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DOLFIN1500 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Investment Policy:
The Fund will invest normally at least 90% of its assets in equity securities (i.e. shares) or similar securities of companies of developed European countries. This means companies based in developed European countries or companies from any country, but which carry out most of their business in developed European countries.
The Fund includes the identification and analysis of a company’s ESG Credentials as an integral part of the investment decision making process to reduce risk and enhance returns. The Fund will not invest companies with involvement in specific excluded activities, such as: companies involved in the production of controversial weapons and tobacco; companies with more than 10% revenue generated from thermal coal extraction; and companies with more than 10% revenue generated from coal-fired power generation. The Fund conducts enhanced due diligence on companies that are considered to be non- compliant with the UN Global Compact Principles.
ESG Credentials, Excluded Activities and the need for enhanced due diligence will be identified and analysed using both HSBC’s proprietary ESG Materiality Framework as well as research & expertise from well- | ### Política de inversión:
Por lo general, el Fondo invertirá al menos el 90 % de sus activos en valores de renta variable (es decir, acciones) o valores similares de sociedades de países europeos desarrollados. Esto hace referencia a sociedades con sede en países europeos desarrollados o sociedades de cualquier país, pero que lleven a cabo la mayor parte de su actividad en países europeos desarrollados.
El Fondo incluye la identificación y el análisis de las Credenciales ESG de una sociedad como parte del proceso de toma de decisiones de inversión para reducir el riesgo y mejorar la rentabilidad. El Fondo no invertirá en sociedades que participen en actividades excluidas específicas, como aquellas dedicadas a la producción de armas controvertidas y tabaco, y aquellas con más del 10 % de ingresos generados a partir de la extracción de carbón térmico o con más del 10 % de ingresos procedentes de la generación de electricidad a partir de carbón. El Fondo lleva a cabo una diligencia debida mejorada en sociedades que se considere que infringen los Principios del Pacto Mundial de las Naciones Unidas.
Las Credenciales ESG, las Actividades excluidas y la necesidad de un proceso exhaustivo de diligencia debida se identificarán y analizarán mediante el Marco de materialidad ESG de HSBC, así como con los análisis y la experiencia de proveedores | ### Investment Policy:
The Fund will invest normally at least 90% of its assets in equity securities (i.e. shares) or similar securities of companies of developed European countries. This means companies based in developed European countries or companies from any country, but which carry out most of their business in developed European countries.
The Fund includes the identification and analysis of a company’s ESG Credentials as an integral part of the investment decision making process to reduce risk and enhance returns. The Fund will not invest companies with involvement in specific excluded activities, such as: companies involved in the production of controversial weapons and tobacco; companies with more than 10% revenue generated from thermal coal extraction; and companies with more than 10% revenue generated from coal-fired power generation. The Fund conducts enhanced due diligence on companies that are considered to be non- compliant with the UN Global Compact Principles.
ESG Credentials, Excluded Activities and the need for enhanced due diligence will be identified and analysed using both HSBC’s proprietary ESG Materiality Framework as well as research & expertise from well- | en | es |
DOLFIN1501 | 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 21 December 1998 and its I class on 21 December 1998.
0.4%
0.2%
0.1%
0.1%
0.2%
0.3% | # El Fondo se creó el 21 de diciembre de 1998 y su clase I el 21 de diciembre de 1998.
0,4%
0,2%
0,1%
0,1%
0,2%
0,3% | # The Fund was launched on 21 December 1998 and its I class on 21 December 1998.
0.4%
0.2%
0.1%
0.1%
0.2%
0.3% | en | es |
DOLFIN1502 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Objectif et Politiques d'investissement
Le Compartiment vise à dégager des plus-values en capital sur ses actifs, sur le long terme, en investissant dans des sociétés asiatiques qui, selon la Société de Gestion, sont appelées à bénéficier de la croissance économique et de l’expansion de la région.
Le Compartiment compte réaliser son objectif d'investissement en plaçant au moins 70 % de son actif total dans des actions et des titres de participation de sociétés constituées dans les pays membres de l'Association des Nations de l'Asie du Sud-Est (ASEAN), qui exercent la majeure partie de leurs activités économiques dans ces pays ou qui sont cotées ou négociées sur les places boursières de ces pays. Les pays membres de l'ASEAN incluent (de manière non exhaustive) Singapour, la Thaïlande, les Philippines, la Malaisie, l'Indonésie et le Vietnam. Une description des titres assimilés à des actions figure à la rubrique « Politique d’investissement - généralités ». À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
Le Compartiment peut aussi investir jusqu’à 30 % de son actif total, soit directement, soit par le biais de certificats de dépôt, dans des actions et titres assimilés à des actions de sociétés qui sont (i) constituées dans, (ii) exercent l’essentiel de leurs activités économiques sur ou (iii) sont cotées ou négociées sur les bourses de valeurs (a) d’autres marchés de la région Asie Pacifique, y compris, de manière non exhaustive, la Corée, Hong Kong, la Chine, Taïwan, l’Inde, l’Australie, la Nouvelle-Zélande, le Pakistan, le Sri Lanka et le Bangladesh, mais à l’exception du Japon, ou (b) d’autres marchés dont la Société de Gestion estime qu’ils sont susceptibles de bénéficier de la croissance et du développement économiques de la région Asie Pacifique, à l’exception du Japon, quand et s’il le juge opportun. | ### Objetivo y políticas de inversión
El objetivo de inversión del Fondo es conseguir un crecimiento de capital a largo plazo en el valor de los activos mediante la inversión en aquellas sociedades de Asia que, a juicio de la Entidad gestora, se beneficiarán del crecimiento y desarrollo económico de la región.
Al objeto de alcanzar su objetivo de inversión, el Fondo tendrá invertido a un tiempo, como mínimo, el 70% del total de sus activos en valores de renta variable y títulos vinculados con renta variable de sociedades constituidas en países miembros de la Asociación de Naciones del Sureste Asiático (ASEAN) o en sociedades que realicen la mayor parte de su actividad económica en estos países o se coticen o negocien en los mercados de valores de esos países. Entre los miembros de ASEAN se incluyen, entre otros, Singapur, Tailandia, Filipinas, Malasia, Indonesia y Vietnam. Se detalla una descripción de valores relacionados con la renta variable en la sección titulada “Política de inversión: Generalidades”. A tales efectos, en el activo total no se incluye el efectivo ni los activos líquidos accesorios.
Asimismo, el Fondo podrá invertir hasta un 30% de su activo total, tanto directamente como mediante certificados de depósito, en valores de renta variable y valores relacionados con la renta variable de empresas que estén (i) constituidas, o (ii) que ejerzan una parte predominante de su actividad económica o (iii) que coticen o se negocien en bolsas de valores, en (a) otros mercados de la región Asia-Pacífico incluidos, sin carácter limitativo, Corea, Hong Kong, China, Taiwán, la India, Australia, Nueva Zelanda, Pakistán, Sri Lanka y Bangladés, aunque sin incluir Japón (b) otros mercados que la Entidad gestora considere que tienen el potencial para beneficiarse del desarrollo y crecimiento económico de la región Asia-Pacífico (excepto Japón), en el momento que consideren adecuado y en caso de considerarlo adecuado. | ### Objectif et Politiques d'investissement
Le Compartiment vise à dégager des plus-values en capital sur ses actifs, sur le long terme, en investissant dans des sociétés asiatiques qui, selon la Société de Gestion, sont appelées à bénéficier de la croissance économique et de l’expansion de la région.
Le Compartiment compte réaliser son objectif d'investissement en plaçant au moins 70 % de son actif total dans des actions et des titres de participation de sociétés constituées dans les pays membres de l'Association des Nations de l'Asie du Sud-Est (ASEAN), qui exercent la majeure partie de leurs activités économiques dans ces pays ou qui sont cotées ou négociées sur les places boursières de ces pays. Les pays membres de l'ASEAN incluent (de manière non exhaustive) Singapour, la Thaïlande, les Philippines, la Malaisie, l'Indonésie et le Vietnam. Une description des titres assimilés à des actions figure à la rubrique « Politique d’investissement - généralités ». À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
Le Compartiment peut aussi investir jusqu’à 30 % de son actif total, soit directement, soit par le biais de certificats de dépôt, dans des actions et titres assimilés à des actions de sociétés qui sont (i) constituées dans, (ii) exercent l’essentiel de leurs activités économiques sur ou (iii) sont cotées ou négociées sur les bourses de valeurs (a) d’autres marchés de la région Asie Pacifique, y compris, de manière non exhaustive, la Corée, Hong Kong, la Chine, Taïwan, l’Inde, l’Australie, la Nouvelle-Zélande, le Pakistan, le Sri Lanka et le Bangladesh, mais à l’exception du Japon, ou (b) d’autres marchés dont la Société de Gestion estime qu’ils sont susceptibles de bénéficier de la croissance et du développement économiques de la région Asie Pacifique, à l’exception du Japon, quand et s’il le juge opportun. | fr | es |
DOLFIN1503 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Historical development of the Ethna-AKTIV -T- unit prices *
* the unit prices before launch are from the distributing -A- tranche of the fund; distributions are included here in accordance with the BVI method
Source: Ethenea
Unit prices -T- Tranche since 16 July 2009 (issue) Unit prices (BVI) -A- Tranche until 15 July 2009
Unit price in EUR
Past performance is not a guarantee of future performance. | Évolution historique des prix des parts du fonds Ethna-AKTIV-T-*
* le prix des parts avant tirage résultent de la tranche -A- de distribution du Fonds ; les dividendes sont ici calculées suivant la méthode BVI
Source : Ethenea
Prix des parts - tranche T depuis le 16/07/2009 (mise en souscription) Prix par part (BVI) - tranche A jusqu’au 15/07/2009
Prix des parts en EUR
Les performances passées ne peuvent préjuger des performances à venir. | Historical development of the Ethna-AKTIV -T- unit prices *
* the unit prices before launch are from the distributing -A- tranche of the fund; distributions are included here in accordance with the BVI method
Source: Ethenea
Unit prices -T- Tranche since 16 July 2009 (issue) Unit prices (BVI) -A- Tranche until 15 July 2009
Unit price in EUR
Past performance is not a guarantee of future performance. | en | fr |
DOLFIN1504 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
- Custodian: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH.
- Further information about the Fund including the latest Prospectus, latest published prices of share(s), annual report and half yearly report may be obtained free of charge, in English, from BNP PARIBAS ASSET MANAGEMENT Luxembourg or online at .
- Luxembourg tax legislation may have an impact on the personal tax position of the investor.
- Details of the updated remuneration policy (including a description of how the remuneration and benefits are calculated), the identity of the people responsible for granting the remuneration and benefits and the composition of the remuneration committee are available on the website. A hard copy of the remuneration policy will be available upon request.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Investors may switch between Funds of BNP PARIBAS FLEXI I. Please see the prospectus or contact your financial adviser for details.
- Additional information about the Master Fund, including net asset values, KIID, latest prospectus, and latest annual and interim reports may be obtained free of charge in english online at www.alfredberg.no.
This Fund is authorised in Grand Duchy of Luxembourg and regulated by the "Commission de Surveillance du Secteur Financier". This key investor information is accurate as at 26 August 2022. | # Información útil
- Depositario: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH.
- Si desea más información sobre el Fondo, incluidos el último folleto informativo, los últimos precios de acciones publicados, así como el informe anual y el informe semestral, puede obtenerla gratuitamente, en inglés, de BNP PARIBAS ASSET MANAGEMENT Luxembourg o en línea en la página .
- La legislación fiscal de Luxemburgo puede incidir en la situación tributaria personal del inversor.
- Encontrará más información sobre la política de remuneración actualizada (incluida una descripción de cómo se calculan la remuneración y los beneficios), la identidad de las personas responsables de garantizar la remuneración y los beneficios y la composición del comité de remuneración en la página web. Si lo desea, puede solicitar una copia impresa de la política de remuneración.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg 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 informativo del Fondo.
- Los inversores pueden hacer cambios entre los Fondos de BNP PARIBAS FLEXI I. Si desea más información, consulte el folleto informativo o póngase en contacto con su asesor financiero.
- Si desea más información sobre el Master Fund, incluidos los valores liquidativos, el documento de datos fundamentales para el inversor y el último folleto informativo, así como los últimos informes anuales y provisionales, puede obtenerla gratuitamente, en inglés y en línea en www.alfredberg.no.
Este Fondo está autorizado en el Gran Ducado de Luxemburgo y está regulado por la «Commission de Surveillance du Secteur Financier» (Comisión de Supervisión del Sector Financiero de Luxemburgo).
Los presentes datos fundamentales para el inversor son exactos a 26 agosto 2022. | # Practical information
- Custodian: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH.
- Further information about the Fund including the latest Prospectus, latest published prices of share(s), annual report and half yearly report may be obtained free of charge, in English, from BNP PARIBAS ASSET MANAGEMENT Luxembourg or online at .
- Luxembourg tax legislation may have an impact on the personal tax position of the investor.
- Details of the updated remuneration policy (including a description of how the remuneration and benefits are calculated), the identity of the people responsible for granting the remuneration and benefits and the composition of the remuneration committee are available on the website. A hard copy of the remuneration policy will be available upon request.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Investors may switch between Funds of BNP PARIBAS FLEXI I. Please see the prospectus or contact your financial adviser for details.
- Additional information about the Master Fund, including net asset values, KIID, latest prospectus, and latest annual and interim reports may be obtained free of charge in english online at www.alfredberg.no.
This Fund is authorised in Grand Duchy of Luxembourg and regulated by the "Commission de Surveillance du Secteur Financier". This key investor information is accurate as at 26 August 2022. | en | es |
DOLFIN1505 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Objectives of the sub-fund:
The objective of this sub-fund is to enable shareholders to benefit from the growth of shares of European companies or other equivalent securities, selected on the basis of a strict methodology in terms of compliance with environmental, social and governance (ESG) criteria.
The sustainable objective is to invest in companies that contribute through their products and services to the financing of the 17 sustainable goals defined by the United Nations (UN), such as health products and services, education services, water saving and access solutions, energy efficiency solutions, digitalisation services, sustainable mobility services. It also aims to help companies make progress in their contribution to sustainable development and ESG issues, by engaging in regular dialogue and sharing with them specific areas for improvement that are monitored over time. As a result, the investment universe is narrowed: the portfolio focuses on net positive companies, i.e. (1) whose core business consist of the development of products and services that contribute to the achievement of the sustainable development goals (SDGs) and (2) that are the most advanced in terms of sustainable development and engagement on environmental, social and governance risks.
The sub-fund uses a rigorous ESG methodology and strict exclusions in order not to undermine other environmental and social objectives and to ensure the required good governance practices.
This is an actively managed sub-fund, which means that the portfolio manager does not aim to replicate the performance of a benchmark.
No formal guarantee has been given either to the sub- fund or to its investors. | ##### Objectifs du compartiment :
L’objectif de ce compartiment est de permettre aux actionnaires de jouir de l’évolution des actions de sociétés européennes ou autres titres assimilés, qui sont sélectionnées sur base d’une méthodologie stricte en matière de respect de critères environnementaux, sociaux et de gouvernance (ESG).
L’objectif durable poursuivi vise à investir dans les entreprises contribuant par leurs produits et services au financement des 17 objectifs durables définis par l’Organisation des Nations Unies (ONU), tels que par exemple des produits et services de santé, des services liés à l’éducation, des solutions d’économies et d’accès à l’eau, de solutions d’efficacité énergétique, ou encore des services permettant la digitalisation, des services de mobilité durable. Il vise également à faire progresser les entreprises sur leur contribution aux enjeux de développement durable et aux enjeux ESG, en engageant un dialogue régulier et en partageant avec elles des axes d'amélioration précis et suivis dans le temps. Par conséquent, l’univers d’investissement est réduit : le portefeuille se concentre sur les entreprises à contribution nette positive c’est-à-dire (1) dont l’activité principale est le développement de produits et services qui contribuent à la réalisation des objectifs de développement durable (ODD) et (2) les plus avancées en matière de développement durable et d’engagement sur les risques environnementaux, sociaux et de gouvernance.
Par le biais d’une méthodologie ESG rigoureuse et des exclusions strictes le compartiment est attentif à ne pas nuire aux autres objectifs environnementaux et sociaux et à assurer les bonnes pratiques de gouvernance requises.
Il s'agit d'un compartiment géré activement, ce qui signifie que le gestionnaire du portefeuille n'a pas pour objectif de reproduire la performance d’un benchmark.
Aucune garantie formelle n’a été octroyée au compartiment, ni à ses participants. | #### Objectives of the sub-fund:
The objective of this sub-fund is to enable shareholders to benefit from the growth of shares of European companies or other equivalent securities, selected on the basis of a strict methodology in terms of compliance with environmental, social and governance (ESG) criteria.
The sustainable objective is to invest in companies that contribute through their products and services to the financing of the 17 sustainable goals defined by the United Nations (UN), such as health products and services, education services, water saving and access solutions, energy efficiency solutions, digitalisation services, sustainable mobility services. It also aims to help companies make progress in their contribution to sustainable development and ESG issues, by engaging in regular dialogue and sharing with them specific areas for improvement that are monitored over time. As a result, the investment universe is narrowed: the portfolio focuses on net positive companies, i.e. (1) whose core business consist of the development of products and services that contribute to the achievement of the sustainable development goals (SDGs) and (2) that are the most advanced in terms of sustainable development and engagement on environmental, social and governance risks.
The sub-fund uses a rigorous ESG methodology and strict exclusions in order not to undermine other environmental and social objectives and to ensure the required good governance practices.
This is an actively managed sub-fund, which means that the portfolio manager does not aim to replicate the performance of a benchmark.
No formal guarantee has been given either to the sub- fund or to its investors. | en | fr |
DOLFIN1506 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
If a counterparty, engaged by the ICAV, in respect of a Fund, (which is not a Relevant Institution), is subject to a credit rating downgrade, this could potentially have significant implications for the relevant Fund from a commercial perspective. Pursuant to the Central Bank Rules, a rating downgrade for such a counterparty to an OTC derivative transaction or a Securities Financing Transaction to A-2 or below (or a comparable rating) shall require the relevant Fund to refrain from entering into transactions with that counterparty.
Accordingly, the relevant Investment Manager shall endeavour to monitor the rating of all OTC counterparties, (other than Relevant Institutions), currently engaged by the ICAV, in respect of a Fund, on an on-going basis to ensure such minimum credit ratings are maintained and that any appropriate and necessary steps are taken in the event of any OTC counterparty being subject to a credit rating downgrade. However, it is possible that such OTC counterparties could be subject to a credit rating downgrade in circumstances where this is not notified to the relevant Fund or identified by the relevant Investment Manager in which case the relevant Fund may be in technical breach of the
regulatory requirements regarding eligible OTC counterparties. This regulatory risk is in addition to the commercial risk associated with continuing to engage (and possibly have exposure to) an OTC counterparty with a lower credit rating.
In addition, if the relevant Investment Manager is required to take steps to exit positions with an OTC counterparty, (which is not an Relevant Institution), subject to a credit rating downgrade, this may result in positions being terminated on unfavourable terms or in unfavourable market conditions with the consequence of the relevant Fund suffering substantial losses.
Regardless of the measures the ICAV, in respect of a Fund, may implement to reduce counterparty credit risk, however, there can be no assurance that a counterparty will not default or that the relevant Fund will not sustain losses on the transactions as a result.
- Investment in Collective Investment Schemes ("CIS")A Fund may invest in one or more CIS including schemes managed by an Investment Manager or its affiliates. As a shareholder of another CIS, a Fund would bear, along with other shareholders, its pro rata portion of the expenses of the other CIS, including investment management and/or other fees. These fees would be in addition to the Investment Management Fees and other expenses which a Fund bears directly in connection with its own operations. | Laddove una controparte selezionata dalla ICAV rispetto a un Fondo (che non sia un Istituto rilevante) sia soggetta a un declassamento del rating creditizio, ciò potrebbe avere implicazioni significative per il relativo Fondo dal punto di vista commerciale. Secondo le Regole della Banca centrale, in caso di declassamento del rating della controparte di un'operazione con derivati OTC o un'Operazione di finanziamento tramite titoli a un rating pari o inferiore ad A-2 (o un rating comparabile) il relativo Fondo dovrà rinunciare a procedere a operazioni con la suddetta controparte.
Pertanto i Gestori degli investimenti tenteranno costantemente di monitorare il rating di tutte le controparti OTC (diverse dagli Istituti rilevanti) selezionate dalla ICAV rispetto ai rispettivi Fondi al fine di assicurare che i suddetti rating creditizi minimi siano mantenuti e che nel caso in cui una controparte OTC sia soggetta a un declassamento del rating creditizio siano adottate le misure opportune e necessarie. È tuttavia possibile che le suddette controparti OTC siano soggette a un declassamento del rating creditizio in circostanze in cui tale declassamento non sia comunicato ai Fondi interessati o identificato dal Gestore degli investimenti interessato, e in tal caso i Fondi potrebbero violare tecnicamente i requisiti normativi relativi alle controparti OTC. Tale rischio normativo va a sommarsi al rischio
commerciale associato al proseguimento (e potenzialmente all'esposizione a) della nomina di una controparte OTC con un rating creditizio più basso.
Inoltre, laddove i Gestori degli investimenti interessati siano tenuti ad adottare misure volte a liquidare posizioni con controparti OTC (che non siano Istituti rilevanti) oggetto di un declassamento del rating creditizio, ciò potrebbe causare la liquidazione di posizioni secondo termini sfavorevoli o condizioni di mercato sfavorevoli con conseguenti perdite significative per i Fondi interessati.
Indipendentemente dalle misure che la ICAV potrebbe attuare rispetto a un Fondo per ridurre il rischio di credito della controparte, non vi è alcuna garanzia che una controparte non possa risultare insolvente o che il Fondo non subisca perdite derivanti dalle operazioni.
- Investimenti in Organismi d'investimento collettivo ("OIC")I Fondi potranno investire in uno o più OIC, ivi compresi gli organismi gestiti da un Gestore degli investimenti o dalle relative affiliate. Quali azionisti di altri OIC, i Fondi potrebbero sostenere, congiuntamente ad altri azionisti, la relativa quota delle spese applicabili all'altro OIC, ivi compresa la Commissione di gestione degli investimenti e/o altre commissioni. Tali commissioni andrebbero a sommarsi alle commissioni di gestione degli investimenti e alle altre spese direttamente sostenute da un Fondo in relazione alle proprie operazioni. | If a counterparty, engaged by the ICAV, in respect of a Fund, (which is not a Relevant Institution), is subject to a credit rating downgrade, this could potentially have significant implications for the relevant Fund from a commercial perspective. Pursuant to the Central Bank Rules, a rating downgrade for such a counterparty to an OTC derivative transaction or a Securities Financing Transaction to A-2 or below (or a comparable rating) shall require the relevant Fund to refrain from entering into transactions with that counterparty.
Accordingly, the relevant Investment Manager shall endeavour to monitor the rating of all OTC counterparties, (other than Relevant Institutions), currently engaged by the ICAV, in respect of a Fund, on an on-going basis to ensure such minimum credit ratings are maintained and that any appropriate and necessary steps are taken in the event of any OTC counterparty being subject to a credit rating downgrade. However, it is possible that such OTC counterparties could be subject to a credit rating downgrade in circumstances where this is not notified to the relevant Fund or identified by the relevant Investment Manager in which case the relevant Fund may be in technical breach of the
regulatory requirements regarding eligible OTC counterparties. This regulatory risk is in addition to the commercial risk associated with continuing to engage (and possibly have exposure to) an OTC counterparty with a lower credit rating.
In addition, if the relevant Investment Manager is required to take steps to exit positions with an OTC counterparty, (which is not an Relevant Institution), subject to a credit rating downgrade, this may result in positions being terminated on unfavourable terms or in unfavourable market conditions with the consequence of the relevant Fund suffering substantial losses.
Regardless of the measures the ICAV, in respect of a Fund, may implement to reduce counterparty credit risk, however, there can be no assurance that a counterparty will not default or that the relevant Fund will not sustain losses on the transactions as a result.
- Investment in Collective Investment Schemes ("CIS")A Fund may invest in one or more CIS including schemes managed by an Investment Manager or its affiliates. As a shareholder of another CIS, a Fund would bear, along with other shareholders, its pro rata portion of the expenses of the other CIS, including investment management and/or other fees. These fees would be in addition to the Investment Management Fees and other expenses which a Fund bears directly in connection with its own operations. | en | it |
DOLFIN1507 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 18 – Applicable law, jurisdiction and contract language
- The Management Company of the Fund is subject to the law of the Grand Duchy of Luxembourg. The same applies to the legal relationships between the investors, the Management Company and the Depositary, unless, irrespective thereof, these legal relationships are subject to special provisions under a different legal system. In particular, the provisions of the law of 17 December 2010 shall apply in addition to the provisions of these Management Regulations. The Management Regulations are filed with the Trade and Companies Register in Luxembourg. Any legal dispute between investors, the Management Company and the Depositary Bank shall be subject to the jurisdiction of the competent court in the court district of Luxembourg in the Grand Duchy of Luxembourg.
The Management Company and the Depositary may subject themselves and the Fund to the jurisdiction of the courts and the law of any country of sale provided that the proceedings relate to claims by investors resident in the relevant country with respect to matters relating to the Fund or Sub-fund.
- In the event of a legal dispute, the German version of these Management Regulations is binding. The Management Company and the Depositary may, with respect to units of the Fund sold to investors resident in a non-German-speaking country, declare that the translations intothe respective languages of such countries in which such units are authorised for public offer and sale are binding on the Management Company, the Depositary and the Fund.
- If terms that are not defined by the Fund Management Company require interpretation, the provisions of the Law of 17 December 2010 shall apply. This applies in particular to the terms set forth in the Law of 17 December 2010. | # Artikel 18 – Anwendbares Recht, Gerichtsstand und Vertragssprache
- Das Verwaltungsreglement des Fonds unterliegt dem Recht des Großherzogtums Luxemburg. Gleiches gilt für die Rechtsbeziehungen zwischen den Anlegern, der Verwaltungsgesellschaft und der Verwahrstelle, sofern nicht unabhängig davon eine andere Rechtsordnung diese Rechtsbeziehungen besonderen Regelungen unterstellt. Insbesondere gelten in Ergänzung zu den Regelungen dieses Verwaltungsreglements die Vorschriften des Gesetzes vom 17. Dezember 2010. Das Verwaltungsreglement ist bei dem Handels- und Gesellschaftsregister in Luxemburg hinterlegt. Jeder Rechtsstreit zwischen Anlegern, der Verwaltungsgesellschaft undder Verwahrstelle unterliegt der Gerichtsbarkeit des zuständigen Gerichts im Gerichtsbezirk Luxemburg im Großherzogtum Luxemburg.
Die Verwaltungsgesellschaft und die Verwahrstelle sind berechtigt, sich selbst und den Fonds der Gerichtsbarkeit und dem Recht eines jeden Vertriebslandes zu unterwerfen, soweit es sich um Ansprüche der Anleger handelt, die in dem betreffenden Land ansässig sind und im Hinblick auf Angelegenheiten, die sich auf den Fonds bzw. Teilfonds beziehen.
- Im Falle eines Rechtsstreits ist der deutsche Wortlaut dieses Verwaltungsreglements maßgeblich. Die Verwaltungsgesellschaft und die Verwahrstelle können im Hinblick auf Anteile des Fonds, die an Anleger in einem nicht deutschsprachigen Land verkauft werden, für sich selbst und den Fonds Übersetzungen in den entsprechenden Sprachen solcher Länder als verbindlich erklären, in welchen solche Anteile zum öffentlichen Vertrieb berechtigt sind.
- Sofern Begriffe, welche durch das Verwaltungsreglement nicht definiert sind, einer Auslegung bedürfen, finden die Bestimmungen des Gesetzes vom 17. Dezember 2010 Anwendung. Dies gilt insbesondere für die in Artikel 1 des Gesetzes vom 17. Dezember 2010 definierten Begriffe. | # Article 18 – Applicable law, jurisdiction and contract language
- The Management Company of the Fund is subject to the law of the Grand Duchy of Luxembourg. The same applies to the legal relationships between the investors, the Management Company and the Depositary, unless, irrespective thereof, these legal relationships are subject to special provisions under a different legal system. In particular, the provisions of the law of 17 December 2010 shall apply in addition to the provisions of these Management Regulations. The Management Regulations are filed with the Trade and Companies Register in Luxembourg. Any legal dispute between investors, the Management Company and the Depositary Bank shall be subject to the jurisdiction of the competent court in the court district of Luxembourg in the Grand Duchy of Luxembourg.
The Management Company and the Depositary may subject themselves and the Fund to the jurisdiction of the courts and the law of any country of sale provided that the proceedings relate to claims by investors resident in the relevant country with respect to matters relating to the Fund or Sub-fund.
- In the event of a legal dispute, the German version of these Management Regulations is binding. The Management Company and the Depositary may, with respect to units of the Fund sold to investors resident in a non-German-speaking country, declare that the translations intothe respective languages of such countries in which such units are authorised for public offer and sale are binding on the Management Company, the Depositary and the Fund.
- If terms that are not defined by the Fund Management Company require interpretation, the provisions of the Law of 17 December 2010 shall apply. This applies in particular to the terms set forth in the Law of 17 December 2010. | en | de |
DOLFIN1508 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Conflicts of interest
The following conflicts of interest may arise whilst managing the Fund. The interests of investors may conflict with:
- the interests of the Company, other companies in the same group as the Company, the Compa- ny's management and/or staff, external companies and persons to whom the Company is con- tractually bound, and other third partiesand
- the interests of the investment funds managed by the Company and insourcing mandates, inves- tors and clients of the Companyor
- the interests of investors and clients of the Company amongst themselves or
- the interests of investors and of the investment funds managed by the Company or
- the interests of the various investment funds managed by the Company.
Circumstances and relationships that may give rise to conflicts of interest include in particular:
- Incentive systems for managing directors or employees of the Company, other companies in the same group as the Company or external companies that are contracted to provide services to en- able collective portfolio management
- Personal transactions, involving assets held in the Fund managed by the Company, of managing directors or employees of the Company or managing directors or employees of companies that the Company has contracted to provide services to enable collective portfolio management
- Transactions between the Company and the investment funds or individual portfolios managed by the Company and/or transactions between investment funds and/or individual portfolios man- aged by the Company
- Combining a number of orders (block trades)
- Frequent trading
- Setting the cut-off time
- IPO allocations
- Delegating one or more functions to another company
- Exercising voting rights in respect of the shares held in the Fund
- Duties of the Custodian
- The interests of investors who wish to recover their investments and investors who wish to con- tinue investing in the Fund
- Defining objectives when managing investments, investing in illiquid assets and the redemption principles of the Fund.
The Company may receive non-cash benefits in connection with transactions conducted on behalf of the Fund (broker research, financial analyses, market and price information systems), which are used when making investment decisions in the interests of investors.
The Company does not receive any refunds from fees and expenses paid from the Fund to the Custo- dian and third parties.
The Company pays intermediaries, such as credit institutions, recurring – generally annual – broker- age fees (trail fees).
The Company may charge a fee for its brokerage services, if investment assets brokered by the Com- pany, which may in particular include those managed by the Company, are acquired in the Fund.
The Company takes the following organisational measures to address, detect, prevent, control, moni- tor and disclose conflicts of interest:
- Setting up a remuneration system that does not provide any incentive to put personal interests over those of the investment funds managed by the Company or investors or clients
- Investment consultancy and asset management partners are contractually bound to avoid con- flicts of interest
- Rules on personal transactions, that are continuously monitored by the Compliance department, and a blacklist which prohibits personal transactions involving certain assets to deal with poten- tial conflicts of interest
- Rules on disclosing and dealing with accepting and granting donations
- Continuous monitoring of the transaction frequency within investment funds managed by the Company, in order to prevent said investment funds from being redeployed to the detriment of investors
- Implementing measures to prevent boosting fund performance near cut-off dates (window dress- ing) in investment funds managed by the Company
- Not engaging in transactions on its own account with investment funds managed by the Compa- ny or individual portfolios, and conducting transactions between different investment funds man- aged by the Company merely to achieve better trading results, without adversely affecting any of the investment funds involved
- Multiple orders (block trades) are combined on the basis of a uniform allocation principle
- Investors shall be notified when closely affiliated companies or persons (particularly shareholders) are appointed to act as, for example, asset managers, consultants, brokers or custodians.
- Taking internal measures to monitor the adverse market impact on the Fund as a result of major individual investments
- Prohibiting managing directors and employees of the Company from engaging in frequent trad- ing by establishing rules on personal transactions and monitoring the investment funds managed by the Company
- Agreeing cut-off times with custodians to counteract speculation against the investment funds managed by the Company
- Standardised internal allocation principles for IPO allocations
- Delegating one or more functions to other companies so as to broaden the range of services pro- vided by the Company
- Voting rights within the Fund's portfolio are exercised on the basis of recommendations of a neu- tral external investment consultancy firm in accordance with the analysis guidelines of BVI Bun- desverband Investment und Asset Management e.V.
- The Fund's Custodian acts independently of the Company and is contractually bound to act ex- clusively in the interests of investors
- The interests of investors who wish to recover their investments and those who wish to keep investing in the Fund are taken into account during internal liquidity management
- The same applies with regard to conflicts between defining objectives when managing invest- ments, investing in illiquid assets and the redemption principles of the Fund.
- | # Interessenkonflikte
Bei der Verwaltung des Fonds können folgende Interessenkonflikte entstehen. Die Interessen des Anlegers können mit folgenden Interessen kollidieren:
- Interessen der Gesellschaft, anderer Unternehmen aus der Gruppe der Gesellschaft, der Geschäfts- leitung der Gesellschaft, Mitarbeitern der Gesellschaft, externer Unternehmen und Personen, die mit der Gesellschaft vertraglich verbunden sind, und sonstigen Drittenund
- Interessen der von der Gesellschaft verwalteten Investmentvermögen und Insourcing-Mandate, An- legern und Kunden der Gesellschaftoder
- Interessen von Anlegern und Kunden der Gesellschaft untereinanderoder
- Interessen der Anleger und den von der Gesellschaft verwalteten Investmentvermögenoder
- Interessen der verschiedenen von der Gesellschaft verwalteten Investmentvermögen.
Umstände oder Beziehungen, die Interessenkonflikte begründen können, umfassen insbesondere:
- Anreizsysteme für Geschäftsleiter oder Mitarbeiter der Gesellschaft, anderen Unternehmen aus der Gruppe der Gesellschaft oder externen Unternehmen, die vertraglich mit Dienstleistungen zur Er- möglichung der gemeinsamen Portfolioverwaltung betraut wurden
- Persönliche Geschäfte mit Vermögenswerten, die in dem von der Gesellschaft verwalteten Fonds gehalten werden, durch Geschäftsleiter oder Mitarbeiter der Gesellschaft oder Geschäftsleiter oder Mitarbeiter von Unternehmen, die von der Gesellschaft vertraglich mit Dienstleistungen zur Ermög- lichung der gemeinsamen Portfolioverwaltung betraut wurden
- Geschäften zwischen der Gesellschaft und den von ihr verwalteten Investmentvermögen oder In- dividualportfolios bzw. Geschäften zwischen von der Gesellschaft verwalteten Investmentvermö- gen und/oder Individualportfolios
- Zusammenfassung mehrerer Orders („block trades“)
- „Frequent Trading“
- Festlegung der Cut off-Zeit
- IPO-Zuteilungen
- Übertragung einer oder mehrerer Funktionen auf eine andere Gesellschaft
- Ausübung der Stimmrechte aus den zu den Fonds gehörenden Aktien
- Aufgaben der Verwahrstelle
- Interessen von Anlegern, die ihre Anlagen zurücknehmen wollen und Anlegern, die ihre Anlagen im Fonds aufrechterhalten wollen
- Zielsetzung der Anlageverwaltung, in illiquide Vermögenswerte zu investieren und den Rücknah- megrundsätzen des Fonds.
Der Gesellschaft können im Zusammenhang mit Geschäften für Rechnung des Fonds geldwerte Vorteile (Broker research, Finanzanalysen, Markt- und Kursinformationssysteme) entstehen, die im Interesse der Anleger bei den Anlageentscheidungen verwendet werden.
Der Gesellschaft fließen keine Rückvergütungen der aus dem Fonds an die Verwahrstelle und an Dritte geleisteten Vergütungen und Aufwandserstattungen zu.
Die Gesellschaft gewährt an Vermittler, z.B. Kreditinstitute, wiederkehrend – meist jährlich – Vermitt- lungsentgelte als so genannte „Vermittlungsfolgeprovisionen“.
Sofern von der Gesellschaft vermittelte Investmentvermögen, bei denen es sich insbesondere um von der Gesellschaft verwaltete Investmentvermögen handeln kann, in den Fonds erworben werden, kann die Gesellschaft für ihre Vermittlungsleistung eine Vergütung erhalten.
Zum Umgang mit Interessenkonflikten setzt die Gesellschaft folgende organisatorische Maßnahmen ein, um Interessenkonflikte zu ermitteln, ihnen vorzubeugen, sie zu steuern, zu beobachten und sie offenzulegen:
- Einrichtung eines Vergütungssystems, das keinen Anreiz, die persönlichen Interessen über die der von der Gesellschaft verwalteten Investmentvermögen oder Anleger und Kunden zu stellen, schafft
- Die vertraglich angebundenen Anlageberatungs- und Asset Management-Gesellschafter sind zur Vermeidung von Interessenkonflikten verpflichtet
- Regelungen für persönliche Geschäfte, die durch die Compliance-Abteilung kontinuierlich über- wacht werden und eine Sperrliste, die persönliche Geschäfte mit bestimmten Vermögensgegen- ständen verbietet, um möglichen Interessenkonflikten zu begegnen
- Regelungen zur Offenlegung und zum Umgang mit der Annahme und der Gewährung von Zuwen- dungen
- Kontinuierliche Überwachung der Transaktionshäufigkeit in den von der Gesellschaft verwalteten Investmentvermögen, um die Anleger benachteiligende Umschichtungen in den Investmentvermö- gen zu verhindern
- Implementierung von Maßnahmen zur Verhinderung stichtagsbezogener Aufbesserung der Fondsperformance („window dressing“) in den von der Gesellschaft verwalteten Investmentvermö- gen
- Verzicht auf Geschäfte auf eigene Rechnung mit von der Gesellschaft verwalteten Investmentver- mögen oder Individualportfolios und Ausführung von Geschäften zwischen verschiedenen von der Gesellschaft verwalteten Investmentvermögen nur zur Erzielung besserer Handelsergebnisse, ohne dass dadurch eines der beteiligten Investmentvermögen benachteiligt würde
- Zusammenfassung mehrerer Orders („block trades“) erfolgt auf Grundlage eines einheitlichen Zu-teilungsgrundsatzes
- Bei Beauftragung (z.B. mit der Funktion des Asset Managers, Beraters, Brokers oder der Verwahr- stelle) eng verbundener Unternehmen und Personen (insbesondere Gesellschafter), wird dieser Um- stand den Anlegern gegenüber offengelegt
- Interne Maßnahmen zur Überwachung von dem Fonds benachteiligenden Market Impact durch Einzelanlagen von erheblichem Umfang
- Untersagung von „Frequent Trading“ durch Geschäftsleiter und Mitarbeiter der Gesellschaft durch Regelungen für persönliche Transaktionen und diesbezügliche Überwachung der von der Gesell- schaft verwalteten Investmentvermögen
- Vereinbarung von Cut-off-Zeiten mit den Verwahrstellen, um Spekulationen gegen die von der Ge- sellschaft verwalteten Investmentvermögen entgegenzuwirken
- Einheitliche interne Zuteilungsgrundsätze für IPO-Zuteilungen
- Die Übertragung einer oder mehrerer Funktionen auf eine andere Gesellschaft erfolgt mit dem Ziel der Erweiterung des Spektrums der von der Gesellschaft zu erbringenden Dienstleistungen
- Ausübung der Stimmrechte in dem Portfolio des Fonds erfolgt auf Basis der Empfehlungen einer externen, neutralen Anlageberatungsgesellschaft nach den Analyseleitlinien des BVI Bundesver- band Investment und Asset Management e.V.
- Die Verwahrstelle des Fonds handelt unabhängig von der Gesellschaft und ist vertraglich dazu ver- pflichtet, ausschließlich im Interesse der Anleger zu handeln
- Interessen von Anlegern, die ihre Anlagen zurückgeben wollen und Anlegern, die ihre Anlagen im Fonds aufrechterhalten wollen, werden bei der internen Liquiditätssteuerung berücksichtigen
- Entsprechendes gilt auch hinsichtlich des Konflikts zwischen der Zielsetzung der Anlageverwaltung, in illiquide Vermögenswerte zu investieren und den Rücknahmegrundsätzen des Fonds.
- | # Conflicts of interest
The following conflicts of interest may arise whilst managing the Fund. The interests of investors may conflict with:
- the interests of the Company, other companies in the same group as the Company, the Compa- ny's management and/or staff, external companies and persons to whom the Company is con- tractually bound, and other third partiesand
- the interests of the investment funds managed by the Company and insourcing mandates, inves- tors and clients of the Companyor
- the interests of investors and clients of the Company amongst themselves or
- the interests of investors and of the investment funds managed by the Company or
- the interests of the various investment funds managed by the Company.
Circumstances and relationships that may give rise to conflicts of interest include in particular:
- Incentive systems for managing directors or employees of the Company, other companies in the same group as the Company or external companies that are contracted to provide services to en- able collective portfolio management
- Personal transactions, involving assets held in the Fund managed by the Company, of managing directors or employees of the Company or managing directors or employees of companies that the Company has contracted to provide services to enable collective portfolio management
- Transactions between the Company and the investment funds or individual portfolios managed by the Company and/or transactions between investment funds and/or individual portfolios man- aged by the Company
- Combining a number of orders (block trades)
- Frequent trading
- Setting the cut-off time
- IPO allocations
- Delegating one or more functions to another company
- Exercising voting rights in respect of the shares held in the Fund
- Duties of the Custodian
- The interests of investors who wish to recover their investments and investors who wish to con- tinue investing in the Fund
- Defining objectives when managing investments, investing in illiquid assets and the redemption principles of the Fund.
The Company may receive non-cash benefits in connection with transactions conducted on behalf of the Fund (broker research, financial analyses, market and price information systems), which are used when making investment decisions in the interests of investors.
The Company does not receive any refunds from fees and expenses paid from the Fund to the Custo- dian and third parties.
The Company pays intermediaries, such as credit institutions, recurring – generally annual – broker- age fees (trail fees).
The Company may charge a fee for its brokerage services, if investment assets brokered by the Com- pany, which may in particular include those managed by the Company, are acquired in the Fund.
The Company takes the following organisational measures to address, detect, prevent, control, moni- tor and disclose conflicts of interest:
- Setting up a remuneration system that does not provide any incentive to put personal interests over those of the investment funds managed by the Company or investors or clients
- Investment consultancy and asset management partners are contractually bound to avoid con- flicts of interest
- Rules on personal transactions, that are continuously monitored by the Compliance department, and a blacklist which prohibits personal transactions involving certain assets to deal with poten- tial conflicts of interest
- Rules on disclosing and dealing with accepting and granting donations
- Continuous monitoring of the transaction frequency within investment funds managed by the Company, in order to prevent said investment funds from being redeployed to the detriment of investors
- Implementing measures to prevent boosting fund performance near cut-off dates (window dress- ing) in investment funds managed by the Company
- Not engaging in transactions on its own account with investment funds managed by the Compa- ny or individual portfolios, and conducting transactions between different investment funds man- aged by the Company merely to achieve better trading results, without adversely affecting any of the investment funds involved
- Multiple orders (block trades) are combined on the basis of a uniform allocation principle
- Investors shall be notified when closely affiliated companies or persons (particularly shareholders) are appointed to act as, for example, asset managers, consultants, brokers or custodians.
