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NAV capital return performance

A measure showing how the Net Asset Value (NAV) per share has performed over a period in capital terms alone, without reflecting any income dividends paid to shareholders. However it does include capital dividends within the calculation.

Management fee

The fee charged by a fund manager for managing a portfolio.  It’s normally based on a percentage of the assets under management.

Main market

The London Stock Exchange's principal market for listed companies from the UK and overseas.


The process of ending a company’s life. It normally involves selling off the company’s assets, paying off any creditors, and then returning anything left over to shareholders.


Refers to investments that can be sold at short notice. This includes shares and securities that are traded on stock markets.

Investment trust

An investment company which is based in the UK and which meets certain tax conditions so that it doesn’t pay tax on gains made within the portfolio.