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U

umbrella fund
A collection of funds with a central administration provided by one manager, offering inter-fund switching opportunities. Under this structure, each sub-fund has a separate investment objective and policy and portfolio of assets.

universe constraint
A Universe Constraint sets which universes, asset classes or individual products (e.g. funds) can or cannot be included in a portfolio.

up capture
A measure of the investment’s compound return when the benchmark was up, divided by the benchmark’s compound return when the benchmark was up. The greater the value, the better.

up number ratio
A measure of the number of periods that the investment was up when the benchmark was up, divided by the number of periods that the benchmark was up. The larger the ratio, the better.

up percentage ratio
A measure of the number of periods that the investment outperformed the benchmark when the benchmark was up, divided by the number of periods that the benchmark was up. The larger the ratio, the better.

user-level constraint
A constraint or a set of constraints applicable to a single user, regardless of what portfolio is currently being worked on.