- Taking internal measures to monitor the adverse market impact on the Fund as a result of major individual investments
- Prohibiting managing directors and employees of the Company from engaging in frequent trad- ing by establishing rules on personal transactions and monitoring the investment funds managed by the Company
- Agreeing cut-off times with custodians to counteract speculation against the investment funds managed by the Company
- Standardised internal allocation principles for IPO allocations
- Delegating one or more functions to other companies so as to broaden the range of services pro- vided by the Company
- Voting rights within the Fund's portfolio are exercised on the basis of recommendations of a neu- tral external investment consultancy firm in accordance with the analysis guidelines of BVI Bun- desverband Investment und Asset Management e.V.
- The Fund's Custodian acts independently of the Company and is contractually bound to act ex- clusively in the interests of investors
- The interests of investors who wish to recover their investments and those who wish to keep investing in the Fund are taken into account during internal liquidity management
- The same applies with regard to conflicts between defining objectives when managing invest- ments, investing in illiquid assets and the redemption principles of the Fund.
- | en | de |
DOLFIN1509 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SFDR MANAGEMENT REPORT/Taxonomy
### 3.1. Fund report
- Reminder of the investment objective and ESG criteria:The fund is a financial product that promotes environmental and social factors as defined in Article 8 (1) of Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR), the ESG (Environmental and/or Social and/or Governance) policy of which is presented below.
European Union taxonomy (Regulation (EU) 2020/852) (hereinafter “Taxonomy”) is aimed at identifying environmentally sustainable economic activities.
The Taxonomy identifies these activities based on their contribution to six major environmental objectives:
- climate change mitigation;
- climate change adaptation;
- the sustainable use and protection of water and marine resources;
- the transition to a circular economy (waste, prevention and recycling);
- pollution prevention and control;
- the protection and restoration of biodiversity and ecosystems.
- Report on the fund’s non-financial performance:As at 31/03/2022, based on the portfolio management company’s rating criteria, the portfolio’s overall rating was 3.6 on a scale of 1 to 5. It was 3.1 at 31/03/2021.
During the year the portfolio’s average ESG rating varied between 3.1 and 3.6. It stayed equivalent to its investment universe and moved as follows:
Quarterly change versus benchmark
Quarterly changes in the three ESG criteria versus benchmark
### 2.2. ODDO BHF Asset Management’s methods for incorporating ESG criteria into the investment strategy:
ODDO BHF Asset Management carries out an ESG analysis of the investment universe and portfolio, and awards an ESG rating to the portfolio, which is compared with that of its investment universe.
All of the information on how ESG criteria are factored into the investment process, and on sustainable finance, is available on the website at: https://www.am.oddo- bhf.com/france/fr/investisseur_professionnel/ad/investissement_durable.
Taxonomy Disclaimer: “The underlying investments do not take into account EU criteria on environmentally sustainable economic activities.”
- | # INFORME DE GESTIÓN SFDR/Taxonomía
### 3.1. Información sobre el Fondo
- Recordatorio del objetivo de gestión y de los criterios ESG:El Fondo es un producto financiero que promueve características ambientales y sociales en el sentido del artículo 8, apartado 1, del Reglamento (UE) 2019/2088, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el «Reglamento SFDR»), cuya política ESG (ambiental y/o social y/o de gobierno corporativo) se describe más adelante.
La taxonomía de la Unión Europea (Reglamento (UE) 2020/852) (en adelante, la «Taxonomía») tiene como finalidad determinar si una actividad económica se considera medioambientalmente sostenible.
La Taxonomía identifica estas actividades en función de su contribución a los seis objetivos medioambientales que se especifican a continuación:
- la mitigación del cambio climático;
- la adaptación al cambio climático;
- el uso sostenible y la protección de los recursos hídricos y marinos;
- la transición hacia una economía circular (residuos, prevención y reciclado);
- la prevención y control de la contaminación;
- la protección y restauración de la biodiversidad y los ecosistemas.
- Información sobre la rentabilidad extrafinanciera del Fondo:A 31/03/2022, según los criterios de calificación de la sociedad gestora de carteras, la calificación global de la cartera es de 3,6 en un escala del 1 al 5. La calificación a 31/03/2021 era de 3,1.
Durante el ejercicio, la calificación ESG media de la cartera osciló entre 3,1 y 3,6.
La calificación siguió siendo equivalente a la de su universo de inversión y experimentó las siguientes variaciones:
Evolución trimestral con respecto al índice
Evolución trimestral de los tres criterios ESG con respecto al índice
### 2.2. Métodos adoptados por ODDO BHF Asset Management con el fin de integrar los criterios ESG en la estrategia de gestión:
ODDO BHF Asset Management lleva a cabo un análisis ESG del universo de inversión y de la cartera, atribuye una calificación ESG a la cartera y la compara con la del universo de inversión.
Toda la información sobre la integración de los criterios ESG en el proceso de gestión y sobre las finanzas sostenibles puede consultarse en el siguiente sitio web: https://www.am.oddo- bhf.com/france/fr/investisseur_professionnel/ad/investissement_durable.
Declaración - Taxonomía: «Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles.»
- | # SFDR MANAGEMENT REPORT/Taxonomy
### 3.1. Fund report
- Reminder of the investment objective and ESG criteria:The fund is a financial product that promotes environmental and social factors as defined in Article 8 (1) of Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR), the ESG (Environmental and/or Social and/or Governance) policy of which is presented below.
European Union taxonomy (Regulation (EU) 2020/852) (hereinafter “Taxonomy”) is aimed at identifying environmentally sustainable economic activities.
The Taxonomy identifies these activities based on their contribution to six major environmental objectives:
- climate change mitigation;
- climate change adaptation;
- the sustainable use and protection of water and marine resources;
- the transition to a circular economy (waste, prevention and recycling);
- pollution prevention and control;
- the protection and restoration of biodiversity and ecosystems.
- Report on the fund’s non-financial performance:As at 31/03/2022, based on the portfolio management company’s rating criteria, the portfolio’s overall rating was 3.6 on a scale of 1 to 5. It was 3.1 at 31/03/2021.
During the year the portfolio’s average ESG rating varied between 3.1 and 3.6. It stayed equivalent to its investment universe and moved as follows:
Quarterly change versus benchmark
Quarterly changes in the three ESG criteria versus benchmark
### 2.2. ODDO BHF Asset Management’s methods for incorporating ESG criteria into the investment strategy:
ODDO BHF Asset Management carries out an ESG analysis of the investment universe and portfolio, and awards an ESG rating to the portfolio, which is compared with that of its investment universe.
All of the information on how ESG criteria are factored into the investment process, and on sustainable finance, is available on the website at: https://www.am.oddo- bhf.com/france/fr/investisseur_professionnel/ad/investissement_durable.
Taxonomy Disclaimer: “The underlying investments do not take into account EU criteria on environmentally sustainable economic activities.”
- | en | es |
DOLFIN1510 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,960 | USD 2,870 |
| | Average return each year % | -60.40% | -22.09% |
| Unfavourable scenario | What you might get back after costs | USD 6,000 | USD 6,050 |
| | Average return each year % | -40.00% | -9.56% |
| Moderate scenario | What you might get back after costs | USD 10,220 | USD 11,730 |
| | Average return each year % | 2.20% | 3.24% |
| Favourable scenario | What you might get back after costs | USD 22,000 | USD 16,170 |
| | Average return each year % | 120.00% | 10.09% | | | | IN CASO DI USCITA DOPO 1 ANNO | IN CASO DI USCITA DOPO 5 ANNO |
| --- | --- | --- |
| Scenario di stress | Possibile rimborso al netto dei costi | USD 3.960 | USD 2.870 |
| | Rendimento medio per ciascun anno | -60,40% | -22,09% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | USD 6.000 | USD 6.050 |
| | Rendimento medio per ciascun anno | -40,00% | -9,56% |
| Scenario moderato | Possibile rimborso al netto dei costi | USD 10.220 | USD 11.730 |
| | Rendimento medio per ciascun anno | 2,20% | 3,24% |
| Scenario favorevole | Possibile rimborso al netto dei costi | USD 22.000 | USD 16.170 |
| | Rendimento medio per ciascun anno | 120,00% | 10,09% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,960 | USD 2,870 |
| | Average return each year % | -60.40% | -22.09% |
| Unfavourable scenario | What you might get back after costs | USD 6,000 | USD 6,050 |
| | Average return each year % | -40.00% | -9.56% |
| Moderate scenario | What you might get back after costs | USD 10,220 | USD 11,730 |
| | Average return each year % | 2.20% | 3.24% |
| Favourable scenario | What you might get back after costs | USD 22,000 | USD 16,170 |
| | Average return each year % | 120.00% | 10.09% | | en | it |
DOLFIN1511 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Debt instruments with loss-absorption features are subject to greater capital risks when compared to traditional debt instruments as such instruments are typically subject to the risk of being written down or converted to ordinary shares upon the occurrence of pre-defined trigger events (such as those disclosed in the preceding paragraphs). Such trigger events are
likely to be outside of the issuer’s control and are complex and difficult to predict and may result in a significant or total reduction in the value of such instruments.
In the event of the activation of a trigger, there may be potential price contagion and volatility to the entire asset class. Debt instruments with loss-absorption features may also be exposed to liquidity, valuation and sector concentration risk.
The Funds may invest in CoCos, which are highly complex and are of high risk. CoCos are a form of hybrid debt security with loss-absorption features that are intended to either convert into equity shares of the issuer (potentially at a discounted price) or have their principal written down (including permanently written down to zero) upon the occurrence of certain ‘triggers’ linked to regulatory capital thresholds or where the issuer ’s regulatory authorities considers this to be necessary. The trigger event is linked to the financial position of the issuer and conversion would occur as a result of a deterioration in the relative capital strength of the issuer. As a result, the value of the converted equity would be lower than the bond value when issued or purchased. In stressed market conditions, the liquidity profile of the issuer can deteriorate significantly, and a significant discount may be required in order to sell it. For the avoidance of doubt, convertible bonds where conversion is beneficial to the holder (contingent or otherwise) are not subject to the same risks as described in this section “b. Additional risk of investing in CoCos and other instruments with loss-absorption features”. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. Some additional risks associated with CoCos are set forth below:
Capital Structure Inversion Risk: Contrary to standard capital hierarchy, CoCo investors may suffer a loss of capital when equity holders do not. In a standard capital structure equity holders are expected to suffer the first loss. This is less likely with a CoCo whose trigger is activated when the capital ratio falls below a relatively low level when equity holders will already have suffered loss, than in a high trigger CoCo (those whose trigger is activated when the capital ratio remains relatively high).
The funds may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss principal invested.
- Risk associated with Collateralised and/or Securitised Debt InstrumentsFunds may invest in collateralised and / or securitised debt instruments (collectively referred to as structured products). Such instruments include asset-backed securities, mortgage-backed securities, collateralised debt instruments and collateralised loan obligations. Structured products provide exposure, synthetically or otherwise, to underlying assets and the risk/return profile is determined by the cash flows derived from such assets. Some of such products involve multiple instruments and cash flow profiles such that it may not be possible to accurately predict the impact on valuation from a given market scenario. The price of such an investment may be prone to substantial price volatility as a result of sensitivity to changes in the underlying assets of the structured instrument which can take many forms including, but not limited to, credit card receivables, residential mortgages, corporate loans, manufactured housing loans or any type of receivables from a company or structured vehicle that has regular cash flows from its customers. Some structured products may employ leverage which can cause the price of the instruments to be more volatile than if they had not employed leverage. In addition, structured products may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. Lack of liquidity may also cause the current market price of assets to become disconnected from the underlying assets’ value. In addition, such products are often exposed to extension risks (the risk of increased longevity due to lower-than-expected paydowns) and prepayment risks (the risk of reinvesting at lower rates due to higher-than-expected paydowns) and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of such products.
- Equity Linked Notes/Credit Linked NotesEquity linked notes (ELNs), credit linked notes (CLNs) and similar structured instruments involve a counterparty writing a contract which defines the principal value and the payoff which is intended to move in line with the underlying security specified in the contract. Unlike Financial Derivative Instruments, cash is transferred from the buyer to the seller of the note upon purchase. In the event that the counterparty defaults the risk to the fund is to that of the counterparty, irrespective of the value of the underlying security within the note. | Les titres de créance avec mécanisme d’absorption des pertes sont soumis à des risques de capital plus importants que les titres de créance traditionnels étant donné qu’ils sont en général soumis au risque de dépréciation ou de conversion en actions ordinaires lors de la survenue d’événements déclencheurs prédéfinis (tels que ceux indiqués dans les paragraphes précédents). Il est probable que l’émetteur n’ait aucun contrôle sur ces événements déclencheurs qui sont complexes et difficiles à prévoir et qui pourraient provoquer une réduction importante, voire totale, de la valeur de ces titres.
Lors de l’activation d’un événement déclencheur, il peut y avoir une volatilité des prix et un effet de contagion à l’ensemble de la catégorie d’actifs. Les titres de créance avec mécanisme d’absorption des pertes peuvent également être exposés au risque de liquidité, de valorisation et de concentration sectorielle.
Les Compartiments peuvent investir dans des CoCos, qui sont des titres à haut risque très complexes. Les CoCos sont une forme de titre de créance hybride avec mécanisme d’absorption des pertes. Elles sont vouées à être converties en actions de l’émetteur (potentiellement avec une décote) ou à voir leur principal déprécié (y compris une dépréciation permanente à zéro) lorsque certains éléments déclencheurs liés à des seuils de capital réglementaires se réalisent ou lorsque les autorités de réglementation de l’émetteur l’estiment nécessaire. L’événement déclencheur est lié à la situation financière de l’émetteur, et la conversion surviendrait suite à une détérioration de la solidité relative du capital de l’émetteur. En conséquence, la valeur de l’action convertie serait inférieure à celle de la valeur de l’obligation lors de son émission ou de son achat. En période de tensions sur les marchés, le profil de liquidité de l’émetteur peut fortement se dégrader, et une décote importante pourrait être nécessaire pour assurer la vente. Pour éviter toute ambiguïté, les obligations convertibles dont la conversion (éventuelle ou autre) profite à leur détenteur ne sont pas soumises aux mêmes risques que ceux décrits dans cette section « b. Risques d’investissement supplémentaires dans les CoCos et autres instruments avec mécanisme d’absorption des pertes ». Les paiements des coupons sur les CoCos ont un caractère discrétionnaire et peuvent être annulés par l’émetteur à tout moment, pour n’importe quel motif et pour n’importe quelle durée. Des risques supplémentaires associés aux CoCos sont exprimés ci-après :
Risque lié à l’inversion de la structure de capital : contrairement à la hiérarchie standard du capital, les investisseurs en CoCos peuvent subir une perte de capital alors que les détenteurs d’actions sont épargnés. Dans la hiérarchie standard de la structure de capital, les détenteurs d’actions subissent en général les premières pertes. C’est moins probable avec une CoCo dont le déclencheur est activé lorsque le ratio de fonds propres tombe en dessous d’un seuil relativement bas sachant que les détenteurs d’actions ont déjà supporté une perte, par rapport à une CoCo affichant un déclencheur élevé (celles dont le déclencheur est activé lorsque le ratio de fonds propres reste relativement élevé).
Les Compartiments peuvent également investir dans des titres de créance senior non privilégiés. Alors que ces instruments priment en général sur les titres de créance subordonnés, ils peuvent être dépréciés lors de la survenue d’un événement déclencheur et sortir du système de classement des créanciers de l’émetteur. Il en résulte une perte totale du capital investi.
- Risque lié aux titres de créance garantis/titrisésLes Compartiments peuvent investir dans des titres de créance garantis et/ou titrisés (ensemble, les produits de dette structurée). Ces instruments peuvent comprendre des titres adossés à des actifs, des titres adossés à des créances hypothécaires, des titres de créance garantis et des CLO (collateralised loan obligations). Les produits de dette structurée présentent une exposition, synthétique ou autre, à des actifs sous-jacents et le profil de risque/rendement est déterminé par les flux de trésorerie qui découlent de ces actifs. Certains de ces produits impliquent plusieurs profils d’instruments et de flux de trésorerie de sorte qu’il peut s’avérer impossible de prévoir avec précision l’impact sur la valorisation d’un scénario de marché donné. Le prix d’un tel investissement peut être sujet à une volatilité significative en raison d’une sensibilité aux changements des actifs sous-jacents de l’instrument structuré qui peuvent prendre des formes différentes, notamment, mais sans s’y limiter, des créances sur cartes de crédit, des prêts hypothécaires résidentiels, des prêts aux entreprises, des prêts immobiliers pour habitation industrielle ou tout autre type de créances d’une société ou d’un véhicule structuré qui reçoit régulièrement des flux de trésorerie de ses clients. Certains produits de dette structurée peuvent faire appel à un effet de levier susceptible d’engendrer une plus grande volatilité du cours des instruments concernés qu’en l’absence d’effet de levier. Par ailleurs, les produits structurés peuvent être exposés à un risque de crédit, de liquidité et de taux d’intérêt plus élevé que les autres titres de créance. Ce manque de liquidité peut également entraîner le découplage du prix de marché actuel des actifs par rapport à la valeur des actifs sous-jacents. De plus, ces produits sont souvent exposés à des risques de prolongation (le risque de longévité accru découlant de remboursements inférieurs aux prévisions) et à des risques de paiement anticipé (le risque de réinvestissement à des taux inférieurs en raison de remboursements supérieurs aux prévisions) ainsi qu’à des risques de non-respect des obligations de paiement relatives aux actifs sous-jacents, ce qui peut avoir des retombées négatives sur les rendements de ces produits.
- Obligations adossées à des actions et obligations adossées à des créditsLes obligations adossées à des actions (« ELN »), les obligations adossées à des crédits (« CLN ») et obligations structurées similaires impliquent qu’une contrepartie rédige un contrat qui fixe la valeur du principal et la prime qui doit évoluer en accord avec le titre sous-jacent spécifié dans le contrat. À la différence des instruments dérivés, des liquidités sont transférées de l’acheteur au vendeur de l’obligation à la date de l’achat. Si la contrepartie est défaillante, le risque pesant sur le Compartiment est celui pesant sur la contrepartie, quelle que soit la valeur du titre sous-jacent de l’obligation. | Debt instruments with loss-absorption features are subject to greater capital risks when compared to traditional debt instruments as such instruments are typically subject to the risk of being written down or converted to ordinary shares upon the occurrence of pre-defined trigger events (such as those disclosed in the preceding paragraphs). Such trigger events are
likely to be outside of the issuer’s control and are complex and difficult to predict and may result in a significant or total reduction in the value of such instruments.
In the event of the activation of a trigger, there may be potential price contagion and volatility to the entire asset class. Debt instruments with loss-absorption features may also be exposed to liquidity, valuation and sector concentration risk.
The Funds may invest in CoCos, which are highly complex and are of high risk. CoCos are a form of hybrid debt security with loss-absorption features that are intended to either convert into equity shares of the issuer (potentially at a discounted price) or have their principal written down (including permanently written down to zero) upon the occurrence of certain ‘triggers’ linked to regulatory capital thresholds or where the issuer ’s regulatory authorities considers this to be necessary. The trigger event is linked to the financial position of the issuer and conversion would occur as a result of a deterioration in the relative capital strength of the issuer. As a result, the value of the converted equity would be lower than the bond value when issued or purchased. In stressed market conditions, the liquidity profile of the issuer can deteriorate significantly, and a significant discount may be required in order to sell it. For the avoidance of doubt, convertible bonds where conversion is beneficial to the holder (contingent or otherwise) are not subject to the same risks as described in this section “b. Additional risk of investing in CoCos and other instruments with loss-absorption features”. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. Some additional risks associated with CoCos are set forth below:
Capital Structure Inversion Risk: Contrary to standard capital hierarchy, CoCo investors may suffer a loss of capital when equity holders do not. In a standard capital structure equity holders are expected to suffer the first loss. This is less likely with a CoCo whose trigger is activated when the capital ratio falls below a relatively low level when equity holders will already have suffered loss, than in a high trigger CoCo (those whose trigger is activated when the capital ratio remains relatively high).
The funds may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss principal invested.
- Risk associated with Collateralised and/or Securitised Debt InstrumentsFunds may invest in collateralised and / or securitised debt instruments (collectively referred to as structured products). Such instruments include asset-backed securities, mortgage-backed securities, collateralised debt instruments and collateralised loan obligations. Structured products provide exposure, synthetically or otherwise, to underlying assets and the risk/return profile is determined by the cash flows derived from such assets. Some of such products involve multiple instruments and cash flow profiles such that it may not be possible to accurately predict the impact on valuation from a given market scenario. The price of such an investment may be prone to substantial price volatility as a result of sensitivity to changes in the underlying assets of the structured instrument which can take many forms including, but not limited to, credit card receivables, residential mortgages, corporate loans, manufactured housing loans or any type of receivables from a company or structured vehicle that has regular cash flows from its customers. Some structured products may employ leverage which can cause the price of the instruments to be more volatile than if they had not employed leverage. In addition, structured products may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. Lack of liquidity may also cause the current market price of assets to become disconnected from the underlying assets’ value. In addition, such products are often exposed to extension risks (the risk of increased longevity due to lower-than-expected paydowns) and prepayment risks (the risk of reinvesting at lower rates due to higher-than-expected paydowns) and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of such products.
- Equity Linked Notes/Credit Linked NotesEquity linked notes (ELNs), credit linked notes (CLNs) and similar structured instruments involve a counterparty writing a contract which defines the principal value and the payoff which is intended to move in line with the underlying security specified in the contract. Unlike Financial Derivative Instruments, cash is transferred from the buyer to the seller of the note upon purchase. In the event that the counterparty defaults the risk to the fund is to that of the counterparty, irrespective of the value of the underlying security within the note. | en | fr |
DOLFIN1512 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Activity
### Given a very subdued primary issuance calendar, portfolio activity has focused on secondary market trading.
We remain inclined to reduce exposure to cyclicals and segments exhibiting asymmetric risk/return characteristics, and to add exposure to more defensive sectors trading wide of historic norms. We are looking to trim our underweight in BBs and add to situations with durable free cash flow, particularly within high-margin, service-based segments with high recurring revenue. | # ATTIVITÀ DEL PORTAFOGLIO
### A fronte di un calendario di emissioni primarie molto contenuto, l’attività del portafoglio si è concentrata sulle operazioni nel mercato secondario.
Rimaniamo propensi a ridurre l’esposizione ai ciclici e ai segmenti che presentano caratteristiche di rischio/rendimento asimmetriche e ad aggiungere esposizione ai settori più difensivi che scambiano al di sotto delle norme storiche. Puntiamo a ridurre il sottopeso nelle emissioni BB e a incrementare l’esposizione ai segmenti con un’elevata disponibilità di free cash flow, soprattutto quelli che presentano margini elevati e sono basati sull’offerta di servizi con elevati ricavi ricorrenti. | # Portfolio Activity
### Given a very subdued primary issuance calendar, portfolio activity has focused on secondary market trading.
We remain inclined to reduce exposure to cyclicals and segments exhibiting asymmetric risk/return characteristics, and to add exposure to more defensive sectors trading wide of historic norms. We are looking to trim our underweight in BBs and add to situations with durable free cash flow, particularly within high-margin, service-based segments with high recurring revenue. | en | it |
DOLFIN1513 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En rémunération de son activité de commercialisation, la Société de Gestion pourra également percevoir des commissions de distribution, telles que détaillées dans les Fiches Techniques, le cas échéant.
-
### Charges opérationnelles et administratives | En contraprestación por sus actividades de comercialización, la Sociedad Gestora también puede recibir las comisiones de distribución que se detallan en las Fichas Técnicas, si procede.
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### Gastos administrativos y de explotación | En rémunération de son activité de commercialisation, la Société de Gestion pourra également percevoir des commissions de distribution, telles que détaillées dans les Fiches Techniques, le cas échéant.
-
### Charges opérationnelles et administratives | fr | es |
DOLFIN1514 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| FOSSIL FUEL FREE NORDIC HIGH YIELD, a subfund of the SICAV BNP PARIBAS FLEXI I Class ''IH EUR Capitalisation'' - ISIN code LU2212613561 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed without reference to an index. The Fund is a feeder fund of the Swedish master fund ALFRED BERG Nordic High Yield ESG (the «Master Fund»). The Fund seeks to increase the value of its assets over the medium term by investing at least 85% of its assets in the Master Fund which has primarily exposure to Nordic high yield bonds and money market instruments denominated in various currencies. The Master Fund observes specific criteria regarding ethics and sustainability in its investments. The Fund and Master Fund performance may differ due to ancillary assets held by the Fund, and potential discrepancies in operating expenses across both structures. The Master Fund is actively managed and as such may invest in securities that are not included in the index which is [BMK]. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | FOSSIL FUEL FREE NORDIC HIGH YIELD, un subfondo de la SICAV BNP PARIBAS FLEXI I Clase «IH EUR Capitalisation» - Código ISIN LU2212613561 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo se gestiona de manera activa y sin referencia a ningún índice. El Fondo es un fondo subordinado del fondo principal de Suecia ALFRED BERG Nordic High Yield ESG (el «Fondo Principal»). El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo como mínimo el 85 % de sus activos en el Fondo Principal, que tiene exposición principalmente a instrumentos del mercado monetario y bonos de alto rendimiento nórdicos denominados en varias divisas. El Fondo Principal cumple con criterios específicos relacionados con la ética y la sostenibilidad de sus inversiones. La rentabilidad del Fondo y del Fondo Principal podrá variar a causa de los activos complementarios mantenidos por el Fondo y podría haber discrepancias en cuanto a los gastos operativos en ambas estructuras. El Fondo Principal se gestiona de manera activa y, por tanto, puede invertir en valores que no estén incluidos en el índice [BMK]. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. El objetivo de esta clase de acciones es ofrecer cobertura del riesgo de cambio frente a la exposición de divisas de la cartera del Fondo. No obstante, el riesgo de cambio no puede neutralizarse por completo, puesto que la técnica de cobertura se basa en el valor liquidativo del Fondo. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Este riesgo hace referencia a la capacidad de un emisor para cumplir sus compromisos: las rebajas en la calificación crediticia de una emisión o de un emisor pueden ocasionar una caída en el valor de los bonos relacionados. | | FOSSIL FUEL FREE NORDIC HIGH YIELD, a subfund of the SICAV BNP PARIBAS FLEXI I Class ''IH EUR Capitalisation'' - ISIN code LU2212613561 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed without reference to an index. The Fund is a feeder fund of the Swedish master fund ALFRED BERG Nordic High Yield ESG (the «Master Fund»). The Fund seeks to increase the value of its assets over the medium term by investing at least 85% of its assets in the Master Fund which has primarily exposure to Nordic high yield bonds and money market instruments denominated in various currencies. The Master Fund observes specific criteria regarding ethics and sustainability in its investments. The Fund and Master Fund performance may differ due to ancillary assets held by the Fund, and potential discrepancies in operating expenses across both structures. The Master Fund is actively managed and as such may invest in securities that are not included in the index which is [BMK]. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | es |
DOLFIN1515 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 5.0% of the value of your investment when entering. | GBP 500 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | GBP 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.8% of the value of your investment per year. | GBP 170 |
| Transaction costs | 0.2% 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. | GBP 23 | | | Composizione dei costi | |
| --- | --- |
| Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 1 anno |
| Costi di ingresso | 5,0% del valore dell’investimento al momento della sottoscrizione. | GBP 500 |
| Costi di uscita | 0,0% del valore del vostro investimento prima che vi venga pagato. | GBP 0 |
| Costi correnti sostenuti ogni anno | | |
| Commissioni di gestione e altri costi amministrativi o operativi | 1,8% del valore del vostro investimento all’anno. | GBP 170 |
| Costi di transazione | 0,2% del valore del vostro investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda di quanto viene acquistato e venduto. | GBP 23 | | | Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 5.0% of the value of your investment when entering. | GBP 500 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | GBP 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.8% of the value of your investment per year. | GBP 170 |
| Transaction costs | 0.2% 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. | GBP 23 | | en | it |
DOLFIN1516 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
**UCI invests less than 20% in other UCIs
Indication of accounting changes subject to specific reporting to unitholders
Changes that have occurred:
None
Forthcoming changes:
None
Indication of other changes subject to specific reporting to unitholders
(Not certified by the auditors)
Changes that have occurred:
None
Forthcoming changes:
None
Indication and reasons for changes in valuation and application methods
None
Indication of the nature of errors corrected during the period
None
Indication of rights and conditions attached to each unit class
Income from the “C et/ou D” unit is accumulated and/or distributed every year. Income from “MC” is capitalised each year as well as net capital gains. | **OPC investissant moins de 20 % dans d’autres OPC
Indication des changements comptables soumis à l’information particulière des porteurs
Changement intervenu :
Néant
Changement à intervenir :
Néant
Indication des autres changements soumis à l’information particulière des porteurs
(Non certifiés par le commissaire aux comptes)
Changement intervenu :
Néant
Changement à intervenir :
Néant
Indication et justification des changements d’estimation et de modalités d’application
Néant
Indication de la nature des erreurs corrigées au cours de l’exercice
Néant
Indication des droits et conditions attachés à chaque catégorie de part
Les revenus de la part «C et/ou D» sont capitalisés chaque année et/ou distribués.
Les revenus de la part «MC» sont capitalisés chaque année ainsi que les plus-values nettes. | **UCI invests less than 20% in other UCIs
Indication of accounting changes subject to specific reporting to unitholders
Changes that have occurred:
None
Forthcoming changes:
None
Indication of other changes subject to specific reporting to unitholders
(Not certified by the auditors)
Changes that have occurred:
None
Forthcoming changes:
None
Indication and reasons for changes in valuation and application methods
None
Indication of the nature of errors corrected during the period
None
Indication of rights and conditions attached to each unit class
Income from the “C et/ou D” unit is accumulated and/or distributed every year. Income from “MC” is capitalised each year as well as net capital gains. | en | fr |
DOLFIN1517 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# ANALYSE DU MARCHÉ
Les actions mondiales ont connu un rebond en octobre. Les actions des marchés développés ont enregistré des rendements élevés, tandis que la Chine a tiré les marchés émergents vers le bas. Les actions chinoises ont fortement chuté alors que les marchés sont de plus en plus inquiets quant à l’état de l’économie chinoise et à l’orientation de la gouvernance et de la politique du pays à la suite d’un remaniement de l’équipe dirigeante du président Xi Jinping. Les indices des responsables des achats pour octobre ont indiqué que la croissance économique mondiale continuait de ralentir, rapprochant ainsi les économies mondiales de la récession. La solidité des marchés du travail et la hausse incessante de l'inflation ont incité la plupart des banques centrales à rester dans une optique de nouvelles hausses des taux d’intérêt. Cependant, la Banque du Japon a maintenu sa politique très accommodante, même lorsque l’inflation sous-jacente s’est accélérée pour atteindre le plus haut niveau depuis huit ans et que la chute du yen a entraîné une hausse des coûts d’importation. Les perturbations de la chaîne d'approvisionnement mondiale se sont apaisées, bien que les tensions géopolitiques se soient exacerbées à mesure que la guerre en Ukraine s’est intensifiée et que les relations commerciales mondiales se sont tendues. Le Gouvernement américain a mis en place un ensemble de contrôles à l’exportation vers la Chine sur les technologies informatiques et de fabrication de semi-conducteurs de pointe, ce qui pourrait représenter le plus grand changement de politique américaine concernant les exportations technologiques vers la Chine depuis les années 1990. L'OPEP+ a accepté sa plus grande réduction de production de pétrole depuis le début de la pandémie, diminuant ainsi la production de deux millions de barils par jour. La Commission européenne a proposé de nouvelles mesures pour améliorer la stabilité sur les marchés du gaz en Europe et pour atténuer l'impact des prix élevés sur les ménages et les entreprises. | # ANÁLISIS DEL MERCADO
La renta variable global repuntó en octubre. En los mercados desarrollados, la renta variable registró rentabilidades sólidas, mientras que los mercados emergentes se vieron lastrados por China. El desplome del mercado de renta variable chino refleja la creciente preocupación de los mercados ante el estado de la economía de China, así como por la dirección de las políticas y el Gobierno tras la remodelación del equipo directivo del presidente Xi Jinping. Los índices de gestores de compras de octubre mostraron que el crecimiento económico mundial siguió ralentizándose, lo que acercó a las economías de todo el mundo a la recesión. En la coyuntura actual se dan cita unos mercados laborales de gran solidez y un aumento implacable de la inflación, por lo que la mayoría de los bancos centrales han tenido que seguir subiendo los tipos de interés. Sin embargo, el Banco de Japón mantuvo su política monetaria ultrabaja, a pesar de que la inflación subyacente se intensificó a un máximo en ocho años y la caída del yen disparó los costes de importación. Las interrupciones en las cadenas de suministro globales disminuyeron, aunque aumentaran las tensiones geopolíticas como resultado de la intensificación de la guerra en Ucrania y de las tensiones en las relaciones comerciales globales. En Estados Unidos, el Gobierno publicó una extensa serie de controles a las exportaciones a China de las tecnologías más avanzadas de fabricación de semiconductores e informática. Esta decisión podría constituir el mayor cambio en la política estadounidense con respecto a las exportaciones de tecnologías a China desde la década de los 90. La OPEP+ decidió reducir su producción de petróleo en dos millones de barriles diarios, el mayor recorte desde el inicio de la pandemia. La Comisión Europea propuso nuevas medidas para mejorar la estabilidad de los mercados de gas europeos y reducir el impacto de los precios elevados en los hogares y las empresas. | # ANALYSE DU MARCHÉ
Les actions mondiales ont connu un rebond en octobre. Les actions des marchés développés ont enregistré des rendements élevés, tandis que la Chine a tiré les marchés émergents vers le bas. Les actions chinoises ont fortement chuté alors que les marchés sont de plus en plus inquiets quant à l’état de l’économie chinoise et à l’orientation de la gouvernance et de la politique du pays à la suite d’un remaniement de l’équipe dirigeante du président Xi Jinping. Les indices des responsables des achats pour octobre ont indiqué que la croissance économique mondiale continuait de ralentir, rapprochant ainsi les économies mondiales de la récession. La solidité des marchés du travail et la hausse incessante de l'inflation ont incité la plupart des banques centrales à rester dans une optique de nouvelles hausses des taux d’intérêt. Cependant, la Banque du Japon a maintenu sa politique très accommodante, même lorsque l’inflation sous-jacente s’est accélérée pour atteindre le plus haut niveau depuis huit ans et que la chute du yen a entraîné une hausse des coûts d’importation. Les perturbations de la chaîne d'approvisionnement mondiale se sont apaisées, bien que les tensions géopolitiques se soient exacerbées à mesure que la guerre en Ukraine s’est intensifiée et que les relations commerciales mondiales se sont tendues. Le Gouvernement américain a mis en place un ensemble de contrôles à l’exportation vers la Chine sur les technologies informatiques et de fabrication de semi-conducteurs de pointe, ce qui pourrait représenter le plus grand changement de politique américaine concernant les exportations technologiques vers la Chine depuis les années 1990. L'OPEP+ a accepté sa plus grande réduction de production de pétrole depuis le début de la pandémie, diminuant ainsi la production de deux millions de barils par jour. La Commission européenne a proposé de nouvelles mesures pour améliorer la stabilité sur les marchés du gaz en Europe et pour atténuer l'impact des prix élevés sur les ménages et les entreprises. | fr | es |
DOLFIN1518 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# FUND MANAGEMENT
Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. | This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. MARKETING COMMUNICATION. Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell units in Wellington Management Funds (Luxembourg) or Wellington Management Funds (Luxembourg) III SICAV (the Funds). Investment in the Funds may not be suitable for all investors. The Funds only accept professional clients or investment through financial advisers. Fund units are made available only in jurisdictions where such offer or solicitation is lawful. Please read the latest Key Investor Information Document (KIID) Prospectus, and latest annual report (and semi-annual report) before investing. For each country where the Funds are registered for sale, the prospectus and summary of investor rights in English, and the KIID in English and an official language), are available at the Funds Transfer Agent State Street Bank International GmbH, Luxembourg Branch, 49, Avenue J.F. Kennedy L - 1855 Luxembourg and from www.Wellington.com/KIIDs. The Funds are authorised and regulated as a UCITS scheme by the Commission de Surveillance du Secteur Financier. Complaints can be submitted to the Complaints Officer at WELLINGTON LUXEMBOURG S.à r.l, 33 avenue de la Liberté, L - 1931 Luxembourg, the complaint procedure is also available free of charge at this address. In addition, the CSSF is acting as an out-of-court resolution body. The Fund may decide to terminate marketing arrangements for shares in an EU Member State by giving 30 working days’ notice. | In Switzerland, the Fund offering documents can be obtained from the local Representative and Paying Agent, BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectuses are available in English, French and Swiss French. | Risk and Reward Profile: based on share class volatility. Historical data may not be a reliable indication for the future. Risk category shown is not guaranteed and may shift over time. The lowest category does not mean ‘risk free’. Please refer to page 2 for more details about risks. | # GESTIÓN DEL FONDO
Wellington Management Company LLP (WMC) es un asesor de inversiones independiente registrado en la Securities and Exchange Commission de EE. UU. WMC y sus filiales (en conjunto, Wellington Management) prestan servicios de gestión y asesoramiento de inversión a entidades de todo el mundo. | Este material y su contenido no podrán ser reproducidos ni distribuidos en parte ni en su totalidad sin el consentimiento expreso y por escrito de Wellington Management. COMUNICACIÓN RELATIVA A LA COMERCIALIZACIÓN. Ninguna parte de este documento debe considerarse con carácter de asesoramiento ni es una recomendación para vender o comprar participaciones de un fondo de Wellington Management Funds (Luxembourg) o de Wellington Management Funds (Luxembourg) III SICAV (los Fondos). La inversión en los Fondos podría no ser apta para todos los inversores. Los Fondos solo aceptan clientes profesionales o inversiones mediante asesores financieros. Las participaciones de los Fondos se ofertan únicamente en aquellas jurisdicciones en las que la ley permite su oferta o solicitud. Por favor, consulte el documento de datos fundamentales para el inversor (KIID) más reciente, el Folleto y el último informe anual (e informe semestral) antes de invertir. En cada país en el que los Fondos están registrados para su venta, se puede obtener el folleto y el resumen de los derechos de los inversores en inglés, y el KIID en inglés y en el idioma oficial, en el Agente de transferencia de los Fondos, State Street Bank International GmbH, Luxembourg Branch, 49, Avenue J.F. Kennedy L - 1855 Luxemburgo, y en www.Wellington.com/KIIDs. Los Fondos están autorizados y regulados como OICVM por la Commission de Surveillance du Secteur Financier. Las reclamaciones pueden presentarse al Agente de reclamaciones en WELLINGTON LUXEMBOURG S.à r.l, 33 avenue de la Liberté, L - 1931 Luxemburgo; el proceso de reclamación también está disponible de forma gratuita en esta dirección. Además, la CSSF actúa como órgano de resolución extrajudicial. El Fondo puede tomar la decisión de extinguir los acuerdos de comercialización de las acciones de un Estado miembro de la UE con un aviso de 30 días hábiles de antelación. | En Suiza, los documentos del Fondo podrán solicitarse al Representante y Agente de pagos local BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zúrich, Suiza. Los Folletos están en inglés, francés y francés suizo. | Perfil de riesgo y remuneración: basado en la volatilidad de la clase de acciones. Los datos históricos pueden no ser una indicación fiable del futuro. La categoría de riesgo no está garantizada, puede variar con el tiempo y la más baja no indica ausencia de riesgo. La página 2 ofrece más información sobre los riesgos. | # FUND MANAGEMENT
Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. | This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. MARKETING COMMUNICATION. Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell units in Wellington Management Funds (Luxembourg) or Wellington Management Funds (Luxembourg) III SICAV (the Funds). Investment in the Funds may not be suitable for all investors. The Funds only accept professional clients or investment through financial advisers. Fund units are made available only in jurisdictions where such offer or solicitation is lawful. Please read the latest Key Investor Information Document (KIID) Prospectus, and latest annual report (and semi-annual report) before investing. For each country where the Funds are registered for sale, the prospectus and summary of investor rights in English, and the KIID in English and an official language), are available at the Funds Transfer Agent State Street Bank International GmbH, Luxembourg Branch, 49, Avenue J.F. Kennedy L - 1855 Luxembourg and from www.Wellington.com/KIIDs. The Funds are authorised and regulated as a UCITS scheme by the Commission de Surveillance du Secteur Financier. Complaints can be submitted to the Complaints Officer at WELLINGTON LUXEMBOURG S.à r.l, 33 avenue de la Liberté, L - 1931 Luxembourg, the complaint procedure is also available free of charge at this address. In addition, the CSSF is acting as an out-of-court resolution body. The Fund may decide to terminate marketing arrangements for shares in an EU Member State by giving 30 working days’ notice. | In Switzerland, the Fund offering documents can be obtained from the local Representative and Paying Agent, BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectuses are available in English, French and Swiss French. | Risk and Reward Profile: based on share class volatility. Historical data may not be a reliable indication for the future. Risk category shown is not guaranteed and may shift over time. The lowest category does not mean ‘risk free’. Please refer to page 2 for more details about risks. | en | es |
DOLFIN1519 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Copies of the contracts mentioned above are available for inspection, and copies of the Articles, the current Prospectus, the current Key Investor Information Documents and the latest financial reports may be obtained free of charge during normal office hours at the Registered Office of the Fund in Luxembourg. The Articles and reports form an integral part of this Prospectus.
Additional information is made available by the Management Company at its Registered Office, upon request, in accordance with the provisions of Luxembourg laws and regulations. This additional information includes the procedures relating to complaints handling, the strategy followed for the exercise of voting rights of the Fund, the policy for placing orders to deal on behalf of the Fund with other entities, the best execution policy as well as the arrangements relating to the fee, commission or non-monetary benefit in relation to the investment management and administration of the Fund.
The following information will also be made available on the website www.jpmgloballiquidity.com at least on a weekly basis in accordance with the MMF Regulation;
- The maturity breakdown of the portfolio of the Sub-Funds;
- The credit profile of the Sub-Funds;
- The WAM and WAL of the Sub-Funds;
- Details of the 10 largest holdings in each Sub-Fund;
- The total value of the assets of the Sub-Funds;
- The net yield of the Sub-Funds. | Los contratos mencionados anteriormente están disponibles para su consulta en el domicilio social del Fondo en Luxemburgo, en el horario comercial habitual, donde pueden obtenerse asimismo ejemplares de los Estatutos, el Folleto en vigor, los Documentos de datos fundamentales para el inversor y los informes financieros más recientes de forma gratuita. Los Estatutos y los informes forman parte integrante del presente Folleto.
