Citi Global Wealth GLoSSArY | | 104 Investments GLOSSARY Global Emerging Market Fixed Income is composed of Bloomberg guidelines, for an entity to qualify as an REIT, at least 90% of its Barclays indices measuring performance of fixed-rate local currency taxable annual income to shareholders in the form of dividends must emerging markets government debt for 19 different markets across be from real estate. While typically REITs are publicly traded, not ASSET CLASS DEFINITIONS: Latin America, EMEA and Asia regions. iBoxx ABF China Govt. Bond, all are, as Public Non-Listed REITs (PNLRs) can register with SEC as the Markit iBoxx ABF Index comprising local currency debt from REITs, but do not trade on major stock exchanges. Cash is represented by US 3-month Government Bond TR, measuring China, is used for supplemental historical data. the US dollar-denominated active 3-Month, fixed-rate, nominal INDEX DEFINITIONS: debt issues by the US Treasury. Ibbotson High Yield Index, a broad high yield index including bonds across the maturity spectrum, within the BB-B rated credit quality Ball Metaverse Index is a selection of companies in categories Commodities asset class contains the index composites — GSCI spectrum, included in the below-investment-grade universe, is used defined by the Metaverse Market Map. Precious Metals Index, GSCI Energy Index, GSCI Industrial Metals for supplemental historical data. Index, and GSCI Agricultural Index — measuring investment Bloomberg Global Aggregate Bond Index is a flagship measure of performance in different markets, namely precious metals (e.g., Hedge Funds are composed of investment managers employing global investment grade debt from twenty-four local currency gold, silver), energy commodity (e.g., oil, coal), industrial metals different investment styles as characterized by different markets. This multi-currency benchmark includes treasury, (e.g., copper, iron ore), and agricultural commodity (i.e., soy, coffee) subcategories – HFRI Equity Long/Short: Positions both long and government-related, corporate and securitized fixed-rate bonds respectively. Reuters/Jeffries CRB Spot Price Index, the TR/CC CRB short in primarily equity and equity derivative securities; HFRI from both developed and emerging markets issuers. Excess Return Index, an arithmetic average of commodity futures Credit: Positions in corporate fixed income securities; HFRI Event prices with monthly rebalancing, is used for supplemental historical Driven: Positions in companies currently or prospectively involved Bloomberg JPMorgan Asia Currency Index or ADXY is a US dollar data. in a wide variety of corporate transactions; HFRI Relative Value: tradable index of emerging Asian currencies. It creates a benchmark Positions based on a valuation discrepancy between multiple for monitoring Asia’s currency markets on an aggregate basis. Direct Private Investments or Direct Investments imply the purchase securities; HFRI Multi Strategy: Positions based on realization of a or acquisition of a stake or controlling interest in a business, asset spread between related yield instruments; HFRI Macro: Positions Bloomberg US Aggregate Index is a broad-based flagship benchmark or special purpose vehicle/instrument by means other than the based on movements in underlying economic variables and their that measures the investment grade, US dollar denominated, fixed- purchase of shares. impact on different markets; Barclays Trader CTA Index: The rate taxable bond market. composite performance of established programs (Commodity Trading Emerging Markets (EM) Hard Currency Fixed Income is represented Advisors) with more than four years of performance history. Bloomberg US Corporate Bond Index measures the investment grade, by the FTSE Emerging Market Sovereign Bond Index (ESBI), covering fixed-rate, taxable corporate bond market. It includes US dollar hard currency emerging market sovereign debt. High Yield Bank Loans are debt financing obligations issued by a denominated securities publicly issued by US and non-US industrial, bank or other financial institution to a company or individual that utility and financial issuers. Global Developed Market Corporate Fixed Income is composed of holds legal claim to the borrower’s assets in the event of a corporate Bloomberg Barclays indices capturing investment debt from seven bankruptcy. These loans are usually secured by a company’s Bloomberg US Treasury Index measures US dollar-denominated, different local currency markets. The composite includes investment assets, and often pay a high coupon due to a company’s poor fixed-rate, nominal debt issued by the US Treasury. Bloomberg-JP grade rated corporate bonds from the developed-market issuers. (noninvestment grade) credit worthiness. Morgan Asia currency index is a spot index of the most actively traded currency pairs in Asia’s emerging markets valued against the Global Developed Market Equity is composed of MSCI indices High Yield Fixed Income is composed of Bloomberg Barclays indices US dollar. capturing large-, mid- and small-cap representation across measuring the non-investment grade, fixed-rate corporate bonds 23 individual developed-market countries, as weighted by the denominated in US dollars, British pounds and euros. Securities are FTSE All-World Index is a stock market index representing global market capitalization of these countries. The composite covers classified as high yield if the middle rating of Moody’s, Fitch, and S&P equity performance that covers over 3,100 companies in 47 approximately 95% of the free float-adjusted market capitalization is Ba1/BB+/BB+ or below, excluding emerging market debt. countries starting in 1986. in each country. Private Equity is an alternative investment class which at its most FTSE NAREIT Mortgage REITS Index is a freefloat adjusted, market Global Developed Investment Grade Fixed Income is composed of basic form is the capital or ownership of shares not publicly traded capitalization-weighted index of US Mortgage REITs. Mortgage REITs Bloomberg Barclays indices capturing investment-grade debt from or listed on a stock exchange. Its characteristics are often driven include all tax-qualified REITs with more than 50 percent of total twenty different local currency markets. The composite includes by those for Developed Market Small Cap Equities, adjusted for assets invested in mortgage loans or mortgage-backed securities fixed-rate treasury, government-related, and investment grade illiquidity, sector concentration, and greater leverage. secured by interests in real property. rated corporate and securitized bonds from the developed market issuers. Local market indices for US, UK and Japan are used for Real Estate Investment Trust or REIT is a corporate entity that either HFRI ED Distressed/Restructuring Index tracks distressed/ supplemental historical data. has bulk or all its asset base, income and investments related to real restructuring strategies which employ an investment process estate. In the US under Security and Exchange Commission (SEC) focused on corporate fixed income instruments, primarily on