Sharpe Ratio

Compound annual return less the annualised return for Libor over the period, divided by the downside standard deviation. It is used to measure return in relation to downside risk: the higher the ratio, the better.


Sortino Ratio

Compound annual return less the annualised return for Libor over the period, divided by the downside standard deviation. It is used to measure return in relation to downside risk: the higher the ratio, the better.


Spot Gold

The price of gold taken at a snapshot in time.


Standard Deviation

A measurement of the amount by which individual months’ returns deviate from the mean. Approximately 95% of individual months’ returns are expected to fall within 2 standard deviations of the mean.


Systematic Trading

Utilises computer models to trade different asset classes. It is largely based on technical analysis of either market or fundamental data to identify trades and has limited or no discretionary intervention.