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Ordinary shares

In a conventional investment company, this is the only class of share issued and benefits from all the income and capital growth in the portfolio.

Ordinary income shares

A type of share issued by a split capital investment company which can offer both a higher level of income and the prospect of capital growth.

Order of priority

The order in which income and capital returns are paid to different classes of share. The lower it is in the order of priority, the riskier the share class is.

Open-ended fund

A collective investment fund which increases and decreases in size as investors enter and leave it.

Ongoing charges

A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.

Offer price

The price at which you can buy shares for when two prices are quoted. This is also shown as the ‘buy’ price and will be the higher of the two prices shown.


A company that holds investment company shares on your behalf.

Net asset value (NAV) per share

A very common measure of the underlying value of a share in an investment company.  The NAVs on the AIC site are are Morningstar estimates, based on the last close.

NAV total return performance

A measure showing how the net asset value (NAV) per share has performed over a period of time, taking into account both capital returns and dividends paid to shareholders.