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DOLFIN1700 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
3%
2%
1%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 9 de mayo de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
3%
2%
1%
0% | ### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
3%
2%
1%
0% | en | es |
DOLFIN1701 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Article 15 Duration of the Fund or sub-funds; dissolution; liquidation; merger of the Management Regulations has been clarified to the effect that the Management Company is entitled to dissolve unit classes at any time in the future.
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## Effective date of the changes | Artikel 15 Dauer des Fonds bzw. der Teilfonds, Auflösung, Liquidation, Fusion der Vertragsbedingungen wird dahingehend präzisiert, dass die Verwaltungsgesellschaft zukünftig jederzeit berechtigt ist, Anteilsklassen aufzulösen.
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## Inkrafttreten der Änderungen | Article 15 Duration of the Fund or sub-funds; dissolution; liquidation; merger of the Management Regulations has been clarified to the effect that the Management Company is entitled to dissolve unit classes at any time in the future.
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## Effective date of the changes | en | de |
DOLFIN1702 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Processus de gestion des risques
Conformément à la Loi sur les OPC et à la Circulaire 11/512 de la CSSF, la Société de gestion doit suivre et mesurer à tout moment le risque lié aux positions détenues par les portefeuilles du Fonds et leur contribution au profil de risque général desdits portefeuilles en utilisant un processus de gestion des risques.
En conséquence, la Société de gestion a mis en œuvre un processus de gestion des risques qui sera suivi à l’égard de la Société et de chaque Fonds. Le processus de gestion des risques permet à la Société de gestion d’évaluer l’exposition des Fonds aux risques de contrepartie, de liquidité et de marché et à tous les autres risques, notamment les risques opérationnels, qui sont importants pour chaque Fonds. Les administrateurs de la Société de gestion examineront ledit processus de gestion des risques au moins une fois l’an.
Le Fonds a recours à un processus de gestion des risques qui permet de contrôler et d’évaluer à tout moment les risques associés aux positions et l’influence de celles-ci sur le profil de risque général de chaque Fonds individuels. En outre, le Fonds applique une méthode permettant une évaluation précise et indépendante de la valeur des instruments dérivés OTC, laquelle est régulièrement communiquée à la CSSF conformément à la loi luxembourgeoise.
La Société de gestion fournira, à la demande des investisseurs, des informations complémentaires relatives au processus de gestion des risques. | # Proceso de gestión de riesgos
De acuerdo con la Ley de OIC y la circular 11/512 de la CSSF, la sociedad gestora debe aplicar un proceso de gestión de riesgos que le permita controlar y medir en todo momento el riesgo de las posiciones de las carteras de los Fondos y su contribución al perfil de riesgo general de esas carteras.
Por consiguiente, la sociedad gestora ha implementado un proceso de gestión de riesgos que se adoptará respecto a la Sociedad y todo Fondo. El proceso de gestión de riesgos permite a la sociedad gestora evaluar la exposición de los Fondos a los riesgos de mercado, de liquidez y de contraparte y a todos los demás riesgos, incluidos los riesgos operacionales, que son fundamentales para cada Fondo. Los consejeros de la sociedad gestora revisarán dicho proceso de gestión de riesgos al menos anualmente.
El Fondo utiliza un proceso de gestión de riesgos que le permita controlar y medir en todo momento el riesgo de las posiciones y su contribución al perfil de riesgo general de cada Fondo individual. Asimismo, el Fondo utiliza un proceso para evaluar de forma precisa e independiente el valor de instrumentos derivados OTC, el cual se comunica a la CSSF con regularidad, de conformidad con la Ley de Luxemburgo.
Si los inversores lo solicitan, la sociedad gestora les proporcionará información complementaria relativa al proceso de gestión de riesgos. | # Processus de gestion des risques
Conformément à la Loi sur les OPC et à la Circulaire 11/512 de la CSSF, la Société de gestion doit suivre et mesurer à tout moment le risque lié aux positions détenues par les portefeuilles du Fonds et leur contribution au profil de risque général desdits portefeuilles en utilisant un processus de gestion des risques.
En conséquence, la Société de gestion a mis en œuvre un processus de gestion des risques qui sera suivi à l’égard de la Société et de chaque Fonds. Le processus de gestion des risques permet à la Société de gestion d’évaluer l’exposition des Fonds aux risques de contrepartie, de liquidité et de marché et à tous les autres risques, notamment les risques opérationnels, qui sont importants pour chaque Fonds. Les administrateurs de la Société de gestion examineront ledit processus de gestion des risques au moins une fois l’an.
Le Fonds a recours à un processus de gestion des risques qui permet de contrôler et d’évaluer à tout moment les risques associés aux positions et l’influence de celles-ci sur le profil de risque général de chaque Fonds individuels. En outre, le Fonds applique une méthode permettant une évaluation précise et indépendante de la valeur des instruments dérivés OTC, laquelle est régulièrement communiquée à la CSSF conformément à la loi luxembourgeoise.
La Société de gestion fournira, à la demande des investisseurs, des informations complémentaires relatives au processus de gestion des risques. | fr | es |
DOLFIN1703 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Assets and liabilities denominated in currencies other than each Fund’s currency are translated into each Fund’s currency at the appropriate exchange rates ruling at the period-end. Gains and losses on foreign exchange transactions are recognised in the “Statement of Operations and Changes in Net Assets” in determining the results for the accounting year.
Note 2 - Significant accounting policies
(continued)
- Foreign exchange transactions
- (continued)The reference currency of the Company as reflected in the combined financial statements is U.S. dollar. The principal exchange rates applied as at June 30, 2022 are as follows: | Les actifs et passifs libellés en devises autres que la devise d’un compartiment sont convertis dans la devise de ce compartiment aux taux de change appropriés en vigueur à la clôture de la période comptable. Les gains et pertes sur les opérations de change sont constatés dans l’« état des opérations et de l’évolution de l’actif net » dans le cadre de la détermination des résultats pour l’exercice.
Note 2 - Principales règles et méthodes comptables
(suite)
- Opérations de change
- (suite)La devise de référence de la SICAV, telle qu’indiquée dans les états financiers combinés, est le dollar américain (USD). Lesprincipaux taux de change appliqués au 30 juin 2022 sont les suivants : | Assets and liabilities denominated in currencies other than each Fund’s currency are translated into each Fund’s currency at the appropriate exchange rates ruling at the period-end. Gains and losses on foreign exchange transactions are recognised in the “Statement of Operations and Changes in Net Assets” in determining the results for the accounting year.
Note 2 - Significant accounting policies
(continued)
- Foreign exchange transactions
- (continued)The reference currency of the Company as reflected in the combined financial statements is U.S. dollar. The principal exchange rates applied as at June 30, 2022 are as follows: | en | fr |
DOLFIN1704 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If the share ratio in a securities fund, or underlying fund of a securities fund, is not sufficiently documented, that part of the investment will be regarded as other securities than shares. Penalty tax may be levied if the unitholder fails to provide sufficient documentation to the Norwegian tax authorities.
- Lawful dividends on shares received by Norwegian resident corporate shareholders (defined as limited liability companies, savings banks and other self-owned finance enterprises, mutual insurance companies, co-operatives, equity funds, associations, foundations, certain bankrupt estates and estates under administration, municipalities, county municipalities, intermunicipal companies, companies 100% owned by the Government, SE-companies and SE-co-operatives) should be comprised by the Norwegian tax exemption method. Shares etc. covered by the tax exemption method are shares in Norwegian limited liability companies, savings banks, mutual insurance companies, co-operatives, securities funds and intermunicipal companies as well as shares in similar foreign companies. Distributions from securities funds are covered bythe tax exemption rules to the extent the distribution is classified as dividends from shares cf. (a) and (b) above. Exemptions from this basis are stated below.
- Lawful dividends on shares (as defined under c) above) received by Norwegian resident corporate shareholders from Norwegian resident entities (as referred to under c) above), are 97% tax exempt. All portfolio management expenses except for acquisition/sales costs, etc. related to exempt income from shares are fully tax deductible. In order to limit the benefit of these deductions, the tax exemption method is limited to 97% of the dividend income, with the remaining 3% taxable for Norwegian corporate shareholders (0.75% effective tax rate for shareholders covered by the financial tax scheme and 0.66% effective tax rate for other corporate shareholders). An exemption from the 3% rule applies for dividends distributed within a tax group (i.e. where a parent company owns more than 90% of the shares and the voting rights, directly or indirectly, in the company and is actually established in an EEA State and carries out genuine economic business activity). For investments in EEA companies the 97% tax exemption for lawful dividends on shares will only apply if the foreign company invested into is not resident in a low-tax country. However, if the company is resident in a low-tax country, the 97% tax exemption will still apply if the Company is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met. If not covered by the tax exemption rules mentioned under (c), dividends from a foreign company to Norwegian resident corporate shareholders would be taxable at a rate of 22% (25% for entities covered by the financial tax scheme). Dividends on shares as mentioned under (i) below to Norwegian corporate shareholders will consequently be taxable in Norway. Dividends received by Norwegian resident corporate shareholders on shares in NOKUS companies are not subject to taxation as long as the dividends paid fall within the NOKUS income which has already been subject to taxation, see under (g) below for further details.
- For individuals resident in Norway, only dividends (as defined under (c) above) received in excess of a calculated shield deduction (equal to the arithmetic average interest on Norwegian three months exchequer bills, after tax multiplied with the cost price of the shares, previous years’ unused shield deduction included), will be taxable at a rate of 22%. For the purpose of calculating the shield deduction, funds owning more than 80% shares are considered only to own shares and funds owning less than 20% shares are considered only to own other securities than shares. This means that a shield deduction will be granted on the whole cost price of the share when the share portion in the fund in the year of acquisition was more than 80%. For funds with a share portion between 20% and 80%, the shield deduction will be calculated on the basis of the cost price corresponding to the share ratio. It is a condition for deduction of shield deduction that the dividends are paid out in accordance with the rules and regulations of the applicable corporate and accounting laws/regulations. The shield deduction is linked to the individual share. After the deduction of the shield deduction, the basis for taxation of the dividend is increased with an adjustment factor of 1.44, leaving the (effective dividend tax rate for individuals at 31.68% (22% * 1.44)).
- Distributions classified as interest income according to (a) above are not comprised by the Norwegian tax exemption method and neither qualify for shield deductions. This means that distributions classified as interests received by Norwegian resident corporate shareholders and individuals resident in Norway from a fund are taxable at a rate of 22% (25% for entities covered by the financial tax scheme).
- Capital gains made by Norwegian resident corporate shareholders on disposal, conversion or redemption of units in funds where 100% of the underlying investments are other securities than shares, are as a starting point taxable at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme). Capital losses are in this situation deductible. The capital gain or loss is calculated as the difference between the cost price of the shares (including costs related to the acquisition of the shares), and the sales price.
- Capital gains made by Norwegian resident corporate shareholders (as defined under (c) above) on disposal, conversion or redemption of units in Norwegian securities funds where 100% of the underlying investments are shares (as defined under(c) above) should be tax exempt under the Norwegian tax exemption method. Capital gains on shares in securities funds resident in the EEA are comprised by the tax exemption if the company is not regarded as resident in a low-tax country. If the securities fund is resident in a low-tax country, it would still qualify for the tax exemption method if the securities fund invested into is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met.
- Capital gains as mentioned under (h) above on shares in securities funds resident in low-tax countries outside the EEA, are, however, not covered by the Norwegian tax exemption method and are therefore taxable (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders). Consequently, any losses on such investments will be deductible. The same applies for capital gains and losses on portfolio investments in securities funds outside the EEA. For capital gains, a portfolio investment exists if the tax payer has not continuously in the last two years owned 10% or more of the capital and 10% or more of the voting rights at the general meeting. For losses, a portfolio investment exists if the taxpayer alone or together with any closely related persons has not owned 10% or more of the capital or 10% or more of the voting rights at the general meeting consecutively for the last two years.
- For Norwegian resident corporate shareholders in funds with both shares and other securities as underlying investments, the applicability of the Norwegian tax exemption method on capital gains is limited on a pro rata basis to the calculated share portion in the fund. The share portion is calculated based on the average between the share portion in the year of acquisition and in the year of sale. The share ratio in the year of acquisition and the year of sale is calculated based on the principles described under (b) above.
- Corporate shareholders as defined under (c) will not be allowed a deduction for losses to the extent capital gains would have been exempt.
- Capital gains or losses for other corporate entities than defined under (c), if taxable, are calculated as the difference between the cost price of the shares, (including costs related to the acquisition of the shares), and the sales price (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders).
- For individuals resident in Norway, only capital gains and losses on disposal, conversion or redemption of units in excess of a calculated shield deduction (as defined under e above) will be taxable at a rate of 22%. The shield deduction is only earned on investments in shares and on the share ratio in securities funds calculated in the year of the investment in the fund. The shield deduction can be deducted in the total capital gain on investment in securities funds, not just the portion of the gain that stems from shares. Unused shield deduction cannot exceed the capital gain and create or increase a tax deductible loss. The taxable capital gain or loss will be the difference between the cost price of the shares (including costs related to the acquisition of the shares) and the sales price. For the portion of the gain or loss that is related to the fund’s underlying investments consisting of shares, the basis for taxation of the gain – after the deduction of the shield deduction - is increased with an upwards adjustment factor of 1.44 and then taxed at a rate of 22 % (effective tax rate 31.68%).
- Individuals, and entities not covered by the tax exemption rules mentioned under (c), suffering a net loss from capital, e.g. as a result of a capital loss upon sale, switch, redemption etc. of shares, may claim a deduction in ordinary income (which is taxed at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme)), but not for gross tax purposes (gross tax applies only to individuals on income classified as salary).
- If a capital gain is taxable, the applicable tax rate is 25% for shareholders covered by the financial tax scheme and 22% for all other taxable persons (i.e. other companies and individuals).
