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DOLFIN1200 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
- Dépositaire du fonds : Brown Brothers Harriman (Luxembourg) S.C.A.
- Vous pouvez obtenir gratuitement des renseignements complémentaires sur le fonds, notamment les autres catégories d’actions, des exemplaires du prospectus ainsi que des rapports semestriels et annuels du fonds auprès de la société de gestion et sur le site Web https://www.nnip.com/library en anglais, allemand, français, hollandais, espagnol, tchèque, italien, grec, slovaque, hongrois, portugais et roumain. La Société de gestion a adopté une politique de rémunération et produit un rapport détaillant les principes de rémunération généraux, la gouvernance ainsi que la rémunération du personnel identifié et les informations quantitatives pertinentes, qui, une fois disponible, peut être obtenu gratuitement sur demande auprès du siège social de la Société de gestion ou consulté sur le site Internet suivant : https://www.nnip.com/corporate/LU/en/About-us/Our-policies.htm.
- Le prix des actions/parts est calculé et publié en EUR. Les prix seront mis à disposition sur le site Web https://www.nnip.com.
- Le fonds est assujetti aux lois fiscales et à la réglementation luxembourgeoise. Selon votre pays de résidence, ceci peut avoir une incidence sur votre situation fiscale personnelle.
- L’investisseur a le droit de basculer entre les compartiments de NN (L) dans des conditions spécifiques. Des informations supplémentaires sont disponibles dans le prospectus.
- NN Investment Partners B.V. peut être tenue pour responsable uniquement sur la base de toute déclaration, contenue dans le présent document, qui est trompeuse, inexacte ou en contradiction avec les parties pertinentes du prospectus du fonds.
Les Informations clés pour l’investisseur ici fournies décrivent un compartiment du fonds NN (L). Le prospectus et les rapports périodiques du fonds sont établis pour l'ensemble du fonds, y compris tous ses compartiments. En vertu de la loi luxembourgeoise du 17 décembre 2010 sur les Organismes de placement collectif, les actifs et passifs des compartiments du fonds sont ségrégués et peuvent être réputés constituer des entités distinctes aux fins des relations entre les investisseurs. Ils peuvent en outre faire l’objet d’une liquidation séparée.
Ce fonds est autorisé au Luxembourg, sous la surveillance et la réglementation de la Commission de Surveillance du Secteur Financier (CSSF). NN Investment Partners B.V. est agréé aux Pays-Bas et réglementé par l’Autoriteit Financiële Markten.
## Les Informations clés pour l’investisseur ici fournies sont exactes et à jour au 01/06/2022. | # Información práctica
- Depositario del fondo: Brown Brothers Harriman (Luxembourg) S.C.A.
- Puede obtener gratuitamente más información sobre este fondo, incluidas otras clases de acciones, y copias del folleto informativo y de los informes semestrales y anuales del fondo a través de la Sociedad Gestora y en el sitio web en https://www.nnip.com/library en inglés, alemán, francés, neerlandés, español, checo, italiano, griego, eslovaco, húngaro, portugués y rumano. La sociedad de gestión ha aprobado una política de remuneración y un informe relativo a las remuneraciones donde se recogen los principios generales de la remuneración, el buen gobierno y la retribución del personal identificado, así como información cuantitativa pertinente que, cuando esté disponible, podrá obtenerse de forma gratuita previa solicitud en el domicilio social de la sociedad gestora, o bien consultarse en el sitio web: https://www.nnip.com/corporate/LU/en/About-us/Our-policies.htm.
- El precio de las acciones/participaciones del fondo se calcula y se publica en EUR. Los precios se publicarán en el sitio web https://www.nnip.com.
- El presente fondo está sujeto a la normativa y la legislación fiscal de Luxemburgo. En función de su país de residencia, esto puede influir en su situación fiscal personal.
- El inversor tiene derecho a cambiar de un subfondo de NN (L) a otro en determinadas condiciones. Podrá encontrar más información al respecto en el folleto informativo.
- NN Investment Partners B.V. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes con respecto a las correspondientes partes del folleto del fondo.
Los presentes datos fundamentales para el inversor describen un subfondo del fondo NN (L). El folleto informativo y los informes de cuentas periódicos del fondo se elaboran para el conjunto del fondo, incluidos todos sus subfondos. En virtud de la Ley luxemburguesa del 17 de diciembre de 2010 sobre organismos de inversión colectiva, los diferentes subfondos del fondo mantienen sus activos y pasivos separados, y pueden considerarse entidades distintas en lo referente a las relaciones entre inversores. Asimismo, pueden ser liquidados por separado.
El fondo está autorizado en Luxemburgo y está sometido a la supervisión y regulación de la Commission de Surveillance du Secteur Financier (CSSF). NN Investment Partners B.V. está autorizada en los Países Bajos y sometida a la regulación de la Autoriteit Financiële Markten.
## Los presentes datos fundamentales para el inversor son exactos a 01/06/2022. | # Informations pratiques
- Dépositaire du fonds : Brown Brothers Harriman (Luxembourg) S.C.A.
- Vous pouvez obtenir gratuitement des renseignements complémentaires sur le fonds, notamment les autres catégories d’actions, des exemplaires du prospectus ainsi que des rapports semestriels et annuels du fonds auprès de la société de gestion et sur le site Web https://www.nnip.com/library en anglais, allemand, français, hollandais, espagnol, tchèque, italien, grec, slovaque, hongrois, portugais et roumain. La Société de gestion a adopté une politique de rémunération et produit un rapport détaillant les principes de rémunération généraux, la gouvernance ainsi que la rémunération du personnel identifié et les informations quantitatives pertinentes, qui, une fois disponible, peut être obtenu gratuitement sur demande auprès du siège social de la Société de gestion ou consulté sur le site Internet suivant : https://www.nnip.com/corporate/LU/en/About-us/Our-policies.htm.
- Le prix des actions/parts est calculé et publié en EUR. Les prix seront mis à disposition sur le site Web https://www.nnip.com.
- Le fonds est assujetti aux lois fiscales et à la réglementation luxembourgeoise. Selon votre pays de résidence, ceci peut avoir une incidence sur votre situation fiscale personnelle.
- L’investisseur a le droit de basculer entre les compartiments de NN (L) dans des conditions spécifiques. Des informations supplémentaires sont disponibles dans le prospectus.
- NN Investment Partners B.V. peut être tenue pour responsable uniquement sur la base de toute déclaration, contenue dans le présent document, qui est trompeuse, inexacte ou en contradiction avec les parties pertinentes du prospectus du fonds.
Les Informations clés pour l’investisseur ici fournies décrivent un compartiment du fonds NN (L). Le prospectus et les rapports périodiques du fonds sont établis pour l'ensemble du fonds, y compris tous ses compartiments. En vertu de la loi luxembourgeoise du 17 décembre 2010 sur les Organismes de placement collectif, les actifs et passifs des compartiments du fonds sont ségrégués et peuvent être réputés constituer des entités distinctes aux fins des relations entre les investisseurs. Ils peuvent en outre faire l’objet d’une liquidation séparée.
Ce fonds est autorisé au Luxembourg, sous la surveillance et la réglementation de la Commission de Surveillance du Secteur Financier (CSSF). NN Investment Partners B.V. est agréé aux Pays-Bas et réglementé par l’Autoriteit Financiële Markten.
## Les Informations clés pour l’investisseur ici fournies sont exactes et à jour au 01/06/2022. | fr | es |
DOLFIN1201 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### steady dividend yield distributing equity securities of issuers located in the world’s developed markets.
The Fund may make use of exchange traded and over-the-counter options, futures and other derivatives for investment or efficient portfolio management (including hedging) purposes.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market | #### principalmente in titoli azionari che distribuiscono rendimenti da dividendi costanti e di alta qualità di emittenti situati nei mercati sviluppati del mondo.
Il Fondo potrà utilizzare opzioni, futures e altri derivati, quotati in borsa o negoziati a trattativa privata (over the counter), a fini di investimento e di gestione efficiente del portafoglio (compresa la copertura).
Per la politica e l’obiettivo d’investimento del Fondo, si rimanda al prospetto informativo completo.
Valori mobiliari e strumenti del mercato monetario ammessi al
listino ufficiale o negoziati su un altro mercato regolamentato | #### steady dividend yield distributing equity securities of issuers located in the world’s developed markets.
The Fund may make use of exchange traded and over-the-counter options, futures and other derivatives for investment or efficient portfolio management (including hedging) purposes.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market | en | it |
DOLFIN1202 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Amounts designated as “–” are either $0/€0/¥0/£0 or less than $1,000/€1,000/¥1,000/£1,000.
The Euro figures for Legg Mason Western Asset Euro Core Plus Bond Fund, Legg Mason Western Asset Euro High Yield Fund, Franklin MV European Equity Growth and Income Fund, Legg Mason Martin Currie European Absolute Alpha Fund^, Legg Mason Martin Currie European Unconstrained Fund^ and Legg Mason ClearBridge Infrastructure Value Fund^ have been converted into US Dollars in the total figure for Legg Mason Global Funds Plc for the financial year ended 28 February 2022 using the USD/EUR closing rate of 0.8919 (28 February 2021: 0.8288).
The Yen figures for Legg Mason Congruix Japan Equity Fund^ and Legg Mason Martin Currie Japan Absolute Alpha Fund^ have been converted into US Dollars in the total figure for Legg Mason Global Funds Plc for the financial year ended 28 February 2022 using the USD/JPY closing rate of 114.9650 (28 February 2021: 106.5950).
The British Pound figures for Legg Mason Western Asset UK Investment Grade Credit Fund^ have been converted into US Dollars in the total figure for Legg Mason Global Funds Plc for the financial year ended 28 February 2022 using the USD/GBP closing rate of 0.7454 (28 February 2021: 0.7178). | #### Gli importi indicati come “–” sono pari a $0/€0/¥0/£0 o inferiori a $1.000/€1.000/¥1.000/£1.000.
I dati in euro per Legg Mason Western Asset Euro Core Plus Bond Fund, Legg Mason Western Asset Euro High Yield Fund, Franklin MV European Equity Growth and Income Fund, Legg Mason Martin Currie European Absolute Alpha Fund^, Legg Mason Martin Currie European Unconstrained Fund^ e Legg Mason ClearBridge Infrastructure Value Fund^ sono stati convertiti in dollari USA nell’importo totale per Legg Mason Global Funds Plc per l’esercizio chiuso il 28 febbraio 2022 utilizzando il tasso di chiusura USD/EUR pari a 0.8919 (28 febbraio 2021: 0.8288).
Le cifre in yen per Legg Mason Congruix Japan Equity Fund^ e Legg Mason Martin Currie Japan Absolute Alpha Fund^ sono state convertite in dollari USA nell’importo totale per Legg Mason Global Funds Plc per l’esercizio chiuso il 28 febbraio 2022 utilizzando il tasso di chiusura USD/JPY del 114.9650 (28 febbraio 2021: 106.5950).
Le cifre in sterline britanniche per Legg Mason Western Asset UK Investment Grade Credit Fund^ sono state convertite in dollari statunitensi nell’importo totale per Legg Mason Global Funds Plc per l’esercizio chiuso il 28 febbraio 2022 utilizzando il tasso di chiusura USD/GBP di 0,7454 (28 febbraio 2021: 0,7178). | ##### Amounts designated as “–” are either $0/€0/¥0/£0 or less than $1,000/€1,000/¥1,000/£1,000.
The Euro figures for Legg Mason Western Asset Euro Core Plus Bond Fund, Legg Mason Western Asset Euro High Yield Fund, Franklin MV European Equity Growth and Income Fund, Legg Mason Martin Currie European Absolute Alpha Fund^, Legg Mason Martin Currie European Unconstrained Fund^ and Legg Mason ClearBridge Infrastructure Value Fund^ have been converted into US Dollars in the total figure for Legg Mason Global Funds Plc for the financial year ended 28 February 2022 using the USD/EUR closing rate of 0.8919 (28 February 2021: 0.8288).
The Yen figures for Legg Mason Congruix Japan Equity Fund^ and Legg Mason Martin Currie Japan Absolute Alpha Fund^ have been converted into US Dollars in the total figure for Legg Mason Global Funds Plc for the financial year ended 28 February 2022 using the USD/JPY closing rate of 114.9650 (28 February 2021: 106.5950).
The British Pound figures for Legg Mason Western Asset UK Investment Grade Credit Fund^ have been converted into US Dollars in the total figure for Legg Mason Global Funds Plc for the financial year ended 28 February 2022 using the USD/GBP closing rate of 0.7454 (28 February 2021: 0.7178). | en | it |
DOLFIN1203 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Article 12 – Use of income
- The Management Company may distribute the income generated in a sub-fund to investors in this sub-fund or reinvest this income in the respective sub-fund. The appropriation of income for the respective unit class of the respective sub-fund is mentioned in annex 1 to the sales prospectus.
- Ordinary net income and realised gains may be distributed. Furthermore, unrealised gains and other assets can be used for the purpose of distributions, provided that the total net fund assets do not fall below EUR 1,250,000 as a result of the distribution.
- Distributions are paid out on the units issued on that day. Dividends may be paid entirely or in part in the form of bonus units. Any fractions remaining may be paid in cash. Income not claimed within five years after the publication of a statement of distribution shall elapse and revert to the respective sub-fund.
- Distributions to holders of registered units are carried out principally by reinvesting the dividend amount in favour of the holder of registered units. If this is not desired, the holders of registered units may request from the Registrar and Transfer Agent that payment be made to an account they specify within 10 days after receipt of notification of the distribution. Distributions to holders of bearer units shall occur in the same manner as the payment of the redemption price to holders of bearer units. | #### Artikel 12 – Verwendung der Erträge
- Die Verwaltungsgesellschaft kann die in einem Teilfonds erwirtschafteten Erträge an die Anleger dieses Teilfonds ausschütten oder diese Erträge in dem jeweiligen Teilfonds thesaurieren. Die Ertragsverwendung der jeweilige An- teilklasse des jeweiligen Teilfonds findet im Anhang 1 zum Verkaufsprospekt Erwähnung.
- Zur Ausschüttung können die ordentlichen Nettoerträge sowie realisierte Gewinne kommen. Ferner können die nicht realisierten Gewinne sowie sonstige Aktiva zur Ausschüttung gelangen, sofern das Netto-Fondsvermögen des Fonds insgesamt aufgrund der Ausschüttung nicht unter einen Betrag von EUR 1.250.000 sinkt.
- Ausschüttungen werden auf die am Ausschüttungstag ausgegebenen Anteile ausgezahlt. Ausschüttungen können ganz oder teilweise in Form von Gratisanteilen vorgenommen werden. Eventuell verbleibende Bruchteile können bar ausgezahlt werden. Erträge, die fünf Jahre nach Veröffentlichung einer Ausschüttungserklärung nicht geltend gemacht wurden, verfallen zugunsten des jeweiligen Teilfonds.
- Ausschüttungen an Inhaber von Namensanteilen erfolgen grundsätzlich durch die Re-Investition des Ausschüt- tungsbetrages zu Gunsten des Inhabers von Namensanteilen. Sofern dies nicht gewünscht ist, kann der Inhaber von Namensanteilen innerhalb von 10 Tagen nach Zugang der Mitteilung über die Ausschüttung bei der Register- und Transferstelle die Auszahlung auf das von ihm angegebene Konto beantragen. Ausschüttungen an Inhaber von Inhaberanteilen erfolgen in der gleichen Weise wie die Auszahlung des Rücknahmepreises an die Inhaber von In- haberanteilen. | #### Article 12 – Use of income
- The Management Company may distribute the income generated in a sub-fund to investors in this sub-fund or reinvest this income in the respective sub-fund. The appropriation of income for the respective unit class of the respective sub-fund is mentioned in annex 1 to the sales prospectus.
- Ordinary net income and realised gains may be distributed. Furthermore, unrealised gains and other assets can be used for the purpose of distributions, provided that the total net fund assets do not fall below EUR 1,250,000 as a result of the distribution.
- Distributions are paid out on the units issued on that day. Dividends may be paid entirely or in part in the form of bonus units. Any fractions remaining may be paid in cash. Income not claimed within five years after the publication of a statement of distribution shall elapse and revert to the respective sub-fund.
- Distributions to holders of registered units are carried out principally by reinvesting the dividend amount in favour of the holder of registered units. If this is not desired, the holders of registered units may request from the Registrar and Transfer Agent that payment be made to an account they specify within 10 days after receipt of notification of the distribution. Distributions to holders of bearer units shall occur in the same manner as the payment of the redemption price to holders of bearer units. | en | de |
DOLFIN1204 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Elements of the securities portfolio | Movements (in amount) |
| --- | --- |
| Accounting currency of the CIU: EUR | Acquisitions | Sales / Redemptions |
| a) Eligible financial securities and money market instruments accepted for trading on a regulated market within the meaning of article L. 422-1° of the [French] Monetary and Financial Code. and b) Eligible financial securities and money market instruments accepted for trading on another regulated market operating on a regular basis, that is recognised and open to the public and that has its head office in a Member State of the European Union or in another State that is a party to the agreement on the European Economic Area. | 8,122,674.84 | 10,040,418.82 |
| c) Eligible financial securities and money market instruments officially listed on a stock exchange of a third party country or that are traded on another market of a third party country that is regulated, operating on a regular basis, recognised and open to the public, provided that this stock exchange or market is not included in a list issued by the [French] Financial Markets Authority or that the selection of this stock exchange or market is stipulated by the law or by the regulations or the articles of association of the CIU / of the general purpose investment fund. | - | - |
| d) Newly issued financial securities as mentioned in 4° of I of article R. 214-11 / 4° of I of article R. 214-32-18 of the [French] Monetary and Financial Code. | - | - |
| e) Other assets | - | - |
| Total over the period | 8,122,674.84 | 10,040,418.82 | | | Éléments du portefeuille titres | Mouvements (en montant) |
| --- | --- |
| Devise de comptabilité de l’OPC : EUR | Acquisitions | Cessions / Remboursements |
| a) Les titres financiers éligibles et des instruments du marché monétaire admis à la négociation sur un marché réglementé au sens de l'article L. 422-1° du code monétaire et financier. et b) Les titres financiers éligibles et des instruments du marché monétaire admis à la négociation sur un autre marché réglementé, en fonctionnement régulier, reconnu, ouvert au public et dont le siège est situé dans un Etat membre de l'Union européenne ou dans un autre Etat partie à l'accord sur l'Espace économique européen. | 8 122 674,84 | 10 040 418,82 |
| c) Les titres financiers éligibles et des instruments du marché monétaire admis à la cote officielle d'une bourse de valeurs d'un pays tiers ou négociés sur un autre marché d'un pays tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public, pour autant que cette bourse ou ce marché ne figure pas sur une liste établie par l'Autorité des marchés financiers ou que le choix de cette bourse ou de ce marché soit prévu par la loi ou par le règlement ou les statuts de l’OPC / du fonds d'investissement à vocation générale. | - | - |
| d) Les titres financiers nouvellement émis mentionnés au 4° du I de l'article R. 214-11 / 4° du I de l’article R.214-32-18 du code monétaire et financier. | - | - |
| e) Les autres actifs | - | - |
| Total sur la période | 8 122 674,84 | 10 040 418,82 | | | Elements of the securities portfolio | Movements (in amount) |
| --- | --- |
| Accounting currency of the CIU: EUR | Acquisitions | Sales / Redemptions |
| a) Eligible financial securities and money market instruments accepted for trading on a regulated market within the meaning of article L. 422-1° of the [French] Monetary and Financial Code. and b) Eligible financial securities and money market instruments accepted for trading on another regulated market operating on a regular basis, that is recognised and open to the public and that has its head office in a Member State of the European Union or in another State that is a party to the agreement on the European Economic Area. | 8,122,674.84 | 10,040,418.82 |
| c) Eligible financial securities and money market instruments officially listed on a stock exchange of a third party country or that are traded on another market of a third party country that is regulated, operating on a regular basis, recognised and open to the public, provided that this stock exchange or market is not included in a list issued by the [French] Financial Markets Authority or that the selection of this stock exchange or market is stipulated by the law or by the regulations or the articles of association of the CIU / of the general purpose investment fund. | - | - |
| d) Newly issued financial securities as mentioned in 4° of I of article R. 214-11 / 4° of I of article R. 214-32-18 of the [French] Monetary and Financial Code. | - | - |
| e) Other assets | - | - |
| Total over the period | 8,122,674.84 | 10,040,418.82 | | en | fr |
DOLFIN1205 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Foreign currency and interest rate exposure is minimal due to the nature and strategy of the investments held by the Fund. As a result, no sensitivity analysis or exposure tables have been disclosed for foreign currency or interest rate risk. The Fund is not exposed to significant currency risk as all the swaps settle in the base currency of the Fund. The USD Hedged share class is not subject to currency risk arising from its different denomination currencies to the Fund as it invests in a discrete portfolio of investments and the swaps settle in the base currency of the class.
-
##### Liquidity risk | Das Währungs- und das Zinsänderungsrisiko sind aufgrund der Natur und Strategie der vom Fonds gehaltenen Anlagen gering. Aufgrund dessen wurden für das Währungs- und das Zinsänderungsrisiko keine Sensitivitätsanalysen oder Risikotabellen aufgeführt. Der Fonds ist keinem wesentlichen Währungsrisiko ausgesetzt, da alle Swaps in der Basiswährung des Fonds abgerechnet werden. Die abgesicherte USD-Anteilsklasse unterliegt keinem Währungsrisiko aufgrund dessen, dass die Anteilsklasse und der Fonds auf unterschiedliche Währungen lauten, weil sie in ein separates Anlageportfolio investiert und die Swaps in der Basiswährung der Klasse abgerechnet werden.
-
##### Liquiditätsrisiko | Foreign currency and interest rate exposure is minimal due to the nature and strategy of the investments held by the Fund. As a result, no sensitivity analysis or exposure tables have been disclosed for foreign currency or interest rate risk. The Fund is not exposed to significant currency risk as all the swaps settle in the base currency of the Fund. The USD Hedged share class is not subject to currency risk arising from its different denomination currencies to the Fund as it invests in a discrete portfolio of investments and the swaps settle in the base currency of the class.
-
##### Liquidity risk | en | de |
DOLFIN1206 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The following persons are also deemed to be US Persons:
- an "Employee Benefit Plan" as defined in Section 3(3) of the US Employee Retirement Income Security Act of 1974 as amended ("ERISA"), which is subject to Title I of the ERISA,
- a “Plan” as defined in Section 4975(e)(1) of the US Internal Revenue Code of 1986 as amended(“IRC”),
- a unit whose underlying assets contain “Plan Assets” in accordance with Title I of the ERISA or Section 4975 of the IRC, or
- a government scheme or other type of Plan (or a unit in whose assets the assets of such a government or other Plan are included), which is subject to a law, a regulation or a restriction similar to Section 406 of the ERISA or Section 4975 of the IRC. | Folgende Personen sind auch als US Personen anzusehen:
- ein „Employee Benefit Plan“ (Mitarbeitervorsorgeplan) im Sinne von Section 3(3) des US Employee Retirement Income Security Act von 1974 in seiner jeweils gültigen Fassung („ERISA“), der Titel I des ERISA unterliegt,
- ein „Plan“ im Sinne von Section 4975(e)(1) des US Inter- nal Revenue Code von 1986 in der geänderten Fassung(„IRC“),
- eine Einheit, deren zugrunde liegende Vermögenswerte «Planvermögen» gemäss Titel I des ERISA oder Section 4975 des IRC beinhalten, oder
- ein Regierungsplan oder eine andere Art von Plan (oder eine Einheit, in deren Vermögenswerte die Vermögenswerte eines solchen Regierungs- oder sonstigen Plans eingerechnet werden), der einem Gesetz, einer Bestimmung oder einer Einschränkung ähnlich Section 406 des ERISA oder Section 4975 des IRC unterliegt. | The following persons are also deemed to be US Persons:
- an "Employee Benefit Plan" as defined in Section 3(3) of the US Employee Retirement Income Security Act of 1974 as amended ("ERISA"), which is subject to Title I of the ERISA,
- a “Plan” as defined in Section 4975(e)(1) of the US Internal Revenue Code of 1986 as amended(“IRC”),
- a unit whose underlying assets contain “Plan Assets” in accordance with Title I of the ERISA or Section 4975 of the IRC, or
- a government scheme or other type of Plan (or a unit in whose assets the assets of such a government or other Plan are included), which is subject to a law, a regulation or a restriction similar to Section 406 of the ERISA or Section 4975 of the IRC. | en | de |
DOLFIN1207 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/04/2004 and the unit in 2016.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Las rentabilidades pasadas no son un indicador fiable de resultados futuros.
Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 01/04/2004 y la participación en 2016.
La rentabilidad pasada ha sido calculada en USD y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/04/2004 and the unit in 2016.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN1208 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Management fees and other costs
Fees to which the Company is entitled from the Fund:
In return for managing the Fund, the Company receives a fee (payable quarterly) amounting to up to a quarter of 1.30 % p.a. of the Fund's average net asset value during the accounting period, which is calculated by taking the values on each valuation date. The Company may charge a reduced fee, or not charge one at all, for the Fund or one or more unit classes.
The fees to be paid out of the Fund to third parties are as follows:
The Company may call upon the services of an investment advisory or asset management company when implementing its investment strategy. The remuneration of the Investment Consultancy Firm or Asset Management Company shall be covered by the management fee.
The Company may call upon the services of third parties when managing derivative transactions and collateral for said transactions. In this case, these third parties jointly receive a fee (payable quarterly) amounting to up to a quarter of 0.10 % p.a. of the Fund's average net asset value during the account- ing period, which is calculated by taking the values on each valuation date. The Company may charge a reduced fee, or not charge one at all, for the Fund or one or more unit classes. These fees are not covered by the management fee; as a result, the Company charges them to the Fund.
In return for performing its duties, the Custodian receives a fee (payable quarterly) amounting to up to a quarter of 0.04 % p.a. (at least EUR 20,000.00 p.a.) of the Fund's average net asset value during the accounting period, which is calculated by taking the values on each valuation date. The Custodian may charge a reduced fee, or not charge one at all, for the Fund or one or more unit classes.
The amount which is taken out of the Fund per year in the form of fees according to the above para- graphs may in total be up to 1.44% p.a. of the average net asset value of the Fund during the ac- counting period, which is calculated by taking the values on each valuation date. | # Verwaltungs- und sonstige Kosten
Vergütungen, die der Gesellschaft aus dem Fonds zustehen:
Die Gesellschaft erhält für die Verwaltung des Fonds eine vierteljährlich zahlbare Vergütung in Höhe von bis zu einem Viertel aus 1,30 % p.a. des durchschnittlichen Nettoinventarwertes des Fonds in der Abrechnungsperiode, der aus den Werten eines jeden Bewertungstages errechnet wird. Es steht der Gesellschaft frei, für den Fonds oder für eine oder mehrere Anteilklassen eine niedrigere Vergütung zu berechnen oder von der Berechnung einer Vergütung abzusehen.
Vergütungen, die aus dem Fonds an Dritte zu zahlen sind:
Die Gesellschaft kann sich bei der Umsetzung des Anlagekonzeptes einer Anlageberatungs- oder Asset Management-Gesellschaft bedienen. Die Vergütung der Anlageberatungs- oder Asset Management Gesellschaft wird von der Verwaltungsvergütung abgedeckt.
Die Gesellschaft kann sich bei der Verwaltung von Derivate-Geschäften und Sicherheiten für Derivate- Geschäfte der Dienste Dritter bedienen. In diesem Fall erhalten diese Dritten zusammen eine viertel- jährlich zahlbare Vergütung in Höhe von bis zu einem Viertel aus 0,10 % p.a. des durchschnittlichen Nettoinventarwertes des Fonds in der Abrechnungsperiode, der aus den Werten eines jeden Bewer- tungstages errechnet wird. Es steht der Gesellschaft frei, den Fonds oder eine oder mehrere Anteilklas- sen mit einer niedrigeren Vergütung zu belasten oder von der Belastung mit einer solchen Vergütung abzusehen. Diese Vergütungen werden von der Verwaltungsvergütung nicht abgedeckt und somit von der Gesellschaft dem Fonds zusätzlich belastet.
Die Verwahrstelle erhält für ihre Tätigkeit eine vierteljährlich zahlbare Vergütung in Höhe von bis zu einem Viertel aus 0,04 % p.a. (mindestens € 20.000,00 p.a.) des durchschnittlichen Nettoinventarwer- tes des Fonds in der Abrechnungsperiode, der aus den Werten eines jeden Bewertungstages errechnet wird. Es steht der Verwahrstelle frei, für den Fonds oder für eine oder mehrere Anteilklassen eine nied- rigere Vergütung in Rechnung zu stellen oder von der Berechnung einer Vergütung abzusehen.
Der Betrag, der jährlich aus dem Fonds als Vergütungen entnommen wird, kann insgesamt bis zu 1,44
% p.a. des durchschnittlichen Nettoinventarwertes des Fonds in der Abrechnungsperiode, der aus den Werten eines jeden Bewertungstages errechnet wird, betragen. | # Management fees and other costs
Fees to which the Company is entitled from the Fund:
In return for managing the Fund, the Company receives a fee (payable quarterly) amounting to up to a quarter of 1.30 % p.a. of the Fund's average net asset value during the accounting period, which is calculated by taking the values on each valuation date. The Company may charge a reduced fee, or not charge one at all, for the Fund or one or more unit classes.
The fees to be paid out of the Fund to third parties are as follows:
The Company may call upon the services of an investment advisory or asset management company when implementing its investment strategy. The remuneration of the Investment Consultancy Firm or Asset Management Company shall be covered by the management fee.
The Company may call upon the services of third parties when managing derivative transactions and collateral for said transactions. In this case, these third parties jointly receive a fee (payable quarterly) amounting to up to a quarter of 0.10 % p.a. of the Fund's average net asset value during the account- ing period, which is calculated by taking the values on each valuation date. The Company may charge a reduced fee, or not charge one at all, for the Fund or one or more unit classes. These fees are not covered by the management fee; as a result, the Company charges them to the Fund.
In return for performing its duties, the Custodian receives a fee (payable quarterly) amounting to up to a quarter of 0.04 % p.a. (at least EUR 20,000.00 p.a.) of the Fund's average net asset value during the accounting period, which is calculated by taking the values on each valuation date. The Custodian may charge a reduced fee, or not charge one at all, for the Fund or one or more unit classes.
The amount which is taken out of the Fund per year in the form of fees according to the above para- graphs may in total be up to 1.44% p.a. of the average net asset value of the Fund during the ac- counting period, which is calculated by taking the values on each valuation date. | en | de |
DOLFIN1209 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Lower risk Higher risk
The length of the recommended holding period is 3 years.
If the sub-fund is denominated in a currency other than the applicable currency of the legal tender of the Member State where the PRIIP is being marketed, the return the retail investor gets, when expressed in the currency of the Member State where the PRIIP is being marketed, may change depending on currency fluctuations.
This product does not include any protection from future market performance so you could lose some or all of your investment.
We have classified this product as 2 out of 7, which is a low risk class.This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact the capacity of the sub-fund to pay you. | Risque le plus faible Risque le plus élevé
La période de détention recommandée est de 3 ans.
Si le compartiment est libellé dans une monnaie autre que celle qui a cours légal dans l'Etat membre où le produit d'investissement packagé de détail et fondé sur l'assurance est commercialisé, la performance obtenue par l'investisseur de détail, lorsqu'elle est exprimée dans la monnaie de l'Etat membre où le produit d'investissement packagé de détail et fondé sur l'assurance est commercialisé, peut varier en fonction des fluctuations de taux de change.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la capacité du compartiment à vous payer en soit affectée. | Lower risk Higher risk
The length of the recommended holding period is 3 years.
If the sub-fund is denominated in a currency other than the applicable currency of the legal tender of the Member State where the PRIIP is being marketed, the return the retail investor gets, when expressed in the currency of the Member State where the PRIIP is being marketed, may change depending on currency fluctuations.
This product does not include any protection from future market performance so you could lose some or all of your investment.
We have classified this product as 2 out of 7, which is a low risk class.This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact the capacity of the sub-fund to pay you. | en | fr |
DOLFIN1210 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- |
| Information Technology | 23.86 | 17.54 | | China | 38.55 | 42.53 |
| Financials | 18.66 | 17.75 | | Taiwan | 13.39 | 12.45 |
| Consumer Discretionary | 17.14 | 19.77 | | India | 12.36 | 8.30 |
| Communication Services | 13.27 | 12.95 | | Korea | 10.93 | 11.47 |
| Industrials | 11.54 | 4.47 | | Russia | 6.31 | 2.93 |
| Consumer Staples | 6.39 | 6.25 | | Brazil | 3.83 | 4.84 |
| Health Care | 5.19 | 4.20 | | Indonesia | 3.67 | 1.41 |
| Materials | 1.53 | 7.06 | | Mexico | 2.73 | 1.61 |
| Energy | 0.00 | 5.60 | | South Africa | 1.67 | 3.54 |
| Real Estate | 0.00 | 2.39 | | Sweden | 1.23 | 0.00 |
| Utilities | 0.00 | 2.03 | | | | | | | | Fondo | Benchmark | | | Fondo | Benchmark |
| --- | --- | --- | --- | --- | --- | --- |
| Informatica | 23,86 | 17,54 | | Cina | 38,55 | 42,53 |
| Finanza | 18,66 | 17,75 | | Taiwan | 13,39 | 12,45 |
| Beni voluttuari | 17,14 | 19,77 | | India | 12,36 | 8,30 |
| Servizi di Comunicazione | 13,27 | 12,95 | | Corea | 10,93 | 11,47 |
| Industria | 11,54 | 4,47 | | Russia | 6,31 | 2,93 |
| Beni di prima necessità | 6,39 | 6,25 | | Brasile | 3,83 | 4,84 |
| Sanità | 5,19 | 4,20 | | Indonesia | 3,67 | 1,41 |
| Materiali | 1,53 | 7,06 | | Messico | 2,73 | 1,61 |
| Energia | 0,00 | 5,60 | | Sud Africa | 1,67 | 3,54 |
| Beni immobili | 0,00 | 2,39 | | Svezia | 1,23 | 0,00 |
| Servizi di pubblica utilità | 0,00 | 2,03 | | | | | | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- |
| Information Technology | 23.86 | 17.54 | | China | 38.55 | 42.53 |
| Financials | 18.66 | 17.75 | | Taiwan | 13.39 | 12.45 |
| Consumer Discretionary | 17.14 | 19.77 | | India | 12.36 | 8.30 |
| Communication Services | 13.27 | 12.95 | | Korea | 10.93 | 11.47 |
| Industrials | 11.54 | 4.47 | | Russia | 6.31 | 2.93 |
| Consumer Staples | 6.39 | 6.25 | | Brazil | 3.83 | 4.84 |
| Health Care | 5.19 | 4.20 | | Indonesia | 3.67 | 1.41 |
| Materials | 1.53 | 7.06 | | Mexico | 2.73 | 1.61 |
| Energy | 0.00 | 5.60 | | South Africa | 1.67 | 3.54 |
| Real Estate | 0.00 | 2.39 | | Sweden | 1.23 | 0.00 |
| Utilities | 0.00 | 2.03 | | | | | | en | it |
DOLFIN1211 | 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 | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,43% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 143 EUR |
| Coûts de transaction | 0,38% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 38 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,00% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 0 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | Los gastos de entrada son del 5,00% (carga inicial), lo que corresponde a una deducción del 4,76% del importe de su inversión. Es el importe máximo que se puede retener de su inversión. El asesor financiero le informará sobre el valor real. | Hasta 476 EUR |
| Costes de salida | No cobramos tasa de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,43% del valor de su instalación al año. Se trata de una estimación basada en los costes reales del año pasado. | 143 EUR |
| Costes de operación | 0,38% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos cuando compramos o vendemos las inversiones subyacentes del producto. El importe real depende de cuánto compremos y vendamos. | 38 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 0,00% del valor de su inversión al año. El importe real depende del rendimiento de su inversión. La estimación anterior de los costes acumulados incluye la media de los últimos cinco años. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,43% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 143 EUR |
| Coûts de transaction | 0,38% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 38 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,00% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 0 EUR | | fr | es |
DOLFIN1212 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Each Sub-Fund may however:
- Invest up to 10% of its assets in assets other than those referred to above under A (1) through (4) and (8).
- Hold Cash on a temporary and ancillary basis up to 20% of the net asset of the Sub-Fund; such restriction may exceptionally and temporarily be exceeded for a period of time strictly necessary if the Company considers that such breach is justified by an exceptionally unfavourable market conditions and is in the best interest of the Shareholders. | - Jeder Teilfonds kann jedoch:
- Bis zu 10% seines Vermögens in anderen als den oben unter A (1) bis (4) und (8) genannten Vermögenswerten anlegen.
- Vorübergehend und ergänzend Barmittel bis zu 20% des Nettovermögens des Teilfonds halten; diese Beschränkung kann ausnahmsweise und vorübergehend für einen unbedingt erforderlichen Zeitraum überschritten werden, wenn die Gesellschaft der Ansicht ist, dass ein solcher Verstoß durch außergewöhnlich ungünstige Marktbedingungen gerechtfertigt ist und im besten Interesse der Aktionäre ist. | - Each Sub-Fund may however:
- Invest up to 10% of its assets in assets other than those referred to above under A (1) through (4) and (8).
- Hold Cash on a temporary and ancillary basis up to 20% of the net asset of the Sub-Fund; such restriction may exceptionally and temporarily be exceeded for a period of time strictly necessary if the Company considers that such breach is justified by an exceptionally unfavourable market conditions and is in the best interest of the Shareholders. | en | de |
DOLFIN1213 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement de 10 000 EUR |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,100.0 EUR | 9,047.0 EUR |
| Rendement annuel moyen | -29.0% | -2.0% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9,268.0 EUR | 10,641.0 EUR |
| Rendement annuel moyen | -7.3% | 1.2% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,306.0 EUR | 11,797.0 EUR |
| Rendement annuel moyen | 3.1% | 3.4% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,505.0 EUR | 12,001.0 EUR |
| Rendement annuel moyen | 15.1% | 3.7% | | | Inversión de 10.000 EUR |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 7,100.0 EUR | 9,047.0 EUR |
| Rendimiento medio cada año | -29.0% | -2.0% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 9,268.0 EUR | 10,641.0 EUR |
| Rendimiento medio cada año | -7.3% | 1.2% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,306.0 EUR | 11,797.0 EUR |
| Rendimiento medio cada año | 3.1% | 3.4% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 11,505.0 EUR | 12,001.0 EUR |
| Rendimiento medio cada año | 15.1% | 3.7% | | | Investissement de 10 000 EUR |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,100.0 EUR | 9,047.0 EUR |
| Rendement annuel moyen | -29.0% | -2.0% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9,268.0 EUR | 10,641.0 EUR |
| Rendement annuel moyen | -7.3% | 1.2% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,306.0 EUR | 11,797.0 EUR |
| Rendement annuel moyen | 3.1% | 3.4% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,505.0 EUR | 12,001.0 EUR |
| Rendement annuel moyen | 15.1% | 3.7% | | fr | es |
DOLFIN1214 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### Role and Responsibility of the Board
The responsibility of the directors of the SICAV (the “Board”) is governed by Luxembourg law. With respect to the financial statements of the Company, the duties of the Directors are governed by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 17 December 2010 relating to undertakings for collective investment. The matters reserved for the Board include determination of each Fund’s investment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment and financial data, including the annual accounts, as well as the appointment of the Auditor, the Custodian and the Management Company.
Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during the meeting. For each quarterly meeting the Board receives reports consolidated by the Management Company on the basis of information received from the Investment Adviser, the Distributor, the Custodian, the Administrator, the Transfer Agent, Risk Management, the Auditor as well as proposals for changes to existing Funds or proposals to launch new ones as appropriate. Senior representatives of the Management Company and other service providers attend Board meetings by invitation to enable the Directors to question the reports presented to them. The Board can take independent professional advice if necessary and at the Company’s expense. | #### Ruolo e responsabilità del Consiglio
La responsabilità degli amministratori della SICAV (il “Consiglio”) è disciplinata dalla normativa lussemburghese. Per quanto riguarda il bilancio della Società, le funzioni degli Amministratori sono disciplinate dalla legge del 10 dicembre 2010 relativa, tra l’altro, alla contabilità e al bilancio di esercizio degli organismi d’investimento collettivo del risparmio e dalla legge del 17 dicembre 2010 in materia di organismi di investimento collettivo del risparmio. Le questioni riservate al Consiglio includono la determinazione dell’obiettivo e delle politiche d’investimento di ciascun Comparto, nonché dei relativi limiti e poteri d’investimento, le modifiche al Prospetto informativo, la verifica e l’approvazione dei principali dati finanziari e d’investimento, compreso il bilancio di esercizio, e la nomina della Società di revisione, della Banca depositaria e della Società di gestione.
Prima di ogni riunione del Consiglio, gli Amministratori ricevono informazioni dettagliate e tempestive che consentano loro di essere pronti a discutere i punti all’ordine del giorno. Per ogni riunione trimestrale, il Consiglio riceve relazioni consolidate dalla Società di gestione sulla base delle informazioni ricevute dal Consulente per gli investimenti, dal Distributore, dalla Banca depositaria, dall’Agente amministrativo, dall’Agente di trasferimento, dalla Gestione del rischio e dalla Società di revisione, oltre alle proposte di modifica dei Comparti esistenti o di lancio di nuovi Comparti, ove del caso. I rappresentanti senior della Società di gestione e altri fornitori di servizi partecipano alle riunioni del Consiglio su invito, per consentire agli Amministratori di discutere le relazioni presentate. Il Consiglio può ricorrere a consulenze professionali indipendenti se necessario e a spese della Società. | ###### Role and Responsibility of the Board
The responsibility of the directors of the SICAV (the “Board”) is governed by Luxembourg law. With respect to the financial statements of the Company, the duties of the Directors are governed by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 17 December 2010 relating to undertakings for collective investment. The matters reserved for the Board include determination of each Fund’s investment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment and financial data, including the annual accounts, as well as the appointment of the Auditor, the Custodian and the Management Company.
Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during the meeting. For each quarterly meeting the Board receives reports consolidated by the Management Company on the basis of information received from the Investment Adviser, the Distributor, the Custodian, the Administrator, the Transfer Agent, Risk Management, the Auditor as well as proposals for changes to existing Funds or proposals to launch new ones as appropriate. Senior representatives of the Management Company and other service providers attend Board meetings by invitation to enable the Directors to question the reports presented to them. The Board can take independent professional advice if necessary and at the Company’s expense. | en | it |
DOLFIN1215 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Legal aspects
The Fund is subject to Part I of the Law of 2010 and was launched as an open-ended investment fund without legally independent status in the form of a collective investment fund (fonds commun de placement). It was established in accordance with the Management Regulations approved on 3 June 2003 by the Board of Directors of UBS Focused Fund Management Company S.A.; they entered into force on 21 June 2003. The Management Regulations were initially published by way of a notice of deposit on 21 June 2003 in Luxembourg’s “Mémorial”, and most recently in the “Recueil Electronique des Sociétés et Associations” (RESA) on 6 June 2017.
## The activities of UBS Focused Fund Management Company S.A. in its function as Management Company of the Fund ended on 14 October 2010.
## On 15 October 2010, UBS Fund Management (Luxembourg) S.A. assumed the function of Management Company.
The Fund’s Management Regulations may be amended, subject to compliance with applicable law. Any amendments thereto shall be notified by way of a notice of deposit in RESA, as well as by any other means described below in the section entitled “Regular reports and publications”. The new Management Regulations shall enter into force on the date of their signature by the Management Company and the Depositary. The consolidated version may be consulted at the Luxembourg trade and companies register (Registre de Commerce et des Sociétés).
The Fund has no legal personality as an investment fund. The entire net assets of each sub-fund are the undivided property of all unitholders who have equal rights in proportion to the number of units they hold. These assets are separate from the assets of the Management Company. The securities and other assets of the Fund are managed by UBS Fund Management (Luxembourg) S.A. as separate trust assets in the interests and for the account of the unitholders.
