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DOLFIN1100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund is not limited in its exposure to equities or debt securities but expects higher exposure to equities than to debt securities.
The Fund may invest in, or be exposed up to (i) 20% in below Investment Grade debt securities rated above Caa1/CCC+/ CCC and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager invests in securities or issuers that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management and other investment purposes. | ## Política de inversión
En condiciones normales de mercado, el Fondo normalmente invierte en títulos de renta fija y variable de emisores de cualquier parte del mundo, incluidos los países de mercados emergentes. El Fondo no tiene limitada su exposición a renta variable o renta fija, pero se espera que tenga una mayor exposición a títulos de renta variable que a títulos de renta fija.
El Fondo puede invertir o tener una exposición de hasta el (i) 20% en títulos de renta fija que no tengan un grado de inversión con una calificación crediticia superior a Caa1, CCC+ o CCC y el (ii) 20% en productos estructurados como bonos respaldados por activos y bonos de titulización hipotecaria.
El Gestor de Inversiones invierte en títulos o emisores expuestos de manera favorable a temas de inversión sostenible relacionados con el medioambiente o la sociedad , derivados de los Objetivos de Desarrollo Sostenible de las Naciones Unidas ("ODS").
El Gestor de Inversiones hace hincapié en criterios de selección positiva, en particular mediante el análisis de la exposición a factores medioambientales, sociales y de gobernanza ("ASG") de cada título o emisor, frente a los amplios procesos de evaluación negativos, cuando evalúa la exposición de un emisor a dichos factores ASG.
El Fondo puede tener exposición a cualquier divisa.
El Fondo utiliza derivados de forma significativa para la cobertura (reducción de riesgos), la gestión eficaz de la cartera y otros objetivos de inversión. | ## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund is not limited in its exposure to equities or debt securities but expects higher exposure to equities than to debt securities.
The Fund may invest in, or be exposed up to (i) 20% in below Investment Grade debt securities rated above Caa1/CCC+/ CCC and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager invests in securities or issuers that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management and other investment purposes. | en | es |
DOLFIN1101 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
These documents may be obtained free of charge by shareholders at the registered office of the Management Company at least one month before the date of the general meeting of the sub-funds being merged called to vote on the merger proposal.
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# PROPOSED RESOLUTIONS | Gli azionisti possono ottenere gratuitamente questi documenti presso la sede della società di gestione almeno un mese prima della data fissata per l’assemblea generale dei comparti da fondere chiamata a pronunciarsi sul progetto di fusione.
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# RISOLUZIONI PROPOSTE | These documents may be obtained free of charge by shareholders at the registered office of the Management Company at least one month before the date of the general meeting of the sub-funds being merged called to vote on the merger proposal.
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# PROPOSED RESOLUTIONS | en | it |
DOLFIN1102 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Risks Associated with Smaller Companies
Smaller companies may offer substantial opportunities for capital growth; they also involve substantial risks, and investments in smaller companies may be considered speculative. Such companies often have limited product lines, markets or financial resources. Smaller companies may be more dependent on one or few key persons and may lack depth of management. Larger portions of their stock may be held by a small number of investors (including founders and management) than is typical of larger companies. As a result, the rights of minority owners may be restricted or not fully respected in corporate governance or corporate actions. In addition, credit may be more difficult to obtain (and on less advantageous terms) than for larger companies. As a result, the influence of creditors (and the impact of financial or operating restrictions associated with debt financing) may be greater than in larger or more established companies. Both of these factors may dilute the holdings, or otherwise adversely impact the rights of the Fund and smaller shareholders in corporate governance or corporate actions.
Small companies also may be unable to generate funds necessary for growth or development, or be developing or marketing new products or services for which markets are not yet established and may never become established. The Fund may have more difficulty obtaining information about smaller companies, making it more difficult to evaluate the impact of market, economic, regulatory and other factors on them. Informational difficulties may also make valuing or disposing of their securities more difficult than it would for larger companies. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and the securities of such companies generally are subject to more abrupt or erratic price movements than more widely held or larger, more established companies or the market indices in general. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities, and the greater sensitivity of smaller companies to changing economic conditions. For these and other reasons, the value of securities of smaller companies may react differently to political, market and economic developments than the markets as a whole or than other types of stocks. | ## Risiken in Zusammenhang mit kleineren Unternehmen
Kleinere Unternehmen können zwar gute Chancen für eine Wertsteigerung bieten, aber sie bergen auch große Risiken: Anlagen in kleineren Unternehmen können als spekulativ gelten. Die Produktpalette, Märkte oder finanziellen Mittel dieser Firmen sind oft begrenzt. Kleinere Unternehmen sind eher von einer oder mehreren Schlüsselpersonen abhängig und es mangelt ihnen an einer guten Managementstruktur. Größere Anteile ihres Kapitals können in Händen einer kleineren Zahl von Anlegern (einschließlich Gründer und Management) sein, als dies für größere Unternehmen typisch ist. Dadurch können die Rechte von Minderheitsaktionären in der Unternehmensführung oder bei Kapitalmaßnahmen beschnitten oder nicht in vollem Umfang berücksichtigt werden. Sie erhalten außerdem schwieriger Kredite (und zu weniger vorteilhaften Konditionen) als größere Unternehmen. Infolgedessen wird auch der Einfluss von Gläubigern (und die Auswirkung finanzieller und betrieblicher Einschränkungen aufgrund der Schuldenfinanzierung) größer sein als bei größeren und etablierten Firmen. Diese beiden Faktoren können die Bestände verwässern oder die Rechte des Fonds und kleiner Aktionäre in der Unternehmensführung oder bei Kapitalmaßnahmen negativ beeinflussen.
Kleine Firmen können auch oft das für Investitionen in Wachstum oder Entwicklung nötige Kapital nicht aufbringen, oder sie entwickeln und vertreiben neue Produkte und Dienstleistungen, für die noch kein Markt da ist und vielleicht auch nie da sein wird. Für den Fonds kann es schwieriger sein, Informationen über kleinere Unternehmen zu erhalten und infolgedessen die Markt-, Wirtschafts-, Regulierungsfaktoren sowie andere Faktoren zu ermitteln. Probleme bei der Informationsbeschaffung können auch die Bewertung oder den Verkauf ihrer Wertpapiere schwerer machen, als dies bei größeren Unternehmen der Fall ist. Wertpapiere kleinerer Unternehmen werden weniger häufig und in kleinerem Umfang gehandelt als breiter gestreute Wertpapiere und die Wertpapiere dieser Unternehmen weisen im Allgemeinen abruptere oder stärkere Kursbewegungen auf, als die breiter gestreuten Wertpapiere größerer, etablierter Unternehmen oder als die Marktindizes allgemein. Ursache für die stärkeren Kursschwankungen sind unter anderem die ungewissere Wachstumsperspektive kleinerer Unternehmen, die geringere Liquidität in den Wertpapiermärkten und die größere Sensibilität kleinerer Unternehmen gegenüber geänderten Wirtschaftsbedingungen. Aus diesen und anderen Gründen können die Kurse von Wertpapieren kleinerer Unternehmen anders auf Entwicklungen in der Politik, Wirtschaft und im Markt reagieren als die Märkte insgesamt oder als andere Aktien. | ## Risks Associated with Smaller Companies
Smaller companies may offer substantial opportunities for capital growth; they also involve substantial risks, and investments in smaller companies may be considered speculative. Such companies often have limited product lines, markets or financial resources. Smaller companies may be more dependent on one or few key persons and may lack depth of management. Larger portions of their stock may be held by a small number of investors (including founders and management) than is typical of larger companies. As a result, the rights of minority owners may be restricted or not fully respected in corporate governance or corporate actions. In addition, credit may be more difficult to obtain (and on less advantageous terms) than for larger companies. As a result, the influence of creditors (and the impact of financial or operating restrictions associated with debt financing) may be greater than in larger or more established companies. Both of these factors may dilute the holdings, or otherwise adversely impact the rights of the Fund and smaller shareholders in corporate governance or corporate actions.
Small companies also may be unable to generate funds necessary for growth or development, or be developing or marketing new products or services for which markets are not yet established and may never become established. The Fund may have more difficulty obtaining information about smaller companies, making it more difficult to evaluate the impact of market, economic, regulatory and other factors on them. Informational difficulties may also make valuing or disposing of their securities more difficult than it would for larger companies. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and the securities of such companies generally are subject to more abrupt or erratic price movements than more widely held or larger, more established companies or the market indices in general. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities, and the greater sensitivity of smaller companies to changing economic conditions. For these and other reasons, the value of securities of smaller companies may react differently to political, market and economic developments than the markets as a whole or than other types of stocks. | en | de |
DOLFIN1103 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## The fund of funds seeks to achieve capital growth over the recommended investment period through diversified investment, prioritising net exposure to bonds.
Within the limits of the fund's investment objective and policy, the management team makes discretionary investment choices in the portfolio based on analyses of the characteristics and growth prospects of the assets traded and mathematical models.
Net exposure to equities will be no more than 50% and may be reduced substantially depending on the manager's expectations in terms of the development of financial markets and in order to reduce the risk to the investor.
Therefore, the fund may temporarily invest mainly or even exclusively in money market assets and/or bonds though funds and/or derivative products and/or hold the assets in deposits and/or current accounts.
This share class aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub-fund EUR and the USD (the currency in which the share class is denominated).This reduces the foreign exchange risk but does not eliminate it entirely. | ## Sur la durée de placement recommandée, le fonds de fonds vise une croissance du capital via un investissement diversifié privilégiant une exposition nette aux obligations.
Dans le cadre des limites imposées par l'objectif et la politique d'investissement du fonds, l'équipe de gestion effectue des choix discrétionnaires d'investissement dans le portefeuille, en fonction d'analyses des caractéristiques et des perspectives d'évolution des actifs traités et de modèles mathématiques.
L'exposition nette aux actions est de maximum 50% et peut être réduite fortement en fonction des attentes du gestionnaire quant à l’évolution des marchés financiers et afin de réduire le risque pour l'investisseur.
Ainsi, le fonds peut temporairement investir majoritairement voire en totalité en actifs monétaires et/ou obligataires par l’intermédiaire de fonds et/ou de produits dérivés et/ou maintenir les actifs en dépôts et/ ou comptes courants.
Cette classe d’actions couverte vise à réduire l’effet des fluctuations de taux de change entre la devise de référence du compartiment EUR et l'USD (la devise dans laquelle est libellée la classe d’actions couverte). Cela réduit, mais n’élimine pas complètement le risque de change. | ## The fund of funds seeks to achieve capital growth over the recommended investment period through diversified investment, prioritising net exposure to bonds.
Within the limits of the fund's investment objective and policy, the management team makes discretionary investment choices in the portfolio based on analyses of the characteristics and growth prospects of the assets traded and mathematical models.
Net exposure to equities will be no more than 50% and may be reduced substantially depending on the manager's expectations in terms of the development of financial markets and in order to reduce the risk to the investor.
Therefore, the fund may temporarily invest mainly or even exclusively in money market assets and/or bonds though funds and/or derivative products and/or hold the assets in deposits and/or current accounts.
This share class aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub-fund EUR and the USD (the currency in which the share class is denominated).This reduces the foreign exchange risk but does not eliminate it entirely. | en | fr |
DOLFIN1104 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | up to 5.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | up to 2.73% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | up to 20.00% a year of any returns the Fund achieves above the New Net Appreciation. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | hasta 5,00% |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | hasta 2,73% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | hasta el 20,00% anual sobre los rendimientos que el Fondo obtenga por encima de la Nueva Apreciación Neta. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | up to 5.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | up to 2.73% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | up to 20.00% a year of any returns the Fund achieves above the New Net Appreciation. | | en | es |
DOLFIN1105 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 114 | EUR 562 |
| Annual cost impact (*) | 1.1% | 1.1% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | EUR 114 | EUR 562 |
| Impatto sui costi annuali (*) | 1,1% | 1,1% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 114 | EUR 562 |
| Annual cost impact (*) | 1.1% | 1.1% | | en | it |
DOLFIN1106 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Management of financial guarantees:
As part of the realization of securities lending transactions, the Fund may receive financial assets as guarantees and aiming to reduce the exposure of the UCITS to counterparty risk.
Upon receipt of the financial guarantee in cash, it will either:
- Placed on deposit with entities prescribed in Article 50, paragraph f) of the UCITS Directive;
- Invested in high quality government bonds;
- Used for repo transactions (reverse repurchase transactions), provided that such transactions are made with credit institutions subject to prudential supervision and that the fund can call at any time the total liquidity taking into account accrued interest;
- Invested in money market mutual funds in the short term (as defined in the ESMA guidelines for a common definition of European money market mutual funds). | ## Gestion des garanties financières :
Dans le cadre de la réalisation des opérations de cession temporaire de titres, l’OPCVM peut recevoir des actifs financiers considérés comme des garanties et ayant pour but de réduire l’exposition de l’OPCVM au risque de contreparties.
En cas de réception de la garantie financière en espèce, celle-ci sera soit :
- placées en dépôt auprès d'entités prescrites à l'article 50, point f), de la directive OPCVM ;
- investies dans des obligations d'État de haute qualité;
- utilisées aux fins de transactions de prise en pension (reverse repurchase transactions), à condition que ces transactions soient conclues avec des établissements de crédit faisant l'objet d'une surveillance prudentielle et que l'OPCVM puisse rappeler à tout moment le montant total des liquidités en tenant compte des intérêts courus ;
- investies dans des organismes de placement collectif monétaires à court terme (tels que définis dans les orientations ESMA pour une définition commune des organismes de placement collectif monétaires européens. | ## Management of financial guarantees:
As part of the realization of securities lending transactions, the Fund may receive financial assets as guarantees and aiming to reduce the exposure of the UCITS to counterparty risk.
Upon receipt of the financial guarantee in cash, it will either:
- Placed on deposit with entities prescribed in Article 50, paragraph f) of the UCITS Directive;
- Invested in high quality government bonds;
- Used for repo transactions (reverse repurchase transactions), provided that such transactions are made with credit institutions subject to prudential supervision and that the fund can call at any time the total liquidity taking into account accrued interest;
- Invested in money market mutual funds in the short term (as defined in the ESMA guidelines for a common definition of European money market mutual funds). | en | fr |
DOLFIN1107 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 681 EUR | 1,084 EUR |
| Annual cost impact (*) | 6.8% | 3.6% | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- | --- |
| Costes totales | 681 EUR | 1.084 EUR |
| Incidencia anual de los costes (*) | 6,8% | 3,6% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 681 EUR | 1,084 EUR |
| Annual cost impact (*) | 6.8% | 3.6% | | en | es |
DOLFIN1108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a positive absolute return with low correlation to traditional asset classes over the medium to long term.
- The fund will achieve this through long and short positions in shares of companies and in related instruments providing exposure to companies throughout the world as well as cash, cash equivalents, and Money Market Instruments.
- The fund will gain exposure to those companies deemed attractive while maintaining short exposure to those companies deemed unattractive using a variety of instruments.
- Instruments related to shares of companies may include warrants, preference shares, rights issues, convertible bonds, depositary receipts such as American Depositary Receipts and Global Depositary Receipts, equity linked or participation notes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets (including Russia).
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may use derivatives to create market exposures through equity, currency, volatility or index related financial derivative instruments and include over-the-counter and/or exchange traded options, futures, contracts for difference (CFDs), equity linked notes, warrants, forward contracts, swaps, and/or combination of the above.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed and references the SOFR Index (the ‘‘cash index’’) by seeking to outperform it. The Investment Manager has full discretion over the composition of the fund’s portfolio and is not constrained in any way by the cash index. There are no restrictions on the extent to which the fund’s performance may deviate from that of the cash index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo proporcionar un rendimiento absoluto positivo con baja correlación con las clases de activos tradicionales de medio a largo plazo.
- El Subfondo lo alcanzará a través de posiciones largas y cortas en acciones de empresas de todo el mundo e instrumentos relacionados que ofrezcan exposición a esas empresas, así como de efectivo, equivalentes al efectivo e instrumentos del mercado monetario.
- El Subfondo ganará exposición a aquellas empresas consideradas atractivas y mantendrá una exposición corta a las consideradas poco atractivas mediante diversos instrumentos.
- Los instrumentos relacionados con las acciones de empresas pueden incluir garantías, acciones preferentes, emisiones de derechos, bonos convertibles, recibos de depósitos tanto estadounidenses como de todo el mundo, y notas vinculadas a acciones o de participación.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes (Rusia incluida).
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en acciones A y B de China de forma conjunta.
- Podrá utilizar derivados para lograr la exposición a mercados a través de instrumentos financieros derivados sobre renta variable, divisas, volatilidad o índices, e incluyen opciones, futuros, contratos por diferencias (CFD), pagarés vinculados a renta variable, warrants, contratos a plazo, permutas, o una combinación de todos los anteriores, que pueden ser extrabursátiles o cotizar en un mercado de valores.
- Puede que las posiciones activas en divisas, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
- El Subfondo se gestiona de manera activa y utiliza como referencia el SOFR Index (en adelante, el «Índice de efectivo») para intentar superarlo. El Gestor de Inversiones dispone de total discreción con respecto a la composición de la cartera del Subfondo y no está limitado en modo alguno por el Índice de efectivo. No existen restricciones relativas a la medida en que la rentabilidad del Subfondo puede desviarse del Índice de efectivo.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a positive absolute return with low correlation to traditional asset classes over the medium to long term.
- The fund will achieve this through long and short positions in shares of companies and in related instruments providing exposure to companies throughout the world as well as cash, cash equivalents, and Money Market Instruments.
- The fund will gain exposure to those companies deemed attractive while maintaining short exposure to those companies deemed unattractive using a variety of instruments.
- Instruments related to shares of companies may include warrants, preference shares, rights issues, convertible bonds, depositary receipts such as American Depositary Receipts and Global Depositary Receipts, equity linked or participation notes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets (including Russia).
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may use derivatives to create market exposures through equity, currency, volatility or index related financial derivative instruments and include over-the-counter and/or exchange traded options, futures, contracts for difference (CFDs), equity linked notes, warrants, forward contracts, swaps, and/or combination of the above.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed and references the SOFR Index (the ‘‘cash index’’) by seeking to outperform it. The Investment Manager has full discretion over the composition of the fund’s portfolio and is not constrained in any way by the cash index. There are no restrictions on the extent to which the fund’s performance may deviate from that of the cash index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1109 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Should the fund be obliged to pay a withholding tax or to submit reports or should it suffer other damage as a result of an investor not being FATCA-compliant, the fund reserves the right, notwithstanding other rights, to assert claims for compensation against the investor concerned.
The Management Company will use the personal data required for confirmation of FATCA compliance exclusively for the purpose intended according to the FATCA Law. For this reason, personal data may be reported to the Luxembourg tax authorities (“Administration des Contributions Directes”). Investors are entitled to access the data reported and to demand the correction of data where necessary.
The provision of information required for verifying FATCA compliance is mandatory. Orders with missing information or information not in accordance the law or IGA may be rejected by the Management Company. | Si debido a la falta de conformidad con la FATCA de un inversor el fondo se ve obligado al pago de una retención en origen o la presentación de un informe, o bien sufre otro tipo de perjuicio, el fondo se reserva el derecho, sin perjuicio de cualquier otro derecho, a reclamar daños y perjuicios al inversor en cuestión.
La Sociedad Gestora utilizará los datos personales requeridos para la confirmación de la conformidad con la FATCA únicamente para los propósitos establecidos en esta ley. Por este motivo, se pueden transmitir los datos personales a la autoridad tributaria luxemburguesa (Administration des Contributions Directes). El inversor tiene derecho a acceder a los datos transmitidos y, si fuera necesario, solicitar la corrección de dichos datos.
La respuesta a la información solicitada para verificar la conformidad con la FATCA es obligatoria. La Sociedad Gestora podrá rechazar las peticiones con información incompleta o que no estén de conformidad con la ley, es decir, el IGA. | Should the fund be obliged to pay a withholding tax or to submit reports or should it suffer other damage as a result of an investor not being FATCA-compliant, the fund reserves the right, notwithstanding other rights, to assert claims for compensation against the investor concerned.
The Management Company will use the personal data required for confirmation of FATCA compliance exclusively for the purpose intended according to the FATCA Law. For this reason, personal data may be reported to the Luxembourg tax authorities (“Administration des Contributions Directes”). Investors are entitled to access the data reported and to demand the correction of data where necessary.
The provision of information required for verifying FATCA compliance is mandatory. Orders with missing information or information not in accordance the law or IGA may be rejected by the Management Company. | en | es |
DOLFIN1110 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Frais de transaction du portefeuille, exceptés les frais d’entrée/de sortie payés par la Société lors de l’achat ou de la vente d’actions d’un autre OPCVM.
Pour plus d’informations sur les frais et la renonciation, veuillez vous reporter à la rubrique « Frais et dépenses » du prospectus et du supplément relatif au Fonds, consultables sur https://www.tokiomarineam.com/uk/ucits/index.html.
50%
40%
30%
20%
10%
0%
-10%
-20%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ## Los costes de transacción de la cartera, excepto en el caso de que la Sociedad pague gastos de entrada o de salida cuando compre o venda acciones en otro organismo de inversión colectiva.
Para obtener más información sobre las comisiones y la exención de las mismas, consulte el apartado «Comisiones y gastos» del folleto y el suplemento del Fondo, que pueden obtenerse en https://www.tokiomarineam.com/uk/ucits/index.html.
50%
40%
30%
20%
10%
0%
-10%
-20%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ## Frais de transaction du portefeuille, exceptés les frais d’entrée/de sortie payés par la Société lors de l’achat ou de la vente d’actions d’un autre OPCVM.
Pour plus d’informations sur les frais et la renonciation, veuillez vous reporter à la rubrique « Frais et dépenses » du prospectus et du supplément relatif au Fonds, consultables sur https://www.tokiomarineam.com/uk/ucits/index.html.
50%
40%
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20%
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0%
-10%
-20%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | fr | es |
DOLFIN1111 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
* Annualized for periods over 1-year performance
** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one financial year ending September 2018. Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research
Investment Managers’ Reports (continued) | * Annualisierte Wertentwicklung für Zeiträume über 1 Jahr.
** Berechnet mittels des quadratischen Mittelwerts der monatlichen Überrenditen (d. h. die „Differenz“) über ein Geschäftsjahr, das im September 2018 endete. Quellen: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research
Berichte des Anlageverwalters (Fortsetzung) | * Annualized for periods over 1-year performance
** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one financial year ending September 2018. Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research
Investment Managers’ Reports (continued) | en | de |
DOLFIN1112 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Kepler Partners LLP is unable to pay out?
The Fund's assets are legally separated from the PRIIP Manufacturer's. The Fund's assets are held by the Depositary. You may face a financial loss in the event of a default, insolvency or compulsory wind-up of the Depositary. However, this risk is mitigated to a certain extent by the fact that the Depositary is required to segregate its own assets from the assets of the Fund. Losses are not covered by any investor compensation or guarantee scheme. | # Cosa accade se Kepler Partners LLP non è in grado di corrispondere quanto dovuto?
Le attività del Fondo sono giuridicamente separate da quelle dell’Ideatore del PRIIP. Le attività del Fondo sono detenute dal Depositario. Potrete subire una perdita finanziaria in caso di fallimento, insolvenza o liquidazione obbligatoria del Depositario. Questo rischio, tuttavia, è mitigato in parte poiché al Depositario è richiesto di separare le proprie attività da quelle del Fondo. Le perdite non sono coperte da sistemi di indennizzo o di garanzia a favore dell’investitore. | # What happens if Kepler Partners LLP is unable to pay out?
The Fund's assets are legally separated from the PRIIP Manufacturer's. The Fund's assets are held by the Depositary. You may face a financial loss in the event of a default, insolvency or compulsory wind-up of the Depositary. However, this risk is mitigated to a certain extent by the fact that the Depositary is required to segregate its own assets from the assets of the Fund. Losses are not covered by any investor compensation or guarantee scheme. | en | it |
DOLFIN1113 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A maximum of 20% of the net outperformance of the Russell 2000 Net Total Return Index (RU20N30U). Please note that performance fees may be charged in the event of absolute negative performance of the Fund.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous year, ended 31 December 2021. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Fund and the workings of the performance fee mechanism respectively, please see the chapter entitled "Charges borne by the company" and the section entitled "Performance fee" in the prospectus, available on request at www.fundsquare.net and www.ca-indosuez-am.com. | un porcentaje máximo del 20% sobre la rentabilidad superior neta del índice Russel 2000 Net Total Return Index (RU20N30U). Tenga en cuenta que pueden cobrarse comisiones de rentabilidad en caso de que la rentabilidad absoluta del Fondo sea negativa.
Los gastos de entrada y salida indicados representan las tarifas máximas. En ciertos casos, los gastos pagados pueden ser inferiores.
La cifra de gastos corrientes se basa en los gastos del ejercicio anterior, cerrado a 31 de diciembre de 2021. Este porcentaje puede variar de un ejercicio a otro. Quedan excluidas las comisiones de rentabilidad superior y los gastos de intermediarios, excepto los gastos de entrada y de salida abonados por el Fondo cuando se adquieren o venden acciones de otro Fondo.
Para obtener más información acerca de los gastos del fondo, consulte la sección titulada “Gastos a cargo de la sociedad” y respecto al funcionamiento del mecanismo de la comisión de rentabilidad, consulte la sección “Comisión de rentabilidad” del folleto, que se encuentra disponible previa solicitud en www.fundsquare.net y en www.ca-indosuez-am.com. | A maximum of 20% of the net outperformance of the Russell 2000 Net Total Return Index (RU20N30U). Please note that performance fees may be charged in the event of absolute negative performance of the Fund.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous year, ended 31 December 2021. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Fund and the workings of the performance fee mechanism respectively, please see the chapter entitled "Charges borne by the company" and the section entitled "Performance fee" in the prospectus, available on request at www.fundsquare.net and www.ca-indosuez-am.com. | en | es |
DOLFIN1114 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This report does not constitute an offer or an invitation to purchase shares of the Subfunds. Subscriptions are only valid if made on the basis of the current Prospectus, the Articles of Incorporation, the Key Investor Information Document supplemented by the latest available audited Annual Accounts. If the latest annual accounts was published more than eight months ago, then the most recent semi-annual accounts must also be made available.
The Prospectus, the Articles of Incorporation, the Key Investor Information Document as well as the respective annual and semi-annual accounts can be obtained at no charge at the registered office of the Company, distributors, paying agents and information agents.
Some transactions conducted in the reporting period do no longer appear in the Investment Portfolio. Statements of Changes in inventory are available free of charge on request at the registered office of the Company in Luxembourg.
Allianz European Pension Investments
c/o Allianz Global Investors GmbH, Luxembourg Branch
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com E-mail: [email protected]
Allianz European Pension Investments | Ce rapport ne constitue ni une offre ni une sollicitation d’achat d’actions des Compartiments. Les souscriptions ne sont valables que sur la base du Prospectus en vigueur, des Statuts et des Informations clés pour l’investisseur, accompagnés du dernier Rapport annuel révisé disponible. Si la publication du dernier rapport annuel date d’il y a plus de huit mois, le dernier rapport semestriel en date doit également être fourni.
Le Prospectus, les Statuts, les Informations clés pour l’investisseur ainsi que les rapports annuel et semestriel correspondants peuvent être obtenus gratuitement au siège social de la Société, des distributeurs et des agents payeurs et d’information.
Certaines transactions effectuées au cours de la période considérée n’apparaissent plus dans le Portefeuille d’investissement. Les États des variations du portefeuille sont disponibles sans frais, sur demande, auprès du siège de la Société au Luxembourg.
Allianz European Pension Investments
c/o Allianz Global Investors GmbH, Succursale luxembourgeoise
6A, route de Trèves
L-2633 Senningerberg
Internet : https://lu.allianzgi.com E-mail : [email protected]
Allianz European Pension Investments | This report does not constitute an offer or an invitation to purchase shares of the Subfunds. Subscriptions are only valid if made on the basis of the current Prospectus, the Articles of Incorporation, the Key Investor Information Document supplemented by the latest available audited Annual Accounts. If the latest annual accounts was published more than eight months ago, then the most recent semi-annual accounts must also be made available.
The Prospectus, the Articles of Incorporation, the Key Investor Information Document as well as the respective annual and semi-annual accounts can be obtained at no charge at the registered office of the Company, distributors, paying agents and information agents.
Some transactions conducted in the reporting period do no longer appear in the Investment Portfolio. Statements of Changes in inventory are available free of charge on request at the registered office of the Company in Luxembourg.
Allianz European Pension Investments
c/o Allianz Global Investors GmbH, Luxembourg Branch
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com E-mail: [email protected]
Allianz European Pension Investments | en | fr |
DOLFIN1115 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Performance Fee
The Management Company may be entitled to receive a Performance Fee from the Company, which is payable to the Investment Manager, in addition to other fees and expenses.
The Management Company is entitled to such a Performance Fee if, in any accounting year, the performance of the relevant share class on an applicable Fund exceeds the return of the Hurdle Rate during the same period, subject to the operation of a High Water Mark.
Where applicable, the Performance fee rate and the Hurdle Rate are set out in the relevant Fund Supplement.
Full details on how the Performance Fee is accrued and charged and the definitions of the terms used herein are disclosed in Appendix 2. | ##### Commission de performance
En plus des autres frais et charges, la Société de gestion peut avoir droit à une Commission de performance de la Société, qui est payable au Gestionnaire des Investissements.
La Société de gestion a droit à une telle Commission de performance si, au cours de tout exercice comptable, le rendement de la Catégorie d’Actions concernée du Fonds pertinent est supérieur au Taux de rendement minimal au cours de la même période, sous réserve de l’opération d’une High Water Mark.
Le taux de la Commission de performance et le Taux de rendement minimal sont indiqués dans le Supplément pertinent de chaque Fonds, le cas échéant.
Des informations complètes sur la méthode de comptabilisation et de facturation de la Commission de performance et
les définitions des termes utilisés aux présentes sont fournis à l’Annexe 2. | #### Performance Fee
The Management Company may be entitled to receive a Performance Fee from the Company, which is payable to the Investment Manager, in addition to other fees and expenses.
The Management Company is entitled to such a Performance Fee if, in any accounting year, the performance of the relevant share class on an applicable Fund exceeds the return of the Hurdle Rate during the same period, subject to the operation of a High Water Mark.
Where applicable, the Performance fee rate and the Hurdle Rate are set out in the relevant Fund Supplement.
Full details on how the Performance Fee is accrued and charged and the definitions of the terms used herein are disclosed in Appendix 2. | en | fr |
DOLFIN1116 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All mandatory principal adverse impact indicators [per Table 1 of Annex I] are taken into account where possible when identifying SFDR Sustainable Investments for the Sub-Fund, as well as a subset of voluntary indicators [from Tables 2 and 3 of Annex I]. It should also be noted that while each indicator in Table 1 of Annex I of the Commission Delegated Regulations is considered, it is currently not possible to calculate the carbon footprint of each potential sustainable investment as envisaged in Annex I.
The relevance of voluntary indicators is based on the Investment Manager’s view as to the materiality of the indicator to the sector or region.
The following voluntary indicators are taken into account for all investments:
- Investments in companies without carbon emission reduction initiatives
- Lack of a human rights policy
- Number of convictions and amount of fines for violation of anti-corruption and anti-bribery lawsIndicators for adverse impacts on sustainability factors are taken into account by using quantitative data and internal qualitative assessment to determine, for each prospective company, whether there are any PAI metrics that are deemed by the Investment Manager to do significant harm. Principal adverse impact metrics are assessed on an ongoing basis to ensure that investments that are classified by the Investment Manager as SFDR Sustainable Investments do no significant harm to any environmental or social objectives. The levels at which PAI metrics are deemed to do significant harm varies depending on, among other factors, asset class, sector, region and country. | Todos los indicadores de principales incidencias adversas obligatorios [según el Cuadro 1 del Anexo I] se tienen en cuenta, cuando resulta posible, al identificar Inversiones sostenibles con arreglo al SFDR para el Subfondo, así como el subconjunto de indicadores voluntarios [tomados de los Cuadros 2 y 3 del Anexo I]. También conviene señalar que aunque se examina cada indicador del Cuadro 1 del Anexo I del Reglamento Delegado de la Comisión, actualmente no es posible calcular la huella de carbono de cada inversión sostenible potencial, según lo previsto en el Anexo I.
La relevancia de los indicadores voluntarios se basa en la opinión de la Gestora de inversiones sobre la importancia del indicador para ese sector o región.
Los siguientes indicadores voluntarios se tienen en cuenta para todas las inversiones:
- Inversiones en empresas sin iniciativas de reducción de las emisiones de carbono
- Ausencia de una política de derechos humanos
- Número de condenas e importe de las multas por infringir las leyes de lucha contra la corrupción y el sobornoLos indicadores de incidencias adversas sobre los factores de sostenibilidad se tienen en cuenta mediante el empleo de datos cuantitativos y el análisis cualitativo interno para determinar, con respecto a cada empresa potencial, si existen parámetros PAI que la Gestora de inversiones considere que producen un perjuicio significativo. Los parámetros de principales incidencias adversas (PAI) se evalúan de forma periódica para garantizar que las inversiones que la Gestora clasifica como sostenibles con arreglo al SFDR no perjudican de manera significativa ninguno de los objetivos medioambientales o sociales. Los niveles a partir de los cuales se considera que los parámetros PAI causan un perjuicio significativo varían en función, entre otros factores, de la clase de activos, el sector, la región y el país. | All mandatory principal adverse impact indicators [per Table 1 of Annex I] are taken into account where possible when identifying SFDR Sustainable Investments for the Sub-Fund, as well as a subset of voluntary indicators [from Tables 2 and 3 of Annex I]. It should also be noted that while each indicator in Table 1 of Annex I of the Commission Delegated Regulations is considered, it is currently not possible to calculate the carbon footprint of each potential sustainable investment as envisaged in Annex I.
The relevance of voluntary indicators is based on the Investment Manager’s view as to the materiality of the indicator to the sector or region.
The following voluntary indicators are taken into account for all investments:
- Investments in companies without carbon emission reduction initiatives
- Lack of a human rights policy
- Number of convictions and amount of fines for violation of anti-corruption and anti-bribery lawsIndicators for adverse impacts on sustainability factors are taken into account by using quantitative data and internal qualitative assessment to determine, for each prospective company, whether there are any PAI metrics that are deemed by the Investment Manager to do significant harm. Principal adverse impact metrics are assessed on an ongoing basis to ensure that investments that are classified by the Investment Manager as SFDR Sustainable Investments do no significant harm to any environmental or social objectives. The levels at which PAI metrics are deemed to do significant harm varies depending on, among other factors, asset class, sector, region and country. | en | es |
DOLFIN1117 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 1.5 years |
| --- | --- | --- |
| Total costs | 90 $ | 137 $ |
| Impact of annual costs (*) | 0.90% | 0.91% each year | | | | Si vous sortez après 1 an | Si vous sortez après 1,5 an |
| --- | --- | --- |
| Coûts totaux | 90 $ | 137 $ |
| Incidence des coûts annuels (*) | 0,90% | 0,91% chaque année | | | | If you exit after 1 year | If you exit after 1.5 years |
| --- | --- | --- |
| Total costs | 90 $ | 137 $ |
| Impact of annual costs (*) | 0.90% | 0.91% each year | | en | fr |
DOLFIN1118 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00 % |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.50 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee is equal to 25% of the amount by which the performance exceeds that of the NASDAQ Biotech Index, but in total it shall not exceed 4% of the average value of the investment fund. Negative amounts carried forward from the past 5 accounting periods are taken into consideration when calculating the performance-based fee. Details can be found in the "Costs" section of the sales prospectus. |
| Securities lending fees | 0.03 % | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00 % |
| Gastos de salida | Ninguno |
| Este es el máximo que puede deducirse de su capital antes de ser invertido (cargo de entrada) y antes de abonarse los rendimientos de su inversión (cargo de salida). |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,50 % |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 0,00 % |
| La comisión de rendimiento se corresponde con el 25% del importe en que la evolución del valor exceda la evolución del índice NASDAQ Biotech, con un máximo del 4% del valor medio del fondo. A la hora de calcular la comisión de rendimiento se tienen en cuenta los remanentes negativos de los últimos cinco periodos de liquidación. El apartado “Costes” del folleto de venta contiene más información al respecto. |
| Comisión por préstamo de valores | 0,03 % | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00 % |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.50 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee is equal to 25% of the amount by which the performance exceeds that of the NASDAQ Biotech Index, but in total it shall not exceed 4% of the average value of the investment fund. Negative amounts carried forward from the past 5 accounting periods are taken into consideration when calculating the performance-based fee. Details can be found in the "Costs" section of the sales prospectus. |
| Securities lending fees | 0.03 % | | en | es |
DOLFIN1119 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Risks associated with investing in investment units
The risks for investment funds whose units are acquired for the Fund ("target funds") are closely linked to the risks associated with the assets held in these target funds and/or the investment strate- gies pursued by said target funds. Since the managers of the individual target funds act independent- ly of each other, it is possible for several target funds to act according to the same or opposing in- vestment strategies. This may result in existing risks being built up and possible opportunities cancel- ling each other out. The Company is not normally in a position to control the management of target funds. Their investment decisions do not necessarily have to conform to the assumptions or expecta- tions of the Company. Often, the Company may not be completely up-to-date as to the current com- position of the target funds. Should this composition not meet the Company’s assumptions or expec- tations, it may, where applicable, only be able to react with considerable delay by returning target fund units.
Open-ended investment funds, whose units are acquired for the Fund, may also temporarily suspend the redemption of units. The Company would then be prevented from disposing of the units in the target fund by returning them to the Management Company or Custodian of the target fund against payment of the redemption price. | ### Risiken im Zusammenhang mit der Investition in Investmentanteile
Die Risiken der Investmentvermögen, deren Anteile für den Fonds erworben werden (sogenannte „Ziel- fonds“), stehen in engem Zusammenhang mit den Risiken der in diesen Zielfonds enthaltenen Vermö- gensgegenstände bzw. der von diesen Zielfonds verfolgten Anlagestrategien. Da die Manager der ein- zelnen Zielfonds voneinander unabhängig handeln, kann es aber auch vorkommen, dass mehrere Ziel- fonds gleiche oder einander entgegengesetzte Anlagestrategien verfolgen. Hierdurch können beste- hende Risiken kumulieren, und eventuelle Chancen können sich gegeneinander aufheben. Es ist der Gesellschaft im Regelfall nicht möglich, das Management der Zielfonds zu kontrollieren. Deren Anlage- entscheidungen müssen nicht zwingend mit den Annahmen oder Erwartungen der Gesellschaft über- einstimmen. Der Gesellschaft wird die aktuelle Zusammensetzung der Zielfonds oftmals nicht zeitnah bekannt sein. Entspricht die Zusammensetzung nicht ihren Annahmen oder Erwartungen, so kann sie ggf. erst deutlich verzögert reagieren, indem sie Zielfondsanteile zurückgibt.
