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What does PAC stand for?

PAC stands for Performance Achievement Certificates

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This definition appears somewhat frequently

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Samples in periodicals archive:

Lipper's Performance Achievement Certificates are awarded to funds with returns that topped their Lipper category over one or more time periods
Lipper's Performance Achievement Certificates are awarded to funds with returns that rank first in their Lipper category over one or more time periods...
Lipper, a Reuters company, awards its Performance Achievement Certificates to funds with returns that topped their Lipper category over one or more time periods...