- Most Norwegian institutional investors are taxed as corporate shareholders (see (c) above) with respect to dividends and capital gains on the disposal of shares. Some institutional and governmental investors are tax-exempt. In addition to be comprised by the Norwegian tax exemption method, Norwegian securities funds are also comprised by a special tax rule whereby all capital gains on shares in non-EEA companies are tax exempt. Norwegian securities funds do not have the right to deduct losses on disposal of shares in companies resident in countries outside the EEA. Norwegian pension funds and insurance companies, holding a license in accordance with the Norwegian Financial Undertakings Act, may offset income derived from investments held within the technical assets/collective portfolio against future payouts to the beneficiaries. Hence, income derived from investments held as part of the technical assets are in effect tax exempt. Investments in shares, etc. held within the company’s investment portfolio is however subject to the ordinary tax rules, hence investments in shares, etc. may be eligible for the tax exemption method.
- Each Norwegian investor should seek to find out whether the investment will be subject to Norwegian NOKUS taxation (CFC taxation). Norwegian residents (individual or company) will be taxed directly for their part in the foreign Company’s/Fund’s income if the company is located in a low-tax country, irrespective of whether any funds, etc. are distributed to the investor. A low-tax country in this respect is a country where the assessed income tax on the company’s profits is less than two-thirds of assessed taxes calculated according to Norwegian tax rules as if the company had been located (resident) in Norway. A condition for such taxation is that 50% or more of the foreign company’s shares or capital are owned or controlled, directly or indirectly, by Norwegian taxpayers (alone or together), based on ownership status at the beginning and end of the income year. Furthermore, if Norwegian taxpayers own or control more than 60% of the shares or capital at the end of the income year, Norwegian control exists irrespective of the level of control at the beginning of the year. Norwegian control ceases to exist if Norwegian taxpayers own or control less than 50% of the shares or capital at both the beginning and end of the income year, or less than 40% of the shares or capital at the end of the income year. In relation to umbrella funds it should be noted that the ownership requirement is normally calculated based on ownership at the level of the different sub-funds. On condition that Norway has signed a Tax Treaty with the country involved and the entity in question is covered by that Tax Treaty, the NOKUS rules will only be applicable if the income of the company in question is mainly of a passive nature. Furthermore, NOKUS taxation is prohibited if the company in question is actually established and carries out genuine business activity in an EEA State. The Norwegian rules in this respect are more or less in accordance with the “wholly artificial arrangement” statement of the ECJ’s judgment in the Cadbury Schweppes case.
- Individuals (and estates of deceased persons) will have to pay net wealth tax based on their ownership in the Fund. The maximum tax rate is 0.85% (i.e. 0.15% state tax and 0.7% municipal tax). There is no net wealth tax for limited liability companies, securities funds, state-owned enterprises according to the State-owned Enterprise Act, intermunicipal companies and companies which somebody owns a part in or receives income from, when the responsibility for the companies’ liabilities are limited to the companies’ capital. Some institutional investors such as mutual insurance companies, savings banks, co-operatives, taxable pension funds, self-owned finance institutions and mortgage credit associations pay 0.15% net wealth tax. Otherwise, the maximum net wealth tax rate for a corporate body is 0.85%. Shares in limited liability companies and the share portion in securities funds as defined in a and b above, are valued at 65% (55% applies to the income year of 2021) of the quoted value for net wealth tax purposes as of 1 January of the year after the relevant income year. Other assets held by securities funds are valued at 100% of the value for net wealth tax purposes as of 1 January of the year after the relevant income year. If quoted both on Norwegian and foreign stock exchanges, the Norwegian quoted value will be applicable. If not quoted, the basis for taxation is the company’s net assets for wealth tax purposes as per 1 January of the income year in question. The basis for taxation of not quoted shares in foreign companies is as a starting point the shares assumed market value as per 1 January of the assessment year.
- Investors should also read the taxation section in Part III of this Prospectus, which describes additional tax consequences for the Fund and its investors. | Si el ratio de acciones en un fondo de valores o un fondo subyacente de un fondo de valores no está suficientemente documentado, dicha parte de la inversión se considerará realizada en títulos distintos a las acciones. Es posible que se graven con un impuesto de penalización si el partícipe no facilita documentación suficiente a las autoridades fiscales noruegas.
- Los dividendos legales sobre Acciones recibidos por Accionistas corporativos residentes en Noruega (definidos como sociedades de responsabilidad limitada, entidades de ahorro, así como otras entidades financieras privadas, mutuas de seguros, cooperativas, fondos de renta variable, asociaciones, fundaciones, algunos cuerpos de bienes de un quebrado y propiedades bajo administración, municipios, mancomunidades, empresas intermunicipales, empresas propiedad al 100% del Estado, sociedades anónimas europeas y sociedades cooperativas europeas) deberían estar incluidas en el método de exención fiscal noruego. Las acciones y demás inversiones cubiertas por este método de exención fiscal son acciones de empresas noruegas de responsabilidad limitada, entidades de ahorro, mutuas de seguros, cooperativas, fondos de valores y empresas intermunicipales, así como acciones de empresas extranjeras similares. Las distribuciones procedentes de fondos de valores quedan cubiertas por las normas de exención fiscal en la medida en que la distribución se clasifique como dividendos de acciones, con arreglo a lo expuesto en los anteriores párrafos (a) y (b). Las exenciones respecto a esta base se detallan a continuación.
- Los dividendos legales sobre Acciones (según la definición del apartado c)) recibidos por Accionistas que sean personas jurídicas residentes en Noruega de entidades residentes en dicho país (según se indica en el apartado c)), están exentos de impuestos en un 97%. Todos los gastos de gestión de carteras excepto los costes de adquisición y venta y otros relacionados con los ingresos exentos procedentes de acciones son totalmente deducibles a efectos fiscales. Con el fin de limitar los beneficios de estas deducciones, el método de exención fiscal se aplica tan sólo al 97% de los ingresos por dividendos, mientras que el 3% restante es gravable en el caso de los accionistas que sean personas jurídicas noruegas (0,75% de tipo fiscal real para accionistas incluidos en el programa de impuestos financieros y el 0,66% del tipo fiscal real para el resto de accionistas corporativos). Se aplica una exención de la norma del 3% a aquellos dividendos distribuidos dentro de un grupo fiscal (es decir, cuando una matriz posea, ya sea directa o indirectamente, más del 90% de las acciones y los derechos de voto en la sociedad, siempre que ésta se encuentre establecida en un País del EEE y lleve a cabo en él una auténtica actividad económica). En el caso de inversiones en sociedades del EEE, la exención fiscal del 97% con respecto a los dividendos legales obtenidos de las acciones sólo se aplicará si la sociedad extranjera en la que se haya efectuado la inversión no es residente en un país con baja fiscalidad. Sin embargo, en el caso de que la sociedad sea residente en un país con baja fiscalidad, la exención fiscal del 97% se seguirá aplicando si la sociedad está establecida en un País del EEE y lleva a cabo en él una auténtica actividad económica. Debe quedar demostrado documentalmente que se cumplen los requisitos mencionados. Los dividendos procedentes de una empresa extranjera pagaderos a accionistas noruegos que sean personas jurídicas residentes en Noruega, si no están cubiertos por las normas de exención fiscal mencionadas en el anterior apartado c), se gravarían a un tipo impositivo del 22% (del 25% para aquellas entidades incluidas en el programa de impuestos financieros). Los dividendos sobre las acciones, según lo descrito en el apartado i), en el caso de los accionistas corporativos noruegos, serán por lo tanto gravables en Noruega. Los dividendos recibidos por accionistas que sean personas jurídicas residentes en Noruega sobre acciones en sociedades NOKUS no están sujetos a tributación mientras los dividendos pagados se encuentren entre los ingresos NOKUS que ya hayan estado sujetos a impuestos (véase el apartado g) para obtener más información).
- Para las personas físicas residentes en Noruega, únicamente los dividendos (según se definen en el anterior apartado c)) recibidos que sobrepasen una deducción de protección calculada (equivalente a la media aritmética del interés sobre las letras del Tesoro noruegas a tres meses, después de impuestos), multiplicado por el precio de coste de las acciones), incluida la deducción de protección no utilizada durante los años precedentes, serán gravables a un tipo impositivo del 22%. A efectos del cálculo de la deducción de protección, aquellos fondos que tengan más de un 80% de acciones se consideran titulares de acciones únicamente, y aquellos que cuenten con menos de un 20% de acciones, se consideran titulares únicamente de otros valores distintos a las acciones. Así pues, se aplicará una deducción de protección sobre la totalidad del precio de coste de las acciones en los casos en los que la proporción de acciones del fondo supere el 80% en el ejercicio en el que se realizara la adquisición. Para aquellos fondos con una proporción de acciones entre el 20% y el 80%, la deducción de protección se calculará sobre la base del precio de coste correspondiente a la parte proporcional de acciones. Para aplicar la deducción de protección, es indispensable que los dividendos se paguen con arreglo a las normas y reglamentos que consten en las correspondientes leyes/normativas de sociedades y contables. La deducción de protección está relacionada con la acción individual. Tras aplicarse la deducción de protección, la base para gravar el dividendo se incrementa mediante un factor de ajuste del 1,44, de modo que el tipo impositivo real sobre los dividendos para las personas físicas en el 31,68% (22% x 1,44).
- Las distribuciones clasificadas como ingresos por intereses de acuerdo con lo indicado en el apartado a) no quedan comprendidas en el método noruego de exención fiscal, por lo que tampoco pueden optar a deducciones de protección. Esto significa que las distribuciones clasificadas como intereses procedentes de un fondo recibidos por accionistas que sean personas físicas y jurídicas residentes en Noruega se gravan a un tipo del 22% (del 25% para aquellas entidades incluidas en el programa de impuestos financieros).
- Las plusvalías obtenidas por accionistas que sean personas jurídicas residentes en Noruega y que se deriven de la enajenación, canje o reembolso de participaciones en fondos en los que el 100% de las inversiones subyacentes sean títulos diferentes de las acciones, son gravables de entrada a un tipo impositivo del 22% (del 25% para aquellas entidades incluidas en el programa de impuestos financieros). En este caso, las minusvalías son deducibles. La plusvalía o minusvalía se calcula como la diferencia entre el precio de coste de las acciones (incluidos los costes relacionados con la adquisición de las Acciones), y el precio de venta.
- Las plusvalías realizadas por accionistas que sean personas jurídicas residentes en Noruega (según su definición en el apartado c)) a raíz de la enajenación, canje o reembolso de participaciones en fondos con valores noruegos en los que el 100% de las inversiones subyacentes sean acciones (según su definición en el apartado c)) deberían estar libres de impuestos con arreglo al método de exención fiscal noruego. Las plusvalías obtenidas de los fondos de valores residentes en el EEE están incluidas en la exención fiscal si la sociedad no está considerada como residente en un país con baja fiscalidad. En el caso de que el fondo de valores sea residente en un país con baja fiscalidad, seguiría estando sujeta al método de exención fiscal, siempre que el fondo de valores en la que se haya efectuado la inversión esté establecido en un País del EEE y lleve a cabo en él una auténtica actividad económica. Debe quedar demostrado documentalmente que se cumplen los requisitos mencionados.
- Las plusvalías descritas en el anterior apartado h) procedentes de acciones de fondos de valores residentes en países con baja fiscalidad y que estén fuera del EEE, no están, sin embargo, cubiertas por el método de exención fiscal noruego y, por consiguiente, están sujetas a impuestos (a un tipo impositivo del 25% para aquellas entidades incluidas en el programa de impuestos financieros y del 22% para el resto de accionistas corporativos). En consecuencia, cualquier pérdida sobre dichas inversiones será deducible. Lo mismo se aplica a las plusvalías y minusvalías sobre las inversiones de la cartera en fondos de valores que no pertenezcan al EEE. En el caso de las plusvalías, una inversión en la cartera existe si durante los dos últimos años el contribuyente no ha poseído de forma continuada un 10% o más del capital y un 10% o más delos derechos a voto en la junta general. En el caso de las minusvalías, una inversión en la cartera existe si el contribuyente, solo o conjuntamente con cualquier persona con la que mantenga una estrecha relación, no ha poseído el 10% o más del capital, o el 10% o más de los derechos de voto en la junta general durante los últimos dos años consecutivos.
- En el caso de los accionistas que sean personas jurídicas residentes en Noruega y que inviertan en acciones y en otros títulos como inversiones subyacentes, la aplicabilidad del método de exención fiscal noruego sobre las plusvalías está limitado a un criterio proporcional con respecto al volumen de acciones calculado para el fondo. Esta porción de acciones se calcula como la media entre el volumen de acciones en el año de adquisición y en el año de venta. La proporción de acciones en el año de adquisición y en el año de venta se calcula basándose en los principios descritos en el apartado b).
- Los Accionistas corporativos según se definen en el apartado c) no podrán deducir pérdidas si las plusvalías estuvieran exentas.
- La plusvalía o minusvalía para otras sociedades diferentes a las definidas en el apartado c), si resulta gravada, se calculan como la diferencia entre el precio de coste de las Acciones, (incluidos los costes relacionados con la adquisición de las Acciones), y el precio de venta (a un tipo impositivo del 25% para aquellas entidades incluidas en el programa de impuestos financieros y del 22% para el resto de accionistas corporativos).
- Para las personas físicas residentes en Noruega, sólo las plusvalías derivadas de la enajenación, canje o reembolso de participaciones que sobrepasen una deducción de protección calculada (según se define en el apartado e)) se gravarán a un tipo del 22%. La deducción de protección sólo se obtiene en las inversiones en acciones y en la proporción de acciones en fondos de valores calculada para el año en el que invierta el fondo. La deducción de protección puede descontarse de la plusvalía total obtenida al invertir en fondos de valores, y no sólo de la parte de plusvalía resultante de las acciones. La deducción de protección no utilizada no puede ser superior a la plusvalía ni crear o incrementar una pérdida deducible a efectos impositivos. La plusvalía o minusvalía imponible será la diferencia entre el precio de coste de las acciones (incluidos los costes relacionados con la adquisición de las Acciones) y el precio de venta. Para la proporción de la plusvalía o minusvalía que está relacionada con las inversiones subyacentes del fondo consistente en acciones, la base para la tributación (tras aplicar la deducción de la protección) se va incrementando con un factor de ajuste al alza de 1,44, para posteriormente gravarse a un tipo del 22% (31,68% de tipo fiscal efectivo).