Offene Investmentvermögen, an denen der Fonds Anteile erwirbt, könnten zudem zeitweise die Rück- nahme der Anteile aussetzen. Dann ist die Gesellschaft daran gehindert, die Anteile an dem Zielfonds zu veräußern, indem sie diese gegen Auszahlung des Rücknahmepreises bei der Verwaltungsgesell- schaft oder Verwahrstelle des Zielfonds zurückgibt. | ### Risks associated with investing in investment units
The risks for investment funds whose units are acquired for the Fund ("target funds") are closely linked to the risks associated with the assets held in these target funds and/or the investment strate- gies pursued by said target funds. Since the managers of the individual target funds act independent- ly of each other, it is possible for several target funds to act according to the same or opposing in- vestment strategies. This may result in existing risks being built up and possible opportunities cancel- ling each other out. The Company is not normally in a position to control the management of target funds. Their investment decisions do not necessarily have to conform to the assumptions or expecta- tions of the Company. Often, the Company may not be completely up-to-date as to the current com- position of the target funds. Should this composition not meet the Company’s assumptions or expec- tations, it may, where applicable, only be able to react with considerable delay by returning target fund units.
Open-ended investment funds, whose units are acquired for the Fund, may also temporarily suspend the redemption of units. The Company would then be prevented from disposing of the units in the target fund by returning them to the Management Company or Custodian of the target fund against payment of the redemption price. | en | de |
DOLFIN1120 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Restriction on directors' voting
- Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or any committee established by the Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material (other than an interest arising by virtue of his interest in shares or debentures or other securities or otherwise in or through the Company) or a duty which conflicts or may conflict with the interests of the Company. A Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.
- A Director shall be entitled to vote (and be counted in the quorum) in respect of any resolutions concerning any of the following matters, namely:-
- the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its subsidiary or associated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its subsidiary or associated companies;
- the giving of any security, guarantee or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiary or associated companies for which he himself has assumed responsibility in whole or in part and whether alone or jointly with others under a guarantee or indemnity or by the giving of security;
- any proposal concerning any offer of shares or debentures or other securities of or by the Company or any of its subsidiary or associated companies for subscription, purchase or exchange in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof; or
- any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise howsoever.
- Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company or any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not debarred from voting under Article 74.2 (iv)) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment.
- If a question arises at a meeting of Directors or of any committee established by the Directors as to the materiality of a Director's interest or as to the right of any Director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question may be referred, before the conclusion of the meeting, to the chairman of the meeting and his ruling in relation to any Director other than himself shall be final and conclusive.
- The Company by ordinary resolution may suspend or relax the provisions of this Article to any extent or ratify any transaction not duly authorised by reason of a contravention of this Article.
### Part XV - Proceedings Of Directors
- | # Beschränkung in Bezug auf die Stimmabgabe der Verwaltungsratsmitglieder
- Sofern in dieser Satzung nicht etwas anderes vorgesehen ist, darf ein Verwaltungsratsmitglied bei einer Sitzung des Verwaltungsrats oder eines von den Verwaltungsratsmitgliedern eingerichteten Ausschusses nicht über einen Beschluss abstimmen, der eine Angelegenheit betrifft, in der es unmittelbar oder mittelbar ein wesentliches Interesse hat (ausgenommen ein Interesse entsteht aufgrund seines Interesses an Aktien oder Schuldverschreibungen oder sonstigen Wertpapieren oder auf andere Weise an der Gesellschaft oder durch sie) oder einer Pflicht unterliegt, die mit den Interessen der Gesellschaft kollidieren oder kollidieren kann. Ein bei der Sitzung anwesendes Verwaltungsratsmitglied wird hinsichtlich eines solchen Beschlusses, bei dem es nicht stimmberechtigt ist, nicht zur beschlussfähigen Mehrheit gezählt.
- Ein Verwaltungsratsmitglied ist berechtigt, in Bezug auf sämtliche Beschlüsse hinsichtlich der folgenden Angelegenheiten abzustimmen (und wird zur beschlussfähigen Mehrheit gerechnet):
- die Gewährung einer Sicherheit, Garantie oder Freistellung an das Verwaltungsratsmitglied hinsichtlich Geldern, die das Verwaltungsratsmitglied der Gesellschaft oder ihrer Tochtergesellschaften oder assoziierten Unternehmen geliehen hat, oder Verpflichtungen, die das Verwaltungsratsmitglied auf Verlangen von oder zum Nutzen der Gesellschaft oder ihrer Tochtergesellschaften oder assoziierten Unternehmen eingegangen ist;
- die Gewährung einer Sicherheit, Garantie oder Freistellung gegenüber einem Dritten in Bezug auf eine Schuld oder Verpflichtung der Gesellschaft oder ihrer Tochtergesellschaften oder assoziierten Unternehmen, für die das Verwaltungsratsmitglied selbst ganz oder teilweise und entweder alleine oder gemeinschaftlich mit anderen gemäß einer Garantie oder Freistellung oder durch die Stellung einer Sicherheit die Verantwortung übernommen hat;
- jeder Vorschlag im Hinblick auf ein Angebot von Aktien oder Schuldverschreibungen oder sonstigen Wertpapieren der Gesellschaft oder durch die Gesellschaft oder ihrer Tochtergesellschaften oder assoziierten Unternehmenauf Zeichnung, Erwerb oder Umtausch, bei deren Angebot es ein Interesse oder ein Interesse als Beteiligter an der Emission oder Unterbeteiligung an der Emission hat oder haben kann; oder
- jeder Vorschlag im Hinblick auf ein anderes Unternehmen, an dem es unmittelbar oder mittelbar und entweder als leitender Mitarbeiter oder Aktionär oder wie auch immer anderweitig ein Interesse hat.
- Bei der Erörterung von Vorschlägen im Hinblick auf die Ernennung (einschließlich der Festlegung oder Abänderung der Bestimmungen der Ernennung) von zwei oder mehr Verwaltungsratsmitgliedern für ein Amt oder eine Anstellung in der Gesellschaft oder in einer Gesellschaft, an der die Gesellschaft beteiligt ist, können solche Vorschläge aufgeteilt und in Bezug auf jedes Verwaltungsratsmitglied gesondert erörtert werden und in einem solchen Fall ist jedes betroffene Verwaltungsratsmitglied (falls es nicht gemäß Artikel 74.2 (iv) von der Abstimmung ausgeschlossen ist) berechtigt, in Bezug auf jeden Beschluss mit Ausnahme desjenigen, der seine eigene Ernennung betrifft, abzustimmen (und wird zur beschlussfähigen Mehrheit gerechnet).
- Tritt bei einer Sitzung des Verwaltungsrats oder eines vom Verwaltungsrat eingerichteten Ausschusses eine Frage zu der Wesentlichkeit des Interesses oder zum Recht eines Verwaltungsratsmitglieds auf Stimmabgabe auf und wird eine solche Frage nicht durch seine freiwillige Einwilligung, sich der Stimme zu enthalten, gelöst, kann diese Frage vor Schluss der Sitzung an den Vorsitzenden der Sitzung verwiesen werden, dessen Entscheidung in Bezug auf jedes Verwaltungsratsmitglied, außer in Bezug auf sich selbst, abschließend und endgültig ist.
- Die Gesellschaft kann durch einfachen Mehrheitsbeschluss die Vorschriften dieses Artikels in jeglichem Umfang aussetzen oder abschwächen oder eine aufgrund eines Verstoßes gegen diesen Artikel nicht ordnungsgemäß genehmigte Transaktion ratifizieren.
### Teil XV – Verfahren des Verwaltungsrats
- | # Restriction on directors' voting
- Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or any committee established by the Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material (other than an interest arising by virtue of his interest in shares or debentures or other securities or otherwise in or through the Company) or a duty which conflicts or may conflict with the interests of the Company. A Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.
- A Director shall be entitled to vote (and be counted in the quorum) in respect of any resolutions concerning any of the following matters, namely:-
- the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its subsidiary or associated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its subsidiary or associated companies;
- the giving of any security, guarantee or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiary or associated companies for which he himself has assumed responsibility in whole or in part and whether alone or jointly with others under a guarantee or indemnity or by the giving of security;
- any proposal concerning any offer of shares or debentures or other securities of or by the Company or any of its subsidiary or associated companies for subscription, purchase or exchange in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof; or
- any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise howsoever.
- Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company or any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not debarred from voting under Article 74.2 (iv)) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment.
- If a question arises at a meeting of Directors or of any committee established by the Directors as to the materiality of a Director's interest or as to the right of any Director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question may be referred, before the conclusion of the meeting, to the chairman of the meeting and his ruling in relation to any Director other than himself shall be final and conclusive.
- The Company by ordinary resolution may suspend or relax the provisions of this Article to any extent or ratify any transaction not duly authorised by reason of a contravention of this Article.
### Part XV - Proceedings Of Directors
- | en | de |
DOLFIN1121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance Scenarios
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future.
Recommended holding period: 5 years
Example Investment: JPY 1000000
Scenarios
If you exit after 1 year
If you exit after 5 years
Minimum There is no minimum guaranteed return. You could lose some or all of your investment.
What you might get back after costs JPY 134570 JPY 118480
Stress
Unfavourable
Moderate
Favourable
Average return each year -86.54% -34.73%
What you might get back after costs JPY 709660 JPY 318010
Average return each year -29.03% -20.48%
What you might get back after costs JPY 1113680 JPY 1493230
Average return each year 11.37% 8.35%
What you might get back after costs JPY 1734410 JPY 2491340
Average return each year 73.44% 20.03%
The stress scenario shows what you might get back in extreme market circumstances.
This product cannot be easily cashed in. If you exit the investment earlier than the recommended holding period you do not have a guarantee.
Unfavourable This type of scenario occurred for an investment between November 2021 and December 2022.
Moderate This type of scenario occurred for an investment between December 2013 and November 2018.
Favourable This type of scenario occurred for an investment between November 2016 and November 2021. | # Escenarios de rentabilidad
Las cifras mostradas incluyen todos los costes del producto en sí, pero es posible que no incluyan todos los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que reciba de este producto dependerá del rendimiento futuro del mercado. La evolución del mercado en el futuro es incierta y no se puede predecir con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años. Los mercados podrían evolucionar de manera distinta en el futuro.
Periodo de mantenimiento recomendado: 5 años
Ejemplo de inversión: JPY 1000000
Escenarios
En caso de salida después de 1 año
En caso de salida después de 5 años
Mínimo No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión.
Lo que podría recibir tras deducir los costes JPY 134570 JPY 118480
Tensión
Desfavorable
Moderado
Favorable
Rendimiento medio cada año -86.54% -34.73%
Lo que podría recibir tras deducir los costes JPY 709660 JPY 318010
Rendimiento medio cada año -29.03% -20.48%
Lo que podría recibir tras deducir los costes JPY 1113680 JPY 1493230
Rendimiento medio cada año 11.37% 8.35%
Lo que podría recibir tras deducir los costes JPY 1734410 JPY 2491340
Rendimiento medio cada año 73.44% 20.03%
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Este producto no se puede canjear fácilmente. Si sale de la inversión antes del período de mantenimiento recomendado, no tendrá ninguna garantía.
No favorable Este tipo de escenario se produjo para una inversión entre noviembre de 2021 y diciembre de 2022.
Moderado Este tipo de escenario se produjo para una inversión entre diciembre de 2013 y noviembre de 2018.
Favorable Este tipo de escenario se produjo para una inversión entre noviembre de 2016 y noviembre de 2021. | # Performance Scenarios
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future.
Recommended holding period: 5 years
Example Investment: JPY 1000000
Scenarios
If you exit after 1 year
If you exit after 5 years
Minimum There is no minimum guaranteed return. You could lose some or all of your investment.
What you might get back after costs JPY 134570 JPY 118480
Stress
Unfavourable
Moderate
Favourable
Average return each year -86.54% -34.73%
What you might get back after costs JPY 709660 JPY 318010
Average return each year -29.03% -20.48%
What you might get back after costs JPY 1113680 JPY 1493230
Average return each year 11.37% 8.35%
What you might get back after costs JPY 1734410 JPY 2491340
Average return each year 73.44% 20.03%
The stress scenario shows what you might get back in extreme market circumstances.
This product cannot be easily cashed in. If you exit the investment earlier than the recommended holding period you do not have a guarantee.
Unfavourable This type of scenario occurred for an investment between November 2021 and December 2022.
Moderate This type of scenario occurred for an investment between December 2013 and November 2018.
Favourable This type of scenario occurred for an investment between November 2016 and November 2021. | en | es |
DOLFIN1122 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
These systems generate exception reports highlighting any inconsistency between the Funds' investment objectives and restrictions, and the Funds' portfolios.
The risk management team is a unit of the Investment Manager and is independent of the portfolio managers. It is responsible for the day to day risk monitoring process in respect of the Investment Manager's duties. Global exposure, position and counterparty exposure are monitored by the risk management team. The risk management process is supported by the Investment Manager's internal systems which are designed to assess the Fund's risk and exposures on a daily basis.
The Investment Manager will report in writing confirming compliance with the guidelines laid down in the Risk Management Policy document and the Prospectus, at least monthly to the named Designated Person, and will report to the Board of Directors at least quarterly.
-
##### Market risk | Ces systèmes génèrent des rapports sur les exceptions soulignant les incohérences entre les objectifs d’investissement et les restrictions des Fonds et les portefeuilles des Fonds.
L’équipe Gestion du risque est une entité du Gestionnaire d’investissement et indépendante des gestionnaires de portefeuille. Elle est responsable de la procédure de contrôle du risque au quotidien eu égard aux fonctions du Gestionnaire d’investissement. L’exposition globale, la position et l’exposition de contrepartie sont contrôlées par l’équipe de gestion du risque. La procédure de gestion du risque fait appel aux systèmes internes du Gestionnaire d’investissement, conçus pour estimer quotidiennement le risque et les expositions du Fonds.
Le Gestionnaire d’investissement remettra un rapport écrit au moins une fois par mois à la Personne désignée et au Conseil d’administration au moins une fois par trimestre, aux fins de confirmer la conformité avec les directives établies par le document de Politique de gestion du risque et le Prospectus.
-
##### Risque de marché | These systems generate exception reports highlighting any inconsistency between the Funds' investment objectives and restrictions, and the Funds' portfolios.
The risk management team is a unit of the Investment Manager and is independent of the portfolio managers. It is responsible for the day to day risk monitoring process in respect of the Investment Manager's duties. Global exposure, position and counterparty exposure are monitored by the risk management team. The risk management process is supported by the Investment Manager's internal systems which are designed to assess the Fund's risk and exposures on a daily basis.
The Investment Manager will report in writing confirming compliance with the guidelines laid down in the Risk Management Policy document and the Prospectus, at least monthly to the named Designated Person, and will report to the Board of Directors at least quarterly.
-
##### Market risk | en | fr |
DOLFIN1123 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investment in FDIs are subject to the conditions and limits laid down by the Central Bank.
Efficient Portfolio Management
A Sub-Fund may employ techniques and instruments relating to transferable securities and/or other financial instruments in which it invests for Efficient Portfolio Management purposes, a list of which (if any) shall be set out in the relevant Supplement.
The Manager may also (but is not obliged to) enter into certain currency-related transactions in order to hedge the currency exposure of a Sub-Fund where the Sub-Fund invests in assets denominated in currencies other than the Base Currency.
Use of such techniques and instruments should be in line with the best interests of Unitholders and will generally be made for one or more of the following reasons:
- the reduction of risk;
- the reduction of cost; or
- the generation of additional capital or income for the relevant Sub-Fund with an appropriate level of risk, taking into account the risk profile of the Sub-Fund as described in this Prospectus and the relevant Supplement and the risk diversification rules set out in the Regulations and the Central Bank UCITS Regulations. | Anlagen in derivative Finanzinstrumente unterliegen den von der Zentralbank festgelegten Bedingungen und Grenzen.
Effizientes Portfoliomanagement
Ein Teilfonds kann Techniken und Instrumente einsetzen, die sich auf Wertpapiere und/oder andere Finanzinstrumente beziehen, in die er aus Gründen eines effizienten Portfoliomanagements investiert; eine Liste solcher Techniken und Instrumente ist gegebenenfalls im maßgeblichen Supplement aufgeführt. Der Manager kann desgleichen (ist jedoch nicht dazu verpflichtet) bestimmte währungsbezogene Transaktionen abschließen, um das Währungsrisiko eines Teilfonds abzusichern, falls der Teilfonds in Vermögenswerte in einer anderen Währung als der Basiswährung investiert.
Der Einsatz solcher Techniken und Instrumente soll im besten Interesse der Anteilinhaber sein und erfolgt grundsätzlich aus einem oder mehreren der folgenden Gründe:
- Risikoreduzierung;
- Kostensenkung; oder
- Beschaffung zusätzlichen Kapitals oder Erwirtschaftung zusätzlicher Erträge für den jeweiligen Teilfonds auf angemessenem Risikoniveau und unter Berücksichtigung des in diesem Prospekt und dem jeweiligen Supplement beschriebenen Risikoprofils des Teilfonds sowie der in der Verordnung der Zentralbank (OGAW) beschriebenen Risikodiversifikationsvorschriften. | Investment in FDIs are subject to the conditions and limits laid down by the Central Bank.
Efficient Portfolio Management
A Sub-Fund may employ techniques and instruments relating to transferable securities and/or other financial instruments in which it invests for Efficient Portfolio Management purposes, a list of which (if any) shall be set out in the relevant Supplement.
The Manager may also (but is not obliged to) enter into certain currency-related transactions in order to hedge the currency exposure of a Sub-Fund where the Sub-Fund invests in assets denominated in currencies other than the Base Currency.
Use of such techniques and instruments should be in line with the best interests of Unitholders and will generally be made for one or more of the following reasons:
- the reduction of risk;
- the reduction of cost; or
- the generation of additional capital or income for the relevant Sub-Fund with an appropriate level of risk, taking into account the risk profile of the Sub-Fund as described in this Prospectus and the relevant Supplement and the risk diversification rules set out in the Regulations and the Central Bank UCITS Regulations. | en | de |
DOLFIN1124 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Establishment and Operating Expenses
The ICAV's establishment and organisational expenses (including expenses relating to the drafting of the Prospectus, the negotiation and preparation of the material contracts, the printing of the Prospectus and the related marketing material and the fees and expenses of its professional advisers) will be paid by Deutsche Bank as sponsor of the ICAV.
Each Sub-Fund may also incur organisational expenses in the preparation of the initial offering of Shares in respect of that Sub-Fund. Such expenses will be paid by Deutsche Bank unless otherwise specified in the Relevant Supplement. | ## Spese di costituzione e operative
Le spese di costituzione e operative dell’ICAV (comprese quelle relative alla redazione del Prospetto e alla preparazione dei contratti, alla stampa del Prospetto e ai relativi materiali di marketing e le commissioni e spese dei suoi consulenti professionali) saranno a carico di Deutsche Bank come promotore dell’ICAV.
Ciascun Comparto potrà inoltre sostenere spese organizzative nella preparazione dell’offerta iniziale di Azioni legata al Comparto stesso. Tali spese saranno a carico di Deutsche Bank, tranne in casi specifici contemplati dal Supplemento rilevante. | ## Establishment and Operating Expenses
The ICAV's establishment and organisational expenses (including expenses relating to the drafting of the Prospectus, the negotiation and preparation of the material contracts, the printing of the Prospectus and the related marketing material and the fees and expenses of its professional advisers) will be paid by Deutsche Bank as sponsor of the ICAV.
Each Sub-Fund may also incur organisational expenses in the preparation of the initial offering of Shares in respect of that Sub-Fund. Such expenses will be paid by Deutsche Bank unless otherwise specified in the Relevant Supplement. | en | it |
DOLFIN1125 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Valuation and exchange ratio
The number of new shares to be issued in the Receiving Funds to each shareholder of the Merging Funds will be calculated using an exchange ratio. The exchange ratio is calculated on the basis of the net asset value as of Merger Date of the shares of the Merging Funds and of the Receiving Funds. The net asset value per share in the Merging and the Receiving Funds will not necessarily be the same. Therefore, while the overall value of the shareholders’ holdings in the Merging Funds will be the same, such shareholders may receive a different number of new shares in the Receiving Funds than the number of shares they had previously held in the Merging Funds.
Assets and liabilities of both the Merging Funds and the Receiving Funds will be valued on Mer- ger Date, in accordance with the principles laid down in their constitutional documents.
The exchange ratio of each share class will be calculated by dividing the net asset value per share of the relevant share class of the Merging Funds with the net asset value per share of the relevant class of shares in the Receiving Funds.
For the avoidance of doubt, the relevant shares in the Merging Funds will be cancelled on Merger Date.
No cash payment shall be made to shareholders of the Merging Funds in exchange for the shares.
- | # Bewertung und Umtauschverhältnis
Die Anzahl neuer Anteile der aufnehmenden Fonds, die an jeden Anteilinhaber der eingebrachten Fonds auszugeben sind, werden anhand eines Umtauschverhältnisses berechnet. Das Umtausch- verhältnis wird auf der Grundlage des zum Datum der Zusammenlegung gültigen Nettoinventar- werts der Anteile der eingebrachten Fonds und der aufnehmenden Fonds berechnet. Der Netto- inventarwert je Anteil der eingebrachten Fonds und der Nettoinventarwert je Anteil der aufneh- menden Fonds sind nicht unbedingt identisch. Daher ist es möglich, dass zwar der Gesamtwert der Anteile der Anteilinhaber an den eingebrachten Fonds identisch ist, sich jedoch die Anzahl der neuen Anteile der aufnehmenden Fonds, die diese Anteilinhaber erhalten, von der Anzahl der Anteile unterscheidet, die sie an den eingebrachten Fonds hielten.
Die Vermögenswerte und Verbindlichkeiten der eingebrachten Fonds und der aufnehmenden Fonds werden am Datum der Zusammenlegung gemäß den in ihren jeweiligen Gründungsdoku- menten festgelegten Grundsätzen bewertet.
Das Umtauschverhältnis jeder Anteilsklasse wird berechnet, indem der Nettoinventarwert je An- teil der entsprechenden Anteilsklasse der eingebrachten Fonds durch den Nettoinventarwert je Anteil der entsprechenden Anteilsklasse der aufnehmenden Fonds dividiert wird.
Vorsorglich wird darauf hingewiesen, dass die entsprechenden Anteile der eingebrachten Fonds am Datum der Zusammenlegung annulliert werden.
Anteilinhaber der eingebrachten Fonds erhalten keine Barzahlungen für die Anteile.
- | # Valuation and exchange ratio
The number of new shares to be issued in the Receiving Funds to each shareholder of the Merging Funds will be calculated using an exchange ratio. The exchange ratio is calculated on the basis of the net asset value as of Merger Date of the shares of the Merging Funds and of the Receiving Funds. The net asset value per share in the Merging and the Receiving Funds will not necessarily be the same. Therefore, while the overall value of the shareholders’ holdings in the Merging Funds will be the same, such shareholders may receive a different number of new shares in the Receiving Funds than the number of shares they had previously held in the Merging Funds.
Assets and liabilities of both the Merging Funds and the Receiving Funds will be valued on Mer- ger Date, in accordance with the principles laid down in their constitutional documents.
The exchange ratio of each share class will be calculated by dividing the net asset value per share of the relevant share class of the Merging Funds with the net asset value per share of the relevant class of shares in the Receiving Funds.
For the avoidance of doubt, the relevant shares in the Merging Funds will be cancelled on Merger Date.
No cash payment shall be made to shareholders of the Merging Funds in exchange for the shares.
- | en | de |
DOLFIN1126 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Management team
Prashant Kothari
Pictet Asset Management Limited
UCITS AND NON-UCITS DO NOT HAVE A GUARANTEED RETURN AND PREVIOUS RETURNS DO NOT GUARANTEE FUTURE ONES
Don’t take unnecessary risks. Read the prospectus and the Key Investor Information Document before investing | # Team di gestione
Prashant Kothari
Pictet Asset Management Limited
IL RENDIMENTO DI OICVM E NON OICVM NON È GARANTITO E I RENDIMENTI PRECEDENTI NON COSTITUISCONO UNA GARANZIA DI QUELLI FUTURI
Non assumere rischi non necessari. Leggere il prospetto e il Documento contenente informazioni chiave per gli Investitori prima dell'investimento | # Management team
Prashant Kothari
Pictet Asset Management Limited
UCITS AND NON-UCITS DO NOT HAVE A GUARANTEED RETURN AND PREVIOUS RETURNS DO NOT GUARANTEE FUTURE ONES
Don’t take unnecessary risks. Read the prospectus and the Key Investor Information Document before investing | en | it |
DOLFIN1127 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### USE OF REPURCHASE/REVERSE REPURCHASE AND SECURITIES LENDING AGREEMENTS
The following requirements apply to repurchase/reverse repurchase agreements and securities lending agreements:
- Any counterparty to a repurchase/reverse repurchase agreements and securities lending agreements shall be subject to an appropriate internal credit assessment carried out by the Company, which shall include amongst other considerations, external credit ratings of the counterparty, the regulatory supervision applied to the relevant counterparty, industry sector risk and concentration risk. Where the counterparty to a repurchase/reverse repurchase agreement or securities lending agreement:
- was subject to a credit rating by an agency registered and supervised by ESMA that rating shall be taken into account by the Company in the credit assessment process;and | ### UTILIZZO DI CONTRATTI DI RIACQUISTO, CONTRATTI DI RIACQUISTO INVERSO E CONTRATTI DI PRESTITO DI TITOLI
Ai contratti di riacquisto, ai contratti di riacquisto inverso e ai contratti di prestito di titoli si applicano i seguenti criteri:
- Qualsiasi controparte di contratti di riacquisto/ riacquisto inverso e contratti di prestito di titoli sarà oggetto di un'adeguata valutazione interna del credito effettuata dalla Società, che comprende, tra le altre considerazioni, rating di credito esterni della controparte, una vigilanza regolamentare applicata alla relativa controparte, al rischio di settore industriale e al rischio di concentrazione. Nel caso in cui la controparte di un contratto di riacquisto/ riacquisto inverso o di prestito di titoli:
- è stata oggetto di un rating di credito da parte di un'agenzia registrata e controllata dall'ESMA, quel rating verrà preso in considerazione dalla Società nel processo di valutazione del credito;e | ### USE OF REPURCHASE/REVERSE REPURCHASE AND SECURITIES LENDING AGREEMENTS
The following requirements apply to repurchase/reverse repurchase agreements and securities lending agreements:
- Any counterparty to a repurchase/reverse repurchase agreements and securities lending agreements shall be subject to an appropriate internal credit assessment carried out by the Company, which shall include amongst other considerations, external credit ratings of the counterparty, the regulatory supervision applied to the relevant counterparty, industry sector risk and concentration risk. Where the counterparty to a repurchase/reverse repurchase agreement or securities lending agreement:
- was subject to a credit rating by an agency registered and supervised by ESMA that rating shall be taken into account by the Company in the credit assessment process;and | en | it |
DOLFIN1128 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 1 an Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 8 819 CHF |
| | Rendement annuel moyen | -11,81 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 692 CHF |
| | Rendement annuel moyen | -3,08 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 723 CHF |
| | Rendement annuel moyen | -2,77 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 9 808 CHF |
| | Rendement annuel moyen | -1,92 % | | | Período de mantenimiento recomendado: 1 año Ejemplo de inversión: 10 000 CHF |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 8 819 CHF |
| | Rendimiento medio cada año | -11,81 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 9 692 CHF |
| | Rendimiento medio cada año | -3,08 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9 723 CHF |
| | Rendimiento medio cada año | -2,77 % |
| Favorable | Lo que podría recibir tras deducir los costes | 9 808 CHF |
| | Rendimiento medio cada año | -1,92 % | | | Période de détention recommandée: 1 an Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 8 819 CHF |
| | Rendement annuel moyen | -11,81 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 692 CHF |
| | Rendement annuel moyen | -3,08 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 723 CHF |
| | Rendement annuel moyen | -2,77 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 9 808 CHF |
| | Rendement annuel moyen | -1,92 % | | fr | es |
DOLFIN1129 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 620 USD | 1060 USD |
| Incidence des coûts annuels (*) | 6,2 % | 3,37 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 620 USD | 1060 USD |
| Incidencia anual de los costes (*) | 6,2 % | 3,37 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 620 USD | 1060 USD |
| Incidence des coûts annuels (*) | 6,2 % | 3,37 % | | fr | es |
DOLFIN1130 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Investors who buy and sell Shares on stock exchanges are not charged entry or exit charges by the ICAV but may be charged dealing costs and fees by their stockbroker. Please consult your stockbroker and/or investment adviser for details of such fees.
- The ongoing charges figure is an estimate of the charges that will be deducted from the Share Class over the course of a year. The ongoing charges figure excludes portfolio transaction costs (except for transaction costs paid to the Depositary, which are included).
- For more information about charges, please see the “Fees, Costs and Expenses” and "Subscriptions and Redemptions" sections of the ICAV’s Prospectus and the "Fees and Expenses" and “Dealing in Shares of the Fund” sections of the Fund Supplement which are available at: http://www.rizeetf.com*Authorised Participants dealing directly with the ICAV will pay dealing-related transaction costs | - Agli investitori che acquistano e vendono Azioni sulle borse non vengono addebitate spese di entrata o di uscita dall'ICAV, ma possono essere addebitati costi e commissioni di negoziazione dal loro agente di cambio. Si prega di consultare il proprio agente di cambio e/o consulente finanziario per i dettagli di tali commissioni.
- L'importo delle spese correnti è una stima delle spese che saranno dedotte dalla Classe di Azioni nel corso di un anno. L'importo delle spese correnti esclude i costi di transazione del portafoglio (ad eccezione dei costi di transazione pagati alla banca depositaria, che sono inclusi).
- Per ulteriori informazioni sugli oneri, consultare le sezioni "Commissioni, costi e spese" e "Sottoscrizioni e rimborsi" del Prospetto informativo ICAV e le sezioni "Commissioni e spese" e "Negoziazione di azioni del Fondo" del Supplemento al Fondo, disponibili all'indirizzo: http://www.rizeetf.com
- I Partecipanti autorizzati che trattano direttamente con l'ICAV sosterranno i relativi costi di transazione | - Investors who buy and sell Shares on stock exchanges are not charged entry or exit charges by the ICAV but may be charged dealing costs and fees by their stockbroker. Please consult your stockbroker and/or investment adviser for details of such fees.
- The ongoing charges figure is an estimate of the charges that will be deducted from the Share Class over the course of a year. The ongoing charges figure excludes portfolio transaction costs (except for transaction costs paid to the Depositary, which are included).
- For more information about charges, please see the “Fees, Costs and Expenses” and "Subscriptions and Redemptions" sections of the ICAV’s Prospectus and the "Fees and Expenses" and “Dealing in Shares of the Fund” sections of the Fund Supplement which are available at: http://www.rizeetf.com*Authorised Participants dealing directly with the ICAV will pay dealing-related transaction costs | en | it |
DOLFIN1131 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
* Includes distributions with an ex-date of 1 May 2018 which were paid during the following six month period. These distributions with an ex-date of 1 May 2018 reflect the undistributed income on the Fund as at 30 April 2018.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2018 to 31 October 2018. The income equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable participating shares for the financial period ended 31 October 2018.
-
# Significant agreements and fees | * Inclut les distributions dont la date de détachement est le 1er mai 2018 et qui ont été versées durant la période de six mois suivante. Ces distributions dont la date de détachement est le 1er mai 2018 correspondent aux revenus non distribués du Fonds au 30 avril 2018.
** La régularisation des revenus porte sur les activités de négoce des Classes de distribution pour la période du 1er mai 2018 au 31 octobre 2018. La régularisation des revenus des Classes de distribution est indiquée séparément dans le tableau de variation de l’actif net attribuable aux porteurs de d’actions de participation rachetables pour la période comptable close le 31 octobre 2018.
-
# Frais et accords importants | * Includes distributions with an ex-date of 1 May 2018 which were paid during the following six month period. These distributions with an ex-date of 1 May 2018 reflect the undistributed income on the Fund as at 30 April 2018.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2018 to 31 October 2018. The income equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable participating shares for the financial period ended 31 October 2018.
-
# Significant agreements and fees | en | fr |
DOLFIN1132 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Types of transactions, all transactions being limited to achieving the investment objective:hedgingexposurearbitrageother
- Types of instruments used:futures: on currencies, interest rates,options: currency, interest rate,swaps: currency, interest rate,forward exchange: forward purchase and sale of currenciescredit derivatives: credit default swaps (CDS)other
- Strategy for using derivatives to achieve the investment objective:hedging exchange riskreconstitution of a synthetics exposure to particular assets
- increasing exposure to interest rate risk
-
###### Description of securities with embedded derivatives | - Operaciones elegibles, que deben todas limitarse a la realización del objetivo de gestión:coberturaexposiciónarbitrajeotro tipo
- Instrumentos elegibles:futuros: sobre divisas, sobre tipos,opciones: sobre divisas, sobre tipos,swaps [permutas financieras]: sobre divisas, sobre tipos,contratos a plazo sobre divisas: compra a plazo de divisas, venta a plazo de divisas,derivados de crédito: Credit Default Swaps (CDS) [seguros de impago de deuda]otro tipo
- Estrategia de utilización de los derivados para alcanzar el objetivo de gestión:cobertura del riesgo de cambioconstitución de una exposición sintética a determinados activos
- aumento de la exposición al riesgo de tipos
-
##### Descripción de los títulos que incorporan derivados | - Types of transactions, all transactions being limited to achieving the investment objective:hedgingexposurearbitrageother
- Types of instruments used:futures: on currencies, interest rates,options: currency, interest rate,swaps: currency, interest rate,forward exchange: forward purchase and sale of currenciescredit derivatives: credit default swaps (CDS)other
- Strategy for using derivatives to achieve the investment objective:hedging exchange riskreconstitution of a synthetics exposure to particular assets
- increasing exposure to interest rate risk
-
###### Description of securities with embedded derivatives | en | es |
DOLFIN1133 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### 2,090,552 1.38
Bonds Grand Duchy of Luxembourg
DH Europe Finance II Sarl 0.45%
18/03/2028 EUR 1,200,000 1,223,929 0.81
Euroclear Investments SA, Reg. S
1.125% 07/12/2026 EUR 2,000,000 2,155,342 1.43 | ###### 2.090.552 1,38
Anleihen Großherzogtum Luxemburg
DH Europe Finance II Sarl 0,45%
18/03/2028 EUR 1.200.000 1.223.929 0,81
Euroclear Investments SA, Reg. S
1,125% 07/12/2026 EUR 2.000.000 2.155.342 1,43 | #### 2,090,552 1.38
Bonds Grand Duchy of Luxembourg
DH Europe Finance II Sarl 0.45%
18/03/2028 EUR 1,200,000 1,223,929 0.81
Euroclear Investments SA, Reg. S
1.125% 07/12/2026 EUR 2,000,000 2,155,342 1.43 | en | de |
DOLFIN1134 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
*from start of reference period** of outperformance
- 0–1 and 0–2 period: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
- 0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4) but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
- 0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged. | *ab dem Beginn des Referenzzeitraums** für die Outperformance
- Zeitraum 0–1 und 0–2: Die über den Zeitraum generierte absolute Performance ist positiv (NIW > Referenz-NIW), die relative Performance ist jedoch negativ (NIW < Ziel-NIW). Es wird keine Performancegebühr erhoben. Der Referenzzeitraum wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Der Referenz-NIW bleibt unverändert.
- Zeitraum 0–3: Die über den Zeitraum generierte absolute Performance ist positiv (5) und die über das Jahr generierte relative Performance ist positiv (4), die kumulierte relative Performance seit Beginn des Referenzzeitraums (0–3) ist jedoch negativ (-1). Daher wird keine Performancegebühr erhoben. Der Referenzzeitraum wird um ein weiteres Jahr verlängert. Der Referenz-NIW bleibt unverändert.
- Zeitraum 0–4: Negative relative Wertentwicklung im Zeitraum, keine Performancegebühr, der Referenzzeitraum wird zum vierten und letzten Mal um ein weiteres Jahr verlängert. Der Referenz-NIW bleibt unverändert. | *from start of reference period** of outperformance
- 0–1 and 0–2 period: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
- 0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4) but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
- 0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged. | en | de |
DOLFIN1135 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it to other products.
| Product | MFS MERIDIAN® FUNDS -- EUROPEAN CORE EQUITY FUND -- Class I1EUR ISIN: LU0219424214 |
| --- | --- |
| Product Manufacturer and Management Company | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | The Commission de Surveillance du Secteur Financier (“CSSF”) is responsible for supervising MFS Investment Management Company (Lux) S.à r.l in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. MFS Investment Management Company (Lux) S.à r.l is authorised in Luxembourg and regulated by the CSSF. |
| This document was prepared on 15 December 2023. | | # Scopo
Il presente documento contiene le informazioni chiave relative a questo prodotto d'investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi, i guadagni e le perdite potenziali legati a questo prodotto e di aiutarvi a fare un raffronto con altri prodotti.
| Prodotto | MFS MERIDIAN® FUNDS -- EUROPEAN CORE EQUITY FUND -- Categoria I1EUR ISIN: LU0219424214 |
| --- | --- |
| Ideatore del prodotto e società di gestione | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com Per ulteriori informazioni, contattare l'Agente per i Trasferimenti al numero +352-46-40-10-600 oppure il proprio agente locale o intermediario finanziario. |
| Autorità competente | La Commission de Surveillance du Secteur Financier ("CSSF") è responsabile della vigilanza su MFS Investment Management Company (Lux) S.à r.l in relazione al presente Documento contenente le informazioni chiave. Il presente PRIIP è autorizzato in Lussemburgo. MFS Investment Management Company (Lux) S.à r.l è autorizzata in Lussemburgo e sottoposta alla vigilanza della CSSF. |
| Il presente documento è stato redatto il 15 dicembre 2023. | | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it to other products.
| Product | MFS MERIDIAN® FUNDS -- EUROPEAN CORE EQUITY FUND -- Class I1EUR ISIN: LU0219424214 |
| --- | --- |
| Product Manufacturer and Management Company | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | The Commission de Surveillance du Secteur Financier (“CSSF”) is responsible for supervising MFS Investment Management Company (Lux) S.à r.l in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. MFS Investment Management Company (Lux) S.à r.l is authorised in Luxembourg and regulated by the CSSF. |
| This document was prepared on 15 December 2023. | | en | it |
DOLFIN1136 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Part III: Terms and Conditions of Investment for the Investment Company under third-party management
Insofar as a matter is not regulated by these Terms and Conditions of Investment, the legal relationships between inves- tors, and the Investment Company and the Management Company shall be in accordance with Articles, the Act of 28 June 2011 concerning Specific Undertakings for Collective Investment in Securities (“UCITSG”) and the Ordinance of 5 July 2011 concerning Specific Undertakings for Collective Investment in Securities (“UCITSV”) and, insofar as these do not contain regulations, in accordance with the provisions of the Liechtenstein Persons and Companies Act (“PGR”) con- cerning companies limited by shares or establishments.
