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DOLFIN1600 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Option Written Contracts
(1,383,000) Foreign Exchange JPY/AUD, Put, 66.000, 05/08/2020 AUD BNP Paribas (755) –
Total Market Value on Option Written Contracts - Liabilities (755) – | Contrats d’options vendues
(1 383 000) Foreign Exchange JPY/AUD, Put, 66.000, 05/08/2020 AUD BNP Paribas (755) –
Valeur de marché totale sur contrats d’options vendues - Passif (755) – | Option Written Contracts
(1,383,000) Foreign Exchange JPY/AUD, Put, 66.000, 05/08/2020 AUD BNP Paribas (755) –
Total Market Value on Option Written Contracts - Liabilities (755) – | en | fr |
DOLFIN1601 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# FINANCIAL YEAR - MEETINGS
-
## FINANCIAL YEAR
The financial year starts on 1 April of each year and ends on 31 March the following year.
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## MEETINGS
The annual General Meeting of Shareholders is held in Luxembourg at the registered office of the SICAV or at such other place as may be specified in the notice of meeting, on the last Tuesday of July at 11:00.
If this day is not a Business Day in Luxembourg, the Annual General Meeting shall be held on the following Business Day.
The notice of the Annual General Meetings specifying the date, time, place, conditions of admission, agenda and requirements of Luxembourg law with regard to the necessary quorum and majority will be published or sent in accordance with Luxembourg law. Subject to the conditions provided for by Luxembourg laws and regulations, the notice of convocation of any General Meeting of Shareholders may specify that the applicable quorum and majority shall be determined by reference to the shares issued and outstanding at a certain date and an hour before the General Meeting (the "Registration Date"), it being understood that the right of a shareholder to attend the General Meeting of Shareholders and the voting rights attached to his share(s) will be determined by reference to the shares held by the shareholder on the Registration Date.
The shareholders of the class(es)/category(ies) of shares issued for a sub-fund may at any time hold General Meetings for the purpose of considering matters relating solely to that sub-fund.
In addition, the shareholders of the class(es)/category(ies) of shares may at any time hold General Meetings for the purpose of considering matters relating solely to that class/category of shares.
Resolutions taken at such meetings apply to the SICAV, the sub-fund and/or the class/category of shares concerned. | # EXERCICE SOCIAL – ASSEMBLEES
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## EXERCICE SOCIAL
L'exercice social commence le 1er avril de chaque année et se termine le 31 mars de l’année suivante.
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## ASSEMBLÉES
L'Assemblée Générale annuelle des actionnaires se tiendra à Luxembourg, au siège social de la SICAV, ou à tout autre endroit qui sera spécifié sur la convocation, le dernier mardi du mois de juillet à 11.00 heures.
Si ce jour n’est pas un Jour ouvrable à Luxembourg, l’Assemblée Générale annuelle se tiendra le premier Jour ouvrable suivant.
Les avis de convocation aux Assemblées Générales annuelles précisant la date, l'heure, le lieu, les conditions d'admission, l'ordre du jour et les exigences de la loi luxembourgeoise en matière de quorum et de majorité nécessaires seront publiés ou envoyés conformément à la loi luxembourgeoise. Dans les conditions prévues par les lois et règlements luxembourgeois, l’avis de convocation de toute assemblée générale des actionnaires peut préciser que le quorum et la majorité applicables seront déterminés par référence aux actions émises et en circulation à une certaine date et à une heure précédant l’assemblée générale (la "Date d’Enregistrement"), étant entendu que le droit d’un actionnaire de participer à l’assemblée générale des actionnaires et le droit de vote attaché à son/ses action(s) sera déterminé en fonction du nombre d'actions détenues par l’actionnaire à la Date d’Enregistrement.
Les actionnaires de la (des) classe(s)/catégorie(s) d’actions émise(s) au titre d’un compartiment peuvent, à tout moment, tenir des Assemblées Générales ayant pour but de délibérer sur des matières ayant trait uniquement à ce compartiment.
En outre, les actionnaires de toute classe/catégorie(s) d’actions peuvent, à tout moment, tenir des Assemblées Générales ayant pour but de délibérer sur des matières ayant trait uniquement à cette classe/catégorie d’actions.
Les résolutions prises à de telles assemblées s’appliquent respectivement à la SICAV, au compartiment et/ou à la classe/catégorie d’actions concernée. | # FINANCIAL YEAR - MEETINGS
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## FINANCIAL YEAR
The financial year starts on 1 April of each year and ends on 31 March the following year.
-
## MEETINGS
The annual General Meeting of Shareholders is held in Luxembourg at the registered office of the SICAV or at such other place as may be specified in the notice of meeting, on the last Tuesday of July at 11:00.
If this day is not a Business Day in Luxembourg, the Annual General Meeting shall be held on the following Business Day.
The notice of the Annual General Meetings specifying the date, time, place, conditions of admission, agenda and requirements of Luxembourg law with regard to the necessary quorum and majority will be published or sent in accordance with Luxembourg law. Subject to the conditions provided for by Luxembourg laws and regulations, the notice of convocation of any General Meeting of Shareholders may specify that the applicable quorum and majority shall be determined by reference to the shares issued and outstanding at a certain date and an hour before the General Meeting (the "Registration Date"), it being understood that the right of a shareholder to attend the General Meeting of Shareholders and the voting rights attached to his share(s) will be determined by reference to the shares held by the shareholder on the Registration Date.
The shareholders of the class(es)/category(ies) of shares issued for a sub-fund may at any time hold General Meetings for the purpose of considering matters relating solely to that sub-fund.
In addition, the shareholders of the class(es)/category(ies) of shares may at any time hold General Meetings for the purpose of considering matters relating solely to that class/category of shares.
Resolutions taken at such meetings apply to the SICAV, the sub-fund and/or the class/category of shares concerned. | en | fr |
DOLFIN1602 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium term by investing in bonds that are considered to support or fund socially beneficial activities and development mainly in Europe. To achieve this objective, the Fund invests at least two-thirds of its assets in investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) that are issued in Europe, including the UK, by companies, governments, voluntary organisations and/or charities. Bonds rated as investment grade, as defined by international agencies that provide such ratings, are considered safer than lower rated bonds but typically pay a lower income. The fund manager will select investments based on the Fund’s Social Rating Methodology. The social outcomes of the investments are reviewed by a Social Advisory Panel with half of its members nominated by INCO, an organisation specialising in impact investment. INCO produces an annual social performance report which is approved by the Social Advisory Panel and made available to investors. The Fund may use derivatives (complex instruments) for hedging purposes and may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The index is not designed to specifically consider social characteristics. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index. The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | ## Obiettivo e politica d'investimento
Il Fondo mira a generare reddito con la possibilità di rivalutare l'importo investito nel medio termine investendo in obbligazioni che si ritiene supportino o finanzino attività e sviluppo socialmente favorevoli soprattutto in Europa. Per raggiungere questo obiettivo, il Fondo investe almeno due terzi del proprio patrimonio in obbligazioni con rating investment grade (simili a un prestito e che corrispondono un tasso d’interesse fisso o variabile) emesse in Europa, ivi compreso il Regno Unito, da società, governi, associazioni e/o enti di beneficenza. Le obbligazioni classificate come investment grade, come indicato dalle agenzie internazionali che emettono tali rating, sono considerate più sicure di quelle con rating inferiore ma tipicamente pagano un interesse inferiore. Il gestore del Fondo selezionerà gli investimenti in base alla propria Social Rating Methodology. I risultati sociali degli investimenti vengono riesaminati da un Gruppo di consulenza sociale, la metà dei cui componenti è nominata da INCO, un’organizzazione specializzata in investimenti d’impatto. INCO redige una relazione annuale dei risultati di carattere sociale approvata dal Gruppo di consulenza sociale e messa a disposizione degli investitori. Il Fondo può utilizzare derivati (strumenti d'investimento sofisticati) a fini di copertura e può investire in classi di attività e strumenti diversi da quelli sopra riportati. Il Fondo è gestito attivamente in riferimento all’Indice ICE BofA Euro Non-Sovereign Index (50%) e all’ICE BofA Euro Corporate Euroland Issuers Index (50%). L'Indice è ampiamente rappresentativo dei titoli in cui investe il Fondo e fornisce un benchmark target adeguato rispetto al quale la performance del Fondo verrà misurata e valutata nel tempo. L'indice non è concepito per considerare nello specifico le caratteristiche sociali. Il gestore del fondo ha la facoltà di selezionare in modo discrezionale gli investimenti con coefficienti di ponderazione diversi da quelli inclusi nell'indice e non presenti nell'indice. Inoltre, il Fondo può presentare una divergenza significativa rispetto all'indice. Il Fondo è classificato come un portafoglio che promuove le caratteristiche ambientali o sociali ai sensi dell’Articolo 8 del Regolamento UE 2019/2088 relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari (SFDR).
Il reddito dagli investimenti nel Fondo verrà aggiunto al valore delle vostre azioni.
Potete acquistare e vendere azioni del Fondo in qualunque giorno che corrisponda ad un giorno lavorativo in Lussemburgo, salvo laddove gli Amministratori abbiano stabilito che è aperto un numero insufficiente di mercati. Per maggiori informazioni sull'obiettivo e la politica d'investimento del Fondo, si rimanda al Prospetto. Per ulteriori informazioni sui termini di investimento utilizzati nel presente documento, si rimanda al Glossario disponibile sul sito www.columbiathreadneedle.com. | ## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium term by investing in bonds that are considered to support or fund socially beneficial activities and development mainly in Europe. To achieve this objective, the Fund invests at least two-thirds of its assets in investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) that are issued in Europe, including the UK, by companies, governments, voluntary organisations and/or charities. Bonds rated as investment grade, as defined by international agencies that provide such ratings, are considered safer than lower rated bonds but typically pay a lower income. The fund manager will select investments based on the Fund’s Social Rating Methodology. The social outcomes of the investments are reviewed by a Social Advisory Panel with half of its members nominated by INCO, an organisation specialising in impact investment. INCO produces an annual social performance report which is approved by the Social Advisory Panel and made available to investors. The Fund may use derivatives (complex instruments) for hedging purposes and may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The index is not designed to specifically consider social characteristics. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index. The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | en | it |
DOLFIN1603 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(USD) | LU0556612868 | Institutional investors | U.S. dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(EUR) | LU0556613163 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(GBP) | LU0556613320 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(SGD) | LU0648002136 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(JPY) | LU0648002052 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(EUR) | LU0980580525 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(GBP) | LU0980580871 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SGD) | LU0980580954 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(JPY) | LU0648001674 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SEK) | LU0980581176 | Institutional investors | Swedish Krona | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(AUD) | LU1429565861 | Institutional investors | Australian dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. 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. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| I/A(USD) | LU0556612868 | Inversores institucionales | Dólar estadounidense | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(EUR) | LU0556613163 | Inversores institucionales | Euro | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(GBP) | LU0556613320 | Inversores institucionales | Libra esterlina | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(SGD) | LU0648002136 | Inversores institucionales | Dólar de Singapur | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(JPY) | LU0648002052 | Inversores institucionales | Yen japonés | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(EUR) | LU0980580525 | Inversores institucionales | Euro | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(GBP) | LU0980580871 | Inversores institucionales | Libra esterlina | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(SGD) | LU0980580954 | Inversores institucionales | Dólar de Singapur | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(JPY) | LU0648001674 | Inversores institucionales | Yen japonés | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(SEK) | LU0980581176 | Inversores institucionales | Corona sueca | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(AUD) | LU1429565861 | Inversores institucionales | Dólar australiano | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(USD) | LU0556612868 | Institutional investors | U.S. dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(EUR) | LU0556613163 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(GBP) | LU0556613320 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(SGD) | LU0648002136 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(JPY) | LU0648002052 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(EUR) | LU0980580525 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(GBP) | LU0980580871 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SGD) | LU0980580954 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(JPY) | LU0648001674 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SEK) | LU0980581176 | Institutional investors | Swedish Krona | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(AUD) | LU1429565861 | Institutional investors | Australian dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. 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. | | en | es |
DOLFIN1604 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Limit of the approach adopted
The best-in-class approach does not in principle exclude any business sector. All economic sectors are therefore represented with this approach and the UCI may thus be exposed to certain controversial sectors. To limit the potential non-financial risks of these sectors, the UCI also applies the Amundi exclusion policy for coal and tobacco (details of this policy can be found in the Amundi Responsible Investment Policy available on the website at www.amundi.fr) as well as the Group’s commitment policy.
- Lastly, an active engagement policy promotes dialogue with issuers and supports them in the improvement of their socially responsible practices. Engagement activity takes place in four forms:Ongoing engagement with companies with the objective of meeting with companies to better understand the ESG issues they face and toencourage companies to increase their consideration of ESG issues and adopt good practice. | Limite de l’approche retenue
L'approche Best-in-class n’exclut aucun secteur d’activité a priori. Tous les secteurs économiques sont donc représentés dans cette approche et l’OPC peut ainsi être exposé à certains secteurs controversés. Afin de limiter les risques extra-financiers potentiels de ces secteurs, l’OPC applique également la politique d’exclusion d’Amundi sur le charbon et le tabac (le détail de cette politique est disponible dans la Politique Investissement Responsable d’Amundi disponible sur le site www.amundi.fr) ainsi que la politique d’engagement du groupe.
- Enfin, une politique d’engagement actif est menée afin de promouvoir le dialogue avec les émetteurs et les accompagner dans l’amélioration de leur pratique socialement responsable. L'activité d'engagement est menée sous quatre formes :Un engagement continu avec les entreprises avec pour objectif de rencontrer les entreprises pour mieux comprendre les enjeux ESG auxquels elles sont confrontées et encourager les entreprises à accroître leur prise en compte des enjeux ESG et à adopter les bonnes pratiques. | Limit of the approach adopted
The best-in-class approach does not in principle exclude any business sector. All economic sectors are therefore represented with this approach and the UCI may thus be exposed to certain controversial sectors. To limit the potential non-financial risks of these sectors, the UCI also applies the Amundi exclusion policy for coal and tobacco (details of this policy can be found in the Amundi Responsible Investment Policy available on the website at www.amundi.fr) as well as the Group’s commitment policy.
- Lastly, an active engagement policy promotes dialogue with issuers and supports them in the improvement of their socially responsible practices. Engagement activity takes place in four forms:Ongoing engagement with companies with the objective of meeting with companies to better understand the ESG issues they face and toencourage companies to increase their consideration of ESG issues and adopt good practice. | en | fr |
DOLFIN1605 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 1.990 USD -80,09 % | 1.560 USD -31,03 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 6.860 USD -31,38 % | 7.340 USD -5,99 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 11.400 USD 13,96 % | 18.820 USD 13,48 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 19.060 USD 90,63 % | 26.610 USD 21,62 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.990 USD -80,09% | 1.560 USD -31,03% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.860 USD -31,38% | 7.340 USD -5,99% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.400 USD 13,96% | 18.820 USD 13,48% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 19.060 USD 90,63% | 26.610 USD 21,62% | | | Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 1.990 USD -80,09 % | 1.560 USD -31,03 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 6.860 USD -31,38 % | 7.340 USD -5,99 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 11.400 USD 13,96 % | 18.820 USD 13,48 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 19.060 USD 90,63 % | 26.610 USD 21,62 % | | fr | es |
DOLFIN1606 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Valuation of assets
All of the Funds shall value securities held in their portfolios in accordance with the following procedures:
- Assets listed or traded on a Regulated Market or over-the counter markets (other than those referred to below) for which market quotations are readily available shall be valued at the last quoted trade price, if unavailable or, in the opinion of the Company unrepresentative of fair market value, the latest middle market quotation (ie the mid price between the latest bid and offer prices) on the principal exchange in the market for such investment provided that the value of the investment listed on a Regulated Market but acquired or traded at a premium or at a discount outside or off the relevant stock exchange or on an over-the-counter market may be valued taking into account the level of premium or discount as at the date of valuation of the investment. The Depositary must ensure the adoption of such a procedure is justifiable in the context of establishing the probable realisation value of the security. | ## Bewertung der Vermögenswerte
Alle Fonds bewerten die Wertpapiere, die sich in ihren Portfolios befinden, folgendermaßen:
- Vermögenswerte, die an einem geregelten Markt notiert und gehandelt oder an außerbörslichen Märkten (anderen als den unten genannten) gehandelt werden und für die Kursnotierungen ohne Weiteres verfügbar sind, werden nach der letzten Notierung oder, falls eine solche Notierung nicht verfügbar ist oder nach Ansicht der Gesellschaft nicht dem angemessenen Marktpreis entspricht, nach der letzten mittleren Notierung (d. h. dem mittleren Preis zwischen dem letzten Geld- und Briefkurs) an der Hauptbörse des Markts für derartige Anlagen bewertet, mit der Massgabe, dass der Wert der Anlage, die auf einem geregelten Markt notiert, aber außerhalb der betreffenden Börse oder auf einem außerbörslichen Markt mit einem Aufschlag oder Abschlag erworben oder gehandelt worden ist, unter Berücksichtigung der Höhe des Aufschlags oder Abschlags am Bewertungstag der Anlage bewertet werden kann. Die Verwahrstelle muss gewährleisten, dass ein solches Verfahren im Rahmen der Feststellung des wahrscheinlichen Veräußerungswerts des Wertpapiers gerechtfertigt ist. | ## Valuation of assets
All of the Funds shall value securities held in their portfolios in accordance with the following procedures:
- Assets listed or traded on a Regulated Market or over-the counter markets (other than those referred to below) for which market quotations are readily available shall be valued at the last quoted trade price, if unavailable or, in the opinion of the Company unrepresentative of fair market value, the latest middle market quotation (ie the mid price between the latest bid and offer prices) on the principal exchange in the market for such investment provided that the value of the investment listed on a Regulated Market but acquired or traded at a premium or at a discount outside or off the relevant stock exchange or on an over-the-counter market may be valued taking into account the level of premium or discount as at the date of valuation of the investment. The Depositary must ensure the adoption of such a procedure is justifiable in the context of establishing the probable realisation value of the security. | en | de |
DOLFIN1607 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Practical information
Depositary : Skandinaviska Enskilda Banken. AB (publ) – Luxembourg Branch
## Additional information and availability of the prices
Additional information about the fund, copies of its prospectus, its latest annual and semi-annual report and the latest prices of shares of East Capital may be obtained free of charge from the registered office of the Management Company or on www.eastcapital.com.
The prospectus, the latest annual and semi-annual report of the fund are available in English. The Management Company may inform you about other languages in which these documents are available.
The details of the up-to-date remuneration policy of the Management Company, including a description of how remuneration and benefits are calculated, are available on www.eastcapital.com. A paper copy will be made available free of charge upon request.
Liability : East Capital Asset Management S.A. may be held liable only 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.
Taxation : The fund is subject to Luxembourg tax legislation. The investor’s fiscal residence might have an impact on his personal tax position.
## Specific information
The sub-fund East Capital Russia may also issue other share classes. Information about other share classes that may be marketed in your country is available at the Management Company.
This key investor information document provides information about a sub-fund of East Capital that may consist of several sub-funds. The prospectus and the annual and semi-annual reports are prepared for the entire fund.
The investor has the right to convert his investment from shares in one sub-fund into shares of the same sub-fund or of another sub-fund. The investor can obtain information about how to subscribe, redeem and convert in the prospectus of the fund.
The assets and liabilities of a sub-fund are separate from those of the other sub-funds.
This fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
East Capital Asset Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 18.02.2020. | # Informations pratiques
Banque dépositaire : Skandinaviska Enskilda Banken. AB (publ) – Luxembourg Branch
## Informations supplémentaires et disponibilité des prix
Des informations supplémentaires sur le fonds, une copie de son prospectus, son dernier rapport annuel et semestriel et les derniers prix des actions de East Capital peuvent être obtenus gratuitement auprès de la société de gestion ou sur www.eastcapital.com.
Le prospectus, le dernier rapport annuel et semestriel du fonds sont disponibles en anglais. La société de gestion pourra vous renseigner sur d’éventuelles autres langues dans lesquelles ces documents sont disponibles. Les détails de la politique de rémunération actualisée de la société de gestion, y compris une description de la manière dont les rémunérations et les avantages sont calculés, sont disponibles sur le site internet www.eastcapital.com. Un exemplaire sur papier sera mis à disposition gratuitement sur demande.
Responsabilité : La responsabilité de East Capital Asset Management S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du fonds.
Fiscalité : Le fonds est soumis à la législation fiscale du Luxembourg. La résidence de l’investisseur pourrait avoir une incidence sur sa situation fiscale personnelle.
## Informations spécifiques
Le compartiment East Capital Russia peut émettre aussi d’autres classes d’actions.
Des informations sur d’éventuelles autres classes d’actions commercialisées dans votre pays sont disponibles auprès de la société de gestion.
Ce document d’informations clés pour l’investisseur décrit un compartiment de East Capital qui peut être composé de plusieurs compartiments. Le prospectus et les rapports annuels et semestriels sont établis pour l’ensemble du fonds.
L’investisseur a le droit d’échanger les actions qu’il détient dans un compartiment contre des actions du même compartiment ou d’un autre compartiment. Les informations sur les modalités de souscription, de rachat et de conversion sont renseignées dans le prospectus du fonds.
Les actifs et les passifs d’un compartiment sont distincts de ceux des autres compartiments.
Ce fonds est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier.
East Capital Asset Management S.A. est agréée au Luxembourg et réglementée par la Commission de Surveillance du Secteur Financier. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 18.02.2020. | # Practical information
Depositary : Skandinaviska Enskilda Banken. AB (publ) – Luxembourg Branch
## Additional information and availability of the prices
Additional information about the fund, copies of its prospectus, its latest annual and semi-annual report and the latest prices of shares of East Capital may be obtained free of charge from the registered office of the Management Company or on www.eastcapital.com.
The prospectus, the latest annual and semi-annual report of the fund are available in English. The Management Company may inform you about other languages in which these documents are available.
The details of the up-to-date remuneration policy of the Management Company, including a description of how remuneration and benefits are calculated, are available on www.eastcapital.com. A paper copy will be made available free of charge upon request.
Liability : East Capital Asset Management S.A. may be held liable only 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.
Taxation : The fund is subject to Luxembourg tax legislation. The investor’s fiscal residence might have an impact on his personal tax position.
## Specific information
The sub-fund East Capital Russia may also issue other share classes. Information about other share classes that may be marketed in your country is available at the Management Company.
This key investor information document provides information about a sub-fund of East Capital that may consist of several sub-funds. The prospectus and the annual and semi-annual reports are prepared for the entire fund.
The investor has the right to convert his investment from shares in one sub-fund into shares of the same sub-fund or of another sub-fund. The investor can obtain information about how to subscribe, redeem and convert in the prospectus of the fund.
The assets and liabilities of a sub-fund are separate from those of the other sub-funds.
This fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
East Capital Asset Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 18.02.2020. | en | fr |
DOLFIN1608 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
* Security with price determined by the Directors.
**Security in full or partial escrow at the period end date as described in the notes to the financial statements. A full list of footnotes is given on page 6.
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
Fidelity Funds | * Titolo con prezzo determinato dagli Amministratori.
** Titolo in garanzia totale o parziale a fine periodo, come descritto nelle note integrative al bilancio. Per un elenco completo delle note vedere pagina 6.
Le Note integrative al bilancio allegate fanno parte integrante del presente bilancio. La percentuale di attivo netto nel prospetto degli investimenti e la relativa ripartizione geografica sono soggette ad arrotondamenti.
Fidelity Funds | * Security with price determined by the Directors.
**Security in full or partial escrow at the period end date as described in the notes to the financial statements. A full list of footnotes is given on page 6.
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding.
Fidelity Funds | en | it |
DOLFIN1609 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Derivative financial instruments
The Management Company may use derivative transactions for the UCITS for the purpose of hedging, efficient port- folio control and to generate additional returns, and as part of the investment strategy. This may have the effect of raising the loss risk of the UCITS, at least temporarily.
The risk associated with derivative financial instruments may not exceed 100% of the net fund assets. In this conjunction, the total risk may not exceed 200% of the respective net fund assets. If a loan is taken out pursuant to UCITSG (Sec.7.4.2), the overall risk may not exceed 210% of the respective net fund assets.
The Management Company may deploy exclusively the following basic forms of derivatives, or combinations thereof arising out of these derivatives or combinations of other assets which may be acquired for the UCITS, together with these derivatives in the UCITS:
- Futures contracts on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies;
- Options or option certificates on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies and on futures contracts pursuant to Sec. 7.7.1, if:
- exercise is possible either throughout the entire maturity or as at the end of the maturity, and;
- the option value is a fraction or a multiple of the difference between the strike price and the market price of the underlying security, and is zero if the difference has the respective other minus or plus sign.
- Interest rate swaps, currency swaps or interest currency swaps;
- Options on swaps pursuant to Sec.7.7.3, insofar as these exhibit the characteristics described under Sec.7.7.2 (swap options);
- Credit default swaps, insofar as these serve exclusively and demonstrably to hedge the credit risk of precisely attributable assets of the UCITS.
The aforementioned financial instruments may either be independent assets or integral parts of assets. | # Derivative Finanzinstrumente
Die Verwaltungsgesellschaft darf für den OGAW Derivatgeschäfte zum Zwecke der Absicherung, der effizienten Portfo- liosteuerung, die Erzielung von Zusatzerträgen und als Teil der Anlagestrategie tätigen. Dadurch kann sich das Verlustri- siko des OGAW zumindest zeitweise erhöhen.
Das mit derivativen Finanzinstrumenten verbundene Risiko darf 100 % des Nettofondsvermögens nicht überschreiten. Dabei darf das Gesamtrisiko 200 % des Nettofondsvermögens nicht überschreiten. Bei einer gemäss UCITSG zulässi- gen Kreditaufnahme (Ziffer 7.4.2) darf das Gesamtrisiko insgesamt 210 % des Nettofondsvermögens nicht übersteigen.
Die Verwaltungsgesellschaft darf ausschliesslich die folgenden Grundformen von Derivaten oder Kombinationen aus diesen Derivaten oder Kombinationen aus anderen Vermögensgegenständen, die für den OGAW erworben werden dür- fen, mit diesen Derivaten in den OGAW einsetzen:
- Terminkontrakte auf Wertpapiere, Geldmarktinstrumente, Finanzindizes im Sinne des Artikels 9 Absatz 1 der Richtlinie 2007/16/EG, Zinssätze, Wechselkurse oder Währungen;
- Optionen oder Optionsscheine auf Wertpapiere, Geldmarktinstrumente, Finanzindizes im Sinne des Artikels 9 Absatz 1 der Richtlinie 2007/16/EG, Zinssätze, Wechselkurse oder Währungen und auf Terminkontrakte nach Ziffer 7.7.1, wenn:
- eine Ausübung entweder während der gesamten Laufzeit oder zum Ende der Laufzeit möglich ist und;
- der Optionswert ein Bruchteil oder ein Vielfaches der Differenz zwischen Basispreis und Marktpreis des Basiswertes ist und null wird, wenn die Differenz das andere Vorzeichen hat.
- Zinsswaps, Währungsswaps oder Zins-Währungsswaps;
- Optionen auf Swaps nach Ziffer 7.7.3, sofern sie die unter Ziffer 7.7.2 beschriebenen Eigenschaften aufweisen (Swaptions);
- Credit Default Swaps, sofern sie ausschliesslich und nachvollziehbar der Absicherung des Kreditrisikos von ge- nau zuordenbaren Vermögensgegenständen des OGAW dienen.
Die vorstehenden Finanzinstrumente können selbstständiger Vermögensgegenstand sein, aber auch Bestandteil von Vermögensgegenständen. | # Derivative financial instruments
The Management Company may use derivative transactions for the UCITS for the purpose of hedging, efficient port- folio control and to generate additional returns, and as part of the investment strategy. This may have the effect of raising the loss risk of the UCITS, at least temporarily.
The risk associated with derivative financial instruments may not exceed 100% of the net fund assets. In this conjunction, the total risk may not exceed 200% of the respective net fund assets. If a loan is taken out pursuant to UCITSG (Sec.7.4.2), the overall risk may not exceed 210% of the respective net fund assets.
The Management Company may deploy exclusively the following basic forms of derivatives, or combinations thereof arising out of these derivatives or combinations of other assets which may be acquired for the UCITS, together with these derivatives in the UCITS:
- Futures contracts on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies;
- Options or option certificates on securities, money market instruments, financial indices within the meaning of Art. 9 Para.1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies and on futures contracts pursuant to Sec. 7.7.1, if:
- exercise is possible either throughout the entire maturity or as at the end of the maturity, and;
- the option value is a fraction or a multiple of the difference between the strike price and the market price of the underlying security, and is zero if the difference has the respective other minus or plus sign.
- Interest rate swaps, currency swaps or interest currency swaps;
- Options on swaps pursuant to Sec.7.7.3, insofar as these exhibit the characteristics described under Sec.7.7.2 (swap options);
- Credit default swaps, insofar as these serve exclusively and demonstrably to hedge the credit risk of precisely attributable assets of the UCITS.
The aforementioned financial instruments may either be independent assets or integral parts of assets. | en | de |
DOLFIN1610 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Pendant l’exercice annuel, la Société a conduit les activités normales d’une société d’investissement à capital variable. Le Rapport du Gérant de Portefeuille qui suit fournit un aperçu de la performance. Au 30 avril 2022, le nombre d’Actionnaires inscrits dans les registres dépassait 11 616 à l’échelle internationale. Cependant, le nombre total d’investisseurs de la Société est bien plus important que le nombre d’Actionnaires inscrits du fait que certains Actionnaires inscrits peuvent représenter les participations de nombreux clients sous-jacents. Au 30 avril 2022, les actifs sous gestion dépassaient 146 milliards d’USD.
Les Administrateurs peuvent fermer des Compartiments. Ils peuvent également lancer des Compartiments supplémentaires qui présentent des objectifs d’investissement différents, à condition d’obtenir l’approbation de la Commission de Surveillance du Secteur Financier (« CSSF »).
À la fin de l’exercice, la Société comptait 136 compartiments actifs.
Des informations détaillées concernant les modifications de la gamme de Compartiments effectuées au cours de l’exercice annuel sont fournies dans les Annexes aux Comptes aux pages 795 à 848. | Durante el ejercicio, la Sociedad desarrolló las actividades normales de una sociedad de inversión de capital variable. El Informe de Gestión que se encuentra a continuación ofrece una visión general de los resultados. A 30 de abril de 2022, el número de Accionistas registrados en todo el mundo suma un total de más de 11.616. Sin embargo, el número total de inversores en la Sociedad es mucho mayor que el número de Accionistas registrados debido a que ciertos Accionistas registrados pueden representar la participación de muchos clientes asociados. Los activos gestionados a 30 de abril de 2022 superaban los 146.000 millones de USD.
Los Administradores podrán, cuando lo consideren oportuno, cerrar subfondos, así como lanzar nuevos subfondos con diferentes objetivos de inversión, dependiendo de la aprobación de la Commission de Surveillance du Secteur Financier (“CSSF”).
Al final del año, la Sociedad constaba de 136 subfondos activos.
Los detalles de los cambios en la oferta de subfondos durante el ejercicio se ofrecen en las Notas adjuntas a los Estados Financieros, en las páginas 797 a 850. | Pendant l’exercice annuel, la Société a conduit les activités normales d’une société d’investissement à capital variable. Le Rapport du Gérant de Portefeuille qui suit fournit un aperçu de la performance. Au 30 avril 2022, le nombre d’Actionnaires inscrits dans les registres dépassait 11 616 à l’échelle internationale. Cependant, le nombre total d’investisseurs de la Société est bien plus important que le nombre d’Actionnaires inscrits du fait que certains Actionnaires inscrits peuvent représenter les participations de nombreux clients sous-jacents. Au 30 avril 2022, les actifs sous gestion dépassaient 146 milliards d’USD.
Les Administrateurs peuvent fermer des Compartiments. Ils peuvent également lancer des Compartiments supplémentaires qui présentent des objectifs d’investissement différents, à condition d’obtenir l’approbation de la Commission de Surveillance du Secteur Financier (« CSSF »).
À la fin de l’exercice, la Société comptait 136 compartiments actifs.
Des informations détaillées concernant les modifications de la gamme de Compartiments effectuées au cours de l’exercice annuel sont fournies dans les Annexes aux Comptes aux pages 795 à 848. | fr | es |
DOLFIN1611 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Manager
PIMCO Global Advisors (Ireland) Limited has been appointed Manager of the Company under a Management Agreement (summarised under “General Information”). The Manager is responsible for the investment management of each Fund and the general administration of the Company and may delegate such functions subject to the overall supervision and control of the Directors. The Manager, a private limited company, incorporated on 14 November, 1997 is ultimately majority-owned by Allianz SE. The authorised share capital of the Manager is EUR 100,000,000.652 of which EUR 10,064,626.65 is issued and paid up. Currently, the Manager manages the Company, PIMCO Select Funds plc, PIMCO Funds Ireland plc, PIMCO Specialty Funds Ireland plc and PIMCO ETFs plc.
As noted above, the Directors of the Manager are the same as those of the Company. For the purposes of this Prospectus, the address of all the Directors is the registered office of the Company. The Company Secretary of the Manager is State Street Fund Services (Ireland) Limited. | ### Gestore
PIMCO Global Advisors (Ireland) Limited è stata nominata Gestore della Società ai sensi di un Contratto di gestione (sintetizzato nella sezione “Informazioni generali”). Il Gestore è responsabile della gestione degli investimenti di ciascun Comparto e dell’amministrazione generale della Società e può delegare tali funzioni subordinatamente alla supervisione e al controllo globale degli Amministratori. Il Gestore, una private limited company costituita il 14 novembre 1997, è una società la cui quota di maggioranza è detenuta da Allianz SE. Il capitale sociale autorizzato del Gestore è di EUR 100.000.000,652, di cui EUR 10.064.626,65 emessi e versati. Al momento, il Gestore gestisce la Società, PIMCO Select Funds plc, PIMCO Funds Ireland plc, PIMCO Specialty Funds Ireland plc e PIMCO ETFs plc.
Come sopra indicato, gli Amministratori del Gestore sono gli stessi dellaSocietà. Ai fini del presente Prospetto informativo, l’indirizzo di tutti gli Amministratori è la sede legale della Società. Il Segretario societario del Gestore è State Street Fund Services (Ireland) Limited. | ### Manager
PIMCO Global Advisors (Ireland) Limited has been appointed Manager of the Company under a Management Agreement (summarised under “General Information”). The Manager is responsible for the investment management of each Fund and the general administration of the Company and may delegate such functions subject to the overall supervision and control of the Directors. The Manager, a private limited company, incorporated on 14 November, 1997 is ultimately majority-owned by Allianz SE. The authorised share capital of the Manager is EUR 100,000,000.652 of which EUR 10,064,626.65 is issued and paid up. Currently, the Manager manages the Company, PIMCO Select Funds plc, PIMCO Funds Ireland plc, PIMCO Specialty Funds Ireland plc and PIMCO ETFs plc.
As noted above, the Directors of the Manager are the same as those of the Company. For the purposes of this Prospectus, the address of all the Directors is the registered office of the Company. The Company Secretary of the Manager is State Street Fund Services (Ireland) Limited. | en | it |
DOLFIN1612 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund is incorporated for an unlimited period. It may be dissolved at any time with or without cause by a resolution of the general meeting of Investors adopted in compliance with applicable laws.
The Fund shall also be dissolved upon dissolution of the last existing Sub-Fund.
Whenever the share capital falls below two third (2/3) of the minimum capital indicated above, the question of the dissolution of the Fund shall be referred to the general meeting of the Shareholders. In such an event, the general meeting of the Shareholders shall be held without any quorum requirements and the dissolution may be decided by the votes of Shareholders holding fifty per cent (50 per cent) of the Shares represented at such general meeting.
Whenever the share capital falls below one quarter (1/4) of the minimum capital indicated above, the question of the dissolution of the Fund shall be referred to the general meeting of the Shareholders. In such an event, the general meeting of the Shareholders shall be held without any quorum requirements and the dissolution may be decided by the votes of Shareholders holding twenty-five per cent (25 per cent) of the Shares represented at such general meeting.
Where the holding of a general meeting of the Shareholders is required, such general meeting must be convened so that it is held within a period of forty (40) days from the assessment that the net assets of the Fund have fallen below two third (2/3) or one quarter (1/4) of the legal minimum, as the case may be.
Whenever the appointed AIFM is removed or resigns at it owns initiative or loses its authorisation to act as alternative investment fund manager under the AIFMD, then the Board of Directors, at its sole discretion, on behalf of the Fund shall appoint a successor AIFM fulfilling the requirements of the 2016 Law and of the AIFMD. If such successor AIFM is not appointed within two (2) months, then the Board of Directors shall request, within three (3) months following the withdrawal of the AIFM, the Tribunal d’arrondissement to dissolve and to liquidate the Fund in compliance with the terms of the 2016 Law.
In the event of dissolution, the liquidation shall be carried out by one or more liquidators appointed by the general meeting as liquidator, pursuant to the 2016 Law and the Articles. Amounts which have not been claimed by Shareholders at the close of the liquidation will be deposited in escrow with the Caisse de consignation in Luxembourg. Should such amounts not be claimed within the prescription period, then they may be forfeited.
The compulsory dissolution of the Fund may be ordered by Luxembourg competent courts in circumstances provided by the 2016 Law and the 1915 Law.
As soon as the decision to dissolve the Fund is taken, the issue, redemption or conversion of Shares in all Sub-Funds is prohibited. The liquidation will be carried out in accordance with the provisions of the 2016 Law and 1915 Law. Liquidation proceeds which have not been claimed by investors at the time of the closure of the liquidation will be deposited in escrow at the Caisse de Consignation in Luxembourg. Proceeds not claimed within the statutory period will be forfeited in accordance with applicable laws and regulations.
-
### International Sanctions | Le Fonds est créé pour une durée indéterminée. Il pourra être dissout à tout moment, avec ou sans motif, par une résolution de l’assemblée générale des investisseurs adoptée conformément aux lois en vigueur.
Le Fonds sera également dissout après dissolution du dernier Compartiment existant.
Lorsque le capital social deviendra inférieur aux deux tiers (2/3) du capital minimum indiqué ci-dessus, la question de la dissolution du Fonds sera soumise à l’assemblée générale des Actionnaires. Dans ce cas, l’assemblée générale des Actionnaires se tiendra sans condition de quorum et la dissolution pourra être décidée par les votes des Actionnaires détenant cinquante pour cent (50 %) des Actions représentées à cette assemblée générale.
Lorsque le capital social deviendra inférieur au quart (1/4) du capital minimum indiqué ci-dessus, la question de la dissolution du Fonds sera soumise à l’assemblée générale des Actionnaires. Dans ce cas, l’assemblée générale des Actionnaires se tiendra sans condition de quorum et la dissolution pourra être décidée par les votes des Actionnaires détenant vingt-cinq pour cent (25 %) des Actions représentées à cette assemblée générale.
Lorsque la tenue d’une assemblée générale des Actionnaires sera requise, cette assemblée générale devra être convoquée de manière à se tenir dans un délai de quarante (40) jours à compter de l’évaluation selon laquelle l’actif net du Fonds est inférieur aux deux tiers (2/3) ou au quart (1/4) du minimum légal, selon le cas.
Lorsque le GFIA désigné est révoqué, démissionne de sa propre initiative ou perd son agrément lui permettant d’agir en tant que gestionnaire de fonds d’investissement alternatif aux termes de la Directive AIFM, le Conseil d’administration, à sa seule discrétion, au nom du Fonds, désignera un GFIA successeur satisfaisant les exigences de la Loi de 2016 et de la Directive AIFM. Si ce GFIA successeur n’est pas désigné dans un délai de deux (2) mois, le Conseil d’administration demandera, dans les trois (3) mois suivant le retrait du GFIA, au Tribunal d’arrondissement de dissoudre et de liquider le fonds conformément aux dispositions de la Loi de 2016.
En cas de dissolution, la liquidation sera effectuée par un ou plusieurs liquidateurs nommés par l’assemblée générale en qualité de liquidateur, conformément à la Loi de 2016 et aux Statuts. Les montants qui n’auront pas été réclamés par les Actionnaires à la clôture de la liquidation seront déposés sous séquestre à la Caisse de Consignation au Luxembourg. Les montants non réclamés dans les délais prescrits pourront être forclos.
La dissolution forcée du Fonds pourra être ordonnée par les tribunaux luxembourgeois compétents dans les circonstances prévues par la Loi de 2016 et la Loi de 1915.
Dès que la décision de dissoudre le Fonds sera prise, l’émission, le rachat ou la conversion d’Actions dans tous les Compartiments sera interdit(e). La liquidation
sera effectuée conformément aux dispositions de la Loi de 2016 et de la Loi de 1915. Les produits de la liquidation qui n’auront pas été réclamés par les investisseurs lors de la clôture de la liquidation seront déposés sous séquestre à la Caisse de Consignation au Luxembourg. Les produits non réclamés dans le délai légal seront perdus, conformément aux lois et règlements en vigueur.
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### Sanctions internationales | The Fund is incorporated for an unlimited period. It may be dissolved at any time with or without cause by a resolution of the general meeting of Investors adopted in compliance with applicable laws.
The Fund shall also be dissolved upon dissolution of the last existing Sub-Fund.
Whenever the share capital falls below two third (2/3) of the minimum capital indicated above, the question of the dissolution of the Fund shall be referred to the general meeting of the Shareholders. In such an event, the general meeting of the Shareholders shall be held without any quorum requirements and the dissolution may be decided by the votes of Shareholders holding fifty per cent (50 per cent) of the Shares represented at such general meeting.
Whenever the share capital falls below one quarter (1/4) of the minimum capital indicated above, the question of the dissolution of the Fund shall be referred to the general meeting of the Shareholders. In such an event, the general meeting of the Shareholders shall be held without any quorum requirements and the dissolution may be decided by the votes of Shareholders holding twenty-five per cent (25 per cent) of the Shares represented at such general meeting.
Where the holding of a general meeting of the Shareholders is required, such general meeting must be convened so that it is held within a period of forty (40) days from the assessment that the net assets of the Fund have fallen below two third (2/3) or one quarter (1/4) of the legal minimum, as the case may be.
Whenever the appointed AIFM is removed or resigns at it owns initiative or loses its authorisation to act as alternative investment fund manager under the AIFMD, then the Board of Directors, at its sole discretion, on behalf of the Fund shall appoint a successor AIFM fulfilling the requirements of the 2016 Law and of the AIFMD. If such successor AIFM is not appointed within two (2) months, then the Board of Directors shall request, within three (3) months following the withdrawal of the AIFM, the Tribunal d’arrondissement to dissolve and to liquidate the Fund in compliance with the terms of the 2016 Law.
In the event of dissolution, the liquidation shall be carried out by one or more liquidators appointed by the general meeting as liquidator, pursuant to the 2016 Law and the Articles. Amounts which have not been claimed by Shareholders at the close of the liquidation will be deposited in escrow with the Caisse de consignation in Luxembourg. Should such amounts not be claimed within the prescription period, then they may be forfeited.
The compulsory dissolution of the Fund may be ordered by Luxembourg competent courts in circumstances provided by the 2016 Law and the 1915 Law.
As soon as the decision to dissolve the Fund is taken, the issue, redemption or conversion of Shares in all Sub-Funds is prohibited. The liquidation will be carried out in accordance with the provisions of the 2016 Law and 1915 Law. Liquidation proceeds which have not been claimed by investors at the time of the closure of the liquidation will be deposited in escrow at the Caisse de Consignation in Luxembourg. Proceeds not claimed within the statutory period will be forfeited in accordance with applicable laws and regulations.
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### International Sanctions | en | fr |
DOLFIN1613 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# AUTRES INFORMATIONS PERTINENTES
- Ce document décrit une seule catégorie d’actions, la Catégorie A mais il est considéré comme représentatif des catégories d’actions: AD (IE000VR8TZH7), AE (IE000QSG79K8), AED (IE000TIDCEG0), AEH (IE000PQL6OX7), AEHD (IE000FG799R8), AG (IE000SYL3L85), AGD (IE0004RXDFO0), AGH (IE000UCO56T7), AGHD (IE000EQIGZ32), ADK (IE0001EEGE64), ADKD (IE000POYPWY9), ADKH (IE000O3DGFU3).
- Des informations sur l'achat et la vente d'actions ainsi que sur la conversion d'actions en actions d'une autre catégorie au sein du Fonds ou d'un autre compartiment de l’ICAV figurent dans le prospectus du Fonds, qui peut être obtenu auprès de Heptagon Capital LLP ou de votre conseiller financier.
- La catégorie d’actions n’a pas encore été lancée ; aucune donnée relative à la performance passée ne peut donc être présentée.
L’ICAV et le Gestionnaire sont agréés en Irlande et réglementés par la Banque centrale d’Irlande. Heptagon Capital Limited est autorisé par l’Autorité des services financiers de Malte à fournir des services d’investissement. Qblue Balanced A/S est agréé par l’Autorité danoise de surveillance financière en qualité de Gestionnaire de fonds d’investissement alternatif et gestionnaire d’investissement discrétionnaire. | # OTROS DATOS DE INTERÉS
- Este documento describe únicamente una clase de acciones, la Clase A but is considered representative of the following share classes: AD (IE000VR8TZH7), AE (IE000QSG79K8), AED (IE000TIDCEG0), AEH (IE000PQL6OX7), AEHD (IE000FG799R8), AG (IE000SYL3L85), AGD (IE0004RXDFO0), AGH (IE000UCO56T7), AGHD (IE000EQIGZ32), ADK (IE0001EEGE64), ADKD (IE000POYPWY9), ADKH (IE000O3DGFU3).
- La información sobre cómo comprar y vender acciones y cómo canjear una clase de acciones por otra dentro del Fondo o en otro subfondo de la ICAV se incluye en el folleto del Fondo, que puede solicitarse a Heptagon Capital LLP u obtenerse a través de su asesor financiero.
- Dado que la clase de acciones aún no se ha lanzado, no se dispone de datos sobre la rentabilidad histórica.
La ICAV y la Gestora están autorizadas en Irlanda y reguladas por el Banco Central de Irlanda. Heptagon Capital Limited tiene licencia para prestar servicios de inversión, otorgada por la Autoridad de Servicios Financieros de Malta. Qblue Balanced A/S está autorizado como Gestora de fondos de inversión alternativos y Gestora de inversiones discrecionales por la Autoridad de Supervisión Financiera de Dinamarca. | # AUTRES INFORMATIONS PERTINENTES
- Ce document décrit une seule catégorie d’actions, la Catégorie A mais il est considéré comme représentatif des catégories d’actions: AD (IE000VR8TZH7), AE (IE000QSG79K8), AED (IE000TIDCEG0), AEH (IE000PQL6OX7), AEHD (IE000FG799R8), AG (IE000SYL3L85), AGD (IE0004RXDFO0), AGH (IE000UCO56T7), AGHD (IE000EQIGZ32), ADK (IE0001EEGE64), ADKD (IE000POYPWY9), ADKH (IE000O3DGFU3).