Puede obtenerse información adicional en el domicilio social de la Sociedad gestora, previa solicitud, conforme a lo previsto en las disposiciones legales y reglamentarias de Luxemburgo. Esta información adicional incluye los procedimientos relativos a la gestión de las reclamaciones, la estrategia aplicada para el ejercicio de los derechos de voto del Fondo, la política de impartición de órdenes para negociar en nombre del Fondo con otras entidades, la política de ejecución óptima, así como los pactos relativos a las comisiones, los honorarios o las remuneraciones no pecuniarias que deban abonarse en relación con la gestión de las inversiones y la administración del Fondo.
La siguiente información también estará disponible en el sitio web www.jpmgloballiquidity.com al menos una vez por semana, de conformidad con el Reglamento sobre FMM;
- El desglose por vencimientos de la cartera de los Subfondos;
- El perfil de crédito de los Subfondos;
- El vencimiento medio ponderado y la vida media ponderada de los Subfondos;
- Información sobre las diez mayores posiciones de cada Subfondo;
- El valor total de los activos de los Subfondos;
- El rendimiento neto de los Subfondos. | Copies of the contracts mentioned above are available for inspection, and copies of the Articles, the current Prospectus, the current Key Investor Information Documents and the latest financial reports may be obtained free of charge during normal office hours at the Registered Office of the Fund in Luxembourg. The Articles and reports form an integral part of this Prospectus.
Additional information is made available by the Management Company at its Registered Office, upon request, in accordance with the provisions of Luxembourg laws and regulations. This additional information includes the procedures relating to complaints handling, the strategy followed for the exercise of voting rights of the Fund, the policy for placing orders to deal on behalf of the Fund with other entities, the best execution policy as well as the arrangements relating to the fee, commission or non-monetary benefit in relation to the investment management and administration of the Fund.
The following information will also be made available on the website www.jpmgloballiquidity.com at least on a weekly basis in accordance with the MMF Regulation;
- The maturity breakdown of the portfolio of the Sub-Funds;
- The credit profile of the Sub-Funds;
- The WAM and WAL of the Sub-Funds;
- Details of the 10 largest holdings in each Sub-Fund;
- The total value of the assets of the Sub-Funds;
- The net yield of the Sub-Funds. | en | es |
DOLFIN1520 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Report of the Board of Directors of the Fund to the Shareholders (continued)
##### The Board
The Directors of the Fund are responsible for supervising the Fund in accor- dance with its articles of incorporation, prospectus, and laws and regulations applicable to Luxembourg investment funds. The names and addresses of the Directors are listed with their principal occupations in the Management and Administration section of this report. More detailed biographical informa- tion is disclosed on the Fund’s website at global.matthewsasia.com.
The Board holds formal Board meetings at least four times a year. At the Board meetings, the Directors review the management of the Fund’s assets and all other significant matters to ensure that the Directors maintain overall control and supervision of the Fund’s affairs. The Board is responsible for the appointment and monitoring of all service providers to the Fund.
The Directors are kept fully informed of investment and financial controls and other matters relevant to the business of the Fund. The Directors are responsible for ensuring that the Fund’s annual report, including the audited financial statements, are prepared in accordance with Luxembourg GAAP and applicable legal and regulatory requirements.
##### Internal Controls
The Board is also ultimately responsible for the Fund’s system of internal controls and for reviewing its effectiveness. The Board confirms that there is an ongoing process for identifying, evaluating, and managing the significant risks faced by the Fund.
##### The Annual General Meeting
The annual general meeting of the shareholders is expected to be held on the third Tuesday of August, which is 16 August 2022. Notice and agenda of the meeting will be sent to shareholders prior to the meeting.
The Board of Directors Matthews Asia Funds SICAV
24 June 2022 | # Bericht des Verwaltungsrats des Fonds an die Anteilinhaber (Fortsetzung)
#### Der Verwaltungsrat
Der Verwaltungsrat des Fonds ist dafür verantwortlich, den Fonds im Ein- klang mit der Satzung, dem Verkaufsprospekt sowie den Gesetzen und Vor- schriften für Luxemburger Investmentfonds zu überwachen. Die Namen und Adressen der Verwaltungsratsmitglieder sind zusammen mit ihren Hauptbe- schäftigungen im Abschnitt Management und Verwaltung des vorliegenden Berichts aufgeführt. Nähere biografische Daten sind auf der Website des Fonds unter global.matthewsasia.com zu finden.
Der Verwaltungsrat hält mindestens viermal pro Jahr formelle Verwaltungs- ratssitzungen ab. Bei den Verwaltungsratssitzungen überprüfen die Verwal- tungsratsmitglieder die Verwaltung des Fondsvermögens und andere wesentliche Sachverhalte, um eine umfassende Kontrolle und Aufsicht der Fondsbelange durch die Verwaltungsratsmitglieder sicherzustellen. Der Ver- waltungsrat trägt die Verantwortung für die Ernennung und Überwachung sämtlicher Dienstleister des Fonds.
Die Verwaltungsratsmitglieder werden vollständig über die Investitions- und Finanzkontrollinstrumente sowie über andere für das Fondsgeschäft rele- vante Belange informiert. Die Verwaltungsratsmitglieder sind dafür verant- wortlich, dass der Jahresbericht des Fonds, einschliesslich des geprüften Jahresabschlusses, im Einklang mit den in Luxemburg allgemein anerkann- ten Rechnungslegungsvorschriften und anzuwendenden gesetzlichen und aufsichtsrechtlichen Bestimmungen und Verordnungen erstellt wird.
#### Interne Kontrollen
Schlussendlich ist der Verwaltungsrat auch für das interne Kontrollsystem des Fonds und die Überwachung seiner Wirksamkeit verantwortlich. Der Ver- waltungsrat bestätigt, dass ein kontinuierlicher Prozess zur Identifizierung, Bewertung und Verwaltung der wesentlichen Fondsrisiken läuft.
#### Die Jahreshauptversammlung
Die Jahreshauptversammlung der Anteilinhaber ist für den dritten Dienstag im August, also den 16. August 2022, anberaumt. Die Einladung und Tages- ordnung zur Jahreshauptversammlung werden den Anteilinhabern im Voraus zugesandt.
Der Verwaltungsrat Matthews Asia Funds SICAV
24. Juni 2022 | # Report of the Board of Directors of the Fund to the Shareholders (continued)
##### The Board
The Directors of the Fund are responsible for supervising the Fund in accor- dance with its articles of incorporation, prospectus, and laws and regulations applicable to Luxembourg investment funds. The names and addresses of the Directors are listed with their principal occupations in the Management and Administration section of this report. More detailed biographical informa- tion is disclosed on the Fund’s website at global.matthewsasia.com.
The Board holds formal Board meetings at least four times a year. At the Board meetings, the Directors review the management of the Fund’s assets and all other significant matters to ensure that the Directors maintain overall control and supervision of the Fund’s affairs. The Board is responsible for the appointment and monitoring of all service providers to the Fund.
The Directors are kept fully informed of investment and financial controls and other matters relevant to the business of the Fund. The Directors are responsible for ensuring that the Fund’s annual report, including the audited financial statements, are prepared in accordance with Luxembourg GAAP and applicable legal and regulatory requirements.
##### Internal Controls
The Board is also ultimately responsible for the Fund’s system of internal controls and for reviewing its effectiveness. The Board confirms that there is an ongoing process for identifying, evaluating, and managing the significant risks faced by the Fund.
##### The Annual General Meeting
The annual general meeting of the shareholders is expected to be held on the third Tuesday of August, which is 16 August 2022. Notice and agenda of the meeting will be sent to shareholders prior to the meeting.
The Board of Directors Matthews Asia Funds SICAV
24 June 2022 | en | de |
DOLFIN1521 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
This SICAV consists of compartments, and its latest consolidated annual report is available from CA Indosuez Wealth (Asset Management). The assets in each compartment are segregated from the other compartments in the SICAV.
The Fund offers other units for the investor categories set out in its prospectus.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
Depending on your tax regime, any capital gains and income arising from the ownership of shares in the Fund may be subject to taxation. We advise you to consult your financial advisor for more information on taxation.
CA Indosuez Wealth (Asset Management) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
The Fund is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
This key investor information is accurate as at 18 February 2022.
The ISIN code LU1073905298 (G USD) represents the following unit: LU1073905454 (GX USD)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | # INFORMACIÓN PRÁCTICA
Depositario: CACEIS Bank, Luxembourg Branch
El último folleto y los últimos documentos normativos periódicos, así como otra información práctica, están disponibles en francés de forma gratuita en CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Gran Ducado de Luxemburgo.
Esta SICAV se divide en varios compartimentos y su último informe anual consolidado está disponible en CA Indosuez Wealth (Asset Management). Los activos de cada compartimento están separados del resto de compartimentos que forman la SICAV.
El Fondo ofrece otras clases de acciones para las categorías de inversores definidas en su folleto.
Se puede solicitar el valor liquidativo a la Sociedad Gestora o consultarlo en los sitios web: www.fundsquare.net y www.ca-indosuez-am.com.
Encontrará información detallada y actualizada de la política remunerativa, que incluye, en particular, una descripción de la forma en que se calculan la remuneración y los beneficios, la identidad de las personas responsables de hacerlo y, en su caso, la composición del comité de remuneraciones, en la página web http://www.ca-indosuez-am.com/Es/compliance. Se podrá obtener gratuitamente un ejemplar en papel de dicha información previa solicitud.
En función de su régimen fiscal, las plusvalías o los ingresos derivados de la posesión de acciones del Fondo pueden estar sujetos a impuestos. Le recomendamos que consulte a su asesor financiero para obtener más información sobre el régimen fiscal.
CA Indosuez Wealth (Asset Management) únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes con respecto a las correspondientes secciones del folleto del Fondo.
El Fondo está autorizado en Luxemburgo y está sujeto a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) está autorizada en Luxemburgo y está sujeta a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
Los presentes datos fundamentales para el inversor son exactos a 18 de febrero de 2022.
El código ISIN LU1073905298 (G USD) corresponde a la siguiente acción:
LU1073905454 (GX USD)
En el caso de las participaciones de capitalización, los dividendos se reinvierten, mientras que, en el caso de las participaciones de distribución, los dividendos se reparten. | # PRACTICAL INFORMATION
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
This SICAV consists of compartments, and its latest consolidated annual report is available from CA Indosuez Wealth (Asset Management). The assets in each compartment are segregated from the other compartments in the SICAV.
The Fund offers other units for the investor categories set out in its prospectus.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
Depending on your tax regime, any capital gains and income arising from the ownership of shares in the Fund may be subject to taxation. We advise you to consult your financial advisor for more information on taxation.
CA Indosuez Wealth (Asset Management) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
The Fund is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
This key investor information is accurate as at 18 February 2022.
The ISIN code LU1073905298 (G USD) represents the following unit: LU1073905454 (GX USD)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | en | es |
DOLFIN1522 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
We communicate with those responsible for governance about the planned audit scope and time frame, as well as significant findings including material weaknesses in the internal control system identified within the framework of the audit.
Luxembourg, 13 March 2020 Ernst & Young
Société anonyme Cabinet de révision agréé
Nadia Faber | Wir kommunizieren mit den für die Überwachung Verantwortlichen, unter anderem den geplanten Prüfungsumfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren.
Luxemburg, 13. März 2020 Ernst & Young
Société anonyme Cabinet de révision agréé
Nadia Faber | We communicate with those responsible for governance about the planned audit scope and time frame, as well as significant findings including material weaknesses in the internal control system identified within the framework of the audit.
Luxembourg, 13 March 2020 Ernst & Young
Société anonyme Cabinet de révision agréé
Nadia Faber | en | de |
DOLFIN1523 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Entry costs | The impact of the costs you pay when entering your investment. This is the maximum you will pay and you could pay less. These costs are already included in the price you pay. | none | EUR 0 |
| --- | --- | --- | --- | --- |
| Exit costs | The impact of the costs of exiting your investment when it matures. This is the maximum you will pay and you could pay less. | 1.00% | EUR 100 |
| Conversion fees | If applicable. Please refer to the conversion sections of the prospectus for applicable situations and conditions. | 1.00% | EUR 100 |
| Ongoing costs (taken each year) | Management fees and other administrative or operating costs | The impact of the costs that we take each year for managing this Fund. This is an estimate based on actual costs over the last year. | 0.89% | EUR 89 |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for this Fund. The actual amount will vary depending on how much we buy and sell. | 0.21% | EUR 21 |
| Incidental costs taken under specific conditions | Performance fees and carried interest | | none | EUR 0 | | | Coûts ponctuels à l’entrée ou à la sortie | Coûts d’entrée | L’incidence des coûts que vous payez lorsque vous souscrivez à l’investissement. Il s’agit du montant maximal que vous pourriez avoir à payer, et il se peut que vous payiez moins. Ces coûts sont déjà compris dans le prix que vous payez. | néant | 0 EUR |
| --- | --- | --- | --- | --- |
| Coûts de sortie | L’impact des coûts liés à la revente de votre investissement à l’échéance. Il s’agit du montant maximal que vous pourriez avoir à payer, et il se peut que vous payiez moins. | 1,00% | 100 EUR |
| Frais de conversion | Le cas échéant. Veuillez consulter les sections du prospectus consacrées aux conversions pour connaître les situations et les conditions applicables. | 1,00% | 100 EUR |
| Coûts récurrents [prélevés chaque année] | Frais de gestion et autres frais administratifs et d’exploitation | L’incidence des frais que nous engageons chaque année pour gérer ce Fonds. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 0,89% | 89 EUR |
| Coûts de transaction | L’incidence des coûts d’achat et de vente des investissements sous-jacents de ce Fonds par nos soins. Le montant effectif peut varier en fonction des volumes achetés et vendus. | 0,21% | 21 EUR |
| Coûts accessoires prélevés sous certaines conditions | Commissions liées aux résultats et commission d’intéressement | | néant | 0 EUR | | | One-off costs upon entry or exit | Entry costs | The impact of the costs you pay when entering your investment. This is the maximum you will pay and you could pay less. These costs are already included in the price you pay. | none | EUR 0 |
| --- | --- | --- | --- | --- |
| Exit costs | The impact of the costs of exiting your investment when it matures. This is the maximum you will pay and you could pay less. | 1.00% | EUR 100 |
| Conversion fees | If applicable. Please refer to the conversion sections of the prospectus for applicable situations and conditions. | 1.00% | EUR 100 |
| Ongoing costs (taken each year) | Management fees and other administrative or operating costs | The impact of the costs that we take each year for managing this Fund. This is an estimate based on actual costs over the last year. | 0.89% | EUR 89 |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for this Fund. The actual amount will vary depending on how much we buy and sell. | 0.21% | EUR 21 |
| Incidental costs taken under specific conditions | Performance fees and carried interest | | none | EUR 0 | | en | fr |
DOLFIN1524 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### BL Global Flexible USD
The 2020 financial year was dominated by the crisis of the Covid-19 pandemic. The lockdown measures that were introduced in March to stop the spread of the coronavirus temporarily halted most services activities. As these represent the bulk of modern economies, this led to the worst recession in the post- war period. Public authorities also responded in historic proportions, with governments launching huge fiscal support measures and central banks massively expanding their asset purchase programmes. The gradual easing of social distancing measures from May onwards and government support measures fuelled a strong surge in activity, with most economic indicators recovering sharply from their March/April lows. The economic outlook for 2021 largely depends on the development of an effective vaccine that is universally accepted and widely available.
Inflationary pressures remained low in 2020 as the economic recession weighed on commodity prices and wages. In the longer term, however, uncertainties over the outlook for inflation have increased, with the growing interaction between fiscal and monetary authorities compounding the likelihood of persistently higher – even excessive – public spending.
Following the outbreak of the pandemic, the US Federal Reserve reduced its key interest rate to 0%. US government bond yields eased as a result, with the yield on the 10-year Treasury note declining from 1.66% in September 2019 to 0.68% in September 2020. In the eurozone, government bond yields were already very low a year ago, and therefore saw little change in 2020.
Although the MSCI World All Countries Total Return Net index in USD posted a rise of 10.44% during the year, volatility was very high throughout. After a promising start to the period from October 2019 to February 2020, equity markets recorded historic declines in March due to the recession triggered by the lockdown measures. Thanks to unprecedented support from the fiscal and monetary authorities, the economic situation stabilised and equity markets began a spectacular rebound. The US equity market performed best, driven by technology share prices, tech companies being the main beneficiaries of the health crisis. Europe was the worst-performing region, due in particular to significant weakness in the financial and energy sectors.
On the foreign exchange markets, the dollar depreciated against almost all currencies except the Norwegian krone and the Canadian dollar. Against the dollar, the Swiss franc gained 8.34%, the euro 7.54%, and the pound sterling 5.13%.
The fund manager maintained an active strategy throughout the financial year, focusing on investments in high-quality companies.
At the end of September 2020, BL Global Flexible USD was 89.6% invested in equities. Part of the equity exposure is hedged via the sale of equity index futures, reducing the net equity exposure to 5%. 3.9% of the fund is invested in US Treasury bonds. Cash accounted for 6.5% of the fund.
In terms of currencies, the fund is invested as follows: 80% in USD, 4.7% in CHF, 4.4% in EUR, 4.2% in JPY, 3% in GBP and 3.7% in other currencies, mainly those of emerging markets. At the end of September 2020, none of the currency exposure was hedged by foreign exchange futures.
The fund manager will continue to adapt the portfolio’s composition according to an analysis of the economic environment and the relative valuation of the various asset classes. | ### BL-Global Flexible USD
L’exercice 2020 fut dominé par la crise de la pandémie du COVID-19. Les mesures de confinement introduites en mars en vue d’enrayer la propagation du coronavirus ont temporairement mis à l’arrêt la plupart des activités de services représentant la majeure partie des économies modernes, engendrant la plus forte récession de la période d’après-guerre. La réaction des autorités publiques était également de dimension historique, les gouvernements lançant d’énormes mesures fiscales de soutien et les banques centrales étendant massivement leurs programmes d’achats d’actifs. L’assouplissement progressif des mesures de distanciation à partir du mois de mai et les mesures publiques de soutien ont suscité une forte reprise de l’activité, la plupart des indicateurs économiques s’étant fortement redressés depuis leur plus bas enregistré en mars/avril. Les perspectives économiques de 2021 dépendent principalement du développement d’un vaccin efficace, globalement accepté et disponible à grande échelle.
Les pressions inflationnistes sont restées faibles en 2020, la récession économique ayant pesé sur l’évolution des prix des matières premières et des salaires. A long terme, les incertitudes concernant
les perspectives d’inflation ont toutefois augmenté, l’interaction croissante entre autorités fiscales et monétaires augmentant la probabilité de dépenses publiques durablement supérieures, voire excessives.
Après l’éclatement de la pandémie, la Réserve fédérale aux Etats-Unis a ramené à son tour son principal taux directeur à 0%. En conséquence, les rendements à échéance des obligations d’Etat américaines se sont également détendus, celui du bon du trésor à 10 ans ayant reculé de 1,66% en septembre 2019 à 0,68% en septembre 2020. Dans la zone euro, les rendements à échéance des emprunts d’Etat étaient déjà très bas il y a un an, de sorte qu’ils ont peu bougé au cours de l’exercice 2020.
Bien que sur l’ensemble de l’exercice, l’indice MSCI World All Countries total return net en USD ait affiché une progression +10,44%, la volatilité était très importante en cours d’année. Après un début de période prometteur d’octobre 2019 à février 2020, les marchés boursiers ont enregistré en mars un recul d’une ampleur historique à la suite de la récession déclenchée par les mesures de confinement. Grâce au soutien sans précédent des autorités fiscales et monétaires, la situation économique s’est stabilisée et les marchés boursiers ont entamé un rebond spectaculaire. La bourse américaine a été la plus performante, portée par l’appréciation des cours boursiers des entreprises technologiques, ces dernières étant les principaux bénéficiaires de la crise sanitaire. L’Europe a été la région la moins performante, en raison notamment de la faiblesse importante des secteurs de la finance et de l’énergie.
Sur les marchés des changes, le dollar s’est déprécié contre pratiquement toutes les devises sauf la couronne norvégienne et le dollar canadien. Le franc suisse a gagné 8,34% contre le dollar L’euro a progressé de 7,54% contre le dollar et la livre sterling a gagné 5,13% contre le billet vert.
Le gestionnaire a maintenu une stratégie active tout au long de l’année sociale en privilégiant des investissements dans des sociétés de qualité.
A fin septembre 2020, le compartiment BL-Global Flexible USD est investi à 89,6 % en actions. Une partie de l’exposition en actions est couverte à travers la vente de futures sur des indices boursiers de sorte que l’exposition nette en actions n’est que de 57 %. Le compartiment est investi pour 3,9 % dans des obligations du Trésor américain. Les liquidités représentent 6,5 % du compartiment.
Au niveau des devises, le compartiment est investi à 80 % en USD, 4,7% en CHF, 4,4% en EUR, 4,2% en JPY, 3 % en GBP et 3,7 % en autres devises notamment celles des pays émergents. A fin septembre 2020 aucune exposition devise n’est couverte par des changes à terme.
Le gestionnaire continuera à adapter la composition du portefeuille en fonction de l’analyse de l’environnement économique et de la valorisation relative des différentes classes d’actifs. | ### BL Global Flexible USD
The 2020 financial year was dominated by the crisis of the Covid-19 pandemic. The lockdown measures that were introduced in March to stop the spread of the coronavirus temporarily halted most services activities. As these represent the bulk of modern economies, this led to the worst recession in the post- war period. Public authorities also responded in historic proportions, with governments launching huge fiscal support measures and central banks massively expanding their asset purchase programmes. The gradual easing of social distancing measures from May onwards and government support measures fuelled a strong surge in activity, with most economic indicators recovering sharply from their March/April lows. The economic outlook for 2021 largely depends on the development of an effective vaccine that is universally accepted and widely available.
Inflationary pressures remained low in 2020 as the economic recession weighed on commodity prices and wages. In the longer term, however, uncertainties over the outlook for inflation have increased, with the growing interaction between fiscal and monetary authorities compounding the likelihood of persistently higher – even excessive – public spending.
Following the outbreak of the pandemic, the US Federal Reserve reduced its key interest rate to 0%. US government bond yields eased as a result, with the yield on the 10-year Treasury note declining from 1.66% in September 2019 to 0.68% in September 2020. In the eurozone, government bond yields were already very low a year ago, and therefore saw little change in 2020.
Although the MSCI World All Countries Total Return Net index in USD posted a rise of 10.44% during the year, volatility was very high throughout. After a promising start to the period from October 2019 to February 2020, equity markets recorded historic declines in March due to the recession triggered by the lockdown measures. Thanks to unprecedented support from the fiscal and monetary authorities, the economic situation stabilised and equity markets began a spectacular rebound. The US equity market performed best, driven by technology share prices, tech companies being the main beneficiaries of the health crisis. Europe was the worst-performing region, due in particular to significant weakness in the financial and energy sectors.
On the foreign exchange markets, the dollar depreciated against almost all currencies except the Norwegian krone and the Canadian dollar. Against the dollar, the Swiss franc gained 8.34%, the euro 7.54%, and the pound sterling 5.13%.
The fund manager maintained an active strategy throughout the financial year, focusing on investments in high-quality companies.
At the end of September 2020, BL Global Flexible USD was 89.6% invested in equities. Part of the equity exposure is hedged via the sale of equity index futures, reducing the net equity exposure to 5%. 3.9% of the fund is invested in US Treasury bonds. Cash accounted for 6.5% of the fund.
In terms of currencies, the fund is invested as follows: 80% in USD, 4.7% in CHF, 4.4% in EUR, 4.2% in JPY, 3% in GBP and 3.7% in other currencies, mainly those of emerging markets. At the end of September 2020, none of the currency exposure was hedged by foreign exchange futures.
The fund manager will continue to adapt the portfolio’s composition according to an analysis of the economic environment and the relative valuation of the various asset classes. | en | fr |
DOLFIN1525 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Statement of Operations and Changes in Net Assets
## For the year ended 31 March 2022
| | | Asia Total Return Bond Fund (USD) | | Asia Credit Opportunities Fund (USD) | | Asia Dividend Fund (USD) | | Asia ex Japan Dividend Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE YEAR | | 77,412,104 | | 22,172,071 | | 232,395,569 | | 407,629,711 |
| INCOME | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | 557 | | – | | 3,488,709 | | 7,719,896 |
| Interest income, net of foreign withholding tax (note 2I) | | 3,702,405 | | 1,291,536 | | 3,063 | | 6,702 |
| Other income | | – | | – | | – | | – |
| TOTAL INCOME | | 3,702,962 | | 1,291,536 | | 3,491,772 | | 7,726,598 |
| EXPENSES | | | | | | | | |
| Overdraft interest on bank accounts | | – | | 42 | | 754 | | 665 |
| Management fees and administration fees (note 4) | | 612,110 | | 209,181 | | 2,542,635 | | 4,715,497 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 79,610 | | 88,068 | | 177,056 | | 400,120 |
| Professional fees (note 7) | | 25,833 | | 9,923 | | 135,953 | | 165,634 |
| Directors fee (note 8) | | 5,605 | | 2,561 | | 8,511 | | 23,654 |
| Depositary fees (note 5) | | 23,506 | | 26,803 | | 95,051 | | 283,236 |
| Taxe d'abonnement (note 9A) | | 9,840 | | 13,523 | | 112,954 | | 222,595 |
| Transaction costs (note 10) | | 10,987 | | 2,920 | | 531,436 | | 1,461,431 |
| Other expenses (note 7 and note 8) | | 80,681 | | 56,842 | | 311,556 | | 297,842 |
| TOTAL EXPENSES | | 848,172 | | 409,863 | | 3,915,906 | | 7,570,674 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 239,485 | | 64,778 | | 620,611 | | 1,930,044 |
| NET INVESTMENT INCOME/(LOSS) | | 3,094,275 | | 946,451 | | 196,477 | | 2,085,968 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 488,893 | | (636,343) | | 7,304,830 | | (12,645,222) |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | (709,009) | | 203 | | 4,865 | | 18,438 |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | 97,947 | | – | | – | | – |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | 1,698 | | 2,317 | | (71,803) | | (339,570) |
| Net realized gain/(loss) for the year | | (120,471) | | (633,823) | | 7,237,892 | | (12,966,354) |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (9,236,721) | | (3,533,125) | | (41,409,949) | | (51,800,131) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | – | | – | | – | | (222,482) |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | 288,733 | | – | | – | | – |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | (116,312) | | – | | – | | – |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | 4,193 | | 2,870 | | 49,671 | | 110,699 |
| Net change in unrealized gain/(loss) for the year | | (9,060,107) | | (3,530,255) | | (41,360,278) | | (51,911,914) |
| Increase/(decrease) in net assets as a result of operations | | (6,086,303) | | (3,217,627) | | (33,925,909) | | (62,792,300) |
| Subscriptions | | 1,715,252 | | 18,407,223 | | 62,085,999 | | 309,178,028 |
| Redemptions | | (4,865,370) | | (6,999,636) | | (77,432,774) | | (112,525,097) |
| Dividend distributions (note 13) | | (2,847,387) | | (1,342,606) | | (1,493,029) | | (5,860,783) |
| NET ASSETS AT THE END OF THE YEAR | | 65,328,296 | | 29,019,425 | | 181,629,856 | | 535,629,559 |
The accompanying notes form an integral part of these financial statements. | # Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens
## Für das Geschäftsjahr, das zum 31. März 2022 endete
| | | Asia Total Return Bond Fund (USD) | | Asia Credit Opportunities Fund (USD) | | Asia Dividend Fund (USD) | | Asia ex Japan Dividend Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NETTOVERMÖGEN ZU BEGINN DES GESCHÄFTSJAHRES | | 77.412.104 | | 22.172.071 | | 232.395.569 | | 407.629.711 |
| EINNAHMEN | | | | | | | | |
| Dividendenertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 557 | | – | | 3.488.709 | | 7.719.896 |
| Zinsertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 3.702.405 | | 1.291.536 | | 3.063 | | 6.702 |
| Sonstige Erträge | | – | | – | | – | | – |
| SUMME DER ERTRÄGE | | 3.702.962 | | 1.291.536 | | 3.491.772 | | 7.726.598 |
| AUFWENDUNGEN | | | | | | | | |
| Überziehungszinsen des Bankkontos | | – | | 42 | | 754 | | 665 |
| Management- und Verwaltungsgebühren (Erläuterung 4) | | 612.110 | | 209.181 | | 2.542.635 | | 4.715.497 |
| Domizilierungs-, Verwaltungs- und Transfergebühren (Erläuterung 5 und Erläuterung 6) | | 79.610 | | 88.068 | | 177.056 | | 400.120 |
| Honorare (Erläuterung 7) | | 25.833 | | 9.923 | | 135.953 | | 165.634 |
| Gebühren für Verwaltungsratsmitglieder (Erläuterung 8) | | 5.605 | | 2.561 | | 8.511 | | 23.654 |
| Depotbank-Gebühren (Erläuterung 5) | | 23.506 | | 26.803 | | 95.051 | | 283.236 |
| Taxe d'abonnement (Erläuterung 9A) | | 9.840 | | 13.523 | | 112.954 | | 222.595 |
| Transaktionskosten (Erläuterung 10) | | 10.987 | | 2.920 | | 531.436 | | 1.461.431 |
| Sonstige Aufwendungen (Erläuterung 7 und Erläuterung 8) | | 80.681 | | 56.842 | | 311.556 | | 297.842 |
| SUMME DER AUFWENDUNGEN | | 848.172 | | 409.863 | | 3.915.906 | | 7.570.674 |
| Erlassene Beratungsgebühren und erstattete Aufwendungen (Erläuterung 2J) | | 239.485 | | 64.778 | | 620.611 | | 1.930.044 |
| NETTOANLAGEGEWINNE/(-VERLUSTE) | | 3.094.275 | | 946.451 | | 196.477 | | 2.085.968 |
| Realisierter Nettogewinn/(-verlust) aus dem Verkauf von Anlagen (Erläuterung 2D) | | 488.893 | | (636.343) | | 7.304.830 | | (12.645.222) |
| Realisierter Nettogewinn/(-verlust) aus Devisenterminkontrakten (Erläuterung 2E) | | (709.009) | | 203 | | 4.865 | | 18.438 |
| Realisierter Nettogewinn/(Verlust) aus Zinsswap-Verträgen (Erläuterung 2F) | | 97.947 | | – | | – | | – |
| Realisierter Nettogewinn/(-verlust) aus Wechselkursen (Erläuterung 2G) | | 1.698 | | 2.317 | | (71.803) | | (339.570) |
| Realisierter Nettogewinn/(-verlust) im Geschäftsjahr | | (120.471) | | (633.823) | | 7.237.892 | | (12.966.354) |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus dem Verkauf von Anlagen (Erläuterung 2D) | | (9.236.721) | | (3.533.125) | | (41.409.949) | | (51.800.131) |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus der Rückstellung für ausländische Steuern (Erläuterung 9B) | | – | | – | | – | | (222.482) |
| Nettoveränderung der nicht realisierten Gewinne/(Verluste) aus Devisenterminkontrakten (Erläuterung 2E) | | 288.733 | | – | | – | | – |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus Zinsswap- Verträgen (Erläuterung 2F) | | (116.312) | | – | | – | | – |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus Wechselkursen (Erläuterung 2G) | | 4.193 | | 2.870 | | 49.671 | | 110.699 |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) im Geschäftsjahr | | (9.060.107) | | (3.530.255) | | (41.360.278) | | (51.911.914) |
| Zunahme/(Abnahme) des Nettovermögens infolge Geschäftstätigkeit | | (6.086.303) | | (3.217.627) | | (33.925.909) | | (62.792.300) |
| Zeichnungen | | 1.715.252 | | 18.407.223 | | 62.085.999 | | 309.178.028 |
| Rücknahmen | | (4.865.370) | | (6.999.636) | | (77.432.774) | | (112.525.097) |
| Dividendenausschüttungen (Erläuterung 13) | | (2.847.387) | | (1.342.606) | | (1.493.029) | | (5.860.783) |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSJAHRES | | 65.328.296 | | 29.019.425 | | 181.629.856 | | 535.629.559 |
Die beigefügten Erläuterungen sind integraler Bestandteil dieses Jahresabschlusses. | # Statement of Operations and Changes in Net Assets
## For the year ended 31 March 2022
| | | Asia Total Return Bond Fund (USD) | | Asia Credit Opportunities Fund (USD) | | Asia Dividend Fund (USD) | | Asia ex Japan Dividend Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE YEAR | | 77,412,104 | | 22,172,071 | | 232,395,569 | | 407,629,711 |
| INCOME | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | 557 | | – | | 3,488,709 | | 7,719,896 |
| Interest income, net of foreign withholding tax (note 2I) | | 3,702,405 | | 1,291,536 | | 3,063 | | 6,702 |
| Other income | | – | | – | | – | | – |
| TOTAL INCOME | | 3,702,962 | | 1,291,536 | | 3,491,772 | | 7,726,598 |
| EXPENSES | | | | | | | | |
| Overdraft interest on bank accounts | | – | | 42 | | 754 | | 665 |
| Management fees and administration fees (note 4) | | 612,110 | | 209,181 | | 2,542,635 | | 4,715,497 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 79,610 | | 88,068 | | 177,056 | | 400,120 |
| Professional fees (note 7) | | 25,833 | | 9,923 | | 135,953 | | 165,634 |
| Directors fee (note 8) | | 5,605 | | 2,561 | | 8,511 | | 23,654 |
| Depositary fees (note 5) | | 23,506 | | 26,803 | | 95,051 | | 283,236 |
| Taxe d'abonnement (note 9A) | | 9,840 | | 13,523 | | 112,954 | | 222,595 |
| Transaction costs (note 10) | | 10,987 | | 2,920 | | 531,436 | | 1,461,431 |
| Other expenses (note 7 and note 8) | | 80,681 | | 56,842 | | 311,556 | | 297,842 |
| TOTAL EXPENSES | | 848,172 | | 409,863 | | 3,915,906 | | 7,570,674 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 239,485 | | 64,778 | | 620,611 | | 1,930,044 |
| NET INVESTMENT INCOME/(LOSS) | | 3,094,275 | | 946,451 | | 196,477 | | 2,085,968 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 488,893 | | (636,343) | | 7,304,830 | | (12,645,222) |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | (709,009) | | 203 | | 4,865 | | 18,438 |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | 97,947 | | – | | – | | – |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | 1,698 | | 2,317 | | (71,803) | | (339,570) |
| Net realized gain/(loss) for the year | | (120,471) | | (633,823) | | 7,237,892 | | (12,966,354) |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (9,236,721) | | (3,533,125) | | (41,409,949) | | (51,800,131) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | – | | – | | – | | (222,482) |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | 288,733 | | – | | – | | – |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | (116,312) | | – | | – | | – |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | 4,193 | | 2,870 | | 49,671 | | 110,699 |
| Net change in unrealized gain/(loss) for the year | | (9,060,107) | | (3,530,255) | | (41,360,278) | | (51,911,914) |
| Increase/(decrease) in net assets as a result of operations | | (6,086,303) | | (3,217,627) | | (33,925,909) | | (62,792,300) |
| Subscriptions | | 1,715,252 | | 18,407,223 | | 62,085,999 | | 309,178,028 |
| Redemptions | | (4,865,370) | | (6,999,636) | | (77,432,774) | | (112,525,097) |
| Dividend distributions (note 13) | | (2,847,387) | | (1,342,606) | | (1,493,029) | | (5,860,783) |
| NET ASSETS AT THE END OF THE YEAR | | 65,328,296 | | 29,019,425 | | 181,629,856 | | 535,629,559 |
The accompanying notes form an integral part of these financial statements. | en | de |
DOLFIN1526 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).
INVESTMENT PROCESS
Investment approach
- Uses an investment process based on macroeconomic research to identify global investment themes and opportunities.
- Flexible and focused approach to take advantage of global trends and changes through traditional and non-traditional assets.
- Fully integrated, risk management framework provides detailed portfolio analysis.
Share Class Benchmark ICE BofA SOFR Overnight Rate Index Total Return in USD Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Primarily invests, either directly or through derivatives, in debt securities, equities, convertible securities, currencies and cash and cash equivalents. Issuers of these securities may be located in any country, including emerging markets.
The Sub-Fund may also invest in below investment grade and unrated debt securities. The Sub-Fund may invest up to 10% of its assets in onshore PRC securities including China A-Shares through the China- Hong Kong Stock Connect Programmes and onshore debt securities issued within the PRC through China-Hong Kong Bond Connect. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir, en un horizonte a medio plazo (entre 2 y 3 años), una rentabilidad superior a la de su índice de referencia monetario, invirtiendo a escala mundial en una cartera de valores y recurriendo al uso de derivados cuando proceda. El Subfondo pretende registrar una volatilidad inferior a dos tercios de la volatilidad del MSCI All Country World (Total Return Net).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Aplica un proceso de inversión basado en el análisis macroeconómico con el fin de identificar temas y oportunidades de inversión a escala internacional.
- Enfoque flexible y concentrado para sacar partido de las tendencias y los cambios a escala mundial empleando activos tradicionales y no tradicionales.
- El sistema de gestión del riesgo totalmente integrado proporciona un análisis detallado de la cartera.
Índice de referencia de la Clase de Acciones ICE BofA SOFR Overnight Rate Index Total Return in USD Hedged to EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal Invierte principalmente, bien de forma directa, bien a través de derivados, en títulos de deuda, valores de renta variable, valores convertibles, divisas y efectivo y equivalentes de efectivo. Los emisores de estos valores podrán estar situados en cualquier país, incluidos los mercados emergentes.
Asimismo, el Subfondo podrá invertir en títulos de deuda con calificación inferior a investment grade y sin calificación. El Subfondo podrá invertir hasta un 10% de su patrimonio en títulos onshore de la RPC, incluidas las Acciones A de China, a través de los Programas «China-Hong Kong Stock Connect» y en títulos de deuda onshore emitidos en la RPC a través de China-Hong Kong Bond Connect.
Las asignaciones pueden variar significativamente, y el Subfondo podrá estar concentrado en determinados mercados, sectores o divisas o | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).
INVESTMENT PROCESS
Investment approach
- Uses an investment process based on macroeconomic research to identify global investment themes and opportunities.
- Flexible and focused approach to take advantage of global trends and changes through traditional and non-traditional assets.
- Fully integrated, risk management framework provides detailed portfolio analysis.
Share Class Benchmark ICE BofA SOFR Overnight Rate Index Total Return in USD Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Primarily invests, either directly or through derivatives, in debt securities, equities, convertible securities, currencies and cash and cash equivalents. Issuers of these securities may be located in any country, including emerging markets.
The Sub-Fund may also invest in below investment grade and unrated debt securities. The Sub-Fund may invest up to 10% of its assets in onshore PRC securities including China A-Shares through the China- Hong Kong Stock Connect Programmes and onshore debt securities issued within the PRC through China-Hong Kong Bond Connect. | en | es |
DOLFIN1527 | 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 Sub-Fund is actively managed. The MSCI ACF Asia ex-Japan TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests mainly in equity securities issued by companies with a clear and specific focus on Asia from Asian issuers or companies having their main activity in Asia excluding Japan. The Sub-Fund can also have an exposure to China by investing in A shares (issued by mainland China- based companies) through the Shanghai-Hong Kong Stock Connect. Investing in Asian countries may expose the Sub-Funds to local currency which may be only partially hedge. This exposure to emerging markets currencies may increase the volatility and the risk of the Sub-Fund. The Investment Manager will use its discretion with regard to the selection of issuers, countries (including emerging markets), sectors, assets classes,
size of companies and currencies. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI ACF Asia ex- Japan TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El subfondo invierte principalmente en títulos de renta variable emitidos por empresas con un enfoque claro y concreto hacia Asia o por emisores o empresas asiáticas cuya actividad principal se desarrolla en Asia (excluido Japón). El subfondo también puede tener exposición a China invirtiendo en acciones A (emitidas por empresas radicadas en la China continental) a través del Shanghai-Hong Kong Stock Connect. Invertir en países asiáticos podría exponer al subfondo a las divisas locales, que pueden tener cobertura solamente parcial. Esta exposición a divisas de mercados emergentes puede incrementar la volatilidad y el riesgo del subfondo. El gestor de inversiones aplicará discreción a la selección de emisores, países (incluidos mercados emergentes), sectores, clases de
activos, tamaño de las empresas y divisas. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI ACF Asia ex-Japan TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests mainly in equity securities issued by companies with a clear and specific focus on Asia from Asian issuers or companies having their main activity in Asia excluding Japan. The Sub-Fund can also have an exposure to China by investing in A shares (issued by mainland China- based companies) through the Shanghai-Hong Kong Stock Connect. Investing in Asian countries may expose the Sub-Funds to local currency which may be only partially hedge. This exposure to emerging markets currencies may increase the volatility and the risk of the Sub-Fund. The Investment Manager will use its discretion with regard to the selection of issuers, countries (including emerging markets), sectors, assets classes,
size of companies and currencies. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN1528 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Neuberger Berman US Small Cap Intrinsic Value Fund (Continued)
## Statement of Significant Purchases and Sales (Continued)
Total sales:
| Units | Security Description | Proceeds US$ |
| --- | --- | --- |
| 69,764 | Nuance Communications Inc | 3,766,596 |
| 215,199 | Cloudera Inc | 3,393,836 |
| 37,799 | Lydall Inc | 2,291,869 |
| 44,059 | Welbilt Inc | 1,044,262 |
| 27,345 | Luminex Corp | 1,006,271 |
| 13,271 | CoreLogic Inc | 987,063 |
| 12,497 | Talend SA ADR | 801,745 |
| 2,499 | Charles River Laboratories International Inc | 799,469 |
| 21,422 | MEDNAX Inc | 685,003 |
| 8,513 | Avis Budget Group Inc | 661,892 |
| 197,149 | Atlantic Power Corp | 572,832 |
| 10,334 | Stratasys Ltd | 496,199 |
| 9,462 | Patterson Cos Inc | 314,861 |
| 3,141 | Impinj Inc | 219,276 |
| 2,914 | MACOM Technology Solutions Holdings Inc | 179,501 |
| 1,766 | AtriCure Inc | 135,000 |
| 33,110 | Express Inc | 125,656 |
| 2,611 | Forum Energy Technologies Inc | 62,244 |
INTERIM REPORT 2021 393
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Neuberger Berman US Small Cap Intrinsic Value Fund (Fortsetzung)
## Aufstellung der wesentlichen Käufe und Verkäufe (Fortsetzung)
Verkäufe insgesamt:
| Anteile | Wertpapierbezeichnung | Erlöse US$ |
| --- | --- | --- |
| 69.764 | Nuance Communications Inc | 3.766.596 |
| 215.199 | Cloudera Inc | 3.393.836 |
| 37.799 | Lydall Inc | 2.291.869 |
| 44.059 | Welbilt Inc | 1.044.262 |
| 27.345 | Luminex Corp | 1.006.271 |
| 13.271 | CoreLogic Inc | 987.063 |
| 12.497 | Talend SA ADR | 801.745 |
| 2.499 | Charles River Laboratories International Inc | 799.469 |
| 21.422 | MEDNAX Inc | 685.003 |
| 8.513 | Avis Budget Group Inc | 661.892 |
| 197.149 | Atlantic Power Corp | 572.832 |
| 10.334 | Stratasys Ltd | 496.199 |
| 9.462 | Patterson Cos Inc | 314.861 |
| 3.141 | Impinj Inc | 219.276 |
| 2.914 | MACOM Technology Solutions Holdings Inc | 179.501 |
| 1.766 | AtriCure Inc | 135.000 |
| 33.110 | Express Inc | 125.656 |
| 2.611 | Forum Energy Technologies Inc | 62.244 |
HALBJAHRESBERICHT 2021 393
HALBJAHRESABSCHLUSS BERICHT DES INVESTMENT-MANAGERS | # Neuberger Berman US Small Cap Intrinsic Value Fund (Continued)
## Statement of Significant Purchases and Sales (Continued)
Total sales:
| Units | Security Description | Proceeds US$ |
| --- | --- | --- |
| 69,764 | Nuance Communications Inc | 3,766,596 |
| 215,199 | Cloudera Inc | 3,393,836 |
| 37,799 | Lydall Inc | 2,291,869 |
| 44,059 | Welbilt Inc | 1,044,262 |
| 27,345 | Luminex Corp | 1,006,271 |
| 13,271 | CoreLogic Inc | 987,063 |
| 12,497 | Talend SA ADR | 801,745 |
| 2,499 | Charles River Laboratories International Inc | 799,469 |
| 21,422 | MEDNAX Inc | 685,003 |
| 8,513 | Avis Budget Group Inc | 661,892 |
| 197,149 | Atlantic Power Corp | 572,832 |
| 10,334 | Stratasys Ltd | 496,199 |
| 9,462 | Patterson Cos Inc | 314,861 |
| 3,141 | Impinj Inc | 219,276 |
| 2,914 | MACOM Technology Solutions Holdings Inc | 179,501 |
| 1,766 | AtriCure Inc | 135,000 |
| 33,110 | Express Inc | 125,656 |
| 2,611 | Forum Energy Technologies Inc | 62,244 |
INTERIM REPORT 2021 393
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | de |
DOLFIN1529 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For specific information see Annex I to the Investment Conditions.
