The valuation point is the time of day when a fund's units or shares are valued.
A fund manager who adopts a value philosophy searches for companies that have not been fully valued by the market and may be due for a re-rating. Value managers buy companies on the basis of a low price/earnings ratio (see 'price-to-earnings ratio'). They believe that a company which offers a combination of a low p/e ratio with a high dividend yield (the dividend per share divided by the current market price) will give the best returns.
Volatility is a measure of how quickly the value of an investment rises and falls over time and is a term applied to single shares, markets and collective investment schemes (investment funds). Also see 'SRRI'.