The Management Regulations give the Management Company the authority to establish different sub-funds for the Fund as well as different unit classes with specific characteristics within these sub-funds. This Sales Prospectus will be updated each time a new sub- fund or additional unit class is launched.
## There is no limit on the size of the net assets, the number of units, number of sub-funds and number of unit classes or the duration of the Fund and its sub-funds.
The Fund forms an indivisible legal unit. As regards the association between unitholders, each sub-fund is considered to be independent of the others. The assets of a sub-fund are only liable for liabilities incurred by that sub-fund. As no division of liabilities is made between unit classes, there is a risk that, under certain conditions, currency hedging transactions for unit classes with “hedged” in their name may result in liabilities that affect the net asset value of other unit classes of the same sub-fund.
## The acquisition of Fund units implies acceptance of the Management Regulations by the unitholder. The Management Regulations do not provide for a general meeting of the unitholders.
The Management Company asks investors to note that they only benefit from their rights as unitholders if they have been entered in their own name in the register of unitholders of the Fund following their investment in the Fund.However, if investors buy Fund units indirectly through an intermediary that makes the investment in its own name on behalf of the investor, and as a result, said intermediary is entered into the register of unitholders instead of the investor, the aforementioned rights as unitholders may be granted to the intermediary and not the investor. Investors are therefore advised to enquire as to their investor rights before making an investment decision.
## The Fund’s financial year ends on the last day of September. | # Rechtliche Aspekte
Der Fonds untersteht Teil I des Gesetzes von 2010 und wurde als ein rechtlich unselbstständiger offener Anlagefonds unter der Rechtsform eines Fonds Commun de Placement (FCP) aufgelegt. Er wurde gemäß den Vertragsbedingungen gegründet, die der Verwaltungsrat der UBS Focused Fund Management Company S.A. am 3. Juni 2003 genehmigt hat und welche am 21. Juni 2003 in Kraft getreten sind. Die Vertragsbedingungen wurden mittels Hinterlegungsvermerk erstmals am 21. Juni 2003 im Luxemburger "Mémorial" sowie zuletzt am 6. Juni 2017 im "Recueil Electronique des Sociétés et Associations" ("RESA") veröffentlicht.
## Die Tätigkeit der UBS Focused Fund Management Company S.A. in ihrer Funktion als Verwaltungsgesellschaft des Focused Fund endete am 14. Oktober 2010.
## Am 15. Oktober 2010 hat UBS Fund Management (Luxembourg) S.A. die Funktion der Verwaltungsgesellschaft übernommen.
Die Vertragsbedingungen des Fonds können unter Wahrung der rechtlichen Vorschriften geändert werden. Jede Änderung wird mittels Hinterlegungsvermerk im RESA und, wie weiter unten im Abschnitt "Regelmässige Berichte und Veröffentlichungen" beschrieben, bekannt gemacht. Die neuen Vertragsbedingungen treten am Tag ihrer Unterzeichnung durch die Verwaltungsgesellschaft und die Verwahrstelle in Kraft. Die konsolidierte Fassung ist beim Handels- und Gesellschaftsregister (Registre de Commerce et des Sociétés) in Luxemburg zur Einsicht hinterlegt.
Der Fonds besitzt als Anlagefonds keine Rechtspersönlichkeit. Das gesamte Nettovermögen eines Subfonds steht in ungeteiltem Miteigentum aller, ihren Anteilen entsprechend gleichberechtigt beteiligten Anteilinhaber. Es ist vom Vermögen der Verwaltungsgesellschaft getrennt. Die Wertpapiere und sonstigen Vermögenswerte des Fonds werden als ein Sondervermögen von der UBS Fund Management (Luxembourg) S.A. im Interesse und für Rechnung der Anteilinhaber verwaltet.
Die Vertragsbedingungen ermöglichen es der Verwaltungsgesellschaft, unterschiedliche Subfonds für den Fonds sowie verschiedene Anteilsklassen mit spezifischen Eigenschaften innerhalb dieser Subfonds zu gründen. Der vorliegende Verkaufsprospekt wird bei jeder Auflegung eines neuen Subfonds bzw. einer zusätzlichen Anteilsklasse aktualisiert.
## Das Nettovermögen, die Anzahl der Anteile, die Anzahl der Subfonds und der Anteilsklassen sowie die Laufzeit des Fonds und seiner Subfonds sind nicht begrenzt.
Der Fonds bildet eine untrennbare rechtliche Einheit. Im Verhältnis der Anteilinhaber untereinander wird jeder Subfonds als eigenständig angesehen. Die Vermögenswerte eines Subfonds haften nur für solche Verbindlichkeiten, die von dem betreffenden Subfonds eingegangen werden. Angesichts der Tatsache, dass es keine Trennung von Verbindlichkeiten zwischen Anteilsklassen gibt, besteht das Risiko, dass unter Umständen Währungsabsicherungsgeschäfte in Bezug auf Anteilsklassen mit Namensbestandteil "hedged" zu Verbindlichkeiten führen können, die sich auf den Nettoinventarwert von anderen Anteilsklassen desselben Subfonds auswirken können.
## Mit dem Erwerb der Anteile erkennt der Inhaber alle Bestimmungen der Vertragsbedingungen an. Die Vertragsbedingungen sehen keine Generalversammlung der Anteilinhaber vor.
Die Verwaltungsgesellschaft weist die Investoren darauf hin, dass sie nur dann in den Genuss ihrer Rechte als Anteilinhaber kommen, wenn sie infolge ihrer Anlage in den Fonds in das Anteilsinhaberregister des Fonds unter ihrem Namen eingetragen werden. Sollte der Anleger hingegen indirekt über eine Zwischenstelle in den Fonds investieren, welche die Investition in ihrem eigenen Namen und im Auftrag des Investors tätigt, so dass infolge dessen die besagte Zwischenstelle und nicht der Anleger in das Anteilsinhaberregister eingetragen wird, ist es nicht auszuschliessen, dass oben erwähnte Rechte der Zwischenstelle und nicht dem Anleger zustehen werden. Den Investoren wird somit geraten, sich über ihre Rechte als Anleger zu informieren, bevor sie ihre Anlageentscheidung treffen.
## Das Geschäftsjahr des Fonds endet am letzten Tag des Monats September. | # Legal aspects
The Fund is subject to Part I of the Law of 2010 and was launched as an open-ended investment fund without legally independent status in the form of a collective investment fund (fonds commun de placement). It was established in accordance with the Management Regulations approved on 3 June 2003 by the Board of Directors of UBS Focused Fund Management Company S.A.; they entered into force on 21 June 2003. The Management Regulations were initially published by way of a notice of deposit on 21 June 2003 in Luxembourg’s “Mémorial”, and most recently in the “Recueil Electronique des Sociétés et Associations” (RESA) on 6 June 2017.
## The activities of UBS Focused Fund Management Company S.A. in its function as Management Company of the Fund ended on 14 October 2010.
## On 15 October 2010, UBS Fund Management (Luxembourg) S.A. assumed the function of Management Company.
The Fund’s Management Regulations may be amended, subject to compliance with applicable law. Any amendments thereto shall be notified by way of a notice of deposit in RESA, as well as by any other means described below in the section entitled “Regular reports and publications”. The new Management Regulations shall enter into force on the date of their signature by the Management Company and the Depositary. The consolidated version may be consulted at the Luxembourg trade and companies register (Registre de Commerce et des Sociétés).
The Fund has no legal personality as an investment fund. The entire net assets of each sub-fund are the undivided property of all unitholders who have equal rights in proportion to the number of units they hold. These assets are separate from the assets of the Management Company. The securities and other assets of the Fund are managed by UBS Fund Management (Luxembourg) S.A. as separate trust assets in the interests and for the account of the unitholders.
The Management Regulations give the Management Company the authority to establish different sub-funds for the Fund as well as different unit classes with specific characteristics within these sub-funds. This Sales Prospectus will be updated each time a new sub- fund or additional unit class is launched.
## There is no limit on the size of the net assets, the number of units, number of sub-funds and number of unit classes or the duration of the Fund and its sub-funds.
The Fund forms an indivisible legal unit. As regards the association between unitholders, each sub-fund is considered to be independent of the others. The assets of a sub-fund are only liable for liabilities incurred by that sub-fund. As no division of liabilities is made between unit classes, there is a risk that, under certain conditions, currency hedging transactions for unit classes with “hedged” in their name may result in liabilities that affect the net asset value of other unit classes of the same sub-fund.
## The acquisition of Fund units implies acceptance of the Management Regulations by the unitholder. The Management Regulations do not provide for a general meeting of the unitholders.
The Management Company asks investors to note that they only benefit from their rights as unitholders if they have been entered in their own name in the register of unitholders of the Fund following their investment in the Fund.However, if investors buy Fund units indirectly through an intermediary that makes the investment in its own name on behalf of the investor, and as a result, said intermediary is entered into the register of unitholders instead of the investor, the aforementioned rights as unitholders may be granted to the intermediary and not the investor. Investors are therefore advised to enquire as to their investor rights before making an investment decision.
## The Fund’s financial year ends on the last day of September. | en | de |
DOLFIN1216 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The global exposure of a Feeder will be calculated by combining its own direct exposure to financial derivative instruments with either:
- The Master actual exposure to financial derivative instruments in proportion to the Feeder investment into the Master; or
- The Master potential maximum global exposure to financial derivative instruments provided for in the Master management regulations or articles of incorporation in proportion to the Feeder investment into the Master.
- A Sub-Fund may invest, as part of its investment objective in financial derivative instruments provided that the global exposure to the underlying assets does not exceed in aggregate the investment limits in paragraph (A) 5.9. | ## Das Gesamtrisiko eines Feeders berechnet sich durch die Kombination seines eigenen, direkten Engagements in derivative Finanzinstrumente mit einem der folgenden Elemente:
- Dem tatsächlichen Engagement des Masters in Finanzderivate im Verhältnis zur Investition des Feeders in den Master; oder
- Das potenzielle maximale Gesamtengagement des Masters in Finanzderivate, das in den Managementbestimmungen des Masters oder in der Satzung im Verhältnis zu den Anlagen des Feeders in den Master vorgesehen ist.
- Ein Teilfonds darf im Rahmen seines Anlageziels in derivative Finanzinstrumente investieren, sofern das Gesamtrisiko aus den Basiswerten die im Abschnitt (A) 5.9 dargestellten Anlagegrenzen nicht übersteigt. | ## The global exposure of a Feeder will be calculated by combining its own direct exposure to financial derivative instruments with either:
- The Master actual exposure to financial derivative instruments in proportion to the Feeder investment into the Master; or
- The Master potential maximum global exposure to financial derivative instruments provided for in the Master management regulations or articles of incorporation in proportion to the Feeder investment into the Master.
- A Sub-Fund may invest, as part of its investment objective in financial derivative instruments provided that the global exposure to the underlying assets does not exceed in aggregate the investment limits in paragraph (A) 5.9. | en | de |
DOLFIN1217 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Updated calculation method for the Fund’s performance fee
The Management Company has also decided to update the calculation method for the performance fee in order to reflect the introduction from 1 January 2022 of the European Securities and Markets Authority’s Guidelines on performance fees in UCITS and certain types of AIFs (ESMA34-39-992) of 5 November 2020, and the AMF’s Position DOC-2021-01 on performance fees in UCITS and certain types of AIFs.
The main change concerns the inclusion of a catch-up mechanism for any underperformance of the Fund versus its benchmark over a five-year reference period. The Fund’s prospectus also includes a detailed description of the performance fee model adopted by the Management Company.
- | # Aggiornamento delle modalità di calcolo della Commissione di performance del Fondo
La Società di gestione ha inoltre deciso di aggiornare le modalità di calcolo della commissione di performance al fine di tenere conto dell'entrata in vigore a partire dal 1° gennaio 2022 degli orientamenti dell'Autorità europea degli strumenti finanziari e dei mercati (ESMA34-39-992) del 5 novembre 2020 in materia di commissioni di performance degli organismi d'investimento collettivo in valori mobiliari e di alcuni tipi di fondi d'investimento alternativi e della posizione dell'Autorité des marchés financiers n°2021-01 sulle Commissioni di performance degli OICVM e di alcuni tipi di FIA.
La principale modifica a tal fine riguarda l'integrazione di un meccanismo per compensare le sottoperformance del Fondo rispetto al suo indice di riferimento su un periodo di riferimento di cinque anni. Il prospetto informativo del Fondo include tra l'altro una descrizione dettagliata del modello di commissioni di performance adottato dalla Società di gestione.
- | # Updated calculation method for the Fund’s performance fee
The Management Company has also decided to update the calculation method for the performance fee in order to reflect the introduction from 1 January 2022 of the European Securities and Markets Authority’s Guidelines on performance fees in UCITS and certain types of AIFs (ESMA34-39-992) of 5 November 2020, and the AMF’s Position DOC-2021-01 on performance fees in UCITS and certain types of AIFs.
The main change concerns the inclusion of a catch-up mechanism for any underperformance of the Fund versus its benchmark over a five-year reference period. The Fund’s prospectus also includes a detailed description of the performance fee model adopted by the Management Company.
- | en | it |
DOLFIN1218 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## In-Specie Repurchases
The Articles contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing more than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, at the discretion of the Directors, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. Where a Shareholder requesting such repurchase receives notice of the Company's intention to elect to satisfy the repurchase request by such a distribution of assets, the Shareholder may require that the Company, instead of transferring those assets, arrange for their sale and the payment of the net proceeds of sale to that Shareholder. The costs of such sale shall be borne by the relevant investor.
The Articles also contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing less than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, with the consent of the relevant Shareholder, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. | ## Reembolsos en especie
Los Estatutos contienen disposiciones especiales para el caso de que una solicitud de reembolso recibida de un Accionista condujese al reembolso por la Sociedad de Acciones que representen más del 5% del Patrimonio neto de cualquier Subfondo en cualquier Día de negociación. En tal caso, la Sociedad, a la entera discreción de los Consejeros, podrá atender la solicitud de reembolso, en su totalidad o en parte, mediante la distribución en especie de inversiones del Subfondo pertinente, siempre y cuando dicha distribución no perjudique los intereses de los restantes Accionistas de dicho Subfondo. Los activos que vayan a transmitirse se seleccionarán a la entera discreción de la Gestora delegada de inversiones, con la aprobación previa del Depositario, y se valorarán al valor de los mismos utilizado para determinar el precio de reembolso de la Acciones objeto de reembolso. Cuando el Accionista que solicite dicho reembolso reciba una notificación de la intención de la Sociedad de optar por atender la solicitud de reembolso mediante una distribución de activos, dicho Accionista podrá solicitar a la Sociedad que, en lugar de transmitirle dichos activos, se encargue de su venta y le abone el producto de la misma, una vez descontados los gastos soportados en relación con dicha venta. El inversor en cuestión asumirá los gastos de dicha venta.
Los Estatutos también contienen disposiciones especiales para el caso de que una solicitud de reembolso recibida de un Accionista condujese al reembolso por la Sociedad de Acciones que representen menos del 5% del Patrimonio neto de cualquier Subfondo en cualquier Día de negociación. En tal caso, la Sociedad, con el consentimiento previo del Accionista pertinente, podrá atender la solicitud de reembolso, en su totalidad o en parte, mediante la distribución en especie de inversiones del Subfondo pertinente, siempre y cuando dicha distribución no perjudique los intereses de los restantes Accionistas de dicho Subfondo. Los activos que vayan a transmitirse se seleccionarán a la entera discreción de la Gestora delegada de inversiones, con la aprobación previa del Depositario, y se valorarán al valor de los mismos utilizado para determinar el precio de reembolso de la Acciones objeto de reembolso. | ## In-Specie Repurchases
The Articles contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing more than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, at the discretion of the Directors, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. Where a Shareholder requesting such repurchase receives notice of the Company's intention to elect to satisfy the repurchase request by such a distribution of assets, the Shareholder may require that the Company, instead of transferring those assets, arrange for their sale and the payment of the net proceeds of sale to that Shareholder. The costs of such sale shall be borne by the relevant investor.
The Articles also contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing less than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, with the consent of the relevant Shareholder, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. | en | es |
DOLFIN1219 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
It is plausible that the Depositary Bank should be able to comply with the obligation described above by providing information about the Subfund as owner of securities. However, it cannot be ruled out that information about the Subfund’s Shareholders including information about beneficial ownership of shares held in the Subfund may also be requested. If such information is not provided by the Subfund and / or the Shareholder to the Depositary Bank, operations in the Depositary Bank’s foreign nominee holder account in Russia may be, as Russian law states, “prohibited or limited” by the Central Bank of the Russian Federation for up to six months. Russian law is silent as to whether such six-month term can be extended, therefore, such extension(s) cannot be excluded for an undetermined period of time so that the final impact of the aforementioned prohibition or limitation of operations cannot reasonably be evaluated at this point in time.
- The significance of the register is crucial to the custodial and registration process. Although independent registrars are subject to licensing and supervision by the Central Bank of Russia and may bear civil, as well as administrative liability for non-performance or undue performance of their obligations, it is, nevertheless, possible for the Subfund to lose its registration through fraud, negligence or mere oversight. Furthermore, although companies are required under Russian law to maintain independent registrars that meet certain statutory criteria, in practice there may be instances where this regulation has not been complied with by the companies. Because of this lack of independence, the management of a company can potentially exert significant influence over the make-up of that company’s shareholder base.
- Distortion or destruction of the register could substantially impair, or in certain cases erase, the Subfund’s holdings of the relevant company’s shares. Neither the Subfund, the Investment Manager, the Depositary Bank, the Management Company, the Board of Directors of the Management Company nor any of their agents can make any representation or warranty about, or any guarantee of, the registrars’ actions or performance. Such risk will be borne by the Subfund. Although Russian law provides for the mechanism of restoration of the lost information in the register, there is no guidance on how this mechanism should operate in practice, and any potential dispute would be considered by a Russian court on a case-by-case basis. | Es ist plausibel, dass die Depotbank in der Lage sein sollte, der oben genannten Verpflichtung nachzukommen, indem sie Informationen über den Subfonds als Eigentümer der Wertpapiere bereitstellt. Es kann jedoch nicht ausgeschlossen werden, dass zudem auch Informationen über die Aktionäre des Subfonds einschliesslich Informationen über das wirtschaftliche Eigentum der am Subfonds gehaltenen Aktien angefordert werden. Wenn der Subfonds und/oder die Aktionäre der Depotbank die entsprechenden Informationen nicht zur Verfügung stellen, kann die Zentralbank der Russischen Föderation die Geschäftstätigkeit des ausländischen Nominee-Kontos der Depotbank in Russland gemäss russischem Recht für bis zu sechs Monate «unterbinden oder einschränken». Das russische Gesetz macht keine Angaben dazu, ob diese sechsmonatige Frist verlängert werden kann, daher können solche Verlängerungen für eine unbestimmte Zeit nicht ausgeschlossen werden, so dass die letztendliche Auswirkung der oben genannten Unterbindung oder Einschränkung der Geschäftstätigkeit zu diesem Zeitpunkt nicht angemessen bewertet werden kann.
− Die Bedeutung des Registers für das Verwahr- und Registrierungsverfahren ist entscheidend. Obwohl unabhängige Registerführer von der russischen Zentralbank zugelassen und beaufsichtigt werden und unter Umständen zivil- oder verwaltungsrechtliche Verantwortung für eine ausbleibende oder nicht ordnungsgemässe Einhaltung ihrer Pflichten tragen, besteht dennoch die Möglichkeit, dass der Subfonds seine Registrierung durch Betrug, Nachlässigkeit oder schiere Unaufmerksamkeit verliert. Ausserdem kann es vorkommen, dass Unternehmen der in der Russischen Föderation geltenden Bestimmung nicht nachgekommen sind, gemäss welcher Unternehmen eigene, unabhängige Registerführer einsetzen müssen, die bestimmte gesetzlich vorgeschriebene Kriterien erfüllen müssen. Aufgrund dieser fehlenden Unabhängigkeit hat die Geschäftsführung eines Unternehmens einen potenziell grossen Einfluss auf die Zusammenstellung der Aktionäre dieses Unternehmens.
- Eine Verzerrung oder Zerstörung des Registers könnte dem Bestand des Subfonds an den entsprechenden Aktien des Unternehmens wesentlich schaden oder diesen Aktienbestand in bestimmten Fällen sogar zunichtemachen. Weder der Subfonds noch der Anlageverwalter noch die Depotbank noch die Verwaltungsgesellschaft noch der Verwaltungsrat der Verwaltungsgesellschaft noch deren Beauftragte können Zusicherungen, Gewährleistungen oder Garantien in Bezug auf die Handlungen oder Leistungen des Registerführers abgeben. Dieses Risiko wird vom Subfonds getragen. Obwohl das russische Recht Mechanismen zur Wiederherstellung verlorener Informationen im Register bereitstellt, gibt es keine Anleitung dafür, wie diese Mechanismen in der Praxis umzusetzen sind und jeder potenzielle Streit würde von einem russischen Gericht auf Einzelfallbasis betrachtet. | It is plausible that the Depositary Bank should be able to comply with the obligation described above by providing information about the Subfund as owner of securities. However, it cannot be ruled out that information about the Subfund’s Shareholders including information about beneficial ownership of shares held in the Subfund may also be requested. If such information is not provided by the Subfund and / or the Shareholder to the Depositary Bank, operations in the Depositary Bank’s foreign nominee holder account in Russia may be, as Russian law states, “prohibited or limited” by the Central Bank of the Russian Federation for up to six months. Russian law is silent as to whether such six-month term can be extended, therefore, such extension(s) cannot be excluded for an undetermined period of time so that the final impact of the aforementioned prohibition or limitation of operations cannot reasonably be evaluated at this point in time.
- The significance of the register is crucial to the custodial and registration process. Although independent registrars are subject to licensing and supervision by the Central Bank of Russia and may bear civil, as well as administrative liability for non-performance or undue performance of their obligations, it is, nevertheless, possible for the Subfund to lose its registration through fraud, negligence or mere oversight. Furthermore, although companies are required under Russian law to maintain independent registrars that meet certain statutory criteria, in practice there may be instances where this regulation has not been complied with by the companies. Because of this lack of independence, the management of a company can potentially exert significant influence over the make-up of that company’s shareholder base.
- Distortion or destruction of the register could substantially impair, or in certain cases erase, the Subfund’s holdings of the relevant company’s shares. Neither the Subfund, the Investment Manager, the Depositary Bank, the Management Company, the Board of Directors of the Management Company nor any of their agents can make any representation or warranty about, or any guarantee of, the registrars’ actions or performance. Such risk will be borne by the Subfund. Although Russian law provides for the mechanism of restoration of the lost information in the register, there is no guidance on how this mechanism should operate in practice, and any potential dispute would be considered by a Russian court on a case-by-case basis. | en | de |
DOLFIN1220 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund’s investment objective is to achieve long-term capital appreciation.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its total net assets) in equities of companies Located in or with Substantial Ties to the Asia ex Japan region. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis.
For the purpose of this Sub-Fund, the Asia ex Japan region consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging and frontier countries and markets in Asia. The Sub-Fund may invest (whether directly or indirectly) in China A Shares, either directly via a Qualified Foreign Investor (“QFI”) license awarded to a Matthews group entity, or via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect programs, or indirectly via investment in access products. The Sub-Fund may directly or indirectly invest less than 70% of its net assets in aggregate in China A and B Shares.
A detailed description of the investments in China A Shares through the use of a QFI license and the Stock Connects as well as risks linked thereto can be found under the section entitled “Risks Associated with Investing in China A Shares.”
The Sub-Fund seeks to invest primarily (at least 65% of its total net assets) in companies that the Investment Manager believes are capable of growth based on innovation, which could be innovation in products or services or in other areas, such as processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Investment Manager may take into account the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. The Sub-Fund may invest in companies of any size, and in any sector.
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##### Sub-Fund's Risk Profile | El Subfondo tiene por objetivo de inversión conseguir la revalorización del capital a largo plazo.
En condiciones de mercado normales, el Subfondo pretende alcanzar su objetivo mediante la inversión, directa o indirecta, de al menos el 65% de su patrimonio neto total, en acciones de sociedades Situadas o que mantienen importantes vínculos con la región de Asia excepto Japón. De forma accesoria, el Subfondo puede invertir en otros activos permitidos en todo el mundo.
A efectos de este Subfondo, la región de Asia excepto Japón se compone de todos los países y mercados del continente, excluyendo Japón, pero incluyendo todos los restantes países y mercados desarrollados, emergentes y frontera de Asia. El Subfondo puede invertir (directa o indirectamente) en Acciones A de China: directamente, a través de una licencia de Inversor extranjero autorizado («QFI») otorgada a una entidad del grupo Matthews o a través de los programas Shanghai-Hong Kong Stock Connect y/o Shenzhen-Hong Kong Stock Connect; o indirectamente, a través de la inversión en productos de acceso. El Subfondo puede invertir directa o indirectamente menos del 70% de su patrimonio neto total en Acciones A y B de China.
En el apartado «Riesgos asociados con las inversiones en las Acciones A de China», puede encontrarse una descripción detallada de las inversiones en las Acciones A de China realizadas por medio de una licencia de QFI y los programas Stock Connect, así como de los riesgos conexos.
El objetivo del Subfondo es invertir principalmente (al menos el 65% de su patrimonio neto total) en empresas que, en opinión de la Gestora de inversiones, ofrecen un potencial de crecimiento basado en la innovación (que podría ser innovación en productos o servicios o en otros ámbitos, tales como procesos, modelos de negocio, administración, uso de tecnología o enfoque aplicado a la creación, la expansión o el abastecimiento de sus mercados). La Gestora de inversiones puede tener en cuenta las características fundamentales de estas empresas, incluyendo información de su balance; el número de empleados; la capitalización de mercado y estabilidad del flujo de caja; los conocimientos, la capacidad de adaptación y la integridad de su equipo de gestión; las carteras de productos; estrategias de marketing; el gobierno corporativo y la situación financiera. El Subfondo puede invertir en empresas de todo el espectro de capitalizaciones de mercado y de cualquier sector.
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##### Perfil de riesgo del Subfondo | The Sub-Fund’s investment objective is to achieve long-term capital appreciation.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its total net assets) in equities of companies Located in or with Substantial Ties to the Asia ex Japan region. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis.
For the purpose of this Sub-Fund, the Asia ex Japan region consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging and frontier countries and markets in Asia. The Sub-Fund may invest (whether directly or indirectly) in China A Shares, either directly via a Qualified Foreign Investor (“QFI”) license awarded to a Matthews group entity, or via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect programs, or indirectly via investment in access products. The Sub-Fund may directly or indirectly invest less than 70% of its net assets in aggregate in China A and B Shares.
A detailed description of the investments in China A Shares through the use of a QFI license and the Stock Connects as well as risks linked thereto can be found under the section entitled “Risks Associated with Investing in China A Shares.”
The Sub-Fund seeks to invest primarily (at least 65% of its total net assets) in companies that the Investment Manager believes are capable of growth based on innovation, which could be innovation in products or services or in other areas, such as processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Investment Manager may take into account the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. The Sub-Fund may invest in companies of any size, and in any sector.
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##### Sub-Fund's Risk Profile | en | es |
DOLFIN1221 | 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
Le Fonds investit avec effet de levier dans des instruments dérivés tels que des Credit Default Swaps (« CDS ») et des obligations d’entreprise, qui offrent des rendements basés sur le crédit de l’entreprise. Le Fonds cherche à tirer des rendements à la fois des intérêts perçus et des paiements périodiques reçus de ses investissements, ainsi que de l’augmentation et de la diminution de la valeur de la dette et des produits dérivés découlant d’entreprises considérées individuellement et des cours des obligations en général.
- Le Fonds pourra maintenir des expositions longues ou courtes aux dettes d’entreprise, et adoptera des positions longues ou courtes via des CDS sur le risque de crédit d’entreprises considérées individuellement, ou achètera ou vendra des obligations d’entreprise.
- Le Fonds adoptera généralement une exposition « longue » aux risques de crédit, c’est-à-dire qu’il détiendra des positions qui s’avèrent avantageuses lorsqu’une entreprise donnée ou le marché de la dette en général demeure stable, ne connaît pas de défauts de paiement et/ou bénéficie d’une amélioration de son environnement de crédit. Cependant, le Fonds pourra être« court » dans tout ou partie de son portefeuille, autrement dit détenir des positions qui s’avèrent avantageuses dans le cas contraire, à savoir lorsqu’une entreprise donnée ou le marché en général est confronté à des défauts de crédit et/ou souffre d’une détérioration de son environnement de crédit.
- S’il choisit une exposition longue aux risques de crédit, le Gestionnaire d’Investissements appliquera la recherche fondamentale en matière de crédit afin d’identifier des dettes attrayantes d’entreprises sous-évaluées. S’il choisit une exposition courte, il utilisera les critères opposés. L’objectif principal est d’atteindre des taux de rendementglobaux élevés en sélectionnant de la dette d’entreprise sur- ou sous-évaluée comportant des risques prudents et un niveau de volatilité modéré.
- Le Fonds utilisera l’effet de levier (c’est-à-dire qu’il pourra acquérir une plus grande exposition aux investissements sous-jacents que s’il avait investi directement) – principalement par le biais de CDS.
- Le Fonds concentrera ses investissements sur les entreprises en Europe, aux États-Unis et dans d’autres marchés développés.
- Le Fonds ne verse pas de dividendes - tous les gains du Fonds seront réinvestis.
- Les investisseurs peuvent demander la souscription ou le rachat de leurs actions quotidiennement moyennant un préavis d’un Jour ouvrable.
- Recommandation : ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans un délai de 2 (deux) à 4 (quatre) ans.
- Pour obtenir des informations complètes sur les objectifs et la politique d’investissement, ainsi que sur les politiques de souscription et de rachat, veuillez-vous reporter au supplément du Fonds.
- Le Fonds est un Fonds d’investissement activement géré. | # Objetivos y política de inversión
El Fondo invierte sobre una base apalancada en derivados como permutas de incumplimiento crediticio (“CDS”, por sus siglas en inglés) y bonos empresariales, que proporcionan rentabilidad en base a la deuda corporativa. El objetivo del Fondo es lograr una rentabilidad tanto de los intereses devengados y los pagos periódicos recibidos de sus inversiones como del aumento y la disminución del valor de la deuda y sus derivados de empresas individuales y los precios de los bonos en general.
- El Fondo puede mantener exposiciones a largo y corto plazo a la deuda corporativa y situarse en posiciones largas y cortas de CDS en el riesgo crediticio de empresas individuales, así como adquirir o vender bonos empresariales.
- Por lo general, el Fondo asumirá un riesgo crediticio a largo plazo, es decir, mantendrá posiciones favorables cuando una empresa particular o el mercado de deuda generalmente permanezca estable, no experimente incumplimientos crediticios y/o exhiba una mejora del entorno crediticio. No obstante, el Fondo puede asumir un riesgo a corto plazo en algunas o todas sus carteras, es decir, mantener posiciones favorables si ocurre el caso contrario, principalmente si una empresa particular o el mercado en general experimenta incumplimientos crediticios y/o exhibe un deterioro del entorno crediticio.
- Cuando seleccione las exposiciones crediticias a largo plazo, el Gestor de inversiones realizará una investigación crediticia básica para identificar una deuda corporativa atractiva de bajo precio. Cuando seleccione las exposiciones a corto plazo, se aplicarán los criterios opuestos. El objetivo principal es lograr unas tasas de rentabilidad total elevadas mediante la selección de deudas corporativas de bajo o alto precio con riesgos prudentes y un nivelmoderado de volatilidad.
- El Fondo utilizará el apalancamiento (es decir, podrá obtener más exposición a la inversión subyacente que si hubiera invertido directamente), principalmente mediante el uso de CDS.
- El Fondo centrará sus inversiones en empresas ubicadas en Europa, Estados Unidos y otros mercados desarrollados.
- El Fondo no paga dividendos; todos los ingresos del Fondo serán reinvertidos.
- Los inversores pueden comprar o reembolsar sus acciones a diario con un aviso previo de un día hábil.
- Recomendación: es posible que la inversión en el Fondo no sea adecuada para inversores que prevean retirar su dinero en un plazo de 2 (dos) a 4 (cuatro) años.
- Para obtener información detallada de la política y el objetivo de inversión, así como de las políticas de suscripción y reembolso, consulte el suplemento del Fondo.
- Este fondo es un fondo de inversión gestionado activamente. | # Objectifs et politique d’investissement
Le Fonds investit avec effet de levier dans des instruments dérivés tels que des Credit Default Swaps (« CDS ») et des obligations d’entreprise, qui offrent des rendements basés sur le crédit de l’entreprise. Le Fonds cherche à tirer des rendements à la fois des intérêts perçus et des paiements périodiques reçus de ses investissements, ainsi que de l’augmentation et de la diminution de la valeur de la dette et des produits dérivés découlant d’entreprises considérées individuellement et des cours des obligations en général.
- Le Fonds pourra maintenir des expositions longues ou courtes aux dettes d’entreprise, et adoptera des positions longues ou courtes via des CDS sur le risque de crédit d’entreprises considérées individuellement, ou achètera ou vendra des obligations d’entreprise.
- Le Fonds adoptera généralement une exposition « longue » aux risques de crédit, c’est-à-dire qu’il détiendra des positions qui s’avèrent avantageuses lorsqu’une entreprise donnée ou le marché de la dette en général demeure stable, ne connaît pas de défauts de paiement et/ou bénéficie d’une amélioration de son environnement de crédit. Cependant, le Fonds pourra être« court » dans tout ou partie de son portefeuille, autrement dit détenir des positions qui s’avèrent avantageuses dans le cas contraire, à savoir lorsqu’une entreprise donnée ou le marché en général est confronté à des défauts de crédit et/ou souffre d’une détérioration de son environnement de crédit.
- S’il choisit une exposition longue aux risques de crédit, le Gestionnaire d’Investissements appliquera la recherche fondamentale en matière de crédit afin d’identifier des dettes attrayantes d’entreprises sous-évaluées. S’il choisit une exposition courte, il utilisera les critères opposés. L’objectif principal est d’atteindre des taux de rendementglobaux élevés en sélectionnant de la dette d’entreprise sur- ou sous-évaluée comportant des risques prudents et un niveau de volatilité modéré.
- Le Fonds utilisera l’effet de levier (c’est-à-dire qu’il pourra acquérir une plus grande exposition aux investissements sous-jacents que s’il avait investi directement) – principalement par le biais de CDS.
- Le Fonds concentrera ses investissements sur les entreprises en Europe, aux États-Unis et dans d’autres marchés développés.
- Le Fonds ne verse pas de dividendes - tous les gains du Fonds seront réinvestis.
- Les investisseurs peuvent demander la souscription ou le rachat de leurs actions quotidiennement moyennant un préavis d’un Jour ouvrable.
- Recommandation : ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans un délai de 2 (deux) à 4 (quatre) ans.
- Pour obtenir des informations complètes sur les objectifs et la politique d’investissement, ainsi que sur les politiques de souscription et de rachat, veuillez-vous reporter au supplément du Fonds.
- Le Fonds est un Fonds d’investissement activement géré. | fr | es |
DOLFIN1222 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if MFS Investment Management Company (Lux) S.à r.l. is unable to pay out?
The assets of the fund and of the Product Manufacturer are segregated, so the default of the Product Manufacturer should not result in a financial
loss to the fund’s shareholders. | # Cosa accade se MFS Investment Management Company (Lux) S.à r.l. non è in grado di corrispondere quanto dovuto?
Le attività del fondo e quelle dell’Ideatore del prodotto sono separate, pertanto l'eventuale insolvenza di quest’ultimo non dovrebbe comportare
perdite finanziarie per gli azionisti del fondo. | # What happens if MFS Investment Management Company (Lux) S.à r.l. is unable to pay out?
The assets of the fund and of the Product Manufacturer are segregated, so the default of the Product Manufacturer should not result in a financial
loss to the fund’s shareholders. | en | it |
DOLFIN1223 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Share Class Hedging
The “2C – EUR Hedged” Share Class is denominated in a different currency to the Base Currency ("Currency Hedged Share Class", as indicated under Description of the Shares below) and is subject to currency hedging.
The Fund will seek to hedge against the currency exposures of the Underlying Securities in the portfolio which differ from the currency of the respective Currency Hedged Share Class in accordance with the “Share Class Currency Hedging Methodology” set out in the Prospectus.
Investors should note that the Currency Hedged Share Classes will not completely eliminate currency risk, or provide a precise hedge, and as such, investors may have exposures to currencies other than the currency of the Currency Hedged Share Class. | # Anteilsklassenabsicherung
Die Anteilsklasse "2C – EUR Hedged" lautet auf eine andere Währung als die Basiswährung ("Anteilsklasse mit Währungsabsicherung", wie nachstehend unter "Beschreibung der Anteile" erläutert) und unterliegt einer Währungsabsicherung.
Entsprechend der im Prospekt dargelegten "Währungsabsicherungsmethode von Anteilsklassen" wird der Fonds sich um eine Absicherung gegen das Währungsexposure der Basiswertpapiere im Portfolio bemühen, bei denen sich die Währung von jener der jeweiligen Anteilsklasse mit Währungsabsicherung unterscheidet.
Anleger sollten beachten, dass die Anteilsklassen mit Währungsabsicherung das Währungsrisiko nicht vollständig eliminieren oder eine präzise Absicherung gewährleisten. Daher können Anleger ein Exposure in Bezug auf andere Währungen als jener der Anteilsklasse mit Währungsabsicherung haben. | # Share Class Hedging
The “2C – EUR Hedged” Share Class is denominated in a different currency to the Base Currency ("Currency Hedged Share Class", as indicated under Description of the Shares below) and is subject to currency hedging.
The Fund will seek to hedge against the currency exposures of the Underlying Securities in the portfolio which differ from the currency of the respective Currency Hedged Share Class in accordance with the “Share Class Currency Hedging Methodology” set out in the Prospectus.
Investors should note that the Currency Hedged Share Classes will not completely eliminate currency risk, or provide a precise hedge, and as such, investors may have exposures to currencies other than the currency of the Currency Hedged Share Class. | en | de |
DOLFIN1224 | 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 Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI World Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI World Enhanced Value Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, componen el Índice.
El Índice trata de reflejar las características de rentabilidad de un subconjunto de valores de renta variable incluidos en el MSCI World Index (el «Índice matriz»), seleccionados por su buena relación calidad-precio. Los componentes del Índice se seleccionan entre los valores del Índice matriz en función de tres indicadores principales con la misma ponderación que reflejan si los valores de renta variable de una empresa ofrecen un valor adecuado: la comparación del precio de un valor de renta variable con las ganancias futuras estimadas de la empresa (basándose en un consenso de las opiniones publicadas de los analistas de una agencia externa reconocida en el sector); el precio de un valor de renta variable en relación con el valor contable (es decir, el valor de la cartera de los accionistas en la cuenta de resultados) de la empresa, y el valor empresarial (una medida del valor de una empresa, que incluye su deuda y sus activos) de una empresa en relación con su flujo de tesorería operativo (es decir, una medida de la cantidad de efectivo generado por las actividades empresariales normales de la empresa), con la salvedad de que el valor empresarial no se utiliza como un indicador del valor adecuado para las empresas del sector financiero debido a la estructura de su capital. El Índice incorpora restricciones a la exposición a las ponderaciones sectoriales para limitar las desviaciones importantes con respecto al Índice matriz.
El Índice matriz está diseñado para ofrecer una representación de los mercados de renta variable de países desarrollados. Las empresas se incluyen en el Índice matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI World Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1225 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type
Le Fonds est un compartiment d’Invesco Funds (le « Fonds à compartiments multiples »), un fonds d’investissement à capital variable et à compartiments multiples de droit luxembourgeois harmonisé en vertu de la Directive du Conseil européen 2009/65/CE relative aux Organismes de placement collectif en valeurs mobilières (OPCVM).
Durée
Le Fonds n’a pas de date d’échéance et peut uniquement être résilié conformément aux conditions énoncées dans le Prospectus.
Objectifs
- Le Fonds a pour objectif de générer un rendement total positif dans toutes les conditions de marché sur une période de 3 années consécutives. Le Fonds vise un rendement brut de 5 % par an au-delà de l’EURIBOR à 3 mois (ou un taux de référence équivalent) moyennant une volatilité inférieure à la moitié de celle des actions mondiales, sur la même période de 3 années consécutives. Rien ne garantit que le Fonds réalise un rendement positif ou atteigne son objectif de volatilité.
- Le Fonds recourt à un large éventail d’idées et de techniques d’investissement afin de constituer une exposition à une sélection d’actifs de tous les secteurs économiques du monde, notamment des actions de sociétés, titres de créance (émis par des gouvernements ou des sociétés et notés au moins B- par l’agence de notation Standard & Poor’s ou équivalent), matières premières, espèces et instruments du marché monétaire.
- Le Fonds ne s’exposera pas à des matières premières agricoles.
- Pour assurer une répartition prudente des risques et un portefeuille diversifié, le Fonds appliquera en permanence au moins cinq idées d’investissement individuelles à l’aide d’au moins trois types d’actifs différents.
- Le Fonds peut faire un usage intensif des instruments dérivés (instruments complexes) pour (i) réduire le risque et/ou générer du capital ou des revenus supplémentaires, et/ou (ii) atteindre ses objectifs d’investissement en produisant des effets de levier variables (c’est-à-dire en prenant une exposition au marché supérieure à sa valeur liquidative).
- Le Fonds fait l’objet d’une gestion active et aucune contrainte ne lui est imposée par son indice de référence, l’indice 3 Month Euribor Index + 5%, qui est utilisé à des fins de comparaison. Puisque l’indice de référence est un indicateur de substitution à un taux du marché monétaire, le chevauchement ne s’applique pas.
- Veuillez vous reporter à la performance passée du Fonds publiée sur le site Internet d’Invesco Management S.A, où un indice de référence sera affiché le cas échéant.
- Vous pouvez acheter et vendre des actions du Fonds chaque Jour de Transaction tel que défini dans le Prospectus.
- Tout revenu découlant de votre investissement sera réinvesti.
Investisseurs de détail visés
Le Fonds est destiné aux investisseurs qui visent un rendement total positif dans toutes les conditions de marché sur une période de 3 années consécutives, qui n’ont pas d’expertise financière particulière mais sont capables de prendre des décisions d’investissement éclairées sur la base du présent document et du Prospectus, qui ont une appétence pour le risque conforme à l’indicateur de risque présenté ci-dessous et qui comprennent qu’il n’y a aucune garantie ou protection du capital (100 % du capital est exposé au risque).
Dépositaire : The Bank of New York Mellon SA/NV, succursale de Luxembourg. Des implications fiscales peuvent exister dans votre pays de résidence et/ou d’origine. La responsabilité d’Invesco Management S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus. Le Fonds à compartiments multiples est structuré autour de compartiments distincts. Les actifs et passifs de chaque compartiment sont séparés en vertu de la Loi luxembourgeoise. Les actifs du Fonds ne seront pas disponibles pour honorer les engagements d’un autre compartiment du Fonds à compartiments multiples. Vous êtes autorisé à passer de ce Fonds à un autre fonds sur demande. Veuillez vous reporter au Prospectus pour de plus amples informations. Ce document d’information clé décrit une classe d’actions. D’autres catégories d’actions peuvent être disponibles pour ce Fonds. Vous trouverez de plus amples informations sur les sites Internet locaux d’Invesco. Vous pouvez consulter le dernier cours de la Catégorie d’Actions sur notre site Internet ainsi que sur les pages de Reuters, Bloomberg et Morningstar. De plus amples informations sur la politique de rémunération à jour d’Invesco Management S.A., y compris notamment une description de la manière dont sont calculés les rémunérations et les avantages ainsi que l’identité des personnes responsables de leur attribution, et la composition du comité de rémunération, sont disponibles sur www.invescomanagementcompany.lu, et un exemplaire peut être obtenu sans frais auprès de la Société de Gestion. Le Prospectus et les rapports annuel et semestriel peuvent être obtenus gratuitement auprès de l’Agent de registre et de transfert du Fonds, The Bank of New York SA/NV, succursale de Luxembourg, BP 648, L-2016 Luxembourg, par e-mail à l’adresse [email protected] ou sur notre site Internet www.invesco.com. Le Prospectus est disponible en anglais, français, espagnol, italien et allemand, et les rapports sont disponibles en anglais et en allemand. Le Prospectus et les rapports sont préparés pour l’ensemble du Fonds à compartiments multiples. | # ¿Qué es este producto?