- margin lending transactionsA margin lending transactions is a transaction in which a counterparty grants credit in connection with the pur- chase, sale, holding or trade of securities, excepting other loans collateralised by securities (e.g. borrowing for the settlement of a share trading transaction).
- Total return swapsTotal return swaps are derivative transactions in which all income and value fluctuations of an underlying are exchanged for an agreed fixed interest payment. In this way, a contractual partner, the collateral taker, transfers the entire credit and market risk from the un- derlying to the other contractual partner, the collateral provider. In return, the collateral taker pays a premium to the collateral provider. The Management Company may carry out total return swaps for hedging purposes and as part of the investment strategy. In principle, all assets acquirable for the sub-fund can be the subject of a total return swap. Such transactions can involve up to 100% of the sub-fund assets. The Management Company anticipates that in an individual case no more than 50% of the sub-fund will be the subject of a total return swap. | Für spezifische Angaben siehe Anhang I der Anlage- bedingungen.
- LombardgeschäfteLombardgeschäft ist ein Geschäft, bei dem eine Ge- genpartei im Zusammenhang mit dem Kauf, Verkauf, Halten oder Handel von Wertpapieren einen Kredit ausreicht, ausgenommen sonstige Darlehen, die durch Sicherheiten in Form von Wertpapieren besi- chert sind (beispielsweise der Kreditaufnahme zur Ab- wicklung des Anteilsgeschäfts).
- Gesamtrendite-SwapsGesamtrendite-Swaps (total return swaps) sind Deri- vategeschäfte, durch die sämtliche Erträge und Wert- schwankungen eines Basiswerts gegen eine verein- barte feste Zinszahlung getauscht werden. Ein Ver- tragspartner, der Sicherungsnehmer, transferiert da- mit das gesamte Kredit- und Marktrisiko aus dem Ba- siswert auf den anderen Vertragspartner, den Siche- rungsgeber. Im Gegenzug zahlt der Sicherungsneh- mer eine Prämie an den Sicherungsgeber. Die Ver- waltungsgesellschaft kann Gesamtrendite-Swaps zu Absicherungszwecken und als Teil der Anlagestrategie tätigen. Grundsätzlich können alle für den Teilfonds er- werbbaren Vermögensgegenstände Gegenstand von Gesamtrendite-Swaps sein. Es dürfen bis zu 100 % des Teilfondsvermögens Gegenstand solcher Ge- schäfte sein. Die Verwaltungsgesellschaft erwartet, dass im Einzelfall nicht mehr als 50 % des Teilfonds- vermögens Gegenstand von Gesamtrendite-Swaps sind. | For specific information see Annex I to the Investment Conditions.
- margin lending transactionsA margin lending transactions is a transaction in which a counterparty grants credit in connection with the pur- chase, sale, holding or trade of securities, excepting other loans collateralised by securities (e.g. borrowing for the settlement of a share trading transaction).
- Total return swapsTotal return swaps are derivative transactions in which all income and value fluctuations of an underlying are exchanged for an agreed fixed interest payment. In this way, a contractual partner, the collateral taker, transfers the entire credit and market risk from the un- derlying to the other contractual partner, the collateral provider. In return, the collateral taker pays a premium to the collateral provider. The Management Company may carry out total return swaps for hedging purposes and as part of the investment strategy. In principle, all assets acquirable for the sub-fund can be the subject of a total return swap. Such transactions can involve up to 100% of the sub-fund assets. The Management Company anticipates that in an individual case no more than 50% of the sub-fund will be the subject of a total return swap. | en | de |
DOLFIN1530 | 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 USD |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,70% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 170 USD |
| Coûts de transaction | 0,44% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 44 USD |
| 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 USD | | | 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 USD |
| Costes de salida | No cobramos tasa de salida por este producto. | 0 USD |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,70% del valor de su instalación al año. Se trata de una estimación basada en los costes reales del año pasado. | 170 USD |
| Costes de operación | 0,44% 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. | 44 USD |
| 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 USD | | | 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 USD |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,70% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 170 USD |
| Coûts de transaction | 0,44% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 44 USD |
| 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 USD | | fr | es |
DOLFIN1531 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 305 USD | 1,557 USD |
| Annual cost impact (*) | 3.0% | 3.1% | | | Investimento: 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 305 USD | 1.557 USD |
| Incidenza annuale dei costi (*) | 3,0% | 3,1% | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 305 USD | 1,557 USD |
| Annual cost impact (*) | 3.0% | 3.1% | | en | it |
DOLFIN1532 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Product
What is this product?
Type
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
Objective
This actively managed sub-fund aims to achieve a steady capital growth while keeping volatility under control.
The sub-fund may invest in the following asset classes: up to 100% in interest-bearing securities, including up to 20% asset-backed or mortgage-backed securities and up to 5% in contingent convertible bonds; Investments in fixed-interest and floating-rate securities with a rating below BBB- may not exceed 10% of the Sub-Fund's net assets; up to 30% in equities and equity-like securities; up to 30% indirectly, in accordance with the legal requirements, in the alternative asset class, especially real estate, commodities and precious metals. The sub-fund may also conduct active currency management. The sub-fund may invest up to 100% of its net assets in money market instruments and cash. The Sub-Fund may also hold up to 20% of its net assets in bank deposits at sight.
The sub-fund may use derivatives to achieve the investment objective and for hedging purposes.
The currency of this class is continually hedged against the sub-fund's main currency. This hedging does not necessarily cover all currency risks. It entails costs which in turn reduce the share class' return.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Any income generated will be reinvested and included in the value of your shares.
The sub-fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
HI (hedged) shares are exclusively reserved for institutional investors.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The fund's depositary is RBC Investor Services Bank S.A.
This sub-fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this sub-fund are relevant for you as an investor. You can request the conversion of some or all of your shares in the sub-fund in accordance with the "Conversion of shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
Intended retail investor
The sub-fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have short to medium-term investment horizon and that have the ability to bear losses up to the amount they have invested in the sub-fund.
Term
The Shares do not have a maturity date. The PRIIP Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | # Prodotto
Cos’è questo prodotto?
Tipo
Il Fondo è stato costituito come société anonyme, un fondo aperto conforme alla legge modificata sugli organismi d'investimento collettivo del 17 dicembre 2010. Si tratta di un fondo d'investimento a ombrello, composto da diversi comparti tra cui il Comparto. Le Azioni sono una classe di azioni del Comparto.
Obiettivo
L'obiettivo di questo comparto a gestione attiva è conseguire una crescita costante del capitale controllando, al contempo, la volatilità.
Il comparto può investire nelle seguenti classi di attività: fino al 100% del patrimonio netto del Comparto in titoli fruttiferi, di cui fino al 20% in titoli garantiti da attività o da ipoteca e fino al 5% in obbligazioni convertibili contingenti; fino al 10% in titoli a tasso fisso e variabile con rating inferiore a BBB-; fino al 30% in azioni e titoli assimilabili ad azioni; fino al 30% indirettamente – in conformità con le disposizioni di legge – in investimenti alternativi e in particolare in immobili, materie prime e metalli preziosi. Il comparto può anche gestire attivamente posizioni valutarie. Il comparto può investire fino al 100% del patrimonio netto in strumenti del mercato monetario e in liquidità.
Inoltre, il Comparto può detenere fino al 20% del suo patrimonio netto in depositi bancari a vista.
Il comparto può utilizzare strumenti derivati sia per raggiungere l'obiettivo d'investimento sia a scopo di copertura.
La valuta di questa classe è coperta su base continuativa rispetto alla valuta principale del comparto. Tale copertura non offre necessariamente protezione da tutti i rischi valutari. Comporta costi che, a loro volta, riducono il rendimento della classe di azioni.
Rimborso di quote: giornaliero, nei giorni lavorativi delle banche in Lussemburgo (cfr. prospetto per dettagli ed eccezioni). Il reddito generato sarà reinvestito e incorporato nel valore delle azioni detenute dall'investitore.
Il comparto non viene gestito con riferimento a un benchmark. Entro le restrizioni d'investimento previste, il gestore gode della massima discrezionalità.
Le quote HI (hedged) sono riservate esclusivamente agli investitori istituzionali.
A seconda del periodo di detenzione minimo consigliato, il rendimento dipenderà dalla performance degli investimenti sottostanti. Il depositario del fondo è RBC Investor Services Bank S.A.
Questo comparto fa parte di un fondo multicomparto. I vari comparti sono separati dal punto di vista patrimoniale: solo le plusvalenze e le minusvalenze di questo comparto sono rilevanti ai fini dell'investitore. Ogni detentore di quote può, conformemente alla sezione “Conversion of Shares” del prospetto di vendita, richiedere lo scambio di tutte o di una parte delle sue quote, salvo ove diversamente previsto nella sezione speciale del prospetto di vendita.
Il prospetto di vendita, comprese le informazioni precontrattuali sull'SFDR, le relazioni semestrali e annuali aggiornate, i prezzi delle azioni e altre informazioni pratiche sono disponibili gratuitamente, in inglese e tedesco, all'indirizzo www.vontobel.com/AM
Investitore al dettaglio designato
Il comparto è destinato a investitori al dettaglio con conoscenza e/o esperienza in questo tipo di prodotti, che hanno ricevuto adeguata consulenza all'investimento, che hanno un orizzonte d'investimento a breve-medio termine e che sono in grado di tollerare anche la perdita dell'intera somma investita nel comparto.
Termine
Le Azioni non hanno una data di scadenza. L'ideatore del PRIIP può estinguere le Azioni unilateralmente. Le Azioni, il Comparto e il Fondo possono essere estinti anticipatamente e liquidati nei casi previsti dal prospetto e dallo statuto del Fondo. | # Product
What is this product?
Type
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
Objective
This actively managed sub-fund aims to achieve a steady capital growth while keeping volatility under control.
The sub-fund may invest in the following asset classes: up to 100% in interest-bearing securities, including up to 20% asset-backed or mortgage-backed securities and up to 5% in contingent convertible bonds; Investments in fixed-interest and floating-rate securities with a rating below BBB- may not exceed 10% of the Sub-Fund's net assets; up to 30% in equities and equity-like securities; up to 30% indirectly, in accordance with the legal requirements, in the alternative asset class, especially real estate, commodities and precious metals. The sub-fund may also conduct active currency management. The sub-fund may invest up to 100% of its net assets in money market instruments and cash. The Sub-Fund may also hold up to 20% of its net assets in bank deposits at sight.
The sub-fund may use derivatives to achieve the investment objective and for hedging purposes.
The currency of this class is continually hedged against the sub-fund's main currency. This hedging does not necessarily cover all currency risks. It entails costs which in turn reduce the share class' return.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Any income generated will be reinvested and included in the value of your shares.
The sub-fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
HI (hedged) shares are exclusively reserved for institutional investors.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The fund's depositary is RBC Investor Services Bank S.A.
This sub-fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this sub-fund are relevant for you as an investor. You can request the conversion of some or all of your shares in the sub-fund in accordance with the "Conversion of shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
Intended retail investor
The sub-fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have short to medium-term investment horizon and that have the ability to bear losses up to the amount they have invested in the sub-fund.
Term
The Shares do not have a maturity date. The PRIIP Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | en | it |
DOLFIN1533 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Credit Risk
The issuer of any debt security acquired by any Fund may default on its financial obligations. Moreover, the price of any debt security acquired by a Fund normally reflects the perceived risk of default of the issuer of that security at the time the Fund acquired the security. If after acquisition the perceived risk of default increases, the value of the security held by the Fund is likely to fall.
There are many factors that could cause an issuer to default on its financial obligations, or an increase in the perceived risk of default of an issuer. Among those factors are the deteriorating financial condition of the issuer caused by changes in demand for the issuer’s products or services, catastrophic litigation or the threat of catastrophic litigation and changes in laws, regulations and applicable tax regimes. The more concentrated the Fund is in a particular industry; the more likely it will be affected by factors that affect the financial condition of that industry as a whole. This includes systemic risks for Funds invested in the financial industry. | ##### Bonitätsrisiko
Der Emittent der von einem Fonds erworbenen Schuldverschreibungen kann unter Umständen seinen finanziellen Verpflichtungen nicht mehr nachkommen. In der Regel reflektiert der Kurs einer Schuldverschreibung das zum Kaufzeitpunkt bestehende, subjektiv wahrgenommene Risiko eines Zahlungsausfalls des Emittenten. Sollte sich das wahrgenommene Ausfallrisiko nach dem Kauf erhöhen, so dürfte der Wert des entsprechenden Wertpapiers im Fondsportfolio sinken.
Es gibt viele Faktoren, die dazu führen können, dass ein Emittent seinen finanziellen Verpflichtungen nicht mehr nachkommen kann bzw. dass das in Bezug auf einen Emittenten wahrgenommene Ausfallrisiko steigt. Zu diesen Faktoren zählt beispielsweise eine Verschlechterung der Finanzlage des Emittenten aufgrund einer veränderten Nachfrage nach seinen Produkten oder Leistungen, ruinöse Rechtsstreitigkeiten oder die Gefahr solcher Rechtsstreitigkeiten sowie Änderungen der Gesetzgebung, der aufsichtsrechtlichen Bestimmungen oder der geltenden Steuergesetzgebung. Je stärker der Fonds auf eine bestimmte Branche fokussiert ist, desto stärker ist er dem Einfluss von Faktoren ausgesetzt, die die Finanzlage dieser Branche insgesamt beeinträchtigen. Das umfasst auch systemische Risiken für Fonds, die in die Finanzbranche investieren. | ###### Credit Risk
The issuer of any debt security acquired by any Fund may default on its financial obligations. Moreover, the price of any debt security acquired by a Fund normally reflects the perceived risk of default of the issuer of that security at the time the Fund acquired the security. If after acquisition the perceived risk of default increases, the value of the security held by the Fund is likely to fall.
There are many factors that could cause an issuer to default on its financial obligations, or an increase in the perceived risk of default of an issuer. Among those factors are the deteriorating financial condition of the issuer caused by changes in demand for the issuer’s products or services, catastrophic litigation or the threat of catastrophic litigation and changes in laws, regulations and applicable tax regimes. The more concentrated the Fund is in a particular industry; the more likely it will be affected by factors that affect the financial condition of that industry as a whole. This includes systemic risks for Funds invested in the financial industry. | en | de |
DOLFIN1534 | 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 01 June 2006.
1.9
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 junio 2006.
1.9
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 01 June 2006.
1.9
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN1535 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Return Attribution Current Month in % (EUR) Risk Attribution (VaR 1M/95%) Current Month in % (EUR)
2.5 5.0
2.0 4.0
1.5 3.0
1.0 2.0
0.5 1.0
0.0
Equities Bonds Fund
0.0 | # Renditeattribution aktueller Monat in % (EUR) Risikoattribution (VaR 1M/95%) aktueller Monat in % (EUR)
2.5 5.0
2.0 4.0
1.5 3.0
1.0 2.0
0.5 1.0
0.0
Aktien Anleihen Fonds
0.0 | # Return Attribution Current Month in % (EUR) Risk Attribution (VaR 1M/95%) Current Month in % (EUR)
2.5 5.0
2.0 4.0
1.5 3.0
1.0 2.0
0.5 1.0
0.0
Equities Bonds Fund
0.0 | en | de |
DOLFIN1536 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# 6. Market Timing and Late Trading
The Company prohibits all transactions that it deems potentially detrimental to shareholder interests, including (but not limited to) market timing and late trading transactions. It is entitled to refuse any application for subscription or conversion that it considers to be allied to such practices. The Company is also entitled to take any action it deems necessary to protect shareholders from such practices.
- | # 6. Market Timing et Late Trading
La Société interdit toute transaction qu'elle juge potentiellement préjudiciable aux intérêts des actionnaires, y compris (mais sans s'y limiter) les opérations de market timing et de late trading. Elle est en droit de refuser toute demande de souscription ou de conversion qu'elle estime liée à de telles pratiques. La Société est également autorisée à prendre toute mesure qu'elle juge nécessaire pour protéger les actionnaires contre de telles pratiques.
- | # 6. Market Timing and Late Trading
The Company prohibits all transactions that it deems potentially detrimental to shareholder interests, including (but not limited to) market timing and late trading transactions. It is entitled to refuse any application for subscription or conversion that it considers to be allied to such practices. The Company is also entitled to take any action it deems necessary to protect shareholders from such practices.
- | en | fr |
DOLFIN1537 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Données relatives à la classe d'actions Classe d'actions ISIN CUSIP Rendem- Investissement OCF ✔Est couverte ent minimum annuel | 1 Mois | Performance 3 mois | Année | 1 an | Performance (Annualisée) 3 ans 5 ans Depuis le lancement | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| ✔ | CHF O Inc | IE00B4NJWB64 | G6440H449 | 4,69% | CHF 10.000 | 1,41% | -3,23% | 1,45% | 0,32% | -13,38% | -7,44% | -2,96% | 0,79% | 15.11.2011 |
| ✔ | CNH O Inc | IE00B3Q25270 | G6440H373 | 4,82% | CNH 70.000 | 1,41% | -3,13% | 1,89% | 0,56% | -11,20% | -4,41% | -0,70% | 4,11% | 17.09.2010 |
| ✔ | EUR D Acc | IE00BKLJQP28 | G6440P144 | --- | EUR 1.000 | 1,91% | -3,18% | 1,69% | 0,45% | -13,40% | -7,62% | --- | -6,82% | 16.12.2019 |
| ✔ | EUR O Acc | IE00B9C7ZM86 | G64695201 | --- | EUR 10.000 | 1,41% | -3,14% | 1,81% | 0,53% | -13,03% | -7,19% | -2,64% | 0,03% | 11.12.2013 |
| ✔ | EUR O Inc | IE00B6VW8H90 | G6440H464 | 4,63% | EUR 10.000 | 1,41% | -3,14% | 1,78% | 0,51% | -12,91% | -7,12% | -2,60% | 1,21% | 15.11.2011 |
| ✔ | GBP O Inc | IE00B40Z9H20 | G64695136 | 4,84% | GBP 10.000 | 1,41% | -2,96% | 2,30% | 0,87% | -11,57% | -6,33% | -1,63% | 2,80% | 18.09.2009 |
| ✔ | HKD O Inc | IE00BDGSPT20 | G6S695692 | 4,82% | HKD 50.000 | 1,41% | -3,11% | 2,46% | 0,74% | -11,30% | -5,80% | -0,88% | -0,61% | 13.10.2016 |
| ✔ | SGD O Inc | IE00B4X3Y349 | G6440H340 | 4,67% | SGD 13.250 | 1,41% | -3,02% | 2,45% | 0,85% | -10,97% | -5,83% | -0,89% | 2,45% | 14.01.2011 |
| --- | USD A Acc | IE00BJYJF338 | G6440N644 | --- | USD 1.000 | 1,54% | -2,91% | 2,68% | 1,04% | -10,54% | -5,55% | --- | -4,18% | 01.10.2019 |
| --- | USD A Inc | IE00BJYJF445 | G6440N651 | 4,95% | USD 1.000 | 1,54% | -2,91% | 2,68% | 1,03% | -10,56% | -5,55% | --- | -5,23% | 27.01.2020 |
| --- | USD N Acc | IE00BJYJF551 | G6440N669 | --- | USD 1.000 | 2,34% | -2,97% | 2,48% | 0,90% | -11,25% | -6,30% | --- | -5,47% | 16.12.2019 |
| --- | USD N Inc | IE00BJYJF668 | G6440N677 | 4,96% | USD 1.000 | 2,34% | -2,97% | 2,48% | 0,90% | -11,27% | -6,30% | --- | -5,38% | 12.12.2019 |
| --- | USD O Acc | IE00B8HR5X72 | G64695185 | --- | USD 10.000 | 1,39% | -2,90% | 2,72% | 1,06% | -10,41% | -5,41% | -0,31% | 1,76% | 12.09.2012 |
| --- | USD O Inc | IE00B6VQXN27 | G6440H514 | 4,95% | USD 10.000 | 1,39% | -2,90% | 2,72% | 1,06% | -10,42% | -5,41% | -0,32% | 2,85% | 15.11.2011 |
| --- | USD O Inc (M) | IE00BKDK1M51 | G6440N719 | 5,12% | USD 10.000 | 1,39% | -2,90% | 2,71% | 1,06% | -10,41% | -5,45% | --- | -4,22% | 04.11.2019 | | | Fecha de la clase de acciones Clase de acciones ISIN CUSIP Rendimie- Inversión mínima FCO ✔Está cubierto nto anual | 1 Mes | Rendimiento 3 meses | YTD | 1 años | Rendimiento (anualizada) 3 años 5 años Desde lanzamiento | Fecha de creación |
| --- | --- | --- | --- | --- | --- | --- |
| ✔ | CHF O Inc | IE00B4NJWB64 | G6440H449 | 4,69% | CHF 10.000 | 1,41% | -3,23% | 1,45% | 0,32% | -13,38% | -7,44% | -2,96% | 0,79% | 15.11.2011 |
| ✔ | CNH O Inc | IE00B3Q25270 | G6440H373 | 4,82% | CNH 70.000 | 1,41% | -3,13% | 1,89% | 0,56% | -11,20% | -4,41% | -0,70% | 4,11% | 17.09.2010 |
| ✔ | EUR D Acc | IE00BKLJQP28 | G6440P144 | --- | EUR 1.000 | 1,91% | -3,18% | 1,69% | 0,45% | -13,40% | -7,62% | --- | -6,82% | 16.12.2019 |
| ✔ | EUR O Acc | IE00B9C7ZM86 | G64695201 | --- | EUR 10.000 | 1,41% | -3,14% | 1,81% | 0,53% | -13,03% | -7,19% | -2,64% | 0,03% | 11.12.2013 |
| ✔ | EUR O Inc | IE00B6VW8H90 | G6440H464 | 4,63% | EUR 10.000 | 1,41% | -3,14% | 1,78% | 0,51% | -12,91% | -7,12% | -2,60% | 1,21% | 15.11.2011 |
| ✔ | GBP O Inc | IE00B40Z9H20 | G64695136 | 4,84% | GBP 10.000 | 1,41% | -2,96% | 2,30% | 0,87% | -11,57% | -6,33% | -1,63% | 2,80% | 18.09.2009 |
| ✔ | HKD O Inc | IE00BDGSPT20 | G6S695692 | 4,82% | HKD 50.000 | 1,41% | -3,11% | 2,46% | 0,74% | -11,30% | -5,80% | -0,88% | -0,61% | 13.10.2016 |
| ✔ | SGD O Inc | IE00B4X3Y349 | G6440H340 | 4,67% | SGD 13.250 | 1,41% | -3,02% | 2,45% | 0,85% | -10,97% | -5,83% | -0,89% | 2,45% | 14.01.2011 |
| --- | USD A Acc | IE00BJYJF338 | G6440N644 | --- | USD 1.000 | 1,54% | -2,91% | 2,68% | 1,04% | -10,54% | -5,55% | --- | -4,18% | 01.10.2019 |
| --- | USD A Inc | IE00BJYJF445 | G6440N651 | 4,95% | USD 1.000 | 1,54% | -2,91% | 2,68% | 1,03% | -10,56% | -5,55% | --- | -5,23% | 27.01.2020 |
| --- | USD N Acc | IE00BJYJF551 | G6440N669 | --- | USD 1.000 | 2,34% | -2,97% | 2,48% | 0,90% | -11,25% | -6,30% | --- | -5,47% | 16.12.2019 |
| --- | USD N Inc | IE00BJYJF668 | G6440N677 | 4,96% | USD 1.000 | 2,34% | -2,97% | 2,48% | 0,90% | -11,27% | -6,30% | --- | -5,38% | 12.12.2019 |
| --- | USD O Acc | IE00B8HR5X72 | G64695185 | --- | USD 10.000 | 1,39% | -2,90% | 2,72% | 1,06% | -10,41% | -5,41% | -0,31% | 1,76% | 12.09.2012 |
| --- | USD O Inc | IE00B6VQXN27 | G6440H514 | 4,95% | USD 10.000 | 1,39% | -2,90% | 2,72% | 1,06% | -10,42% | -5,41% | -0,32% | 2,85% | 15.11.2011 |
| --- | USD O Inc (M) | IE00BKDK1M51 | G6440N719 | 5,12% | USD 10.000 | 1,39% | -2,90% | 2,71% | 1,06% | -10,41% | -5,45% | --- | -4,22% | 04.11.2019 | | | Données relatives à la classe d'actions Classe d'actions ISIN CUSIP Rendem- Investissement OCF ✔Est couverte ent minimum annuel | 1 Mois | Performance 3 mois | Année | 1 an | Performance (Annualisée) 3 ans 5 ans Depuis le lancement | Date de lancement |
| --- | --- | --- | --- | --- | --- | --- |
| ✔ | CHF O Inc | IE00B4NJWB64 | G6440H449 | 4,69% | CHF 10.000 | 1,41% | -3,23% | 1,45% | 0,32% | -13,38% | -7,44% | -2,96% | 0,79% | 15.11.2011 |
| ✔ | CNH O Inc | IE00B3Q25270 | G6440H373 | 4,82% | CNH 70.000 | 1,41% | -3,13% | 1,89% | 0,56% | -11,20% | -4,41% | -0,70% | 4,11% | 17.09.2010 |
| ✔ | EUR D Acc | IE00BKLJQP28 | G6440P144 | --- | EUR 1.000 | 1,91% | -3,18% | 1,69% | 0,45% | -13,40% | -7,62% | --- | -6,82% | 16.12.2019 |
| ✔ | EUR O Acc | IE00B9C7ZM86 | G64695201 | --- | EUR 10.000 | 1,41% | -3,14% | 1,81% | 0,53% | -13,03% | -7,19% | -2,64% | 0,03% | 11.12.2013 |
| ✔ | EUR O Inc | IE00B6VW8H90 | G6440H464 | 4,63% | EUR 10.000 | 1,41% | -3,14% | 1,78% | 0,51% | -12,91% | -7,12% | -2,60% | 1,21% | 15.11.2011 |
| ✔ | GBP O Inc | IE00B40Z9H20 | G64695136 | 4,84% | GBP 10.000 | 1,41% | -2,96% | 2,30% | 0,87% | -11,57% | -6,33% | -1,63% | 2,80% | 18.09.2009 |
| ✔ | HKD O Inc | IE00BDGSPT20 | G6S695692 | 4,82% | HKD 50.000 | 1,41% | -3,11% | 2,46% | 0,74% | -11,30% | -5,80% | -0,88% | -0,61% | 13.10.2016 |
| ✔ | SGD O Inc | IE00B4X3Y349 | G6440H340 | 4,67% | SGD 13.250 | 1,41% | -3,02% | 2,45% | 0,85% | -10,97% | -5,83% | -0,89% | 2,45% | 14.01.2011 |
| --- | USD A Acc | IE00BJYJF338 | G6440N644 | --- | USD 1.000 | 1,54% | -2,91% | 2,68% | 1,04% | -10,54% | -5,55% | --- | -4,18% | 01.10.2019 |
| --- | USD A Inc | IE00BJYJF445 | G6440N651 | 4,95% | USD 1.000 | 1,54% | -2,91% | 2,68% | 1,03% | -10,56% | -5,55% | --- | -5,23% | 27.01.2020 |
| --- | USD N Acc | IE00BJYJF551 | G6440N669 | --- | USD 1.000 | 2,34% | -2,97% | 2,48% | 0,90% | -11,25% | -6,30% | --- | -5,47% | 16.12.2019 |
| --- | USD N Inc | IE00BJYJF668 | G6440N677 | 4,96% | USD 1.000 | 2,34% | -2,97% | 2,48% | 0,90% | -11,27% | -6,30% | --- | -5,38% | 12.12.2019 |
| --- | USD O Acc | IE00B8HR5X72 | G64695185 | --- | USD 10.000 | 1,39% | -2,90% | 2,72% | 1,06% | -10,41% | -5,41% | -0,31% | 1,76% | 12.09.2012 |
| --- | USD O Inc | IE00B6VQXN27 | G6440H514 | 4,95% | USD 10.000 | 1,39% | -2,90% | 2,72% | 1,06% | -10,42% | -5,41% | -0,32% | 2,85% | 15.11.2011 |
| --- | USD O Inc (M) | IE00BKDK1M51 | G6440N719 | 5,12% | USD 10.000 | 1,39% | -2,90% | 2,71% | 1,06% | -10,41% | -5,45% | --- | -4,22% | 04.11.2019 | | fr | es |
DOLFIN1538 | 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 | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 133 | 737 |
| Annual cost impact (%)² | 1.3% | 1.3% | | | En caso de salida después de: | 1 año | 5 años¹ |
| --- | --- | --- |
| Costes totales (EUR) | 133 | 737 |
| Incidencia anual de los costes (%)² | 1,3% | 1,3% | | | If you exit after: | 1 year | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 133 | 737 |
| Annual cost impact (%)² | 1.3% | 1.3% | | en | es |
DOLFIN1539 | 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 Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,940 EUR | 3,420 EUR |
| | Average return each year | -80.6 % | -19.3 % each year |
| Unfavourable | What you might get back after costs | 7,970 EUR | 9,160 EUR |
| | Average return each year | -20.3 % | -1.7 % each year |
| Moderate | What you might get back after costs | 10,330 EUR | 12,880 EUR |
| | Average return each year | 3.3 % | 5.2 % each year |
| Favourable | What you might get back after costs | 14,060 EUR | 17,210 EUR |
| | Average return each year | 40.6 % | 11.5 % each year | | | Periodo di detenzione raccomandato: 5 anni Esempio di investimento: 10.000 EUR |
| --- |
| Scenari | In caso di uscita dopo 1 ANNO | In caso di uscita dopo 5 ANNI |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. | |
| Scenario di stress | Possibile rimborso al netto dei costi | 1.940 EUR | 3.420 EUR |
| | Rendimento medio per ciascun anno | -80,6 % | -19,3 % per ANNO |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7.970 EUR | 9.160 EUR |
| | Rendimento medio per ciascun anno | -20,3 % | -1,7 % per ANNO |
| Scenario moderato | Possibile rimborso al netto dei costi | 10.330 EUR | 12.880 EUR |
| | Rendimento medio per ciascun anno | 3,3 % | 5,2 % per ANNO |
| Scenario favorevole | Possibile rimborso al netto dei costi | 14.060 EUR | 17.210 EUR |
| | Rendimento medio per ciascun anno | 40,6 % | 11,5 % per ANNO | | | Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,940 EUR | 3,420 EUR |
| | Average return each year | -80.6 % | -19.3 % each year |
| Unfavourable | What you might get back after costs | 7,970 EUR | 9,160 EUR |
| | Average return each year | -20.3 % | -1.7 % each year |
| Moderate | What you might get back after costs | 10,330 EUR | 12,880 EUR |
| | Average return each year | 3.3 % | 5.2 % each year |
| Favourable | What you might get back after costs | 14,060 EUR | 17,210 EUR |
| | Average return each year | 40.6 % | 11.5 % each year | | en | it |
DOLFIN1540 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | €10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2,250 | €1,710 |
| Average return each year | -77.5% | -25.5% |
| Unfavourable | What you might get back after costs | €5,930 | €5,420 |
| Average return each year | -40.7% | -9.7% |
| Moderate | What you might get back after costs | €10,900 | €15,250 |
| Average return each year | 9.0% | 7.3% |
| Favourable | What you might get back after costs | €16,450 | €20,340 |
| Average return each year | 64.5% | 12.6% | | | Periodo de mantenimiento recomendado: | 6 años |
| --- | --- |
| Ejemplo de inversión: | €10,000 |
| | En caso de salida después de 1 año | En caso de salida después de 6 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 6 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2,250 | €1,710 |
| Rendimiento medio cada año | -77.5% | -25.5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €5,930 | €5,420 |
| Rendimiento medio cada año | -40.7% | -9.7% |
| Moderado | Lo que podría recibir tras deducir los costes | €10,900 | €15,250 |
| Rendimiento medio cada año | 9.0% | 7.3% |
| Favorable | Lo que podría recibir tras deducir los costes | €16,450 | €20,340 |
| Rendimiento medio cada año | 64.5% | 12.6% | | | Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | €10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2,250 | €1,710 |
| Average return each year | -77.5% | -25.5% |
| Unfavourable | What you might get back after costs | €5,930 | €5,420 |
| Average return each year | -40.7% | -9.7% |
| Moderate | What you might get back after costs | €10,900 | €15,250 |
| Average return each year | 9.0% | 7.3% |
| Favourable | What you might get back after costs | €16,450 | €20,340 |
| Average return each year | 64.5% | 12.6% | | en | es |
DOLFIN1541 | 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 a pour objectif de faire croître l'investissement des actionnaires sur le moyen à long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les titres qui semblent offrir des opportunités d'investissement supérieures. Le fonds utilisera, dans le cadre de sa politique d'investissement, des transactions de vente-rachat pour exercer un effet de levier et augmenter le rendement prévisionnel du fonds. Les PIN sont pris en compte dans le cadre du processus d'investissement.
Le fonds investit principalement, directement ou par le biais d'instruments dérivés, dans des obligations européennes.
Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance libellés dans des devises européennes ou émis par des pouvoirs publics en Europe, ainsi que dans des obligations garanties libellées dans des devises européennes ou émises par des pouvoirs publics ou par des sociétés ou des établissements financiers domiciliés ou exerçant la majeure partie de leur activité en Europe. Le fonds investit également un tiers au moins de ses actifs totaux dans des titres de créance assortis d'une notation AAA/Aaa ou moins, mais jamais inférieure à A-/A3, ou son équivalent. La duration modifiée du fonds est comprise entre -0,5 et +4.
Le fonds peut investir dans, ou s'exposer à, des titres de créance notés BB+/Ba1 ou moins, y compris des titres non notés, à concurrence de 25%.
La majeure partie de l'exposition en devises du fonds est couverte dans la devise de référence, même s'il peut également être exposé (par le biais d'investissements ou de positions en liquidités) à d'autres devises.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Le recours aux instruments dérivés et aux opérations de pension peut notamment augmenter l'exposition aux emprunts d'Etat. Le fonds peut avoir recours de manière extensive à des instruments financiers dérivés pour mettre en œuvre sa politique d'investissement et atteindre son profil de risque cible. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | # Objetivos y política de inversión
El fondo tiene por objetivo proporcionar a los accionistas un crecimiento de la inversión a medio y largo plazo.
Al gestionar activamente la cartera del fondo, el equipo de gestión selecciona los valores que parecen ofrecer mejores oportunidades de inversión. En el marco de su política de inversión, el fondo utilizará operaciones simultáneas de venta-recompra para apalancar su exposición y aumentar así la rentabilidad prevista del fondo. El análisis de las PIAS forma parte del proceso de inversión.
El fondo invierte principalmente, de manera directa o a través de derivados, en bonos europeos.
En concreto, el fondo invierte al menos dos tercios de su patrimonio total en títulos de deuda denominados en divisas europeas o emitidos por autoridades públicas en Europa, así como en bonos garantizados denominados en divisas europeas o emitidos por autoridades públicas, empresas o instituciones financieras que estén domiciliadas o realicen la mayor parte de su actividad en Europa. Asimismo, el fondo invierte al menos un tercio de su patrimonio total en títulos de deuda con una calificación de hasta AAA/Aaa, aunque no inferior a A-/A3, o equivalente. La duración modificada del fondo oscila entre -0,5 y +4.
El fondo podrá invertir o mantener una exposición de hasta un 25% en títulos de deuda con una calificación de BB+/Ba1 o inferior, incluidos títulos sin calificación.
La principal exposición cambiaria del fondo está cubierta en la moneda base, aunque el fondo también podrá estar expuesto (mediante inversiones o efectivo) a otras divisas.
El fondo podrá utilizar derivados y otras técnicas con fines de cobertura (reducción de riesgos), a efectos de lograr una gestión eficaz de la cartera y obtener ganancias de inversión. El uso de derivados y operaciones de recompra podría aumentar especialmente la exposición a los títulos de deuda pública. El fondo podrá recurrir ampliamente a los derivados financieros con el fin de aplicar su política de inversión y lograr su perfil de riesgo objetivo. Un derivado es un instrumento financiero cuyo valor se deriva del valor de un activo subyacente. El uso de derivados no está exento de costes o riesgos. | # Objectifs et politique d'investissement
Le fonds a pour objectif de faire croître l'investissement des actionnaires sur le moyen à long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les titres qui semblent offrir des opportunités d'investissement supérieures. Le fonds utilisera, dans le cadre de sa politique d'investissement, des transactions de vente-rachat pour exercer un effet de levier et augmenter le rendement prévisionnel du fonds. Les PIN sont pris en compte dans le cadre du processus d'investissement.
Le fonds investit principalement, directement ou par le biais d'instruments dérivés, dans des obligations européennes.
Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance libellés dans des devises européennes ou émis par des pouvoirs publics en Europe, ainsi que dans des obligations garanties libellées dans des devises européennes ou émises par des pouvoirs publics ou par des sociétés ou des établissements financiers domiciliés ou exerçant la majeure partie de leur activité en Europe. Le fonds investit également un tiers au moins de ses actifs totaux dans des titres de créance assortis d'une notation AAA/Aaa ou moins, mais jamais inférieure à A-/A3, ou son équivalent. La duration modifiée du fonds est comprise entre -0,5 et +4.
Le fonds peut investir dans, ou s'exposer à, des titres de créance notés BB+/Ba1 ou moins, y compris des titres non notés, à concurrence de 25%.
La majeure partie de l'exposition en devises du fonds est couverte dans la devise de référence, même s'il peut également être exposé (par le biais d'investissements ou de positions en liquidités) à d'autres devises.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Le recours aux instruments dérivés et aux opérations de pension peut notamment augmenter l'exposition aux emprunts d'Etat. Le fonds peut avoir recours de manière extensive à des instruments financiers dérivés pour mettre en œuvre sa politique d'investissement et atteindre son profil de risque cible. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | fr | es |
DOLFIN1542 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Specifically,
- SIX Index AG and its Licensors do not give any warranty, express or implied, and exclude any liability for:
- The results to be obtained by the securities, the owner of the securities or any other person in connection with the use of the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index and the data included in the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index;
- The accuracy, timeliness, and completeness of the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index and their data;
- The merchantability and the fitness for a particular purpose or use of the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index and their data;
- The performance of the securities generally. | # Plus précisément,
- SIX Index AG et ses Détenteurs de licence ne donnent aucune garantie, expresse ou implicite, et déclinent toute responsabilité quant :
- aux résultats obtenus par les titres, le propriétaire des titres ou toute autre personne en relation avec l'utilisation des indices SBI® ESG Foreign AAA-BBB 1-5 Total Return et SBI® ESG Foreign AAA-BBB 5- 10 Total Return et les données incluses dans les indices SBI® ESG Foreign AAA-BBB 1-5 Total Return et SBI® ESG Foreign AAA-BBB 5-10 Total Return ;
- à l’exactitude, la pertinence et l’exhaustivité des indices SBI® ESG Foreign AAA-BBB 1-5 Total Return et SBI® ESG Foreign AAA-BBB 5-10 Total Return et de leurs données ;
- à la qualité marchande et au caractère approprié des indices SBI® ESG Foreign AAA-BBB 1-5 Total Return et SBI® ESG Foreign AAA-BBB 5-10 Total Return et de leurs données ;
- à la performance des titres en général. | # Specifically,
- SIX Index AG and its Licensors do not give any warranty, express or implied, and exclude any liability for:
- The results to be obtained by the securities, the owner of the securities or any other person in connection with the use of the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index and the data included in the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index;
- The accuracy, timeliness, and completeness of the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index and their data;
- The merchantability and the fitness for a particular purpose or use of the SBI® ESG Foreign AAA-BBB 1-5 Total Return Index and SBI® ESG Foreign AAA-BBB 5-10 Total Return Index and their data;
- The performance of the securities generally. | en | fr |
DOLFIN1543 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Emerging Bond, a subfund of the SICAV BNP Paribas Funds, short named as BNP Paribas Class ''Classic Capitalisation'' - ISIN code LU0089276934 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed and as such may invest in securities that are not included in the index which is JPM EMBI Global Diversified (RI). The benchmark is used for performance comparison only. The Fund is not benchmark constrained and its performance may derivate significantly from that of the benchmark. The Fund seeks to increase the value of its assets over the medium term by investing in bonds and/or other debt instruments issued by emerging countries and/or companies from emerging countries or companies operating in these countries. After hedging, the exposure to currencies other than USD may not exceed 5%. The investment team applies also BNP PARIBAS ASSET MANAGEMENT’s sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Fund. An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | Emerging Bond, ein Teilfonds der SICAV BNP Paribas Funds, mit der Kurzbezeichnung BNP Paribas Klasse „Classic Capitalisation“- ISIN-Code LU0089276934 Dieser Fonds wird von BNP PARIBAS ASSET MANAGEMENT Luxembourg verwaltet, einem Unternehmen der BNP Paribas-Gruppe. |
| --- |
| Ziele und Anlagepolitik |
| Der Fonds wird aktiv verwaltet und kann daher in Wertpapiere investieren, die nicht im Index JPM EMBI Global Diversified (RI) enthalten sind. Der Referenzindex wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen. Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Anleihen und/oder anderen Schuldinstrumenten, die von Schwellenländern und/oder in Schwellenländern ansässigen oder tätigen Unternehmen ausgegeben werden. Nach der Absicherung darf das Engagement in anderen Währungen als dem US-Dollar 5 % nicht übersteigen. Das Anlageteam wendet zudem die nachhaltige Anlagepolitik von BNP PARIBAS ASSET MANAGEMENT an, die ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) unter anderem Reduzierung der Treibhausgasemissionen, Achtung der Menschenrechte, Achtung der Rechte der Minderheitsaktionäre bei jedem Schritt des Anlageprozesses des Fonds berücksichtigt. Eine nicht finanzbezogene Strategie kann methodische Einschränkungen beinhalten, wie das vom Anlageverwalter definierte ESG-Anlagerisiko. ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor. Die Erträge werden grundsätzlich reinvestiert. Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben. |
| Risiko- und Ertragsprofil |
| Geringeres Risiko Höheres Risiko Weitere Risiken, die für den Fonds materiell relevant sind und durch den Indikator nicht angemessen erfasst werden: Typischerweise geringerer Ertrag Typischerweise höherer Ertrag - Dieses Risiko bezieht sich auf die Fähigkeit eines Emittenten, seinen Verpflichtungen nachzukommen: Rating-Herabstufungen einer Emission oder eines Emittenten können zu einer Wertminderung der damit verbundenen Anleihen führen. | | Emerging Bond, a subfund of the SICAV BNP Paribas Funds, short named as BNP Paribas Class ''Classic Capitalisation'' - ISIN code LU0089276934 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed and as such may invest in securities that are not included in the index which is JPM EMBI Global Diversified (RI). The benchmark is used for performance comparison only. The Fund is not benchmark constrained and its performance may derivate significantly from that of the benchmark. The Fund seeks to increase the value of its assets over the medium term by investing in bonds and/or other debt instruments issued by emerging countries and/or companies from emerging countries or companies operating in these countries. After hedging, the exposure to currencies other than USD may not exceed 5%. The investment team applies also BNP PARIBAS ASSET MANAGEMENT’s sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Fund. An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | de |
DOLFIN1544 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Market timing
Repeatedly purchasing and selling units in the Funds in response to short-term market fluctuations – known as ‘market timing’ – can disrupt Baring Asset Management Limited’s (the “Investment Manager’s”) investment strategy and increase the Funds’ expenses to the prejudice of all unitholders. The Funds are not intended for market timing or excessive trading. To deter these activities, the Directors of Baring International Fund Managers (Ireland) Limited (the “Manager”) may refuse to accept an application for units from persons that it reasonably believes are engaged in market timing or are otherwise excessive or potentially disruptive to the Funds.