- Las personas físicas, y entidades no cubiertas por las normas de exención fiscal mencionadas en el apartado c), que sufran una pérdida neta de capital, por ejemplo, como resultado de una minusvalía derivada de una venta, canje, reembolso, etc. de Acciones, podrán solicitar una deducción del impuesto sobre la renta ordinaria (imponible a un tipo del 22% (del 25% para los accionistas corporativos incluidos en el programa de impuestos financieros)), pero no por lo que respecta a rendimientos brutos (los rendimientos brutos sólo se aplican a personas físicas por los ingresos clasificados como salario).
- Si una plusvalía está sujeta a impuestos, el tipo impositivo aplicable es del 25% para aquellos accionistas incluidos en el programa de impuestos financieros y del 22% para todas las demás personas gravables (es decir, el resto de sociedades y personas físicas).
- La mayoría de inversores corporativos noruegos están sujetos a impuestos como accionistas empresariales (véase el apartado c)) con respecto a los dividendos y a las plusvalías resultantes de la enajenación de acciones. Algunos inversores gubernamentales e institucionales están exentos de impuestos. Además de estar incluidos en el método de exención fiscal noruego, los fondos noruegos de valores también están contemplados en una norma fiscal especial en virtud de la cual todas las plusvalías sobre acciones en empresas de países no pertenecientes al EEE están exentas de impuestos. Los fondos noruegos de valores no tendrán derecho a deducirse las pérdidas por la enajenación de las acciones de empresas residentes en países ajenos al EEE. Los fondos de pensiones y las aseguradoras de Noruega, titulares de licencia conforme a la Ley de Organismos Financieros de Noruega, pueden compensar las rentas derivadas de las inversiones mantenidas dentro de la cartera de activos técnicos/colectiva con pagos futuros a los beneficiarios. Por lo tanto, las rentas derivadas de inversiones mantenidas como parte de los activos técnicos están en efecto exentas de tributación. No obstante, las inversiones en acciones, etc. mantenidas en el seno de la cartera de inversión de la sociedad están sujetas a la normativa tributaria ordinaria, por lo que las inversiones en acciones, etc. pueden ser aptas para el método de exención fiscal.
- Todos los inversores noruegos deberían intentar averiguar si su inversión estará sujeta a la fiscalidad NOKUS noruega (fiscalidad CFC). Los residentes noruegos (ya sean personas físicas o jurídicas) serán gravados directamente por su parte en los ingresos de un Fondo/Sociedad del extranjero si ésta está ubicada en un país de baja fiscalidad, independientemente del hecho de que se produzcan distribuciones de fondos, etc. a los inversores. En este sentido, se considerará país de baja fiscalidad a un país en el que el impuesto de la renta calculado de los beneficios de una sociedad sea menor a dos tercios de los impuestos calculados según las normativas fiscales noruegas si la sociedad hubiera estado localizada (hubiera sido residente) en Noruega. Para que dicho impuesto pueda aplicarse es condición que el 50% o más de las Acciones o el capital de la sociedad extranjera sean propiedad o estén gestionadas, directa o indirectamente, por contribuyentes noruegos (solos o conjuntamente), basándose en la titularidad existente al comienzo y al final del año fiscal. Además, si los contribuyentes noruegos poseen o controlan más del 60% de las Acciones o capital a finales del año fiscal, existirá control noruego independientemente del nivel de control a comienzos del año. El control noruego deja de existir si los contribuyentes noruegos poseen o controlan menos del 50% de las acciones o el capital tanto a principios como a finales del año fiscal, o menos del 40% de las acciones o el capital a finales del año fiscal. En lo relativo a fondos «paraguas», ha de tenerse en cuenta que el requisito de titularidad normalmente se calcula tomando como referencia la titularidad a nivel de los diferentes subfondos. Si Noruega ha firmado un Convenio fiscal con el país involucrado y la entidad en cuestión está cubierta por dicho Convenio, las normas NOKUS únicamente serán de aplicación si los rendimientos de la sociedad son fundamentalmente de naturaleza pasiva. Asimismo, la fiscalidad NOKUS está prohibida si la Sociedad en cuestión está establecida en un País del EEE y lleva a cabo en él una auténtica actividad económica. Las normas noruegas a este respecto son más o menos acordes con la afirmación de «acuerdo totalmente artificial» que figura en la sentencia del TJCE en el caso Cadbury-Schweppes.
- Las personas físicas (y los bienes de personas fallecidas) tendrán que pagar un impuesto sobre el patrimonio neto basado en su titularidad en el Fondo. El tipo impositivo máximo es del 0,85% (es decir, un impuesto estatal del 0,15% y un impuesto municipal del 0,7%). No existe impuesto sobre el patrimonio neto para las empresas de responsabilidad limitada, fondos de valores, empresas estatales según la Ley sobre empresa estatal, empresas intermunicipales y empresas en las que alguien posea una parte o reciba ingresos de la misma, cuando la responsabilidad de las obligaciones de las empresas esté limitada por su propio capital. Algunos inversores institucionales, como son las mutuas de seguros, entidades de ahorro, cooperativas, fondos de pensiones que estén gravados, entidades financieras privadas y asociaciones de crédito hipotecario pagan un impuesto sobre el patrimonio neto del 0,15%. En otros casos, el tipo impositivo máximo sobre el patrimonio neto es del 0,85%. Las acciones pertenecientes a empresas de responsabilidad limitada y la proporción de acciones en fondos de valores, según se define en los anteriores apartados a y b, están valoradas al 65% (el 55% se aplicaal ejercicio 2021) del valor cotizado a efectos del impuesto sobre el patrimonio neto a 1 de enero del año siguiente al ejercicio fiscal que corresponda. Otros activos en fondos de valores están valorados al 100% del valor a efectos del impuesto sobre el patrimonio neto a 1 de enero del año siguiente al ejercicio fiscal que corresponda. Si cotizan tanto en la Bolsa noruega como en bolsas extranjeras, se aplicará el valor de cotización noruego. Si no cotizan, la base impositiva estará constituida por el activo neto de la sociedad a efectos del impuesto sobre el patrimonio el 1 de enero del ejercicio fiscal correspondiente. La base para la fiscalidad de las acciones no cotizadas de empresas extranjeras es, como punto de partida, el supuesto valor de mercado de las acciones a 1 de enero del ejercicio de evaluación.
- Los inversores deberán leer también el apartado sobre fiscalidad en la Parte III del presente Folleto informativo, en el que se mencionan otras consecuencias fiscales para el Fondo y sus inversores. | If the share ratio in a securities fund, or underlying fund of a securities fund, is not sufficiently documented, that part of the investment will be regarded as other securities than shares. Penalty tax may be levied if the unitholder fails to provide sufficient documentation to the Norwegian tax authorities.
- Lawful dividends on shares received by Norwegian resident corporate shareholders (defined as limited liability companies, savings banks and other self-owned finance enterprises, mutual insurance companies, co-operatives, equity funds, associations, foundations, certain bankrupt estates and estates under administration, municipalities, county municipalities, intermunicipal companies, companies 100% owned by the Government, SE-companies and SE-co-operatives) should be comprised by the Norwegian tax exemption method. Shares etc. covered by the tax exemption method are shares in Norwegian limited liability companies, savings banks, mutual insurance companies, co-operatives, securities funds and intermunicipal companies as well as shares in similar foreign companies. Distributions from securities funds are covered bythe tax exemption rules to the extent the distribution is classified as dividends from shares cf. (a) and (b) above. Exemptions from this basis are stated below.
- Lawful dividends on shares (as defined under c) above) received by Norwegian resident corporate shareholders from Norwegian resident entities (as referred to under c) above), are 97% tax exempt. All portfolio management expenses except for acquisition/sales costs, etc. related to exempt income from shares are fully tax deductible. In order to limit the benefit of these deductions, the tax exemption method is limited to 97% of the dividend income, with the remaining 3% taxable for Norwegian corporate shareholders (0.75% effective tax rate for shareholders covered by the financial tax scheme and 0.66% effective tax rate for other corporate shareholders). An exemption from the 3% rule applies for dividends distributed within a tax group (i.e. where a parent company owns more than 90% of the shares and the voting rights, directly or indirectly, in the company and is actually established in an EEA State and carries out genuine economic business activity). For investments in EEA companies the 97% tax exemption for lawful dividends on shares will only apply if the foreign company invested into is not resident in a low-tax country. However, if the company is resident in a low-tax country, the 97% tax exemption will still apply if the Company is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met. If not covered by the tax exemption rules mentioned under (c), dividends from a foreign company to Norwegian resident corporate shareholders would be taxable at a rate of 22% (25% for entities covered by the financial tax scheme). Dividends on shares as mentioned under (i) below to Norwegian corporate shareholders will consequently be taxable in Norway. Dividends received by Norwegian resident corporate shareholders on shares in NOKUS companies are not subject to taxation as long as the dividends paid fall within the NOKUS income which has already been subject to taxation, see under (g) below for further details.
- For individuals resident in Norway, only dividends (as defined under (c) above) received in excess of a calculated shield deduction (equal to the arithmetic average interest on Norwegian three months exchequer bills, after tax multiplied with the cost price of the shares, previous years’ unused shield deduction included), will be taxable at a rate of 22%. For the purpose of calculating the shield deduction, funds owning more than 80% shares are considered only to own shares and funds owning less than 20% shares are considered only to own other securities than shares. This means that a shield deduction will be granted on the whole cost price of the share when the share portion in the fund in the year of acquisition was more than 80%. For funds with a share portion between 20% and 80%, the shield deduction will be calculated on the basis of the cost price corresponding to the share ratio. It is a condition for deduction of shield deduction that the dividends are paid out in accordance with the rules and regulations of the applicable corporate and accounting laws/regulations. The shield deduction is linked to the individual share. After the deduction of the shield deduction, the basis for taxation of the dividend is increased with an adjustment factor of 1.44, leaving the (effective dividend tax rate for individuals at 31.68% (22% * 1.44)).
- Distributions classified as interest income according to (a) above are not comprised by the Norwegian tax exemption method and neither qualify for shield deductions. This means that distributions classified as interests received by Norwegian resident corporate shareholders and individuals resident in Norway from a fund are taxable at a rate of 22% (25% for entities covered by the financial tax scheme).
- Capital gains made by Norwegian resident corporate shareholders on disposal, conversion or redemption of units in funds where 100% of the underlying investments are other securities than shares, are as a starting point taxable at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme). Capital losses are in this situation deductible. The capital gain or loss is calculated as the difference between the cost price of the shares (including costs related to the acquisition of the shares), and the sales price.
- Capital gains made by Norwegian resident corporate shareholders (as defined under (c) above) on disposal, conversion or redemption of units in Norwegian securities funds where 100% of the underlying investments are shares (as defined under(c) above) should be tax exempt under the Norwegian tax exemption method. Capital gains on shares in securities funds resident in the EEA are comprised by the tax exemption if the company is not regarded as resident in a low-tax country. If the securities fund is resident in a low-tax country, it would still qualify for the tax exemption method if the securities fund invested into is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met.
- Capital gains as mentioned under (h) above on shares in securities funds resident in low-tax countries outside the EEA, are, however, not covered by the Norwegian tax exemption method and are therefore taxable (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders). Consequently, any losses on such investments will be deductible. The same applies for capital gains and losses on portfolio investments in securities funds outside the EEA. For capital gains, a portfolio investment exists if the tax payer has not continuously in the last two years owned 10% or more of the capital and 10% or more of the voting rights at the general meeting. For losses, a portfolio investment exists if the taxpayer alone or together with any closely related persons has not owned 10% or more of the capital or 10% or more of the voting rights at the general meeting consecutively for the last two years.
- For Norwegian resident corporate shareholders in funds with both shares and other securities as underlying investments, the applicability of the Norwegian tax exemption method on capital gains is limited on a pro rata basis to the calculated share portion in the fund. The share portion is calculated based on the average between the share portion in the year of acquisition and in the year of sale. The share ratio in the year of acquisition and the year of sale is calculated based on the principles described under (b) above.
- Corporate shareholders as defined under (c) will not be allowed a deduction for losses to the extent capital gains would have been exempt.
- Capital gains or losses for other corporate entities than defined under (c), if taxable, are calculated as the difference between the cost price of the shares, (including costs related to the acquisition of the shares), and the sales price (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders).
- For individuals resident in Norway, only capital gains and losses on disposal, conversion or redemption of units in excess of a calculated shield deduction (as defined under e above) will be taxable at a rate of 22%. The shield deduction is only earned on investments in shares and on the share ratio in securities funds calculated in the year of the investment in the fund. The shield deduction can be deducted in the total capital gain on investment in securities funds, not just the portion of the gain that stems from shares. Unused shield deduction cannot exceed the capital gain and create or increase a tax deductible loss. The taxable capital gain or loss will be the difference between the cost price of the shares (including costs related to the acquisition of the shares) and the sales price. For the portion of the gain or loss that is related to the fund’s underlying investments consisting of shares, the basis for taxation of the gain – after the deduction of the shield deduction - is increased with an upwards adjustment factor of 1.44 and then taxed at a rate of 22 % (effective tax rate 31.68%).
- Individuals, and entities not covered by the tax exemption rules mentioned under (c), suffering a net loss from capital, e.g. as a result of a capital loss upon sale, switch, redemption etc. of shares, may claim a deduction in ordinary income (which is taxed at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme)), but not for gross tax purposes (gross tax applies only to individuals on income classified as salary).