Tipo
El Fondo es un subfondo de Invesco Funds (el «Fondo paraguas»), un fondo abierto de inversión por compartimentos constituido conforme a las leyes de Luxemburgo y que se rige en virtud de la Directiva 2009/65/CE del Consejo de la UE relativa a los Organismos de inversión colectiva en valores mobiliarios (OICVM).
Plazo
El Fondo no tiene fecha de vencimiento y únicamente podrá disolverse de conformidad con las condiciones establecidas en el Folleto informativo.
Objetivos
- El objetivo del Fondo es lograr un rendimiento total positivo en todas las condiciones de mercado durante un período renovable de tres años. El Fondo fija un rendimiento bruto del 5 % anual por encima del EURIBOR a tres meses (o un tipo de referencia equivalente) y busca lograrlo con menos de la mitad de la volatilidad de las acciones internacionales, durante el mismo período renovable de tres años. No hay garantía de que el Fondo logre un rendimiento positivo o su objetivo de volatilidad.
- El Fondo utiliza una amplia gama de ideas y técnicas de inversión para obtener exposición a una selección de activos en todos los sectores económicos del mundo, como acciones de sociedades, instrumentos de deuda (emitidos por gobiernos o sociedades con una calificación mínima de B- según la agencia de calificación Standard & Poor’s o equivalente), materias primas, efectivo e instrumentos del mercado monetario.
- El Fondo no obtendrá exposición a materias primas agrícolas.
- Para garantizar una distribución prudente del riesgo y una cartera diversificada, se mantendrá un mínimo de cinco ideas de inversión individual de un mínimo de tres tipos de activos diferentes en el Fondo en todo momento.
- El Fondo podrá hacer un uso significativo de derivados (instrumentos complejos) para (i) reducir el riesgo o generar capital o ingresos adicionales o (ii) cumplir con los objetivos de inversión del Fondo al generar cantidades variables de apalancamiento (es decir, cuando el Fondo obtenga una exposición al mercado superior al Valor liquidativo del Fondo).
- El Fondo se gestiona activamente y no está limitado por su valor de referencia, el 3 Month Euribor Index + 5 %, que se utiliza a efectos de comparación. Dado que el valor de referencia constituye una representación de un tipo de interés del mercado monetario, la superposición no es aplicable.
- Consulte la rentabilidad histórica del Fondo publicada en el sitio web de Invesco Management S.A, donde se mostrará un valor de referencia si procede.
- Puede comprar y vender acciones del Fondo cualquier Día de Negociación (según se define en el Folleto).
- Se reinvertirá todo ingreso proveniente de su inversión.
Inversor minorista al que va dirigido
El Fondo está dirigido a inversores que buscan un rendimiento total positivo en todas las condiciones de mercado durante un período renovable de tres años, que pueden no tener conocimientos técnicos financieros, pero que son capaces de tomar una decisión de inversión fundada basándose en este documento y el Folleto informativo, que tienen un apetito de riesgo acorde con el indicador de riesgo que se muestra a continuación y comprenden que no hay garantía ni protección de capital (el 100 % del capital está en riesgo).
Depositario: Bank of New York Mellon SA/NV, sucursal de Luxemburgo. Podrán existir consecuencias fiscales en su país de residencia o de origen. Invesco Management S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes con las correspondientes partes del Folleto informativo. El Fondo paraguas se ha estructurado en diferentes subfondos. Los activos y pasivos de todos los subfondos están segregados por la legislación de Luxemburgo. Los activos del Fondo no estarán disponibles para atender los pasivos de otro subfondo del Fondo paraguas. Tiene derecho a cambiar de este Fondo a otro fondo previa solicitud. Consulte el Folleto informativo para obtener más información. Este documento de datos fundamentales describe una clase de acciones. Podrán existir más clases de acciones disponibles para este Fondo. Podrá obtener más información en los sitios web locales de Invesco. Puede consultar el último precio para la clase de Acciones en nuestro sitio web, y en Reuters, Bloomberg y Morningstar. La información sobre la política de remuneración actualizada de Invesco Management S.A., incluyendo, entre otros, una descripción del método de cálculo de la remuneración y los beneficios y la identidad de las personas responsables de otorgar la remuneración y los beneficios, incluyendo la composición del comité de remuneración, está disponible en www.invescomanagementcompany.lu y puede obtenerse una copia, gratuitamente, de la Sociedad Gestora. Se podrán obtener, gratuitamente, el Folleto y los informes anuales y semestrales a través del Registrador y Agente de Transferencias del Fondo, The Bank of New York SA/NV, Luxembourg Branch, BP 648, L-2016 Luxemburgo, enviando un correo electrónico a [email protected] o a través de nuestro sitio web: www.invesco.com. El Folleto informativo está disponible en inglés, francés, español, italiano y alemán, y los informes en inglés y alemán. El Folleto informativo y los informes se elaboran para todo el Fondo paraguas. | # En quoi consiste ce produit?
Type
Le Fonds est un compartiment d’Invesco Funds (le « Fonds à compartiments multiples »), un fonds d’investissement à capital variable et à compartiments multiples de droit luxembourgeois harmonisé en vertu de la Directive du Conseil européen 2009/65/CE relative aux Organismes de placement collectif en valeurs mobilières (OPCVM).
Durée
Le Fonds n’a pas de date d’échéance et peut uniquement être résilié conformément aux conditions énoncées dans le Prospectus.
Objectifs
- Le Fonds a pour objectif de générer un rendement total positif dans toutes les conditions de marché sur une période de 3 années consécutives. Le Fonds vise un rendement brut de 5 % par an au-delà de l’EURIBOR à 3 mois (ou un taux de référence équivalent) moyennant une volatilité inférieure à la moitié de celle des actions mondiales, sur la même période de 3 années consécutives. Rien ne garantit que le Fonds réalise un rendement positif ou atteigne son objectif de volatilité.
- Le Fonds recourt à un large éventail d’idées et de techniques d’investissement afin de constituer une exposition à une sélection d’actifs de tous les secteurs économiques du monde, notamment des actions de sociétés, titres de créance (émis par des gouvernements ou des sociétés et notés au moins B- par l’agence de notation Standard & Poor’s ou équivalent), matières premières, espèces et instruments du marché monétaire.
- Le Fonds ne s’exposera pas à des matières premières agricoles.
- Pour assurer une répartition prudente des risques et un portefeuille diversifié, le Fonds appliquera en permanence au moins cinq idées d’investissement individuelles à l’aide d’au moins trois types d’actifs différents.
- Le Fonds peut faire un usage intensif des instruments dérivés (instruments complexes) pour (i) réduire le risque et/ou générer du capital ou des revenus supplémentaires, et/ou (ii) atteindre ses objectifs d’investissement en produisant des effets de levier variables (c’est-à-dire en prenant une exposition au marché supérieure à sa valeur liquidative).
- Le Fonds fait l’objet d’une gestion active et aucune contrainte ne lui est imposée par son indice de référence, l’indice 3 Month Euribor Index + 5%, qui est utilisé à des fins de comparaison. Puisque l’indice de référence est un indicateur de substitution à un taux du marché monétaire, le chevauchement ne s’applique pas.
- Veuillez vous reporter à la performance passée du Fonds publiée sur le site Internet d’Invesco Management S.A, où un indice de référence sera affiché le cas échéant.
- Vous pouvez acheter et vendre des actions du Fonds chaque Jour de Transaction tel que défini dans le Prospectus.
- Tout revenu découlant de votre investissement sera réinvesti.
Investisseurs de détail visés
Le Fonds est destiné aux investisseurs qui visent un rendement total positif dans toutes les conditions de marché sur une période de 3 années consécutives, qui n’ont pas d’expertise financière particulière mais sont capables de prendre des décisions d’investissement éclairées sur la base du présent document et du Prospectus, qui ont une appétence pour le risque conforme à l’indicateur de risque présenté ci-dessous et qui comprennent qu’il n’y a aucune garantie ou protection du capital (100 % du capital est exposé au risque).
Dépositaire : The Bank of New York Mellon SA/NV, succursale de Luxembourg. Des implications fiscales peuvent exister dans votre pays de résidence et/ou d’origine. La responsabilité d’Invesco Management S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus. Le Fonds à compartiments multiples est structuré autour de compartiments distincts. Les actifs et passifs de chaque compartiment sont séparés en vertu de la Loi luxembourgeoise. Les actifs du Fonds ne seront pas disponibles pour honorer les engagements d’un autre compartiment du Fonds à compartiments multiples. Vous êtes autorisé à passer de ce Fonds à un autre fonds sur demande. Veuillez vous reporter au Prospectus pour de plus amples informations. Ce document d’information clé décrit une classe d’actions. D’autres catégories d’actions peuvent être disponibles pour ce Fonds. Vous trouverez de plus amples informations sur les sites Internet locaux d’Invesco. Vous pouvez consulter le dernier cours de la Catégorie d’Actions sur notre site Internet ainsi que sur les pages de Reuters, Bloomberg et Morningstar. De plus amples informations sur la politique de rémunération à jour d’Invesco Management S.A., y compris notamment une description de la manière dont sont calculés les rémunérations et les avantages ainsi que l’identité des personnes responsables de leur attribution, et la composition du comité de rémunération, sont disponibles sur www.invescomanagementcompany.lu, et un exemplaire peut être obtenu sans frais auprès de la Société de Gestion. Le Prospectus et les rapports annuel et semestriel peuvent être obtenus gratuitement auprès de l’Agent de registre et de transfert du Fonds, The Bank of New York SA/NV, succursale de Luxembourg, BP 648, L-2016 Luxembourg, par e-mail à l’adresse [email protected] ou sur notre site Internet www.invesco.com. Le Prospectus est disponible en anglais, français, espagnol, italien et allemand, et les rapports sont disponibles en anglais et en allemand. Le Prospectus et les rapports sont préparés pour l’ensemble du Fonds à compartiments multiples. | fr | es |
DOLFIN1226 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Transaction Services ST MH1, SE-106 40 Stockholm, Sweden.
The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The Prospectus contains a more detailed description of the limited relationship MSCI has with SSGA and any related financial products.
Standard & Poor's®, S&P® and SPDR® are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation's financial
products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index. The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of | ### AB, Global Transaction Services ST MH1, SE-106 40 Stockholm, Svezia.
I prodotti finanziari citati nel presente documento non sono sponsorizzati, avallati né promossi da MSCI, che declina qualsiasi responsabilità relativamente a tali prodotti finanziari o a qualsiasi indice su cui gli stessi siano basati. Il Prospetto informativo fornisce una descrizione più dettagliata del limitato rapporto esistente tra MSCI e SSGA e di tutti i prodotti finanziari correlati.
Standard & Poor’s®, S&P® e SPDR® sono marchi registrati di Standard & Poor’s Financial Services LLC (S&P); Dow Jones è un marchio registrato di Dow Jones Trademark Holdings LLC (Dow Jones); questi marchi sono concessi in licenza d’uso a S&P Dow Jones Indices LLC
(SPDJI) e in sublicenza per taluni fini a State Street Corporation. I prodotti finanziari di State Street Corporation non sono sponsorizzati, approvati, venduti o promossi da SPDJI, Dow Jones, S&P, loro affiliate, e concessori di licenza terzi e nessuna di queste parti rilascia alcuna dichiarazione riguardo all’opportunità di investire in tale/i prodotto/i né si assume alcuna responsabilità per qualsivoglia errore, omissione o interruzione di un indice.
I marchi registrati e i marchi di servizio qui riferiti appartengono ai rispettivi proprietari. I fornitori di dati di terze parti non rilasciano garanzie o dichiarazioni di alcun tipo in merito all’accuratezza, alla completezza o alla puntualità dei dati e non hanno responsabilità per danni di alcun tipo relativi all’utilizzo di | ### Transaction Services ST MH1, SE-106 40 Stockholm, Sweden.
The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The Prospectus contains a more detailed description of the limited relationship MSCI has with SSGA and any related financial products.
Standard & Poor's®, S&P® and SPDR® are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation's financial
products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index. The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of | en | it |
DOLFIN1227 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The Dorico Bond Fund – EUR R unit class was established on 01.12.2011.
- The performance shown here does not include issue premiums and redemption discounts unless settled in favour of the fund.
| | - Il Dorico Bond Fund - classe di quota EUR R è stato costituito il 01.12.2011.
- Nello sviluppo di valore qui indicato non si tiene conto delle commissioni di emissione e di uscita, nella misura in cui queste non vengono conteggiate a beneficio del Fondo.
| | - The Dorico Bond Fund – EUR R unit class was established on 01.12.2011.
- The performance shown here does not include issue premiums and redemption discounts unless settled in favour of the fund.
| | en | it |
DOLFIN1228 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Operational Risk
The Connect Scheme is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in the Connect Scheme subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house.
Prior to the launch of the Connect Scheme market participants had an opportunity to configure and adapt their operational and technical systems. However, it should be appreciated that the securities regimes and legal systems of the two markets differ significantly and in order for the trial program to operate, market participants may need to address issues arising from the differences on an on-going basis.
Further, the “connectivity” in the Connect Scheme requires routing of orders across the border of Hong Kong and the PRC. This requires the development of new information technology systems on the part of the SEHK and exchange participants (i.e. a new order routing system set up by SEHK to which exchange participants need to connect). There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in China Connect Securities through the Connect Scheme could be disrupted. A Sub-Fund’s ability to access the China A share market (and hence to pursue its investment strategy) may be adversely affected depending on a Sub-Fund’s size of investment in China Connect Securities through the Connect Scheme. | ### Risque Opérationnel
Le Système Connect repose sur l'hypothèse de fonctionnement des systèmes traitant les opérations des participants au marché concerné. Les participants au marché sont en mesure de participer au Système Connect, à condition de respecter certaines capacités en matière de technologie de l'information, de gestion des risques et d'autres conditions pouvant être spécifiées par la bourse et / ou la chambre de compensation concernée.
Avant le lancement du Système Connect, les participants au marché avaient la possibilité de configurer et d'adapter leurs systèmes opérationnels et techniques. Toutefois, il convient de noter que les régimes de valeurs mobilières et les systèmes juridiques des deux marchés diffèrent considérablement et que, pour que le programme de test fonctionne, les participants au marché peuvent avoir à traiter en permanence des problèmes découlant des différences.
En outre, la « connectivité » dans le Système Connect nécessite que les ordres de bourse franchissent la frontière entre Hong Kong et la République populaire de Chine. Cela exige le développement de nouveaux systèmes informatiques par la Bourse de Hong Kong et par les participants à la bourse (c’est- à-dire un nouveau système de routage des ordres de bourse mis en place par la Bourse de Hong Kong auquel les participants à la bourse doivent se connecter). Rien ne garantit que les systèmes de la Bourse de Hong Kong et des participants au marché fonctionneront correctement ou continueront d'être adaptés aux changements et aux évolutions des deux marchés. Si les systèmes concernés ne fonctionnent pas correctement, les opérations de bourse sur des titres China Connect Securities via le Système Connect pourraient être interrompues. La capacité d’un Compartiment à accéder au marché des actions chinoises de type « A » (et donc d’appliquer sa stratégie d’investissement) peut être affectée de manière négative en fonction de la taille de son investissement dans des titres China Connect Securities via le Système Connect. | ### Operational Risk
The Connect Scheme is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in the Connect Scheme subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house.
Prior to the launch of the Connect Scheme market participants had an opportunity to configure and adapt their operational and technical systems. However, it should be appreciated that the securities regimes and legal systems of the two markets differ significantly and in order for the trial program to operate, market participants may need to address issues arising from the differences on an on-going basis.
Further, the “connectivity” in the Connect Scheme requires routing of orders across the border of Hong Kong and the PRC. This requires the development of new information technology systems on the part of the SEHK and exchange participants (i.e. a new order routing system set up by SEHK to which exchange participants need to connect). There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in China Connect Securities through the Connect Scheme could be disrupted. A Sub-Fund’s ability to access the China A share market (and hence to pursue its investment strategy) may be adversely affected depending on a Sub-Fund’s size of investment in China Connect Securities through the Connect Scheme. | en | fr |
DOLFIN1229 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L'objectif du Fonds consiste à rechercher une appréciation du capital en investissant dans une gamme de valeurs mobilières diversifiées et/ou d'autres actifs financiers liquides. Le Fonds est activement géré par Ashmore Investment Management Limited et réplique l’indice JP Morgan Corporate Emerging Market Bond Index Broad Diversified (l’« Indice de référence ») dans le cadre de son processus d’investissement aux fins de la comparaison de sa performance avec ledit Indice de référence. Le Gestionnaire d’investissement a toute discrétion quant à la composition du portefeuille du Fonds.
Le fonds a pour objectif d'investir essentiellement dans des obligations et des instruments similaires émis principalement par des entreprises des secteurs privé et public des Marchés émergents. Le fonds cherchera à atteindre ses objectifs en ayant recours à des titres libellés en dollar US, dans d'autres grandes monnaies, ainsi que dans la monnaie locale de Marchés émergents. Le fonds ne peut pas investir plus de 50 % de son actif net dans des investissements libellés dans des monnaies autres que le dollar US ou d'autres monnaies du G7 (à moins qu'en cas de dépassement de cette limite, lesdits investissements ne soient couverts par rapport au dollar US). Le fonds ne peut pas investir plus de 25 % de son actif net sur un seul et même marché émergent. Le fonds peut également investir dans des instruments financiers dont la valeur dépend
de la valeur et des caractéristiques d'un ou plusieurs actifs sous-jacents (instruments dérivés) et recourir à certaines techniques à des fins de couverture et de gestion efficace des actifs. Le fonds ne peut pas accorder de prêts ou de garanties en faveur d'un tiers. Le fonds recourt essentiellement à une approche active, fondamentale et ascendante de la gestion d'investissements, avec une sélection de pays macro descendante.
La devise de référence du fonds est l'USD.
Les coûts des opérations peuvent avoir une incidence importante sur les performances, en fonction de facteurs tels que la liquidité de marché.
Les plus-values distribuées au titre de vos actions le seront mensuellement, sauf demande contraire expresse par écrit de votre part. Vous pouvez acheter ou vendre des actions du présent fonds chaque jour ouvrable bancaire à Luxembourg et à Londres (à l'exception des samedis et dimanches), ou d'autres jours déterminés de temps à autre par le conseil d'administration, en soumettant un formulaire de demande à l'administrateur avant la limite de négociation. Pour connaître l'ensemble des détails relatifs aux objectifs et à la politique d'investissement, veuillez vous reporter à la section 2 du prospectus du fonds disponible sur www.ashmoregroup.com. | El objetivo del fondo es tratar de conseguir la revalorización del capital mediante la inversión en una serie de valores mobiliarios diversificados u otros activos financieros líquidos. Ashmore Investment Management Limited gestiona el fondo de forma activa y, en el marco de su proceso de inversión, toma como referencia el JP Morgan Corporate Emerging Market Bond Index Broad Diversified (la “Referencia”) a efectos de comparar su rentabilidad con la de este. El gestor de inversiones tiene plena potestad para determinar la composición de la cartera del fondo. El fondo pretende invertir principalmente en obligaciones e instrumentos similares emitidos principalmente por entidades empresariales del sector público y privado de mercados emergentes. El fondo procurará alcanzar sus objetivos a través de valores denominados en USD y otras monedas principales, así como en monedas locales de mercados emergentes. El fondo no podrá invertir más del 50% de su activo neto en inversiones denominadas en monedas distintas del USD u otras monedas del G7 (salvo si por encima de dicho importe la inversión estuviese cubierta en USD). El fondo no podrá invertir más del 25 % de su activo neto en un único mercado emergente. El fondo podrá invertir igualmente en instrumentos financieros cuyo valor se derive del valor y las características de uno o varios activos subyacentes (derivados) y recurrir
a ciertas técnicas con fines de cobertura y de gestión eficaz de los activos. El fondo no podrá conceder préstamos ni garantías a favor de un tercero. El fondo utiliza principalmente un planteamiento activo, fundamental y ascendente de la gestión de inversiones con una selección macroeconómica descendente por países.
La moneda de referencia del fondo es el USD.
Los costes de transacción pueden tener una incidencia significativa sobre la rentabilidad, en función de factores como la liquidez de mercado.
Los dividendos de sus acciones se distribuirán con una periodicidad mensual, salvo que usted especifique otra cosa por escrito.
Puede comprar o vender acciones de este fondo en cualquier día hábil a efectos bancarios tanto en Luxemburgo como en Londres (salvo sábados y domingos), o en cualquier otro día que oportunamente determine el Consejo de Administración, mediante la presentación de un formulario de solicitud al administrador antes de que finalice el plazo límite para la negociación. Para obtener información más detallada sobre los objetivos y la política de inversión consulte la sección 2 del Folleto del fondo, disponible en www.ashmoregroup.com. | L'objectif du Fonds consiste à rechercher une appréciation du capital en investissant dans une gamme de valeurs mobilières diversifiées et/ou d'autres actifs financiers liquides. Le Fonds est activement géré par Ashmore Investment Management Limited et réplique l’indice JP Morgan Corporate Emerging Market Bond Index Broad Diversified (l’« Indice de référence ») dans le cadre de son processus d’investissement aux fins de la comparaison de sa performance avec ledit Indice de référence. Le Gestionnaire d’investissement a toute discrétion quant à la composition du portefeuille du Fonds.
Le fonds a pour objectif d'investir essentiellement dans des obligations et des instruments similaires émis principalement par des entreprises des secteurs privé et public des Marchés émergents. Le fonds cherchera à atteindre ses objectifs en ayant recours à des titres libellés en dollar US, dans d'autres grandes monnaies, ainsi que dans la monnaie locale de Marchés émergents. Le fonds ne peut pas investir plus de 50 % de son actif net dans des investissements libellés dans des monnaies autres que le dollar US ou d'autres monnaies du G7 (à moins qu'en cas de dépassement de cette limite, lesdits investissements ne soient couverts par rapport au dollar US). Le fonds ne peut pas investir plus de 25 % de son actif net sur un seul et même marché émergent. Le fonds peut également investir dans des instruments financiers dont la valeur dépend
de la valeur et des caractéristiques d'un ou plusieurs actifs sous-jacents (instruments dérivés) et recourir à certaines techniques à des fins de couverture et de gestion efficace des actifs. Le fonds ne peut pas accorder de prêts ou de garanties en faveur d'un tiers. Le fonds recourt essentiellement à une approche active, fondamentale et ascendante de la gestion d'investissements, avec une sélection de pays macro descendante.
La devise de référence du fonds est l'USD.
Les coûts des opérations peuvent avoir une incidence importante sur les performances, en fonction de facteurs tels que la liquidité de marché.
Les plus-values distribuées au titre de vos actions le seront mensuellement, sauf demande contraire expresse par écrit de votre part. Vous pouvez acheter ou vendre des actions du présent fonds chaque jour ouvrable bancaire à Luxembourg et à Londres (à l'exception des samedis et dimanches), ou d'autres jours déterminés de temps à autre par le conseil d'administration, en soumettant un formulaire de demande à l'administrateur avant la limite de négociation. Pour connaître l'ensemble des détails relatifs aux objectifs et à la politique d'investissement, veuillez vous reporter à la section 2 du prospectus du fonds disponible sur www.ashmoregroup.com. | fr | es |
DOLFIN1230 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fees
Management fee 0.50%
Performance fee None
Service fee 0.12%
Expected transaction costs 0.00%
Rothesay Life PLC Financials 1.29
Total 14.70 | # Comisiones
Comisión de gestión 0,50%
Comisión de rentabilidad Ninguno/ a
Comisión de servicio 0,12%
Costos de transacción esperados 0,00%
Rothesay Life PLC Finanzas 1,29
Total 14,70 | # Fees
Management fee 0.50%
Performance fee None
Service fee 0.12%
Expected transaction costs 0.00%
Rothesay Life PLC Financials 1.29
Total 14.70 | en | es |
DOLFIN1231 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net which is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used.
The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.
-
#### Historical performance | Der Teilfonds wird aktiv verwaltet. Seine Benchmark ist der MSCI All Country World Index TR net, der zum Vergleich der Wert- entwicklung des Teilfonds herangezogen wird. Für abgesicherte Anteilsklassen kann zum Zwecke des Vergleichs der Wertent- wicklung der Benchmark in der Referenzwährung des Teilfonds herangezogen werden.
Der Anlageverwalter kann jedoch nach eigenem Ermessen Anlagen für den Teilfonds tätigen, und das Portfolio des Teilfonds wird daher wahrscheinlich erheblich von der Zusammensetzung und Wertentwicklung der Benchmark abweichen.
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#### Historische Performance | The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net which is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used.
The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.
-
#### Historical performance | en | de |
DOLFIN1232 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### PRC Custodian Risks:
The Investment Manager (in its capacity as a FII’s licence holder) and the Depositary have appointed a local sub-custodian approved by Chinese authorities (the “PRC Custodian”) to maintain the FII sub-funds’ assets in custody in the PRC, pursuant to relevant laws and regulations. Onshore PRC securities are registered in the name of “the full name of the FII – the name of the FII sub-fund” in accordance with the relevant rules and regulations, and maintained by the PRC Custodian in electronic form via a securities account with the China Securities Depository and Clearing Corporation Limited (“ChinaClear”) and cash shall be maintained in a cash account with the PRC Custodian.
The Depositary will make arrangements to ensure that the PRC Custodian has appropriate procedures to properly safe-keep the FII sub-funds’ securities, including maintaining records that clearly show that such FII sub-funds’ securities are recorded in the name of such FII sub-fund and segregated from the other assets of the PRC Custodian. Investors should however note that cash deposited in the cash account of the FII sub- funds with the PRC Custodian will not be segregated but will be a debt owing from the PRC Custodian to the FII sub-funds. Such cash will be co- mingled with cash belonging to other clients of the PRC Custodian. In the event of bankruptcy or liquidation of the PRC Custodian, the FII sub- funds will not have any proprietary rights to the cash deposited in such cash account, and will be treated and ranked an unsecured creditor, ranking pari passu with all other unsecured creditors, of the PRC Custodian. The FII sub-funds may face difficulty and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the FII sub-funds will suffer losses. Also, the FII sub-funds may incur losses due to the acts or omissions of the PRC Custodian in the execution or settlement of any transaction or in the transfer of any funds or securities. | #### Risques liés au Dépositaire en RPC :
Le Gestionnaire d’actifs (en sa qualité de titulaire de licence FII) et le Dépositaire ont nommé un sous-dépositaire local agréé par les autorités chinoises (le « Dépositaire en RPC ») aux fins de la garde des actifs des compartiments FII en RPC, conformément à la législation et à la réglementation applicables. Les titres chinois onshore sont enregistrés au nom de « nom complet du FII – nom du compartiment FII », conformément aux règles et à la réglementation applicables, et conservés par le Dépositaire en RPC sous forme électronique via un compte- titres détenu auprès de la China Securities Depository and Clearing Corporation Limited (« ChinaClear »), les liquidités étant conservées sur un compte de caisse auprès du Dépositaire en RPC.
Le Dépositaire prendra les dispositions nécessaires pour s’assurer que le Dépositaire en RPC dispose de procédures appropriées pour conserver adéquatement les titres des compartiments FII, ce qui implique notamment la tenue de registres faisant clairement apparaître que les titres des compartiments FII sont enregistrés au nom de ces derniers et séparés des autres actifs du Dépositaire en RPC. Il est toutefois porté à l’attention des investisseurs que les liquidités déposées sur le compte de caisse des compartiments FII auprès du Dépositaire en RPC ne seront pas conservées séparément, mais constitueront une dette du Dépositaire en RPC envers les compartiments FII. Ces liquidités seront conservées conjointement avec celles des autres clients du Dépositaire en RPC. En cas de faillite ou de liquidation du Dépositaire en RPC, les compartiments FII n’auront aucun droit de propriété sur les liquidités déposées sur le compte de caisse et seront traités comme un créancier chirographaire, sur un pied d’égalité avec tous les autres créanciers non prioritaires du Dépositaire en RPC. Il est possible que les compartiments FII soient confrontés à des difficultés et/ou à des retards en lien avec le recouvrement de cette dette, ou qu’ils ne puissent en recouvrer qu’une partie, voire ne pas la recouvrer du tout, auquel cas ils subiront des pertes. En outre, les compartiments FII peuvent subir des pertes du fait d’actes ou d’omissions du Dépositaire en RPC dans le cadre de l’exécution ou du règlement d’une transaction ou du transfert de fonds ou de titres. | ###### PRC Custodian Risks:
The Investment Manager (in its capacity as a FII’s licence holder) and the Depositary have appointed a local sub-custodian approved by Chinese authorities (the “PRC Custodian”) to maintain the FII sub-funds’ assets in custody in the PRC, pursuant to relevant laws and regulations. Onshore PRC securities are registered in the name of “the full name of the FII – the name of the FII sub-fund” in accordance with the relevant rules and regulations, and maintained by the PRC Custodian in electronic form via a securities account with the China Securities Depository and Clearing Corporation Limited (“ChinaClear”) and cash shall be maintained in a cash account with the PRC Custodian.
The Depositary will make arrangements to ensure that the PRC Custodian has appropriate procedures to properly safe-keep the FII sub-funds’ securities, including maintaining records that clearly show that such FII sub-funds’ securities are recorded in the name of such FII sub-fund and segregated from the other assets of the PRC Custodian. Investors should however note that cash deposited in the cash account of the FII sub- funds with the PRC Custodian will not be segregated but will be a debt owing from the PRC Custodian to the FII sub-funds. Such cash will be co- mingled with cash belonging to other clients of the PRC Custodian. In the event of bankruptcy or liquidation of the PRC Custodian, the FII sub- funds will not have any proprietary rights to the cash deposited in such cash account, and will be treated and ranked an unsecured creditor, ranking pari passu with all other unsecured creditors, of the PRC Custodian. The FII sub-funds may face difficulty and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the FII sub-funds will suffer losses. Also, the FII sub-funds may incur losses due to the acts or omissions of the PRC Custodian in the execution or settlement of any transaction or in the transfer of any funds or securities. | en | fr |
DOLFIN1233 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 2 La performance passée a été calculée en CHF.
2 Les données de performance pour la période antérieure au 19.01.2018 correspondent à la performance de Global Convert Bond, un fonds ayant une politique et des objectifs d'investissement identiques, qui a été fusionné avec le Fonds au 19.01.2018. Le Fonds lui-même a été créé suite à cette fusion et ne disposait pas de données de performance avant cette date. | # 2 La rentabilidad pasada se ha calculado en CHF.
2 Los datos de rendimiento anteriores al 19.01.18 corresponden a los datos de rendimiento del Fondo Global Convert Bond, un Fondo con los mismos objetivos y política de inversión que los que se integraron en el Fondo el 19.01.18. El propio Fondo fue lanzado con esta aportación y no tenía datos de rendimiento hasta la fecha. | # 2 La performance passée a été calculée en CHF.
2 Les données de performance pour la période antérieure au 19.01.2018 correspondent à la performance de Global Convert Bond, un fonds ayant une politique et des objectifs d'investissement identiques, qui a été fusionné avec le Fonds au 19.01.2018. Le Fonds lui-même a été créé suite à cette fusion et ne disposait pas de données de performance avant cette date. | fr | es |
DOLFIN1234 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# In case a sub-fund enters into total return swaps or invests in other comparable financial derivative instruments, the following additional information will be disclosed in the Prospectus:
- Information on the underlying strategy and composition of the investment portfolio or index;
- Information on the counterparty(ies) of the transactions;
- (if applicable) the extent to which the counterparty assumes any discretion over the composition or management of the sub-fund’s portfolio or over the underlying of the financial derivative instruments, and whether the approval of the counterparty is required in relation to such sub-fund’s investment portfolio transaction; and
- (if applicable) an identification of the counterparty as an investment manager. | # Wenn ein Teilfonds einen Total Return Swap abschliesst oder in ein vergleichbares derivatives Finanzinstrument investiert, werden die folgenden Informationen im Prospekt ausgewiesen:
- Angaben zur zugrunde liegenden Strategie und die Zusammensetzung des Anlageportfolios oder des Index;
- Angaben zur Gegenpartei der Transaktion;
- (falls anwendbar) in welchem Ausmass die Gegenpartei Einfluss auf die Zusammensetzung oder die Verwaltung des Teilfondsportfolios oder die Basiswerte des derivativen Finanzinstruments nehmen kann, und ob eine Zustimmung der Gegenpartei im Zusammenhang mit solchen Anlageportfoliotransaktionen des Teilfonds nötig ist;
- (falls anwendbar) eine Identifikation der Gegenpartei als Investment Manager. | # In case a sub-fund enters into total return swaps or invests in other comparable financial derivative instruments, the following additional information will be disclosed in the Prospectus:
- Information on the underlying strategy and composition of the investment portfolio or index;
- Information on the counterparty(ies) of the transactions;
- (if applicable) the extent to which the counterparty assumes any discretion over the composition or management of the sub-fund’s portfolio or over the underlying of the financial derivative instruments, and whether the approval of the counterparty is required in relation to such sub-fund’s investment portfolio transaction; and
- (if applicable) an identification of the counterparty as an investment manager. | en | de |
DOLFIN1235 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Investments according to the taxonomy regulation:
No targeted investments have been made in accordance with Regulation (EU) 2020/852 of 18 June 2020 establishing a framework to facilitate sustainable investment.
Disclosures for sub-funds managed under the Sustainable approach:
The sub-funds that follow the Sustainable approach and include the name "Sustainable" in the name were actively managed by the asset manager of these sub-funds in line with Article 9 of 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosure obligations in the financial services sector (hereinafter "SFDR").
Compliance with the requirements of Article 9 of the SFDR for these sub-funds has been achieved in that the asset manager has applied the criteria of the Sustainable approach in their investment decisions to 100% of assets, excluding cash: (1) Exclusion criteria, (2) ESG integration, (3) Reduction of portfolio CO2e intensity and (4) Positive contribution to meeting the UN Sustainable Development Goals (hereinafter referred to as "SDGs") and taxonomy-compliant investments under Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework for facilitating sustainable investment (hereinafter referred to as "taxonomy"). | ##### Placements au titre du règlement Taxonomie:
Aucun investissement ciblé n’a été réalisé conformément aux dispositions du règlement (UE) 2020/852 du 18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables.
Informations à publier pour les compartiments qui ont été gérés selon l’approche durable:
Les compartiments qui poursuivent l’approche durable et contiennent le terme « Sustainable » dans leur dénomination ont été gérés activement par le gestionnaire d’actifs de ces compartiments conformément à l’article 9 du règlement 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 portant sur la publication d’informations en matière de durabilité dans le secteur des services financiers (ci-après dénommé « SFDR »).
Les exigences de l’article 9 du SFDR concernant ce compartiment ont été respectées dans la mesure où, dans ses décisions de placement, le gestionnaire d’actifs a appliqué les critères inclus dans l’approche durable pour 100 % des actifs, hormis les liquidités: (1) critères d’exclusion, (2) intégration ESG, (3) réduction de l’intensité CO2e du portefeuille et (4) contribution positive à la réalisation des objectifs de développement durable des Nations Unies (ci-après les « ODD
») et placements conformes à la taxonomie, conformément au règlement (UE) 2020/852 du 18 juin 2020 sur l’établissement d’un cadre visant à favoriser les investissements durables (ci-après « Taxonomie »). | ##### Investments according to the taxonomy regulation:
No targeted investments have been made in accordance with Regulation (EU) 2020/852 of 18 June 2020 establishing a framework to facilitate sustainable investment.
Disclosures for sub-funds managed under the Sustainable approach:
The sub-funds that follow the Sustainable approach and include the name "Sustainable" in the name were actively managed by the asset manager of these sub-funds in line with Article 9 of 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosure obligations in the financial services sector (hereinafter "SFDR").
Compliance with the requirements of Article 9 of the SFDR for these sub-funds has been achieved in that the asset manager has applied the criteria of the Sustainable approach in their investment decisions to 100% of assets, excluding cash: (1) Exclusion criteria, (2) ESG integration, (3) Reduction of portfolio CO2e intensity and (4) Positive contribution to meeting the UN Sustainable Development Goals (hereinafter referred to as "SDGs") and taxonomy-compliant investments under Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework for facilitating sustainable investment (hereinafter referred to as "taxonomy"). | en | fr |
DOLFIN1236 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# For the purpose of this Article:
- shares of the Company to be redeemed under Article 8 hereof shall be treated as existing and taken into account until immediately after the time specified by the board of directors on the Valuation Day on which such valuation is made and from such time and until paid by the Company the price therefore shall be deemed to be a liability of the Company;
- shares to be issued by the Company shall be treated as being in issue as from the time specified by the board of directors on the Valuation Day on which such valuation is made and from such time and until received by the Company the price therefore shall be deemed to be a debt due to the Company;
- all investments, cash balances and other assets expressed in currencies other than the reference currency of the relevant Sub-Fund shall be valued after taking into account the market rate or rates of exchange in force at the date and time for determination of the net asset value of shares; and
- where on any Valuation Day, the Company has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Company and the value of the asset to be acquired shall be shown as an asset of the Company;
- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Company and the asset to be delivered shall not be included in the assets of the Company;provided however, that if the exact value or nature of such consideration or such asset is not known on such Valuation Day, then its value shall be estimated by the Company. | # Pour les besoins de cet Article:
- les actions en voie de rachat par la Société conformément à l’Article 8 des présents Statuts seront considérées comme actions émises et existantes jusqu’immédiatement après l’heure, fixée par le conseil d’administration, du Jour de Rachat au cours duquel une telle évaluation est faite, et seront, à partir de ce moment et jusqu’à ce que le prix en soit payé, considérées comme engagement de la Société;
- les actions à émettre par la Société seront traitées comme étant créées à partir de l’heure fixée par le conseil d’administration du Jour d’Evaluation au cours duquel une telle évaluation est faite, et seront, à partir de ce moment, traitées comme une créance de la Société jusqu’à ce que le prix en soit payé;
- tous investissements, soldes en espèces et autres avoirs, exprimés autrement que dans la devise de référence du Compartiment concerné seront évalués en tenant compte des taux de change du marché en vigueur à la date et à l’heure de la détermination de la valeur nette d’inventaire des actions et
- à chaque Jour d’Evaluation où la Société aura conclu un contrat dans le but:
- d’acquérir un élément d’actif, le montant à payer pour cet élément d’actif sera considéré comme un engagement de la Société, tandis que la valeur de cet élément d’actif sera considérée comme un avoir de la Société;
- de vendre tout élément d’actif, le montant à recevoir pour cet élément d’actif sera considéré comme un avoir de la Société et cet élément d’actif à livrer ne sera plus repris dans les avoirs de la Société;sous réserve cependant, que si la valeur ou la nature exacte de cette contrepartie ou de cet élément d’actif ne sont pas connues au Jour d’Evaluation, leur valeur sera estimée par la Société. | # For the purpose of this Article:
- shares of the Company to be redeemed under Article 8 hereof shall be treated as existing and taken into account until immediately after the time specified by the board of directors on the Valuation Day on which such valuation is made and from such time and until paid by the Company the price therefore shall be deemed to be a liability of the Company;
- shares to be issued by the Company shall be treated as being in issue as from the time specified by the board of directors on the Valuation Day on which such valuation is made and from such time and until received by the Company the price therefore shall be deemed to be a debt due to the Company;
- all investments, cash balances and other assets expressed in currencies other than the reference currency of the relevant Sub-Fund shall be valued after taking into account the market rate or rates of exchange in force at the date and time for determination of the net asset value of shares; and
- where on any Valuation Day, the Company has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Company and the value of the asset to be acquired shall be shown as an asset of the Company;
- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Company and the asset to be delivered shall not be included in the assets of the Company;provided however, that if the exact value or nature of such consideration or such asset is not known on such Valuation Day, then its value shall be estimated by the Company. | en | fr |
DOLFIN1237 | 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 4 years |
| --- | --- | --- |
| Total costs | 435 EUR | 1 286 EUR |
| Annual cost impact (*) | 4.4% | 2.5% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 4 anni |
| --- | --- | --- |
| Costi totali | 435 EUR | 1 286 EUR |
| Incidenza annuale dei costi (*) | 4.4% | 2.5% ogni anno | | | | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Total costs | 435 EUR | 1 286 EUR |
| Annual cost impact (*) | 4.4% | 2.5% each year | | en | it |
DOLFIN1238 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
Management objective: The sub-fund's objective is to achieve a performance, net of fees, higher than that of the composite benchmark index - 85% of the performance of bonds maturing in 2028 issued by the French government and denominated in EUR + 15% of the performance of the MSCI World Index, over the recommended investment period of nine years from the date of creation of the sub-fund until 31/12/2028. The potential profitability of the sub-fund derives from the value of the accrued coupons on bonds in the portfolio, changes in capital due to fluctuations in interest rates and credit spreads, as well as the value of instruments exposing the sub-fund to the equity markets. The annualised net performance objective is based on the fulfilment of market assumptions made by the management company. It does not constitute a guarantee of return or performance of the sub-fund. Investors should note that the performance indicated in the management objective of the sub-fund takes into account the estimate of the risk of default or rating downgrade of one or more issuers in the portfolio, the cost of currency hedging and the management fees payable to the management company. Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Investment strategy: The investment strategy consists in discretionary management of a bond portfolio with exposure to the equity markets. Bondcomponent: Sensitivity range: from 9 to 0 (decreasing over time). The sub-fund is invested in bonds issued by private and public entities and mature at the latest in December 2028 and/or bonds with a longer maturity, but which have an early call option before December 2028. The strategy is not limited to bond carrying; the management company may use arbitrage in the event of new market opportunities or if an increased risk of default by one of the issuers in the portfolio is detected. The sub-fund is 100% invested in fixed or floating rate bonds and other negotiable debt instruments, in money market instruments and up to 30% in convertible bonds, issued by public and/or private entities from OECD countries [0-100%]; non-OECD public entities (emerging markets) [0- 100%]; non-OECD private entities (emerging markets) [0-50%], in all economic sectors. Securities are denominated in EUR and/or USD and/or GBP and/or NOK and/or CHF and/or SEK and/or CAD and/or DKK. The exchange risk for securities not denominated in EUR is systematically hedged. The issues (or, failing that, the issuers) are Investment Grade (rating better than or equal to BBB- (Standard&Poors) or Baa3 (Moody’s) or equivalent according to the management company’s analysis) and/or High Yield issues (of a speculative | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Objetivo de gestión: El objetivo del subfondo es obtener una rentabilidad neta de gastos superior a la del índice de referencia compuesto (85 % de la rentabilidad de las obligaciones con vencimiento en 2028 emitidas por el Estado francés y denominadas en EUR + 15 % de la rentabilidad del índice MSCI World) en el período de inversión recomendado de 9 años a partir de la fecha de creación del fondo hasta el 31/12/2028. La posible rentabilidad del subfondo será el resultado tanto de la valoración de los intereses acumulados de las obligaciones presentes en la cartera como de las variaciones de capital debidas a la fluctuación de los tipos de interés y de los diferenciales de crédito, así como de la valoración de los instrumentos que exponen el subfondo a los mercados de valores. El objetivo de rentabilidad neta anual se basa en la realización de hipótesis de mercado formuladas por la sociedad de gestión. No constituye en ningún caso una promesa de remuneración ni de rentabilidad del subfondo. El inversor debe tener en cuenta que la rentabilidad indicada en el objetivo de gestión del subfondo toma en consideración el cálculo del riesgo de morosidad o de degradación de la calificación de uno o varios de los emisores de la cartera, el coste de la cobertura cambiaria y los gastos de gestión de la sociedad de gestión. Indicador de referencia: A efectos comparativos a posteriori: 15 % del MSCI World + 85 % de las obligaciones con vencimiento en 2028 emitidas por el Estado francés y denominadas en EUR. El fondo se gestiona de forma activa y discrecional. El fondo no se gestiona con referencia a un índice.