-
# General provisions | # Teil III: Anlagebedingungen für die fremdverwaltete Investmentgesellschaft
Soweit ein Sachverhalt in diesen Anlagebedingungen nicht geregelt ist, richten sich die Rechtsverhält-nisse zwischen den Anlegern, der Investmentgesellschaft und der Verwaltungsgesellschaft nach der Satzung, nach dem Gesetz vom 28. Juni 2011 über bestimmte Organismen für gemeinsame Anlagen in Wertpapieren (UCITSG), der Verordnung vom 5. Juli 2011 über bestimmte Organismen für gemeinsame Anlagen in Wertpapieren (UCITSV) und, soweit dort keine Regelun- gen getroffen sind, nach den Bestimmungen des Personen und Gesellschaftsrechts (PGR) über die Aktiengesellschaft oder die Anstalt.
-
# Allgemeine Bestimmungen | # Part III: Terms and Conditions of Investment for the Investment Company under third-party management
Insofar as a matter is not regulated by these Terms and Conditions of Investment, the legal relationships between inves- tors, and the Investment Company and the Management Company shall be in accordance with Articles, the Act of 28 June 2011 concerning Specific Undertakings for Collective Investment in Securities (“UCITSG”) and the Ordinance of 5 July 2011 concerning Specific Undertakings for Collective Investment in Securities (“UCITSV”) and, insofar as these do not contain regulations, in accordance with the provisions of the Liechtenstein Persons and Companies Act (“PGR”) con- cerning companies limited by shares or establishments.
-
# General provisions | en | de |
DOLFIN1137 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Key Information Document ("KID"): |
| --- | --- |
| Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. |
| Oaktree Global High Yield Bond Fund |
| Product: | Rh CHF acc – Oaktree Global High Yield Bond Fund |
| Manufacturer: | FundRock Management Company S.A., Luxembourg |
| Product code: | LU0854924031 |
| Website: | https://www.fundrock.com/ |
| Contact: | +352 27 1111 |
| Commission de Surveillance du Secteur Financier ("CSSF") is responsible for supervising FundRock Management Company S.A., Luxembourg. This PRIIP is authorised in Luxembourg. This key information document is valid as at 01 January 2023. |
| What is this product? |
| Type: The Fund is a sub-fund of Oaktree (Lux.) Funds (the “SICAV”), an investment company with variable capital structured as an umbrella fund offering a range of sub- funds. |
| Term: This product is not subject to any fixed term. |
| Objectives: The investment objective of the Fund is to achieve superior risk-adjusted returns by investing primarily in corporate high yield bonds, emphasising North American and European issuers. The Fund is actively managed with reference to a benchmark ICE BofAML Non-Financial Dev. Markets HY Constr. (TR). While the Fund has a reference benchmark, it is actively managed by implementing the investment philosophy and process described herein and has an ample degree of freedom to deviate from the benchmark. The Fund will not purchase debt securities or obligations rated Caa1 or below by Moody’s and CCC+ or below by S&P, or purchase comparable non-rated debt securities or obligations, if immediately after and as a result of such purchase more than 35% of its NAV would be invested in such debt securities or obligations. The Fund may invest up to 10% of its NAV in Distressed Securities. The Fund may use derivatives for hedging purposes. Intended retail investor: The Fund may be appropriate for investors who want to invest in high yield bonds issued primarily by North American and European issuers. It is designed for long-term investors who understand and accept the risks of the Fund, and are able and prepared to sustain losses. |
| Depositary Bank | |
| The Fund's Depositary Bank is State Street Bank International GmbH, Luxembourg Branch. |
| What are the risks and what could I get in return? | | | | Key Information Document ("KID"): |
| --- | --- |
| Scopo Il presente documento fornisce le informazioni chiave relative a questo prodotto di investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi e i guadagni e le perdite potenziali di questo prodotto e di aiutarvi a fare un raffronto con altri prodotti d'investimento. |
| Oaktree Global High Yield Bond Fund |
| Prodotto: | Rh CHF acc – Oaktree Global High Yield Bond Fund |
| Ideatore: | FundRock Management Company S.A., Luxembourg |
| Codice del prodotto: | LU0854924031 |
| Sito internet: | https://www.fundrock.com/ |
| Contatto: | +352 27 1111 |
| Commission de Surveillance du Secteur Financier ("CSSF") è responsabile della supervisione di FundRock Management Company S.A., Luxembourg. Questo PRIIP è autorizzato in Luxembourg. Il presente Documento contente le informazioni chiave è valido al 01 gennaio 2023. |
| Cos'è questo prodotto? |
| Tipo: Il Fondo è un comparto di Oaktree (Lux.) Funds (la “SICAV”), una società di investimento a capitale variabile strutturata come un fondo multicomparto che offre una gamma di comparti. |
| Termine: Questo prodotto non è soggetto a una durata limitata. |
| Objectives: L'obiettivo di investimento del Fondo è generare rendimenti corretti per il rischio superiori investendo prevalentemente in obbligazioni ad alto rendimento societarie, privilegiando emittenti nordamericani ed europei. Il Fondo è gestito attivamente rispetto al parametro di riferimento ICE BofAML Non-Financial Dev. Markets HY Constr. (TR). Pur avendo un parametro di riferimento, il Fondo è gestito attivamente implementando la filosofia e il processo di investimento descritti nel presente documento e può discostarsi dal parametro di riferimento con un ampio margine di libertà. Il Fondo non acquisterà obbligazioni o titoli di debito con rating Caa1 o inferiore di Moody's e CCC+ o inferiore di S&P, né acquisterà obbligazioni o titoli di debito privi di rating comparabili se, immediatamente dopo e per effetto di tale acquisto, più del 35% del proprio NAV risulti investito in tali obbligazioni o titoli di debito. Il Fondo può investire fino al 10% del proprio NAV in titoli in sofferenza. Il Fondo può utilizzare derivati a fini di copertura. Investitori al dettaglio cui si intende commercializzare il prodotto: Il Fondo si rivolge a investitori che desiderano investire in obbligazioni ad alto rendimento emesse prevalentemente da emittenti nordamericani ed europei. È concepito per gli investitori a lungo termine che comprendono e accettano i rischi del Fondo e che sono in grado di e disposti a sostenere eventuali perdite. |
| Depositario | |
| La banca depositaria del Fondo è State Street Bank International GmbH, Luxembourg Branch. |
| Quali sono i rischi e qual è il potenziale rendimento? | | | | Key Information Document ("KID"): |
| --- | --- |
| Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. |
| Oaktree Global High Yield Bond Fund |
| Product: | Rh CHF acc – Oaktree Global High Yield Bond Fund |
| Manufacturer: | FundRock Management Company S.A., Luxembourg |
| Product code: | LU0854924031 |
| Website: | https://www.fundrock.com/ |
| Contact: | +352 27 1111 |
| Commission de Surveillance du Secteur Financier ("CSSF") is responsible for supervising FundRock Management Company S.A., Luxembourg. This PRIIP is authorised in Luxembourg. This key information document is valid as at 01 January 2023. |
| What is this product? |
| Type: The Fund is a sub-fund of Oaktree (Lux.) Funds (the “SICAV”), an investment company with variable capital structured as an umbrella fund offering a range of sub- funds. |
| Term: This product is not subject to any fixed term. |
| Objectives: The investment objective of the Fund is to achieve superior risk-adjusted returns by investing primarily in corporate high yield bonds, emphasising North American and European issuers. The Fund is actively managed with reference to a benchmark ICE BofAML Non-Financial Dev. Markets HY Constr. (TR). While the Fund has a reference benchmark, it is actively managed by implementing the investment philosophy and process described herein and has an ample degree of freedom to deviate from the benchmark. The Fund will not purchase debt securities or obligations rated Caa1 or below by Moody’s and CCC+ or below by S&P, or purchase comparable non-rated debt securities or obligations, if immediately after and as a result of such purchase more than 35% of its NAV would be invested in such debt securities or obligations. The Fund may invest up to 10% of its NAV in Distressed Securities. The Fund may use derivatives for hedging purposes. Intended retail investor: The Fund may be appropriate for investors who want to invest in high yield bonds issued primarily by North American and European issuers. It is designed for long-term investors who understand and accept the risks of the Fund, and are able and prepared to sustain losses. |
| Depositary Bank | |
| The Fund's Depositary Bank is State Street Bank International GmbH, Luxembourg Branch. |
| What are the risks and what could I get in return? | | en | it |
DOLFIN1138 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If a sub-fund subscribes for, acquires and/or holds units of one or more other sub-funds of the Fund, this is allowed for in the Appendices to the Sales Prospectus of the relevant sub-fund under B. Eligible investments.
-
- The Fund may not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuer.
- Furthermore, the Fund may acquire a maximum of: | Sofern ein Teilfonds Anteile eines oder mehrerer anderer Teilfonds des Fonds zeichnet, erwirbt und/oder hält, ist dies in den Anlagen zum Verkaufsprospekt des jeweiligen Teilfonds unter B. Anlageobjekte vorgesehen.
-
- Der Fonds darf keine Aktien erwerben, die mit einem Stimmrecht verbunden sind und die es ihm ermöglichen, einen nennenswerten Einfluss auf die Geschäftsführung eines Emittenten auszuüben.
- Ferner darf der Fonds höchstens: | If a sub-fund subscribes for, acquires and/or holds units of one or more other sub-funds of the Fund, this is allowed for in the Appendices to the Sales Prospectus of the relevant sub-fund under B. Eligible investments.
-
- The Fund may not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuer.
- Furthermore, the Fund may acquire a maximum of: | en | de |
DOLFIN1139 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Fractions of registered Shares may be issued on conversion to up to one thousandth of a Share.
In converting Shares of a Sub-Fund for Shares of another Sub-Fund within the same Class, a Shareholder must meet applicable minimum investment requirements imposed by the acquired Sub-Fund or Class.
If, as a result of any request for conversion, the aggregate Net Asset Value of the Shares held by any Shareholder in any Class within any Sub-Fund would fall below the minimum amount indicated in the section "Issue and Sale of Shares", the Company may treat such request as a request to convert the entire shareholding of such Shareholder in such Class in such Sub-Fund.
Shares of any Class in any Sub-Fund will not be converted in circumstances where the calculation of the Net Asset Value per Share of the relevant Sub-Funds is suspended by the Company pursuant to Article 12 of the Articles. | Bruchteile von Namensaktien können bei einem Umtausch bis zu einem Tausendstel einer Aktie ausgegeben werden.
Beim Umtausch von Aktien eines Teilfonds in Aktien eines anderen Teilfonds derselben Klasse muss ein Aktionär die geltenden Mindestanlagebedingungen des erworbenen Teilfonds oder der Klasse erfüllen.
Wenn infolge eines Umtauschantrags der Gesamtnettoinventarwert der von einem Aktionäre in einer Klasse innerhalb eines Teilfonds gehaltenen Aktien unter den im Abschnitt „Ausgabe und Verkauf von Aktien“ angegebenen Mindestbetrag fallen würde, kann die Gesellschaft diesen Antrag als Antrag auf Umtausch des gesamten Aktienbesitzes dieses Aktionärs in dieser Klasse in diesem Teilfonds behandeln.
Aktien einer Klasse eines Teilfonds werden nicht umgetauscht, wenn die Berechnung des Nettoinventarwerts pro Aktie des betreffenden Teilfonds von der Gesellschaft gemäß Artikel 12 der Satzung ausgesetzt wurde. | Fractions of registered Shares may be issued on conversion to up to one thousandth of a Share.
In converting Shares of a Sub-Fund for Shares of another Sub-Fund within the same Class, a Shareholder must meet applicable minimum investment requirements imposed by the acquired Sub-Fund or Class.
If, as a result of any request for conversion, the aggregate Net Asset Value of the Shares held by any Shareholder in any Class within any Sub-Fund would fall below the minimum amount indicated in the section "Issue and Sale of Shares", the Company may treat such request as a request to convert the entire shareholding of such Shareholder in such Class in such Sub-Fund.
Shares of any Class in any Sub-Fund will not be converted in circumstances where the calculation of the Net Asset Value per Share of the relevant Sub-Funds is suspended by the Company pursuant to Article 12 of the Articles. | en | de |
DOLFIN1140 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement 10.000€ | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 754 € | 1 189 € |
| Réduction annuelle du rendement (RIY) | 2.43% | 2.14% | | | Inversión de 10.000 € | En caso de salida después de 3 años | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 754 € | 1 189 € |
| Reducción del rendimiento (RIY) anual | 2.43% | 2.14% | | | Investissement 10.000€ | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 754 € | 1 189 € |
| Réduction annuelle du rendement (RIY) | 2.43% | 2.14% | | fr | es |
DOLFIN1141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach and seeks to achieve the performance of the Bloomberg EUR Non-Government Float Adjusted Bond Index (the “Index”).
2 The Index is a market-weighted index of euro denominated investment- grade fixed-income securities excluding euro zone government debt and government related bonds, with maturities greater than one year. The euro zone is all countries in the European Union that have adopted the euro as their currency. Investment-grade bonds are generally bonds with a relatively low risk of default. The Fund may also invest in fixed income securities with less than one year to maturity, for liquidity purposes.
2 The Fund promotes environmental and social characteristics by excluding fixed income securities from its portfolio based on the impact of the issuer's conduct or products on society and / or the environment. This is met by not holding fixed income securities in the Index of issuers that do not meet specific “socially responsible” criteria, as described below.
2 The Fund attempts to:
- Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude component securities that violate United Nations Global Compact principles and securities of issuers involved in making controversial weapons and tobacco products.
- Remain fully invested except in extraordinary market, political or similar conditions.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose
value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Where the Fund uses derivatives, derivatives on an index (e.g. swaps, futures) may contain some underlying constituents which may not meet the relevant SRI ratings/criteria applied to the Index constituents.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. In this regard, the Fund may receive collateral which may not meet the relevant SRI ratings/ criteria applied to the Index constituents.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) on our website at https://global.vanguard.com | # Objetivos y política de inversión
2 El Fondo utiliza un enfoque de inversión de gestión pasiva o indexación, y su objetivo es alcanzar la rentabilidad del Bloomberg EUR Non- Government Float Adjusted Bond Index (el «Índice»).
2 El Índice es un índice ponderado por el mercado compuesto por valores de renta fija con grado de inversión denominados en euros, salvo deuda pública de la zona euro y bonos relacionados con el Estado, con vencimientos superiores a un año. La zona euro está compuesta por todos los países de la Unión Europea que han adoptado el euro como divisa propia. Los bonos calificados con grado de inversión son aquellos que por lo general entrañan un riesgo de impago relativamente bajo. El Fondo también podrá invertir en valores de renta fija con un vencimiento inferior a un año, a efectos de liquidez.
2 El Fondo promueve características medioambientales y sociales al excluir valores de renta fija de su cartera en función del impacto de la conducta o los productos del emisor en la sociedad y/o el medio ambiente. Esto se consigue al rechazar valores de renta fija en el Índice de emisores que no cumplan criterios específicos de «responsabilidad social», como se describe a continuación.
2 El Fondo trata de:
- Igualar las exposiciones a los factores de riesgo del Índice invirtiendo en una muestra representativa de los valores que componen el Índice, sin incluir los valores que no reúnan las condiciones de inversión socialmente responsable. Los criterios tienen en cuenta factores medioambientales, sociales y éticos, a juicio del proveedor del Índice, y se excluyen aquellos valores que vulneren los Principios del Pacto Mundial de las Naciones Unidas y los de emisores involucrados en la fabricación de armas controvertidas y productos de tabaco.
- Invertir la totalidad de sus activos, excepto en condiciones extraordinarias de mercado, políticas o similares.
2 El Fondo puede utilizar derivados con el objetivo de reducir el riesgo o
los costes, o bien a fin de generar ingresos extraordinarios o posibilitar un mayor crecimiento. El uso de derivados podría aumentar o reducir la exposición a activos subyacentes y originar mayores fluctuaciones en el valor liquidativo del Fondo. Se entiende por «derivado» un contrato financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una divisa) o un índice de mercado. Si el Fondo utiliza derivados, es posible que los derivados de un índice (por ejemplo, swaps o futuros) contengan componentes subyacentes que no cumplan las calificaciones/criterios SRI pertinentes aplicados a los componentes del Índice.
2 La divisa base del Fondo es EUR.
2 El Fondo invierte en valores denominados en divisas diferentes a la divisa de la clase de acciones. Las fluctuaciones de los tipos de cambio pueden afectar a la rentabilidad de las inversiones.
2 El Fondo podrá participar en préstamos garantizados de sus inversiones a corto plazo a terceros cualificados. Esto se utiliza como medio de generar ingresos adicionales y para compensar los costes del Fondo. A este respecto, el Fondo podrá recibir garantías que no cumplan las calificaciones/criterios SRI pertinentes aplicados a los componentes del Índice.
2 Es posible que el Fondo no resulte apropiado para inversiones a corto plazo.
2 Los ingresos procedentes del Fondo se reinvertirán y se reflejarán en el precio de la Acciones en el Fondo.
2 Los costes de transacción de la cartera tendrán un impacto en la rentabilidad.
2 Las acciones del Fondo pueden comprarse o venderse a diario (salvo en algunos días festivos y con sujeción a ciertas restricciones descritas en el Anexo 1 del Folleto) enviando una solicitud por escrito. La lista completa de los días en los que no se pueden vender acciones del Fondo puede obtenerse en https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
Para obtener más información sobre los objetivos y la política de inversión del Fondo, así como la relación limitada con el proveedor del Índice, consulte los Anexos 1 y 6 del Folleto de Vanguard Investment Series plc (el «Folleto») en nuestra página web https://global.vanguard.com. | # Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach and seeks to achieve the performance of the Bloomberg EUR Non-Government Float Adjusted Bond Index (the “Index”).
2 The Index is a market-weighted index of euro denominated investment- grade fixed-income securities excluding euro zone government debt and government related bonds, with maturities greater than one year. The euro zone is all countries in the European Union that have adopted the euro as their currency. Investment-grade bonds are generally bonds with a relatively low risk of default. The Fund may also invest in fixed income securities with less than one year to maturity, for liquidity purposes.
2 The Fund promotes environmental and social characteristics by excluding fixed income securities from its portfolio based on the impact of the issuer's conduct or products on society and / or the environment. This is met by not holding fixed income securities in the Index of issuers that do not meet specific “socially responsible” criteria, as described below.
2 The Fund attempts to:
- Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude component securities that violate United Nations Global Compact principles and securities of issuers involved in making controversial weapons and tobacco products.
- Remain fully invested except in extraordinary market, political or similar conditions.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose
value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Where the Fund uses derivatives, derivatives on an index (e.g. swaps, futures) may contain some underlying constituents which may not meet the relevant SRI ratings/criteria applied to the Index constituents.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. In this regard, the Fund may receive collateral which may not meet the relevant SRI ratings/ criteria applied to the Index constituents.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) on our website at https://global.vanguard.com | en | es |
DOLFIN1142 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to achieve long-term capital growth measured in Euro by investing in small and medium capitalisation companies domiciled or listed in the European geographical area.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the European equity markets. Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. The share selection process relies on a rigorous analysis of the companies’ business model, quality of management, growth prospects and overall risk return profile.
The Sub-Fund invests at least two thirds of its total assets in small cap equities and up to one third of its total assets in medium sized companies listed on the European markets.
The Sub-Fund may invest less than 25% of its total assets in Money Market Instruments and up to 10% of its assets in convertible and straight bonds.
The Sub-Fund, eligible to the French PEA account, is permanently invested for a minimum of 75% of its total assets in securities or right eligible to the PEA (for indicative purpose, the Sub-Fund shall invest a minimum of 75% in equity or rights issued by companies having their registered office in the European Area). | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo del Subfondo es obtener una apreciación del capital a largo plazo, expresada en euros, invirtiendo en empresas de pequeña, mediana capitalización que estén domiciliadas en la zona geográfica europea o que coticen en ella.
## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en los mercados europeos de renta variable. Las decisiones de inversión se basan en una combinación de análisis específicos macroeconómicos, sectoriales y empresariales. El proceso de selección de acciones está basado en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, y el perfil de riesgo y rendimiento general.
El Subfondo invierte como mínimo dos tercios de sus activos totales en renta variable de empresas de pequeña capitalización y hasta un tercio de sus activos totales en empresas de mediana capitalización cotizadas en mercados europeos.
El Subfondo podrá invertir como máximo el 25 % de sus activos totales en instrumentos del mercado monetario y hasta el 10 % de sus activos en bonos y bonos convertibles.
El Subfondo, que reúne los requisitos para la cuenta francesa PEA, está invertido permanentemente, en un mínimo del 75 % de sus activos totales, en títulos o acciones que cumplan las condiciones de la PEA (a título indicativo, el Subfondo invertirá un mínimo del | # Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to achieve long-term capital growth measured in Euro by investing in small and medium capitalisation companies domiciled or listed in the European geographical area.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the European equity markets. Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. The share selection process relies on a rigorous analysis of the companies’ business model, quality of management, growth prospects and overall risk return profile.
The Sub-Fund invests at least two thirds of its total assets in small cap equities and up to one third of its total assets in medium sized companies listed on the European markets.
The Sub-Fund may invest less than 25% of its total assets in Money Market Instruments and up to 10% of its assets in convertible and straight bonds.
The Sub-Fund, eligible to the French PEA account, is permanently invested for a minimum of 75% of its total assets in securities or right eligible to the PEA (for indicative purpose, the Sub-Fund shall invest a minimum of 75% in equity or rights issued by companies having their registered office in the European Area). | en | es |
DOLFIN1143 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Le Fonds peut investir jusqu'à 15 % de sa valeur dans des REIT (Real Estate Investment Trusts, fonds de placement immobilier).
Le Fonds recourt à des dérivés (c'est-à-dire des contrats financiers dont la valeur est liée aux mouvements de prix prévus d'un investissement sous-jacent), dans le but d'obtenir des rendements et/ou de réduire ses frais et risques globaux.
Le Fonds est géré activement. La construction de portefeuille repose sur une analyse systématique de sociétés en fonction de plusieurs caractéristiques distinctes telles que la valorisation du cours des actions, la qualité des bilans, les caractéristiques de croissance, l'utilisation efficiente du capital, l'opinion des analystes et les tendances favorables du marché, afin de repérer les opportunités d'investissement à des prix intéressants. | ## El Fondo podrá invertir hasta el 15% en REIT (sociedades de inversión inmobiliaria).
El Fondo emplea derivados (es decir, contratos financieros cuyo valor está vinculado a los movimientos de precios previstos de un activo subyacente) a fin de generar rentabilidad y/o reducir los costes y riesgos generales del Fondo.
El Fondo se gestiona de forma activa. La construcción de la cartera se basa en el análisis sistemático de empresas con respecto a varias características distintivas, como la valoración del precio de la acción, la calidad del balance general, las características de crecimiento, el uso eficiente del capital, el ánimo de los analistas y las tendencias favorables del mercado para encontrar oportunidades con precios atractivos. | ## Le Fonds peut investir jusqu'à 15 % de sa valeur dans des REIT (Real Estate Investment Trusts, fonds de placement immobilier).
Le Fonds recourt à des dérivés (c'est-à-dire des contrats financiers dont la valeur est liée aux mouvements de prix prévus d'un investissement sous-jacent), dans le but d'obtenir des rendements et/ou de réduire ses frais et risques globaux.
Le Fonds est géré activement. La construction de portefeuille repose sur une analyse systématique de sociétés en fonction de plusieurs caractéristiques distinctes telles que la valorisation du cours des actions, la qualité des bilans, les caractéristiques de croissance, l'utilisation efficiente du capital, l'opinion des analystes et les tendances favorables du marché, afin de repérer les opportunités d'investissement à des prix intéressants. | fr | es |
DOLFIN1144 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Disclaimer
This document contains information concerning collective investment schemes (hereinafter "funds") that are only available for distribution in the countries where these funds have been registered. This document is for the exclusive use of the individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document are for information purposes only and shall not be construed as an offer or a recommendation to subscribe fund units or shares, or to invest in any other financial instrument. Before investing in any fund mentioned in this document, the investor should consult the latest versions of the legal documents pertaining to such funds and in particular the prospectus, which describes the risks related to the funds. Moreover every investor is recommended to seek legal and fiscal advice before taking any investme nt decision. The information contained in this document has been drawn from sources deemed reliable. However, the accuracy or completeness of the information contained in this document cannot be guaranteed, and some figures are only estima tes. Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. Fund values can rise as well as fall, and investor losses may equal or exceed original investment. The Prospectus, the Articles of Association as well as the Annual and Semi-Annual Reports of the Fund may be obtained free of charge with Mirabaud Asset Management (Switzerland) Ltd, 29, boulevard Georges-Favon, 1204 Geneva.
Source for all data and charts (if not indicated otherwise): Mirabaud Asset Management. Source for ratings (if displayed): Citywire, Morningstar and Lipper (as at the end of the previous month). The ratings displayed may refer to another share class of the fund. | # Disclaimer
Ce document contient des informations sur des placements collectifs de capitaux (ci-après, les « fonds ») qui ne sont disponibles à la distribution que dans les pays où ils sont enregistrés. Ce document est réservé à l’usage exclusif de la personne à laquelle il a été remis et ne doit être ni copié, ni transmis à des tiers. Il ne s’adresse en outre pas aux personnes qui ont la nationalité d’un Etat ou leur domicile dans une juridiction dans lesquels il existe des restrictions ou des limitations relatives à la publication, à la diffusion ou à l’utilisation des informations contenues dans ce document. Le contenu de ce document est purement indicatif et ne saurait en aucun cas être considéré comme représentant une offre ou une recommandation de souscrire des parts ou actions de fonds, ou dans d'autres instruments financiers. Un investissement dans un fonds mentionné dans ce document ne doit être effectué qu’après consultation des dernières versions des documents légaux pertinents, et en particulier le prospectus qui décrit les risques liés aux fonds. Il est en outre recommandé à tout investisseur potentiel d’obtenir des conseils professionnels juridiques et fiscaux. Les informations contenues dans ce document ont été tirées de sources jugées fiables. Toutefois, aucune garantie ne peut être donnée quant à leur exactitude ou leur exhaustivité et certaines données ne sont que des estimations. La performance historique ne représente pas un indi cateur ou une garantie de performance future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat des parts. La valeur des fonds peut fluctuer à la hausse comme à la baisse, et il peut arriver que les investisseurs ne récupèrent pas les montants investis. Le prospectus et le prospectus simplifié, les statuts ou le contrat de fonds de placement ainsi que les rapports annuels et semestriels du fonds peuvent être obtenus gratuitement auprès de Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Genève.
Source des données et graphiques (par défaut) : Mirabaud Asset Management. Source des ratings (si affichés) : Citywire, Morningstar et Lipper (en date du mois précédent). Les ratings affichés peuvent faire référence à une autre classe du fonds. | # Disclaimer
This document contains information concerning collective investment schemes (hereinafter "funds") that are only available for distribution in the countries where these funds have been registered. This document is for the exclusive use of the individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document are for information purposes only and shall not be construed as an offer or a recommendation to subscribe fund units or shares, or to invest in any other financial instrument. Before investing in any fund mentioned in this document, the investor should consult the latest versions of the legal documents pertaining to such funds and in particular the prospectus, which describes the risks related to the funds. Moreover every investor is recommended to seek legal and fiscal advice before taking any investme nt decision. The information contained in this document has been drawn from sources deemed reliable. However, the accuracy or completeness of the information contained in this document cannot be guaranteed, and some figures are only estima tes. Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. Fund values can rise as well as fall, and investor losses may equal or exceed original investment. The Prospectus, the Articles of Association as well as the Annual and Semi-Annual Reports of the Fund may be obtained free of charge with Mirabaud Asset Management (Switzerland) Ltd, 29, boulevard Georges-Favon, 1204 Geneva.
Source for all data and charts (if not indicated otherwise): Mirabaud Asset Management. Source for ratings (if displayed): Citywire, Morningstar and Lipper (as at the end of the previous month). The ratings displayed may refer to another share class of the fund. | en | fr |
DOLFIN1145 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 4 because its simulated Net Asset Value has shown medium fluctuations historically.
the risk profile and the volatility of the Sub-Fund may increase. That notwithstanding, the risk profile of the Sub-Fund is not expected to significantly deviate from that of the Index as a result of its use of financial derivative instruments.
- The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. These risks are typically increased for below investment grade debt securities which may also be subject to higher volatility and lower liquidity than investment grade debt securities. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency.
- Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non- emerging market and investment grade debt securities respectively.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 4 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones medio.
aumentar. No obstante, no se prevé que el perfil de riesgo del Subfondo se desvíe significativamente del perfil de riesgo del Índice como resultado del uso de instrumentos financieros derivados.
- El valor de los títulos de deuda puede variar de forma significativa dependiendo de las condiciones económicas y de los tipos de interés, así como de la solvencia del emisor. Estos riesgos suelen ser más acusados para los títulos de deuda con calificación inferior a«investment grade», los cuales pueden asimismo estar sujetos a una mayor volatilidad y una menor liquidez que los calificados como«investment grade». La solvencia de los títulos de deuda sin calificación no se mide por referencia a la opinión de una agencia de calificación crediticia independiente.
- En los mercados emergentes podrían observarse una mayor inestabilidad política, regulatoria y económica, prácticas menos desarrolladas en materia de custodia y liquidación, falta de transparencia y mayores riesgos financieros. Las divisas de mercados emergentes podrían registrar episodios de volatilidad. La deuda de mercados emergentes y con calificación inferior a«investment grade» podría asimismo verse expuesta a una mayor volatilidad y una menor liquidez que la deuda no emitida por emisores de mercados emergentes y con calificación «investment grade» respectivamente.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 4 because its simulated Net Asset Value has shown medium fluctuations historically.
the risk profile and the volatility of the Sub-Fund may increase. That notwithstanding, the risk profile of the Sub-Fund is not expected to significantly deviate from that of the Index as a result of its use of financial derivative instruments.
- The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. These risks are typically increased for below investment grade debt securities which may also be subject to higher volatility and lower liquidity than investment grade debt securities. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency.
- Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non- emerging market and investment grade debt securities respectively.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN1146 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Introduction
These data privacy provisions serve the purpose to provide shareholders, prospective shareholders and business partners of the SICAV (including the SICAV’s contractual counterparties) as well as persons related to such shareholders, prospective shareholders and business partners (“Related Persons”) with important information on the collection, recording, storage, use and transfer of personal data relating to such shareholders, prospective shareholders, business partners and Related Persons (each a “Data Subject”) by the SICAV and/or by the Processors (as such term is defined in section 5) in connection with such shareholders’ and prospective shareholders’ investment or intended investment in the SICAV or with such business partner’s relationship with the SICAV.
A Related Person means in this context an individual whose personal data was provided to the SICAV and/or to the Processors by or on behalf of a shareholder, prospective shareholder or business partner or whose personal data was otherwise obtained by the SICAV and/or by the Processors, in connection with such shareholder’s or prospective shareholder’s investment or intended investment in the SICAV or with such business partner’s relationship with the SICAV. A Related Person may include, but not limited to, a director, officer, employee, controlling person, beneficial owner, representative or agent of an entity, a trustee, a settlor, a protector of a trust. In this context, it is assumed that for personal data of a Related Person provided to the SICAV and/or to the Processors by or on behalf of a shareholder, prospective shareholder or business partner, such shareholder, prospective shareholder or business partner has duly notified the Related Person about how the SICAV and/or the Processors process the Related Person’s personal data in accordance with these data privacy provisions. | ##### Introduction
Les présentes dispositions relatives à la protection des données visent à fournir aux actionnaires, actionnaires potentiels et partenaires commerciaux de la SICAV (y compris les contreparties contractuelles de la SICAV) ainsi qu’aux personnes liées auxdits actionnaires, actionnaires potentiels et partenaires commerciaux (les « Personnes liées ») des informations importantes sur la collecte, l’enregistrement, la conservation, l’utilisation et le transfert par la SICAV et/ou les Sous-traitants (tels que définis à la section 5) de données à caractère personnel concernant ces actionnaires, actionnaires potentiels, partenaires commerciaux et Personnes liées (chacun étant dénommé une
« Personne concernée ») et ayant trait à l’investissement ou à l’investissement prévu desdits actionnaires et actionnaires potentiels dans la SICAV ou à la relation entretenue entre lesdits partenaires commerciaux et la SICAV.
Dans ce contexte, une Personne liée désigne un individu dont les données à caractère personnel ont été communiquées à la SICAV et/ou aux Sous-traitants par ou pour le compte d’un actionnaire, d’un actionnaire potentiel ou d’un partenaire commercial ou ont été obtenues d’une autre manière par la SICAV et/ou les Sous-traitants et qui ont trait à l’investissement ou à l’investissement prévu dudit actionnaire ou actionnaire potentiel dans la SICAV ou à la relation entretenue entre ledit partenaire commercial et la SICAV. Une Personne liée peut inclure, sans toutefois s’y limiter, un administrateur, un directeur, un employé, une personne détenant le contrôle, un bénéficiaire effectif, un représentant ou agent d’une entité, un trustee, un constituant ou le protecteur d’un trust. Dans ce contexte, il est entendu que, pour les données à caractère personnel d’une Personne liée communiquées à la SICAV et/ou aux Sous-traitants par ou pour le compte d’un actionnaire, d’un actionnaire potentiel ou d’un partenaire commercial, ce dernier a dûment notifié la Personne liée sur les modalités de traitement de ses données à caractère personnel par la SICAV et/ou les Sous- traitants en vertu des présentes dispositions relatives à la protection des données. | ##### Introduction
These data privacy provisions serve the purpose to provide shareholders, prospective shareholders and business partners of the SICAV (including the SICAV’s contractual counterparties) as well as persons related to such shareholders, prospective shareholders and business partners (“Related Persons”) with important information on the collection, recording, storage, use and transfer of personal data relating to such shareholders, prospective shareholders, business partners and Related Persons (each a “Data Subject”) by the SICAV and/or by the Processors (as such term is defined in section 5) in connection with such shareholders’ and prospective shareholders’ investment or intended investment in the SICAV or with such business partner’s relationship with the SICAV.
A Related Person means in this context an individual whose personal data was provided to the SICAV and/or to the Processors by or on behalf of a shareholder, prospective shareholder or business partner or whose personal data was otherwise obtained by the SICAV and/or by the Processors, in connection with such shareholder’s or prospective shareholder’s investment or intended investment in the SICAV or with such business partner’s relationship with the SICAV. A Related Person may include, but not limited to, a director, officer, employee, controlling person, beneficial owner, representative or agent of an entity, a trustee, a settlor, a protector of a trust. In this context, it is assumed that for personal data of a Related Person provided to the SICAV and/or to the Processors by or on behalf of a shareholder, prospective shareholder or business partner, such shareholder, prospective shareholder or business partner has duly notified the Related Person about how the SICAV and/or the Processors process the Related Person’s personal data in accordance with these data privacy provisions. | en | fr |
DOLFIN1147 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Costs relating to the establishment of the Company are paid from the assets of the various sub-funds of the Company’s assets, and can be written off over the five following financial years of the Company.
Costs of the launch of new sub-funds are charged solely to the respective sub-fund, and can be written off over a period of maximum five years from the launch of the respective sub-fund.
- Capital tax (“taxe d’abonnement”)Under Luxembourg law, the Company is subject to an annual tax of 0.05% of the net sub-fund assets of the Company, which is payable quarterly and calculated on the basis of the net sub-fund assets of each sub-fund on the last day of the respective quarter. | Kosten im Zusammenhang mit der Gründung der Gesellschaft werden aus den Vermögenswerten der verschie- denen Teilfonds des Gesellschaftsvermögens gezahlt und können über die fünf folgenden Geschäftsjahre der Gesellschaft abgeschrieben werden.
Kosten für die Auflegung neuer Teilfonds werden ausschließlich dem jeweiligen Teilfonds belastet und können über eine Dauer von höchstens fünf Jahren nach Auflegung des jeweiligen Teilfonds abgeschrieben werden.
- Kapitalsteuer („taxe d’abonnement”)Die Gesellschaft unterliegt gemäß den Luxemburger Gesetzen einer jährlichen Steuer in Höhe von 0,05% des Nettoteilfondsvermögens der Gesellschaft, die vierteljährlich zu zahlen ist und auf der Grundlage des Nettoteilfondsvermögens jedes Teilfonds am letzten Tag des jeweiligen Quartals berechnet wird. | Costs relating to the establishment of the Company are paid from the assets of the various sub-funds of the Company’s assets, and can be written off over the five following financial years of the Company.
Costs of the launch of new sub-funds are charged solely to the respective sub-fund, and can be written off over a period of maximum five years from the launch of the respective sub-fund.