- If a capital gain is taxable, the applicable tax rate is 25% for shareholders covered by the financial tax scheme and 22% for all other taxable persons (i.e. other companies and individuals).
- Most Norwegian institutional investors are taxed as corporate shareholders (see (c) above) with respect to dividends and capital gains on the disposal of shares. Some institutional and governmental investors are tax-exempt. In addition to be comprised by the Norwegian tax exemption method, Norwegian securities funds are also comprised by a special tax rule whereby all capital gains on shares in non-EEA companies are tax exempt. Norwegian securities funds do not have the right to deduct losses on disposal of shares in companies resident in countries outside the EEA. Norwegian pension funds and insurance companies, holding a license in accordance with the Norwegian Financial Undertakings Act, may offset income derived from investments held within the technical assets/collective portfolio against future payouts to the beneficiaries. Hence, income derived from investments held as part of the technical assets are in effect tax exempt. Investments in shares, etc. held within the company’s investment portfolio is however subject to the ordinary tax rules, hence investments in shares, etc. may be eligible for the tax exemption method.
- Each Norwegian investor should seek to find out whether the investment will be subject to Norwegian NOKUS taxation (CFC taxation). Norwegian residents (individual or company) will be taxed directly for their part in the foreign Company’s/Fund’s income if the company is located in a low-tax country, irrespective of whether any funds, etc. are distributed to the investor. A low-tax country in this respect is a country where the assessed income tax on the company’s profits is less than two-thirds of assessed taxes calculated according to Norwegian tax rules as if the company had been located (resident) in Norway. A condition for such taxation is that 50% or more of the foreign company’s shares or capital are owned or controlled, directly or indirectly, by Norwegian taxpayers (alone or together), based on ownership status at the beginning and end of the income year. Furthermore, if Norwegian taxpayers own or control more than 60% of the shares or capital at the end of the income year, Norwegian control exists irrespective of the level of control at the beginning of the year. Norwegian control ceases to exist if Norwegian taxpayers own or control less than 50% of the shares or capital at both the beginning and end of the income year, or less than 40% of the shares or capital at the end of the income year. In relation to umbrella funds it should be noted that the ownership requirement is normally calculated based on ownership at the level of the different sub-funds. On condition that Norway has signed a Tax Treaty with the country involved and the entity in question is covered by that Tax Treaty, the NOKUS rules will only be applicable if the income of the company in question is mainly of a passive nature. Furthermore, NOKUS taxation is prohibited if the company in question is actually established and carries out genuine business activity in an EEA State. The Norwegian rules in this respect are more or less in accordance with the “wholly artificial arrangement” statement of the ECJ’s judgment in the Cadbury Schweppes case.
- Individuals (and estates of deceased persons) will have to pay net wealth tax based on their ownership in the Fund. The maximum tax rate is 0.85% (i.e. 0.15% state tax and 0.7% municipal tax). There is no net wealth tax for limited liability companies, securities funds, state-owned enterprises according to the State-owned Enterprise Act, intermunicipal companies and companies which somebody owns a part in or receives income from, when the responsibility for the companies’ liabilities are limited to the companies’ capital. Some institutional investors such as mutual insurance companies, savings banks, co-operatives, taxable pension funds, self-owned finance institutions and mortgage credit associations pay 0.15% net wealth tax. Otherwise, the maximum net wealth tax rate for a corporate body is 0.85%. Shares in limited liability companies and the share portion in securities funds as defined in a and b above, are valued at 65% (55% applies to the income year of 2021) of the quoted value for net wealth tax purposes as of 1 January of the year after the relevant income year. Other assets held by securities funds are valued at 100% of the value for net wealth tax purposes as of 1 January of the year after the relevant income year. If quoted both on Norwegian and foreign stock exchanges, the Norwegian quoted value will be applicable. If not quoted, the basis for taxation is the company’s net assets for wealth tax purposes as per 1 January of the income year in question. The basis for taxation of not quoted shares in foreign companies is as a starting point the shares assumed market value as per 1 January of the assessment year.
- Investors should also read the taxation section in Part III of this Prospectus, which describes additional tax consequences for the Fund and its investors. | en | es |
DOLFIN1705 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (the Index) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities included in the Index (optimised replication).
When investing in a sample of debt securities, the Fund’s tracking error may be higher.
The Index applies an Environmental, Social and Governance (ESG) scoring and screening methodology (such as environmental conventions, labour rights conventions, human rights, etc.) to tilt toward issuers ranked higher on ESG criteria, and to underweight or remove issuers that rank lower. As a result, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach implemented here is Best-effort (a type of ESG selection consisting of giving priority to the issuers demonstrating an improvement in or good prospects for their ESG practices and performance over time). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all J.P Morgan ESG indices, can be found at www.jpmorgan.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # EN QUOI CONSISTE CE PRODUIT ?
## Type
Ce produit est un organisme de placement collectif en valeurs mobilières (OPCVM) qualifié de fonds indiciel coté (ETF). Il est constitué sous la forme d’un compartiment de BNP PARIBAS EASY, une société d’investissement à capital variable (SICAV) régies par les dispositions de la partie I de la loi luxembourgeoise du 17 décembre 2010 (la « Loi 2010 » ) relative aux organismes de placement collectif ainsi que par la directive OPCVM 2009/65.
## Durée
Ce Produit n’a pas de date d’échéance.
BNPP AM Luxembourg n’est pas autorisé à résilier le Produit unilatéralement. Le Conseil d’administration de la SICAV a le pouvoir de décider de la fusion, de la scission, de la liquidation ou de la clôture du compartiment. En outre, la SICAV peut être liquidée sur décision d’une assemblée générale extraordinaire des actionnaires.
## Objectifs
Le Fonds est un fonds géré de façon passive à réplication d’indice.
Le Fonds cherche à répliquer (avec un écart de suivi* maximum de 1la performance de l’indice JPM ESG EMU Govt Bond IG 3-5y (EUR) RI (l’Indice) en investissant dans des titres de créance émis par des pays composant l’Indice, tout en respectant les pondérations de l’Indice (réplication totale), ou dans un échantillon de titres de créance composant l’Indice (réplication optimisée).
Lors d’un investissement dans un échantillon de titres de créances, l’écart de suivi du Fonds peut être plus élevé.
L’Indice applique une méthode de notation et de sélection environnementale, sociale et de gouvernance (ESG) (conventions environnementales, conventions relatives aux droits du travail, droits de l’Homme, etc.) pour s’orienter vers les émetteurs mieux notés selon les critères ESG, et pour sous-pondérer ou supprimer les émetteurs moins bien notés. Sont donc exclus de l’indice les émetteurs impliqués dans des violations significatives des principes du Pacte mondial des Nations unies et dans des controverses majeures liées aux critères ESG.
Le type d’approche mis en œuvre ici est celui du Best-effort (un type de sélection ESG consistant à donner la priorité aux émetteurs affichant une amélioration ou de bonnes perspectives dans leurs pratiques ESG et leurs performances au fil du temps). La stratégie extra-financière de l’Indice peut comporter des limites méthodologiques telles que le risque lié à l’investissement ESG ou le rééquilibrage de l’Indice.
De plus amples informations sur l’indice, sa composition, son calcul et les règles de contrôle et de rééquilibrage périodique, ainsi que des informations sur la méthodologie générale commune à tous les indices J.P Morgan ESG sont disponibles sur le site Internet www.jpmorgan.com.
*’écart de suivi est un indicateur de risque qui mesure l’écart entre la performance d’un fonds et celle de son indice. Les revenus sont réinvestis de manière systématique.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
## Investisseurs de détail visés
Ce Produit est conçu pour des investisseurs de détail qui n’ont ni expertise financière ni connaissance spécifique pour comprendre le Produit, mais peuvent néanmoins supporter une perte totale du capital. Il est approprié pour des clients cherchant à accroître leur capital. Les investisseurs potentiels devraient avoir un horizon de placement d’au moins 3 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS EASY. D’autres informations sur le compartiment figurent dans le prospectus et les rapports périodiques de la SICAV. En vertu de la Loi de 2010, l’actif et le passif des différents compartiments de la SICAV sont ségrégués.
De plus amples informations concernant le Produit, y compris les derniers prospectus, document d’informations clés, valeurs nettes d’inventaire ainsi que les derniers cours d’actions publiés, rapport annuel et description d’investissement, peuvent être obtenues, sans coûts, en anglais, auprès de BNPP AM Luxembourg ou en ligne sur le site https://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (the Index) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities included in the Index (optimised replication).
When investing in a sample of debt securities, the Fund’s tracking error may be higher.
The Index applies an Environmental, Social and Governance (ESG) scoring and screening methodology (such as environmental conventions, labour rights conventions, human rights, etc.) to tilt toward issuers ranked higher on ESG criteria, and to underweight or remove issuers that rank lower. As a result, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach implemented here is Best-effort (a type of ESG selection consisting of giving priority to the issuers demonstrating an improvement in or good prospects for their ESG practices and performance over time). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all J.P Morgan ESG indices, can be found at www.jpmorgan.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | fr |
DOLFIN1706 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Lorsqu’un Compartiment investit en Russie, les investisseurs sont priés de noter que la législation et la réglementation relatives à l’investissement en valeurs mobilières en Russie ont été créées sur une base ad hoc et n’ont pas pour tendance de garder le même rythme que les développements intervenus sur le marché. Cela peut conduire à des ambiguïtés en matière d’interprétation et à une application boiteuse et arbitraire de cette réglementation. De plus, les investisseurs sont priés de noter que le processus de suivi et de mise en vigueur des lois et règlements applicables est rudimentaire.
Les valeurs mobilières en Russie sont dématérialisées et la seule preuve légale de détention est l’inscription du nom de l’actionnaire dans le registre des actions de l’émetteur. La notion d’obligation fiduciaire n’est pas correctement ancrée ; les actionnaires pourraient dès lors être confrontés à une dilution, voire à une perte, de leur investissement, en raison de mesures prises par la direction, sans disposer en contrepartie de recours légaux satisfaisants.
Les règles en matière de gouvernance d’entreprise soit n’existent pas, soit sont insuffisamment élaborées et n’offrent qu’une faible protection aux actionnaires minoritaires.
-
### Risque lié à l’investissement dans les Actions chinoises A à travers le programme Stock Connect | Cuando un Subfondo invierta en Rusia, los inversores deberían saber que las leyes relativas a la inversión en valores y la regulación correspondiente en Rusia se han creado con carácter específico y no suelen adecuarse a la evolución del mercado. Ello puede provocar ambigüedades en la interpretación y una aplicación variable y arbitraria de dicha regulación. Además, los inversores deberían tener en cuenta que el proceso de seguimiento y aplicación de los reglamentos aplicables es rudimentario.
Los valores de renta variable en Rusia tienen carácter desmaterializado y la única prueba jurídica de la titularidad de los mismos es la inscripción del nombre del accionista en el registro de acciones del emisor. El concepto de obligación fiduciaria no está plenamente asentado y, por ello, los accionistas pueden verse afectados por la dilución o la pérdida de su inversión debido a la actuación de la gestión sin contar con ningún recurso jurídico satisfactorio para reclamar.
Las normas que regulan la gestión de las sociedades no están lo suficientemente desarrolladas o simplemente no existen y ofrecen una escasa protección a los accionistas minoristas.
-
### Riesgo de inversión en acciones A de China mediante el programa Stock Connect | Lorsqu’un Compartiment investit en Russie, les investisseurs sont priés de noter que la législation et la réglementation relatives à l’investissement en valeurs mobilières en Russie ont été créées sur une base ad hoc et n’ont pas pour tendance de garder le même rythme que les développements intervenus sur le marché. Cela peut conduire à des ambiguïtés en matière d’interprétation et à une application boiteuse et arbitraire de cette réglementation. De plus, les investisseurs sont priés de noter que le processus de suivi et de mise en vigueur des lois et règlements applicables est rudimentaire.
Les valeurs mobilières en Russie sont dématérialisées et la seule preuve légale de détention est l’inscription du nom de l’actionnaire dans le registre des actions de l’émetteur. La notion d’obligation fiduciaire n’est pas correctement ancrée ; les actionnaires pourraient dès lors être confrontés à une dilution, voire à une perte, de leur investissement, en raison de mesures prises par la direction, sans disposer en contrepartie de recours légaux satisfaisants.
Les règles en matière de gouvernance d’entreprise soit n’existent pas, soit sont insuffisamment élaborées et n’offrent qu’une faible protection aux actionnaires minoritaires.
-
### Risque lié à l’investissement dans les Actions chinoises A à travers le programme Stock Connect | fr | es |
DOLFIN1707 | 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 cherche à obtenir des rendements absolus réguliers via des investissements dans des émetteurs internationaux (essentiellement domiciliés aux États-Unis) impliqués dans ou faisant l’objet de fusions, d’acquisitions ou d’opérations d’entreprise similaires. Le Fonds vise à préserver le capital, en cherchant à tirer un bénéfice de la réalisation d’un différentiel de prix (ou « spread ») entre le cours du marché des titres et la valeur future attendue de ces titres après l’achèvement ou la fin de l’opération d’entreprise pertinente.
Le Fonds est géré activement, sans se rapporter à un indice de référence.
Le Fonds relève de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de développement durable dans le secteur des services financiers (« SFDR »).
Pour atteindre son objectif d’investissement, le Fonds a la flexibilité d’investir dans une large gamme d’instruments, incluant notamment des actions ordinaires, des actions privilégiées, des instruments liés aux actions, des obligations d’entreprise, des ETF, des contrats de change à terme, des swaps, des options et d’autres instruments dérivés. | # Objetivos y política de inversión
El Fondo tiene como objetivo obtener una rentabilidad absoluta de forma continua mediante inversiones en valores de emisores globales (principalmente, con domicilio en los Estados Unidos) implicadas en o sometidas a procesos de fusión, adquisición y transacciones corporativas similares. El Fondo pretende conservar el capital y obtener un beneficio mediante el aprovechamiento del diferencial de precios entre el precio de mercado de los valores y el valor futuro previsto de estos mismos valores una vez completada o finalizada la transacción corporativa correspondiente.
