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U

unit trust
In the United Kingdom and some other markets, an open-end mutual fund.

V

value investment strategy
An investment methodology that involves the purchase of securities that the fund manager judges to be priced below their intrinsic values.

VAMI
Value-Added Monthly Index. The value that $1,000 allocated to an investment fund on its inception date would currently have, assuming that all profits and distributions were reinvested.

VAR
Stands for Value At Risk. A measure of the potential change in value that a fund's portfolio may experience during that vehicle's holding period. It is usually expressed as a percentage, which is referred to as a confidence level.

volatility
The degree of movement in the price of an asset.

volatility arbitrage investment strategy
A strategy in which a fund manager seeks to take advantage of fluctuations and inefficiencies in financial markets, usually the stock market. A common variant is the options arbitrage investment strategy, which can be carried out as a market-neutral investment strategy or with a long bias toward volatility.

W

warrant
A certificate authorizing the holder to buy a corporation's stock at a specified price, either indefinitely or within a certain time. Warrants are different from rights in that they generally last longer, and the price at which the holder is entitled to buy the stock usually is more than the stock's market price when the warrant was issued.