Mutual fundA mutual fund is an investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds.
Money market fundA money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. Although they are not insured against loss, actual losses have been quite rare in practice.
Closed-end fundA closed-end fund is an investment vehicle fund that raises capital by issuing a fixed number of shares at its inception, and then invests that capital in financial assets such as stocks and bonds. After inception it is closed to new capital, although fund managers sometimes employ leverage. Investors can buy and sell the existing shares in secondary markets. In the United States, closed-end funds sold publicly must be registered under both the Securities Act of 1933 and the Investment Company Act of 1940.
VotingVoting is a method by which a group, such as a meeting or an electorate, convenes together for the purpose of making a collective decision or expressing an opinion usually following discussions, debates or election campaigns. Democracies elect holders of high office by voting. Residents of a jurisdiction represented by an elected official are called "constituents", and the constituents who choose to cast a ballot for their chosen candidate are called "voters.
Fund of fundsA "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.
Single non-transferable voteSingle non-transferable vote or SNTV is an electoral system used to elect multiple winners. It is a generalization of first-past-the-post, applied to multi-member districts with each voter casting just one vote. Unlike FPTP, which is a single-winner system, in SNTV multiple winners are elected, typically in electoral districts; additionally, unlike FPTP, SNTV produces mixed representation and makes it unlikely for a single party to take all the seats in a city or a set area, which can happen under FPTP.
Instant-runoff votingInstant-runoff voting (IRV) is an electoral system that uses ranked voting. Its purpose is to elect the majority choice in single-member districts in which there are more than two candidates and thus help ensure majority rule. It is a single-winner version of single transferable voting. Formerly the term "instant-runoff voting" was used for what many people now call contingent voting or supplementary vote.
Compulsory votingCompulsory voting, also called universal civic duty voting or mandatory voting, is the requirement that registered voters participate in an election. In practice, one only needs to check-in at a polling place, submit a blank ballot, or provide an excused reason, such as disability, illness, age, travel, a natural disaster, or religious objections. 21 countries, including 11 in Latin America, had compulsory voting laws as of January 2023, with the countries enforcing their laws having much higher turnout (high 80's vs.
Ranked votingThe term ranked voting, also known as preferential voting or ranked choice voting, pertains to any voting system where voters use a rank to order candidates or options—in a sequence from first, second, third, and onwards—on their ballots. Ranked voting systems vary based on the ballot marking process, how preferences are tabulated and counted, the number of seats available for election, and whether voters are allowed to rank candidates equally.
Contingent voteThe contingent vote is an electoral system used to elect a single representative in which a candidate requires a majority of votes to win. It is a variation of instant-runoff voting (IRV). Under the contingent vote, the voter ranks the candidates in order of preference, and the first preference votes are counted. If no candidate has a majority (more than half the votes cast), then all but the two leading candidates are eliminated and the votes received by the eliminated candidates are distributed among the two remaining candidates according to voters' preferences.
