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K

kurtosis
Characterizes the relative peakedness or flatness of a distribution compared with a normal distribution. Positive kurtosis indicates a relatively peaked distribution. Negative kurtosis indicates a relatively flat distribution.

L

lead series
See Products

life cycle
The life cycle is the workflow within an office for processing allocations and orders. Webfolio uses a series of tabled rules in the Life Cycle menu to control the state (status) of an investment session or an allocation, and the transitions between states.

liquidity
The number of days required to liquidate a fund holding. Hedge funds typically offer a quarterly or annual redemption frequency, meaning that they allow investors to redeem their shares that often. However many other factors can affect liquidity: notice; lock-up periods, penalties, and redemption gates. If a security is traded on the market, market demand also impacts liquidity.

liquidity constraint
A constraint based on a calculation of the portfolio's liquidity. There are three areas where liquidity can be measured: individual underlying fund liquidity; the portfolio's overall liquidity profile (a stated percentage of the portfolio must be liquid in a specified number of days), and the Portfolio Average Liquidity (based on the weighted average underlying liquidity).

liquidity risk
The potential that a portfolio cannot have its underlying funds liquidated without having to accept a substantial discount. The term also refers to the potential that a securities buyer will not have enough money to pay for the purchase.

lock-up
The period of time, often one year, during which hedge-fund investors are prohibited from redeeming their shares. It can apply to an initial investment and/or to additional investments.

LTD
Last to date. The most recently calculated rate of return.

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