- Des informations sur l'achat et la vente d'actions ainsi que sur la conversion d'actions en actions d'une autre catégorie au sein du Fonds ou d'un autre compartiment de l’ICAV figurent dans le prospectus du Fonds, qui peut être obtenu auprès de Heptagon Capital LLP ou de votre conseiller financier.
- La catégorie d’actions n’a pas encore été lancée ; aucune donnée relative à la performance passée ne peut donc être présentée.
L’ICAV et le Gestionnaire sont agréés en Irlande et réglementés par la Banque centrale d’Irlande. Heptagon Capital Limited est autorisé par l’Autorité des services financiers de Malte à fournir des services d’investissement. Qblue Balanced A/S est agréé par l’Autorité danoise de surveillance financière en qualité de Gestionnaire de fonds d’investissement alternatif et gestionnaire d’investissement discrétionnaire. | fr | es |
DOLFIN1614 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
VII - REMUNERATION
The Management Company’s remuneration policy has been designed to protect clients’ interests, to prevent conflicts of interest and to ensure that there is no incentive to take excessive risks.
It applies the following principles: paying for performance, sharing wealth creation, aligning the long-term interests of employees and the company, and encouraging an element of employee financial participation in risks.
Details of the up-to-date remuneration policy, including, in particular, the individuals responsible for awarding remuneration and benefits and a description of how they are calculated, are available online at http://www.bnpparibas-am.com/en/remuneration-disclosure/. Paper copies are available free of charge from the Management Company, on written request.
Prospectus publication date: 1 October 2022 | VI - REMUNERATION
La politique de rémunération de la société de gestion a été conçue pour protéger les intérêts des clients, éviter les conflits d’intérêts et garantir qu’il n’y a pas d’incitation à une prise de risque excessive.
Elle met en œuvre les principes suivants : payer pour la performance, partager la création de richesse, aligner à long terme les intérêts des collaborateurs et de l’entreprise et promouvoir un élément d’association financière des collaborateurs aux risques.
Les détails de la politique de rémunération actualisée, comprenant notamment les personnes responsables de l’attribution des rémunérations et des avantages et une description de la manière dont ils sont calculés, sont disponibles sur le site internet http://www.bnpparibas-am.com/fr/politique-de-remuneration/. Un exemplaire sur papier est également mis à disposition gratuitement sur simple demande écrite auprès de la société de gestion.
Date de publication du prospectus : 1er octobre 2022 | VII - REMUNERATION
The Management Company’s remuneration policy has been designed to protect clients’ interests, to prevent conflicts of interest and to ensure that there is no incentive to take excessive risks.
It applies the following principles: paying for performance, sharing wealth creation, aligning the long-term interests of employees and the company, and encouraging an element of employee financial participation in risks.
Details of the up-to-date remuneration policy, including, in particular, the individuals responsible for awarding remuneration and benefits and a description of how they are calculated, are available online at http://www.bnpparibas-am.com/en/remuneration-disclosure/. Paper copies are available free of charge from the Management Company, on written request.
Prospectus publication date: 1 October 2022 | en | fr |
DOLFIN1615 | 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 | 880 USD -91,18 % | 1.040 USD -36,42 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.690 USD -13,07 % | 10.560 USD 1,09 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.880 USD 8,79 % | 13.680 USD 6,47 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 12.960 USD 29,63 % | 15.670 USD 9,40 % | | | 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 | 880 USD -91,18% | 1.040 USD -36,42% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.690 USD -13,07% | 10.560 USD 1,09% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.880 USD 8,79% | 13.680 USD 6,47% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 12.960 USD 29,63% | 15.670 USD 9,40% | | | 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 | 880 USD -91,18 % | 1.040 USD -36,42 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.690 USD -13,07 % | 10.560 USD 1,09 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.880 USD 8,79 % | 13.680 USD 6,47 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 12.960 USD 29,63 % | 15.670 USD 9,40 % | | fr | es |
DOLFIN1616 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Article 8 - The financial statements and the management report
At the end of each financial year, the Management Company prepares the financial statements and draws up a report on the management of the Fund (and each sub-fund, if applicable) during the previous financial year.
the Management Company draws up, at least every six months and under the supervision of the custodian, an inventory of the Fund’s assets.
the Management Company shall make these documents available to unitholders within four months following the end of the financial year and shall inform them of the income to which they are entitled: these documents are either sent by post at the specific request of unitholders or made available to them at premises of the Management Company. | #### Article 8 - Les comptes et le rapport de gestion
À la clôture de chaque exercice, la société de gestion établit les documents de synthèse et établit un rapport sur la gestion du fonds (le cas échéant, relatif à chaque compartiment) pendant l’exercice écoulé.
La société de gestion établit, au minimum de façon semestrielle et sous contrôle du dépositaire, l’inventaire des actifs de l'OPC.
La société de gestion tient ces documents à la disposition des porteurs de parts dans les quatre mois suivant la clôture de l'exercice et les informe du montant des revenus auxquels ils ont droit : ces documents sont, soit transmis par courrier à la demande expresse des porteurs de parts, soit mis à leur disposition à la société de gestion. | #### Article 8 - The financial statements and the management report
At the end of each financial year, the Management Company prepares the financial statements and draws up a report on the management of the Fund (and each sub-fund, if applicable) during the previous financial year.
the Management Company draws up, at least every six months and under the supervision of the custodian, an inventory of the Fund’s assets.
the Management Company shall make these documents available to unitholders within four months following the end of the financial year and shall inform them of the income to which they are entitled: these documents are either sent by post at the specific request of unitholders or made available to them at premises of the Management Company. | en | fr |
DOLFIN1617 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Délégation de pouvoirs conformément au Règlement de gestion, ainsi qu’à la législation et à la réglementation applicables au Luxembourg, la société de gestion a la possibilité de déléguer à des tiers qualifiés tout ou partie de ses responsabilités. Dans ce cas, la société de gestion devra s’acquitter des frais et coûts associés à l’intervention d’un tiers, sauf indication contraire figurant dans le présent prospectus.
Par exemple, tant qu’elle conserve le suivi, met en œuvre les contrôles et procédures appropriés et met à jour le prospectus à l’avance, la société de gestion peut nommer un ou plusieurs gestionnaires d’investissement (ou un conseiller en investissement) aux fins de gérer les actifs du fonds.
Un gestionnaire d’investissement peut à son tour, avec l’approbation de la société de gestion et de l’autorité de surveillance, et à ses frais, déléguer tout ou partie de ses fonctions à d’autres entités, comme des gestionnaires d’investissement par délégation.
La société de gestion doit exiger de toute entité déléguée qu’elle se conforme aux dispositions du prospectus, du Règlement de gestion et des autres dispositions applicables. De même, indépendamment de la nature et de l’étendue de ses délégations, la société de gestion reste entièrement responsable des actions de ses délégués.
Conditions d’engagement des prestataires de services Tous les prestataires de services engagés par le FCP disposent de contrats de prestations de services à durée indéterminée et doivent fournir des rapports périodiques au regard des prestations fournies. La société de gestion peut résilier l’un de ces contrats de prestations de services immédiatement si elle estime
qu’une violation substantielle du contrat a été commise. Par ailleurs, tout titulaire de l’un de ces contrats de prestations de services peut démissionner ou être remplacé par la société de gestion moyennant un préavis de 3 mois. Quelles que soient les circonstances de la cessation du contrat, tout prestataire de services doit coopérer pleinement dans le cadre de la transition de ses fonctions, conformément à son contrat de prestations de services, à ses obligations en vertu de la loi et aux instructions
de la société de gestion. En outre, le dépositaire doit continuer à assurer ses fonctions jusqu’à ce qu’un nouveau dépositaire soit nommé, ce qui doit intervenir au plus tard 2 mois après la fin de la période de préavis. | Delegación de poderes Congruente con el reglamento de gestión, y con la legislación y el reglamento luxemburgueses aplicables, la sociedad gestora tiene la opción de delegar a terceros cualificados algunas o todas sus responsabilidades. En tal caso, la sociedad gestora deberá pagar las comisiones y los costes asociados al tercero, salvo que se indique lo contrario en el presente folleto.
Por ejemplo, siempre que mantenga la supervisión, implemente los controles y procedimientos adecuados y actualice el folleto por adelantado, la sociedad gestora puede designar a uno o más gestores de inversiones para que se encarguen de la gestión de los activos del fondo o a un asesor de inversiones.
A su vez, un gestor de inversiones puede, con la aprobación de la sociedad gestora y de la autoridad supervisora, y por su cuenta, delegar algunas o todas sus funciones en otras entidades, como los subgestores de inversiones.
La sociedad gestora debe exigir a cualquier entidad delegada que cumpla con las disposiciones del folleto, el reglamento de gestión y otras disposiciones aplicables. Además, independientemente de la naturaleza y el alcance de sus delegaciones, la sociedad gestora sigue siendo plenamente responsable de las acciones de sus delegados.
Condiciones de contratación de los proveedores de servicios. Todos los proveedores de servicios contratados por el Fondo tienen contratos de servicios de duración indefinida y deben presentar informes periódicos sobre sus servicios. La sociedad gestora puede rescindir inmediatamente cualquiera de estos contratos de servicios si determina
que se ha producido un incumplimiento sustancial del contrato. De lo contrario, el titular de cualquiera de estos contratos de servicios podrá dimitir o ser sustituido por la sociedad gestora con 3 meses de antelación. Independientemente de las circunstancias de la rescisión, toda sociedad profesional deberá cooperar plenamente en el traspaso de sus funciones, de conformidad con su contrato de servicios, sus obligaciones legales y las instrucciones
de la sociedad gestora. Además, el depositario debe seguir prestando servicio hasta que se haya nombrado a un nuevo depositario, lo que debe suceder a más tardar 2 meses después de la finalización del periodo de notificación. | Délégation de pouvoirs conformément au Règlement de gestion, ainsi qu’à la législation et à la réglementation applicables au Luxembourg, la société de gestion a la possibilité de déléguer à des tiers qualifiés tout ou partie de ses responsabilités. Dans ce cas, la société de gestion devra s’acquitter des frais et coûts associés à l’intervention d’un tiers, sauf indication contraire figurant dans le présent prospectus.
Par exemple, tant qu’elle conserve le suivi, met en œuvre les contrôles et procédures appropriés et met à jour le prospectus à l’avance, la société de gestion peut nommer un ou plusieurs gestionnaires d’investissement (ou un conseiller en investissement) aux fins de gérer les actifs du fonds.
Un gestionnaire d’investissement peut à son tour, avec l’approbation de la société de gestion et de l’autorité de surveillance, et à ses frais, déléguer tout ou partie de ses fonctions à d’autres entités, comme des gestionnaires d’investissement par délégation.
La société de gestion doit exiger de toute entité déléguée qu’elle se conforme aux dispositions du prospectus, du Règlement de gestion et des autres dispositions applicables. De même, indépendamment de la nature et de l’étendue de ses délégations, la société de gestion reste entièrement responsable des actions de ses délégués.
Conditions d’engagement des prestataires de services Tous les prestataires de services engagés par le FCP disposent de contrats de prestations de services à durée indéterminée et doivent fournir des rapports périodiques au regard des prestations fournies. La société de gestion peut résilier l’un de ces contrats de prestations de services immédiatement si elle estime
qu’une violation substantielle du contrat a été commise. Par ailleurs, tout titulaire de l’un de ces contrats de prestations de services peut démissionner ou être remplacé par la société de gestion moyennant un préavis de 3 mois. Quelles que soient les circonstances de la cessation du contrat, tout prestataire de services doit coopérer pleinement dans le cadre de la transition de ses fonctions, conformément à son contrat de prestations de services, à ses obligations en vertu de la loi et aux instructions
de la société de gestion. En outre, le dépositaire doit continuer à assurer ses fonctions jusqu’à ce qu’un nouveau dépositaire soit nommé, ce qui doit intervenir au plus tard 2 mois après la fin de la période de préavis. | fr | es |
DOLFIN1618 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The benchmark of the Equities Europe Index sub-fund is the MSCI Europe Net DTR index.
The MSCI Europe Net DTR index, dividends net of local withholding tax reinvested, covers European countries and is established by MSCI. All the countries of Europe are included in this index, except Luxembourg given its low market capitalization. Greece was classified as an emerging country by the MSCI index at the end of 2013.
As of June 30, 2021, the index had 434 positions. The index value can be viewed on MSCI's website, www.msci.com/end-of-day-data-search. The composition of its indices can be viewed on the MSCI’s website, www.msci.com/constituents.
The objective of the fund is to physically and fully replicate the composition of the underlying index (MSCI EUROPE). As in the past, full investment continued in this sub-fund. The level of liquidity, after deduction of futures contracts on stock market indices, was kept at a very low level. The use of futures on the Dow Jones Stoxx 50 index supplemented positions in equities and allowed to be fully invested through liquid instrument without disrupting the portfolio structure during daily subscriptions and redemptions.
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## Future policy | ### Le benchmark du compartiment Equities Europe Index est l’indice MSCI Europe Net DTR.
L’indice MSCI Europe Net DTR, dividendes nets de précompte local réinvestis, couvre les pays européens et est établi par MSCI. Tous les pays d'Europe sont repris dans cet indice, excepté le Luxembourg compte tenu de sa faible capitalisation boursière. La Grèce a, quant à elle, été classifiée comme pays émergent par l’indice MSCI fin 2013.
L'indice comptait 434 positions au 30 juin 2021. La valeur de l'indice peut être consultée sur le site web de MSCI, www.msci.com/end-of-day-data-search. La composition de ses indices peut être consultée sur le site web de MSCI, www.msci.com/constituents.
L'objectif du fonds est de reproduire physiquement et intégralement la composition de l'indice sous-jacent (MSCI EUROPE). Comme par le passé, le plein investissement s’est poursuivi au sein de ce compartiment. Les liquidités, après déduction des contrats à terme sur les indices boursiers, ont été maintenues à un niveau très faible. L’utilisation de futures sur l’indice Dow Jones Stoxx 50 a complété les positions en actions et a permis d’être pleinement investi à travers un instrument liquide sans perturber la structure du portefeuille lors des émissions et des remboursements quotidiens.
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## Politique future | ### The benchmark of the Equities Europe Index sub-fund is the MSCI Europe Net DTR index.
The MSCI Europe Net DTR index, dividends net of local withholding tax reinvested, covers European countries and is established by MSCI. All the countries of Europe are included in this index, except Luxembourg given its low market capitalization. Greece was classified as an emerging country by the MSCI index at the end of 2013.
As of June 30, 2021, the index had 434 positions. The index value can be viewed on MSCI's website, www.msci.com/end-of-day-data-search. The composition of its indices can be viewed on the MSCI’s website, www.msci.com/constituents.
The objective of the fund is to physically and fully replicate the composition of the underlying index (MSCI EUROPE). As in the past, full investment continued in this sub-fund. The level of liquidity, after deduction of futures contracts on stock market indices, was kept at a very low level. The use of futures on the Dow Jones Stoxx 50 index supplemented positions in equities and allowed to be fully invested through liquid instrument without disrupting the portfolio structure during daily subscriptions and redemptions.
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## Future policy | en | fr |
DOLFIN1619 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds vise à réaliser une performance absolue, régulière et peu corrélée avec les classes d’actifs tradi- tionnelles. La gestion repose sur une stratégie de type long/short equity market neutral. Le Fonds est géré de manière discrétionnaire en fonction des anticipations de la Société de Gestion. Le Fonds intervient sur les marchés actions mondiaux, avec une dominante européenne. La stratégie d’investissement étant de type performance absolue, le Fonds n’a pas d’exposition nette significative et durable au risque de marché actions.
Le Fonds fait référence à l'indice €ster uniquement pour les besoins du calcul des commissions de surper- formance. Le Fonds est géré de manière active, le Fonds ne suit pas l’indice et ce dernier ne détermine pas la composition du portefeuille. Le niveau de l’indice n’est pas pris en considération dans l’implémentation de la stratégie d’investissement.
Il n’existe aucune garantie que l’objectif d’investissement soit atteint ou qu’il y ait un retour sur investissement. | El Fondo tiene como objetivo lograr una rentabilidad absoluta, periódica y con poca correlación con las clases de activos tradicionales. La gestión se basa en una estrategia de tipo long/short equity market neutral. El Fondo se gestiona de forma discrecional de acuerdo con las previsiones de la Sociedad gestora. El Fondo opera en los mercados de renta variable mundiales, con un enfoque europeo. Dado que la estrategia de inversión es del tipo de rentabilidad absoluta, el Fondo no tiene una exposición neta significativa y sostenible al riesgo del mercado de renta variable.
El Fondo se refiere al índice €ster únicamente para calcular las comisiones de rentabilidad. El Fondo es de gestión activa y no sigue al índice, y el índice no determina la composición de la cartera. El nivel del índice no se tiene en cuenta en la implementación de la estrategia de inversión.
No hay garantías de que se alcance el objetivo de inversión ni de que se obtenga rendimiento de la inversión. | Le Fonds vise à réaliser une performance absolue, régulière et peu corrélée avec les classes d’actifs tradi- tionnelles. La gestion repose sur une stratégie de type long/short equity market neutral. Le Fonds est géré de manière discrétionnaire en fonction des anticipations de la Société de Gestion. Le Fonds intervient sur les marchés actions mondiaux, avec une dominante européenne. La stratégie d’investissement étant de type performance absolue, le Fonds n’a pas d’exposition nette significative et durable au risque de marché actions.
Le Fonds fait référence à l'indice €ster uniquement pour les besoins du calcul des commissions de surper- formance. Le Fonds est géré de manière active, le Fonds ne suit pas l’indice et ce dernier ne détermine pas la composition du portefeuille. Le niveau de l’indice n’est pas pris en considération dans l’implémentation de la stratégie d’investissement.
Il n’existe aucune garantie que l’objectif d’investissement soit atteint ou qu’il y ait un retour sur investissement. | fr | es |
DOLFIN1620 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Subscription and redemption on the primary market:
On the primary market, new Fund units are subscribed and/or redeemed in return for (i) cash or (ii) in-kind contribution/withdrawal of a basket of equities representative of the composition of the MSCI Europe ex EMU Index complete with a “cash adjustment”.
In this market, initial subscriptions are only allowed in minimum quantities of 5900 units and subsequent subscriptions are only allowed in minimum quantities of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request.
Orders for the subscription and redemption of Fund units are centralised on a daily basis by the Depositary, between 09:00 and 17:00 (Paris time), on days when the Paris Stock Exchange is open (the “Trading Day”). Subscription and redemption requests sent after 17:00 (Paris time) on a Trading Day will be processed as orders received between 09:00 and 17:00 (Paris time) on the next Trading Day.
A Trading Day is a working day on which the Fund’s NAV can be calculated and published.
The Fund’s net asset value on a given Trading Day is calculated using the closing price of the MSCI Europe ex EMU Index on that day.
Subscriptions/redemptions in cash only
Cash-only orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the net asset value of that same Trading Day.
Subscriptions/redemptions made by contributions/withdrawals to/from a portfolio of equities representing the composition of the MSCI Europe ex EMU Index
Orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the terms set by the Management Company at 17:00 (Paris time) on the same Trading Day, as follows:
- contribution of a portfolio of equities reflecting the MSCI Europe ex EMU Index as determined by the Management Company, which the subscriber must deliver, and, where applicable,
- payment of a cash amount in euros to or from the Fund (“cash adjustment”) where a subscription/redemption order is for a minimum initial subscription of 5900 units and a minimum subsequent subscription of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request. The cash adjustment will be equal to the difference in euros between the net asset value of the Fund units on that date and the value in euros of the equities to be delivered on that date. | ## Condizioni di sottoscrizione e di rimborso delle quote del Fondo sul mercato primario::
Il mercato primario è il mercato attraverso il quale le quote nuove del Fondo sono sottoscritte e/o rimborsate mediante (i) contanti o (ii) conferimenti/prelievi da un paniere di azioni rappresentativo della composizione dell’Indice MSCI Europe ex EMU accompagnato da un "conguaglio".
Su questo mercato, le sottoscrizioni dovranno essere esclusivamente effettuate per un minimo di 5.900 quote per la sottoscrizione iniziale e per un minimo di una quota per le sottoscrizioni successive. I rimborsi si effettuano in numero intero di quote, con un minimo di 500.000 euro o equivalente nella valuta della quota per domanda di rimborso.
Le domande di sottoscrizione e di rimborso delle quote del Fondo sono centralizzate dalla banca depositaria, tra le 9.00 e le 17.00 (ora di Parigi), ogni giorno di apertura della borsa di Parigi (il "Giorno di Borsa"). Le domande di sottoscrizione e di rimborso trasmesse dopo le ore 17.00 (ora di Parigi) di un Giorno di Borsa saranno trattate come delle domande ricevute tra le 9.00 e le 17.00 (ora di Parigi) il Giorno di Borsa successivo.
Un Giorno di Borsa è un giorno lavorativo appartenente al calendario di calcolo e di pubblicazione del valore patrimoniale netto del Fondo.
Il valore patrimoniale netto del Fondo di un Giorno di Borsa è calcolato utilizzando il valore di chiusura dell’Indice MSCI Europe ex EMU dello stesso giorno.
Sottoscrizioni/rimborsi effettuati esclusivamente in contanti.
Le domande centralizzate dal Depositario tra le ore 9.00 e le 17.00 (ora di Parigi) di un Giorno di Borsa ed effettuate esclusivamente in contanti, saranno eseguite sulla base del valore patrimoniale netto dello stesso giorno di Borsa.
Sottoscrizioni/rimborsi effettuati mediante conferimenti/prelievi da un paniere di azioni rappresentativo della composizione dell’Indice MSCI Europe ex EMU
Le domande, centralizzate dal Depositario tra le ore 9.00 e le 17.00 (ora di Parigi) di un Giorno di Borsa saranno eseguite sulla base delle condizioni determinate dalla Società di Gestione alle 17.00 (ora di Parigi) dello stesso giorno di Borsa, nel modo seguente:
- mediante conferimento di un paniere di azioni che rifletta l’Indice MSCI Europe ex EMU secondo quanto determinato dalla Società di Gestione, che il sottoscrittore dovrà consegnare e, all’occorrenza,
- mediante il conferimento di un importo in contanti in euro pagato o ricevuto dal Fondo (il “conguaglio”) per un ordine di sottoscrizione/rimborso pari a un minimo di 5.900 quote per la sottoscrizione iniziale e a un minimo di una quota per le sottoscrizioni successive. I rimborsi si effettuano in numero intero di quote, con un minimo di500.000 euro o equivalente nella valuta della quota per domanda di rimborso. Il conguaglio sarà pari allo scarto in euro tra il valore patrimoniale netto delle quote del Fondo questo giorno e il valore in euro delle azioni da consegnare il giorno medesimo. | ## Subscription and redemption on the primary market:
On the primary market, new Fund units are subscribed and/or redeemed in return for (i) cash or (ii) in-kind contribution/withdrawal of a basket of equities representative of the composition of the MSCI Europe ex EMU Index complete with a “cash adjustment”.
In this market, initial subscriptions are only allowed in minimum quantities of 5900 units and subsequent subscriptions are only allowed in minimum quantities of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request.
Orders for the subscription and redemption of Fund units are centralised on a daily basis by the Depositary, between 09:00 and 17:00 (Paris time), on days when the Paris Stock Exchange is open (the “Trading Day”). Subscription and redemption requests sent after 17:00 (Paris time) on a Trading Day will be processed as orders received between 09:00 and 17:00 (Paris time) on the next Trading Day.
A Trading Day is a working day on which the Fund’s NAV can be calculated and published.
The Fund’s net asset value on a given Trading Day is calculated using the closing price of the MSCI Europe ex EMU Index on that day.
Subscriptions/redemptions in cash only
Cash-only orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the net asset value of that same Trading Day.
Subscriptions/redemptions made by contributions/withdrawals to/from a portfolio of equities representing the composition of the MSCI Europe ex EMU Index
Orders centralised by the Depositary between 09:00 and 17:00 (Paris time) on a given Trading Day will be executed on the basis of the terms set by the Management Company at 17:00 (Paris time) on the same Trading Day, as follows:
- contribution of a portfolio of equities reflecting the MSCI Europe ex EMU Index as determined by the Management Company, which the subscriber must deliver, and, where applicable,
- payment of a cash amount in euros to or from the Fund (“cash adjustment”) where a subscription/redemption order is for a minimum initial subscription of 5900 units and a minimum subsequent subscription of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request. The cash adjustment will be equal to the difference in euros between the net asset value of the Fund units on that date and the value in euros of the equities to be delivered on that date. | en | it |
DOLFIN1621 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Baring Asset Management Limited November 2019
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their funds as they see fit, within the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ from the views of other Barings portfolio managers.
Investment Managers’ Report (continued)
For the financial period ended 31 October 2019 | #### Baring Asset Management Limited Novembre 2019
Baring Asset Management Limited (« le Gestionnaire d’investissement ») donne à ses gérants de portefeuille tous les pouvoirs nécessaires pour gérer leurs fonds comme ils l’entendent, dans le respect des directives établies. Ceci inclut l’opinion que les gérants peuvent se faire des marchés et des secteurs dans lesquels ils investissent, qui peut différer de celle des autres gérants de portefeuille de Barings.
Rapport des Gestionnaires d’investissement (suite) Pour la période comptable close le 31 octobre 2019 | #### Baring Asset Management Limited November 2019
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their funds as they see fit, within the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ from the views of other Barings portfolio managers.
Investment Managers’ Report (continued)
For the financial period ended 31 October 2019 | en | fr |
DOLFIN1622 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
If distributions are not to be reinvested, payment will be made by telegraphic transfer unless alternative instructions have been given to the Registrar and Transfer Agent.
In the case of joint Shareholders, payment will be made to the first named Shareholder.
Payment of distributions will normally be made in the currency of the relevant Share Class, except where the investor has already specified in their Application Form for payment in another currency.
However, the Registrar and Transfer Agent will, where agreed, be able to arrange settlement in any major currency according to the standing instructions held, at the risk and expense of the Shareholder. Distributions not collected within five years will lapse and accrue for the benefit of the relevant Fund in accordance with Luxembourg law.
The payment of distributions will be blocked, where either new or existing Investors fail to fully comply with the relevant anti-money laundering laws and regulation, until such time as the requirements have been met.
Equalisation
The Company will maintain equalisation accounts in relation to the Shares with a view to ensuring that the levels of distribution payable to Investors in the Shares are not affected by the issue and redemption of, or the switch from or into, Shares of those Funds during an accounting period. The price at which Shares are bought by an investor will therefore be deemed to include an equalisation payment (which will be credited to the relevant equalisation account) calculated by reference to the accrued income of the Share Class, net of fees, charges and expenses where applicable. The first distribution which an investor receives in respect of such Shares following the purchase may include a repayment of capital. | Qualora gli importi distribuiti non debbano essere reinvestiti, il pagamento sarà effettuato per mezzo di trasferimento telegrafico, salvo diverse indicazioni comunicate al Conservatore del registro e Agente per i trasferimenti.
Nel caso di soggetti contitolari di Azioni, il pagamento sarà effettuato all’Azionista nominato per primo [nel Libro Soci].
Di norma, il pagamento degli importi distribuiti verrà corrisposto nella valuta della Classe di Azioni, a meno che l’investitore non abbia già indicato nel Modulo di sottoscrizione la richiesta di pagamento in un’altra valuta.
Tuttavia il Conservatore del registro e Agente per i trasferimenti, ove concordato, potrà provvedere al pagamento in una qualsiasi delle principali valute a rischio e spese dell’Azionista in base alle istruzioni in suo possesso. In conformità con la legge del Lussemburgo, gli importi distribuiti non incassati entro cinque anni decadranno e matureranno a favore del relativo Comparto.
Le distribuzioni saranno sospese qualora gli Investitori nuovi o esistenti non siano pienamente conformi alle norme e leggi anti-riciclaggio e riprenderanno solo una volta accertato il rispetto di tali requisiti.
Perequazione
La Società manterrà conti di perequazione in relazione alle Azioni al fine di assicurare che i livelli di distribuzione che spettano agli Investitori delle Azioni non siano condizionati da operazioni di emissione e rimborso di Azioni, o conversione da o verso Azioni, di quei Comparti durante un esercizio contabile. Si ritiene pertanto che il prezzo al quale l’investitore acquista le Azioni includa un pagamento di perequazione (che sarà accreditato sul conto di perequazione interessato) calcolato in riferimento ai proventi maturati dalla Classe di Azioni in questione, al netto delle commissioni, delle spese e delle competenze, ove del caso. In sede di prima distribuzione agli investitori relativamente a dette Azioni in seguito all’acquisto delle stesse può comprendere un rimborso del capitale. | If distributions are not to be reinvested, payment will be made by telegraphic transfer unless alternative instructions have been given to the Registrar and Transfer Agent.
In the case of joint Shareholders, payment will be made to the first named Shareholder.
Payment of distributions will normally be made in the currency of the relevant Share Class, except where the investor has already specified in their Application Form for payment in another currency.
However, the Registrar and Transfer Agent will, where agreed, be able to arrange settlement in any major currency according to the standing instructions held, at the risk and expense of the Shareholder. Distributions not collected within five years will lapse and accrue for the benefit of the relevant Fund in accordance with Luxembourg law.
The payment of distributions will be blocked, where either new or existing Investors fail to fully comply with the relevant anti-money laundering laws and regulation, until such time as the requirements have been met.
Equalisation
The Company will maintain equalisation accounts in relation to the Shares with a view to ensuring that the levels of distribution payable to Investors in the Shares are not affected by the issue and redemption of, or the switch from or into, Shares of those Funds during an accounting period. The price at which Shares are bought by an investor will therefore be deemed to include an equalisation payment (which will be credited to the relevant equalisation account) calculated by reference to the accrued income of the Share Class, net of fees, charges and expenses where applicable. The first distribution which an investor receives in respect of such Shares following the purchase may include a repayment of capital. | en | it |
DOLFIN1623 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company may enact appropriate decisions and, with the consent of the Board of Directors of the Fund, make changes to the investment restrictions and to other parts of this Sales Prospectus, and it may include such further investment restrictions as may be necessary to comply with the stipulated conditions in those countries in which units are or may be distributed.
The above restrictions relate to the point in time when the transferable securities are acquired. If the percentages are subsequently exceeded as a result of price developments or for reasons other than purchases, the Management Company shall without delay seek to bring the holdings back within the specified limits while taking into account the interests of the unitholders.
The ratings of debt securities and convertible bonds are determined by the classifications of rating agencies as well as the market implied rating. In the case of market implied rating, the rating is calculated on the basis of the risk premium which a company has to pay for its bonds as compared to “risk-free liabilities” on the market. The market implied rating also applies if no rating from a rating agency is available. If two external ratings are available, the lower of the two available ratings will be used. If three external ratings are available, the second-best rating will be used. In the event of downgrades, the above rating requirements must be restored within three months.
The investment policy of the individual sub-funds may specify different provisions. | Die Verwaltungsgesellschaft kann geeignete Verfügungen treffen und mit Einverständnis des Verwaltungsrates des Fonds Änderungen der Anlagebeschränkungen und anderer Teile dieses Verkaufsprospektes vornehmen sowie weitere Anlagebeschränkungen aufnehmen, die erforderlich sind, um den Bedingungen in jenen Ländern zu entsprechen, in denen Anteile vertrieben werden bzw. vertrieben werden sollen.
Die oben genannten Beschränkungen beziehen sich auf den Zeitpunkt des Erwerbs der Wertpapiere. Werden die Prozentsätze nachträglich durch Kursentwicklungen oder aus anderen Gründen als durch Zukäufe überschritten, so wird die Verwaltungsgesellschaft unverzüglich unter Berücksichtigung der Interessen der Anteileigentümer eine Rückführung in den vorgegebenen Rahmen anstreben.
Die Ratings der Schuldtitel und Wandelanleihen bestimmen sich nach den Einstufungen von Ratingagenturen wie auch dem Market Implied Rating. Beim Market Implied Rating berechnet sich das Rating anhand der Risikoprämie, die ein Unternehmen für seine Anleihen im Vergleich zu „risikolosen Verbindlichkeiten“ auf dem Markt zahlen muss. Das Market Implied Rating gilt auch, wenn kein Rating einer Ratingagentur vorliegt. Liegen zwei externe Ratings vor, ist das schlechtere von den beiden vorliegenden Ratings maßgebend. Liegen drei externe Ratings vor, ist das zweitbeste Rating maßgebend. Bei Downgrades müssen die oben genannten Ratingvorschriften innerhalb von drei Monaten wieder hergestellt werden. Die Anlagepolitik der einzelnen Teilfonds kann abweichende Bestimmungen vorsehen. | The Management Company may enact appropriate decisions and, with the consent of the Board of Directors of the Fund, make changes to the investment restrictions and to other parts of this Sales Prospectus, and it may include such further investment restrictions as may be necessary to comply with the stipulated conditions in those countries in which units are or may be distributed.
The above restrictions relate to the point in time when the transferable securities are acquired. If the percentages are subsequently exceeded as a result of price developments or for reasons other than purchases, the Management Company shall without delay seek to bring the holdings back within the specified limits while taking into account the interests of the unitholders.
The ratings of debt securities and convertible bonds are determined by the classifications of rating agencies as well as the market implied rating. In the case of market implied rating, the rating is calculated on the basis of the risk premium which a company has to pay for its bonds as compared to “risk-free liabilities” on the market. The market implied rating also applies if no rating from a rating agency is available. If two external ratings are available, the lower of the two available ratings will be used. If three external ratings are available, the second-best rating will be used. In the event of downgrades, the above rating requirements must be restored within three months.
The investment policy of the individual sub-funds may specify different provisions. | en | de |
DOLFIN1624 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PROFIL DE RISQUE ET DE RENDEMENT
## < À RISQUE PLUS FAIBLE À RISQUE PLUS ÉLEVÉ >
< À rendement généralement plus faible À rendement généralement plus élevé >
L'indicateur mesure non pas le risque de perte de capital, mais les hausses et les baisses antérieures de la valeur du Fonds. Il se fonde sur des données historiques et n'est pas nécessairement représentatif du profil de risque futur du Fonds. Si le Fonds a été lancé il y a moins de 5 ans, un historique représentatif, tel que celui d'une Catégorie d'actions ou d'un indice comparable, peut avoir été utilisé pour créer l'indicateur.
2
L'indicateur peut changer au fil du temps et ne saurait constituer un objectif ou une garantie.
2
La catégorie la plus basse n'est pas synonyme d'investissement sans risque.
2
Le Fonds est classé dans la catégorie 4 car, au cours des cinq dernières années, les variations annuelles moyennes des performances se sont inscrites entre 5% et 10%.
## RISQUES MATÉRIELS LIÉS AU FONDS QUI NE SONT PAS COMPLÈTEMENT PRIS EN COMPTE PAR L'INDICATEUR :
NOTATION INFÉRIEURE À INVESTMENT GRADE : Les titres assortis d'une notation inférieure ou non notés peuvent comporter un risque de défaut significativement plus grand que les titres investment grade, peuvent être plus volatils, moins liquides et peuvent impliquer de plus hauts frais de transaction.
CAPITAL : Les marchés d'investissements sont soumis à des risques économiques, réglementaires, politiques et liés au sentiment du marché, susceptibles de provoquer des pertes de capital imprévues.
CONCENTRATION : La concentration des investissements au sein de titres, secteurs ou activités, ou régions géographiques peut avoir un impact sur la performance.
CONTREPARTIE : Les institutions avec lesquelles le Fonds peut négocier ou investir, ou auprès desquelles les actifs peuvent être confiés, peuvent faillir à leurs obligations, ce qui pourrait avoir des répercussions sur la capacité opérationnelle ou la valeur de votre investissement.
CRÉDIT : La valeur d'une obligation peut baisser, ou l'émetteur/le garant peut faillir à ses obligations de paiements. De manière générale, les obligations à notation inférieure comportent un plus grand degré de risque de crédit que les obligations mieux notées.
INSTRUMENTS DÉRIVÉS : Des risques spécifiques tels que des problèmes opérationnels, de la complexité et une valorisation peuvent découler de l'éventuelle utilisation des instruments dérivés.
2
L'Indice, qui est susceptible d'être pris en compte lors de la constitution du portefeuille, est utilisé à des fins de comparaison des performances et de moyenne pondérée de l'intensité carbone. Les titres du Compartiment peuvent être des composantes de l'Indice, sans nécessairement présenter la même pondération. Le Gestionnaire d'investissement peut limiter la mesure dans laquelle la pondération des secteurs, devises et émetteurs ainsi que la duration globale des taux d'intérêt varient par rapport à l'Indice, mais cela ne devrait pas s'opposer à ce que le Compartiment dégage des rendements totaux à long terme supérieurs à ceux de l'Indice.
2
Le Compartiment privilégiera certaines caractéristiques environnementales en maintenant une empreinte carbone inférieure d'au moins 25 % à celle de l'Indice.
2
Tout revenu alloué à une Catégorie d'actions du Fonds est réinvesti.
2
Des actions peuvent être achetées ou vendues quotidiennement conformément au Prospectus.
2
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 5 ans. Un investissement dans le Fonds ne doit pas constituer une part conséquente d'un portefeuille d'investissement et peut ne pas convenir à tous les investisseurs.
Des informations complètes sur les objectifs et la politique d'investissement figurent dans le Prospectus.
COUVERTURE : Toute stratégie de couverture impliquant le recours à des instruments dérivés pourrait ne pas garantir une couverture parfaite.
TAUX D'INTÉRÊT : La valeur des obligations a tendance à baisser à mesure que les taux augmentent. La variation de valeur est plus importante pour les obligations à plus long terme que celles à plus court terme.
LIQUIDITÉ : Le Fonds peut investir dans des titres qui sont moins liquides et pourraient être plus difficiles à acheter ou vendre en temps opportun et/ou à leur juste valeur. Les instruments à revenu fixe de qualité inférieure à investment grade peuvent soudainement devenir illiquides en cas d'effondrement du marché.
OPÉRATIONNEL : L'impact de pannes des systèmes, des procédures internes et de l'erreur humaine.
DURABILITÉ : Un Risque en matière de durabilité peut être défini comme un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s'il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur d'un investissement. De plus amples informations sur les Risques spécifiques en matière de durabilité sont disponibles dans le prospectus du Compartiment.
La section « Facteurs de risques » du Prospectus comporte une description plus détaillée des facteurs de risque applicables au Fonds. | # PERFIL DE RIESGO Y REMUNERACIÓN
## < RIESGO BAJO RIESGO ALTO >
< Habitualmente menor remuneración Habitualmente mayor remuneración >
El indicador no constituye una medida del riesgo de pérdida de capital, sino una medida de las anteriores subidas y bajadas del valor del Fondo. Se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. Si el Fondo ha estado operativo durante menos de 5 años, es posible que se haya utilizado un historial representativo, como el de una clase de Acciones o un índice comparable, para calcular el indicador.
2
El indicador puede variar a lo largo del tiempo y no constituye un objetivo ni una garantía.
2
La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
2
El Fondo se ha valorado con un 4 durante los últimos 5 años y la variación media de la rentabilidad cada año fue igual o superior al 5% e inferior al 10%.
## RIESGOS MATERIALES RELATIVOS AL FONDO QUE NO ESTÁN CAPTADOS POR EL INDICADOR:
INFERIOR AL GRADO DE INVERSIÓN: los valores de baja calificación o sin calificación conllevan un riesgo de incumplimiento significativamente superior que los valores de grado de inversión, y pueden ser más volátiles, menos líquidos e implican costes de transacción más altos.
CAPITAL: Los mercados de inversión están sujetos a riesgos económicos, normativos, de confianza del mercado y políticos que pueden desencadenar pérdidas de capital imprevistas.
CONCENTRACIÓN: la concentración de inversiones en valores, sectores o industrias, o regiones geográficas puede influir en el rendimiento.
CONTRAPARTE: las entidades con las que el Fondo podrá negociar o invertir, o a quienes les confía sus activos, podrán incumplir sus obligaciones, lo que afectará a la capacidad operativa o al valor de su inversión.
CRÉDITO: el valor de un bono podrá caer, o el emisor/garante podrá no cumplir con sus obligaciones de pago. En general, los bonos con calificaciones más bajas implican un grado de riesgo crediticio superior que sus homólogos con mejores calificaciones.
DERIVADOS: los riesgos específicos como problemas operativos, complejidad y valoración pueden estar vinculados al posible uso de derivados.
2
El Índice puede tenerse en cuenta durante la construcción de la cartera y se utiliza para comparar la rentabilidad y constatar la media ponderada de intensidad de carbono. Los valores del Fondo pueden ser componentes del Índice pero no se espera que tengan ponderaciones similares. El equipo de gestión de inversiones puede limitar la medida en que las ponderaciones de la industria, la divisa y el emisor, así como la duración general de los tipos de interés, difieren de los del Índice, pero no se prevé que esto limite la capacidad del Fondo para lograr rentabilidades totales a largo plazo superiores a las del Índice.
2
El Fondo promoverá determinadas características medioambientales manteniendo una huella de carbono que sea al menos un 25% inferior a la del Índice.
2
Se reinvierte cualquier ingreso asignado a la clase de Acciones del Fondo.
2
Las Acciones pueden comprarse o venderse diariamente de conformidad con el Folleto informativo.
2
Puede que este Fondo no sea adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. Una inversión en el Fondo no debe constituir una parte sustancial de una cartera de inversión y es posible que no sea adecuada para todos los inversores.
Consulte el Folleto para obtener toda la información acerca de los objetivos y política de inversión.
COBERTURA: cualquier estrategia de cobertura que use derivados puede no lograr una cobertura perfecta.
TIPOS DE INTERÉS: el valor de los bonos tiende a caer cuando los tipos de interés suben. El cambio en el valor es más grande para bonos a largo plazo que a corto plazo.
LIQUIDEZ: El Fondo puede invertir en valores que tengan poca liquidez y sean difíciles de comprar o vender de forma oportuna o a un valor razonable. Los instrumentos de renta fija con una calificación por debajo de la de grado de inversión pueden devenir ilíquidos sin previo aviso en caso de una caída del mercado.
OPERATIVO: el impacto de los desgloses en sistemas, los procedimientos internos y los errores humanos.
SOSTENIBILIDAD: Un riesgo de sostenibilidad se puede definir como un hecho o condición ambiental, social o de gobernanza que, de producirse, podría provocar un impacto material negativo, ya sea real o potencial, en el valor de una inversión.
Puede encontrar más información sobre los riesgos específicos de sostenibilidad en el folleto del Fondo.
En el apartado “Risk Factors” del Folleto informativo figura una descripción más detallada de los factores de riesgo aplicables al Fondo. | # PROFIL DE RISQUE ET DE RENDEMENT
## < À RISQUE PLUS FAIBLE À RISQUE PLUS ÉLEVÉ >
< À rendement généralement plus faible À rendement généralement plus élevé >
L'indicateur mesure non pas le risque de perte de capital, mais les hausses et les baisses antérieures de la valeur du Fonds. Il se fonde sur des données historiques et n'est pas nécessairement représentatif du profil de risque futur du Fonds. Si le Fonds a été lancé il y a moins de 5 ans, un historique représentatif, tel que celui d'une Catégorie d'actions ou d'un indice comparable, peut avoir été utilisé pour créer l'indicateur.
2
L'indicateur peut changer au fil du temps et ne saurait constituer un objectif ou une garantie.
2
La catégorie la plus basse n'est pas synonyme d'investissement sans risque.
2
Le Fonds est classé dans la catégorie 4 car, au cours des cinq dernières années, les variations annuelles moyennes des performances se sont inscrites entre 5% et 10%.
## RISQUES MATÉRIELS LIÉS AU FONDS QUI NE SONT PAS COMPLÈTEMENT PRIS EN COMPTE PAR L'INDICATEUR :
NOTATION INFÉRIEURE À INVESTMENT GRADE : Les titres assortis d'une notation inférieure ou non notés peuvent comporter un risque de défaut significativement plus grand que les titres investment grade, peuvent être plus volatils, moins liquides et peuvent impliquer de plus hauts frais de transaction.
CAPITAL : Les marchés d'investissements sont soumis à des risques économiques, réglementaires, politiques et liés au sentiment du marché, susceptibles de provoquer des pertes de capital imprévues.
CONCENTRATION : La concentration des investissements au sein de titres, secteurs ou activités, ou régions géographiques peut avoir un impact sur la performance.
CONTREPARTIE : Les institutions avec lesquelles le Fonds peut négocier ou investir, ou auprès desquelles les actifs peuvent être confiés, peuvent faillir à leurs obligations, ce qui pourrait avoir des répercussions sur la capacité opérationnelle ou la valeur de votre investissement.
CRÉDIT : La valeur d'une obligation peut baisser, ou l'émetteur/le garant peut faillir à ses obligations de paiements. De manière générale, les obligations à notation inférieure comportent un plus grand degré de risque de crédit que les obligations mieux notées.
INSTRUMENTS DÉRIVÉS : Des risques spécifiques tels que des problèmes opérationnels, de la complexité et une valorisation peuvent découler de l'éventuelle utilisation des instruments dérivés.
2
L'Indice, qui est susceptible d'être pris en compte lors de la constitution du portefeuille, est utilisé à des fins de comparaison des performances et de moyenne pondérée de l'intensité carbone. Les titres du Compartiment peuvent être des composantes de l'Indice, sans nécessairement présenter la même pondération. Le Gestionnaire d'investissement peut limiter la mesure dans laquelle la pondération des secteurs, devises et émetteurs ainsi que la duration globale des taux d'intérêt varient par rapport à l'Indice, mais cela ne devrait pas s'opposer à ce que le Compartiment dégage des rendements totaux à long terme supérieurs à ceux de l'Indice.
2
Le Compartiment privilégiera certaines caractéristiques environnementales en maintenant une empreinte carbone inférieure d'au moins 25 % à celle de l'Indice.
2
Tout revenu alloué à une Catégorie d'actions du Fonds est réinvesti.
2
Des actions peuvent être achetées ou vendues quotidiennement conformément au Prospectus.
2
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 5 ans. Un investissement dans le Fonds ne doit pas constituer une part conséquente d'un portefeuille d'investissement et peut ne pas convenir à tous les investisseurs.
Des informations complètes sur les objectifs et la politique d'investissement figurent dans le Prospectus.
COUVERTURE : Toute stratégie de couverture impliquant le recours à des instruments dérivés pourrait ne pas garantir une couverture parfaite.
TAUX D'INTÉRÊT : La valeur des obligations a tendance à baisser à mesure que les taux augmentent. La variation de valeur est plus importante pour les obligations à plus long terme que celles à plus court terme.
LIQUIDITÉ : Le Fonds peut investir dans des titres qui sont moins liquides et pourraient être plus difficiles à acheter ou vendre en temps opportun et/ou à leur juste valeur. Les instruments à revenu fixe de qualité inférieure à investment grade peuvent soudainement devenir illiquides en cas d'effondrement du marché.
OPÉRATIONNEL : L'impact de pannes des systèmes, des procédures internes et de l'erreur humaine.
DURABILITÉ : Un Risque en matière de durabilité peut être défini comme un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s'il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur d'un investissement. De plus amples informations sur les Risques spécifiques en matière de durabilité sont disponibles dans le prospectus du Compartiment.
