It represents the percentage of assets held by the fund in the three asset classes in which it invests: equities, fixed income and cash.

It measures the fund's sensitivity to movements in the stock market. It is expressed as a coefficient and it is an indication of how much the fund's NAV would change as a results of a rise/fall in the stock market. For example: if the beta of Cartesio Y is 0.5, the fund should rise (fall) 0.5% for every 1% rise (fall) in the stock market.

The prominent professional financial information system. The Cartesio funds have a Bloomberg code which allows access to extensive information and research tools about them.

It is the value in the stock market of a company, normally expressed in billions of Euros. It is the product of multiplying the price of a share in the market times the number of shares issued. The companies held in the fund are classified according to their market capitalisation as large, medium and small.

Es lo que cobra la gestora del fondo (en nuestro caso Cartesio Inversiones SGIIC SA) a los partícipes por su gestión. Los fondos Cartesio tienen una comisión fija anual que es un porcentaje del patrimonio del fondo y otra variable (no en el caso del Pareturn Cartesio Equity), que es un porcentaje de la rentabilidad obtenida en el año natural. Ambas comisiones se calculan diariamente y están reflejadas en el valor liquidativo del fondo. Si la rentabilidad obtenida en el año es negativa la comisión variable es cero y sólo empieza a reflejarse de nuevo en el valor liquidativo cuando el fondo recupere las pérdidas para lo cual existe un plazo de tres años; a partir del tercer año se inicia un nuevo ciclo de comisión variable ligada a la retabilidad obtenida

It is the financial institution responsible for the registration and book keeping of the assets held by the fund and all the subscriptions and redemptions. It is totally independent from the manager. The fees charged by the custodian are accrued and charged to the fund on a daily basis and therefore reflected in its daily Net Asset Value.

It is the fee charged by the manager (Cartesio Inversiones SGIIC SA) to the fund for its services. The Cartesio funds have a fixed annual fee which is a percentage of the assets held by the fund, and a performance fee (not for Pareturn Cartesio Equity) based on the annual positive returns generated by the fund. Both management fees are calculated daily and are deducted to arrive at the daily Net Asset Value of the fund. If the fund has a loss in a given year the performance fee is zero and will be charged again only when the loss is recovered; the fund has three years to recover the loss. After three years without recovering the loss a new performance period is set to calculate the performance fee.

It represents the percentage, within the equities or the bond portfolio, invested in each of the ten economic sectors into which the world stock market is divided by Morgan Stanley Capital International. In the reports we also show the weight that each sector has in our benchmark equity index (MSCI Pan Europe).

A statistical number which reflects the total value of its components. In the monthly reports we use a benchmark index for European equities (MSCI Pan Europre) and another for long term Euro zone government bonds (Bloomberg/EFFA Euro Generic Government Bond 10 year). The investment objective of the Cartesio funds is to obtain better risk adjusted returns than its benchmark index over the longer term.

International Securities Identification Number. It is the standard international code to identify any financial instrument. It an alphanumeric combination of twelve characters, the first two identify the issuer's place of registration (for example ES is for Spain). The Cartesio funds have each their own ISIN codes.

A measure of risk adjusted returns which, expressed as a percentage, shows the theoretical return one would have achieved by assuming the same level of risk ( price volatility) as the index. It is a more intuitive measure of risk adjusted returns than the Sharpe ratio.

The holy grail of investment is to achieve the highest possible returns with the lowest possible risk. Cash is the only asset without risk. Risk is measured by price volatility, the higher the volatility of an asset the higher is the risk of capital loss. We give two measures of risk adjusted returns in our reports, the Sharpe ratio and M2 , both use the returns and the volatility of the funds and compare it with the returns of cash.

A measure of risk adjusted returns, obatained by dividing the exces return of an asset over cash (risk free asset) by its price volatility. In the long term, a sharpe ratio over one is exceptional and above two is extraordinary. The stock market has a longer term Sharpe ratio of around 0.3.

The result of valuing the fund's assets at market prices after deducting all fees and expenses. It is calculated daily.

Value at risk. Measures the expected maximum loss (with a 95% confidence level) of the fund within a given period. It is calculated using the price volatility of the fund.

The standard deviation of the fund's daily net asset value. It is expressed in annual terms. The higher the standard deviation, the higher the probability the fund incurs a significant capital loss in a given year. The Cartesio funds have a history of moderate (Cartesio Y) or low (Cartesio X) volatility.