- Capital tax (“taxe d’abonnement”)Under Luxembourg law, the Company is subject to an annual tax of 0.05% of the net sub-fund assets of the Company, which is payable quarterly and calculated on the basis of the net sub-fund assets of each sub-fund on the last day of the respective quarter. | en | de |
DOLFIN1148 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $1600 | $1790 |
| Rendement annuel moyen | -84.00% | -29.11% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $7400 | $7450 |
| Rendement annuel moyen | -26.00% | -5.72% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10730 | $17230 |
| Rendement annuel moyen | 7.30% | 11.50% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $13130 | $21200 |
| Rendement annuel moyen | 31.30% | 16.22% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $1600 | $1790 |
| Rendimiento medio cada año | -84.00% | -29.11% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $7400 | $7450 |
| Rendimiento medio cada año | -26.00% | -5.72% |
| Moderado | Lo que podría recibir tras deducir los costes | $10730 | $17230 |
| Rendimiento medio cada año | 7.30% | 11.50% |
| Favorable | Lo que podría recibir tras deducir los costes | $13130 | $21200 |
| Rendimiento medio cada año | 31.30% | 16.22% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $1600 | $1790 |
| Rendement annuel moyen | -84.00% | -29.11% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $7400 | $7450 |
| Rendement annuel moyen | -26.00% | -5.72% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10730 | $17230 |
| Rendement annuel moyen | 7.30% | 11.50% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $13130 | $21200 |
| Rendement annuel moyen | 31.30% | 16.22% | | fr | es |
DOLFIN1149 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | USD 109 | USD 557 |
| Annual cost impact (*) | 1.1% | 1.1% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | USD 109 | USD 557 |
| Impatto sui costi annuali (*) | 1,1% | 1,1% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | USD 109 | USD 557 |
| Annual cost impact (*) | 1.1% | 1.1% | | en | it |
DOLFIN1150 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Performance scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The presented pessimistic, medium and optimistic scenarios illustrate the worst, average and best performance of the product with partial use of a suitable benchmark in the last 15 years. Markets could develop completely differently in the future. | ## Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios pessimistes, moyens et optimistes présentés illustrent les pires, moyennes et meilleures performances du produit avec utilisation partielle d'un benchmark convenable au cours des 15 ans. Les marchés pourraient évoluer complètement différemment à l'avenir. | ## Performance scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The presented pessimistic, medium and optimistic scenarios illustrate the worst, average and best performance of the product with partial use of a suitable benchmark in the last 15 years. Markets could develop completely differently in the future. | en | fr |
DOLFIN1151 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Updated information on the Depositary’s custody duties and conflicts of interest that may arise may be obtained, free of charge and upon request, from the Depositary.
The Law of 2010 provides for a strict liability of the Depositary in case of loss of financial instruments held in custody. In case of loss of these financial instruments, the Depositary shall return financial instruments of identical type of the corresponding amount to the Company unless it can prove that the loss is the result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. Shareholders are informed that in certain circumstances financial instruments held by the Company with respect to the Company will not qualify as financial instruments to be held in custody (i.e. financial instruments that can be registered in a financial instrument account opened in the Depositary’s books and all financial instruments that can be physically delivered to the Depositary), so that the Depositary will be liable to the Company or the Shareholders for the loss suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to applicable Luxembourg laws, rules and regulations.
Pursuant to the Depositary Agreement, BBH will receive a fee payable by each of the Company Sub-Funds as indicated in Part I, Chapter IV “Fees, expenses and taxation”, Section A “Fees payable by the Company”.
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#### Registrar and Transfer Agent | ##### Aktualisierte Informationen zu den Verwahrungsaufgaben der Verwahrstelle und möglichen Interessenskonflikten sind auf Anfrage bei der Verwahrstelle kostenlos erhältlich.
Das Gesetz von 2010 sieht ferner eine verschuldensunabhängige Haftung der Verwahrstelle im Falle von Verlust von verwahrten Finanzinstrumenten vor. Bei einem Verlust dieser Finanzinstrumente erstattet die Verwahrstelle Finanzinstrumente identischer Art im entsprechenden Betrag an der Gesellschaft, sofern sie nicht nachweisen kann, dass der Verlust auf ein externes Ereignis außerhalb ihrer angemessenen Kontrolle zurückzuführen ist, dessen Folgen trotz aller angemessenen Bemühungen unvermeidbar gewesen wären. Anteilsinhabern wird mitgeteilt, dass unter bestimmten Umständen von der Gesellschaft gehaltene Finanzinstrumente bezüglich der Gesellschaft nicht als in Verwahrung zu haltende Finanzinstrumente gelten (d. h. Finanzinstrumente, die in einem Konto für Finanzinstrumente registriert werden können, das in den Büchern der Depotbank eröffnet wird, und alle Finanzinstrumente, die der Depotbank physisch übergeben werden können), sodass die Depotbank gegenüber der Gesellschaft oder den Anteilsinhabern für Verluste haftet, die diesen aufgrund fahrlässig oder vorsätzlich nicht ordnungsgemäß erfüllter Pflichten der Depotbank gemäß anwendbaren Luxemburger Gesetzen, Regeln und Verordnungen entstanden sind.
Gemäß dem Depotvertrag erhält BBH eine Provision, die zulasten aller Teilfonds der Gesellschaft geht und in Teil I, Kapitel IV „Kosten, Provisionen und Steuern“, Abschnitt A „Kosten zulasten der Gesellschaft“, genannt ist.
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#### Register- und Transferstelle | ##### Updated information on the Depositary’s custody duties and conflicts of interest that may arise may be obtained, free of charge and upon request, from the Depositary.
The Law of 2010 provides for a strict liability of the Depositary in case of loss of financial instruments held in custody. In case of loss of these financial instruments, the Depositary shall return financial instruments of identical type of the corresponding amount to the Company unless it can prove that the loss is the result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. Shareholders are informed that in certain circumstances financial instruments held by the Company with respect to the Company will not qualify as financial instruments to be held in custody (i.e. financial instruments that can be registered in a financial instrument account opened in the Depositary’s books and all financial instruments that can be physically delivered to the Depositary), so that the Depositary will be liable to the Company or the Shareholders for the loss suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to applicable Luxembourg laws, rules and regulations.
Pursuant to the Depositary Agreement, BBH will receive a fee payable by each of the Company Sub-Funds as indicated in Part I, Chapter IV “Fees, expenses and taxation”, Section A “Fees payable by the Company”.
-
#### Registrar and Transfer Agent | en | de |
DOLFIN1152 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# L’Indicateur de risque suggère que vous conserviez le Produit pendant 5 ans. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'Indicateur synthétique de risque permet d'apprécier le niveau de risque de ce Produit par rapport à d'autres. Il indique la probabilité que ce Produit enregistre des pertes en cas de mouvements sur les marchés. Nous avons classé ce Produit dans la classe de risque 2 sur 7, qui est une classe de risque faible et le scénario dans lequel les conditions de marché défavorables très peu probable. Attention au risque de change si votre monnaie de référence est différente de la monnaie du Produit. Vous pourriez recevoir des paiements dans une monnaie différente, le rendement final que vous obtiendrez dépend donc du taux de change entre les deux monnaies. Les investisseurs doivent noter que le Produit peut être exposé à d’autres risques tels que des risques opérationnels, de contrepartie, politiques, de durabilité et juridiques qui ne sont pas inclus dans l’indicateur synthétique de risque. Ce Produit ne prévoyant pas de protection contre les aléas du marché, vous pourriez perdre tout ou partie de votre investissement. | # El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. El riesgo real puede variar considerablemente en caso de reembolso anticipado, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados. Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que el riesgo es bajo y es probable que una mala coyuntura de mercado influya en nuestra capacidad para pagarle como muy improbable. Tenga presente el riesgo cambiario si su moneda de referencia no es la misma que la moneda del producto. Es posible que reciba los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Los inversores deben tener en cuenta que es posible que el producto esté expuesto a riesgos adicionales, como riesgos operativos, de contraparte, políticos, de sostenibilidad y legales, que no están incluidos en el indicador resumido de riesgo. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. | # L’Indicateur de risque suggère que vous conserviez le Produit pendant 5 ans. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'Indicateur synthétique de risque permet d'apprécier le niveau de risque de ce Produit par rapport à d'autres. Il indique la probabilité que ce Produit enregistre des pertes en cas de mouvements sur les marchés. Nous avons classé ce Produit dans la classe de risque 2 sur 7, qui est une classe de risque faible et le scénario dans lequel les conditions de marché défavorables très peu probable. Attention au risque de change si votre monnaie de référence est différente de la monnaie du Produit. Vous pourriez recevoir des paiements dans une monnaie différente, le rendement final que vous obtiendrez dépend donc du taux de change entre les deux monnaies. Les investisseurs doivent noter que le Produit peut être exposé à d’autres risques tels que des risques opérationnels, de contrepartie, politiques, de durabilité et juridiques qui ne sont pas inclus dans l’indicateur synthétique de risque. Ce Produit ne prévoyant pas de protection contre les aléas du marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN1153 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Invesco STOXX Europe 600 Optimised Travel & Leisure UCITS ETF
The investment objective of the Fund is to achieve the net total return performance of the STOXX Europe 600 Optimised Travel & Leisure Index (the "Reference Index") less fees, expenses and transaction costs.
The Reference Index is derived from the STOXX Europe 600 Supersector Travel & Leisure Index. The Reference Index provides a representation of STOXX Limited sector leaders based on the Industry Classification Benchmark (ICB). The Reference Index captures equal or improved liquidity and country diversification of the STOXX Europe 600 Index. The Reference Index applies a sector dependent liquidity cap that reduces the weighting of only those constituents whose average daily turnover, as a fraction of its free float market cap is below the sector average. This hybrid market cap with the liquidity weighting methodology optimises the tradability of the Reference Index while retaining the free float market capitalisation weighting across the larger and more liquid constituents. The Reference Index is weighted by free float market capitalisation and the composition and free float weights are reviewed quarterly.
The Fund shall not invest more than 10% of its net assets in other UCITS or other open or closed ended CIS. The functional currency of the Fund is Euro and the Fund is presented in Euro. | ## Invesco STOXX Europe 600 Optimised Travel & Leisure UCITS ETF
L’objectif d’investissement du Fonds consiste à atteindre le niveau de rendement total net de l’indice STOXX Europe 600 Optimised Travel & Leisure Index (l’« Indice de référence »), commissions, frais et coûts de transaction déduits.
L’Indice de référence est dérivé de l’indice STOXX Europe 600 Supersector Travel & Leisure Index. L’Indice de référence fournit une représentation des leaders sectoriels de STOXX Limited selon la Norme de classification par industrie (Industry Classification Benchmark ou ICB). L’Indice de référence fournit une liquidité et une diversification par pays équivalente ou supérieure à l’indice STOXX Europe 600 Index. L’Indice de référence applique un plafonnement de liquidité par secteur réduisant la pondération des seules composantes dont le taux de rotation journalier moyen, en tant que fraction de sa capitalisation de marché flottante, est inférieur à la moyenne du secteur. Cette capitalisation de marché hybride associée à la méthodologie de pondération de la liquidité optimise l’exploitation de l’Indice de référence tout en retenant la pondération par capitalisation boursière flottante des composantes les plus importantes et les plus liquides. L’Indice de référence est pondéré par capitalisation de marché flottante et la composition ainsi que les coefficients de pondération flottante sont révisés tous les trimestres.
Le Fonds pourra investir à concurrence de 10 % de ses actifs nets dans d’autres OPCVM ou autres OPC ouverts ou fermés. La devise fonctionnelle et de présentation du Fonds est l’euro. | ## Invesco STOXX Europe 600 Optimised Travel & Leisure UCITS ETF
The investment objective of the Fund is to achieve the net total return performance of the STOXX Europe 600 Optimised Travel & Leisure Index (the "Reference Index") less fees, expenses and transaction costs.
The Reference Index is derived from the STOXX Europe 600 Supersector Travel & Leisure Index. The Reference Index provides a representation of STOXX Limited sector leaders based on the Industry Classification Benchmark (ICB). The Reference Index captures equal or improved liquidity and country diversification of the STOXX Europe 600 Index. The Reference Index applies a sector dependent liquidity cap that reduces the weighting of only those constituents whose average daily turnover, as a fraction of its free float market cap is below the sector average. This hybrid market cap with the liquidity weighting methodology optimises the tradability of the Reference Index while retaining the free float market capitalisation weighting across the larger and more liquid constituents. The Reference Index is weighted by free float market capitalisation and the composition and free float weights are reviewed quarterly.
The Fund shall not invest more than 10% of its net assets in other UCITS or other open or closed ended CIS. The functional currency of the Fund is Euro and the Fund is presented in Euro. | en | fr |
DOLFIN1154 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Portfolio characteristics
AS AT END OF JANUARY 2023 (OVER 3 YEARS)
Alpha -8.87
Beta 0.83
Annualised volatility (%) 18.55
Information Ratio -0.90
Sharpe Ratio -0.14
Correlation 0.81
Source: Pictet Asset Management | ## Caratteristiche del portafoglio
A FINE GENNAIO 2023 (SUPERIORE A 3 ANNI)
Alfa -8.87
Beta 0.83
Volatilità annualizzata (%) 18.55
Information ratio -0.90
Indice di Sharpe -0.14
Correlazione 0.81
Fonte: Pictet Asset Management | ## Portfolio characteristics
AS AT END OF JANUARY 2023 (OVER 3 YEARS)
Alpha -8.87
Beta 0.83
Annualised volatility (%) 18.55
Information Ratio -0.90
Sharpe Ratio -0.14
Correlation 0.81
Source: Pictet Asset Management | en | it |
DOLFIN1155 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
L’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 3,20% sur un horizon de placement débutant à compter de la date de création du Fonds, le 12/01/2018, jusqu’au 31 décembre 2025. Le Fonds cherche à valoriser le portefeuille, à moyen et long terme, à travers la sélection d’obligations d’émetteurs privés spéculatives (dites à « haut rendement ») de notation comprise entre BB+ et CCC+ (Standard & Poor's ou équivalent ou via une notation interne à la Société de Gestion), moyennant un risque de perte en capital. L’objectif de gestion tient compte de l’estimation du risque de défaut, du coût de la couverture et des frais de gestion. Cet objectif est fondé sur la réalisation d’hypothèses de marché arrêtées par la Société de Gestion. Il ne constitue pas une promesse de rendement ni de performance. L’attention de l’investisseur est attirée sur le fait que la performance indiquée dans l’objectif de gestion ne comprend pas l’intégralité des cas de défaut.
La stratégie d’investissement du Fonds consiste à gérer de manière discrétionnaire un portefeuille diversifié de titres de créances composé jusqu’à 100% d’obligations classiques, spéculatives dites « à haut rendement », de notation comprise entre BB+ et CCC+ par Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion, principalement émises (minimum de 60%) par des émetteurs privés dont le siège social est situé en Europe et ayant une échéance d’au plus 6 mois + 1 jour après le 31 décembre 2025 (maturité finale du produit ou options de remboursement anticipé au gré du Fonds). En tout état de cause, le Fonds ne pourra détenir plus de 10% de l’actif net de titres notés CCC+.
La stratégie ne se limite pas à du portage d'obligations, la société de gestion pourra procéder à des arbitrages, en cas de nouvelles opportunités de marché ou en cas d’identification d’une augmentation du risque de défaut à terme d’un des émetteurs en portefeuille.
Dans la limite de 40% de l’actif net, le Fonds pourra détenir de titres d’émetteurs privés dont le siège social est situé en dehors de l’Europe y compris dans les pays émergents.
Ces titres seront libellés en toutes devises de l’OCDE et couverts contre le risque de change avec toutefois un risque résiduel de 1% maximum de l'actif net. Le Fonds cherche à sélectionner les valeurs qui ont été injustement dégradées par les agences de notation, conformément aux opinions du gérant. La fourchette de sensibilité aux taux d’intérêts, à l’intérieur de laquelle le Fonds est géré, est comprise entre 0 à 6.
La Société de Gestion ne recourt pas exclusivement et mécaniquement aux notations émises par les agences de notation et met en œuvre sa propre analyse interne. En cas de dégradation de notation des titres en dessous de CCC+ (Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion), cette dernière décidera de céder ou non les titres en prenant en compte sa propre analyse, l’intérêt des porteurs et les conditions de marché.
Compte tenu de l’existence d’une échéance précise maximale pour la maturité des titres et de l’objectif de performance recherché par le Fonds, la sélection des titres pourra évoluer à la discrétion du gestionnaire en fonction des opportunités
de marché et de l’arrivée à l’échéance des titres détenus. Le Fonds pourra notamment investir dans des titres « Investment Grade » de notation supérieure à BB+ (Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion) jusqu’à 100% de son actif.
La duration moyenne des titres de créances sera calculée sur la base d'un portefeuille composé de titres de maturité maximale 31 décembre 2025 plus 6 mois et 1 jour.
Le Fonds peut être investi jusqu’à 10% de son actif net (i) en parts ou actions d’OPCVM, (ii) en FIA établi dans un Etat membre de l'UE et/ou en fonds d’investissement de droit étranger mentionnés au R.214-25 et répondant aux conditions de l'article R.214-13 du Code Monétaire et Financier. Ces OPC pourront être gérés par les sociétés de gestion du groupe ODDO BHF (ODDO BHF Asset Management SAS et/ou ODDO BHF Asset Management GmbH) et seront compatibles avec la stratégie d'investissement du Fonds.
Dans la limite d’une fois l’actif, sans recherche de surexposition, le Fonds pourra investir sur les instruments financiers à terme ferme ou conditionnels négociés sur des marchés réglementés, organisés ou de gré à gré français ou étrangers. Le Fonds interviendra sur des instruments financiers à terme listés à des fins d'exposition et de couverture du risque de taux et à des fins de couverture du risque de change (futures, options). Il pourra également prendre des positions sur des swaps et change à terme en vue de couvrir le risque de change. L'utilisation des credit default swap (CDS) indiciels sera effectuée uniquement pour couvrir le risque de crédit à hauteur de 100% maximum de l’actif net du Fonds.
L’exposition maximale du Fonds, tous marchés confondus et produits monétaires inclus, ne pourra dépasser 100% de l’actif net du Fonds.
Les parts CR-CHF [H] sont couvertes contre le risque de change franc suisse/euro afin de limiter les variations de performance par rapport aux parts en Euro, avec toutefois un risque de change résiduel de 1% maximum.
Période de souscription: le Fonds sera fermé à la souscription le 30 septembre 2019 à 11h15 (heure de Paris).
Les demandes de souscription et de rachat sont centralisées auprès du dépositaire chaque jour ouvré de la Bourse de Paris jusqu'à 11h15 (heure de Paris, CET/CEST) et sont exécutées sur la base de la valeur liquidative datée du jour même.
Un mécanisme de plafonnement des rachats (dit des Gates) peut être mis en œuvre par la Société de Gestion. Pour plus d’information sur ce mécanisme, veuillez-vous reporter à la rubrique « Dispositif de plafonnement des rachats (Gates) » du prospectus, disponible sur http://am.oddo-bhf.com.
La part CR-CHF [H]
capitalise ses revenus
.
Durée de placement recommandée : la durée minimale de placement recommandée s'étend jusqu'à l'échéance de chaque période d'investissement (soit pour la première période, le 31 décembre 2025).
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cette période. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo de gestión consiste en obtener una rentabilidad neta anualizada superior al 3,20%, en un horizonte de inversión que comienza en la fecha de creación del Fondo, el 12/01/2018, hasta el 31 de diciembre de 2025. El Fondo pretende la revalorización de la cartera, a medio y largo plazo, por medio de la selección de obligaciones de emisores privados, especulativas (o de alto rendimiento), con una calificación de entre BB+ y CCC+ (otorgada por Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora), al tiempo que se expone al riesgo de pérdida de capital. El objetivo de gestión tiene en cuenta la estimación del riesgo de impago, el coste de la cobertura y los gastos de gestión. La consecución del objetivo dependerá de la materialización o no de las hipótesis de mercado formuladas por la Sociedad gestora. Este objetivo no constituye garantía alguna sobre el rendimiento o la rentabilidad. Se llama la atención de los inversores sobre el hecho de que la rentabilidad que se indica en el objetivo de gestión no refleja todos los casos de impago.
La estrategia de inversión del Fondo consiste en gestionar de forma discrecional una cartera diversificada de títulos de crédito compuesta, en un máximo del 100%, por obligaciones clásicas, especulativas o de alto rendimiento, con una calificación de entre BB+ y CCC+ (otorgada por Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora), emitidas principalmente (en un mínimo del 60%) por emisores privados con domicilio social en Europa, y con un vencimiento máximo de 6 meses y 1 día a partir del 31 de diciembre de 2025 (vencimiento final del producto u opciones de reembolso anticipado a discreción del Fondo). En cualquier caso, el Fondo no podrá mantener más de un 10% del patrimonio neto en títulos con calificación CCC+.
La estrategia no se limita a la tenencia de obligaciones, y la sociedad gestora podrá proceder a realizar arbitrajes en caso de que se den nuevas oportunidades en el mercado o en caso de que se identifique un aumento del riesgo de impago futuro de uno de los emisores en la cartera.
Dentro del límite del 40% del patrimonio neto, el Fondo podrá mantener títulos de emisores privados domiciliados fuera de Europa, incluidos los países emergentes.
Estos títulos estarán denominados en cualesquiera divisas de la OCDE y contarán con cobertura frente al riesgo de cambio, si bien existe un riesgo residual del 1% como máximo del patrimonio neto. El Fondo tiene como objetivo seleccionar los valores cuya calificación sea rebajada por las agencias de calificación de forma injustificada, con arreglo al dictamen del gestor. El Fondo se gestiona respetando una horquilla de sensibilidad a los tipos de interés de 0 a 6.
La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. Si la calificación de los títulos se rebaja hasta situarse por debajo de CCC+ (de Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora), esta última decidirá proceder a la venta o no de dichos títulos, teniendo en cuenta su propio análisis, el interés de los partícipes y la coyuntura de mercado.
Habida cuenta de la existencia de un vencimiento máximo específico para los títulos y del objetivo de rentabilidad perseguido por el Fondo, la selección de títulos podrá evolucionar a la discreción del gestor en función de las oportunidades del mercado y la llegada a vencimiento de los títulos en cartera. El
Fondo podrá invertir principalmente en títulos investment grade, con una calificación superior a BB+ (otorgada por Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora) hasta el 100% de su patrimonio.
La duración media de los títulos de crédito se calculará sobre la base de una cartera compuesta por títulos que vencen como máximo 6 meses y 1 día después del 31 de diciembre de 2025.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por las sociedades gestoras del grupo ODDO BHF (ODDO BHF Asset Management SAS y/u ODDO BHF Asset Management GmbH), y serán compatibles con la estrategia de inversión del Fondo.
Dentro de límite del 100% del patrimonio, y sin búsqueda de sobreexposición, el Fondo podrá invertir en instrumentos financieros a plazo firme o condicional negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros. El Fondo utilizará instrumentos financieros a plazo cotizados con fines de exposición y de cobertura del riesgo de tipos de interés, así como de cobertura del riesgo cambio (futuros y opciones). Asimismo, podrá tomar posiciones en swaps y contratos a plazo sobre divisas con el objeto de cubrir el riesgo de cambio. Solo se recurrirá a los swaps de riesgo de crédito (CDS) sobre índices para cubrir el riesgo de crédito, en un máximo del 100% del patrimonio neto del Fondo.
La exposición máxima del Fondo al conjunto de mercados (incluidos los productos monetarios) no podrá superar el 100% del patrimonio neto del Fondo.
Las participaciones CR-CHF [H] están cubiertas frente al riesgo de cambio franco suizo/euro con el fin de limitar las variaciones de la rentabilidad en relación con las participaciones en euros, si bien existe un riesgo de cambio residual del 1% como máximo.
Periodo de suscripción: no se aceptarán suscripciones en el Fondo a partir de las 11:15 horas (hora de París) del 30 de septiembre de 2019.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La Sociedad gestora podrá adoptar un mecanismo de limitación de las solicitudes de reembolso (conocido como «gate» en inglés). Si desea obtener más información sobre este mecanismo, consulte el apartado «Dispositivo de limitación de los reembolsos» del folleto, disponible en http://am.oddo-bhf.com.
La participación CR-CHF [H]
capitaliza sus ingresos
.
Horizonte de inversión recomendado: la duración mínima recomendada de inversión es hasta el vencimiento de cada periodo de inversión (en el caso del primer periodo, el 31 de diciembre de 2025).
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
L’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 3,20% sur un horizon de placement débutant à compter de la date de création du Fonds, le 12/01/2018, jusqu’au 31 décembre 2025. Le Fonds cherche à valoriser le portefeuille, à moyen et long terme, à travers la sélection d’obligations d’émetteurs privés spéculatives (dites à « haut rendement ») de notation comprise entre BB+ et CCC+ (Standard & Poor's ou équivalent ou via une notation interne à la Société de Gestion), moyennant un risque de perte en capital. L’objectif de gestion tient compte de l’estimation du risque de défaut, du coût de la couverture et des frais de gestion. Cet objectif est fondé sur la réalisation d’hypothèses de marché arrêtées par la Société de Gestion. Il ne constitue pas une promesse de rendement ni de performance. L’attention de l’investisseur est attirée sur le fait que la performance indiquée dans l’objectif de gestion ne comprend pas l’intégralité des cas de défaut.
La stratégie d’investissement du Fonds consiste à gérer de manière discrétionnaire un portefeuille diversifié de titres de créances composé jusqu’à 100% d’obligations classiques, spéculatives dites « à haut rendement », de notation comprise entre BB+ et CCC+ par Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion, principalement émises (minimum de 60%) par des émetteurs privés dont le siège social est situé en Europe et ayant une échéance d’au plus 6 mois + 1 jour après le 31 décembre 2025 (maturité finale du produit ou options de remboursement anticipé au gré du Fonds). En tout état de cause, le Fonds ne pourra détenir plus de 10% de l’actif net de titres notés CCC+.
La stratégie ne se limite pas à du portage d'obligations, la société de gestion pourra procéder à des arbitrages, en cas de nouvelles opportunités de marché ou en cas d’identification d’une augmentation du risque de défaut à terme d’un des émetteurs en portefeuille.
Dans la limite de 40% de l’actif net, le Fonds pourra détenir de titres d’émetteurs privés dont le siège social est situé en dehors de l’Europe y compris dans les pays émergents.
Ces titres seront libellés en toutes devises de l’OCDE et couverts contre le risque de change avec toutefois un risque résiduel de 1% maximum de l'actif net. Le Fonds cherche à sélectionner les valeurs qui ont été injustement dégradées par les agences de notation, conformément aux opinions du gérant. La fourchette de sensibilité aux taux d’intérêts, à l’intérieur de laquelle le Fonds est géré, est comprise entre 0 à 6.
La Société de Gestion ne recourt pas exclusivement et mécaniquement aux notations émises par les agences de notation et met en œuvre sa propre analyse interne. En cas de dégradation de notation des titres en dessous de CCC+ (Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion), cette dernière décidera de céder ou non les titres en prenant en compte sa propre analyse, l’intérêt des porteurs et les conditions de marché.
Compte tenu de l’existence d’une échéance précise maximale pour la maturité des titres et de l’objectif de performance recherché par le Fonds, la sélection des titres pourra évoluer à la discrétion du gestionnaire en fonction des opportunités
de marché et de l’arrivée à l’échéance des titres détenus. Le Fonds pourra notamment investir dans des titres « Investment Grade » de notation supérieure à BB+ (Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion) jusqu’à 100% de son actif.
La duration moyenne des titres de créances sera calculée sur la base d'un portefeuille composé de titres de maturité maximale 31 décembre 2025 plus 6 mois et 1 jour.
Le Fonds peut être investi jusqu’à 10% de son actif net (i) en parts ou actions d’OPCVM, (ii) en FIA établi dans un Etat membre de l'UE et/ou en fonds d’investissement de droit étranger mentionnés au R.214-25 et répondant aux conditions de l'article R.214-13 du Code Monétaire et Financier. Ces OPC pourront être gérés par les sociétés de gestion du groupe ODDO BHF (ODDO BHF Asset Management SAS et/ou ODDO BHF Asset Management GmbH) et seront compatibles avec la stratégie d'investissement du Fonds.
Dans la limite d’une fois l’actif, sans recherche de surexposition, le Fonds pourra investir sur les instruments financiers à terme ferme ou conditionnels négociés sur des marchés réglementés, organisés ou de gré à gré français ou étrangers. Le Fonds interviendra sur des instruments financiers à terme listés à des fins d'exposition et de couverture du risque de taux et à des fins de couverture du risque de change (futures, options). Il pourra également prendre des positions sur des swaps et change à terme en vue de couvrir le risque de change. L'utilisation des credit default swap (CDS) indiciels sera effectuée uniquement pour couvrir le risque de crédit à hauteur de 100% maximum de l’actif net du Fonds.
L’exposition maximale du Fonds, tous marchés confondus et produits monétaires inclus, ne pourra dépasser 100% de l’actif net du Fonds.
Les parts CR-CHF [H] sont couvertes contre le risque de change franc suisse/euro afin de limiter les variations de performance par rapport aux parts en Euro, avec toutefois un risque de change résiduel de 1% maximum.
Période de souscription: le Fonds sera fermé à la souscription le 30 septembre 2019 à 11h15 (heure de Paris).
Les demandes de souscription et de rachat sont centralisées auprès du dépositaire chaque jour ouvré de la Bourse de Paris jusqu'à 11h15 (heure de Paris, CET/CEST) et sont exécutées sur la base de la valeur liquidative datée du jour même.
Un mécanisme de plafonnement des rachats (dit des Gates) peut être mis en œuvre par la Société de Gestion. Pour plus d’information sur ce mécanisme, veuillez-vous reporter à la rubrique « Dispositif de plafonnement des rachats (Gates) » du prospectus, disponible sur http://am.oddo-bhf.com.
La part CR-CHF [H]
capitalise ses revenus
.
Durée de placement recommandée : la durée minimale de placement recommandée s'étend jusqu'à l'échéance de chaque période d'investissement (soit pour la première période, le 31 décembre 2025).
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cette période. | fr | es |
DOLFIN1156 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 6 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 148 | EUR 923 |
| Annual cost impact (*) | 1.5% | 1.5% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.5% before costs and 7.0% after costs. | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 EUR está invertido
| | En caso de salida después de 1 año | En caso de salida después de 6 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 148 EUR | 923 EUR |
| Incidencia anual de los costes (*) | 1,5% | 1,5% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 8,5% antes de deducir los costes y 7,0% después de deducir los costes. | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 6 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 148 | EUR 923 |
| Annual cost impact (*) | 1.5% | 1.5% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.5% before costs and 7.0% after costs. | en | es |
DOLFIN1157 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 11.2 | 2.2 | 10.8 | 1.0 | 2.6 | 0.6 | -1.2 | 5.5 | 3.5 | -4.3 |
| Constraint †¹ | 11.2 | 2.2 | 11.1 | 1.0 | 3.3 | 0.7 | 0.4 | 6.0 | 4.1 | -2.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 08 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 11,2 | 2,2 | 10,8 | 1,0 | 2,6 | 0,6 | -1,2 | 5,5 | 3,5 | -4,3 |
| Limitación †¹ | 11,2 | 2,2 | 11,1 | 1,0 | 3,3 | 0,7 | 0,4 | 6,0 | 4,1 | -2,9 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 08 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 11.2 | 2.2 | 10.8 | 1.0 | 2.6 | 0.6 | -1.2 | 5.5 | 3.5 | -4.3 |
| Constraint †¹ | 11.2 | 2.2 | 11.1 | 1.0 | 3.3 | 0.7 | 0.4 | 6.0 | 4.1 | -2.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 08 February 2022 | en | es |
DOLFIN1158 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
2.5%
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de febrero de 2020. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
2.5%
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
2.5%
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN1159 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Change to the definition of Business Day
The definition of "Business Day" as set out in the definitions section of the main body of the Prospectus is to be amended so as to cross-refer investors to the Fund Details set out in Appendix III of the Prospectus for details of what constitutes a "Business Day" for each individual sub-fund.
Additionally, the definition of what actually constitutes a "Business Day" for each sub-fund of the Company is to be amended. Details of the intended amendments are set out below.
With the exception of Comgest Growth China, Comgest Growth India, Comgest Growth America, Comgest Growth Japan and Comgest Growth Japan Compounders, the definition of what constitutes a "Business Day" for each of the Company's other sub-funds is to be amended in the manner outlined immediately below:
""Business Day", in relation to each Fund, any day (except Saturday and Sunday and publicholidays) where the banks in Dublin and Luxembourg are open for business or such day or days as the Directors may from time to time determine."
The "Business Day" definition for each of the remaining sub-funds is to be updated as set out below: | # Änderung der Definition des Geschäftstags
Die im Definitionsteil des Hauptteils des Prospekts geregelte Definition des Begriffs „Geschäftstag“ soll dahingehend geändert werden, dass die Anleger auf die in Anhang III des Prospekts enthaltenen Fondsdetails verwiesen werden, die Einzelheiten darüber enthalten, was für die einzelnen Teilfonds einen „Geschäftstag“ darstellt.
Zudem soll die Definition dessen geändert werden, was für die einzelnen Teilfonds der Gesellschaft einen „Geschäftstag“ ausmacht. Die Einzelheiten bezüglich der beabsichtigten Änderungen sind im Fol- genden dargestellt.
Mit Ausnahme von Comgest Growth China, Comgest Growth India, Comgest Growth America, Comgest Growth Japan und Comgest Growth Japan Compounders wird die Definition dessen, was für die ande- ren Teilfonds der Gesellschaft einen „Geschäftstag“ darstellt, wie folgt geändert:
„„Geschäftstag“: In Bezug auf jeden Fonds jeder Tag (außer Samstag und Sonntag undalle gesetzlichen Feiertage), an dem die Banken in Dublin und Luxemburg für den Ge- schäftsverkehr geöffnet sind, oder ein oder mehrere Tage, die die Direktoren jeweils fest- legen können.“
Die Definition des „Geschäftstags“ wird für die verbleibenden Teilfonds wie im Folgenden angegeben aktualisiert: | # Change to the definition of Business Day
The definition of "Business Day" as set out in the definitions section of the main body of the Prospectus is to be amended so as to cross-refer investors to the Fund Details set out in Appendix III of the Prospectus for details of what constitutes a "Business Day" for each individual sub-fund.
Additionally, the definition of what actually constitutes a "Business Day" for each sub-fund of the Company is to be amended. Details of the intended amendments are set out below.
With the exception of Comgest Growth China, Comgest Growth India, Comgest Growth America, Comgest Growth Japan and Comgest Growth Japan Compounders, the definition of what constitutes a "Business Day" for each of the Company's other sub-funds is to be amended in the manner outlined immediately below:
""Business Day", in relation to each Fund, any day (except Saturday and Sunday and publicholidays) where the banks in Dublin and Luxembourg are open for business or such day or days as the Directors may from time to time determine."