La section « Facteurs de risques » du Prospectus comporte une description plus détaillée des facteurs de risque applicables au Fonds. | fr | es |
DOLFIN1625 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The scenarios shown are illustrations using the worst, average and best performance of the product.
| Recommended holding period: | 5 years |
| --- | --- |
| Example Investment: | 10,000 USD | |
| | If you exit after 1 year | If you exit after 5 years |
| Scenarios | | # Bei den vorgestellten Szenarien handelt es sich um Darstellungen mit der schlechtesten, durchschnittlichen und besten Performance des Produkts.
| Empfohlene Haltedauer: | 5 Jahre |
| --- | --- |
| Anlagebeispiel: | 10,000 USD | |
| | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 5 Jahren aussteigen |
| Szenarien | | # The scenarios shown are illustrations using the worst, average and best performance of the product.
| Recommended holding period: | 5 years |
| --- | --- |
| Example Investment: | 10,000 USD | |
| | If you exit after 1 year | If you exit after 5 years |
| Scenarios | | en | de |
DOLFIN1626 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shares may be grouped or split upon the recommendation of the Board of Directors as ratified by an Extraordinary General Meeting.
Shares may be fractioned, at the discretion of the Board of Directors, into tenths, hundredths, thousandths, or ten- thousandths of a share.
The provisions of the Articles of Association governing the issue and redemption of shares shall apply to fractions of shares, the value of which shall always be proportionate to that of the share they represent. Unless otherwise specified, all other provisions of the Articles of Association relating to shares shall apply to fractions of shares without the need to state so. | Las acciones pueden agruparse o dividirse a propuesta del Consejo de Administración y ser aprobadas por la Junta General Extraordinaria.
Las acciones pueden dividirse, por decisión del Consejo de Administración, en décimas, centésimas, milésimas, diezmilésimas, denominadas acciones fraccionarias.
Las disposiciones de los estatutos que regulan la emisión y el reembolso de acciones serán de aplicación a las acciones fraccionarias cuyo valor será siempre proporcional al de la acción que representen. El resto de disposiciones de los estatutos relativas a las acciones serán de aplicación a las acciones fraccionarias sin que resulte necesario especificarlo, salvo disposición en contrario. | Shares may be grouped or split upon the recommendation of the Board of Directors as ratified by an Extraordinary General Meeting.
Shares may be fractioned, at the discretion of the Board of Directors, into tenths, hundredths, thousandths, or ten- thousandths of a share.
The provisions of the Articles of Association governing the issue and redemption of shares shall apply to fractions of shares, the value of which shall always be proportionate to that of the share they represent. Unless otherwise specified, all other provisions of the Articles of Association relating to shares shall apply to fractions of shares without the need to state so. | en | es |
DOLFIN1627 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 5,100 | USD 5,990 |
| | Average return each year % | -49.00% | -15.70% |
| Unfavourable scenario | What you might get back after costs | USD 7,960 | USD 7,180 |
| | Average return each year % | -20.40% | -10.45% |
| Moderate scenario | What you might get back after costs | USD 9,870 | USD 10,130 |
| | Average return each year % | -1.30% | 0.43% |
| Favourable scenario | What you might get back after costs | USD 11,680 | USD 11,910 |
| | Average return each year % | 16.80% | 6.00% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 5.100 | USD 5.990 |
| | Rendimiento medio cada año | -49,00% | -15,70% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.960 | USD 7.180 |
| | Rendimiento medio cada año | -20,40% | -10,45% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 9.870 | USD 10.130 |
| | Rendimiento medio cada año | -1,30% | 0,43% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.680 | USD 11.910 |
| | Rendimiento medio cada año | 16,80% | 6,00% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 5,100 | USD 5,990 |
| | Average return each year % | -49.00% | -15.70% |
| Unfavourable scenario | What you might get back after costs | USD 7,960 | USD 7,180 |
| | Average return each year % | -20.40% | -10.45% |
| Moderate scenario | What you might get back after costs | USD 9,870 | USD 10,130 |
| | Average return each year % | -1.30% | 0.43% |
| Favourable scenario | What you might get back after costs | USD 11,680 | USD 11,910 |
| | Average return each year % | 16.80% | 6.00% | | en | es |
DOLFIN1628 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund description
The fund aims to provide a combination of capital growth and income that is higher than the sustainable global high yield market (as measured by the Bloomberg Barclays MSCI Global HY Corporate ESG BB+ Sustainable SRI Bond Index) while applying ESG (environment, social and governance) criteria and sustainability criteria. At least 80% of the portfolio is invested in high yield bonds issued by companies located in any country and denominated in any currency, including emerging markets. High yield bonds are issued by companies with a low credit rating and typically pay higher levels of interest to compensate investors for the greater risk of default. The fund may also invest in a range of other instruments, including government bonds, investment grade corporate bonds, asset-backed securities and cash. Asset exposure may be gained both through physical holdings and through the use of derivatives. Sustainability considerations, encompassing ESG factors, are fully integrated into credit analysis and investment decisions, and play an important role in determining the investment universe and portfolio construction. The fund maintains a higher weighted average ESG rating and lower weighted average carbon intensity than the global high yield market as represented by the ICE BofA Merrill Lynch Global High Yield Index USD Hedged. | # Descrizione del fondo
Il fondo mira a generare una combinazione di crescita del capitale e reddito superiore a quella del mercato high yield sostenibile globale (come misurato dall’Indice Bloomberg Barclays MSCI Global HY Corporate ESG BB+ Sustainable SRI Bond) applicando al contempo i criteri ambientali, sociali e di governance (ESG) e i criteri di sostenibilità. Almeno l’80% del portafoglio è investito in obbligazioni high yield emesse da società aventi sede in qualsiasi paese del mondo, compresi i mercati emergenti, e denominate in qualsiasi valuta. Le obbligazioni high yield sono emesse da società con un basso rating creditizio e in genere pagano livelli di interesse più elevati per compensare gli investitori per il maggior rischio di inadempienza. Il fondo può anche investire in una serie di altri strumenti, tra cui titoli di Stato, obbligazioni societarie investment grade, titoli garantiti da attività e liquidità. L’esposizione delle attività può essere ottenuta sia attraverso partecipazioni fisiche che attraverso l'uso di derivati. Le valutazioni sulla sostenibilità, che comprendono i fattori ESG, sono pienamente integrate nell’analisi del credito e nelle decisioni d’investimento e assumono un ruolo importante nella determinazione dell’universo d’investimento e nella costruzione del portafoglio. Il fondo mantiene un rating ESG medio ponderato più elevato e un’intensità di carbonio media ponderata più bassa rispetto al mercato high yield globale, come rappresentato dall’ICE BofA Merrill Lynch Global High Yield Index USD Hedged. | # Fund description
The fund aims to provide a combination of capital growth and income that is higher than the sustainable global high yield market (as measured by the Bloomberg Barclays MSCI Global HY Corporate ESG BB+ Sustainable SRI Bond Index) while applying ESG (environment, social and governance) criteria and sustainability criteria. At least 80% of the portfolio is invested in high yield bonds issued by companies located in any country and denominated in any currency, including emerging markets. High yield bonds are issued by companies with a low credit rating and typically pay higher levels of interest to compensate investors for the greater risk of default. The fund may also invest in a range of other instruments, including government bonds, investment grade corporate bonds, asset-backed securities and cash. Asset exposure may be gained both through physical holdings and through the use of derivatives. Sustainability considerations, encompassing ESG factors, are fully integrated into credit analysis and investment decisions, and play an important role in determining the investment universe and portfolio construction. The fund maintains a higher weighted average ESG rating and lower weighted average carbon intensity than the global high yield market as represented by the ICE BofA Merrill Lynch Global High Yield Index USD Hedged. | en | it |
DOLFIN1629 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The reference to techniques and instruments which relate to Transferable Securities and Money Market Instruments and which are used for the purpose of efficient portfolio management shall be understood as a reference to techniques and instruments which fulfil the following criteria:
- they are economically appropriate in that they are realized in a cost-effective way;
- they are entered into for one or more of the following specific aims:
- reduction of risk;
- reduction of cost;
- generation of additional capital or income for the relevant Sub-Fund with a level of risk which is consistent with the risk profile of the relevant Sub-Fund and the risk diversification rules set forth under the heading “INVESTMENT RESTRICTIONS” above;
- their risks are adequately captured by the risk management process of the relevant Sub-Fund. | Die Bezugnahme auf Techniken und Instrumente im Zusammenhang mit übertragbaren Wertpapieren und Geldmarktinstrumenten, die zum Zwecke der effizienten Portfolioverwaltung eingesetzt werden, muss als Bezugnahme auf Techniken und Instrumente verstanden werden, die folgende Kriterien erfüllen:
‐ Sie sind wirtschaftlich angemessen, weil sie kosteneffizient erfolgen;
‐ Sie werden mit einem oder mehreren der nachstehenden spezifischen Ziele eingesetzt:
- Risikoverringerung;
- Kostensenkung;
- Generierung von zusätzlichem Kapital oder Einnahmen für den betreffenden Teilfonds mit einem Risikoniveau, das mit dem Risikoprofil des betreffenden Teilfonds und den Vorgaben für die Risikostreuung übereinstimmt, die vorstehend im Kapitel „ANLAGEBESCHRÄNKUNGEN“ erläutert werden;‐ Ihre Risiken werden vom Risikomanagementverfahren des betreffenden Teilfonds angemessen berücksichtigt. | The reference to techniques and instruments which relate to Transferable Securities and Money Market Instruments and which are used for the purpose of efficient portfolio management shall be understood as a reference to techniques and instruments which fulfil the following criteria:
- they are economically appropriate in that they are realized in a cost-effective way;
- they are entered into for one or more of the following specific aims:
- reduction of risk;
- reduction of cost;
- generation of additional capital or income for the relevant Sub-Fund with a level of risk which is consistent with the risk profile of the relevant Sub-Fund and the risk diversification rules set forth under the heading “INVESTMENT RESTRICTIONS” above;
- their risks are adequately captured by the risk management process of the relevant Sub-Fund. | en | de |
DOLFIN1630 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Annexe III – Informations sur les rémunérations (non auditées)
#### Informations relatives aux rémunérations des OPCVM pour Schroder Investment Management Europe S.A. (« SIM Europe ») pour l’exercice clos le 31 décembre 2020
Ces informations font partie de la section non-auditée de ces rapport et comptes annuels et doivent être lues en regard du rapport de rémunération de Schroders plc figurant aux pages 75 à 102 du Rapport et des Comptes annuels 2020 (disponibles sur le site Internet du Groupe - https://www.schroders.com/ en/investor-relations/results-and-reports/annual-report-and-accounts-2020/), qui contient de plus amples informations sur les activités de notre Comité de rémunération ainsi que sur nos principes et nos politiques de rémunération.
Les Preneurs de risque importants OPCVM (« PRM OPCVM ») de SIM Europe sont des personnes dont les fonctions au sein du groupe Schroders sont susceptibles d’influer considérablement sur le profil de risque de SIM Europe ou de tout fonds OPCVM dont il assure la gestion. Ces fonctions sont identifiées conformément aux exigences de la Directive OPCVM et des lignes directrices publiées par l’Autorité européenne des marchés financiers.
Le Comité des rémunérations de Schroders plc a mis en place une politique de rémunération visant à s’assurer que les exigences de la Directive OPCVM sont respectées pour tous les PRM OPCVM. Le Comité des rémunérations et le Conseil d’administration de Schroders plc passent en revue la stratégie relative aux rémunérations au moins une fois par an. Les administrateurs de SIM Europe sont chargés d’adopter la politique relative aux rémunérations, de passer en revue ses dispositions générales au moins une fois par an, de suivre sa mise en œuvre et d’assurer sa conformité aux lois et règlements locaux pertinents. En 2020, la Politique de rémunération a été révisée afin de garantir le respect des exigences en matière de rémunération des directives OPCVM/ AIFMD et aucune modification importante n’a été apportée.
Au moins une fois par an, la mise en œuvre de la politique relative aux rémunérations est soumise à un examen interne indépendant pour vérifier sa conformité aux politiques et procédures de rémunération adoptées par le Conseil d’administration de SIM Europe et le Comité des rémunérations. L’examen le plus récent n’a permis de déceler aucun problème fondamental mais a donné lieu à une série de recommandations de moins grande ampleur, en particulier des améliorations à apporter à la documentation relative aux processus et politiques.
Les dépenses totales consacrées à la rémunération sont déterminées sur la base d’un ratio de partage des bénéfices qui mesure les charges de rémunération variable par rapport au bénéfice avant bonus, et d’un ratio de rémunération totale qui mesure les dépenses de rémunération totales par rapport au revenu net. Ceci permet de s’assurer que les intérêts des employés s’accordent avec les résultats financiers de Schroders. La solidité et la durabilité de l’entreprise sont prises en compte dans le calcul des dépenses de rémunération annuelles, tout comme les rapports relatifs au risque, à la conformité, aux questions juridiques et à l’audit interne, rendus par les directeurs de ces divisions.
Les données sur les rémunérations ci-dessous correspondent aux montants versés au titre des résultats obtenus en 2020.
- Le montant total des rémunérations versées par SIM Europe à ses 317 employés s’élevait à 52,35 millions d’euros, dont 32,93 millions d’euros représentaient des rémunérations fixes (p. ex. salaires, bénéfices en nature) et 19,42 millions d’euros représentaient des rémunérations variables (p. ex. primes annuelles ou primes différées). Les employés d’autres entités du groupe Schroders occupant un mandat d’administrateur de SIM Europe ne reçoivent pas de rémunération supplémentaire en tant que membres du Conseil d’administration de SIM Europe.
- Les informations suivantes concernent les PRM OPCVM de SIM Europe. La plupart de ces PRM OPCVM étaient employés par d’autres sociétés du groupe Schroders y compris à la suite de la délégation par SIM Europe de la gestion des investissements ou d’autres responsabilités à d’autres entités du groupe Schroders ou à des tiers. Un certain nombre de ces PRM OPCVM fournissait des services à d’autres sociétés du groupe Schroders et d’autres clients. Dans un souci de transparence, les chiffres de rémunération globale qui suivent reflètent le montant total des rémunérations de chaque PRM OPCVM de SIM Europe. Le montant total des rémunérations payées aux 216 PRM OPCVM de SIM Europe au cours de l’exercice clos le 31 décembre 2020 et imputé à SIM Europe ou aux compartiments OPCVM dont la gestion lui a été confiée, est de 180,01 millions d’euros, dont 41,92 millions d’euros ont été payés à la direction générale, 132,83 millions d’euros aux PRM considérés comme des preneurs des risques pour le compte de SIM Europe ou aux compartiments OPCVM dont la gestion lui a été confiée et 5,26 millions d’euros aux autres PRM OPCVM, y compris les PRM des fonctions de contrôle. Ces valeurs de rémunération totales comprennent les montants payés par les délégués, le cas échéant.
Pour de plus amples informations qualitatives concernant les politiques et pratiques relatives à la rémunération, veuillez consulter www.schroders.com/rem-disclosures. | # Anexo III – Información sobre las remuneraciones (sin auditar)
#### Disposiciones sobre la remuneración de los OICVM de Schroder Investment Management Europe S.A. (“SIM Europe”) para el ejercicio cerrado a 31 de diciembre de 2020
Dichas disposiciones forman parte de la sección sin auditar de estos informes y cuentas anuales y deben leerse junto con el Informe de remuneración de Schroders plc de la página 75 a la 102 del Informe y cuentas anuales de 2020 (disponible en el sitio web del Grupo, https://www.schroders.com/en/investor- relations/results-and-reports/annual-report-and-accounts-2020/), que ofrece más información sobre las actividades de nuestro Comité de remuneración y nuestros principios y políticas de remuneración.
Los OICVM que asumen riesgos importantes (“OICVM MRT”) de SIM Europe son individuos cuyas funciones en el Grupo Schroders pueden tener un impacto importante en el riesgo de SIM Europe o cualquier fondo OICVM que gestione. Estas funciones se identifican con arreglo a los requisitos de la Directiva sobre OICVM y a las directrices que establece la Autoridad Europea de Valores y Mercados.
El Comité de remuneración de Schroders plc ha establecido una política de remuneración para garantizar que todos los OICVM MRT cumplen los requisitos de la Directiva sobre OICVM. El Comité de remuneración y el Consejo de Schroders plc revisan la estrategia de remuneración al menos una vez al año. Los consejeros de SIM Europe se encargan de adoptar la política de remuneración, revisar sus principios generales al menos una vez al año, supervisar su aplicación y garantizar que se cumplen la legislación y los reglamentos locales correspondientes. Durante 2020 se revisó la Política de remuneración para garantizar el cumplimiento de los requisitos de remuneración de los OICVM/GFIAD y no se realizaron cambios significativos.
La aplicación de la política de remuneración está sujeta, al menos una vez al año, a revisión interna independiente para determinar si cumple las políticas y los procedimientos de remuneración adoptados por el Consejo de SIM Europe y el Comité de remuneración. En la revisión más reciente, no se detectaron problemas fundamentales, pero se llegó a una serie de recomendaciones menores, principalmente mejoras en la documentación de procesos y políticas. La inversión total en la remuneración se determina en función de un coeficiente de participación en ganancias, que calcula el importe de remuneración variable en comparación con las ganancias previas a la bonificación, y a partir de un coeficiente de compensación total, que calcula los gastos de remuneración totales en comparación con las ganancias netas. Esto garantiza que los intereses de los empleados se corresponden con la rentabilidad financiera de Schroders. Para determinar la inversión en la remuneración cada año, se tienen en cuenta la solidez y la sostenibilidad del negocio, así como los informes de riesgo, jurídicos, de cumplimiento y de auditoría interna por parte de los responsables de estas áreas.
Los siguientes datos de remuneración reflejan los importes que se pagaron con respecto a la rentabilidad durante 2020.
- Los importes totales de remuneración que pagó SIM Europe a sus 317 empleados fue de 52,35 millones de euros, de los que 32,93 millones de euros se destinaron a remuneración fija (por ejemplo, salarios, beneficios en especie) y 19,42 millones de euros se destinaron a remuneración variable (por ejemplo, bonificaciones anuales o bonificaciones diferidas). Los empleados de otras entidades del Grupo Schroders que trabajan como Consejeros de SIM Europe no reciben comisiones adicionales con respecto a su puesto en el Consejo de SIM Europe.
- Las siguientes disposiciones hacen referencia a los OICVM MRT de SIM Europe. La mayoría de estos OICVM MRT fueron contratados por otras empresas del grupo Schroders, lo que incluye la delegación por parte de SIM Europe de la gestión de las inversiones u otras responsabilidades a otras entidades del grupo Schroders o a terceros. Gran parte de estos OICVM MRT presta servicios a otras empresas del grupo Schroders, así como a otros clientes. En aras de la transparencia, las siguientes cifras totales de remuneración reflejan la remuneración completa de los OICVM MRT de SIM Europe. La remuneración total general pagada a los 216 OICVM MRT de SIM Europe con respecto al ejercicio cerrado a 31 de diciembre de 2020, y atribuida a SIM Europe o a los fondos OICVM que gestiona, es de 180,01 millones de euros, de los cuales 41,92 millones de euros se pagaron al alto personal directivos, 132,83 millones de euros se pagaron a los MTR que se considera que corren riesgo por cuenta de SIM Europe o de los fondos OICVM que gestiona y 5,26 millones de euros se pagaron a otros OICVM MRT, incluidos los MRT con funciones de control. Estos valores de remuneración total incluyen los importes abonados por los delegados cuando están disponibles.
Para obtener información cualitativa adicional acerca de políticas y prácticas de remuneración, visite www.schroders.com/rem-disclosures. | # Annexe III – Informations sur les rémunérations (non auditées)
#### Informations relatives aux rémunérations des OPCVM pour Schroder Investment Management Europe S.A. (« SIM Europe ») pour l’exercice clos le 31 décembre 2020
Ces informations font partie de la section non-auditée de ces rapport et comptes annuels et doivent être lues en regard du rapport de rémunération de Schroders plc figurant aux pages 75 à 102 du Rapport et des Comptes annuels 2020 (disponibles sur le site Internet du Groupe - https://www.schroders.com/ en/investor-relations/results-and-reports/annual-report-and-accounts-2020/), qui contient de plus amples informations sur les activités de notre Comité de rémunération ainsi que sur nos principes et nos politiques de rémunération.
Les Preneurs de risque importants OPCVM (« PRM OPCVM ») de SIM Europe sont des personnes dont les fonctions au sein du groupe Schroders sont susceptibles d’influer considérablement sur le profil de risque de SIM Europe ou de tout fonds OPCVM dont il assure la gestion. Ces fonctions sont identifiées conformément aux exigences de la Directive OPCVM et des lignes directrices publiées par l’Autorité européenne des marchés financiers.
Le Comité des rémunérations de Schroders plc a mis en place une politique de rémunération visant à s’assurer que les exigences de la Directive OPCVM sont respectées pour tous les PRM OPCVM. Le Comité des rémunérations et le Conseil d’administration de Schroders plc passent en revue la stratégie relative aux rémunérations au moins une fois par an. Les administrateurs de SIM Europe sont chargés d’adopter la politique relative aux rémunérations, de passer en revue ses dispositions générales au moins une fois par an, de suivre sa mise en œuvre et d’assurer sa conformité aux lois et règlements locaux pertinents. En 2020, la Politique de rémunération a été révisée afin de garantir le respect des exigences en matière de rémunération des directives OPCVM/ AIFMD et aucune modification importante n’a été apportée.
Au moins une fois par an, la mise en œuvre de la politique relative aux rémunérations est soumise à un examen interne indépendant pour vérifier sa conformité aux politiques et procédures de rémunération adoptées par le Conseil d’administration de SIM Europe et le Comité des rémunérations. L’examen le plus récent n’a permis de déceler aucun problème fondamental mais a donné lieu à une série de recommandations de moins grande ampleur, en particulier des améliorations à apporter à la documentation relative aux processus et politiques.
Les dépenses totales consacrées à la rémunération sont déterminées sur la base d’un ratio de partage des bénéfices qui mesure les charges de rémunération variable par rapport au bénéfice avant bonus, et d’un ratio de rémunération totale qui mesure les dépenses de rémunération totales par rapport au revenu net. Ceci permet de s’assurer que les intérêts des employés s’accordent avec les résultats financiers de Schroders. La solidité et la durabilité de l’entreprise sont prises en compte dans le calcul des dépenses de rémunération annuelles, tout comme les rapports relatifs au risque, à la conformité, aux questions juridiques et à l’audit interne, rendus par les directeurs de ces divisions.
Les données sur les rémunérations ci-dessous correspondent aux montants versés au titre des résultats obtenus en 2020.
- Le montant total des rémunérations versées par SIM Europe à ses 317 employés s’élevait à 52,35 millions d’euros, dont 32,93 millions d’euros représentaient des rémunérations fixes (p. ex. salaires, bénéfices en nature) et 19,42 millions d’euros représentaient des rémunérations variables (p. ex. primes annuelles ou primes différées). Les employés d’autres entités du groupe Schroders occupant un mandat d’administrateur de SIM Europe ne reçoivent pas de rémunération supplémentaire en tant que membres du Conseil d’administration de SIM Europe.
- Les informations suivantes concernent les PRM OPCVM de SIM Europe. La plupart de ces PRM OPCVM étaient employés par d’autres sociétés du groupe Schroders y compris à la suite de la délégation par SIM Europe de la gestion des investissements ou d’autres responsabilités à d’autres entités du groupe Schroders ou à des tiers. Un certain nombre de ces PRM OPCVM fournissait des services à d’autres sociétés du groupe Schroders et d’autres clients. Dans un souci de transparence, les chiffres de rémunération globale qui suivent reflètent le montant total des rémunérations de chaque PRM OPCVM de SIM Europe. Le montant total des rémunérations payées aux 216 PRM OPCVM de SIM Europe au cours de l’exercice clos le 31 décembre 2020 et imputé à SIM Europe ou aux compartiments OPCVM dont la gestion lui a été confiée, est de 180,01 millions d’euros, dont 41,92 millions d’euros ont été payés à la direction générale, 132,83 millions d’euros aux PRM considérés comme des preneurs des risques pour le compte de SIM Europe ou aux compartiments OPCVM dont la gestion lui a été confiée et 5,26 millions d’euros aux autres PRM OPCVM, y compris les PRM des fonctions de contrôle. Ces valeurs de rémunération totales comprennent les montants payés par les délégués, le cas échéant.
Pour de plus amples informations qualitatives concernant les politiques et pratiques relatives à la rémunération, veuillez consulter www.schroders.com/rem-disclosures. | fr | es |
DOLFIN1631 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 3,160 EUR -68.40% | 2,500 EUR -24.22% |
| Unfavourable | What you might get back after costs Average return each year | 6,680 EUR -33.18% | 5,300 EUR¹ -11.93%¹ |
| Moderate | What you might get back after costs Average return each year | 9,170 EUR -8.30% | 10,280 EUR² 0.55%² |
| Favourable | What you might get back after costs Average return each year | 16,010 EUR 60.11% | 17,930 EUR³ 12.39%³ | | | 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. Podría perder la totalidad o parte de su inversión. | 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 | 3.160 EUR -68,40% | 2.500 EUR -24,22% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.680 EUR -33,18% | 5.300 EUR¹ -11,93%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.170 EUR -8,30% | 10.280 EUR² 0,55%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.010 EUR 60,11% | 17.930 EUR³ 12,39%³ | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 3,160 EUR -68.40% | 2,500 EUR -24.22% |
| Unfavourable | What you might get back after costs Average return each year | 6,680 EUR -33.18% | 5,300 EUR¹ -11.93%¹ |
| Moderate | What you might get back after costs Average return each year | 9,170 EUR -8.30% | 10,280 EUR² 0.55%² |
| Favourable | What you might get back after costs Average return each year | 16,010 EUR 60.11% | 17,930 EUR³ 12.39%³ | | en | es |
DOLFIN1632 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### SPAIN
Transferable securities and money market instruments admitted to an official exchange listing (continued)
Supranationals, Governments and Local Public Authorities, Debt Instruments (continued)
SUPRANATIONAL (continued) | #### SPANIEN
Übertragbare Wertpapiere und Geldmarktinstrumente mit amtlicher Börsennotierung (Fortsetzung)
Supranationale Einrichtungen, Regierungen und Kommunalbehörden, Schuldinstrumente (Fortsetzung)
SUPRANATIONAL (Fortsetzung) | #### SPAIN
Transferable securities and money market instruments admitted to an official exchange listing (continued)
Supranationals, Governments and Local Public Authorities, Debt Instruments (continued)
SUPRANATIONAL (continued) | en | de |
DOLFIN1633 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RECONSTRUCTION AND AMALGAMATION
- The Directors shall have the power to propose and implement a reconstruction and/or amalgamation of the Company or any fund or funds on such terms and conditions as are approved by the Directors subject to the following conditions namely:
- that the prior approval of the Central Bank has been obtained; and
- that the Members in the relevant fund or funds have been circulated with particulars of the scheme of reconstruction and/or amalgamation in a form approved by the Directors and a Special Resolution of the Members in the relevant fund or funds has been passed approving the said scheme.
- The relevant scheme of reconstruction and/or amalgamation shall take effect upon such conditions being satisfied or upon such later date as the scheme may provide or as the Directors may determine whereupon the terms of such scheme shall be binding upon all the Members and the Directors shall have the power to and shall do all such acts and things as may be necessary for the implementation thereof.
- | # RECONSTRUCCIÓN Y FUSIÓN
- Los Consejeros tendrán el poder de proponer e implementar una reconstrucción y/o fusión de la Sociedad o cualquier fondo en base a los términos y condiciones aprobados por los Consejeros y con sujeción a las siguientes condiciones:
- que la aprobación anterior del Banco Central haya sido obtenida; y
- que los Miembros del fondo relevante hayan recibido lo particulares del plan de reconstrucción y/o fusión de un modo aprobado por los Consejeros y que se haya aprobado una Resolución Especial de los Miembros del fondo pertinente respecto a dicho plan.
- El plan relevante de reconstrucción y/o fusión deberá tener efecto una vez se cumplan dichas condiciones o en una fecha posterior estipulada por el plan o los Consejeros y con arreglo a los términos de dicho plan que serán de aplicación a todos los Miembros y los Consejeros tendrán el poder para realizar todos los actos y acciones que crean necesarios para la implementación de dichos términos.
- | # RECONSTRUCTION AND AMALGAMATION
- The Directors shall have the power to propose and implement a reconstruction and/or amalgamation of the Company or any fund or funds on such terms and conditions as are approved by the Directors subject to the following conditions namely:
- that the prior approval of the Central Bank has been obtained; and
- that the Members in the relevant fund or funds have been circulated with particulars of the scheme of reconstruction and/or amalgamation in a form approved by the Directors and a Special Resolution of the Members in the relevant fund or funds has been passed approving the said scheme.
- The relevant scheme of reconstruction and/or amalgamation shall take effect upon such conditions being satisfied or upon such later date as the scheme may provide or as the Directors may determine whereupon the terms of such scheme shall be binding upon all the Members and the Directors shall have the power to and shall do all such acts and things as may be necessary for the implementation thereof.
- | en | es |
DOLFIN1634 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# ENREGISTREMENT ET DOCUMENTATION
## Pays où la distribution est autorisée
Source des données: UBP
UBP Asset Management (Europe) S.A., 287-289,
route d'Arlon, L-1150 Luxembourg
## Distributeur général, représentant suisse et agent payeur en Suisse
Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Genève 1
## Agent payeur, administratif, enregistreur et de transfert
CACEIS Bank Luxembourg Branch, 5, allée Scheffer, L-2520 Luxembourg
## Banque dépositaire
BNP Paribas S.A. Luxembourg Branch
60 avenue J.F. Kennedy, L-1855 Luxembourg
## Auditeur
Deloitte Audit S.à.r.l, 20 Boulevard de Kockelscheuer, L-1821 Luxembourg
## Forme juridique
Sicav luxembourgeoise (UCITS, Partie I - loi du 17 décembre 2010)
En fonction des pays, certaines classes d'actions peuvent ou non être enregistrées pour distribution au public. Les classes d'actions enregistrées font l'objet d'un Document d'Information Clef pour Investisseurs ("DICI") . Les investisseurs sont invités à se renseigner sur les classes enregistrées ou à demander les DICIs afférents auprès du siège du Fonds, du distributeur général (Union Bancaire Privée, UBP SA -Genève) ou du représentant local de leur pays.
Siège social UBP Asset Management (Europe) S.A., 287-289, route d'Arlon, L-1150 Luxembourg Représentants
Allemagne Sal. Oppenheim Jr. & Cie. KGaA, 4 Unter Sachsenhausen, D-50667 Köln
Autriche Erste Bank der Österreichischen Sparkassen AG, 21 Graben, A-1010 Wien
Belgique Caceis Belgium Fund Administration Service & Technology Network Belgium, Avenue du Port 86 C, b320, B-1000 Bruxelles
Espagne Allfunds Banks S.a., 57 Nuria, E-28034 Madrid
UBP Gestion Institutional S.A., Avenida Diagonal 520 2°, 2a-B, E-08006 Barcelona
France Caceis Bank, 1-3, Place Valhubert, F-75206 Paris Cedex 13
Italie State Street Bank S.p.A., con sede legale in Via Ferrante Aporti, 10, 20125 Milano Allfunds Bank S.A., via Santa Margherita 7, I-20121 Milano
BNP Paribas Securities Services, Succursale di Milano, con sede in Milano, Piazza Lina Bo Bardi, 3
Portugal BEST - Banco Electronico de Serviço Total S.A., Praça Marquês de Pompal, no. 3 - 3° 1250
- 161 Lisboa
Royaume-Uni Union Bancaire Privée, 26 St James's Square, London SW1Y 4JH
Singapour Union Bancaire Privee, UBP SA, Singapore Branch, Level 24, One Raffles Quay, South Tower, Singapore 048583
Suède Skandinaviska Enskilda Banken AB (PUBL) ("SEB"), 106 40 Stockholm
Suisse Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Genève 1 AUTRES PAYS | # REGISTRO Y DOCUMENTACIÓN
## Países en los que se autoriza la distribución
Fuente de los datos: UBP
UBP Asset Management (Europe) S.A., 287-289,
route d'Arlon, L-1150 Luxemburgo
## Distribuidor general, representante suizo y agente pagador
Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Ginebra 1
## Agente pagador, administrativo, registrador y de transferencia
CACEIS Bank Luxembourg Branch, 5, allée Scheffer, L-2520 Luxemburgo
## Banco depositario
BNP Paribas S.A. Luxembourg Branch
60 avenue J.F. Kennedy, L-1855 Luxemburgo
## Auditor
Deloitte Audit S.à.r.l, 20 Boulevard de Kockelscheuer, L-1821 Luxembourg
## Forma jurídica
SICAV luxemburguesa (UCITS, Parte I ' ley de 17 de diciembre de 2010)
En función del país, ciertas clases de acciones pueden haber sido o no registradas como requisito previo a su distribución al público. Las clases de acciones registradas cuentan con un Documento de Información Clave para Inversores (DICI). Se invita a todo inversor a que se informe sobre las clases registradas o a que solicite los respectivos DICI en el domicilio social del Fondo, al distribuidor general (Union Bancaire Privée, UBP SA - Ginebra) o al representante de su país.
Sede social UBP Asset Management (Europe) S.A., 287-289, route d'Arlon, L-1150 Luxemburgo Representantes
Alemania Sal. Oppenheim Jr. & Cie. KGaA, 4 Unter Sachsenhausen, D-50667 Köln
Austria Erste Bank der Österreichischen Sparkassen AG, 21 Graben, A-1010 Wien
Bélgica Caceis Belgium Fund Administration Service & Technology Network Belgium, Avenue du Port 86 C, b320, B-1000 Bruxelles
España Allfunds Banks S.a., 57 Nuria, E-28034 Madrid
UBP Gestion Institutional S.A., Avenida Diagonal 520 2°, 2a-B, E-08006 Barcelona
Francia Caceis Bank, 1-3, Place Valhubert, F-75206 Paris Cedex 13
Italia State Street Bank S.p.A., con sede legale in Via Ferrante Aporti, 10, 20125 Milano Allfunds Bank S.A., via Santa Margherita 7, I-20121 Milano
BNP Paribas Securities Services, Succursale di Milano, con sede in Milano, Piazza Lina Bo Bardi, 3
Portugal BEST - Banco Electronico de Serviço Total S.A., Praça Marquês de Pompal, no. 3 - 3° 1250
- 161 Lisboa
Reino Unido Union Bancaire Privée, 26 St James's Square, London SW1Y 4JH
Singapur Union Bancaire Privee, UBP SA, Singapore Branch, Level 24, One Raffles Quay, South Tower, Singapore 048583
Suecia Skandinaviska Enskilda Banken AB (PUBL) ("SEB"), 106 40 Stockholm
Suiza Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Genève 1 OTROS PAISES | # ENREGISTREMENT ET DOCUMENTATION
## Pays où la distribution est autorisée
Source des données: UBP
UBP Asset Management (Europe) S.A., 287-289,
route d'Arlon, L-1150 Luxembourg
## Distributeur général, représentant suisse et agent payeur en Suisse
Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Genève 1
## Agent payeur, administratif, enregistreur et de transfert
CACEIS Bank Luxembourg Branch, 5, allée Scheffer, L-2520 Luxembourg
## Banque dépositaire
BNP Paribas S.A. Luxembourg Branch
60 avenue J.F. Kennedy, L-1855 Luxembourg
## Auditeur
Deloitte Audit S.à.r.l, 20 Boulevard de Kockelscheuer, L-1821 Luxembourg
## Forme juridique
Sicav luxembourgeoise (UCITS, Partie I - loi du 17 décembre 2010)
En fonction des pays, certaines classes d'actions peuvent ou non être enregistrées pour distribution au public. Les classes d'actions enregistrées font l'objet d'un Document d'Information Clef pour Investisseurs ("DICI") . Les investisseurs sont invités à se renseigner sur les classes enregistrées ou à demander les DICIs afférents auprès du siège du Fonds, du distributeur général (Union Bancaire Privée, UBP SA -Genève) ou du représentant local de leur pays.
Siège social UBP Asset Management (Europe) S.A., 287-289, route d'Arlon, L-1150 Luxembourg Représentants
Allemagne Sal. Oppenheim Jr. & Cie. KGaA, 4 Unter Sachsenhausen, D-50667 Köln
Autriche Erste Bank der Österreichischen Sparkassen AG, 21 Graben, A-1010 Wien
Belgique Caceis Belgium Fund Administration Service & Technology Network Belgium, Avenue du Port 86 C, b320, B-1000 Bruxelles
Espagne Allfunds Banks S.a., 57 Nuria, E-28034 Madrid
UBP Gestion Institutional S.A., Avenida Diagonal 520 2°, 2a-B, E-08006 Barcelona
France Caceis Bank, 1-3, Place Valhubert, F-75206 Paris Cedex 13
Italie State Street Bank S.p.A., con sede legale in Via Ferrante Aporti, 10, 20125 Milano Allfunds Bank S.A., via Santa Margherita 7, I-20121 Milano
BNP Paribas Securities Services, Succursale di Milano, con sede in Milano, Piazza Lina Bo Bardi, 3
Portugal BEST - Banco Electronico de Serviço Total S.A., Praça Marquês de Pompal, no. 3 - 3° 1250
- 161 Lisboa
Royaume-Uni Union Bancaire Privée, 26 St James's Square, London SW1Y 4JH
Singapour Union Bancaire Privee, UBP SA, Singapore Branch, Level 24, One Raffles Quay, South Tower, Singapore 048583
Suède Skandinaviska Enskilda Banken AB (PUBL) ("SEB"), 106 40 Stockholm
Suisse Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CH-1211 Genève 1 AUTRES PAYS | fr | es |
DOLFIN1635 | 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 | 5.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Aucune coût de sortie n'existe pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.4% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 35 EUR |
| Coûts de transaction | 0.3% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 27 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 5.0% del importe que pagará usted al realizar esta inversión. | Hasta 500 EUR |
| Costes de salida | Este producto no tiene costes de salida, pero es posible que la persona que le venda este producto cobre este coste. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.4% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 35 EUR |
| Costes de operación | 0.3% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 27 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 5.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Aucune coût de sortie n'existe pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.4% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 35 EUR |
| Coûts de transaction | 0.3% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 27 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | fr | es |
DOLFIN1636 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Shares which are held in a Recognised Clearing System
Any payments to a Shareholder or any encashment, redemption, cancellation or transfer of Shares held in a Recognised Clearing System will not give rise to a chargeable event in the Company (there is however ambiguity in the legislation as to whether the rules outlined in this paragraph with regard to Shares held in a Recognised Clearing System, apply in the case of chargeable events arising on a deemed disposal, therefore, as previously advised, Shareholders should seek their own tax advice in this regard). Thus the Company will not have to deduct any Irish taxes on such payments regardless of whether they are held by Shareholders who are Irish Residents or Ordinarily Resident in Ireland, or whether a non-resident Shareholder has made a Relevant Declaration. However, Shareholders who are Irish Resident or Ordinarily Resident in Ireland or who are not Irish Resident or Ordinarily Resident in Ireland but whose Shares are attributable to a branch or agency in Ireland may still have a liability to account for Irish tax on a distribution or encashment, redemption or transfer of their Shares.
To the extent any Shares are not held in a Recognised Clearing System at the time of a chargeable event (and subject to the discussion in the previous paragraph relating to a chargeable event arising on a deemed disposal), the following tax consequences will typically arise on a chargeable event. | ##### Azioni detenute all'interno di un Sistema di Compensazione Riconosciuto
Ogni sorta di pagamento, incasso, rimborso, revoca, cessione di Azioni ricevuto dall'azionista, che avvenga in un Sistema di Compensazione Riconosciuto non darà origine a esigibilità dell'imposta all'interno della Società (la legge è tuttavia ambigua. Ad esempio in merito al fatto che la regolamentazione delineata in questo paragrafo relativamente ad attività azionarie all'interno di un Sistema di Compensazione Riconosciuto, si applichi in caso di esigibilità derivante da una vendita ipotetica, dunque, come precedentemente suggerito, sarebbe consigliabile per gli azionisti procurarsi una consulenza tributaria in merito). In tal modo, la Società non dovrà detrarre alcuna tassa irlandese da tali pagamenti, indipendentemente dal fatto che provengano da azionisti residenti in Irlanda, domiciliati in Irlanda oppure da azionisti non residenti in Irlanda ma che ne abbiano rilasciato apposita dichiarazione. Tuttavia, gli azionisti residenti o domiciliati in Irlanda e gli azionisti che non siano né residenti né domiciliati ma le cui azioni siano attribuibili a una filiale o agenzia in Irlanda, dovrebbero continuare a essere imponibili per il fisco irlandese relativamente a distribuzione, incasso, rimborso o cessione delle proprie azioni.
Pertanto, per qualsiasi Azione non detenuta in un Sistema di Compensazione Riconosciuto al momento dell'evento imponibile (e soggetto alla discussione fatta nel paragrafo precedente relativa a un evento imponibile derivante da una vendita ipotetica) insorgeranno di norma le seguenti conseguenze fiscali su un evento imponibile. | ##### Shares which are held in a Recognised Clearing System
Any payments to a Shareholder or any encashment, redemption, cancellation or transfer of Shares held in a Recognised Clearing System will not give rise to a chargeable event in the Company (there is however ambiguity in the legislation as to whether the rules outlined in this paragraph with regard to Shares held in a Recognised Clearing System, apply in the case of chargeable events arising on a deemed disposal, therefore, as previously advised, Shareholders should seek their own tax advice in this regard). Thus the Company will not have to deduct any Irish taxes on such payments regardless of whether they are held by Shareholders who are Irish Residents or Ordinarily Resident in Ireland, or whether a non-resident Shareholder has made a Relevant Declaration. However, Shareholders who are Irish Resident or Ordinarily Resident in Ireland or who are not Irish Resident or Ordinarily Resident in Ireland but whose Shares are attributable to a branch or agency in Ireland may still have a liability to account for Irish tax on a distribution or encashment, redemption or transfer of their Shares.
To the extent any Shares are not held in a Recognised Clearing System at the time of a chargeable event (and subject to the discussion in the previous paragraph relating to a chargeable event arising on a deemed disposal), the following tax consequences will typically arise on a chargeable event. | en | it |
DOLFIN1637 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Risques liés au quota RQFII
Si un RQFII a utilisé tout son quota RQFII, il peut, sous réserve de la réglementation applicable, demander une augmentation de son quota RQFII, augmentation qui pourra profiter aux Compartiments, à d’autres clients du RQFII Barings ou à d’autres produits gérés par le RQFII Barings. Il ne peut cependant être garanti qu’une telle augmentation du quota RQFII pourra être obtenue afin de pleinement satisfaire les demandes de souscriptions dans les Compartiments
concernés, ce qui peut conduire à la nécessite de fermer ces Compartiments aux nouvelles souscriptions, de rejeter et/ou (en attendant l’augmentation du quota RQFII) de reporter toute ou partie des nouvelles demandes de souscription, sous réserve des dispositions du Prospectus. Par ailleurs, le quota accordé à un RQFII Barings peut généralement être réduit ou annulé par les autorités chinoises compétentes si ce RQFII Barings n’est pas en mesure d’utiliser efficacement son quota RQFII dans l’année suivant l’octroi de ce quota. De plus, les RQFII Barings s’exposent à des sanctions réglementaires s’ils (ou leur dépositaire RQFII local, voir la section « Risques de conservation liés au programme RQFII ») violent une quelconque disposition de la Réglementation RQFII, ce qui pourrait entraîner la révocation de leur quota RQFII ou d’autres sanctions réglementaires qui peuvent avoir un impact sur le quota disponible pour l’investissement par les Compartiments concernés. Si un RQFII Baring perd son statut de RQFII ou si son quota est révoqué ou réduit, un Compartiment peut ne plus être en mesure d’investir directement en RPC ou peut être tenu de céder ses investissements dans le marché des valeurs mobilières de la RPC détenus par l’intermédiaire de ce quota, ce qui pourrait avoir un effet négatif sur sa performance ou entraîner des pertes importantes pour lui.
Un Compartiment peut subir des pertes si le quota RQFII qui lui est attribué est insuffisant pour réaliser des investissements, si l’agrément du RQFII Barings est révoqué, résilié ou invalidé d’une autre manière, car cela peut empêcher le Compartiment de négocier les titres concernées et de rapatrier ses fonds, ou si un opérateur ou une partie clé (y compris le dépositaire RQFII ou des courtiers de la RPC) fait faillite, est en défaut de paiement et/ou ne peut plus remplir ses obligations (y compris exécuter ou régler toute transaction ou tout transfert d’argent ou de titres). | ### Riesgos de cuota de RQFII
En caso de que el RQFII de Barings haya utilizado toda su cuota de RQFII, el RQFII de Barings, con sujeción a cualquier normativa aplicable, puede solicitar un aumento de su cuota de RQFII, la cual podrán utilizar los Fondos, otros
clientes del RQFII de Barings u otros productos gestionados por el RQFII de Barings. Sin embargo, no puede otorgarse garantía alguna de que se podrá obtener una cuota de RQFII adicional para satisfacer todas las solicitudes de suscripción en los Fondos correspondientes, lo que puede conllevar que sea necesario cerrar tales Fondos a nuevas suscripciones, y rechazar y/o (mientras se espera a recibir una cuota de RQFII adicional) aplazar la totalidad o parte de cualesquiera nuevas solicitudes de suscripción, con sujeción a lo dispuesto en el Folleto. Por otra parte, en general, las autoridades chinas competentes pueden reducir o cancelar el tamaño de la cuota otorgada a un RQFII de Barings si este no puede utilizar su cuota de RQFII de forma efectiva en el plazo de un (1) año desde la concesión de la cuota. Por otro lado, podrán imponerse sanciones sobre los RQFII de Barings si este último (o el depositario en el país del RQFII, véase el apartado “Riesgos de depósito del RQFII” más abajo) incumple una condición del Reglamento RQFII, lo que podría derivar posiblemente en la revocación de la cuota del RQFII u otras sanciones normativas que puedan incidir negativamente en la parte de la cuota asignada a la inversión por los Fondos correspondientes. En caso de que un RQFII de Barings perdiera su autorización como RQFII o viera revocada o reducida su cuota de inversión, cabría la posibilidad de que un Fondo no pudiera seguir invirtiendo directamente en la RPC o se viera obligado a enajenar sus inversiones en el mercado de valores interno de la RPC mantenidas por medio de la cuota, lo que podría afectar negativamente a su rentabilidad o provocar una pérdida sustancial.