El Fondo se gestiona de forma activa y no utiliza ningún índice de referencia.
El Fondo está clasificado de conformidad con el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
Para alcanzar su objetivo de inversión, el Fondo tiene flexibilidad para invertir en una amplia gama de instrumentos, incluidos, entre otros, acciones ordinarias, acciones preferentes, instrumentos relacionados con renta variable, bonos de empresa, ETF, contratos de divisas a plazo, swaps, opciones y otros instrumentos derivados. | # Objectifs et politique d’investissement
Le Fonds cherche à obtenir des rendements absolus réguliers via des investissements dans des émetteurs internationaux (essentiellement domiciliés aux États-Unis) impliqués dans ou faisant l’objet de fusions, d’acquisitions ou d’opérations d’entreprise similaires. Le Fonds vise à préserver le capital, en cherchant à tirer un bénéfice de la réalisation d’un différentiel de prix (ou « spread ») entre le cours du marché des titres et la valeur future attendue de ces titres après l’achèvement ou la fin de l’opération d’entreprise pertinente.
Le Fonds est géré activement, sans se rapporter à un indice de référence.
Le Fonds relève de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de développement durable dans le secteur des services financiers (« SFDR »).
Pour atteindre son objectif d’investissement, le Fonds a la flexibilité d’investir dans une large gamme d’instruments, incluant notamment des actions ordinaires, des actions privilégiées, des instruments liés aux actions, des obligations d’entreprise, des ETF, des contrats de change à terme, des swaps, des options et d’autres instruments dérivés. | fr | es |
DOLFIN1708 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ESG (R)evolution Will Continue in 2022
The market’s views toward environmental, social and governance issues have evolved dramatically in recent years. Businesses are implementing more stakeholder-aware policies, clients are significantly increasing their exposure to ESG portfolios and, as a result, even more mainstream investors are beginning to integrate a consideration for social issues into their investment processes. Above all, clients are demanding more authenticity and credibility in ESG investment approaches.
To that end, in 2022 we expect to see deeper scrutiny of ESG investment processes and portfolios by clients and regulators to help minimize the potential for widespread “greenwashing.” The implementation of the Sustainable Finance Disclosure Regulation (SFDR) in Europe is one example of rising regulatory hurdles. We also expect to see more progress on the development of measurement and disclosure standards, such as those from the International Sustainability Standards Board. Finally, we believe we will see a dramatic increase in corporate engagements focused on social, as opposed to purely financial, issues.
In terms of specific issues, we believe that carbon emissions and corporate net-zero plans, diversity, human capital management, biodiversity, global health, and cybersecurity will be top of mind for ESG investors in 2022. | # La (R)évolution ESG va se poursuivre en 2022
Depuis quelques années, le marché s’intéresse de plus en plus aux enjeux environnementaux, sociaux et de gouvernance. Les entreprises sensibilisent les parties prenantes, les clients augmentent substantiellement leur exposition aux portefeuilles ESG et, par conséquent, même les investisseurs traditionnels commencent à prendre en compte les problématiques sociales dans leurs processus d'investissement. Plus que tout, les clients exigent plus des stratégies d’investissement ESG plus authentiques et plus crédibles.
Nous pensons que les autorités réglementaires vont scruter plus en détail les processus et les portefeuilles d’investissement ESG afin de lutter contre l’éco-blanchiment. La mise en place du Règlement sur la publication d’informations en matière de durabilité dans le secteur des services financiers illustre bien la volonté des autorités réglementaires en la matière. L’année 2022 devrait être marquée par la mise au point de référentiels et de normes de publication comme les principes de l’International Sustainability Standards Board. Enfin, nous sommes convaincus que nous assisterons à une forte augmentation des engagements sociaux de la part des entreprises, lesquelles s’étaient concentrées jusqu’à présent uniquement sur les considérations financières.
Les thèmes de prédilection des investisseurs en 2022 seront les émissions de carbone, les plans de neutralité carbone, la diversité, la gestion du capital humain, la biodiversité, la santé et la cybersécurité. | # ESG (R)evolution Will Continue in 2022
The market’s views toward environmental, social and governance issues have evolved dramatically in recent years. Businesses are implementing more stakeholder-aware policies, clients are significantly increasing their exposure to ESG portfolios and, as a result, even more mainstream investors are beginning to integrate a consideration for social issues into their investment processes. Above all, clients are demanding more authenticity and credibility in ESG investment approaches.
To that end, in 2022 we expect to see deeper scrutiny of ESG investment processes and portfolios by clients and regulators to help minimize the potential for widespread “greenwashing.” The implementation of the Sustainable Finance Disclosure Regulation (SFDR) in Europe is one example of rising regulatory hurdles. We also expect to see more progress on the development of measurement and disclosure standards, such as those from the International Sustainability Standards Board. Finally, we believe we will see a dramatic increase in corporate engagements focused on social, as opposed to purely financial, issues.
In terms of specific issues, we believe that carbon emissions and corporate net-zero plans, diversity, human capital management, biodiversity, global health, and cybersecurity will be top of mind for ESG investors in 2022. | en | fr |
DOLFIN1709 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Risque lié aux marchés émergents
Certains Fonds peuvent investir dans des titres d’émetteurs situés dans des pays dont les économies sont en développement, ou « marchés émergents ».
Le risque lié à des investissements à l’étranger peut être particulièrement élevé dans la mesure où le Fonds investit dans des titres des marchés émergents. Les titres des marchés émergents peuvent présenter des risques liés aux marchés, au crédit, aux devises, à la liquidité, aux aspects juridiques, politiques ou autres, différents des, et potentiellement supérieurs aux, risques liés à l’investissement dans des titres et instruments économiquement liés aux marchés étrangers développés. Dans la mesure où un Fonds investit dans des titres des marchés émergents économiquement liés à une région, un pays ou un groupe de pays en particulier, il peut être davantage exposé aux effets préjudiciables d’événements politiques ou sociaux y survenant. Les titres des marchés émergents peuvent être impactés par une instabilité économique, politique ou sociale de manière différente, et souvent plus marquée, que les titres des marchés développés. Un Fonds dont les investissements sont centrés sur des catégories d’actifs multiples de titres des marchés émergents peut avoir une capacité restreinte à limiter les pertes dans un environnement défavorable aux titres des marchés émergents de façon globale. Les titres des marchés émergents peuvent également être plus volatils, moins liquides et plus difficiles à évaluer que des titres économiquement liés à des marchés étrangers développés. Les systèmes et procédures de négociation et règlement des titres des marchés émergents sont moins développés et moins transparents et le règlement des transactions peut prendre plus longtemps. Une hausse des taux d’intérêt, conjuguée à un élargissement des écarts de crédit, pourrait négativement impacter la valeur de la dette des marchés émergents et accroître les coûts de financement pour les émetteurs étrangers. Dans un tel scénario, les émetteurs étrangers pourraient ne pas être à même d’honorer le service de leur dette, le marché de la dette des marchés émergents pourrait souffrir d’une liquidité réduite et tout Fonds investisseur pourrait subir des pertes. | ###### Riesgos de mercados emergentes
Algunos Fondos pueden invertir en valores de emisores situados en países con economías en desarrollo o “mercados emergentes”.
El riesgo de inversiones extranjeras podrá ser particularmente alto en la medida en que un Fondo invierta en valores de mercados emergentes. Estos valores de mercados emergentes presentan riesgos legales, políticos, de mercado, de crédito, de divisas, de liquidez y otros riesgos diferentes, y potencialmente mayores, de los riesgos que conllevan las inversiones en valores e instrumentos vinculados económicamente con países extranjeros desarrollados. En la medida en que un Fondo invierta en valores de mercados emergentes que estén vinculados económicamente con una región, país o grupo de países específicos, el Fondo podrá ser más sensible a acontecimientos políticos o sociales adversos que afecten dicha región, país o grupo de países. La inestabilidad económica, comercial, política o social puede afectar a los valores de mercados emergentes de forma variada, y a menudo de forma más severa que a los valores de mercados desarrollados. Un Fondo que concentre sus inversiones en varias clases de acciones de mercados emergentes podrá tener una capacidad limitada de mitigar pérdidas en un entorno adverso a los valores de mercados emergentes en general. Por otra parte, los valores de mercados emergentes pueden ser más volátiles, menos líquidos y más difíciles de valorar que los valores económicamente vinculados a países extranjeros desarrollados. Los sistemas y procedimientos para la negociación y liquidación de valores en mercados emergentes son menos desarrollados, menos transparentes y la liquidación de transacciones puede requerir más tiempo. El alza en los tipos de interés, junto con la ampliación de los diferenciales crediticios, podría afectar negativamente el valor de la deuda de mercados emergentes e incrementar los costes de financiación de emisores extranjeros. Ante tal escenario, los emisores extranjeros podrían no ser capaces de servir sus obligaciones de deuda, el mercado de deuda de mercados emergentes podría sufrir una falta de liquidez, y cualquiera de los Fondos de inversión podría perder dinero. | ##### Risque lié aux marchés émergents
Certains Fonds peuvent investir dans des titres d’émetteurs situés dans des pays dont les économies sont en développement, ou « marchés émergents ».
Le risque lié à des investissements à l’étranger peut être particulièrement élevé dans la mesure où le Fonds investit dans des titres des marchés émergents. Les titres des marchés émergents peuvent présenter des risques liés aux marchés, au crédit, aux devises, à la liquidité, aux aspects juridiques, politiques ou autres, différents des, et potentiellement supérieurs aux, risques liés à l’investissement dans des titres et instruments économiquement liés aux marchés étrangers développés. Dans la mesure où un Fonds investit dans des titres des marchés émergents économiquement liés à une région, un pays ou un groupe de pays en particulier, il peut être davantage exposé aux effets préjudiciables d’événements politiques ou sociaux y survenant. Les titres des marchés émergents peuvent être impactés par une instabilité économique, politique ou sociale de manière différente, et souvent plus marquée, que les titres des marchés développés. Un Fonds dont les investissements sont centrés sur des catégories d’actifs multiples de titres des marchés émergents peut avoir une capacité restreinte à limiter les pertes dans un environnement défavorable aux titres des marchés émergents de façon globale. Les titres des marchés émergents peuvent également être plus volatils, moins liquides et plus difficiles à évaluer que des titres économiquement liés à des marchés étrangers développés. Les systèmes et procédures de négociation et règlement des titres des marchés émergents sont moins développés et moins transparents et le règlement des transactions peut prendre plus longtemps. Une hausse des taux d’intérêt, conjuguée à un élargissement des écarts de crédit, pourrait négativement impacter la valeur de la dette des marchés émergents et accroître les coûts de financement pour les émetteurs étrangers. Dans un tel scénario, les émetteurs étrangers pourraient ne pas être à même d’honorer le service de leur dette, le marché de la dette des marchés émergents pourrait souffrir d’une liquidité réduite et tout Fonds investisseur pourrait subir des pertes. | fr | es |
DOLFIN1710 | 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 5 year(s) |
| --- | --- | --- |
| Entry costs | 0.00% of the amount you pay when entering this investment. This is the charge that may be taken from your investment before the deal is placed in your chosen product. | 0.00 USD |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.10% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 210.40 USD |
| Transaction costs | 0.03% 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. | 3.15 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | | | | Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi di ingresso | 0,00% dell’importo pagato al momento della sottoscrizione dell’investimento. Si tratta dell'importo delle spese che possono essere prelevate dal capitale prima che esso sia investito nel prodotto selezionato. | 0.00 USD |
| Costi di uscita | Questa è la commissione che può essere prelevata dall'investimento nel caso in cui l'investitore decida di vendere. Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0.00 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 2,10% del valore dell'investimento all'anno. Si tratta delle spese correnti sostenute e comprende la commissione di gestione annuale e i costi operativi. | 210.40 USD |
| Costi di transazione | 0,03% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 3.15 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance e carried interest | Non viene addebitata alcuna commissione di performance | | | | One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | 0.00% of the amount you pay when entering this investment. This is the charge that may be taken from your investment before the deal is placed in your chosen product. | 0.00 USD |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.10% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 210.40 USD |
| Transaction costs | 0.03% 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. | 3.15 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | | | en | it |
DOLFIN1711 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Sector allocation
The fund does not have a sector allocation policy. The fund invests in three different segments that benefit from the digitization of the financial sector, and focuses on the fintech long-term growth investment universe. It invests in three distinct segments, labeled as winners, challengers and enablers. Winners are well-established companies that clearly stand out from their peers. Challengers are younger, less-established companies that have the potential to become tomorrow's winners. Enablers are companies that help the financial industry to develop and implement technology. | # Allocation sectorielle
Le fonds n'a pas de politique d'allocation sectorielle. Le fonds investit dans 3 segments qui bénéficient de la digitalisation du secteur financier et vise l'univers d'investissement de la croissance à long terme des technologies financières (fintech). Il investit dans 3 segments distincts : gagnants, challengers et catalyseurs. Les gagnants sont des entreprises bien établies qui surclassent clairement leurs concurrents. Les challengers sont des entreprises plus jeunes, moins établies qui ont le potentiel de devenir les gagnants de demain. Les catalyseurs sont des sociétés qui aident le secteur financier à développer et mettre en œuvre des solutions technologiques. | # Sector allocation