The "Business Day" definition for each of the remaining sub-funds is to be updated as set out below: | en | de |
DOLFIN1160 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Minimum There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment.
| Stress | What you might get back after costs | 6,020 CHF | 7,100 CHF |
| --- | --- | --- | --- |
| | Average return each year | -39.78% | -10.78% |
| Unfavourable | What you might get back after costs | 7,860 CHF | 8,180 CHF |
| | Average return each year | -21.41% | -6.48% |
| Moderate | What you might get back after costs | 9,960 CHF | 10,460 CHF |
| | Average return each year | -0.40% | 1.50% |
| Favourable | What you might get back after costs | 10,810 CHF | 11,550 CHF |
| | Average return each year | 8.11% | 4.92% | | # Mínimo No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión.
| Tensión | Lo que podría recibir tras deducir los costes | 6,020 CHF | 7,100 CHF |
| --- | --- | --- | --- |
| | Rendimiento medio cada año | -39.78% | -10.78% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,860 CHF | 8,180 CHF |
| | Rendimiento medio cada año | -21.41% | -6.48% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,960 CHF | 10,460 CHF |
| | Rendimiento medio cada año | -0.40% | 1.50% |
| Favorable | Lo que podría recibir tras deducir los costes | 10,810 CHF | 11,550 CHF |
| | Rendimiento medio cada año | 8.11% | 4.92% | | # Minimum There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment.
| Stress | What you might get back after costs | 6,020 CHF | 7,100 CHF |
| --- | --- | --- | --- |
| | Average return each year | -39.78% | -10.78% |
| Unfavourable | What you might get back after costs | 7,860 CHF | 8,180 CHF |
| | Average return each year | -21.41% | -6.48% |
| Moderate | What you might get back after costs | 9,960 CHF | 10,460 CHF |
| | Average return each year | -0.40% | 1.50% |
| Favourable | What you might get back after costs | 10,810 CHF | 11,550 CHF |
| | Average return each year | 8.11% | 4.92% | | en | es |
DOLFIN1161 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Valuation of liabilities
The liabilities of the Company include:
- all loans, bills of exchange and other amounts due;
- all due or accumulated administrative costs including (inter alia) the costs incurred from its establishment and registration with the regulatory authorities as well as legal and auditing costs and expenses, the costs of mandatory publications, listing costs, the Sales Prospectus, financial reports and other documents made available to shareholders, translation costs and all other general expenses incurred through managing the Company;
- all known liabilities that are due or not yet due, including all due contractual obligations for payment in cash or in kind including the amount of all distributions determined by the Company which are not paid out by the day on which these distributions revert back to the Company in accordance with legal provisions;
- all reasonable provisions for taxes due on the valuation date of the net asset value and other provisions authorised and approved by the Board of Directors; and
- all other liabilities of the Company to third parties of any type. | ###### Évaluation des passifs
Les passifs de la Sociétés comprennent :
- tous les crédits, effets et autres montants dus ;
- tous les frais administratifs dus ou accumulés, y compris (entre autres) les coûts de leur création et enregistrement auprès des autorités de régulation, ainsi que les coûts et frais juridiques et de vérification des publications obligatoires, les coûts pour la cotation en bourse, le prospectus, les rapports financiers et autres documents rendus disponibles aux actionnaires, les frais de traduction et généralement toutes les autres dépenses découlant de la gestion de la Société ;
- tous les passifs connus échus ou non échus, y compris toutes les obligations contractuelles dues, relatives au paiement en espèces ou en nature, y compris du montant de tous les dividendes décidés par la Société qui jusqu'à la date où ces dividendes reviennent à la Société en vertu des dispositions légales, ne sont pas payés ;
- tous les montants des provisions raisonnables pour les taxes dues à la date de l'évaluation de la valeur nette d'inventaire et autres provisions approuvées et autorisées par le Conseil d’administration ; et
- toute autre passif de la Société vis-à-vis de tiers, de quelque nature qu'il soit. | ###### Valuation of liabilities
The liabilities of the Company include:
- all loans, bills of exchange and other amounts due;
- all due or accumulated administrative costs including (inter alia) the costs incurred from its establishment and registration with the regulatory authorities as well as legal and auditing costs and expenses, the costs of mandatory publications, listing costs, the Sales Prospectus, financial reports and other documents made available to shareholders, translation costs and all other general expenses incurred through managing the Company;
- all known liabilities that are due or not yet due, including all due contractual obligations for payment in cash or in kind including the amount of all distributions determined by the Company which are not paid out by the day on which these distributions revert back to the Company in accordance with legal provisions;
- all reasonable provisions for taxes due on the valuation date of the net asset value and other provisions authorised and approved by the Board of Directors; and
- all other liabilities of the Company to third parties of any type. | en | fr |
DOLFIN1162 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Current investment strategy
Our most attractive opportunities continue to be heavily concentrated in the innovative SMID cap universe. As we have noted in previous months, we are continuing to trim our overall exposure to oncology names, particularly where we can use proceeds to fund higher conviction ideas in genetic therapies and early-stage development platforms.
| 10 largest equity positions (%) | |
| --- | --- |
| | Fund |
| Vertex Pharmaceuticals Inc | 9.53 |
| Alnylam Pharmaceuticals Inc | 8.68 |
| Moderna Inc | 8.35 |
| Regeneron Pharmaceuticals Inc | 7.31 |
| AbbVie Inc | 4.37 |
| Amgen Inc | 4.30 |
| Gilead Sciences Inc | 4.16 |
| Genmab A/S | 3.94 |
| Neurocrine Biosciences Inc | 3.63 |
| Karuna Therapeutics Inc | 3.52 |
| Risks |
| --- |
| UBS Sector Funds invest in equities and may therefore be subject to high fluctuations in value. For this reason, an investment horizon of at least five years and corresponding risk tolerance and capacity are required. As these UBS Funds pursue an active management style, each Fund's performance can deviate substantially from that of its reference index. Focusing intentionally on individual sectors may entail additional risks. All investments are subject to market fluctuations. Every Fund has specific risks, which can significantly increase under unusual market conditions. The fund can use derivatives, which may result in additional risks (particularly counterparty risk). |
| Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Information Document, Prospectus and any applicable local offering document prior to investing and to get complete information of the risks. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. For a definition of financial terms refer to the glossary available at www.ubs.com/am-glossary. For marketing and information purposes by UBS. UBS funds under Luxembourg law. Arrangements for marketing fund units mentioned in this document may be terminated at the initiative of the management company of the fund(s). The representative in Liechtenstein for UBS Funds under foreign law is UBS Fund Management (Luxembourg) S.A. 33A Avenue J.F. Kennedy, L-1855 Luxembourg. Prospectuses, key information documents (KID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Fund Management (Luxembourg) S.A. and online at www.ubs.com/funds. The product described herein aligns to Article 8 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Information on sustainability-related aspects pursuant to that regulation can be found on www.ubs.com/funds. The benchmark is the intellectual property of the respective index provider. The fund or the share class is neither sponsored nor endorsed by the index provider. The fund prospectus or supplemental prospectus contains the full disclaimer. Before investing in a product please read the latest prospectus and key information document carefully and thoroughly. Any decision to invest should take into account all the characteristics or objectives of the fund as described in its prospectus, or similar legal documentation. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The calculated performance takes all costs on the fund level into consideration (ongoing costs). The entry and exit costs, which would have a negative impact on the performance, are not taken into consideration. If whole or part of the total costs to be paid is different from your reference currency, the costs may increase or decrease as a result of currency and exchange rate fluctuations. Commissions and costs have a negative impact on the investment and on the expected returns. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency and exchange rate fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. A summary of investor rights in English can be found online at www.ubs.com/funds. More explanations of financial terms can be found at www.ubs.com/am- glossary. © UBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | 19450239 |
| --- | --- | | # Gegenwärtige Anlagestrategie
Unsere attraktivsten Anlagemöglichkeiten konzentrieren sich weiterhin stark auf innovative Unternehmen aus dem Segment der Small und Mid Caps. Wir reduzieren unser Gesamtengagement in Onkologietiteln weiter, vor allem, wenn wir die Erlöse einsetzen können, um Ideen in den Bereichen Gentherapien und in der Frühphase befindliche Entwicklungsplattformen zu finanzieren, von denen wir stärker überzeugt sind.
| 10 grösste Aktienpositionen (%) | |
| --- | --- |
| | Fonds |
| Vertex Pharmaceuticals Inc | 9.53 |
| Alnylam Pharmaceuticals Inc | 8.68 |
| Moderna Inc | 8.35 |
| Regeneron Pharmaceuticals Inc | 7.31 |
| AbbVie Inc | 4.37 |
| Amgen Inc | 4.30 |
| Gilead Sciences Inc | 4.16 |
| Genmab A/S | 3.94 |
| Neurocrine Biosciences Inc | 3.63 |
| Karuna Therapeutics Inc | 3.52 |
| Risiken |
| --- |
| Die UBS Sector Funds investieren in Aktien und können daher grossen Wertschwankungen unterliegen. Eine Anlage in diesen Fonds eignet sich somit nur für Investoren mit einem Anlagehorizont von mindestens fünf Jahren sowie einer entsprechenden Risikobereitschaft und -fähigkeit. Da diese UBS Fonds einen aktiven Managementstil verfolgen, kann die Wertentwicklung der einzelnen Portefeuilles deutlich von jener des Referenzindex abweichen. Die gezielte Konzentration auf einzelne Sektoren bringt gegebenenfalls zusätzliche Risiken mit sich. Jede Anlage ist Marktschwankungen unterworfen. Jeder Fonds hat spezifische Risiken, die sich unter ungewöhnlichen Marktbedingungen erheblich erhöhen können. Der Fonds kann Derivate einsetzen, wodurch zusätzliche Risiken (v.a. das Gegenparteienrisiko) entstehen können. |
| Bitte beachten Sie, dass zusätzliche Gebühren (z.B. Ausgabeauf- oder Rücknahmeabschläge) in Rechnung gestellt werden können. Nähere Angaben erhalten Sie von Ihrem Finanzberater. Vor einer Anlage sollten Anlegerinnen und Anleger das Basisinformationsblatt, den Prospekt sowie alle relevanten lokalen Angebotsunterlagen lesen und sich umfassend über die Risiken informieren. Anleger erwerben Anteile oder Aktien eines Fonds und nicht an einem bestimmten Basiswert, wie z.B. eines Gebäudes oder von Aktien eines Unternehmens. Definitionen von Finanzbegriffen finden Sie im Glossar unter www.ubs.com/am-glossary. Für Marketing- und Informationszwecke von UBS. UBS Fonds luxemburgischen Rechts. Vorkehrungen die für den Vertrieb der erwähnten Fondsanteile getroffen wurden, können auf Initiative der Verwaltungsgesellschaft des/der Fonds(s) gekündigt werden. Vertreter in Liechtenstein für UBS Fonds ausländischen Rechts ist UBS Fund Management (Luxembourg) S.A. 33A Avenue J.F. Kennedy, L-1855 Luxemburg. Prospekte, Basisinformationsblätter (KID), die Statuten bzw. Vertragsbedingungen sowie die Jahres- und Halbjahresberichte der UBS Fonds können bei UBS Fund Management (Luxembourg) S.A. kostenlos in einer dem lokalen Recht entsprechenden Sprache bezogen werden als auch unter www.ubs.com/funds abgerufen werden. Das hier beschriebene Produkt entspricht Artikel 8 der Verordnung (EU) 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor. Informationen zu nachhaltigkeitsrelevanten Aspekten gemäß dieser Verordnung finden Sie auf www.ubs.com/funds. Die Benchmark ist das geistige Eigentum des jeweiligen Indexanbieters. Der Fonds bzw. die Anteilsklasse wird vom Indexanbieter weder gesponsert noch unterstützt. Der Prospekt oder Prospektzusatz des Fonds enthält den vollständigen Haftungsausschluss. Investitionen in ein Produkt sollten nur nach gründlichem Studium des aktuellen Prospekts und des Basisinformationsblatts erfolgen. Bei jeder Anlageentscheidung sollten alle Merkmale oder Anlageziele des Fonds berücksichtigt werden, die im Prospekt oder ähnlichen rechtlichen Unterlagen beschrieben sind. Anleger erwerben Anteile oder Aktien eines Fonds und nicht an einem bestimmten Basiswert, wie z.B. eines Gebäudes oder von Aktien eines Unternehmens. Die im vorliegenden Dokument zusammengetragenen Informationen und erlangten Meinungen basieren auf vertrauenswürdigen Angaben aus verlässlichen Quellen, erheben jedoch keinen Anspruch auf Genauigkeit und Vollständigkeit hinsichtlich der im Dokument erwähnten Wertpapiere, Märkte und Entwicklungen. Mitglieder der UBS-Gruppe sind zu Positionen in den in diesem Dokument erwähnten Wertpapieren oder anderen Finanzinstrumenten sowie zu deren Kauf bzw. Verkauf berechtigt. Anteile der erwähnten UBS Fonds können in verschiedenen Gerichtsbarkeiten oder für gewisse Anlegergruppen für den Verkauf ungeeignet oder unzulässig sein und dürfen innerhalb der USA weder angeboten noch verkauft oder ausgeliefert werden. Die genannten Informationen sind weder als Angebot noch als Aufforderung zum Kauf bzw. Verkauf irgendwelcher Wertpapiere oder verwandter Finanzinstrumente zu verstehen. Die frühere Wertentwicklung ist kein verlässlicher Indikator für künftige Ergebnisse. Die berechnete Performance berücksichtigt alle Kosten auf Fondsebene (laufende Kosten). Die Ein- und Ausstiegskosten, die sich negativ auf die Performance auswirken würden, werden nicht berücksichtigt. Wenn sich die zu zahlenden Gesamtkosten ganz oder teilweise von Ihrer Referenzwährung abweichen, können die Kosten aufgrund von Währungs- und Wechselkursschwankungen steigen oder sinken. Kommissionen und Kosten wirken sich negativ auf den Betrag der Anlage und die erwarteten Rendite aus. Sollte die Währung eines Finanzprodukts oder einer Finanzdienstleistung nicht mit Ihrer Referenzwährung übereinstimmen, kann sich die Rendite aufgrund der Währungs- und Wechselkursschwankungen erhöhen oder verringern. Diese Informationen berücksichtigen weder die spezifischen oder künftigen Anlageziele noch die steuerliche oder finanzielle Lage oder die individuellen Bedürfnisse des einzelnen Empfängers. Die zukünftige Wertentwicklung unterliegt einer Besteuerung, die von der persönlichen Situation jedes Anlegers abhängig ist und sich in der Zukunft ändern kann. Die Angaben in diesem Dokument werden ohne jegliche Garantie oder Zusicherung zur Verfügung gestellt, dienen ausschliesslich zu Informationszwecken und sind lediglich zum persönlichen Gebrauch des Empfängers bestimmt. Das vorliegende Dokument darf ohne schriftliche Erlaubnis von UBS Asset Management Switzerland AG oder einer lokalen verbundenen Gesellschaft weder reproduziert noch weiterverteilt noch neu aufgelegt werden. Quelle für sämtliche Daten und Grafiken (sofern nicht anders vermerkt): UBS Asset Management. Dieses Dokument enthält «zukunftsgerichtete Aussagen», die unter anderem, aber nicht nur, auch Aussagen über unsere künftige Geschäftsentwicklung beinhalten. Während diese zukunftsgerichteten Aussagen unsere Einschätzung und unsere Geschäftserwartungen ausdrücken, können verschiedene Risiken, Unsicherheiten und andere wichtige Faktoren dazu führen, dass die tatsächlichen Entwicklungen und Resultate sich von unseren Erwartungen deutlich unterscheiden. Eine Zusammenfassung der Anlegerrechte in englischer Sprache finden Sie online unter www.ubs.com/funds. Weitere Erläuterungen zu Finanzbegriffen unter www.ubs.com/am-glossary. © UBS 2023. Das Schlüsselsymbol und UBS gehören zu den geschützten Marken von UBS. Alle Rechte vorbehalten. 2 ¦ 2 | 19450239 |
| --- | --- | | # Current investment strategy
Our most attractive opportunities continue to be heavily concentrated in the innovative SMID cap universe. As we have noted in previous months, we are continuing to trim our overall exposure to oncology names, particularly where we can use proceeds to fund higher conviction ideas in genetic therapies and early-stage development platforms.
| 10 largest equity positions (%) | |
| --- | --- |
| | Fund |
| Vertex Pharmaceuticals Inc | 9.53 |
| Alnylam Pharmaceuticals Inc | 8.68 |
| Moderna Inc | 8.35 |
| Regeneron Pharmaceuticals Inc | 7.31 |
| AbbVie Inc | 4.37 |
| Amgen Inc | 4.30 |
| Gilead Sciences Inc | 4.16 |
| Genmab A/S | 3.94 |
| Neurocrine Biosciences Inc | 3.63 |
| Karuna Therapeutics Inc | 3.52 |
| Risks |
| --- |
| UBS Sector Funds invest in equities and may therefore be subject to high fluctuations in value. For this reason, an investment horizon of at least five years and corresponding risk tolerance and capacity are required. As these UBS Funds pursue an active management style, each Fund's performance can deviate substantially from that of its reference index. Focusing intentionally on individual sectors may entail additional risks. All investments are subject to market fluctuations. Every Fund has specific risks, which can significantly increase under unusual market conditions. The fund can use derivatives, which may result in additional risks (particularly counterparty risk). |
| Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Information Document, Prospectus and any applicable local offering document prior to investing and to get complete information of the risks. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. For a definition of financial terms refer to the glossary available at www.ubs.com/am-glossary. For marketing and information purposes by UBS. UBS funds under Luxembourg law. Arrangements for marketing fund units mentioned in this document may be terminated at the initiative of the management company of the fund(s). The representative in Liechtenstein for UBS Funds under foreign law is UBS Fund Management (Luxembourg) S.A. 33A Avenue J.F. Kennedy, L-1855 Luxembourg. Prospectuses, key information documents (KID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Fund Management (Luxembourg) S.A. and online at www.ubs.com/funds. The product described herein aligns to Article 8 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Information on sustainability-related aspects pursuant to that regulation can be found on www.ubs.com/funds. The benchmark is the intellectual property of the respective index provider. The fund or the share class is neither sponsored nor endorsed by the index provider. The fund prospectus or supplemental prospectus contains the full disclaimer. Before investing in a product please read the latest prospectus and key information document carefully and thoroughly. Any decision to invest should take into account all the characteristics or objectives of the fund as described in its prospectus, or similar legal documentation. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The calculated performance takes all costs on the fund level into consideration (ongoing costs). The entry and exit costs, which would have a negative impact on the performance, are not taken into consideration. If whole or part of the total costs to be paid is different from your reference currency, the costs may increase or decrease as a result of currency and exchange rate fluctuations. Commissions and costs have a negative impact on the investment and on the expected returns. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency and exchange rate fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. A summary of investor rights in English can be found online at www.ubs.com/funds. More explanations of financial terms can be found at www.ubs.com/am- glossary. © UBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | 19450239 |
| --- | --- | | en | de |
DOLFIN1163 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund Facts
Anu Narula heads off the Mirabaud Asset Management Global Equities team and is Lead Portfolio Manager on Mirabaud - Sustainable Global Focus and Mirabaud - Sustainable Global High Dividend funds. Anu Narula has experience in the portfolio management industry since 2001. Prior to joining Mirabaud Asset Management in 2013, Anu Narula worked at AXA Framlington where he was lead-manager of the Global Equity High Income fund and co-manager of the Global Opportunities fund, and prior to that was the portfolio manager of the global equity part of the global macro hedge fund Cadwyn Global since 2005. He started his career at Morley Fund Management in the Global Equity team. Anu Narula holds a Bachelor's degree in Economics from the London School of Economics, holds an MBA from the London Business School and is a CFA Charterholder.
Monthly & Yearly Performances (%) | # Informazioni generali
Anu Narula guida il team Global Equities di Mirabaud Asset Management ed è Lead Portfolio Manager dei fondi Mirabaud - Sustainable Global Focus e Mirabaud - Sustainable Global High Dividend. Anu Narula lavora nel settore della gestione di portafogli dal 2001. Prima di entrare a far parte di Mirabaud Asset Management nel 2013, Anu Narula ha lavorato presso AXA Framlington dove gestiva il fondo Global Equity High Income e co-gestiva il fondo Global Opportunities. In precedenza, era stato gestore di portafoglio specializzato nella componente azioni globali dell’hedge fund globale macro Cadwyn Global dal 2005. Ha iniziato la sua carriera presso Morley Fund Management nel team Global Equity. Anu Narula detiene una laurea in Economia ottenuta presso la London School of Economics, un MBA ottenuto presso la London Business School ed è in possesso della certificazione CFA.
Performance mensili e annuali (%) | # Fund Facts
Anu Narula heads off the Mirabaud Asset Management Global Equities team and is Lead Portfolio Manager on Mirabaud - Sustainable Global Focus and Mirabaud - Sustainable Global High Dividend funds. Anu Narula has experience in the portfolio management industry since 2001. Prior to joining Mirabaud Asset Management in 2013, Anu Narula worked at AXA Framlington where he was lead-manager of the Global Equity High Income fund and co-manager of the Global Opportunities fund, and prior to that was the portfolio manager of the global equity part of the global macro hedge fund Cadwyn Global since 2005. He started his career at Morley Fund Management in the Global Equity team. Anu Narula holds a Bachelor's degree in Economics from the London School of Economics, holds an MBA from the London Business School and is a CFA Charterholder.
Monthly & Yearly Performances (%) | en | it |
DOLFIN1164 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Management of collateral for transactions with OTC derivatives and techniques for ef- ficient portfolio management
- The Company may also obtain collateral in order to reduce the counterparty risk for sales with a right of repurchase and/or reverse repurchase transactions. In cases where such collateral is obtained, the Company shall adhere to the applicable legal provisions in respect of such collateral, in particular Circular 08/356, to the extent that these are not superseded by the regulations set out below.
- All collateral that minimizes the counterparty risk must fulfil the following requirements at all times:
- Liquidity: All collateral received that is not cash must be highly liquid and be traded at a transparent price on a regulated market or within a multi-lateral trading system, so that it can be sold short-term at a price that is close to the valuation established prior to the sale. The collateral must always observe the regulations set out under 17.6(b), 17.6(c) and 17.6(d) above.
- Valuation: Collateral received should be valued at least once per stock market day. As- sets that have highly volatile prices should only be accepted as collateral if suitable con- servative haircuts are applied.
- Issuer’s creditworthiness: The issuer of the collateral that is received should have a good credit rating.
- Correlation: The collateral received by the Sub-fund should be issued by a legal entity which is independent of the counterparty and does not have a high correlation with the counterparty’s development.
- Diversification of collateral (asset concentration): With regard to the collateral, attention must be paid to ensure suitable diversification with regard to countries, markets and issuers. The criterion of reasonable diversification in view of the issuer concentration is regarded as having been fulfilled if the Sub-fund of a counterparty with efficient portfolio management or transactions with OTC derivatives receives a collateral basket for which the maximum amount of the open items vis-à-vis a specific issuer is 20% of the net asset value. If a Sub-fund has different counterparties, the various collateral baskets should be aggregated, in order to calculate the 20% threshold for the total value of the open items vis-à-vis an individual issuer. Deviating from this sub-section, a Sub-fund may becollateralised entirely by different securities and money market instruments that are is- sued or guaranteed by an EU member state, one or more local authorities, an OECD state or an international public body that belongs to at least one EU member state. This Sub-fund should hold securities that have been issued as part of at least six different issues, whereby the securities from one single emission should not exceed 30% of the net asset value of the Sub-fund. If a Sub-fund aims to be entirely collateralised by secu- rities issued or guaranteed by a single EU member state, this fact must be disclosed in the Annex to the Sub-fund. Furthermore, the Sub-fund should specify which EU member state, local authorities or international public bodies have issued or guaranteed the se- curities that the Sub-fund has accepted as collateral for more than 20% of its net asset value.
- Risks in connection with collateral management, for example, operating and legal risks, are to be identified, controlled and minimised by risk management.
- The Sub-fund should have the opportunity of exploiting the collateral received at all times without referring to the counterparty or approval by the counterparty.
- The Sub-funds will exclusively accept the following assets as collateral, which can be provided irrespective of their maturity:
- Cash collateral: Cash collateral includes not only cash and short-term bank certificates, but also money market instruments as set out in the UCITS guideline. A letter of credit or a guarantee at first request issued by a top-quality bank that is not affiliated with the counterparty is equivalent to liquid assets.
- Bonds issued or guaranteed by an OECD member state or a local regional authority in such a country or a public authority in such a country or an EU institution, or by a supra- national institution with a regional or global orientation.
- Shares or units issued by undertakings for collective investments active on the money market whose net asset value is valued daily, and which have an AAA or comparable rating.
- Equities or units issued by undertakings for collective investments in securities.
- Bonds issued or guaranteed by first-class issuers that offer a reasonable liquidity.
- Shares that are admitted or traded on a regulated market in an EU member country or a stock exchange in an OECD member country, subject to the condition that the units are included in a main index.
- Non-cash collateral received should not be sold, re-invested or pledged.
- Cash collateral received should only:
- be invested as a demand deposit;
- be invested in top quality government bonds;
- be used for reverse repo transactions, subject to the condition that these are transac- tions with banks that are subject to supervision, and the Sub-fund can call back the full amount accrued at any time;
- be invested in money market funds with short term structures according to the definition in CESR’s guidelines CESR/10~049 on a joint definition for European money market funds.
- Newly invested cash collateral should be diversified according to the diversification con- ditions for non-cash collateral.
- Each Sub-fund which receives collateral for at least 30% of its assets, should have a reasonable stress-test strategy. This aims to ensure that both under normal and extraordinary liquidity conditions stress tests are performed regularly, so that the Sub-fund can value the liquidity risk associated with the collateral.
- In line with CSSF Circular 13/559 the Company will set up a haircut strategy for each Class of assets that are received as collateral. As a rule, the Company will receive cash collateral, equities and top-quality government bonds with haircuts of between 1-10% as col- lateral. However, the Company reserves the right to use other collateral with a corresponding haircut. When working in the haircut strategy, the Company will take into account the charac- teristics of the assets, such as creditworthiness or price volatility.
- As part of collateral management, the Company sets thresholds for over-collateralisa- tion. Over-collateralisation for cash and government bond collateral is between 102-110% and for equity securities it totals 105%-110% of the securities lent.
- The following provisions also apply to securities lending transactions:
- The net risks (i.e. risks of a UCITS minus the collateral received) to which the Company is exposed vis-à-vis a counterparty as a result of securities lending or securities repur- chase transactions for the purchase or sale of securities must be included within the 20% investment limit stipulated in item 17.6(a)(ii).
- Prior to or at the point of transfer of the securities to be lent, the Company must have received the collateral from the borrower or an intermediary acting on its own account. Provided the intermediary operates under a lending system as defined under item 17.17(b) (ii), the securities may be transferred prior to the receipt of the collateral on condition that the intermediary provides a guarantee that the transfer will be duly concluded. | Gestion des garanties pour les opérations réalisées au moyen de produits dérivés né- gociés de gré à gré et de techniques destinées à une gestion de portefeuille efficiente
- La Société peut, en outre, conclure des garanties pour réduire le risque de contrepartie dans les ventes avec option de rachat et/ou opérations de rachat inverse. Dans les cas où ces garanties seront conclues, la Société tiendra compte des règles juridiques applicables relatives à ces garanties, en particulier de la circulaire modifiée 08/356, dans la mesure où les règles présentées ci-après n’interfèrent pas avec cette circulaire.
- Toutes les sûretés diminuant le risque de contrepartie doivent à tout moment répondre aux exigences suivantes :
- Liquidité : toutes les sûretés reçues qui ne sont pas des espèces doivent être très li- quides et s’échanger à un prix transparent sur un marché réglementé ou au sein d’un système de négociation multilatéral, de manière à pouvoir être cédées à court terme à un prix proche de l’évaluation faite avant la vente. Les sûretés respecteront à tout mo- ment les règles énoncées aux points 17.6(b), 17.6(c) et 17.6(d).
- Évaluation : les sûretés reçues doivent être évaluées au moins chaque jour de bourse. Les actifs présentant une forte volatilité des prix ne peuvent être acceptés en garantie que moyennant l’application de décotes (haircuts) conservatrices appropriées.
- Solvabilité de l’émetteur : l’émetteur des sûretés reçues doit présenter une solvabilité élevée.
- Corrélation : les sûretés reçues par le Compartiment doivent être émises par une entité indépendante de la contrepartie et faiblement corrélée à l’évolution de la contrepartie.
- Diversification des sûretés (concentration des placements) : il convient de veiller à une diversification adéquate des sûretés en termes de pays, marchés et émetteurs. Le cri- tère de la diversification adéquate est considéré comme totalement rempli en ce qui concerne la concentration des émetteurs lorsque le Compartiment reçoit d’une contre- partie, dans le cadre de la gestion de portefeuille efficiente ou d’opérations réalisées avec des produits dérivés négociés de gré à gré, un panier de sûretés (collateral basket) dans lequel la valeur totale maximale des positions ouvertes vis à vis d’un émetteur particulier représente 20 % de la valeur liquidative. Lorsqu’un Compartiment a diffé- rentes contreparties, il doit faire la somme des différents paniers de sûretés afin de cal- culer la limite de 20 % applicable à la valeur totale des positions ouvertes vis à-vis d’un émetteur particulier. Par dérogation à ce point, un Compartiment peut être complète- ment couvert par différentes valeurs mobilières et différents instruments du marché mo- nétaire émis ou garantis par un État membre de l’UE, une ou plusieurs de ses collecti- vités territoriales, un État tiers ou une institution internationale de droit public dont au moins un État membre de l’UE fait partie. Ce Compartiment doit alors détenir des va- leurs mobilières émises dans le cadre d’au moins six émissions différentes, les valeurs mobilières d’une seule émission ne pouvant dépasser 30 % de la valeur liquidative duCompartiment. Si un Compartiment vise une couverture complète par des valeurs mo- bilières émises ou garanties par un État membre de l’UE, cela doit être indiqué dans l’Annexe relative au Compartiment concerné. En outre, le Compartiment doit indiquer de manière détaillée quel État membre de l’UE, quelle collectivité territoriale ou quelle institution internationale de droit public émet ou garantit les titres représentant plus de 20 % de sa valeur liquidative que le Compartiment reçoit à titre de sûretés.
- La gestion des risques doit déterminer, contrôler et limiter les risques liés à la gestion des sûretés, par exemple les risques opérationnels et juridiques.
- Le Compartiment devrait avoir la possibilité de réaliser à tout moment les sûretés re- çues sans en référer à la contrepartie et sans autorisation de cette dernière.
- Les Compartiments accepteront exclusivement les actifs suivants à titre de garanties, pouvant être fournis indépendamment de l’échéance :
- Sûretés en espèces : les sûretés en espèces ne comprennent pas uniquement du nu- méraire et des certificats bancaires à court terme, mais aussi des instruments du marché monétaire tels que définis dans la directive sur les OPCVM. Des lettres de crédit ou des garanties à première demande émises par un établissement de crédit de premier rang sans lien avec la contrepartie constituent des actifs liquides équivalents.
- Obligations émises ou garanties par un État membre de l’OCDE, une collectivité locale territoriale ou une administration d’un tel État, une institution de l’Union européenne ou une institution supranationale à orientation régionale ou mondiale.
- actions ou parts, émises par des Organismes de Placement Collectif effectuant des opé- rations sur le marché monétaire, dont la valeur liquidative est évaluée quotidiennement et qui bénéficient d’une notation AAA ou d’une notation équivalente.
- actions ou parts émises par des Organismes de Placement Collectif en Valeurs Mobi- lières.
- Obligations émises ou garanties par des émetteurs de premier rang présentant une li- quidité adéquate.
- Parts admises ou négociées sur un marché réglementé d’un État membre de l’Union européenne ou sur une bourse d’actions d’un État membre de l’OCDE, à condition que ces parts fassent partie d’un indice principal.
- Les sûretés reçues autrement que sous forme d’espèces ne doivent pas être cédées, réinvesties ni nanties.
- Les sûretés reçues sous forme d’espèces doivent uniquement :
- donner lieu à des placements à vue ;
- être placées en obligations d’État de grande qualité ;
- être utilisées pour des opérations de rachat inverse à condition qu’il s’agisse d’opéra- tions réalisées avec des établissements de crédit soumis à une surveillance et que le Compartiment puisse à tout moment demander la restitution de l’intégralité du montant cumulé ;
- être placées dans des fonds du marché monétaire à échéances courtes répondant à la définition des lignes directrices du CERVM concernant une définition commune des fonds monétaires européens (CESR/10-049).
- Les sûretés en espèces réinvesties doivent être diversifiées en respectant les condi- tions de diversification applicables aux sûretés non constituées en espèces.
- Chaque Compartiment recevant des sûretés pour au moins 30 % de ses actifs doit disposer d’une stratégie appropriée en matière de tests de résistance. Celle-ci doit garantir que des tests de résistance sont régulièrement effectués, aussi bien dans des conditions de liquidité normales que dans des conditions de liquidité exceptionnelles, afin que les Compar- timents puissent évaluer le risque de liquidité afférent à la sûreté.
- Conformément à la circulaire CSSF/13/559, la Société mettra en place une stratégie de décote pour chaque Classe d’actifs reçus à titre de garanties. En principe, la Société re- cevra, à titre de garanties, des sûretés en espèces, des actions et des obligations d’État de premier rang avec des décotes comprises entre 1 et 10 %. Cependant, la Société se réserve le droit d’utiliser d’autres sûretés avec une décote adéquate. Lors de l’élaboration de la stra- tégie de décote, la Société tiendra compte des particularités des actifs, telles que leur solva- bilité ou la volatilité de leur prix.
- Dans le cadre de la gestion des sûretés, la Société détermine les limites du surnantis- sement. Pour les sûretés constituées sous forme d’espèces ou d’obligations d’État, le sur- nantissement est compris entre 102 et 110 %, tandis qu’il représente entre 105 et 110 % des valeurs mobilières prêtées pour les sûretés constituées sous forme d’actions.
- De plus, pour les prêts de titres, il est fait application des dispositions suivantes :
- Les risques nets (c’est-à-dire les risques d’un OPCVM après déduction des sûretés qu’il a obtenues) auxquels la Société s’expose vis-à-vis d’une contrepartie et qui résultent de l’achat ou de la vente de titres dans le cadre d’opérations de mise et de prise en pension doivent être pris en compte dans la limite d’investissement de 20 % énoncée au para- graphe 17.6(a)(ii).
- La Société doit obtenir des sûretés appropriées de l’emprunteur ou de l’intermédiaire agissant pour son propre compte au plus tard au moment du transfert des titres à trans- férer. Dans la mesure où l’intermédiaire agit conformément à un système de prêt au sens du point 17.17(b) (ii), les valeurs mobilières peuvent être cédées avant d’avoir reçu les garanties à condition que l’intermédiaire assure le bon déroulement de l’exécution régulière de la cession. | Management of collateral for transactions with OTC derivatives and techniques for ef- ficient portfolio management
- The Company may also obtain collateral in order to reduce the counterparty risk for sales with a right of repurchase and/or reverse repurchase transactions. In cases where such collateral is obtained, the Company shall adhere to the applicable legal provisions in respect of such collateral, in particular Circular 08/356, to the extent that these are not superseded by the regulations set out below.
- All collateral that minimizes the counterparty risk must fulfil the following requirements at all times:
- Liquidity: All collateral received that is not cash must be highly liquid and be traded at a transparent price on a regulated market or within a multi-lateral trading system, so that it can be sold short-term at a price that is close to the valuation established prior to the sale. The collateral must always observe the regulations set out under 17.6(b), 17.6(c) and 17.6(d) above.
- Valuation: Collateral received should be valued at least once per stock market day. As- sets that have highly volatile prices should only be accepted as collateral if suitable con- servative haircuts are applied.
- Issuer’s creditworthiness: The issuer of the collateral that is received should have a good credit rating.
- Correlation: The collateral received by the Sub-fund should be issued by a legal entity which is independent of the counterparty and does not have a high correlation with the counterparty’s development.
- Diversification of collateral (asset concentration): With regard to the collateral, attention must be paid to ensure suitable diversification with regard to countries, markets and issuers. The criterion of reasonable diversification in view of the issuer concentration is regarded as having been fulfilled if the Sub-fund of a counterparty with efficient portfolio management or transactions with OTC derivatives receives a collateral basket for which the maximum amount of the open items vis-à-vis a specific issuer is 20% of the net asset value. If a Sub-fund has different counterparties, the various collateral baskets should be aggregated, in order to calculate the 20% threshold for the total value of the open items vis-à-vis an individual issuer. Deviating from this sub-section, a Sub-fund may becollateralised entirely by different securities and money market instruments that are is- sued or guaranteed by an EU member state, one or more local authorities, an OECD state or an international public body that belongs to at least one EU member state. This Sub-fund should hold securities that have been issued as part of at least six different issues, whereby the securities from one single emission should not exceed 30% of the net asset value of the Sub-fund. If a Sub-fund aims to be entirely collateralised by secu- rities issued or guaranteed by a single EU member state, this fact must be disclosed in the Annex to the Sub-fund. Furthermore, the Sub-fund should specify which EU member state, local authorities or international public bodies have issued or guaranteed the se- curities that the Sub-fund has accepted as collateral for more than 20% of its net asset value.
- Risks in connection with collateral management, for example, operating and legal risks, are to be identified, controlled and minimised by risk management.
- The Sub-fund should have the opportunity of exploiting the collateral received at all times without referring to the counterparty or approval by the counterparty.
- The Sub-funds will exclusively accept the following assets as collateral, which can be provided irrespective of their maturity:
- Cash collateral: Cash collateral includes not only cash and short-term bank certificates, but also money market instruments as set out in the UCITS guideline. A letter of credit or a guarantee at first request issued by a top-quality bank that is not affiliated with the counterparty is equivalent to liquid assets.
- Bonds issued or guaranteed by an OECD member state or a local regional authority in such a country or a public authority in such a country or an EU institution, or by a supra- national institution with a regional or global orientation.
- Shares or units issued by undertakings for collective investments active on the money market whose net asset value is valued daily, and which have an AAA or comparable rating.
- Equities or units issued by undertakings for collective investments in securities.
- Bonds issued or guaranteed by first-class issuers that offer a reasonable liquidity.
- Shares that are admitted or traded on a regulated market in an EU member country or a stock exchange in an OECD member country, subject to the condition that the units are included in a main index.
- Non-cash collateral received should not be sold, re-invested or pledged.
- Cash collateral received should only:
- be invested as a demand deposit;
- be invested in top quality government bonds;
- be used for reverse repo transactions, subject to the condition that these are transac- tions with banks that are subject to supervision, and the Sub-fund can call back the full amount accrued at any time;
- be invested in money market funds with short term structures according to the definition in CESR’s guidelines CESR/10~049 on a joint definition for European money market funds.
- Newly invested cash collateral should be diversified according to the diversification con- ditions for non-cash collateral.
- Each Sub-fund which receives collateral for at least 30% of its assets, should have a reasonable stress-test strategy. This aims to ensure that both under normal and extraordinary liquidity conditions stress tests are performed regularly, so that the Sub-fund can value the liquidity risk associated with the collateral.
- In line with CSSF Circular 13/559 the Company will set up a haircut strategy for each Class of assets that are received as collateral. As a rule, the Company will receive cash collateral, equities and top-quality government bonds with haircuts of between 1-10% as col- lateral. However, the Company reserves the right to use other collateral with a corresponding haircut. When working in the haircut strategy, the Company will take into account the charac- teristics of the assets, such as creditworthiness or price volatility.
- As part of collateral management, the Company sets thresholds for over-collateralisa- tion. Over-collateralisation for cash and government bond collateral is between 102-110% and for equity securities it totals 105%-110% of the securities lent.
- The following provisions also apply to securities lending transactions:
- The net risks (i.e. risks of a UCITS minus the collateral received) to which the Company is exposed vis-à-vis a counterparty as a result of securities lending or securities repur- chase transactions for the purchase or sale of securities must be included within the 20% investment limit stipulated in item 17.6(a)(ii).
- Prior to or at the point of transfer of the securities to be lent, the Company must have received the collateral from the borrower or an intermediary acting on its own account. Provided the intermediary operates under a lending system as defined under item 17.17(b) (ii), the securities may be transferred prior to the receipt of the collateral on condition that the intermediary provides a guarantee that the transfer will be duly concluded. | en | fr |
DOLFIN1165 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Article 14 – Publications
- The unit value, the issue and redemption prices, as well as all other information, may be obtained from the Management Company, the Depositary, any paying agent and the sales agent. This information shall also be published in the required media in each country of sale.
- The current Sales Prospectus, the “Key Investor Information Document” as well as the annual and semi- annual reports of the Fund can be obtained free of charge from the Management Company's website (www.ethenea.com). The current Sales Prospectus and the “Key Investor Information Document” as well as the relevant annual and semi-annual reports of the Fund are available on hard copy free of charge at the registered office of the Management Company, the Depositary, the paying agents and any sales agent.
- The current Depositary Agreement, the Articles of Association of the Management Company and the agreement on the assumption of the functions of Central Administration, Registrar and Transfer Agent and Paying Agent may be inspected at the registered office of the Management Company. | # Articolo 14 – Pubblicazioni
- Il valore per quota, i prezzi di emissione e di rimborso e tutte le altre informazioni possono essere ri- chiesti presso la Società di gestione, il Depositario, tutti gli Agenti di pagamento e l'eventuale Agente di distribuzione. Queste comunicazioni avvengono altresì attraverso i media di ciascun paese di distribu- zione.
- Il Prospetto informativo in vigore, le "Informazioni chiave per gli investitori", unitamente alla relazione annuale e semestrale del Fondo, sono consultabili gratuitamente sul sito Internet della Società di ge- stione www.ethenea.com. I medesimi documenti sono altresì disponibili gratuitamente in forma carta- cea presso la sede della Società di gestione, del Depositario, presso gli Agenti di pagamento e l'eventua- le Agente di distribuzione.
- Il contratto di Depositario, lo statuto della Società di gestione e il contratto di assunzione delle funzioni di Amministrazione centrale, Agente per il registro e il trasferimento e Agente di pagamento in vigore possono essere consultati presso la sede della Società di gestione. | # Article 14 – Publications
- The unit value, the issue and redemption prices, as well as all other information, may be obtained from the Management Company, the Depositary, any paying agent and the sales agent. This information shall also be published in the required media in each country of sale.
- The current Sales Prospectus, the “Key Investor Information Document” as well as the annual and semi- annual reports of the Fund can be obtained free of charge from the Management Company's website (www.ethenea.com). The current Sales Prospectus and the “Key Investor Information Document” as well as the relevant annual and semi-annual reports of the Fund are available on hard copy free of charge at the registered office of the Management Company, the Depositary, the paying agents and any sales agent.
