Variable rate

Rate paid by a bond that varies according to changes in interest rates.
They may be distinguished as follows:

- short-term rates : EONIA / EURIBOR

- long-term rates : TEC 10: 10-year constant maturity rate
- inflation rates : national inflation rates / European inflation rates

Volatility

Volatility measures the extent of variation in the price of an asset. It allows the volatility of performance of a UCITS to be estimated; the lower the volatility, the more regular the performance of the UCITS or the stock.

Voting rights

The French Financial Security Law has introduced, as one of the rules of good conduct applicable to asset management companies, the obligation to exercise the voting rights held in the UCITS that they manage “in the interests exclusively of shareholders or holders of units in these UCITS”. Asset management companies are obliged to report their voting practices under the conditions fixed by the General Regulations of the French Financial Markets Authority. It is specified in particular that when asset management companies fail to exercise these voting rights, they are bound to explain their reasons to holders of units or shareholders in the UCITS.