Indicador de referencia: Para un estudio comparativo posterior: 15 % del MSCI World + 85 % de las obligaciones con vencimiento en 2028 emitidas por el Estado francés y denominadas en EUR. El fondo se gestiona de forma activa y discrecional. El fondo no se gestiona con referencia a un índice.
Estrategia de inversión: La estrategia de inversión consiste en gestionar de manera discrecional una cartera de obligaciones, al mismo tiempo que el fondo se expone al mercado de valores. Cartera de obligaciones: Horquilla de sensibilidad: de 9 a 0 (decreciente en el tiempo). El fondo se invierte en obligaciones emitidas por entidades privadas o públicas que vencerán como máximo en diciembre de 2028 y/o en bonos con un plazo mayor de vencimiento, pero que tienen una opción de recuperación anticipada («call») antes de diciembre de 2028. La estrategia no solo se limita a la financiación de obligaciones, sino que la sociedad de gestión podrá proceder al arbitraje en caso de nuevas oportunidades de mercado o en caso de identificar un mayor riesgo de morosidad a plazos de uno de los emisores de la cartera. El subfondo invierte hasta un 100 % en obligaciones de tipo fijo o variable y otros títulos de crédito negociables y en instrumentos del mercado monetario y hasta un 30 % en obligaciones convertibles, emitidas por entidades públicas o privadas de países de la OCDE [0-100 %]; públicas de países no pertenecientes a la OCDE (países emergentes) [0-100 %]; y privadas de países no pertenecientes a la OCDE (países emergentes) [0-50 %], de todos los sectores económicos. Los títulos están denominados en EUR y/o USD y/o GBP y/o NOK y/o CHF y/o SEK y/o CAD y/o DKK. El riesgo de tipo de cambio de los títulos no denominados en EUR se cubrirá sistemáticamente. Las emisiones (o, en su defecto, los emisores) son Investment Grade (calificación crediticia superior o igual a BBB- [Standard&Poors] o Baa3 [Moody’s] o equivalente según el análisis de la sociedad de gestión) y/o emisiones | # OBJECTIVES AND INVESTMENT POLICY
Management objective: The sub-fund's objective is to achieve a performance, net of fees, higher than that of the composite benchmark index - 85% of the performance of bonds maturing in 2028 issued by the French government and denominated in EUR + 15% of the performance of the MSCI World Index, over the recommended investment period of nine years from the date of creation of the sub-fund until 31/12/2028. The potential profitability of the sub-fund derives from the value of the accrued coupons on bonds in the portfolio, changes in capital due to fluctuations in interest rates and credit spreads, as well as the value of instruments exposing the sub-fund to the equity markets. The annualised net performance objective is based on the fulfilment of market assumptions made by the management company. It does not constitute a guarantee of return or performance of the sub-fund. Investors should note that the performance indicated in the management objective of the sub-fund takes into account the estimate of the risk of default or rating downgrade of one or more issuers in the portfolio, the cost of currency hedging and the management fees payable to the management company. Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Investment strategy: The investment strategy consists in discretionary management of a bond portfolio with exposure to the equity markets. Bondcomponent: Sensitivity range: from 9 to 0 (decreasing over time). The sub-fund is invested in bonds issued by private and public entities and mature at the latest in December 2028 and/or bonds with a longer maturity, but which have an early call option before December 2028. The strategy is not limited to bond carrying; the management company may use arbitrage in the event of new market opportunities or if an increased risk of default by one of the issuers in the portfolio is detected. The sub-fund is 100% invested in fixed or floating rate bonds and other negotiable debt instruments, in money market instruments and up to 30% in convertible bonds, issued by public and/or private entities from OECD countries [0-100%]; non-OECD public entities (emerging markets) [0- 100%]; non-OECD private entities (emerging markets) [0-50%], in all economic sectors. Securities are denominated in EUR and/or USD and/or GBP and/or NOK and/or CHF and/or SEK and/or CAD and/or DKK. The exchange risk for securities not denominated in EUR is systematically hedged. The issues (or, failing that, the issuers) are Investment Grade (rating better than or equal to BBB- (Standard&Poors) or Baa3 (Moody’s) or equivalent according to the management company’s analysis) and/or High Yield issues (of a speculative | en | es |
DOLFIN1239 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Where the Shares are acquired under Section 305 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments, and each beneficiary is an individual who is an accredited investor, the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the Shares under Section 305 except:
- to an institutional investor or to a relevant person as defined in Section 305(5) of the SFA or arising from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) (or such other amount as may be prescribed under the SFA) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets;
- where no consideration is given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | Wenn die Anteile gemäß Section 305 des SFA von einer relevanten Person erworben werden, die ein Trust ist (in dem der Treuhänder kein akkreditierter Anleger ist), dessen alleiniger Zweck darin liegt, Anlagen zu halten, und in dem jeder Begünstigter ein akkreditierter Anleger ist, sind die Rechte und Anteile (wie auch immer beschrieben) der Begünstigten an diesem Trust für 6 Monate, nachdem der Trust die Anteile gemäß Section 305 erworben hat, nicht übertragbar, außer:
- an einen institutionellen Anleger oder eine relevante Person gemäß Definition in Section 305(5) des SFA oder wenn sich dies aus einem Angebot ergibt, das mit der Bedingung ausgesprochen wird, dass diese Rechte oder Anteile mit einer Gegenleistung von mindestens200.000 SGD$ (oder Äquivalent in einer Fremdwährung) (oder einem anderen Betrag, der gemäß SFA vorgeschrieben ist) für jede Transaktion erworben werden, ungeachtet dessen, ob dieser Betrag in bar oder durch Tausch von Wertpapieren oder anderen Vermögenswerten zu zahlen ist.
- wenn für die Übertragung keine Gegenleistung erfolgt,
- wenn die Übertragung von Rechts wegen erfolgt,
- wie in Section 305A(5) des SFA angegeben; oder
- Wie in Vorschrift 36 der Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 von Singapur angegeben. | Where the Shares are acquired under Section 305 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments, and each beneficiary is an individual who is an accredited investor, the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the Shares under Section 305 except:
- to an institutional investor or to a relevant person as defined in Section 305(5) of the SFA or arising from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) (or such other amount as may be prescribed under the SFA) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets;
- where no consideration is given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | en | de |
DOLFIN1240 | 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 investment objective is to achieve a net annualised performance above 3.20% over an investment period running from the Fund inception date, 12 January 2018, to 31 December 2025. The Fund aims to boost the value of the portfolio in the medium and long term through high yield, corporate bonds rated between BB+ and CCC+ (Standard & Poor’s or equivalent, or using the Management Company’s internal rating), and is therefore exposed to a risk of capital loss. The investment objective takes into account the estimate of the risk of default, the cost of hedging and management fees. This objective is based on the realisation of market assumptions laid down by the Management Company. It does not constitute the promise of a return or a performance. Investors should be aware that the performance indicated in the investment objective does not include all cases of default.
The Fund’s investment strategy is to manage, on a discretionary basis, a diversified portfolio of debt securities composed, up to a limit of 100%, of traditional, high yield bonds rated between BB+ and CCC+ (by Standard & Poor’s or equivalent, or using the Management Company’s internal rating), mainly issued (at least 60%) by corporate issuers with their registered office in Europe and with maturities of a maximum of six months and one day after 31 December 2025 (final maturity of the product or early redemption options at the Fund’s discretion). In any event, the Fund may not invest more than 10% of the net assets in securities rated CCC+.
The strategy is not restricted to holding bonds; the management company may make portfolio changes in the event of new market opportunities, or if an increase in the default risk of one of the issuers in the portfolio is identified.
Within the limit of 40% of the net assets, the Fund may hold securities from corporate issuers whose registered office is located outside of Europe, including in emerging countries.
These securities will be denominated in all OECD currencies and hedged against currency risk; however, there is a residual risk of no more than 1% of net assets. The Fund seeks to select securities that the manager deems to have been unjustly downgraded by rating agencies. The Fund is managed within a modified duration range of 0 to 6.
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event that the securities’ rating is downgraded below CCC+ (Standard & Poor’s or equivalent, or according to its own internal rating), the Management Company will decide whether or not to dispose of the securities in light of its own analysis, the interests of unitholders and market conditions.
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 invest up to 100% of its assets in investment grade securities rated higher than BB+ (Standard & Poor’s or equivalent or according to the Management Company’s internal rating).
The average duration of the debt securities shall be calculated based on a portfolio comprising securities with a maximum maturity of 31 December 2025 plus six months and one day.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS,
(ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by the management companies of the ODDO BHF group (ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH) and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, up to 100% of the Fund's assets may be invested in financial futures or options traded on regulated, organised or OTC markets in France or other countries. The Fund will invest in listed forward financial instruments in order to seek exposure to and hedge against interest rate risk and for the purpose of hedging against currency risk (futures, options). It may also use swaps and forward exchange contracts to hedge against currency risk. Index credit default swaps (CDS) will be used only to hedge against credit risk up to a maximum of 100% of the Fund’s net assets.
The Fund’s maximum exposure may not exceed 100% of the Fund’s net assets, all markets combined (including money market instruments).
CR-CHF [H] units are hedged against CHF/EUR currency risk in order to limit differences in performance relative to euro-denominated units, albeit with a residual currency risk of up to 1%.
Subscription period: new subscriptions will not be accepted after 11:15 (Paris time) on 30 September 2019.
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
The Management Company may make use of a gate provision to cap redemptions. For more details on this provision, please refer to the “Gate provision for capping redemptions” section of the prospectus, available at http://am.oddo-bhf.com.
CR-CHF [H] units
accumulate their income
.
Recommended investment horizon: the recommended minimum investment horizon is the term through to the end of each investment period (i.e. through to 31 December 2025 for the first period).
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # 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. | # OBJECTIVES AND INVESTMENT POLICY
The investment objective is to achieve a net annualised performance above 3.20% over an investment period running from the Fund inception date, 12 January 2018, to 31 December 2025. The Fund aims to boost the value of the portfolio in the medium and long term through high yield, corporate bonds rated between BB+ and CCC+ (Standard & Poor’s or equivalent, or using the Management Company’s internal rating), and is therefore exposed to a risk of capital loss. The investment objective takes into account the estimate of the risk of default, the cost of hedging and management fees. This objective is based on the realisation of market assumptions laid down by the Management Company. It does not constitute the promise of a return or a performance. Investors should be aware that the performance indicated in the investment objective does not include all cases of default.
The Fund’s investment strategy is to manage, on a discretionary basis, a diversified portfolio of debt securities composed, up to a limit of 100%, of traditional, high yield bonds rated between BB+ and CCC+ (by Standard & Poor’s or equivalent, or using the Management Company’s internal rating), mainly issued (at least 60%) by corporate issuers with their registered office in Europe and with maturities of a maximum of six months and one day after 31 December 2025 (final maturity of the product or early redemption options at the Fund’s discretion). In any event, the Fund may not invest more than 10% of the net assets in securities rated CCC+.
The strategy is not restricted to holding bonds; the management company may make portfolio changes in the event of new market opportunities, or if an increase in the default risk of one of the issuers in the portfolio is identified.
Within the limit of 40% of the net assets, the Fund may hold securities from corporate issuers whose registered office is located outside of Europe, including in emerging countries.
These securities will be denominated in all OECD currencies and hedged against currency risk; however, there is a residual risk of no more than 1% of net assets. The Fund seeks to select securities that the manager deems to have been unjustly downgraded by rating agencies. The Fund is managed within a modified duration range of 0 to 6.
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event that the securities’ rating is downgraded below CCC+ (Standard & Poor’s or equivalent, or according to its own internal rating), the Management Company will decide whether or not to dispose of the securities in light of its own analysis, the interests of unitholders and market conditions.
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 invest up to 100% of its assets in investment grade securities rated higher than BB+ (Standard & Poor’s or equivalent or according to the Management Company’s internal rating).
The average duration of the debt securities shall be calculated based on a portfolio comprising securities with a maximum maturity of 31 December 2025 plus six months and one day.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS,
(ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by the management companies of the ODDO BHF group (ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH) and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, up to 100% of the Fund's assets may be invested in financial futures or options traded on regulated, organised or OTC markets in France or other countries. The Fund will invest in listed forward financial instruments in order to seek exposure to and hedge against interest rate risk and for the purpose of hedging against currency risk (futures, options). It may also use swaps and forward exchange contracts to hedge against currency risk. Index credit default swaps (CDS) will be used only to hedge against credit risk up to a maximum of 100% of the Fund’s net assets.
The Fund’s maximum exposure may not exceed 100% of the Fund’s net assets, all markets combined (including money market instruments).
CR-CHF [H] units are hedged against CHF/EUR currency risk in order to limit differences in performance relative to euro-denominated units, albeit with a residual currency risk of up to 1%.
Subscription period: new subscriptions will not be accepted after 11:15 (Paris time) on 30 September 2019.
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
The Management Company may make use of a gate provision to cap redemptions. For more details on this provision, please refer to the “Gate provision for capping redemptions” section of the prospectus, available at http://am.oddo-bhf.com.
CR-CHF [H] units
accumulate their income
.
Recommended investment horizon: the recommended minimum investment horizon is the term through to the end of each investment period (i.e. through to 31 December 2025 for the first period).
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
DOLFIN1241 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If a Shareholder receives approval for a redemption in kind, the Fund will seek to fulfil the redemption with a selection of securities that closely or fully matches the overall composition of the Sub-Fund’s portfolio at the time the transaction is processed. The value of the redemption in kind will be certified by an auditor’s report.
The Management Company can also request that a Shareholder accepts a redemption in kind. In this case the Fund will bear the associated costs, and Shareholders are free to reject the request.
- Offer different cut-off times to certain investors, such as those in different time zones, so long as the cut-off time is always before the time the applicable NAV is calculated and the underlying client instruction was received by the Distributor prior to the Sub-Fund cut-off time. | Wenn ein Anteilseigner die Zustimmung für eine Rücknahme in Form der Sachauskehr erhält, ist der Fonds bestrebt, die Rücknahme mit einer Auswahl von Wertpapieren zu erfüllen, die eng oder vollständig der Gesamtzusammensetzung des Portfolios des Teilfonds zum Zeitpunkt der Bearbeitung der Transaktion entspricht. Der Wert der Sachauskehr wird in einem Prüfungsbericht testiert.
Die Verwaltungsgesellschaft kann auch den Anteilseigner ersuchen, eine Sachauskehr zu akzeptieren. In diesem Fall trägt der Fonds die damit verbundenen Kosten und den Anteilseignern steht es frei, das Ersuchen abzulehnen.
- Anbieten abweichender Annahmeschlusszeiten für bestimmte Anleger, wie etwa Anleger in unterschiedlichen Zeitzonen, solange der Annahmeschluss stets vor dem Zeitpunkt liegt, zu dem der anzuwendende NIW berechnet wird, und die zugrunde liegende Anweisung des Kunden vor dem Annahmeschluss des Teilfonds bei der Vertriebsgesellschaft eingegangen ist. | If a Shareholder receives approval for a redemption in kind, the Fund will seek to fulfil the redemption with a selection of securities that closely or fully matches the overall composition of the Sub-Fund’s portfolio at the time the transaction is processed. The value of the redemption in kind will be certified by an auditor’s report.
The Management Company can also request that a Shareholder accepts a redemption in kind. In this case the Fund will bear the associated costs, and Shareholders are free to reject the request.
- Offer different cut-off times to certain investors, such as those in different time zones, so long as the cut-off time is always before the time the applicable NAV is calculated and the underlying client instruction was received by the Distributor prior to the Sub-Fund cut-off time. | en | de |
DOLFIN1242 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Global Dynamic generated absolute positive returns for the month against a generally negative backdrop for bonds.
Performance (basis CHF, net of fees)
1
Rebased to 100 on the basis of month-end data in %
120
115
110
105
100
95
90
+20
+15
+10
+5
0
-5
-10 | # Vor dem Hintergrund eines für Anleihen insgesamt negativen Umfelds generierte die Strategie Global Dynamic im Berichtsmonat positive absolute Erträge.
Performance (Basis CHF, nach Abzug von Gebühren)
1
Auf der Grundlage von Monatsenddaten auf 100 umbasiert in %
120
115
110
105
100
95
90
+20
+15
+10
+5
0
-5
-10 | # Global Dynamic generated absolute positive returns for the month against a generally negative backdrop for bonds.
Performance (basis CHF, net of fees)
1
Rebased to 100 on the basis of month-end data in %
120
115
110
105
100
95
90
+20
+15
+10
+5
0
-5
-10 | en | de |
DOLFIN1243 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Board of Directors of the Company may decide to issue two or more share classes within the Fund from time to time. The share classes may differ from one another on account of their characteristics and rights, the requirements to be met by investors that may acquire and hold shares, their transferability, their use of income, fee structures or other specific characteristics and rights. If share classes are established for the Fund, this shall be mentioned in the corresponding table in Annex 1, stating the specific characteristics or rights. The liabilities of the individual sub-funds are listed separately for each sub-fund and external creditors only have access to the assets of the individual sub-funds.
The reference currency of the Company is the euro (EUR).
Furthermore, a KIID will be provided at the latest when each corresponding share class is established. By subscribing for new shares, investors confirm that they have received the relevant KIID.
The Company's capital consists of no-par-value shares ("shares") and always corresponds to the Company's total net assets.
A shareholder may request the redemption of all or some of his/her shares by the Company on any trading day (the "trading day", i.e. the valuation date (the "valuation date") on which a shareholder who subscribes for the shares specified in the description in the relevant Annex may redeem the shares), and the Company is required to redeem the shares subject to certain conditions (explained in more detail in the section "Redemption of shares by the Company"). The redemption price of these shares (the "redemption price") is the same as the net asset value per share less a redemption fee (if applicable) that is stated in the relevant Annex for the sub-fund.
The mechanism for calculating the issue price per share plus the subscription fee levied (if applicable) is specified in the description provided in the Annex for the respective sub-fund.
The Company's Articles of Association (the "Articles of Association") contain some provisions that give the Board of Directors the authority to impose restrictions on the ownership and acquisition of shares (see section "Restrictions on share ownership"). If at a later date a person becomes an owner of shares in a scenario described in the Company's Articles of Association and the Company becomes aware of this fact, these shares that are owned by this person may be compulsorily redeemed by the Company.
Potential subscribers/buyers of shares must themselves collect all the necessary information about the statutory provisions, exchange control requirements and applicable taxes in their countries of citizenship, habitual residence or domicile. | Der Verwaltungsrat der Gesellschaft kann beschließen, innerhalb des Fonds von Zeit zu Zeit zwei oder mehrere Aktienklassen auszugeben. Die Aktienklassen können sich in ihren Merkmalen und Rechten im Hinblick auf die von den Anlegern, die Aktien erwerben oder halten dürfen, zu erfüllenden Voraussetzungen, die Übertragbarkeit, nach der Art der Verwendung ihrer Erträge, nach der Gebührenstruktur oder anderen spezifischen Merkmalen und Rechten unterscheiden. Sofern für den Fonds Aktienklassen gebildet werden, findet dies unter Angabe der spezifischen Merkmale oder Rechte in der entsprechenden Tabelle in Anhang 1 Erwähnung. Die Verbindlichkeiten der einzelnen Teilfonds werden für jeden Teilfonds getrennt geführt und externe Gläubiger haben lediglich auf das Vermögen des jeweiligen einzelnen Teilfonds Zugriff.
Die Referenzwährung der Gesellschaft ist der Euro (EUR).
Darüber hinaus wird spätestens bei Auflegung jeder entsprechenden Aktienklasse ein KIID zur Verfügung gestellt. Mit der Zeichnung neuer Aktien bestätigen die Anleger, das entsprechende KIID erhalten zu haben.
Das Kapital der Gesellschaft besteht aus nennwertlosen Aktien („Aktien“) und entspricht jederzeit dem Nettogesamtvermögen der Gesellschaft.
Ein Aktionär kann die Rücknahme aller oder einiger seiner Aktien durch die Gesellschaft an jedem Handelstag („Handelstag“, das heißt der Bewertungstag („Bewertungstag“), an dem ein Aktionär die in der Beschreibung des betreffenden Anhangs genannten Aktien zeichnet, zurückgeben kann) verlangen, und vorbehaltlich bestimmter Bestimmungen (näher erläutert im Abschnitt „Rücknahme von Aktien durch die Gesellschaft“) ist die Gesellschaft zur Rücknahme der Aktien verpflichtet. Der Rücknahmepreis dieser Aktien („Rücknahmepreis“) ist gleich dem Nettoinventarwert je Aktien abzüglich (gegebenenfalls) einer Rücknahmegebühr, die im betreffenden Teilfonds-Anhang angegeben wird.
Der Mechanismus zur Berechnung des Ausgabepreises je Aktien zuzüglich der (gegebenenfalls) erhobenen Zeichnungsgebühr wird jeweils in der Beschreibung des betreffenden Teilfonds-Anhangs angegeben.
Die Satzung der Gesellschaft („Satzung“) enthält einige Bestimmungen, die den Verwaltungsrat dazu befugen, hinsichtlich des Besitzes und Erwerbs von Aktien Beschränkungen zu erlassen (siehe Abschnitt
„Beschränkungen des Aktienbesitzes”). Sofern eine Person in einem in der Satzung der Gesellschaft beschriebenen Fall zu einem späteren Zeitpunkt Eigentümer von Aktien wird und diese Tatsache der Gesellschaft bekannt wird, können diese im Eigentum dieser Person befindlichen Aktien sind, durch die Gesellschaft zwangsweise zurückgekauft werden.
Potenzielle Zeichner/Käufer von Aktien müssen selbst alle erforderlichen Informationen über die gesetzlichen Bestimmungen, Devisenkontrollauflagen und anwendbaren Steuern in den Ländern ihrer jeweiligen Staatsbürgerschaft, ihres gewöhnlichen Aufenthalts oder Wohnsitzes einholen. | The Board of Directors of the Company may decide to issue two or more share classes within the Fund from time to time. The share classes may differ from one another on account of their characteristics and rights, the requirements to be met by investors that may acquire and hold shares, their transferability, their use of income, fee structures or other specific characteristics and rights. If share classes are established for the Fund, this shall be mentioned in the corresponding table in Annex 1, stating the specific characteristics or rights. The liabilities of the individual sub-funds are listed separately for each sub-fund and external creditors only have access to the assets of the individual sub-funds.
The reference currency of the Company is the euro (EUR).
Furthermore, a KIID will be provided at the latest when each corresponding share class is established. By subscribing for new shares, investors confirm that they have received the relevant KIID.
The Company's capital consists of no-par-value shares ("shares") and always corresponds to the Company's total net assets.
A shareholder may request the redemption of all or some of his/her shares by the Company on any trading day (the "trading day", i.e. the valuation date (the "valuation date") on which a shareholder who subscribes for the shares specified in the description in the relevant Annex may redeem the shares), and the Company is required to redeem the shares subject to certain conditions (explained in more detail in the section "Redemption of shares by the Company"). The redemption price of these shares (the "redemption price") is the same as the net asset value per share less a redemption fee (if applicable) that is stated in the relevant Annex for the sub-fund.
The mechanism for calculating the issue price per share plus the subscription fee levied (if applicable) is specified in the description provided in the Annex for the respective sub-fund.
The Company's Articles of Association (the "Articles of Association") contain some provisions that give the Board of Directors the authority to impose restrictions on the ownership and acquisition of shares (see section "Restrictions on share ownership"). If at a later date a person becomes an owner of shares in a scenario described in the Company's Articles of Association and the Company becomes aware of this fact, these shares that are owned by this person may be compulsorily redeemed by the Company.
Potential subscribers/buyers of shares must themselves collect all the necessary information about the statutory provisions, exchange control requirements and applicable taxes in their countries of citizenship, habitual residence or domicile. | en | de |
DOLFIN1244 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
-
## Market and Settlement Risks
- The securities markets in some countries lack the liquidity, efficiency and regulatory and supervisory controls of more developed markets.
- Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by a Sub-Fund may make it difficult to assess reliably the market value of assets.
- The share register may not be properly maintained and the ownership or interest may not be (or remain) fully protected.
- Certain emerging markets may not afford the same level of investor protection or investor disclosure as would apply in more developed jurisdictions
- Registration of securities may be subject to delay and during the period of delay it may be difficult to prove beneficial ownership of the securities.
- The provision for custody of assets may be less developed than in other more mature markets and thus provides an additional level of risk for the Sub-Funds.
- Settlement procedures may be less developed and still be in physical as well as in dematerialised form. Investment may carry risks associated with failed or delayed settlement. | -
## Risques de marché et de règlement
- Dans certains pays, les marchés de valeurs mobilières n'affichent pas la même liquidité et la même efficacité que les marchés plus développés, par rapport auxquels ils sont également à la traîne en termes de contrôles réglementaires et de surveillance.
- Le manque de liquidité peut compliquer la cession d'actifs. L'absence d'informations crédibles concernant le cours d'un titre spécifique détenu par un Compartiment peut rendre difficile l'évaluation fiable de sa valeur de marché.
- Le registre des actionnaires peut ne pas être correctement tenu et la propriété des actions ou des droits y rattachés peut ne pas être (ou cesser d’être) pleinement protégée.
- Il est possible que certains marchés émergents ne soient pas en mesure d'offrir aux investisseurs le même niveau de protection ou d'information que des juridictions plus développées.
- L'enregistrement de titres peut faire l'objet de retards et, pendant la durée de ces retards, il peut s'avérer difficile de prouver la propriété économique (beneficial ownership) des titres concernés.
- Les dispositifs existants de conservation d'actifs peuvent être moins élaborés que dans les autres marchés plus développés et, par conséquent, supposer un risque accru pour les Compartiments.
- Les procédures de règlement peuvent s'avérer moins élaborées et avoir encore lieu sous forme matérialisée aussi bien que dématérialisée. Les investissements peuvent être assortis de risques d'échec ou de report de règlement. | -
## Market and Settlement Risks
- The securities markets in some countries lack the liquidity, efficiency and regulatory and supervisory controls of more developed markets.
- Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by a Sub-Fund may make it difficult to assess reliably the market value of assets.
- The share register may not be properly maintained and the ownership or interest may not be (or remain) fully protected.
- Certain emerging markets may not afford the same level of investor protection or investor disclosure as would apply in more developed jurisdictions
- Registration of securities may be subject to delay and during the period of delay it may be difficult to prove beneficial ownership of the securities.
- The provision for custody of assets may be less developed than in other more mature markets and thus provides an additional level of risk for the Sub-Funds.
- Settlement procedures may be less developed and still be in physical as well as in dematerialised form. Investment may carry risks associated with failed or delayed settlement. | en | fr |
DOLFIN1245 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,490 | USD 2,400 |
| | Average return each year % | -75.10% | -24.83% |
| Unfavourable scenario | What you might get back after costs | USD 7,160 | USD 6,270 |
| | Average return each year % | -28.40% | -8.91% |
| Moderate scenario | What you might get back after costs | USD 10,170 | USD 12,110 |
| | Average return each year % | 1.70% | 3.90% |
| Favourable scenario | What you might get back after costs | USD 15,750 | USD 19,820 |
| | Average return each year % | 57.50% | 14.66% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 2.490 | USD 2.400 |
| | Rendimiento medio cada año | -75,10% | -24,83% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.160 | USD 6.270 |
| | Rendimiento medio cada año | -28,40% | -8,91% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.170 | USD 12.110 |
| | Rendimiento medio cada año | 1,70% | 3,90% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15.750 | USD 19.820 |
| | Rendimiento medio cada año | 57,50% | 14,66% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,490 | USD 2,400 |
| | Average return each year % | -75.10% | -24.83% |
| Unfavourable scenario | What you might get back after costs | USD 7,160 | USD 6,270 |
| | Average return each year % | -28.40% | -8.91% |
| Moderate scenario | What you might get back after costs | USD 10,170 | USD 12,110 |
| | Average return each year % | 1.70% | 3.90% |
| Favourable scenario | What you might get back after costs | USD 15,750 | USD 19,820 |
| | Average return each year % | 57.50% | 14.66% | | en | es |
DOLFIN1246 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The risk associated with this type of investment is limited to the amount invested for the purchase of the securities with embedded derivatives.
Strategy for using securities with embedded derivatives to achieve the investment objective
The portfolio manager uses securities with embedded derivatives, as opposed to the other derivatives mentioned above, to optimise the portfolio’s exposure or hedging by reducing the cost of using these financial instruments or gaining exposure to several performance drivers.
The risk associated with this type of investment is limited to the amount invested in its purchase. In all cases, the amounts invested in securities with embedded derivatives, excluding callable/puttable bonds and contingent convertible bonds, may not exceed 10% of the net assets.
The fund may also invest up to 100% of its net assets in callable bonds and puttable bonds. These transferable debt securities have an optional component allowing for early redemption subject to certain conditions (holding period, occurrence of a specific event, etc.) on the initiative of the issuer (in the case of callable bonds) or at the request of the investor (in the case of puttable bonds).
UCIs, investment funds, trackers or Exchange Traded Funds (ETF)
The fund may invest up to 10% of its net assets in:
- units or shares of French or foreign UCITS,
- units or shares of French or foreign AIFs,
- foreign investment funds;provided that the foreign UCITS, AIF or investment fund meets the criteria of article R214-13 of the French Monetary and Financial Code. | Das mit solchen Anlagen verbundene Risiko beschränkt sich auf den für den Kauf der Titel mit integrierten Derivaten angelegten Betrag.
Strategie des Einsatzes von Derivate enthaltenden Titeln zur Erreichung des Anlageziels
Der Fondsmanager verwendet Derivate enthaltende Titel gegenüber den anderen vorstehend genannten derivativen Instrumenten mit dem Ziel, das Exposure oder die Absicherung des Portfolios zu optimieren, indem insbesondere die mit der Nutzung dieser Finanzinstrumente verbundenen Kosten verringert werden, oder indem er ein Exposure gegenüber mehreren Performancefaktoren eingeht.
Das mit solchen Anlagen verbundene Risiko beschränkt sich auf den für ihren Kauf angelegten Betrag. Auf jeden Fall darf die Höhe der Anlagen in Derivate enthaltenden Titeln, mit Ausnahme von „Contingent Convertible“-Anleihen sowie Callable- und Puttable-Anleihen, 10% des Nettovermögens nicht übersteigen.
Der Fonds kann auch bis zur Höhe seines Nettovermögens in Callable- und Puttable-Anleihen investieren. Diese handelbaren Schuldtitel enthalten ein Optionselement, das unter bestimmten Bedingungen (Haltedauer, Auftreten eines bestimmten Ereignisses usw.) auf Initiative des Emittenten (im Fall von „Callable-Anleihen“) oder auf Aufforderung durch den Anleger (im Fall von „Puttable-Anleihen“) die vorzeitige Kapitalrückzahlung ermöglicht.
OGA und Investmentfonds sowie Index-Tracker oder Exchange Traded Funds (ETF)
Der Fonds kann bis zu 10% des Nettovermögens anlegen in:
- Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts
- Anteilen oder Aktien von AIF französischen oder europäischen Rechts
- Investmentfonds ausländischen Rechts,vorausgesetzt, dass die OGAW, AIF oder Investmentfonds ausländischen Rechts die Anforderungen gemäß Artikel R 214-13 des französischen Währungs- und Finanzgesetzes (Code Monétaire et Financier) erfüllen. | The risk associated with this type of investment is limited to the amount invested for the purchase of the securities with embedded derivatives.
Strategy for using securities with embedded derivatives to achieve the investment objective
The portfolio manager uses securities with embedded derivatives, as opposed to the other derivatives mentioned above, to optimise the portfolio’s exposure or hedging by reducing the cost of using these financial instruments or gaining exposure to several performance drivers.
The risk associated with this type of investment is limited to the amount invested in its purchase. In all cases, the amounts invested in securities with embedded derivatives, excluding callable/puttable bonds and contingent convertible bonds, may not exceed 10% of the net assets.
The fund may also invest up to 100% of its net assets in callable bonds and puttable bonds. These transferable debt securities have an optional component allowing for early redemption subject to certain conditions (holding period, occurrence of a specific event, etc.) on the initiative of the issuer (in the case of callable bonds) or at the request of the investor (in the case of puttable bonds).
UCIs, investment funds, trackers or Exchange Traded Funds (ETF)
The fund may invest up to 10% of its net assets in:
- units or shares of French or foreign UCITS,
- units or shares of French or foreign AIFs,
- foreign investment funds;provided that the foreign UCITS, AIF or investment fund meets the criteria of article R214-13 of the French Monetary and Financial Code. | en | de |
DOLFIN1247 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The annual General Meeting of Shareholders is held in Luxembourg at the registered office of the SICAV or at such other place as may be specified in the notice of meeting, on the last Tuesday of July at 11:00.
If this day is not a Business Day in Luxembourg, the Annual General Meeting shall be held on the following Business Day.
The notice of the Annual General Meetings specifying the date, time, place, conditions of admission, agenda and requirements of Luxembourg law with regard to the necessary quorum and majority will be published or sent in accordance with Luxembourg law. Subject to the conditions provided for by Luxembourg laws and regulations, the notice of convocation of any General Meeting of Shareholders may specify that the applicable quorum and majority shall be determined by reference to the shares issued and outstanding at a certain date and an hour before the General Meeting (the "Registration Date"), it being understood that the right of a shareholder to attend the General Meeting of Shareholders and the voting rights attached to his share(s) will be determined by reference to the shares held by the shareholder on the Registration Date.
The shareholders of the class(es)/category(ies) of shares issued for a sub-fund may at any time hold General Meetings for the purpose of considering matters relating solely to that sub-fund.
In addition, the shareholders of the class(es)/category(ies) of shares may at any time hold General Meetings for the purpose of considering matters relating solely to that class/category of shares.
Resolutions taken at such meetings apply to the SICAV, the sub-fund and/or the class/category of shares concerned. | L'Assemblée Générale annuelle des actionnaires se tiendra à Luxembourg, au siège social de la SICAV, ou à tout autre endroit qui sera spécifié sur la convocation, le dernier mardi du mois de juillet à 11.00 heures.
Si ce jour n’est pas un Jour ouvrable à Luxembourg, l’Assemblée Générale annuelle se tiendra le premier Jour ouvrable suivant.
Les avis de convocation aux Assemblées Générales annuelles précisant la date, l'heure, le lieu, les conditions d'admission, l'ordre du jour et les exigences de la loi luxembourgeoise en matière de quorum et de majorité nécessaires seront publiés ou envoyés conformément à la loi luxembourgeoise. Dans les conditions prévues par les lois et règlements luxembourgeois, l’avis de convocation de toute assemblée générale des actionnaires peut préciser que le quorum et la majorité applicables seront déterminés par référence aux actions émises et en circulation à une certaine date et à une heure précédant l’assemblée générale (la "Date d’Enregistrement"), étant entendu que le droit d’un actionnaire de participer à l’assemblée générale des actionnaires et le droit de vote attaché à son/ses action(s) sera déterminé en fonction du nombre d'actions détenues par l’actionnaire à la Date d’Enregistrement.
Les actionnaires de la (des) classe(s)/catégorie(s) d’actions émise(s) au titre d’un compartiment peuvent, à tout moment, tenir des Assemblées Générales ayant pour but de délibérer sur des matières ayant trait uniquement à ce compartiment.
En outre, les actionnaires de toute classe/catégorie(s) d’actions peuvent, à tout moment, tenir des Assemblées Générales ayant pour but de délibérer sur des matières ayant trait uniquement à cette classe/catégorie d’actions.
Les résolutions prises à de telles assemblées s’appliquent respectivement à la SICAV, au compartiment et/ou à la classe/catégorie d’actions concernée. | The annual General Meeting of Shareholders is held in Luxembourg at the registered office of the SICAV or at such other place as may be specified in the notice of meeting, on the last Tuesday of July at 11:00.
If this day is not a Business Day in Luxembourg, the Annual General Meeting shall be held on the following Business Day.
The notice of the Annual General Meetings specifying the date, time, place, conditions of admission, agenda and requirements of Luxembourg law with regard to the necessary quorum and majority will be published or sent in accordance with Luxembourg law. Subject to the conditions provided for by Luxembourg laws and regulations, the notice of convocation of any General Meeting of Shareholders may specify that the applicable quorum and majority shall be determined by reference to the shares issued and outstanding at a certain date and an hour before the General Meeting (the "Registration Date"), it being understood that the right of a shareholder to attend the General Meeting of Shareholders and the voting rights attached to his share(s) will be determined by reference to the shares held by the shareholder on the Registration Date.
The shareholders of the class(es)/category(ies) of shares issued for a sub-fund may at any time hold General Meetings for the purpose of considering matters relating solely to that sub-fund.
In addition, the shareholders of the class(es)/category(ies) of shares may at any time hold General Meetings for the purpose of considering matters relating solely to that class/category of shares.
Resolutions taken at such meetings apply to the SICAV, the sub-fund and/or the class/category of shares concerned. | en | fr |
DOLFIN1248 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended holding period | 5 years |
| --- | --- |
| Example of an investment | 10.000€ |
| Scenario | 1 years | 5 years (Recommended holding period) |
| Minimum | There is no guaranteed minimum return. You may lose all or part of your investment. |
| Market tension scenario | What you could get back after the deduction of costs | 3 758.43 € | 3 276.02 € |
| Average annual yield (%) | -62.42% | -20.00% |
| Unfavourable scenario | What you could get back after the deduction of costs | 7 814.91 € | 6 690.94 € |
| Average annual yield (%) | -21.85% | -7.72% |
| Moderate scenario | What you could get back after the deduction of costs | 10 277.54 € | 12 299.44 € |
| Average annual yield (%) | 2.78% | 4.23% |
| Favourable scenario | What you could get back after the deduction of costs | 13 383.22 € | 22 284.59 € |
| Average annual yield (%) | 33.83% | 17.38% | | | Periodo di detenzione raccomandato | 5 anni |
| --- | --- |
| Esempio di investimento | 10.000€ |
| Scenario | 1 anno | 5 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere tutto o parte del vostro investimento. |
| Scenario di stress | Possibile rimborso al netto dei costi | 3 758.43 € | 3 276.02 € |
| Rendimento medio per ciascun anno (%) | -62.42% | -20.00% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7 814.91 € | 6 690.94 € |
| Rendimento medio per ciascun anno (%) | -21.85% | -7.72% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10 277.54 € | 12 299.44 € |
| Rendimento medio per ciascun anno (%) | 2.78% | 4.23% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 13 383.22 € | 22 284.59 € |
| Rendimento medio per ciascun anno (%) | 33.83% | 17.38% | | | Recommended holding period | 5 years |
| --- | --- |
| Example of an investment | 10.000€ |
| Scenario | 1 years | 5 years (Recommended holding period) |
| Minimum | There is no guaranteed minimum return. You may lose all or part of your investment. |
| Market tension scenario | What you could get back after the deduction of costs | 3 758.43 € | 3 276.02 € |
| Average annual yield (%) | -62.42% | -20.00% |
| Unfavourable scenario | What you could get back after the deduction of costs | 7 814.91 € | 6 690.94 € |
| Average annual yield (%) | -21.85% | -7.72% |
| Moderate scenario | What you could get back after the deduction of costs | 10 277.54 € | 12 299.44 € |
| Average annual yield (%) | 2.78% | 4.23% |
| Favourable scenario | What you could get back after the deduction of costs | 13 383.22 € | 22 284.59 € |
| Average annual yield (%) | 33.83% | 17.38% | | en | it |
DOLFIN1249 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 27 March 2015.
-8.7
-8.8
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 27 marzo 2015.
-8.7
-8.8
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 27 March 2015.
-8.7
-8.8
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN1250 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Risque lié à l’investissement dans d’autres organismes de placement collectif
Un Compartiment peut investir dans des organismes de placement et être donc exposé aux risques liés à ces organismes de placement sous-jacents. Un Compartiment n’a aucun contrôle sur les investissements des organismes de placement collectif sous-jacents et il n’est aucunement garanti que l’objectif et la stratégie d’investissement des organismes de placement collectif sous-jacents soient atteints, ce qui pourrait avoir une incidence négative sur la Valeur Nette d’Inventaire du Compartiment concerné.
Tout investissement dans ces organismes de placement collectif sous-jacents peut engendrer des frais supplémentaires. Il n’est en outre pas garanti que les organismes de placement collectif sous-jacents possèdent à tout moment des liquidités suffisantes pour satisfaire toutes les demandes de rachat comme et au moment où elles sont faites. | ### Riesgo de inversión en otros planes de inversión colectiva
El hecho de que el Fondo puede invertir en otros planes de inversión colectiva puede implicar un riesgo ligado a los planes de inversión colectiva subyacentes. Un Fondo no posee el control sobre las inversiones de los planes de inversión colectiva subyacentes y no se garantiza que vaya a lograrse el objetivo sobre la inversión y la estrategia de tales organismos, y puede incidir negativamente en el Valor de activo neto del Fondo.
Al invertir en estos planes de inversión colectiva subyacentes, se puede incurrir en costes adicionales. Tampoco puede otorgarse ninguna garantía de que los planes de inversión colectiva subyacentes siempre tendrán suficiente liquidez para satisfacer las solicitudes de amortización del Fondo en la forma y el momento en que se realicen. | ### Risque lié à l’investissement dans d’autres organismes de placement collectif
Un Compartiment peut investir dans des organismes de placement et être donc exposé aux risques liés à ces organismes de placement sous-jacents. Un Compartiment n’a aucun contrôle sur les investissements des organismes de placement collectif sous-jacents et il n’est aucunement garanti que l’objectif et la stratégie d’investissement des organismes de placement collectif sous-jacents soient atteints, ce qui pourrait avoir une incidence négative sur la Valeur Nette d’Inventaire du Compartiment concerné.
Tout investissement dans ces organismes de placement collectif sous-jacents peut engendrer des frais supplémentaires. Il n’est en outre pas garanti que les organismes de placement collectif sous-jacents possèdent à tout moment des liquidités suffisantes pour satisfaire toutes les demandes de rachat comme et au moment où elles sont faites. | fr | es |
DOLFIN1251 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
* See f) of the Statement of assets
** See d) of the Statement of assets
Breakdown of assets from A), B), C) and D) of the securities portfolio by domicile country of the issuer | * Sich auf f) der Vermögensaufstellung beziehen
** Sich auf d) der Vermögensaufstellung beziehen
Aufteilung der Vermögenswerte von A), B), C) und D) des Wertpapierportfolios nach Sitzland des Emittenten | * See f) of the Statement of assets
** See d) of the Statement of assets
Breakdown of assets from A), B), C) and D) of the securities portfolio by domicile country of the issuer | en | de |
DOLFIN1252 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Objective and Policies
The investment objective of Emerging Markets 2018 Fund is to seek maximum total return, consistent with prudent investment management and the Fund Maturity Date (as defined below).
It is intended that the Fund will terminate in accordance with the provisions of the Articles of Association in or around 30 November 2018 (the “Fund Maturity Date”). For further information in respect of the Fund Maturity Date please see the section of this Supplement entitled “Information on the Fund Maturity Date”.
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in Fixed Income Instruments with varying maturities and of issuers that are economically tied to emerging market countries issued by governments, their agencies or instrumentalities and corporations. Such instruments may be denominated in non-U.S. currencies, including currencies of emerging markets. The Investment Advisor may achieve the desired exposure by direct investment in Fixed Income Securities and/or by investing in derivatives as further outlined below. The Fund may also invest in securities not tied to emerging market countries. During the twelve month period prior to the Fund Maturity Date, the Investment Advisor may determine at its discretion that it is not in the best interests of the Fund to acquire Fixed Income Instruments tied to emerging market countries (e.g. where market conditions are unfavourable). In such circumstances and during the final twelve month period only, the Investment Advisor may seek to invest in Fixed Income Instruments not tied to emerging market countries and shall not be subject to the abovementioned 80% limit. However, any Fixed Income Instruments purchased during this period shall not have a maturity beyond that of the Fund Maturity Date.
