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Valuation frequency: UCITS are required to calculate and publish their net asset value each day that the stock market is open if their assets exceed 80 million euros and at least every fortnight if it is less. (Refer: net asset value and valuation).

Valuation: operation to calculate the liquidating value of an asset.

Venture capital fund: fund invested to a minimum of at least 50% in unlisted companies with the remaining assets being in listed companies, bonds and monetary products. The role of the venture capital fund is to accompany the development of equity capital.

Venture capital unit trust fund: UCITS that is part of the venture capital fund family that raises funds from the public. At least 60% of their assets are in securities issued by unlisted companies considered as being innovative (IT, telecommunications, life sciences, etc.).

Volatility: measures the degree of variation in the performances of the UCITs and therefore enables the regularity with which these performances have been obtained to be estimated.