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Valuation Day
The day on which the assets of a segregated fund are valued, based on its total assets less liabilities. Most funds are valued at the end of every business day.

Value Manager
A manager that takes a research intensive approach to finding undervalued securities.

Value Ratios
Financial ratios that show the investor the worth of the company's shares or the return on owning them.

Variable Rate Preferreds
A type of preferred share that pays dividends in amounts that fluctuate to reflect changes in interest rates. If interest rates rise, so will dividend payments, and vice versa.

Variance
Another measure of risk often used interchangeably with volatility. The greater the variance of possible outcomes the greater the risk.

Vested
The employee's right to the employer contributions made on his or her behalf during the employee's period of enrollment.

Volatility
A measure of the amount of change in the daily price of a security over a specified period of time. Usually given as the standard deviation of the daily price changes of that security on an annual basis.

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 may be delegated by the shareholder to another person. See also Proxy.

Voting Trust
An arrangement to place the control of a company in the hands of certain managers for a given period of time, or until certain results have been achieved, by shareholders surrendering their voting rights to a trustee for a specified period of time.