- The current Depositary Agreement, the Articles of Association of the Management Company and the agreement on the assumption of the functions of Central Administration, Registrar and Transfer Agent and Paying Agent may be inspected at the registered office of the Management Company. | en | it |
DOLFIN1166 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 6 - The depositary
The depositary handles the missions incumbent upon it in accordance with the laws and regulations in force and those which are contractually entrusted to it by the management company. In particular, it must ensure the regularity of the decisions of the portfolio management company. Where applicable, it must take all precautionary measures it deems useful. In the case of any dispute with the management company, it informs the Autorité des Marchés Financiers. | # Article 6 - Le dépositaire
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement confiées par la société de gestion. Il doit notamment s’assurer de la régularité des décisions de la société de gestion de portefeuille. Il doit, le cas échéant, prendre toutes mesures conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorité des marchés financiers. | # Article 6 - The depositary
The depositary handles the missions incumbent upon it in accordance with the laws and regulations in force and those which are contractually entrusted to it by the management company. In particular, it must ensure the regularity of the decisions of the portfolio management company. Where applicable, it must take all precautionary measures it deems useful. In the case of any dispute with the management company, it informs the Autorité des Marchés Financiers. | en | fr |
DOLFIN1167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator above is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean a risk-free investment.
This Fund is in risk category 5 based on the Fund's historic NAV per share and a blended benchmark of equities and fixed income.
The Fund may be subject to risks which are not included in the calculation of the risk-reward indicator. Key risk factors:
Market Risk: The risk that the market will go down in value, with the possibility that such changes will be sharp and unpredictable and market risks with foreign markets.
Geographical Risk: The value of the Fund's securities may be affected by social, political and economic developments and laws relating to foreign investment. Discrepancies between nations in accounting and reporting standards may also pose unique risks for the Fund.
Emerging Markets Risk: Investment in emerging markets such as Russia may expose the Fund to more social, political, regulatory, and currency risks than securities in developed markets. The fiduciary duties of issuers and the levels of investor protection imposed by regulators is generally less comprehensive in emerging market countries than in developed markets.
Currency Risk: Many of the Fund's investments will be denominated in currencies other than the currency of the share class purchased by the investor which may be affected by adverse currency movements. The Fund
will attempt to use FDIs to hedge against negative currency movements, however there is no guarantee that any attempts at hedging will be successful.
Credit Risk: The Fund may be adversely affected if the issuer of a debt instrument fails to meet its repayment obligations (i.e: defaults). Convertible bonds and contingent convertible bonds carry additional risk as they are harder to value. There is the further risk that once such bonds are converted, the conversion may not occur at a suitable time for the Fund, or the subsequent instrument may not perform favourably.
Derivatives Risk: The Fund may invest in FDIs to hedge against risk and/or to increase return. There is no guarantee that the Fund’s use of derivatives for either purpose will be successful. Derivatives are subject to counterparty risk (including potential loss of instruments) and are highly sensitive to underlying price movements, interest rates and market volatility and therefore come with a greater risk.
Operational Risk (including safekeeping of assets): The Fund and its assets may experience material losses as a result of technology/system failures, cybersecurity breaches, human error, policy breaches and/or incorrect valuation of units.
Liquidity Risk: The Fund may invest in securities which may, due to negative market conditions, become difficult to sell or may need to be sold at an unfavourable price. This may affect the overall value of the Fund.
Attention is drawn to the risk that the value of the principal invested in the Fund may fluctuate.
For more information on risks, please see the section entitled “Investment Risks” in the Prospectus of the ICAV and Supplement of the Fund. Capitalised terms not defined shall have the same meaning as in the Prospectus of the ICAV and Supplement of the Fund. | Este indicador se basa en datos históricos y puede no ser una indicación fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar con el tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
Este Fondo se clasifica en la categoría de riesgo 5 sobre la base del valor liquidativo histórico por acción del Fondo y un índice de referencia combinado de renta variable y renta fija.
El Fondo puede estar sujeto a riesgos que no se incluyen en el cálculo del indicador de riesgo y remuneración. Factores de riesgo importantes: Riesgo de mercado: El riesgo de que el mercado pierda valor, con la posibilidad de que tales cambios sean intensos e impredecibles, y los riesgos de mercado con los mercados extranjeros.
Riesgo geográfico: El valor de los valores del Fondo puede verse afectado por los acontecimientos sociales, políticos y económicos y las leyes relativas a la inversión en el extranjero. Las discrepancias entre las naciones en cuanto a la normativa contable y de presentación de informes también pueden conllevar riesgos singulares para el Fondo.
Riesgo de mercados emergentes: La inversión en mercados emergentes, como Rusia, puede exponer al Fondo a más riesgos sociales, políticos, normativos y de divisas que los valores en mercados desarrollados. Las obligaciones fiduciarias de los emisores y los niveles de protección de los inversores impuestos por los reguladores son normalmente menos completos en los países de mercados emergentes que en los mercados desarrollados.
Riesgo de divisas: Muchas de las inversiones del Fondo estarán denominadas en divisas distintas a la divisa de la clase de acciones comprada por el inversor que pueden verse afectadas por fluctuaciones
monetarias adversas. El Fondo tratará de utilizar derivados como cobertura frente a las fluctuaciones monetarias negativas. Sin embargo, no existen garantías de que cualquier intento de cobertura tenga éxito.
Riesgo crediticio: El Fondo puede verse afectado de forma negativa si el emisor de un instrumento de deuda no cumple con sus obligaciones de reembolso (es decir, incumplimientos). Los bonos convertibles y los bonos convertibles contingentes entrañan un riesgo adicional, puesto que son más difíciles de valorar. Existe el riesgo adicional de que, una vez dichos bonos se hayan convertido, la conversión no pueda producirse en un momento adecuado para el Fondo, o el instrumento subsiguiente no obtenga un rendimiento favorable.
Riesgo de derivados: El Fondo puede invertir en derivados como cobertura frente a los riesgos y/o para aumentar la rentabilidad. No hay garantía de que el uso de derivados por parte del Fondo para estos fines tenga éxito. Los derivados están sujetos al riesgo de la contraparte (incluida la pérdida potencial de instrumentos) y son muy sensibles a los movimientos subyacentes de los precios, los tipos de interés y la volatilidad de los mercados y, por lo tanto, implican un riesgo mayor.
Riesgo operativo (incluida la custodia de activos): El Fondo y sus activos pueden experimentar pérdidas significativas como resultado de errores tecnológicos o del sistema, brechas en la seguridad cibernética, errores humanos, violaciones de la política o valoración incorrecta de participaciones.
Riesgo de liquidez: El Fondo puede invertir en valores que, debido a las condiciones adversas de mercado, resultan difíciles de vender o pueden tener que venderse a un precio desfavorable. Esto puede afectar al valor general del Fondo.
Se debe tener en cuenta el riesgo de que el valor del principal invertido en el Fondo pueda fluctuar.
Para obtener más información sobre los riesgos, consulte la sección titulada “Riesgos de inversión” en el Folleto de la ICAV y el Suplemento del Fondo. Los términos con mayúscula inicial que no se definan en el presente documento tendrán el mismo significado que en el Folleto de la ICAV y el Suplemento del Fondo. | This indicator above is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean a risk-free investment.
This Fund is in risk category 5 based on the Fund's historic NAV per share and a blended benchmark of equities and fixed income.
The Fund may be subject to risks which are not included in the calculation of the risk-reward indicator. Key risk factors:
Market Risk: The risk that the market will go down in value, with the possibility that such changes will be sharp and unpredictable and market risks with foreign markets.
Geographical Risk: The value of the Fund's securities may be affected by social, political and economic developments and laws relating to foreign investment. Discrepancies between nations in accounting and reporting standards may also pose unique risks for the Fund.
Emerging Markets Risk: Investment in emerging markets such as Russia may expose the Fund to more social, political, regulatory, and currency risks than securities in developed markets. The fiduciary duties of issuers and the levels of investor protection imposed by regulators is generally less comprehensive in emerging market countries than in developed markets.
Currency Risk: Many of the Fund's investments will be denominated in currencies other than the currency of the share class purchased by the investor which may be affected by adverse currency movements. The Fund
will attempt to use FDIs to hedge against negative currency movements, however there is no guarantee that any attempts at hedging will be successful.
Credit Risk: The Fund may be adversely affected if the issuer of a debt instrument fails to meet its repayment obligations (i.e: defaults). Convertible bonds and contingent convertible bonds carry additional risk as they are harder to value. There is the further risk that once such bonds are converted, the conversion may not occur at a suitable time for the Fund, or the subsequent instrument may not perform favourably.
Derivatives Risk: The Fund may invest in FDIs to hedge against risk and/or to increase return. There is no guarantee that the Fund’s use of derivatives for either purpose will be successful. Derivatives are subject to counterparty risk (including potential loss of instruments) and are highly sensitive to underlying price movements, interest rates and market volatility and therefore come with a greater risk.
Operational Risk (including safekeeping of assets): The Fund and its assets may experience material losses as a result of technology/system failures, cybersecurity breaches, human error, policy breaches and/or incorrect valuation of units.
Liquidity Risk: The Fund may invest in securities which may, due to negative market conditions, become difficult to sell or may need to be sold at an unfavourable price. This may affect the overall value of the Fund.
Attention is drawn to the risk that the value of the principal invested in the Fund may fluctuate.
For more information on risks, please see the section entitled “Investment Risks” in the Prospectus of the ICAV and Supplement of the Fund. Capitalised terms not defined shall have the same meaning as in the Prospectus of the ICAV and Supplement of the Fund. | en | es |
DOLFIN1168 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
Risque plus faible Risque plus élevé
par des sociétés constituées en Chine continentale, le Fonds peut aussi investir dans des Actions chinoises B et/ou des actions chinoises A. Il est possible d’obtenir une exposition à des Actions chinoises A et des Actions chinoises B de différentes façons, y compris via le programme Shanghai-Hong Kong Stock Connect pour les Actions chinoises A. Le Fonds peut également, dans une moindre mesure, investir dans des titres qui ne sont pas liés à la Chine élargie, le cas échéant, lorsque des possibilités peuvent être identifiées.
La devise du Fonds est USD et vos actions seront libellées en GBP. Vos actions seront couvertes dans le but de les protéger des fluctuations de taux de change entre la devise dans laquelle elles sont libellées et la devise du Fonds.
Vos actions ne sont pas des actions de distribution (c.-à-d. que tout revenu de vos actions sera inclus dans leur valeur).
Vous pouvez racheter vos actions sur demande chaque jour ouvrable bancaire au Luxembourg, au Royaume-Uni, aux États-Unis et à Hong- Kong.
b
Risques opérationnels – Le Fonds est exposé à des risques réglementaires et opérationnels sur certains marchés
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Rendement potentiellement plus faible
Rendement potentiellement
plus élevé
d’investissement, notamment le programme Shanghai - Hong Kong Stock Connect. Pour plus d’informations sur les risques liés au programme Shanghai–Hong Kong Stock Connect, les investisseurs sont également invités à consulter la partie principale du Prospectus.
b
Risque lié aux marchés émergents – Le Fonds peut investir dans des
La catégorie de risque a été évaluée en utilisant la simulation des données de performance historique du fonds, lesquelles peuvent ne pas constituer un indicateur fiable du profil de risque futur du Fonds.
La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps.
La catégorie de plus faible risque (catégorie 1) n’est pas synonyme d’investissement sans risque.
Le Fonds est classé dans la catégorie 5 en raison de la nature de ses investissements, qui comprennent les risques suivants :
b
Risque de change – Le risque que la valeur de l’investissement change en raison des fluctuations des taux de change entre les devises.
b
Risque lié aux instruments dérivés – Le Fonds peut avoir recours à des instruments dérivés à des fins d’investissement. Les instruments dérivés sont particulièrement sensibles aux variations de la valeur de l’actif sur lequel ils reposent, ce qui peut entraîner de plus grandes fluctuations de la valeur du Fonds. L’impact sur le Fonds peut être plus fort lorsque ces instruments dérivés sont utilisés couramment ou de façon complexe.
b
Risque lié aux actions – Le risque que la valeur des actions et des titres apparentés aux actions dans le Fonds soit affectée par les fluctuations du marché boursier.
marchés moins développés économiquement ou politiquement, ce qui peut impliquer des risques plus importants que sur les marchés bien développés. L’instabilité politique/économique, le manque de liquidité ou de transparence, ou les questions de garde doivent être pris en compte.
b
Risque lié à la Chine – Le Fonds est exposé au risque politique lié aux investissements dans des sociétés opérant ou ayant une exposition à la République populaire de Chine (« RPC »).
Les risques supplémentaires suivants ne sont pas inclus dans la catégorie de risque :
b
Risque de contrepartie – Le risque que l’autre partie à la transaction avec le Fonds ne respecte pas ses obligations contractuelles et puisse exposer le Fonds à des pertes financières.
b
Risque de liquidité – Le risque que le prix de vente d’un investissement du Fonds ou la possibilité de vendre cet investissement soient affectés par le nombre réduit d’acheteurs ou de vendeurs.
Votre investissement n’est pas garanti et sa valeur peut évoluer à la baisse comme à la hausse.
Pour de plus amples informations concernant les risques, veuillez consulter la section « Facteurs de risque » du prospectus, disponible sur www.lumyna.com. | # Perfil de riesgo y remuneración
Riesgo inferior a la media Riesgo superior a la media
constituidas en la China continental, el Fondo también podrá invertir en acciones chinas de las clases B y/o A. La exposición a las acciones chinas de la clase A y las acciones chinas de la clase B podrá obtenerse de diferentes maneras, como a través del canal Stock Connect de Shanghái
- Hong Kong para acciones chinas de la clase A. El Fondo también podrá invertir, en menor medida, en valores que no estén relacionados con la Gran China, cada cierto tiempo, en los que se puedan identificar oportunidades.
La divisa del Fondo es el USD y sus acciones estarán denominadas en GBP. Sus acciones estarán cubiertas a fin de protegerlas frente a las fluctuaciones de los tipos de cambio entre su divisa de denominación y la divisa del Fondo.
Sus acciones no reparten dividendos (es decir, los ingresos que se deriven de sus acciones se añadirán a su valor).
Puede canjear sus acciones cuando así lo solicite en cualquier día hábil bancario en Luxemburgo, el Reino Unido, los Estados Unidos y Hong Kong.
b
Riesgo operativo: el Fondo está expuesto a riesgos regulatorios y operativos en algunos de los mercados en los que puede invertir,
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Remuneración en general inferior a la media
Remuneración en general superior a la media
incluido el programa Stock Connnect de Shanghái - Hong Kong. Para obtener más información acerca de los riesgos asociados al programa Stock Connect de Shanghái - Hong Kong, los inversores también deberían consultar la parte general del Folleto.
b
Riesgo de mercados emergentes: el Fondo puede invertir en
La categoría de riesgo se ha calculado mediante una simulación de la rentabilidad del Fondo utilizando datos históricos de rentabilidad, que podrán no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo indicada no está garantizada y podrá cambiar con el tiempo.
La asignación a la categoría más baja (categoría 1) no significa que la inversión esté libre de riesgo.
El Fondo tiene un nivel de riesgo 5 debido a la naturaleza de sus inversiones, que comporta los riesgos siguientes:
b
Riesgo de divisa: el riesgo de que el valor de la inversión cambie debido a fluctuaciones en los tipos de cambio entre divisas.
b
Riesgo de instrumentos derivados: el Fondo puede utilizar instrumentos derivados a efectos de inversión. Los instrumentos derivados son muy sensibles a los cambios en el valor del activo en el que se basan, lo que puede dar lugar a mayores fluctuaciones en el valor del Fondo. El impacto para el Fondo puede ser mayor en aquellos casos en los que los instrumentos derivados se usen de forma considerable o compleja.
b
Riesgo de la renta variable: el riesgo de que los valores de renta variable o los valores relacionados con renta variable incluidos en el Fondo puedan verse afectados por movimientos en el mercado de valores.
mercados con un desarrollo económico o político inferior, que pueden conllevar mayores riesgos que los mercados de economías bien desarrolladas. Debe tenerse en cuenta la inestabilidad política/ económica, la falta de liquidez o transparencia, o los problemas de custodia.
b
Riesgo asociado a China: el Fondo está expuesto al riesgo político asociado a la inversión en empresas que operan o que tienen exposición a la República Popular China («RPC»).
A continuación se presentan algunos riesgos adicionales que podrán no estar integrados en la categoría de riesgo:
b
Riesgo de contraparte: el riesgo de que la otra parte de una transacción con el Fondo no pueda cumplir sus obligaciones contractuales, lo que puede suponer que el Fondo esté expuesto a pérdidas financieras.
b
Riesgo de liquidez: el riesgo de que haya un número insuficiente de compradores o vendedores para una inversión, o de que un deterioro en el mercado pueda afectar al precio o a la capacidad de vender dicha inversión dentro del Fondo.
Su inversión no está garantizada y su valor puede incrementarse o disminuir.
Para obtener más información sobre los riesgos, consulte el apartado
«Factores de riesgo» del folleto, que se encuentra disponible en www.lumyna.com. | # Profil de risque et de rendement
Risque plus faible Risque plus élevé
par des sociétés constituées en Chine continentale, le Fonds peut aussi investir dans des Actions chinoises B et/ou des actions chinoises A. Il est possible d’obtenir une exposition à des Actions chinoises A et des Actions chinoises B de différentes façons, y compris via le programme Shanghai-Hong Kong Stock Connect pour les Actions chinoises A. Le Fonds peut également, dans une moindre mesure, investir dans des titres qui ne sont pas liés à la Chine élargie, le cas échéant, lorsque des possibilités peuvent être identifiées.
La devise du Fonds est USD et vos actions seront libellées en GBP. Vos actions seront couvertes dans le but de les protéger des fluctuations de taux de change entre la devise dans laquelle elles sont libellées et la devise du Fonds.
Vos actions ne sont pas des actions de distribution (c.-à-d. que tout revenu de vos actions sera inclus dans leur valeur).
Vous pouvez racheter vos actions sur demande chaque jour ouvrable bancaire au Luxembourg, au Royaume-Uni, aux États-Unis et à Hong- Kong.
b
Risques opérationnels – Le Fonds est exposé à des risques réglementaires et opérationnels sur certains marchés
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Rendement potentiellement plus faible
Rendement potentiellement
plus élevé
d’investissement, notamment le programme Shanghai - Hong Kong Stock Connect. Pour plus d’informations sur les risques liés au programme Shanghai–Hong Kong Stock Connect, les investisseurs sont également invités à consulter la partie principale du Prospectus.
b
Risque lié aux marchés émergents – Le Fonds peut investir dans des
La catégorie de risque a été évaluée en utilisant la simulation des données de performance historique du fonds, lesquelles peuvent ne pas constituer un indicateur fiable du profil de risque futur du Fonds.
La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps.
La catégorie de plus faible risque (catégorie 1) n’est pas synonyme d’investissement sans risque.
Le Fonds est classé dans la catégorie 5 en raison de la nature de ses investissements, qui comprennent les risques suivants :
b
Risque de change – Le risque que la valeur de l’investissement change en raison des fluctuations des taux de change entre les devises.
b
Risque lié aux instruments dérivés – Le Fonds peut avoir recours à des instruments dérivés à des fins d’investissement. Les instruments dérivés sont particulièrement sensibles aux variations de la valeur de l’actif sur lequel ils reposent, ce qui peut entraîner de plus grandes fluctuations de la valeur du Fonds. L’impact sur le Fonds peut être plus fort lorsque ces instruments dérivés sont utilisés couramment ou de façon complexe.
b
Risque lié aux actions – Le risque que la valeur des actions et des titres apparentés aux actions dans le Fonds soit affectée par les fluctuations du marché boursier.
marchés moins développés économiquement ou politiquement, ce qui peut impliquer des risques plus importants que sur les marchés bien développés. L’instabilité politique/économique, le manque de liquidité ou de transparence, ou les questions de garde doivent être pris en compte.
b
Risque lié à la Chine – Le Fonds est exposé au risque politique lié aux investissements dans des sociétés opérant ou ayant une exposition à la République populaire de Chine (« RPC »).
Les risques supplémentaires suivants ne sont pas inclus dans la catégorie de risque :
b
Risque de contrepartie – Le risque que l’autre partie à la transaction avec le Fonds ne respecte pas ses obligations contractuelles et puisse exposer le Fonds à des pertes financières.
b
Risque de liquidité – Le risque que le prix de vente d’un investissement du Fonds ou la possibilité de vendre cet investissement soient affectés par le nombre réduit d’acheteurs ou de vendeurs.
Votre investissement n’est pas garanti et sa valeur peut évoluer à la baisse comme à la hausse.
Pour de plus amples informations concernant les risques, veuillez consulter la section « Facteurs de risque » du prospectus, disponible sur www.lumyna.com. | fr | es |
DOLFIN1169 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Policy complies with the proportionality principle as provided by the Guidelines, and therefore has been conceived in a way and to an extent that it is appropriate to size and internal organization as well as the nature, scope and complexity of SLAM LUX`s activities.
Therefore the Board of Directors of SLAM LUX (the “Board of SLAM LUX”) establishes the general principles of the policy in conjunction with Swiss Life Asset Managers Human Resources. In its supervisory function, and in accordance with the Group Compensation Policy it oversees the remuneration of the identified staff.
The Board of SLAM LUX is also responsible for approving and maintaining the policy, overseeing its implementation and for reviewing it at least annually. The Compliance Function of SLAM LUX is responsible for keeping the policy up to date, including by recommending, after consulting with Swiss Life Asset Managers Human Resources and Swiss Life Asset Managers Legal & Compliance, any required changes to the Board of SLAM LUX. This Policy will be reviewed on a yearly basis by the Compliance Officer of SLAM LUX and given for approval by the Board of SLAM LUX.
No dedicated Compensation Committee has been established at the level of SLAM LUX, as the Swiss Life Group Compensation Committee also covers SLAM LUX.
As a result, this remuneration policy is not primarily controlled by the Managing Director or other Senior Managers.
-
### Disclosure | Die Richtlinie erfüllt den in den Leitlinien vorgesehenen Grundsatz der Verhältnismäßigkeit und wurde daher in einer Weise und einem Ausmaß konzipiert, die der Größe, internen Organisation und Art, Reichweite und Komplexität der Aktivitäten von SLAM LUX angemessenen sind.
Der Verwaltungsrat von SLAM LUX (der „Verwaltungsrat von SLAM LUX“) legt die allgemeinen Grundsätze der Richtlinie deshalb zusammen mit der Personalabteilung von Swiss Life Asset Managers fest. Im Rahmen seiner Aufsichtsfunktion und in Übereinstimmung mit der Entlohnungsrichtlinie des Konzerns überwacht er die Vergütung identifizierter Mitarbeiter.
Der Verwaltungsrat von SLAM LUX ist auch dafür verantwortlich, die Richtlinie zu genehmigen und instand zu halten, ihre Umsetzung zu überwachen und mindestens einmal jährlich zu überprüfen. Die Compliance-Funktion von SLAM LUX ist dafür verantwortlich, die Richtlinie auf dem neusten Stand zu halten, etwa indem sie dem Verwaltungsrat von SLAM LUX nach Rücksprache mit der Personalabteilung von Swiss Life Asset Managers etwaig erforderliche Änderungen empfiehlt. Diese Richtlinie wird jährlich vom Compliance Officer von SLAM LUX überprüft und dem Verwaltungsrat von SLAM LUX zur Genehmigung vorgelegt.
Auf der Ebene von SLAM LUX wurde kein spezieller Entlohnungsausschuss eingesetzt, da SLAM LUX im Entlohnungsausschuss von Swiss Life Group mit einbezogen wird.
Diese Vergütungsrichtlinie wird folglich nicht vorrangig vom Managing Director oder anderen leitenden Mitarbeitern beaufsichtigt.
-
### Offenlegung | The Policy complies with the proportionality principle as provided by the Guidelines, and therefore has been conceived in a way and to an extent that it is appropriate to size and internal organization as well as the nature, scope and complexity of SLAM LUX`s activities.
Therefore the Board of Directors of SLAM LUX (the “Board of SLAM LUX”) establishes the general principles of the policy in conjunction with Swiss Life Asset Managers Human Resources. In its supervisory function, and in accordance with the Group Compensation Policy it oversees the remuneration of the identified staff.
The Board of SLAM LUX is also responsible for approving and maintaining the policy, overseeing its implementation and for reviewing it at least annually. The Compliance Function of SLAM LUX is responsible for keeping the policy up to date, including by recommending, after consulting with Swiss Life Asset Managers Human Resources and Swiss Life Asset Managers Legal & Compliance, any required changes to the Board of SLAM LUX. This Policy will be reviewed on a yearly basis by the Compliance Officer of SLAM LUX and given for approval by the Board of SLAM LUX.
No dedicated Compensation Committee has been established at the level of SLAM LUX, as the Swiss Life Group Compensation Committee also covers SLAM LUX.
As a result, this remuneration policy is not primarily controlled by the Managing Director or other Senior Managers.
-
### Disclosure | en | de |
DOLFIN1170 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In determining the amount of such other liabilities, the Company shall take into account all expenses payable by the Company which shall comprise promotion, printing, reporting and publishing expenses, including the cost of advertising, preparing, translating and printing of prospectuses, explanatory memoranda, Company documentation or registration statements, annual and semi-annual reports, taxes or governmental charges, and all other operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, telephone, facsimile and other electronic means of communication.
The Company may calculate and recalculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance and may accrue the same in equal proportions over any such period.
In calculating the net asset value and Net Asset Value per Share, the Administrator may rely upon such automatic pricing services as it shall determine or, if so instructed by the Company, the Management Company or the Investment Manager, it may use information provided by particular pricing services, brokers, market makers or other intermediaries. In such circumstances, the Administrator shall not, in the absence of fraud, negligence or wilful default on its part, be liable for any loss by reason of any error in the calculation of the Net Asset Value per Share resulting from any inaccuracy in the information provided by any such pricing service, broker, market maker or other intermediary. | Bei der Bestimmung der Höhe dieser sonstigen Verbindlichkeiten hat die Gesellschaft alle von ihr zu zahlenden Aufwendungen zu berücksichtigen, die folgende umfassen: Aufwendungen für die Verkaufsförderung, den Druck, die Berichterstattung und die Veröffentlichung, einschließlich der Kosten für die Werbung, Erstellung, Übersetzung und den Druck von Verkaufsprospekten, erläuternden Mitteilungen, Dokumentationen oder Registrierungserklärungen der Gesellschaft, Jahres- und Halbjahresberichte, Steuern oder öffentliche Abgaben sowie alle sonstigen Betriebskosten, einschließlich der Kosten für den Kauf und Verkauf von Vermögenswerten, Zinsen, Bankgebühren, Maklerprovisionen, Porto-, Telefon- und Telefaxgebühren sowie Gebühren für sonstige elektronische Kommunikationsmittel.
Die Gesellschaft kann die regelmäßig oder wiederkehrend anfallenden administrativen und sonstigen Aufwendungen anhand eines Schätzwertes für ein Jahr oder einen anderen Zeitraum im Voraus berechnen und neu berechnen und diesen Betrag zu jeweils gleichen Teilen auf diesen Zeitraum umlegen.
Bei der Berechnung des Nettoinventarwerts und des Nettoinventarwerts je Anteil kann der Administrator von ihm selbst ausgewählte automatische Bewertungsdienste zurate ziehen oder, sofern sie von der Gesellschaft, der Managementgesellschaft oder dem Anlageverwalter entsprechende Anweisungen erhält, die Informationen bestimmter Bewertungsdienste, Makler, Market Maker oder sonstiger Intermediäre verwenden. Unter solchen Umständen ist der Administrator nicht haftbar für Verluste, die durch Fehler bei der Berechnung des Nettoinventarwerts je Anteil aufgrund von fehlerhaften Informationen von einem solchen Bewertungsdienst, Makler, Market Maker oder sonstigen Intermediär entstehen, sofern es sich nicht um einen Fall von Betrug, Fahrlässigkeit oder vorsätzliche Unterlassung ihrerseits handelt. | In determining the amount of such other liabilities, the Company shall take into account all expenses payable by the Company which shall comprise promotion, printing, reporting and publishing expenses, including the cost of advertising, preparing, translating and printing of prospectuses, explanatory memoranda, Company documentation or registration statements, annual and semi-annual reports, taxes or governmental charges, and all other operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, telephone, facsimile and other electronic means of communication.
The Company may calculate and recalculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance and may accrue the same in equal proportions over any such period.
In calculating the net asset value and Net Asset Value per Share, the Administrator may rely upon such automatic pricing services as it shall determine or, if so instructed by the Company, the Management Company or the Investment Manager, it may use information provided by particular pricing services, brokers, market makers or other intermediaries. In such circumstances, the Administrator shall not, in the absence of fraud, negligence or wilful default on its part, be liable for any loss by reason of any error in the calculation of the Net Asset Value per Share resulting from any inaccuracy in the information provided by any such pricing service, broker, market maker or other intermediary. | en | de |
DOLFIN1171 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MANAGER'S REPORT
The Fund seeks to grow capital and generate income primarily by investing in regulated UCITS and non-UCITS funds which have as investment objective to invest in bonds and other debt securities between 50% and 90% and in equities and other similar transferable securities between 10% and 50%. The non UCITS funds will be submitted to a regulatory supervision equivalent to a UCITS.
The Fund is actively managed and well diversified, investing mainly in securities denominated in US Dollars, but some foreign currency exposure may be taken. These investments may or may not be hedged at the investment Manager discretion.
On an ancillary basis, the Fund may also invest in liquid assets as well as derivative instruments for hedging purposes. The Fund is not managed in reference to a benchmark. | # INFORMAZIONE DEL GESTORE
Il Fondo si prefigge di realizzare la crescita del capitale e generare reddito investendo principalmente in fondi OICVM regolamentati e in fondi non OICVM che hanno come obiettivo l'investimento in obbligazioni e altri titoli di debito tra il 50% e il 90%, nonché in azioni e altri valori mobiliari simili tra il 10% e il 50%. I fondi non OICVM saranno sottoposti a supervisione normativa, analogamente a un OICVM.
Il Fondo è gestito attivamente e ben diversificato e investe principalmente in titoli denominati in dollari statunitensi, sebbene possa assumere una certa esposizione valutaria. Tali investimenti possono presentare una copertura a discrezione del Gestore degli investimenti.
A titolo di integrazione, il Fondo può anche investire in attività liquide e strumenti derivati a scopo di copertura. Il Fondo non è gestito con riferimento a un indice. | # MANAGER'S REPORT
The Fund seeks to grow capital and generate income primarily by investing in regulated UCITS and non-UCITS funds which have as investment objective to invest in bonds and other debt securities between 50% and 90% and in equities and other similar transferable securities between 10% and 50%. The non UCITS funds will be submitted to a regulatory supervision equivalent to a UCITS.
The Fund is actively managed and well diversified, investing mainly in securities denominated in US Dollars, but some foreign currency exposure may be taken. These investments may or may not be hedged at the investment Manager discretion.
On an ancillary basis, the Fund may also invest in liquid assets as well as derivative instruments for hedging purposes. The Fund is not managed in reference to a benchmark. | en | it |
DOLFIN1172 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Ce type de scénario s’est produit pour un placement Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Scénario intermédiaire
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
EUR 10 404
4,0%
EUR 11 565
3,0% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 404 EUR
4,0%
11 565 EUR
3,0% | # Ce type de scénario s’est produit pour un placement Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Scénario intermédiaire
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
EUR 10 404
4,0%
EUR 11 565
3,0% | fr | es |
DOLFIN1173 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
- Le fonds peut investir dans des titres de sociétés de diverses capitalisations domiciliées partout dans le monde, y compris des sociétés domiciliées ou négociées sur les Marchés émergents.
- Le fonds est considéré comme activement géré par rapport à l’indice MSCI World Energy (l’« Indice de référence »), étant précisé qu’il n’utilise l’Indice de référence qu’à des fins de comparaison de la performance.
- vous pouvez vendre votre investissement n’importe quel jour ouvrable en Irlande.
- Tout revenu perçu par le fonds sera réinvesti de manière à accroître la valeur de votre investissement.
- Recommandation: ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les cinq ans.
- Cet indicateur montre dans quelle mesure un fonds a enregistré des hausses et des baisses par le passé et donc dans quelle mesure ses rendements ont varié. Il s’agit d’une mesure de la volatilité d’un fonds. Plus la volatilité passée d'un fonds est élevée, plus le chiffre sur l’échelle est élevé et plus le risque que les investisseurs dans ce fonds aient réalisé des pertes comme des gains est grand. Le chiffre le plus bas sur l’échelle n’est pas synonyme d’investissement sans risque.
- Le fonds a été classé dans la catégorie 7 car sa volatilité a été mesurée comme étant élevée.
- Il est possible que cet indicateur, basé sur des données historiques, ne constitue pas une indication fiable du profil de risque futur du Fonds.
- Il ne saurait être garanti que le profil de risque et de rendement indiqué demeure inchangé et il se peut qu’il évolue au fil du temps.
- Veuillez noter que même les fonds classés dans la catégorie la plus basse peuvent vous exposer à des pertes.
- Outre le niveau de risque du fonds dont l’indicateur rend compte, il existe d’autres risques associés à ce fonds. Le fonds investit principalement dans des actions, dont la valeur peut fluctuer à la baisse comme à la hausse en raison d’un certain nombre de facteurs, parmi lesquels les performances des entreprises et du marché boursier dans son ensemble ainsi que les fluctuations des taux. La valeur de votre investissement peut évoluer à la hausse comme à la baisse et il se pourrait que vous recouvriez un montant inférieur à celui initialement investi.
- L’attention des investisseurs est également attirée sur les risques liés à la concentration du portefeuille, à l’investissement dans des sociétés du secteur de l’énergie et des marchés émergents ainsi qu’au programme Stock Connect.
- Pour une description complète des risques du fonds, veuillezconsulter le prospectus, qui peut être obtenu à l’adresse indiquée dans la section «Informations pratiques» ci-dessous. | # Perfil de riesgo y remuneración
- El fondo podrá invertir en valores de empresas con capitalizaciones de mercado muy diversas y en empresas con domicilio en todo el mundo, incluidas aquellas con domicilio o que se negocian en mercados emergentes.
- Se considera que el fondo está gestionado de forma activa con relación al índice MSCI World Energy (el “valor de referencia”) por el hecho de que únicamente lo emplea a efectos de comparar su rentabilidad.
- Usted puede vender su inversión en cualquier día hábil en Irlanda.
- Los ingresos que reciba el fondo se reinvertirán a fin de hacer crecer el valor de su inversión.
- Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años.
- Este indicador muestra las subidas y bajadas del fondo en el pasado y, por tanto, cómo ha variado su rentabilidad. Es una indicación de la volatilidad del fondo. Cuanto mayor sea la volatilidad pasada del fondo, más elevada será la categoría en la escala y mayor será el riesgo de que los inversores de dicho fondo hayan sufrido pérdidas, pero también mayor será la probabilidad de que hayan obtenido ganancias. La inclusión en la categoría más baja de la escala no significa que la inversión esté libre de riesgo.
- El fondo pertenece a la categoría 7 porque su volatilidad se ha determinado como alta.
- Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del fondo.
- No se garantiza que el perfil de riesgo y remuneración vayan a permanecer inalterables; pueden variar a lo largo del tiempo.
- Tenga presente que incluso los fondos con la clasificación más baja podrían perder su dinero.
- Además del nivel de riesgo que muestra el indicador, existen otros riesgos asociados a este fondo. El fondo invierte sobre todo en acciones, y el valor de estas puede subir o bajar a causa de varios factores, entre los que se incluyen la rentabilidad de la empresa y del mercado de valores en general, así como las fluctuaciones en los tipos de cambio. El valor de su inversión puede subir o bajar y podría obtener un importe menor que el invertido.
- También se llama la atención sobre los riesgos asociados con la concentración de cartera, la inversión en las empresas energéticas y los mercados emergentes, y los riesgosasociados con el sistema Stock Connect.
- Para obtener detalles completos de los riesgos del fondo, consulte el folleto que puede obtener en la dirección que se encuentra en 'Información práctica' a continuación. | # Profil de risque et de rendement
- Le fonds peut investir dans des titres de sociétés de diverses capitalisations domiciliées partout dans le monde, y compris des sociétés domiciliées ou négociées sur les Marchés émergents.
- Le fonds est considéré comme activement géré par rapport à l’indice MSCI World Energy (l’« Indice de référence »), étant précisé qu’il n’utilise l’Indice de référence qu’à des fins de comparaison de la performance.
- vous pouvez vendre votre investissement n’importe quel jour ouvrable en Irlande.
- Tout revenu perçu par le fonds sera réinvesti de manière à accroître la valeur de votre investissement.
- Recommandation: ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les cinq ans.
- Cet indicateur montre dans quelle mesure un fonds a enregistré des hausses et des baisses par le passé et donc dans quelle mesure ses rendements ont varié. Il s’agit d’une mesure de la volatilité d’un fonds. Plus la volatilité passée d'un fonds est élevée, plus le chiffre sur l’échelle est élevé et plus le risque que les investisseurs dans ce fonds aient réalisé des pertes comme des gains est grand. Le chiffre le plus bas sur l’échelle n’est pas synonyme d’investissement sans risque.
- Le fonds a été classé dans la catégorie 7 car sa volatilité a été mesurée comme étant élevée.
- Il est possible que cet indicateur, basé sur des données historiques, ne constitue pas une indication fiable du profil de risque futur du Fonds.
- Il ne saurait être garanti que le profil de risque et de rendement indiqué demeure inchangé et il se peut qu’il évolue au fil du temps.
- Veuillez noter que même les fonds classés dans la catégorie la plus basse peuvent vous exposer à des pertes.
- Outre le niveau de risque du fonds dont l’indicateur rend compte, il existe d’autres risques associés à ce fonds. Le fonds investit principalement dans des actions, dont la valeur peut fluctuer à la baisse comme à la hausse en raison d’un certain nombre de facteurs, parmi lesquels les performances des entreprises et du marché boursier dans son ensemble ainsi que les fluctuations des taux. La valeur de votre investissement peut évoluer à la hausse comme à la baisse et il se pourrait que vous recouvriez un montant inférieur à celui initialement investi.
- L’attention des investisseurs est également attirée sur les risques liés à la concentration du portefeuille, à l’investissement dans des sociétés du secteur de l’énergie et des marchés émergents ainsi qu’au programme Stock Connect.
