Glossary
Plain-language definitions of the terms on fund factsheets and fund pages.
MDD (Minimum Disclosure Document)
The South African regulatory name for a fund factsheet: the monthly document that must disclose performance, fees and risks in a prescribed way under BN 92 of 2014.
Factsheet
A one-to-four page monthly summary of a fund: performance, fees, positioning, commentary and disclaimers. Called an MDD in South Africa.
TER (Total Expense Ratio)
Annual running costs of the fund as a percentage of assets — management fees plus operating expenses, excluding transaction costs.
Total Investment Charge (TIC)
TER plus transaction costs: the fullest standard measure of what a fund costs to hold.
Annualised return
The constant yearly rate that would produce the fund’s total return over a period. Standard for periods longer than a year.
Cumulative return
The total percentage gain over a period, not restated per year. A 5-year cumulative return of 65% ≈ 10.5% annualised.
Since inception (SI)
Return measured from the fund’s launch date. Usually annualised when the fund is older than a year.
Benchmark
The index or peer average a fund measures itself against. Performance shown next to a benchmark must use the same periods and basis.
Drawdown
The peak-to-trough decline of a fund over a period. Maximum drawdown is the worst such fall.
Highest / lowest annual return
The best and worst rolling 12-month returns since inception — a required disclosure in several regimes, including South Africa.
ISIN
International Securities Identification Number: the 12-character code identifying a specific fund class.
Fund class
A variant of the same fund with its own fee structure and ISIN (e.g. class A for retail, class B for institutions).
Fund centre
The page on a manager’s website listing the whole fund range with live figures, linking to individual fund pages.
As-at date
The date the shown figures were struck. Every performance number on a website should carry one.