ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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SIDE POCKET INVESTMENTS Definition
SIDE POCKET INVESTMENTS enable a fund manager to invest in securities that are or become illiquid by allowing the fund manager to classify the securities as a 'designated' or 'special' investment i.e., held in a side pocket. Designated investments are valued separately from the general portfolio of the fund. Once designated, distinct valuation, allocation, withdrawal and distribution provisions are applied to such designated investments without affecting the general portfolio of the fund (and its applicable terms). Side pocket provisions typically permit a fund manager to designate any investment as a designated investment, creating a side pocket, if the fund manager determines it to be in the best interests of the fund and its investors. Generally, only investors that are investors at the time the side pocket is created are allocated a participating interest in such investments. Accordingly, investors that become investors after a side pocket is created will have no interest in such designated investment.
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PROXIMO (usually abbreviated to PROX) means of or in the following month.
CONTRACT COSTING is mainly associated with civil engineering works, although sometimes also with the manufacture of a major engineering structure over a considerable time (for example, a contract to manufacture a turbine generator).