At least 50% of the Fixed Income Instruments shall mature on or before the Fund Maturity Date and no individual Fixed Income Instrument shall have a maturity beyond 30 November, 2019. The total return which the Fund seeks to maximise as its investment objective will vary depending on the market conditions at the time when the Shareholder subscribes or redeems from the Fund.
In making investment decisions the Investment Adviser considers various quantitative and qualitative data relating to global economies and projected growth of various industrial sectors and asset classes. In order to maintain flexibility and to have the ability to invest in opportunities as they arise, it is not an objective of the Fund to focus its investment in any specific geographic or industry sector (although it may, but is not obliged to, in practice). Similarly, although the Fund has the capability to use the types of investment outlined in this policy, it is possible that certain instrument types are not used all of the time. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time.
The Fund may invest without limit in instruments that are economically tied to emerging market countries. Please see the section entitled “Emerging Markets Securities” under the heading
“Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques” for a description of when an instrument is economically tied to an emerging market country. As outlined in the aforementioned section, the Investment Advisor has broad discretion to identify countries that it considers to qualify as emerging markets.
The Fund may invest in both investment grade securities and high yield securities (“junk bonds”) subject to a minimum rating category of B3 by Moody’s or B- by S&P or equivalently rated by Fitch (or, if unrated, determined by the Investment Advisor to be of comparable quality). The average portfolio maturity of this Fund is expected to be between negative one year and positive one year of the Fund Maturity Date.
Where considered by the Investment Advisor to be consistent with the investment objective and policy of the Fund, the Fund may invest up to 10% of its net assets in units or shares of other collective investment schemes. The Fund may invest up to 10% of its net assets in illiquid securities (including bonds and other Fixed Income Instruments as set out in this investment policy, which are illiquid) which are described in further detail in the Prospectus under the heading “Transferable Illiquid Securities” and in loan participations and loan assignments (which may be securitised or unsecuritised) which constitute money market instruments. The Fund may not invest in equity securities or in securities that are convertible into equity securities such as convertible bonds.
The Fund may hold both non-USD denominated Fixed Income Instruments and non-USD denominated currency positions. Therefore, movements in both non-USD denominated Fixed Income Instruments and non-USD denominated currencies can influence the Fund’s return. Active currency positions and currency hedging may be implemented using instruments such as forward foreign exchange contracts and currency futures, options and swaps in accordance with the Central Bank UCITS Regulations. The various efficient portfolio management techniques (including without limitation purchasing when issued, delayed delivery, forward commitment, currency transactions, repurchase and reverse repurchase and securities lending transactions) are subject to the limits and conditions set down by the Central Bank from time to time and are more fully described under the heading “Efficient Portfolio Management and Securities Financing Transactions”. There can be no assurance that the Investment Advisor will be successful in employing these techniques.
Subject to the Regulations as set forth in Appendix 4 and as more fully described under the headings “Efficient Portfolio Management and Securities Financing Transactions” and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”, the Fund may use derivative instruments such as futures, options, swap agreements (which may be listed or over-the- counter) including Total Return Swaps and may also enter into currency forward contracts. Such derivative instruments may be used (i) for hedging purposes and/or (ii) for investment purposes and/or
(iii) efficient portfolio management in accordance with the requirements of the Central Bank. For example, when using derivatives (which will be based only on underlying assets or sectors which are permitted under the investment policy of the Fund) the Fund may do so (i) to hedge a currency exposure,
(ii) as a substitute for taking a position in the underlying asset where the Investment Advisor feels that a derivative exposure to the underlying asset represents better value than a direct exposure, (iii) to tailor the Fund’s interest rate exposure to the Investment Advisor’s outlook for interest rates, and/or (iv) to gain an exposure to the composition and performance of a particular index (provided always that the Fund may not have an indirect exposure through an index to an instrument, issuer or currency to which it cannot have a direct exposure). Details of any financial indices used by the Fund will be provided to Shareholders by the Investment Advisor on request and will be set out in the Company’s semi-annual and annual accounts. Any such indices will be used in accordance with the requirements of the Central Bank. Only derivative instruments listed in the Company’s risk management process and cleared by the Central Bank may be utilised.
The use of derivative instruments may expose the Fund to the risks disclosed under the headings “General Risk Factors” and detailed under “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”. Position exposure to underlying assets of derivative instruments (other than index based derivatives) (whether for hedging purposes and/or for investment purposes), when combined with positions resulting from direct investments, will not exceed the
investment limits set out in Appendix 4. The use of derivatives will give rise to an additional leveraged exposure. The level of leverage for the Fund is expected to range from 0% to 600% of Net Asset Value. The Fund’s leverage is expected to increase to higher levels, for example, at times when the Investment Advisor deems it most appropriate to use derivative instruments to alter the Fund’s interest rate, currency or credit exposure. The leverage figure is calculated using the sum of the notionals of the derivatives used as is required by the Central Bank and as such does not take into account any netting and hedging arrangements that the Fund has in place at any time.
Where the Investment Advisor believes it appropriate to do so as a result of detailed investment analysis, the Fund may use derivatives to create synthetic short positions. Synthetic short positions are positions which are in economic terms equivalent to short positions and will be implemented through the use of financial derivative instruments in accordance with the Central Bank’s requirements. The Fund will take long and synthetic short positions over a variety of time periods in accordance with the requirements of the Central Bank. Further information on the Fund’s use of derivatives is set out below. The proportion of long to short exposure in the Fund will depend on the market conditions at any given time. It is possible that the Fund may have long only exposure, or conversely short only exposure at any point in time. Although under normal market conditions it is not anticipated that the Fund would be directionally short, on a net basis. Such positions may be taken across various asset classes contemplated under the investment policy of the Fund as set out herein. When calculated using the gross notional value of any derivatives in the Fund and the market value of any direct investments, the combination of total gross long positions and total gross short positions are not expected to exceed 800% of the Net Asset Value of the Fund. For further information, please refer to the paragraph in this section of the Supplement outlining the level of leverage expected for the Fund which is calculated using the sum of the notionals of the derivatives used.
The market risk associated with the use of derivatives will be covered and will be risk managed using the Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements. VaR is a statistical methodology that predicts, using historical data, the likely maximum daily loss that the fund could lose calculated to a one-tailed 99% confidence level. However there is a 1% statistical chance that the daily VaR number may be exceeded. The VaR approach uses a historical observation period and thus the VaR result may be biased if abnormal market conditions are not prevalent or are omitted from the historical observation period. Accordingly, investors could suffer significant losses in abnormal market conditions. The Manager will attempt to minimize such risks by conducting regular back testing and stress testing of the VaR model in accordance with Central Bank requirements.
The Emerging Markets 2018 Fund intends to use the Relative VaR model. Accordingly, the VaR of the Fund’s portfolio will not exceed twice the VaR on a comparable benchmark portfolio or reference portfolio (i.e. a similar portfolio with no derivatives) which will reflect the Fund’s intended investment style. The benchmark portfolio will be JP Morgan Emerging Markets Bond Index (EMBI) Global. The JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds and local market instruments. The holding period shall be 20 days. The historical observation period shall not be less than one year. It should be noted that the above limits are the current VaR limits required by the Central Bank. However, should the VaR model for the Fund or the Central Bank limits change, the Fund will have the ability to avail of such new model or limits by updating this Supplement and the Risk Management Process of the Company accordingly. The measurement and monitoring of all exposures relating to the use of derivative instruments will be performed on at least a daily basis.
The Fund may invest up to 10% of net assets in securities traded on domestic Russian markets and any such investment will only be made in securities that are listed/traded on the Moscow Exchange.
The Fund may also hold and maintain ancillary liquid assets and money market instruments, including but not limited to asset-backed securities, commercial paper, certificates of deposit.
The Fund may experience high volatility from time to time. Please see the section of the Supplement entitled “Risk Factors” for further information. | ### Obiettivo e politiche di investimento
L’obiettivo di investimento del Comparto Emerging Markets 2018 è la massimizzazione del rendimento totale compatibilmente con una gestione prudente degli investimenti e la Data di scadenza del Comparto (come di seguito definita).
Si prevede che il Comparto sarà chiuso, in conformità alle disposizioni dello Statuto, il 30 novembre 2018 o intorno a tale data (la “Data di scadenza del Comparto”). Per maggiori informazioni in merito alla Data di scadenza del Comparto, si rimanda alla sezione del presente Supplemento intitolata “Informazioni sulla Data di scadenza del Comparto”.
Il Comparto persegue l’obiettivo d’investimento destinando, in condizioni normali, almeno l’80% del proprio patrimonio netto a Strumenti a reddito fisso aventi scadenze diverse, di emittenti economicamente legati a paesi con mercati emergenti ed emessi da governi, loro agenzie o enti parastatali e società. Tali strumenti possono essere denominati in valute diverse dal dollaro statunitense, incluse valute dei mercati emergenti. Il Consulente per gli investimenti può acquisire un’esposizione diretta mediante l’investimento diretto in Titoli a reddito fisso e/o investendo in derivati, come più dettagliatamente descritto nel prosieguo. Il Comparto può inoltre investire in titoli non legati a paesi con mercati emergenti. Durante il periodo di dodici mesi precedenti la Data di scadenza del Comparto, il Consulente per gli investimenti può, a sua discrezione, decidere che l'acquisizione di Strumenti a reddito fisso legati a paesi con mercati emergenti non sia nel migliore interesse del Comparto (per esempio, in condizioni di mercato sfavorevoli). In tali circostanze ed esclusivamente nei dodici mesi finali, il Consulente per gli investimenti può cercare di investire in Strumenti a reddito fisso non legati a paesi con mercati emergenti e non sarà soggetto al suddetto limite dell'80%. Gli eventuali Strumenti a reddito fisso acquistati durante questo periodo non dovranno tuttavia avere una scadenza successiva alla Data di scadenza del Comparto.
Almeno il 50% degli Strumenti a reddito fisso scadrà entro e non oltre la Data di scadenza del Comparto e nessuno Strumento a reddito fisso avrà una scadenza successiva al 30 novembre 2019. Il rendimento totale che il Comparto mira a massimizzare come proprio obiettivo d'investimento varierà in funzione delle condizioni di mercato nel momento in cui l'Azionista effettua le relative sottoscrizioni o richiede i relativi rimborsi.
Il Consulente per gli investimenti assumerà le decisioni in materia di investimenti considerando numerosi dati quantitativi e qualitativi relativi alle economie globali e alla crescita attesa di svariati settori industriali e classi di asset. Al fine di mantenere flessibilità e capacità di investire a mano a mano che sorgono opportunità, il Comparto non si prefigge di focalizzare gli investimenti in un settore industriale o area geografica particolare
(sebbene in pratica ne abbia facoltà, ma non l'obbligo). Analogamente, nonostante il Comparto sia libero di utilizzare le tipologie di investimento illustrate nella presente politica, è possibile che taluni tipi di strumenti non siano sempre utilizzati. Sebbene queste analisi siano condotte ogni giorno, le variazioni significative nelle esposizioni degli investimenti si verificano solitamente in periodi di tempo più lunghi.
Il Comparto potrà investire senza alcun limite in strumenti economicamente legati a paesi con mercati emergenti. Per una descrizione dei casi in cui uno strumento è economicamente legato a un paese con mercato emergente, consultare la voce “Titoli dei mercati emergenti” nella sezione intitolata “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”. Come indicato nella summenzionata sezione, il Consulente per gli investimenti ha ampia discrezionalità in materia di identificazione dei paesi a suo giudizio considerabili mercati emergenti.
Il Comparto potrà investire sia in titoli investment grade che in titoli ad alto rendimento (“junk bonds”, ossia obbligazioni spazzatura) purché rientranti in una categoria di rating minimo non inferiore a B3 (Moody’s) o B- (S&P) o rating equivalente attribuito da Fitch (oppure, se privi di rating, considerati di qualità analoga dal Consulente per gli investimenti). La scadenza media del portafoglio di questo Comparto è destinata a essere negativa a un anno e positiva a un anno rispetto alla Data di scadenza del Comparto.
Ove il Consulente per gli investimenti lo ritenga compatibile con l’obiettivo e la politica di investimento, il Comparto può investire sino al 10% del proprio patrimonio netto in quote o Azioni di altri organismi di investimento collettivo. Il Comparto può inoltre investire sino al 10% del proprio patrimonio netto in titoli illiquidi (inclusi obbligazioni e altri Strumenti a reddito fisso definiti nella presente politica di investimento che siano illiquidi), più dettagliatamente descritti nel Prospetto informativo alla voce “Valori mobiliari illiquidi”, nonché in prestiti partecipativi e cessioni di crediti (anche non cartolarizzati) che costituiscano strumenti del mercato monetario. Il Comparto non può investire in titoli azionari o in titoli convertibili in azioni, come per esempio le obbligazioni convertibili.
Il Comparto può detenere sia Strumenti a reddito fisso non denominati in USD che posizioni valutarie non denominate in USD. Le oscillazioni degli Strumenti a reddito fisso denominati in altre divise e delle valute denominate in altre divise possono pertanto influenzare il rendimento del Comparto. Le posizioni valutarie attive e la copertura valutaria potranno essere implementate utilizzando strumenti quali contratti di cambio a termine e futures su valute, opzioni e swap in conformità ai Regolamenti OICVM della Banca centrale. Le varie tecniche di gestione efficiente del portafoglio (quali, a titolo esemplificativo e non esaustivo, when-issued, consegna differita, impegno a termine, transazioni valutarie, operazioni di vendita a pronti con patto di riacquisto a termine e di acquisto a pronti con patto di rivendita a termine e di prestito di titoli) sono soggette alle limitazioni e condizioni stabilite di volta in volta dalla Banca centrale e descritte più dettagliatamente nella sezione intitolata “Gestione efficiente del portafoglio e Operazioni di finanziamento tramite titoli”. Non è possibile garantire che il Consulente per gli investimenti utilizzi con successo tali tecniche.
Subordinatamente ai Regolamenti riportati nell’Appendice 4 e come illustrato in modo più dettagliato nelle sezioni “Gestione efficiente del portafoglio e Operazioni di finanziamento tramite titoli” e “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”, il Comparto può fare ricorso a strumenti derivati come futures, opzioni e contratti swap (quotati in borsa o negoziati fuori borsa), inclusi Total return swap e stipulare anche contratti di cambio a termine. Tali strumenti derivati possono essere utilizzati (i) a fini di copertura e/o (ii) a scopo di investimento e/o (iii) per una gestione efficiente del portafoglio in conformità ai requisiti della Banca centrale. Per esempio, il Comparto può utilizzare strumenti derivati (che si basino solo su attività o settori sottostanti consentiti nell’ambito della propria politica di investimento) (i) per coprire un’esposizione valutaria, (ii) in sostituzione di una posizione nell’attività sottostante nel caso in cui il Consulente per gli investimenti ritenga che un’esposizione in derivati verso l’attività sottostante rappresenti un vantaggio rispetto all’esposizione diretta, (iii) per adattare l’esposizione del Comparto in termini di tassi d’interesse alle prospettive del Consulente per gli investimenti circa l’andamento dei tassi d’interesse, e/o (iv) per acquisire un’esposizione alla composizione e performance di un particolare indice (a condizione che il Comparto non possa avere un’esposizione indiretta tramite un indice verso uno strumento, un emittente o una valuta nei cui confronti non può avere un’esposizione diretta). Su richiesta, il Consulente per gli investimenti fornirà i dettagli degli indici finanziari utilizzati dal Comparto,
che saranno riportati anche nelle relazioni annuali e semestrali della Società. Tali indici saranno utilizzati in conformità ai requisiti della Banca centrale. È possibile utilizzare esclusivamente gli strumenti derivati elencati nel processo di gestione del rischio della Società e approvati dalla Banca centrale.
L’utilizzo di strumenti derivati può esporre il Comparto ai rischi illustrati nella voce “Fattori generali di rischio” e descritti dettagliatamente nella sezione “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”. L’esposizione di una posizione verso le attività sottostanti di strumenti derivati (all'infuori di derivati basati su indici) (a fini di copertura e/o di investimento), allorché combinata con posizioni derivanti da investimenti diretti, non può superare i limiti di investimento definiti nell’Appendice 4. L’utilizzo di strumenti derivati genererà una maggiore esposizione in termini di leva finanziaria. Il livello di leva finanziaria atteso per il Comparto sarà compreso tra lo 0% e il 600% del Valore patrimoniale netto. La leva finanziaria del Comparto è destinata a salire a livelli maggiori, per esempio nei momenti in cui il Consulente per gli investimenti ritenga più appropriato utilizzare strumenti derivati per modificare l’esposizione del Comparto in termini di tassi d’interesse, valute o credito. Il dato relativo alla leva finanziaria è calcolato usando la somma dei nozionali dei derivati impiegati con le modalità richieste dalla Banca centrale e pertanto non tiene conto di meccanismi di compensazione e copertura attuati dal Comparto in un determinato momento.
Laddove il Consulente per gli investimenti lo ritenga appropriato a seguito di una dettagliata analisi dell’investimento, il Comparto può utilizzare derivati per creare posizioni short sintetiche. Le posizioni short sintetiche sono posizioni che, in termini economici, equivalgono a posizioni allo scoperto e vengono attuate tramite il ricorso a strumenti finanziari derivati in conformità ai requisiti della Banca centrale. Il Comparto assumerà posizioni long e short sintetiche per vari periodi di tempo in conformità ai requisiti della Banca centrale. Di seguito sono fornite maggiori informazioni sul ricorso del Comparto a strumenti derivati. La percentuale di esposizione long e short nel Comparto dipenderà dalle condizioni del mercato in qualsiasi momento. Il Comparto potrà avere solo un'esposizione long, o al contrario solo un'esposizione short in qualsiasi momento. In normali condizioni di mercato, si prevede comunque che il Comparto non detenga una posizione direzionalmente short, su base netta. Tali posizioni potranno essere assunte nell'ambito di diverse classi di asset contemplate nella politica di investimento del Comparto descritta in questo documento. Quando il calcolo si effettua utilizzando il valore nozionale lordo di tutti gli eventuali strumenti derivati presenti nel Comparto e il valore di mercato di tutti gli eventuali investimenti diretti, la combinazione del totale delle posizioni long lorde e del totale delle posizioni short lorde prevedibilmente non sarà superiore all'800% del Valore patrimoniale netto del Comparto. Per ulteriori informazioni si rimanda al paragrafo di questa sezione del Supplemento dove è delineato il livello di leva finanziaria previsto per il Comparto che è calcolato utilizzando la somma dei valori nozionali degli strumenti derivati utilizzati.
Il rischio di mercato associato all’uso di derivati sarà soggetto a copertura e gestito utilizzando la metodologia Value at Risk (“VaR”) in conformità ai requisiti prescritti dalla Banca centrale. Il VaR è un metodo statistico che, con l’ausilio di dati storici, prevede la perdita giornaliera massima probabile cui è esposto il Comparto, calcolata con un livello di confidenza a una coda del 99%. Esiste tuttavia una probabilità statistica dell’1% che il valore VaR giornaliero possa essere superato. L’approccio VaR utilizza un periodo di osservazione dei dati storici e il risultato VaR può pertanto essere alterato se non sono prevalenti condizioni di mercato anomale oppure se tali condizioni sono omesse dal suddetto periodo. In condizioni di mercato anomale gli investitori potrebbero pertanto subire perdite significative. Il Gestore cercherà di ridurre al minimo tali rischi eseguendo regolari procedure di back test e stress test del modello VaR in conformità ai requisiti della Banca centrale.
Il Comparto Emerging Markets 2018 intende utilizzare il modello VaR relativo. Di conseguenza, il VaR del portafoglio del Comparto non eccederà il doppio del VaR di un portafoglio di riferimento o portafoglio benchmark analogo (cioè un portafoglio simile privo di strumenti derivati) che rifletterà lo stile di investimento che il Comparto intende perseguire. Il portafoglio benchmark sarà JP Morgan Emerging Markets Bond Index (EMBI) Global. JPMorgan Emerging Markets Bond Index (EMBI) Global replica i rendimenti totali di strumenti di debito denominati in dollari statunitensi emessi da entità sovrane e quasi sovrane di mercati emergenti: obbligazioni Brady, prestiti, Eurobond e strumenti dei mercati locali. Il periodo di detenzione sarà di 20 giorni. Il periodo di osservazione dei dati storici non sarà inferiore a un anno. È opportuno rilevare che i limiti
suddetti sono i limiti VaR correnti richiesti dalla Banca centrale. Qualora il modello VaR del Comparto o i limiti della Banca centrale dovessero cambiare, il Comparto potrà comunque avvalersi di tali nuovi limiti o modello, aggiornando di conseguenza il presente Supplemento e il Processo di gestione del rischio. La misurazione e il monitoraggio di tutte le esposizioni associate all’uso di strumenti derivati saranno eseguiti a cadenza almeno giornaliera.
Il Comparto potrà investire fino al 10% del patrimonio netto in titoli negoziati su mercati interni russi e qualunque investimento siffatto sarà effettuato unicamente in titoli quotati/negoziati alla borsa valori di Mosca.
Il Comparto può altresì detenere e mantenere attività liquide in via accessoria e strumenti del mercato monetario quali, a titolo esemplificativo ma non esaustivo, titoli garantiti da attività, commercial paper, certificati di deposito.
Il Comparto può di tanto in tanto registrare un livello elevato di volatilità. Per maggiori informazioni, si rimanda alla sezione del Supplemento intitolata “Fattori di rischio”. | ### Investment Objective and Policies
The investment objective of Emerging Markets 2018 Fund is to seek maximum total return, consistent with prudent investment management and the Fund Maturity Date (as defined below).
It is intended that the Fund will terminate in accordance with the provisions of the Articles of Association in or around 30 November 2018 (the “Fund Maturity Date”). For further information in respect of the Fund Maturity Date please see the section of this Supplement entitled “Information on the Fund Maturity Date”.
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in Fixed Income Instruments with varying maturities and of issuers that are economically tied to emerging market countries issued by governments, their agencies or instrumentalities and corporations. Such instruments may be denominated in non-U.S. currencies, including currencies of emerging markets. The Investment Advisor may achieve the desired exposure by direct investment in Fixed Income Securities and/or by investing in derivatives as further outlined below. The Fund may also invest in securities not tied to emerging market countries. During the twelve month period prior to the Fund Maturity Date, the Investment Advisor may determine at its discretion that it is not in the best interests of the Fund to acquire Fixed Income Instruments tied to emerging market countries (e.g. where market conditions are unfavourable). In such circumstances and during the final twelve month period only, the Investment Advisor may seek to invest in Fixed Income Instruments not tied to emerging market countries and shall not be subject to the abovementioned 80% limit. However, any Fixed Income Instruments purchased during this period shall not have a maturity beyond that of the Fund Maturity Date.
At least 50% of the Fixed Income Instruments shall mature on or before the Fund Maturity Date and no individual Fixed Income Instrument shall have a maturity beyond 30 November, 2019. The total return which the Fund seeks to maximise as its investment objective will vary depending on the market conditions at the time when the Shareholder subscribes or redeems from the Fund.
In making investment decisions the Investment Adviser considers various quantitative and qualitative data relating to global economies and projected growth of various industrial sectors and asset classes. In order to maintain flexibility and to have the ability to invest in opportunities as they arise, it is not an objective of the Fund to focus its investment in any specific geographic or industry sector (although it may, but is not obliged to, in practice). Similarly, although the Fund has the capability to use the types of investment outlined in this policy, it is possible that certain instrument types are not used all of the time. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time.
The Fund may invest without limit in instruments that are economically tied to emerging market countries. Please see the section entitled “Emerging Markets Securities” under the heading
“Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques” for a description of when an instrument is economically tied to an emerging market country. As outlined in the aforementioned section, the Investment Advisor has broad discretion to identify countries that it considers to qualify as emerging markets.
The Fund may invest in both investment grade securities and high yield securities (“junk bonds”) subject to a minimum rating category of B3 by Moody’s or B- by S&P or equivalently rated by Fitch (or, if unrated, determined by the Investment Advisor to be of comparable quality). The average portfolio maturity of this Fund is expected to be between negative one year and positive one year of the Fund Maturity Date.
Where considered by the Investment Advisor to be consistent with the investment objective and policy of the Fund, the Fund may invest up to 10% of its net assets in units or shares of other collective investment schemes. The Fund may invest up to 10% of its net assets in illiquid securities (including bonds and other Fixed Income Instruments as set out in this investment policy, which are illiquid) which are described in further detail in the Prospectus under the heading “Transferable Illiquid Securities” and in loan participations and loan assignments (which may be securitised or unsecuritised) which constitute money market instruments. The Fund may not invest in equity securities or in securities that are convertible into equity securities such as convertible bonds.
The Fund may hold both non-USD denominated Fixed Income Instruments and non-USD denominated currency positions. Therefore, movements in both non-USD denominated Fixed Income Instruments and non-USD denominated currencies can influence the Fund’s return. Active currency positions and currency hedging may be implemented using instruments such as forward foreign exchange contracts and currency futures, options and swaps in accordance with the Central Bank UCITS Regulations. The various efficient portfolio management techniques (including without limitation purchasing when issued, delayed delivery, forward commitment, currency transactions, repurchase and reverse repurchase and securities lending transactions) are subject to the limits and conditions set down by the Central Bank from time to time and are more fully described under the heading “Efficient Portfolio Management and Securities Financing Transactions”. There can be no assurance that the Investment Advisor will be successful in employing these techniques.
Subject to the Regulations as set forth in Appendix 4 and as more fully described under the headings “Efficient Portfolio Management and Securities Financing Transactions” and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”, the Fund may use derivative instruments such as futures, options, swap agreements (which may be listed or over-the- counter) including Total Return Swaps and may also enter into currency forward contracts. Such derivative instruments may be used (i) for hedging purposes and/or (ii) for investment purposes and/or
(iii) efficient portfolio management in accordance with the requirements of the Central Bank. For example, when using derivatives (which will be based only on underlying assets or sectors which are permitted under the investment policy of the Fund) the Fund may do so (i) to hedge a currency exposure,
(ii) as a substitute for taking a position in the underlying asset where the Investment Advisor feels that a derivative exposure to the underlying asset represents better value than a direct exposure, (iii) to tailor the Fund’s interest rate exposure to the Investment Advisor’s outlook for interest rates, and/or (iv) to gain an exposure to the composition and performance of a particular index (provided always that the Fund may not have an indirect exposure through an index to an instrument, issuer or currency to which it cannot have a direct exposure). Details of any financial indices used by the Fund will be provided to Shareholders by the Investment Advisor on request and will be set out in the Company’s semi-annual and annual accounts. Any such indices will be used in accordance with the requirements of the Central Bank. Only derivative instruments listed in the Company’s risk management process and cleared by the Central Bank may be utilised.
The use of derivative instruments may expose the Fund to the risks disclosed under the headings “General Risk Factors” and detailed under “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”. Position exposure to underlying assets of derivative instruments (other than index based derivatives) (whether for hedging purposes and/or for investment purposes), when combined with positions resulting from direct investments, will not exceed the
investment limits set out in Appendix 4. The use of derivatives will give rise to an additional leveraged exposure. The level of leverage for the Fund is expected to range from 0% to 600% of Net Asset Value. The Fund’s leverage is expected to increase to higher levels, for example, at times when the Investment Advisor deems it most appropriate to use derivative instruments to alter the Fund’s interest rate, currency or credit exposure. The leverage figure is calculated using the sum of the notionals of the derivatives used as is required by the Central Bank and as such does not take into account any netting and hedging arrangements that the Fund has in place at any time.
Where the Investment Advisor believes it appropriate to do so as a result of detailed investment analysis, the Fund may use derivatives to create synthetic short positions. Synthetic short positions are positions which are in economic terms equivalent to short positions and will be implemented through the use of financial derivative instruments in accordance with the Central Bank’s requirements. The Fund will take long and synthetic short positions over a variety of time periods in accordance with the requirements of the Central Bank. Further information on the Fund’s use of derivatives is set out below. The proportion of long to short exposure in the Fund will depend on the market conditions at any given time. It is possible that the Fund may have long only exposure, or conversely short only exposure at any point in time. Although under normal market conditions it is not anticipated that the Fund would be directionally short, on a net basis. Such positions may be taken across various asset classes contemplated under the investment policy of the Fund as set out herein. When calculated using the gross notional value of any derivatives in the Fund and the market value of any direct investments, the combination of total gross long positions and total gross short positions are not expected to exceed 800% of the Net Asset Value of the Fund. For further information, please refer to the paragraph in this section of the Supplement outlining the level of leverage expected for the Fund which is calculated using the sum of the notionals of the derivatives used.
The market risk associated with the use of derivatives will be covered and will be risk managed using the Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements. VaR is a statistical methodology that predicts, using historical data, the likely maximum daily loss that the fund could lose calculated to a one-tailed 99% confidence level. However there is a 1% statistical chance that the daily VaR number may be exceeded. The VaR approach uses a historical observation period and thus the VaR result may be biased if abnormal market conditions are not prevalent or are omitted from the historical observation period. Accordingly, investors could suffer significant losses in abnormal market conditions. The Manager will attempt to minimize such risks by conducting regular back testing and stress testing of the VaR model in accordance with Central Bank requirements.
The Emerging Markets 2018 Fund intends to use the Relative VaR model. Accordingly, the VaR of the Fund’s portfolio will not exceed twice the VaR on a comparable benchmark portfolio or reference portfolio (i.e. a similar portfolio with no derivatives) which will reflect the Fund’s intended investment style. The benchmark portfolio will be JP Morgan Emerging Markets Bond Index (EMBI) Global. The JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds and local market instruments. The holding period shall be 20 days. The historical observation period shall not be less than one year. It should be noted that the above limits are the current VaR limits required by the Central Bank. However, should the VaR model for the Fund or the Central Bank limits change, the Fund will have the ability to avail of such new model or limits by updating this Supplement and the Risk Management Process of the Company accordingly. The measurement and monitoring of all exposures relating to the use of derivative instruments will be performed on at least a daily basis.
The Fund may invest up to 10% of net assets in securities traded on domestic Russian markets and any such investment will only be made in securities that are listed/traded on the Moscow Exchange.
The Fund may also hold and maintain ancillary liquid assets and money market instruments, including but not limited to asset-backed securities, commercial paper, certificates of deposit.
The Fund may experience high volatility from time to time. Please see the section of the Supplement entitled “Risk Factors” for further information. | en | it |
DOLFIN1253 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Feeder Fund may enter into TRS/CFDs for investment purposes and for efficient portfolio management. It may only conduct Securities Financing Transactions for efficient portfolio management.
In this context, efficient portfolio management purposes include: the reduction of risk, the reduction of costs and the generation of additional capital or income for the Feeder Fund with a level of risk that is consistent with the risk profile of the Feeder Fund.
If the Feeder Fund invests in TRS and/or CFDs and/or Securities Financing Transactions, the relevant asset or index may be comprised of Equity or Debt Securities, Money Market Instruments or other eligible investments which are consistent with the Feeder Fund’s specific Asset Class Principles, individual Investment Objective and Investment Restrictions.
Both, the maximum and the expected proportion of the Net Asset Value of the Feeder Fund can be subject to TRS/CFDs and or Securities Financing Transactions as set out below.
Proportions of a Feeder Fund’s Net asset value subject to Securities Financing Transactions
Both, the maximum and the expected proportion of the Net Asset Value of the Feeder Fund can be subject to TRS/CFDs and or Securities Financing Transactions as set out below. | Der Feederfonds kann TRS/CFDs zu Anlagezwecken sowie zur effizienten Portfolioverwaltung abschließen. Wertpapierfinanzierungsgeschäfte darf er ausschließlich zur effizienten Portfolioverwaltung eingehen.
In diesem Zusammenhang umfassen die Zwecke einer effizienten Portfolioverwaltung: die Verminderung des Risikos, die Senkung der Kosten und die Erwirtschaftung zusätzlichen Kapitals bzw. zusätzlicher Erträge für den Feederfonds, wobei das Ausmaß des Risikos stets dem Risikoprofil des Feederfonds entsprechen muss.
Wenn der Feederfonds in TRS und/oder CFDs und/oder Wertpapierfinanzierungsgeschäfte investiert, kann der entsprechende Vermögenswert oder Index Aktien oder Festverzinsliche Wertpapiere, Geldmarktinstrumente oder sonstige zulässige Anlagen umfassen, die mit dem Anlageziel und den Anlagegrundsätzen des Feederfonds übereinstimmen.
Sowohl der maximale als auch der erwartete auf TRS/CFDs und/oder Wertpapierfinanzierungsgeschäfte entfallende Anteil des Nettoinventarwerts des Feederfonds ist nachfolgend angegeben.
Auf Wertpapierfinanzierungsgeschäfte entfallender Anteil des Nettoinventarwertes des Feederfonds
Sowohl der maximale als auch der erwartete auf TRS/CFDs und/oder Wertpapierfinanzierungsgeschäfte entfallende Anteil des Nettoinventarwerts des Feederfonds ist nachfolgend angegeben. | The Feeder Fund may enter into TRS/CFDs for investment purposes and for efficient portfolio management. It may only conduct Securities Financing Transactions for efficient portfolio management.
In this context, efficient portfolio management purposes include: the reduction of risk, the reduction of costs and the generation of additional capital or income for the Feeder Fund with a level of risk that is consistent with the risk profile of the Feeder Fund.
If the Feeder Fund invests in TRS and/or CFDs and/or Securities Financing Transactions, the relevant asset or index may be comprised of Equity or Debt Securities, Money Market Instruments or other eligible investments which are consistent with the Feeder Fund’s specific Asset Class Principles, individual Investment Objective and Investment Restrictions.
Both, the maximum and the expected proportion of the Net Asset Value of the Feeder Fund can be subject to TRS/CFDs and or Securities Financing Transactions as set out below.
Proportions of a Feeder Fund’s Net asset value subject to Securities Financing Transactions
Both, the maximum and the expected proportion of the Net Asset Value of the Feeder Fund can be subject to TRS/CFDs and or Securities Financing Transactions as set out below. | en | de |
DOLFIN1254 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les parts pourront être fractionnées, sur décision de l’organe de gouvernance de la société de gestion ou de son Président, en dixièmes, centièmes, millièmes ou dix-millièmes dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
L’organe de gouvernance de la société de gestion ou son Président peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. Les parts pourront également être regroupées. | Las participaciones podrán fraccionarse, por decisión del órgano de gobierno de la sociedad gestora o de su presidente, en décimas, centésimas, milésimas o diezmilésimas denominadas fracciones de participaciones.
Las disposiciones del reglamento que regulan la emisión y el reembolso de participaciones serán aplicables a las fracciones de participaciones cuyo valor será siempre proporcional al de la participación que representen. Todas las demás disposiciones del reglamento relativas a las participaciones se aplicarán a las fracciones de participaciones sin que sea necesario especificarlo, salvo disposición en contrario.
El órgano de gobierno de la sociedad gestora o su presidente pueden, a su entera discreción, dividir las participaciones mediante la creación de nuevas participaciones que se asignan a los titulares a cambio de participaciones antiguas. Las participaciones también podrán agruparse. | Les parts pourront être fractionnées, sur décision de l’organe de gouvernance de la société de gestion ou de son Président, en dixièmes, centièmes, millièmes ou dix-millièmes dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
L’organe de gouvernance de la société de gestion ou son Président peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. Les parts pourront également être regroupées. | fr | es |
DOLFIN1255 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Shares
France | ###### Titoli negoziabili e strumenti del mercato monetario ammessi alla quotazione ufficiale di una borsa valori e/o negoziati su un altro mercato regolamentato
Spagna
Francia | ##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Shares
France | en | it |
DOLFIN1256 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| MainFirst – Total Return European Equity Fund |
| --- |
| LU2211756205 | B shares |
| LU2211756460 | B1 shares |
| LU2211756627 | X shares |
| LU2211757518 | X1 shares | | | MainFirst – Total Return European Equity Fund |
| --- |
| LU2211756205 | Azioni B |
| LU2211756460 | Azioni B1 |
| LU2211756627 | Azioni X |
| LU2211757518 | Azioni X1 | | | MainFirst – Total Return European Equity Fund |
| --- |
| LU2211756205 | B shares |
| LU2211756460 | B1 shares |
| LU2211756627 | X shares |
| LU2211757518 | X1 shares | | en | it |
DOLFIN1257 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Possible impact of the proposed restructuring on the shareholders of the sub-funds to be absorbed and the absorbing sub-funds
- Impact on the sub-funds to be absorbed
- Following the merger transactions, all the assets and liabilities of each sub-fund to be absorbed will be transferred to each new corresponding absorbing sub-fund.
- This transfer will result in the allocation to the shareholders of the sub-funds to be absorbed, for each share held, of one share of the corresponding absorbing sub-fund. The shares received will be of the same kind, of the same type and will fall within an identical class of shares of the absorbing sub-funds. They will confer the same rights and benefits as the existing shares. The ISIN codes of the share classes of the new absorbing sub-funds will be identical to the ISIN codes of the current share classes of the sub-funds to be absorbed.
- The portfolios of the sub-funds to be absorbed will not be readjusted before the restructuring. The restructuring will not have a material impact on the portfolio of any of the absorbing sub-funds. Consequently, none of the portfolios of the sub-funds will be substantially rebalanced either before or after the restructuring.
- | # 2° Incidenza possibile della ristrutturazione proposta sugli azionisti dei comparti da incorporare e dei comparti incorporanti
- Incidenza sui comparti da incorporare
- In seguito alle operazioni di fusione, l’intero patrimonio attivo e passivo di ogni comparto da incorporare sarà trasferito, dopo l’operazione, in ciascun nuovo comparto incorporante corrispondente.
- Questo trasferimento darà luogo all’attribuzione agli azionisti dei comparti da incorporare a un’azione del comparto incorporante corrispondente per ogni azione detenuta. Le azioni ricevute dei comparti incorporanti saranno dello stesso tipo, presenteranno la stessa natura e apparterranno a una classe di azioni identica. Conferiranno gli stessi diritti e vantaggi delle azioni esistenti. I codici ISIN delle classi di azioni dei nuovi comparti assorbenti saranno identici ai codici ISIN delle classi di azioni attuali dei comparti da incorporare.
- I portafogli dei comparti da incorporare non saranno oggetto di correzioni prima della ristrutturazione. La ristrutturazione non avrà un impatto sostanziale sul portafoglio di alcun comparto incorporante. Di conseguenza, non si apporterà alcun ribilanciamento ai portafogli dei comparti, né prima né dopo la ristrutturazione.
- | # Possible impact of the proposed restructuring on the shareholders of the sub-funds to be absorbed and the absorbing sub-funds
- Impact on the sub-funds to be absorbed
- Following the merger transactions, all the assets and liabilities of each sub-fund to be absorbed will be transferred to each new corresponding absorbing sub-fund.
- This transfer will result in the allocation to the shareholders of the sub-funds to be absorbed, for each share held, of one share of the corresponding absorbing sub-fund. The shares received will be of the same kind, of the same type and will fall within an identical class of shares of the absorbing sub-funds. They will confer the same rights and benefits as the existing shares. The ISIN codes of the share classes of the new absorbing sub-funds will be identical to the ISIN codes of the current share classes of the sub-funds to be absorbed.
- The portfolios of the sub-funds to be absorbed will not be readjusted before the restructuring. The restructuring will not have a material impact on the portfolio of any of the absorbing sub-funds. Consequently, none of the portfolios of the sub-funds will be substantially rebalanced either before or after the restructuring.
- | en | it |
DOLFIN1258 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Legal and tax risks
In some countries, the interpretation and application of legislation and regulations, along with the implementation of Shareholders' rights by virtue of this legislation and these regulations, may create significant uncertainty.
Furthermore, differences may arise between accounting and auditing standards, practices concerning the drafting of reports, and communications obligations as opposed to those generally used internationally. Some Sub-Funds may be subject to withholding tax and other taxes. The tax legislation and regulations in all countries are constantly changing, and these changes may be applied retroactively. The interpretation and application of tax legislation and regulations by the tax authorities in some countries are not as consistent and transparent as those in more developed countries, and are likely to vary from one region to another. | #### Risques juridiques et fiscaux
Dans certains pays, l’interprétation et l’application des législations et réglementations et la mise en œuvre des droits des Actionnaires en vertu de ces législations et réglementations peuvent impliquer d’importantes incertitudes.
Par ailleurs, des divergences peuvent apparaître entre les normes comptables et d’audit, les pratiques en matière d’établissement des rapports et les obligations de communication et celles généralement admises sur le plan international. Certains des Compartiments peuvent être soumis à des retenues à la source et à d’autres impôts. Les législations et réglementations fiscales de tout pays évoluent sans cesse et ces modifications peuvent s’appliquer rétroactivement. L’interprétation et l’application de la législation et des réglementations fiscales par les autorités fiscales de certains pays ne sont pas aussi cohérentes et transparentes que celles de pays plus développés et sont susceptibles de varier d’une région à une autre. | #### Legal and tax risks
In some countries, the interpretation and application of legislation and regulations, along with the implementation of Shareholders' rights by virtue of this legislation and these regulations, may create significant uncertainty.
Furthermore, differences may arise between accounting and auditing standards, practices concerning the drafting of reports, and communications obligations as opposed to those generally used internationally. Some Sub-Funds may be subject to withholding tax and other taxes. The tax legislation and regulations in all countries are constantly changing, and these changes may be applied retroactively. The interpretation and application of tax legislation and regulations by the tax authorities in some countries are not as consistent and transparent as those in more developed countries, and are likely to vary from one region to another. | en | fr |
DOLFIN1259 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
MSCI USA SRI S-Series PAB 5% Capped Track Classic Benchmark index
A: 11/2014-02/2016: Following a corporate action on 19/02/2016, the performances listed are the simulated past performance and fees of the PARWORLD TRACK US SRI.
B: 02/2016-09/2019: During this period, the benchmark index was "MSCI KLD 400 Social (NTR) and the denomination of the Funds was MSCI KLD 400 US SRI"
C: 09/2019 - 12/2021: During this period, the benchmark index was MSCI USA SRI S-Series 5% Capped (NTR). | MSCI USA SRI S-Series PAB 5% Capped Track Classic Indice de référence
A: 11/2014-02/2016 : À la suite d’une opération sur titres le 19/02/2016, les performances indiquées correspondent à la simulation des performances passées et des frais du PARWORLD TRACK US SRI.
B: 02/2016-09/2019 : Au cours de cette période, l’indice de référence était le MSCI KLD 400 Social (NTR) et la dénomination du Fonds était « MSCI KLD 400 US SRI »
C: 09/2019 - 12/2021: Au cours de cette période, l’indice de référence était le MSCI USA SRI S-Series 5% Capped (NTR). | MSCI USA SRI S-Series PAB 5% Capped Track Classic Benchmark index
A: 11/2014-02/2016: Following a corporate action on 19/02/2016, the performances listed are the simulated past performance and fees of the PARWORLD TRACK US SRI.
B: 02/2016-09/2019: During this period, the benchmark index was "MSCI KLD 400 Social (NTR) and the denomination of the Funds was MSCI KLD 400 US SRI"
C: 09/2019 - 12/2021: During this period, the benchmark index was MSCI USA SRI S-Series 5% Capped (NTR). | en | fr |
DOLFIN1260 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# FUND PERFORMANCE AND ATTRIBUTION
- The Fund outperformed the MSCI Emerging Markets Index
- 1
- for the period, however delivered negative returns. Strong selection in financials, communication services and utilities was partially offset by selection in materials and consumer discretionary. On a country basis, strong stock selection in China and South Korea was partially offset by selection in Taiwan and Mexico.
- Within financials and communication services, our top relative contributors were an out of benchmark allocation to Kasikornbank and not owning Kakao, respectively. Shares of Kasikornbank traded higher over the period as restrictions following Thailand's worst pandemic outbreak began to ease and the country looks to reopen to vaccinated visitors. The government lifted the public debt ceiling allowing it to raise more funds for the struggling economy.