The fund does not have a sector allocation policy. The fund invests in three different segments that benefit from the digitization of the financial sector, and focuses on the fintech long-term growth investment universe. It invests in three distinct segments, labeled as winners, challengers and enablers. Winners are well-established companies that clearly stand out from their peers. Challengers are younger, less-established companies that have the potential to become tomorrow's winners. Enablers are companies that help the financial industry to develop and implement technology. | en | fr |
DOLFIN1712 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | SI VOUS SORTEZ APRÈS 1 AN | SI VOUS SORTEZ APRÈS 3 ANS |
| --- | --- | --- |
| Scénarios de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 4.270 | USD 5.690 |
| | Rendement annuel moyen | -57,30% | -17,14% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 7.830 | USD 7.490 |
| | Rendement annuel moyen | -21,70% | -9,18% |
| Scénario modéré | Ce que vous pourriez obtenir après déduction des coûts | USD 10.270 | USD 11.180 |
| | Rendement annuel moyen | 2,70% | 3,79% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 11.770 | USD 12.370 |
| | Rendement annuel moyen | 17,70% | 7,35% | | | | 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 4.270 | USD 5.690 |
| | Rendimiento medio cada año | -57,30% | -17,14% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.830 | USD 7.490 |
| | Rendimiento medio cada año | -21,70% | -9,18% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.270 | USD 11.180 |
| | Rendimiento medio cada año | 2,70% | 3,79% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.770 | USD 12.370 |
| | Rendimiento medio cada año | 17,70% | 7,35% | | | | SI VOUS SORTEZ APRÈS 1 AN | SI VOUS SORTEZ APRÈS 3 ANS |
| --- | --- | --- |
| Scénarios de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 4.270 | USD 5.690 |
| | Rendement annuel moyen | -57,30% | -17,14% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 7.830 | USD 7.490 |
| | Rendement annuel moyen | -21,70% | -9,18% |
| Scénario modéré | Ce que vous pourriez obtenir après déduction des coûts | USD 10.270 | USD 11.180 |
| | Rendement annuel moyen | 2,70% | 3,79% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 11.770 | USD 12.370 |
| | Rendement annuel moyen | 17,70% | 7,35% | | fr | es |
DOLFIN1713 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk/ Return Ratios ¹
3 Years 5 Years
| -2.12 |
| --- |
| 1.03 |
| 0.92 |
| -0.67 |
| 0.54 |
| 4.27 |
| 3.18 |
| 8.17 |
| -11.77 |
| -5 | | # Risiko-/ Ertrags-Kennzahlen ²
3 Jahre 5 Jahre
| -2,12 |
| --- |
| 1,03 |
| 0,92 |
| -0,67 |
| 0,54 |
| 4,27 |
| 3,18 |
| 8,17 |
| -11,77 |
| -5 | | # Risk/ Return Ratios ¹
3 Years 5 Years
| -2.12 |
| --- |
| 1.03 |
| 0.92 |
| -0.67 |
| 0.54 |
| 4.27 |
| 3.18 |
| 8.17 |
| -11.77 |
| -5 | | en | de |
DOLFIN1714 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 439 USD | 1215 USD |
| Incidence des coûts annuels (*) | 4,39 % | 1,96 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 439 USD | 1215 USD |
| Incidencia anual de los costes (*) | 4,39 % | 1,96 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 439 USD | 1215 USD |
| Incidence des coûts annuels (*) | 4,39 % | 1,96 % | | fr | es |
DOLFIN1715 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ABOUT THE BENCHMARK
ESTER reflects the wholesale Euro unsecured overnight borrowing costs of banks located in the Euro area. ESTER is published on any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (or any successor settlement system) is open for the settlement of payments in Euro. ESTER is based on transactions conducted and settled on th e previous business day (the reporting date T) with a maturity date of T+1 which are deemed to have been executed at arm's leng th and thus reflect market rates in an unbiased way.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | # BREVE DESCRIZIONE DEL BENCHMARK
Il tasso ESTER rappresenta il costo della raccolta all'ingrosso non garantita in euro con scadenza a un giorno delle banche dell'area dell'euro. L'ESTER viene pubblicato in qualsiasi giorno in cui il sistema di regolamento Trans-European Automated Real-time Gross Settlement Express Transfer (ovvero qualsiasi sistema di regolamento che lo sostituirà) è aperto per il regolamento di pagamenti in euro. L'ESTER è determinato sulla base delle operazioni concluse e regolate nella precedente giornata operativa (data di rife rimento "T") con scadenza T+1, che si ritiene siano eseguite a condizioni di mercato e, pertanto, riflettano i tassi di mercato in maniera imparziale.
Salvo altrimenti specificato nel Prospetto o nel relativo documento contenente le informazioni chiave per gli investitori, il Fondo non è gestito in relazione a un particolare benchmark o indice. Ogni eventuale riferimento a un particolare benchmark o indice contenuto nella presente scheda informativa è effettuato unicamente allo scopo di raffrontare la performance e/o il rischio. | # ABOUT THE BENCHMARK
ESTER reflects the wholesale Euro unsecured overnight borrowing costs of banks located in the Euro area. ESTER is published on any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (or any successor settlement system) is open for the settlement of payments in Euro. ESTER is based on transactions conducted and settled on th e previous business day (the reporting date T) with a maturity date of T+1 which are deemed to have been executed at arm's leng th and thus reflect market rates in an unbiased way.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | en | it |
DOLFIN1716 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Furthermore, each class of Shares bears any extraordinary expenses incurred by external factors, some of which may not be reasonably foreseeable in the normal course of activity of the Company such as, without limitation, any litigation expenses (including expert opinions or appraisals) or the full amount of any tax, levy, duty or similar charge imposed on the Sub-Funds or their assets that would not be considered as ordinary expense.
The costs and expenses for the creation of any additional Sub-Fund, including fees and expenses of its legal and tax advisers in Luxembourg and abroad, will be borne by relevant the Sub-Fund and amortised over a period of up to five years.
Subject to the limitations mentioned in paragraph 4.1 (v), where a Sub-Fund invests in a UCITS or UCI or a Target Sub-Fund, the investment in the underlying funds may result in a double charging of fees and expenses, in particular a duplication of the fees payable to the custodian(s), transfer agent(s), Investment Manager(s) and other agents and, with exception of investments in a Target Sub-Fund, also subscription and redemption charges, which are generated both at the level of the Sub-Fund and of the underlying funds in which the Company invests. The maximum level of the management fee that may be charged both to a Sub-Fund and to such other UCITS or UCI or Target Sub-Fund is disclosed in Annex A for each Sub-Fund.
- Research Commissions and ChargesSubject to compliance by Investment Managers with applicable laws and regulations (and in particular for those Investment Managers located in the European Union, subject to compliance with MiFID II), Investment Managers and their delegates and affiliated persons may receive investment research from brokers, dealers and other third parties in connection with the management of a Sub-Fund which may be funded from either (i) transaction commissions ultimately borne by a Sub-Fund pursuant to soft commission, commission sharing and/or research charge collection arrangements with brokers, dealers and other third parties (collectively referred to as “Research Commission Arrangements”); or (ii) periodic charges made to a Sub-Fund by the Investment Manager at rates to be agreed by the Company and charged as other fees to the relevant Sub-Fund in accordance with paragraph 10.5.6. Where permitted by and subject to applicable laws and regulations, Investment Managers outside the European Union may receive research that is bundled with the trade execution services provided by a particular broker or dealer. | Inoltre, ogni classe di Azioni sostiene eventuali spese straordinarie incorse per effetto di fattori esterni, alcuni dei quali possono non essere ragionevolmente prevedibili nel normale corso dell'attività della Società, quali, senza limitazioni, eventuali spese per procedimenti legali (comprese opinioni o valutazioni di esperti) o l'intero importo di eventuali imposte, tasse, diritti o simili oneri imposti ai Comparti o ai loro attivi che non verrebbero considerati una spesa ordinaria.
I costi e le spese per la creazione di ogni Comparto aggiuntivo, comprese le commissioni e le spese dei suoi consulenti legali e fiscali in Lussemburgo e all'estero, saranno sostenuti dal Comparto interessato e ammortizzati su un periodo non superiore a cinque anni.
Nel rispetto delle limitazioni menzionate nel paragrafo 4.1 (v), per i Comparti che investono in un OICVM o in un OIC o in un Comparto target gli investimenti nei fondi sottostanti possono comportare una doppia imposizione di costi e spese, in particolare un raddoppio dei compensi spettanti al singolo o ai vari depositari, al singolo o ai vari preposti ai trasferimenti, al singolo o ai vari Gestori e ad agenti di altro tipo e, fatta eccezione per gli investimenti in un Comparto target, altresì degli oneri di sottoscrizione e di rimborso, generati sia a livello del Comparto che dei fondi sottostanti nei quali la Società investe. Il livello massimo dei compensi di gestione applicabili sia al Comparto che a tali altri OICVM od OIC o Comparto target è riportato nell'Allegato A per ogni Comparto.
- Commissioni e oneri di ricercaFatta salva l'ottemperanza dei Gestori alle leggi e ai regolamenti applicabili (in particolare, per i Gestori ubicati nell'Unione europea, soggetti all'ottemperanza alla MiFID II), i Gestori, i loro delegati e le persone ad essi collegate possono ricevere ricerca d'investimento da broker, dealer e altre parti terze in relazione alla gestione di un Comparto, che può essere finanziata mediante (i) le commissioni sulle transazioni sostenute in ultima istanza da un Comparto in base ad accordi di riscossione di "soft commission", ripartizionedelle commissioni e/o commissioni di ricerca stipulati con broker, dealer e altre parti terze (definiti collettivamente "Accordi sulle commissioni di ricerca") o (ii) gli oneri periodici addebitati al Comparto dal Gestore ai tassi stabiliti dalla Società a titolo di altre commissioni ai sensi del paragrafo 10.5.6. Ove ammesso dalle leggi e dai regolamenti applicabili e in ottemperanza agli stessi, i Gestori al di fuori dell'Unione europea possono ricevere ricerca nell'ambito di un pacchetto che comprende anche i servizi di esecuzione delle transazioni offerti da un determinato broker o dealer. | Furthermore, each class of Shares bears any extraordinary expenses incurred by external factors, some of which may not be reasonably foreseeable in the normal course of activity of the Company such as, without limitation, any litigation expenses (including expert opinions or appraisals) or the full amount of any tax, levy, duty or similar charge imposed on the Sub-Funds or their assets that would not be considered as ordinary expense.
The costs and expenses for the creation of any additional Sub-Fund, including fees and expenses of its legal and tax advisers in Luxembourg and abroad, will be borne by relevant the Sub-Fund and amortised over a period of up to five years.
Subject to the limitations mentioned in paragraph 4.1 (v), where a Sub-Fund invests in a UCITS or UCI or a Target Sub-Fund, the investment in the underlying funds may result in a double charging of fees and expenses, in particular a duplication of the fees payable to the custodian(s), transfer agent(s), Investment Manager(s) and other agents and, with exception of investments in a Target Sub-Fund, also subscription and redemption charges, which are generated both at the level of the Sub-Fund and of the underlying funds in which the Company invests. The maximum level of the management fee that may be charged both to a Sub-Fund and to such other UCITS or UCI or Target Sub-Fund is disclosed in Annex A for each Sub-Fund.
- Research Commissions and ChargesSubject to compliance by Investment Managers with applicable laws and regulations (and in particular for those Investment Managers located in the European Union, subject to compliance with MiFID II), Investment Managers and their delegates and affiliated persons may receive investment research from brokers, dealers and other third parties in connection with the management of a Sub-Fund which may be funded from either (i) transaction commissions ultimately borne by a Sub-Fund pursuant to soft commission, commission sharing and/or research charge collection arrangements with brokers, dealers and other third parties (collectively referred to as “Research Commission Arrangements”); or (ii) periodic charges made to a Sub-Fund by the Investment Manager at rates to be agreed by the Company and charged as other fees to the relevant Sub-Fund in accordance with paragraph 10.5.6. Where permitted by and subject to applicable laws and regulations, Investment Managers outside the European Union may receive research that is bundled with the trade execution services provided by a particular broker or dealer. | en | it |
DOLFIN1717 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# 26
rate of 0.05 % p.a. of the net fund assets as reported at the end of the relevant quarter. The rate of the taxe d’abonnement for the fund or unit classes is mentioned in the annex to the Sales Prospectus. If the fund assets are invested in other Luxembourg investment funds that are already subject to the taxe d'abonnement, the tax is waived for the portion of the fund assets invested in those Luxembourg investment funds. The fund's income from the investment of fund assets is not taxed in the Grand Duchy of Luxembourg. However, this income may be subject to withholding tax in the countries in which the fund assets are invested. In such cases, neither the depositary nor the management company is required to collect tax certificates.
### Taxation on income from investment fund units for the investor
Investors who are not resident in the Grand Duchy of Luxembourg, or who do not maintain a permanent establishment there, do not have to pay income, inheritance, or wealth tax on units or income from units in the Grand Duchy of Luxembourg. They are subject to the national tax regulations of their country of residence.
Since 1 January 2017, in accordance with the Luxembourg law implementing the Directive, natural persons who are resident in the Grand Duchy of Luxembourg and who are not resident for tax purposes in another country have had to pay a final withholding tax of 20 % on the interest income mentioned in the legislation. Under certain conditions, this withholding tax may also apply to the interest income of an investment fund.
It is recommended that unitholders ensure they are informed about laws and regulations which apply to the purchase, ownership and redemption of units and seek advice if necessary.
-
## Appropriation of income
Income from unit classes (A), (SIA-A) and (R-A) is distributed. Income from unit classes (T), (SIA-T) (USD-T) and (SIA CHF-T) is reinvested. Distribution takes place at the intervals determined from time to time by the management company.
Further details on the appropriation of income are provided in the Sales Prospectus.
-
## Information relating to charges and expenditure
Information on management and depositary fees and charges may be found in the current Sales Prospectus.
-
## Transaction costs
Transaction costs include all costs which were accounted for and/or settled separately on account of the fund in the financial year and are directly connected with a purchase or sale of securities, money market instruments, derivatives or other assets. These costs primarily comprise commissions, processing fees and tax.
