Terms & Definitions - M
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Management company: The entity within a mutual fund complex responsible for the investment of the fund's portfolio and/or the administration of the fund. It is compensated on a percentage of the fund's total assets.
Management expense ratio: A measure of the total costs of operating a fund as a percentage of average total assets.
Management fee: The sum paid to the investment company's adviser or manager for supervising its portfolio and administering its operations.
Manual Rates: The premium rates produced through the use of standard rate tables and standard expenses. The standard rate tables are set by the Actuary and reflect the claims experience of the insurer’s entire block of business. Manual rates for a specific group are calculated by taking into account various components such as the benefit plan design and the composition of the group. The manual rates for each group will be different because each group’s employee composition is different. Also referred to as book rates or pooled rates.
Margin: An investor's equity in the securities in his or her account. The margin purchaser puts up a portion of the value of the securities, borrowing the remainder from the investment dealer.
Marginal tax rate: A taxpayer's highest rate - that which he or she pays on the last dollar earned in a given year.
Market correction: A term used to describe a drop in value in a market that has been rising for some period of time.
Market index: A vehicle used to denote trends in securities markets. The most popular in Canada is the Toronto Stock Exchange 300 Composite Index (TSE 300).
Market price: In the case of a security, market price is usually considered the last reported price at which the stock or bond is sold.
Market-Linked GICs: Similar to regular GICs in that full security of the original amount invested is guaranteed, but, instead of your return being based on a set interest rate, it's linked to how well a particular stock market performs over a specific period, generally two or three years.
Maturity: The point in time at which principal and all interest owing on a debt or an obligation become due.
Money market: A sector of the capital market where short term obligations such as Treasury bills, commercial paper and bankers' acceptances are bought and sold.
Money market fund: A mutual fund that invests exclusively in money market securities, those involved in the short- term lending and borrowing of money.
Money-purchase pension plans: These allow whatever pension income the accumulated contributions and return on investment in a Registered Pension Plan (RPP) will buy at retirement. Rather than receiving a predetermined pension cheque, employees make the decision - in the same way as with an RRSP - with regard to retirement income options.
Morbidity: The incidence and severity of sickness and accidents in a well-defined class of people.
Mortality: The incidence of death in a well defined class of people.
Mortgage fund: A mutual fund that invests in mortgages. Portfolios of mortgage funds usually consist of first mortgages on Canadian residential property, although some funds also invest in commercial mortgages.
Mortgage-backed securities: Certificates that represent ownership in a pool of mortgages. The holders of these securities receive regular payments of principal and interest.
Mutual fund: A mutual fund pools money from many individuals and invests, according to its specific mandate, in a broad range of securities. Mutual funds are managed by professional money managers and provide extensive diversification.
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