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	VALUATION DAY The day that the assets of a segregated portfolio are valued, based on its total assets less its liabilities. VALUE DATE See Settlement Date. VALUE AT RISK (VAR) A technique that uses the statistical analysis of historical market trends and volatilities to estimate the probability that a given portfolio's losses will exceed a certain amount. VALUE-INVESTING An investment style which seeks to find stocks which are undervalued in the marketplace. This valuation may be on a number of bases: price to book ratio; price to break-up value of assets; price to takeover value by an acquiror; price/earnings or price/cash flow ratio. The value investor seeks anomolies or inefficiencies in the market, through their research i.e. their valuation indicates that the franchise is worth significantly more than the current consensus, as reflected in the stock market price. Investments are usually characterized by aboveaverage dividend yield and moderate, but pre - dictable earnings growth. The investment style could be characterized as conservative whereas a growth style could be more aggressive in pursuing capital appreciation. VALUE MANAGER A manager who implements a value-investing approach. Value managers can be somewhat contrarian in nature and are more concerned with downside risk protection than upside growth potential. VALUE STOCK A stock that is trading lower than its intrinsic value, based on its underlying fundamentals. Generally these stocks are in contrast with growth stocks that trade at higher multiples to earnings and cash. VAR See Value at Risk. VARIABLE ANNUITY A type of annuity issued by life insurance companies where the size of the regular payments is not predetermined but depends on the performance of a portfolio managed by the institution. VARIANCE A measure of risk often used interchangeably with volatility. The greater the variance means the possibility of outcomes contains greater risk. VARIATION MARGIN This is the additional margin that is required to bring an account up to the minimum required level due to market fluctuations. VELOCITY The rate at which money circulates throughout the economy. VENTURE CAPITAL Funds made available for start-up firms with exceptional growth potential. Managerial and technical expertise often provided along with the funds invested. May also be called risk capital. VESTED The employee's right to the employer’s contributions made to a pension or savings program during the employee's period of enrollment. VOLATILITY The relative rate at which the price of a security moves up and down. It is found by calculating the annualized standard deviation of daily change in price. VOLUME The number of shares, bonds or contracts traded during a given period, for a security or an entire exchange. Also called trading volume. VOTING RIGHT The stockholder's right to vote in the affairs of the company. Most common shares have one vote each. Preferred stock usually has the right to vote only when its dividends are in arrears. The right to vote also may be delegated by the shareholder to another person. See also Proxy. VIX RATIO An Index designed to track market volatility. The Market Volatility Index (VIX) is calculated based on option activity and is used as an indicator of investor sentiment. High values in the Index imply pessimism and low values imply optimism. The VIX ratio is also used as a contrarian indicator, such that unusually high VIX ratios normally coincide with short-term market bottoms and lower VIX ratios normally coincide with short-term market tops.