The Directors of the Manager reserve the right to redeem units from a unitholder, on the basis of the circumstances of the unitholder concerned, or if they have reasonable grounds to believe that the unitholder is engaging in any activity which might result in the Funds or their unitholders as a whole suffering any legal, regulatory, reputational or other material disadvantage which the Funds or their unitholders as a whole might not otherwise have suffered. | ## « Market timing »
La technique du « market timing », qui consiste à sans cesse acheter et vendre les Parts des Fonds en fonction des fluctuations à court terme des marchés, peut perturber la stratégie d’investissement de Baring Asset Management Limited (« le Gestionnaire d’investissement ») et augmenter les charges des Fonds, nuisant ainsi à tous les porteurs de Parts. Les Fonds ne sont conçus ni pour le market timing ni pour les transactions excessives. Afin d’éviter ces activités, les Administrateurs de Baring International Fund Managers (Ireland) Limited (« la Société de gestion ») se réservent le droit de refuser toute demande de souscription de Parts d’investisseurs dont ils estiment raisonnablement qu’ils utilisent le market timing ou d’autres pratiques excessives, ou dont les agissements pourraient potentiellement nuire aux Fonds.
Les Administrateurs de la Société de gestion se réservent le droit de racheter les Parts d’un porteur, en fonction de la situation de ce dernier ou s’ils disposent de motifs raisonnables pour penser que ce porteur effectue des activités pouvant nuire à la réputation ou entraîner de gros désavantages juridiques, réglementaires ou autres pour les Fonds ou pour les porteurs de Parts dans leur ensemble, que ces derniers n’auraient autrement pas subis. | ## Market timing
Repeatedly purchasing and selling units in the Funds in response to short-term market fluctuations – known as ‘market timing’ – can disrupt Baring Asset Management Limited’s (the “Investment Manager’s”) investment strategy and increase the Funds’ expenses to the prejudice of all unitholders. The Funds are not intended for market timing or excessive trading. To deter these activities, the Directors of Baring International Fund Managers (Ireland) Limited (the “Manager”) may refuse to accept an application for units from persons that it reasonably believes are engaged in market timing or are otherwise excessive or potentially disruptive to the Funds.
The Directors of the Manager reserve the right to redeem units from a unitholder, on the basis of the circumstances of the unitholder concerned, or if they have reasonable grounds to believe that the unitholder is engaging in any activity which might result in the Funds or their unitholders as a whole suffering any legal, regulatory, reputational or other material disadvantage which the Funds or their unitholders as a whole might not otherwise have suffered. | en | fr |
DOLFIN1545 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The Management Company has the discretion, from time to time, to waive or reduce any applicable minimum subscription and holding amounts.
The Management Company has the right to require a Shareholder to make additional subscriptions in order to reach the required minimum holding only if, as a result of the execution of a redemption order, transfer or conversion of Shares requested by the Shareholder, the holding of the said Shareholder falls below the required minimum amount. In case the Shareholder does not comply with this request, the Management Company shall be entitled to repurchase all Shares held by the Shareholder. Under the same circumstances, the Management Company may convert the Shares of a Share-Class into Shares of another Share-Class from the same Sub-Fund with higher fees and charges.
If as a result of a redemption, conversion or transfer, a Shareholder is owner of a small balance of Shares, which is considered as a value not above EUR 10 (or the equivalent amount in another currency), the Management Company may decide at its sole discretion to redeem such position and repay the proceeds to the Shareholder. | ##### La Société de gestion se réserve le droit de supprimer ou de réduire, de temps à autre, les Montants minimums de souscription et de détention.
La Société de gestion est en droit d’exiger qu’un Actionnaire procède à des souscriptions supplémentaires afin d’atteindre le montant minimum de détention requis uniquement si le montant détenu par ce dernier chute en deçà dudit montant du fait de l’exécution d’une demande de rachat, de transfert ou de conversion d’Actions qu’il a soumise. Si l’Actionnaire ne satisfait pas à cette requête, la Société de gestion sera en droit de racheter l’ensemble des Actions détenues par celui-ci. Dans les mêmes circonstances, la Société de gestion peut convertir des Actions d’une Classe d’Actions en Actions d’une autre Classe d’Actions du même Compartiment dotée de frais et commissions plus élevés.
Si, à la suite d’un rachat, d’une conversion ou d’un transfert, un Actionnaire venait à détenir un petit nombre d’Actions, qui est considéré comme étant une valeur inférieure à 10 EUR (ou l’équivalent dans une autre devise), la Société de gestion peut décider à sa seule discrétion de racheter une telle position et de rembourser les produits à l’Actionnaire. | ##### The Management Company has the discretion, from time to time, to waive or reduce any applicable minimum subscription and holding amounts.
The Management Company has the right to require a Shareholder to make additional subscriptions in order to reach the required minimum holding only if, as a result of the execution of a redemption order, transfer or conversion of Shares requested by the Shareholder, the holding of the said Shareholder falls below the required minimum amount. In case the Shareholder does not comply with this request, the Management Company shall be entitled to repurchase all Shares held by the Shareholder. Under the same circumstances, the Management Company may convert the Shares of a Share-Class into Shares of another Share-Class from the same Sub-Fund with higher fees and charges.
If as a result of a redemption, conversion or transfer, a Shareholder is owner of a small balance of Shares, which is considered as a value not above EUR 10 (or the equivalent amount in another currency), the Management Company may decide at its sole discretion to redeem such position and repay the proceeds to the Shareholder. | en | fr |
DOLFIN1546 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Déclarations en matière de finance durable
Ce Fonds promeut des caractéristiques environnementales et sociales, mais n’a pas d’objectif d’investissement durable. Pour être éligibles à l’investissement, tous les investissements sélectionnés dans le cadre de l’analyse ESG du Gestionnaire d’investissement doivent suivre de bonnes pratiques de gouvernance et ne doivent pas être visés par la Politique d’exclusion fondée sur les critères ESG du Gestionnaire d’investissement. Le Gestionnaire d’investissement intègre des données qualitatives et quantitatives concernant les principales incidences négatives en matière de durabilité dans ses processus d’investissement afin d’évaluer si les caractéristiques environnementales ou sociales promues par le Fonds ont été atteintes. Ces indicateurs, connus sous le nom de Principales incidences négatives ou (« PAI ») (telles que définies par le Règlement sur la publication d’informations en matière de durabilité dans le secteur des services financiers) sont les indicateurs de durabilité utilisés par le Fonds. Rien ne garantit que ces données afficheront une amélioration annuelle au fil du temps. Par conséquent, le Fonds pourrait avoir des indicateurs PAI plus mauvais que les périodes précédentes ou, par rapport à l’indice ou à d’autres Fonds. Le Fonds ne prend pas d’engagement minimum concernant la réalisation d’un ou de plusieurs investissements durables sur le plan environnemental. De plus amples informations sur la manière dont le Gestionnaire d’investissement intègre les critères ESG à son approche d’investissement (y compris sur sa Politique d’exclusion fondée sur les critères ESG) et sur la façon dont il engage le dialogue avec les sociétés sont disponibles dans le prospectus, dans notre « Philosophie d’investissement responsable » ou sur notre site Internet www.avivainvestors.com. | # Divulgación en materia de finanzas sostenibles
Aunque este Fondo prioriza las características sociales y ambientales, no posee un objetivo de inversión sostenible. Para ser válidas, todas las inversiones que se seleccionan como parte del análisis ESG de la Gestora de Inversiones deben seguir prácticas de buena gobernanza y no verse excluidas conforme a la Política de Exclusiones Básicas de ESG de la Gestora de Inversiones. La Gestora de Inversiones integra en su proceso de inversión datos cualitativos y cuantitativos sobre impactos adversos en la sostenibilidad con el fin de medir si se han alcanzado las características medioambientales o sociales promovidas por el Fondo. Dichas métricas, denominadas «Principales Incidencias Adversas (o «PIA») (según su definición en el Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector financiero) son los indicadores de sostenibilidad utilizados por el Fondo. Puesto que no hay garantías de que dichos datos vayan a registrar una mejora anual con el paso del tiempo, el Fondo podría presentar métricas de PIA más negativas con respecto a periodos previos o en relación con el índice u otros fondos. El Fondo no asume ningún compromiso mínimo de inversión en una o más inversiones ambientalmente sostenibles. Consulte la sección «Filosofía de inversión responsable» del folleto o el sitio web www.avivainvestors.com para encontrar información adicional sobre cómo la Gestora de Inversiones integra criterios ESG en su enfoque de inversión (lo que incluye información acerca de su Política de Exclusiones Básicas de ESG) y cómo se implica con las empresas. | # Déclarations en matière de finance durable
Ce Fonds promeut des caractéristiques environnementales et sociales, mais n’a pas d’objectif d’investissement durable. Pour être éligibles à l’investissement, tous les investissements sélectionnés dans le cadre de l’analyse ESG du Gestionnaire d’investissement doivent suivre de bonnes pratiques de gouvernance et ne doivent pas être visés par la Politique d’exclusion fondée sur les critères ESG du Gestionnaire d’investissement. Le Gestionnaire d’investissement intègre des données qualitatives et quantitatives concernant les principales incidences négatives en matière de durabilité dans ses processus d’investissement afin d’évaluer si les caractéristiques environnementales ou sociales promues par le Fonds ont été atteintes. Ces indicateurs, connus sous le nom de Principales incidences négatives ou (« PAI ») (telles que définies par le Règlement sur la publication d’informations en matière de durabilité dans le secteur des services financiers) sont les indicateurs de durabilité utilisés par le Fonds. Rien ne garantit que ces données afficheront une amélioration annuelle au fil du temps. Par conséquent, le Fonds pourrait avoir des indicateurs PAI plus mauvais que les périodes précédentes ou, par rapport à l’indice ou à d’autres Fonds. Le Fonds ne prend pas d’engagement minimum concernant la réalisation d’un ou de plusieurs investissements durables sur le plan environnemental. De plus amples informations sur la manière dont le Gestionnaire d’investissement intègre les critères ESG à son approche d’investissement (y compris sur sa Politique d’exclusion fondée sur les critères ESG) et sur la façon dont il engage le dialogue avec les sociétés sont disponibles dans le prospectus, dans notre « Philosophie d’investissement responsable » ou sur notre site Internet www.avivainvestors.com. | fr | es |
DOLFIN1547 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Invesco S&P 500 Low Volatility UCITS ETF
The investment objective of the Invesco S&P 500 Low Volatility UCITS ETF (the “Fund”) is to achieve the net total return performance of the S&P 500 Low Volatility Index (the "Reference Index") less fees, expenses and transaction costs.
The Reference Index measures the performance of the 100 least volatile stocks in the S&P 500 index (the "Parent Index"). The Parent Index is designed to reflect the US large-cap equity market, by including 500 leading companies and covering approximately 80% of the available market capitalisation. The Reference Index rebalances quarterly.
In order to achieve the investment objective, the Fund will employ a replication method that looks to invest as far as possible and practicable in the constituents of the Reference Index. The Fund intends to replicate the Reference Index by holding all of its constituent securities in a similar proportion to their weightings in the Reference Index. In order to replicate the Reference Index, the Fund may invest up to 20% of its Net Asset Value in shares issued by the same body. This limit may be raised to 35% for a single issuer in exceptional market circumstances, for example, market dominance. Market dominance exists where a particular component of the Reference Index has a dominant position in the particular market sector or geographical region in which it operates and as a result accounts for a large proportion of the Reference Index. This means that the Fund may have a high concentration of investment in a particular issuer.
Further information in relation to how the Fund will seek to track the Reference Index is set out in section 4 “Investment Objective and Policies” and section 5 “Investment Restrictions and Permitted Investments” of the Prospectus. | ### Invesco S&P 500 Low Volatility UCITS ETF
L’objectif d’investissement du Fonds Invesco S&P 500 Low Volatility UCITS ETF (le « Fonds ») est de réaliser la performance de rendement total net de l’Indice S&P 500 Low Volatility Index (l’« Indice de référence »), commissions, frais et coûts de transaction déduits.
L’Indice de référence mesure la performance des 100 valeurs les moins volatiles de l’indice S&P 500 (l’« Indice parent »). L’Indice parent est conçu pour refléter le marché des actions de grande capitalisation américaines et inclut 500 grandes entreprises qui couvrent environ 80 % de la capitalisation boursière disponible. L’Indice de référence est rééquilibré sur une base trimestrielle.
Afin d’atteindre son objectif d’investissement, le Fonds emploie une méthode de réplication visant à investir autant que possible dans les composantes de l’Indice de référence. Le Fonds vise à reproduire l’Indice de référence en détenant tous les titres qui le composent dans une proportion similaire à leur pondération dans l’Indice de référence. En vue de répliquer l’Indice de référence, le Fonds peut investir jusqu’à 20 % de sa Valeur liquidative dans des actions émises par la même entité. Cette limite peut être portée à 35 % pour un émetteur unique en cas de circonstances exceptionnelles de marché, telles qu’une dominance de marché par exemple. Il y a dominance du marché lorsqu’une composante particulière de l’Indice de référence occupe une position dominante dans le secteur de marché ou la région géographique où elle opère et représente par conséquent une grande partie de l’Indice de référence. Cela signifie que le Fonds peut avoir une forte concentration d’investissements sur un émetteur donné.
Des informations complémentaires sur la façon dont le Fonds cherchera à reproduire l’Indice de référence figurent à la section 4 « Objectifs et politiques d’investissement » et à la section 5 « Restrictions d’investissement et Investissements autorisés » du Prospectus. | ### Invesco S&P 500 Low Volatility UCITS ETF
The investment objective of the Invesco S&P 500 Low Volatility UCITS ETF (the “Fund”) is to achieve the net total return performance of the S&P 500 Low Volatility Index (the "Reference Index") less fees, expenses and transaction costs.
The Reference Index measures the performance of the 100 least volatile stocks in the S&P 500 index (the "Parent Index"). The Parent Index is designed to reflect the US large-cap equity market, by including 500 leading companies and covering approximately 80% of the available market capitalisation. The Reference Index rebalances quarterly.
In order to achieve the investment objective, the Fund will employ a replication method that looks to invest as far as possible and practicable in the constituents of the Reference Index. The Fund intends to replicate the Reference Index by holding all of its constituent securities in a similar proportion to their weightings in the Reference Index. In order to replicate the Reference Index, the Fund may invest up to 20% of its Net Asset Value in shares issued by the same body. This limit may be raised to 35% for a single issuer in exceptional market circumstances, for example, market dominance. Market dominance exists where a particular component of the Reference Index has a dominant position in the particular market sector or geographical region in which it operates and as a result accounts for a large proportion of the Reference Index. This means that the Fund may have a high concentration of investment in a particular issuer.
Further information in relation to how the Fund will seek to track the Reference Index is set out in section 4 “Investment Objective and Policies” and section 5 “Investment Restrictions and Permitted Investments” of the Prospectus. | en | fr |
DOLFIN1548 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PRODUCT
| Name of product: | BDL Rempart – I Unit Class |
| --- | --- |
| Unique Product number: | FR0011790492 |
| Product initiator: | BDL Capital Management |
| Contact details of the Product initiator: | BDL Capital Management 24 rue du Rocher 75008 Paris +33 (0)1 56 90 50 90 www.bdlcm.com |
| Date of production/last update: | 1 January 2023 |
| Competent authority: | Autorité des Marchés Financiers |
### Note: You are about to purchase a product that is not simple and may be difficult to understand. | # PRODUIT
| Nom du produit : | BDL Rempart – Part I |
| --- | --- |
| Numéro unique du Produit : | FR0011790492 |
| Initiateur du Produit : | BDL Capital Management |
| Données de contact de l’Initiateur du Produit : | BDL Capital Management 24 rue du Rocher 75008 Paris +33 (0)1 56 90 50 90 www.bdlcm.com |
| Date de production/dernière mise à jour : | 01/01/2023 |
| Autorité compétente : | Autorité des Marchés Financiers |
### Avertissement : Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. | # PRODUCT
| Name of product: | BDL Rempart – I Unit Class |
| --- | --- |
| Unique Product number: | FR0011790492 |
| Product initiator: | BDL Capital Management |
| Contact details of the Product initiator: | BDL Capital Management 24 rue du Rocher 75008 Paris +33 (0)1 56 90 50 90 www.bdlcm.com |
| Date of production/last update: | 1 January 2023 |
| Competent authority: | Autorité des Marchés Financiers |
### Note: You are about to purchase a product that is not simple and may be difficult to understand. | en | fr |
DOLFIN1549 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Note 19 - Connected party transactions
Certain Directors of the Company are or may also be Officers and/or Directors of one or more of the various Investment Managers of the Funds, among others, Franklin Templeton Investimentos (Brasil) Ltda., Franklin Templeton Investments (Asia) Limited, Templeton Investment Counsel, LLC and Franklin Templeton Institutional, LLC. All transactions with connected parties were entered into in the ordinary course of business and under normal commercial terms. The investment management fees that are accrued by the Company in respect of the Management Company are detailed in note 16 to the financial statements.
There are no connected brokers in Franklin Templeton, and no transactions were entered into with connected brokers during the period ended December 31, 2021.
During the period ended December 31, 2021, the Company accrued administration and transfer agency fees and shares’ maintenance and service charges in respect of Franklin Templeton International Services S.à r.l. as Management Company and Principal Distributor of the Funds.
Any investment in Cross Funds as defined in Note 3 or products issued by Franklin Templeton are made at normal market
condition. | ##### Nota 19: Transacciones con partes vinculadas
Determinados Consejeros de la Sociedad son o pueden ser también Ejecutivos y/o Consejeros de uno o más de los diversos Gestores de Inversiones asignados a los Fondos, entre otros, Franklin Templeton Investimentos (Brasil) Ltda., Franklin Templeton Investments (Asia) Limited, Templeton Investment Counsel, LLC y Franklin Templeton Institutional, LLC. Todas las transacciones celebradas con partes vinculadas se formalizaron en el desarrollo ordinario de la actividad y en términos comerciales normales. Las comisiones de gestión de las inversiones que devenga la Sociedad con respecto a la Sociedad Gestora se detallan en la nota 16 de los estados financieros.
No hay agentes de bolsa vinculados en Franklin Templeton, y no se formalizaron transacciones con agentes vinculados durante el ejercicio cerrado a 31 de diciembre de 2021.
Durante el periodo cerrado a 31 de diciembre de 2021, la Sociedad devengó comisiones de administración y agencia de transferencias, así como gastos de mantenimiento y servicio de acciones en relación con Franklin Templeton International Services S.à r.l. en calidad de Sociedad Gestora y Distribuidor Principal de los Fondos.
Todas las inversiones en Fondos cruzados, tal y como se definen en la nota 3, o los productos emitidos por Franklin Templeton se llevan a cabo en condiciones normales de mercado. | ##### Note 19 - Connected party transactions
Certain Directors of the Company are or may also be Officers and/or Directors of one or more of the various Investment Managers of the Funds, among others, Franklin Templeton Investimentos (Brasil) Ltda., Franklin Templeton Investments (Asia) Limited, Templeton Investment Counsel, LLC and Franklin Templeton Institutional, LLC. All transactions with connected parties were entered into in the ordinary course of business and under normal commercial terms. The investment management fees that are accrued by the Company in respect of the Management Company are detailed in note 16 to the financial statements.
There are no connected brokers in Franklin Templeton, and no transactions were entered into with connected brokers during the period ended December 31, 2021.
During the period ended December 31, 2021, the Company accrued administration and transfer agency fees and shares’ maintenance and service charges in respect of Franklin Templeton International Services S.à r.l. as Management Company and Principal Distributor of the Funds.
Any investment in Cross Funds as defined in Note 3 or products issued by Franklin Templeton are made at normal market
condition. | en | es |
DOLFIN1550 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund will typically hold 35 -45 positions.
The Fund is a long-only Fund which invest at least two thirds of its net assets in equity securities of issuers with a registered office in Asia ex Japan or of issuers which derive the majority of their revenues from activities in Asia ex Japan. The Fund may also invest directly or indirectly (through financial derivative instruments) in China A Shares.
The Investment Manager takes a flexible investment approach which is not driven by any particular style, avoiding any permanent bias towards a particular investment style or market capitalisation. The Fund will not have a particular industry or sector focus. The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies as well as the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund.
The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
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 security, or where it is more economically effective than directly holding the underlying asset.
Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI All Countries Asia ex Japan Total Return (the “Benchmark”) but may be constrained by it to a limited extent. The Investment Manager's risk management function will perform additional monitoring of Fund positions relative to Benchmark weights. These weights will be assessed with reference to a threshold which is reviewed on an ongoing basis to evaluate the Fund's risk-profile compared to the Benchmark. The Benchmark does not dictate the risk profile. While the Fund focusses on individual issuers that may belong to the Benchmark,
such investment may be in different weights to the Benchmark weights. The Benchmark does not define the Fund's investment universe and the Fund may actively invest outside of the Benchmark. The Benchmark is also used for performance comparison purposes.
The Fund may also invest up to one third in a number of other assets including money market instruments, investment grade debt securities (including government and corporate bonds), other funds, cash and other liquid assets of any geographical focus, including Japan. The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities | ## Normalmente, el Fondo mantendrá entre 35 y 45 posiciones.
Se trata de un Fondo exclusivamente a largo plazo, que invierte al menos dos tercios de su patrimonio neto en valores de renta variable de emisores con domicilio social en Asia, excepto Japón, o de emisores que obtengan la mayoría de sus ingresos de actividades en Asia, excepto Japón. El Fondo también podrá invertir directa o indirectamente (a través de instrumentos financieros derivados) en Acciones A de China.
El Gestor de inversiones aplica un enfoque de inversión flexible que no está impulsado por ningún estilo concreto, evitando así una tendencia permanente hacia un estilo de inversión o capitalización bursátil en particular. El Fondo no se centrará en una industria o sector específicos. El Gestor de inversiones implementará un análisis detallado de las posibles inversiones evaluando tanto las empresas individuales como el mercado en conjunto, para garantizar la inclusión en el Fondo de países, industrias o estilos de inversión favorables.
El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). Asimismo, el Gestor de inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares y con actividades orientadas al tabaco y al carbón.
El Fondo puede utilizar instrumentos financieros derivados (es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes [«IFD»]) 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.
Valores de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el MSCI All Countries Asia ex Japan Total Return (el «Valor de referencia»), pero puede verse limitado por él en cierta medida. 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 Valor de referencia. Estas ponderaciones se evaluarán con referencia a un umbral que se revisa continuamente para evaluar el perfil de riesgo del Fondo en comparación con el Valor de referencia. El Valor de referencia no determina el perfil de riesgo. Si bien el Fondo se centra en emisores individuales que pueden
pertenecer al Valor de referencia, dicha inversión puede tener ponderaciones diferentes a las del Valor de referencia. El Valor de referencia no define el universo de inversión del Fondo y el Fondo puede invertir de forma activa fuera del Valor de referencia. El Valor de referencia también se utiliza a efectos de comparación de rentabilidad.
El Fondo también podrá invertir hasta un tercio de su patrimonio en otros activos, entre ellos, instrumentos del mercado monetario, títulos de deuda con grado de inversión (lo que incluye bonos corporativos y del Estado), otros fondos, efectivo y otros activos líquidos de cualquier ámbito geográfico, incluido Japón. El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de circunstancias excepcionales del mercado o cuando se considere que no hay suficientes oportunidades de inversión. | ## The Fund will typically hold 35 -45 positions.
The Fund is a long-only Fund which invest at least two thirds of its net assets in equity securities of issuers with a registered office in Asia ex Japan or of issuers which derive the majority of their revenues from activities in Asia ex Japan. The Fund may also invest directly or indirectly (through financial derivative instruments) in China A Shares.
The Investment Manager takes a flexible investment approach which is not driven by any particular style, avoiding any permanent bias towards a particular investment style or market capitalisation. The Fund will not have a particular industry or sector focus. The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies as well as the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund.
The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
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 security, or where it is more economically effective than directly holding the underlying asset.
Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI All Countries Asia ex Japan Total Return (the “Benchmark”) but may be constrained by it to a limited extent. The Investment Manager's risk management function will perform additional monitoring of Fund positions relative to Benchmark weights. These weights will be assessed with reference to a threshold which is reviewed on an ongoing basis to evaluate the Fund's risk-profile compared to the Benchmark. The Benchmark does not dictate the risk profile. While the Fund focusses on individual issuers that may belong to the Benchmark,
such investment may be in different weights to the Benchmark weights. The Benchmark does not define the Fund's investment universe and the Fund may actively invest outside of the Benchmark. The Benchmark is also used for performance comparison purposes.
The Fund may also invest up to one third in a number of other assets including money market instruments, investment grade debt securities (including government and corporate bonds), other funds, cash and other liquid assets of any geographical focus, including Japan. The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities | en | es |
DOLFIN1551 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
60%
40%
20%
0%
-20%
-40% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 7 de agosto de 2003. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
60%
40%
20%
0%
-20%
-40% | ### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
60%
40%
20%
0%
-20%
-40% | en | es |
DOLFIN1552 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €6990 | €7220 |
| Rendement annuel moyen | -30.10% | -6.31% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8040 | €7880 |
| Rendement annuel moyen | -19.60% | -4.65% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9610 | €10140 |
| Rendement annuel moyen | -3.90% | 0.28% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €10960 | €11260 |
| Rendement annuel moyen | 9.60% | 2.40% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €6990 | €7220 |
| Rendimiento medio cada año | -30.10% | -6.31% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8040 | €7880 |
| Rendimiento medio cada año | -19.60% | -4.65% |
| Moderado | Lo que podría recibir tras deducir los costes | €9610 | €10140 |
| Rendimiento medio cada año | -3.90% | 0.28% |
| Favorable | Lo que podría recibir tras deducir los costes | €10960 | €11260 |
| Rendimiento medio cada año | 9.60% | 2.40% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €6990 | €7220 |
| Rendement annuel moyen | -30.10% | -6.31% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8040 | €7880 |
| Rendement annuel moyen | -19.60% | -4.65% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9610 | €10140 |
| Rendement annuel moyen | -3.90% | 0.28% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €10960 | €11260 |
| Rendement annuel moyen | 9.60% | 2.40% | | fr | es |
DOLFIN1553 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## No separate paying agent has been specified for the Federal Republic of Germany since there are no printed individual certificates in circulation.
Investors in the Federal Republic of Germany may submit redemption orders through their own domestic bank, which will then pass them on via normal bank processing methods (clearing) to the Depositary/Registrar and Transfer Agent of the Fund in the Grand Duchy of Luxembourg in order for them to be processed. All payments to German investors (redemption proceeds and any distributions or other payments) shall likewise be settled using normal bank clearing methods via the investor's own domestic bank, so German investors will receive such payments from that bank.
The current Sales Prospectus, including the Management Regulations, the Key Investor Information, and the annual and semi-annual reports are available to investors in German, free of charge, from the Management Company, Depositary, Registrar and Transfer Agent, and the Information Agent in the Federal Republic of Germany.
The agreements mentioned above under “Publications” as well as the Articles of Association of the Management Company may also be viewed at the establishments referred to above.
Issue and redemption prices as well as any notifications to investors are published in the Federal Republic of Germany on the website www.universal-investment.com. In the cases prescribed by law in Germany in accordance with the German Investment Code (“KAGB”), the notification to investors is also published in an electronic version of the German Federal Gazette (“eBAnz”). | ## Da sich keine gedruckten Einzelurkunden im Umlauf befinden, ist keine gesonderte Zahlstelle in der Bundesrepublik Deutschland benannt worden.
Rücknahmeanträge können die Anleger in der Bundesrepublik Deutschland über ihre jeweilige Hausbank einreichen, die diese über den banküblichen Abwicklungsweg (Clearing) an die Verwahrstelle / Register- und Transferstelle des Fonds im Großherzogtum Luxemburg zur Ausführung weiterleitet. Sämtliche Zahlungen an die deutschen Anleger (Rücknahmeerlöse sowie etwaige Ausschüttungen und sonstige Zahlungen) werden ebenfalls über den banküblichen Verrechnungsweg mit der jeweiligen Hausbank des Anlegers abgewickelt, so dass der deutsche Anleger über diese die jeweiligen Zahlungen erhält.
Gegenwärtiger Verkaufsprospekt einschließlich Verwaltungsreglement, die Wesentlichen Anlegerinformationen, die Jahres- und Halbjahresberichte sind bei der Verwaltungsgesellschaft, der Verwahrstelle, der Register- und Transferstelle sowie der Informationsstelle in der Bundesrepublik Deutschland, für die Anleger kostenlos in deutscher Sprache erhältlich.
Bei den genannten Stellen können auch die vorstehend unter „Veröffentlichungen“ genannten Verträge sowie die Satzung der Verwaltungsgesellschaft eingesehen werden.
Ausgabe- und Rücknahmepreise sowie etwaige Mitteilungen an die Anleger werden in der Bundesrepublik Deutschland auf der Internetseite www.universal-investment.com veröffentlicht. In den gesetzlich in Deutschland vorgeschrieben Fällen (entsprechend deutschem Kapitalanlagegesetzbuch („KAGB“)), erfolgt zusätzlich eine Veröffentlichung der Mitteilung an die Anleger per elektronischer Version des Bundesanzeigers („eBAnz“). | ## No separate paying agent has been specified for the Federal Republic of Germany since there are no printed individual certificates in circulation.
Investors in the Federal Republic of Germany may submit redemption orders through their own domestic bank, which will then pass them on via normal bank processing methods (clearing) to the Depositary/Registrar and Transfer Agent of the Fund in the Grand Duchy of Luxembourg in order for them to be processed. All payments to German investors (redemption proceeds and any distributions or other payments) shall likewise be settled using normal bank clearing methods via the investor's own domestic bank, so German investors will receive such payments from that bank.
The current Sales Prospectus, including the Management Regulations, the Key Investor Information, and the annual and semi-annual reports are available to investors in German, free of charge, from the Management Company, Depositary, Registrar and Transfer Agent, and the Information Agent in the Federal Republic of Germany.
The agreements mentioned above under “Publications” as well as the Articles of Association of the Management Company may also be viewed at the establishments referred to above.
Issue and redemption prices as well as any notifications to investors are published in the Federal Republic of Germany on the website www.universal-investment.com. In the cases prescribed by law in Germany in accordance with the German Investment Code (“KAGB”), the notification to investors is also published in an electronic version of the German Federal Gazette (“eBAnz”). | en | de |
DOLFIN1554 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
potentially lower rewards
With higher risk,
potentially higher rewards
Sources: FactSet, Bell Asset Management. Data as of 30.06.2022. For illustrative purposes only.
Five-step investment process*
- Universe established through rigorous quantitative filters
- Idea generation & prioritisation through high quality scoringThe SRRI (Synthetic Risk and Reward Indicator) relates to theAC USD share class LU2256762910 as of 24.06.2022 and maydiffer for other share classes of the same fund. | rendimenti potenzialmente inferiori
Rischio superiore,
rendimenti potenzialmente superiori
Fonti: FactSet, Bell Asset Management. Dati al 30.06.2022. Solo a scopi illustrativi.
Processo d’investimento in cinque tappe*
- Universo definito con rigorosi filtri quantitativiIl Synthetic Risk and Reward Indicator (SRRI) si riferisce alla classe di azioni AC USD LU2256762910 al 24.06.2022 e può differire da altre classi di azioni dello stesso fondo. | potentially lower rewards
With higher risk,
potentially higher rewards
Sources: FactSet, Bell Asset Management. Data as of 30.06.2022. For illustrative purposes only.
Five-step investment process*
- Universe established through rigorous quantitative filters
- Idea generation & prioritisation through high quality scoringThe SRRI (Synthetic Risk and Reward Indicator) relates to theAC USD share class LU2256762910 as of 24.06.2022 and maydiffer for other share classes of the same fund. | en | it |
DOLFIN1555 | 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
## Objectifs
Le compartiment investit principalement de façon directe dans les catégories d’instruments suivantes selon une approche d’allocation active : actions et autres titres de participation, obligations d’État et d’entreprises, y compris des titres de créance à taux flottant, des parts de fonds et des obligations indexées sur l’inflation. Le compartiment investira également dans des certificats sur matières premières négociées en Bourse.
## Politique d’investissement
Le compartiment investit principalement de façon directe dans les catégories d’instruments suivantes selon une approche d’allocation active : actions et autres titres de participation, obligations d’État et d’entreprises, y compris des titres de créance à taux flottant, des parts de fonds, des instruments du marché monétaire et des obligations in- dexées sur l’inflation. Le compartiment investira également dans des matières premières cotées en Bourse, des certificats et des opérations de change.
Le compartiment peut détenir des produits dérivés afin de couvrir le risque de change et/ou dans un but d’optimisation de la gestion des investissements.
Le compartiment est actif et géré sans référence à un indice de référence. Le Gestion- naire d’investissement a un pouvoir discrétionnaire sur la composition de son portefeuille sous réserve de cet objectif et de la politique d’investissement. | # Objetivos y política de inversión
## Objetivos
El subfondo invierte principalmente y de forma directa en las siguientes categorías de instrumentos, con un enfoque de asignación activa: acciones y otros títulos de capital, bonos del Estado y de empresas, incluidos los títulos de deuda a tipo variable, unidades de fondos y bonos vinculados a la inflación. El subfondo también invertirá en un certifi- cado de Exchange Traded Commodities
## Política de inversión
El compartimento invierte principalmente en las siguientes categorías de instrumentos, siguiendo un enfoque de asignación activo: renta variable y otras participaciones de ca- pital, bonos públicos o privados, incluidos valores de deuda de tipo fijo o variable, parti- cipaciones de fondos, instrumentos del mercado monetario y bonos ligados a inflación. El compartimento invertirá también en certificados de materias primas cotizadas (ETC) y divisas.
El compartimento puede recurrir a productos derivados con fines de cobertura del riesgo de divisas y/o para mejorar la gestión de inversión eficiente.
El subfondo está activo y gestionado sin ninguna referencia a un índice de referencia. El Gestor de inversiones tiene discreción sobre la composición de su cartera con sujeción a este objetivo y a la política de inversiones. | # Objectifs et politique d’investissement
## Objectifs
Le compartiment investit principalement de façon directe dans les catégories d’instruments suivantes selon une approche d’allocation active : actions et autres titres de participation, obligations d’État et d’entreprises, y compris des titres de créance à taux flottant, des parts de fonds et des obligations indexées sur l’inflation. Le compartiment investira également dans des certificats sur matières premières négociées en Bourse.
## Politique d’investissement
Le compartiment investit principalement de façon directe dans les catégories d’instruments suivantes selon une approche d’allocation active : actions et autres titres de participation, obligations d’État et d’entreprises, y compris des titres de créance à taux flottant, des parts de fonds, des instruments du marché monétaire et des obligations in- dexées sur l’inflation. Le compartiment investira également dans des matières premières cotées en Bourse, des certificats et des opérations de change.
Le compartiment peut détenir des produits dérivés afin de couvrir le risque de change et/ou dans un but d’optimisation de la gestion des investissements.
Le compartiment est actif et géré sans référence à un indice de référence. Le Gestion- naire d’investissement a un pouvoir discrétionnaire sur la composition de son portefeuille sous réserve de cet objectif et de la politique d’investissement. | fr | es |
DOLFIN1556 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Taxation
The attention of investors residing in France for tax purposes is drawn to the obligation to declare income resulting from sales made between Funds of the Company, which would fall under rules governing capital gains taxes on securities.
Some Funds of the Company may be held within the framework of a share savings plan (PEA) in France (see below). For these Funds, the Company undertakes pursuant to Article 91 quater L of Annex II to the General Tax Code, to permanently invest at least 75% of its assets in the securities listed in (a) and
(b) of I, 1° of Article L.221-31 of the French Monetary and Financial Code.
The PEA eligibility of certain Funds results from, to the best knowledge of the Company, tax law and practices in force in France as at the date of this addendum. Such tax law and practices may change from time to time and, therefore, the Funds which may currently be held within the framework of a PEA could lose their PEA eligibility. Further the Funds could lose their PEA eligibility due to changes impacting their investment universe or benchmark index. In such circumstances, investors will be informed by the publication of a notice on the website of the Company. In such a case, the investors should seek professional tax and financial advice.
Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding, switching or disposing of shares under the laws of the jurisdictions in which they may be subject to tax. | # Fiscalité
Nous attirons l’attention des investisseurs qui résident en France à des fins fiscales sur l’obligation de déclarer les revenus tirés des ventes effectuées entre les Compartiments de la Société, qui tombent dans le champ d’application des règles relatives à l’impôt sur les plus-values sur valeurs mobilières.
Certains des Compartiments de la Société peuvent être détenus en vertu du régime français de plan d’épargne en actions (PEA) (voir ci-dessous). Pour ces Compartiments, la Société s’engage, conformément à l’article 91 quater L de l’annexe II du Code général des impôts, à investir en permanence au moins 75% de ses actifs dans des valeurs mobilières énumérées aux alinéas (a) et (b) du paragraphe I, 1° de l’article L.221-31 du Code monétaire et financier français.
L’admissibilité de certains Compartiments au régime PEA découle, d’après les informations que la Société possède, des lois et pratiques fiscales en vigueur en France à la date du présent addendum. Ces lois et pratiques peuvent changer de temps à autre et, pour cette raison, les Compartiments qui peuvent actuellement être détenus en vertu du régime PEA pourraient ne plus être admissibles à l’avenir. En outre, les Compartiments pourraient ne plus être admissibles à ce régime en raison de changements apportés à leur univers d’investissement ou à leur indice de référence. Dans ce cas, la Société publiera un avis à cet effet sur son site Web, afin d’informer les investisseurs. Nous recommandons aux investisseurs qui se trouveraient dans cette situation de consulter un conseiller fiscal et financier professionnel.
Les investisseurs potentiels sont priés de consulter leurs propres conseillers professionnels quant aux conséquences de la souscription, de la détention, de la conversion ou de la cession d’Actions en vertu des lois de la juridiction dans laquelle ils sont assujettis à l’impôt. | # Taxation
The attention of investors residing in France for tax purposes is drawn to the obligation to declare income resulting from sales made between Funds of the Company, which would fall under rules governing capital gains taxes on securities.
Some Funds of the Company may be held within the framework of a share savings plan (PEA) in France (see below). For these Funds, the Company undertakes pursuant to Article 91 quater L of Annex II to the General Tax Code, to permanently invest at least 75% of its assets in the securities listed in (a) and
(b) of I, 1° of Article L.221-31 of the French Monetary and Financial Code.
The PEA eligibility of certain Funds results from, to the best knowledge of the Company, tax law and practices in force in France as at the date of this addendum. Such tax law and practices may change from time to time and, therefore, the Funds which may currently be held within the framework of a PEA could lose their PEA eligibility. Further the Funds could lose their PEA eligibility due to changes impacting their investment universe or benchmark index. In such circumstances, investors will be informed by the publication of a notice on the website of the Company. In such a case, the investors should seek professional tax and financial advice.
Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding, switching or disposing of shares under the laws of the jurisdictions in which they may be subject to tax. | en | fr |
DOLFIN1557 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the event that the issue of shares is reserved for particular investors, the annex for the specific sub-fund will include a statement to this effect.
Redemption and exchange of shares
- Shareholders are entitled to request redemption of their shares at the net asset value per share at any time less a redemption fee, if applicable (“redemption price”). Shares are only redeemed on a valuation day. If a re- demption fee is payable, then both the maximum amount of such redemption fee and the agent on whose behalf it is charged shall be specified for each sub-fund in the respective annex to this Sales Prospectus. | Für den Fall, dass die Ausgabe von Anteilen nur bestimmten Anlegern vorbehalten ist, enthält der teilfondspezi- fische Anhang einen entsprechenden Hinweis.
Rücknahme und Umtausch von Aktien
- Die Aktionäre sind berechtigt, jederzeit die Rücknahme ihrer Aktien zum Nettoinventarwert pro Aktie, gegebe- nenfalls abzüglich eines etwaigen Rücknahmeabschlages („Rücknahmepreis“) zu beantragen. Diese Rück- nahme erfolgt nur an einem Bewertungstag. Sollte ein Rücknahmeabschlag erhoben werden, so ist sowohl des- sen maximale Höhe als auch die Stelle, zu dessen Gunsten er erhoben wird, für den jeweiligen Teilfonds in dem betreffenden Anhang zum Verkaufsprospekt angegeben. | In the event that the issue of shares is reserved for particular investors, the annex for the specific sub-fund will include a statement to this effect.