-
## Total Expense Ratio (TER)
In calculating the total expense ratio (TER), the following BVI calculation method was applied:
Total cost in fund currency
TER = *100
Average fund volume (basis: NFA calculated daily *)
* NFA = net fund assets
The TER indicates the level of expenses charged to the fund assets. In addition to management and depositary fees and the taxe d’abonnement, all other costs are included, with the exception of transaction costs incurred by the fund. It shows the total amount of these costs as a percentage of the average fund volume in a financial year. (Any performance fees are shown separately in direct relation to the TER.)
-
## Ongoing charges
Ongoing charges is a figure calculated pursuant to Article 10(2)(b) of Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament.
The ongoing charges indicate the level of expenses charged to the fund assets in the past financial year. In addition to management and depositary fees and the taxe d’abonnement, all other costs are included, with the exception of applicable performance fees. The figure shows the total amount of these charges as a percentage of the average fund volume in the financial year. In the case of investment funds which invest more than 20 % of their assets in other fund products / target funds, the charges for the target funds are also included – any retrocession receipts (trailer fees) for these products are offset against the charges. | # 26
Das Fondsvermögen unterliegt im Großherzogtum Luxemburg einer Steuer, der sog. Taxe d’abonnement in Höhe von derzeit 0,05% p.a., die vierteljährlich auf das jeweils am Quartalsende ausgewiesene Netto-Fondsvermögen zahlbar ist. Die Höhe der Taxe d’abonnement ist für den Fonds oder die Anteilklassen im Anhang zum Verkaufsprospekt erwähnt. Soweit das Fondsvermögen in anderen Luxemburger Investmentfonds angelegt ist, die ihrerseits bereits der Taxe d’abonnement unterliegen, entfällt diese Steuer für den Teil des Fondsvermögens, welcher in solche Luxemburger Investmentfonds angelegt ist. Die Einkünfte des Fonds aus der Anlage des Fondsvermögens werden im Großherzogtum Luxemburg nicht besteuert. Allerdings können diese Einkünfte in Ländern, in denen das Fondsvermögen angelegt ist, der Quellenbesteuerung unterworfen werden. In solchen Fällen sind weder die Verwahrstelle noch die Verwaltungsgesellschaft zur Einholung von Steuerbescheinigungen verpflichtet.
### Besteuerung der Erträge aus Anteilen am Investmentfonds beim Anleger
Anleger, die nicht im Großherzogtum Luxemburg ansässig sind, bzw. dort keine Betriebsstätte unterhalten, müssen auf ihre Anteile oder Erträge aus Anteilen im Großherzogtum Luxemburg darüber hinaus weder Einkommen-, Erbschaft-, noch Vermögensteuer entrichten. Für sie gelten die jeweiligen nationalen Steuervorschriften.
Natürliche Personen, mit Wohnsitz im Großherzogtum Luxemburg, die nicht in einem anderen Staat steuerlich ansässig sind, müssen seit dem 1. Januar 2017 unter Bezugnahme auf das Luxemburger Gesetz zur Umsetzung der Richtlinie auf die dort genannten Zinserträge eine abgeltende Quellensteuer in Höhe von 20% zahlen. Diese Quellensteuer kann unter bestimmten Bedingungen auch Zinserträge eines Investmentfonds betreffen.
Es wird den Anteilinhabern empfohlen, sich über Gesetze und Verordnungen, die auf den Kauf, den Besitz und die Rücknahme von Anteilen Anwendung finden, zu informieren und sich gegebenenfalls beraten zu lassen.
-
## Verwendung der Erträge
Die Erträge der Anteilklassen (A), (SIA-A) und (R-A) werden ausgeschüttet. Die Erträge der Anteilklassen (T), (SIA-T) (USD-T), (SIA CHF-T) und (R-T)werden thesauriert. Die Ausschüttung erfolgt in den von der Verwaltungsgesellschaft von Zeit zu Zeit bestimmten Abständen.
Nähere Details zur Ertragsverwendung sind im Verkaufsprospekt enthalten.
-
## Informationen zu den Gebühren bzw. Aufwendungen
Angaben zur Management- und Verwahrstellenvergütung können dem aktuellen Verkaufsprospekt entnommen werden.
-
## Transaktionskosten
Die Transaktionskosten berücksichtigen sämtliche Kosten, die im Geschäftsjahr auf Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Wertpapieren, Geldmarktinstrumenten, Derivaten oder anderen Vermögensgegenständen stehen. Zu diesen Kosten zählen im Wesentlichen Kommissionen, Abwicklungsgebühren und Steuern.
-
## Total Expense Ratio (TER)
Für die Berechnung der Total Expense (TER) wurde folgende BVI-Berechnungsmethode angewandt:
Gesamtkosten in Fondswährung
TER = *100
Durchschnittliches Fondsvolumen (Basis: bewertungstägliches NFV *)
* NFV = Netto-Fondsvermögen
Die TER gibt an, wie stark das Fondsvermögen mit Kosten belastet wird. Berücksichtigt werden neben der Verwaltungs- und Verwahrstellenvergütung sowie der Taxe d’abonnement alle übrigen Kosten mit Ausnahme der im Fonds angefallenen Transaktionskosten. Sie weist den Gesamtbetrag dieser Kosten als Prozentsatz des durchschnittlichen Fondsvolumens innerhalb eines Geschäftsjahres aus. (Etwaige performanceabhängige Vergütungen werden in direktem Zusammenhang mit der TER gesondert ausgewiesen.)
-
## Laufende Kosten
Bei den laufenden Kosten handelt es sich um eine Kennzahl, die nach Artikel 10 Absatz 2 Buchstabe b) der Verordnung (EU) Nr. 583/2010 der Kommission vom 1. Juli 2010 zur Durchführung der Richtlinie 2009/65/EG des Europäischen Parlaments ermittelt wurde.
Die laufenden Kosten geben an, wie stark das Fondsvermögen im abgelaufenen Geschäftsjahr mit Kosten belastet wurde. Berücksichtigt werden neben der Verwaltungsgebühr und der Verwahrstellenvergütung sowie der Taxe d’abonnement alle übrigen Kosten mit Ausnahme der im Fonds angefallenen etwaigen erfolgsabhängigen Vergütungen (Performance Fee). Die Kennzahl weist den Gesamtbetrag dieser Kosten als Prozentsatz des durchschnittlichen Fondsvolumens innerhalb des Geschäftsjahres | # 26
rate of 0.05 % p.a. of the net fund assets as reported at the end of the relevant quarter. The rate of the taxe d’abonnement for the fund or unit classes is mentioned in the annex to the Sales Prospectus. If the fund assets are invested in other Luxembourg investment funds that are already subject to the taxe d'abonnement, the tax is waived for the portion of the fund assets invested in those Luxembourg investment funds. The fund's income from the investment of fund assets is not taxed in the Grand Duchy of Luxembourg. However, this income may be subject to withholding tax in the countries in which the fund assets are invested. In such cases, neither the depositary nor the management company is required to collect tax certificates.
### Taxation on income from investment fund units for the investor
Investors who are not resident in the Grand Duchy of Luxembourg, or who do not maintain a permanent establishment there, do not have to pay income, inheritance, or wealth tax on units or income from units in the Grand Duchy of Luxembourg. They are subject to the national tax regulations of their country of residence.
Since 1 January 2017, in accordance with the Luxembourg law implementing the Directive, natural persons who are resident in the Grand Duchy of Luxembourg and who are not resident for tax purposes in another country have had to pay a final withholding tax of 20 % on the interest income mentioned in the legislation. Under certain conditions, this withholding tax may also apply to the interest income of an investment fund.
It is recommended that unitholders ensure they are informed about laws and regulations which apply to the purchase, ownership and redemption of units and seek advice if necessary.
-
## Appropriation of income
Income from unit classes (A), (SIA-A) and (R-A) is distributed. Income from unit classes (T), (SIA-T) (USD-T) and (SIA CHF-T) is reinvested. Distribution takes place at the intervals determined from time to time by the management company.
Further details on the appropriation of income are provided in the Sales Prospectus.
-
## Information relating to charges and expenditure
Information on management and depositary fees and charges may be found in the current Sales Prospectus.
-
## Transaction costs
Transaction costs include all costs which were accounted for and/or settled separately on account of the fund in the financial year and are directly connected with a purchase or sale of securities, money market instruments, derivatives or other assets. These costs primarily comprise commissions, processing fees and tax.
-
## Total Expense Ratio (TER)
In calculating the total expense ratio (TER), the following BVI calculation method was applied:
Total cost in fund currency
TER = *100
Average fund volume (basis: NFA calculated daily *)
* NFA = net fund assets
The TER indicates the level of expenses charged to the fund assets. In addition to management and depositary fees and the taxe d’abonnement, all other costs are included, with the exception of transaction costs incurred by the fund. It shows the total amount of these costs as a percentage of the average fund volume in a financial year. (Any performance fees are shown separately in direct relation to the TER.)
-
## Ongoing charges
Ongoing charges is a figure calculated pursuant to Article 10(2)(b) of Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament.
The ongoing charges indicate the level of expenses charged to the fund assets in the past financial year. In addition to management and depositary fees and the taxe d’abonnement, all other costs are included, with the exception of applicable performance fees. The figure shows the total amount of these charges as a percentage of the average fund volume in the financial year. In the case of investment funds which invest more than 20 % of their assets in other fund products / target funds, the charges for the target funds are also included – any retrocession receipts (trailer fees) for these products are offset against the charges. | en | de |
DOLFIN1718 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### The prospectus and information regarding the facilities carrying out the tasks identified in Article 92 of Directive 2009/65/EC are available on the website: www.carmignac.com
Information on the management company's consideration of environmental, social and governance (ESG) criteria in its fund range is available on the www.carmignac.com website and appears in the annual reports of funds that take these criteria into account.
-
# INVESTMENT RULES | ###### Il prospetto informativo e le informazioni sulle strutture che svolgono i compiti di cui all'articolo 92 della direttiva 2009/65/CE sono disponibili sul sito www.carmignac.com
Le informazioni relative alla considerazione da parte della società di gestione dei criteri ambientali, sociali e di qualità della governance (ESG) nella sua gamma di fondi sono disponibili sul sito internet www.carmignac.com e figurano nella relazione annuale dei fondi che tengono conto di tali criteri.
-
# NORME DI INVESTIMENTO | ###### The prospectus and information regarding the facilities carrying out the tasks identified in Article 92 of Directive 2009/65/EC are available on the website: www.carmignac.com
Information on the management company's consideration of environmental, social and governance (ESG) criteria in its fund range is available on the www.carmignac.com website and appears in the annual reports of funds that take these criteria into account.
-
# INVESTMENT RULES | en | it |
DOLFIN1719 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
* this minimum holding amount only applies for subscription(s)made after September 30, 2020.
** this minimum holding amount only applies for subscription(s)made after April 30, 2021.
*** this minimum holding amount only applies for subscription(s)made after January 1, 2022.
-
# Subscription Price | * ce seuil d’avoir minimum s’applique seulement aux souscriptions réalisées après le 30 septembre 2020.
** ce seuil d’avoir minimum s’applique seulement aux souscriptions réalisées après le 30 avril 2021.
*** ce seuil d’avoir minimum s’applique seulement aux souscriptions réalisées après le 1er janvier 2022.
-
# Prix de souscription | * this minimum holding amount only applies for subscription(s)made after September 30, 2020.
** this minimum holding amount only applies for subscription(s)made after April 30, 2021.
*** this minimum holding amount only applies for subscription(s)made after January 1, 2022.
-
# Subscription Price | en | fr |
DOLFIN1720 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il
### Indicateur de risque
indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés. La catégorie de risque n’est pas garantie et peut évoluer au fil du temps.
Ce produit a été classé dans la classe 4 sur 7, qui est une classe de risque moyenne. Cela signifie que le risque de pertes potentielles découlant des performances futures est moyen. De mauvaises conditions de marché pourraient réduire la valeur de votre investissement.
Le fonds est exposé à un Risque de marché accru en raison de son processus d’investissement.
L’évolution des conditions de marché et les événements imprévisibles peuvent amplifier les risques liés à ce produit (une description complète des risques est disponible dans le Prospectus).
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
### Scénarios de performance
Les performances futures du marché détermineront le rendement de ce Produit. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés dans le tableau ci-dessous représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du Fonds au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce qu’un investisseur pourrait obtenir dans des situations de marché extrêmes.
| Scénarios de tensions | Ce que vous pourriez obtenir | 6 180 EUR | 3 630 EUR |
| --- | --- | --- | --- |
| Rendement annuel moyen | -38,20 % | -18,40 % |
| Scénario défavorable | Ce que vous pourriez obtenir | 7 260 EUR | 8 840 EUR |
| Rendement annuel moyen | -27,40 % | -2,40 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir | 10 910 EUR | 15 540 EUR |
| Rendement annuel moyen | 9,10 % | 9,20 % |
| Scénario favorable | Ce que vous pourriez obtenir | 17 340 EUR | 18 380 EUR |
| Rendement annuel moyen | 73,40 % | 12,90 % |
Les chiffres indiqués dans l’indicateur de risque comprennent tous les coûts du Produit lui-même, mais pas nécessairement les frais dus à un conseiller ou distributeur. Ces chiffres ne tiennent pas compte de la situation fiscale personnelle de l’investisseur, qui peut également influer sur le retour sur investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
### Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados. La categoría de riesgo no está garantizada y puede cambiar con el tiempo.
Este producto se ha clasificado en la clase de riesgo 4 en una escala de 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media. Las malas condiciones del mercado podrían reducir el valor de su inversión.
El fondo está expuesto a un mayor riesgo de mercado debido a su proceso de inversión.
Los cambios en las condiciones del mercado o los acontecimientos impredecibles pueden aumentar los riesgos de este producto (en el Folleto se puede encontrar una descripción completa de los riesgos).