Un Fondo podrá incurrir en pérdidas si es insuficiente la cuota de RQFII asignada a este para realizar inversiones, se revoca o vence la autorización de RQFII de Barings o pierde su validez de cualquier modo, de manera que el Fondo pueda tener prohibida la negociación de valores relevantes y la repatriación del efectivo del Fondo, o en el supuesto de que alguno de los operadores o partes fundamentales (como el Depositario del RQFII o los intermediarios bursátiles de la RPC) incurra en proceso concursal/impago o se deshabilite en el ejercicio de sus deberes (como la ejecución o liquidación de operaciones o transferencias de fondos o valores). | ### Risques liés au quota RQFII
Si un RQFII a utilisé tout son quota RQFII, il peut, sous réserve de la réglementation applicable, demander une augmentation de son quota RQFII, augmentation qui pourra profiter aux Compartiments, à d’autres clients du RQFII Barings ou à d’autres produits gérés par le RQFII Barings. Il ne peut cependant être garanti qu’une telle augmentation du quota RQFII pourra être obtenue afin de pleinement satisfaire les demandes de souscriptions dans les Compartiments
concernés, ce qui peut conduire à la nécessite de fermer ces Compartiments aux nouvelles souscriptions, de rejeter et/ou (en attendant l’augmentation du quota RQFII) de reporter toute ou partie des nouvelles demandes de souscription, sous réserve des dispositions du Prospectus. Par ailleurs, le quota accordé à un RQFII Barings peut généralement être réduit ou annulé par les autorités chinoises compétentes si ce RQFII Barings n’est pas en mesure d’utiliser efficacement son quota RQFII dans l’année suivant l’octroi de ce quota. De plus, les RQFII Barings s’exposent à des sanctions réglementaires s’ils (ou leur dépositaire RQFII local, voir la section « Risques de conservation liés au programme RQFII ») violent une quelconque disposition de la Réglementation RQFII, ce qui pourrait entraîner la révocation de leur quota RQFII ou d’autres sanctions réglementaires qui peuvent avoir un impact sur le quota disponible pour l’investissement par les Compartiments concernés. Si un RQFII Baring perd son statut de RQFII ou si son quota est révoqué ou réduit, un Compartiment peut ne plus être en mesure d’investir directement en RPC ou peut être tenu de céder ses investissements dans le marché des valeurs mobilières de la RPC détenus par l’intermédiaire de ce quota, ce qui pourrait avoir un effet négatif sur sa performance ou entraîner des pertes importantes pour lui.
Un Compartiment peut subir des pertes si le quota RQFII qui lui est attribué est insuffisant pour réaliser des investissements, si l’agrément du RQFII Barings est révoqué, résilié ou invalidé d’une autre manière, car cela peut empêcher le Compartiment de négocier les titres concernées et de rapatrier ses fonds, ou si un opérateur ou une partie clé (y compris le dépositaire RQFII ou des courtiers de la RPC) fait faillite, est en défaut de paiement et/ou ne peut plus remplir ses obligations (y compris exécuter ou régler toute transaction ou tout transfert d’argent ou de titres). | fr | es |
DOLFIN1638 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The agreements referred to above may be amended from time to time by mutual consent of the parties thereto.
A copy of the Articles and the most recent annual or semi-annual report of the Company may be obtained free of charge from the Company.
Additional information is made available by the Company at its Registered Office, upon request, in accordance with the provisions of Luxembourg laws and regulations. This additional information includes the strategy followed for the exercise of voting rights of the Company, the policy for placing orders to deal on behalf of the Company with other entities and the best execution policy.
Any other information intended for the Shareholders will be provided to them by appropriate notice. When applicable, Shareholders shall be informed in writing or by any other means of communication individually accepted by the Shareholders. | Die oben genannten Verträge können bisweilen in gegenseitigem Einverständnis der jeweiligen Vertragsparteien geändert werden.
Ein Exemplar der Satzung und des jeweils aktuellen Jahres- oder Halbjahresberichtes der Gesellschaft werden kostenlos durch die Gesellschaft zur Verfügung gestellt.
Zusätzliche Informationen werden gemäß den Bestimmungen der Luxemburgischen Gesetze und Vorschriften auf Anfrage kostenlos am eingetragenen Sitz der Gesellschaft zur Verfügung gestellt. Zu diesen zusätzlichen Informationen gehören die Strategie für die Ausübung der Stimmrechte der Gesellschaft, die Richtlinie für die Platzierung von Aufträgen zur Durchführung von Transaktionen mit Dritten im Namen der Gesellschaft und die Richtlinie zur bestmöglichen Ausführung.
Alle anderen für die Anteilinhaber bestimmten Informationen erfolgen mittels entsprechender Mitteilungen. Gegebenenfalls werden die Anteilinhaber schriftlich oder durch ein anderes, von den Anteilinhabern individuell akzeptiertes Kommunikationsmittel informiert. | The agreements referred to above may be amended from time to time by mutual consent of the parties thereto.
A copy of the Articles and the most recent annual or semi-annual report of the Company may be obtained free of charge from the Company.
Additional information is made available by the Company at its Registered Office, upon request, in accordance with the provisions of Luxembourg laws and regulations. This additional information includes the strategy followed for the exercise of voting rights of the Company, the policy for placing orders to deal on behalf of the Company with other entities and the best execution policy.
Any other information intended for the Shareholders will be provided to them by appropriate notice. When applicable, Shareholders shall be informed in writing or by any other means of communication individually accepted by the Shareholders. | en | de |
DOLFIN1639 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Breakdown
Top 10 Holdings (% of asset)
Hdfc Bank Limited9.14
Infosys Ltd8.76
Icici Bank Ltd7.21
Sbi Life Insurance Co Ltd5.20
Torrent Pharmaceuticals Ltd4.66
Hcl Technologies Ltd4.56
Godrej Consumer Products Ltd4.46
United Breweries Ltd4.05
Maruti Suzuki India Ltd3.81
Marico Ltd3.77
Sector breakdown (% of asset)
Financials
33.12
Information Technology
16.12
Consumer Staples
12.28
Consumer Discretionary
11.95
Health Care
11.24
Materials
5.19
Unassigned Group
4.39
Industrials
3.36
Cash
2.35
0 5 10 15 20 25 30 35
Source: Pictet Asset Management | # Composizione del portafoglio
10 posizioni principali (% del patrimonio)
Hdfc Bank Limited9.14
Infosys Ltd8.76
Icici Bank Ltd7.21
Sbi Life Insurance Co Ltd5.20
Torrent Pharmaceuticals Ltd4.66
Hcl Technologies Ltd4.56
Godrej Consumer Products Ltd4.46
United Breweries Ltd4.05
Maruti Suzuki India Ltd3.81
Marico Ltd3.77
Ripartizione settoriale (% del patrimonio)
Finanziari
33.12
IT
16.12
Beni di prima necessità
12.28
Beni di consumo durevoli
11.95
Salute
11.24
Materie prime
5.19
Gruppo non assegnato
4.39
Industriali
3.36
Liquidità
2.35
0 5 10 15 20 25 30 35
Fonte: Pictet Asset Management | # Portfolio Breakdown
Top 10 Holdings (% of asset)
Hdfc Bank Limited9.14
Infosys Ltd8.76
Icici Bank Ltd7.21
Sbi Life Insurance Co Ltd5.20
Torrent Pharmaceuticals Ltd4.66
Hcl Technologies Ltd4.56
Godrej Consumer Products Ltd4.46
United Breweries Ltd4.05
Maruti Suzuki India Ltd3.81
Marico Ltd3.77
Sector breakdown (% of asset)
Financials
33.12
Information Technology
16.12
Consumer Staples
12.28
Consumer Discretionary
11.95
Health Care
11.24
Materials
5.19
Unassigned Group
4.39
Industrials
3.36
Cash
2.35
0 5 10 15 20 25 30 35
Source: Pictet Asset Management | en | it |
DOLFIN1640 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund may invest in debt obligations issued or guaranteed by governments or their agencies (sovereign bonds). The governmental entity that controls the repayment of sovereign bonds may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity’s implementation of economic reforms and/or economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or willingness to service its debt on a timely basis. Consequently, governmental entities may default on their sovereign bonds.
Holders of sovereign bonds may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign bonds, on which a governmental entity has defaulted, may be collected in whole or in part.
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## Corporate Bonds | Un Subfondo puede invertir en obligaciones de deuda emitidas o garantizadas por los gobiernos o sus agencias (bonos soberanos). Es posible que la entidad gubernamental que esté a cargo de la devolución de los bonos soberanos no pueda o tenga problemas para devolver el principal y/o los intereses en el momento del vencimiento de conformidad con los términos de dicha deuda. La disposición o la capacidad de una entidad gubernamental para devolver el principal y los intereses adeudados en el plazo previsto puede verse afectada por, entre otros factores, su situación de flujo de efectivo, el alcance de sus reservas extranjeras, la disponibilidad de suficiente cambio de divisas en la fecha de vencimiento, el tamaño relativo que la carga del pago de la deuda supone para la economía en general, la política de la entidad gubernamental hacia el Fondo Monetario Internacional y las restricciones políticas a las que puede estar sujeta una entidad gubernamental. Las entidades gubernamentales podrían también depender, para amortizar el principal y abonar los intereses vencidos sobre su deuda, de la liberación de pagos prevista por parte de otros gobiernos, organismos multilaterales y otras entidades extranjeras. El compromiso de estos gobiernos, agencias y demás entidades a realizar dichos desembolsos puede estar condicionado a la implantación de reformas económicas por parte de la entidad gubernativa, y/o a los resultados económicos y al cumplimiento puntual de las obligaciones del deudor en cuestión. En caso de no aplicarse dichas reformas, no alcanzarse dichos objetivos económicos o no amortizarse el principal o abonarse los intereses a su vencimiento, los compromisos de dichos terceros de prestar financiación a la entidad gubernamental podrían cancelarse, lo que podría perjudicar la capacidad o disposición de dicho deudor para atender puntualmente el pago de su deuda. Por todo ello, es posible que las entidades gubernamentales no puedan hacer frente al pago de sus bonos soberanos.
Los titulares de bonos soberanos podrían verse obligados a participar en la reestructuración de dicha deuda y a extender nuevos préstamos a las entidades gubernamentales. No existe procedimiento de quiebra por el cual los bonos soberanos, cuyo pago no pueda afrontar la entidad gubernamental, puedan cobrarse en parte o en su totalidad.
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## Bonos corporativos | A Sub-Fund may invest in debt obligations issued or guaranteed by governments or their agencies (sovereign bonds). The governmental entity that controls the repayment of sovereign bonds may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity’s implementation of economic reforms and/or economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or willingness to service its debt on a timely basis. Consequently, governmental entities may default on their sovereign bonds.
Holders of sovereign bonds may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign bonds, on which a governmental entity has defaulted, may be collected in whole or in part.
-
## Corporate Bonds | en | es |
DOLFIN1641 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Objectifs : Le Fonds applique une approche de gestion passive (ou indicielle) et vise à reproduire la performance de l'Indice FTSE Emerging All Cap Choice Index (l'« Indice »).
L'Indice est un indice pondéré selon la capitalisation boursière, composé de titres de sociétés de grande, moyenne et petite capitalisations des marchés émergents. La capitalisation boursière est la valeur des actions en circulation d'une société sur le marché et indique la taille d'une société. L'Indice est construit à partir de l'Indice FTSE Emerging All Cap Index (l'« Indice cadre ») ensuite analysé en fonction de certains critères environnementaux, sociaux et de gouvernance d'entreprise par le promoteur de l'Indice, indépendamment de Vanguard.
Le Fonds promeut des caractéristiques environnementales et sociales en excluant des sociétés de son portefeuille en fonction de l'impact de leur conduite ou de leurs produits sur la société et/ou l'environnement. Pour ce faire, il est nécessaire de reproduire l'Indice.
Les investissements du Fonds seront, au moment de l'achat, conformes aux exigences ESG de l'Indice, sauf disposition contraire décrite ci-dessous concernant le recours aux dérivés ou dans le Prospectus. Le Fonds pourra détenir des titres qui ne respectent pas les exigences ESG de l'Indice jusqu'à ce que les titres concernés soient retirés de l'Indice, et jusqu'à ce qu'il soit possible (selon le gestionnaire d'investissement) de liquider la position. | ### Objetivos: El Fondo emplea un enfoque de inversión de gestión pasiva (o indexación) y trata de replicar la rentabilidad del FTSE Emerging All Cap Choice Index (el «Índice»).
El Índice es un índice ponderado por capitalización bursátil compuesto por acciones de gran, mediana y pequeña capitalización de empresas ubicadas en países de mercados emergentes. La capitalización bursátil es el valor de las acciones en circulación de una empresa en el mercado y muestra el tamaño de la empresa. El Índice se crea a partir del FTSE Emerging All Cap Index (el «Índice principal»), que, a continuación, el patrocinador del Índice, independiente de Vanguard, examina en función de determinados criterios ambientales, sociales y de gobierno corporativo.
El Fondo promueve características medioambientales y sociales al excluir a empresas de su cartera en función del impacto de su conducta o sus productos en la sociedad y/o el medioambiente. Esto se consigue replicando el Índice.
Las inversiones del Fondo cumplirán, en el momento de la adquisición, los requisitos ESG del Índice, salvo que se indique lo contrario a continuación en relación con el uso de derivados o en el Folleto. El Fondo podrá mantener valores que no cumplan los requisitos ESG del Índice hasta el momento en que los valores pertinentes dejen de formar parte del Índice y sea posible y factible (en opinión del gestor de inversiones) liquidar la posición. | ### Objectifs : Le Fonds applique une approche de gestion passive (ou indicielle) et vise à reproduire la performance de l'Indice FTSE Emerging All Cap Choice Index (l'« Indice »).
L'Indice est un indice pondéré selon la capitalisation boursière, composé de titres de sociétés de grande, moyenne et petite capitalisations des marchés émergents. La capitalisation boursière est la valeur des actions en circulation d'une société sur le marché et indique la taille d'une société. L'Indice est construit à partir de l'Indice FTSE Emerging All Cap Index (l'« Indice cadre ») ensuite analysé en fonction de certains critères environnementaux, sociaux et de gouvernance d'entreprise par le promoteur de l'Indice, indépendamment de Vanguard.
Le Fonds promeut des caractéristiques environnementales et sociales en excluant des sociétés de son portefeuille en fonction de l'impact de leur conduite ou de leurs produits sur la société et/ou l'environnement. Pour ce faire, il est nécessaire de reproduire l'Indice.
Les investissements du Fonds seront, au moment de l'achat, conformes aux exigences ESG de l'Indice, sauf disposition contraire décrite ci-dessous concernant le recours aux dérivés ou dans le Prospectus. Le Fonds pourra détenir des titres qui ne respectent pas les exigences ESG de l'Indice jusqu'à ce que les titres concernés soient retirés de l'Indice, et jusqu'à ce qu'il soit possible (selon le gestionnaire d'investissement) de liquider la position. | fr | es |
DOLFIN1642 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For funds whose total risk associated with derivatives is determined using VaR approaches, the Management Company estimates the anticipated degree of leverage. Depending on the respective market situation, this degree of leverage may deviate from the actual value and may either exceed or be less than that value. Investors should
be aware that no conclusions about the risk content of the fund may be drawn from this data. In addition, the published expected degree of leverage is explicitly not to be considered an investment limit.
The method used to determine the total risk associated with derivatives and, if applicable, the disclosure of the benchmark portfolio and of the anticipated degree of leverage, as well as its method of calculation, are as follows for each sub-fund: | Für Fonds, deren Ermittlung des mit Derivaten verbundenen Gesamtrisikos durch die VaR-Ansätze erfolgt, schätzt die Verwaltungsgesellschaft den erwarteten Grad der Hebelwirkung. Dieser Grad der Hebelwirkung kann in
Abhängigkeit der jeweiligen Marktlagen vom tatsächlichen Wert abweichen und über- als auch unterschritten wer- den. Der Anleger wird darauf hingewiesen, dass sich aus dieser Angabe keine Rückschlüsse auf den Risikogehalt des Fonds ergeben. Darüber hinaus ist der veröffentlichte erwartete Grad der Hebelwirkung explizit nicht als Anlage- grenze zu verstehen.
Die verwendete Methode zur Bestimmung des mit Derivaten verbundenen Gesamtrisikos und, soweit anwendbar, die Of- fenlegung des Referenzportfolios und des erwarteten Grades der Hebelwirkung sowie dessen Berechnungsmethode ergibt sich für jeden Teilfonds wie folgt: | For funds whose total risk associated with derivatives is determined using VaR approaches, the Management Company estimates the anticipated degree of leverage. Depending on the respective market situation, this degree of leverage may deviate from the actual value and may either exceed or be less than that value. Investors should
be aware that no conclusions about the risk content of the fund may be drawn from this data. In addition, the published expected degree of leverage is explicitly not to be considered an investment limit.
The method used to determine the total risk associated with derivatives and, if applicable, the disclosure of the benchmark portfolio and of the anticipated degree of leverage, as well as its method of calculation, are as follows for each sub-fund: | en | de |
DOLFIN1643 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# COSTS OVER TIME
The Reduction in Yield (RIY) shows the total impact of the costs that you pay on the yield you could get from your investment. The total costs include one-off, ongoing and incidental costs. The amounts shown do not take into account the costs associated with the package or any insurance contract associated with the Fund. The figures shown assume that you invest the amount indicated in the table below. These figures are estimates and may change in the future.
| | 1 year | 5 years |
| --- | --- | --- |
| Total costs | €406.12 | €193.4 |
| Annual reduction in yield (RIY) | 4.09% | 1.77% | | # KOSTEN IM ZEITVERLAUF
Die Renditeminderung (Reduction of Yield – RIY) zeigt, wie sich die von Ihnen gezahlten Gesamtkosten auf die Anlagerendite, die Sie erhalten könnten, auswirken. In den Gesamtkosten sind einmalige, laufende und zusätzliche Kosten berücksichtigt. Die hier ausgewiesenen Beträge berücksichtigen nicht die Kosten für das PRIIP oder den Versicherungsvertrag, der eventuell mit dem Fonds verbunden ist. Bei den angegebenen Zahlen wird davon ausgegangen, dass Sie den in der nachfolgenden Tabelle ausgewiesenen Betrag investieren. Die Zahlen sind Schätzungen und können in der Zukunft anders ausfallen.
| | 1 Jahr | 5 Jahre |
| --- | --- | --- |
| Kosten insgesamt | 406,12 € | 193,4 € |
| Jährliche Renditeminderung (RIY) | 4,09 % | 1,77 % | | # COSTS OVER TIME
The Reduction in Yield (RIY) shows the total impact of the costs that you pay on the yield you could get from your investment. The total costs include one-off, ongoing and incidental costs. The amounts shown do not take into account the costs associated with the package or any insurance contract associated with the Fund. The figures shown assume that you invest the amount indicated in the table below. These figures are estimates and may change in the future.
| | 1 year | 5 years |
| --- | --- | --- |
| Total costs | €406.12 | €193.4 |
| Annual reduction in yield (RIY) | 4.09% | 1.77% | | en | de |
DOLFIN1644 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What investment strategy does this financial product follow?
The investment strategy guides investment decisions based on factors such as investment objectives and risk tolerance.
What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?
The binding elements used in the investment strategy to achieve the environmental and social objectives promoted by this product cover, for direct holdings in the portfolio:
- Rate of extra-financial analysisThe extra-financial analysis rate of the product’s investments in direct holdings is over 90%. | # Quelle stratégie d’investissement ce produit financier suit-il ?
La stratégie d’investissement guide les décisions d’investissement selon des facteurs tels que les objectifs d’investissement et la tolérance au risque.
Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier ?
Les éléments contraignants utilisés dans le cadre de la stratégie d’investissement pour atteindre les objectifs environnementaux et sociaux promus par ce produit couvrent, pour les titres en direct en portefeuille :
- Le taux d’analyse extra-financièreLe taux d’analyse extra-financière des investissements en titres vifs du produit est supérieur à 90%. | # What investment strategy does this financial product follow?
The investment strategy guides investment decisions based on factors such as investment objectives and risk tolerance.
What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?
The binding elements used in the investment strategy to achieve the environmental and social objectives promoted by this product cover, for direct holdings in the portfolio:
- Rate of extra-financial analysisThe extra-financial analysis rate of the product’s investments in direct holdings is over 90%. | en | fr |
DOLFIN1645 | 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 | 3.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 300 EUR |
| Coûts de sortie | 2.0% de votre investissement avant qu'il ne vous soit payé. | 204 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.9% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 88 EUR |
| Coûts de transaction | 0.2% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 18 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 3.0% del importe que pagará usted al realizar esta inversión. | Hasta 300 EUR |
| Costes de salida | 2.0% de su inversión antes de que se le pague. | 204 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.9% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 88 EUR |
| Costes de operación | 0.2% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 18 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 3.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 300 EUR |
| Coûts de sortie | 2.0% de votre investissement avant qu'il ne vous soit payé. | 204 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.9% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 88 EUR |
| Coûts de transaction | 0.2% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 18 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | fr | es |
DOLFIN1646 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth by investing in a range of global asset classes.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate capital growth.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, commodities and closed-ended real estate investment trusts (REITs).
- The fund may, under normal market conditions, invest up to 100% in fixed income securities (including up to 50% in investment grade bonds, up to 75% in high yield bonds (which include below investment grade and unrated bonds) and, up to 75% in emerging markets bonds), up to 100% in shares of companies globally (including up to 75% emerging market companies) up to 15% in Russian securities, up to 50% in commodities, and up to 30% in closed-ended real estate investment trusts.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% of its assets directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and references 75% MSCI ACWI Index (USD) & 25% Bloomberg Barclays Global Aggregate (USD Hedged) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo proporcionar crecimiento del capital a largo plazo mediante la inversión en diversas clases de activos de todo el mundo.
- El Subfondo efectuará asignaciones activas a diferentes clases de activos y áreas geográficas basándose en su potencial para generar crecimiento del capital.
- El Subfondo invertirá en diversas clases de activos mundiales, entre ellas, los bonos con grado de inversión y de alto rendimiento, las acciones de empresas, las materias primas y los fondos de inversión inmobiliaria («REIT») de capital fijo.
- El Subfondo podrá, en condiciones normales de mercado, invertir hasta el 100 % en valores de renta fija (incluido hasta el 50 % en bonos con grado de inversión, hasta el 75 % en bonos de alto rendimiento (que incluyen aquellos con grado especulativo y sin calificación) y hasta el 75 % en bonos de mercados emergentes), hasta el 100 % en acciones de empresas de todo el mundo (incluido hasta el 75 % en renta variable de empresas de mercados emergentes), y hasta el 15 % en valores rusos, hasta el 50 % en materias primas, y hasta el 30 % en fondos de inversión inmobiliaria de capital fijo.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % de sus activos directa o indirectamente en Acciones China A y B o en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa y utiliza como referencia el 75% MSCI ACWI Index (Net); 25% Bloomberg Global Aggregate Index Hedged to USD (en adelante, el «Índice»), únicamente a efectos de comparación.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth by investing in a range of global asset classes.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate capital growth.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, commodities and closed-ended real estate investment trusts (REITs).
- The fund may, under normal market conditions, invest up to 100% in fixed income securities (including up to 50% in investment grade bonds, up to 75% in high yield bonds (which include below investment grade and unrated bonds) and, up to 75% in emerging markets bonds), up to 100% in shares of companies globally (including up to 75% emerging market companies) up to 15% in Russian securities, up to 50% in commodities, and up to 30% in closed-ended real estate investment trusts.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% of its assets directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and references 75% MSCI ACWI Index (USD) & 25% Bloomberg Barclays Global Aggregate (USD Hedged) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1647 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Sources et traitement des données
Eurizon Capital S.A. fait appel à l’un des principaux fournisseurs d’informations du marché en matière de thématiques ESG comme source de données pour évaluer les caractéristiques environnementales et sociales promues par le produit financier. Le pourcentage de données estimées dépend des caractéristiques de l’Émetteur et du niveau d’interaction entre le fournisseur d’informations et l’Émetteur lui-même. La Société a par ailleurs mis en place des garanties adéquates afin d’assurer la représentation correcte des données acquises. | # Fuentes y tratamiento de datos
Eurizon Capital S.A. utiliza uno de los principales proveedores de información de mercado especializado en cuestiones ASG como fuente de datos para evaluar las características medioambientales y sociales promovidas por el producto financiero. El porcentaje de datos estimados depende de las características del emisor y del nivel de interacción entre el proveedor de información y el propio emisor. Además, la Sociedad ha adoptado las garantías adecuadas para asegurar la correcta representación de los datos adquiridos. | # Sources et traitement des données
Eurizon Capital S.A. fait appel à l’un des principaux fournisseurs d’informations du marché en matière de thématiques ESG comme source de données pour évaluer les caractéristiques environnementales et sociales promues par le produit financier. Le pourcentage de données estimées dépend des caractéristiques de l’Émetteur et du niveau d’interaction entre le fournisseur d’informations et l’Émetteur lui-même. La Société a par ailleurs mis en place des garanties adéquates afin d’assurer la représentation correcte des données acquises. | fr | es |
DOLFIN1648 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.40% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 0.18% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,40% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 0,18% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad No aplicable | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.40% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 0.18% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | en | es |
DOLFIN1649 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investors may submit complaints free of charge. Complaints may be sent by post or e-mail to the Management Company. Investors may find information on the processing of complaints on the website of the Management Company free of charge: www.universal-investment.com.
Information on contributions that the Management Company receives from third parties or pays to third parties, as well as the method for calculating these contributions, may be found free of charge on www.universal-investment.com. Upon request of the investor, further details on contributions may be given.
Investors may find a brief description of the strategies regarding the use of voting rights by the Management Company free of charge on the website www.universal-investment.com.
In addition, the Best Execution Principles may also be found on the website www.universal- investment.com.
In cases where disputed claims are asserted for the Fund in or out of court, the Management Company may charge a fee of up to 5% of the amounts collected for the Fund, after deducting and offsetting the expenses incurred by the Fund as a result of these proceedings.
The Management Company shall inform investors of the fact that an investor may only assert investor rights in their entirety directly against the UCITS if the investor has been entered into the register of unitholders of the UCITS in its own name. In cases where an investor invested in the a UCI(TS) via an intermediary agent, which makes the investment in its own name but under assignment from the investor, all investor rights cannot necessarily be asserted by the investor directly against the UCI(TS). Investors are advised to be aware of their rights. | Beanstandungen durch die Anleger sind kostenfrei möglich. Diese können postalisch oder per E- Mail an die Verwaltungsgesellschaft geschickt werden. Informationen zur Vorgehensweise bei Beanstandungen können Anleger kostenfrei auf der Website der Verwaltungsgesellschaft einsehen: www.universal-investment.com.
Angaben zu Zuwendungen, die die Verwaltungsgesellschaft von Dritten erhält oder an Dritte zahlt, sowie zur Methode für die Berechnung dieser Zuwendungen können kostenfrei unter www.universal-investment.com eingesehen werden. Auf Anfrage erhält der Anleger weitere Informationen zu Zuwendungen.
Anleger können eine kurze Beschreibung der Strategien zur Ausübung der Stimmrechte durch die Verwaltungsgesellschaft kostenfrei auf der Website www.universal-investment.com einsehen.
Darüber hinaus sind auf der Website www.universal-investment.com die Grundsätze für die bestmögliche Orderausführung dargelegt.
In Fällen, in denen gerichtlich oder außergerichtlich streitige Ansprüche gegenüber dem Fonds geltend gemacht werden, kann die Verwaltungsgesellschaft eine Gebühr von bis zu 5 % der für den Fonds eingezogenen Beträge geltend machen, nach Abzug und Verrechnung alle Aufwendungen, die dem Fonds infolge solcher Verfahren entstanden sind.
Die Verwaltungsgesellschaft weist die Anleger darauf hin, dass ein Anleger seine Anlegerrechte gegenüber dem OGAW nur dann in vollem Umfang geltend machen kann, wenn er mit seinem eigenen Namen im Register der Anteilinhaber des OGAW eingetragen ist. In den Fällen, in denen ein Anleger über einen Vermittler in einen OGAW investiert hat, der die Anlage in seinem Namen, aber im Auftrag des Anlegers tätigt, können nicht unbedingt alle Anlegerrechte unmittelbar durch den Anleger direkt gegenüber dem OGAW geltend gemacht werden. Anlegern wird empfohlen, sich bezüglich ihrer Rechte beraten zu lassen. | Investors may submit complaints free of charge. Complaints may be sent by post or e-mail to the Management Company. Investors may find information on the processing of complaints on the website of the Management Company free of charge: www.universal-investment.com.
Information on contributions that the Management Company receives from third parties or pays to third parties, as well as the method for calculating these contributions, may be found free of charge on www.universal-investment.com. Upon request of the investor, further details on contributions may be given.
Investors may find a brief description of the strategies regarding the use of voting rights by the Management Company free of charge on the website www.universal-investment.com.
In addition, the Best Execution Principles may also be found on the website www.universal- investment.com.
In cases where disputed claims are asserted for the Fund in or out of court, the Management Company may charge a fee of up to 5% of the amounts collected for the Fund, after deducting and offsetting the expenses incurred by the Fund as a result of these proceedings.
The Management Company shall inform investors of the fact that an investor may only assert investor rights in their entirety directly against the UCITS if the investor has been entered into the register of unitholders of the UCITS in its own name. In cases where an investor invested in the a UCI(TS) via an intermediary agent, which makes the investment in its own name but under assignment from the investor, all investor rights cannot necessarily be asserted by the investor directly against the UCI(TS). Investors are advised to be aware of their rights. | en | de |
DOLFIN1650 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le cas échéant, en fonction des particularités prévues dans les fiches descriptives des Compartiments, les investisseurs peuvent être amenés à supporter des frais et commissions d’émission, de rachat ou de conversion. Ces frais peuvent être dus au Compartiment et/ou au distributeur, tel qu’indiqué dans les fiches descriptives des Compartiments.
-
#### Fiscalité | Cuando proceda, y en función de las particularidades indicadas en las fichas descriptivas de cada Subfondo, puede exigirse a los inversores que asuman las comisiones y gastos derivados de la emisión, el reembolso o las conversiones. Estas comisiones pueden ser pagaderas al Subfondo y/o al distribuidor, según se indique en la ficha descriptiva del Subfondo.
-
#### Fiscalidad | Le cas échéant, en fonction des particularités prévues dans les fiches descriptives des Compartiments, les investisseurs peuvent être amenés à supporter des frais et commissions d’émission, de rachat ou de conversion. Ces frais peuvent être dus au Compartiment et/ou au distributeur, tel qu’indiqué dans les fiches descriptives des Compartiments.
-
#### Fiscalité | fr | es |
DOLFIN1651 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Share Class A REDEX Capitalisation EUR (LU0482270153) is representative for Share Class A REDEX Distribution EUR (LU1360213893).
Liability Statement: AXA Funds Management S.A. 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 Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | ## La clase de acción A REDEX Capitalización EUR (LU0482270153) es representativa de la clase de acción A REDEX Distribución EUR (LU1360213893).
Declaración de responsabilidad: AXA Funds Management S.A. responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Subfondo.
Cambiar entre Subfondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Subfondo sea convertida en clases de acciones de otro Subfondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Subfondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión. | ## Share Class A REDEX Capitalisation EUR (LU0482270153) is representative for Share Class A REDEX Distribution EUR (LU1360213893).
Liability Statement: AXA Funds Management S.A. 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 Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | en | es |
DOLFIN1652 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Product
US Dollar Treasury Liquidity Fund (the "Fund")
a sub-fund of Morgan Stanley Liquidity Funds (the "UCITS") Share Class: Institutional Select (LU0875336892) ("Product")
PRIIP manufacturer: MSIM Fund Management (Ireland) Limited www.morganstanley.com/im
For more information, call (+352) 34 64 61 10
The Fund and the PRIIPs are registered in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
MSIM Fund Management (Ireland) Limited is appointed as the UCITS Management Company of the Fund and is authorised by the Central Bank of Ireland.
MSIM Fund Management Ireland is a member of Morgan Stanley, a global financial group.
## This document is accurate as at: 31 March 2023
You are about to purchase a product that is not simple and may be difficult to understand. | # Produkt
US Dollar Treasury Liquidity Fund (der "Fonds")
ein Teilfonds von Morgan Stanley Liquidity Funds (der "OGAW") Anteilsklasse: Institutional Select (LU0875336892) ("Produkt")
PRIIP-Hersteller: MSIM Fund Management (Ireland) Limited www.morganstanley.com/im
Weitere Informationen erhalten Sie telefonisch unter (+352) 34 64 61 10
Der Fonds und das PRIIPs sind in Luxemburg registriert und unterliegen der Aufsicht der Commission de Surveillance du Secteur Financier.
MSIM Fund Management (Ireland) Limited wird zur OGAW-Verwaltungsgesellschaft des Fonds bestellt und ist von der Central Bank of Ireland (CBI) zugelassen. MSIM Fund Management Ireland gehört zur globalen Finanzgruppe Morgan Stanley.
## Dieses Dokument entspricht dem Stand vom: 31 März 2023
Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann. | # Product
US Dollar Treasury Liquidity Fund (the "Fund")
a sub-fund of Morgan Stanley Liquidity Funds (the "UCITS") Share Class: Institutional Select (LU0875336892) ("Product")
PRIIP manufacturer: MSIM Fund Management (Ireland) Limited www.morganstanley.com/im
For more information, call (+352) 34 64 61 10
The Fund and the PRIIPs are registered in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
MSIM Fund Management (Ireland) Limited is appointed as the UCITS Management Company of the Fund and is authorised by the Central Bank of Ireland.
MSIM Fund Management Ireland is a member of Morgan Stanley, a global financial group.
## This document is accurate as at: 31 March 2023
You are about to purchase a product that is not simple and may be difficult to understand. | en | de |
DOLFIN1653 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The expected proportion of assets under management that may be involved in such transactions is 10% of the net assets.
The counterparty to these transactions is CACEIS Bank, Luxembourg Branch. CACEIS Bank, Luxembourg Branch, does not have any power over the composition or management of the fund’s portfolio.
Within the scope of these transactions, the fund may receive/give financial guarantees (collateral); the section
entitled “Collateral management” contains information on how these work and on their characteristics. | La quota prevista del patrimonio gestito che può essere oggetto di dette operazioni è pari al 10% del patrimonio netto.
La controparte di queste operazioni è CACEIS Bank Luxembourg Branch. CACEIS Bank Luxembourg Branch non ha alcun potere decisionale in merito alla composizione o alla gestione del portafoglio del fondo.
Nell'ambito di tali operazioni, il fondo può ricevere/versare garanzie finanziarie ("collaterale"), il cui funzionamento e le cui caratteristiche sono presentati nella sezione "Gestione delle garanzie finanziarie". | The expected proportion of assets under management that may be involved in such transactions is 10% of the net assets.
The counterparty to these transactions is CACEIS Bank, Luxembourg Branch. CACEIS Bank, Luxembourg Branch, does not have any power over the composition or management of the fund’s portfolio.
Within the scope of these transactions, the fund may receive/give financial guarantees (collateral); the section
entitled “Collateral management” contains information on how these work and on their characteristics. | en | it |
DOLFIN1654 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In connection with the acquisition and disposal of property and rights for the sub-fund, the Management Company, Depositary and any authorised agents shall ensure that all payments (e.g. retrocessions, volume discounts, kick-backs) are credited directly or indirectly to the sub-fund. The Depositary shall be entitled to hold back an amount of maximum 30% of the payment.
-
# Information for investors | Im Zusammenhang mit dem Erwerb und der Veräusserung von Sachen und Rechten für den Teilfonds stellen die Verwaltungsgesellschaft, die Verwahrstelle sowie allfällige Beauftragte sicher, dass Vergütungen (z.B. Retrozessionen, Bestandsvergütungen, Kickbacks) immer direkt oder indirekt dem Teilfonds zugutekommen. Die Verwahrstelle ist berechtigt, einen Betrag von maximal 30% der Zuwendung als Rückbehalt einzubehalten.
-
# Informationen an die Anleger | In connection with the acquisition and disposal of property and rights for the sub-fund, the Management Company, Depositary and any authorised agents shall ensure that all payments (e.g. retrocessions, volume discounts, kick-backs) are credited directly or indirectly to the sub-fund. The Depositary shall be entitled to hold back an amount of maximum 30% of the payment.
-
# Information for investors | en | de |
DOLFIN1655 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### are involved in economic activities that address climate transition and/or are aligned to the long-term de-carbonisation objectives of the Paris Agreement. The Fund will maintain a carbon profile that follows the net zero objectives of the Paris Agreement, as reflected in the appropriate Paris-Aligned benchmark, or in the absence of an approved Paris-Aligned benchmark it will maintain a substantially lower carbon footprint, of at least 50% less than that of the underlying market benchmark, and taking into account the long-term carbon reduction objectives of the Paris Agreement which may warrant a revision of the targeted range of reduction over time. Carbon footprint shall be measured as weighted average carbon intensity, defined as tonnes of CO2 per
$1million enterprise value including cash.
* Fund commenced operations on 8 April 2022.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market | #### con sede in mercati sviluppati coinvolte in attività economiche riguardanti la transizione climatica e/o allineate agli obiettivi di decarbonizzazione a lungo termine dell’Accordo di Parigi. Il Fondo manterrà un profilo di carbonio conforme agli obiettivi dell’Accordo di Parigi, così come riflessi nel benchmark allineato all’Accordo di Parigi appropriato, o in mancanza di un benchmark di questo genere approvato, manterrà un’impronta di carbonio decisamente inferiore, o inferiore almeno del 50% a quella del benchmark di mercato sottostante, e che tenga conto degli obiettivi di riduzione del carbonio a lungo termine dell’Accordo di Parigi in modo da assicurare una revisione nel tempo della fascia di riduzione. L’impronta di carbonio sarà misurata come intensità di carbonio media ponderata del Fondo (WACI), definita in termini di tonnellate di CO2 per
1 milione di dollari di valore della società, liquidità compresa.
* Il Fondo ha iniziato a operare in data 8 aprile 2022.
Per la politica e l’obiettivo d’investimento del Fondo, si rimanda al prospetto informativo completo.
Valori mobiliari e strumenti del mercato monetario ammessi al
listino ufficiale o negoziati su un altro mercato regolamentato | #### are involved in economic activities that address climate transition and/or are aligned to the long-term de-carbonisation objectives of the Paris Agreement. The Fund will maintain a carbon profile that follows the net zero objectives of the Paris Agreement, as reflected in the appropriate Paris-Aligned benchmark, or in the absence of an approved Paris-Aligned benchmark it will maintain a substantially lower carbon footprint, of at least 50% less than that of the underlying market benchmark, and taking into account the long-term carbon reduction objectives of the Paris Agreement which may warrant a revision of the targeted range of reduction over time. Carbon footprint shall be measured as weighted average carbon intensity, defined as tonnes of CO2 per
$1million enterprise value including cash.
* Fund commenced operations on 8 April 2022.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market | en | it |
DOLFIN1656 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique d'investissement
Robeco Indian Equities est un fonds à gestion active qui investit dans des actions cotées sur les grandes places boursières de l'Inde. La sélection de ces titres est basée sur une analyse fondamentale. Le fonds vise une performance supérieure à l'indice. Le fonds favorise les caractéristiques E et S (environnementales et sociales) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier, son processus d'investissement intègre les risques de durabilité et la politique de bonne gouvernance de Robeco est appliquée. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, le vote par procuration et l'engagement. Le fonds se concentre sur les actions à grande capitalisation, complétées par des actions à moyenne capitalisation et à forte conviction de premier choix. Géré par notre équipe Asie Pacifique à Hong Kong, le fonds associe l'expertise locale de notre conseiller en investissement Canara Robeco (Bombay) au savoir-faire opérationnel de Robeco en tant que gérant d'actifs international. La majorité des titres ainsi sélectionnés seront des composantes de l'indice, mais pas nécessairement. Le fonds peut dévier considérablement des pondérations de l'indice. Le fonds vise à surperformer l'indice sur le long terme, tout en contrôlant le risque relatif en appliquant des limites (pays, devises et secteurs) dans la mesure de l'écart par rapport à l'indice. Cela limitera l'écart de performance par rapport à l'indice. Le benchmark est un indice général de marché pondéré non conforme aux caractéristiques ESG favorisées par le fonds. | # Política de inversión
Robeco Indian Equities es un fondo de gestión activa que invierte en acciones que cotizan en las principales bolsas de valores de India. La selección de estas acciones se basa en el análisis por fundamentales. El objetivo del fondo es superar el rendimiento del índice. El fondo fomenta criterios AS (ambientales y sociales) en el sentido del Artículo 8 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles, integra riesgos de sostenibilidad en el proceso de inversión, y aplica la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones regionales, normativas y de actividad, la delegación de voto o la interacción. El fondo se centra en acciones de gran capitalización, que complementa con acciones de mediana capitalización y elevado nivel de confianza. Gestionado por nuestro equipo de la región de Asia-Pacífico en Hong Kong, el fondo combina la experiencia del asesor de inversión local Canara Robeco (Mumbai) en el mercado de India con la solidez operativa de Robeco como gestor de activos internacional. Aunque podrán incluirse títulos ajenos al índice de referencia, la mayor parte de los títulos seleccionados con este enfoque pertenecerá al mismo. El fondo podrá apartarse significativamente de las ponderaciones del índice de referencia. El fondo tiene como objetivo superar a largo plazo al índice de referencia, sin dejar de controlar el riesgo relativo, con la aplicación de límites (sobre países, monedas y sectores) respecto al grado de desviación frente al índice de referencia, A su vez, ello limitará la desviación de la rentabilidad frente a dicho índice. El índice de referencia es un índice ponderado del conjunto del mercado que no se atiene a los criterios ASG que fomenta el fondo. | # Politique d'investissement
Robeco Indian Equities est un fonds à gestion active qui investit dans des actions cotées sur les grandes places boursières de l'Inde. La sélection de ces titres est basée sur une analyse fondamentale. Le fonds vise une performance supérieure à l'indice. Le fonds favorise les caractéristiques E et S (environnementales et sociales) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier, son processus d'investissement intègre les risques de durabilité et la politique de bonne gouvernance de Robeco est appliquée. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, le vote par procuration et l'engagement. Le fonds se concentre sur les actions à grande capitalisation, complétées par des actions à moyenne capitalisation et à forte conviction de premier choix. Géré par notre équipe Asie Pacifique à Hong Kong, le fonds associe l'expertise locale de notre conseiller en investissement Canara Robeco (Bombay) au savoir-faire opérationnel de Robeco en tant que gérant d'actifs international. La majorité des titres ainsi sélectionnés seront des composantes de l'indice, mais pas nécessairement. Le fonds peut dévier considérablement des pondérations de l'indice. Le fonds vise à surperformer l'indice sur le long terme, tout en contrôlant le risque relatif en appliquant des limites (pays, devises et secteurs) dans la mesure de l'écart par rapport à l'indice. Cela limitera l'écart de performance par rapport à l'indice. Le benchmark est un indice général de marché pondéré non conforme aux caractéristiques ESG favorisées par le fonds. | fr | es |
DOLFIN1657 | 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: €10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2,380 | €2,070 |
| Rendement annuel moyen | -76.17% | -27.01% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8,980 | €8,980 |
| Rendement annuel moyen | -10.23% | -2.14% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11,140 | €17,370 |
| Rendement annuel moyen | 11.41% | 11.67% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15,220 | €21,740 |
| Rendement annuel moyen | 52.18% | 16.79% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: €10,000 En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2,380 | €2,070 |
| Rendimiento medio cada año | -76.17% | -27.01% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8,980 | €8,980 |
| Rendimiento medio cada año | -10.23% | -2.14% |
| Moderado | Lo que podría recibir tras deducir los costes | €11,140 | €17,370 |
| Rendimiento medio cada año | 11.41% | 11.67% |
| Favorable | Lo que podría recibir tras deducir los costes | €15,220 | €21,740 |
| Rendimiento medio cada año | 52.18% | 16.79% | | | Période de détention recommandée: 5 ans Exemple d'investissement: €10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2,380 | €2,070 |
| Rendement annuel moyen | -76.17% | -27.01% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8,980 | €8,980 |
| Rendement annuel moyen | -10.23% | -2.14% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11,140 | €17,370 |
| Rendement annuel moyen | 11.41% | 11.67% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15,220 | €21,740 |
| Rendement annuel moyen | 52.18% | 16.79% | | fr | es |
DOLFIN1658 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Text in red that has been struck-through in the Table above denotes text that no longer appears as part of the name of the relevant index. Underlined text in blue denotes text that newly forms part of or has been newly added to the relevant index's current name.
Please note that the changes outlined in the Table above constitute changes to the names only of the relevant indices. In each case the Ticker for the relevant index remains unchanged and remains, for each of the indices in question, as set out in the Table above.
- Changes relevant only to Shareholders of:
- Lazard Emerging Markets Local Debt Fund;
- Lazard Emerging Markets Total Return Debt Fund;
- Lazard Emerging Markets Debt Blend Fund; and
- Lazard Emerging Markets Corporate Debt FundThe "Dealing Information" table in Appendix II of the Supplements for each of the above-mentioned Funds currently provides, with respect to dealings in the relevant Fund's Shares, that subscription payments must be received and redemption proceeds will be paid, in accordance with the terms of the relevant Supplement, within fourBusiness Days of the relevant Dealing Day in respect of which the deal is placed. | Il testo in rosso che è stato barrato nella tabella precedente non compare più nel nome dell’indice in oggetto. Il testo sottolineato in blu fa parte o è stato aggiunto di recente al nome attuale dell’indice in oggetto.
Le modifiche evidenziate nella tabella precedente riguardano esclusivamente i nomi degli indici in oggetto. In ogni caso, il ticker dell’indice corrispondente resta invariato e rimane, per ciascuno degli indici in questione, quello indicato nella tabella precedente.
- Modifiche riguardanti esclusivamente gli Azionisti di:
- Lazard Emerging Markets Local Debt Fund;
- Lazard Emerging Markets Total Return Debt Fund;
- Lazard Emerging Markets Debt Blend Fund; e
- Lazard Emerging Markets Corporate Debt FundLa tabella contenente le “Informazioni sulle operazioni”, nell’Allegato II dei Supplementi di ciascuno dei suddetti Fondi attualmente prevede, con riferimento alle operazioni relative ad Azioni del rispettivo Fondo, che i pagamenti per le sottoscrizioni debbano essere ricevuti, e i proventi del riscatto pagati, in conformità ai termini del Supplemento, entro quattroGiorni lavorativi dal giorno di negoziazione per il quale è stata effettuata l’operazione. | Text in red that has been struck-through in the Table above denotes text that no longer appears as part of the name of the relevant index. Underlined text in blue denotes text that newly forms part of or has been newly added to the relevant index's current name.
Please note that the changes outlined in the Table above constitute changes to the names only of the relevant indices. In each case the Ticker for the relevant index remains unchanged and remains, for each of the indices in question, as set out in the Table above.
- Changes relevant only to Shareholders of:
- Lazard Emerging Markets Local Debt Fund;
- Lazard Emerging Markets Total Return Debt Fund;
- Lazard Emerging Markets Debt Blend Fund; and
- Lazard Emerging Markets Corporate Debt FundThe "Dealing Information" table in Appendix II of the Supplements for each of the above-mentioned Funds currently provides, with respect to dealings in the relevant Fund's Shares, that subscription payments must be received and redemption proceeds will be paid, in accordance with the terms of the relevant Supplement, within fourBusiness Days of the relevant Dealing Day in respect of which the deal is placed. | en | it |
DOLFIN1659 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## we still see the results as favourable, with +7% organic sales growth and margin expansion. Results should continue to improve in the second half of the year. The stock declined -8%.