Redemption and exchange of shares
- Shareholders are entitled to request redemption of their shares at the net asset value per share at any time less a redemption fee, if applicable (“redemption price”). Shares are only redeemed on a valuation day. If a re- demption fee is payable, then both the maximum amount of such redemption fee and the agent on whose behalf it is charged shall be specified for each sub-fund in the respective annex to this Sales Prospectus. | en | de |
DOLFIN1558 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Market environment
At the end of last year, the US central bank finally conceded that inflationary pressures would persist. This change of tone led to interest rates climbing rapidly in January as the markets adjusted to this new situation and triggered a swift rotation from growth to value sectors, with the performance gap between the two peaking (value indices outperforming style indices by more than 10% over the month, something we haven’t seen for 20 years!). Equity markets as a whole were down, excluding banks and energy. On the bond side, risk premiums rose on both credit and emerging markets, which are also suffering from mounting tension on the border between Russia and Ukraine. At the end of the month, the FOMC meeting saw Jerome Powell adopt a less dovish tone, causing the US yield curve to flatten considerably while hitting the US equity market and high yield credit. | # Environnement de marché
A la fin de l’année passée, la Banque centrale américaine a finalement concédé que les pressions inflationnistes seraient durables. Ce changement de ton a entraîné une hausse rapide des taux en janvier, les marchés s’ajustant à ce nouvel environnement, et provoqué un fort mouvement de rotation des secteurs de croissance vers les secteur « value », l’écart de performance entre ces 2 styles atteignant des sommets (plus de 10% de surperformance des indices de style « value » par rapport à ces mêmes indices de style croissance sur le mois, on n’avait plus vu ça depuis 20 ans !). Les marchés actions ont globalement clôturé en baisse, à l’exception des banques et de l’énergie. Côté obligataire, les primes de risque se sont tendus tant sur les marchés du crédit que sur les marchés émergents, qui pâtissent de surcroit des tensions grandissantes autour de la frontière entre la Russie et l’Ukraine. En fin de période, la réunion de la Fed nous a permis d’assister à une allocution moins accommodante de J. Powell, provoquant un fort aplatissement de la courbe de taux américaine, pénalisant dans la foulée le marché d’actions aux Etats-Unis et le crédit à « haut-rendement ». | # Market environment
At the end of last year, the US central bank finally conceded that inflationary pressures would persist. This change of tone led to interest rates climbing rapidly in January as the markets adjusted to this new situation and triggered a swift rotation from growth to value sectors, with the performance gap between the two peaking (value indices outperforming style indices by more than 10% over the month, something we haven’t seen for 20 years!). Equity markets as a whole were down, excluding banks and energy. On the bond side, risk premiums rose on both credit and emerging markets, which are also suffering from mounting tension on the border between Russia and Ukraine. At the end of the month, the FOMC meeting saw Jerome Powell adopt a less dovish tone, causing the US yield curve to flatten considerably while hitting the US equity market and high yield credit. | en | fr |
DOLFIN1559 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The revised definition specifies that shareholders of the Sub-Funds may submit subscription, redemption, conversion and transfer requests for shares on any day on which the banks in Luxembourg and London are open for normal business (i.e. excluding Saturdays, Sundays, Good Friday, 24 December and 31 December and public holidays in Luxembourg and/or the United Kingdom; the “Business Day”).
- Name change of the benchmark index of the sub-fund Vontobel Fund – High Yield Bond (the “Sub-Fund”)The name of the benchmark index used as hurdle rate to calculate the performance fee for the Sub-Fund was changed from “Customized benchmark “Merrill Lynch High Yield Index”” to “Customized ICE BofAML High Yield Index”.
- MiscellaneousAn update has been made to the general part of the Prospectus. Furthermore the description of the S share class was amended by adding that fees are charged directly by the company in the Vontobel Group to the investor under the required corresponding agreement between the investor and the relevant company in the Vontobel Group (whichincludes the management company of the Fund). This change does not have an adverse impact on the existing shareholders of the share class. | La definizione rivista specifica che gli azionisti dei Comparti possono presentare le loro richieste di sottoscrizione, rimborso, conversione e trasferimento di azioni in un qualunque giorno di apertura per le normali attività delle banche in Lussemburgo (ossia esclusi sabati, domeniche, Venerdì santo, 24 dicembre, 31 dicembre e pubbliche festività in Lussemburgo e/o nel Regno Unito; il «Giorno lavorativo»).
- Modifica della denominazione dell’indice di riferimento del comparto Vontobel Fund – High Yield Bond (il «Comparto»)La denominazione dell’indice di riferimento utilizzato come hurdle rate per calcolare la commissione di performance del Comparto è stata modificata da «indice di riferimento personalizzato «Merrill Lynch High Yield Index» a «Customized ICE BofAML High Yield Index».
- VarieÈ stata inoltre aggiornata la parte generale del Prospetto. Inoltre, la descrizione della classe di azioni S è stata modificata aggiungendo che le commissioni sono addebitate all’investitore direttamente dalla società del Gruppo Vontobel sulla base del relativo accordo necessario tra investitore e società del Gruppo Vontobel pertinente (che comprende la società di gestione del Fondo). Questa modifica non ha effetti negativi sugli attuali azionisti della classe di azioni. | The revised definition specifies that shareholders of the Sub-Funds may submit subscription, redemption, conversion and transfer requests for shares on any day on which the banks in Luxembourg and London are open for normal business (i.e. excluding Saturdays, Sundays, Good Friday, 24 December and 31 December and public holidays in Luxembourg and/or the United Kingdom; the “Business Day”).
- Name change of the benchmark index of the sub-fund Vontobel Fund – High Yield Bond (the “Sub-Fund”)The name of the benchmark index used as hurdle rate to calculate the performance fee for the Sub-Fund was changed from “Customized benchmark “Merrill Lynch High Yield Index”” to “Customized ICE BofAML High Yield Index”.
- MiscellaneousAn update has been made to the general part of the Prospectus. Furthermore the description of the S share class was amended by adding that fees are charged directly by the company in the Vontobel Group to the investor under the required corresponding agreement between the investor and the relevant company in the Vontobel Group (whichincludes the management company of the Fund). This change does not have an adverse impact on the existing shareholders of the share class. | en | it |
DOLFIN1560 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Product
Name of Product:
PGIM Wadhwani Keynes Systematic Absolute Return Fund (the "Fund") - USD A Accumulation (the "Class")
PRIIP Manufacturer:
PGIM Funds plc
ISIN:
IE00BJV2K304
Website:
www.pgim.com/ucits
Call +44 (0)20 7766 2400 for more information.
The Central Bank of Ireland ("CBI") is responsible for supervising PGIM Funds plc in relation to this Key Information Document.
PGIM Funds plc (the “Company”) is managed by PGIM Investments (Ireland) Limited (the “Manager”). The Company and the Manager are each authorised in Ireland and regulated by the CBI.
This Key Information Document is accurate as at 16 December 2022. | # Prodotto
Nome del prodotto:
PGIM Wadhwani Keynes Systematic Absolute Return Fund (il "Fondo") - Classe ad Accumulazione USD A (la "Classe")
Ideatore del PRIIP:
PGIM Funds plc
ISIN:
IE00BJV2K304
Sito web:
www.pgim.com/ucits
Per ulteriori informazioni chiamare il numero +44 (0)20 7766 2400.
La Banca Centrale d’Irlanda ("CBI") è responsabile della supervisione di PGIM Funds plc in relazione al presente Documento contenente le informazioni chiave. PGIM Funds plc (la "Società") è gestita da PGIM Investments (Ireland) Limited (il "Gestore"). La Società e il Gestore sono entrambi autorizzati in Irlanda e regolamentati dalla CBI.
Il presente Documento contenente le informazioni chiave è accurato alla data del 16 dicembre 2022. | # Product
Name of Product:
PGIM Wadhwani Keynes Systematic Absolute Return Fund (the "Fund") - USD A Accumulation (the "Class")
PRIIP Manufacturer:
PGIM Funds plc
ISIN:
IE00BJV2K304
Website:
www.pgim.com/ucits
Call +44 (0)20 7766 2400 for more information.
The Central Bank of Ireland ("CBI") is responsible for supervising PGIM Funds plc in relation to this Key Information Document.
PGIM Funds plc (the “Company”) is managed by PGIM Investments (Ireland) Limited (the “Manager”). The Company and the Manager are each authorised in Ireland and regulated by the CBI.
This Key Information Document is accurate as at 16 December 2022. | en | it |
DOLFIN1561 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Period | MTD | YTD | 1 year | 3 years | 5 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- |
| Performance (cumulated) | -0.13 | -5.01 | -4.84 | 1.52 | 3.61 | 185.19 |
| Performance (annualised) | - | - | -4.84 | 0.50 | 0.71 | 5.17 |
| Volatility | - | - | 4.52 | 5.79 | 5.00 | 4.42 | | | Periodo | MTD | YTD | 1 anno | 3 anni | 5 anni | Dall’emissione |
| --- | --- | --- | --- | --- | --- | --- |
| Performance (cumulativo) | -0,13 | -5,01 | -4,84 | 1,52 | 3,61 | 185,19 |
| Performance (annualizzato) | - | - | -4,84 | 0,50 | 0,71 | 5,17 |
| Volatilità | - | - | 4,52 | 5,79 | 5,00 | 4,42 | | | Period | MTD | YTD | 1 year | 3 years | 5 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- |
| Performance (cumulated) | -0.13 | -5.01 | -4.84 | 1.52 | 3.61 | 185.19 |
| Performance (annualised) | - | - | -4.84 | 0.50 | 0.71 | 5.17 |
| Volatility | - | - | 4.52 | 5.79 | 5.00 | 4.42 | | en | it |
DOLFIN1562 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company and/or the Investment Managers may pay, or be responsible for the payment of, soft commissions only insofar as:
- the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons act at all times in the best interest of the Company and Shareholders when entering into soft commission arrangements,
- the goods and services relate directly to the activities of the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons and such activities are of demonstrable benefits to the Shareholders,
- transaction execution is consistent with best execution standards and brokerage rates are not in excess of customary institutional full-service brokerage rates,
- any such soft commissions are paid by the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons to broker-dealers which are corporate entities and not individuals, and
- the availability of soft commission arrangements is not the sole or primary purpose to perform or arrange transaction with such broker or dealer. | La Sociedad Gestora y/o los Gestores de inversiones podrán pagar comisiones por servicios o ser responsables de su pago únicamente si:
- la Sociedad Gestora y/o los Gestores de inversiones y/o los Subgestores de inversiones (en su caso) y/o sus personas vinculadas actúan en todo momento en interés de la Sociedad y los Accionistas al celebrar los acuerdos de comisiones en especie,
- los bienes y los servicios se relacionan directamente con las actividades de la Sociedad Gestora y/o los Gestores de inversiones y/o los Subgestores de inversiones (en su caso) y/o sus personas vinculadas y dichas actividades tienen ventajas demostrables para los Accionistas,
- la ejecución de la operación es coherente con los estándares de mejor ejecución y las tarifas de intermediación no superan las tarifas habituales institucionales por el servicio de intermediación,
- todas estas comisiones en especie son pagadas por la Sociedad Gestora y/o los Gestores de inversiones y/o los Subgestores de inversiones (en su caso) y/o sus personas vinculadas a intermediarios bursátiles que sean personas jurídicas y no personas físicas, y
- la disponibilidad de acuerdos de comisión en especie no es el único o principal propósito para celebrar o concertar una transacción con dicho intermediario bursátil. | The Management Company and/or the Investment Managers may pay, or be responsible for the payment of, soft commissions only insofar as:
- the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons act at all times in the best interest of the Company and Shareholders when entering into soft commission arrangements,
- the goods and services relate directly to the activities of the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons and such activities are of demonstrable benefits to the Shareholders,
- transaction execution is consistent with best execution standards and brokerage rates are not in excess of customary institutional full-service brokerage rates,
- any such soft commissions are paid by the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons to broker-dealers which are corporate entities and not individuals, and
- the availability of soft commission arrangements is not the sole or primary purpose to perform or arrange transaction with such broker or dealer. | en | es |
DOLFIN1563 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Politique d'investissement
Le Fonds peut également investir dans des émetteurs et des marchés hors d'Europe ainsi que dans d'autres catégories d'actifs. Ces catégories d'actifs comprennent notamment, mais non exclusivement, des devises, des titres de créance et des titres associés aux taux d'intérêt au niveau international et d'autres fonds. Le Fonds peut augmenter sa pondération en liquidités et autres actifs liquides en période de turbulences boursières.
Le Fonds peut investir jusqu'à 50 % de sa Valeur d'actif nette sur des marchés émergents. Le Fonds est toutefois géré en vue d'être neutre par rapport au marché (c'est-à-dire qu'il visera à générer des rendements, que les marchés soient haussiers ou baissiers) avec des contraintes de risque strictes, de sorte qu'une telle allocation aux marchés émergents peut entraîner une exposition directionnelle limitée (c'est-à-dire une exposition aux mouvements de valeur des positions). L'exposition aux marchés émergents ne dépassera pas 15 % de la valeur brute du Fonds (c'est-à-dire la valeur absolue de toutes les positions longues et courtes du Fonds). | ## Política de inversión
Asimismo, el Fondo podrá invertir en emisores y mercados fuera de Europa, además de en otras clases de activos. Estas clases de activos incluyen, entre otros, divisas, deuda y tipos de interés de todo el mundo y otros fondos. El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de inestabilidad en el mercado. El Fondo puede invertir hasta un 50 % de su Valor liquidativo en mercados emergentes. Sin embargo, el Fondo se gestiona de forma
neutral con respecto al mercado (lo que significa que tratará de obtener rentabilidad independientemente de si los mercados suben o bajan), con estrictas limitaciones de riesgo, de modo que cualquier asignación a los mercados emergentes puede dar lugar a una exposición direccional limitada (es decir, exposición a la dirección del movimiento del valor de las posiciones). La exposición a los mercados emergentes no superará el 15 % del valor bruto del Fondo (es decir, el valor absoluto de todas las posiciones largas y cortas del Fondo). | ## Politique d'investissement
Le Fonds peut également investir dans des émetteurs et des marchés hors d'Europe ainsi que dans d'autres catégories d'actifs. Ces catégories d'actifs comprennent notamment, mais non exclusivement, des devises, des titres de créance et des titres associés aux taux d'intérêt au niveau international et d'autres fonds. Le Fonds peut augmenter sa pondération en liquidités et autres actifs liquides en période de turbulences boursières.
Le Fonds peut investir jusqu'à 50 % de sa Valeur d'actif nette sur des marchés émergents. Le Fonds est toutefois géré en vue d'être neutre par rapport au marché (c'est-à-dire qu'il visera à générer des rendements, que les marchés soient haussiers ou baissiers) avec des contraintes de risque strictes, de sorte qu'une telle allocation aux marchés émergents peut entraîner une exposition directionnelle limitée (c'est-à-dire une exposition aux mouvements de valeur des positions). L'exposition aux marchés émergents ne dépassera pas 15 % de la valeur brute du Fonds (c'est-à-dire la valeur absolue de toutes les positions longues et courtes du Fonds). | fr | es |
DOLFIN1564 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Objectif et Politiques d'investissement
Le Compartiment vise à produire des revenus attrayants et à dégager des plus-values en capital sur ses actifs, sur le long terme, en investissant dans un portefeuille diversifié de titres à taux fixe.
Le Compartiment compte réaliser son objectif d'investissement en plaçant au moins 70 % de son actif total, à tout moment, dans un portefeuille diversifié de titres d'entreprises et d'État internationaux à taux fixe. Le portefeuille peut également investir, de temps à autre, dans des titres à taux variable. À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
Les titres à taux fixe sont principalement des titres notés au moins « A- » par Standard & Poor’s (ou toute autre agence de notation reconnue à l’échelle internationale) ou qui, de l’avis de la Société de Gestion, présentent une solvabilité semblable. Les titres à taux variable doivent être notés au moins « AA- » par Standard & Poor’s (ou toute autre agence de notation reconnue à l’échelle internationale) ou présenter, de l’avis de la Société de Gestion, une solvabilité semblable. Si un titre n’est pas noté par Standard & Poor’s, la notation qui lui est attribuée est alors une note jugée égale par la Société d’Investissement. La qualité de crédit des emprunteurs souverains qui émettent des titres dans leur propre devise n'est soumise à aucune restriction. Toutefois, il n'est pas prévu que le Compartiment investisse plus de 10 % de son actif net en titres émis et/ou garantis par une seule autorité souveraine (y compris le gouvernement, une entité publique ou une collectivité locale du pays concerné) qui serait notée en deçà de la qualité « investissement grade » par une agence de notation reconnue au plan international. En cas de divergence de notation, c'est la notation de crédit la plus haute attribuée à l'émetteur souverain concerné qui sera considérée comme la notation de référence.
Sous réserve du pourcentage des actifs du Compartiment pouvant être investis dans des titres non cotés (voir l’Annexe I), la Société de Gestion ne peut investir que dans des titres négociés sur des places boursières et des marchés qui sont réglementés, fonctionnent régulièrement, sont reconnus et ouverts au public. | ### Objetivo y políticas de inversión
El objetivo del Fondo es conseguir un nivel atractivo de ingresos junto con un crecimiento potencial a largo plazo en el valor de los activos mediante la inversión en una cartera diversificada de valores de renta fija.
Al objeto de alcanzar su objetivo de inversión, el Fondo tendrá invertido a un tiempo, como mínimo, el 70% del total de sus activos en una cartera diversificada de renta fija corporativa y gubernamental a nivel internacional. La cartera podrá también, en un momento dado, incluir valores de renta variable. A tales efectos, en el activo total no se incluye el efectivo ni los activos líquidos accesorios.
Los valores de renta fija tendrán mayoritariamente la calificación de A- o superior otorgada por Standard & Poor’s (“S&P”) u otra agencia de calificación crediticia reconocida internacionalmente o que, a juicio de la Entidad gestora, tenga similar fiabilidad crediticia, y los valores de renta variable deben tener la calificación de AA- o superior concedida por S&P u otra agencia de calificación crediticia reconocida internacionalmente o que, a juicio de la Entidad gestora, tenga similar fiabilidad crediticia. Cuando un valor no haya sido calificado por S&P, la calificación será aquella que, a juicio del Gestor de inversiones, es equivalente en términos de calidad. No se aplicarán restricciones de calidad crediticia a los prestatarios soberanos que emitan deuda en su propia moneda. No obstante, no se espera que el Fondo invierta más del 10% su activo neto en valores emitidos y/o garantizados por un único emisor soberano (incluido su gobierno, un gobierno público o local de ese país) con una calificación por debajo del grado de inversión de una agencia de calificación reconocida internacionalmente. En caso de calificaciones desiguales, la calificación crediticia más elevada acreditada al emisor soberano correspondiente se considerará la calificación crediticia de referencia.
Con sujeción al porcentaje de activos del Fondo que pueda invertirse en valores no cotizados (véase el Apéndice I), la Entidad gestora tan solo invertirá en valores que se negocien en bolsas y mercados que estén regulados, operen de forma regular y estén reconocidos y abiertos al público. | ### Objectif et Politiques d'investissement
Le Compartiment vise à produire des revenus attrayants et à dégager des plus-values en capital sur ses actifs, sur le long terme, en investissant dans un portefeuille diversifié de titres à taux fixe.
Le Compartiment compte réaliser son objectif d'investissement en plaçant au moins 70 % de son actif total, à tout moment, dans un portefeuille diversifié de titres d'entreprises et d'État internationaux à taux fixe. Le portefeuille peut également investir, de temps à autre, dans des titres à taux variable. À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
Les titres à taux fixe sont principalement des titres notés au moins « A- » par Standard & Poor’s (ou toute autre agence de notation reconnue à l’échelle internationale) ou qui, de l’avis de la Société de Gestion, présentent une solvabilité semblable. Les titres à taux variable doivent être notés au moins « AA- » par Standard & Poor’s (ou toute autre agence de notation reconnue à l’échelle internationale) ou présenter, de l’avis de la Société de Gestion, une solvabilité semblable. Si un titre n’est pas noté par Standard & Poor’s, la notation qui lui est attribuée est alors une note jugée égale par la Société d’Investissement. La qualité de crédit des emprunteurs souverains qui émettent des titres dans leur propre devise n'est soumise à aucune restriction. Toutefois, il n'est pas prévu que le Compartiment investisse plus de 10 % de son actif net en titres émis et/ou garantis par une seule autorité souveraine (y compris le gouvernement, une entité publique ou une collectivité locale du pays concerné) qui serait notée en deçà de la qualité « investissement grade » par une agence de notation reconnue au plan international. En cas de divergence de notation, c'est la notation de crédit la plus haute attribuée à l'émetteur souverain concerné qui sera considérée comme la notation de référence.
Sous réserve du pourcentage des actifs du Compartiment pouvant être investis dans des titres non cotés (voir l’Annexe I), la Société de Gestion ne peut investir que dans des titres négociés sur des places boursières et des marchés qui sont réglementés, fonctionnent régulièrement, sont reconnus et ouverts au public. | fr | es |
DOLFIN1565 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the pound sterling (GBP).
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Practical information | # La divisa de referencia es la libra esterlina (GBP).
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Información práctica | # The reference currency is the pound sterling (GBP).
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Practical information | en | es |
DOLFIN1566 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Volatility of stock markets / structured products
The fund invests exclusively indirectly in the equity markets of the most important industrialised countries by means of structured products. These investments may be subject to price fluctuations, which may have a negative impact on the value of the exposures entered into if prices fall.
The fund invests exclusively in structured products without capital protection, i.e. in so-called yield enhancement products such as "barrier reverse convertibles" and/or "barrier reverse convertibles with conditional coupon". In addition to the issuer or guarantor risk (issuer or guarantor of the structured product, usually a domestic or foreign bank), repayment and/or any distributions may depend on the performance of one or more underlyings. The underlying is the financial instrument underlying a structured product (e.g. share indices in the case of this fund). The investment in yield- optimisation products presupposes a relatively stable, sideways-trending market expectation. Market risks can be controlled through the choice or design of the product terms. | ### Volatilité du marché des actions / produits structurés
Le fonds investit exclusivement de manière indirecte sur les marchés des actions des principaux pays industrialisés au moyen de produits structurés. Ces marchés sont soumis à des fluctuations, ce qui peut affecter la valeur des placements en cas de chute des prix.
Le fonds investit exclusivement dans des produits structurés sans protection du capital, c'est-à-dire dans des produits dits d'optimisation de rendement tels que les "Barrier Reverse Convertibles" et/ou les "Barrier Reverse Convertibles avec coupon conditionnel". Outre le risque lié à l'émetteur ou au garant (émetteur ou garant du produit structuré, généralement une banque suisse ou étrangère), le remboursement et/ou les éventuelles distributions peuvent dépendre de la performance d'un ou plusieurs sous-jacents. Le sous-jacent est l'instrument financier sous-jacent à un produit structuré (par exemple, des indices d'actions dans le cas de ce fonds). L'investissement dans les produits dits d’optimisation de rendement présuppose une attente d’une évolution relativement stable et latérale du marché. Le risque de marché peut être géré en travaillant les différents paramètres des produits structurés contenus dans le fonds. | ### Volatility of stock markets / structured products
The fund invests exclusively indirectly in the equity markets of the most important industrialised countries by means of structured products. These investments may be subject to price fluctuations, which may have a negative impact on the value of the exposures entered into if prices fall.
The fund invests exclusively in structured products without capital protection, i.e. in so-called yield enhancement products such as "barrier reverse convertibles" and/or "barrier reverse convertibles with conditional coupon". In addition to the issuer or guarantor risk (issuer or guarantor of the structured product, usually a domestic or foreign bank), repayment and/or any distributions may depend on the performance of one or more underlyings. The underlying is the financial instrument underlying a structured product (e.g. share indices in the case of this fund). The investment in yield- optimisation products presupposes a relatively stable, sideways-trending market expectation. Market risks can be controlled through the choice or design of the product terms. | en | fr |
DOLFIN1567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The person advising on or selling you this product (including through an insurance or capitalization contract, if applicable) may charge you other costs that are not taken into account in this document. If so, this person will provide you with information about these costs and how they affect your investment.
Cost over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product, and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods:
We have assumed:
- In the first year, you would get back the amount that you invested (0 % annual return). For the other holding periods, we have assumed the product performs as shown in the moderate scenario.
- USD 10 000 is invested. | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda (incluso a través de un contrato de seguros o capitalización, si procede) puede cobrarle otros costes que no se tienen en cuenta en este documento. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles:
Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten 10 000 USD. | # What are the costs?
The person advising on or selling you this product (including through an insurance or capitalization contract, if applicable) may charge you other costs that are not taken into account in this document. If so, this person will provide you with information about these costs and how they affect your investment.
Cost over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product, and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods:
We have assumed:
- In the first year, you would get back the amount that you invested (0 % annual return). For the other holding periods, we have assumed the product performs as shown in the moderate scenario.
- USD 10 000 is invested. | en | es |
DOLFIN1568 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
## Période de détention recommandée: 3 années
Les investisseurs peuvent souscrire et échanger quotidiennement. La Société peut facturer des frais initiaux jusqu'à 5 % de la valeur d'actif nette par Action dans le cadre de la souscription d'Actions de Catégorie A, D, G et X du Fonds. Ces frais seront conservés au profit du Distributeur mondial. Il peut également y avoir des Frais de Rachat jusqu'à 3 % du montant de rachat sur les Catégories d'Actions A, D, G et X. Le Fonds peut subir une dilution (réduction de la valeur des actifs résultant des coûts engagés dans l'exploitation de ses investissements sous-jacents et de tout écart entre les prix d'achat et de vente de ces investissements qui n'est pas reflété dans le prix d'émission ou de rachat payé par ou à l'intention des Actionnaires). Dans le but de remédier à cette situation (qui, si elle est importante, désavantage les actionnaires existants ou permanents), le Gestionnaire peut procéder à un ajustement (Ajustement de Dilution) du cours de l'Action sur une base quotidienne et trimestrielle. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
## Período de mantenimiento recomendado: 3 años
Los inversores podrán realizar suscripciones y reembolsos a diario. La Sociedad podrá cobrar una comisión inicial de hasta el 5 % del Valor liquidativo por Acción en relación con la suscripción de Acciones de Clase A, D, G y X del Fondo. Esta comisión se retendrá en beneficio del Distribuidor global. También puede existir una Comisión de recompra de hasta el 3 % del importe del reembolso en las Clases de Acciones A, D, G y X. El Fondo puede sufrir dilución (reducción del valor de los activos como resultado de los costes incurridos en la negociación de sus inversiones subyacentes y de cualquier diferencial entre los precios de compra y venta de dichas inversiones que no se refleje en el precio de emisión o reembolso pagado por o a los Accionistas). Con el fin de contrarrestarla (ya que, si es significativa, perjudica a los Accionistas existentes o permanentes), el Gestor podrá realizar un ajuste (Ajuste por dilución) en el precio de las Acciones diariamente y trimestralmente. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
## Période de détention recommandée: 3 années
Les investisseurs peuvent souscrire et échanger quotidiennement. La Société peut facturer des frais initiaux jusqu'à 5 % de la valeur d'actif nette par Action dans le cadre de la souscription d'Actions de Catégorie A, D, G et X du Fonds. Ces frais seront conservés au profit du Distributeur mondial. Il peut également y avoir des Frais de Rachat jusqu'à 3 % du montant de rachat sur les Catégories d'Actions A, D, G et X. Le Fonds peut subir une dilution (réduction de la valeur des actifs résultant des coûts engagés dans l'exploitation de ses investissements sous-jacents et de tout écart entre les prix d'achat et de vente de ces investissements qui n'est pas reflété dans le prix d'émission ou de rachat payé par ou à l'intention des Actionnaires). Dans le but de remédier à cette situation (qui, si elle est importante, désavantage les actionnaires existants ou permanents), le Gestionnaire peut procéder à un ajustement (Ajustement de Dilution) du cours de l'Action sur une base quotidienne et trimestrielle. | fr | es |
DOLFIN1569 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### It should be noted that a 'disposal' for United Kingdom tax purposes would gen erally include a red emption or switching of interest between Classes of Shares in the Company.
To obtain reporting fund status for a particular Class of Shares, the Directors of the Company must apply to HM Reven ue & Customs for a particular Class of Shares to constitute a reporting fund within specified time limits and demonstrate to HM Reven ue & Customs that the particular Class of Shares complies with the applicable rules in force for reporting funds status.
As at the date of this Prospectus, the Company has obtained reporting fund status for each Class of Shares currently in issue from HM Reven ue & Customs and reporting fund status will remain in place for so long as the annual req uirements of the Reg ulations are met.
The Directors intend to man age the affairs of the Company and the Funds so that the requirements to obtain and maintain reporting fund status in respect of each Class of Shares are met and continue to be met on an ongoing basis. However, no assurance can be given that any such Class of Shares will continue to qualify as a reporting fund or that the Directors will seek reporting fund status in respect of any new Class of Shares. These req uirements include calculating and reporting the income returns of the offshore fund for each reporting period (as defined for United Kingdom tax purposes) on a per-share basis to all relevant shareholders (as defined for these purposes) and HM
Revenue & Customs. For so long as reporting fund status is maintained in respect of a Class of Shares United Kingdom tax resident Shareholders which hold their interests in that Class of Shares at the end of the reporting period to which the reported income relates, will be subject to income tax or corporation tax on the higher of any cash distribution paid and the proportionate share of the full amount of reported income. The reported income will be deemed to arise to United Kingdom Shareholders on the date the report is issued by the Directors. | ###### Il est important de souligner que, au sens des dispositions fiscales britanniques, une « cession » devrait généralement inclure un échange d’intérêts entre les Catégories d’Actions de la Société.
Pour obtenir le statut de fonds déclarant pour une Catégorie d’Actions donnée, les Administrateurs de la Société doivent déposer une demande de constitution d’un fonds déclarant auprès de la HMRC dans un délai spécifié et démontrer à la HMRC que ladite Catégorie d’Actions donnée est conforme aux règles applicables en vigueur pour le statut de fonds déclarant.
A la date du présent Prospectus, la Société a obtenu le statut de fonds déclarant de l’administration fiscale britannique HM Revenue & Customs pour chaque Catégorie d’Actions actuellement en circulation et ledit statut sera maintenu aussi longtemps que les exigences annuelles des Réglementations seront satisfaites.
Les Administrateurs entendent gérer les affaires de la Société et des Compartiments de façon à ce que les exigences requises pour l’obtention et le maintien du statut de fonds déclarant concernant chaque Catégorie d’Actions soient satisfaites de manière régulière et constante. Toutefois, il ne peut être garanti qu’une telle Catégorie d’actions restera éligible comme fonds de déclaration ou que les Administrateurs viseront à obtenir le statut de fonds déclarant à l’égard de toute nouvelle Catégorie d’Actions. Ces exigences incluent le calcul et la déclaration des revenus du fonds offshore pour chaque période de référence (tel que défini aux fins de la législation fiscale britannique) et
par action pour tous les actionnaires concernés (comme indiqué à ces fins) et HM Revenue & Customs. Tant que le statut de fonds déclarant est maintenu à l’égard d’une Catégorie d’Actions, les Actionnaires résidents britanniques au plan fiscal et qui détiennent une participation dans cette Catégorie d’Actions à la clôture de la période de référence à laquelle le revenu déclaré est rattaché seront assujettis à l’impôt sur le revenu ou sur les sociétés au titre de la distribution en espèces payée la plus élevée et de la part proportionnelle du montant intégral des revenus déclarés. Le revenu déclaré sera réputé pris en compte pour les Actionnaires britanniques à la date de publication du rapport par les Administrateurs. | ###### It should be noted that a 'disposal' for United Kingdom tax purposes would gen erally include a red emption or switching of interest between Classes of Shares in the Company.
To obtain reporting fund status for a particular Class of Shares, the Directors of the Company must apply to HM Reven ue & Customs for a particular Class of Shares to constitute a reporting fund within specified time limits and demonstrate to HM Reven ue & Customs that the particular Class of Shares complies with the applicable rules in force for reporting funds status.
As at the date of this Prospectus, the Company has obtained reporting fund status for each Class of Shares currently in issue from HM Reven ue & Customs and reporting fund status will remain in place for so long as the annual req uirements of the Reg ulations are met.
The Directors intend to man age the affairs of the Company and the Funds so that the requirements to obtain and maintain reporting fund status in respect of each Class of Shares are met and continue to be met on an ongoing basis. However, no assurance can be given that any such Class of Shares will continue to qualify as a reporting fund or that the Directors will seek reporting fund status in respect of any new Class of Shares. These req uirements include calculating and reporting the income returns of the offshore fund for each reporting period (as defined for United Kingdom tax purposes) on a per-share basis to all relevant shareholders (as defined for these purposes) and HM
Revenue & Customs. For so long as reporting fund status is maintained in respect of a Class of Shares United Kingdom tax resident Shareholders which hold their interests in that Class of Shares at the end of the reporting period to which the reported income relates, will be subject to income tax or corporation tax on the higher of any cash distribution paid and the proportionate share of the full amount of reported income. The reported income will be deemed to arise to United Kingdom Shareholders on the date the report is issued by the Directors. | en | fr |
DOLFIN1570 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What happens if HSBC Investment Funds (Luxembourg) S.A. is unable to pay out?
The Fund's ability to pay out would not be affected by the default of HSBC Investment Funds (Luxembourg) S.A.. The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds. This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. There is a potential liability risk for the Depositary if the assets of the Fund are lost. The Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations.
In the event of a bankruptcy or insolvency of the Depositary or other service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of shares) or other disruptions and there may be a risk of default. The Fund is not covered by an investor compensation or guarantee scheme. | # ¿Qué pasa si HSBC Investment Funds (Luxembourg) S.A. no puede pagar?
La capacidad del Fondo para pagarle no se vería afectada por el incumplimiento de HSBC Investment Funds (Luxembourg) S.A.. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos. Esto significa que las inversiones de un Fondo se mantienen separadas de las de los demás Fondos y la inversión que usted realiza en el Fondo no puede utilizarse para satisfacer los pasivos de cualquier otro Fondo. Es posible que el Depositario se exponga a un riesgo de responsabilidad en caso de que se pierdan los activos del Fondo. El Depositario es responsable en caso de incumplimiento, intencionado o por negligencia, de sus obligaciones.
En caso de quiebra o insolvencia del Depositario u otro proveedor de servicios, los inversores podrían sufrir retrasos (por ejemplo, retrasos en el procesamiento de suscripciones, conversiones y reembolsos de acciones o participaciones) u otros trastornos, y puede haber un riesgo de impago. El Fondo no está cubierto por un sistema de indemnización a los inversores ni de garantías. | # What happens if HSBC Investment Funds (Luxembourg) S.A. is unable to pay out?
The Fund's ability to pay out would not be affected by the default of HSBC Investment Funds (Luxembourg) S.A.. The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds. This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. There is a potential liability risk for the Depositary if the assets of the Fund are lost. The Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations.
In the event of a bankruptcy or insolvency of the Depositary or other service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of shares) or other disruptions and there may be a risk of default. The Fund is not covered by an investor compensation or guarantee scheme. | en | es |
DOLFIN1571 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 years Example Investment: 10 000 USD |
| --- |
| Scenarios | | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4 990 USD | 6 090 USD |
| Average return each year | - 50.07 % | - 15.25 % |
| Unfavourable | What you might get back after costs | 9 220 USD | 9 610 USD |
| Average return each year | - 7.76 % | - 1.32 % |
| Moderate | What you might get back after costs | 10 400 USD | 11 310 USD |
| Average return each year | 4.02 % | 4.18 % |
| Favourable | What you might get back after costs | 12 580 USD | 12 880 USD |
| Average return each year | 25.84 % | 8.79 % | | | Periodo di detenzione raccomandato minimo richiesto: 3 anni Esempio di investimento: 10 000 USD | |
| --- | --- |
| Scenari | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | 4 990 USD | 6 090 USD |
| Rendimento medio per ciascun anno | - 50,07 % | - 15,25 % |
| Sfavorevole | Possibile rimborso al netto dei costi | 9 220 USD | 9 610 USD |
| Rendimento medio per ciascun anno | - 7,76 % | - 1,32 % |
| Moderato | Possibile rimborso al netto dei costi | 10 400 USD | 11 310 USD |
| Rendimento medio per ciascun anno | 4,02 % | 4,18 % |
| Favorevole | Possibile rimborso al netto dei costi | 12 580 USD | 12 880 USD |
| Rendimento medio per ciascun anno | 25,84 % | 8,79 % | | | Recommended minimum holding period: 3 years Example Investment: 10 000 USD |
| --- |
| Scenarios | | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4 990 USD | 6 090 USD |
| Average return each year | - 50.07 % | - 15.25 % |
| Unfavourable | What you might get back after costs | 9 220 USD | 9 610 USD |
| Average return each year | - 7.76 % | - 1.32 % |
| Moderate | What you might get back after costs | 10 400 USD | 11 310 USD |
| Average return each year | 4.02 % | 4.18 % |
| Favourable | What you might get back after costs | 12 580 USD | 12 880 USD |
| Average return each year | 25.84 % | 8.79 % | | en | it |
DOLFIN1572 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### There are no plans for a regional focus or limit. Securities can be purchased from all OECD countries. Investments in emerging countries are also permitted.
The sub-fund may hold ancillary liquid assets. In addition, depending on the assessment of the market situation, a short- term (maximum of 15 days) exception to the aforementioned investment focus is permitted and investment in liquid assets is permitted if, in such a case, the investment focus is on the whole adhered to when the liquid assets are included.
Units in UCITS or other UCI (“target funds”) will be acquired only up to a maximum limit of 10% of the sub-fund assets, making the sub-fund eligible as a target fund. With respect to the target funds that can be acquired for the sub-fund, there are no restrictions on the permissible types of target funds that can be acquired.
The use of derived financial instruments (“derivatives”) is planned in order to achieve the aforementioned investment objectives, as well as for investment and hedging purposes. Derivatives do not contribute towards the investment focus. In addition to option rights, this includes, inter alia, swaps and futures contracts on securities, money market instruments, financial indices within the meaning of Article 9 (1) of Directive 2007/16/EC and Article XIII of ESMA Guidelines 2014/937, interest rates, exchange rates, currencies and investment funds pursuant to Article 41 (1) (e) of the Law of 17 December 2010. Derivatives may be used only within the limits outlined in Article 4 of the management regulations. Further details on techniques and instruments can be found in the sales prospectus in the chapter titled “Investment policy” in the “Information on derivatives and other techniques and instruments” section. | ### No está prevista ninguna focalización o limitación regional. Pueden adquirirse valores mobiliarios de todos los países de la OCDE. Adicionalmente, es posible invertir en países emergentes.
Además, el Subfondo podrá incluir recursos líquidos. Asimismo, en función de la valoración de la situación del mercado, también puede desviarse por un breve espacio de tiempo (hasta 15 días) del objetivo de inversión arriba indicado e invertir en recursos líquidos siempre que, en tal caso, al sumar los recursos líquidos el objetivo de inversión se mantenga de forma global.
Únicamente se adquirirán participaciones de OICVM u otros OIC (“Fondos subyacentes”) hasta un límite máximo del 10% del patrimonio del subfondo y, por tanto, el subfondo tiene capacidad para actuar como Fondo subyacente. Por lo que se refiere a los Fondos subyacentes que puede adquirir el subfondo, no existe ninguna restricción en cuanto a los tipos admisibles de Fondos subyacentes que pueden adquirirse.
Se prevé la utilización de instrumentos financieros derivados (“derivados”) para alcanzar los objetivos de inversión mencionados, así como para fines de inversión y de cobertura. Una consideración de derivados sobre el enfoque de inversión principal no tiene lugar. Aquí se incluyen, además de los derechos de opción, otros instrumentos como permutas financieras y contratos de futuros sobre valores mobiliarios, instrumentos del mercado monetario, índices financieros en el sentido del artículo 9, apartado 1, de la Directiva 2007/16/CE y el artículo XIII de la Directiva 2014/937 de la AEVM, tipos de interés, tipos de cambio, divisas y fondos de inversión conforme al artículo 41, apartado 1 e), de la Ley de 17 de diciembre de 2010. Estos derivados únicamente podrán emplearse dentro de los límites del artículo 4 del Reglamento de Gestión. En el apartado “Información sobre derivados y otras técnicas e instrumentos” del capítulo “Política de inversión” del folleto de venta se indican más detalles acerca de las técnicas e instrumentos. | ### There are no plans for a regional focus or limit. Securities can be purchased from all OECD countries. Investments in emerging countries are also permitted.
The sub-fund may hold ancillary liquid assets. In addition, depending on the assessment of the market situation, a short- term (maximum of 15 days) exception to the aforementioned investment focus is permitted and investment in liquid assets is permitted if, in such a case, the investment focus is on the whole adhered to when the liquid assets are included.
Units in UCITS or other UCI (“target funds”) will be acquired only up to a maximum limit of 10% of the sub-fund assets, making the sub-fund eligible as a target fund. With respect to the target funds that can be acquired for the sub-fund, there are no restrictions on the permissible types of target funds that can be acquired.
The use of derived financial instruments (“derivatives”) is planned in order to achieve the aforementioned investment objectives, as well as for investment and hedging purposes. Derivatives do not contribute towards the investment focus. In addition to option rights, this includes, inter alia, swaps and futures contracts on securities, money market instruments, financial indices within the meaning of Article 9 (1) of Directive 2007/16/EC and Article XIII of ESMA Guidelines 2014/937, interest rates, exchange rates, currencies and investment funds pursuant to Article 41 (1) (e) of the Law of 17 December 2010. Derivatives may be used only within the limits outlined in Article 4 of the management regulations. Further details on techniques and instruments can be found in the sales prospectus in the chapter titled “Investment policy” in the “Information on derivatives and other techniques and instruments” section. | en | es |
DOLFIN1573 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition, investment expenses, for the sole benefit of the Sub-fund, may also be charged up to a maximum of 1% of the Net asset value per Share at the discretion of the Board of Directors, respectively the Management Company.
Investors’ attention is drawn to the fact that, in some countries, additional expenses concerning the functions and services of local paying agents, correspondent banks or other similar entities may be invoiced to them.
- ProcedureSubscription applications are to be addressed to the Fund or directly to the Transfer Agent and Registrar. | En outre, des frais d’investissement, au seul bénéfice du Compartiment, peuvent être prélevés dans la limite de 1% de la Valeur nette d’inventaire par Action à la discrétion du Conseil d’administration ou de la Société de gestion.
L’attention des investisseurs est attirée sur le fait que, dans certains pays, des frais supplémentaires pourront leur être facturés en relation avec les fonctions et services d’agent payeur, de banque correspondante ou d’autres entités similaires au niveau local.
- ProcédureLes demandes de souscription doivent être adressées au Fonds ou directement à l’Agent de transfert et Agent teneur de registre. | In addition, investment expenses, for the sole benefit of the Sub-fund, may also be charged up to a maximum of 1% of the Net asset value per Share at the discretion of the Board of Directors, respectively the Management Company.
Investors’ attention is drawn to the fact that, in some countries, additional expenses concerning the functions and services of local paying agents, correspondent banks or other similar entities may be invoiced to them.
- ProcedureSubscription applications are to be addressed to the Fund or directly to the Transfer Agent and Registrar. | en | fr |
DOLFIN1574 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This new transparency obligation will apply as from 1 January 2022.
“Sustainable Investments and promotion of ESG characteristics” section has been amended in the introductive part of the Prospectus to add Taxonomy disclosures.
- CSSF FAQ on the use of securities financing transactions by UCITSA review of the Prospectus has been conducted to respond to the objective of the CSSF FAQ on the use of securities financing transactions by UCITS to bring further clarity and transparency to the disclosures to investors, revenues and costs/fees, conflict of interest (if any) and best execution concerning the use by the Company’s relevant sub-funds of securities financing transactions (“SFTs”), thereby taking into account the applicable regulatory framework. | Diese neue Transparenzverpflichtung gilt ab dem 1. Januar 2022.
Der Abschnitt „Nachhaltige Anlagen und die Bewerbung von ESG-Merkmalen“ im Einleitungsteil des Verkaufsprospekts wurde geändert und enthält jetzt auch Offenlegungen zur Taxonomie.