- Within materials and consumer discretionary, our top relative detractors were overweights to Ganfeng Lithium and XPeng, respectively. Shares of Ganfeng Lithium, a Chinese lithium compound producer, fell over the period. The company had previously announced plans to acquire Millenial Lithium, however Millenial announced they received a superior proposal from Contemporary Amperex Technology ("CATL"), the world’s largest battery maker. Ganfeng announced they wouldn’t enter a bidding war with CATL and received a termination fee from Millenial. | # PERFORMANCE E ANDAMENTO DEL FONDO
- Nel periodo in esame il Fondo ha lievemente sovraperformato l’Indice MSCI Emerging Markets
- 1
- , archiviando tuttavia rendimenti negativi. La robusta selezione dei titoli nel settore finanziario, dei servizi di comunicazione e dei servizi di pubblica utilità è stata parzialmente compensata da quella nel settore dei materiali e dei beni voluttuari. A livello geografico, l’efficace selezione dei titoli in Cina e Corea del Sud è stata parzialmente controbilanciata dalla selezione a Taiwan e in Messico.
- Nel settore finanziario e dei servizi di comunicazione, i principali apporti relativi positivi sono rispettivamente giunti da una posizione fuori benchmark su Kasikornbank e dalla mancata detenzione di Kakao. Durante il periodo in esame le azioni di Kasikornbank hanno registrato un rialzo non appena le restrizioni dovute alla peggiore ondata pandemica della Thailandia hanno cominciato ad attenuarsi e il paese ha iniziato a riaprire ai visitatori vaccinati. Il governo ha alzato il tetto del debito pubblico consentendo una maggiore raccolta di fondi a supporto di un'economia in difficoltà.
- Per quanto riguarda il settore dei materiali e dei beni voluttuari, la performance è stata penalizzata in particolare dai sottopesi rispettivamente su Ganfeng Lithium e XPeng. Le azioni di Ganfeng Lithium, un produttore cinese di composti del litio, hanno perso terreno nel corso del periodo. In precedenza la società aveva annunciato un piano per l’acquisizione di Millenial Lithium, la quale ha tuttavia annunciato di aver ricevuto una proposta migliore da Contemporary Amperex Technology ("CATL"), il maggiore produttore mondiale di batterie. Ganfeng ha annunciato di non voler entrare in una guerra di offerte con CATL e di aver ricevuto una penale di cessazione anticipata da parte di Millenial. | # FUND PERFORMANCE AND ATTRIBUTION
- The Fund outperformed the MSCI Emerging Markets Index
- 1
- for the period, however delivered negative returns. Strong selection in financials, communication services and utilities was partially offset by selection in materials and consumer discretionary. On a country basis, strong stock selection in China and South Korea was partially offset by selection in Taiwan and Mexico.
- Within financials and communication services, our top relative contributors were an out of benchmark allocation to Kasikornbank and not owning Kakao, respectively. Shares of Kasikornbank traded higher over the period as restrictions following Thailand's worst pandemic outbreak began to ease and the country looks to reopen to vaccinated visitors. The government lifted the public debt ceiling allowing it to raise more funds for the struggling economy.
- Within materials and consumer discretionary, our top relative detractors were overweights to Ganfeng Lithium and XPeng, respectively. Shares of Ganfeng Lithium, a Chinese lithium compound producer, fell over the period. The company had previously announced plans to acquire Millenial Lithium, however Millenial announced they received a superior proposal from Contemporary Amperex Technology ("CATL"), the world’s largest battery maker. Ganfeng announced they wouldn’t enter a bidding war with CATL and received a termination fee from Millenial. | en | it |
DOLFIN1261 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Investment Strategy
The investment strategy of the Sub-Fund aims to achieve long term capital growth through investment primarily (meaning at least 80% of the Sub-Fund's assets) in a portfolio of equity and equity-related securities of companies located in, or exercising a preponderant part of their economic activities in the United States. The
Sub-Fund may also invest in equity securities of real estate investment trusts (REITs) listed or traded on Eligible Markets located in the United States. The Sub- Fund may also invest in exchange traded funds (ETFs) listed or traded on Eligible Markets worldwide in order to provide exposure to equity markets. The Sub-Fund may invest up to 20% of its net assets in equity and equity- related securities of companies which are neither located in the United States nor exercising a preponderant part of their activities in the United States, including up to 5% of its assets in issuers located in emerging market countries. The Sub-Fund may also invest in American Depository Receipts listed in the United States.
The Investment Manager believes attractive investment opportunities exist in all areas of the market, but disciplined and specialized asset class research is critical for consistent investment success. The Investment Manager believes the most attractive investment opportunities are represented by companies priced at a discount to their intrinsic value whose strong longer-term fundamental prospects are not recognized in the marketplace.
While the strategy is managed by its own team, the investment process is designed to separate stock selection and portfolio construction into distinct but additive alpha sources. Stock selection and position sizes are determined by the sector teams. Sector exposures and portfolio construction are determined by the Lead Portfolio Manager. The investment process is iterative, but tracks the following progression. | ##### Stratégie d'investissement
La stratégie d'investissement du Compartiment consiste à générer une croissance du capital à long terme en investissant principalement (soit au moins 80 % des actifs du Compartiment) dans un portefeuille d'actions et titres apparentés de sociétés situées aux États-Unis ou qui y exercent une part prépondérante de leurs activités économiques. Le Compartiment peut également investir dans des titres de participation de fonds de placement immobilier (REIT) cotés ou négociés sur des Marchés Éligibles aux États-Unis. Le Compartiment peut également investir dans des fonds indiciels (ETF) cotés ou négociés sur des Marchés Éligibles du monde entier afin de s'exposer aux marchés boursiers. Le Compartiment peut investir jusqu'à 20 % de ses actifs nets dans des actions et titres apparentés de sociétés qui ne sont pas situées aux États-Unis et n'y exercent
pas une part prépondérante de leurs activités, y compris jusqu'à 5 % de ses actifs dans des émetteurs situés dans des pays émergents. Le Compartiment peut également investir dans des certificats représentatifs d'actions américaines (American Depository Receipts) cotés aux États-Unis.
Le Gestionnaire de Portefeuille estime qu'il existe des opportunités d'investissement attrayantes dans tous les secteurs du marché, mais une recherche sur les catégories d'actifs rigoureuse et spécifique est cruciale pour assurer la réussite de l'investissement. Le Gestionnaire de Portefeuille est convaincu que les sociétés dont les titres présentent une décote par rapport à leur valeur intrinsèque et dont les perspectives fondamentales à long terme ne sont pas reconnues sur le marché constituent les opportunités d'investissement les plus attrayantes.
Si la stratégie est gérée par sa propre équipe, le processus d'investissement est conçu pour distinguer la sélection des titres et la construction du portefeuille en sources d'alpha distinctes mais additionnelles. La sélection des titres et la taille des positions sont déterminées par les équipes sectorielles. Les expositions sectorielles et la construction du portefeuille sont définies par le Gestionnaire de Portefeuille principal. Le processus d'investissement est itératif, mais suit la progression suivante. | #### Investment Strategy
The investment strategy of the Sub-Fund aims to achieve long term capital growth through investment primarily (meaning at least 80% of the Sub-Fund's assets) in a portfolio of equity and equity-related securities of companies located in, or exercising a preponderant part of their economic activities in the United States. The
Sub-Fund may also invest in equity securities of real estate investment trusts (REITs) listed or traded on Eligible Markets located in the United States. The Sub- Fund may also invest in exchange traded funds (ETFs) listed or traded on Eligible Markets worldwide in order to provide exposure to equity markets. The Sub-Fund may invest up to 20% of its net assets in equity and equity- related securities of companies which are neither located in the United States nor exercising a preponderant part of their activities in the United States, including up to 5% of its assets in issuers located in emerging market countries. The Sub-Fund may also invest in American Depository Receipts listed in the United States.
The Investment Manager believes attractive investment opportunities exist in all areas of the market, but disciplined and specialized asset class research is critical for consistent investment success. The Investment Manager believes the most attractive investment opportunities are represented by companies priced at a discount to their intrinsic value whose strong longer-term fundamental prospects are not recognized in the marketplace.
While the strategy is managed by its own team, the investment process is designed to separate stock selection and portfolio construction into distinct but additive alpha sources. Stock selection and position sizes are determined by the sector teams. Sector exposures and portfolio construction are determined by the Lead Portfolio Manager. The investment process is iterative, but tracks the following progression. | en | fr |
DOLFIN1262 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### General
The information given is not exhaustive and does not constitute legal or tax advice. Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish taxation law and practice relevant to the transactions contemplated in this Prospectus. It is based on the current law and practice relevant to the transactions contemplated in this Prospectus. As is the case with any investment, there can be no guarantee that the tax position prevailing at the time an investment in the Company is made will endure indefinitely as the basis for, and rates of, taxation are subject to change. Prospective investors should familiarise themselves with and, where appropriate, take advice on the laws and regulations (such as those relating to taxation and exchange controls) applicable to the subscription for, and the holding and repurchase of, Shares in the places of their citizenship, residence and domicile.
Dividends, interest and capital gains (if any) which the Company may receive with respect to its Investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of Investments are located. The Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company, the Net Asset Value will not be re-stated and the benefit will be allocated to the existing investors rateably at the time of the repayment. This section does not cover the tax implications for anyone other than those who have a beneficial interest in the Shares. | ##### Allgemeines
Die folgenden Informationen sind nicht erschöpfend und stellen keine Rechts- oder Steuerberatung dar. Potenzielle Anleger sollten bezüglich der Auswirkungen einer Zeichnung, eines Kaufs, des Besitzes oder der Veräusserung von Anteilen gemäss den Gesetzen der Hoheitsgebiete, in denen sie ggf. steuerpflichtig sind, ihre eigenen Fachberater konsultieren.
Es folgt eine kurze Zusammenfassung bestimmter Aspekte der in Irland geltenden Steuergesetze und -praxis, die für die in diesem Verkaufsprospekt beschriebenen Geschäfte von Bedeutung sind. Sie basiert auf der geltenden Gesetzeslage und Praxis bezüglich der in diesem Verkaufsprospekt dargelegten Transaktionen. Wie bei jeder Geldanlage gibt es keine Garantie dafür, dass die steuerliche Position zum Zeitpunkt der Anlage in der Gesellschaft für alle Zeiten unverändert bleibt, da sich die Besteuerungsgrundlage und die Steuersätze ändern können. Potenzielle Anleger sollten sich mit den anwendbaren Gesetzen und Bestimmungen (z. B. bezüglich Besteuerung und Devisenkontrollen) über die Zeichnung, den Besitz und die Rücknahme von Anteilen am Ort ihrer Staatsangehörigkeit, ihres Wohnsitzes und ihres Aufenthaltsortes vertraut machen und sich ggf. beraten lassen.
Auf etwaige Dividenden, Zinsen und Kapitalgewinne, die der Gesellschaft in Bezug auf ihre Anlagen zufliessen (mit Ausnahme von Wertpapieren irischer Emittenten), können in den Ländern, in denen die Emittenten der Anlagen ansässig sind, Steuern erhoben werden, einschliesslich Quellensteuern. Möglicherweise ist die Gesellschaft nicht in der Lage, im Rahmen von Doppelbesteuerungsabkommen zwischen Irland und diesen Ländern ermässigte Quellensteuersätze in Anspruch zu nehmen. Sollte sich dieser Grundsatz in Zukunft ändern und die Anwendung eines niedrigeren Satzes zu einer Rückzahlung an die Gesellschaft führen, so wird der Nettoinventarwert nicht neu ausgewiesen, und der Gewinn wird den zum Zeitpunkt der Rückzahlung bestehenden Anlegern anteilsmässig zugeteilt. Dieser Abschnitt behandelt nicht die steuerlichen Auswirkungen für andere Personen als diejenigen, die ein wirtschaftliches Interesse an den Anteilen haben. | ##### General
The information given is not exhaustive and does not constitute legal or tax advice. Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish taxation law and practice relevant to the transactions contemplated in this Prospectus. It is based on the current law and practice relevant to the transactions contemplated in this Prospectus. As is the case with any investment, there can be no guarantee that the tax position prevailing at the time an investment in the Company is made will endure indefinitely as the basis for, and rates of, taxation are subject to change. Prospective investors should familiarise themselves with and, where appropriate, take advice on the laws and regulations (such as those relating to taxation and exchange controls) applicable to the subscription for, and the holding and repurchase of, Shares in the places of their citizenship, residence and domicile.
Dividends, interest and capital gains (if any) which the Company may receive with respect to its Investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of Investments are located. The Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company, the Net Asset Value will not be re-stated and the benefit will be allocated to the existing investors rateably at the time of the repayment. This section does not cover the tax implications for anyone other than those who have a beneficial interest in the Shares. | en | de |
DOLFIN1263 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund's objective is to provide long term capital appreciation and outperform its benchmark over the long-term.
1 The Investment Manager seeks to invest in companies which are established market leaders in their industries and have sustainable business models with sustainable practices or which demonstrate a competitive advantage in new and underdeveloped markets.
1 The fund may also invest in other assets including money market instruments, government or corporate bonds (rated investment grade) and other funds. The Fund may hold cash and liquid assets on an ancillary basis but increase its holdings in cash or liquid assets in times of market turbulence.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)) to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund's reference currency is USD. This share class is denominated in USD. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/USD currency fluctuations.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI World Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The investment manager will manage global exposure of the Fund to within 200% of the Benchmark's value-at-risk ("VaR”)*. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes. * The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1
day period.
1 The Investment Adviser will seek to incorporate non-financial factors and sustainability themes in the investment decision-making process. This may lead the Investment Adviser to exclude particular assets, and to apply environmental, social and governance ('ESG') factor screening.
1 The Fund is a concentrated long-only fund which invests in shares of global companies. The Fund will typically hold between 25 – 35 positions.
1 This share class will aim to provide currency exposure to Brazilian Real ('BRL') by converting the net asset value of the share class into BRL using non-deliverable forward currency exchange contracts. The net asset value of this share class is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and EUR, therefore, the performance of such share class may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from the hedging strategy will be reflected in the net asset value of this share class.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | # Objetivos y política de inversión
1 El objetivo del Fondo es ofrecer una revalorización del capital a largo plazo y obtener una rentabilidad superior a la de su índice de referencia a largo plazo.
1 El Gestor de inversiones procura invertir en empresas que sean sólidos líderes de mercado en sus sectores respectivos y que tengan modelos de negocio sostenibles con prácticas sostenibles, o que hagan gala de una ventaja competitiva en mercados nuevos y en vías de desarrollo.
1 El Fondo también puede invertir en otros activos, como instrumentos del mercado monetario, bonos del Estado o de empresas (con calificación de grado de inversión) y en otros fondos. El Fondo puede mantener dinero en efectivo y activos líquidos a título accesorio, pero puede aumentar sus inversiones en efectivo o en activos líquidos en periodos convulsos para los mercados.
1 El Fondo puede utilizar instrumentos financieros derivados («IFD», es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) de forma activa para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 La divisa de referencia del Fondo es el USD. Esta clase de acciones está denominada en USD. El Fondo empleará instrumentos financieros derivados en la medida de lo posible, siempre que sea razonable, para proteger a los inversores frente a las fluctuaciones del par USD/USD.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice MSCI World y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. El Gestor de inversiones gestionará la exposición global del Fondo hasta el 200% del valor en riesgo («VaR»)* del Índice de referencia. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del Fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse periódicamente. En otros controles de riesgo se encuentran el error de seguimiento en relación con el índice de referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al índice de referencia, dicha inversión puede tener
ponderaciones diferentes a las utilizadas por el índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El índice de referencia también se utiliza a efectos de comparación de rentabilidad. * El VaR de una cartera es una estimación diaria de la pérdida máxima en que puede incurrir un fondo en un periodo de un día.
1 El Asesor de inversiones procurará incorporar factores no financieros y criterios de sostenibilidad en el proceso de adopción de decisiones sobre inversiones. Esto puede llevar al Asesor de inversiones a excluir determinados activos y a utilizar un factor de selección ambiental, social y de gobernanza («ASG»).
1 El Fondo es un fondo concentrado que invierte en acciones de sociedades multinacionales exclusivamente en el largo plazo. Normalmente, el Fondo mantendrá entre 25 y 35 posiciones.
1 El objetivo de la clase de participaciones consiste en ofrecer exposición cambiaria al real brasileño (BRL) convirtiendo el valor liquidativo de la clase de participaciones a BRL mediante contratos de tipos de cambio a plazo no entregables. Se espera que la fluctuación del valor liquidativo de la clase de participaciones se acompase a la del tipo de cambio entre BRL y EUR. Por tanto, es posible que la rentabilidad de esta clase de participaciones sea muy distinta de la rentabilidad de otras clases de participaciones del Fondo. El valor liquidativo de esta clase de participaciones reflejará tanto los beneficios como las pérdidas, así como los costes y gastos resultantes de la estrategia de cobertura.
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo.
1 Recomendación: El Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
1 The Fund's objective is to provide long term capital appreciation and outperform its benchmark over the long-term.
1 The Investment Manager seeks to invest in companies which are established market leaders in their industries and have sustainable business models with sustainable practices or which demonstrate a competitive advantage in new and underdeveloped markets.
1 The fund may also invest in other assets including money market instruments, government or corporate bonds (rated investment grade) and other funds. The Fund may hold cash and liquid assets on an ancillary basis but increase its holdings in cash or liquid assets in times of market turbulence.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)) to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund's reference currency is USD. This share class is denominated in USD. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/USD currency fluctuations.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI World Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The investment manager will manage global exposure of the Fund to within 200% of the Benchmark's value-at-risk ("VaR”)*. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes. * The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1
day period.
1 The Investment Adviser will seek to incorporate non-financial factors and sustainability themes in the investment decision-making process. This may lead the Investment Adviser to exclude particular assets, and to apply environmental, social and governance ('ESG') factor screening.
1 The Fund is a concentrated long-only fund which invests in shares of global companies. The Fund will typically hold between 25 – 35 positions.
1 This share class will aim to provide currency exposure to Brazilian Real ('BRL') by converting the net asset value of the share class into BRL using non-deliverable forward currency exchange contracts. The net asset value of this share class is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and EUR, therefore, the performance of such share class may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from the hedging strategy will be reflected in the net asset value of this share class.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | en | es |
DOLFIN1264 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Performance annuelles
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fonds brut | 7,19% | -1,70% | 15,73% | 4,11% | 4,82% |
| Fonds net | 5,38% | -3,32% | 13,83% | 2,42% | 3,12% |
| Indice de référence | 7,82% | -1,80% | 14,41% | 6,35% | 5,02% |
| | 2012 | 2013 | 2014 | 2015 | 2016 |
| Fonds brut | 16,55% | 7,37% | 3,86% | 1,23% | 11,51% |
| Fonds net | 14,49% | 5,49% | 2,05% | -0,53% | 9,58% |
| Indice de référence | 18,23% | 8,15% | 3,25% | -2,99% | 15,63% |
## Les performances passées ne préjugent pas des performances futures.
Base de performance : Performance à la fin du mois, dans la devise de référence de la catégorie d'actions, brute d’impôts payables par le fonds avec revenus réinvestis. Les chiffres nets s'entendent nets des droits et frais courants. La performance nette et brute n'inclut pas les effets d'un quelconque droit d'entrée ou de sortie. Le Fonds, dont la performance est comparée à celle de l'indice Bloomberg Global High Yield Excl CMBS & EMG 2% Cap (l'« Indice de référence » ou l'« Indice »), vise à surperformer l'indice en question.
Perspectives
dernière mise à jour Novembre 2022
Après un mouvement de l’ampleur de celui observé en octobre et en novembre, il est naturel de s’attendre à ce que le marché marque une pause. Toutefois, les facteurs saisonniers pourraient aider à soutenir la reprise à la fin de l’année. Bien que nous ne voyions aucun catalyseur évident d’élargissement des spreads à court terme, les banques centrales peuvent certainement faire évoluer cette situation. En termes de fondamentaux, les chutes ont été relativement peu nombreuses sur le segment à haut rendement dans le cadre des résultats du troisième trimestre. Cependant, les signes de pression s’accentuent, l’inflation réduisant les marges, les consommateurs devenant de plus en plus prudents et le dollar restant structurellement vigoureux. La situation technique est favorable. Alors que la confiance des investisseurs s’est améliorée grâce au ralentissement des données sur l’inflation, au ton moins ferme de la Fed et à la baisse des rendements des obligations souveraines, les nouvelles émissions restent très faibles. Même si nous apprécions toujours les obligations notées BBB, nous avons commencé à prendre des bénéfices sur nos positions de qualité « investment grade ». Bien que d’un point de vue stratégique, nous privilégions toujours un positionnement défensif, d’un point de vue tactique, nous devons être suffisamment agiles pour ne manquer aucune reprise. | # Rentabilidad años naturales
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fondo (bruto) | 7,20% | -1,69% | 15,74% | 4,12% | 4,82% |
| Fondo (neto) | 5,64% | -3,08% | 14,11% | 2,68% | 3,38% |
| Índice de referencia | 7,82% | -1,80% | 14,41% | 6,35% | 5,02% |
| | 2012 | 2013 | 2014 | 2015 | 2016 |
| Fondo (bruto) | 16,55% | 7,37% | 3,85% | 1,23% | 11,51% |
| Fondo (neto) | 14,78% | 5,75% | 2,30% | -0,27% | 9,85% |
| Índice de referencia | 18,23% | 8,15% | 3,25% | -2,99% | 15,63% |
## La rentabilidad histórica no es indicativa de los resultados futuros.
Base de la rentabilidad: Rendimiento a fin de mes, media a media, en la divisa de referencia de la clase de acciones, antes de impuestos pagaderos por el Fondo con ingresos reinvertidos. Las cifras netas son netas de comisiones y gastos corrientes. El rendimiento neto y el bruto no incluyen el efecto de ningún cargo de suscripción ni de salida. La rentabilidad del Fondo se compara con la del Bloomberg Global High Yield Excl CMBS & EMG 2% Cap (el «Índice de referencia» o el «Índice») y su objetivo es obtener una rentabilidad superior a la de dicho índice.
Visión de futuro
última actualización Noviembre de 2022
Después de un movimiento con la magnitud vista en octubre y noviembre, por lo general esperaríamos que el mercado se tomase un descanso. No obstante, los factores de estacionalidad podrían contribuir potencialmente a que el repunte se mantenga hasta el final del año. No observamos ningún catalizador obvio para la ampliación de los diferenciales a corto plazo, pero los bancos centrales pueden, sin duda, alterar esta situación. En lo que respecta a los fundamentales, el mercado transitó la temporada de beneficios del tercer trimestre con relativamente pocos tropiezos en lo que se refiere al high yield. Sin embargo, las señales de presión están aumentando conforme la inflación afecta a los márgenes, los consumidores se vuelven cada vez más cautelosos y el dólar se mantiene estructuralmente fuerte. El panorama técnico es positivo. Si bien la confianza de los inversores ha mejorado con el enfriamiento de los datos de inflación, una Fed menos agresiva y menores rendimientos de los bonos soberanos, la actividad de nuevas emisiones sigue siendo muy
reducida. Aunque aún apreciamos los bonos BBB, hemos comenzado a obtener algunos beneficios en nuestras posiciones de grado de inversión. Estratégicamente seguimos prefiriendo estar posicionados a la defensiva, pero tácticamente necesitamos ser lo suficientemente ágiles como para no desaprovechar ningún repunte. | # Performance annuelles
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fonds brut | 7,19% | -1,70% | 15,73% | 4,11% | 4,82% |
| Fonds net | 5,38% | -3,32% | 13,83% | 2,42% | 3,12% |
| Indice de référence | 7,82% | -1,80% | 14,41% | 6,35% | 5,02% |
| | 2012 | 2013 | 2014 | 2015 | 2016 |
| Fonds brut | 16,55% | 7,37% | 3,86% | 1,23% | 11,51% |
| Fonds net | 14,49% | 5,49% | 2,05% | -0,53% | 9,58% |
| Indice de référence | 18,23% | 8,15% | 3,25% | -2,99% | 15,63% |
## Les performances passées ne préjugent pas des performances futures.
Base de performance : Performance à la fin du mois, dans la devise de référence de la catégorie d'actions, brute d’impôts payables par le fonds avec revenus réinvestis. Les chiffres nets s'entendent nets des droits et frais courants. La performance nette et brute n'inclut pas les effets d'un quelconque droit d'entrée ou de sortie. Le Fonds, dont la performance est comparée à celle de l'indice Bloomberg Global High Yield Excl CMBS & EMG 2% Cap (l'« Indice de référence » ou l'« Indice »), vise à surperformer l'indice en question.
Perspectives
dernière mise à jour Novembre 2022
Après un mouvement de l’ampleur de celui observé en octobre et en novembre, il est naturel de s’attendre à ce que le marché marque une pause. Toutefois, les facteurs saisonniers pourraient aider à soutenir la reprise à la fin de l’année. Bien que nous ne voyions aucun catalyseur évident d’élargissement des spreads à court terme, les banques centrales peuvent certainement faire évoluer cette situation. En termes de fondamentaux, les chutes ont été relativement peu nombreuses sur le segment à haut rendement dans le cadre des résultats du troisième trimestre. Cependant, les signes de pression s’accentuent, l’inflation réduisant les marges, les consommateurs devenant de plus en plus prudents et le dollar restant structurellement vigoureux. La situation technique est favorable. Alors que la confiance des investisseurs s’est améliorée grâce au ralentissement des données sur l’inflation, au ton moins ferme de la Fed et à la baisse des rendements des obligations souveraines, les nouvelles émissions restent très faibles. Même si nous apprécions toujours les obligations notées BBB, nous avons commencé à prendre des bénéfices sur nos positions de qualité « investment grade ». Bien que d’un point de vue stratégique, nous privilégions toujours un positionnement défensif, d’un point de vue tactique, nous devons être suffisamment agiles pour ne manquer aucune reprise. | fr | es |
DOLFIN1265 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Transactions on these instruments are performed within the limit of approximately six times the Fund's assets and will mainly be swap contracts.
The Fund may enter into one or more swaps and Total Return Swap (TRS) contracts exchanging all or part of the performance of the Fund's assets for monetary return.
Maximum proportion of assets under management that may be the subject of a total return swap: 100% of net assets. Proportion of assets under management expected to be the subject of a total return swap: 100% of net assets.
These financial instruments will be entered into with counterparties selected by the Management Company in line with its best execution and best selection policy from among those institutions with their registered office located in an OECD or European Union Member State referred to in Article R. 214-19 of the French Monetary and Financial Code, and who are rated as good quality issuers (equivalent to Investment Grade). These counterparties may be companies related or affiliated to the Management Company.
- Instruments with embedded derivatives:The Fund does not plan to use securities with embedded derivatives (warrants, Credit Linked Notes, EMTNs etc.). Any warrants or rights obtained following transactions affecting the securities in the portfolio are, however, authorised.
- Deposits:In order to achieve the management objective, the Fund may make deposits of a maximum term of 12 months, with one or more credit institutions and up to the limit of 10% of the net assets.
- Cash borrowings:In the normal course of operations, the Fund may occasionally have a current account deficit and therefore need to borrow cash, subject to a limit of 10% of its net assets.
- Temporary purchases and sales of securities:Types of transactions used: For the purposes of managing the Fund efficiently, the Management Company reserves the right to carry out temporary purchases and sales of securities, in particular: repurchase agreements, repurchase agreements against cash, lending/borrowing of debt securities, capital securities and money market instruments, in accordance with the provisions of Article R. 214-18 of the French Monetary and Financial Code. | Les opérations sur ces instruments sont effectuées dans la limite d’environ 6 fois l'actif du FCP et seront essentiellement des contrats d’échange de flux financiers.
Le FCP peut conclure un ou plusieurs swaps et des contrats d'échange sur rendement global (Total Return Swap) échangeant tout ou partie de la performance de l’actif du FCP contre un rendement monétaire).
Proportion maximale d’actifs sous gestion pouvant faire l’objet d’un Total Return Swap : 100% de l’actif net. Proportion attendue d’actifs sous gestion qui feront l’objet d’un Total Return Swap : 100% de l’actif net.
Ces instruments financiers seront conclus avec des contreparties sélectionnées par la Société de Gestion conformément à sa politique de « best execution » et « best selection », parmi les établissements ayant leur siège social dans un pays membre de l’OCDE ou de l’Union européenne mentionnés au R.214-19 du Code monétaire et financier, ayant une notation émetteur de bonne qualité (équivalent à Investment Grade). Ces contreparties pourront être des sociétés liées ou affilées à la Société de Gestion.
- Instruments intégrant des dérivés :Le FCP ne prévoit pas de recourir à des titres intégrant des dérivés (warrants, Credit Linked Notes, EMTN…). Les bons ou droits éventuels obtenus suite à des opérations affectant les titres en portefeuille sont néanmoins autorisés.
- Dépôts :Pour réaliser l’objectif de gestion, le FCP pourra effectuer des dépôts d’une durée maximum de douze mois, auprès d'un ou plusieurs établissements de crédit et dans la limite de 10% de l'actif net.
- Emprunts d’espèces :Dans le cadre de son fonctionnement normal, le FCP peut se trouver ponctuellement en position débitrice et avoir recours dans ce cas à l’emprunt d’espèces, dans la limite de 10% de son actif net.
- Opérations d’acquisition et de cession temporaire de titres :Nature des opérations utilisées : Aux fins d’une gestion efficace du FCP, la Société de Gestion se réserve la possibilité d’effectuer des opérations d’acquisition et de cession temporaire de titres notamment : des opérations de pensions livrées, des mises en pensions livrées contre espèces, des opérations deprêts/emprunts de titres de créance, de titres de capital et d’instruments du marché monétaire, et ce conformément aux dispositions de l’article R 214-18 du Code monétaire et financier. | Transactions on these instruments are performed within the limit of approximately six times the Fund's assets and will mainly be swap contracts.
The Fund may enter into one or more swaps and Total Return Swap (TRS) contracts exchanging all or part of the performance of the Fund's assets for monetary return.
Maximum proportion of assets under management that may be the subject of a total return swap: 100% of net assets. Proportion of assets under management expected to be the subject of a total return swap: 100% of net assets.
These financial instruments will be entered into with counterparties selected by the Management Company in line with its best execution and best selection policy from among those institutions with their registered office located in an OECD or European Union Member State referred to in Article R. 214-19 of the French Monetary and Financial Code, and who are rated as good quality issuers (equivalent to Investment Grade). These counterparties may be companies related or affiliated to the Management Company.
- Instruments with embedded derivatives:The Fund does not plan to use securities with embedded derivatives (warrants, Credit Linked Notes, EMTNs etc.). Any warrants or rights obtained following transactions affecting the securities in the portfolio are, however, authorised.
- Deposits:In order to achieve the management objective, the Fund may make deposits of a maximum term of 12 months, with one or more credit institutions and up to the limit of 10% of the net assets.
- Cash borrowings:In the normal course of operations, the Fund may occasionally have a current account deficit and therefore need to borrow cash, subject to a limit of 10% of its net assets.
- Temporary purchases and sales of securities:Types of transactions used: For the purposes of managing the Fund efficiently, the Management Company reserves the right to carry out temporary purchases and sales of securities, in particular: repurchase agreements, repurchase agreements against cash, lending/borrowing of debt securities, capital securities and money market instruments, in accordance with the provisions of Article R. 214-18 of the French Monetary and Financial Code. | en | fr |
DOLFIN1266 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.15% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,15% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | ningunos | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.15% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | en | es |
DOLFIN1267 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Operational and Administrative Charges are expressed as an annual percentage of the average net asset value of each share class.
They are payable monthly at a maximum rate as set out in the Fact Sheets.
At the end of a given period, if the charges and expenses were to exceed the percentage of the Operational or Administrative Charges set for a share class then the Management Company would pay the difference. Conversely if the actual charges and expenses were to be less than the percentage of the Operational and Administrative Charges set for a class of shares, then the Management Company would retain the difference.
The Management Company may instruct the SICAV to settle all or part of the expenses as stated above directly on its assets. In such case, the amount of Operational and Administrative Charges will be reduced as a result.
The Operational and Administrative Charges do not cover:
- The duties, taxes, contributions, rights or similar tax charges imposed on the SICAV and its assets, including Luxembourg subscription tax.
- Charges linked to transactions: each sub-fund incurs the charges and expenses for buying and selling transferable securities, financial instruments and derivative products, brokerage fees and charges, interest (interest on swaps and loans, etc.) or tax and other expenses linked to transactions.
- Charges linked to securities lending and borrowing activities.
- Charges generated by the anti-dilution mechanism.
- Bank charges, for example interest on overdrafts.
- Credit facility charges.
- Non-recurring expenses, some of which may not be reasonably expected in the ordinary course of SICAV activities, including but not limited to, the cost of exceptional and/or ad hoc measures and fees for tax advisers, legal advice, expert assessment, introduction fees or fees for legal procedures to protect the interests of shareholders and any expenses associated with one-off agreements entered into by any third party in the interests of the shareholders. | Les Charges Opérationnelles et Administratives sont exprimées en pourcentage annuel de la valeur nette d’inventaire moyenne de chaque classe d’actions.
Elles sont payables mensuellement à un taux maximum tel que fixé dans les Fiches Techniques.
A la fin d’une période donnée, si les charges et dépenses réelles devaient être supérieures au pourcentage de Charges Opérationnelles et Administratives fixé pour une classe d’actions, alors, la Société de gestion prendrait la différence à sa charge. Inversement, si les charges et dépenses réelles s’avéraient inférieures au pourcentage de Charges Opérationnelles et Administratives fixé pour une classe d’Actions, alors la Société de gestion conserverait la différence.
La Société de Gestion pourra donner instruction à la SICAV de procéder au règlement de tout ou partie des dépenses telles qu’énumérées ci-avant directement sur ses actifs. Dans pareil cas, le montant des Charges Opérationnelles et Administratives serait réduit en conséquence.
Les Charges Opérationnelles et Administratives ne couvrent pas :
- Les taxes, impôts, prélèvements, droits ou frais similaires de nature fiscale imposés à la SICAV ou à ses actifs, y compris la taxe d’abonnement luxembourgeoise.
- Les frais liés aux transactions : chaque compartiment supporte les frais et dépenses d’achat et de vente des valeurs mobilières, instruments financiers et produits dérivés, les commissions et frais de courtage, les intérêts (entre autres les intérêts sur swaps, sur loans, etc…) ou taxes payables et autres dépenses liées aux transactions.
- Les frais liés à l’activité de prêt et emprunt de titres ;
- Les frais générés par le mécanisme d’anti-dilution ;
- Les frais bancaires tels que, entre autres, les intérêts sur découverts ;
- Les frais de facilités de crédit ;
- Les dépenses extraordinaires, dont certaines peuvent ne pas être raisonnablement prévisibles dans le cours normal des activités de la SICAV, parmi lesquelles, sans limitation, le coût des mesures exceptionnelles et/ou ad hoc y compris les honoraires des conseillers fiscaux, de conseil (juridique), d’expertises, d’introduction ou de procédures juridiques engagées pour protéger les intérêts des actionnaires et toute dépense liée à des accords ponctuels conclu par un quelconque tiers dans l’intérêt des actionnaires. | Operational and Administrative Charges are expressed as an annual percentage of the average net asset value of each share class.
They are payable monthly at a maximum rate as set out in the Fact Sheets.
At the end of a given period, if the charges and expenses were to exceed the percentage of the Operational or Administrative Charges set for a share class then the Management Company would pay the difference. Conversely if the actual charges and expenses were to be less than the percentage of the Operational and Administrative Charges set for a class of shares, then the Management Company would retain the difference.
The Management Company may instruct the SICAV to settle all or part of the expenses as stated above directly on its assets. In such case, the amount of Operational and Administrative Charges will be reduced as a result.
The Operational and Administrative Charges do not cover:
- The duties, taxes, contributions, rights or similar tax charges imposed on the SICAV and its assets, including Luxembourg subscription tax.
- Charges linked to transactions: each sub-fund incurs the charges and expenses for buying and selling transferable securities, financial instruments and derivative products, brokerage fees and charges, interest (interest on swaps and loans, etc.) or tax and other expenses linked to transactions.
- Charges linked to securities lending and borrowing activities.
- Charges generated by the anti-dilution mechanism.
- Bank charges, for example interest on overdrafts.
- Credit facility charges.
- Non-recurring expenses, some of which may not be reasonably expected in the ordinary course of SICAV activities, including but not limited to, the cost of exceptional and/or ad hoc measures and fees for tax advisers, legal advice, expert assessment, introduction fees or fees for legal procedures to protect the interests of shareholders and any expenses associated with one-off agreements entered into by any third party in the interests of the shareholders. | en | fr |
DOLFIN1268 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Notes on the semi-annual report (cont.) as at 30 September 2022
Note 4: Information on futures contracts (cont.)
Swisscanto (LU) Portfolio Fund Responsible Relax (EUR) (cont.) | ## Notes aux Etats Financiers semestriels (suite) au 30 septembre 2022
Note 4: Explications sur les contrats de futures (suite)
Swisscanto (LU) Portfolio Fund Responsible Relax (EUR) (suite) | ## Notes on the semi-annual report (cont.) as at 30 September 2022
Note 4: Information on futures contracts (cont.)
Swisscanto (LU) Portfolio Fund Responsible Relax (EUR) (cont.) | en | fr |
DOLFIN1269 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Tracking error
Measure of the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed, the smaller the tracking error. | # Tracking error
Misura dello scarto tra il rendimento di un fondo e quello del benchmark in un determinato periodo, espressa in percentuale. Più passiva è la gestione del fondo, minore è il tracking error. | # Tracking error
Measure of the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed, the smaller the tracking error. | en | it |
DOLFIN1270 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Pour toute information supplémentaire sur les frais, veuillez vous reporter au prospectus du Fond (section intitulée « Commissions & Frais ») disponible à l'adresse www.brownadvisory.com
Performances passées
60%
50%
40%
30%
20%
10%
0%
-10%
Fonds Indice de référence
2017 2018 2019 2020 2021
Les performances passées ne préjugent pas des performances futures. La valeur de votre investissement et tout revenu en découlant peuvent aussi bien augmenter que diminuer et vous pouvez ne pas récupérer le montant de votre investissement initial. | # Para más información acerca de los gastos, consulte el folleto del Fondo (la sección titulada "Comisiones & gastos"), que se encuentra disponible en www.brownadvisory.com
Rentabilidad histórica
60%
50%
40%
30%
20%
10%
0%
-10%
Fondo Índice de referencia
2017 2018 2019 2020 2021
La rentabilidad histórica no es indicativa de la rentabilidad futura. El valor de su inversión y los ingresos derivados de ella pueden incrementarse o disminuir, y usted podría no recuperar la cantidad invertida inicialmente. | # Pour toute information supplémentaire sur les frais, veuillez vous reporter au prospectus du Fond (section intitulée « Commissions & Frais ») disponible à l'adresse www.brownadvisory.com
Performances passées
60%
50%
40%
30%
20%
10%
0%
-10%
Fonds Indice de référence
2017 2018 2019 2020 2021
Les performances passées ne préjugent pas des performances futures. La valeur de votre investissement et tout revenu en découlant peuvent aussi bien augmenter que diminuer et vous pouvez ne pas récupérer le montant de votre investissement initial. | fr | es |
DOLFIN1271 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Article 3 – Issue and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription shall be based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder need be obtained by the UCITS or the Management Company. If a redemption in kind does not correspond to a representative portion of the assets of the portfolio, all holders must provide their written agreement to authorise the outgoing unitholder to redeem their units against specific assets, as explicitly defined in the agreement.
As an exception to this rule, if the Fund is an ETF, redemptions on the primary market may be made in kind, with the agreement of the portfolio management company and in accordance with the interests of unitholders, under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, redeemed assets shall be valued according to the rules set out in Article 4 and the redemption in kind shall be conducted on the basis of the first net asset value following acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, redemption by the Fund of its units, along with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and if the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may entirely or partially cease to issue units on a temporary or permanent basis, pursuant to paragraph three of Article L. 214-8-7 of the French Monetary and Financial Code in objective circumstances requiring the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. When this mechanism is triggered, existing unitholders will be notified by any means of its activation, the threshold and the objective situation that led to the decision to close subscriptions in part or in full. In the event of a partial closure, this notification by any means will specify explicitly the procedures by which existing unitholders may continue to subscribe during this partial closure. Unitholders are also notified by any means of the decision of the UCITS or of the Management Company either to close subscriptions in part or in full (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this mechanism). Any change to the objective situation invoked or to the trigger threshold must always be made in the best interests of unitholders. The notification by any means will state the precise reasons for these changes. | ### Artículo 3 – Emisión y reembolso de participaciones
Las participaciones se emiten en todo momento a petición de los partícipes basándose en su valor liquidativo incrementado, en su caso, por las comisiones de suscripción.
Los reembolsos y las suscripciones se llevan a cabo en las condiciones y de acuerdo con las modalidades establecidas en el folleto.
Las participaciones del fondo de inversión pueden ser objeto de admisión a cotización según la normativa en vigor.
Las suscripciones deben ser íntegramente desembolsadas el día de cálculo del valor liquidativo. Pueden realizarse en metálico y/o mediante la aportación de instrumentos financieros. La Sociedad gestora tiene derecho a rechazar los valores propuestos y, a tal efecto, dispone de un plazo de siete días a partir de su depósito para comunicar su decisión. En caso de aceptación, los valores aportados se valorarán siguiendo las normas establecidas en el artículo 4 y la suscripción se realizará tomando como referencia el primer valor liquidativo tras la aceptación de los valores en cuestión.
Asimismo, los reembolsos pueden llevarse a cabo en especie. Si el reembolso en especie corresponde a una parte representativa de los activos de la cartera, solo será necesario que el OICVM o la Sociedad gestora obtengan el acuerdo escrito firmado por el partícipe saliente. Cuando el reembolso en especie no corresponda a una cuota representativa de los activos de la cartera, todos los partícipes deben firmar el acuerdo por escrito que autoriza al partícipe saliente a obtener el reembolso de sus participaciones por determinados activos particulares, tal como se define explícitamente en el acuerdo.
Excepto lo dispuesto anteriormente, cuando el fondo sea un ETF, los reembolsos en el mercado primario podrán efectuarse en especie, con el acuerdo de la Sociedad gestora de la cartera, y en el respeto de los intereses de los partícipes, en las condiciones establecidas en el folleto o el reglamento del fondo. El titular de la cuenta del emisor debe entregar los activos en las condiciones establecidas en el folleto del fondo.
En general, los activos reembolsados se valoran según las reglas establecidas en el artículo 4 y el reembolso en especie se realiza en función del primer valor liquidativo una vez aceptados los valores pertinentes.
El titular de la cuenta emisora debe liquidar los reembolsos en un plazo máximo de cinco días después de la evaluación de la participación.
Sin embargo, si, en circunstancias excepcionales, el reembolso requiere la materialización previa de activos presentes en el fondo, este plazo podría prolongarse, sin exceder los 30 días.
Excepto en el caso de sucesión o de transmisión inter vivos, la cesión o transmisión de participaciones entre partícipes o de un partícipe a un tercero se equipara a un reembolso seguido de una suscripción; si se trata de un tercero, el importe de la cesión o transmisión deberá, según el caso, ser satisfecho por el beneficiario hasta alcanzar como mínimo el importe de suscripción mínimo exigido en el folleto.
En aplicación del artículo L. 214-8-7 del Código monetario y financiero francés, la Sociedad gestora podrá interrumpir provisionalmente el reembolso de las participaciones del FI, así como la emisión de participaciones nuevas, cuando así lo exijan circunstancias excepcionales y siempre que redunde en beneficio de los partícipes.
Si bien el patrimonio neto del FI (o, en su caso, el subfondo) es inferior al importe fijado por la normativa, no se podrá efectuar ningún reembolso de participaciones (sobre el subfondo correspondiente, en su caso).
Posibilidad de condiciones de suscripción mínima, según las modalidades previstas en el folleto.