Heineken: The brewer reported lower than expected results last month. Organic growth and operating profit were below consensus. Specific issues in some markets (notably Vietnam and Nigeria) were behind most of the miss, but we believe these issues will be temporary in nature. The stock retreated -6%.
SIG Combibloc: The aseptic packaging provider’s results were in line with expectations, and management confirmed their guidance for the full year. We saw little other news that could drive the stock last month. The shares declined -4%. | ## +7% et une augmentation des marges. Les résultats devraient continuer à s’améliorer au second semestre. L’action a perdu 8%.
Heineken : le brasseur a annoncé des résultats inférieurs aux attentes le mois dernier. La croissance organique et le résultat d’exploitation ont été inférieurs aux prévisions du consensus. Des problèmes spécifiques sur certains marchés (notamment le Vietnam et le Nigeria) expliquent en partie ces résultats décevants, mais nous pensons que ces problèmes seront de nature temporaire. Le titre a reculé de 6%.
SIG Combibloc : les résultats du fournisseur d’emballages aseptiques ont été conformes aux attentes et l’équipe de direction a confirmé ses prévisions pour l’ensemble de l’année. Nous n’avons pas pris connaissance d’autres nouvelles susceptibles d’influencer le cours de l’action le mois dernier. Les actions ont baissé de 4%. | ## we still see the results as favourable, with +7% organic sales growth and margin expansion. Results should continue to improve in the second half of the year. The stock declined -8%.
Heineken: The brewer reported lower than expected results last month. Organic growth and operating profit were below consensus. Specific issues in some markets (notably Vietnam and Nigeria) were behind most of the miss, but we believe these issues will be temporary in nature. The stock retreated -6%.
SIG Combibloc: The aseptic packaging provider’s results were in line with expectations, and management confirmed their guidance for the full year. We saw little other news that could drive the stock last month. The shares declined -4%. | en | fr |
DOLFIN1660 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Any such contingent deferred sales charges will be paid to the Distributor or the Manager. No Preliminary Charge or Redemption Charge shall be payable in respect of the BE Retail Shares.
Further detail in respect of the fees payable to the Manager including the “Management Fee”, “Service Fee”, “Distribution Fee” and Z Class Fee are set out in the section of the Prospectus headed “Fees and Expenses”.
A detailed summary of the fees and expenses of the Fund and the Company is set out in the section of the Prospectus headed “Fees and Expenses”. | Eventuali oneri di vendita differita verranno pagati al Distributore o al Gestore. Non saranno addebitati Oneri preliminari o Commissioni di rimborso per le Azioni BE retail.
Ulteriori dettagli relativi alle commissioni dovute al Gestore, inclusi la “Commissione di gestione”, il “Compenso per servizi resi”, la “Commissione di distribuzione” e la Commissione per la Classe Z, sono riportati nella sezione del Prospetto informativo intitolata “Commissioni e spese”.
Una sintesi dettagliata delle commissioni e spese del Comparto e della Società è riportata nella sezione del Prospetto informativo intitolata “Commissioni e spese”. | Any such contingent deferred sales charges will be paid to the Distributor or the Manager. No Preliminary Charge or Redemption Charge shall be payable in respect of the BE Retail Shares.
Further detail in respect of the fees payable to the Manager including the “Management Fee”, “Service Fee”, “Distribution Fee” and Z Class Fee are set out in the section of the Prospectus headed “Fees and Expenses”.
A detailed summary of the fees and expenses of the Fund and the Company is set out in the section of the Prospectus headed “Fees and Expenses”. | en | it |
DOLFIN1661 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
As time progresses and central banks are moving closer towards the end of their tightening cycle, the drive towards higher yields will likely reach an inflection point. In yield curves, the macroeconomic and policy backdrop means front-end yields remain under upward pressure in the near-term. The EUR yield curve has finally started to flatten, following the GBP and US Treasuries curves in a broadening wave of global curve flattening. Headline inflation has already inched somewhat lower in the US. But the rise in various core measures means central bank tightening is inked in for the near-term. | # Expectativas del gestor del fondo
A medida que pasa el tiempo y los bancos centrales se acercan al final de su ciclo de endurecimiento, es probable que la tendencia de subida de tipos de interés alcance un punto de inflexión. En las curvas de rentabilidad, el contexto macroeconómico y político mantiene la presión al alza sobre los valores a corto plazo. La curva de rentabilidad del EUR ha empezado a aplanarse, siguiendo a las de la GBP y del Tesoro de EE. UU. en una ola generalizada de aplanamiento de las curvas. La tasa de inflación general ya ha bajado un poco en EE. UU. Pero el aumento en algunos valores básicos implica que habrá un endurecimiento del banco central a corto plazo. | # Expectation of fund manager
As time progresses and central banks are moving closer towards the end of their tightening cycle, the drive towards higher yields will likely reach an inflection point. In yield curves, the macroeconomic and policy backdrop means front-end yields remain under upward pressure in the near-term. The EUR yield curve has finally started to flatten, following the GBP and US Treasuries curves in a broadening wave of global curve flattening. Headline inflation has already inched somewhat lower in the US. But the rise in various core measures means central bank tightening is inked in for the near-term. | en | es |
DOLFIN1662 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Algebris Allocation Fund
The Performance Fee in respect of the Class B, Class I and Class R Shares is equal to 10% of the excess of the NAV per Share of the relevant Class B Shares, Class I Shares and Class R Shares (after the deduction of the Management Fee and all other payments and expenses but before the deduction of any accrued Performance Fee) at the end of a Performance Period over the High Water Mark.
No Performance Fees shall be payable in respect of Class M shares.
Effective 13 April 2021, the Investment Manager waived their right to receive a Performance Fee. The Algebris Allocation Fund portfolio of investments was liquidated into cash on 13 April 2021 and final redemptions were made on 17 May 2021.
Performance Fees for the financial period ended 30 June 2022 amounted to EUR Nil (30 June 2021: EUR 5,106) of which EUR Nil (31 December 2021: EUR Nil) was payable at financial period end. | ## Algebris Allocation Fund
La Commissione di performance per le Classi B, I e R è pari al 10% dell’eccedenza del NAV per Azione delle Azioni di Classe B, I e R (al netto della deduzione della Commissione di gestione e di tutti gli altri pagamenti e spese ma al lordo della deduzione di eventuali Commissioni di performance maturate) al termine di un Periodo di performance rispetto all’High Water Mark.
Non è dovuta alcuna Commissione di performance in relazione alle Azioni di Classe M.
Il 13 aprile 2021, il Gestore degli investimenti ha rinunciato al diritto di percepire la Commissione di gestione. Il portafoglio investimenti di Algebris Allocation Fund è stato liquidato in contanti il 13 aprile 2021 e i rimborsi finali sono stati effettuati il 17 maggio 2021.
Le Commissioni di performance per il periodo chiuso al 30 giugno 2022 sono state pari a Euro zero (30 giugno 2021: Euro 5.106) di cui Euro zero (31 dicembre 2021: Euro zero) pagabili a fine periodo. | ## Algebris Allocation Fund
The Performance Fee in respect of the Class B, Class I and Class R Shares is equal to 10% of the excess of the NAV per Share of the relevant Class B Shares, Class I Shares and Class R Shares (after the deduction of the Management Fee and all other payments and expenses but before the deduction of any accrued Performance Fee) at the end of a Performance Period over the High Water Mark.
No Performance Fees shall be payable in respect of Class M shares.
Effective 13 April 2021, the Investment Manager waived their right to receive a Performance Fee. The Algebris Allocation Fund portfolio of investments was liquidated into cash on 13 April 2021 and final redemptions were made on 17 May 2021.
Performance Fees for the financial period ended 30 June 2022 amounted to EUR Nil (30 June 2021: EUR 5,106) of which EUR Nil (31 December 2021: EUR Nil) was payable at financial period end. | en | it |
DOLFIN1663 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
HSBC GLOBAL INVESTMENT FUNDS - GLOBAL BOND
a sub-fund of HSBC Global Investment Funds,(the "UCITS"). The Fund is managed by HSBC Investment Funds (Luxembourg) S.A., authorised in Grand Duchy of Luxembourg and supervised by Commission de Surveillance du Secteur Financier (CSSF). HSBC Asset Management is the brand name for the asset management business of HSBC Group.
PRIIP Manufacturer: HSBC Investment Funds (Luxembourg) S.A. Share Class: ID Telephone: +352 4888 9625 ISIN: LU0149731258
Production Date: 24 July 2023. Website: http://www.assetmanagement.hsbc.com | # Scopo
Il presente documento fornisce le informazioni chiave relative a questo prodotto di investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi e i guadagni e le perdite potenziali di questo prodotto e di aiutarvi a fare un raffronto con altri prodotti d'investimento.
HSBC GLOBAL INVESTMENT FUNDS - GLOBAL BOND
un comparto di HSBC Global Investment Funds, (l'"OICVM"). Il Fondo è gestito da HSBC Investment Funds (Luxembourg) S.A., autorizzato in Granducato del Lussemburgo e soggetto alla vigilanza della Commission de Surveillance du Secteur Financier (CSSF). HSBC Asset Management è il nome commerciale della divisione di gestione patrimoniale di HSBC Group.
Ideatore di PRIIP: HSBC Investment Funds (Luxembourg) S.A. Classe di azioni: ID
Telefono: +352 4888 9625 ISIN: LU0149731258
Data di produzione: 24 luglio 2023. Sito web: http://www.assetmanagement.hsbc.com | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
HSBC GLOBAL INVESTMENT FUNDS - GLOBAL BOND
a sub-fund of HSBC Global Investment Funds,(the "UCITS"). The Fund is managed by HSBC Investment Funds (Luxembourg) S.A., authorised in Grand Duchy of Luxembourg and supervised by Commission de Surveillance du Secteur Financier (CSSF). HSBC Asset Management is the brand name for the asset management business of HSBC Group.
PRIIP Manufacturer: HSBC Investment Funds (Luxembourg) S.A. Share Class: ID Telephone: +352 4888 9625 ISIN: LU0149731258
Production Date: 24 July 2023. Website: http://www.assetmanagement.hsbc.com | en | it |
DOLFIN1664 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- through a lending system organised by a financial institution that specialises in this type of transaction.
- through a standardised lending system organised by a recognised clearing institution.
| For each transaction, the Sub-Fund must receive and hold collateral that is at least equivalent, at all times during the lifetime of the transactions, to the full current value of the securities lent. The Sub-Fund must have the right to terminate any of these transactions at any time and to recall the securities that have been lent or are subject to the repurchase agreement. See also How theSub-Funds Use Derivatives, Instruments and Techniques. | | - über ein Wertpapierleihsystem, das von einem auf diese Art von Geschäften spezialisierten Finanzinstitut organisiert ist.
- über ein standardisiertes Wertpapierleihsystem, das von einer anerkannten Clearingstelle organisiert ist.
| Der Teilfonds muss für jede Transaktion Sicherheiten empfangen und halten, die über die Laufzeit der Geschäfte jederzeit zumindest dem vollen aktuellen Wert der verliehenen Wertpapiere entsprechen. Der Teilfonds muss berechtigt sein, diese Geschäfte jederzeit zu kündigen und die Rückgabe der Wertpapiere zu verlangen, die verliehen wurden oder Gegenstand des Pensionsgeschäfts sind. Siehe auch Wie die Teilfonds Derivate, Instrumente und Techniken einsetzen. | | - through a lending system organised by a financial institution that specialises in this type of transaction.
- through a standardised lending system organised by a recognised clearing institution.
| For each transaction, the Sub-Fund must receive and hold collateral that is at least equivalent, at all times during the lifetime of the transactions, to the full current value of the securities lent. The Sub-Fund must have the right to terminate any of these transactions at any time and to recall the securities that have been lent or are subject to the repurchase agreement. See also How theSub-Funds Use Derivatives, Instruments and Techniques. | | en | de |
DOLFIN1665 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Calendar year returns in % Fund 5 | Index 6 |
| --- | --- |
| 2019 | 7.46 | –0.41 |
| 2018 | –3.57 | –0.37 |
| 2017 | 1.18 | –0.37 | | | Rendimenti dell’anno solare in % Fondo 5 | Indice 6 |
| --- | --- |
| 2019 | 7,46 | –0,41 |
| 2018 | –3,57 | –0,37 |
| 2017 | 1,18 | –0,37 | | | Calendar year returns in % Fund 5 | Index 6 |
| --- | --- |
| 2019 | 7.46 | –0.41 |
| 2018 | –3.57 | –0.37 |
| 2017 | 1.18 | –0.37 | | en | it |
DOLFIN1666 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- 0-1 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (8 against 5). The relative performance is +3, and so, a performance fee is payable. The calculation base is +3 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 108 for the next period.
- 1-2 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (5 against 9). The relative performance is -4, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 2 years. For the next year, the relative performance must be above 4 in order to pay performance fee.
- 1-3 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (4 against 3) as the relative performance in period 3 is +5. The relative performance for the period 1-3 is +1, and so, a performance fee is payable. The calculation base is +1 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 112 for the next period.
- 3-4 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (-10 against -8). The relative performance is -2, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 2 years. For the next year, the relative performance must be above 2 in order to pay performance fee.
- 3-5 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (-2 against -3) as the relative performance in period 5 is +3. In this case, even if the absolute performance of the NAV since the end of year 3 is negative (at the end of the Period, the NAV is equal to 110, below the Outperformance Reference NAV at 112), a Performance fee is payable because the overall relative performance (NAV performance against Outpefrormance Reference NAV performance) during the Period is positive (equal to +1). The calculation base is +1 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 110 for the next period. | - Periodo di performance 0-1: durante tale periodo, la performance del NAV è superiore a quella del Benchmark (8 contro 5). La performance relativa è +3 e, quindi, è pagabile una commissione di performance. La base di calcolo è +3 moltiplicato per il tasso della Commissione di performance. Il NAV di riferimento della sovraperformance è fissato a 108 per il prossimo periodo.
- Periodo di performance 1-2: durante tale periodo, la performance del NAV è inferiore a quella del Benchmark (5 contro 9). La performance relativa è -4 e, quindi, è non pagabile alcuna commissione di performance. Il NAV di riferimento della sovraperformance rimane invariato e il periodo di performance di riferimento è esteso a 2 anni. Per l'anno successivo, per poter pagare la commissione di performance, la performance relativa deve essere superiore a 4.
- Periodo di performance 1-3: durante tale periodo, la performance del NAV è superiore a quella del Benchmark (4 contro 3) in quanto la performance relativa nel periodo 3 è +5. La performance relativa nel periodo 1-3 è +1 e, quindi, è pagabile una commissione di performance. La base di calcolo è +1 moltiplicato per il tasso della Commissione di performance. Il NAV di riferimento della sovraperformance è fissato a 112 per il prossimo periodo.
- Periodo di performance 3-4: durante tale periodo, la performance del NAV è inferiore a quella del Benchmark (-10 contro -8). La performance relativa è -2 e, quindi, è non pagabile alcuna commissione di performance. Il NAV di riferimento della sovraperformance rimane invariato e il periodo di performance di riferimento è esteso a 2 anni. Per l'anno successivo, per poter pagare la commissione di performance, la performance relativa deve essere superiore a 2.
- Periodo di performance 3-5: durante tale periodo, la performance del NAV è superiore a quella del Benchmark (-2 contro -3) in quanto la performance relativa nel periodo 5 è +3. In questo caso, anche se la performance assoluta del NAV dalla fine dell'anno 3 è negativa (alla fine del Periodo, il NAV è pari a 110, al di sotto del NAV di riferimento della sovraperformance a 112), una Commissione di performance è pagabile perché la performance relativa complessiva (performance del NAV rispetto alla performance del NAV di riferimento per la sovraperformance) durante il Periodo è positiva (pari a +1). La base di calcolo è +1 moltiplicato per il tasso della Commissione di performance. Il NAV di riferimento della sovraperformance è fissato a 110 per il prossimo periodo. | - 0-1 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (8 against 5). The relative performance is +3, and so, a performance fee is payable. The calculation base is +3 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 108 for the next period.
- 1-2 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (5 against 9). The relative performance is -4, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 2 years. For the next year, the relative performance must be above 4 in order to pay performance fee.
- 1-3 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (4 against 3) as the relative performance in period 3 is +5. The relative performance for the period 1-3 is +1, and so, a performance fee is payable. The calculation base is +1 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 112 for the next period.
- 3-4 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (-10 against -8). The relative performance is -2, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 2 years. For the next year, the relative performance must be above 2 in order to pay performance fee.
- 3-5 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (-2 against -3) as the relative performance in period 5 is +3. In this case, even if the absolute performance of the NAV since the end of year 3 is negative (at the end of the Period, the NAV is equal to 110, below the Outperformance Reference NAV at 112), a Performance fee is payable because the overall relative performance (NAV performance against Outpefrormance Reference NAV performance) during the Period is positive (equal to +1). The calculation base is +1 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 110 for the next period. | en | it |
DOLFIN1667 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of FTSE EPRA/NAREIT Developed Index, the Fund’s benchmark index.
The Fund is passively managed and invests so far as possible and practicable in equity securities (e.g. shares) of real estate companies on a global basis and in real estate investment trusts which make up the Fund’s benchmark index.
The benchmark index measures the performance of the equity market of the developed markets globally and is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The investment manager may also use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your units will be accumulating units (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Units for this class are bought and sold in Sterling. The performance of your units may be affected by this currency difference. You can buy and sell your units daily. The minimum initial investment for this unit class is £1,000,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del índice FTSE EPRA/NAREIT Developed, el índice de referencia del Fondo.
El Fondo se gestiona de forma pasiva e invierte, en la medida de lo posible y factible, en valores de renta variable (como acciones) de sociedades inmobiliarias de todo el mundo y en fideicomisos de inversión inmobiliaria que componen el índice de referencia del Fondo.
El índice de referencia mide la rentabilidad del mercado de renta variable de los mercados desarrollados de todo el mundo y es un índice ponderado de capitalización bursátil ajustada a flotación libre. Ajustada a flotación libre significa que para el cálculo del índice de referencia solamente se utilizan las acciones inmediatamente disponibles en el mercado, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones inmediatamente disponibles en el mercado.
El Fondo trata de replicar el índice de referencia manteniendo los valores de renta variable que componen dicho índice de referencia, en proporciones similares a este. Además la gestora de inversiones podrá utilizar instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes)
para alcanzar el objetivo de inversión del Fondo.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus participaciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las participaciones correspondientes a esta clase se compran y venden en libras esterlinas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus participaciones. La inversión mínima inicial para esta clase de participaciones es de 1 000 000 GBP.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of FTSE EPRA/NAREIT Developed Index, the Fund’s benchmark index.
The Fund is passively managed and invests so far as possible and practicable in equity securities (e.g. shares) of real estate companies on a global basis and in real estate investment trusts which make up the Fund’s benchmark index.
The benchmark index measures the performance of the equity market of the developed markets globally and is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The investment manager may also use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your units will be accumulating units (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Units for this class are bought and sold in Sterling. The performance of your units may be affected by this currency difference. You can buy and sell your units daily. The minimum initial investment for this unit class is £1,000,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1668 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Maturity Profile (Contribution to Duration)
| | Fund | Index | Relative |
| --- | --- | --- | --- |
| 0 to 1 years | -0.3 | 0.0 | -0.4 |
| 1 to 3 years | 0.3 | 0.5 | -0.2 |
| 3 to 5 years | 0.6 | 0.8 | -0.2 |
| 5 to 10 years | 2.2 | 1.7 | 0.5 |
| 10 to 15 years | 0.4 | 0.2 | 0.1 |
| 15 to 20 years | 0.4 | 0.8 | -0.4 |
| 20 to 25 years | 0.4 | 1.0 | -0.5 |
| 25 to 30 years | 3.5 | 2.0 | 1.5 |
| 30 to 40 years | 0.2 | 0.2 | -0.1 |
| 40 + years | 0.1 | 0.1 | 0.0 |
| Rounding adjustment | -0.1 | 0.0 | 0.1 |
| TOTAL | 7.7 | 7.3 | 0.4 |
Includes the effect of interest rate derivatives such as government bond futures, inflation swaps and interest rate swaps.
| Currency Exposure | |
| --- | --- |
| | Before Hedging | After Hedging | Index |
| USD | 87.42 | 100.17 | 100.00 |
| EUR | 6.17 | 1.04 | 0.00 |
| GBP | 2.51 | -0.02 | 0.00 |
| JPY | 2.42 | 0.04 | 0.00 |
| AUD | 1.19 | -0.22 | 0.00 |
| Other | 0.28 | -1.00 | 0.00 |
| Rounding adjustment | 0.01 | -0.01 | 0.00 |
| TOTAL | 100.00 | 100.00 | 100.00 |
Exposure as a percent of total net assets.
This table shows the currency exposure and hedging of the fund’s investments. The “After Hedging” column shows the currency exposure relevant to the investor. | # Maturités (contribution à la duration)
| | Fonds | Indice | Relatif |
| --- | --- | --- | --- |
| 0 à 1 an | -0,3 | 0,0 | -0,4 |
| 1 à 3 ans | 0,3 | 0,5 | -0,2 |
| 3 à 5 ans | 0,6 | 0,8 | -0,2 |
| 5 à 10 ans | 2,2 | 1,7 | 0,5 |
| 10 à 15 ans | 0,4 | 0,2 | 0,1 |
| 15 à 20 ans | 0,4 | 0,8 | -0,4 |
| 20 à 25 ans | 0,4 | 1,0 | -0,5 |
| 25 à 30 ans | 3,5 | 2,0 | 1,5 |
| 30 à 40 ans | 0,2 | 0,2 | -0,1 |
| +40 ans | 0,1 | 0,1 | 0,0 |
| Arrondis | -0,1 | 0,0 | 0,1 |
| TOTAL | 7,7 | 7,3 | 0,4 |
Tient compte de l'effet des instruments dérivés sur taux d'intérêt tels que les contrats à terme sur obligations d'État, les swaps d'inflation et les swaps de taux d'intérêt.
| Exposition aux devise | |
| --- | --- |
| | Avant couverture | Après couverture | Indice |
| USD | 87,42 | 100,17 | 100,00 |
| EUR | 6,17 | 1,04 | 0,00 |
| GBP | 2,51 | -0,02 | 0,00 |
| JPY | 2,42 | 0,04 | 0,00 |
| AUD | 1,19 | -0,22 | 0,00 |
| Autres | 0,28 | -1,00 | 0,00 |
| Arrondis | 0,01 | -0,01 | 0,00 |
| TOTAL | 100,00 | 100,00 | 100,00 |
Exposition en pourcentage de l'actif net total.
Ce tableau présente l'exposition de change et la couverture des investissements du fonds. La colonne « Après couverture » présente l'exposition de change effective pour l'investisseur. | # Maturity Profile (Contribution to Duration)
| | Fund | Index | Relative |
| --- | --- | --- | --- |
| 0 to 1 years | -0.3 | 0.0 | -0.4 |
| 1 to 3 years | 0.3 | 0.5 | -0.2 |
| 3 to 5 years | 0.6 | 0.8 | -0.2 |
| 5 to 10 years | 2.2 | 1.7 | 0.5 |
| 10 to 15 years | 0.4 | 0.2 | 0.1 |
| 15 to 20 years | 0.4 | 0.8 | -0.4 |
| 20 to 25 years | 0.4 | 1.0 | -0.5 |
| 25 to 30 years | 3.5 | 2.0 | 1.5 |
| 30 to 40 years | 0.2 | 0.2 | -0.1 |
| 40 + years | 0.1 | 0.1 | 0.0 |
| Rounding adjustment | -0.1 | 0.0 | 0.1 |
| TOTAL | 7.7 | 7.3 | 0.4 |
Includes the effect of interest rate derivatives such as government bond futures, inflation swaps and interest rate swaps.
| Currency Exposure | |
| --- | --- |
| | Before Hedging | After Hedging | Index |
| USD | 87.42 | 100.17 | 100.00 |
| EUR | 6.17 | 1.04 | 0.00 |
| GBP | 2.51 | -0.02 | 0.00 |
| JPY | 2.42 | 0.04 | 0.00 |
| AUD | 1.19 | -0.22 | 0.00 |
| Other | 0.28 | -1.00 | 0.00 |
| Rounding adjustment | 0.01 | -0.01 | 0.00 |
| TOTAL | 100.00 | 100.00 | 100.00 |
Exposure as a percent of total net assets.
This table shows the currency exposure and hedging of the fund’s investments. The “After Hedging” column shows the currency exposure relevant to the investor. | en | fr |
DOLFIN1669 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
## Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
## The risk indicator assumes you keep the product for 3 years.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this Fund as 2 out of 7 which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact performance.
This fund exposes investors to investment risks, including market, credit and liquidity risk. Please refer to the fund's prospectus document for a comprehensive list of applicable risks for this fund.
## This product does not include any protection from future market performance so you could lose some or all of your investment. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
## Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
## L'indicateur de risque suppose que vous conservez le produit pendant 3 années.
L'indicateur synthétique de risque sert de guide sur le niveau de risque de ce produit par rapport à d'autres produits. Il indique la probabilité que le produit perde de l'argent en raison des mouvements des marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce Fonds à 2 sur 7, ce qui est une catégorie à faible risque. Cela évalue les pertes potentielles liées à la performance future à un faible niveau, et les mauvaises conditions du marché sont très peu susceptibles d'avoir une incidence sur la performance.
Ce fonds expose les investisseurs à des risques de placement, y compris le risque de marché, de crédit et de liquidité. Veuillez consulter le prospectus du fonds pour obtenir une liste complète des risques applicables à ce fonds.
## Ce produit n'inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre une partie ou la totalité de votre investissement. | # What are the risks and what could I get in return?
## Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
## The risk indicator assumes you keep the product for 3 years.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this Fund as 2 out of 7 which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact performance.
This fund exposes investors to investment risks, including market, credit and liquidity risk. Please refer to the fund's prospectus document for a comprehensive list of applicable risks for this fund.
## This product does not include any protection from future market performance so you could lose some or all of your investment. | en | fr |
DOLFIN1670 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# CONTRATS IMPORTANTS
## Les contrats suivants, qui ne sont pas des contrats conclus dans le cadre de l’activité ordinaire, ont été ou seront conclus et sont ou peuvent être importants :
- contrat de services de Société de gestion en date du 19 décembre 2018, et amendé ponctuellement, entre le Fonds et Allspring Global Investments Luxembourg S.A. ;
- contrat de gestion de placements en date du 25 mai 2018, et amendé ponctuellement, entre Allspring Global Investments Luxembourg S.A. et Allspring Funds Management, LLC ;
- contrat de sous-délégation de gestion de placements en date du 11 octobre 2018, et amendé ponctuellement, entre Allspring Funds Management, LLC etAllspring Global Investments, LLC, en présence de Allspring Global Investments Luxembourg S.A. ;
- contrat de sous-délégation de gestion de placements en date du 22 octobre 2019, et amendé ponctuellement, entre Allspring Funds Management, LLC et Allspring Global Investments (UK) Limited en présence de Allspring Global Investments Luxembourg S.A. ;
- contrat de Dépositaire en date du 20 mai 2016, et amendé ponctuellement, entre le Fonds, Brown Brothers Harriman (Luxembourg) S.C.A. et Allspring Global Investments Luxembourg S.A. ; et
- contrat de gestion en date du 29 janvier 2015, et amendé ponctuellement, entre le Fonds, Allspring Global Investments Luxembourg S.A. et Brown Brothers Harriman (Luxembourg) S.C.A. | # CONTRATOS RELEVANTES
## Los siguientes contratos, debido a que no se trata de contratos suscritos en el transcurso normal de las actividades, han sido suscritos y son o serán significativos:
- un Contrato de Servicios de la Sociedad Gestora de fecha 19 de diciembre de 2018 y modificado cada cierto tiempo, entre el Fondo y Allspring Global Investments Luxembourg S.A.;
- un Contrato de Gestión de Inversiones de fecha 25 de mayo de 2018, y modificado cada cierto tiempo, entre Allspring Global Investments Luxembourg S.A. y Allspring Funds Management, LLC;
- un Contrato de Subgestión de Inversiones de fecha 11 de octubre de 2018 y modificado cada cierto tiempo, entre Allspring Funds Management, LLC y Allspring Global Investments, LLC en presencia de Allspring Global Investments Luxembourg S.A.;
- un Contrato de Subgestión de Inversiones de fecha 22 de octubre de 2019, y modificado cada cierto tiempo, entre Allspring Funds Management, LLC y Allspring Global Investments (UK) Limited en presencia de Allspring Global Investments Luxembourg S.A.;
- un Contrato de Depositario de fecha 20 de mayo de 2016 y modificado cada cierto tiempo entre el Fondo, Brown Brothers Harriman (Luxembourg) S.C.A. y Allspring Global Investments Luxembourg S.A.; y
- un Contrato de Administración de fecha 29 de enero de 2015 y modificado cada cierto tiempo, entre el Fondo, Allspring Global Investments Luxembourg S.A. y Brown Brothers Harriman (Luxembourg) S.C.A. | # CONTRATS IMPORTANTS
## Les contrats suivants, qui ne sont pas des contrats conclus dans le cadre de l’activité ordinaire, ont été ou seront conclus et sont ou peuvent être importants :
- contrat de services de Société de gestion en date du 19 décembre 2018, et amendé ponctuellement, entre le Fonds et Allspring Global Investments Luxembourg S.A. ;
- contrat de gestion de placements en date du 25 mai 2018, et amendé ponctuellement, entre Allspring Global Investments Luxembourg S.A. et Allspring Funds Management, LLC ;
- contrat de sous-délégation de gestion de placements en date du 11 octobre 2018, et amendé ponctuellement, entre Allspring Funds Management, LLC etAllspring Global Investments, LLC, en présence de Allspring Global Investments Luxembourg S.A. ;
- contrat de sous-délégation de gestion de placements en date du 22 octobre 2019, et amendé ponctuellement, entre Allspring Funds Management, LLC et Allspring Global Investments (UK) Limited en présence de Allspring Global Investments Luxembourg S.A. ;
- contrat de Dépositaire en date du 20 mai 2016, et amendé ponctuellement, entre le Fonds, Brown Brothers Harriman (Luxembourg) S.C.A. et Allspring Global Investments Luxembourg S.A. ; et
- contrat de gestion en date du 29 janvier 2015, et amendé ponctuellement, entre le Fonds, Allspring Global Investments Luxembourg S.A. et Brown Brothers Harriman (Luxembourg) S.C.A. | fr | es |
DOLFIN1671 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Article 5 – Units
- Units are units of the respective sub-fund. The units of the respective sub-fund shall be issued in the certificates and denominations stated in annex 1. If registered units are issued, the Registrar and Transfer Agent enters these in the unit register maintained for the fund. In this regard, investors are sent confirmations regarding the entry in the unit register to the address stated in the unit register. Investors are not entitled to the physical delivery of unit certificates, either for bearer or registered units.
- All units in a sub-fund fundamentally have the same rights unless the Management Company decides, in accordance with No. 3 of this Article, to issue various unit classes within a sub-fund.
- The Management Company may decide from time to time to permit two or more unit classes within one sub-fund. Unit classes may differ from one another in their features and rights, the use of income, fee structures, the group of investors who can acquire and hold units or other specific features and rights. All units participate equally in revenues, rate gains and liquidation income in their relevant unit class from the date of their issue. Insofar as unit classes are formed for a particular sub-fund, details of the specific qualities or rights of each unit class are contained in the corresponding annex to the sales prospectus. It may be stipulated in the corresponding annex to the sales prospectus that unit classes and/or sub-funds may only be acquired and held by investors with preferential tax treatment who meet the requirements specified in Section 44a (7) Sentence 1 of the German Income Tax Act or by comparable foreign investors with their registered office and management in a country that provides administrative aid and assistance with collections. In addition, it may be stipulated in the corresponding annex to the sales prospectus that unit classes may only be acquired and held within the framework of retirement provision or basic pension agreements, provided they are certified in accordance with Sections 5 or 5a of the Retirement Provision Agreements Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz AltZertG). | ### Artículo 5: Participaciones
- Las participaciones son participaciones del subfondo correspondiente. Las participaciones de los subfondos se emiten según el modo de titulización y fraccionamiento indicado en el anexo 1. Si se emitieran participaciones nominativas, estas quedarían registradas por la entidad de registro y transferencia en el registro de participaciones que lleva para el fondo. En tal caso, se enviarían a los inversores confirmaciones de la inscripción en el registro departicipaciones a la dirección indicada en dicho registro. No existe derecho alguno del inversor a la entrega de títulos físicos, independientemente de que se trate de participaciones al portador o nominativas.
- Todas las participaciones de un subfondo tienen por norma general los mismos derechos, salvo que la Sociedad Gestora decida emitir diversas clases de participaciones dentro de un mismo subfondo con arreglo al número 3 de este artículo.
- La Sociedad Gestora puede decidir establecer dentro de un subfondo dos o más clases de participaciones. Las clases de participaciones pueden presentar características y derechos diferentes en función del modo de distribución de sus ingresos, la estructura de las comisiones, los inversores (círculo de inversores), que pueden adquirir y poseer participaciones u otras características y derechos específicos. Todas las participaciones, desde el mismo día de su emisión, participan de igual modo de los rendimientos y ganancias de cotización y del producto de la liquidación de sus clases de participaciones respectivas. En caso de que se constituyan clases de participaciones para un subfondo, este hecho se mencionará en el anexo correspondiente al folleto de venta con indicación de sus características o derechos específicos. El anexo correspondiente del folleto puede estipular que las clases de participaciones o subfondos solo pueden ser adquiridos y poseídos por un inversor con privilegio fiscal que cumpla los requisitos previos establecidos en la primera frase de la sección 44a, apartado 7, de la Ley del impuesto sobre la renta de Alemania o por inversores extranjeros con domicilio fiscal y gerencia en un estado administrativo con ayudas de recaudación. Además, el anexo correspondiente del folleto puede estipular que las clases de participaciones solo se pueden adquirir y poseer en el marco de contratos de pensiones de jubilación o pensiones básicas que hayan sido certificadas de conformidad con las secciones 5 o 5a de la Ley de contratos de certificación de pensiones alemana. | ### Article 5 – Units
- Units are units of the respective sub-fund. The units of the respective sub-fund shall be issued in the certificates and denominations stated in annex 1. If registered units are issued, the Registrar and Transfer Agent enters these in the unit register maintained for the fund. In this regard, investors are sent confirmations regarding the entry in the unit register to the address stated in the unit register. Investors are not entitled to the physical delivery of unit certificates, either for bearer or registered units.
- All units in a sub-fund fundamentally have the same rights unless the Management Company decides, in accordance with No. 3 of this Article, to issue various unit classes within a sub-fund.
- The Management Company may decide from time to time to permit two or more unit classes within one sub-fund. Unit classes may differ from one another in their features and rights, the use of income, fee structures, the group of investors who can acquire and hold units or other specific features and rights. All units participate equally in revenues, rate gains and liquidation income in their relevant unit class from the date of their issue. Insofar as unit classes are formed for a particular sub-fund, details of the specific qualities or rights of each unit class are contained in the corresponding annex to the sales prospectus. It may be stipulated in the corresponding annex to the sales prospectus that unit classes and/or sub-funds may only be acquired and held by investors with preferential tax treatment who meet the requirements specified in Section 44a (7) Sentence 1 of the German Income Tax Act or by comparable foreign investors with their registered office and management in a country that provides administrative aid and assistance with collections. In addition, it may be stipulated in the corresponding annex to the sales prospectus that unit classes may only be acquired and held within the framework of retirement provision or basic pension agreements, provided they are certified in accordance with Sections 5 or 5a of the Retirement Provision Agreements Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz AltZertG). | en | es |
DOLFIN1672 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Each sub-fund can invest in deposits with credit institutions that are repayable on demand or have the right to be withdrawn, and mature within twelve months or less, provided that the credit institution has its registered office in a member state of the Eu- ropean Union or, if the credit institution has its registered office in a country that is not a member state of the European Union, provid- ed that it is subject to prudential rules consid- ered by the CSSF to be equivalent to those laid down in Community law.
- Each sub-fund can invest in derivative financial instruments (“derivatives”), including equiva- lent cash-settled instruments, that are traded in one of the markets referred to in (a), (b) and (c), and/or in derivative financial instruments that are not traded on a stock exchange (“OTC derivatives”), provided that
- the underlying instruments are instru- ments covered by this paragraph, or are financial indices, interest rates, foreign exchange rates or currencies that fall within the scope of the investment policy;
- the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the CSSF; and
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the sub-fund’s initiative. | - Il rispettivo comparto potrà investire il proprio patrimonio in depositi a vista o depositi fidu ciari rimborsabili presso istituti di credito con una durata massima di dodici mesi, a condi zione che l’istituto di credito abbia la propria sede legale in uno Stato membro dell’Unione europea o, nel caso la sede legale dell’istituto di credito sia in uno Stato non membro dell’Unione europea, a condizione che sia soggetto a norme prudenziali consideratedalla CSSF equivalenti a quelle stabilite dalla legislazione comunitaria.
- Ogni comparto può investire il proprio patrimo nio in strumenti finanziari derivati (“derivati”), compresi strumenti equivalenti che danno luogo ad un regolamento in contanti, negoziati su uno dei mercati menzionati alle lettere a), b) e c) e/o strumenti finanziari derivati non quotati in borsa (“derivati OTC”), a condizione che
- i valori sottostanti siano strumenti con formi al presente paragrafo o indici finan ziari, tassi d’interesse, tassi di cambio o valute previsti dalla politica d’investi mento;
- le controparti delle operazioni su derivati OTC siano istituti soggetti a controllo prudenziale appartenenti alle categorie approvate dalla CSSF e
- che i derivati OTC siano quotidianamente soggetti ad una valutazione affidabile e verificabile e che possano essere venduti, liquidati o compensati in qualsiasi momento per iniziativa del rispettivo comparto con un’operazione di segno opposto al corretto valore corrente. | - Each sub-fund can invest in deposits with credit institutions that are repayable on demand or have the right to be withdrawn, and mature within twelve months or less, provided that the credit institution has its registered office in a member state of the Eu- ropean Union or, if the credit institution has its registered office in a country that is not a member state of the European Union, provid- ed that it is subject to prudential rules consid- ered by the CSSF to be equivalent to those laid down in Community law.
- Each sub-fund can invest in derivative financial instruments (“derivatives”), including equiva- lent cash-settled instruments, that are traded in one of the markets referred to in (a), (b) and (c), and/or in derivative financial instruments that are not traded on a stock exchange (“OTC derivatives”), provided that
- the underlying instruments are instru- ments covered by this paragraph, or are financial indices, interest rates, foreign exchange rates or currencies that fall within the scope of the investment policy;
- the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the CSSF; and
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the sub-fund’s initiative. | en | it |
DOLFIN1673 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Despite the creditworthiness of the issuer of the assets received as collateral or the assets acquired by the relevant Sub-Fund on the basis of cash collateral re-invested, the relevant Sub-Fund may be subject to a risk of loss in case of default of the issuers of such assets or in case of default of the counterparties to transactions in which such cash has been reinvested.
Haircuts typically applied:
- OTC derivatives and repurchase agreements transactions: | A prescindere dall'affidabilità creditizia degli emittenti delle attività ricevute in garanzia ovvero delle attività acquisite dal Comparto pertinente sulla base di un reinvestimento di una garanzia in contanti, il Comparto può essere soggetto a un rischio di perdita in caso d'insolvenza degli emittenti di dette attività ovvero in caso d'insolvenza delle controparti delle operazioni in cui detta liquidità è stata reinvestita.
Vengono in genere applicati i seguenti scarti di garanzia:
- Derivati OTC e operazioni di pronti contro termine: | Despite the creditworthiness of the issuer of the assets received as collateral or the assets acquired by the relevant Sub-Fund on the basis of cash collateral re-invested, the relevant Sub-Fund may be subject to a risk of loss in case of default of the issuers of such assets or in case of default of the counterparties to transactions in which such cash has been reinvested.
Haircuts typically applied:
- OTC derivatives and repurchase agreements transactions: | en | it |
DOLFIN1674 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Expenses payable by the Company
The costs, charges and expenses which are payable by the Company include:
- all taxes which may be due on the assets and the income of the Company;
- the remuneration of the Management Company, the Principal Investment Manager, the Investment Managers, the Depositary, the Registrar and Transfer Agent, the Administrative and Paying Agent, and of any representatives in jurisdictions where the Shares are qualified for sale, and of all other agents employed on behalf of the Company; such remuneration may be based on the net assets of the Company or on a transaction basis or may be a fixed sum;
- the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering information or documents concerning the Company, annual and semi-annual reports and such other reports or documents as may be allowed or required under the applicable laws or regulations of the jurisdictions or the authorities where the Shares are qualified for sale;
- registrars’ fees;
- the cost of printing certificates and proxies;
- the cost of preparing and filing the Articles and all other documents concerning the Company, including registration statements and offering circulars with all authorities (including local securities dealers’ associations) having jurisdiction over the Company or the offering of Shares;
- the cost of qualifying the Company or the sale of Shares in any jurisdiction or of a listing on any exchange;
- the cost of accounting and bookkeeping;
- legal and auditing fees;
- directors’ fees and expenses and remuneration of officers and employees of the Company;
- the cost of preparing, printing, publishing and distributing public notices and other communications to the Shareholders;
- the cost of calculating the Net Asset Value of each Sub-Fund;
- insurance, postage, telephone and telex;
- distribution and sales support costs;
- and all similar charges and expenses.
The costs and expenses incurred in connection with the incorporation of the Company, including those incurred in the preparation and publication of the Prospectus, as well as taxes, duties and any other publication expenses, shall be borne by the initial Sub-Funds and will be amortized over a period of five years. The cost of establishing the Company is approximately EUR 15,000 and the cost of establishing each Sub-Fund is expected to be EUR 5,000.
If and when additional Sub-Funds are created, costs related to their creation will be allocated to the said Sub-Funds and, where applicable, amortized in proportion to their net assets over a maximum period of five years. | # Frais à payer par la Société
Les coûts, charges et dépenses à payer par la Société incluent notamment :
- tous les impôts payables sur les actifs et les revenus de la Société ;
- la rémunération de la Société de gestion, du Gestionnaire d’investissement principal, des Gestionnaires d’investissement, du Dépositaire, de l’Agent de registre et de transfert, de l’Agent administratif et de l’Agent payeur et de tous ses représentants dans les juridictions au sein desquelles les Actions peuvent être vendues, ainsi que de tous les autres agents employés pour le compte de la Société ; cette rémunération peut être basée sur les actifs nets de la Société, sur les transactions ou représenter un montant forfaitaire ;
- les coûts de préparation, d’impression et de publication dans les langues nécessaires et de distribution des informations d’offre ou des documents relatifs à la Société, des rapports annuels et semestriels et des autres rapports ou documents autorités ou requis en vertu des lois ou réglementations en vigueur pour les juridictions ou les autorités où les actions sont admises à la vente.
- les commissions du teneur registre ;
- les coûts d’impression des certificats et procurations ;
- les coûts de préparation et de dépôt des Statuts et de tous les autres documents relatifs à la Société, y compris les déclarations d’enregistrement et les circulaires d’offre auprès de toutes les autorités (y compris les associations locales de négociants en valeurs) ayant juridiction sur la Société ou sur l’offre d’actions ;
- les coûts de qualification de la Société ou de la vente d’actions dans toute juridiction ou de l’admission à la cotation sur toute bourse de valeurs ;
- les frais de comptabilité ;
- les frais juridiques et d’audit ;
- les jetons de présence et frais des Administrateurs et la rémunération des dirigeants et salariés de la Société ;
- les coûts de préparation, d’impression, de publication et de distribution d’avis publics et d’autres communications aux Actionnaires ;
- les coûts de calcul de la Valeur nette d’inventaire de chaque Compartiment ;
- l’assurance, les frais de courrier, de téléphone et télex ;
- les frais de distribution et d’appui à la vente ;
- et toutes les charges et dépenses similaires.
Les coûts et dépens supportés en lien avec la constitution de la Société, y compris les frais engagés dans la préparation et la publication du Prospectus ainsi que les taxes, droits et autres frais de publication, sont supportés par les Compartiments initiaux et amortis sur une période de cinq ans. Les frais d’établissement de la Société s’élèvent à environ 15 000 EUR et les frais d’établissement de chaque Compartiment devraient être de 5 000 EUR.
Dans le cas et au moment de la création éventuelle de Compartiments supplémentaires, les coûts liés à leur création seront imputés à ces Compartiments et, le cas échéant, amortis proportionnellement à leurs actifs nets sur une période maximale de cinq ans. | # Expenses payable by the Company
The costs, charges and expenses which are payable by the Company include:
- all taxes which may be due on the assets and the income of the Company;
- the remuneration of the Management Company, the Principal Investment Manager, the Investment Managers, the Depositary, the Registrar and Transfer Agent, the Administrative and Paying Agent, and of any representatives in jurisdictions where the Shares are qualified for sale, and of all other agents employed on behalf of the Company; such remuneration may be based on the net assets of the Company or on a transaction basis or may be a fixed sum;
- the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering information or documents concerning the Company, annual and semi-annual reports and such other reports or documents as may be allowed or required under the applicable laws or regulations of the jurisdictions or the authorities where the Shares are qualified for sale;
- registrars’ fees;
- the cost of printing certificates and proxies;
- the cost of preparing and filing the Articles and all other documents concerning the Company, including registration statements and offering circulars with all authorities (including local securities dealers’ associations) having jurisdiction over the Company or the offering of Shares;
- the cost of qualifying the Company or the sale of Shares in any jurisdiction or of a listing on any exchange;
- the cost of accounting and bookkeeping;
- legal and auditing fees;
- directors’ fees and expenses and remuneration of officers and employees of the Company;
- the cost of preparing, printing, publishing and distributing public notices and other communications to the Shareholders;
- the cost of calculating the Net Asset Value of each Sub-Fund;
- insurance, postage, telephone and telex;
- distribution and sales support costs;
- and all similar charges and expenses.
The costs and expenses incurred in connection with the incorporation of the Company, including those incurred in the preparation and publication of the Prospectus, as well as taxes, duties and any other publication expenses, shall be borne by the initial Sub-Funds and will be amortized over a period of five years. The cost of establishing the Company is approximately EUR 15,000 and the cost of establishing each Sub-Fund is expected to be EUR 5,000.
If and when additional Sub-Funds are created, costs related to their creation will be allocated to the said Sub-Funds and, where applicable, amortized in proportion to their net assets over a maximum period of five years. | en | fr |
DOLFIN1675 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Investment objective and policy
The fund aims to provide capital growth over the long term.
Performance target: To outperform the S&P Global Natural Resources Accumulation Index by 2.5% per annum, before the deduction of charges, over any 5 year period.
The fund invests at least 80% of its assets in shares (equities) and equity-related securities of companies, whose revenues come mostly from the mining, energy and agriculture sectors, in any country.
The fund is actively managed with reference to the S&P Global Natural Resources Accumulation Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the fund with weightings ditferent to the index or not in the index, but at times the fund may hold investments similar to the index. | ### Anlageziel und Anlagepolitik
Der Fonds beabsichtigt, langfristig Kapitalzuwachs zu erzielen.