- FAQ der CSSF zum Einsatz von Wertpapierfinanzierungsgeschäften durch OGAWDer Verkaufsprospekt wurde überarbeitet, um entsprechend dem Ziel der FAQ der CSSF zum Einsatz von Wertpapierfinanzierungsgeschäften durch OGAW mehr Klarheit und Transparenz bezüglich der Angaben gegenüber Anlegern, Erträgen und Kosten/Gebühren, (etwaigen) Interessenkonflikten und der bestmöglichen Ausführung hinsichtlich des Einsatzes von Wertpapierfinanzierungsgeschäften (Securities Financing Transactions, „SFTs“) durch die jeweiligen Teilfonds der Gesellschaft zu schaffen und hierbei die geltenden aufsichtsrechtlichen Rahmenbedingungen einzuhalten. | This new transparency obligation will apply as from 1 January 2022.
“Sustainable Investments and promotion of ESG characteristics” section has been amended in the introductive part of the Prospectus to add Taxonomy disclosures.
- CSSF FAQ on the use of securities financing transactions by UCITSA review of the Prospectus has been conducted to respond to the objective of the CSSF FAQ on the use of securities financing transactions by UCITS to bring further clarity and transparency to the disclosures to investors, revenues and costs/fees, conflict of interest (if any) and best execution concerning the use by the Company’s relevant sub-funds of securities financing transactions (“SFTs”), thereby taking into account the applicable regulatory framework. | en | de |
DOLFIN1575 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le Compartiment est géré activement. Le Compartiment ne possède pas d'indice de référence et n'est pas géré par référence à un indice.
Le Compartiment investira ses actifs principalement dans des organismes de placement collectif traditionnels (OPC) qui investissent principalement ou offrent une exposition aux actions de sociétés à grande, moyenne ou petite capitalisation cotées en bourse.
Le choix des investissements (et l'exposition de l'actif sous-jacent des OPC) ne sera pas limité en termes d'espace géographique (comprenant les marchés émergents), de secteur économique ou de devises dans lesquelles un investissement est libellé. Selon les conditions sur les marchés financiers, une attention particulière pourra être accordée à un pays en particulier (ou plusieurs) et/ou un seul secteur économique et/ ou une seule devise.
Le Compartiment peut également, à titre accessoire, investir dans tout autre type d'investissements éligibles comme des actions, des titres liés à des actions, des produits structurés, des titres de créance de type | ### El Subfondo se gestiona de forma activa. El Subfondo no tiene índice de referencia y no se gestiona con respecto a un índice de referencia.
El Compartimento invierte sus activos principalmente en organismos tradicionales de inversión colectiva (OIC) que principalmente invierten u ofrecen una exposición a valores de empresas de capitalización grande, mediana o pequeña que cotizan en una bolsa de valores.
La selección de inversiones (y la exposición de los activos subyacentes de los OIC) no estará limitada por regiones geográficas (incluidos los mercados emergentes), por sector económico ni por las divisas en que estén denominadas las inversiones. Dependiendo de las condiciones del mercado financiero, las inversiones podrán concentrarse en un solo país (o varios países) y/o en un solo sector económico y/o en una sola divisa.
De forma auxiliar, el Compartimento puede invertir en cualquier otro tipo de inversiones elegibles, como valores de renta variable y valores relacionados con la renta variable, productos estructurados, valores de deuda con una calificación de grado de inversión, instrumentos del mercado monetario y OIC alternativos. | ### Le Compartiment est géré activement. Le Compartiment ne possède pas d'indice de référence et n'est pas géré par référence à un indice.
Le Compartiment investira ses actifs principalement dans des organismes de placement collectif traditionnels (OPC) qui investissent principalement ou offrent une exposition aux actions de sociétés à grande, moyenne ou petite capitalisation cotées en bourse.
Le choix des investissements (et l'exposition de l'actif sous-jacent des OPC) ne sera pas limité en termes d'espace géographique (comprenant les marchés émergents), de secteur économique ou de devises dans lesquelles un investissement est libellé. Selon les conditions sur les marchés financiers, une attention particulière pourra être accordée à un pays en particulier (ou plusieurs) et/ou un seul secteur économique et/ ou une seule devise.
Le Compartiment peut également, à titre accessoire, investir dans tout autre type d'investissements éligibles comme des actions, des titres liés à des actions, des produits structurés, des titres de créance de type | fr | es |
DOLFIN1576 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| If you exit after 1 year | If you exit after 6 years |
| --- | --- |
| Total costs | 944 EUR | 2,347 EUR |
| Annual cost impact (*) | 9.4% | 2.8% each year |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.3 % before costs and 5.5 % after costs.
## We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount. | # Kosten im Zeitverlauf
In den Tabellen werden Beträge dargestellt, die zur Deckung verschiedener Kostenarten von Ihrer Anlage entnommen werden. Diese Beträge hängen davon ab, wie viel Sie anlegen, wie lange Sie das Produkt halten und wie gut sich das Produkt entwickelt sofern zutreffend. Die hier dargestellten Beträge veranschaulichen einen beispielhaften Anlagebetrag und verschiedene mögliche Anlagezeiträume.
## Wir haben folgende Annahme zugrunde gelegt:
- Im ersten Jahr würden Sie den angelegten Betrag zurückerhalten (0 % Jahresrendite). Für die anderen Halteperioden haben wir angenommen, dass sich das Produkt wie im mittleren Szenario dargestellt entwickelt
- 10,000 EUR werden angelegt
| Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 6 Jahren aussteigen |
| --- | --- |
| Kosten insgesamt | 944 EUR | 2,347 EUR |
| Jährliche Auswirkungen der Kosten (*) | 9.4% | 2.8% pro Jahr |
(*) Dies veranschaulicht, wie die Kosten ihre Rendite jedes Jahr während der Haltedauer verringern. Sie zeigt zum Beispiel, dass ihre durchschnittliche Rendite pro Jahr bei einem Ausstieg bei der empfohlenen Haltedauer bei 8.3 % vor Kosten und 5.5 % nach Kosten liegen wird.
## Wir können einen Teil der Kosten zwischen uns und der Person aufteilen, die Ihnen das Produkt verkauft, um die für Sie erbrachten Dienstleistungen zu decken. Der Betrag wird Ihnen mitgeteilt. | # Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| If you exit after 1 year | If you exit after 6 years |
| --- | --- |
| Total costs | 944 EUR | 2,347 EUR |
| Annual cost impact (*) | 9.4% | 2.8% each year |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.3 % before costs and 5.5 % after costs.
## We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount. | en | de |
DOLFIN1577 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Other relevant information
### Investment Manager: FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France
Past performance: The information about past performance for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7HB53_en_IE-LU.pdf).
### This chart shows the fund’s performance as the percentage loss or gain per year over the last 0 years.
Performance scenarios: The previous performance scenarios for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7HB53_en_IE-LU.csv). | # Otros datos de interés
### Gestor de inversiones: FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France
Rentabilidad histórica: La información sobre la rentabilidad histórica de este producto se puede encontrar en fundlogic.morganstanley.com, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7HB53_es_ES.pdf).
### Este diagrama muestra la rentabilidad del fondo como pérdida o ganancia porcentual anual durante los últimos 0 años.
Escenarios de rentabilidad: Los escenarios de rentabilidad anterior de este producto se pueden encontrar en fundlogic.morganstanley.com, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7HB53_es_ES.csv). | # Other relevant information
### Investment Manager: FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France
Past performance: The information about past performance for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7HB53_en_IE-LU.pdf).
### This chart shows the fund’s performance as the percentage loss or gain per year over the last 0 years.
Performance scenarios: The previous performance scenarios for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7HB53_en_IE-LU.csv). | en | es |
DOLFIN1578 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Other relevant information
This Key Information Document has been produced by Baillie Gifford Investment Management (Europe) Limited. You can obtain further information on the Fund, as well as documents which we are legally required to make available such as the Prospectus, past performance up to 10 years, the latest share prices and the latest annual and interim reports from Baillie Gifford or by visiting the website at www.bailliegifford.com. All such documents are available in English on paper and are free of charge on request. The Prospectus is also available in French and German. Tax laws in Ireland may have an impact on your own tax position. Performance scenarios are calculated on a monthly basis and these calculations are available on the Fund's website at www.bailliegifford.com. The person advising on or selling the product may have to provide you with additional information as required by their financial regulator or national law. The most up to date version of this Key Information Document can be found on the Company's website at www.bailliegifford.com. The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. If you are in any doubt about the action you should take, you should seek independent financial advice. | # Otros datos de interés
Este Documento de Datos Fundamentales ha sido producido por Baillie Gifford Investment Management (Europe) Limited. Puede obtener más información sobre el Fondo, así como los documentos que tenemos la obligación legal de poner a disposición, como el Folleto, la rentabilidad histórica de los últimos 10 años, los últimos precios de las acciones y los últimos informes anuales y semestrales de Baillie Gifford o visitando el sitio web www.bailliegifford.com. Todos esos documentos están disponibles en inglés, en papel y se entregan gratuitamente al solicitarlos. El Folleto también está disponible en francés y alemán. La legislación tributaria de Irlanda puede incidir en su situación tributaria personal. Los escenarios de rentabilidad se calculan mensualmente y estos cálculos están disponibles en el sitio web del Fondo en www.bailliegifford.com. Es posible que la persona que le asesore o venda el producto tenga que proporcionarle información adicional según lo requiera el regulador financiero o la legislación nacional. La versión más actualizada de este Documento de Datos Fundamentales se puede encontrar en el sitio web de la Sociedad en www.bailliegifford.com. El Gestor únicamente incurrirá en responsabilidad por las declaraciones contenidas en presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto. Si tiene alguna duda sobre la acción que debe tomar, busque asesoramiento financiero independiente. | # Other relevant information
This Key Information Document has been produced by Baillie Gifford Investment Management (Europe) Limited. You can obtain further information on the Fund, as well as documents which we are legally required to make available such as the Prospectus, past performance up to 10 years, the latest share prices and the latest annual and interim reports from Baillie Gifford or by visiting the website at www.bailliegifford.com. All such documents are available in English on paper and are free of charge on request. The Prospectus is also available in French and German. Tax laws in Ireland may have an impact on your own tax position. Performance scenarios are calculated on a monthly basis and these calculations are available on the Fund's website at www.bailliegifford.com. The person advising on or selling the product may have to provide you with additional information as required by their financial regulator or national law. The most up to date version of this Key Information Document can be found on the Company's website at www.bailliegifford.com. The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. If you are in any doubt about the action you should take, you should seek independent financial advice. | en | es |
DOLFIN1579 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Any such suspension shall be published by the Company in such manner as it may deem appropriate to the persons likely to be affected thereby if, in the opinion of the Company, such suspension is likely to continue for a period exceeding fourteen calendar days and any such suspension shall be notified immediately to the Central Bank and in any event within the same business day. Where practicable, the Company shall take all reasonable steps to bring such suspension to an end as soon as possible. The Company may elect to treat the first business day on which the conditions giving rise to the suspension have ceased as a substitute dealing day.
The Investment Managers and Sub-Investment Managers employ an appropriate liquidity management system on behalf of the Company and have adopted documented procedures which enable them to monitor the liquidity risk of the Funds and ensure that the liquidity profile of the Funds’ investments enable the Company to meet redemption requests in normal circumstances. In addition, there are procedures that allow the Company to manage its liquidity in exceptional circumstances. The Investment Managers’ and Sub-Investment Managers’ liquidity management procedures in respect of the Company are reviewed on at least an annual basis.
Stress testing is conducted on an ongoing basis under normal and exceptional liquidity conditions, having regard to a range of issues, including each Fund’s investment strategies. In addition to the aforementioned, liquidity on the Funds investing in collective investments schemes is maintained by investing in underlying ETFs.
Details of residual contractual maturities of financial liabilities of the Funds are outlined below: | Tale sospensione dovrà essere pubblicata dalla Società nel modo che ritenga appropriato per le persone che potrebbero essere interessate, pertanto se, a giudizio della Società, tale sospensione continuerà probabilmente per un periodo superiore a quattordici giorni di calendario e tale sospensione sarà notificata immediatamente alla Banca Centrale e in ogni caso entro lo stesso giorno lavorativo. Ove possibile, la Società adotterà tutte le misure ragionevoli per porre fine a tale sospensione il prima possibi le. La Società può decidere di trattare il primo giorno lavorativo in cui le condizioni che hanno dato origine alla sospensione sono cessate come giorno di negoziazione sostitutivo.
I Gestori degli investimenti e i Sub-gestori degli investimenti impiegano un adeguato sistema di gestione della liquidità per conto della Società e hanno adottato procedure documentate che consentono loro di monitorare il rischio di liquidità dei Comparti e garantiscono che il profilo di liquidità degli investimenti dei Comparti consenta alla Società di soddisfare le richieste di rimborso in circostanze normali. Inoltre, esistono procedure che consentono alla Società di gestire la propria liquidità in circostanze eccezionali. Le procedure di gestione della liquidità dei Gestori degli Investimenti e dei Sub-gestori degli Investimenti in relazione alla Società sono riviste almeno su base annuale.
Il test di stress viene condotto su base continuativa in condizioni di liquidità normali ed eccezionali, tenendo conto di una serie di emissioni, comprese le strategie di investimento di ciascun Comparto. Oltre a quanto sopra, la liquidità sui Comparti che investono in organismi di investimento collettivo viene mantenuta investendo in ETF sottostanti.
Di seguito sono riportati i dettagli delle scadenze contrattuali residue delle passività finanziarie dei Comparti: | Any such suspension shall be published by the Company in such manner as it may deem appropriate to the persons likely to be affected thereby if, in the opinion of the Company, such suspension is likely to continue for a period exceeding fourteen calendar days and any such suspension shall be notified immediately to the Central Bank and in any event within the same business day. Where practicable, the Company shall take all reasonable steps to bring such suspension to an end as soon as possible. The Company may elect to treat the first business day on which the conditions giving rise to the suspension have ceased as a substitute dealing day.
The Investment Managers and Sub-Investment Managers employ an appropriate liquidity management system on behalf of the Company and have adopted documented procedures which enable them to monitor the liquidity risk of the Funds and ensure that the liquidity profile of the Funds’ investments enable the Company to meet redemption requests in normal circumstances. In addition, there are procedures that allow the Company to manage its liquidity in exceptional circumstances. The Investment Managers’ and Sub-Investment Managers’ liquidity management procedures in respect of the Company are reviewed on at least an annual basis.
Stress testing is conducted on an ongoing basis under normal and exceptional liquidity conditions, having regard to a range of issues, including each Fund’s investment strategies. In addition to the aforementioned, liquidity on the Funds investing in collective investments schemes is maintained by investing in underlying ETFs.
Details of residual contractual maturities of financial liabilities of the Funds are outlined below: | en | it |
DOLFIN1580 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The selection focuses on issuers that – by international standards – stand out through the positive performance of key corporate indic- ators, such as market position, cash flow, diversified earnings struc- ture and leverage. The investment policy does not provide for capit- al protection. At least 80% of the foreign currency risk is hedged against the reference currency of the respective unit class. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's in- vestment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transaction costs may have a material im- pact on performance. The Fund may not be appropriate for in- vestors who plan to withdraw their money within less than 3 years.
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# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización razonable del capital. El Fondo tratará de alcanzar su objetivo de inversión in- virtiendo principalmente en valores de deuda que devengan intere- ses o en valores equivalentes. La selección se centra en los emisores que, según los estándares internacionales, destacan por la rentabili- dad positiva de los principales indicadores corporativos, como la si- tuación de mercado, el flujo de caja, la estructura de beneficios di- versificada y el apalancamiento. La política de inversión no prevé la protección del capital. Al menos el 80 % del riesgo cambiario está cubierto frente a la divisa de referencia de la clase de participacio- nes correspondiente. El Fondo podrá invertir en derivados (instru- mentos financieros derivados de otros valores o activos) con fines
de cobertura. Los aspectos ambientales, sociales y de gobernanza ("ESG") se consideran parte del proceso de inversión del Fondo. La cartera del Fondo se gestiona de forma activa. El Fondo no se ges- tiona con relación a ningún índice de referencia. El Fondo podrá te- ner posiciones en efectivo y equivalentes de efectivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reem- bolsarlas diariamente. Se distribuyen todos los ingresos generados por el Fondo. Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento. El Fondo puede no resul- tar adecuado para aquellos inversores que planeen retirar su dinero en menos de 3 años.
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# Perfil de riesgo y beneficio | The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The selection focuses on issuers that – by international standards – stand out through the positive performance of key corporate indic- ators, such as market position, cash flow, diversified earnings struc- ture and leverage. The investment policy does not provide for capit- al protection. At least 80% of the foreign currency risk is hedged against the reference currency of the respective unit class. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's in- vestment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transaction costs may have a material im- pact on performance. The Fund may not be appropriate for in- vestors who plan to withdraw their money within less than 3 years.
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# Risk and Reward Profile | en | es |
DOLFIN1581 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges |
| --- |
| The charges you pay are used to pay the Fund's running costs, including the costs of marketing and distribution. These charges reduce the potential growth of your investment. |
| | One-off charges taken before or after you invest | The shown are maximum figures. In some cases you might pay less. You can find this out from your financial adviser. (*) The figure is based on past expenses determined as of 31 March 2022. This figure may vary from year to year. It excludes: - Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | | Gastos |
| --- |
| Los gastos que usted soporta están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión. |
| | Gastos extraordinarios antes o después de la inversión | Los mostrados son las cifras máximas. En algunos casos usted pagará menos. Puede obtener más información a través de su asesor financiero. (*) La cifra de se basa en los gastos correspondientes pasados determinados el 31 marzo 2022. Dicha cifra puede variar de un año a otro. No incluye: - Costes de transacción de la cartera, exceptuados los gastos de entrada y salida pagados por el Fondo al comprar o vender participaciones de otro organismo de inversión colectiva. | | Charges |
| --- |
| The charges you pay are used to pay the Fund's running costs, including the costs of marketing and distribution. These charges reduce the potential growth of your investment. |
| | One-off charges taken before or after you invest | The shown are maximum figures. In some cases you might pay less. You can find this out from your financial adviser. (*) The figure is based on past expenses determined as of 31 March 2022. This figure may vary from year to year. It excludes: - Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | en | es |
DOLFIN1582 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Gestion et administration (suite)
##### Conseillers délégués non affiliés (suite) : Conseillers délégués non affiliés (suite) :
Crabel Capital Management, LLC LCJ Investments SA
10250 Constellation Blvd., Suite 2650 (liquidé le 31 mars 2021)
Los Angeles, CA 90067 118 Rue du Rhône
États-Unis 1204 Genève
Suisse
Trium Capital LLP
60 Gresham Street Portman Square Capital
London EC2V 7BB Park House
Royaume-Uni 116 Park Street
London W1K 6SS
AllianceBernstein LP Royaume-Uni
1345 Avenue of the Americas New York, NY 10105
États-Unis
RAPPORT INTÉRIMAIRE 2021 3
INFORMATIONS GÉNÉRALES PRÉSENTATION DE LA SOCIÉTÉ | # Dirección y administración (cont.)
##### Subasesores no afiliados (cont.): Subasesores no afiliados (cont.):
Crabel Capital Management, LLC LCJ Investments SA
10250 Constellation Blvd., Suite 2650 (cesado el 31 de marzo de 2021)
Los Ángeles, CA 90067 118 Rue du Rhone
EE. UU. 1204 Ginebra
Suiza
Trium Capital LLP
60 Gresham Street Portman Square Capital
London EC2V 7BB Park House
Reino Unido 116 Park Street
London W1K 6SS
AllianceBernstein LP Reino Unido
1345 Avenue of the Americas Nueva York, NY 10105
EE. UU.
INFORME SEMESTRAL 2021 3
INFORMACIÓN GENERAL DESCRIPCIÓN DE LA EMPRESA | # Gestion et administration (suite)
##### Conseillers délégués non affiliés (suite) : Conseillers délégués non affiliés (suite) :
Crabel Capital Management, LLC LCJ Investments SA
10250 Constellation Blvd., Suite 2650 (liquidé le 31 mars 2021)
Los Angeles, CA 90067 118 Rue du Rhône
États-Unis 1204 Genève
Suisse
Trium Capital LLP
60 Gresham Street Portman Square Capital
London EC2V 7BB Park House
Royaume-Uni 116 Park Street
London W1K 6SS
AllianceBernstein LP Royaume-Uni
1345 Avenue of the Americas New York, NY 10105
États-Unis
RAPPORT INTÉRIMAIRE 2021 3
INFORMATIONS GÉNÉRALES PRÉSENTATION DE LA SOCIÉTÉ | fr | es |
DOLFIN1583 | 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 Fonds est un OPCVM géré activement. Les investissements ou l’exposition du Fonds ne sont pas liés à l’EURIBOR 1M (l’« Indice de référence »). L’objectif d’investissement du Fonds est d’obtenir une croissance du capital avec une performance supérieure à l’EURIBOR 1M.
L’EURIBOR 1M est basé sur les taux d’intérêt moyens établis par un panel d’environ 50 banques européennes qui se consentent des prêts les unes aux autres.
Il n’est nullement garanti que le Fonds réalise son objectif d’investissement.
La Valeur liquidative par action du Fonds variera à la baisse ou à la hausse en fonction des fluctuations des marchés et il est possible que les Actionnaires récupèrent un montant nettement inférieur à leur placement initial si les investissements ne produisent pas les résultats attendus.
Le Fonds n’offre pas de protection du capital.
Cependant, la perte maximale qu’un investisseur peut encourir se limite au montant de son investissement dans le Fonds. La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : instruments financiers dérivés, actions internationales, titres de créance à taux fixe ou variable ainsi que d’autres instruments financiers tels que des instruments monétaires ou des dépôts bancaires.
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur d'inventaire nette/:
Chaque jour ouvré ou tout autre jour ou jours fixés par les Administrateurs et préalablement notifiés aux Actionnaires, sous réserve qu’au moins une évaluation soit effectuée tous les quinze jours.
Rachats : 14 h 00 (heure de Paris) le troisième (3e) Jour ouvré précédant le Jour de valorisation correspondant ou tout autre horaire fixé par les Administrateurs et notifié aux Actionnaires. | # Objetivos y política de inversión
Este Fondo es un OICVM activo. Las inversiones o la exposición del Fondo no están vinculadas con el EURIBOR 1M (en lo sucesivo, el "Índice de referencia").
El objetivo de inversión del Fondo es buscar la revalorización del capital con rendimientos superiores al EURIBOR 1M.
El EURIBOR 1M está basado en los tipos de interés medios establecidos por unos 50 bancos europeos que realizan préstamos entre sí. No hay garantías de que el Fondo cumpla con su objetivo de inversión.
El valor liquidativo por participación en el Fondo disminuirá o aumentará en función de los movimientos de los mercados y los Accionistas podrían recuperar un importe bastante inferior al invertido si las inversiones no logran los resultados esperados.
El Fondo no ofrece ninguna protección de capital.
Sin embargo, la pérdida máxima que un inversor puede sufrir está limitada a su inversión en el Fondo. La divisa de la clase del fondo es el euro (EUR).
Inversión en instrumentos financieros: Instrumentos financieros derivados, renta variable internacional, instrumentos de deuda fija o variable, otros instrumentos financieros, tales como instrumentos de efectivo o depósitos bancarios.
Política de dividendos: todos los importes del Fondo disponibles para distribución (en caso de haberlos) no se distribuirán a los Accionistas, sino que serán reinvertidos.
Valor liquidativo: Cada Día Hábil o cualquier otro día o días que determine el Consejo y se notifique a los Accionistas previamente, siempre que haya como mínimo un Día de valoración cada dos semanas.
Reembolso: 14:00, hora de París, del tercer Día Hábil anterior al Día de Valoración en cuestión u otra hora que los Consejeros puedan determinar y notificar a los Accionistas. | # Objectifs et politique d’investissement
Ce Fonds est un OPCVM géré activement. Les investissements ou l’exposition du Fonds ne sont pas liés à l’EURIBOR 1M (l’« Indice de référence »). L’objectif d’investissement du Fonds est d’obtenir une croissance du capital avec une performance supérieure à l’EURIBOR 1M.
L’EURIBOR 1M est basé sur les taux d’intérêt moyens établis par un panel d’environ 50 banques européennes qui se consentent des prêts les unes aux autres.
Il n’est nullement garanti que le Fonds réalise son objectif d’investissement.
La Valeur liquidative par action du Fonds variera à la baisse ou à la hausse en fonction des fluctuations des marchés et il est possible que les Actionnaires récupèrent un montant nettement inférieur à leur placement initial si les investissements ne produisent pas les résultats attendus.
Le Fonds n’offre pas de protection du capital.
Cependant, la perte maximale qu’un investisseur peut encourir se limite au montant de son investissement dans le Fonds. La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : instruments financiers dérivés, actions internationales, titres de créance à taux fixe ou variable ainsi que d’autres instruments financiers tels que des instruments monétaires ou des dépôts bancaires.
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur d'inventaire nette/:
Chaque jour ouvré ou tout autre jour ou jours fixés par les Administrateurs et préalablement notifiés aux Actionnaires, sous réserve qu’au moins une évaluation soit effectuée tous les quinze jours.
Rachats : 14 h 00 (heure de Paris) le troisième (3e) Jour ouvré précédant le Jour de valorisation correspondant ou tout autre horaire fixé par les Administrateurs et notifié aux Actionnaires. | fr | es |
DOLFIN1584 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Euro and EU Related Risks
A Fund may have investment exposure to Europe and the Eurozone. In light of the sovereign debt crisis in Europe, such investment exposure may subject the Fund to certain risks. For example, it is possible that various Eurozone member countries could abandon the euro and return to a national currency and/or that the euro will cease to exist as a single currency in its current form. The effects of such an abandonment or a country’s forced exit from the euro on that country, the rest of the Eurozone, and global markets are impossible to predict, but are likely to be negative and may adversely affect the value of a Fund’s investments in Europe. The exit of any country out of the euro would likely have an extremely destabilising effect on all Eurozone countries and their economies and a negative effect on the global economy as a whole. While the governments of many European countries, the European Commission, the European Central Bank, the International Monetary Fund and other authorities are taking measures (such as undertaking economic reforms, providing rescue packages and imposing austerity measures on citizens) to address the current fiscal conditions, there is a possibility that these measures may not have the desired effect and the future stability and growth of Europe remains uncertain.
In addition, under these circumstances, it may be difficult to value investments denominated in euros or in a replacement currency. It is also possible that a country which exits the euro might seek to impose controls on the flow of capital in and out of that country which could result in the Company being unable to accept further subscriptions from, or make redemption payments to, Shareholders in that jurisdiction.
The Funds may face potential risks associated with the referendum on the United Kingdom’s continued membership of the EU, which took place on June 23, 2016 and which resulted in a vote for the United Kingdom to leave the EU. Where applicable, that decision to leave could materially and adversely affect the regulatory regime to which PIMCO Europe Ltd., as Investment Advisor to certain Funds, is currently subject in the United Kingdom, particularly in respect of financial services regulation and taxation. Furthermore, the vote to leave the EU may result in substantial volatility in foreign exchange markets and may lead to a sustained weakness in the British pound’s exchange rate against the United States dollar, the euro and other currencies which may have a material adverse effect on the Funds. The vote for the United Kingdom to leave the EU may set in train a sustained period of uncertainty, as the United Kingdom seeks to negotiate the terms of its exit. It may also destabilize some or all of the other 27 members of the EU (some of which are countries in which the Investment Advisor conducts business) and/or the Eurozone. There may be detrimental implications for the value of certain of a Fund’s investments, its ability to enter into transactions, to value or realise certain of its investments or otherwise to implement its investment policy. This may be due to, among other things, increased uncertainty and volatility in the United Kingdom, EU and other financial markets, fluctuations in asset values, fluctuations in exchange rates, increased illiquidity of investments located, traded or listed within the United Kingdom, the EU or elsewhere, changes in the willingness or ability of financial and other counterparties to enter into transactions, or the price and terms on which they are prepared to transact; and/or changes in legal and regulatory regimes to which the Company, the Investment Advisor and/or certain of a Fund’s assets are or become subject to. Shareholders should note that the Company may be required to introduce changes to the way it is structured and introduce, replace or appoint additional service providers or agents and/or amend the terms of appointment of persons or entities engaged currently to provide services to the Company. Although the Company shall seek to minimize the costs and other implications of any such changes, investors should be aware that the costs of such changes may be borne by the Company.
Furthermore, the exit of the United Kingdom from the EU could have a material impact on the United Kingdom’s economy and the future growth of that economy, impacting adversely the Company’s investments in the United Kingdom. It could also result in prolonged uncertainty regarding aspects of the United Kingdom economy and damage customers’ and investors’ confidence. Any of these events, as well as an exit or expulsion of a Member State other than the United Kingdom from the EU, could have a material adverse effect on the Funds. | ### Risques liés à l’euro et à l’UE
Un Fonds peut, au travers de ses placements, être exposé à l’Europe et à la zone euro. Dans le contexte de la crise de la dette souveraine en Europe, il peut dès lors être soumis à certains risques. Par exemple, il est possible que divers États membres de la zone euro abandonnent l’euro pour rétablir une monnaie nationale et/ou que l’euro cesse d’exister en tant que monnaie unique sous sa forme actuelle. Il est impossible de prédire quelles conséquences un tel abandon ou la sortie forcée d’un pays de l’euro auraient pour ce pays, le reste de la zone euro et les marchés mondiaux, mais il est probable qu’elles seraient néfastes et que la valeur des investissements d’un Fonds en Europe s’en trouve négativement affectée. La sortie d’un pays de l’euro aurait probablement un effet très déstabilisant sur l’ensemble des pays de la zone euro et leurs économies et un impact négatif sur la conjoncture économique mondiale dans son ensemble. Malgré les mesures prises par les gouvernements de nombreux pays européens, la Commission européenne, la Banque centrale européenne, le Fonds monétaire international et d’autres autorités pour résoudre les problèmes budgétaires actuels (telles que la mise en œuvre de réformes économiques, l’adoption de plans de sauvetage et l’instauration de mesures d’austérité pour les citoyens), il est possible que ces initiatives n’aient pas l’effet escompté, le doute subsiste donc quant à la stabilité et la croissance futures de l’Europe.
Dans de telles circonstances, il peut en outre s’avérer difficile d’évaluer des placements libellés en euros ou dans une devise de substitution. Il est également possible qu’un pays quittant l’euro cherche à imposer des contrôles sur les flux de capitaux entrants et sortants, ce qui pourrait empêcher la Société d’accepter de nouvelles souscriptions en provenance d’Actionnaires de ce pays ou de leur verser le produit des rachats d’Actions.
Les Fonds peuvent être confrontés à des risques associés au référendum sur le maintien du Royaume-Uni dans l’UE, qui a eu lieu le 23 juin 2016 et qui s’est soldé par un vote en faveur de la sortie du Royaume-Uni de l’UE. Le cas échéant, cette décision de sortie pourrait avoir une incidence défavorable importante sur le régime réglementaire auquel PIMCO Europe Ltd., en tant que Conseiller en investissement de certains Fonds, est actuellement soumis au Royaume- Uni, tout particulièrement en ce qui concerne la fiscalité et la réglementation des services financiers. En outre, le vote en faveur de la sortie de l’UE est susceptible d’entraîner une volatilité importante des marchés de change et une faiblesse soutenue du taux de change de la livre sterling par rapport au dollar américain, à l’euro et à d’autres devises, ce qui pourrait avoir un impact négatif important sur les Fonds. Ce vote pourrait déclencher une période prolongée d’incertitude, alors que le Royaume-Uni cherche à négocier les conditions de sa sortie. Il pourrait aussi déstabiliser certains ou l’ensemble des 27 autres membres de l’UE (certains d’entre eux étant des pays dans lesquels le Conseiller en investissement exerce des activités) et/ou la zone euro. La valeur de certains des investissements des Fonds, leur capacité à conclure des opérations ainsi qu’à évaluer ou réaliser certains de leurs investissements ou la mise en œuvre de leur politique d’investissement pourraient souffrir de cette sortie. Cela pourrait être dû, entre autres, à une incertitude et une volatilité accrues au Royaume-Uni, dans l’UE et sur d’autres marchés financiers, aux fluctuations des valeurs des actifs, aux fluctuations des taux de change, à une illiquidité accrue des investissements situés, négociés ou cotés au Royaume-Uni, dans l’UE ou ailleurs, aux changements de volonté ou de capacité des contreparties financières et autres de conclure des transactions, ou des cours et conditions auxquels ils sont prêts à les conclure, et/ou aux
changements affectant les régimes juridiques et réglementaires auxquels la Société, le Conseiller en investissement et/ou certain des actifs des Fonds sont ou seront soumis. L’attention des Actionnaires est attirée sur le fait que la Société peut être dans l’obligation de modifier la façon dont elle est structurée et ajouter, remplacer ou nommer des agents ou prestataires de services supplémentaires et/ou modifier les conditions de nomination des personnes ou entités fournissant actuellement des services à la Société. Bien que la Société doit chercher à minimiser les coûts et autres implications liées à ces changements, les investisseurs doivent savoir que les coûts desdites modifications pourraient être à la charge de la Société.
De plus, la sortie du Royaume-Uni de l’UE pourrait avoir un impact important sur l’économie et la croissance future du Royaume-Uni ainsi qu’une incidence négative sur les investissements de la Société au Royaume-Uni. Cette sortie pourrait également entraîner une incertitude prolongée concernant certains aspects de l’économie du Royaume-Uni et nuire à la confiance des investisseurs et des clients. Tous ces événements, ainsi que la sortie ou l’expulsion de l’UE d’un État membre autre que le Royaume-Uni, pourraient avoir des conséquences négatives importantes sur les Fonds. | ### Euro and EU Related Risks
A Fund may have investment exposure to Europe and the Eurozone. In light of the sovereign debt crisis in Europe, such investment exposure may subject the Fund to certain risks. For example, it is possible that various Eurozone member countries could abandon the euro and return to a national currency and/or that the euro will cease to exist as a single currency in its current form. The effects of such an abandonment or a country’s forced exit from the euro on that country, the rest of the Eurozone, and global markets are impossible to predict, but are likely to be negative and may adversely affect the value of a Fund’s investments in Europe. The exit of any country out of the euro would likely have an extremely destabilising effect on all Eurozone countries and their economies and a negative effect on the global economy as a whole. While the governments of many European countries, the European Commission, the European Central Bank, the International Monetary Fund and other authorities are taking measures (such as undertaking economic reforms, providing rescue packages and imposing austerity measures on citizens) to address the current fiscal conditions, there is a possibility that these measures may not have the desired effect and the future stability and growth of Europe remains uncertain.
In addition, under these circumstances, it may be difficult to value investments denominated in euros or in a replacement currency. It is also possible that a country which exits the euro might seek to impose controls on the flow of capital in and out of that country which could result in the Company being unable to accept further subscriptions from, or make redemption payments to, Shareholders in that jurisdiction.
The Funds may face potential risks associated with the referendum on the United Kingdom’s continued membership of the EU, which took place on June 23, 2016 and which resulted in a vote for the United Kingdom to leave the EU. Where applicable, that decision to leave could materially and adversely affect the regulatory regime to which PIMCO Europe Ltd., as Investment Advisor to certain Funds, is currently subject in the United Kingdom, particularly in respect of financial services regulation and taxation. Furthermore, the vote to leave the EU may result in substantial volatility in foreign exchange markets and may lead to a sustained weakness in the British pound’s exchange rate against the United States dollar, the euro and other currencies which may have a material adverse effect on the Funds. The vote for the United Kingdom to leave the EU may set in train a sustained period of uncertainty, as the United Kingdom seeks to negotiate the terms of its exit. It may also destabilize some or all of the other 27 members of the EU (some of which are countries in which the Investment Advisor conducts business) and/or the Eurozone. There may be detrimental implications for the value of certain of a Fund’s investments, its ability to enter into transactions, to value or realise certain of its investments or otherwise to implement its investment policy. This may be due to, among other things, increased uncertainty and volatility in the United Kingdom, EU and other financial markets, fluctuations in asset values, fluctuations in exchange rates, increased illiquidity of investments located, traded or listed within the United Kingdom, the EU or elsewhere, changes in the willingness or ability of financial and other counterparties to enter into transactions, or the price and terms on which they are prepared to transact; and/or changes in legal and regulatory regimes to which the Company, the Investment Advisor and/or certain of a Fund’s assets are or become subject to. Shareholders should note that the Company may be required to introduce changes to the way it is structured and introduce, replace or appoint additional service providers or agents and/or amend the terms of appointment of persons or entities engaged currently to provide services to the Company. Although the Company shall seek to minimize the costs and other implications of any such changes, investors should be aware that the costs of such changes may be borne by the Company.
Furthermore, the exit of the United Kingdom from the EU could have a material impact on the United Kingdom’s economy and the future growth of that economy, impacting adversely the Company’s investments in the United Kingdom. It could also result in prolonged uncertainty regarding aspects of the United Kingdom economy and damage customers’ and investors’ confidence. Any of these events, as well as an exit or expulsion of a Member State other than the United Kingdom from the EU, could have a material adverse effect on the Funds. | en | fr |
DOLFIN1585 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,00 % | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | 0,00 % |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 0,65 % | Le pourcentage indiqué se fonde sur les frais de l’exercice précédent (frais de gestion fixes et commissions de mouvement), clos le 31 décembre 2021. Ces frais peuvent varier d'un exercice à l'autre. Ils ne comprennent pas : les commissions de surperformance et les frais d'intermédiation excepté dans le cas de frais d'entrée et/ou de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre véhicule de gestion collective. |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | 10% TTC de la performance de la Part au-delà d’une performance nette annualisée du Fonds de 4,25% calculée nette de tous frais de gestion sur la période de référence, sous réserve que cette performance soit supérieure à 0.Montant de la commission de performance facturée au titre du dernier exercice : 0,75 % | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,00 % | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. En algunos casos, los gastos pagados pueden ser inferiores a los indicados. Los inversores pueden solicitar a su asesor financiero o distribuidor el importe exacto de los gastos de entrada y de salida. |
| Gastos de salida | 0,00 % |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,65 % | El porcentaje indicado se basa en los gastos del ejercicio precedente (gastos de gestión fijos y comisiones por movimiento), cerrado el viernes, 31 de diciembre de 2021. Estos gastos pueden variar de un ejercicio a otro. No se incluyen las comisiones de rentabilidad ni los costes de intermediación, excepto en caso de que el Fondo abone gastos de entrada o de salida cuando compre o venda participaciones de otro vehículo de gestión colectiva. |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 10 % (impuestos incluidos) de la rentabilidad de la Participación por encima de una rentabilidad neta anualizada del Fondo del 4,25 % calculada después de cualquier gasto de gestión durante el periodo de referencia, siempre que esta rentabilidad sea superior a 0. Importe de la comisión de rentabilidad facturada para el último ejercicio: 0,75 % | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,00 % | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | 0,00 % |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 0,65 % | Le pourcentage indiqué se fonde sur les frais de l’exercice précédent (frais de gestion fixes et commissions de mouvement), clos le 31 décembre 2021. Ces frais peuvent varier d'un exercice à l'autre. Ils ne comprennent pas : les commissions de surperformance et les frais d'intermédiation excepté dans le cas de frais d'entrée et/ou de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre véhicule de gestion collective. |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | 10% TTC de la performance de la Part au-delà d’une performance nette annualisée du Fonds de 4,25% calculée nette de tous frais de gestion sur la période de référence, sous réserve que cette performance soit supérieure à 0.Montant de la commission de performance facturée au titre du dernier exercice : 0,75 % | | fr | es |
DOLFIN1586 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.520 USD -74,83 % | 2.150 USD -26,44 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.590 USD -24,05 % | 7.940 USD -4,51 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 11.190 USD 11,94 % | 18.570 USD 13,18 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.280 USD 52,77 % | 25.110 USD 20,22 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.520 USD -74,83% | 2.150 USD -26,44% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.590 USD -24,05% | 7.940 USD -4,51% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.190 USD 11,94% | 18.570 USD 13,18% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.280 USD 52,77% | 25.110 USD 20,22% | | | Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.520 USD -74,83 % | 2.150 USD -26,44 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.590 USD -24,05 % | 7.940 USD -4,51 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 11.190 USD 11,94 % | 18.570 USD 13,18 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.280 USD 52,77 % | 25.110 USD 20,22 % | | fr | es |
DOLFIN1587 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 810 EUR -91,88 % | 950 EUR -37,57 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.400 EUR -15,99 % | 10.370 EUR 0,73 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.880 EUR 8,76 % | 14.350 EUR 7,49 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 13.740 EUR 37,40 % | 16.600 EUR 10,66 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 810 EUR -91,88% | 950 EUR -37,57% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.400 EUR -15,99% | 10.370 EUR 0,73% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.880 EUR 8,76% | 14.350 EUR 7,49% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.740 EUR 37,40% | 16.600 EUR 10,66% | | | Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 810 EUR -91,88 % | 950 EUR -37,57 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.400 EUR -15,99 % | 10.370 EUR 0,73 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.880 EUR 8,76 % | 14.350 EUR 7,49 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 13.740 EUR 37,40 % | 16.600 EUR 10,66 % | | fr | es |
DOLFIN1588 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In deciding whether to invest in the ICAV, investors should rely on information in this Prospectus, the relevant KIID and the relevant Fund's most recent annual and/or semi-annual reports.
Each Class that is available for subscription will have a KIID issued in accordance with the Central Bank Rules. Prospective investors should consider the KIID for the relevant Class prior to subscribing for Shares in that Class in order to assist them in making an informed investment decision. While some Classes are described in the Supplement for the relevant Fund as available, these Classes may not currently be offered for subscription and in the event that a KIID may not be available. Prospective investors should contact the Distributor directly to determine whether the relevant Class is available for subscription.
Each Fund must calculate and disclose in the relevant KIID a Synthetic Risk and Reward Indicator ("SRRI") in accordance with the methodology prescribed in the European Securities and Markets Authority’s ("ESMA") Guidelines on the Methodology for the Calculation of the SRRI. The SRRI will correspond to a number designed to rank the relevant Fund over a scale from 1 to 7, according to its increasing level of volatility/risk-reward profile.
Because the Prospectus and KIID may be updated from time to time, investors should make sure they have the most recent versions.
Statements made in this Prospectus are based on the law and practice in force in the Republic of Ireland at the date of this Prospectus, which may be subject to change. Neither the delivery of this Prospectus nor the offer, issue or sale of Shares in any Fund of the ICAV shall under any circumstances constitute a representation that the affairs of the ICAV or any Fund have not changed since the date hereof. This Prospectus will be updated to take into account material changes from time to time and any such amendments will be approved in advance by the Central Bank.
Investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or other matters. If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the ICAV or the suitability for you of investing in the ICAV, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser.
- Central Bank AuthorisationThe ICAV is both authorised and supervised by the Central Bank. The authorisation of the ICAV by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not be liable for the performance or default of any Fund of the ICAV. The authorisation of the ICAV is not an endorsement or guarantee of the ICAV by the Central Bank nor is the Central Bank responsible for the contents of this Prospectus.
- Segregated LiabilityThe ICAV has segregated liability between its Funds and accordingly any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund.
- ResponsibilityTo the best of the knowledge and belief of the Directors (whose names appear under the heading "Management of the ICAV – Directors" below and who have taken reasonable care to confirm that such is the case) the information contained in this Prospectus is in accordancewith the facts and does not in the Directors' judgment omit anything likely to materially affect the import of such information. The Directors accept responsibility for the information contained in this Prospectus accordingly.
