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A portfolio investment entity (PIE) is a new type of entity (such as a managed fund) that invests the contributions from investors in different types of investments.

Perpetual Note Bond

A bond with no fixed maturity date.

PE Ratio

An abbreviation for Price to Earnings Ratio. This ratio, which divides the share price by earnings per share, provides a simplistic valuation tool for investors. As a rule of thumb, the higher the P/E ratio, the more expensive the company, hence the reason why “value” investors focus on buying companies with low P/E ratios.

Passive Management

Investing in a managed fund (other pooled investment) that attempts to match the risk/return pattern of a market index.

Payout Ratio

The percentage of after tax profits paid out to shareholders as dividends.

Personalised Service

Personalised service is service provided to clients who are known and are readily identifiable by the Adviser, and either the Adviser has taken the person’s individual financial situation into account, or the client would expect their individual situation to be taken into account. The individual’s financial situation includes their financial needs, financial goals and tolerance for risk. Source: www.fma.govt.nz


The face value of a bond.


The document issued by a company or fund prior to the issue of shares to the public. This sets out the terms of the offer, provides the background and financial and management status of the company or fund, and must comply with the NZX Listing Rules and the Securities Act 1978.


When the price of a bond/share exceeds its face value.


A collection of securities and/or other financial instruments (investments) held by an institution or private individual.

Preference Shares

Shares that entitle the shareholder to first claim on the profits of a company when it comes to dividend payments and which hold priority over ordinary shares for repayment of capital in the event that the company is liquidated. Preference shares rank below creditors and debenture holders and often carry no entitlement to vote at general meetings except under special circumstances.


A bond at par is one whose price is the same as its face value.

Minimum Holding

The minimum amount of shares/bonds an individual must hold.

Net Asset Value

The value of a companies assets less the value of its liabilities. The total assets (securities, cash, and accrued earnings) of a company or fund minus any liabilities, usually expressed on a per share basis (and therefore divided by the number of units outstanding).

Maturity Date

The date at which a fixed interest security matures.

Market Risk

Market risk is risk inherent in the whole market, often called systemic risk or non-diversifiable risk. It is the risk at collapse of an entire system, not any one individual entity or company.

Market Timing

Switching out of, or into, shares or bonds according to one’s forecast of how the markets will do in the short run.

Net Present Value

The value (in today’s money) of a series of future net cash flows that will result from an investment, minus the amount of the original investment.


Is the price or yield of securities to be sold.


The right to buy or sell a commodity or security at an agreed price during a given period of time.