Lexicon
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Maturity
The maturity of a financial instrument is the period of time that separates the current date (today) from the final expiry date of the security, i.e. the date on which it will come up for redemption. Thus, a bond that will come up for redemption in 2020 has a maturity of 13 years in 2007.
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Minimum-price offer and Fixed-price offer
These are stock exchange listing procedures by which, in the case of a minimum-price offer, an operator fixes the quantity and the price depends on demand and the requirements of the vendor, while in the case of a fixed-price offer, an operator fixes both the quantity and the single price of the securities being sold.
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Multi-management
Multi-management is a management activity dedicated to investment in funds as opposed to direct investment in securities (shares, bonds, etc.). It is based on the principal that there exist investment managers who are specialists in their asset class and capable of outperforming their benchmark index; bringing together these different expertises, internal and external, will produce a superior result in terms of performance and risk. The added value of multi-management rests therefore in its capacity to 1) select the best investment managers, 2) once investment managers have been selected, build a portfolio that conforms with management objectives and 3) adapt this portfolio dynamically to market conditions.
This concept also applies to long-only funds (in our case, Directional Multi-management) and to alternative funds or Hedge Funds (Alternative Multi-management).
