'Risk-adjusted' or 'risk-managed' return: Expressing an investment's return through how much risk is involved in producing that return.

Capital growth: An increase in the value of an investment or fund.

Volatility: The rate and extent at which the price of a portfolio, security or index, moves up and down. If the price swings up and down with large movements, it has high volatility. If the price moves more slowly and to a lesser extent, it has lower volatility. It is used as a measure of the riskiness of an investment.

'Through the cycle': Meaning the economic cycle, a natural fluctuation of the economy between periods of growth and contraction.

'Optionality' to invest: Here used to imply that having a balance of cash in the portfolio provides the managers the flexibility to invest, should an interesting investment opportunity appear.

GDP growth: The Gross Domestic Product (GDP) is considered one of the main indicators of the health of the economy. GDP growth indicates that the economy is expanding.

Inflation: The rate at which the prices of goods and services are rising in an economy. The Consumer Price Index (CPI) and Retail Price Index (RPI) are two common measures.

Bottom-up stock selection: 'Bottom-up' investing is focused on the fundamental analysis of individual stocks or bonds, in order to identify the best opportunities in any industry or country/region.

Value investing: Value investors search for companies that they believe are undervalued by the market, and therefore expect their share price to increase over time.

Bond: A debt security issued by a company or a government, used as a way of raising money. The investor buying the bond is effectively lending money to the issuer of the bond. Bonds offer a return to investors in the form of fixed periodic payments, and the eventual return of the original money invested. Because of their fixed periodic interest payments, they are also often called fixed income instruments.