Performanceziel: Outperformance gegenüber dem S&P Global Natural Resources Accumulation Index um 2,5 % p. a. vor Abzug von Gebühren über einen beliebigen Zeitraum von fünf Jahren.
Der Fonds investiert mindestens 80 % seines Vermögens in Aktien und aktienähnliche Wertpapiere von Unternehmen in beliebigen Ländern, deren Umsätze hauptsächlich in den Sektoren Bergbau, Energie und Landwirtschaft erzielt werden.
Der Fonds wird aktiv unter Bezugnahme auf den S&P Global Natural Resources Accumulation Index verwaltet, der weitgehend repräsentativ für die Unternehmen ist, in die er investieren darf, da dieser die Grundlage für das Performanceziel des Fonds und den oben genannten Schwellenwert darstellt, bei dessen Überschreitung (gegebenenfalls) Performancegebühren erhoben werden können. Der Anlageverwalter kann in seinem Ermessen Anlagen für den Fonds mit anderen Gewichtungen als im Index oder nicht im Index enthaltene Anlagen auswählen, der Fonds kann jedoch gelegentlich ähnliche Anlagen halten wie der Index. | ### Investment objective and policy
The fund aims to provide capital growth over the long term.
Performance target: To outperform the S&P Global Natural Resources Accumulation Index by 2.5% per annum, before the deduction of charges, over any 5 year period.
The fund invests at least 80% of its assets in shares (equities) and equity-related securities of companies, whose revenues come mostly from the mining, energy and agriculture sectors, in any country.
The fund is actively managed with reference to the S&P Global Natural Resources Accumulation Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the fund with weightings ditferent to the index or not in the index, but at times the fund may hold investments similar to the index. | en | de |
DOLFIN1676 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Luxembourg Resident Individuals
Any dividends and other payments derived from the Shares received by Luxembourg resident individuals, who act in the course of either their private wealth or their professional or business activities are subject to income tax at the progressive ordinary rate.
Capital gains realised upon the sale, disposal or redemption of Shares by Luxembourg resident individual Shareholders acting in the course of the management of their private wealth are not subject to Luxembourg income tax, provided such gains do not qualify as speculative gains and provided the Shares do not represent a substantial shareholding. Capital gains are deemed to be speculative and are thus subject to income tax at ordinary rates if the shares are disposed of within 6 months after their acquisition or if their disposal precedes their acquisition. A shareholding is considered as a substantial shareholding in limited cases, in particular if (i) the Shareholder holds or has held, either alone or together with his/her spouse or partner and/or his/her minor children, either directly or indirectly, at any time within the five years preceding the realisation of the gain, more than 10% of the share capital of the Fund or (ii) the Shareholder acquired free of charge, within the five years preceding the transfer, a participation that constituted a substantial participation in the hands of the alienator (or alienators, in case of successive transfers free of charge within the same five year period). Capital gains realised on a substantial participation more than six months after the acquisition thereof are subject to income tax according to the half-global rate method (i.e. the average rate applicable to the total income is calculated according to progressive income tax rates and half of the average rate is applied to the capital gains realised on the substantial participation). A disposal may include a sale, an exchange, a contribution or any other kind of alienation of the shareholding.
Capital gains realised upon the sale, disposal or redemption of Shares by Luxembourg resident individual Shareholders acting in the course of the management of their professional/business activities, are subject to Luxembourg income tax at ordinary rates. | ## Personnes physiques résidentes au Luxembourg
Tous les dividendes et autres paiements dérivés des Actions reçus par des personnes physiques résidentes au Luxembourg agissant dans le cadre de leur patrimoine personnel ou de leurs activités professionnelles ou commerciales sont soumis à l’impôt sur le revenu au taux progressif ordinaire.
Les plus-values réalisées sur la vente, la cession ou le rachat des Actions par les Actionnaires individuels résidant au Luxembourg agissant dans le cadre de la gestion de leur patrimoine privé ne sont pas assujetties à l’impôt sur le revenu au Luxembourg, pourvu que lesdites plus-values ne soient pas éligibles comme plus-values spéculatives et pourvu que les Actions ne représentent pas une participation significative. Les plus- values ne sont pas considérées comme spéculatives et sont, de ce fait, assujetties à l’impôt sur le revenu aux taux ordinaires si les actions font l’objet d’une cession dans un délai de 6 mois après leur acquisition ou si leur cession précède leur acquisition. Une participation est considérée comme substantielle dans certains cas limités, en particulier si (i) l’Actionnaire a détenu, seul ou avec son conjoint, concubin(e) et/ou ses enfants mineurs, directement ou indirectement, à tout moment au cours des cinq années précédant la réalisation de la plus-value, plus de 10 % du capital social du Fonds ou si (ii) l’Actionnaire a acquis sans frais, au cours des cinq années précédant le transfert, une participation qui constituant une participation substantielle dans les mains du cédant (ou des cédants, en cas de transferts successifs sans frais au cours de la même période de cinq ans). Les plus-values réalisées sur une participation substantielle plus de six mois après son acquisition sont soumises à l’impôt sur le revenu selon la méthode du demi-taux global (le taux moyen applicable au revenu total est calculé selon les taux d’impôt sur le revenu progressif et la moitié du taux moyen est appliquée aux plus-values réalisées sur la participation substantielle). Une cession peut comprendre une vente, un échange, un apport ou toute autre sorte d’aliénation de la participation.
Les plus-values réalisées sur la vente, la cession ou le rachat des Actions par des Actionnaires individuels résidant au Luxembourg agissant dans le cadre de la gestion de leurs activités professionnelles/commerciales, sont assujetties à l’impôt sur le revenu au Luxembourg aux taux ordinaires. | ## Luxembourg Resident Individuals
Any dividends and other payments derived from the Shares received by Luxembourg resident individuals, who act in the course of either their private wealth or their professional or business activities are subject to income tax at the progressive ordinary rate.
Capital gains realised upon the sale, disposal or redemption of Shares by Luxembourg resident individual Shareholders acting in the course of the management of their private wealth are not subject to Luxembourg income tax, provided such gains do not qualify as speculative gains and provided the Shares do not represent a substantial shareholding. Capital gains are deemed to be speculative and are thus subject to income tax at ordinary rates if the shares are disposed of within 6 months after their acquisition or if their disposal precedes their acquisition. A shareholding is considered as a substantial shareholding in limited cases, in particular if (i) the Shareholder holds or has held, either alone or together with his/her spouse or partner and/or his/her minor children, either directly or indirectly, at any time within the five years preceding the realisation of the gain, more than 10% of the share capital of the Fund or (ii) the Shareholder acquired free of charge, within the five years preceding the transfer, a participation that constituted a substantial participation in the hands of the alienator (or alienators, in case of successive transfers free of charge within the same five year period). Capital gains realised on a substantial participation more than six months after the acquisition thereof are subject to income tax according to the half-global rate method (i.e. the average rate applicable to the total income is calculated according to progressive income tax rates and half of the average rate is applied to the capital gains realised on the substantial participation). A disposal may include a sale, an exchange, a contribution or any other kind of alienation of the shareholding.
Capital gains realised upon the sale, disposal or redemption of Shares by Luxembourg resident individual Shareholders acting in the course of the management of their professional/business activities, are subject to Luxembourg income tax at ordinary rates. | en | fr |
DOLFIN1677 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Composition des coûts |
| --- |
| Coûts ponctuels à l’entrée ou à la sortie | En cas de vente de vos placements après 1 an |
| Coûts d'entrée | 3,00 % du montant que vous versez lors de la saisie de cet investissement. C'est le maximum qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 300 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,25 % de la valeur de votre investissement par an. | 144 EUR |
| Coûts de transaction de portefeuille | 0,69 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 71 EUR |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Nous ne facturons pas de commission liée aux résultats pour ce produit. | 0 EUR | | | Composición de los costes |
| --- |
| Costes únicos de entrada o salida | Si vende su inversión después de 1 año |
| Costes de entrada | 3,00 % de la cantidad que ingresa al ingresar esta inversión. Esto es lo máximo que se le cobrará. La persona que le vende el producto le informará del cargo real. | 300 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto. | 0 EUR |
| Costes corrientes | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,25 % del valor de su inversión al año. | 144 EUR |
| Costes de operación de la cartera | 0,69 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 71 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No cobramos una comisión de rendimiento por este producto. | 0 EUR | | | Composition des coûts |
| --- |
| Coûts ponctuels à l’entrée ou à la sortie | En cas de vente de vos placements après 1 an |
| Coûts d'entrée | 3,00 % du montant que vous versez lors de la saisie de cet investissement. C'est le maximum qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 300 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,25 % de la valeur de votre investissement par an. | 144 EUR |
| Coûts de transaction de portefeuille | 0,69 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 71 EUR |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Nous ne facturons pas de commission liée aux résultats pour ce produit. | 0 EUR | | fr | es |
DOLFIN1678 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Securities Lending
The Funds may, for the purposes of efficient portfolio management and to generate income, enter into securities lending transactions on a continuous basis.
Under such arrangements, a Fund’s securities are transferred temporarily to approved borrowers in exchange for collateral. Securities lending may involve additional risks for the Company. Under such arrangements, Funds will have a credit risk exposure to the counterparties to any securities lending. The extent of this credit risk can be reduced by receipt of adequate collateral.
Assets that may be subject to securities lending transactions include shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets.
The Securities Lending Agent is given discretion to act as agent on behalf of the relevant Funds in respect of entering into securities lending. Furthermore, the Securities Lending Agent will ensure that sufficient value and quality of collateral is received before or simultaneously with the movement of loaned securities. This will then be held throughout the duration of the loan transaction and only returned once the lent asset has been received or returned to the relevant Fund. The Securities Lending Agent will also monitor and maintain all operational aspects of the assets while they are on loan.
Securities lending generates additional revenue for the benefit of the fund. 92% of such revenue will be for the benefit of the relevant Fund, with a maximum of 8% being retained by the Securities Lending Agent to cover the direct and indirect costs of running the lending programme and providing the requisite operational and collateral infrastructure, plus the compliance and risk oversight. The Securities Lending Agent is not related to the Investment Manager.
The Securities Lending Agent charges a fee of up to 0.05% of the reinvested cash collateral for its cash collateral management services. This fee is deducted from the cash collateral reinvestment return before any securities lending revenue is then apportioned between the relevant Fund and the Securities Lending Agent. After such deduction, 92% of the reinvestment return will be for the benefit of the relevant Fund, with a maximum of 8% being retained by the Securities Lending Agent.
Further details will be contained in the Company’s annual reports.
Please see the section entitled “Counterparty Selection” for details in relation to counterparty selection. An overview of the usage of securities lending for the Funds is set out below: | ##### Prêt de titres
Les Compartiments peuvent, aux fins de la gestion efficace du portefeuille et dans le but de générer des revenus, conclure des transactions de prêt de titres sur une base continue.
En vertu d’une telle convention, les titres d’un Compartiment sont transférés temporairement à des emprunteurs approuvés en contrepartie d’une garantie. Le prêt de titres peut présenter des risques supplémentaires pour la Société. Dans le cadre de ces conventions, les Compartiments seront exposés au risque de crédit associé aux contreparties aux opérations de prêt de titres. L’étendue de ce risque de crédit peut être réduite par la contribution d’actifs constitués en garantie.
Les actifs pouvant faire l'objet d'opérations de prêt de titres comprennent les actions, les titres de capital, les obligations non garanties, les obligations, les billets ou autres obligations similaires, qu'ils soient émis sous forme de certificat ou non, et tous les certificats, reçus, bons de souscription ou autres instruments représentant des droits de recevoir, d'acheter ou de souscrire ces derniers, couramment négociés ou négociés sur les bourses de valeurs ou les marchés financiers.
L’Agent de prêt de titres peut agir à sa discrétion à titre mandataire pour le compte du Compartiment concerné en matière d’accords de prêts de titres. En outre, l’Agent de Prêt de Titres doit s’assurer de la valeur et de la qualité des actifs reçus en garantie, en amont ou simultanément au transfert des titres prêtés. Ces derniers seront détenus pendant toute la durée de la transaction de prêt et ne seront restitués que lorsque l’actif prêté aura été reçu ou restitué au Compartiment concerné. L’Agent de prêts de titres surveille et gère également tous les aspects opérationnels des actifs pendant qu’ils sont prêtés.
Les prêts de titres génèrent des revenus supplémentaires au bénéfice du compartiment. 92 % de ces revenus reviendront au Compartiment correspondant, un maximum de 8 % pouvant être retenu par l’Agent de Prêt de Titres de manière à couvrir les frais directs et indirects liés à la conclusion de conventions de prêt de titres, à la fourniture des infrastructures opérationnelles et de garanties nécessaires, ainsi qu’à la surveillance de la conformité et des risques. L’Agent de prêt de titres n’est pas apparenté au Gestionnaire d’Investissement.
L’Agent de Prêt de Titres facture une commission égale au maximum à 0,05 % des garanties en espèces réinvesties pour ses services de gestion des garanties en espèces. Cette commission est déduite du rendement du réinvestissement des garanties en espèces avant la répartition des revenus des prêts de titres entre le Compartiment concerné et l’Agent de Prêt de Titres. Après cette déduction, 92 % d’un tel revenu sera pour le bénéfice du Compartiment concerné, avec un maximum de 8 % retenu par l'Agent de Prêt de Titres.
De plus amples détails seront donnés dans les rapports annuels de la Société.
Veuillez vous reporter à la section « Sélection des contreparties » pour plus d’informations sur le choix des contreparties.
L’utilisation du prêt de titres pour les Compartiments est présentée ci-dessous : | ##### Securities Lending
The Funds may, for the purposes of efficient portfolio management and to generate income, enter into securities lending transactions on a continuous basis.
Under such arrangements, a Fund’s securities are transferred temporarily to approved borrowers in exchange for collateral. Securities lending may involve additional risks for the Company. Under such arrangements, Funds will have a credit risk exposure to the counterparties to any securities lending. The extent of this credit risk can be reduced by receipt of adequate collateral.
Assets that may be subject to securities lending transactions include shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets.
The Securities Lending Agent is given discretion to act as agent on behalf of the relevant Funds in respect of entering into securities lending. Furthermore, the Securities Lending Agent will ensure that sufficient value and quality of collateral is received before or simultaneously with the movement of loaned securities. This will then be held throughout the duration of the loan transaction and only returned once the lent asset has been received or returned to the relevant Fund. The Securities Lending Agent will also monitor and maintain all operational aspects of the assets while they are on loan.
Securities lending generates additional revenue for the benefit of the fund. 92% of such revenue will be for the benefit of the relevant Fund, with a maximum of 8% being retained by the Securities Lending Agent to cover the direct and indirect costs of running the lending programme and providing the requisite operational and collateral infrastructure, plus the compliance and risk oversight. The Securities Lending Agent is not related to the Investment Manager.
The Securities Lending Agent charges a fee of up to 0.05% of the reinvested cash collateral for its cash collateral management services. This fee is deducted from the cash collateral reinvestment return before any securities lending revenue is then apportioned between the relevant Fund and the Securities Lending Agent. After such deduction, 92% of the reinvestment return will be for the benefit of the relevant Fund, with a maximum of 8% being retained by the Securities Lending Agent.
Further details will be contained in the Company’s annual reports.
Please see the section entitled “Counterparty Selection” for details in relation to counterparty selection. An overview of the usage of securities lending for the Funds is set out below: | en | fr |
DOLFIN1679 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The Fund pursues an actively managed investment strategy and invests mainly in:
- debt securities of any quality issued by governments and government- related entities located in any developed or emerging marketsThe Fund can invest to a lesser extent in:
- debt securities of any quality issued by corporations located in any country
- debt securities of supranational entities, such as the European Investment Bank
- Mainland China through the Bond Connect or directly (less than 30% of assets)
- securities in default (limited to 10% of assets)The Fund can use derivatives for hedging, efficient portfolio management and/or investment purposes which are used as an active investment management instrument to gain exposure to markets. | ## Der Fonds verfolgt eine aktiv verwaltete Anlagestrategie und investiert vornehmlich in:
- Schuldtitel jeglicher Qualität, die von Regierungen oder staatsnahen Emittenten in Industriestaaten oder Schwellenmärkten ausgegeben werden Der Fonds kann in geringerem Umfang investieren in:
- Schuldtitel von jeglicher Qualität, die von Unternehmen mit Sitz in einem beliebigen Land ausgegeben werden
- Schuldtitel supranationaler Organisationen, z. B. der Europäischen Investitionsbank
- Festlandchina, entweder über Bond Connect oder direkt (weniger als 30 % des Fondsvermögens)
- notleidende Wertpapiere (begrenzt auf 10 % des Fondsvermögens)Der Fonds kann zur Absicherung, für ein effizientes Portfoliomanagement und/oder zu Anlagezwecken Derivative einsetzen, die als aktives Anlageverwaltungsinstrument zur Teilhabe an Marktrisiken und-entwicklungen genutzt werdenDas große Spezialistenteam für Festzinsinstrumente von Franklin Templeton ist bestrebt, die bestehenden Unterschiede zu nutzen, indem es weltweit in die Festzinstitel mit dem größten Potenzial für Erträge, Kapitalwachstum und Währungsgewinne investiert. Um diese Titel zuidentifizieren, führt das Team genaue Analysen zur Wirtschaftslage sowie länder- und wertpapierspezifische Analysen einschließlich detaillierter Risikoanalysen durch. | ## The Fund pursues an actively managed investment strategy and invests mainly in:
- debt securities of any quality issued by governments and government- related entities located in any developed or emerging marketsThe Fund can invest to a lesser extent in:
- debt securities of any quality issued by corporations located in any country
- debt securities of supranational entities, such as the European Investment Bank
- Mainland China through the Bond Connect or directly (less than 30% of assets)
- securities in default (limited to 10% of assets)The Fund can use derivatives for hedging, efficient portfolio management and/or investment purposes which are used as an active investment management instrument to gain exposure to markets. | en | de |
DOLFIN1680 | 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 | $7030 | $7240 |
| Rendement annuel moyen | -29.70% | -6.26% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $8180 | $8030 |
| Rendement annuel moyen | -18.20% | -4.29% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $9760 | $10950 |
| Rendement annuel moyen | -2.40% | 1.83% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11060 | $12490 |
| Rendement annuel moyen | 10.60% | 4.55% | | | 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 | $7030 | $7240 |
| Rendimiento medio cada año | -29.70% | -6.26% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $8180 | $8030 |
| Rendimiento medio cada año | -18.20% | -4.29% |
| Moderado | Lo que podría recibir tras deducir los costes | $9760 | $10950 |
| Rendimiento medio cada año | -2.40% | 1.83% |
| Favorable | Lo que podría recibir tras deducir los costes | $11060 | $12490 |
| Rendimiento medio cada año | 10.60% | 4.55% | | | 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 | $7030 | $7240 |
| Rendement annuel moyen | -29.70% | -6.26% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $8180 | $8030 |
| Rendement annuel moyen | -18.20% | -4.29% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $9760 | $10950 |
| Rendement annuel moyen | -2.40% | 1.83% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11060 | $12490 |
| Rendement annuel moyen | 10.60% | 4.55% | | fr | es |
DOLFIN1681 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- facteurs sur lesquels le Fonds n'a aucun contrôle, tels que les risquespolitiques ou inhérents à l'économie mondiale
- dans l'éventualité où le fonds n'atteint pas son objectif d'investissementCet indicateur montre dans quelle catégorie le Fonds se classe en termes de risque et de rendement potentiels. L’évaluation du risque se fonde sur des données historiques et rien ne garantit qu’elle restera inchangée. Elle est susceptible d’évoluer au fil du temps et peut ne pas constituer une indication fiable du profil de risque futur du Fonds. La catégorie la plus basse n’est pas synonyme d’investissement sans risque car tous les investissements comportent des risques. Ce Fonds est classé dans la
- Les titres de sociétés de petite capitalization peuvent se caractériser par un cours plus volatil, par des écarts plus importants entres leur cours acheteur et leur cours vendeur, et par de plus faibles volumes de négociation que les titres de sociétés de plus grande capitalisation. | - acontecimientos que el Fondo no puede controlar, como los riesgospolíticos o económicos globales
- en caso de que el Fondo no consiga su objetivo de inversiónEsta tabla muestra la categoría del Fondo en términos de su potencial de riesgo y remuneración. La evaluación del riesgo se basa en datos históricos y no se garantiza que vaya a mantenerse invariable. Puede variar a lo largo del tiempo y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo, puesto que todas las inversiones conllevan riesgos. El Fondo está en la categoría 7, porque los fondos de este tipo han
- Los valores de empresas de pequeña capitalización pueden ser más volátiles en el precio, tener márgenes más amplios entre sus precios de compra y de venta y tener volúmenes de negociación considerablemente inferiores a los valores de empresas de mayor capitalización. | - facteurs sur lesquels le Fonds n'a aucun contrôle, tels que les risquespolitiques ou inhérents à l'économie mondiale
- dans l'éventualité où le fonds n'atteint pas son objectif d'investissementCet indicateur montre dans quelle catégorie le Fonds se classe en termes de risque et de rendement potentiels. L’évaluation du risque se fonde sur des données historiques et rien ne garantit qu’elle restera inchangée. Elle est susceptible d’évoluer au fil du temps et peut ne pas constituer une indication fiable du profil de risque futur du Fonds. La catégorie la plus basse n’est pas synonyme d’investissement sans risque car tous les investissements comportent des risques. Ce Fonds est classé dans la
- Les titres de sociétés de petite capitalization peuvent se caractériser par un cours plus volatil, par des écarts plus importants entres leur cours acheteur et leur cours vendeur, et par de plus faibles volumes de négociation que les titres de sociétés de plus grande capitalisation. | fr | es |
DOLFIN1682 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# RISK WARNINGS
The list of risk factors set out below does not purport to be a complete explanation of the risks involved in investing in Shares of the Portfolios. Not all risks apply to all Portfolios. Before making any decision to subscribe for or buy Shares, prospective investors should carefully read the entire Prospectus and consult with their professional advisers regarding the tax and other consequences of an investment in the Shares in light of their personal circumstances.
Potential investors should also be aware of the risks associated with the particular investment policy of a Portfolio and are therefore advised to again consult their financial adviser when determining whether an investment in a particular Portfolio is suitable for their portfolio.
Investors should remember that the price of Shares in the Company and income arising therefrom can fluctuate and is not guaranteed. The price of Shares may go down as well as up and an investor may not get back the amount he has invested. Past performance is not necessarily a guide to future performance. Changes in rates of exchange between currencies may cause the value in terms of any currency of Shares denominated in a different currency to diminish or increase. The levels and bases of, and reliefs from, taxation may change. There can be no assurance that the collective performance of underlying investments will be profitable. In the case of any Portfolio in respect of which an initial charge is payable as described in this Prospectus, a redemption request at an early stage of holding the investment may result in the investor receiving less than the amount of his initial investment.
An investment in the Shares involves a high degree of risk, including the risk of loss of the entire amount invested, as a result of both (i) the types of investments to be made by the Portfolios and (ii) the structure and operations of the Portfolios. There can be no assurance that any of the Company's Portfolios will achieve their respective investment objective or that there will be any return of capital to shareholders. Before investing in the Shares, prospective investors should carefully consider the inherent risks, including the following: | # RISIKOWARNUNGEN
Die im Folgenden dargestellte Auflistung von Risikowarnungen stellt keine abschließende Erläuterung der involvierten Risiken bei der Anlage in Anteile der Portfolios dar. Nicht alle Risiken gelten für alle Portfolios. Vor der Entscheidung über den Erwerb von Anteilen sollte der Anleger den gesamten Verkaufsprospekt sorgfältig lesen und mit Blick auf steuerliche und andere Konsequenzen einer Anlage in die Anteile im Licht Ihrer persönlichen Umstände Ihren Anlageberater konsultieren.
Potenzielle Anleger sollten sich auch der Risiken bewusst sein, die mit einer bestimmten Anlagepolitik eines Portfolios verbunden sind, und deshalb wird ihnen empfohlen, ihren Finanzberater auch bezüglich der Frage zu konsultieren, ob eine Anlage in einem bestimmten Portfolio für ihr Portfolio geeignet ist.
Die Anleger sollten daran denken, dass der Preis von Anteilen der Gesellschaft und die darauf anfallenden Erträge schwanken können und nicht garantiert werden. Der Preis der Anteile kann sowohl fallen als auch steigen, und es ist möglich, dass ein Anleger den Betrag, den er angelegt hat, nicht zurückerhält. Die zurückliegende Wertentwicklung ist nicht unbedingt ein Anhaltspunkt für die künftige Wertentwicklung. Änderungen der Wechselkurse zwischen den Währungen können dazu führen, dass der in einer bestimmten Währung ausgedrückte Wert von Anteilen, die auf eine andere Währung lauten, fällt oder steigt. Die Höhe und die Basis der Besteuerung sowie Steuerbefreiungen können sich ändern. Es kann keine Zusicherung gegeben werden, dass die Gesamtwertentwicklung der Basisanlagen profitabel sein wird. Bei einem Portfolio, bezüglich dessen eine Verkaufsgebühr wie in diesem Prospekt beschrieben zu zahlen ist, kann ein frühzeitiges Rücknahmeverlangen dazu führen, dass der Anleger weniger als den ursprünglich investierten Betrag erhält.
Eine Anlage in die Anteile beinhaltet einen hohen Grad an Risiko, einschließlich des Risikos des Verlustes der gesamten Investition, aufgrund (i) der Art der Anlage, die von den Portfolios getätigt wird, und (ii) der Struktur und der Geschäftstätigkeit der Portfolios. Es gibt keine Garantie, dass eines der Portfolios der Gesellschaft sein entsprechendes Anlageziel erreicht oder dass es einen Kapitalertrag für die Anteilinhaber gibt. Vor einer Anlage sollten potenzielle Anleger die innewohnenden Risiken sorgfältig abwägen, einschließlich der folgenden: | # RISK WARNINGS
The list of risk factors set out below does not purport to be a complete explanation of the risks involved in investing in Shares of the Portfolios. Not all risks apply to all Portfolios. Before making any decision to subscribe for or buy Shares, prospective investors should carefully read the entire Prospectus and consult with their professional advisers regarding the tax and other consequences of an investment in the Shares in light of their personal circumstances.
Potential investors should also be aware of the risks associated with the particular investment policy of a Portfolio and are therefore advised to again consult their financial adviser when determining whether an investment in a particular Portfolio is suitable for their portfolio.
Investors should remember that the price of Shares in the Company and income arising therefrom can fluctuate and is not guaranteed. The price of Shares may go down as well as up and an investor may not get back the amount he has invested. Past performance is not necessarily a guide to future performance. Changes in rates of exchange between currencies may cause the value in terms of any currency of Shares denominated in a different currency to diminish or increase. The levels and bases of, and reliefs from, taxation may change. There can be no assurance that the collective performance of underlying investments will be profitable. In the case of any Portfolio in respect of which an initial charge is payable as described in this Prospectus, a redemption request at an early stage of holding the investment may result in the investor receiving less than the amount of his initial investment.
An investment in the Shares involves a high degree of risk, including the risk of loss of the entire amount invested, as a result of both (i) the types of investments to be made by the Portfolios and (ii) the structure and operations of the Portfolios. There can be no assurance that any of the Company's Portfolios will achieve their respective investment objective or that there will be any return of capital to shareholders. Before investing in the Shares, prospective investors should carefully consider the inherent risks, including the following: | en | de |
DOLFIN1683 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Past Performance
Practical Information
- Depositary: Pictet & Cie (Europe) SA*In favor of the distributor
- Past performance is not a guide for future performance.
- Performance figures do not take into account entry, exit or conversion charges that might be levied.
- The Class was launched in 2017.
- Past performance is calculated in EUR.
- The Benchmark of the Class is the MSCI Emerging Markets TR Net EUR.
- The Benchmark of the Class is shown for comparison purposes only, without implying any particular constraints to the Sub-Fund’s investments.
- The prospectus, the articles of incorporation as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com. These documents are available in English, French, Italian, German, Spanish.
- The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud- am.com/en/responsibly-sustainable.
- The net asset value per share is calculated on each valuation day as defined in the prospectus and can be obtained, as well as practical information, at the Fund's registered office.
- The Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this might have an impact on your personal tax position.
- This document describes a share class belonging to a sub-fund of the Fund. The prospectus as well as the annual and semi-annual reports are prepared for the entire Fund. The assets and liabilities of the different sub-funds of the Fund are segregated by law.
- You have the right to convert the shares you hold in one given class to shares of another class within the same Sub-Fund or another sub-fund, provided that you satisfy the conditions for subscription and holding of the relevant class. For more information on other classes, please refer to the Fund's prospectus.
- Mirabaud Asset Management (Europe) SA 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.
- Information on the remuneration policy of the Management Company is available at https://www.mirabaud.com/en/mirabaud-group/international- presence/offices/country/luxembourg. The policy includes a description of how remuneration and benefits are calculated and also the details of persons responsible for awarding remuneration and benefits. A paper copy of the remuneration policy is available free of charge upon request. | ## Rentabilidad histórica
Información práctica
- Depositario: Pictet & Cie (Europe) SA*A favor del distribuidor
- Rentabilidades pasadas no sirven como indicación de rentabilidades futuras.
- Los resultados de las inversiones no tienen en consideración las comisiones o gastos incurridos en la suscripción, reembolso o conversión de las acciones.
- La Clase se lanzó en 2017.
- La rentabilidad histórica se ha calculado en EUR.
- El Índice de referencia de la Clase es el MSCI Emerging Markets TR Net EUR.
- El Índice de referencia de la Clase se muestra solo a efectos comparativos, por lo que no implica ninguna restricción específica para las inversiones del Subfondo.
- El folleto, los estatutos sociales, así como los informes anual y semestral del Fondo pueden obtenerse gratuitamente en el do micilio social del Fondo, en la Sociedad Gestora, en el administrador central, en los representantes y los distribuidores del Fondo en países en donde está autorizada la distribución pública del Fondo, o en www.mirabaud-am.com. Dichos documentos están disponibles en Inglés, Francés, Italiano, Alemán, Español.
- La respuesta completa a la política de transparencia de SRI se puede consultar en el sitio web de Mirabaud Asset Management: https://www.mirabaud-am.com/en/responsibly-sustainable.
- El valor de inventario neto por acción se calcula cada día de valoración, tal como se indica en el folleto y puede obtenerse, así como información práctica, en el domicilio social del Fondo.
- El Fondo está sujeto a las leyes y reglamentos fiscales de Luxemburgo. En función del país de residencia del inversor, dicha legislación puede incidir en la situación tributaria personal de este.
- Este documento describe una clase de acciones perteneciente a un subfondo del Fondo. El folleto, así como los informes anual y semestral se elaboran para el Fondo en su conjunto. Los activos y pasivos de cada subfondo del Fondo están segregados por la ley.
- Los inversores tendrán derecho a traspasar las acciones que mantienen en una clase determinada a las acciones de otra clase dentro del Subfondo o de otro subfondo, siempre que satisfagan las condiciones de suscripción y tenencia de las correspondientes clases. Para más información sobre otras clases de acciones, consulte el folleto del Fondo.
- Mirabaud Asset Management (Europe) SA únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
- La información sobre la política de remuneración de la Sociedad de gestión se encuentra disponible en https://www.mirabaud.com/en/mirabaud- group/international-presence/offices/country/luxembourg. La política incluye una descripción sobre cómo se calculan la remuneración y las asignaciones, así como los detalles de las personas responsables de otorgar la remuneración y las asignaciones. Puede facilitarse una copia impresa de la política de remuneración, de forma gratuita, mediante solicitud dirigida al domicilio social de la Sociedad de gestión. | ## Past Performance
Practical Information
- Depositary: Pictet & Cie (Europe) SA*In favor of the distributor
- Past performance is not a guide for future performance.
- Performance figures do not take into account entry, exit or conversion charges that might be levied.
- The Class was launched in 2017.
- Past performance is calculated in EUR.
- The Benchmark of the Class is the MSCI Emerging Markets TR Net EUR.
- The Benchmark of the Class is shown for comparison purposes only, without implying any particular constraints to the Sub-Fund’s investments.
- The prospectus, the articles of incorporation as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com. These documents are available in English, French, Italian, German, Spanish.
- The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud- am.com/en/responsibly-sustainable.
- The net asset value per share is calculated on each valuation day as defined in the prospectus and can be obtained, as well as practical information, at the Fund's registered office.
- The Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this might have an impact on your personal tax position.
- This document describes a share class belonging to a sub-fund of the Fund. The prospectus as well as the annual and semi-annual reports are prepared for the entire Fund. The assets and liabilities of the different sub-funds of the Fund are segregated by law.
- You have the right to convert the shares you hold in one given class to shares of another class within the same Sub-Fund or another sub-fund, provided that you satisfy the conditions for subscription and holding of the relevant class. For more information on other classes, please refer to the Fund's prospectus.
- Mirabaud Asset Management (Europe) SA 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.
- Information on the remuneration policy of the Management Company is available at https://www.mirabaud.com/en/mirabaud-group/international- presence/offices/country/luxembourg. The policy includes a description of how remuneration and benefits are calculated and also the details of persons responsible for awarding remuneration and benefits. A paper copy of the remuneration policy is available free of charge upon request. | en | es |
DOLFIN1684 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- Total Return Swaps RiskA Fund may use total return swaps to, inter alia, replicate the exposure of an index or to swap the performance of one or more instruments into a stream of fixed or variable rate cash- flows. In such cases, the counterparty to the transaction will be a counterparty approved and monitored by the Management Company. At no time will a counterparty in a transaction have discretion over the composition or the management of the Fund’s investment portfolio or over the underlying asset of the total return swap.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely tradedinstruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | Un Fondo puede utilizar pagarés vinculados a renta variable para acceder a determinados mercados, por ejemplo mercados emergentes y menos desarrollados, en los que no sea posible invertir directamente. Este enfoque puede dar lugar a varios riesgos adicionales: la falta de un mercado secundario de esos instrumentos, la falta de liquidez de los valores subyacentes y la dificultad de vender estos instrumentos cuando estén cerrados los mercados subyacentes.
- Riesgo asociado a la inversión en valores relacionados con el seguroLos valores relacionados con el seguro pueden incurrir en pérdidas severas o totales como consecuencia de eventos contemplados en la cobertura del seguro tales como catástrofes naturales, provocadas por el hombre o de otro tipo. Las catástrofes pueden ocurrir por diversas circunstancias, entre otras, a modo enunciativo y sin carácter taxativo, huracanes, terremotos, tifones, tormentas de granizo, inundaciones, tsunamis, tornados, vendavales, temperaturas extremas, accidentes aéreos, incendios, explosiones y accidentes marítimos. La incidencia y la gravedad de tales catástrofes son intrínsecamente imprevisibles, y las pérdidas del Fondo ante tales catástrofes pueden ser sustanciales. Cualquier adversidad climática o de otro tipo que pudiera resultar en un aumento de la probabilidad y/o gravedad de tales fenómenos (por ejemplo, el calentamiento global como causa de huracanes más frecuentes y más violentos) podría tener un efecto sustancialmente adverso sobre el Fondo. Si bien la exposición de un Fondo a tales acontecimientos se diversificará de acuerdo con su objetivo de inversión, un único episodio catastrófico podría afectar varias zonas geográficas y líneas de negocio, o bien la frecuencia o gravedad de los incidentes catastróficos podría superar las expectativas, y en ambos casos podría generarse un efecto sustancialmente adverso sobre el Valor liquidativo del Fondo.
- Riesgo de swaps de rentabilidad totalUn Fondo puede utilizar swaps de rentabilidad total, replicar la exposición de un índice o intercambiar la rentabilidad de uno o varios instrumentos en una serie de flujos de efectivo de tipo fijo o variable, entre otros. En tales casos, la contraparte de la transacción será una contraparte aprobada y supervisada por la Sociedad gestora. La contraparte de una transacción no tendrá discreción en ningún momento sobre la composición o la gestión de la cartera de inversiones del Fondo ni sobre el activo subyacente del swap de rentabilidad total.
- Riesgo general asociado a las transacciones extrabursátiles (OTC)Los instrumentos negociados en mercados extrabursátiles (OTC) pueden negociarse en volúmenes reducidos y sus precios pueden ser más volátiles que los de los instrumentos que se negocian principalmente en bolsa. Asimismo, pueden ser menos líquidos que los instrumentos cuyo volumen de negociación es mayor. Además, los precios de los instrumentos negociados en mercados OTC pueden incluir una comisión del operador no comunicada que el Fondo puede pagar como parte del precio de compra. | A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- Total Return Swaps RiskA Fund may use total return swaps to, inter alia, replicate the exposure of an index or to swap the performance of one or more instruments into a stream of fixed or variable rate cash- flows. In such cases, the counterparty to the transaction will be a counterparty approved and monitored by the Management Company. At no time will a counterparty in a transaction have discretion over the composition or the management of the Fund’s investment portfolio or over the underlying asset of the total return swap.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely tradedinstruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | en | es |
DOLFIN1685 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Summary Risk Indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets. We have classified this Product as 6 out of 7, which is the second-highest risk class and poor market conditions are very likely to impact our capacity to pay you. Be aware of currency risk if your reference currency differs from the currency of the Product. You may receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. Investors shall note that the Product may be exposed to further risks such as operational, counterparty, political, sustainability and legal risks that are not included in the Summary Risk Indicator. This Product does not include any protection from future market performance so you could lose some or all of your investment.
Page 1
- Performance ScenariosMarket developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower. | Der Gesamtrisikoindikator hilft Ihnen, das mit diesem Produkt verbundene Risiko im Vergleich zu anderen Produkten einzuschätzen. Er zeigt, wie hoch die Wahrscheinlichkeit ist, dass Sie bei diesem Produkt Geld verlieren, weil sich die Märkte in einer bestimmten Weise entwickeln. Wir haben dieses Produkt als 6 von 7 eingestuft, die zweithöchste Risikoklasse, und es ist sehr wahrscheinlich, dass ungünstige Marktbedingungen unsere Fähigkeit, Sie auszuzahlen, beeinträchtigen. Beachten Sie das Währungsrisiko, wenn Ihre Referenzwährung sich von der Währung des Produkts unterscheidet. Sie erhalten unter Umständen Zahlungen in einer anderen Währung, sodass Ihre endgültige Rendite vom Wechselkurs zwischen den beiden Währungen abhängen wird. Anleger werden darauf hingewiesen, dass das Produkt weiteren Risiken ausgesetzt sein könnte, wie etwa operationellen, Gegenpartei-, politischen, Nachhaltigkeits- und rechtlichen Risiken, die der Gesamtrisikoindikator nicht berücksichtigt. Dieses Produkt beinhaltet keinen Schutz vor künftigen Marktentwicklungen, sodass Sie das angelegte Kapital ganz oder teilweise verlieren könnten.
Seite 1
- Performance-SzenarienZukünftige Marktentwicklungen können nicht präzise vorhergesagt werden. Die dargestellten Szenarien sind nur Beispiele für einige mögliche Ergebnisse basierend auf den jüngsten Renditen. Die tatsächliche Rendite kann geringer ausfallen. | The Summary Risk Indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets. We have classified this Product as 6 out of 7, which is the second-highest risk class and poor market conditions are very likely to impact our capacity to pay you. Be aware of currency risk if your reference currency differs from the currency of the Product. You may receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. Investors shall note that the Product may be exposed to further risks such as operational, counterparty, political, sustainability and legal risks that are not included in the Summary Risk Indicator. This Product does not include any protection from future market performance so you could lose some or all of your investment.
Page 1
- Performance ScenariosMarket developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower. | en | de |
DOLFIN1686 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
The objective of this Product is to outperform the benchmark over a full market cycle by investing in an actively managed portfolio of large-cap company securities, known as "value", which means that they are likely to reduce their discount in relation to their business sector or the market on which they are listed. Environment, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each of these criteria in the final decision is not defined in advance.
Benchmark: The performance of the Product may be compared to the Russell 1000 Value Index as the initial index and to the S&P 500 as the secondary index, denominated in USD and calculated with net dividend income reinvested.
The Product is actively managed. The benchmark is used only for performance comparison purposes.
Investment policy: The Product invests at least 75% of its net assets in equities of companies, without any restriction as to the sector, that are domiciled in the United States or that carry out the majority of their business activities in the United States, and whose market capitalisation at the time of purchase is within the range of the benchmark capitalisation.
The Product may invest up to 10% of its net assets in shares and equivalent equities issued by companies that are not domiciled in the United States or that carry out the majority of their business activities in a country other than the United States. All securities must be listed on a US market
The Product may invest up to 25% of its net assets in equities of companies whose market capitalisation at the time of purchase is not within the range of the benchmark capitalisation. Up to 100% of the Product's net assets may be exposed to currency risk.
In order to protect its assets and/or achieve its management objective, the Product may use derivative financial instruments traded on regulated markets or over-the-counter (OTC) markets.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Management Company's sustainable investment and ESG integration policy (available online at the following link: https://www.silvercrestgroup.com/terms-of-use-privacy/), or a rating provided by an external non-financial rating agency.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the production of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the exclusion policy of the Edmond de Rothschild Group, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of ESG factors, even though no benchmark has been designated for the purposes of achieving these environmental and social factors.
In light of its ESG strategy, the Product promotes environmental factors but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the European Union's criteria regarding sustainable economic activities as defined in the Taxonomy Regulation.
Income allocation: Accumulation | ## Objectifs
L’objectif de ce Produit est d'obtenir, sur un cycle de marché complet, une performance supérieure à celle de son indice de référence, grâce à des investissements dans un portefeuille géré activement de titres de sociétés de large capitalisation dites « value », c’est-à-dire, susceptibles de réduire leur décote par rapport à leur secteur d’activité ou au marché sur lequel ils sont cotés. Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion. Néanmoins le poids individuel de chacun de ces critères dans la décision finale n’est pas défini en amont.
Indice de référence : La performance du Produit peut être comparée à l’Indice Russell 1000 Value Index comme indice premier et au S&P 500 comme indice secondaire, exprimés en USD, calculé avec dividendes nets réinvestis.
Le Produit est géré activement. L’indice de référence est utilisé uniquement à des fins de comparaison de performance.
Politique d'investissement : Le Produit investit au minimum 75% de ses actifs nets en actions de sociétés sans contrainte sectorielle, dont le siège social se trouve aux Etats Unis ou ayant une partie prépondérante de leur activité aux Etats Unis, et dont la capitalisation boursière, au moment de l’achat, est comprise dans la fourchette de capitalisation de l’indice de référence.
Le Produit peut investir jusqu’à 10% de ses actifs nets dans des actions et actions assimilées émises par des sociétés dont le siège social ne se trouve pas aux Etats Unis ou ayant une partie prépondérante de leur activité dans un pays autre que les Etats Unis. Tous les titres doivent être listés sur un marché US.
Le Produit peut investir jusqu’à 25% de son actif net en actions de sociétés dont la capitalisation boursière, au moment de l’achat, n’est pas comprise dans la fourchette de capitalisation de l’indice de référence.
Le Produit pourra être exposé au risque de change jusqu’à 100% de son actif net.
Dans un but de protection de ses actifs et/ou de réalisation de son objectif de gestion le Produit peut avoir recours aux instruments financiers dérivés négociés sur des Marchés réglementés ou de gré à gré.
Au moins 90 % des sociétés du portefeuille disposeront d’une notation ESG. Il s’agira soit d’une notation ESG interne telle que définie par la politique d’investissement responsable et d’intégration ESG du Gestionnaire (disponible sur son site internet au lien suivant: https://www.silvercrestgroup.com/), soit d’une notation fournie par une agence de notation extra-financière externe.
En outre, le processus de sélection des titres comprend un filtrage négatif visant à exclure les sociétés qui contribuent à la production d'armes controversées, conformément aux conventions internationales en la matière, ainsi que les sociétés exposées aux activités liées au charbon thermique ou au tabac, conformément à la politique d'exclusion du Groupe Edmond de Rothschild, disponible sur son site Internet https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
Le Produit est classé « Article 8(1) du règlement Durabilité » car il promeut un ensemble de caractéristiques ESG, bien qu’aucun indice de référence n’ait été désigné aux fins d’atteindre ces caractéristiques environnementales ou sociales.
Compte tenu de sa stratégie ESG, le Produit promeut les caractéristiques environnementales mais n'investit pas dans des activités économiques écologiquement durables au sens du Règlement Taxonomie. Les investissements sous-jacents à ce produit financier ne prennent pas en compte les critères de l'UE pour les activités économiques durables sur le plan environnemental, dans le cadre du Règlement Taxonomie.
Affectation des revenus : Capitalisation | ## Objectives
The objective of this Product is to outperform the benchmark over a full market cycle by investing in an actively managed portfolio of large-cap company securities, known as "value", which means that they are likely to reduce their discount in relation to their business sector or the market on which they are listed. Environment, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each of these criteria in the final decision is not defined in advance.
Benchmark: The performance of the Product may be compared to the Russell 1000 Value Index as the initial index and to the S&P 500 as the secondary index, denominated in USD and calculated with net dividend income reinvested.
The Product is actively managed. The benchmark is used only for performance comparison purposes.
Investment policy: The Product invests at least 75% of its net assets in equities of companies, without any restriction as to the sector, that are domiciled in the United States or that carry out the majority of their business activities in the United States, and whose market capitalisation at the time of purchase is within the range of the benchmark capitalisation.
The Product may invest up to 10% of its net assets in shares and equivalent equities issued by companies that are not domiciled in the United States or that carry out the majority of their business activities in a country other than the United States. All securities must be listed on a US market
The Product may invest up to 25% of its net assets in equities of companies whose market capitalisation at the time of purchase is not within the range of the benchmark capitalisation. Up to 100% of the Product's net assets may be exposed to currency risk.
In order to protect its assets and/or achieve its management objective, the Product may use derivative financial instruments traded on regulated markets or over-the-counter (OTC) markets.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Management Company's sustainable investment and ESG integration policy (available online at the following link: https://www.silvercrestgroup.com/terms-of-use-privacy/), or a rating provided by an external non-financial rating agency.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the production of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the exclusion policy of the Edmond de Rothschild Group, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of ESG factors, even though no benchmark has been designated for the purposes of achieving these environmental and social factors.
In light of its ESG strategy, the Product promotes environmental factors but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the European Union's criteria regarding sustainable economic activities as defined in the Taxonomy Regulation.
Income allocation: Accumulation | en | fr |
DOLFIN1687 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The portion of the redemptions thus not executed will then be executed by priority on the next Valuation Day.
Confirmation of execution of redemption will be made by dispatching an advice to the Unitholder, indicating the name of the Sub-Fund, number and class of Units redeemed and the relevant net asset value per Unit.
Payments will be made in the base currency of each Sub-Fund; at the request of the Unitholders, payments may however be made accepted in any other freely convertible major currency as may be decided from time to time by the Management Company. If the Management Company determines such other currencies, the Net Asset Value of the relevant Units will be rounded tip or down to the next smallest customary currency unit. Any currency conversion costs arising in this respect shall be borne by the i‘e1evant Sub-Fund. Payments will be made with a value date within ten business days following the eoiresponding Valuation Day.
Redemption effected within the framework of the "Delivery vs. Payment" system in CLEARSTREAM and EUROCLEAR will be carried out on the third business day after the Valuation Day retained for the redemption of the Units in question.