- Pour une description complète des risques du fonds, veuillezconsulter le prospectus, qui peut être obtenu à l’adresse indiquée dans la section «Informations pratiques» ci-dessous. | fr | es |
DOLFIN1174 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Total Equities and other investment securities, listed on an official stock exchange 199,964,577.21 27.27
Bonds
Bonds, listed on an official stock exchange | Total Aktien und aktienähnliche Wertpapiere, die an einer Börse gehandelt werden 199’964’577.21 27.27
Obligationen
Obligationen, die an einer Börse gehandelt werden | Total Equities and other investment securities, listed on an official stock exchange 199,964,577.21 27.27
Bonds
Bonds, listed on an official stock exchange | en | de |
DOLFIN1175 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Stock Connect
Funds investing in the PRC may invest in China A Shares trading on the SSE and SZSE via Stock Connect ("Northbound Trading"). The Shanghai-Hong Kong Stock Connect is a securities trading and clearing links program developed by HKEX, SSE and ChinaClear and the Shenzhen-Hong Kong Stock Connect is a securities trading and clearing links program developed by HKEX, SZSE and ChinaClear. The aim of Stock Connect is to achieve mutual stock market access between the PRC and Hong Kong.
HKSCC, a wholly-owned subsidiary of HKEX, and ChinaClear will be responsible for the clearing, settlement and the provision of depository, nominee and other related services of the trades executed by their respective market participants and investors. The China A Shares traded through Stock Connect are issued in scripless form, and investors will not hold any physical China A Shares.
Although HKSCC does not claim proprietary interests in the SSE and SZSE securities held in its omnibus stock accounts in ChinaClear, ChinaClear as the share registrar for SSE and SZSE listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE and SZSE securities.
Under the Stock Connect, Hong Kong and overseas investors will be subject to the fees and levies imposed by SSE, SZSE, ChinaClear, HKSCC or the relevant Mainland Chinese authority when they trade and settle SSE securities and SZSE securities. Further information about the trading fees and levies is available online at the website: http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/chinaconnect.htm. | ### Stock Connect
Fonds, die in der VRC investieren, können über Stock Connect in China-A-Aktien, die an der SSE und der SZSE gehandelt werden, anlegen („Nordwärtshandel“). Shanghai-Hong Kong Stock Connect ist ein Programm für Wertpapierhandels- und Clearing-Verbindungen, das von HKEX, der SSE und ChinaClear entwickelt wurde, und Shenzhen-Hong Kong Stock Connect ist ein Programm für Wertpapierhandels- und Clearing-Verbindungen, das von HKEX, der SZSE und ChinaClear entwickelt wurde. Das Ziel von Stock Connect besteht darin, einen gegenseitigen Aktienmarktzugang zwischen der VRC und Hongkong zu erreichen.
Die HKSCC, eine 100%ige Tochtergesellschaft von HKEX, und ChinaClear sind für das Clearing, die Abwicklung und die Bereitstellung von Verwahrstellen-, Nominee- und anderen zugehörigen Dienstleistungen bei den von ihren jeweiligen Marktteilnehmern und Anlegern durchgeführten Handelsgeschäften verantwortlich. Die über Stock Connect gehandelten China-A-Aktien werden in dematerialisierter Form emittiert und Anleger halten keine physischen China- A-Aktien.
Obwohl die HKSCC keine Eigentumsrechte an den SSE- und SZSE-Wertpapieren geltend macht, die auf ihren Wertpapier-Sammelkonten bei ChinaClear gehalten werden, behandelt ChinaClear als Aktienregisterstelle für an der SSE und der SZSE notierte Unternehmen die HKSCC im Hinblick auf Unternehmensmaßnahmen (Corporate Actions) bezüglich solcher SSE- und SZSE-Wertpapiere dennoch als einen Aktionär.
Im Rahmen von Stock Connect unterliegen Anleger aus Hongkong und ausländische Anleger den von der SSE, der SZSE, ChinaClear, HKSCC oder der betreffenden Behörde Festlandchinas auferlegten Gebühren und Abgaben, wenn sie mit SSE-Wertpapieren und SZSE-Wertpapieren handeln und diese abwickeln. Weitere Informationen über die Handelsgebühren und -abgaben sind online auf der folgenden Website verfügbar: http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/chinaconnect.htm. | ### Stock Connect
Funds investing in the PRC may invest in China A Shares trading on the SSE and SZSE via Stock Connect ("Northbound Trading"). The Shanghai-Hong Kong Stock Connect is a securities trading and clearing links program developed by HKEX, SSE and ChinaClear and the Shenzhen-Hong Kong Stock Connect is a securities trading and clearing links program developed by HKEX, SZSE and ChinaClear. The aim of Stock Connect is to achieve mutual stock market access between the PRC and Hong Kong.
HKSCC, a wholly-owned subsidiary of HKEX, and ChinaClear will be responsible for the clearing, settlement and the provision of depository, nominee and other related services of the trades executed by their respective market participants and investors. The China A Shares traded through Stock Connect are issued in scripless form, and investors will not hold any physical China A Shares.
Although HKSCC does not claim proprietary interests in the SSE and SZSE securities held in its omnibus stock accounts in ChinaClear, ChinaClear as the share registrar for SSE and SZSE listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE and SZSE securities.
Under the Stock Connect, Hong Kong and overseas investors will be subject to the fees and levies imposed by SSE, SZSE, ChinaClear, HKSCC or the relevant Mainland Chinese authority when they trade and settle SSE securities and SZSE securities. Further information about the trading fees and levies is available online at the website: http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/chinaconnect.htm. | en | de |
DOLFIN1176 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Article 27 Authorised signatories
The Investment Company shall be legally bound by the signatures of two members of the Board of Directors. The Board of Directors may authorise one or more members of the Board of Directors to represent the Investment Company by way of sole signature. Furthermore, the Board of Directors may authorise other legal entities or natural persons to represent the Investment Company either by way of a sole signature or jointly with one member of the Board of Directors or another legal entity or natural person authorised by the Board of Directors. | # Articolo 27 Poteri di firma
La Società di investimento è legalmente vincolata dalle firme di due membri del Consiglio di Amministrazione. Il Consiglio di Amministrazione può autorizzare uno o più membri del Consiglio di Amministrazione a rappresentare la Società di investimento con firma singola. Inoltre, il Consiglio di Amministrazione può autorizzare altre persone fisiche o giuridiche a rappresentare legalmente la Società di investimento, sia con firma singola sia congiuntamente a un membro del Consiglio di Amministrazione o a un'altra persona fisica o giuridica autorizzata dal Consiglio di Amministrazione. | # Article 27 Authorised signatories
The Investment Company shall be legally bound by the signatures of two members of the Board of Directors. The Board of Directors may authorise one or more members of the Board of Directors to represent the Investment Company by way of sole signature. Furthermore, the Board of Directors may authorise other legal entities or natural persons to represent the Investment Company either by way of a sole signature or jointly with one member of the Board of Directors or another legal entity or natural person authorised by the Board of Directors. | en | it |
DOLFIN1177 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Shares to which all or part of the Shares of one Sub-Fund is converted into Shares of another Sub-Fund (the “New Sub-Fund”) is determined on a value-for-value basis, i.e. based on the Net Asset Values of both Sub-Funds (an, if applicable, any currency exchange rates) at the time the Company processes the order.
Any conversion fee and early redemption fee, where applicable, that may be payable is specified in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus. Fractions of Shares of the New Sub-Fund or in the new Class of Shares arising from the conversion will only be allocated up to the third decimal place. The Company will be entitled to any balance not used in the payment. Where appropriate, after the conversion the Company will inform Shareholders of any amount in conversion charges still to be paid.
In the case of the conversion of Income Shares into Accumulation Shares and vice versa within the same Sub-Fund, no fees, commissions or charges will be payable. The number of new Shares to be issued will be determined by the value of the Shares redeemed, divided by the unit value of the Shares of the Class in which the issue is requested.
Shareholders are reminded that request transmitted to intermediaries other than the Administrative Agent must take into consideration the fact that cut off time for centralisation of request applies to said intermediaries vis-à-vis Administrative Agent. Consequently, such intermediaries may apply their own cut-off time, which may be earlier than the cut off time indicated above in order to take into account the time required to transmit the request to the Administrative Agent. | Las Acciones a las que se convierte la totalidad o una parte de las Acciones de un Subfondo en Acciones de otro Subfondo (el «Nuevo Subfondo») se determinan en función del valor, es decir, en función del Valor liquidativo de ambos Subfondos (y, si procede, cualesquiera tipos de cambio) en el momento en el que la Sociedad da curso a la orden.
Las comisiones de conversión y comisiones de reembolso anticipado, cuando proceda, que podrán aplicarse se detallan en la Parte A: «Los Subfondos de CARMIGNAC PORTFOLIO» del presente folleto. Las fracciones de Acciones del Nuevo Subfondo o de la nueva Clase de Acciones resultantes de la conversión se asignarán únicamente hasta tres decimales. La parte restante que no se utilice para el pago revertirá a la Sociedad. Tras la conversión, la Sociedad comunicará a los Accionistas, si procede, el importe de los gastos de conversión por pagar.
En el caso de una conversión de Acciones de reparto en Acciones de capitalización y viceversa en el seno de un mismo Subfondo, esta se llevará a cabo sin gastos, comisiones ni cargas. El número de Acciones nuevas que se emitirán se determinará sobre la base del valor de las Acciones reembolsadas, dividido por el valor unitario de las Acciones de la Clase en la que se solicite la emisión.
Los Accionistas deben tener en cuenta que la hora límite de centralización para las solicitudes transmitidas a intermediarios distintos del Agente administrativo también es aplicable a dichos intermediarios con respecto al Agente administrativo. En consecuencia, dichos intermediarios podrán aplicar sus propias horas límites, las cuales podrían ser anteriores a la hora límite que se menciona con anterioridad con el fin de poder trasmitir la solicitud al Agente administrativo a la hora exigida. | The Shares to which all or part of the Shares of one Sub-Fund is converted into Shares of another Sub-Fund (the “New Sub-Fund”) is determined on a value-for-value basis, i.e. based on the Net Asset Values of both Sub-Funds (an, if applicable, any currency exchange rates) at the time the Company processes the order.
Any conversion fee and early redemption fee, where applicable, that may be payable is specified in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus. Fractions of Shares of the New Sub-Fund or in the new Class of Shares arising from the conversion will only be allocated up to the third decimal place. The Company will be entitled to any balance not used in the payment. Where appropriate, after the conversion the Company will inform Shareholders of any amount in conversion charges still to be paid.
In the case of the conversion of Income Shares into Accumulation Shares and vice versa within the same Sub-Fund, no fees, commissions or charges will be payable. The number of new Shares to be issued will be determined by the value of the Shares redeemed, divided by the unit value of the Shares of the Class in which the issue is requested.
Shareholders are reminded that request transmitted to intermediaries other than the Administrative Agent must take into consideration the fact that cut off time for centralisation of request applies to said intermediaries vis-à-vis Administrative Agent. Consequently, such intermediaries may apply their own cut-off time, which may be earlier than the cut off time indicated above in order to take into account the time required to transmit the request to the Administrative Agent. | en | es |
DOLFIN1178 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 7 The sub-funds
- The Investment Company consists of one or more sub-funds. The Board of Directors may at any time resolve upon the creation of further sub- funds. In such case, the Sales Prospectus will be revised accordingly.
- Each sub-fund shall be treated as an separate set of assets in relations between the shareholders. The rights and duties of the shareholders in a sub-fund are distinct from those of the shareholders in other sub-funds. In relations vis-à-vis third parties, the assets of each of the individual sub-funds are liable only for liabilities entered into by the respective sub- fund. | # Artikel 7 Die Teilfonds
- Die Investmentgesellschaft besteht aus einem oder mehreren Teilfonds. Der Verwaltungsrat kann jederzeit beschließen, weitere Teilfonds aufzulegen. In diesem Fall wird der Verkaufsprospekt entsprechend angepasst.
- Jeder Teilfonds gilt im Verhältnis der Aktionäre untereinander als eigenständiges Vermögen. Die Rechte und Pflichten der Aktionäre eines Teilfonds sind von denen der Aktionäre der anderen Teilfonds getrennt. Gegenüber Dritten haften die Vermögenswerte der einzelnen Teilfondslediglich für Verbindlichkeiten, die von den betreffenden Teilfonds eingegangen werden. | # Article 7 The sub-funds
- The Investment Company consists of one or more sub-funds. The Board of Directors may at any time resolve upon the creation of further sub- funds. In such case, the Sales Prospectus will be revised accordingly.
- Each sub-fund shall be treated as an separate set of assets in relations between the shareholders. The rights and duties of the shareholders in a sub-fund are distinct from those of the shareholders in other sub-funds. In relations vis-à-vis third parties, the assets of each of the individual sub-funds are liable only for liabilities entered into by the respective sub- fund. | en | de |
DOLFIN1179 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Board of Directors may issue Distribution Shares (y) and Accumulation Shares (x) within each Sub-fund. The difference between Accumulation Shares and Distribution Shares lies in the different distribution policies.
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#### Distribution Shares | Il Consiglio di Amministrazione può emettere Azioni a distribuzione (y) e Azioni ad accumulazione (x) all'interno di ciascun Comparto. La differenza tra le Azioni ad accumulazione e le Azioni a distribuzione consiste nelle diverse politiche di distribuzione.
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#### Azioni a distribuzione | The Board of Directors may issue Distribution Shares (y) and Accumulation Shares (x) within each Sub-fund. The difference between Accumulation Shares and Distribution Shares lies in the different distribution policies.
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#### Distribution Shares | en | it |
DOLFIN1180 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The expected proportion is not a limit, as the actual percentages may vary over time depending on factors including, but not limited to, market conditions.
Each Fund may enter into portfolio swaps in which the Fund and a counterparty enter into a total return swap to exchange payments where one or both parties pay a cash amount which replicates the economic performance and cash flows generated by a transferrable security (or a basket or index thereof).
The payments made by the Fund to the counterparty and vice versa under a portfolio swap are calculated by reference to a specific reference asset (usually a transferrable security, a defined basket of transferrable securities or an index) and an agreed upon notional interest rate (as described above).
The reference asset for a portfolio swap would ordinarily be a transferable security or an index associated with a Regulated Market. Settlement of portfolio swaps is always made in cash (rather than by means of delivery of physical goods or securities).
Portfolio swaps are primarily used to take long or short positions in individual transferable securities. For example, the holder of a 'long' portfolio swap (a long portfolio swap being one that mimics a purchase) can attain not only exact participation in the price movement of that security, but also a credit for the net dividend if the underlying securities go 'ex dividend' during the time that the portfolio swap position is open.
Each Fund may incur costs and fees in connection with total return swap upon entering into total return swap and/or any increase or decrease of their notional amount. The amount of these fees may be fixed or variable.
Information on costs and fees incurred by each Fund in this respect may be available in the annual report of the Company. All revenues arising from total return swap, net of direct and indirect operational costs and fees, will be returned to the relevant Fund.
The risk of counterparty default and the effect on investors returns are disclosed under the heading "Risk Factors".
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# Credit default swaps | L'exposition anticipée n'est pas un plafond, les pourcentages effectifs étant susceptibles de varier dans le temps en fonction de divers facteurs dont la conjoncture de marché à titre non exhaustif.
Chaque Compartiment peut conclure des swaps de portefeuille dans le cadre desquels le Compartiment et la contrepartie s’engagent dans un swap de rendement total visant à échanger des paiements : une partie (ou les deux) paie un montant en numéraire correspondant à la performance économique et aux flux de trésorerie générés par une valeur mobilière (ou un panier/indice de valeurs mobilières).
Les paiements effectués par le Compartiment à la contrepartie, et vice versa, dans le cadre d’un swap de portefeuille sont déterminés par référence à un actif sous-jacent spécifique (généralement une valeur mobilière, un panier de valeurs mobilières ou un indice) ainsi qu’à un taux d’intérêt notionnel mutuellement convenu (tel que spécifié ci-avant).
L’actif sous-jacent d’un swap de portefeuille sera, en règle générale, une valeur mobilière ou un indice lié à un Marché réglementé. Les swaps de portefeuille sont systématiquement réglés en espèces (et non via la livraison de titres ou de biens physiques).
Les swaps de portefeuille sont principalement utilisés pour prendre des positions longues ou courtes sur des valeurs mobilières individuelles. Ainsi, le détenteur d’un swap de portefeuille « long » (qui correspond à une position acheteuse) est non seulement en mesure de participer pleinement aux mouvements de prix du titre sous-jacent, mais il se voit également crédité du dividende net dans le cas où le titre sous- jacent devient « ex-dividende » à un quelconque moment pendant la période de détention de la position.
Chaque Compartiment peut encourir des coûts et frais relatifs aux swaps de rendement total au moment de leur conclusion et/ou à l'occasion de la hausse ou de la baisse de leur montant notionnel. Le montant de ces frais peut être fixe ou variable.
Les informations concernant les coûts et frais encourus par chaque Compartiment à ce titre peuvent être consultés dans le rapport annuel de la Société. Tous les revenus provenant des swaps de rendement total, déduction faite des coûts opérationnels directs et indirects, seront restitués au Compartiment concerné.
Le risque de défaut de contrepartie et l'effet sur les revenus des investisseurs sont indiqués à la section intitulée « Facteurs de risque ».
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# Credit default swaps | The expected proportion is not a limit, as the actual percentages may vary over time depending on factors including, but not limited to, market conditions.
Each Fund may enter into portfolio swaps in which the Fund and a counterparty enter into a total return swap to exchange payments where one or both parties pay a cash amount which replicates the economic performance and cash flows generated by a transferrable security (or a basket or index thereof).
The payments made by the Fund to the counterparty and vice versa under a portfolio swap are calculated by reference to a specific reference asset (usually a transferrable security, a defined basket of transferrable securities or an index) and an agreed upon notional interest rate (as described above).
The reference asset for a portfolio swap would ordinarily be a transferable security or an index associated with a Regulated Market. Settlement of portfolio swaps is always made in cash (rather than by means of delivery of physical goods or securities).
Portfolio swaps are primarily used to take long or short positions in individual transferable securities. For example, the holder of a 'long' portfolio swap (a long portfolio swap being one that mimics a purchase) can attain not only exact participation in the price movement of that security, but also a credit for the net dividend if the underlying securities go 'ex dividend' during the time that the portfolio swap position is open.
Each Fund may incur costs and fees in connection with total return swap upon entering into total return swap and/or any increase or decrease of their notional amount. The amount of these fees may be fixed or variable.
Information on costs and fees incurred by each Fund in this respect may be available in the annual report of the Company. All revenues arising from total return swap, net of direct and indirect operational costs and fees, will be returned to the relevant Fund.
The risk of counterparty default and the effect on investors returns are disclosed under the heading "Risk Factors".
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# Credit default swaps | en | fr |
DOLFIN1181 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# China A-Share Equity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the CNY I Accumulating Class was 0.20%. Over the same period, the MSCI China A Onshore Net Index (Total Return, CNY) (the “Index”) returned 1.38%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Positive investor sentiment drove the China A-share market higher as 2021 began, on hopes for, and signs of, local and global economic recovery. However, sentiment shifted and volatility increased as the year progressed. First, rising bond yields caused a correction in risk assets, and later, concerns about the Chinese government’s policy and regulatory shifts and what they meant to various market sectors, overall slowed the Chinese economy. Plus the ongoing threat from emerging COVID-19 variants damaged sentiment.
Energy, Utilities and Materials led the Index, as a recovery in demand pushed commodity prices higher, and investors’ interest in renewable energy helped Utilities. Real Estate, Health Care and Communication Services stocks declined most. All were in the crosshairs of China’s policy changes in one form or the other.
After outperforming in two of four quarters, the Portfolio lagged the Index for the full year. Stock selection made a positive impact, however, with our holdings within Information Technology and Materials outperforming Index peers. Holdings within Consumer Discretionary and Health Care detracted.
The market witnessed relatively significant share price drops in many high quality industry leaders over the year, while cyclical names continued to rally. Despite the relative headwinds, we adhered to our investment style and did not chase short-term sentiment, which would have meant increasing allocations to cyclical segments. Instead, we continued to increase exposure to leading companies in the consumer sectors, medical services, and alternative energy suppliers, based on our in-depth fundamental research.
We continued to seek companies we consider “Quality Compounders” high-quality companies with a high ROE, consistent cash flow, strong corporate governance and consistent long-term performance; and “Secular Growth Beneficiaries” those companies positioned for longer-term domestic secular growth, supported by government policies and broader industry trends. These companies often provide above-market EPS growth but are often overlooked by short-term focused retail investors.
Policy changes in the Real Estate sector and marginally tight monetary and fiscal policies in 2021 weighed on economic growth, while the rise in commodity prices created cost pressures for many manufacturers. Regulatory crackdowns impacted other industries, including education and Internet.
Looking ahead, although we anticipate fundamentals may remain on weaker footing in the first quarters of 2022, we believe the market has already priced in much of this effect. We also believe the government is likely to pursue stimulative actions, with fiscal and industrial policies aimed at supporting infrastructure and consumption and easing credit for property. The convergence of these factors could point to a recovery in areas that sold off indiscriminately during 2021.
We will continue to implement our quality-driven strategy, selectively identifying advantaged investment opportunities for the portfolio. We believe maintaining a balanced portfolio of high quality core holdings is the right approach to capitalising on China's economic growth, and we believe this will position it to deliver solid risk-adjusted returns over the longer term.
58 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # China A-Share Equity – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I CNY en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 0,20%. En el mismo periodo, el MSCI China A Onshore Net Index (Total Return, CNY) (el "Índice") registró una rentabilidad del 1,38%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El sentimiento positivo de los inversores alimentó el avance del mercado de acciones A chinas a comienzos de 2021, por las esperanzas —y los signos— de recuperación económica local y global. Sin embargo, el sentimiento cambió y la volatilidad aumentó a medida que avanzó el año. En primer lugar, el aumento de las rentabilidades de los bonos causó una corrección de los activos de riesgo y posteriormente la preocupación por la política del gobierno chino y por sus cambios de reglamentación, así como por lo que esto implica para diversos sectores del mercado, ralentizaron la economía china en general. Además, la constante amenaza de nuevas variantes de la COVID-19 perjudicó al sentimiento.
Los sectores de energía, suministros públicos y materiales lideraron el Índice, gracias a una recuperación de la demanda que dio impulso a los precios de las materias primas y a que el interés de los inversores por la energía renovable favoreció a los suministros públicos. Las acciones del sector inmobiliario, de atención sanitaria y servicios de comunicación fueron las que más retrocedieron. Todos ellos estaban en el punto de mira de los cambios de política de China de una manera u otra.
Tras haber generado una rentabilidad superior en dos de los cuatro trimestres, la Cartera se situó a la zaga del Índice en el conjunto del ejercicio. Sin embargo, la selección de valores favoreció y nuestras posiciones en tecnología de la información y materiales batieron a sus homólogas del Índice. Las posiciones en consumo discrecional y atención sanitaria lastraron la rentabilidad.
El mercado presenció caídas relativamente fuertes de los precios de muchos líderes de alta calidad del sector industrial en el transcurso del año, mientras que las empresas cíclicas continuaron repuntando. A pesar de los vientos de cara relativos, nos mantuvimos fieles a nuestro estilo de inversión y no nos dejamos llevar por el sentimiento a corto plazo, lo que podría haber supuesto un aumento de las asignaciones a segmentos cíclicos. En cambio, seguimos aumentando la exposición a empresas líderes en los sectores de consumo, servicios médicos y proveedores de energías alternativas, basándonos en nuestro análisis fundamental exhaustivo.
Seguimos buscando empresas que consideramos "Quality Compounders" (empresas de calidad con una alta rentabilidad financiera (ROE), un flujo de caja constante y un sólido gobierno corporativo y una rentabilidad a largo plazo constante) y "Beneficiarias del crecimiento secular" (empresas posicionadas de cara al crecimiento secular nacional a más largo plazo, respaldado por las políticas estatales y las tendencias sectoriales generales). Estas empresas suelen ofrecer un crecimiento del beneficio por acción superior al del mercado, pero a menudo son ignoradas por los inversores minoristas con un horizonte a corto plazo.
Los cambios de políticas en el sector inmobiliario y unas políticas monetarias y fiscales algo más restrictivas en 2021 pesaron sobre el crecimiento económico, mientras que el aumento de precios de las materias primas generó presiones de costes para muchos fabricantes. Las restricciones reguladoras afectaron a otros sectores como educación e Internet.
De cara al futuro, si bien prevemos que los fundamentales podrían deteriorarse en los primeros trimestres de 2022, creemos que el mercado ya ha descontado en gran medida este efecto. También creemos probable que el gobierno adopte medidas de estímulo, con una política fiscal e industrial orientada a respaldar las infraestructuras y el consumo, así como a facilitar el crédito para inmuebles. La convergencia de estos factores podría apuntar a una recuperación en áreas que sufrieron corrientes de ventas indiscriminadas durante 2021.
Nosotros seguiremos fieles a nuestra estrategia basada en la calidad, identificando oportunidades de inversión ventajosas de forma selectiva para la cartera. Creemos que mantener una cartera equilibrada de posiciones centrales de alta calidad resulta adecuado para beneficiarse del crecimiento económico chino, ya que, a largo plazo, ofrecerá unas rentabilidades ajustadas al riesgo excelentes.
58 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # China A-Share Equity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the CNY I Accumulating Class was 0.20%. Over the same period, the MSCI China A Onshore Net Index (Total Return, CNY) (the “Index”) returned 1.38%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Positive investor sentiment drove the China A-share market higher as 2021 began, on hopes for, and signs of, local and global economic recovery. However, sentiment shifted and volatility increased as the year progressed. First, rising bond yields caused a correction in risk assets, and later, concerns about the Chinese government’s policy and regulatory shifts and what they meant to various market sectors, overall slowed the Chinese economy. Plus the ongoing threat from emerging COVID-19 variants damaged sentiment.
Energy, Utilities and Materials led the Index, as a recovery in demand pushed commodity prices higher, and investors’ interest in renewable energy helped Utilities. Real Estate, Health Care and Communication Services stocks declined most. All were in the crosshairs of China’s policy changes in one form or the other.
After outperforming in two of four quarters, the Portfolio lagged the Index for the full year. Stock selection made a positive impact, however, with our holdings within Information Technology and Materials outperforming Index peers. Holdings within Consumer Discretionary and Health Care detracted.
The market witnessed relatively significant share price drops in many high quality industry leaders over the year, while cyclical names continued to rally. Despite the relative headwinds, we adhered to our investment style and did not chase short-term sentiment, which would have meant increasing allocations to cyclical segments. Instead, we continued to increase exposure to leading companies in the consumer sectors, medical services, and alternative energy suppliers, based on our in-depth fundamental research.
We continued to seek companies we consider “Quality Compounders” high-quality companies with a high ROE, consistent cash flow, strong corporate governance and consistent long-term performance; and “Secular Growth Beneficiaries” those companies positioned for longer-term domestic secular growth, supported by government policies and broader industry trends. These companies often provide above-market EPS growth but are often overlooked by short-term focused retail investors.
Policy changes in the Real Estate sector and marginally tight monetary and fiscal policies in 2021 weighed on economic growth, while the rise in commodity prices created cost pressures for many manufacturers. Regulatory crackdowns impacted other industries, including education and Internet.
Looking ahead, although we anticipate fundamentals may remain on weaker footing in the first quarters of 2022, we believe the market has already priced in much of this effect. We also believe the government is likely to pursue stimulative actions, with fiscal and industrial policies aimed at supporting infrastructure and consumption and easing credit for property. The convergence of these factors could point to a recovery in areas that sold off indiscriminately during 2021.
We will continue to implement our quality-driven strategy, selectively identifying advantaged investment opportunities for the portfolio. We believe maintaining a balanced portfolio of high quality core holdings is the right approach to capitalising on China's economic growth, and we believe this will position it to deliver solid risk-adjusted returns over the longer term.
58 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN1182 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Efficient portfolio management
A Sub-Fund may employ techniques and instruments for the purposes of efficient portfolio management relating to transferable securities and/or other financial instruments in which it invests. When such techniques and instruments are used, they will generally be undertaken for one or more of the following reasons: (a) the reduction of risk; (b) the reduction of cost; or (c) the generation of additional capital or income for the relevant Sub-Fund with an appropriate level of risk. Accordingly, a Sub-Fund may benefit from income generated by such efficient portfolio management transactions less the associated direct and indirect operational costs and fees which shall be disclosed in the semi-annual and annual reports. Such costs and fees may include amounts payable to Sub-Fund counterparties or security lending agents who may be Deutsche Bank Group entities or the Depositary and their affiliates. The appointment of such connected parties will always be subject to the conditions as described under the section “CONFLICTS OF INTEREST - Dealing in the assets of the ICAV by Service Providers”. The use of such techniques and instruments should not result in a change of the declared investment objective of any Sub-Fund or substantially increase the stated risk profile of the Sub-Fund. Each Sub-Fund will retain the ability to recall any cash or securities or terminate such arrangements at any time within the meaning of the Central Bank UCITS Regulations.
A Sub-Fund may, for cash management purposes, hold cash, commercial paper (i.e. short term paper issued by credit institutions), short term bonds (i.e. short term debt issued by governments, supranational issuers or companies) and other money market instruments, certificates of deposit and UCITS eligible money market funds so that it can pay its expenses, satisfy redemption requests or take advantage of investment opportunities. Such assets may also be posted as collateral in accordance with the “Collateral Management” section above.
A Sub-Fund may also enter into repurchase agreements, reverse repurchase agreements and/or securities lending agreements, subject to the conditions and limits set out in the Central Bank UCITS Regulations. Any such repurchase agreements, reverse repurchase agreements or securities lending agreements may only be used for efficient portfolio management purposes, as further detailed in “Repurchase / Reverse Repurchase Agreements and Securities Lending” in Annex II. | ## Effizientes Portfoliomanagement
Ein Teilfonds kann Techniken und Instrumente im Zusammenhang mit übertragbaren Wertpapieren und/oder anderen Finanzinstrumenten, in die er anlegt, für die Zwecke eines effizienten Portfoliomanagements einsetzen. Werden entsprechende Techniken und Instrumente eingesetzt, so geschieht dies in der Regel zu einem oder mehreren der folgenden Zwecke: (a) Risikominderung; (b) Kostensenkung; oder (c) Erzielung eines Kapital- oder Ertragszuwachses für den jeweiligen Teilfonds bei einem angemessenen Risikograd. So kann ein Teilfonds von Erträgen profitieren, die mit diesem effizienten Portfoliomanagement generiert werden, abzüglich der damit verbundenen direkten und indirekten Betriebskosten und Gebühren, die in den Halbjahres- und Jahresberichten ausgewiesen werden. Diese Kosten und Gebühren können Beträge enthalten, die an Kontrahenten des Teilfonds oder Wertpapierleihstellen zu zahlen sind, bei denen es sich um Unternehmen der Deutsche Bank Gruppe oder die Verwahrstelle und deren verbundene Unternehmen handeln kann. Die Bestellung solcher verbundenen Parteien wird stets den Bedingungen unterliegen, die im Abschnitt "INTERESSENKONFLIKTE – Handelsaktivitäten der Dienstleistungsanbieter mit den Vermögenswerten des ICAV" beschrieben sind. Der Einsatz dieser Techniken und Instrumente sollte nicht zu einer Änderung des erklärten Anlageziels eines Teilfonds oder einer wesentlichen Erhöhung des angegebenen Risikoprofils des Teilfonds führen. Jeder Teilfonds kann jederzeit im Sinne der OGAW-Vorschriften der Central Bank alle Barmittel oder Wertpapiere zurückfordern oder entsprechende Geschäfte beenden.
Ein Teilfonds kann zu Zwecken des Liquiditätsmanagements Barmittel, Commercial Paper (d. h. von Kreditinstituten begebene kurzfristige Titel), kurzfristige Anleihen (d. h. von Regierungen, supranationalen Emittenten oder Unternehmen begebene kurzfristige Schuldtitel) und andere Geldmarktinstrumente, Einlagenzertifikate und OGAW-konforme Geldmarktfonds halten, um Ausgaben zu decken, Rücknahmeanträge auszuführen oder Anlagechancen zu nutzen. Diese Vermögenswerte können gemäß dem vorstehenden Abschnitt "Sicherheitenverwaltung" auch als Sicherheiten gestellt werden.
Ein Teilfonds kann unter Einhaltung der in den OGAW-Vorschriften der Central Bank ausgeführten Bedingungen und Beschränkungen zudem Repo-Geschäfte, Reverse-Repo-Geschäfte und/oder Wertpapierleihegeschäfte eingehen. Diese Repo-Geschäfte, Reverse-Repo-Geschäfte oder Wertpapierleihegeschäfte dürfen ausschließlich für die Zwecke eines effizienten Portfoliomanagements eingesetzt werden, wie ausführlicher in Anhang II "Repo-Geschäfte / Reverse-Repo- Geschäfte und Wertpapierleihe" beschrieben. | ## Efficient portfolio management
A Sub-Fund may employ techniques and instruments for the purposes of efficient portfolio management relating to transferable securities and/or other financial instruments in which it invests. When such techniques and instruments are used, they will generally be undertaken for one or more of the following reasons: (a) the reduction of risk; (b) the reduction of cost; or (c) the generation of additional capital or income for the relevant Sub-Fund with an appropriate level of risk. Accordingly, a Sub-Fund may benefit from income generated by such efficient portfolio management transactions less the associated direct and indirect operational costs and fees which shall be disclosed in the semi-annual and annual reports. Such costs and fees may include amounts payable to Sub-Fund counterparties or security lending agents who may be Deutsche Bank Group entities or the Depositary and their affiliates. The appointment of such connected parties will always be subject to the conditions as described under the section “CONFLICTS OF INTEREST - Dealing in the assets of the ICAV by Service Providers”. The use of such techniques and instruments should not result in a change of the declared investment objective of any Sub-Fund or substantially increase the stated risk profile of the Sub-Fund. Each Sub-Fund will retain the ability to recall any cash or securities or terminate such arrangements at any time within the meaning of the Central Bank UCITS Regulations.
A Sub-Fund may, for cash management purposes, hold cash, commercial paper (i.e. short term paper issued by credit institutions), short term bonds (i.e. short term debt issued by governments, supranational issuers or companies) and other money market instruments, certificates of deposit and UCITS eligible money market funds so that it can pay its expenses, satisfy redemption requests or take advantage of investment opportunities. Such assets may also be posted as collateral in accordance with the “Collateral Management” section above.
A Sub-Fund may also enter into repurchase agreements, reverse repurchase agreements and/or securities lending agreements, subject to the conditions and limits set out in the Central Bank UCITS Regulations. Any such repurchase agreements, reverse repurchase agreements or securities lending agreements may only be used for efficient portfolio management purposes, as further detailed in “Repurchase / Reverse Repurchase Agreements and Securities Lending” in Annex II. | en | de |
DOLFIN1183 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- : at the discretion of the Board of Directors
- : absolute performance fee, hurdle rate of +7 % p.a., as defined under section 9.4
- Fees and expensesThe Sub-Fund will pay the amount of actually incurred formation expenses. Other fees shall be levied in accordance with section 9 of the Fund’s Offering Document. | - : à la discrétion du Conseil d’administration
- : commission de surperformance absolue, hurdle rate de +7 % p.a., tel que défini à l’article 9.4
- Dépenses et fraisLe Compartiment s’acquittera des frais de constitution réellement encourus. D’autres frais seront prélevés conformément à l’article 9 du Prospectus du Fonds. | - : at the discretion of the Board of Directors
- : absolute performance fee, hurdle rate of +7 % p.a., as defined under section 9.4
- Fees and expensesThe Sub-Fund will pay the amount of actually incurred formation expenses. Other fees shall be levied in accordance with section 9 of the Fund’s Offering Document. | en | fr |
DOLFIN1184 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objective: capital growth by investing primarily in shares (i.e. equities) and similar investments of UK smaller companies.
Policy: in seeking to achieve its investment objective, the fund will aim to deliver a return, net of fees, greater than that of the Numis Smaller Companies Index excluding Investment Companies over rolling 3 year periods. The Fund invests in UK company shares and similar investments. The Fund will invest at least 80% in smaller companies, which are defined as those companies quoted on a regulated market and that are no larger than the largest company in the Numis Smaller Companies Index at the time of initial investment. The Fund may invest up to 10% in unlisted companies.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index. | ## Objetivo: revalorización del capital invirtiendo principalmente en acciones (renta variable) y títulos similares de empresas británicas de pequeño tamaño.
Política: para alcanzar su objetivo de inversión, el fondo tratará de proporcionar una rentabilidad después de comisiones superior a la del Numis Smaller Companies Index excluding Investment Companies en periodos rotatorios de tres años. El Fondo invierte en acciones de empresas británicas e instrumentos similares. El Fondo invertirá al menos el 80% en empresas de pequeño tamaño, que se definen como empresas cotizadas en un mercado regulado con una capitalización bursátil que no supera la de la empresa más grande del Numis Smaller Companies Index en el momento de la inversión inicial. El Fondo podrá invertir hasta el 10% en empresas no cotizadas.
El fondo se gestiona de forma activa. La construcción de la cartera se realiza a partir del análisis de las perspectivas futuras de la empresa, en el contexto del entorno económico, para encontrar oportunidades de inversión con precios atractivos.
El índice es una representación amplia del universo de inversión del Fondo. Aunque una gran proporción de las inversiones del Fondo pueden formar parte del Índice, el Fondo puede desviarse considerablemente de este. | ## Objective: capital growth by investing primarily in shares (i.e. equities) and similar investments of UK smaller companies.
Policy: in seeking to achieve its investment objective, the fund will aim to deliver a return, net of fees, greater than that of the Numis Smaller Companies Index excluding Investment Companies over rolling 3 year periods. The Fund invests in UK company shares and similar investments. The Fund will invest at least 80% in smaller companies, which are defined as those companies quoted on a regulated market and that are no larger than the largest company in the Numis Smaller Companies Index at the time of initial investment. The Fund may invest up to 10% in unlisted companies.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index. | en | es |
DOLFIN1185 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is the minimum share of investments in transitional and enabling activities?
The sub-fund does not define a minimum share of investments in transitional and enabling economic activities.
## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The sub-fund does not define a minimum share for sustainable investments with an environ- mental objective that are not aligned with the EU Taxonomy.
## What is the minimum share of socially sustainable investments?
The sub-fund does not define a minimum share for sustainable investments with a social objective.
## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
Investments such as cash, derivatives and structured product may fall under "#2 Other" since such instruments do not contribute to the E/S characteristics of this sub-fund. Such invest- ments do not have minimum environmental or social safeguards.
Investments may furthermore fall under "#2 Other" if insufficient ESG-related information is available. This applies in particular to asset classes for which ESG Factors are insufficiently defined at present or not sufficient ESG related information is available. Where possible, min- imum environmental or social safeguards apply to the underlying securities by ensuring that CSAM ESG Exclusions are adhered to.
## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
The sub-fund does not use a reference benchmark for the purpose of attaining the environ- mental and/or social characteristics. | # Wie hoch ist der Mindestanteil der Investitionen in Übergangstätigkeiten und ermöglichende Tätigkeiten?
