative record in which owe register the Pension funds after the acquisition of the previous administrative authorisation. In him also appears the Plan or Pension Plans integrated in the Fund.

Mercantile Register:

The Mercantile Register is an advertising instrument for the security of the legal traffic; is a public office, existing in all the provincial capitals and other planned cities; and is formed by the set of books, legajos and deposited documents and that are kept under the accountability of the Registrar.

Administrative records:

They are Formed by the Record of Actuaries, the Record of Auditors, the Record of Companies Insurers, the Record of Managing Entities, that one of Depositary Companies, that one of Mutual societies and the Record of Planes and Pension funds.

Regulations of management:

Set of standards that, fulfilling the requirements established in the current legislation, regulates and governs the characteristics of an Investment fund and its operation.

Yields of Economic Activities:

Anyone who coming from the personal work, of the capital, or of both, suppose the ordainment on a self-employed basis of measured of production, of human resources, or of both, with the aim of intervening in the production or good or service distribution.

Returns on capital:

All the the useful tools or payments, anyone that it is its denomination or nature, money or in kind, that they come, direct or indirectly, of patrimonial elements, goods or rights, whose ownership corresponds to the contributor and are not found affections to economic activities made by the same one.

Investment incomes:

All the the useful tools or payments, anyone that it is its denomination or nature, money or in kind, that they come, direct or indirectly, of the movable capital and, general, of goods or rights not qualifiers as property, of which is holder the contributor and are not found affections to economic activities made by the same one.

Earned incomes:

Payments or useful tools, anyone that it is its denomination or nature, money or in kind, that they derive, direct or indirectly, of the personal work or of the working relationship or statutory and they do not have economic activity yield character.

Net Yields:

Difference, positive or negative, between whole incomes and the deductible costs.

Fixed income:

Set of financial assets that bring a periodic return (bonds, promissory notes, etc.). The fixed income does not involve the security of charge, that depends on the solvency of the issuer.

Equities:

Generic expression that is applied to the equity market. Is called thus because the return depends on the variable payment of the dividends which in turn depends on the profits of the company and of its dividend policy.

Profitability:

- Calculation of the percentage of profit or loss that obtains the investor, since subscribes the shares until the day of reference for its calculation.

- Total gain (generated goodwill and income) for invested unit in a certain period.

Year-on-year return:

Calculation of the percentage of profit or loss that obtains the investor, considering as a time horizon the last 12 months.

Repos:

Operations with debt buyback to very short term. You usually are part of the portfolio of the funds to place part of its liquidity in exchange for an attractive return. They are current especially in the funds of the money market.

Resident:

The Spanish standard determines that a person is fiscal resident in Spain when remains more than 183 days a year in Spanish territory, or when it is here where it lies the main core or its economic interests' base or of its business or professional activities.

Remuneration:

Reward or payment for some service or condition.

Review of Planes:

The financial and actuarial system of the Planes should be revised by actuary and, where applicable, rectified, at least, every three years, taking into account the evolution of the wages, the return of the investments, the mortality rates of the group, the survival of the liabilities, and the other concurrent circumstances.

Risk:

Probability of suffering a loss for the investment made. To assumed major risk, is owed expect a great gain of the investment.

Credit risk:

Impossibility by the issuer of the title of addressing the payment of the interests or of the amount invested initially. This risk is measured via the credit quality (rating) issued by Agencies of Rating, that it allows comparing in a homogenous way the various issuances that are negotiated on the market.

Risk of market:

The risk of market is the potential loss before adverse movements in the variables of the market that affect the asset prices.

Exchange rate risk:

Risk of that unfavourable variations are produced in the exchange rate. Is incurred in this risk if the return of foreign assets is seen dwindled when obtaining its value in euros.

Risk of interest rate:

Risk of that they vary the interest rates and, therefore, the asset price of fixed income.