Glossar

An investment strategy that aims to achieve a positive return (absolute or market-independent return) in any market situation.

With accumulation, an investment fund does not pay out dividends to the unit holders. Instead, it invests its income generated on an ongoing basis. Opposite: Distribution.

Alpha (Jensen's Alpha) is a risk-adjusted metric used to evaluate the performance of a fund or portfolio relative to a benchmark. It indicates the portion of the return that cannot be explained by systematic market risk (beta), but is instead attributed to active portfolio management. A positive alpha suggests that the fund has outperformed the market beyond the level justified by its risk. A negative alpha indicates underperformance.

Note on common usage:
In everyday language, "alpha" is sometimes used synonymously with outperformance relative to a benchmark – without taking the associated risk into account.

The capital management company has to prepare a statement of accounts for each financial year of an investment fund. Contents include, for example, an overview of the management of the assets in the past year and the auditor's opinion.

Asset allocation deals with the question of what percentage of different investments or assets must represent an optimally structured asset or portfolio.

In finance, an asset class is a group of financial products that are grouped together based on common characteristics. Examples of asset classes include equities, bonds, real estate or commodities. Assenagon offers investment funds in the asset classes equities, credit, multi asset and volatility. To fund overview.

Describes the total assets under management of an asset manager or investment fund.