Accumulation index

An index that measures movement in the value of a market. It takes account of both price movement and income growth. Income growth in the case of shares relates to dividends.

Active management

Attempts by a fund manager to achieve returns over and above those normally associated with a given level of risk. This can be done via a bottom-down or top-down approach to portfolio management. The opposite of passive management.


The yearly meeting between directors and shareholders of a company. At the meeting management details company performance and outlook, and shareholders vote on key issues relating to the company (e.g., election of Board members, changes to Constitution etc).

All Ordinaries Index

More recently called the S&P/All Ordinaries share price index, it is a share price index that measures the market prices of the major stocks listed on the ASX.

Annual report

The document, issued after the end of a company’s financial year, which describes the affairs of the company over that period. Amongst other things, it includes a profit and loss statement, and balance sheet and a statement of cash flows.


The national authority responsible for administering companies and securities law. It acts as the industry’s policing body by prosecuting individuals and companies that contravene the Corporations Act.

Asset Plays

Companies that are sitting on valuable assets that investors have overlooked. These assets might include something as simple as cash, or land that has unrecognised value. One of Peter Lynch's six categories of stocks.


Australia’s national stock exchange. It started operating in its current form in 1987.


Usually invoked where we have not covered a stock before, or after a string of negative recommendations. It means do not buy this stock, or sell it if you have not acted on previous Sell recommendations.

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