- Prospectus/SupplementsThis Prospectus describes the ICAV. The ICAV shall issue separate Supplements to this Prospectus relating to a Fund at the time of establishment of that Fund. Each Supplement forms part of and should be read in the context of and in conjunction with this Prospectus. | Al fine di decidere se investire nella IVAC, gli investitori sono invitati a fare affidamento sulle informazioni contenute nel presente Prospetto, nel KIID e nelle relazioni annuali e/o semestrali più recenti del relativo Fondo.
Per ogni Classe disponibile per la sottoscrizione sarà emanato un KIID in conformità alle Regole della Banca centrale. Al fine di adottare una decisione di investimento informata, i potenziali investitori sono pregati di prendere visione del relativo KIID prima di sottoscrivere le Azioni di una Classe. Benché nel Supplemento del Fondo in questione alcune Classi siano indicate come disponibili, è possibile che tali Classi non siano attualmente offerte in sottoscrizione: in questo caso potrebbe non essere disponibile un KIID. I potenziali investitori sono invitati a contattare il Distributore direttamente per accertarsi della possibilità di sottoscrivere la Classe in questione.
Ogni Fondo è tenuto a calcolare e pubblicare nel proprio KIID un Indicatore sintetico di rischio e rendimento ("SRRI") nelle modalità prescritte dagli Orientamenti dell'Autorità europea degli strumenti finanziari e dei mercati ("ESMA") per il metodo di calcolo del SRRI (Guidelines on the Methodology for the Calculation of the SRRI). Il SRRI è un numero su una scala da 1 a 7 che classifica il Fondo in questione in funzione del crescente livello di volatilità/profilo rischio- rendimento.
Poiché il Prospetto e il KIID possono essere aggiornati di volta in volta, gli investitori sono invitati ad accertarsi di essere in possesso della versione più recente.
Le dichiarazioni contenute nel presente Prospetto si basano sulla prassi e sulle leggi in vigore nella Repubblica d'Irlanda alla data del presente Prospetto, le quali potrebbero essere soggette a modifiche. Né la consegna del presente Prospetto né l'offerta, l'emissione o la vendita di Azioni di qualunque Fondo della ICAV potranno in alcun caso costituire la supposizione che le attività della ICAV o di qualunque Fondo non abbiano subito modifiche dalla data del presente. Il presente Prospetto sarà di volta in volta aggiornato al fine di tenere conto di variazioni significative e le suddette modifiche saranno approvate anticipatamente dalla Banca centrale.
Gli investitori non dovranno considerare i contenuti del presente Prospetto quali consulenze relative a questioni legali, fiscali, d'investimento o di altra natura. In caso di dubbi circa i contenuti del presente Prospetto, i rischi correlati all'investimento nella ICAV o l'adeguatezza dell'investimento nella ICAV, si prega di consultare il proprio intermediario, direttore di banca, consulente legale, contabile o altro consulente finanziario indipendente.
- Autorizzazione della Banca centraleLa ICAV è autorizzata e supervisionata dalla Banca centrale. L'autorizzazione della ICAV da parte della Banca centrale non costituisce una garanzia circa la performance della ICAV e la Banca centrale non potrà essere ritenuta responsabile per la performance o l'inadempienza di qualunque Fondo della ICAV. L'autorizzazione della ICAV non costituisce l'approvazione né la garanzia della ICAV da parte della Banca centrale, la quale non può essere ritenuta responsabile dei contenuti del presente Prospetto.
- Separazione patrimonialeLa ICAV è soggetta a separazione patrimoniale tra i relativi Fondi e pertanto eventuali passività sostenute per conto di o riconducibili a un Fondo specifico saranno estinte esclusivamente a valere sulle attività del suddetto Fondo.
- ResponsabilitàPer quanto a conoscenza e convinzione degli Amministratori (i cui nominativi sono riportati di seguito alla voce "Gestione della ICAV - Amministratori" e i quali hanno adoperato ragionevole cura per accertarsene), le informazioni contenute nel presente Prospetto sono conformi ai fatti e secondo il giudizio degli Amministratori non omettono elementi che possano influire in modo significativo sulla portata delle suddette informazioni. Gli Amministratori accettano pertanto la responsabilità derivante dalle informazioni contenute nel presente Prospetto.
- Prospetto/SupplementiIl presente Prospetto descrive la ICAV. La ICAV pubblicherà Supplementi separati al presente Prospetto relativi a ciascun Fondo al momento della costituzione di detto Fondo. Ciascun Supplemento costituisce parte integrante di e deve essere letto nel contesto di e congiuntamente al presente Prospetto. | In deciding whether to invest in the ICAV, investors should rely on information in this Prospectus, the relevant KIID and the relevant Fund's most recent annual and/or semi-annual reports.
Each Class that is available for subscription will have a KIID issued in accordance with the Central Bank Rules. Prospective investors should consider the KIID for the relevant Class prior to subscribing for Shares in that Class in order to assist them in making an informed investment decision. While some Classes are described in the Supplement for the relevant Fund as available, these Classes may not currently be offered for subscription and in the event that a KIID may not be available. Prospective investors should contact the Distributor directly to determine whether the relevant Class is available for subscription.
Each Fund must calculate and disclose in the relevant KIID a Synthetic Risk and Reward Indicator ("SRRI") in accordance with the methodology prescribed in the European Securities and Markets Authority’s ("ESMA") Guidelines on the Methodology for the Calculation of the SRRI. The SRRI will correspond to a number designed to rank the relevant Fund over a scale from 1 to 7, according to its increasing level of volatility/risk-reward profile.
Because the Prospectus and KIID may be updated from time to time, investors should make sure they have the most recent versions.
Statements made in this Prospectus are based on the law and practice in force in the Republic of Ireland at the date of this Prospectus, which may be subject to change. Neither the delivery of this Prospectus nor the offer, issue or sale of Shares in any Fund of the ICAV shall under any circumstances constitute a representation that the affairs of the ICAV or any Fund have not changed since the date hereof. This Prospectus will be updated to take into account material changes from time to time and any such amendments will be approved in advance by the Central Bank.
Investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or other matters. If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the ICAV or the suitability for you of investing in the ICAV, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser.
- Central Bank AuthorisationThe ICAV is both authorised and supervised by the Central Bank. The authorisation of the ICAV by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not be liable for the performance or default of any Fund of the ICAV. The authorisation of the ICAV is not an endorsement or guarantee of the ICAV by the Central Bank nor is the Central Bank responsible for the contents of this Prospectus.
- Segregated LiabilityThe ICAV has segregated liability between its Funds and accordingly any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund.
- ResponsibilityTo the best of the knowledge and belief of the Directors (whose names appear under the heading "Management of the ICAV – Directors" below and who have taken reasonable care to confirm that such is the case) the information contained in this Prospectus is in accordancewith the facts and does not in the Directors' judgment omit anything likely to materially affect the import of such information. The Directors accept responsibility for the information contained in this Prospectus accordingly.
- Prospectus/SupplementsThis Prospectus describes the ICAV. The ICAV shall issue separate Supplements to this Prospectus relating to a Fund at the time of establishment of that Fund. Each Supplement forms part of and should be read in the context of and in conjunction with this Prospectus. | en | it |
DOLFIN1589 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Introduction
These provisions relating to data protection aim to provide shareholders, potential investors and distribution partners of the SICAV (including contractual counterparties of the SICAV) together with persons related to those shareholders, potential investors and distribution partners (“related persons”) with important information on the collection, recording, storage, use and transfer by the SICAV and/or its subcontractors (as defined in section 5) of personal data concerning those shareholders, potential investors, distribution partners and related persons (each referred to as a “data subject”) and with regards to the existing or intended investment of said shareholders and potential investors in the SICAV or the relationship between said distribution partner and the SICAV.
In this context, a related person is an individual whose personal data has been provided to the SICAV and/or its subcontractors by or on behalf of a shareholder, potential investor or distribution partner, or has been obtained in another way by the SICAV and/or the subcontractors, and which concerns the existing or intended investment of said shareholder or potential investor in the SICAV or the relationship between said distribution partner and the SICAV. A related person may be an administrator, director, employee, controlling person, beneficial owner, representative or agent of an entity, trustee, founder of a trust or individual tasked with supervising the trustee, etc. In this context, it is understood that, with regards to the personal data of a related person that is provided to the SICAV and/or its subcontractors by or on behalf of a shareholder, potential investor or distribution partner, this shareholder, potential investor or distribution partner has duly notified the related person of the way the SICAV and/or the subcontractors will process their personal data pursuant to these provisions relating to data protection. | ##### Introduction
Les présentes dispositions relatives à la protection des données ont pour but de fournir aux actionnaires, actionnaires potentiels et partenaires commerciaux de la SICAV (y compris les
contreparties contractuelles de la SICAV) ainsi qu'aux personnes liées auxdits actionnaires, actionnaires potentiels et partenaires commerciaux (les « Personnes Liées ») des informations importantes sur la collecte, l'enregistrement, le stockage, l'utilisation et le transfert par la SICAV et/ou les Sous-traitants (tels que définis à la section 5) de données personnelles concernant ces actionnaires, actionnaires potentiels, partenaires commerciaux et Personnes Liées (chacun étant dénommé une « Personne Concernée ») et ayant trait à l'investissement ou à l'investissement prévu desdits actionnaires et actionnaires potentiels dans la SICAV ou à la relation entretenue entre ledit partenaire commercial et la SICAV.
Dans ce contexte, une Personne Liée désigne un individu dont les données personnelles ont été fournies à la SICAV et/ou aux Sous-traitants par ou pour le compte d'un actionnaire, actionnaire potentiel ou partenaire commercial ou ont été obtenues d'une autre manière par la SICAV et/ou les Sous-traitants et qui ont trait à l'investissement ou à l'investissement prévu dudit actionnaire ou actionnaire potentiel dans la SICAV ou à la relation entretenue entre ledit partenaire commercial et la SICAV. Une Personne Liée peut inclure, entre autres, un administrateur, un directeur, un employé, une personne détenant le contrôle, un bénéficiaire effectif, un représentant ou agent d'une entité, un trustee, un constituant ou une personne chargée de surveiller le trustee d'un trust. Dans ce contexte, il est entendu que, pour les données personnelles d'une Personne Liée fournies à la SICAV et/ou aux Sous-traitants par ou pour le compte d'un actionnaire, actionnaire potentiel ou partenaire commercial, cet actionnaire, actionnaire potentiel ou partenaire commercial a dûment notifié la Personne Liée sur la façon dont la SICAV et/ou les Sous-traitants traitent ses données personnelles en vertu des présentes dispositions relatives à la protection des données. | ###### Introduction
These provisions relating to data protection aim to provide shareholders, potential investors and distribution partners of the SICAV (including contractual counterparties of the SICAV) together with persons related to those shareholders, potential investors and distribution partners (“related persons”) with important information on the collection, recording, storage, use and transfer by the SICAV and/or its subcontractors (as defined in section 5) of personal data concerning those shareholders, potential investors, distribution partners and related persons (each referred to as a “data subject”) and with regards to the existing or intended investment of said shareholders and potential investors in the SICAV or the relationship between said distribution partner and the SICAV.
In this context, a related person is an individual whose personal data has been provided to the SICAV and/or its subcontractors by or on behalf of a shareholder, potential investor or distribution partner, or has been obtained in another way by the SICAV and/or the subcontractors, and which concerns the existing or intended investment of said shareholder or potential investor in the SICAV or the relationship between said distribution partner and the SICAV. A related person may be an administrator, director, employee, controlling person, beneficial owner, representative or agent of an entity, trustee, founder of a trust or individual tasked with supervising the trustee, etc. In this context, it is understood that, with regards to the personal data of a related person that is provided to the SICAV and/or its subcontractors by or on behalf of a shareholder, potential investor or distribution partner, this shareholder, potential investor or distribution partner has duly notified the related person of the way the SICAV and/or the subcontractors will process their personal data pursuant to these provisions relating to data protection. | en | fr |
DOLFIN1590 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2040 | $2350 |
| Rendement annuel moyen | -79.58% | -38.32% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6750 | $6940 |
| Rendement annuel moyen | -32.49% | -11.48% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10450 | $11340 |
| Rendement annuel moyen | 4.48% | 4.28% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $16490 | $16390 |
| Rendement annuel moyen | 64.92% | 17.91% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | $2040 | $2350 |
| Rendimiento medio cada año | -79.58% | -38.32% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $6750 | $6940 |
| Rendimiento medio cada año | -32.49% | -11.48% |
| Moderado | Lo que podría recibir tras deducir los costes | $10450 | $11340 |
| Rendimiento medio cada año | 4.48% | 4.28% |
| Favorable | Lo que podría recibir tras deducir los costes | $16490 | $16390 |
| Rendimiento medio cada año | 64.92% | 17.91% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2040 | $2350 |
| Rendement annuel moyen | -79.58% | -38.32% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6750 | $6940 |
| Rendement annuel moyen | -32.49% | -11.48% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10450 | $11340 |
| Rendement annuel moyen | 4.48% | 4.28% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $16490 | $16390 |
| Rendement annuel moyen | 64.92% | 17.91% | | fr | es |
DOLFIN1591 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,366
3.7%
CHF 11,811
3.4% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/08/2015-31/08/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 366 CHF
3,7%
11 811 CHF
3,4% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,366
3.7%
CHF 11,811
3.4% | en | es |
DOLFIN1592 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Key information
Fund manager(s) Jim Leaviss
Fund manager tenure from 15 October 1999
Deputy fund manager(s) Eva Sun-Wai
ISIN LU1670720462
Launch date of fund 26 October 2018
Launch of share class 26 October 2018
Fund size (millions) € 578,61
Fund type SICAV
Benchmark Bloomberg Global Aggregate Index
Sector Morningstar Global Flexible Bond sector
Number of issuers 142
Average credit rating A-
Modified duration (years) 7,07
VaR 6,99%
Average coupon 3,41
Spread duration (years) 2,8
SFDR Article Classification 6
‘Manager tenure’ includes the period when managing an equivalent UK-authorised OEIC. Please see ‘Important information’ at the end of this document for further details. | # Informazioni chiave
Gestore Jim Leaviss
Direzione del gestore del fondo da 15 ottobre 1999
Vicegestore Eva Sun-Wai
ISIN LU1670718995
Data di lancio del fondo 26 ottobre 2018
Lancio della classe di azioni 26 ottobre 2018
Dimensioni del fondo (Mio.) $ 574,76
Tipo di fondo SICAV
Indice di riferimento Bloomberg Global Aggregate Index
Settore Morningstar Global Flexible Bond sector
Numero di emittenti 142
Rating medio del credito A-
Duration modificata (anni) 7,07
VaR 6,99%
Cedola media 3,41
Duration di spread (anni) 2,8
Classificazione Articolo SFDR 6
"Mandato del gestore" include il periodo di gestione di un OEIC equivalente autorizzato nel Regno Unito. Per ulteriori dettagli, consultare la sezione "Informazioni importanti" alla fine di questo documento. | # Key information
Fund manager(s) Jim Leaviss
Fund manager tenure from 15 October 1999
Deputy fund manager(s) Eva Sun-Wai
ISIN LU1670720462
Launch date of fund 26 October 2018
Launch of share class 26 October 2018
Fund size (millions) € 578,61
Fund type SICAV
Benchmark Bloomberg Global Aggregate Index
Sector Morningstar Global Flexible Bond sector
Number of issuers 142
Average credit rating A-
Modified duration (years) 7,07
VaR 6,99%
Average coupon 3,41
Spread duration (years) 2,8
SFDR Article Classification 6
‘Manager tenure’ includes the period when managing an equivalent UK-authorised OEIC. Please see ‘Important information’ at the end of this document for further details. | en | it |
DOLFIN1593 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Lexique ESG
## Critères ESG
Il s’agit de critères extra-financiers utilisés pour évaluer les pratiques Environnementales, Sociales et la Gouvernance des entreprises, Etats ou collectivités :
« E » pour Environnement (niveau de consommation d’énergie et de gaz, gestion de l’eau et des déchets…).
« S » pour Social/Sociétal (respect des droits de l’homme, santé et sécurité au travail…).
« G » pour Gouvernance (indépendance du conseil d’administration, respect des droits des actionnaires …).
## Notes ESG
Note ESG de l’émetteur : chaque émetteur est évalué sur la base de critères ESG et obtient un score quantitatif dont l’échelle est basée sur la moyenne du secteur. Le score est traduit en note sur une échelle allant de A (le meilleur niveau) à G (le moins bon). La méthodologie d’Amundi permet une analyse exhaustive, standardisée et systématique des émetteurs sur l’ensemble des régions d’investissements et des classes d’actifs (actions, obligations, etc.).
Note ESG de l’univers d’investissement et du portefeuille: le portefeuille et l’univers d’investissement se voient attribuer un score ESG et une note ESG (de A à G). Le score ESG correspond à la moyenne pondérée des scores des émetteurs, calculée en fonction de leur pondération relative dans l’univers d’investissement ou dans le portefeuille, hors actifs liquides et émetteurs non notés.
## Intégration de l'ESG chez Amundi
En plus de se conformer à la politique d'investissement
responsable d'Amundi4, les portefeuilles d'Amundi intégrant l'ESG ont un objectif de performance ESG qui vise à atteindre un score ESG pour leur portefeuille supérieur au score ESG de leur univers d'investissement ESG.
¹ La référence à l'univers d'investissement est définie par l'indicateur de référence du fonds ou par un indice représentatif de l'univers ESG investissable.
² Pourcentage de titres du portefeuille total ayant une note Amundi ESG (en termes de pondération) esg_btb_ratable
⁴ Le document mis à jour est disponible à l'adresse https://www.amundi.com/int/ESG. | # Métricas ESG
## Criterios ESG
Se trata de criterios extrafinancieros utilizados para evaluar las prácticas Medioambientales, Sociales y la Gobernanza de las empresas, Estados o autoridades locales:
"E" de Medioambiente: niveles de consumo de energía y gas, gestión del agua y de los residuos, etc.
"S" de Social: Respeto por los derechos humanos, salud y seguridad en el trabajo, etc.
"G" de Gobernanza: independencia del Òrgano de Administración, respeto a los derechos de los accionistas, etc.
## Calificación ESG
Calificación relativa a los criterios ESG del emisor: cada emisor se evalúa partiendo de la base de criterios ESG y obtiene una puntuación cuantitativa cuya escala se basa en la media del sector. La puntuación se traduce en una calificación, en una escala que va desde la A (calificación más alta) hasta la G (calificación más baja). La metodología de Amundi permite un análisis exhaustivo, estandarizado y sistemático de los emisores en todas las regiones de inversión y las clases de activos (renta variable, renta fija, etc.).
Nota relativa a los criterios ESG del universo de inversión y de la cartera: tanto a la cartera como al universo de inversión se les asigna una puntuación ESG y una calificación ESG (de A a G). La puntuación ESG corresponde a la media ponderada de las puntuaciones de los emisores, calculada según su ponderación relativa en el universo de inversión o en la cartera, con la excepción de los activos líquidos y los emisores sin calificación.
## Generalización de los criterios ESG de Amundi
Además de respetar la política de inversión responsable de
Amundi4, las carteras que integran los criterios ESG tienen como objetivo alcanzar una puntuación ESG superior a la de su universo de inversión ESG.
¹ El universo de inversión de referencia está definido por el indicador de referencia de cada fondo o por un índice representativo del universo de inversión ESG.
² Porcentaje de los títulos con una calificación ESG de Amundi con respecto al total de la cartera. esg_btb_ratable
⁴ El documento actualizado está disponible en https://www.amundi.com/int/ESG. | # Lexique ESG
## Critères ESG
Il s’agit de critères extra-financiers utilisés pour évaluer les pratiques Environnementales, Sociales et la Gouvernance des entreprises, Etats ou collectivités :
« E » pour Environnement (niveau de consommation d’énergie et de gaz, gestion de l’eau et des déchets…).
« S » pour Social/Sociétal (respect des droits de l’homme, santé et sécurité au travail…).
« G » pour Gouvernance (indépendance du conseil d’administration, respect des droits des actionnaires …).
## Notes ESG
Note ESG de l’émetteur : chaque émetteur est évalué sur la base de critères ESG et obtient un score quantitatif dont l’échelle est basée sur la moyenne du secteur. Le score est traduit en note sur une échelle allant de A (le meilleur niveau) à G (le moins bon). La méthodologie d’Amundi permet une analyse exhaustive, standardisée et systématique des émetteurs sur l’ensemble des régions d’investissements et des classes d’actifs (actions, obligations, etc.).
Note ESG de l’univers d’investissement et du portefeuille: le portefeuille et l’univers d’investissement se voient attribuer un score ESG et une note ESG (de A à G). Le score ESG correspond à la moyenne pondérée des scores des émetteurs, calculée en fonction de leur pondération relative dans l’univers d’investissement ou dans le portefeuille, hors actifs liquides et émetteurs non notés.
## Intégration de l'ESG chez Amundi
En plus de se conformer à la politique d'investissement
responsable d'Amundi4, les portefeuilles d'Amundi intégrant l'ESG ont un objectif de performance ESG qui vise à atteindre un score ESG pour leur portefeuille supérieur au score ESG de leur univers d'investissement ESG.
¹ La référence à l'univers d'investissement est définie par l'indicateur de référence du fonds ou par un indice représentatif de l'univers ESG investissable.
² Pourcentage de titres du portefeuille total ayant une note Amundi ESG (en termes de pondération) esg_btb_ratable
⁴ Le document mis à jour est disponible à l'adresse https://www.amundi.com/int/ESG. | fr | es |
DOLFIN1594 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
Copies of the English prospectus of the ICAV, the latest annual and semi-annual reports, details of the remuneration policy of the Manager, the latest share prices as well as other practical information such as the key information documents (in English and in Italian) as well as the past performance information can be obtained free of charge upon request from the registered office of the Manager and online at: www.finecoassetmanagement.com and https://docs.fairmat.com/fam/info/IE00BK9Z5007. The past performance information is presented for 2 years.
- Depositary: BNP Paribas Securities Services, Dublin Branch.
- Taxation: The Sub-Fund is subject to the tax laws and regulations of Ireland. Depending on your country of residence, the tax legislation of Ireland may have an impact on your personal tax position.
- Responsibility for information: The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the ICAV’s prospectus.
- Fund structure: The Sub-Fund is a sub-fund of FAM Series UCITS ICAV, which is an Irish Collective Asset-management Vehicle with a range of sub- funds. The assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. The prospectus and the annual and semi- annual reports of the ICAV are prepared for the entire range.
- To place orders: Instructions on how to buy, convert or redeem shares are set out in the prospectus. Shareholders may have the right to convert shares of this Sub-Fund into the same class of shares of another sub-fund of the ICAV.
- Authorisation: The ICAV and the Manager are authorised and regulated by the Central Bank of Ireland.
- Registered office: Fineco Asset Management DAC of 6th Floor, George’s Quay, Dublin 2, Ireland.
- Date: This PRIIPs KID is accurate as at 01/01/2023.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the Sub-Fund has been managed in the past. | # Altre informazioni pertinenti
Copie del Prospetto in inglese di FAM Series UCITS ICAV, l’ultima relazione annuale e semestrale, dettagli sulla politica di remunerazione della Società di Gestione, gli ultimi prezzi delle quote e altre informazioni pratiche inclusi i KID (in lingua italiana e inglese) così come le informazioni sulle performance precedenti possono essere ottenuti gratuitamente su richiesta alla sede legale della Società di Gestione o consultati sul sito internet www.finecoassetmanagement.com e https://docs.fairmat.com/fam/info/IE00BK9Z5007. Le informazioni sulla performance storica sono presentate per 2 anni.
- Depositaria: BNP Paribas Securities Services, Dublin Branch.
- Regime fiscale: Il Comparto è soggetto alle leggi e ai regolamenti fiscali in vigore in Irlanda. La legislazione fiscale dell’Irlanda potrebbe avere un impatto sulla posizione fiscale dell’investitore, a seconda del suo paese di residenza.
- Responsabilità delle informazioni: la Società di Gestione, Fineco Asset Management DAC, può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultino fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del Prospetto delle ICAV.
- Struttura del Fondo: il Fondo è un comparto di FAM Series UCITS ICAV il quale è un Irish Collective Asset-management Vehicle con una gamma di comparti. Le attività e le passività di ciascun comparto sono segregate per legge da quelle degli altri comparti. Il Prospetto, la relazione annuale e la relazione semestrale di FAM Series UCITS ICAV si riferiscono all’intera gamma di comparti.
- Per effettuare ordini: le istruzioni sulle modalità di acquisto, conversione e rimborso delle quote sono contenute nel Prospetto. I partecipanti hanno il diritto di convertire le quote del presente Fondo in quote della stessa classe di un altro comparto di FAM Series UCITS ICAV.
- Autorizzazione: Il Fondo FAM Series UCITS ICAV e la Società di Gestione sono autorizzati in Irlanda e sono disciplinati dalla Central Bank of Ireland (CBI).
- Sede legale: Fineco Asset Management dac of 6th Floor, Block A, George’s Quay, Dublin 2, Ireland.
- Data: Questo PRIIPs KID è valido da 01/01/2023.
La performance storica non è un indicatore attendibile della performance futura. I mercati potrebbero avere un’evoluzione molto differente in futuro. La performance storica può aiutare a valutare come il Comparto sia stato gestito in passato. | # Other relevant information
Copies of the English prospectus of the ICAV, the latest annual and semi-annual reports, details of the remuneration policy of the Manager, the latest share prices as well as other practical information such as the key information documents (in English and in Italian) as well as the past performance information can be obtained free of charge upon request from the registered office of the Manager and online at: www.finecoassetmanagement.com and https://docs.fairmat.com/fam/info/IE00BK9Z5007. The past performance information is presented for 2 years.
- Depositary: BNP Paribas Securities Services, Dublin Branch.
- Taxation: The Sub-Fund is subject to the tax laws and regulations of Ireland. Depending on your country of residence, the tax legislation of Ireland may have an impact on your personal tax position.
- Responsibility for information: The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the ICAV’s prospectus.
- Fund structure: The Sub-Fund is a sub-fund of FAM Series UCITS ICAV, which is an Irish Collective Asset-management Vehicle with a range of sub- funds. The assets and liabilities of each sub-fund are segregated by law from those of other sub-funds. The prospectus and the annual and semi- annual reports of the ICAV are prepared for the entire range.
- To place orders: Instructions on how to buy, convert or redeem shares are set out in the prospectus. Shareholders may have the right to convert shares of this Sub-Fund into the same class of shares of another sub-fund of the ICAV.
- Authorisation: The ICAV and the Manager are authorised and regulated by the Central Bank of Ireland.
- Registered office: Fineco Asset Management DAC of 6th Floor, George’s Quay, Dublin 2, Ireland.
- Date: This PRIIPs KID is accurate as at 01/01/2023.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the Sub-Fund has been managed in the past. | en | it |
DOLFIN1595 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Further information
You can obtain the sales prospectus and the current annual and half- yearly reports, the current share prices and further information about this fund free of charge in German from the management company or online at www.bellevue.ch.
The fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this may have an impact on how you are taxed with regard to your income from the fund. Please contact your tax adviser if you require further clarification.
This fund is registered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Waystone Management Company (Lux) S.A. is registered in Luxembourg and regulated by the CSSF. | # Weitere Informationen
Den Verkaufsprospekt und die aktuellen Jahres- bzw. Halbjahres- Berichte, die aktuellen Anteilspreise sowie weitere Informationen zu diesem Fonds erhalten Sie kostenlos in deutscher Sprache bei der Verwaltungsgesellschaft oder im Internet unter www.bellevue.ch.
Der Fonds unterliegt den Steuergesetzen und -vorschriften von Luxemburg. In Abhängigkeit von Ihrem Wohnsitzland kann dies Auswirkungen darauf haben, wie Sie bzgl. Ihrer Einkünfte aus dem Fonds besteuert werden. Für weitere Abklärungen kontaktieren Sie bitte Ihren Steuerberater.
Dieser Fonds ist in Luxemburg zugelassen und wird durch die Commission de Surveillance du Secteur Financier (CSSF) reguliert. Die Waystone Management Company (Lux) S.A. ist in Luxemburg zugelassen und wird durch die CSSF reguliert. | # Further information
You can obtain the sales prospectus and the current annual and half- yearly reports, the current share prices and further information about this fund free of charge in German from the management company or online at www.bellevue.ch.
The fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this may have an impact on how you are taxed with regard to your income from the fund. Please contact your tax adviser if you require further clarification.
This fund is registered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Waystone Management Company (Lux) S.A. is registered in Luxembourg and regulated by the CSSF. | en | de |
DOLFIN1596 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Event-Linked Bonds
Event-linked bonds are debt obligations generally issued by special purpose vehicles organised by insurance companies, with interest payments tied to the insurance losses of casualty insurance contracts. Large insurance losses, such as those caused by a storm, will reduce the interest payments and could effect principal payments. Small losses will lead to above-market interest payments.
Generally, event-linked bonds are issued as Rule 144A securities. The Funds will only invest in bonds which meet the credit quality criteria set out in the investment policies relevant to each Fund. In the event that they are not issued with an undertaking to register with the US Securities and Exchanges Commission within one year of issue, investment in such instruments will be subject to the 10% aggregate restriction on investment in unlisted securities.
If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, liability under the terms of the bond is limited to the principal and accrued interest of the bond. If no trigger event occurs, the Fund will recover its principal plus interest. Often, event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds may also expose the Fund to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked bonds may become illiquid upon the occurrence of a trigger event. | ### Ereignisgebundene Anleihen
Ereignisgebundene Anleihen sind Schuldtitel, die allgemein von Zweckgesellschaften herausgegeben und von Versicherungsgesellschaften gegründet werden, wobei ihre jeweiligen Zinszahlungen an die Versicherungsverluste aus Unfallversicherungskontrakten gekoppelt sind. Hohe Versicherungsverluste, wie zum Beispiel Sturmschäden, verringern die Zinszahlungen und könnten sich auf die Kapitalzahlungen auswirken. Geringfügige Verluste führen zu Zinszahlungen über Marktniveau.
Im Allgemeinen werden ereignisgebundene Anleihen als Rule-144A-Wertpapiere ausgegeben. Ein Fonds legt ausschließlich in Anleihen an, welche die Kreditqualitätskriterien erfüllen, die in den Anlagerichtlinien des jeweiligen Fonds festgelegt sind. In dem Fall, dass die Wertpapiere nicht innerhalb eines Jahres nach Emission bei der US Securities and Exchanges Commission registriert werden sollen, unterliegt die Anlage in solchen Instrumenten einer Gesamtbeschränkung in Höhe von 10 % auf Anlagen in nicht börsennotierten Wertpapieren.
Falls ein auslösendes Ereignis Verluste verursacht, die in der geographischen Region und dem Zeitraum, die in einer Anleihe festgelegt sind, einen bestimmten Betrag übersteigen, ist die Verbindlichkeit gemäß den Bedingungen der Anleihe auf ihr Kapital und die aufgelaufenen Zinsen beschränkt. Tritt kein auslösendes Ereignis ein, erhält der Fonds sein Kapital und die Zinsen zurück. Ereignisgebundene Anleihen sehen häufig Verlängerungen der Laufzeit vor, die nach dem Ermessen des Emittenten obligatorisch oder optional sein können, um in den Fällen, in denen ein auslösendes Ereignis eingetreten ist oder eingetreten sein könnte, Verlustansprüche zu bearbeiten und zu prüfen. Eine Verlängerung der Laufzeit kann die Volatilität erhöhen. Zusätzlich zu den näher beschriebenen auslösenden Ereignissen können ereignisgebundene Anleihen den Fonds außerdem bestimmten nicht vorhersehbaren Risiken aussetzen, unter anderem dem Emittentenrisiko, dem Kreditrisiko, dem Kontrahentenrisiko, nachteiligen aufsichtsrechtlichen oder gerichtlichen Auslegungen oder nachteiligen steuerlichen Auswirkungen. Ereignisgebundene Anleihen können bei Eintreten eines auslösenden Ereignisses illiquide werden. | ### Event-Linked Bonds
Event-linked bonds are debt obligations generally issued by special purpose vehicles organised by insurance companies, with interest payments tied to the insurance losses of casualty insurance contracts. Large insurance losses, such as those caused by a storm, will reduce the interest payments and could effect principal payments. Small losses will lead to above-market interest payments.
Generally, event-linked bonds are issued as Rule 144A securities. The Funds will only invest in bonds which meet the credit quality criteria set out in the investment policies relevant to each Fund. In the event that they are not issued with an undertaking to register with the US Securities and Exchanges Commission within one year of issue, investment in such instruments will be subject to the 10% aggregate restriction on investment in unlisted securities.
If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, liability under the terms of the bond is limited to the principal and accrued interest of the bond. If no trigger event occurs, the Fund will recover its principal plus interest. Often, event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds may also expose the Fund to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked bonds may become illiquid upon the occurrence of a trigger event. | en | de |
DOLFIN1597 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
## Lower Risk Higher Risk
## Typically lower return Typically higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The data used to calculate the synthetic indicator is based on the historical performance of the share class and cannot be used as a basis for the future risk and reward profile of this share class. The sub-fund is primarily subject to the price volatility of stock markets in Europe. The share class has been assigned to the aforementioned risk and reward category, because its value may vary due to the investment policy described above. The factors underlying the risk and reward classifi- cation may be subject to change, resulting in the share class being assigned to a new category. Even the lowest risk and reward category does not correspond to a risk-free investment. A detai- led description of risks can be found in the “Risk profile” section of the respective sub-fund an-
nex to the prospectus. The sub-fund invests its assets in corporate shares and bonds. Should the issuing company become insolvent, its shares and/or bonds may lose some or even all of their value. Investments in the stocks of smaller, less well-known companies are associated with grea- ter risks and the potential for greater price volatility than investments in larger companies. Liqui- dity risk: Depending on the market situation, volume, timeframe and planned costs, illiquid (nar- row-market) assets in particular may only be resold at high discounts, with or without a time de- lay. Although the Fund may only acquire assets that can – in principle – be liquidated at any time, it cannot be ruled out that they may be sold temporarily or permanently at a loss.
generated by FactsheetsLIVE™ - www.factsheetslive.com | # RISIKO- UND ERTRAGSPROFIL
## Niedrigeres Risiko Höheres Risiko
## Typischerweise niedrigere Erträge Typischerweise höhere Erträge
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Die zur Berechnung des nebenstehenden synthetischen Indikators verwendeten Daten basieren auf der historischen Wertentwicklung der Anteilsklasse und können nicht als Grundlage für das künftige Risiko- und Ertragsprofil der Anteilsklasse dienen. Der Teilfonds unterliegt primär der Kursvolatilität der Aktienmärkte in Europa. Die Anteilsklasse ist in die oben ausgewiesene Risiko- und Ertragskategorie eingestuft, weil ihr Wert aufgrund der vorbenannten Anlagepolitik schwan- ken kann. Der der ausgewiesenen Risiko- und Ertragskategorie zu Grunde liegende Sachverhalt kann sich verändern und zu einer Neueinstufung der Anteilsklasse führen. Selbst die niedrigste Risiko- und Ertragskategorie ist nicht mit einer risikolosen Anlage gleichzusetzen. Eine ausführli- che Darstellung der Risiken findet sich im Abschnitt „Risikoprofil“ des jeweiligen Teilfondsan- hangs des Verkaufsprospektes. Der Teilfonds legt sein Vermögen in von Unternehmen begebe-
ne Aktien und Anleihen an. Die Insolvenz der jeweiligen Unternehmen kann zur Wertminde- rung der Aktien bzw. der Anleihen bis hin zum Totalverlust führen. Das Anlegen in Wertpapiere kleinerer, weniger bekannter Unternehmen birgt größere Risiken und die Möglichkeit größerer Kursvolatilität als das Anlegen in größere Unternehmen. Liquiditätsrisiko: Insbesondere illiqui- de (marktenge) Vermögensgegenstände können abhängig von der Marktlage, dem Volumen, dem Zeitrahmen und den geplanten Kosten gegebenenfalls nur mit hohen Preisabschlägen, zeitlicher Verzögerung oder gar nicht weiterveräußert werden. Obwohl für den Fonds nur Vermö- gensgegenstände erworben werden dürfen, die grundsätzlich jederzeit liquidiert werden kön- nen, kann nicht ausgeschlossen werden, dass diese zeitweise oder dauerhaft nur mit Verlust ver- äußert werden können.
generated by FactsheetsLIVE™ - www.factsheetslive.com | # RISK AND REWARD PROFILE
## Lower Risk Higher Risk
## Typically lower return Typically higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The data used to calculate the synthetic indicator is based on the historical performance of the share class and cannot be used as a basis for the future risk and reward profile of this share class. The sub-fund is primarily subject to the price volatility of stock markets in Europe. The share class has been assigned to the aforementioned risk and reward category, because its value may vary due to the investment policy described above. The factors underlying the risk and reward classifi- cation may be subject to change, resulting in the share class being assigned to a new category. Even the lowest risk and reward category does not correspond to a risk-free investment. A detai- led description of risks can be found in the “Risk profile” section of the respective sub-fund an-
nex to the prospectus. The sub-fund invests its assets in corporate shares and bonds. Should the issuing company become insolvent, its shares and/or bonds may lose some or even all of their value. Investments in the stocks of smaller, less well-known companies are associated with grea- ter risks and the potential for greater price volatility than investments in larger companies. Liqui- dity risk: Depending on the market situation, volume, timeframe and planned costs, illiquid (nar- row-market) assets in particular may only be resold at high discounts, with or without a time de- lay. Although the Fund may only acquire assets that can – in principle – be liquidated at any time, it cannot be ruled out that they may be sold temporarily or permanently at a loss.
generated by FactsheetsLIVE™ - www.factsheetslive.com | en | de |
DOLFIN1598 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# IMPORTANT NOTICE TO INVESTORS IN SWITZERLAND
- The state of the origin of the fund is Ireland.
- The representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich.
- The paying agent is Bank Vontobel Ltd., Gotthardstrasse 43, CH-8022 Zurich.
- The prospectus, the key information documents or the key investor information documents, the fund regulation, the list of purchases and sales as well as the annual and semi-annual reports may be obtained free of charge from the representative.
- For units offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction shall be at the registered office of the representative or at the registered office or domicile of the investor.
- Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.
- The total expense ratio (TER) was calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes” of the Asset Management Association Switzerland. | # COMUNICAZIONE IMPORTANTE PER GLI INVESTITORI IN SVIZZERA
- Il paese di origine del fondo è l’Irlanda.
- Il rappresentante è ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurigo.
- L’agente per i pagamenti è Bank Vontobel Ltd., Gotthardstrasse 43, CH-8022 Zurigo.
- Il prospetto, i documenti contenenti le informazioni chiave o i documenti contenenti le informazioni chiave per gli investitori, il regolamento del fondo, l'elenco degli acquisti e delle vendite effettuati e la relazione annuale e semestrale possono essere richiesti gratuitamente al rappresentante.
- In relazione alle quote offerte in Svizzera, il luogo di adempimento è dove è collocata la sede legale del rappresentante. Il foro competente è presso la sede legale del rappresentante o presso la sede legale o il domicilio dell'investitore.
- La performance pregressa non è indicativa della performance attuale o futura. I dati sulla performance non considerano le commissioni e i costi sostenuti per l’emissione e il rimborso delle quote.
- Il Total Expense Ratio ("TER") è calcolato sulla base della versione attualmente applicabile delle “Linee guida sul calcolo e la pubblicazione del Total Expense Ratio (TER) degli organismi di investimento collettivo” della Asset Management Association Switzerland. | # IMPORTANT NOTICE TO INVESTORS IN SWITZERLAND
- The state of the origin of the fund is Ireland.
- The representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich.
- The paying agent is Bank Vontobel Ltd., Gotthardstrasse 43, CH-8022 Zurich.
- The prospectus, the key information documents or the key investor information documents, the fund regulation, the list of purchases and sales as well as the annual and semi-annual reports may be obtained free of charge from the representative.
- For units offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction shall be at the registered office of the representative or at the registered office or domicile of the investor.
- Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.
- The total expense ratio (TER) was calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes” of the Asset Management Association Switzerland. | en | it |
DOLFIN1599 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
*The ranges of haircut indicated above in respect of collateral received in the context of efficient portfolio management techniques and/or OTC derivative transactions are indicative levels which may vary in relation to a variety of factors, depending on the nature of the collateral received, such as the issuer’s credit standing, the maturity, currency, price volatility of the assets and, where applicable, the outcome of liquidity stress tests carried out by the Fund under normal and exceptional liquidity conditions.
Reinvestment of collateral
Non-cash collateral received by the Sub-Funds may not be sold, re-invested or pledged.
Cash collateral received for the benefit of the Sub-Funds can only be:
- placed on deposit with credit institutions which have their registered office in an EU Member State or, if their registered office is located in a third-country, are 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 repo transactions provided the transactions are with credit institutions subject to prudential supervision and the relevant Sub-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 CESR Guidelines on a Common Definition of European Money Market Funds (CESR 10-049). | *Die oben bezüglich der im Rahmen von Techniken für eine effiziente Portfolioverwaltung und/oder OTC-Derivatgeschäften erhaltenen Sicherheiten angegebenen Haircut-Spannen stellen indikative Niveaus dar, die in Verbindung mit einer Vielzahl an Faktoren, wie die Bonität des Emittenten, die Fälligkeit, Währung, Kursvolatilität der Vermögenswerte und gegebenenfalls das Ergebnis der Liquiditäts-Stresstests des Fonds unter normalen und außergewöhnlichen Liquiditätsbedingungen variieren können.
Wiederanlage von Sicherheiten
Vom Teilfonds erhaltene Sachsicherheiten dürfen nicht verkauft, neu angelegt oder verpfändet werden. Zugunsten des Teilfonds erhaltene Barsicherheiten können nur:
- bei Kreditinstituten hinterlegt werden, deren eingetragener Sitz in einem EU-Mitgliedstaat liegt oder die, falls sich ihr eingetragener Sitz in einem Drittland befindet, aufsichtsrechtlichen Regelungen unterliegen, die von der CFFS als denjenigen des EU-Rechts gleichwertig betrachtet werden;
- in qualitativ hochwertigen Regierungsanleihen angelegt werden;
- zum Zwecke von umgekehrten Repogeschäften verwendet werden, sofern die Geschäfte mit Kreditinstituten durchgeführt werden, die einer sorgfältigen Aufsicht unterliegen, und der entsprechende Teilfonds jederzeit den vollständigen aufgelaufenen Barbetrag abrufen kann; und/oder
- in kurzfristigen Geldmarktfonds angelegt werden, die in den CESR-Richtlinien zu einer gemeinsamen Definition der Europäischen Geldmarktfonds (CESR 10-049) definiert sind. | *The ranges of haircut indicated above in respect of collateral received in the context of efficient portfolio management techniques and/or OTC derivative transactions are indicative levels which may vary in relation to a variety of factors, depending on the nature of the collateral received, such as the issuer’s credit standing, the maturity, currency, price volatility of the assets and, where applicable, the outcome of liquidity stress tests carried out by the Fund under normal and exceptional liquidity conditions.
Reinvestment of collateral
Non-cash collateral received by the Sub-Funds may not be sold, re-invested or pledged.
Cash collateral received for the benefit of the Sub-Funds can only be:
- placed on deposit with credit institutions which have their registered office in an EU Member State or, if their registered office is located in a third-country, are 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 repo transactions provided the transactions are with credit institutions subject to prudential supervision and the relevant Sub-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 CESR Guidelines on a Common Definition of European Money Market Funds (CESR 10-049). | en | de |
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