The Depositary Bank is only obliged to make payments for redemptions where legal provisions, particularly exchange regulations or other cases of force majeure, do not prohibit it from transferring or paying the redemption proceeds in the country where the redemption is requested. | # Der Teil der Rücknahmen, die deshalb nicht ausgeführt werden, wird anschließend am nächsten Bewertungstag vorrangig ausgeführt.
Die Ausführung einer Rücknahme wird durch den Versand einer Ausführungsanzeige an den Anteilinhaber bestätigt, die die Bezeichnung des Teilfonds, die Anzahl und die Klasse der zurückgenommenen Anteile sowie den jeweiligen Nettoinventarwert je Anteil enthält.
Zahlungen werden in der Basiswährung des betreffenden Teilfonds geleistet; Auf Wunsch der Anteilinhaber und auf Beschluss der Verwaltungsgesellschaft können jedoch auch Zahlungen in jeder anderen frei konvertierbaren bedeutenden Währung geleistet werden. Falls die Verwaltungsgesellschaft solche anderen Währungen bestimmt, wird der Nettoinventarwert der betreffenden Anteile auf die nächstkleinere übliche Währungseinheit auf- oder abgerundet. Eventuelle Währungsumrechnungskosten, die daraus entstehen, gehen zulasten des betreffenden Teilfonds. Die Zahlungen erfolgen mit Wertstellung innerhalb von zehn Geschäftstagen nach dem entsprechenden Bewertungstag.
Rücknahmen im Rahmen des Systems „Lieferung gegen Zahlung“ über CLEARSTREAM und EUROCLEAR werden am dritten Geschäftstag nach dem für die Rücknahme der betreffenden Anteile vorgesehenen Bewertungstag ausgeführt.
Die Depotbank ist lediglich zur Leistung von Zahlungen für Rücknahmen verpflichtet, wenn gesetzliche Bestimmungen, insbesondere Devisenbestimmungen, oder andere Fälle höherer Gewalt sie nicht daran hindern, den Rücknahmeerlös in dem Land zu überweisen oder zu zahlen, in dem die Rücknahme beantragt wird. | # The portion of the redemptions thus not executed will then be executed by priority on the next Valuation Day.
Confirmation of execution of redemption will be made by dispatching an advice to the Unitholder, indicating the name of the Sub-Fund, number and class of Units redeemed and the relevant net asset value per Unit.
Payments will be made in the base currency of each Sub-Fund; at the request of the Unitholders, payments may however be made accepted in any other freely convertible major currency as may be decided from time to time by the Management Company. If the Management Company determines such other currencies, the Net Asset Value of the relevant Units will be rounded tip or down to the next smallest customary currency unit. Any currency conversion costs arising in this respect shall be borne by the i‘e1evant Sub-Fund. Payments will be made with a value date within ten business days following the eoiresponding Valuation Day.
Redemption effected within the framework of the "Delivery vs. Payment" system in CLEARSTREAM and EUROCLEAR will be carried out on the third business day after the Valuation Day retained for the redemption of the Units in question.
The Depositary Bank is only obliged to make payments for redemptions where legal provisions, particularly exchange regulations or other cases of force majeure, do not prohibit it from transferring or paying the redemption proceeds in the country where the redemption is requested. | en | de |
DOLFIN1688 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and the potential for capital growth.
- The fund will invest at least 70% in hybrid bonds (‘'Hybrids'’), that is bonds with equity-like features issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as into other subordinated financial bonds and preference shares, globally.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund’s investments include investment grade and non-investment grade assets.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Other subordinated financial bonds and preference shares do not have a conversion feature but rank behind senior bonds in case of insolvency.
- The fund has the freedom to invest outside its principal asset classes and may invest up to 30% in Money Market Instruments, cash and bank deposits, as well as other transferable securities.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference 50% ICE BofA Contingent Capital Index; 50% ICE BofA Global Hybrid Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Investment in this fund is suitable for sophisticated investors who have the appropriate investment expertise to understand the key features and the risks associated with an investment in this fund.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corrientes y el potencial de crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos híbridos («Híbridos»), es decir, en bonos con características similares a las de la renta variable emitidos por instituciones no financieras (Híbridos corporativos) e instituciones financieras (Híbridos financieros), incluidos los bonos convertibles contingentes, así como en otros bonos subordinados financieros y en acciones preferentes de todo el mundo.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Las inversiones del fondo incluirán activos con calificación de grado especulativo y con grado de inversión.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- Las acciones preferentes y otros tipos de bonos financieros subordinados no tienen la particularidad de ser convertibles, pero se encuentran por detrás del bono principal en caso de insolvencia.
- El fondo tiene la libertad de invertir fuera de sus principales clases de activos y puede invertir hasta un 30 % en instrumentos del mercado monetario, depósitos bancarios y en efectivo, así como otros valores transferibles.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el 50% ICE BofA Contingent Capital Index; 50% ICE BofA Global Hybrid Corporate Index (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- La inversión en este fondo es adecuada para inversores expertos que cuenten con la experiencia en inversión apropiada para entender las principales características de este fondo y los riesgos que implica invertir en él.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and the potential for capital growth.
- The fund will invest at least 70% in hybrid bonds (‘'Hybrids'’), that is bonds with equity-like features issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as into other subordinated financial bonds and preference shares, globally.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund’s investments include investment grade and non-investment grade assets.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Other subordinated financial bonds and preference shares do not have a conversion feature but rank behind senior bonds in case of insolvency.
- The fund has the freedom to invest outside its principal asset classes and may invest up to 30% in Money Market Instruments, cash and bank deposits, as well as other transferable securities.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference 50% ICE BofA Contingent Capital Index; 50% ICE BofA Global Hybrid Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Investment in this fund is suitable for sophisticated investors who have the appropriate investment expertise to understand the key features and the risks associated with an investment in this fund.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1689 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Other notes to the financial statements
Note 1 - General Information
Candriam Equities L (hereafter the “SICAV” or “the Fund”) was incorporated for an indefinite period on April 27, 1994 under the name “BIL Equities” in the form of a Société d’Investissement à Capital Variable (SICAV) in accordance with the provisions of the part I of the law of December 17, 2010, as amended, relating to undertakings for collective investment and the Law of August 10, 1915, as amended, on commercial undertakings. Its minimum capital is EUR 1,250,000.
The SICAV's articles of incorporation were published in the Mémorial C, Recueil Spécial des Sociétés et Associations (hereinafter referred to as "the Mémorial") on June 9, 1994. They have been amended on several occasions, most recently on April 6, 2020. The corresponding amendments were published in the Recueil Electronique des Sociétés et Associations. The coordinated articles of incorporation have been filed with the Luxembourg Trade and Companies Registry.
The SICAV is registered in the Luxembourg Trade and Companies Registry under number B-47449. The following sub-funds are currently available to investors:
Sub-fundsReference currency
Candriam Equities L Asia USD
Candriam Equities L Australia AUD
Candriam Equities L Biotechnology USD
Candriam Equities L Emerging Markets EUR
Candriam Equities L EMU Innovation (formerly Candriam Equities L EMU) EUR Candriam Equities L Europe Conviction EUR
Candriam Equities L Europe Innovation EUR
Candriam Equities L Europe Optimum Quality EUR
Candriam Equities L Europe Small & Mid Caps EUR
Candriam Equities L Global Demography EUR
Candriam Equities L Japan JPY
Candriam Equities L Life Care USD
Candriam Equities L Oncology Impact USD
Candriam Equities L Risk Arbitrage Opportunities (launched on March 15, 2021) EUR Candriam Equities L Robotics & Innovative Technology USD
The SICAV is an umbrella UCITS, which means that it is made up of several sub-funds, each representing a specific pool of assets and liabilities and each adhering to a specific investment policy.
The umbrella structure offers investors the benefit of being able to choose between different sub-funds and to move from one sub-fund to another. Within each sub-fund, the SICAV may issue different share classes which differ in particular in terms of the fees and commissions payable or in terms of their distribution policy.
The issued share classes are the following:
- The BF class is reserved for Belgian-law feeder UCIs approved by the Management Company and managed by an entity of the Candriam group.
- The C class is offered to individuals and legal entities.
- The I class is reserved exclusively for institutional investors.
- The I2 class is not subject to a performance fee and is reserved exclusively for institutional investors.
- The LOCK class (which may also be called "L class") is a share class which is associated with a mechanism that aims to limit the capital risk incurred. This mechanism is offered only by Belfius Banque S.A., sole distributor authorised to sell these shares. By investing in this class, investors accept that the shares are sold automatically when the net asset value reaches a set amount (activation price). Accordingly, whenever Belfius Banque S.A. notes that the net asset value is equal to or less than the activation price, a redemption order is automatically generated and executed as soon as possible. The sales order will be consolidated at the first cut-off (deadline for the reception of orders) following the calculation date of the net asset value that gave rise to the automatic activation of the redemption order. In view of the specific nature of this class, before subscribing, potential investors should seek advice from their financial advisor at Belfius Banque S.A. so as to be aware of the technical and operational imperatives associated with this mechanism.
- The N class is reserved for distributors specially approved by the Management Company.
- The P class is reserved (i) for pension funds and/or similar investment vehicles, created on the initiative of one or more employers for the benefit of their employees and (ii) companies with one or more employers investing funds which they hold to provide pensions for their employees. The minimum initial subscription is EUR 15,000,000.
- The PI class is reserved for institutional investors which subscribe before the sub-fund has reached a critical size in terms of the assets under management. The minimum initial subscription is EUR 1,000,000 or the equivalent in foreign currencies for classes denominated in foreign currencies. This minimum may be changed at the discretion of the Board of Directors provided that shareholders are treated equally on the same Valuation Date. This class will remain open for subscription until one of the following events occurs: (i) the period fixed by the Board of Directors ends, (ii) the. sub- fund reaches a critical size in terms of the assets under management, as defined by the Board of Directors, (iii) the Board of Directors decides to close this class to subscription on justifiable grounds.
The Board of Directors may re-open this class of shares at its discretion and without the need to inform investors in advance. | # Autres notes aux états financiers
Note 1 - Généralité
Candriam Equities L (ci-après la « SICAV » ou « le Fond ») a été constituée pour une durée illimitée le 27 avril 1994 sous la dénomination «BIL Equities» en tant que Société d’Investissement à Capital Variable (SICAV) conformément aux dispositions de la partie I de la loi du 17 décembre 2010, telle que modifiée, concernant les organismes de placement collectif et de la loi du 10 août 1915, telle que modifiée, sur les sociétés commerciales. Son capital minimum est de EUR 1.250.000.
Les statuts de la SICAV ont été publiés au Mémorial C, Recueil Spécial des Sociétés et Associations (nommé ci-après « le Mémorial ») le 9 juin 1994. Ils ont été modifiés à plusieurs reprises, le plus récemment le 6 avril 2020. Les modifications correspondantes furent publiées au Recueil Electronique des Sociétés et Associations. Les statuts coordonnés ont été déposés au registre de Commerce et des Sociétés de Luxembourg.
La SICAV est inscrite au Registre de Commerce et des Sociétés de Luxembourg sous le numéro B-47449. Les compartiments suivants sont actuellement disponibles pour les investisseurs :
CompartimentsDevise de référence
Candriam Equities L Asia USD
Candriam Equities L Australia AUD
Candriam Equities L Biotechnology USD
Candriam Equities L Emerging Markets EUR
Candriam Equities L EMU Innovation (anciennement Candriam Equities L EMU) EUR Candriam Equities L Europe Conviction EUR
Candriam Equities L Europe Innovation EUR
Candriam Equities L Europe Optimum Quality EUR
Candriam Equities L Europe Small & Mid Caps EUR
Candriam Equities L Global Demography EUR
Candriam Equities L Japan JPY
Candriam Equities L Life Care USD
Candriam Equities L Oncology Impact USD
Candriam Equities L Risk Arbitrage Opportunities (lancé le 15 mars 2021) EUR Candriam Equities L Robotics & Innovative Technology USD
La SICAV est une structure à compartiments multiples de type OPCVM, ce qui veut dire qu’elle est composée de plusieurs compartiments, chacun représentant un type spécifique d’actifs et de passifs et chacun adhérent à une politique spécifique d’investissement.
La structure de compartiments multiples offre aux investisseurs l’avantage de pouvoir choisir entre différents compartiments, mais aussi de pouvoir ensuite passer d’un compartiment à un autre. Dans chaque compartiment, la SICAV pouvait émettre des actions différentes se distinguant notamment par des droits et commissions différents ou par leur politique de distribution.
Les classes émises sont les suivantes :
- La classe BF est réservée aux OPC nourriciers de droit belge agréés par la Société de Gestion et gérés par une entité du groupe Candriam.
- La classe C est offerte aux personnes physiques et aux personnes morales.
- La classe I est réservée exclusivement aux investisseurs institutionnels.
- La classe I2 est une classe d'actions, sans commission de performance, réservée exclusivement aux investisseurs institutionnels.
- La classe LOCK (ci-après dénommée classe L) est une classe d’actions à laquelle se greffe un mécanisme visant à limiter le risque de capital encouru. Ce mécanisme n’est offert que par Belfius Banque S.A., seul distributeur autorisé à commercialiser ces actions. En investissant dans cette classe, l’investisseur accepte que les actions soient vendues automatiquement dès que la valeur nette d’inventaire a atteint un montant déterminé (cours d’activation). Ainsi, lorsque Belfius Banque S.A. constate que la valeur nette d’inventaire est égale ou inférieure au cours d’activation, un ordre de rachat est automatiquement généré et exécuté dans les meilleurs délais. L'ordre de vente sera globalisé dans le premier « cut-off » (date de clôture de réception des ordres) suivant le jour de calcul de la valeur nette d'inventaire qui a entrainé le déclenchement automatique de l’ordre de rachat. Etant donné la spécificité de cette classe, les investisseurs potentiels sont invités, avant de souscrire, à se renseigner auprès de leur conseiller financier chez Belfius Banque S.A. afin de prendre connaissance des impératifs techniques et opérationnels liés à ce mécanisme.
- La classe N est réservée à des distributeurs spécialement approuvés par la Société de Gestion.
- La classe P est réservée (i) aux institutions de retraite professionnelle et/ou véhicule d’investissement similaire, crées sur l’initiative d’un ou de plusieurs employeurs pour le bénéfice de leurs salariés et (ii) des sociétés d’un ou de plusieurs employeurs investissant les fonds qu’ils détiennent, pour fournir des prestations de retraite à leurs salariés. La souscription initiale minimale est de EUR 15.000.000.
- La classe PI réservée aux investisseurs institutionnels qui souscrivent avant que le compartiment n’ait atteint une taille critique en termes d’actifs sous gestion. La souscription initiale minimale est de EUR 1.000.000 ou son équivalent en devise pour les classes libellées en devises (ce minimum peut être modifié à la discrétion du Conseil d’Administration pourvu que le traitement égalitaire des actionnaires soit assuré un même jour d’évaluation). Cette classe restera ouverte à la souscription jusqu’à la survenue d’un des événements suivants: (i) la durée fixée par le Conseil d’Administration est écoulée (ii) le compartiment a atteint une taille critique en termes d’actifs sous gestion, telle que définie par le Conseil d’Administration (iii) le Conseil d’Administration a décidé, pour des motifs justifiés, de fermer cette classe à la souscription.
Le Conseil d’Administration a la faculté de rouvrir cette classe d’actions, à sa discrétion, et sans devoir en informer les investisseurs au préalable. | # Other notes to the financial statements
Note 1 - General Information
Candriam Equities L (hereafter the “SICAV” or “the Fund”) was incorporated for an indefinite period on April 27, 1994 under the name “BIL Equities” in the form of a Société d’Investissement à Capital Variable (SICAV) in accordance with the provisions of the part I of the law of December 17, 2010, as amended, relating to undertakings for collective investment and the Law of August 10, 1915, as amended, on commercial undertakings. Its minimum capital is EUR 1,250,000.
The SICAV's articles of incorporation were published in the Mémorial C, Recueil Spécial des Sociétés et Associations (hereinafter referred to as "the Mémorial") on June 9, 1994. They have been amended on several occasions, most recently on April 6, 2020. The corresponding amendments were published in the Recueil Electronique des Sociétés et Associations. The coordinated articles of incorporation have been filed with the Luxembourg Trade and Companies Registry.
The SICAV is registered in the Luxembourg Trade and Companies Registry under number B-47449. The following sub-funds are currently available to investors:
Sub-fundsReference currency
Candriam Equities L Asia USD
Candriam Equities L Australia AUD
Candriam Equities L Biotechnology USD
Candriam Equities L Emerging Markets EUR
Candriam Equities L EMU Innovation (formerly Candriam Equities L EMU) EUR Candriam Equities L Europe Conviction EUR
Candriam Equities L Europe Innovation EUR
Candriam Equities L Europe Optimum Quality EUR
Candriam Equities L Europe Small & Mid Caps EUR
Candriam Equities L Global Demography EUR
Candriam Equities L Japan JPY
Candriam Equities L Life Care USD
Candriam Equities L Oncology Impact USD
Candriam Equities L Risk Arbitrage Opportunities (launched on March 15, 2021) EUR Candriam Equities L Robotics & Innovative Technology USD
The SICAV is an umbrella UCITS, which means that it is made up of several sub-funds, each representing a specific pool of assets and liabilities and each adhering to a specific investment policy.
The umbrella structure offers investors the benefit of being able to choose between different sub-funds and to move from one sub-fund to another. Within each sub-fund, the SICAV may issue different share classes which differ in particular in terms of the fees and commissions payable or in terms of their distribution policy.
The issued share classes are the following:
- The BF class is reserved for Belgian-law feeder UCIs approved by the Management Company and managed by an entity of the Candriam group.
- The C class is offered to individuals and legal entities.
- The I class is reserved exclusively for institutional investors.
- The I2 class is not subject to a performance fee and is reserved exclusively for institutional investors.
- The LOCK class (which may also be called "L class") is a share class which is associated with a mechanism that aims to limit the capital risk incurred. This mechanism is offered only by Belfius Banque S.A., sole distributor authorised to sell these shares. By investing in this class, investors accept that the shares are sold automatically when the net asset value reaches a set amount (activation price). Accordingly, whenever Belfius Banque S.A. notes that the net asset value is equal to or less than the activation price, a redemption order is automatically generated and executed as soon as possible. The sales order will be consolidated at the first cut-off (deadline for the reception of orders) following the calculation date of the net asset value that gave rise to the automatic activation of the redemption order. In view of the specific nature of this class, before subscribing, potential investors should seek advice from their financial advisor at Belfius Banque S.A. so as to be aware of the technical and operational imperatives associated with this mechanism.
- The N class is reserved for distributors specially approved by the Management Company.
- The P class is reserved (i) for pension funds and/or similar investment vehicles, created on the initiative of one or more employers for the benefit of their employees and (ii) companies with one or more employers investing funds which they hold to provide pensions for their employees. The minimum initial subscription is EUR 15,000,000.
- The PI class is reserved for institutional investors which subscribe before the sub-fund has reached a critical size in terms of the assets under management. The minimum initial subscription is EUR 1,000,000 or the equivalent in foreign currencies for classes denominated in foreign currencies. This minimum may be changed at the discretion of the Board of Directors provided that shareholders are treated equally on the same Valuation Date. This class will remain open for subscription until one of the following events occurs: (i) the period fixed by the Board of Directors ends, (ii) the. sub- fund reaches a critical size in terms of the assets under management, as defined by the Board of Directors, (iii) the Board of Directors decides to close this class to subscription on justifiable grounds.
The Board of Directors may re-open this class of shares at its discretion and without the need to inform investors in advance. | en | fr |
DOLFIN1690 | 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 objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private debtors all over the world and opportunist- ically by investing in fixed income securities issued by public debtors all over the world. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and war- rants. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient
portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better re- turns than its benchmark, the 50% Bloomberg Barclays Euro Agg Corporate (hedged USD) (TR) / 50% Bloomberg Barclays US Inter- mediate Corporate (hedged USD) (TR) Index. The Manager may use the index as a universe when selecting individual securities. How- ever, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 3 years.
- | # Objetivos y política de inversión
El objetivo de este Fondo es generar una revalorización coherente del capital a medio plazo, teniendo en cuenta al mismo tiempo los aspectos de sostenibilidad (LGT Sustainable Investing).
El Fondo tratará de alcanzar el objetivo de inversión invirtiendo prin- cipalmente en una amplia gama de valores de renta fija (como los bonos, que pueden ser estatales o corporativos y que pueden emi- tirse a renta fija o variable, según resulte apropiado, situándose en el nivel del grado de inversión, o por debajo de este, según determi- ne la agencia de calificación de riesgos Standard & Poor's o cual- quier otra entidad calificadora que goce de reconocimiento similar) e instrumentos emitidos por deudores privados a escala mundial, y de forma oportunista invirtiendo en valores de renta fija emitidos por deudores públicos de todo el mundo. El Fondo podrá invertir hasta el 25 % de su valor liquidativo en bonos convertibles y bonos vinculados a garantías, así como, en menor medida, en valores de renta variable, valores vinculados a la renta variable y warrants.
El Fondo podrá invertir en derivados (instrumentos financieros deri- vados de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. La cartera del Fondo se ges- tiona de forma activa. El objetivo del Fondo es obtener una mejor
rentabilidad que su índice de referencia, el Índice 50% Bloomberg Barclays Euro Agg Corporate (hedged USD) (TR) / 50% Bloomberg Barclays US Intermediate Corporate (hedged USD) (TR). El Gestor podrá usar el índice como un universo a la hora de seleccionar valo- res individuales. No obstante, el Gestor de inversiones también po- drá invertir de forma limitada en valores que no formen parte del índice.
El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo.
Los inversores podrán negociar acciones del Fondo diariamente. To- dos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones.
Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento.
El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 3 años.
- | # Objectives and Investment Policy
The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private debtors all over the world and opportunist- ically by investing in fixed income securities issued by public debtors all over the world. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and war- rants. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient
portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better re- turns than its benchmark, the 50% Bloomberg Barclays Euro Agg Corporate (hedged USD) (TR) / 50% Bloomberg Barclays US Inter- mediate Corporate (hedged USD) (TR) Index. The Manager may use the index as a universe when selecting individual securities. How- ever, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 3 years.
- | en | es |
DOLFIN1691 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Scénarios | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts (USD) | 1.500 | 1.270 |
| | Rendement annuel moyen (%) | -84,95 | -33,77 |
| Défavorable ¹ | Ce que vous pourriez obtenir après déduction des coûts (USD) | 7.210 | 6.620 |
| | Rendement annuel moyen (%) | -27,89 | -7,91 |
| Intermédiaire ² | Ce que vous pourriez obtenir après déduction des coûts (USD) | 10.690 | 14.850 |
| | Rendement annuel moyen (%) | 6,85 | 8,23 |
| Favorable ³ | Ce que vous pourriez obtenir après déduction des coûts (USD) | 16.300 | 23.890 |
| | Rendement annuel moyen (%) | 63,04 | 19,03 | | | Escenarios | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes (USD) | 1.500 | 1.270 |
| | Rendimiento medio cada año (%) | -84,95 | -33,77 |
| Desfavorable ¹ | Lo que podría recibir tras deducir los costes (USD) | 7.210 | 6.620 |
| | Rendimiento medio cada año (%) | -27,89 | -7,91 |
| Moderado ² | Lo que podría recibir tras deducir los costes (USD) | 10.690 | 14.850 |
| | Rendimiento medio cada año (%) | 6,85 | 8,23 |
| Favorable ³ | Lo que podría recibir tras deducir los costes (USD) | 16.300 | 23.890 |
| | Rendimiento medio cada año (%) | 63,04 | 19,03 | | | Scénarios | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts (USD) | 1.500 | 1.270 |
| | Rendement annuel moyen (%) | -84,95 | -33,77 |
| Défavorable ¹ | Ce que vous pourriez obtenir après déduction des coûts (USD) | 7.210 | 6.620 |
| | Rendement annuel moyen (%) | -27,89 | -7,91 |
| Intermédiaire ² | Ce que vous pourriez obtenir après déduction des coûts (USD) | 10.690 | 14.850 |
| | Rendement annuel moyen (%) | 6,85 | 8,23 |
| Favorable ³ | Ce que vous pourriez obtenir après déduction des coûts (USD) | 16.300 | 23.890 |
| | Rendement annuel moyen (%) | 63,04 | 19,03 | | fr | es |
DOLFIN1692 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Appendix I – Investment Restrictions
Investment may only be made as permitted by the Trust Deed and the Regulations and is subject to any restrictions and limits set out in the Trust Deed and the Regulations. The relevant provisions of the Regulations in respect of the investment restrictions applying to the Unit Trust and each Fund, in addition to other restrictions imposed by the Manager, are set out below. The Manager may from time to time impose such further investment restrictions as shall be compatible with or in the interest of the Unitholders, in order to comply with the laws and regulations of the countries where Units of each Fund are placed. Any such further restrictions shall be in accordance with the UCITS Regulations and in accordance with the requirements of the Central Bank.
- Permitted InvestmentsInvestments of a UCITS are confined to:
- Transferable Securities and Money Market Instruments which are either admitted to official listing on a stock exchange in a Member State or non-Member State or which are dealt on a market which is regulated, operates regularly, is recognised and open to the public in a Member State or non-Member State.
- Recently issued Transferable Securities which will be admitted to official listing on a stock exchange or other market (as described above) within a year.
- Money Market Instruments, other than those dealt on a regulated market.
- Shares/Units of UCITS.
- Shares/Units of alternative investment funds.
- Deposits with credit institutions.
- FDIs.
- Investment Restrictions
- A UCITS may invest no more than 10% of net assets in Transferable Securities and Money Market Instruments other than those referred to in paragraph 1.
- A UCITS may invest no more than 10% of net assets in recently issued Transferable Securities which will be admitted to official listing on a stock exchange or other market (as described in paragraph 1.1) within a year. This restriction will not apply in relation to investment by the UCITS in certain US securities known as Rule 144A securities provided that:
- the securities are issued with an undertaking to register with the US Securities and Exchanges Commission within one year of issue; and
- the securities are not illiquid securities i.e. they may be realised by the UCITS within seven days at the price, or approximately at the price, at which they are valued by the UCITS.
- A UCITS may invest no more than 10% of net assets in Transferable Securities or Money Market Instruments issued by the same body provided that the total value of Transferable Securities and Money Market Instruments held in the issuing bodies in each of which it invests more than 5% does not exceed 40%.
- The limit of 10% (as described in paragraph 2.3) is raised to 25% in the case of bonds that are issued by a credit institution which has its registered office in a Member State and is subject by law to special public supervision designed to protect bond-holders. If a UCITS invests more than 5% of its net assets in these bonds issued by one issuer, the total value of these investments may not exceed 80% of the net asset value of the UCITS. (To avail of this provision, the prior approval of the Central Bank is required).
- The limit of 10% (as described in paragraph 2.3) is raised to 35% if the Transferable Securities or Money Market Instruments are issued or guaranteed by a Member State or its local authorities or by a non-Member State or public international body of which one or more Member States are members.
- The Transferable Securities and Money Market Instruments referred to in paragraphs 2.4 and 2.5 shall not be taken into account for the purpose of applying the limit of 40% referred to in paragraph 2.3.
- Cash booked in accounts and held as ancillary liquidity shall not exceed:
- 10% of the net assets of the UCITS; or
- where the cash is booked in an account with the Depositary, 20% of net assets of the UCITS.
- The risk exposure of a UCITS to a counterparty to an over-the-counter (“OTC”) derivative may not exceed 5% of net assets.
This limit is raised to 10% in the case of credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988 or credit institutions authorised within Jersey, Guernsey, the Isle of Man, Australia or New Zealand.
- Notwithstanding paragraphs 2.3, 2.7 and 2.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of net assets:
- investments in Transferable Securities or Money Market Instruments;
- deposits, and/or
- risk exposures arising from OTC derivatives transactions.
- The limits referred to in paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9 above may not be combined, so that exposure to a single body shall not exceed 35% of net assets.
- Group companies are regarded as a single issuer for the purposes of paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9. However, a limit of 20% of net assets may be applied to investment in Transferable Securities and Money Market Instruments within the same group.
- A UCITS may invest up to 100% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any Member State, its local authorities, non-Member States or public international bodies of which one or more Member States are members.
The individual issuers must be listed in the Prospectus and may be drawn from the following list:
OECD Governments (provided the relevant issues are investment grade), Government of the People’s Republic of China, Government of Brazil (provided the issues are of investment grade), Government of India (provided the issues are of investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
The UCITS must hold securities from at least 6 different issues, with securities from any one issue not exceeding 30% of net assets.
- DepositsDeposits with any single credit institution other than a credit institution specified in Regulation 7 of the Central Bank UCITS Regulations held as ancillary liquidity shall not exceed:
- 10% of the NAV of the UCITS; or
- where the deposit is made with the Depositary 20% of the net assets of the UCITS.
- Recently Issued Transferable Securities
- Subject to paragraph (ii) a Fund shall not invest any more than 10% of its assets in securities of the type to which Regulation 68(1)(d) of the UCITS Regulations apply.
- Paragraph (i) does not apply to an investment by a responsible person in US Securities known as “ Rule 144 A securities” provided that;
- the relevant securities have been issued with an undertaking to register the securities with the SEC within 1 year of issue; and
- the securities are not illiquid securities i.e. they may be realised by the UCITS within 7 days at the price, or approximately at the price, which they are valued by the UCITS.
- Investment in Collective Investment Schemes (“CIS”)
- A UCITS may not invest more than 20% of net assets in any one CIS. However, the Manager has determined that no more than 10% of the net assets of a Fund may be invested in CIS.
- Investment in alternative investment funds may not, in aggregate, exceed 30% of net assets.
- The CIS are prohibited from investing more than 10% of net assets in other open-ended CIS.
- When a UCITS invests in the units of other CIS that are managed, directly or by delegation, by the UCITS management company or by any other company with which the UCITS management company is linked by common management or control, or by a substantial direct or indirect holding, that management company or other company may not charge subscription, conversion or redemption fees on account of the UCITS investment in the units of such other CIS.
- Where a commission (including a rebated commission) is received by the UCITS manager or investment manager by virtue of an investment in the units of another CIS, this commission must be paid into the property of the UCITS.
- Index Tracking UCITS
- A UCITS may invest up to 20% of net assets in shares and/or debt securities issued by the same body where the investment policy of the UCITS is to replicate an index which satisfies the criteria set out in the Central Bank UCITS Regulations and is recognised by the Central Bank.
- The limit in paragraph 4.1 may be raised to 35%, and applied to a single issuer, where this is justified by exceptional market conditions.
- General Provisions
- An investment company, or management company acting in connection with all of the CIS it manages, may not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuing body.
- A UCITS may acquire no more than:
- 10% of the non-voting shares of any single issuing body;
- 10% of the debt securities of any single issuing body;
- 25% of the units of any single CIS;
- 10% of the Money Market Instruments of any single issuing body.
NOTE: The limits laid down in (ii), (iii) and (iv) above may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the Money Market Instruments, or the net amount of the securities in issue cannot be calculated.
- Paragraph 5.1 and 5.2 shall not be applicable to:
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or its local authorities;
- Transferable Securities and Money Market Instruments issued or guaranteed by a non-Member State;
- Transferable Securities and Money Market Instruments issued by public international bodies of which one or more Member States are members;
- Units held by a UCITS in the capital of a company incorporated in a non-member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in paragraphs 2.3 to 2.11, 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 below are observed;
- Units held by an investment company or investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders’ request exclusively on their behalf.
- UCITS need not comply with the investment restrictions herein when exercising subscription rights attaching to transferable securities or Money Market Instruments which form part of their assets.
- The Central Bank may allow recently authorised UCITS to derogate from the provisions of paragraphs 2.3 to 2.12, 3.1, 3.2, 4.1 and 4.2 for six months following the date of their authorisation, provided they observe the principle of risk spreading.
- If the limits laid down herein are exceeded for reasons beyond the control of a UCITS, or as a result of the exercise of subscription rights, the UCITS must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Unitholders.
- Neither an investment company, nor a management company or a depositary acting on behalf of a Unit Trust or a management company of a common contractual fund, may carry out uncovered sales of:
- Transferable Securities;
- Money Market Instruments1;
- Units of CIS; or
- FDI.
- A UCITS may hold ancillary liquid assets.
- Financial Derivative Instruments ("FDIs")
- The UCITS global exposure (as prescribed in the UCITS Regulations) relating to FDI must not exceed its total net asset value.
- Position exposure to the underlying assets of FDI, including embedded FDI in transferable securities or Money Market Instruments, when combined where relevant with positions resulting from direct investments, may not exceed the investment limits set out in the UCITS Regulations. (This provision does not apply in the case of index based FDI provided the underlying index is one which meets with the criteria set out in the Central Bank UCITS Regulations).
- UCITS may invest in FDIs dealt in OTC provided that the counterparties to OTC transactions are institutions subject to prudential supervision and belonging to categories approved by the Central Bank.
- Investment in FDIs are subject to the conditions and limits laid down by the Central Bank.
1. Any short selling of money market instruments by UCITS is prohibited. | # Anhang I – Anlagebeschränkungen
Anlagen dürfen nur im Einklang mit dem Treuhandvertrag und der Vorschriften vorgenommen werden und unterliegen den Beschränkungen und Einschränkungen laut Treuhandvertrag und den Vorschriften. Die entsprechenden Bestimmungen der Vorschriften hinsichtlich der Anlagebeschränkungen finden neben den anderen von der Verwaltungsgesellschaft auferlegten Beschränkungen für den Investmentfonds und jeden Fonds Anwendung. Die Verwaltungsgesellschaft kann von Zeit zu Zeit weitere Anlagebeschränkungen auferlegen, die im Interesse der Anteilsinhaber sind, um den Gesetzen und Vorschriften jener Länder Folge zu leisten, in denen die Anteile der einzelnen Fonds platziert werden. Diese zusätzlichen Beschränkungen gelten in Übereinstimmung mit den OGAW-Vorschriften und den Erfordernissen der Zentralbank.
- Zugelassene AnlagenAnlagen eines OGAW sind beschränkt auf:
- Übertragbare Wertpapiere und Geldmarktpapiere, die entweder zur amtlichen Notierung an einer Börse eines Mitgliedstaates oder eines Nicht-Mitgliedstaates zugelassen sind oder an einem geregelten Markt, der regelmäßig stattfindet, anerkannt und der Öffentlichkeit in einem Mitgliedstaat oder Nicht-Mitgliedstaat zugänglich ist, gehandelt werden;
- kürzlich begebene übertragbare Wertpapiere, die zu einer amtlichen Notierung an einer Börse oder einem anderen Markt (laut obiger Beschreibung) binnen eines Jahres zugelassen werden;
- Geldmarktpapiere, die nicht an einem geregelten Markt gehandelt werden.
- Anteile von OGAW.
- Anteile alternativer Investmentfonds.
- Einlagen bei Kreditinstituten.
- Finanzderivate.
- Anlagebeschränkungen
- Ein OGAW kann höchstens 10 % des Nettovermögens in übertragbare Wertpapiere und Geldmarktpapiere investieren, die nicht in Absatz 1 genannt sind.
- Ein OGAW darf höchstens 10 % des Nettovermögens in kürzlich begebene übertragbare Wertpapiere investieren, die binnen eines Jahres zur amtlichen Notierung an einer Wertpapierbörse oder einem anderen Markt (laut Definition in Absatz 1.1) zugelassen werden. Diese Beschränkung findet keine Anwendung auf eine Anlage des OGAW in bestimmten US-Wertpapieren, die als Wertpapiere nach Rule 144A (Verordnung der Securities Exchange Commission zur Regelung der Abgabe nicht registrierungspflichtiger Wertpapiere an qualifizierte institutionelle Investoren) bekannt sind, vorausgesetzt dass:
- die Wertpapiere mit der Verpflichtung begeben werden, dass sie binnen eines Jahres ab Emission bei der staatlichen US-Wertpapier- und Börsenaufsichtsbehörde (US Securities and Exchanges Commission) registriert werden; und
- die Wertpapiere keine schwer veräußerbaren Wertpapiere sind, d. h. sie können von dem OGAW binnen sieben Tagen zu dem oder in etwa zu dem von dem OGAW festgelegten Preis veräußert werden.
- Ein OGAW kann höchstens 10 % des Nettovermögens in übertragbare Wertpapiere oder Geldmarktinstrumente, die von derselben Körperschaft begeben wurden, investieren, vorausgesetzt, dass der Gesamtwert der übertragbaren Wertpapiere und Geldmarktinstrumente der emittierenden Körperschaft, in die er jeweils höchstens 5 % investiert, nicht mehr als 40 % ausmacht.
- Die Höchstgrenze von 10 % (laut Beschreibung in Absatz 2.3) wird für Anleihen, die von einem Kreditinstitut emittiert werden, das seinen eingetragenen Sitz in einem Mitgliedstaat hat und per Gesetz der öffentlichen Aufsicht zum Schutze der Anleiheinhaber untersteht, auf 25 % angehoben. Wenn ein OGAW mehr als 5 % seines Nettovermögens in diese von einem Emittenten begebenen Anleihen investiert, darf der Gesamtwert dieser Anlagepapiere nicht mehr als 80 % des Nettoinventarwerts des OGAW ausmachen. (Die Anwendung dieser Bestimmung bedarf der vorherigen Genehmigung der Zentralbank.)
- Die Höchstgrenze von 10 % (laut Beschreibung in Absatz 2.3) wird auf 35 % angehoben, wenn die übertragbaren Wertpapiere oder Geldmarktpapiere von einem Mitgliedstaat oder dessen Gebietskörperschaftenoder einem Nicht-Mitgliedstaat oder einer öffentlichen internationalen Körperschaft, deren Mitglieder ein oder mehrere Mitgliedstaaten sind, begeben oder garantiert werden.
- Die in Absatz 2.4 und 2.5 genannten übertragbaren Wertpapiere und Geldmarktinstrumente werden nicht zwecks Anwendung der Höchstgrenze von 40 % laut Absatz 2.3 berücksichtigt.
- Auf Konten gebuchte und als zusätzliche Liquidität gehaltene Barmittel dürfen folgende Grenzen nicht überschreiten:
- 10 % des Nettovermögens des OGAW; oder
- soweit die Barmittel bei der Verwahrstelle verbucht werden, 20 % des Nettovermögens des OGAW.
- Das Risiko eines OGAW gegenüber einem Kontrahenten eines im Freiverkehr gehandelten Derivats darf 5 % des Nettovermögens nicht überschreiten.
Diese Höchstgrenze wird bei Kreditinstituten, die im EWR zugelassen sind oder bei Kreditinstituten, die in einem Unterzeichnerstaat (außer einem EWR-Mitgliedstaat) des Basle Capital Convergence Agreement vom Juli 1988 zugelassen sind, oder bei Kreditinstituten, die in Jersey, Guernsey, der Isle of Man, Australien oder Neuseeland zugelassen sind, auf 10 % angehoben.
- Ungeachtet Absatz 2.3, 2.7 und 2.8 darf die Kombination aus zwei oder mehr der nachstehenden Anlagen, die von derselben Körperschaft begeben, bei ihr getätigt oder mit ihr vereinbart werden, 20 % des Nettovermögens nicht überschreiten:
- Anlagen in übertragbaren Wertpapieren oder Geldmarktpapieren
- Einlagen und/oder
- Risiken, die sich durch im Freiverkehr gehandelte Derivate ergeben.
- Die in Absatz 2.3, 2.4, 2.5, 2.7, 2.8 und 2.9 genannten Höchstgrenzen dürfen nicht kombiniert werden, so dass das Engagement bei einer einzigen Körperschaft 35 % des Nettovermögens nicht überschreitet.
- Konzerngesellschaften werden im Sinne von Absatz 2.3, 2.4, 2.5, 2.7, 2.8 und 2.9 als ein Emittent betrachtet. Allerdings kann die Höchstgrenze von 20 % des Nettovermögens auf Anlagen in übertragbaren Wertpapieren und Geldmarktpapieren innerhalb desselben Konzerns angewandt werden.
- Ein OGAW darf bis zu 100 % des Nettovermögens in verschiedene übertragbare Wertpapiere und Geldmarktpapiere investieren, die von einem Mitgliedstaat, dessen Gebietskörperschaften, Nicht- Mitgliedstaaten oder öffentlichen internationalen Körperschaften, von denen ein oder mehrere Mitglieder Mitgliedstaaten sind, ausgegeben oder garantiert werden.
Die einzelnen Emittenten müssen im Prospekt genannt werden und können aus der folgenden Liste stammen:
OECD-Regierungen (vorausgesetzt, die jeweiligen Papiere haben Investment-Grade-Status), Regierung der Volksrepublik China, Regierung Brasiliens (vorausgesetzt, die jeweiligen Papiere haben Investment-Grade- Status), Regierung Indiens (vorausgesetzt, die jeweiligen Papiere haben Investment-Grade-Status), Regierung Singapurs, Europäische Investitionsbank, Europäische Bank für Wiederaufbau und Entwicklung, International Finance Corporation, Internationaler Währungsfonds, Euratom, die Asiatische Entwicklungsbank, Europäische Zentralbank, Europarat, Eurofima, Afrikanische Entwicklungsbank, Internationale Bank für Wiederaufbau und Entwicklung (Weltbank), Interamerikanische Entwicklungsbank, Europäische Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
Der OGAW muss Wertpapiere aus mindestens sechs verschiedenen Emissionen halten, wobei die Wertpapiere einer Emission nicht mehr als 30 % des Nettovermögens ausmachen dürfen.
- EinlagenEinlagen bei einem Kreditinstitut, das nicht zu den in Verordnung 7 der OGAW-Vorschriften der Zentralbank spezifizierten Kreditinstituten zählt und die als zusätzliche liquide Mittel gehalten werden, dürfen folgende Grenzen nicht übersteigen:
- 10 % des NIW des OGAW; oder
- wenn die Einlage bei der Verwahrstelle erfolgt, 20 % des Nettovermögens des OGAW.
- Kürzlich begebene übertragbare Wertpapiere
- Gemäß Absatz (ii) darf ein Fonds nicht mehr als 10 % seines Vermögens in Wertpapiere der Art investieren, für die Verordnung 68(1)(d) der OGAW-Vorschriften gilt.
- Abschnitt (i) gilt nicht für Anlagen in als „Rule 144 A Securities“ bekannten US-Wertpapieren durch eine verantwortliche Person, vorausgesetzt
- die Wertpapiere werden mit der Verpflichtung begeben, dass sie binnen eines Jahres ab Emission bei der staatlichen US-Wertpapier- und Börsenaufsichtsbehörde (US Securities and Exchanges Commission/SEC) registriert werden; und
- die Wertpapiere sind keine schwer veräußerbaren Wertpapiere, d. h. sie können von dem OGAW binnen sieben Tagen zu dem oder in etwa zu dem von dem OGAW festgelegten Preis veräußert werden.
- Investition in kollektive Kapitalanlagen („KAG“)
- Ein OGAW darf höchstens 20 % des Nettovermögens in eine KAG investieren. Allerdings hat die Verwaltungsgesellschaft festgelegt, dass höchstens 10 % des Nettovermögens eines Fonds in KAG angelegt werden dürfen.
- Investitionen in alternative Investmentfonds dürfen in der Summe 30 % des Nettovermögens nicht überschreiten.
- Die KAG dürfen höchstens 10 % ihres Nettovermögens in andere offene KAG investieren.
- Wenn ein OGAW in die Anteile einer anderen KAG investiert, die von der Verwaltungsgesellschaft des OGAW oder einer anderen Gesellschaft, mit der die Verwaltungsgesellschaft des OGAW durch gemeinsame Geschäftsführung oder Beherrschung oder eine wesentliche direkte oder indirekte Beteiligung verbunden ist, direkt oder im Auftrage verwaltet wird, darf diese Verwaltungsgesellschaft oder andere Gesellschaft keine Ausgabe-, Umwandlungs- oder Rücknahmegebühren hinsichtlich der Anlage des OGAW in den Anteilen einer solchen anderen KAG erheben.
- Erhält die Verwaltungsgesellschaft oder Anlageverwaltung des OGAW aufgrund einer Anlage in den Anteilen einer anderen KAG eine Provision (einschließlich einer verminderten Provision), muss diese Provision in das Vermögen des OGAW einfließen.
- Indexnachbildender OGAW
- Ein OGAW darf bis zu 20 % des Nettovermögens in Aktien und/oder Schuldtitel derselben Körperschaft investieren, wenn die Anlagepolitik des OGAW die Nachbildung eines Index umfasst, der die Kriterien der OGAW-Vorschriften der Zentralbank erfüllt und von der Zentralbank anerkannt wird.
- Die in Absatz 4.1 genannte Höchstgrenze kann auf 35 % bei einem einzelnen Emittenten angehoben werden, wenn sich dies aufgrund von außerordentlichen Marktbedingungen rechtfertigen lässt.
- Allgemeine Bestimmungen
- Eine Investmentgesellschaft oder Verwaltungsgesellschaft, die im Zusammenhang mit all den von ihr verwalteten KAG handelt, darf keine stimmberechtigten Aktien erwerben, die es ihr gestatten würden, einen wesentlichen Einfluss auf die Verwaltung einer emittierenden Körperschaft auszuüben.
- Ein OGAW darf höchstens
- 10 % der nichtstimmberechtigten Aktien eines einzigen Emittenten
- 10 % der Schuldtitel eines einzigen Emittenten
- 25 % der Anteile einer KAG
- 10 % der Geldmarktpapiere eines einzigen Emittenten erwerben.
HINWEIS:Die in (ii), (iii) und (iv) festgelegten Höchstgrenzen dürfen zum Zeitpunkt des Erwerbs außer Acht gelassen werden, wenn zu diesem Zeitpunkt die Bruttohöhe der Schuldtitel oder Geldmarktinstrumente oder der Nettobetrag der umlaufenden Wertpapiere nicht ermittelt werden können.
- Absatz 5.1 und 5.2 finden keine Anwendung auf:
- übertragbare Wertpapiere und Geldmarktpapiere, die von einem Mitgliedstaat oder dessen Gebietskörperschaften ausgegeben oder garantiert werden;
- übertragbare Wertpapiere und Geldmarktpapiere, die von einem Nicht-Mitgliedstaat ausgegeben oder garantiert werden;
- Übertragbare Wertpapiere und Geldmarktpapiere, die von öffentlichen internationalen Körperschaften ausgegeben werden, von denen eines oder mehr Mitglieder Mitgliedstaaten sind;
- Anteile, die ein OGAW an dem Kapital einer Gesellschaft hält, die in einem Nicht-Mitgliedstaat eingetragen ist, und die ihr Vermögen hauptsächlich in die Wertpapiere von Emittenten investiert, die ihren eingetragenen Sitz in diesem Staat haben, wo gemäß der Gesetzgebung dieses Staates ein solcher Anteilsbesitz die einzige Möglichkeit darstellt, wie der OGAW in Wertpapiere von Emittenten dieses Staates investieren kann. Diese Verzichtklausel trifft nur dann zu, wenn die Gesellschaft aus dem Nicht- Mitgliedstaat laut ihrer Anlagepolitik die Höchstgrenzen von Absatz 2.3 bis 2.11, 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 und 5.6 einhält und vorausgesetzt, dass Absatz 5.5 und 5.6 eingehalten werden, wenn diese Höchstgrenzen überschritten werden;
- Anteile, die von einer Investmentgesellschaft oder mehreren Investmentgesellschaften am Kapital von Tochtergesellschaften gehalten werden, die nur Verwaltung, Beratung oder Vertrieb in dem Land betreiben, in dem sich die Tochtergesellschaft befindet, in Bezug auf den Rückkauf der Anteile auf Wunsch der Anteilsinhaber, der ausschließlich in deren Namen erfolgt.
