Growth Investing Stock Market Glossary
From A for ‘Asset’ to Z for the ‘Zero-Coupon Yield Curve’ — your comprehensive guide to everything that matters in the markets.
UFCF (Unlevered Free Cash Flow)
Free cash flow before interest and principal payments as the basis for enterprise value evaluations.
UFR (Ultimate Forward Rate)
Long-term target interest rate for extrapolating yield curves, for example under Solvency II.
UIT (Unit Investment Trust)
Closed, passively managed security basket with a fixed term and limited rebalancing.
ULC (Unit Labour Cost)
Labor costs per unit of production as a competitive and inflation indicator.
ULIP (Unit-Linked Insurance Plan)
Fondsgebundene Lebensversicherung mit Kapitalmarktpartizipation.
Ultimate Beneficial Owner
Legally and economically entitled person behind account, custody account, or company.
Ultimo
Last trading day of a month or year as the settlement/valuation date.
Umsatz
Total revenues of a company from sales and services in a period.
Umsatzkostenquote
The ratio of cost of goods sold to revenue as a measure of efficiency.
Umsatzrendite
Marge bezogen auf den Umsatz, häufig als operative oder Netto-Marge ausgewiesen.
Umschichtung
Exchange of positions in favor of more attractive risk/reward profiles.
Umschichtungsstrategie
Rulebook for systematic reallocations based on signals or evaluations.
Umschlagsdauer
Average time until conversion of inventory or receivables into cash.
Umschuldung
Replacement of existing liabilities with new ones with changed conditions.
Unconstrained Bond Fund
Bond funds without fixed benchmark limits with flexible duration and credit risk.
Underlying (Underlying)
The underlying asset of the derivative such as stock, index, commodity, or interest rate.
Underlying reporting
Regular interim reports such as quarterly or semi-annual figures.
Underperformance
Poorer performance of a security or portfolio compared to its benchmark.
Underperformer
Laggard stock or sector with relative underperformance compared to benchmark or peer group.
Undertakings for Collective Investment in Transferable Securities
European legal framework for retail funds with strict requirements for liquidity, diversification, and transparency.
Undervalued (**Unterbewertet**)
Rating below the estimated intrinsic or fair value.
Underweight (Untergewichtung)
Position weight below benchmark weight.
Underwriter
Emissionsbank, which structures, guarantees, and places securities.
Underwriting
Takeover and placement of new issues including due diligence and pricing.
Underwriting-Spread
Remuneration of the underwriting syndicate from the difference between the issue price and the purchase price.
Unemployment rate
Share of unemployed people in the working population as an economic indicator.
Unemployment Rate (Arbeitslosenquote)
Share of unemployed people in the working-age population as a macro indicator.
Unfunded Commitment
Unchanged
Ungehebeltes Beta (Unlevered Beta)
Beta adjusted for leverage to measure operational risk.
Ungeprüfter Abschluss (Unaudited)
Financial report without an auditor's opinion.
Unsecured Bond
Debenture without real security.
Unsponsored ADR
A deposit certificate issued by a custodian bank without the involvement of the issuer.
Unsystematic risk
Title-specific, diversifiable risk without market influence.
Unterbewertung
Course level below the fundamentally derived enterprise value.
Unterdeckung
The shortfall between required and available funds, for example in pension or collateral pools.
Unternehmensstrategie
Long-term plan for positioning, capital allocation, and value enhancement.
Unternehmenswachstum
Increase in revenue, profit, or cash flows over time.
Unterpari (Under Par)
Price of a security below par value.
Unterparischer Emissionskurs
Issuance of new bonds or stocks below face value or at a discount.
Unverbriefte Derivate (OTC)
Bilateral contracts without securitized document with individual design.
Unverzinsliche Anleihe (Zero Coupon)
Debenture without coupon with yield from issuance discount.
Unwinding
Ordered reduction or closing of positions or structures.
Up-C-Structure
Stock market structure with Holding-C-Corp and underlying partnership for tax optimization.
Up/Down Capture Ratio
Relationship of the upward or downward movement taken compared to the benchmark.
Upfront-Fee
Unique entrance or closing fee for loans, funds, or derivatives.
Uplift (Rating-Uplift)
Improving credit rating through collateral, guarantees, or structural features.
Upper Circuit
Upper price limit with trading halt upon reaching in some markets.
Upside
Positive price potential relative to the current price.
Upside-/Downside-Volatility
Separately measured fluctuation of positive and negative returns.
Uptick Rule
Rule for short selling only at or above the last price to dampen volatility.
Uran (Commodity)
Energy raw material with price formation via specialized markets and long-term contracts.
US-Dollar (USD)
Key and reserve currency with high global trade and financial market significance.
US-GAAP
US-American accounting standards as an alternative to IFRS.
US-Treasury (UST)
Collective term for US government bonds across all maturities.
Use Of Proceeds
Planned use of funds from the proceeds of the issuance according to the prospectus.
Utility function
Preference mapping of a decision maker for evaluating risk and return.
Utility stocks (providers)
Sector values with regulated revenues and defensive cash flows.
UTXO (Unspent Transaction Output)
Unspent output point in UTXO-based blockchains like Bitcoin.