El OICVM podrá dejar de emitir participaciones en aplicación del tercer apartado del L. 214-8-7 del Código monetario y financiero francés, de manera provisional o definitiva, parcial o totalmente, en las situaciones objetivas que conlleven el cierre de las suscripciones, como son los supuestos de un número máximo de participaciones emitidas, un importe máximo del activo alcanzado o el vencimiento de un periodo de suscripción determinado. La activación de esta herramienta será objeto de información por parte de los partícipes existentes sobre su activación, así como el umbral y la situación objetiva que llevaron a la decisión de cierre parcial o total. En el caso de un cierre parcial, esta información por cualquier medio especificará explícitamente los términos sobre los cuales los partícipes existentes pueden continuar suscribiéndose mientras dure dicho cierre parcial. Los partícipes también son informados por cualquier medio de la decisión del OICVM o de la Sociedad gestora de poner fin al cierre total o parcial de las suscripciones (cuando pasan por debajo del umbral de activación) o de no ponerle fin (en el caso de un cambio de umbral o modificación de la situación objetiva que lleva a la implementación de esta herramienta). Un cambio en la situación objetiva invocada o el umbral de activación de la herramienta siempre debe realizarse en interés de los partícipes. La información por cualquier medio expone los motivos exactos de estos cambios. | ### Article 3 – Issue and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription shall be based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder need be obtained by the UCITS or the Management Company. If a redemption in kind does not correspond to a representative portion of the assets of the portfolio, all holders must provide their written agreement to authorise the outgoing unitholder to redeem their units against specific assets, as explicitly defined in the agreement.
As an exception to this rule, if the Fund is an ETF, redemptions on the primary market may be made in kind, with the agreement of the portfolio management company and in accordance with the interests of unitholders, under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, redeemed assets shall be valued according to the rules set out in Article 4 and the redemption in kind shall be conducted on the basis of the first net asset value following acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, redemption by the Fund of its units, along with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and if the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may entirely or partially cease to issue units on a temporary or permanent basis, pursuant to paragraph three of Article L. 214-8-7 of the French Monetary and Financial Code in objective circumstances requiring the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. When this mechanism is triggered, existing unitholders will be notified by any means of its activation, the threshold and the objective situation that led to the decision to close subscriptions in part or in full. In the event of a partial closure, this notification by any means will specify explicitly the procedures by which existing unitholders may continue to subscribe during this partial closure. Unitholders are also notified by any means of the decision of the UCITS or of the Management Company either to close subscriptions in part or in full (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this mechanism). Any change to the objective situation invoked or to the trigger threshold must always be made in the best interests of unitholders. The notification by any means will state the precise reasons for these changes. | en | es |
DOLFIN1272 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# AMENDMENT TO DISCLOSURE REGARDING THE INVESTMENT APPROACH
As a corollary to the change of reference portfolio highlighted in Section F above, it is proposed to amend certain of the disclosures regarding the Investment Approach of the Sub-Fund, in order to better reflect the security selection process utilised by the Investment Manager.
- | # MODIFICATION DES INFORMATIONS RELATIVES À L’APPROCHE D’INVESTISSEMENT
Corollaire du changement de portefeuille de référence décrit à la Section F ci-dessus, il est proposé de modifier certaines des informations relatives à l’approche d'investissement du Compartiment afin de mieux refléter le processus de sélection des titres utilisé par le Gestionnaire de portefeuille.
- | # AMENDMENT TO DISCLOSURE REGARDING THE INVESTMENT APPROACH
As a corollary to the change of reference portfolio highlighted in Section F above, it is proposed to amend certain of the disclosures regarding the Investment Approach of the Sub-Fund, in order to better reflect the security selection process utilised by the Investment Manager.
- | en | fr |
DOLFIN1273 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important information
The Investment Objective as stated in this document is a summary, please refer to the supplement for full details of the Investment Objective and Policy of the Fund.
Source & Copyright: CITYWIRE. Portfolio managers are + rated by Citywire for 3 year risk-adjusted performance for the period 30 June 2018 - 30 June 2021. Citywire's exclusive methodology ranks fund managers based on their individual track records across all funds they manage globally.
Unless specified in this document, the strategy does not:
- promote environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of the Sustainable Finance Disclosure Regulation (EU) No. 2019/2088 ("SFDR"); nor
- have sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR. | # Informazioni importanti
L'obiettivo d'investimento come indicato in questo documento è una sintesi, fare riferimento al supplemento per i dettagli completi dell'obiettivo di investimento e della politica del fondo.
Fonte e Copyright: CITYWIRE. Citywire ha assegnato un rating + ai gestori di portafoglio per la performance a 3 anni corretta per il rischio del periodo 30 giugno 2018 - 30 giugno 2021. La metodologia esclusiva Citywire classifica i gestori di fondi in base ai loro track record individuali su tutti i fondi che gestiscono a livello globale.
Se non specificato in questo documento, la strategia non:
- promuove le caratteristiche ambientali o sociali in modo rispondente ai criteri specifici di cui all'articolo 8 del Regolamento sulla trasparenza degli investimenti sostenibili (UE) n. 2019/2088 ("SFDR") né
- ha come obiettivo investimenti sostenibili in modo rispondente ai criteri specifici contenuti nell'articolo 9 dell'SFDR. | # Important information
The Investment Objective as stated in this document is a summary, please refer to the supplement for full details of the Investment Objective and Policy of the Fund.
Source & Copyright: CITYWIRE. Portfolio managers are + rated by Citywire for 3 year risk-adjusted performance for the period 30 June 2018 - 30 June 2021. Citywire's exclusive methodology ranks fund managers based on their individual track records across all funds they manage globally.
Unless specified in this document, the strategy does not:
- promote environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of the Sustainable Finance Disclosure Regulation (EU) No. 2019/2088 ("SFDR"); nor
- have sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR. | en | it |
DOLFIN1274 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Redemption requests are not received and settled until the lock-up period expires.
Redemption requests received during the lock-up period are rejected.
For specific information, see Annex I.
- Repayment before the end of the lock upBy resolution the Board of Directors may, without the consent of an investor, redeem shares against the payment of the redemption price before expiry of the lock up.
- Exclusion of investorsAIFMO-9-1---Shares may also be redeemed compulsorily without the investor’s consent against payment of the redemption price, where this is deemed necessary in the best interests or for the protection of the investors or the Investment Company, for instance if there is cause to suspect that the investor concerned is engaging in market timing, late trading or other harmful market techniques, if the investor no longer meets the conditions for acquiring the shares or if the shares have been acquired by an investor subject to the sales restrictions. | Rückgabeanträge werden erst nach Ablauf der Sperr- frist wieder entgegengenommen und abgerechnet.
Falls Rückgabeanträge während der Sperrfrist einge- hen, so werden diese abgelehnt.
Für spezifische Angaben siehe Anhang I.
- Rückzahlung vor Ende der Lock upAuf Beschluss des Verwaltungsrates können Anle- geraktien ohne Zustimmung eines Anlegers vor Ab- lauf der Lock up zwangsweise gegen Zahlung des Rücknahmepreises zurückgenommen werden.
- Ausschluss von AnlegernAIFMV-9-1---Anlegeraktien können ohne Zustimmung eines Anle- gers zwangsweise gegen Zahlung des Rücknahme- preises zurückgenommen werden, soweit dies im In- teresse oder zum Schutz der Anleger oder der In- vestmentgesellschaft erforderlich erscheint, zum Bei- spiel wenn ein Verdacht auf Market Timing, Late Trading oder sonstige schädliche Markttechniken be- steht, wenn der Anleger die Bedingungen für einen Erwerb der Anlegeraktien nicht mehr erfüllt oder wenn die Anlegeraktien von einem Anleger erworben wurden, der unter die Verkaufsrestriktionen fällt. | Redemption requests are not received and settled until the lock-up period expires.
Redemption requests received during the lock-up period are rejected.
For specific information, see Annex I.
- Repayment before the end of the lock upBy resolution the Board of Directors may, without the consent of an investor, redeem shares against the payment of the redemption price before expiry of the lock up.
- Exclusion of investorsAIFMO-9-1---Shares may also be redeemed compulsorily without the investor’s consent against payment of the redemption price, where this is deemed necessary in the best interests or for the protection of the investors or the Investment Company, for instance if there is cause to suspect that the investor concerned is engaging in market timing, late trading or other harmful market techniques, if the investor no longer meets the conditions for acquiring the shares or if the shares have been acquired by an investor subject to the sales restrictions. | en | de |
DOLFIN1275 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Prospective investors should review this Prospectus and the Global Supplement (together the “Prospectus”), the Relevant Supplement(s) and the key investor information document (“KIID”) carefully and in their entirety and, before making any investment decision with respect to an investment in a Fund, should consult a stockbroker, bank manager, lawyer, accountant or other financial adviser for independent advice in relation to: (a) the legal requirements within their own countries for the purchase, holding, exchanging, redeeming or disposing of Shares; (b) any foreign exchange restrictions to which they are subject in their own countries in relation to the purchase, holding, exchanging, redeeming or disposing of Shares; (c) the legal, tax, financial or other consequences of subscribing for, purchasing, holding, exchanging, redeeming or disposing of Shares; and (d) the provisions of this Prospectus and the Relevant Supplement(s).
SSGA SPDR ETFs Europe I Plc
(An investment company with variable capital constituted as an umbrella fund with segregated liability between sub-funds under the laws of Ireland and authorised by the Central Bank pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011) | Les futurs investisseurs sont invités à examiner attentivement l’intégralité du présent Prospectus et du Supplément global (ensemble, le « Prospectus »), du ou des Suppléments correspondants et du document d’information clé pour l’investisseur (« DICI ») avant de prendre toute décision d’investissement dans un Compartiment, et à consulter leur courtier, leur directeur bancaire, leur conseiller juridique, comptable ou tout autre conseiller financier afin d’obtenir un avis indépendant eu égard à ce qui suit : (a) les obligations légales dans leur pays concernant l’acquisition, la détention, l’échange, le rachat ou la cession d’Actions ; (b) toute restriction liée au change à laquelle ils sont assujettis dans leur pays concernant l’acquisition, la détention, l’échange, le rachat ou la cession d’Actions ; (c) les conséquences juridiques, fiscales, financières ou autres de la souscription, de l’acquisition, de la détention, de l’échange, du rachat ou de la cession d’Actions et (d) les dispositions du présent Prospectus et du ou des Suppléments correspondants.
SSGA SPDR ETFs Europe I Plc
(Une société d’investissement structurée en Fonds « parapluie », à capital variable et à responsabilité séparée entre ses Compartiments, constituée conformément au droit irlandais et agréée par la Banque centrale en vertu des Réglementations des communautés européennes de 2011 sur les OPCVM (Organismes de placement collectif en valeurs mobilières)) | Prospective investors should review this Prospectus and the Global Supplement (together the “Prospectus”), the Relevant Supplement(s) and the key investor information document (“KIID”) carefully and in their entirety and, before making any investment decision with respect to an investment in a Fund, should consult a stockbroker, bank manager, lawyer, accountant or other financial adviser for independent advice in relation to: (a) the legal requirements within their own countries for the purchase, holding, exchanging, redeeming or disposing of Shares; (b) any foreign exchange restrictions to which they are subject in their own countries in relation to the purchase, holding, exchanging, redeeming or disposing of Shares; (c) the legal, tax, financial or other consequences of subscribing for, purchasing, holding, exchanging, redeeming or disposing of Shares; and (d) the provisions of this Prospectus and the Relevant Supplement(s).
SSGA SPDR ETFs Europe I Plc
(An investment company with variable capital constituted as an umbrella fund with segregated liability between sub-funds under the laws of Ireland and authorised by the Central Bank pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011) | en | fr |
DOLFIN1276 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Risques potentiels
Le profil de risque et de rendement ne reflète pas les risques auxquels le fonds pourrait être exposé à l’avenir en cas de développements sans rapport avec ce que le fonds a pu connaître dans un passé récent. Cela comprend notamment les risques suivants, rares mais susceptibles d’avoir un impact important.
- Risque de liquidité: les actifs ne peuvent pas nécessairement être vendus à un coût limité dans un laps de temps suffisamment court. Les investissements du Fonds peuvent présenter une liquidité limitée. Le Fonds s’efforcera d’atténuer ce risque au moyen de différentes mesures.
- Risque opérationnel: des processus inadéquats, des erreurs techniques et des événements catastrophiques peuvent être à l’origine de pertes.
- Risques politiques et juridiques: les placements sont exposés aux changements de normes et de lois du pays où ils sont effectués. Cela comprend les restrictions sur la convertibilité des monnaies, le prélèvement d’impôts et la réalisation de contrôles sur les transactions, les limites des droits de propriété, ainsi que d’autres risques juridiques. Les placements sur des marchés financiers moins développés peuvent exposer le fonds à un risque opérationnel, juridique et politique plus important.
- Risques en matière de durabilité: Les risques en matière de durabilité sont des conditions ou des événements environnementaux, sociaux ou de gouvernance qui peuvent avoir un impact négatif important sur le rendement, compte tenu du secteur, de la branche et de l’exposition de la société.
Les objectifs de placement, les risques, les frais et dépenses du produit, ainsi que des informations plus exhaustives sur celui-ci, sont fournis dans le prospectus (ou dans le document de l’offre), qui doit être lu avec attention avant tout investissement. | # Riesgos potenciales
El perfil de riesgo y remuneración del fondo no refleja el riesgo inherente en situaciones futuras que difieren de lo que el fondo ha experimentado en el pasado más reciente. Esto incluye los siguientes eventos, que son poco frecuentes pero pueden tener un gran impacto.
- Riesgo de liquidez: los activos no pueden venderse necesariamente a un coste limitado en un plazo adecuadamente breve. Las inversiones del fondo pueden ser susceptibles de una liquidez limitada. El fondo tratará de mitigar este riesgo mediante diversas medidas.
- Riesgo operativo: los procesos deficientes, fallos técnicos o eventos catastróficos pueden causar pérdidas.
- Riesgos políticos y legales: las inversiones están expuestas a cambios de las reglas y normas aplicadas por un país determinado. Esto incluye las restricciones de convertibilidad monetaria, la imposición de impuestos o controles sobre las transacciones, las limitaciones de los derechos de propiedad u otros riesgos legales. Las inversiones en los mercados financieros menos desarrollados pueden exponer el fondo a un mayor riesgo operativo, legal y político.
- Riesgos de sostenibilidad: Los riesgos de sostenibilidad son acontecimientos o situaciones de carácter medioambiental, social o de gobernanza que, de producirse, podrían tener un impacto negativo considerable en el rendimiento, dependiendo del sector, la industria o la exposición a la empresa en cuestión.
Los objetivos, riesgos, comisiones y gastos de inversión del producto, así como información pormenorizada acerca del mismo, se pueden consultar en el folleto (o en el documento de oferta pertinente), que debe leerse detenidamente antes de invertir. | # Risques potentiels
Le profil de risque et de rendement ne reflète pas les risques auxquels le fonds pourrait être exposé à l’avenir en cas de développements sans rapport avec ce que le fonds a pu connaître dans un passé récent. Cela comprend notamment les risques suivants, rares mais susceptibles d’avoir un impact important.
- Risque de liquidité: les actifs ne peuvent pas nécessairement être vendus à un coût limité dans un laps de temps suffisamment court. Les investissements du Fonds peuvent présenter une liquidité limitée. Le Fonds s’efforcera d’atténuer ce risque au moyen de différentes mesures.
- Risque opérationnel: des processus inadéquats, des erreurs techniques et des événements catastrophiques peuvent être à l’origine de pertes.
- Risques politiques et juridiques: les placements sont exposés aux changements de normes et de lois du pays où ils sont effectués. Cela comprend les restrictions sur la convertibilité des monnaies, le prélèvement d’impôts et la réalisation de contrôles sur les transactions, les limites des droits de propriété, ainsi que d’autres risques juridiques. Les placements sur des marchés financiers moins développés peuvent exposer le fonds à un risque opérationnel, juridique et politique plus important.
- Risques en matière de durabilité: Les risques en matière de durabilité sont des conditions ou des événements environnementaux, sociaux ou de gouvernance qui peuvent avoir un impact négatif important sur le rendement, compte tenu du secteur, de la branche et de l’exposition de la société.
Les objectifs de placement, les risques, les frais et dépenses du produit, ainsi que des informations plus exhaustives sur celui-ci, sont fournis dans le prospectus (ou dans le document de l’offre), qui doit être lu avec attention avant tout investissement. | fr | es |
DOLFIN1277 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The LTIF Classic. Capital preservation and decent return
As in most of our Newsletters we list the top 10 companies of the Classic, which account for about 50% of the investments. All of them are quality companies with good managers, strong balance sheets, and all trade with a large discount. This time, however, we want to highlight an unforeseen feature that lies hidden in some of these companies: problems (and the subsequent restructuring stories).
It is not something we have proactively looked for but, out of these 10 companies, 5 have or seem to have issues: Grifols, ISS, Sodexo, Unilever, and Reckitt are dealing with different challenges, and under- taking restructuring processes. Obviously, our opinion is that these problems are rather short term and not structural, and that these companies will be in a relatively short period out of the woods.
The Classic exposure to problems is not new and it highlights how value investors like us end up invest- ing in troubled companies that the market hates, regardless of a sensible strategic analysis. Market hate/fear, volatility, and perhaps a dose of extra risk are a price to pay to beat the market.
As always, the top 10 companies are evidence of the fund's strong business diversification: in these 10 companies we have energy, aerospace, defense, blood plasma, cleaning, consumer products, pharma- ceuticals, cement, banking, and catering. Note that the only concentration factor in the Classic is not vis- ible here: energy/oil remains the fund’s largest exposure, with 15-20% of the fund.
| LTIF Classic Top10 Holdings | |
| --- | --- |
| Thales SA | 5,9% |
| Cenovus Energy Inc. | 5,6% |
| Compass Group plc. | 4,9% |
| Grifols SA | 4,7% |
| ISS A/S | 4,7% |
| ING Groep NV | 4,6% |
| Sodexo | 4,5% |
| Unilever | 4,4% |
| Heidelberg Cement AG | 4,2% |
| Reckitt Beckinser | 4,1% |
| TOTAL | 47,7% | | # Der LTIF Classic. Kapitalerhalt und ansprechende Rendite
Wie in den meisten unserer Newslettern listen wir die 10 besten Unternehmen des Classic auf, die etwa 50 % der Investitionen ausmachen. Es handelt sich um Qualitätsunternehmen mit guten Unternehmensleitungen und soliden Bilanzen, die alle mit einem grossen Discount gehandelt werden. Diesmal möchten wir jedoch ein unvorhergesehenes Merkmal hervorheben, das sich in einigen dieser Unternehmen verbirgt: Probleme (und die darauf folgenden Umstrukturierungsgeschichten).
Es ist nichts, wonach wir proaktiv gesucht haben, aber von diesen 10 Unternehmen haben 5 Probleme oder scheinen welche zu haben: Grifols, ISS, Sodexo, Unilever und Reckitt haben mit verschiedenen Herausforderungen zu kämpfen und führen Umstrukturierungsprozesse durch. Natürlich sind wir der Meinung, dass diese Probleme eher kurzfristig und nicht strukturell sind und dass diese Unternehmen in relativ kurzer Zeit über den Berg sein werden.
Das Exposure des Classic ist nicht neu, und es zeigt, wie Value-Investoren wie wir trotz einer vernünftigen strategischen Analyse in Unternehmen investieren, die der Markt hasst. Markthass/-angst, Volatilität und vielleicht eine Dosis zusätzliches Risiko in den Augen des Marktes sind die Punkte, die man ertragen muss, um den Markt zu schlagen.
Wie immer sind die Top 10 Unternehmen ein Beweis für die starke Diversifizierung des Fonds: In diesen 10 Unternehmen sind Energie, Luft- und Raumfahrt, Verteidigung, Blutplasma, Reinigung, Konsumgüter, Pharmazeutika, Zement, Banken und Unternehmensverpflegung vertreten. Beachten Sie, dass der einzige Konzentrationsfaktor im Classic hier nicht sichtbar ist: Energie/Öl ist mit 15-20 % des Fonds nach wie vor das grösste Exposure des Fonds.
| LTIF Classic Top10 Holdings | |
| --- | --- |
| Thales SA | 5,9% |
| Cenovus Energy Inc. | 5,6% |
| Compass Group plc. | 4,9% |
| Grifols SA | 4,7% |
| ISS A/S | 4,7% |
| ING Groep NV | 4,6% |
| Sodexo | 4,5% |
| Unilever | 4,4% |
| Heidelberg Cement AG | 4,2% |
| Reckitt Beckinser | 4,1% |
| TOTAL | 47,7% | | # The LTIF Classic. Capital preservation and decent return
As in most of our Newsletters we list the top 10 companies of the Classic, which account for about 50% of the investments. All of them are quality companies with good managers, strong balance sheets, and all trade with a large discount. This time, however, we want to highlight an unforeseen feature that lies hidden in some of these companies: problems (and the subsequent restructuring stories).
It is not something we have proactively looked for but, out of these 10 companies, 5 have or seem to have issues: Grifols, ISS, Sodexo, Unilever, and Reckitt are dealing with different challenges, and under- taking restructuring processes. Obviously, our opinion is that these problems are rather short term and not structural, and that these companies will be in a relatively short period out of the woods.
The Classic exposure to problems is not new and it highlights how value investors like us end up invest- ing in troubled companies that the market hates, regardless of a sensible strategic analysis. Market hate/fear, volatility, and perhaps a dose of extra risk are a price to pay to beat the market.
As always, the top 10 companies are evidence of the fund's strong business diversification: in these 10 companies we have energy, aerospace, defense, blood plasma, cleaning, consumer products, pharma- ceuticals, cement, banking, and catering. Note that the only concentration factor in the Classic is not vis- ible here: energy/oil remains the fund’s largest exposure, with 15-20% of the fund.
| LTIF Classic Top10 Holdings | |
| --- | --- |
| Thales SA | 5,9% |
| Cenovus Energy Inc. | 5,6% |
| Compass Group plc. | 4,9% |
| Grifols SA | 4,7% |
| ISS A/S | 4,7% |
| ING Groep NV | 4,6% |
| Sodexo | 4,5% |
| Unilever | 4,4% |
| Heidelberg Cement AG | 4,2% |
| Reckitt Beckinser | 4,1% |
| TOTAL | 47,7% | | en | de |
DOLFIN1278 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Les TER ci-avant représentent une moyenne pondérée des frais administratifs que les porteurs de parts auraient pu normalement s'attendre à payer s'ils avaient investi dans la classe sélectionnée, tel qu'indiqué dans le Prospectus. Cette méthodologie correspond aux pratiques de marché généralement acceptées et offre une image fidèle aux fins de publication sur le marché.
- Veuillez-vous reporter à la note 6 pour en savoir plus sur la Commission de service appliquée.
- Les Frais courants sont calculés sur les frais historiques ainsi que des modifications budgétaires attendues pour la période. S'agissant des classes de parts et des Compartiments pour lesquels il n'existe aucun historique suffisant, les Frais courants sont établis sur la base d'estimations. Les chiffres mentionnés reflètent la situation au 30 juin 2022. Le calcul des Frais courants exclut la Commission de surperformance. | - Los TER anteriores representan una media ponderada de los gastos administrativos habitualmente asociados a la inversión en la clase de acciones escogida, tal y como se indica en el Folleto. Esta metodología está en consonancia con las prácticas de mercado generalmente aceptadas y ofrece una visión justa de las publicaciones que se realizan en el mercado.
- Para obtener más información sobre la Comisión de servicio aplicada, consulte la nota 6.
- La cifra de gastos corrientes se basa en los datos históricos sobre gastos y en las modificaciones presupuestarias previstas para el periodo correspondiente. En el caso de determinadas Clases de Participaciones y Subfondos para los que no existe historial alguno de gastos, las cifras de gastos corrientes se basan en estimaciones. Las cifras reflejan la situación tal y como se evaluó el 30 de ju-nio de 2022. El cálculo de los gastos corrientes no tiene en cuenta las comisiones de rentabilidad. | - Les TER ci-avant représentent une moyenne pondérée des frais administratifs que les porteurs de parts auraient pu normalement s'attendre à payer s'ils avaient investi dans la classe sélectionnée, tel qu'indiqué dans le Prospectus. Cette méthodologie correspond aux pratiques de marché généralement acceptées et offre une image fidèle aux fins de publication sur le marché.
- Veuillez-vous reporter à la note 6 pour en savoir plus sur la Commission de service appliquée.
- Les Frais courants sont calculés sur les frais historiques ainsi que des modifications budgétaires attendues pour la période. S'agissant des classes de parts et des Compartiments pour lesquels il n'existe aucun historique suffisant, les Frais courants sont établis sur la base d'estimations. Les chiffres mentionnés reflètent la situation au 30 juin 2022. Le calcul des Frais courants exclut la Commission de surperformance. | fr | es |
DOLFIN1279 | 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 offer returns in line with money market rates consistent with preservation of capital and liquidity. Money invested in the Fund is not protected or guaranteed. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the net asset value (NAV) per share. The Fund is a short- term money market fund.
The Fund invests at least 90% of its total assets in fixed income (FI) securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The FI securities may be issued by the United States (US) government and its agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.
The FI securities may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days. To calculate these averages, figures are adjusted to reflect the relative holdings of each of the Fund’s assets.
The Fund may invest up to 15% of its total assets in securitisations and asset backed commercial paper that are sufficiently liquid.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce interest rate or currency exchange rate risk within the Fund’s portfolio. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments without reference to any benchmark. The Secured Overnight Financing Rate (SOFR) Index should be used by investors to compare the performance of the Fund.
The Fund is a “Short Term Variable NAV Money Market Fund” as defined by the EU Money Markets Funds Regulation.
The investments of the Fund are valued using the mark-to-market method where possible, and if not, the mark-to-model method is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be appropriate for investors who seek long-term growth. Your shares will be non-distributing (i.e. dividend income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El objetivo del Fondo es ofrecer una rentabilidad acorde con los tipos del mercado monetario al mismo tiempo que se mantiene el capital y la liquidez. El dinero invertido en el Fondo no está protegido ni garantizado. El Fondo no cuenta con ningún respaldo externo para garantizar su liquidez ni para estabilizar el valor liquidativo (NAV) por acción. El Fondo es un fondo de mercado monetario a corto plazo.
El Fondo invierte al menos el 90 % de sus activos totales en valores de renta fija (RF) denominados en dólares estadounidenses. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Los valores de RF podrán ser emitidos por el gobierno de los Estados Unidos, por sus agencias, por gobiernos y agencias gubernamentales no estadounidenses, y por empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) domiciliados dentro o fuera de los Estados Unidos.
Los valores de RF pueden tener grado de inversión (es decir, cumplir un nivel específico de solvencia), una calificación inferior al grado de inversión o carecer de calificación en el momento de su adquisición.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital (o, con respecto a las notas de tipo de interés, el tiempo medio hasta la próxima revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días. A efectos de cálculo de estas medias, las cifras se ajustan para reflejar las posiciones relativas los activos de cada uno de los Fondos.
El Fondo podrá invertir hasta el 15 % de sus activos totales en valores de titulización de activos y en pagarés respaldados por activos que cuenten con una liquidez suficiente.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo, y para reducir los riesgos asociados a los tipos de interés o al cambio de divisas dentro de la cartera del Fondo. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo sin la obligación de utilizar un parámetro de referencia concreto. Los inversores deberían utilizar el Secured Overnight Financing Rate (SOFR) Index para comparar la rentabilidad del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de NAV variable», tal y como establece el Reglamento de la UE sobre fondos del mercado monetario.
Las inversiones del Fondo se valoran utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo. El NAV se calcula hasta cuatro cifras decimales y establece el NAV de negociación.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización a largo plazo. Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to offer returns in line with money market rates consistent with preservation of capital and liquidity. Money invested in the Fund is not protected or guaranteed. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the net asset value (NAV) per share. The Fund is a short- term money market fund.
The Fund invests at least 90% of its total assets in fixed income (FI) securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The FI securities may be issued by the United States (US) government and its agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.
The FI securities may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days. To calculate these averages, figures are adjusted to reflect the relative holdings of each of the Fund’s assets.
The Fund may invest up to 15% of its total assets in securitisations and asset backed commercial paper that are sufficiently liquid.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce interest rate or currency exchange rate risk within the Fund’s portfolio. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments without reference to any benchmark. The Secured Overnight Financing Rate (SOFR) Index should be used by investors to compare the performance of the Fund.
The Fund is a “Short Term Variable NAV Money Market Fund” as defined by the EU Money Markets Funds Regulation.
The investments of the Fund are valued using the mark-to-market method where possible, and if not, the mark-to-model method is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be appropriate for investors who seek long-term growth. Your shares will be non-distributing (i.e. dividend income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1280 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The management company is committed to uniform voting rights according to the “one share, one vote” principle. It rejects multiple voting rights for certain groups of investors as well as unit classes with limited voting rights and promotes the equal treatment of all shareholders. Any measures that limit the rights of the shareholders are strictly rejected.
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#### Business report and annual financial statements | Die Verwaltungsgesellschaft setzt sich für ein einheitliches Stimmrecht- nach dem Grundsatz „eine Aktie eine Stimme“- ein. Sie lehnt Mehrfachstimmrechte für bestimmte Anlegergruppen sowie Anteilsklassen mit beschränktem Stimmrecht ab und fordert gleiche Behandlung aller Aktionäre. Alle Maßnahmen, die zu Einschränkungen der Rechte der Aktionäre führen werden strikt abgelehnt.
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#### Geschäftsbericht und Jahresabschluss | The management company is committed to uniform voting rights according to the “one share, one vote” principle. It rejects multiple voting rights for certain groups of investors as well as unit classes with limited voting rights and promotes the equal treatment of all shareholders. Any measures that limit the rights of the shareholders are strictly rejected.
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#### Business report and annual financial statements | en | de |
DOLFIN1281 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Enhanced exclusion filters and other limits |
| --- | --- |
| | Exclusion list |
| | Norms-based Screening |
| | Paris Aligned Fossil Fuel Policy (PAFF) |
| | Principal Adverse Impact (PAI) integration | | | | Filtri di esclusione avanzati e altri limiti |
| --- | --- |
| | Lista delle esclusioni |
| | Screening basato su norme internazionali |
| | Paris Aligned Fossil Fuel Policy (PAFF) |
| | Integrazione del 'Principale Impatto Negativo'(PAI) | | | | Enhanced exclusion filters and other limits |
| --- | --- |
| | Exclusion list |
| | Norms-based Screening |
| | Paris Aligned Fossil Fuel Policy (PAFF) |
| | Principal Adverse Impact (PAI) integration | | en | it |
DOLFIN1282 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| If you exit after 1 year |
| One-off costs upon entry or exit | |
| Entry costs | 3.50% maximum of the amount you pay in when entering this investment. | 350 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.83% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 100 EUR |
| Transaction costs | 0.05% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 5 EUR |
| Incidental costs taken under specific conditions | |
| Performance Fee | There is no performance fee for this product. | N/A | | | Composition des coûts |
| --- |
| Si vous sortez après 1 an |
| Coûts ponctuels à l'entrée ou à la sortie | |
| Coûts d'entrée | 3,50% maximum du montant que vous payez au moment de l'entrée dans l'investissement. | 350 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,83% de la valeur de votre investissement par an. Il s’agit d’une estimation fondée sur les coûts réels au cours de la dernière année. | 100 EUR |
| Coûts de transaction | 0,05% 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. | 5 EUR |
| Coûts accesoires facturés dans certaines conditions | |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | N/A | | | Composition of costs |
| --- |
| If you exit after 1 year |
| One-off costs upon entry or exit | |
| Entry costs | 3.50% maximum of the amount you pay in when entering this investment. | 350 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.83% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 100 EUR |
| Transaction costs | 0.05% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 5 EUR |
| Incidental costs taken under specific conditions | |
| Performance Fee | There is no performance fee for this product. | N/A | | en | fr |
DOLFIN1283 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Pursuant to Circular 36, interest income and gains derived from the trading of securities in China would be subject to 6% VAT unless specifically exempted under the prevailing laws and regulations. Under Circular 36 and Circular 70, VAT exemption is available for the capital gains derived by foreign institutional investors from the trading of bonds through China bond market. If VAT is applicable, there are also other local surtaxes (including Urban Maintenance and Construction Tax, Education Surcharge and Local Education Surcharge, etc) that could amount to as high as 12% of the VAT payable.
Interest received from government bonds issued by the in-charge Finance Bureau of the State Council and/or local governments bonds approved by the State Council would be exempted from PRC CIT and VAT under the PRC CIT Law and VAT Law and regulations.
Interest received from non-government bonds (including corporate bonds) issued by PRC tax resident enterprises should be subject to the above-mentioned 10% PRC WHT, 6% VAT and other local surtaxes (including Urban Maintenance and Construction Tax, Education Surcharge and Local Education Surcharge, etc.) that could amount to as high as 12% of the VAT payable. On 22 November 2018, the Ministry of Finance and SAT issued Caishui [2018] No. 108 which stipulates that foreign institutional investors are exempted from PRC WHT and VAT in respect of bond interest income received from 7 November 2018 to 6 November 2021 from investments in the China bond market.
- GeneralVarious tax reform policies have been implemented by the mainland China government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice in mainland China will be changed with retrospective effect in the future and any such change may have an adverse effect on the NAV of the relevant Funds. Moreover, there is no assurance that tax incentives currently offered to foreign companies, if any, will not be abolished and the existing tax laws and regulations will not be revised or amended in the future. Any changes in tax policies may reduce the after-tax profits of the companies in mainland China in which a Fund invests, thereby reducing the income from, and/or value of the Fund’s holdings in such companies. The above does not constitute tax advice and investors should consult their independent tax advisors regarding the possible tax implications with regard to their investments in the relevant Funds. | En vertu de la Circulaire 36, les revenus d’intérêts et plus-values sur la négociation de valeurs mobilières en Chine seraient soumis à une TVA de 6 % sauf exonération spécifique en vertu des lois et règlements applicables. La Circulaire 36 et la Circulaire n° 70 prévoient une exonération de TVA pour les plus-values générées par des investisseurs institutionnels étrangers qualifiés sur la négociation d’obligations chinoises sur le marché obligataire chinois. En cas de TVA applicable, il existe également d’autres surtaxes locales (y compris la taxe de maintenance urbaine et de construction, la surtaxe pour l’éducation et la surtaxe locale pour l’éducation, etc.) qui pourraient s’élever à 12 % de la TVA applicable.
Les intérêts reçus des obligations gouvernementales émises par le Bureau des finances du Conseil d’État et/ou des obligations des collectivités locales approuvées par le Conseil d’État seraient exonérés de l’impôt CIT de la RPC et de la TVA en vertu de la loi sur l’impôt CIT de la RPC et de la loi et des règlements sur la TVA.
Les intérêts reçus d’obligations non gouvernementales (y compris les obligations d’entreprises) émises par des entreprises chinoises résidentes fiscales devraient être soumis à l’IRS de 10 % en RPC, à la TVA de 6 % et à d’autres surtaxes locales (y compris la Taxe d’Entretien Urbain et de construction, la Surtaxe pour l’Éducation et la Surtaxe locale pour l’Éducation, etc. Le 22 novembre 2018, le ministère des finances et le SAT ont publié le Caishui [2018] n° 108 qui stipule que les investisseurs institutionnels étrangers sont exonérés de l’IRS et de la TVA en ce qui concerne les revenus d’intérêts des obligations reçus du 7 novembre 2018 au 6 novembre 2021 provenant d’investissements sur le marché obligataire chinois.
- GénéralDifférentes réformes fiscales ont été mises en place par le gouvernement de Chine continentale au cours des dernières années, et la législation et la réglementation fiscale existantes peuvent être révisées ou modifiées à l’avenir. Il est possible que la législation, la réglementation et les pratiques fiscales actuelles en Chine continentale changent avec effet rétroactif à l’avenir et de tels changements pourront à nuire à la VL des Compartiments respectifs. De plus, il n’y a aucune garantie que les incitations fiscales proposées aux sociétés étrangères, le cas échéant, ne seront pas abolies et que la législation et la réglementation fiscale existantes ne seront pas révisées ou modifiées à l’avenir. Tout changement en termes de réformes fiscales peut réduire les bénéfices après impôt des sociétés de Chine continentale dans lesquelles un Compartiment investit, réduisant ainsi le revenu et/ou la valeur des positions du Compartiment dans ces sociétés. Les informations ci-dessus ne constituent pas de conseils fiscaux et il est recommandé aux investisseurs de consulter leurs conseillers fiscaux indépendants pour connaître les éventuelles implications fiscales à l’égard de leurs investissements dans les Compartiments respectifs. | Pursuant to Circular 36, interest income and gains derived from the trading of securities in China would be subject to 6% VAT unless specifically exempted under the prevailing laws and regulations. Under Circular 36 and Circular 70, VAT exemption is available for the capital gains derived by foreign institutional investors from the trading of bonds through China bond market. If VAT is applicable, there are also other local surtaxes (including Urban Maintenance and Construction Tax, Education Surcharge and Local Education Surcharge, etc) that could amount to as high as 12% of the VAT payable.
Interest received from government bonds issued by the in-charge Finance Bureau of the State Council and/or local governments bonds approved by the State Council would be exempted from PRC CIT and VAT under the PRC CIT Law and VAT Law and regulations.
Interest received from non-government bonds (including corporate bonds) issued by PRC tax resident enterprises should be subject to the above-mentioned 10% PRC WHT, 6% VAT and other local surtaxes (including Urban Maintenance and Construction Tax, Education Surcharge and Local Education Surcharge, etc.) that could amount to as high as 12% of the VAT payable. On 22 November 2018, the Ministry of Finance and SAT issued Caishui [2018] No. 108 which stipulates that foreign institutional investors are exempted from PRC WHT and VAT in respect of bond interest income received from 7 November 2018 to 6 November 2021 from investments in the China bond market.
- GeneralVarious tax reform policies have been implemented by the mainland China government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice in mainland China will be changed with retrospective effect in the future and any such change may have an adverse effect on the NAV of the relevant Funds. Moreover, there is no assurance that tax incentives currently offered to foreign companies, if any, will not be abolished and the existing tax laws and regulations will not be revised or amended in the future. Any changes in tax policies may reduce the after-tax profits of the companies in mainland China in which a Fund invests, thereby reducing the income from, and/or value of the Fund’s holdings in such companies. The above does not constitute tax advice and investors should consult their independent tax advisors regarding the possible tax implications with regard to their investments in the relevant Funds. | en | fr |
DOLFIN1284 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Emprunts
En vertu de l’Acte de fiducie, la Société de gestion peut, sous réserve des restrictions éventuelles des Règlements OPCVM, exercer tous les pouvoirs d’emprunt du Fonds et utiliser les actifs du Fonds comme sûreté pour les emprunts correspondants.
Conformément aux Règlements OPCVM, les Compartiments ne peuvent pas accorder des prêts ou se porter garants pour le compte de tiers et ne peuvent pas non plus emprunter de l’argent, sauf dans le cas d’emprunts temporaires dont le montant ne dépasse pas 10 % des actifs nets du Compartiment concerné et dans le cadre d’autres emprunts autorisés par les Règlements OPCVM. Les Compartiments pourront acquérir des devises étrangères dans le cadre de contrats de prêt face-à-face. Si un Compartiment a des emprunts en devises étrangères dont la valeur dépasse celle d’un dépôt face-à-face, la Société de gestion veillera à ce que cet excédent soit traité comme un emprunt aux fins des Règlements OPCVM.
Sous réserve des dispositions des Règlements OPCVM et des Règlements OPCVM de la Banque centrale, et si une garantie doit être fournie par un Compartiment à une contrepartie appropriée dans le cadre d’une opération sur produits dérivés, la Société de gestion peut donner en garantie à cette contrepartie des actifs du Compartiment concerné dont la valeur est égale au montant de la garantie requise. | # Préstamos
En virtud del Contrato de fideicomiso, la Entidad gestora está facultada para ejercer la totalidad de los poderes de endeudamiento del Fideicomiso de inversiones, con sujeción a cualesquiera limitaciones impuestas por el Reglamento OICVM, y emplear los activos del Fideicomiso de inversiones como garantía de tales endeudamientos.
De conformidad con el Reglamento OICVM, los Fondos no pueden conceder préstamos, actuar como avalistas en nombre de terceros ni pueden tomar dinero prestado, excepto con carácter temporal por importes que no superen el 10% de su activo neto y con la excepción de los casos autorizados por el Reglamento OICVM. Los Fondos podrán adquirir divisas extranjeras mediante un contrato de préstamo respaldado (back to back). Si un Fondo se endeuda en divisa extranjera por un importe que supera el valor de un depósito respaldado, la Entidad gestora se asegurará de que dicho excedente se trate como un endeudamiento a los efectos del Reglamento OICVM.
Con sujeción a lo dispuesto en el Reglamento OICVM y el Reglamento OICVM del Banco Central, en aquellos casos en los que un Fondo deba proporcionar una garantía a una contraparte pertinente en relación con operaciones de derivados, la Entidad gestora puede pignorar oportunamente a la contraparte de derivados correspondiente activos del Fondo implicado por un valor equivalente al importe correspondiente de la garantía exigida. | # Emprunts
En vertu de l’Acte de fiducie, la Société de gestion peut, sous réserve des restrictions éventuelles des Règlements OPCVM, exercer tous les pouvoirs d’emprunt du Fonds et utiliser les actifs du Fonds comme sûreté pour les emprunts correspondants.
Conformément aux Règlements OPCVM, les Compartiments ne peuvent pas accorder des prêts ou se porter garants pour le compte de tiers et ne peuvent pas non plus emprunter de l’argent, sauf dans le cas d’emprunts temporaires dont le montant ne dépasse pas 10 % des actifs nets du Compartiment concerné et dans le cadre d’autres emprunts autorisés par les Règlements OPCVM. Les Compartiments pourront acquérir des devises étrangères dans le cadre de contrats de prêt face-à-face. Si un Compartiment a des emprunts en devises étrangères dont la valeur dépasse celle d’un dépôt face-à-face, la Société de gestion veillera à ce que cet excédent soit traité comme un emprunt aux fins des Règlements OPCVM.
Sous réserve des dispositions des Règlements OPCVM et des Règlements OPCVM de la Banque centrale, et si une garantie doit être fournie par un Compartiment à une contrepartie appropriée dans le cadre d’une opération sur produits dérivés, la Société de gestion peut donner en garantie à cette contrepartie des actifs du Compartiment concerné dont la valeur est égale au montant de la garantie requise. | fr | es |
DOLFIN1285 | 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
Le compartiment, géré activement, investit essentiellement dans des obligations convertibles et autres titres convertibles d'émetteurs publics et privés, à l'échelle mondiale. Le compartiment vise à accroître la valeur des placements. Le compartiment adopte une stratégie défensive. À l'inverse d'une stratégie opportuniste, une stratégie défensive prend des risques plus faibles et enregistre donc généralement un rendement moindre.
Le compartiment investit 10% maximum de ses actifs dans des actions.
10% maximum des actifs du compartiment peuvent être investis dans des titres non négociés sur un marché réglementé.
Le compartiment peut avoir recours à des instruments dérivés à des fins de couverture et de gestion efficace de portefeuille.
Le gestionnaire peut, à sa discrétion, prendre des décisions de placement au nom du compartiment, sous réserve des directives de placement exposées ci- dessus. Le compartiment est aligné sur l'indice de référence Refinitiv Global Focus IG Hedged EUR à des fins de comparaison de la performance. Une partie des investissements du compartiment correspondra aux composantes de l'indice de référence. Toutefois, le gestionnaire peut, à sa discrétion, investir dans des titres qui ne sont pas inclus dans l'indice de référence. Le profil de risque et de rendement du compartiment est comparable à celui de l'indice de référence. Les normes d'investissement de la Directive UCITS V sont d'application. | # Objetivos y política de inversión
El subfondo gestionado activamente invierte a escala mundial principalmente en bonos convertibles y otros valores convertibles de emisores públicos y privados. El objetivo de inversión del subfondo consiste en conseguir una revalorización del capital invertido. El subfondo sigue una estrategia defensiva. Este tipo de estrategia acepta un menor riesgo y, por consiguiente, suele obtener una rentabilidad más baja que una estrategia oportunista.