Der Teilfonds legt keinen Mindestanteil an Investitionen in wirtschaftliche Übergangs- und Ermöglichungstätigkeiten fest.
## Wie hoch ist der Mindestanteil nachhaltiger Investitionen mit einem Umweltziel, die nicht mit der EU-Taxonomie konform sind
Der Teilfonds legt keinen Mindestanteil für nachhaltige Investitionen mit einem Umweltziel fest, die nicht mit der EU-Taxonomie übereinstimmen.
## Wie hoch ist der Mindestanteil der sozial nachhaltigen Investitionen?
Der Teilfonds legt keinen Mindestanteil für sozial nachhaltige Investitionen fest.
## Welche Investitionen fallen unter „#2 Andere Investitionen“, welcher Anlagezweck wird mit ihnen verfolgt und gibt es einen ökologischen oder sozialen Mindestschutz?
Anlagen wie Bargeld, Derivate und strukturierte Produkte können unter "#2 Andere Investitionen" fallen, da solche Instrumente nicht zu den E/S-Merkmalen dieses Teilfonds beitragen. Solche Anlagen verfügen nicht über ein Minimum an ökologischen oder sozialen Garantien.
Anlagen können darüber hinaus unter "#2 Andere Investitionen" fallen, wenn keine ausreichenden ESG-bezogenen Informationen verfügbar sind. Dies gilt insbesondere für Anlageklassen, für die ESG-Faktoren derzeit unzureichend definiert sind oder für die keine ausreichenden ESG-Informationen verfügbar sind. Soweit möglich, gelten für die zugrundeliegenden Wertpapiere minimale ökologische oder soziale Schutzmassnahmen, indem sichergestellt wird, dass die ESG-Ausschlüsse der CSAM eingehalten werden.
## Wurde ein Index als Referenzwert bestimmt, um festzustellen, ob dieses Finanzprodukt auf die beworbenen ökologischen und/oder sozialen Merkmale ausgerichtet ist?
Der Teilfonds verwendet keine Referenzbenchmark, um die ökologischen und/oder sozialen Merkmale zu erreichen. | # What is the minimum share of investments in transitional and enabling activities?
The sub-fund does not define a minimum share of investments in transitional and enabling economic activities.
## What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The sub-fund does not define a minimum share for sustainable investments with an environ- mental objective that are not aligned with the EU Taxonomy.
## What is the minimum share of socially sustainable investments?
The sub-fund does not define a minimum share for sustainable investments with a social objective.
## What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
Investments such as cash, derivatives and structured product may fall under "#2 Other" since such instruments do not contribute to the E/S characteristics of this sub-fund. Such invest- ments do not have minimum environmental or social safeguards.
Investments may furthermore fall under "#2 Other" if insufficient ESG-related information is available. This applies in particular to asset classes for which ESG Factors are insufficiently defined at present or not sufficient ESG related information is available. Where possible, min- imum environmental or social safeguards apply to the underlying securities by ensuring that CSAM ESG Exclusions are adhered to.
## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
The sub-fund does not use a reference benchmark for the purpose of attaining the environ- mental and/or social characteristics. | en | de |
DOLFIN1186 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Dist EUR between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,511
-4.9%
EUR 9,729
-0.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Dist EUR entre 30/09/2021-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 511 EUR
-4,9%
9 729 EUR
-0,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Dist EUR between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,511
-4.9%
EUR 9,729
-0.5% | en | es |
DOLFIN1187 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Alternative Risk Premia Fund offers Class A, Class I, Class X, Class Y and Class Z shares of various currencies. Please visit allspringglobal.com for a complete list of Classes available in the Alternative Risk Premia Fund. There is a minimum investment amount of USD 100,000 (or the currency equivalent) on both Class A and Class Z Shares of the Alternative Risk Premia Fund.
-
## Subscriptions and Subscription Price | El Alternative Risk Premia Fund ofrece Acciones de Clase A, Clase I, Clase X, Clase Y y Clase Z en diferentes divisas. Visite allspringglobal.com para obtener una lista completa de las Clases disponibles en el Alternative Risk Premia Fund. Existe un importe mínimo de inversión de 100.000 USD (o su equivalente en otras divisas) tanto en las Acciones de Clase A como en las de Clase Z del Alternative Risk Premia Fund.
-
## Suscripciones y precio de suscripción | The Alternative Risk Premia Fund offers Class A, Class I, Class X, Class Y and Class Z shares of various currencies. Please visit allspringglobal.com for a complete list of Classes available in the Alternative Risk Premia Fund. There is a minimum investment amount of USD 100,000 (or the currency equivalent) on both Class A and Class Z Shares of the Alternative Risk Premia Fund.
-
## Subscriptions and Subscription Price | en | es |
DOLFIN1188 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Jusqu'à 5.00 % du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.82 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 82 EUR |
| Coûts de transaction | 0.44 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 44 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Le montant réel varie en fonction de la performance de votre investissement. L'estimation des coûts totaux ci-dessus inclut la moyenne des 5 dernières années. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 5.00 % del importe que pagará usted al realizar esta inversión. | Hasta 500 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | El 0.82 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 82 EUR |
| Costes de operación | El 0.44 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 44 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Jusqu'à 5.00 % du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.82 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 82 EUR |
| Coûts de transaction | 0.44 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 44 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Le montant réel varie en fonction de la performance de votre investissement. L'estimation des coûts totaux ci-dessus inclut la moyenne des 5 dernières années. | 0 EUR | | fr | es |
DOLFIN1189 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Annual/semi-annual reports, auditor, service providers
The annual and semi-annual reports are available from the Company, the Custodian and the Distribu- tor.
The task of auditing the Fund and the annual reports has been entrusted to KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main. The auditor audits the annual reports of the Fund. When conducting its audits, the auditor shall also verify whether the Fund has complied with the provisions under the KAGB and the Terms and Conditions of Investment. The auditor shall summarise its findings in a special note, the full text of which shall be included in the annual report. The auditor shall submit its audit report for the Fund to BaFin upon request.
Entities to which the Company has outsourced duties are listed under Section 22 "Outsourcing". The Company has also appointed the following service providers:
- As from 1 January 2020 the Company uses the support of external service providers to exercise the voting rights resulting from the shares belonging to the Fund. The Company has appointed ISS Institutional Shareholder Services Europe S.A., Brussels (Belgium), for this task. ISS provides the company with recommendations for voting behaviour based on analyses of the general meet- ing documents, taking into account the Company's voting rights guidelines. It assumes the transmission of the exercise of voting rights and is obligated to report on voting behaviour. This does not affect the Company's prudential obligations or its civil liability to investors in the Fund. Appointing the service company does not establish legal relationships between said company and investors in the Fund.
Appointing the relevant service provider does not establish legal relationships between the investors in the Fund and the relevant service provider.
- | # Jahres-/Halbjahresberichte; Abschlussprüfer; Dienstleister
Die Jahresberichte und Halbjahresberichte sind bei der Gesellschaft sowie bei der Verwahrstelle und der Vertriebsgesellschaft erhältlich.
Mit der Prüfung des Fonds und des Jahresberichtes ist die KPMG AG Wirtschaftsprüfungsgesellschaft in Frankfurt am Main beauftragt. Der Wirtschaftsprüfer prüft den Jahresbericht des Fonds. Bei der Prü- fung hat der Wirtschaftsprüfer auch festzustellen, ob bei der Verwaltung des Fonds die Vorschriften des KAGB sowie die Bestimmungen der Anlagebedingungen beachtet worden sind. Das Ergebnis der Prüfung hat der Wirtschaftsprüfer in einem besonderen Vermerk zusammenzufassen; der Vermerk ist in vollem Wortlaut im Jahresbericht wiederzugeben. Der Wirtschaftsprüfer hat den Bericht über die Prüfung des Fonds der BaFin auf Verlangen einzureichen.
Unternehmen, die von der Gesellschaft ausgelagerte Funktionen übernehmen, sind in dem Ab- schnitt 22 „Auslagerung“ dargestellt. Darüber hinaus hat die Gesellschaft folgende Dienstleister beauf- tragt:
- Die Gesellschaft bedient sich seit dem 1. Januar 2020 bei der Ausübung der Stimmrechte aus den zu dem Fonds gehörenden Aktien der Unterstützung externer Dienstleister. Für diese Aufgabe hat die Gesellschaft ISS Institutional Shareholder Services Europe S.A., Brüssel (Belgien), bestellt. Die ISS erteilt der Gesellschaft unter Berücksichtigung der Stimmrechtsleitlinien der Gesellschaft Empfeh- lungen für das Abstimmungsverhalten auf Basis von Analysen der Hauptversammlungsunterlagen. Sie übernimmt die Übermittlung der Stimmrechtausübung und ist zur Berichterstattung über das Abstimmverhalten verpflichtet. Die aufsichtsrechtlichen Pflichten der Gesellschaft sowie ihre zivil- rechtliche Haftung gegenüber den Anlegern des Fonds bleiben hiervon unberührt. Rechtliche Be- ziehungen zwischen der Dienstleistungsgesellschaft und den Anlegern des Fonds werden durch die Bestellung der Dienstleistungsgesellschaft nicht begründet.
Durch die Beauftragung der jeweiligen Dienstleister werden rechtliche Beziehungen zwischen den An- legern des Fonds und dem jeweiligen Dienstleister nicht begründet.
- | # Annual/semi-annual reports, auditor, service providers
The annual and semi-annual reports are available from the Company, the Custodian and the Distribu- tor.
The task of auditing the Fund and the annual reports has been entrusted to KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main. The auditor audits the annual reports of the Fund. When conducting its audits, the auditor shall also verify whether the Fund has complied with the provisions under the KAGB and the Terms and Conditions of Investment. The auditor shall summarise its findings in a special note, the full text of which shall be included in the annual report. The auditor shall submit its audit report for the Fund to BaFin upon request.
Entities to which the Company has outsourced duties are listed under Section 22 "Outsourcing". The Company has also appointed the following service providers:
- As from 1 January 2020 the Company uses the support of external service providers to exercise the voting rights resulting from the shares belonging to the Fund. The Company has appointed ISS Institutional Shareholder Services Europe S.A., Brussels (Belgium), for this task. ISS provides the company with recommendations for voting behaviour based on analyses of the general meet- ing documents, taking into account the Company's voting rights guidelines. It assumes the transmission of the exercise of voting rights and is obligated to report on voting behaviour. This does not affect the Company's prudential obligations or its civil liability to investors in the Fund. Appointing the service company does not establish legal relationships between said company and investors in the Fund.
Appointing the relevant service provider does not establish legal relationships between the investors in the Fund and the relevant service provider.
- | en | de |
DOLFIN1190 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The manager may also invest up to 100% of net assets in French forward financial instruments, or forward financial instruments traded on regulated or OTC markets, without seeking overexposure. The manager may also take positions with a view to hedging the portfolio against interest rate risk and equity risk and/or exposing it to interest rate risk. The manager will also use swap and/or forward exchange contracts to hedge the portfolio against currency risk, though a residual risk of a maximum of 5% remains.
Given the Fund’s performance target and specific maximum maturity for securities held, the selection of securities may vary over time at the portfolio manager’s discretion, depending on market opportunities and coming to maturity of securities. In particular, the Fund may find itself invested in securities rated higher than BB+ (Standard & Poor’s or equivalent or according to the Management Company’s internal rating) in the case of a re-rating, or when reinvesting bond principal and coupon payments.
Where market conditions are considered to be unfavourable by the manager, the manager may decide, on a discretionary basis, to invest up to 100% of the Fund’s assets in investment grade securities (rating of BBB- or higher by Standard & Poor’s or equivalent or according to the Management Company's internal rating) such as bonds, debt securities or money market instruments.
The Fund’s maximum exposure to all instruments (equity, debt securities, investment funds and derivatives) may not exceed 100% of the Fund’s net assets, given that the maximum exposure is the sum of the net exposures to each market (equity, rates, monetary, credit) to which the Fund is exposed (sum of the buying positions and the hedging positions). | En outre, le gérant pourra investir, dans la limite de 100% de l’actif net, sur les instruments financiers à terme français ou négociés sur les marchés réglementés ou de gré à gré, sans recherche de surexposition. Il pourra prendre des positions en vue de couvrir le portefeuille aux risques de taux et actions et/ou d’exposer le portefeuille aux risques de taux. Il négociera également des contrats de swap et/ou de change à terme afin de couvrir le portefeuille contre le risque de change avec toutefois un risque résiduel de 5% maximum.
Compte tenu de l’existence d’une échéance précise maximale pour la maturité des titres et de l’objectif de performance recherché par le Fonds, la sélection des titres pourra évoluer à la discrétion du gestionnaire en fonction des opportunités de marché et de l’arrivée à l’échéance des titres détenus. Le Fonds pourra notamment se retrouver investi dans des titres de notation supérieure à BB+ (Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion) en cas de titres en portefeuille réévalués ou en cas de placement des remboursements d’obligations et des coupons.
Lorsque les conditions de marché seront jugés défavorables par le gérant de manière totalement discrétionnaire, le Fonds pourra être investi jusqu’à 100% de son actif en titres de qualité « Investment Grade » (notation ≥ BBB- Standard & Poor’s ou équivalent ou via une notation interne à la Société de Gestion) sous forme d’obligations, de titres de créances ou d’instruments du marché monétaire.
L’exposition maximale du Fonds aux instruments (actions, titres de créances, OPC et dérivés), ne pourra dépasser 100% de l’actif net du Fonds, étant précisé que l’exposition maximale est la somme des expositions nettes à chacun des marchés (actions, taux, monétaire, crédit) auxquels le fonds est exposé (somme des positions à l’achat et des positions en couverture). | The manager may also invest up to 100% of net assets in French forward financial instruments, or forward financial instruments traded on regulated or OTC markets, without seeking overexposure. The manager may also take positions with a view to hedging the portfolio against interest rate risk and equity risk and/or exposing it to interest rate risk. The manager will also use swap and/or forward exchange contracts to hedge the portfolio against currency risk, though a residual risk of a maximum of 5% remains.
Given the Fund’s performance target and specific maximum maturity for securities held, the selection of securities may vary over time at the portfolio manager’s discretion, depending on market opportunities and coming to maturity of securities. In particular, the Fund may find itself invested in securities rated higher than BB+ (Standard & Poor’s or equivalent or according to the Management Company’s internal rating) in the case of a re-rating, or when reinvesting bond principal and coupon payments.
Where market conditions are considered to be unfavourable by the manager, the manager may decide, on a discretionary basis, to invest up to 100% of the Fund’s assets in investment grade securities (rating of BBB- or higher by Standard & Poor’s or equivalent or according to the Management Company's internal rating) such as bonds, debt securities or money market instruments.
The Fund’s maximum exposure to all instruments (equity, debt securities, investment funds and derivatives) may not exceed 100% of the Fund’s net assets, given that the maximum exposure is the sum of the net exposures to each market (equity, rates, monetary, credit) to which the Fund is exposed (sum of the buying positions and the hedging positions). | en | fr |
DOLFIN1191 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société de gestion prendra des mesures pour s’assurer que la Société n’investit pas dans des titres émis par des sociétés identifiées par des prestataires de services tiers comme étant impliqués dans la fabrication, la production ou la fourniture des munitions en grappe.
De plus amples détails sur la politique adoptée aux fins de conformité avec la loi luxembourgeoise susmentionnée sont disponibles sur demande auprès de la Société de gestion.
- Restrictions d’investissement applicables au charbon thermiqueDepuis le 27 avril 2022 (la « Date de prise d’effet »), tous les Fonds de la Société sont soumis à la Politique d’investissement relative au charbon thermique de M&G Investments (la « Politique relative au charbon thermique »). Pour de plus amples informations, les investisseurs doivent se référer au document « Mise en place de la Politique d’investissement relative au charbon thermique de M&G Investments dans nos fonds » disponible sur le site Internet de M&G. | La sociedad gestora tomará medidas para garantizar que la Sociedad no invierta en valores emitidos por sociedades que proveedores terceros independientes hayan descubierto que estén implicadas en la fabricación, producción o suministro de municiones en racimo.
Podrá disponer de más información sobre la política adoptada para cumplir con la ley de Luxemburgo anteriormente mencionada previa solicitud a la sociedad gestora.
- Restricciones de inversión con respecto al carbón térmicoA partir del 27 de abril de 2022 (la “Fecha de entrada en vigor”), todos los Fondos de la Sociedad están sujetos a la política de inversión de M&G relativa al carbón térmico (la “Política relativa al carbón”). Para obtener más información, los inversores deben consultar el documento "Implementación de la Política de inversión de M&G relativa al carbón térmico en nuestros fondos", que está disponible en el sitio web de M&G. | La Société de gestion prendra des mesures pour s’assurer que la Société n’investit pas dans des titres émis par des sociétés identifiées par des prestataires de services tiers comme étant impliqués dans la fabrication, la production ou la fourniture des munitions en grappe.
De plus amples détails sur la politique adoptée aux fins de conformité avec la loi luxembourgeoise susmentionnée sont disponibles sur demande auprès de la Société de gestion.
- Restrictions d’investissement applicables au charbon thermiqueDepuis le 27 avril 2022 (la « Date de prise d’effet »), tous les Fonds de la Société sont soumis à la Politique d’investissement relative au charbon thermique de M&G Investments (la « Politique relative au charbon thermique »). Pour de plus amples informations, les investisseurs doivent se référer au document « Mise en place de la Politique d’investissement relative au charbon thermique de M&G Investments dans nos fonds » disponible sur le site Internet de M&G. | fr | es |
DOLFIN1192 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Brandes European Value Fund IH USD |
| --- |
| Key Investor Information |
| This document provides an investor with key investor information about this Share Class. It is not marketing material. The information is required by law to help an investor understand the nature and the risks of investing in this Share Class. An investor is advised to read it in order to make an informed decision about whether to invest. |
| Brandes European Value Fund IH USD (ISIN: IE00BYXWTP85) Brandes European Value Fund IH USD (the “Share Class”), a Share Class of Brandes European Value Fund (the “Sub-Fund”), a Sub-Fund of Brandes Investment Funds plc. The Fund is managed by Brandes Investment Partners (Europe) Limited (the "Manager") | | | Brandes European Value Fund IH USD |
| --- |
| Wesentliche Anlegerinformationen |
| Dieses Dokument stellt den Anlegern die wesentlichen Anlegerinformationen über diese Anteilsklasse zur Verfügung. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um den Anlegern die Wesensart dieser Anteilsklasse und die Risiken einer Anlage in sie zu erläutern. Anlegern wird die Lektüre dieses Dokuments empfohlen, damit sie eine fundierte Anlageentscheidung treffen können. |
| Brandes European Value Fund IH USD (ISIN: IE00BYXWTP85) Brandes European Value Fund IH USD (die „Anteilsklasse“), eine Anteilsklasse des Brandes European Value Fund (der „Teilfonds“), ein Teilfonds von Brandes Investment Funds plc.. Der Fonds wird von Brandes Investment Partners (Europe) Limited (der „Verwalter“) verwaltet. | | | Brandes European Value Fund IH USD |
| --- |
| Key Investor Information |
| This document provides an investor with key investor information about this Share Class. It is not marketing material. The information is required by law to help an investor understand the nature and the risks of investing in this Share Class. An investor is advised to read it in order to make an informed decision about whether to invest. |
| Brandes European Value Fund IH USD (ISIN: IE00BYXWTP85) Brandes European Value Fund IH USD (the “Share Class”), a Share Class of Brandes European Value Fund (the “Sub-Fund”), a Sub-Fund of Brandes Investment Funds plc. The Fund is managed by Brandes Investment Partners (Europe) Limited (the "Manager") | | en | de |
DOLFIN1193 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 1.960 USD -80,44 % | 1.970 USD -27,77 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.120 USD -28,79 % | 8.700 USD -2,75 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.040 USD 0,44 % | 12.200 USD 4,06 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.650 USD 56,53 % | 19.500 USD 14,29 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.960 USD -80,44% | 1.970 USD -27,77% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.120 USD -28,79% | 8.700 USD -2,75% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.040 USD 0,44% | 12.200 USD 4,06% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.650 USD 56,53% | 19.500 USD 14,29% | | | Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 1.960 USD -80,44 % | 1.970 USD -27,77 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.120 USD -28,79 % | 8.700 USD -2,75 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.040 USD 0,44 % | 12.200 USD 4,06 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.650 USD 56,53 % | 19.500 USD 14,29 % | | fr | es |
DOLFIN1194 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the consumer staples sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Consumer Staples 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the consumer staples sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de empresas del sector de consumo básico de mercados desarrollados de todo el mundo.
Política de inversión El Fondo trata de replicar la rentabilidad del MSCI World Consumer Staples 35/20 Capped Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden valores de renta variable emitidos por empresas de todo el mundo clasificadas en el sector de consumo básico de conformidad con el sistema Global Industry Classification Standard (GICS).
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en
una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
El Fondo podrá prestar hasta el 40% de los títulos que posee.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the consumer staples sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Consumer Staples 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the consumer staples sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN1195 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over the long term.
## Investment policy
Under normal circumstances, the Fund expects to invest at least 80% of its assets in equity or equity-related securities of issuers located through the world that the Investment Manager believes are positively exposed to sustainable investment themes.
The Fund invests mainly in equities of companies from multiple industries that are positively exposed to environmentally- or socially-oriented sustainable investment themes that are broadly consistent with achieving the UN Sustainable Development Goals. This includes companies located anywhere in the world, including in emerging market countries.
The Fund may use derivatives (i) to gain additional exposure, (ii) for efficient portfolio management and (iii) in seeking to reduce potential risks.
## Benchmark
MSCI All Country World Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Hedged share class
This share class seeks to reduce the effect of exchange rate fluctuations between the Fund's base currency and the currency of the share class.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is EUR.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Equities: Securities that represent an ownership stake in a company.
Emerging market countries: Nations whose economies and securities markets are less established.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): a set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | # ZIELE UND ANLAGEPOLITIK
## Anlageziel
Der Fonds strebt an, den Wert Ihrer Anlage langfristig zu steigern.
## Anlagepolitik
Der Fonds beabsichtigt, unter normalen Umständen mindestens 80% seiner Vermögenswerte in Aktien oder auf Aktien bezogene Wertpapiere von Emittenten weltweit zu investieren, die nach Einschätzung des Fondsmanagers positiv in nachhaltigen Anlagethemen engagiert sind.
Der Fonds wird überwiegend in Aktien von Unternehmen aus verschiedenen Branchen investieren, die positiv in ökologisch oder sozial orientierten nachhaltigen Anlagethemen engagiert sind, welche im weiten Sinne der Umsetzung der UN-Ziele für nachhaltige Entwicklung förderlich sind. Dies umfasst Unternehmen weltweit sowie in den Schwellenländern.
Der Fonds kann Derivate (i) zur Erhöhung des Engagements, (ii) für Zwecke eines effizienten Portfoliomanagements und (iii) zur Verringerung potenzieller Risiken einsetzen.
## Referenzwert
MSCI All Country World Index dient zum Vergleich der Performance.
Der Fonds wird aktiv verwaltet und der Investmentmanager ist nicht an seinen Referenzwert gebunden. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt.
## Abgesicherte Anteilsklassen
Diese Anteilsklasse strebt an, die Auswirkungen von Kursschwankungen zwischen der Basiswährung des Fonds und der Währung der Anteilsklasse abzumildern.
## Währung des Fonds
Die Referenzwährung des Fonds ist USD.
## Währung der Anteilsklasse
Die Referenzwährung der Anteilsklasse ist EUR.
## Ausschüttungspolitik
Diese Anteilsklasse ist eine thesaurierende Anteilsklasse. Entsprechend werden Erträge und Veräußerungsgewinne des Fonds reinvestiert.
## Häufigkeit der Transaktionen
Anteile können an allen Tagen, an denen sowohl die New Yorker Börse als auch die Luxemburger Banken geöffnet sind, zurückgegeben werden.
## Glossar
Derivate: Finanzinstrumente, deren Wert von einem oder mehreren Zinssätzen, Indizes, Aktienkursen oder sonstigen Werten abhängt.
Aktien: Wertpapiere, die eine Beteiligung an einem Unternehmen darstellen.
Schwellenländer: Länder, deren Wirtschaft und Wertpapiermärkte noch nicht voll entwickelt sind.
Nachhaltige Anlagethemen: Anlagethemen, die sich aus den UNSDG ableiten, wie Gesundheit, Klima und Selbstbestimmung. Nachhaltige Anlagethemen können sich im Laufe der Zeit verändern.
UN-Ziele für nachhaltige Entwicklung („UNSDG“): 17 Ziele, die die ehrgeizigen Bestrebungen der Vereinten Nationen dahingehend, wie die Welt im Jahr 2030 aussehen könnte, verkörpern. Die Schwerpunkte der 17 Ziele sind wirtschaftlicher Wohlstand, ökologische Nachhaltigkeit und soziale Inklusion. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over the long term.
## Investment policy
Under normal circumstances, the Fund expects to invest at least 80% of its assets in equity or equity-related securities of issuers located through the world that the Investment Manager believes are positively exposed to sustainable investment themes.
The Fund invests mainly in equities of companies from multiple industries that are positively exposed to environmentally- or socially-oriented sustainable investment themes that are broadly consistent with achieving the UN Sustainable Development Goals. This includes companies located anywhere in the world, including in emerging market countries.
The Fund may use derivatives (i) to gain additional exposure, (ii) for efficient portfolio management and (iii) in seeking to reduce potential risks.
## Benchmark
MSCI All Country World Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Hedged share class
This share class seeks to reduce the effect of exchange rate fluctuations between the Fund's base currency and the currency of the share class.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is EUR.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Equities: Securities that represent an ownership stake in a company.
Emerging market countries: Nations whose economies and securities markets are less established.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): a set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | en | de |
DOLFIN1196 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share.
The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The B USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share.
The CR USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share.
The J USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The NC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The OC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The R EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar)Initial net asset value: | L’action A CHF (H) est libellée en Franc suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action B USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR GBP (H) est libellée en Livre sterling et exprimée en action ou millièmes d’action. L’action CR USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I CHF (H) est libellée en Franc suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J GBP (H) est libellée en Livre sterling et exprimée en action ou millièmes d’action. L’action J USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action NC EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action OC EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.)Valeur liquidative d’origine : | The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share.
The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The B USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share.
The CR USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share.
The J USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The NC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The OC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The R EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar)Initial net asset value: | en | fr |
DOLFIN1197 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6,640 CHF | 7,190 CHF |
| --- | --- | --- | --- |
| | Rendement annuel moyen | -33.59% | -10.43% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,840 CHF | 8,010 CHF |
| | Rendement annuel moyen | -21.55% | -7.11% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,840 CHF | 10,210 CHF |
| | Rendement annuel moyen | -1.63% | 0.68% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10,790 CHF | 11,160 CHF |
| | Rendement annuel moyen | 7.88% | 3.72% | | | Tensión | Lo que podría recibir tras deducir los costes | 6,640 CHF | 7,190 CHF |
| --- | --- | --- | --- |
| | Rendimiento medio cada año | -33.59% | -10.43% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,840 CHF | 8,010 CHF |
| | Rendimiento medio cada año | -21.55% | -7.11% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,840 CHF | 10,210 CHF |
| | Rendimiento medio cada año | -1.63% | 0.68% |
| Favorable | Lo que podría recibir tras deducir los costes | 10,790 CHF | 11,160 CHF |
| | Rendimiento medio cada año | 7.88% | 3.72% | | | Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6,640 CHF | 7,190 CHF |
| --- | --- | --- | --- |
| | Rendement annuel moyen | -33.59% | -10.43% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,840 CHF | 8,010 CHF |
| | Rendement annuel moyen | -21.55% | -7.11% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,840 CHF | 10,210 CHF |
| | Rendement annuel moyen | -1.63% | 0.68% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10,790 CHF | 11,160 CHF |
| | Rendement annuel moyen | 7.88% | 3.72% | | fr | es |
DOLFIN1198 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator is based on historical data and may not be a reliable indication of the future risk and reward profile of the Fund. The risk category shown is not guaranteed and may shift over time. The category 1 does not mean a risk free investment.
Alger American Asset Growth Fund Class I-3 US has been classified in category 6 because the fluctuation of its Net Asset Value is relatively high. The opportunity to achieve large gains corresponds to a risk of incurring large losses.
When categorizing a fund, the methodology may not fully capture all material risks. A detailed description of the risks can be found in the Prospectus. The following risks do not have an impact on the categorization of the Fund but may be relevant to the Fund's overall risk profile:
Risks related to investments in companies of all capitalizations: Investing in companies of all capitalizations involves a risk that smaller, newer issuers in which the Fund invests may have limited product lines or financial resources or lack management depth.
Risks related to investments in growth stocks: Prices of growth stocks tend to be higher in relation to their companies' earnings. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
Risks related to the use of derivatives: The Fund may invest in, or enter into, derivatives for a variety of reasons, including to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or to increase potential returns. A small investment in derivatives may have a large impact on the Fund's performance.
DocID: KIID_LU0940251175_en_20220210_143_1_Class_I-3_US_476141 | Este indicador se basa en datos históricos y podría no ser una referencia fiable del perfil de riesgo y remuneración futura del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar a lo largo del tiempo. El hecho de que una inversión pertenezca a la categoría 1 no significa que esté exenta de riesgo.
La Clase I-3 US de Alger American Asset Growth Fund ha sido clasificada en la categoría 6 porque la fluctuación de su Valor liquidativo es relativamente elevada. La oportunidad de obtener ganancias elevadas es proporcional al riesgo de incurrir en fuertes pérdidas.
La metodología utilizada en la asignación de categoría a un fondo puede no recoger todos los riesgos significativos. En el Folleto se incluye una descripción detallada de los riesgos. Los siguientes riesgos no influyen en la asignación de categoría del Fondo, pero pueden ser importantes para el perfil de riesgo general del Fondo:
Riesgos asociados a la inversión en empresas de todo tipo de capitalización: Invertir en empresas de todo tipo de capitalización comporta el riesgo de que los emisores de menor tamaño y menos consolidados en los que invierte el Fondo posean unas líneas de productos o recursos financieros más reducidos, o carezcan de una gestión sólida.
Riesgos asociados a inversiones en acciones de crecimiento: Los precios de las acciones de crecimiento suelen ser superiores en relación con las ganancias de las empresas. Las acciones de crecimiento pueden ser más sensibles a los acontecimientos del mercado, económicos y políticos que otras acciones, por lo que sus precios son más volátiles.
Riesgos asociados a la inversión en derivados: El Fondo puede invertir o tomar parte en derivados por distintos motivos, como por ejemplo, para obtener cobertura frente a ciertos riesgos de mercado o de tipo de interés, para utilizarlos como sustitutos en la compra o venta de determinados valores o para incrementar el potencial de rentabilidad. Una pequeña inversión en derivados puede influir sustancialmente en la rentabilidad del Fondo.
DocID: KIID_LU0940251175_es_20220210_143_6_Class_I-3_US_476141 | This indicator is based on historical data and may not be a reliable indication of the future risk and reward profile of the Fund. The risk category shown is not guaranteed and may shift over time. The category 1 does not mean a risk free investment.
Alger American Asset Growth Fund Class I-3 US has been classified in category 6 because the fluctuation of its Net Asset Value is relatively high. The opportunity to achieve large gains corresponds to a risk of incurring large losses.
When categorizing a fund, the methodology may not fully capture all material risks. A detailed description of the risks can be found in the Prospectus. The following risks do not have an impact on the categorization of the Fund but may be relevant to the Fund's overall risk profile:
Risks related to investments in companies of all capitalizations: Investing in companies of all capitalizations involves a risk that smaller, newer issuers in which the Fund invests may have limited product lines or financial resources or lack management depth.
Risks related to investments in growth stocks: Prices of growth stocks tend to be higher in relation to their companies' earnings. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
Risks related to the use of derivatives: The Fund may invest in, or enter into, derivatives for a variety of reasons, including to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or to increase potential returns. A small investment in derivatives may have a large impact on the Fund's performance.
DocID: KIID_LU0940251175_en_20220210_143_1_Class_I-3_US_476141 | en | es |
DOLFIN1199 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Echiquier Convexité SRI Europe met en œuvre une gestion active d’obligations convertibles européennes afin de réaliser une performance annuelle nette de frais supérieure à celle de l’indicateur de référence «Exane Convertibles Index Europe».
L'indice «Exane Convertibles Index Europe » est un indicateur représentatif de la gestion d'Echiquier Convexité SRI Europe. Cet indice, utilisé uniquement à titre indicatif, est calculé en euros et coupons réinvestis et est couvert contre le risque de change. L’attention du souscripteur est attirée sur le fait que la composition du portefeuille pourra s’éloigner sensiblement de celle de son indicateur de référence. L'objectif de gestion de l'OPCVM est associé à une démarche de nature extra-financière, intégrant la prise en compte de critères environnementaux, sociaux et de gouvernance (ESG), tels que la politique environnementale de l’émetteur, la protection des salariés ou encore la compétence de l’équipe dirigeante, selon une double approche ESG « best in universe » et « best effort ».
Echiquier Convexité SRI Europe est en permanence exposé entre 60 et 100% en obligations convertibles et titres assimilés européens. L'accent est mis sur les obligations convertibles dites « mixtes », car elles présentent un profil de rendement/risque qui cherche à profiter de la hausse des actions tout en bénéficiant de l'effet de la composante obligataire du titre qui vise à atténuer l'incidence d'une baisse.
Afin de déterminer les meilleures opportunités d'investissements à moyen et long terme, l'équipe de gestion concentre son analyse sur différents facteurs macro et micro-économiques, sur une analyse fondamentale et quantitative des sous-jacents actions, une analyse fondamentale du crédit des émetteurs ainsi que d'une analyse technique et quantitative de certains instruments de convexité (options, options convertibles, …). Cette appréciation par les gérants du risque de crédit lié à chaque émetteur faisant partie intégrante du processus de gestion, l’OPCVM ne se fixe pas de limite particulière en termes de notations externes. Ainsi, les investissements dans des titres non notés ou « à haut rendement » (soit des titres spéculatifs, plus risqués) peuvent représenter jusqu'à 100% de l'actif de l’OPCVM. Les allocations géographique et sectorielle au sein des différents marchés sont effectuées au gré du gérant. | # Objetivos y política de inversión
Echiquier Convexité SRI Europe lleva a cabo una gestión activa de bonos y obligaciones convertibles europeos para lograr una rentabilidad anual después de gastos superior a la del índice de referencia «Exane Convertibles Index Europe».
El índice «Exane Convertibles Index Europe» es un indicador representativo de la gestión de Echiquier Convexité SRI Europe. Este índice, utilizado únicamente con carácter orientativo, se calcula en euros y con reinversión de cupones y está cubierto frente al riesgo cambiario. Se advierte a los suscriptores que la composición de la cartera puede diferir considerablemente de la de su índice de referencia.
El objetivo de gestión del OICVM va asociado a un enfoque de carácter extrafinanciero que incorpora criterios medioambientales, sociales y de gobierno corporativo (ESG), como la política medioambiental del emisor, la protección de los empleados o la competencia del equipo directivo, según un doble enfoque ESG «best in universe» y «best effort».
Echiquier Convexité SRI Europe está constantemente expuesto entre un 60 % y un 100 % a bonos y obligaciones convertibles y títulos asimilables europeos. Se hace hincapié en bonos y obligaciones convertibles «mixtos», ya que presentan un perfil de remuneración y riesgo que busca beneficiarse de la revalorización de la renta variable a la vez que se favorece de la faceta de renta fija del título que está encaminada a atenuar la incidencia de una caída.
Para determinar las mejores oportunidades de inversión a medio y largo plazo, el equipo gestor centra su análisis en distintos factores macro y microeconómicos, en un análisis fundamental y cuantitativo de las acciones subyacentes, un análisis fundamental crediticio de los emisores así como en un análisis técnico y cuantitativo de determinados instrumentos de convexidad (opciones, opciones convertibles, etc.). Esta valoración por los gestores del riesgo de crédito inherente a cada emisor forma parte integrante del proceso de gestión y el OICVM no se fija límites concretos en cuanto a la calificación crediticia externa. Por ende, la inversión en títulos sin calificación o «de alto rendimiento» (esto es, en títulos especulativos, de mayor riesgo) puede representar hasta un 100 % del patrimonio del OICVM. La asignación geográfica y sectorial a los distintos mercados se efectuará a discreción del gestor. | # Objectifs et politique d'investissement
Echiquier Convexité SRI Europe met en œuvre une gestion active d’obligations convertibles européennes afin de réaliser une performance annuelle nette de frais supérieure à celle de l’indicateur de référence «Exane Convertibles Index Europe».
L'indice «Exane Convertibles Index Europe » est un indicateur représentatif de la gestion d'Echiquier Convexité SRI Europe. Cet indice, utilisé uniquement à titre indicatif, est calculé en euros et coupons réinvestis et est couvert contre le risque de change. L’attention du souscripteur est attirée sur le fait que la composition du portefeuille pourra s’éloigner sensiblement de celle de son indicateur de référence. L'objectif de gestion de l'OPCVM est associé à une démarche de nature extra-financière, intégrant la prise en compte de critères environnementaux, sociaux et de gouvernance (ESG), tels que la politique environnementale de l’émetteur, la protection des salariés ou encore la compétence de l’équipe dirigeante, selon une double approche ESG « best in universe » et « best effort ».
Echiquier Convexité SRI Europe est en permanence exposé entre 60 et 100% en obligations convertibles et titres assimilés européens. L'accent est mis sur les obligations convertibles dites « mixtes », car elles présentent un profil de rendement/risque qui cherche à profiter de la hausse des actions tout en bénéficiant de l'effet de la composante obligataire du titre qui vise à atténuer l'incidence d'une baisse.
Afin de déterminer les meilleures opportunités d'investissements à moyen et long terme, l'équipe de gestion concentre son analyse sur différents facteurs macro et micro-économiques, sur une analyse fondamentale et quantitative des sous-jacents actions, une analyse fondamentale du crédit des émetteurs ainsi que d'une analyse technique et quantitative de certains instruments de convexité (options, options convertibles, …). Cette appréciation par les gérants du risque de crédit lié à chaque émetteur faisant partie intégrante du processus de gestion, l’OPCVM ne se fixe pas de limite particulière en termes de notations externes. Ainsi, les investissements dans des titres non notés ou « à haut rendement » (soit des titres spéculatifs, plus risqués) peuvent représenter jusqu'à 100% de l'actif de l’OPCVM. Les allocations géographique et sectorielle au sein des différents marchés sont effectuées au gré du gérant. | fr | es |
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