Hi, Does anyone know the differences between NP, WP and UWP endowment funds? So far I understand that a non-profit fund bears the least amount of risk, since it invests in fixed income securities mainly and so the return is usually expected to be the lowest, and given it's the safest of the 3 this fund is likely to generate a 'more' positive return in comparison to a WP fund in a volatile market environment. With profit funds tend to invest a greater proportion of their fund (in comparison to NP) into riskier assets such as equities, and so the returns are 'expected' to be larger (subject to market volatility), and actuaries smooth out the annual returns with consideration to the longer term as reflected in the annual/reversionary bonuses, with a possible terminal bonus paid at the end depending on the performance of the fund overall. Unitised with profits - I am guessing is the same as the WP's fund but is just structured in units, so instead of returns being paid out in proportion to the amount invested in the WP fund structure, units are bought in the unitised with profit fund, where the fund is just split out into units of a certain size and the unit price at which it is sold at, is guaranteed to not fall. Is this correct? Is it true that all of the above have to return at least 0% and can't go into negative returns? Thank you.