El subfondo puede invertir hasta un 10% del patrimonio en valores de renta variable.
Puede invertirse hasta un 10% del patrimonio en instrumentos de inversión que no se negocien en un mercado regulado.
El subfondo puede recurrir a instrumentos derivados para una gestión eficaz de la cartera, así como con fines de cobertura.
El gestor de carteras puede realizar inversiones para el subfondo a su discreción conforme a las directrices de inversión establecidas. El subfondo emplea el índice de referencia Refinitiv Global Focus IG Hedged EUR a efectos de comparación de rentabilidades. Una parte de las inversiones del subfondo corresponderá a los componentes del índice de referencia. Sin embargo, el gestor de carteras podrá, a su discreción, invertir en valores que no estén incluidos en el índice de referencia pertinente. El perfil de riesgo y remuneración del subfondo es similar al del índice de referencia.
Por otra parte, se aplican las directrices de inversión estándar conforme a la Directiva UCITS V. | # Objectifs et politique d'investissement
Le compartiment, géré activement, investit essentiellement dans des obligations convertibles et autres titres convertibles d'émetteurs publics et privés, à l'échelle mondiale. Le compartiment vise à accroître la valeur des placements. Le compartiment adopte une stratégie défensive. À l'inverse d'une stratégie opportuniste, une stratégie défensive prend des risques plus faibles et enregistre donc généralement un rendement moindre.
Le compartiment investit 10% maximum de ses actifs dans des actions.
10% maximum des actifs du compartiment peuvent être investis dans des titres non négociés sur un marché réglementé.
Le compartiment peut avoir recours à des instruments dérivés à des fins de couverture et de gestion efficace de portefeuille.
Le gestionnaire peut, à sa discrétion, prendre des décisions de placement au nom du compartiment, sous réserve des directives de placement exposées ci- dessus. Le compartiment est aligné sur l'indice de référence Refinitiv Global Focus IG Hedged EUR à des fins de comparaison de la performance. Une partie des investissements du compartiment correspondra aux composantes de l'indice de référence. Toutefois, le gestionnaire peut, à sa discrétion, investir dans des titres qui ne sont pas inclus dans l'indice de référence. Le profil de risque et de rendement du compartiment est comparable à celui de l'indice de référence. Les normes d'investissement de la Directive UCITS V sont d'application. | fr | es |
DOLFIN1286 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Currencies:
The Fund may be exposed to any and all currencies, OECD and non-OECD, as buyer or seller.
The HCHF-R and HCHF-I unit classes are hedged against EUR/CHF risk to limit the impact of fluctuations in the EUR/CHF exchange rate on the Fund’s performance in CHF. These unit classes therefore aim to achieve the best hedging against the EUR/CHF foreign exchange risk during the investment term of the Fund, which could affect performance.
HUSD-R units are hedged against exchange rate risk to limit the impact of fluctuations in the EUR/USD exchange rate on the Fund’s performance in USD.
These units aim to provide the best hedge during the investment term of the Fund against the EUR/USD exchange rate risk that might affect performance.
| Recap of the main equity and currency investment limits |
| --- |
| Investments in equities of any country | Maximum 100% of net assets |
| of which equities not represented in the MSCI World Developed Markets Index | Maximum 30% of net assets |
| Exposure to equity markets | Between 60% and 150% of net assets |
| Exposure to OECD and non-OECD currencies | Maximum 500% of net assets |
- | # Devises :
Le fonds pourra être exposé à toutes les devises, OCDE comme non-OCDE, à l’achat comme à la vente.
Pour les parts HCHF-R et HCHF-I, une couverture de change est mise en place et a pour objectif de limiter l’impact de l’évolution du taux de change EUR/CHF sur la performance du FCP en CHF. L’objectif de ces parts est donc de couvrir au mieux, pendant la durée de vie du FCP, le risque de change EUR/CHF susceptible d’affecter la performance.
Pour les parts HUSD-R , une couverture de change est mise en place et a pour objectif de limiter l’impact de l’évolution du taux de change EUR/USD sur la performance du FCP en USD.
L’objectif de ces parts est donc de couvrir au mieux, pendant la durée de vie du FCP, le risque de change EUR/USD susceptible d’affecter la performance.
| Rappel des principales limites d’investissement en actions et devises |
| --- |
| Investissements en actions de tout pays | Maximum 100% de l’actif net |
| dont actions non incluses dans l’indice MSCI World Developed Markets) | Maximum 30% de l’actif net |
| Exposition aux marchés actions | Exposition comprise entre 60% et 150% de l’actif net |
| Exposition aux devises OCDE et non OCDE | Maximum 500% de l’actif net |
- | # Currencies:
The Fund may be exposed to any and all currencies, OECD and non-OECD, as buyer or seller.
The HCHF-R and HCHF-I unit classes are hedged against EUR/CHF risk to limit the impact of fluctuations in the EUR/CHF exchange rate on the Fund’s performance in CHF. These unit classes therefore aim to achieve the best hedging against the EUR/CHF foreign exchange risk during the investment term of the Fund, which could affect performance.
HUSD-R units are hedged against exchange rate risk to limit the impact of fluctuations in the EUR/USD exchange rate on the Fund’s performance in USD.
These units aim to provide the best hedge during the investment term of the Fund against the EUR/USD exchange rate risk that might affect performance.
| Recap of the main equity and currency investment limits |
| --- |
| Investments in equities of any country | Maximum 100% of net assets |
| of which equities not represented in the MSCI World Developed Markets Index | Maximum 30% of net assets |
| Exposure to equity markets | Between 60% and 150% of net assets |
| Exposure to OECD and non-OECD currencies | Maximum 500% of net assets |
- | en | fr |
DOLFIN1287 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Risques spécifiques au fonds
Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises. Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers. Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter. Les marchés émergents exposent le Fonds à une volatilité plus élevée et à un risque de perte plus important que les marchés développés ; ils sont susceptibles aux événements politiques et économiques défavorables, et peuvent être moins bien réglementés avec des procédures de garde et de règlement moins robustes. Ce Fonds peut avoir un portefeuille particulièrement concentré par rapport à son univers d’investissement ou à d’autres fonds de son secteur. Un événement défavorable, même s’il n’affecte qu’un petit nombre de holdings, peut entraîner une volatilité ou des pertes importantes pour le Fonds. Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles. Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est
«couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change. Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. | # Riesgos específicos del fondo
Cuando el Fondo, o una clase de acciones/participaciones con cobertura, trata de mitigar los movimientos del tipo de cambio de una divisa en relación con la divisa base, la propia estrategia de cobertura puede tener un impacto positivo o negativo en el valor del Fondo debido a las diferencias en los tipos de interés a corto plazo entre las divisas. El Fondo podría perder dinero si una contraparte con la que negocia el Fondo no está dispuesto o no es capaz de cumplir sus obligaciones, o como resultado de un fallo o retraso en los procesos operativos o del fallo de un proveedor externo. Las acciones/participaciones pueden perder valor con rapidez y, por lo general, implican un mayor riesgo que los bonos o los instrumentos del mercado monetario. Como resultado, el valor de su inversión puede bajar. Los mercados emergentes exponen al Fondo a una mayor volatilidad y a un mayor riesgo de pérdida que los mercados desarrollados; son susceptibles a eventos políticos y económicos adversos, y pueden estar menos regulados con procedimientos de custodia y liquidación poco sólidos. Este Fondo puede tener una cartera especialmente concentrada en relación con su universo de inversión u otros fondos de su sector. Un evento adverso que afecte incluso a un número reducido de tenencias podría generar una volatilidad o pérdidas significativas para el Fondo. El Fondo podrá utilizar derivados con el fin de reducir el riesgo o gestionar la cartera de forma más eficiente. Sin embargo, esto conlleva otros riesgos, en particular, que la contraparte de un derivado no pueda cumplir sus obligaciones contractuales. "Si el Fondo mantiene activos en divisas distintas de la divisa base del Fondo o si usted invierte en una clase de acciones/ participaciones de una divisa diferente a la del Fondo (a menos que esté \"cubierto\"), el valor de su inversión puede verse afectado por las variaciones de los tipos de cambio. "Los valores del Fondo podrían resultar difíciles de valorar o de vender en el momento y al precio deseados, especialmente en condiciones de mercado extremas, cuando los precios de los activos pueden estar bajando, lo que aumenta el riesgo de pérdidas en las inversiones. | # Risques spécifiques au fonds
Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises. Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers. Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter. Les marchés émergents exposent le Fonds à une volatilité plus élevée et à un risque de perte plus important que les marchés développés ; ils sont susceptibles aux événements politiques et économiques défavorables, et peuvent être moins bien réglementés avec des procédures de garde et de règlement moins robustes. Ce Fonds peut avoir un portefeuille particulièrement concentré par rapport à son univers d’investissement ou à d’autres fonds de son secteur. Un événement défavorable, même s’il n’affecte qu’un petit nombre de holdings, peut entraîner une volatilité ou des pertes importantes pour le Fonds. Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles. Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est
«couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change. Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. | fr | es |
DOLFIN1288 | 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies throughout the world. Investments will be linked to the theme of future connectivity (the enablers, networks and beneficiaries of next generation communications). They will include, but are not limited to, companies that are involved in the roll out of cellular networks, wired networks, internet infrastructure, social media, online content production, streaming, e-commerce and the Internet of things.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes and it is not limited in the amount it may invest in any single country or region.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos un 70 % en acciones de empresas de todo el mundo. Las inversiones estarán relacionadas con la temática de la conectividad del futuro (aquellas empresas que hacen posible las comunicaciones de nueva generación y sus redes, así como los beneficiarios). Incluirán, entre otras, empresas implicadas en el despliegue de redes móviles, redes fijas, infraestructuras de internet, redes sociales, creación de contenidos online, streaming, comercio electrónico y el internet de las cosas.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. El universo de inversión del Subfondo se reduce en, como mínimo, un 20 % debido a la exclusión de emisores sobre la base de sus características ESG.
- El fondo tiene libertad para invertir fuera de los principales lugares geográficos, sectores del mercado, industrias y clases de activos del fondo, y no se le imponen restricciones en cuanto al importe que puede invertir en un solo país o región.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en acciones A y B de China de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI ACWI Index (Net) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies throughout the world. Investments will be linked to the theme of future connectivity (the enablers, networks and beneficiaries of next generation communications). They will include, but are not limited to, companies that are involved in the roll out of cellular networks, wired networks, internet infrastructure, social media, online content production, streaming, e-commerce and the Internet of things.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes and it is not limited in the amount it may invest in any single country or region.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1289 | 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
Ce Compartiment vise à procurer des plus-values.
Le Compartiment cherche à atteindre son objectif en investissant principalement dans des titres de fonds propres (i) de sociétés ayant leur siège dans un pays d’Europe continentale, (ii) de sociétés ayant leur siège hors d’Europe continentale mais qui exercent leurs activités de façon prédominante en Europe continentale, ou (iii) de holdings dont les participations sont investies de façon prédominante dans des filiales dont le siège se trouve dans des pays d’Europe continentale.
Le Compartiment pourra investir jusqu’à 30 % de sa valeur liquidative dans des instruments du marché monétaire et des titres de créance (y compris les obligations convertibles) émis par les sociétés ci-dessus ou des actions et titres de fonds propres de sociétés exerçant leur activité en Europe continentale mais qui ne remplissent pas les critères ci-dessus. | #### Objetivo y política de inversión
El objetivo del Fondo es conseguir un crecimiento del capital.
El Fondo pretende conseguir su objetivo invirtiendo principalmente en valores de renta variable de (i) empresas domiciliadas en un país de Europa continental, (ii) empresas domiciliadas en países ajenos a Europa continental, pero que desarrollen una parte predominante de su actividad empresarial en Europa continental, o (iii) sociedades de cartera cuyas participaciones se mantengan predominantemente invertidas en empresas filiales que tengan su domicilio social en países de Europa continental.
Hasta un 30% del valor liquidativo del Fondo podrá estar invertido en Instrumentos del Mercado Monetario y valores de deuda (incluidos bonos convertibles) emitidos por las empresas anteriormente mencionadas, o en renta variable o valores de deuda de empresas que desarrollen su actividad empresarial en Europa continental sin cumplir los requisitos anteriormente expuestos. | ###### Objectifs et politique d’investissement
Ce Compartiment vise à procurer des plus-values.
Le Compartiment cherche à atteindre son objectif en investissant principalement dans des titres de fonds propres (i) de sociétés ayant leur siège dans un pays d’Europe continentale, (ii) de sociétés ayant leur siège hors d’Europe continentale mais qui exercent leurs activités de façon prédominante en Europe continentale, ou (iii) de holdings dont les participations sont investies de façon prédominante dans des filiales dont le siège se trouve dans des pays d’Europe continentale.
Le Compartiment pourra investir jusqu’à 30 % de sa valeur liquidative dans des instruments du marché monétaire et des titres de créance (y compris les obligations convertibles) émis par les sociétés ci-dessus ou des actions et titres de fonds propres de sociétés exerçant leur activité en Europe continentale mais qui ne remplissent pas les critères ci-dessus. | fr | es |
DOLFIN1290 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Souscriptions minimums initiales et les Participations minimums applicables à chaque Compartiment sont indiquées à l’Annexe II du présent Prospectus. Les Administrateurs peuvent, à leur entière discrétion, renoncer à appliquer une Souscription minimum initiale ou une Participation minimum au titre de chaque Catégorie. Les Prix d’offre initiaux de chaque Compartiment sont indiqués dans le Supplément concerné et les Administrateurs peuvent, à leur entière discrétion, les modifier au titre d’une Catégorie, sous réserve que l’avis de modification soit communiqué à tous les souscripteurs de cette Catégorie avant la fin de la Période de souscription initiale concernée.
Les procédures de lutte contre le blanchiment de capitaux peuvent entraîner une vérification approfondie de l’identité du souscripteur. Selon les circonstances propres à chaque demande de souscription, une telle vérification peut ne pas être nécessaire (a) si le souscripteur procède au paiement depuis un compte tenu en son nom par un établissement financier reconnu ; ou (b) si la demande est effectuée par un intermédiaire reconnu. Ces exceptions ne s’appliqueront que si cet établissement financier ou cet intermédiaire est établi dans un pays reconnu par l’Irlande comme disposant d’une réglementation équivalente en matière de lutte contre le blanchiment de capitaux.
La Société et l’Agent administratif, agissant au nom de la Société, se réservent le droit de demander toute information nécessaire pour vérifier l’identité d’un souscripteur. Si le souscripteur tarde à fournir ou ne fournit pas les informations nécessaires à ces vérifications, la Société, le Gestionnaire et l’Agent administratif, agissant au nom de la Société, peuvent refuser de traiter la demande de souscription ou d’accepter les montants correspondants. Les Actionnaires ne pourront demander le rachat de leurs Actions tant que l’Agent administratif n’aura pas reçu le bulletin de souscription dûment rempli et que les diligences anti-blanchiment requises par la Banque centrale n’auront pas été menées à bien pour la souscription correspondante. Les investisseurs doivent noter que l’Agent administratif se réserve le droit de prendre toutes les mesures jugées appropriées pour répondre à toute préoccupation concernant l’authenticité du formulaire de souscription rempli, ce qui peut comprendre la demande de fournir tout document sous sa forme originale, à l’encre humide (ou une copie certifiée conforme ou un formulaire de copie certifié). Les investisseurs doivent également noter que lorsque le traitement d’une souscription est retardé parce que les investisseurs n’ont pas fourni la documentation exacte et complète nécessaire, si les montants de souscription reçus sont soumis à des taux d’intérêt négatifs ou à d’autres frais, l’investisseur concerné sera redevable de ces frais qui lui seront facturés en temps voulu.
Les investisseurs sont également informés que les renseignements fournis sur le bulletin de souscription peuvent constituer des données à caractère personnel au sens de la législation sur la protection des données et ils doivent être conscients que les données personnelles des investisseurs et Actionnaires sont traitées par la Société en vertu de la Déclaration de confidentialité. | En el anexo II de este Folleto se especifican los requisitos de Suscripción Mínima Inicial y de Participación Mínima aplicables a cada Cartera. Los Administradores, a su entera discreción, podrán dispensar el cumplimiento de los requisitos de Suscripción Mínima Inicial y de Participación Mínima de cualquier Clase. Los Precios de Oferta Iniciales para cada Cartera se establecen en el Suplemento correspondiente y los Administradores pueden, a su entera discreción, modificarlos con respecto a una Clase, siempre que se notifique cualquier cambio de este tipo a todos los suscriptores de dicha Clase antes del final del Periodo de Oferta Inicial correspondiente.
Las medidas encaminadas a prevenir el blanqueo de capitales pueden exigir llevar a cabo una verificación exhaustiva de la identidad del solicitante. Dependiendo de las circunstancias de cada solicitud, dicha verificación exhaustiva podría no resultar necesaria cuando (a) el solicitante efectúe el pago desde una cuenta abierta a su nombre en una entidad financiera reconocida, o (b) la solicitud se tramite a través de un intermediario reconocido. Estas excepciones solo se aplicarán si la entidad financiera o el intermediario referido se encuentran en un país con una normativa en materia de blanqueo de capitales que Irlanda reconozca como equivalente a la propia.
Tanto la Sociedad como el Agente Administrativo actuando en su nombre se reservan el derecho de solicitar cuanta información resulte necesaria para verificar la identidad de un solicitante. Si el solicitante no aporta o se demora en entregar cualquier información exigida con fines de verificación, la Sociedad, y el Gestor y el Agente Administrativo actuando en representación de la Sociedad, podrán rechazar la solicitud y la totalidad de los importes de la suscripción. Los Accionistas no podrán solicitar el reembolso de sus Acciones, a menos que el Agente Administrativo haya recibido el formulario de solicitud de suscripción debidamente cumplimentado y se hayan completado, con respecto a la suscripción considerada, todas las verificaciones en materia de blanqueo de capitales exigidas por el Banco Central. Los inversores deberán tener en cuenta que el Agente Administrativo se reserva el derecho a adoptar todas las medidas que considere oportunas para resolver cualquier contratiempo relativo a la autenticidad del formulario de suscripción cumplimentado, lo que puede incluir solicitar la presentación de la copia original de cualquier documento (o su copia certificada). Los inversores también deben tener en cuenta que cuando el procesamiento de una suscripción se retrase como resultado de un fallo por parte de los inversores a la hora de proporcionar la documentación necesaria, ya sea porque no esté completa o sea inexacta, si los importes de suscripción recibidos están sujetos a tipos de interés negativos u otros cargos, el inversor correspondiente será responsable de esos costes, que se le facturarán en su debido momento.
Asimismo, los inversores deben tener en cuenta que, al completar el Formulario de Solicitud, han proporcionado o proporcionarán información a la Sociedad, que puede constituir datos personales en el sentido de la Legislación sobre la Protección de Datos y deben tener en cuenta que la Sociedad procesará los datos personales de los inversores y | Les Souscriptions minimums initiales et les Participations minimums applicables à chaque Compartiment sont indiquées à l’Annexe II du présent Prospectus. Les Administrateurs peuvent, à leur entière discrétion, renoncer à appliquer une Souscription minimum initiale ou une Participation minimum au titre de chaque Catégorie. Les Prix d’offre initiaux de chaque Compartiment sont indiqués dans le Supplément concerné et les Administrateurs peuvent, à leur entière discrétion, les modifier au titre d’une Catégorie, sous réserve que l’avis de modification soit communiqué à tous les souscripteurs de cette Catégorie avant la fin de la Période de souscription initiale concernée.
Les procédures de lutte contre le blanchiment de capitaux peuvent entraîner une vérification approfondie de l’identité du souscripteur. Selon les circonstances propres à chaque demande de souscription, une telle vérification peut ne pas être nécessaire (a) si le souscripteur procède au paiement depuis un compte tenu en son nom par un établissement financier reconnu ; ou (b) si la demande est effectuée par un intermédiaire reconnu. Ces exceptions ne s’appliqueront que si cet établissement financier ou cet intermédiaire est établi dans un pays reconnu par l’Irlande comme disposant d’une réglementation équivalente en matière de lutte contre le blanchiment de capitaux.
La Société et l’Agent administratif, agissant au nom de la Société, se réservent le droit de demander toute information nécessaire pour vérifier l’identité d’un souscripteur. Si le souscripteur tarde à fournir ou ne fournit pas les informations nécessaires à ces vérifications, la Société, le Gestionnaire et l’Agent administratif, agissant au nom de la Société, peuvent refuser de traiter la demande de souscription ou d’accepter les montants correspondants. Les Actionnaires ne pourront demander le rachat de leurs Actions tant que l’Agent administratif n’aura pas reçu le bulletin de souscription dûment rempli et que les diligences anti-blanchiment requises par la Banque centrale n’auront pas été menées à bien pour la souscription correspondante. Les investisseurs doivent noter que l’Agent administratif se réserve le droit de prendre toutes les mesures jugées appropriées pour répondre à toute préoccupation concernant l’authenticité du formulaire de souscription rempli, ce qui peut comprendre la demande de fournir tout document sous sa forme originale, à l’encre humide (ou une copie certifiée conforme ou un formulaire de copie certifié). Les investisseurs doivent également noter que lorsque le traitement d’une souscription est retardé parce que les investisseurs n’ont pas fourni la documentation exacte et complète nécessaire, si les montants de souscription reçus sont soumis à des taux d’intérêt négatifs ou à d’autres frais, l’investisseur concerné sera redevable de ces frais qui lui seront facturés en temps voulu.
Les investisseurs sont également informés que les renseignements fournis sur le bulletin de souscription peuvent constituer des données à caractère personnel au sens de la législation sur la protection des données et ils doivent être conscients que les données personnelles des investisseurs et Actionnaires sont traitées par la Société en vertu de la Déclaration de confidentialité. | fr | es |
DOLFIN1291 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Renminbi share class risks
Where provided for in the relevant Supplement, the Funds may offer share classes designated in Chinese Renminbi (RMB), the lawful currency of the PRC. It should be noted that there may be additional risks involved in investing through RMB over and above those of investing through other currencies. Currency exchange rates can be affected unpredictably by intervention (or failure to intervene) by governments or central banks or by currency controls or political developments, particularly in the PRC. There is also a greater measure of legal uncertainty concerning currency transactions with respect to trades in RMB compared to currencies which have a more established history of being traded internationally.
RMB share classes for the Funds are denominated in offshore RMB (CNH). CNH convertibility to the onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the Chinese government in co-ordination with the Hong Kong Monetary Authority (HKMA). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions pursued by the Chinese government from time to time as well as other external market forces. In addition, currency markets in RMB may have lower trading volumes than the currencies of more developed countries and accordingly markets in RMB may be materially less liquid, subject to greater dealing spreads and experience materially greater volatility than those of other currencies. In particular, the trading of RMB during European market hours when trades for the hedged share class will be executed entails inherently lower liquidity and greater transaction costs. This is likely to cause performance divergance against the expected peformance of trading RMB during Asian market hours, where liquidity is generally higher and transaction costs are generally lower.
In an extreme event, the lack of liquidity could make it impossible to execute the currency hedge. The Company will seek to implement the hedge and minimize transaction costs on a best efforts basis. However, there can be no guarantee that it will be successful in doing so and cannot eliminate the above risks or transaction costs. The costs and gains/losses of hedging transactions will accrue solely to the relevant Hedged Class and will be reflected in the Net Asset Value per Share of that Class. | ### Risques afférents à la catégorie d’actions en renminbi
Si cela est prévu dans le Supplément pertinent, les Fonds peuvent offrir des catégories d’actions libellées en renminbi chinois (RMB), la devise légale de la RPC. Il convient de noter que l’investissement en RMB s’accompagne de risques spécifiques qui s’ajoutent à ceux de l’investissement dans d’autres devises. Les taux de change peuvent subir l’impact imprévu des interventions (ou de l’absence d’interventions) des gouvernements ou des banques centrales, des contrôles des changes ou des événements politiques, en particulier en RPC. Il existe aussi une incertitude légale relative aux transactions en devises dans le cadre d’opérations en RMB plus importante que pour les devises négociées internationalement depuis plus longtemps.
Les catégories d’actions en RMB des Fonds sont libellées en renminbi offshore (CNH). La convertibilité du CNH en renminbi onshore (CNY) est un processus de change géré, soumis à des politiques de contrôle des changes et à des restrictions au rapatriement imposées par le gouvernement chinois en coordination avec la Hong Kong Monetary Authority (HKMA). La valeur du CNH peut différer, parfois substantiellement, de celle du CNY en raison d’un certain nombre de facteurs y compris, sans s’y limiter, ces politiques de contrôle des changes et restrictions au rapatriement appliquées par le gouvernement chinois, ainsi que d’autres forces de marché externes. En outre, les marchés des devises en RMB peuvent avoir des volumes de négociation inférieurs à ceux des marchés en devises de pays plus développés et par conséquent, les marchés en RMB peuvent être sensiblement moins liquides, soumis à des écarts de trading plus importants et être substantiellement plus volatils que ceux d’autres devises. En particulier, la négociation de RMB pendant les heures d’opération des marchés européens au cours desquelles les négociations de la catégorie d’actions couvertes seront réalisées entraîne une liquidité intrinsèquement inférieure et des coûts de transaction supérieurs. Cela est susceptible d’entraîner des divergences de performance par rapport à la performance de négociation en RMB attendue pendant les heures d’opération des marchés en Asie, où la liquidité est généralement supérieure et les coûts de transaction sont généralement inférieurs.
En cas d’évènement extrême, le manque de liquidité pourrait empêcher l’exécution de la couverture de change. La Société cherchera à mettre en œuvre une couverture et à minimiser les coûts de transaction « du mieux possible ». Cependant, il n’existe aucune garantie que ses efforts seront fructueux et les risques et coûts de transaction indiqués ci-dessus ne peuvent pas être éliminés. Les coûts et gains/pertes issus des opérations de couverture ne seront cumulés que dans la Catégorie couverte et seront intégrés dans la Valeur nette d’inventaire par Action de ladite Catégorie. | ### Renminbi share class risks
Where provided for in the relevant Supplement, the Funds may offer share classes designated in Chinese Renminbi (RMB), the lawful currency of the PRC. It should be noted that there may be additional risks involved in investing through RMB over and above those of investing through other currencies. Currency exchange rates can be affected unpredictably by intervention (or failure to intervene) by governments or central banks or by currency controls or political developments, particularly in the PRC. There is also a greater measure of legal uncertainty concerning currency transactions with respect to trades in RMB compared to currencies which have a more established history of being traded internationally.
RMB share classes for the Funds are denominated in offshore RMB (CNH). CNH convertibility to the onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the Chinese government in co-ordination with the Hong Kong Monetary Authority (HKMA). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions pursued by the Chinese government from time to time as well as other external market forces. In addition, currency markets in RMB may have lower trading volumes than the currencies of more developed countries and accordingly markets in RMB may be materially less liquid, subject to greater dealing spreads and experience materially greater volatility than those of other currencies. In particular, the trading of RMB during European market hours when trades for the hedged share class will be executed entails inherently lower liquidity and greater transaction costs. This is likely to cause performance divergance against the expected peformance of trading RMB during Asian market hours, where liquidity is generally higher and transaction costs are generally lower.
In an extreme event, the lack of liquidity could make it impossible to execute the currency hedge. The Company will seek to implement the hedge and minimize transaction costs on a best efforts basis. However, there can be no guarantee that it will be successful in doing so and cannot eliminate the above risks or transaction costs. The costs and gains/losses of hedging transactions will accrue solely to the relevant Hedged Class and will be reflected in the Net Asset Value per Share of that Class. | en | fr |
DOLFIN1292 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund seeks to achieve its environmental objective of supporting the transition to a low carbon economy through investing in bonds of issuer’s who meet one or more of the following five key criteria:
- Companies that have a low carbon footprint, or are making significant progress in reducing their carbon footprint
- Companies that have carbon reducing projects financed via green bonds, transition bonds and sustainability-linked bonds
- Green companies (those directly involved with activities that result in a low carbon economy which do not issue green bonds)
- Companies that have made commitments, and are, or are expected to be, on a Net Zero pathway
- Governments that have demonstrated strong environmental and social credentials. | Il Fondo mira a conseguire l'obiettivo ambientale di sostegno alla transizione verso un'economia a basse emissioni di carbonio, investendo in obbligazioni di emittenti che soddisfano uno o più dei seguenti cinque criteri chiave:
- Società che hanno una bassa impronta di carbonio o stanno compiendo progressi significativi nella riduzione delle emissioni di carbonio
- Società che hanno progetti di riduzione delle emissioni di carbonio finanziati tramite green bond, obbligazioni di transizione e legate alla sostenibilità
- Società green (direttamente coinvolte in attività che determinano un'economia a basse emissioni di carbonio e che non emettono green bond)
- Società che hanno assunto impegni e che sono, o si prevede siano, sulla rotta verso obiettivi di Net Zero
- Governi che hanno dimostrato solide credenziali ambientali e sociali. | The Fund seeks to achieve its environmental objective of supporting the transition to a low carbon economy through investing in bonds of issuer’s who meet one or more of the following five key criteria:
- Companies that have a low carbon footprint, or are making significant progress in reducing their carbon footprint
- Companies that have carbon reducing projects financed via green bonds, transition bonds and sustainability-linked bonds
- Green companies (those directly involved with activities that result in a low carbon economy which do not issue green bonds)
- Companies that have made commitments, and are, or are expected to be, on a Net Zero pathway
- Governments that have demonstrated strong environmental and social credentials. | en | it |
DOLFIN1293 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Frais
## Ces frais servent à couvrir les coûts d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle des investissements.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Aucun |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,06 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Aucune |
Les frais d’entrée et de sortie présentés correspondent aux montants maximums. Dans certains cas, vous pourriez payer moins. Pour toutes informations complémentaires relatives aux frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus ou consulter votre Intermédiaire financier.
Un actionnaire peut procéder à quatre échanges par an sans encourir de frais d'échange, de frais de souscription initiale ou de frais de sortie. Par la suite, le Fonds pourra facturer une commission d’échange pouvant s'élever jusqu'à un pour cent, par échange, de la valeur des parts à échanger.
Le montant des frais courants est calculé sur la base des charges des douze mois clôturés le 31 décembre 2021. Ces coûts peuvent varier d’année en année. Les coûts de transaction du portefeuille y sont exclus. Pour toutes informations complémentaires sur les frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus disponible sur www.alger.com.
Performance passée
Les données sont insuffisantes pour renseigner de manière utile la Performance passée
du Fonds.
Les performances passées du Fonds ne constituent pas un indicateur fiable des performances futures.
Le tableau ne reflète pas l’incidence des commissions de distribution susceptibles d'être prélevées.
Les performances passées de la catégorie sont calculées en euros.
Alger SICAV - Alger American Asset Growth Fund a été lancée | # Gastos
## Estos gastos están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los de comercialización y distribución del mismo. Dichos gastos reducen el potencial de crecimiento de su inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Es la cantidad máxima que puede detraerse de su capital antes de la inversión o antes de abonar el producto de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,06% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna |
Los gastos de entrada y salida mostrados son cifras máximas. En algunos casos el inversor podría pagar menos. Para más información sobre gastos, consulte el apartado “Charges and Expenses of the Fund” en el Folleto de Alger SICAV o pregunte a su Intermediario financiero.
Los accionistas pueden realizar cuatro canjes anuales sin incurrir en comisiones de canje, comisiones de suscripción inicial o gastos de salida. A partir de entonces, el Fondo podrá aplicar una comisión de canje de hasta un 1%, por cada canje, del valor de las acciones a canjear.
La cifra de gastos corrientes se basa en los gastos para el ejercicio cerrado el 31 diciembre de 2021. Esta cifra puede variar de un año a otro. No incluye los costes de transacción de la cartera. Para más información sobre gastos, consulte el apartado “Charges and Expenses of the Fund” en el Folleto, que se encuentra publicado en www.alger.com.
Rentabilidad histórica
Los datos disponibles son insuficientes para proporcionar una indicación útil de la rentabilidad histórica
del Fondo.
Rentabilidades pasadas no son indicativas de resultados futuros.
El gráfico no incluye el efecto de las comisiones de suscripción que podrían cobrar los intermediarios.
La rentabilidad histórica de la clase se ha calculado en euros. Alger SICAV - Alger American Asset Growth Fund comenzó con | # Frais
## Ces frais servent à couvrir les coûts d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle des investissements.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Aucun |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,06 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Aucune |
Les frais d’entrée et de sortie présentés correspondent aux montants maximums. Dans certains cas, vous pourriez payer moins. Pour toutes informations complémentaires relatives aux frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus ou consulter votre Intermédiaire financier.
Un actionnaire peut procéder à quatre échanges par an sans encourir de frais d'échange, de frais de souscription initiale ou de frais de sortie. Par la suite, le Fonds pourra facturer une commission d’échange pouvant s'élever jusqu'à un pour cent, par échange, de la valeur des parts à échanger.
Le montant des frais courants est calculé sur la base des charges des douze mois clôturés le 31 décembre 2021. Ces coûts peuvent varier d’année en année. Les coûts de transaction du portefeuille y sont exclus. Pour toutes informations complémentaires sur les frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus disponible sur www.alger.com.
Performance passée
Les données sont insuffisantes pour renseigner de manière utile la Performance passée
du Fonds.
Les performances passées du Fonds ne constituent pas un indicateur fiable des performances futures.
Le tableau ne reflète pas l’incidence des commissions de distribution susceptibles d'être prélevées.
Les performances passées de la catégorie sont calculées en euros.
Alger SICAV - Alger American Asset Growth Fund a été lancée | fr | es |
DOLFIN1294 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Securities portfolio items | Percentage of net assets* | Total percentage of assets** |
| --- | --- | --- |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. | 98.48 | 97.44 |
| And B) Eligible financial securities and money market instruments admitted to trading on another regulated market, that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority – AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of association of the undertaking for collective investment in transferable securities. |
| D) Recently issued financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. |
| E) Other assets. | | | Bestandteile des Wertpapierportfolios | Prozentsatz Nettovermögen * | Prozentsatz Gesamt- vermögen ** |
| --- | --- | --- |
| A) Zulässige Finanzwerte und Geldmarktinstrumente, die zum Handel an einem regulierten Markt im Sinne von Artikel L. 422-1 des französischen Währungs- und Finanzgesetzbuchs (Code Monétaire et Financier) zugelassen sind. | 98,48 | 97,44 |
| Und B) Zulässige Finanzwerte und Geldmarktinstrumente, die zum Handel auf einem anderen geregelten, ordnungsgemäß funktionierenden, anerkannten und der Öffentlichkeit zugänglichen Markt in einem Mitgliedstaat der Europäischen Union oder in einem anderen Vertragsstaat des Abkommens über den Europäischen Wirtschaftsraum zugelassen sind. |
| C) Zulässige Finanzwerte und Geldmarktinstrumente, die zur offiziellen Notierung an einer Wertpapierbörse eines Drittstaates zugelassen sind oder auf einem anderen geregelten, ordnungsgemäß funktionierenden, anerkannten und für die Öffentlichkeit zugänglichen Markt eines Drittstaates gehandelt werden, insofern diese Börse oder dieser Markt nicht auf einer Finanzmarktliste der Finanzaufsichtsbehörde geführt wird oder die Auswahl dieser Börse oder dieses Marktes gesetzlich oder durch das Reglement oder die Satzung des Organismus für gemeinsame Anlagen in Wertpapieren vorgesehen ist. |
| D) Zulässige Finanzwerte aus Neuemissionen gemäß Artikel R. 214-11 Absatz I, Satz 4 des französischen Währungs- und Finanzgesetzbuchs. |
| E) Sonstige Vermögenswerte: | | | Securities portfolio items | Percentage of net assets* | Total percentage of assets** |
| --- | --- | --- |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. | 98.48 | 97.44 |
| And B) Eligible financial securities and money market instruments admitted to trading on another regulated market, that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority – AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of association of the undertaking for collective investment in transferable securities. |
| D) Recently issued financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. |
| E) Other assets. | | en | de |
DOLFIN1295 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Payments
With the authorisation of the Common Depository’s Nominee, any dividends declared and any liquidation and compulsory redemption proceeds are paid by the Company or its authorised agent (for example, the Paying Agent) to the applicable International Central Securities Depository. Investors, where they are Participants, must look solely to the applicable International Central Securities Depository for their share of each dividend payment or any liquidation or compulsory redemption proceeds paid by the Company or, where they are not Participants, they must look to their respective nominee, broker or Central securities depository (as appropriate, which may be a Participant or have an arrangement with a Participant of the applicable International Central Securities Depository) for any share of each dividend payment or any liquidation or compulsory redemption proceeds paid by the Company that relates to their investment.
Investors shall have no claim directly against the Company in respect of dividend payments and any liquidation and compulsory redemption proceeds due on Shares represented by the Global Share Certificate and the obligations of the Company will be discharged by payment to the applicable International Central Securities Depository with the authorisation of the Common Depository’s Nominee. | ###### Paiements
Avec l'approbation du mandataire du Dépositaire commun, les dividendes déclarés et les produits de liquidation ou de rachat obligatoire sont versés par la Société ou son représentant mandaté (par exemple, l'Agent payeur) au Dépositaire central international de titres concerné. Les investisseurs, s'ils sont des Participants, doivent s’adresser exclusivement au Dépositaire central international de titres pour recevoir leur part de tout dividende ou produit de liquidation ou de rachat obligatoire versé par la Société ou, s'ils ne sont pas des Participants, doivent s’adresser à leur mandataire, courtier ou Dépositaire central de titres (le cas échéant, qui peut être un Participant ou avoir conclu un accord avec un Participant du Dépositaire central international de titres concerné) pour recevoir leur part de tout dividende ou produit de liquidation ou de rachat obligatoire versé par la Société dans le cadre de leur investissement.
Les investisseurs n'ont aucun recours direct contre la Société s'agissant des dividendes et des produits de liquidation ou de rachat obligatoire dus sur les Actions représentées par le certificat d'actions global, et les obligations de la Société sont acquittées par le biais d'un paiement auprès du Dépositaire central international de titres concerné, avec l'approbation du mandataire du Dépositaire commun. | ##### Payments
With the authorisation of the Common Depository’s Nominee, any dividends declared and any liquidation and compulsory redemption proceeds are paid by the Company or its authorised agent (for example, the Paying Agent) to the applicable International Central Securities Depository. Investors, where they are Participants, must look solely to the applicable International Central Securities Depository for their share of each dividend payment or any liquidation or compulsory redemption proceeds paid by the Company or, where they are not Participants, they must look to their respective nominee, broker or Central securities depository (as appropriate, which may be a Participant or have an arrangement with a Participant of the applicable International Central Securities Depository) for any share of each dividend payment or any liquidation or compulsory redemption proceeds paid by the Company that relates to their investment.
Investors shall have no claim directly against the Company in respect of dividend payments and any liquidation and compulsory redemption proceeds due on Shares represented by the Global Share Certificate and the obligations of the Company will be discharged by payment to the applicable International Central Securities Depository with the authorisation of the Common Depository’s Nominee. | en | fr |
DOLFIN1296 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: | 5 years |
| --- | --- |
| Example Investment: | $10000 |
| | If you exit after 1 year | If you exit after 5 years | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans | | | Recommended holding period: | 5 years |
| --- | --- |
| Example Investment: | $10000 |
| | If you exit after 1 year | If you exit after 5 years | | en | fr |
DOLFIN1297 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The UCITS may not be offered or sold for the benefit or on behalf of a “U.S. Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | ## La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) 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 OICVM.
El OICVM y sus participaciones no están ni estarán registrados en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El Subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El OICVM no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico. | ## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The UCITS may not be offered or sold for the benefit or on behalf of a “U.S. Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | en | es |
DOLFIN1298 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# CHARGES AND EXPENSES
- Subject to the FCA Rules, the charges and expenses of the incorporation and authorisation of the Company or any Fund, any registration, any offer of Shares, the preparation and printing of any Prospectus issued in connection with such offer and the fees for professional services provided to the Company in connection with such offer will be borne by the Company (unless borne by some other person).
- Subject to the FCA Rules the expenses attributable or deemed to be attributable to a Class or Fund in any accounting period may be taken from either the income or the capital property attributable or deemed to be attributable to that Class or Fund in accordance with the policy set out in the Prospectus. | # KOSTEN UND AUFWENDUNGEN
- Vorbehaltlich der FCA-Bestimmungen werden die Gebühren und Aufwendungen für die Eintragung und die Zulassung der Gesellschaft oder eines Fonds sowie für die Registrierung, das Anbieten von Anteilen, die Vorbereitung und das Drucken des Prospekts, der in Verbindung mit einem solchen Angebot herausgegeben wird, und die Gebühren für die der Gesellschaft im Zusammenhang mit einem solchen Angebot geleisteten professionellen Dienste von der Gesellschaft getragen (soweit sie nicht von einer anderen Person getragen werden).
- Vorbehaltlich der FCA-Bestimmungen können die Aufwendungen, die in einer Rechnungsperiode auf eine Klasse oder einen Fonds anfallen oder als angefallen anzusehen sind, in Übereinstimmung mit der in dem Prospekt dargelegten Politik entweder dem Ertrag oder dem Kapitalvermögen, welcher/welches auf diese Klasse oder diesen Fonds anfällt oder als angefallen anzusehen ist, entnommen werden. | # CHARGES AND EXPENSES
- Subject to the FCA Rules, the charges and expenses of the incorporation and authorisation of the Company or any Fund, any registration, any offer of Shares, the preparation and printing of any Prospectus issued in connection with such offer and the fees for professional services provided to the Company in connection with such offer will be borne by the Company (unless borne by some other person).
- Subject to the FCA Rules the expenses attributable or deemed to be attributable to a Class or Fund in any accounting period may be taken from either the income or the capital property attributable or deemed to be attributable to that Class or Fund in accordance with the policy set out in the Prospectus. | en | de |
DOLFIN1299 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Non-cash collateral received for the benefit of a Sub-Fund may not be sold, re-invested or pledged. Cash collateral received for the benefit of a Sub-Fund can only be:
- placed on deposit with a credit institution which has its registered office in a Member State or a credit institution located in a third-country which is subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law;
- invested in high-quality government bonds;
- used for the purpose of reverse repurchase transactions provided the transactions are with credit institutions subject to prudential supervision and the Fund is able to recall at any time the full amount of cash on accrued basis; and/or
- invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds issued by ESMA (CESR/10-049) as may be amended from time to time. | # Le collatéral autre qu'espèces reçu au profit d'un Compartiment ne peut être vendu, réinvesties ou mis en gage. Le collatéral en espèces reçu au profit d'un Compartiment ne peut être que :
- placé en dépôt auprès d'un établissement de crédit ayant son siège social dans un État membre ou auprès d'un établissement de crédit situé dans un pays tiers soumis à des règles prudentielles considérées par la CSSF comme équivalentes à celles prévues par la législation communautaire ;
- investi dans des emprunts d'État de haute qualité ;
- utilisé aux fins d'opérations de prise en pension, à condition que ces opérations soient effectuées avec des établissements de crédit soumis à une surveillance prudentielle et que le Fonds soit en mesure de récupérer à tout moment le montant total des liquidités sur une base actualisée ; et/ou
- investi dans des fonds du marché monétaire à court terme tels que définis dans les Lignes directrices sur une définition commune des fonds du marché monétaire européen publiées par l'AEMF (CESR/10-049), telles qu'elles peuvent être modifiées en tant que de besoin. | # Non-cash collateral received for the benefit of a Sub-Fund may not be sold, re-invested or pledged. Cash collateral received for the benefit of a Sub-Fund can only be:
- placed on deposit with a credit institution which has its registered office in a Member State or a credit institution located in a third-country which is subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law;
- invested in high-quality government bonds;
- used for the purpose of reverse repurchase transactions provided the transactions are with credit institutions subject to prudential supervision and the Fund is able to recall at any time the full amount of cash on accrued basis; and/or
- invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds issued by ESMA (CESR/10-049) as may be amended from time to time. | en | fr |
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