- OGAW brauchen die hierin beschriebenen Anlagebeschränkungen nicht einzuhalten, wenn sie die mit den übertragbaren Wertpapieren oder Geldmarktpapieren – die Teil ihres Vermögens sind - verbundenen Zeichnungsrechte ausüben.
- Die Zentralbank kann es einem kürzlich zugelassenen OGAW gestatten, von den in Absatz 2.3 bis 2.12, 3.1, 3.2, 4.1 und 4.2 genannten Bestimmungen sechs Monate lang ab dem Tag seiner Zulassung abzuweichen, vorausgesetzt, er hält den Grundsatz der Risikoverteilung ein.
- Wenn die in diesem Dokument festgelegten Grenzen aus Gründen, die außerhalb der Kontrolle eines OGAW liegen, oder als Folge der Ausübung von Bezugsrechten überschritten werden, muss der OGAW bei seinen Verkäufen vorrangig das Ziel verfolgen, diese Situation unter Wahrung der Interessen der Anteilsinhaber zu bereinigen.
- Weder eine Investmentgesellschaft noch eine Verwaltungsgesellschaft oder eine Verwahrstelle, die im Namen eines Investmentfonds oder einer Verwaltungsgesellschaft eines Common Contractual Fund handelt, darf ungedeckte Verkäufe folgender Anlagepapiere durchführen:
- übertragbare Wertpapiere;
- Geldmarktpapiere1;
- Anteile an KAG; oder
- Finanzderivate
- Ein OGAW kann zusätzliche liquide Vermögenswerte halten.
- Finanzderivate
- Das weltweite Engagement eines OGAW (laut Definition in den OGAW-Vorschriften) in Bezug auf Finanzderivate darf dessen Nettoinventarwert nicht überschreiten.
- Das Positionsengagement in den Finanzderivaten zugrunde liegenden Vermögenswerten einschließlich in übertragbaren Wertpapieren oder Geldmarktinstrumenten eingebetteter Finanzderivate, gegebenenfalls kumuliert mit Positionen aus direkten Anlagen, darf die in den OGAW-Vorschriften aufgeführten Anlagegrenzen nicht übersteigen. (Diese Bestimmung trifft nicht auf indexbasierte Finanzderivate zu, vorausgesetzt der zugrunde liegende Index erfüllt die Kriterien laut OGAW-Vorschriften der Zentralbank.)
- OGAW dürfen in Finanzderivate investieren, die im Freiverkehr gehandelt werden, vorausgesetzt, die Kontrahenten der Freiverkehrstransaktionen sind Institute, die der Aufsicht der Zentralbank unterstehen und Kategorien angehören, die von dieser genehmigt sind.
- Eine Anlage in Finanzderivaten unterliegt den Bedingungen und Höchstgrenzen, die von der Zentralbank festgeschrieben werden.
1. Leerverkäufe von Geldmarktinstrumenten durch OGAW sind verboten. | # Appendix I – Investment Restrictions
Investment may only be made as permitted by the Trust Deed and the Regulations and is subject to any restrictions and limits set out in the Trust Deed and the Regulations. The relevant provisions of the Regulations in respect of the investment restrictions applying to the Unit Trust and each Fund, in addition to other restrictions imposed by the Manager, are set out below. The Manager may from time to time impose such further investment restrictions as shall be compatible with or in the interest of the Unitholders, in order to comply with the laws and regulations of the countries where Units of each Fund are placed. Any such further restrictions shall be in accordance with the UCITS Regulations and in accordance with the requirements of the Central Bank.
- Permitted InvestmentsInvestments of a UCITS are confined to:
- Transferable Securities and Money Market Instruments which are either admitted to official listing on a stock exchange in a Member State or non-Member State or which are dealt on a market which is regulated, operates regularly, is recognised and open to the public in a Member State or non-Member State.
- Recently issued Transferable Securities which will be admitted to official listing on a stock exchange or other market (as described above) within a year.
- Money Market Instruments, other than those dealt on a regulated market.
- Shares/Units of UCITS.
- Shares/Units of alternative investment funds.
- Deposits with credit institutions.
- FDIs.
- Investment Restrictions
- A UCITS may invest no more than 10% of net assets in Transferable Securities and Money Market Instruments other than those referred to in paragraph 1.
- A UCITS may invest no more than 10% of net assets in recently issued Transferable Securities which will be admitted to official listing on a stock exchange or other market (as described in paragraph 1.1) within a year. This restriction will not apply in relation to investment by the UCITS in certain US securities known as Rule 144A securities provided that:
- the securities are issued with an undertaking to register with the US Securities and Exchanges Commission within one year of issue; and
- the securities are not illiquid securities i.e. they may be realised by the UCITS within seven days at the price, or approximately at the price, at which they are valued by the UCITS.
- A UCITS may invest no more than 10% of net assets in Transferable Securities or Money Market Instruments issued by the same body provided that the total value of Transferable Securities and Money Market Instruments held in the issuing bodies in each of which it invests more than 5% does not exceed 40%.
- The limit of 10% (as described in paragraph 2.3) is raised to 25% in the case of bonds that are issued by a credit institution which has its registered office in a Member State and is subject by law to special public supervision designed to protect bond-holders. If a UCITS invests more than 5% of its net assets in these bonds issued by one issuer, the total value of these investments may not exceed 80% of the net asset value of the UCITS. (To avail of this provision, the prior approval of the Central Bank is required).
- The limit of 10% (as described in paragraph 2.3) is raised to 35% if the Transferable Securities or Money Market Instruments are issued or guaranteed by a Member State or its local authorities or by a non-Member State or public international body of which one or more Member States are members.
- The Transferable Securities and Money Market Instruments referred to in paragraphs 2.4 and 2.5 shall not be taken into account for the purpose of applying the limit of 40% referred to in paragraph 2.3.
- Cash booked in accounts and held as ancillary liquidity shall not exceed:
- 10% of the net assets of the UCITS; or
- where the cash is booked in an account with the Depositary, 20% of net assets of the UCITS.
- The risk exposure of a UCITS to a counterparty to an over-the-counter (“OTC”) derivative may not exceed 5% of net assets.
This limit is raised to 10% in the case of credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988 or credit institutions authorised within Jersey, Guernsey, the Isle of Man, Australia or New Zealand.
- Notwithstanding paragraphs 2.3, 2.7 and 2.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of net assets:
- investments in Transferable Securities or Money Market Instruments;
- deposits, and/or
- risk exposures arising from OTC derivatives transactions.
- The limits referred to in paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9 above may not be combined, so that exposure to a single body shall not exceed 35% of net assets.
- Group companies are regarded as a single issuer for the purposes of paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9. However, a limit of 20% of net assets may be applied to investment in Transferable Securities and Money Market Instruments within the same group.
- A UCITS may invest up to 100% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any Member State, its local authorities, non-Member States or public international bodies of which one or more Member States are members.
The individual issuers must be listed in the Prospectus and may be drawn from the following list:
OECD Governments (provided the relevant issues are investment grade), Government of the People’s Republic of China, Government of Brazil (provided the issues are of investment grade), Government of India (provided the issues are of investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
The UCITS must hold securities from at least 6 different issues, with securities from any one issue not exceeding 30% of net assets.
- DepositsDeposits with any single credit institution other than a credit institution specified in Regulation 7 of the Central Bank UCITS Regulations held as ancillary liquidity shall not exceed:
- 10% of the NAV of the UCITS; or
- where the deposit is made with the Depositary 20% of the net assets of the UCITS.
- Recently Issued Transferable Securities
- Subject to paragraph (ii) a Fund shall not invest any more than 10% of its assets in securities of the type to which Regulation 68(1)(d) of the UCITS Regulations apply.
- Paragraph (i) does not apply to an investment by a responsible person in US Securities known as “ Rule 144 A securities” provided that;
- the relevant securities have been issued with an undertaking to register the securities with the SEC within 1 year of issue; and
- the securities are not illiquid securities i.e. they may be realised by the UCITS within 7 days at the price, or approximately at the price, which they are valued by the UCITS.
- Investment in Collective Investment Schemes (“CIS”)
- A UCITS may not invest more than 20% of net assets in any one CIS. However, the Manager has determined that no more than 10% of the net assets of a Fund may be invested in CIS.
- Investment in alternative investment funds may not, in aggregate, exceed 30% of net assets.
- The CIS are prohibited from investing more than 10% of net assets in other open-ended CIS.
- When a UCITS invests in the units of other CIS that are managed, directly or by delegation, by the UCITS management company or by any other company with which the UCITS management company is linked by common management or control, or by a substantial direct or indirect holding, that management company or other company may not charge subscription, conversion or redemption fees on account of the UCITS investment in the units of such other CIS.
- Where a commission (including a rebated commission) is received by the UCITS manager or investment manager by virtue of an investment in the units of another CIS, this commission must be paid into the property of the UCITS.
- Index Tracking UCITS
- A UCITS may invest up to 20% of net assets in shares and/or debt securities issued by the same body where the investment policy of the UCITS is to replicate an index which satisfies the criteria set out in the Central Bank UCITS Regulations and is recognised by the Central Bank.
- The limit in paragraph 4.1 may be raised to 35%, and applied to a single issuer, where this is justified by exceptional market conditions.
- General Provisions
- An investment company, or management company acting in connection with all of the CIS it manages, may not acquire any shares carrying voting rights which would enable it to exercise significant influence over the management of an issuing body.
- A UCITS may acquire no more than:
- 10% of the non-voting shares of any single issuing body;
- 10% of the debt securities of any single issuing body;
- 25% of the units of any single CIS;
- 10% of the Money Market Instruments of any single issuing body.
NOTE: The limits laid down in (ii), (iii) and (iv) above may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the Money Market Instruments, or the net amount of the securities in issue cannot be calculated.
- Paragraph 5.1 and 5.2 shall not be applicable to:
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or its local authorities;
- Transferable Securities and Money Market Instruments issued or guaranteed by a non-Member State;
- Transferable Securities and Money Market Instruments issued by public international bodies of which one or more Member States are members;
- Units held by a UCITS in the capital of a company incorporated in a non-member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in paragraphs 2.3 to 2.11, 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 below are observed;
- Units held by an investment company or investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders’ request exclusively on their behalf.
- UCITS need not comply with the investment restrictions herein when exercising subscription rights attaching to transferable securities or Money Market Instruments which form part of their assets.
- The Central Bank may allow recently authorised UCITS to derogate from the provisions of paragraphs 2.3 to 2.12, 3.1, 3.2, 4.1 and 4.2 for six months following the date of their authorisation, provided they observe the principle of risk spreading.
- If the limits laid down herein are exceeded for reasons beyond the control of a UCITS, or as a result of the exercise of subscription rights, the UCITS must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Unitholders.
- Neither an investment company, nor a management company or a depositary acting on behalf of a Unit Trust or a management company of a common contractual fund, may carry out uncovered sales of:
- Transferable Securities;
- Money Market Instruments1;
- Units of CIS; or
- FDI.
- A UCITS may hold ancillary liquid assets.
- Financial Derivative Instruments ("FDIs")
- The UCITS global exposure (as prescribed in the UCITS Regulations) relating to FDI must not exceed its total net asset value.
- Position exposure to the underlying assets of FDI, including embedded FDI in transferable securities or Money Market Instruments, when combined where relevant with positions resulting from direct investments, may not exceed the investment limits set out in the UCITS Regulations. (This provision does not apply in the case of index based FDI provided the underlying index is one which meets with the criteria set out in the Central Bank UCITS Regulations).
- UCITS may invest in FDIs dealt in OTC provided that the counterparties to OTC transactions are institutions subject to prudential supervision and belonging to categories approved by the Central Bank.
- Investment in FDIs are subject to the conditions and limits laid down by the Central Bank.
1. Any short selling of money market instruments by UCITS is prohibited. | en | de |
DOLFIN1693 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SECTION II - OPERATION OF THE FUND
## Article 5 - Management company
The management of the Fund is carried out by the management company in accordance with the guidelines specified for the Fund.
The management company must act in the sole interest of the unitholders at all times, and has the exclusive right to exercise the voting rights attached to the securities held in the Fund.
## Article 5 bis - Operational rules
The instruments and deposits that may be included in the Fund’s assets, together with the applicable investment rules, are described in the prospectus.
## Article 6 - Custodian
The custodian carries out the tasks that are its responsibility under the laws and regulations in force, as well as those that have been contractually assigned to it by the management company. In particular, it must ensure that the portfolio management company’s decisions comply with the applicable rules and regulations. It must, as needed, take all of the protective measures it deems appropriate. In the event of a dispute with the management company, it must inform the AMF.
## Article 7 - Auditor
An auditor is appointed for a term of six years by the executive body of the management company, subject to approval by the AMF. The auditor certifies that the financial statements reflect a true and fair view of the Company’s position.
The auditor’s term of office may be renewed.
It is the responsibility of the auditor to notify the AMF at the earliest opportunity of any fact or decision concerning the Fund that comes to his/her attention in the course of the audit that would:
1° constitute a breach of the laws or regulations applicable to this UCITS and could have a significant impact on its financial position, performance or assets;
2° affect the conditions or continuation of its operation;
3° lead to the issuance of reservations or a refusal to certify the financial statements.
The valuations of assets and determination of exchange ratios in any transaction involving a conversion, merger or split must be carried out under the supervision of the auditor.
The auditor is required to evaluate any contribution in kind under its responsibility.
The auditor must verify the composition of the assets and other information prior to publication.
The auditor’s fees are to be decided by mutual agreement between the auditor and the Board of Directors or the Management Board of the management company according to the programme of work, specifying the audits deemed necessary.
The auditor is required to verify the financial positions serving as a basis for interim payments. The auditor’s fees are included in the management fees.
## Article 8 - Financial statements and management report
At the end of each financial year, the management company draws up the summary documents and a management report on the Fund for the previous year.
The Management Company shall produce a list of the UCI’s assets at least twice a year under the supervision of the depositary. All of the above-mentioned documents are audited by the auditor.
The Management Company shall make these documents available to unit holders no later than four months after the financial year-end and shall notify them of the amount of income to which they are entitled. These documents shall either be sent by post at the shareholders’ express request or be made available to them at the offices of the Management Company. | # TITRE II- FONTIONNEMENT DU FONDS
## Article 5 - La société de gestion
La gestion du fonds est assurée par la société de gestion conformément à l’orientation définie pour le fonds.
La société de gestion agit en toutes circonstances dans l'intérêt exclusif des porteurs de parts et peut seule exercer les droits de vote attachés aux titres compris dans le fonds.
## Article 5 bis - Règles de fonctionnement
Les instruments et dépôts éligibles à l’actif de l’OPCVM ainsi que les règles d’investissement sont décrits dans le prospectus.
## Article 6 - Le dépositaire
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été confiées contractuellement par la société de gestion. Il doit notamment s'assurer de la régularité des décisions de la société de gestion de portefeuille. Il doit, le cas échéant, prendre toutes mesures conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorité des marchés financiers.
## Article 7 - Le commissaire aux comptes
Un commissaire aux comptes est désigné pour six exercices, après accord de l’Autorité des marchés financiers, par l’organe de gouvernance de la société de gestion.
Il certifie la régularité et la sincérité des comptes. Il peut être renouvelé dans ses fonctions.
Le commissaire aux comptes est tenu de signaler dans les meilleurs délais à l'Autorité des marchés financiers tout fait ou toute décision concernant l'organisme de placement collectif en instruments financiers dont il a eu connaissance dans l'exercice de sa mission, de nature:
1° A constituer une violation des dispositions législatives ou réglementaires applicables à cet organisme et susceptible d'avoir des effets significatifs sur la situation financière, le résultat ou le patrimoine ;
2° A porter atteinte aux conditions ou à la continuité de son exploitation ;
3° A entraîner l'émission de réserves ou le refus de la certification des comptes.
Les évaluations des actifs et la détermination des parités d’échange dans les opérations de transformation, fusion ou scission sont effectuées sous le contrôle du commissaire aux comptes.
Il apprécie tout apport en nature sous sa responsabilité.
Il contrôle la composition de l’actif et des autres éléments avant publication.
Les honoraires du commissaire aux comptes sont fixés d’un commun accord entre celui-ci et le conseil d’administration ou le directoire de la société de gestion au vu d’un programme de travail précisant les diligences estimées nécessaires.
Il atteste les situations servant de base à la distribution d’acomptes. Ses honoraires sont compris dans les frais de gestion.
## Article 8 - Les comptes et le rapport de gestion
À la clôture de chaque exercice, la société de gestion, établit les documents de synthèse et établit un rapport sur la gestion du fonds pendant l’exercice écoulé.
La société de gestion établit, au minimum de façon semestrielle et sous contrôle du dépositaire, l’inventaire des actifs de l’OPC. L’ensemble des documents ci-dessus est contrôlé par le commissaire aux comptes.
La société de gestion tient ces documents à la disposition des porteurs de parts dans les quatre mois suivant la clôture de l’exercice et les informe du montant des revenus auxquels ils ont droit : ces documents sont soit transmis par courrier à la demande expresse des porteurs de parts, soit mis à leur disposition à la société de gestion. | # SECTION II - OPERATION OF THE FUND
## Article 5 - Management company
The management of the Fund is carried out by the management company in accordance with the guidelines specified for the Fund.
The management company must act in the sole interest of the unitholders at all times, and has the exclusive right to exercise the voting rights attached to the securities held in the Fund.
## Article 5 bis - Operational rules
The instruments and deposits that may be included in the Fund’s assets, together with the applicable investment rules, are described in the prospectus.
## Article 6 - Custodian
The custodian carries out the tasks that are its responsibility under the laws and regulations in force, as well as those that have been contractually assigned to it by the management company. In particular, it must ensure that the portfolio management company’s decisions comply with the applicable rules and regulations. It must, as needed, take all of the protective measures it deems appropriate. In the event of a dispute with the management company, it must inform the AMF.
## Article 7 - Auditor
An auditor is appointed for a term of six years by the executive body of the management company, subject to approval by the AMF. The auditor certifies that the financial statements reflect a true and fair view of the Company’s position.
The auditor’s term of office may be renewed.
It is the responsibility of the auditor to notify the AMF at the earliest opportunity of any fact or decision concerning the Fund that comes to his/her attention in the course of the audit that would:
1° constitute a breach of the laws or regulations applicable to this UCITS and could have a significant impact on its financial position, performance or assets;
2° affect the conditions or continuation of its operation;
3° lead to the issuance of reservations or a refusal to certify the financial statements.
The valuations of assets and determination of exchange ratios in any transaction involving a conversion, merger or split must be carried out under the supervision of the auditor.
The auditor is required to evaluate any contribution in kind under its responsibility.
The auditor must verify the composition of the assets and other information prior to publication.
The auditor’s fees are to be decided by mutual agreement between the auditor and the Board of Directors or the Management Board of the management company according to the programme of work, specifying the audits deemed necessary.
The auditor is required to verify the financial positions serving as a basis for interim payments. The auditor’s fees are included in the management fees.
## Article 8 - Financial statements and management report
At the end of each financial year, the management company draws up the summary documents and a management report on the Fund for the previous year.
The Management Company shall produce a list of the UCI’s assets at least twice a year under the supervision of the depositary. All of the above-mentioned documents are audited by the auditor.
The Management Company shall make these documents available to unit holders no later than four months after the financial year-end and shall notify them of the amount of income to which they are entitled. These documents shall either be sent by post at the shareholders’ express request or be made available to them at the offices of the Management Company. | en | fr |
DOLFIN1694 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### The Trust Deed provides that upon the Unit Trust or any Fund being terminated the Depositary shall:
- sell all investments held for the Unit Trust or the relevant Fund; and
- distribute all net cash proceeds derived from the redemption of the assets of each Fund to Unitholders of the relevant Class in proportion to their respective interests or delivery of such form of request as the Depositary may require. | ### Der Treuhandvertrag sieht vor, dass die Verwahrstelle bei Beendigung des Investmentfonds oder eines Fonds:
- alle für den Investmentfonds oder betreffenden Fonds gehaltenen Anlagen veräußert; und
- alle Nettoerlöse aus der Rücknahme von Anlagen jedes Fonds an die Anteilsinhaber der jeweiligen Klasse im Verhältnis zu ihrer jeweiligen Beteiligung nach Vorlage eines ggf. von der Verwahrstelle verlangten Antragsformulars ausschüttet. | ### The Trust Deed provides that upon the Unit Trust or any Fund being terminated the Depositary shall:
- sell all investments held for the Unit Trust or the relevant Fund; and
- distribute all net cash proceeds derived from the redemption of the assets of each Fund to Unitholders of the relevant Class in proportion to their respective interests or delivery of such form of request as the Depositary may require. | en | de |
DOLFIN1695 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company and the Management Company are committed to protecting the personal data of the investors (including prospective investors) and of the other individuals whose personal information comes into their possession in the context of the investor's investments in the Company.
The Company and the Management Company have taken all necessary steps, to ensure compliance with the EU Regulation 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC and with any implementing legislation applicable to them (together, the “Data Protection Law”) in respect of personal data processed by them in connection with investments made into the Company. This includes (non-exclusively) actions required in relation to: information about processing of the investor’s personal data and, as the case may be, consent mechanisms, procedures for responding to requests to exercise individual rights, contractual arrangements with suppliers and other third parties, arrangements for overseas data transfers and record keeping and reporting policies and procedures. Personal data shall have the meaning given in the Data Protection Law and includes any information relating to an identifiable individual, such as the investor’s name, address, invested amount, the investor’s individual representatives’ names as well as the name of the ultimate beneficial owner, where applicable, and such investor’s bank account details.
When subscribing to the Shares, each investor is informed of the processing of his/her personal data (or, when the investor is a legal person, of the processing of such investor’s individual representatives and/or ultimate beneficial owners’ personal data) via a data protection notice which will be made available in the application form issued by the Company to the investors. This notice will inform the investors about the processing activities undertaken by the Company, the Management Company and their delegates in more details.
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# Certain Regulatory and Tax Matters | La société et la société de gestion se sont engagées à protéger les données à caractère personnel des investisseurs (investisseurs potentiels compris) et des autres personnes dont les informations personnelles entrent en leur possession dans le cadre des placements des investisseurs dans la société. La société et la société de gestion ont pris toutes les mesures nécessaires afin de garantir la conformité au règlement (UE) 2016/679 du Parlement européen et du Conseil du 27 avril 2016 relatif à la protection des personnes physiques à l’égard du traitement des données à caractère personnel et à la libre circulation de ces données, et abrogeant la directive 95/46/CE, et à toute législation de mise en œuvre qui leur est applicable (ensemble, la «législation sur la protection des données») pour ce qui a trait aux données à caractère personnel qu’ils traitent en lien avec les placements effectués dans la société. Sont comprises (de manière non exclusive) les mesures requises en lien avec: les informations relatives au traitement des données à caractère personnel des investisseurs et, selon le cas, les mécanismes de consentement, les procédures de réponse aux demandes d’exercice de droits individuels, les dispositions contractuelles conclues avec les fournisseurs et d’autres tierces parties, les dispositions concernant les transferts de données à l’étranger et la tenue de registres, et les politiques et procédures de déclaration. Le terme «données à caractère personnel» s’entend conformément à la définition fournie dans la législation sur la protection des données et inclut toute information relative à un individu identifiable, telle que le nom et l’adresse de l’investisseur et le montant qu’il a investi, le nom de chacun des représentants de l’investisseur, ainsi que, le cas échéant, le nom de l’ayant droit économique ultime, et les coordonnées bancaires de l’investisseur.
Lors de la souscription des actions, chaque investisseur est informé du traitement de ses données à caractère personnel (ou, si l’investisseur est une personne morale, du traitement des données à caractère personnel de chacun de ses représentants et/ou de ses ayants droit économiques ultimes) par le biais d’un avis relatif à la protection des données qui sera inséré dans le formulaire de demande délivré par la société aux investisseurs. Cet avis apportera aux investisseurs des informations plus détaillées sur les activités de traitement entreprises par la société, la société de gestion et leurs délégués.
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# Dispositions réglementaires et fiscales | The Company and the Management Company are committed to protecting the personal data of the investors (including prospective investors) and of the other individuals whose personal information comes into their possession in the context of the investor's investments in the Company.
The Company and the Management Company have taken all necessary steps, to ensure compliance with the EU Regulation 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC and with any implementing legislation applicable to them (together, the “Data Protection Law”) in respect of personal data processed by them in connection with investments made into the Company. This includes (non-exclusively) actions required in relation to: information about processing of the investor’s personal data and, as the case may be, consent mechanisms, procedures for responding to requests to exercise individual rights, contractual arrangements with suppliers and other third parties, arrangements for overseas data transfers and record keeping and reporting policies and procedures. Personal data shall have the meaning given in the Data Protection Law and includes any information relating to an identifiable individual, such as the investor’s name, address, invested amount, the investor’s individual representatives’ names as well as the name of the ultimate beneficial owner, where applicable, and such investor’s bank account details.
When subscribing to the Shares, each investor is informed of the processing of his/her personal data (or, when the investor is a legal person, of the processing of such investor’s individual representatives and/or ultimate beneficial owners’ personal data) via a data protection notice which will be made available in the application form issued by the Company to the investors. This notice will inform the investors about the processing activities undertaken by the Company, the Management Company and their delegates in more details.
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# Certain Regulatory and Tax Matters | en | fr |
DOLFIN1696 | 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 vise à générer un niveau élevé de revenus sur une période de cinq années consécutives.
Cependant, rien ne garantit que cet objectif sera atteint et votre capital est exposé à un risque.
Le Fonds est un portefeuille diversifié géré activement qui investira au moins 80 % de sa valeur dans des Instruments de créance à haut rendement émis par des entreprises ou des gouvernements du monde entier (comme des Obligations et des Swaps de défaut de crédit). Certains de ces instruments peuvent être Non notés.
Il peut également investir dans d’autres instruments ou produits financiers, comme d’autres fonds, des actions, des indices et des Instruments dérivés. Le Gestionnaire d’investissement examinera la manière dont les sociétés tiennent compte des facteurs environnementaux, sociaux et de gouvernance (« ESG »). Les sociétés auront des caractéristiques ESG de haute qualité ou en amélioration. Le pourcentage d’émetteurs analysés sur le plan ESG dans le
fonds sera toujours compris entre 90 % et 100 %.
Le Fonds utilise des Instruments dérivés pour atteindre son objectif d’investissement ; les Instruments dérivés peuvent augmenter ou réduire l’exposition aux actifs sous-jacents et créer un effet de levier.
Le Fonds peut avoir recours à un effet de levier de maximum 40 % de la valeur du Fonds. Ainsi, l’exposition totale du Fonds à ses investissements (y compris les Instruments dérivés) peut s’élever à 140% de la valeur du Fonds.
La devise de référence du Fonds est EUR mais ses investissements peuvent être libellés dans d’autres devises. Des instruments dérivés peuvent être utilisés pour convertir la valeur de ces investissements en EUR.
L’indice de référence, à des fins de comparaison de performance uniquement, est l’indice ICE BofA Global High Yield Constrained Index.
Vouspouvez acheter ou vendre des actions du Fonds lors dechaque jour ouvrable (sauf lors des jours fériés au Royaume-Uni et en Irlande). | # Objetivos y política de inversión
El Fondo tiene como objetivo generar un alto nivel de ingresos durante periodos de cinco años consecutivos.
No obstante, no se puede garantizar que se logre este objetivo y su capital está en riesgo.
El Fondo es una cartera diversificada gestionada de forma activa que invertirá al menos el 80% en instrumentos de deuda de alto rendimiento emitidos por empresas o por gobiernos a nivel mundial (tales como bonos y swaps de incumplimiento crediticio). Algunos pueden no tener calificación.
Asimismo, puede invertir en otros instrumentos o productos financieros como, por ejemplo, otros fondos, acciones, índices y derivados.
El Gestor de Inversiones tendrá en cuenta la gestión de los factores ambientales, sociales y de gobernanza («ESG») de las empresas. Las empresas tendrán características ESG sólidas o con visos de mejorar. El porcentaje de emisores que se someten al escrutinio según criterios ESG siempre oscilará entre el 90%y el 100 %.
El Fondo utiliza Derivados a fin de alcanzar su objetivo de inversión. Los Derivados pueden incrementar o reducir la exposición a los activos subyacentes, así como crear apalancamiento.
El Fondo puede usar apalancamiento hasta el 40% del valor del Fondo. Esto significa que la exposición total del Fondo que derive de sus inversiones (incluidos Derivados) puede ascender al 140% del valor del Fondo.
La divisa base del Fondo es EUR, pero sus inversiones pueden establecerse en otras divisas. Los derivados pueden emplearse para convertir el valor de esas inversiones en EUR.
El índice de referencia, a efectos exclusivos de comparación de la rentabilidad, es el ICE BofA Global High Yield Constrained Index. Puede comprar o vender acciones en el Fondo cada día laboral (excepto días festivos en Reino Unido e Irlanda). | # Objectifs et politique d’investissement
Le Fonds vise à générer un niveau élevé de revenus sur une période de cinq années consécutives.
Cependant, rien ne garantit que cet objectif sera atteint et votre capital est exposé à un risque.
Le Fonds est un portefeuille diversifié géré activement qui investira au moins 80 % de sa valeur dans des Instruments de créance à haut rendement émis par des entreprises ou des gouvernements du monde entier (comme des Obligations et des Swaps de défaut de crédit). Certains de ces instruments peuvent être Non notés.
Il peut également investir dans d’autres instruments ou produits financiers, comme d’autres fonds, des actions, des indices et des Instruments dérivés. Le Gestionnaire d’investissement examinera la manière dont les sociétés tiennent compte des facteurs environnementaux, sociaux et de gouvernance (« ESG »). Les sociétés auront des caractéristiques ESG de haute qualité ou en amélioration. Le pourcentage d’émetteurs analysés sur le plan ESG dans le
fonds sera toujours compris entre 90 % et 100 %.
Le Fonds utilise des Instruments dérivés pour atteindre son objectif d’investissement ; les Instruments dérivés peuvent augmenter ou réduire l’exposition aux actifs sous-jacents et créer un effet de levier.
Le Fonds peut avoir recours à un effet de levier de maximum 40 % de la valeur du Fonds. Ainsi, l’exposition totale du Fonds à ses investissements (y compris les Instruments dérivés) peut s’élever à 140% de la valeur du Fonds.
La devise de référence du Fonds est EUR mais ses investissements peuvent être libellés dans d’autres devises. Des instruments dérivés peuvent être utilisés pour convertir la valeur de ces investissements en EUR.
L’indice de référence, à des fins de comparaison de performance uniquement, est l’indice ICE BofA Global High Yield Constrained Index.
Vouspouvez acheter ou vendre des actions du Fonds lors dechaque jour ouvrable (sauf lors des jours fériés au Royaume-Uni et en Irlande). | fr | es |
DOLFIN1697 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Supply restrictions in Singapore
The offering of Units in this Prospectus is not a collective investment scheme as authorised or recognised under Section 286 of the Securities and Futures Act (Cap. 289) (the "SFA"). The UCITS (Undertaking for Collective Investment in Transferable Securities / UCITS) is not authorised or recognised by the Monetary Authority of Singapore (the "Central Bank") and Units issued may not be offered to retail investors.
This Prospectus and any other fund documents or materials issued in connection with the offer and sale of Units do not constitute a prospectus under the SFA. Accordingly, no legal liability under the SFA will apply in relation to the contents of this Prospectus. Pro- spective investors should carefully consider whether an investment in the UCITS is appropriate for them. The Central Bank accepts no responsibility for the contents of this Prospectus or any other fund documentation or materials. The Prospectus and any other fund documentation or materials issued in connection with the offer and sale of the Units have not been and will not be filed with or registered as a prospectus with the Central Bank.
This Prospectus and any other fund documents or materials issued in connection with the offer or solicitation of subscription for or purchase of Units may not be issued, circulated or distributed, directly or indirectly, in Singapore and Units may not be offered or sold, directly or indirectly, or form part of any solicitation for subscription or purchase in Singapore, except for the purposes of this Prospec- tus:
- to institutional investors (as defined in Section No. 4A of the SFA) in accordance with Section No. 304 of the SFA;
- to a relevant person (as defined in section 305(5) of the SFA) in accordance with section 305(1) of the SFA; or
- otherwise in accordance with and subject to the provisions for other exemptions under part XIII, paragraph 2 (division 2), sentence (4) (subdivision 4) of the SFA or any other applicable provisions of the SFA,(collectively referred to as the "Qualified Persons"),subject to UCTIS, which has been notified to the Central Bank as a collective investment scheme (also known as a restricted scheme) and entered on the Central Bank's list of collective investments. | ##### Angebotsbeschränkungen in Singapur
Bei dem Angebot von Units in diesem Prospekt handelt es sich nicht um ein kollektives Investment, wie es gemäss Abschnitt Nr. 286 (Section 286) des Securities and Futures Act (Cap. 289) (das „SFA“) zugelassen ist oder gemäss Abschnitt Nr. 287 des SFA anerkannt ist. Der UCITS (Organismus für gemeinsame Anlagen in Wertpapieren / OGAW) ist von der Monetary Authority of Singapore (der Zentralbank) weder zugelassen noch durch sie anerkannt, und herausgegebene Units dürfen Privatanlegern nicht angeboten wer- den.
Dieser Prospekt und sämtliche andere Fondsunterlagen oder -materialien, die im Zusammenhang mit dem Angebot und dem Verkauf von Units herausgegeben werden, stellen kein Prospekt gemäss des SFA dar. Dementsprechend findet keine gesetzliche Haftung gemäss des SFA in Bezug auf den Inhalt dieses Prospekts Anwendung. Potenzielle Anleger sollten sorgfältig abwägen, ob eine Inves- tition in den UCITS für sie sinnvoll ist. Die Zentralbank übernimmt keine Verantwortung für die Inhalte dieses Prospekts oder sonstiger Fondsunterlagen oder -materialien. Der Prospekt und sonstige Fondsunterlagen oder -materialien, die im Zusammenhang mit dem Angebot und dem Verkauf der Units herausgegeben werden, sind und werden nicht bei der Zentralbank als Prospekt eingereicht oder registriert.
Dieser Prospekt und sonstige weitere Fondsunterlagen oder Materialien, die im Zusammenhang mit dem Angebot, oder der Werbung für die Zeichnung oder den Kauf von Units herausgegeben werden, dürfen nicht - weder direkt noch indirekt - in Singapur herausge- geben, in Umlauf gebracht oder verbreitet werden, und Units dürfen in Singapur nicht - weder direkt noch indirekt - angeboten oder verkauft werden oder Teil einer Werbung für die Zeichnung oder den Kauf sein, ausgenommen:
- an institutionelle Anleger (wie in Abschnitt Nr. 4A des SFA definiert) gemäss Abschnitt Nr. 304 des SFA;
- an eine relevante Person (wie in Abschnitt Nr. 305(5) des SFA definiert) gemäss Abschnitt Nr. 305(1) des SFA; oder
- anderweitig entsprechend der und in Übereinstimmung mit den Bestimmungen für sonstige Ausnahmen unter Teil XIII (part XIII), Absatz 2 (division 2), Satz (4) (subdivision 4) des SFA oder jeglicher sonstiger anwendbaren Vorschriften des SFA,(zusammen als die „qualifizierten Personen“ bezeichnet),vorbehaltlich des UCTIS, welcher der Zentralbank als kollektives Investment (auch als restricted scheme bezeichnet) gemeldet wurde und in der Liste der kollektiven Investments der Zentralbank eingetragen wurde. | ###### Supply restrictions in Singapore
The offering of Units in this Prospectus is not a collective investment scheme as authorised or recognised under Section 286 of the Securities and Futures Act (Cap. 289) (the "SFA"). The UCITS (Undertaking for Collective Investment in Transferable Securities / UCITS) is not authorised or recognised by the Monetary Authority of Singapore (the "Central Bank") and Units issued may not be offered to retail investors.
This Prospectus and any other fund documents or materials issued in connection with the offer and sale of Units do not constitute a prospectus under the SFA. Accordingly, no legal liability under the SFA will apply in relation to the contents of this Prospectus. Pro- spective investors should carefully consider whether an investment in the UCITS is appropriate for them. The Central Bank accepts no responsibility for the contents of this Prospectus or any other fund documentation or materials. The Prospectus and any other fund documentation or materials issued in connection with the offer and sale of the Units have not been and will not be filed with or registered as a prospectus with the Central Bank.
This Prospectus and any other fund documents or materials issued in connection with the offer or solicitation of subscription for or purchase of Units may not be issued, circulated or distributed, directly or indirectly, in Singapore and Units may not be offered or sold, directly or indirectly, or form part of any solicitation for subscription or purchase in Singapore, except for the purposes of this Prospec- tus:
- to institutional investors (as defined in Section No. 4A of the SFA) in accordance with Section No. 304 of the SFA;
- to a relevant person (as defined in section 305(5) of the SFA) in accordance with section 305(1) of the SFA; or
- otherwise in accordance with and subject to the provisions for other exemptions under part XIII, paragraph 2 (division 2), sentence (4) (subdivision 4) of the SFA or any other applicable provisions of the SFA,(collectively referred to as the "Qualified Persons"),subject to UCTIS, which has been notified to the Central Bank as a collective investment scheme (also known as a restricted scheme) and entered on the Central Bank's list of collective investments. | en | de |
DOLFIN1698 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds se classe dans la catégorie 6, car la fluctuation des prix des actifs détenus a été de modérée à élevée au fil du temps. L’indicateur ci-dessus se fonde en partie sur une simulation de données et ne constitue pas nécessairement un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps. La catégorie la plus basse n’est pas synonyme d’investissement sans risque.
Le Fonds peut être soumis à des risques qui ne sont pas inclus dans le calcul de l’indicateur de risque, notamment et de façon non exhaustive :
Risque lié aux pays émergents : les valeurs mobilières des pays en développement sont soumises à des risques sociaux, politiques, réglementaires et de change plus élevés que les valeurs mobilières des marchés développés. Certains pays, comme la Russie et la Chine, peuvent aussi être confrontés à des risques plus importants d’absence de protection des investisseurs, d’activité criminelle et de réglementations fiscales floues. Il existe également un risque accru que les produits des placements du Fonds fassent l’objet, dans ces pays, de restrictions applicables aux paiements en dehors du pays des émetteurs. Ces facteurs peuvent avoir des répercussions sur la liquidité et la valeur de ces titres et, par suite, sur la valeur du Fonds.
Risque de liquidité : le Fonds peut rencontrer des difficultés pour acheter ou vendre certains titres, avec d’éventuelles répercussions financières sur le Fonds.
Risque de change : les fluctuations des taux de change peuvent entraîner une augmentation ou une diminution de la valeur des actifs non libellés en dollar américain détenus par le Fonds.
Risques de change de la catégorie : (catégories couvertes) la couverture de change
d’investissement pourrait entraver la capacité du Fonds à réaliser ses objectifs d’investissement.
Risque de volatilité : les prix des placements sont volatils et affectés par de nombreux facteurs, dont l’évolution de l’offre et la demande, les fluctuations des taux d’intérêt et des taux de change, l’actualité internationale et les politiques et mesures gouvernementales sur le plan du contrôle des changes et sur le plan économique, commercial, monétaire, militaire et autres.
Risque lié aux IFD et à l’effet de levier : la valeur des IFD peut fluctuer rapidement et l’effet de levier de certains IFD peut provoquer des pertes supérieures au montant payé au départ pour l’IFD.
Risque opérationnel : le Fonds peut subir des pertes en raison d’une erreur humaine, de défaillances d’un système/processus, de procédures ou de contrôles inadaptés.
Ces facteurs de risque ne sont pas exhaustifs. Veuillez vous reporter aux sections
« Investment Risks and Special Considerations » du prospectus et du supplément. | El Fondo está clasificado en la categoría 6 porque los activos en los que invierte han experimentado históricamente elevados niveles de fluctuaciones de precio. El indicador anterior se basa en datos parcialmente simulados y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. La categoría de riesgo mostrada no está garantizada y puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
El Fondo está expuesto a riesgos adicionales que no refleja el indicador de riesgo, incluidos, entre otros, los siguientes:
Riesgo de países de mercados emergentes: los valores de países en desarrollo están sujetos a mayores riesgos sociales, políticos, regulatorios y de divisas que los valores de mercados desarrollados. Determinados países, como Rusia y China, también pueden entrañar un mayor riesgo por la insuficiente protección de los inversores, la actividad delictiva o la falta de claridad de la normativa tributaria. También hay un mayor riesgo de que el dinero generado por las inversiones del Fondo esté sujeto a restricciones impuestas por la Administración a los pagos realizados fuera del país de los emisores. Estos factores pueden afectar a la liquidez y al valor de tales valores y, como consecuencia, al valor del Fondo.
Riesgo de liquidez: el Fondo puede tener dificultades para comprar o vender determinados valores rápidamente, lo que puede tener consecuencias financieras negativas para el Fondo.
Riesgo de divisas: las fluctuaciones de los tipos de cambio pueden reducir o incrementar el valor de los activos denominados en divisas distintas del dólar estadounidense que el Fondo tenga en cartera.
Riesgo de divisas de la clase: (Clases con cobertura) es posible que la cobertura de
Riesgo de gestión de inversiones: es posible que el Fondo no logre su objetivo de inversión. La pérdida de uno o varios empleados del Gestor de inversiones podría reducir la capacidad del Fondo para alcanzar sus objetivos de inversión.
Riesgo de volatilidad: los precios de las inversiones son volátiles y dependen de muchos factores, incluidos los cambios en las relaciones de oferta y demanda, fluctuaciones de los tipos de interés y de cambio, acontecimientos internacionales, y políticas y medidas de las administraciones públicas en materia económica, de control cambiario, comercial, monetaria, militar u otra.
Riesgo de IFD y de apalancamiento: el valor de los IFD puede experimentar rápidas fluctuaciones y el apalancamiento que incorporan puede causar pérdidas superiores al importe que se abonara por el instrumento en cuestión.
Riesgo operacional: los errores humanos, los fallos de sistemas o procesos, y los procedimientos o controles inadecuados pueden generar pérdidas para el Fondo.
La presente descripción de factores de riesgo no es exhaustiva. Consúltense las secciones «Investment risks and Special Considerations» del folleto y del suplemento. | Le Fonds se classe dans la catégorie 6, car la fluctuation des prix des actifs détenus a été de modérée à élevée au fil du temps. L’indicateur ci-dessus se fonde en partie sur une simulation de données et ne constitue pas nécessairement un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps. La catégorie la plus basse n’est pas synonyme d’investissement sans risque.
Le Fonds peut être soumis à des risques qui ne sont pas inclus dans le calcul de l’indicateur de risque, notamment et de façon non exhaustive :
Risque lié aux pays émergents : les valeurs mobilières des pays en développement sont soumises à des risques sociaux, politiques, réglementaires et de change plus élevés que les valeurs mobilières des marchés développés. Certains pays, comme la Russie et la Chine, peuvent aussi être confrontés à des risques plus importants d’absence de protection des investisseurs, d’activité criminelle et de réglementations fiscales floues. Il existe également un risque accru que les produits des placements du Fonds fassent l’objet, dans ces pays, de restrictions applicables aux paiements en dehors du pays des émetteurs. Ces facteurs peuvent avoir des répercussions sur la liquidité et la valeur de ces titres et, par suite, sur la valeur du Fonds.
Risque de liquidité : le Fonds peut rencontrer des difficultés pour acheter ou vendre certains titres, avec d’éventuelles répercussions financières sur le Fonds.
Risque de change : les fluctuations des taux de change peuvent entraîner une augmentation ou une diminution de la valeur des actifs non libellés en dollar américain détenus par le Fonds.
Risques de change de la catégorie : (catégories couvertes) la couverture de change
d’investissement pourrait entraver la capacité du Fonds à réaliser ses objectifs d’investissement.
Risque de volatilité : les prix des placements sont volatils et affectés par de nombreux facteurs, dont l’évolution de l’offre et la demande, les fluctuations des taux d’intérêt et des taux de change, l’actualité internationale et les politiques et mesures gouvernementales sur le plan du contrôle des changes et sur le plan économique, commercial, monétaire, militaire et autres.
Risque lié aux IFD et à l’effet de levier : la valeur des IFD peut fluctuer rapidement et l’effet de levier de certains IFD peut provoquer des pertes supérieures au montant payé au départ pour l’IFD.
Risque opérationnel : le Fonds peut subir des pertes en raison d’une erreur humaine, de défaillances d’un système/processus, de procédures ou de contrôles inadaptés.
Ces facteurs de risque ne sont pas exhaustifs. Veuillez vous reporter aux sections
« Investment Risks and Special Considerations » du prospectus et du supplément. | fr | es |
DOLFIN1699 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 1.50% of the amount you pay in when entering this investment. | Up to 200 CHF |
| Exit costs | 3.00% of your investment before it is paid out to you. | 309 CHF |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.54% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 154 CHF |
| Transaction costs | 0.16% 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. | 16 CHF |
| Incidental costs taken under specific conditions |
| Performance fees (*) | 10.00% of the outperformance in the case of a positive absolute performance and simultaneous positive relative performance against the benchmark index (FTSE Gold Mines Net Tax Index (in Fund currency)) since the beginning of the year. | 49 CHF | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 1.50% dell'importo pagato al momento della sottoscrizione. | Fino a 200 CHF |
| Costi di uscita | 3.00% dell'investimento prima che venga rimborsato. | 309 CHF |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1.54% del valore dell'investimento annuo. Si tratta di una stima basata su costi effettivi nell'arco dell'ultimo anno. | 154 CHF |
| Costi di transazione | 0.16% del valore dell'investimento annuo. Si tratta di una stima dei costi sostenuti al momento dell'acquisto e della vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varia a seconda dei volumi acquistati e venduti. | 16 CHF |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (*) | 10.00% della sovraperformance in caso di performance assoluta positiva e performance relativa positiva rispetto all'indice di riferimento (FTSE Gold Mines Net Tax Index (nella valuta del fondo)) dall'inizio dell'anno. | 49 CHF | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 1.50% of the amount you pay in when entering this investment. | Up to 200 CHF |
| Exit costs | 3.00% of your investment before it is paid out to you. | 309 CHF |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.54% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 154 CHF |
| Transaction costs | 0.16% 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. | 16 CHF |
| Incidental costs taken under specific conditions |
| Performance fees (*) | 10.00% of the outperformance in the case of a positive absolute performance and simultaneous positive relative performance against the benchmark index (FTSE Gold Mines Net Tax Index (in Fund currency)) since the beginning of the year. | 49 CHF | | en | it |
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