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
### Escenarios de rentabilidad
La evolución futura del mercado determinará la rentabilidad de este producto, la cual es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran en el cuadro son ilustraciones basadas en la rentabilidad más baja, media y más alta del Fondo durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
El escenario de tensión muestra lo que un inversor podría recibir en circunstancias extremas de los mercados.
| Escenarios de tensión | Lo que podría recibir | 6.180 EUR | 3.630 EUR |
| --- | --- | --- | --- |
| Rendimiento medio cada año | -38,20 % | -18,40 % |
| Escenario desfavorable | Lo que podría recibir | 7.260 EUR | 8.840 EUR |
| Rendimiento medio cada año | -27,40 % | -2,40 % |
| Escenario moderado | Lo que podría recibir | 10.910 EUR | 15.540 EUR |
| Rendimiento medio cada año | 9,10 % | 9,20 % |
| Escenario favorable | Lo que podría recibir | 17.340 EUR | 18.380 EUR |
| Rendimiento medio cada año | 73,40 % | 12,90 % |
Las cifras presentadas en el indicador de riesgo incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta la situación fiscal personal del inversor, que también puede influir en el rendimiento de la inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il
### Indicateur de risque
indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés. La catégorie de risque n’est pas garantie et peut évoluer au fil du temps.
Ce produit a été classé dans la classe 4 sur 7, qui est une classe de risque moyenne. Cela signifie que le risque de pertes potentielles découlant des performances futures est moyen. De mauvaises conditions de marché pourraient réduire la valeur de votre investissement.
Le fonds est exposé à un Risque de marché accru en raison de son processus d’investissement.
L’évolution des conditions de marché et les événements imprévisibles peuvent amplifier les risques liés à ce produit (une description complète des risques est disponible dans le Prospectus).
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
### Scénarios de performance
Les performances futures du marché détermineront le rendement de ce Produit. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés dans le tableau ci-dessous représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du Fonds au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce qu’un investisseur pourrait obtenir dans des situations de marché extrêmes.
| Scénarios de tensions | Ce que vous pourriez obtenir | 6 180 EUR | 3 630 EUR |
| --- | --- | --- | --- |
| Rendement annuel moyen | -38,20 % | -18,40 % |
| Scénario défavorable | Ce que vous pourriez obtenir | 7 260 EUR | 8 840 EUR |
| Rendement annuel moyen | -27,40 % | -2,40 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir | 10 910 EUR | 15 540 EUR |
| Rendement annuel moyen | 9,10 % | 9,20 % |
| Scénario favorable | Ce que vous pourriez obtenir | 17 340 EUR | 18 380 EUR |
| Rendement annuel moyen | 73,40 % | 12,90 % |
Les chiffres indiqués dans l’indicateur de risque comprennent tous les coûts du Produit lui-même, mais pas nécessairement les frais dus à un conseiller ou distributeur. Ces chiffres ne tiennent pas compte de la situation fiscale personnelle de l’investisseur, qui peut également influer sur le retour sur investissement. | fr | es |
DOLFIN1721 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2840 | €2800 |
| Rendement annuel moyen | -71.64% | -22.46% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7570 | €5470 |
| Rendement annuel moyen | -24.31% | -11.38% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10780 | €14940 |
| Rendement annuel moyen | 7.78% | 8.36% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15160 | €20350 |
| Rendement annuel moyen | 51.63% | 15.27% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | €2840 | €2800 |
| Rendimiento medio cada año | -71.64% | -22.46% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €7570 | €5470 |
| Rendimiento medio cada año | -24.31% | -11.38% |
| Moderado | Lo que podría recibir tras deducir los costes | €10780 | €14940 |
| Rendimiento medio cada año | 7.78% | 8.36% |
| Favorable | Lo que podría recibir tras deducir los costes | €15160 | €20350 |
| Rendimiento medio cada año | 51.63% | 15.27% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2840 | €2800 |
| Rendement annuel moyen | -71.64% | -22.46% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7570 | €5470 |
| Rendement annuel moyen | -24.31% | -11.38% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10780 | €14940 |
| Rendement annuel moyen | 7.78% | 8.36% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15160 | €20350 |
| Rendement annuel moyen | 51.63% | 15.27% | | fr | es |
DOLFIN1722 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Review of Portfolio as at 30 September 2020 (continued)
Performance Review (continued)
We benefited from our overall exposure to Asia, led by Malaysia and China. We recently increased our allocation to China, primarily through the real estate and technology sectors. Our exposure to the Chinese real estate sector did detract from relative returns in September, however. During the month, a letter from one of China’s largest property developers, Evergrande, requesting assistance from Guangdong provincial government triggered a selloff across the Chinese real estate sector. In the letter, the company stated that without government support it will face severe debt pressure and its liquidity chain could break. We do not have any exposure to Evergrande, and we have never held its bonds in our portfolio. We believe that Evergrande’s problems are idiosyncratic, and its credit linkage with other developers is low. In our view, the Chinese real estate sector remains attractive, and will continue to be a key beneficiary of the strong rebound in the Chinese economy.
As of the end of September, the fund’s duration is 4.8 years. We reduced duration in early August, prior to the sell-off in US Treasuries, as investors began to price in higher US inflation as one of the implications of the Fed’s policy shift to targeting an average inflation figure. The fund’s average credit rating is now BB, after we cautiously added to the fund’s overall high yield exposure. | ## Analyse du Portefeuille au 30 septembre 2020 (suite)
Analyse de performance (suite)
Nous avons profité de notre exposition globale à l'Asie, sous l'impul- sion de la Malaisie et de la Chine. Nous avons récemment accru notre allocation à la Chine, principalement via les secteurs de l'immobilier et de la technologie. Toutefois, notre exposition à l'immobilier chinois a grevé les résultats relatifs en septembre. Au cours de ce mois, une lettre émanant de l'un des principaux promoteurs immobiliers chinois, Evergrande, appelant à l'aide le gouvernement de la province de Guangdong a déclenché un mouvement de liquidation dans tout le secteur immobilier chinois. Dans cette lettre, la société a déclaré que sans soutien des pouvoirs publics elle subirait une lourde pression sur sa dette et que sa chaîne de liquidité pourrait se rompre. Nous ne sommes pas exposés à Evergrande et nous n'avons jamais détenu ses obligations dans notre portefeuille. Nous pensons que ses problèmes sont idiosyncrasiques et que ses liens avec les autres promoteurs en termes de crédit sont faibles. Selon nous, l'immobilier chinois conserve son attrait et restera un grand bénéficiaire du fort rebond de l'écono- mie chinoise.
À la fin septembre, la duration du fonds est de 4,8 ans. Nous avons réduit la duration début août, avant la liquidation des bons du Trésor US alors que les investisseurs commençaient à intégrer l'hypothèse d'une hausse de l'inflation américaine parmi les implications du changement de cap de la Fed en fixant une moyenne pour son objectif d'inflation. La notation de crédit moyenne du fonds est désormais BB après avoir pru- demment renforcé son exposition globale au haut rendement. | ## Review of Portfolio as at 30 September 2020 (continued)
Performance Review (continued)
We benefited from our overall exposure to Asia, led by Malaysia and China. We recently increased our allocation to China, primarily through the real estate and technology sectors. Our exposure to the Chinese real estate sector did detract from relative returns in September, however. During the month, a letter from one of China’s largest property developers, Evergrande, requesting assistance from Guangdong provincial government triggered a selloff across the Chinese real estate sector. In the letter, the company stated that without government support it will face severe debt pressure and its liquidity chain could break. We do not have any exposure to Evergrande, and we have never held its bonds in our portfolio. We believe that Evergrande’s problems are idiosyncratic, and its credit linkage with other developers is low. In our view, the Chinese real estate sector remains attractive, and will continue to be a key beneficiary of the strong rebound in the Chinese economy.
As of the end of September, the fund’s duration is 4.8 years. We reduced duration in early August, prior to the sell-off in US Treasuries, as investors began to price in higher US inflation as one of the implications of the Fed’s policy shift to targeting an average inflation figure. The fund’s average credit rating is now BB, after we cautiously added to the fund’s overall high yield exposure. | en | fr |
DOLFIN1723 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- their risks are adequately captured by the risk management process of the Fund (in the case of FDI only); and
- they cannot result in a change to a Sub-Fund’s declared investment objective or add supplementary risks in comparison to the general risk policy as described in the sales documents.
New techniques and instruments may be developed which may be suitable for use by a Sub-Fund and the Manager may (subject to the conditions laid down by the Central Bank) employ such techniques and instruments. | | - el proceso de gestión del riesgo del Fondo captura sus riesgos de forma adecuada (solo en el caso de Instrumentos Financieros Derivados); y
- no dan lugar a un cambio en el objetivo de inversión declarado de un Subfondo ni tampoco añaden riesgos adicionalesen comparación con la política general de riesgos descrita en los documentos de venta.
Pueden aparecer técnicas e instrumentos nuevos que pueden resultar adecuados para que el Subfondo los utilice y la Sociedad Gestora puede emplearlos respetando las condiciones estipuladas por el Banco Central. | | - their risks are adequately captured by the risk management process of the Fund (in the case of FDI only); and
- they cannot result in a change to a Sub-Fund’s declared investment objective or add supplementary risks in comparison to the general risk policy as described in the sales documents.
New techniques and instruments may be developed which may be suitable for use by a Sub-Fund and the Manager may (subject to the conditions laid down by the Central Bank) employ such techniques and instruments. | | en | es |
DOLFIN1724 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All these securities will be denominated in the currency of an OECD member state with a minimum of 80% of the securities in the portfolio denominated in EUR and/or USD.
A minimum of 70% of these securities will be issued by issuers headquartered in an OECD member state. However, up to 100% of the Sub-Fund’s net assets may be invested in entities whose activities are primarily conducted in a country that is not a member of the OECD, resulting in economic exposure to emerging markets.
The Sub-Fund may invest in instruments issued by entities rated at least B-: “investment grade” (rated at least BBB-) and “high yield” (rated between BB+ and B-) (S&P, Moody’s or deemed equivalent by the Investment Manager or through an internal rating system at the Investment Manager). The Investment Manager does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Investment Manager will take the interests of Shareholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The portfolio’s modified duration will range from -2 to +8. Modified duration measures the impact of a change in interest rate on the price of a bond to which it relates. Example: for a bond with modified duration of 3, if the benchmark interest rate falls by 1%, the bond price will rise by 3% (1% x 3) and vice versa. The longer the maturity of the bond, the higher the modified duration.
As detailed in Appendix I point C (12), a maximum of 10% of the Sub-Fund's net assets may be invested in shares or units of UCITS, UCITS-ETF or UCI that meet the four criteria of article 41(1)(e) of the 2010 Law. These investment funds or UCITS may be managed by the Management Company or the Investment Manager. Investment in these funds shall be consistent with the Sub-Fund’s investment strategy.
The Sub-Fund may use futures or options, traded on organised, regulated or OTC markets in order to expose the portfolio to and hedge it against credit and interest rate risk, or to hedge the portfolio against currency risk, as follows:
- Credit risk:Index credit default swaps will be used to hedge against credit risk up to 100% of the Sub-Fund’s net assets. | Alle diese Titel lauten auf Währungen von OECD-Mitgliedstaaten, wobei mindestens 80% der Wertpapiere im Portfolio in EUR und/oder USD begeben werden müssen.
Mindestens 70% dieser Wertpapiere stammen von Emittenten mit Sitz in einem OECD-Mitgliedsstaat. Es können jedoch bis zu 100% des Nettovermögens des Teilfonds in Unternehmen investiert werden, die ihre Geschäftstätigkeiten hauptsächlich in einem Land ausüben, das nicht Mitglied der OECD ist, was zu einem wirtschaftlichen Engagement in Schwellenländern führt.
Der Teilfonds kann in Instrumente investieren, die von Unternehmen mit einem Mindestrating von B- begeben wurden: Wertpapiere mit einem „Investment-Grade“-Rating (d. h. einem Mindestrating von BBB-) und mit einem „High-Yield“-Rating (d. h. einem Rating zwischen BB+ und B-) (S&P, Moody’s oder einem vom Anlageverwalter oder nach einem internen Ratingsystem des Anlageverwalters als gleichwertig erachteten Rating). Der Anlageverwalter stützt sich nicht automatisch oder ausschließlich auf die von Ratingagenturen vergebenen Bonitätsnoten, sondern erstellt auch eigene interne Analysen. Im Falle einer Herabstufung wird der Anlageverwalter bei der Befolgung der Ratinggrenzen die Interessen der Aktionäre, die Marktbedingungen und die eigenen Analysen zu diesen festverzinslichen Produkten berücksichtigen.
Die modifizierte Duration des Portfolios liegt zwischen -2 und +8. Die modifizierte Duration misst die Auswirkungen einer Zinsänderung auf den Kurs einer Anleihe, auf die sie sich bezieht. Beispiel: für eine Anleihe mit einer modifizierten Duration von 3 gilt: Sinkt der Referenzzinssatz um 1%, steigt der Kurs der Anleihe um 3% (1% x 3) und umgekehrt. Je länger die Laufzeit der Anleihe ist, desto höher ist die modifizierte Duration.
Wie in Punkt C (12) in Anhang I dargelegt, darf der Teilfonds maximal 10% seines Nettovermögens in Aktien oder Anteile von OGAW, OGAW-ETF oder OGA investieren, welche die vier Kriterien aus Artikel 41(1)(e) des Gesetzes von 2010 erfüllen. Diese Investmentfonds oder OGAW können von der Verwaltungsgesellschaft oder dem Anlageverwalter verwaltet werden. Die Anlagen in diesen Fonds müssen mit der Anlagestrategie des Teilfonds vereinbar sein.
Der Teilfonds kann Futures oder Optionen einsetzen, die an organisierten, geregelten oder OTC-Märkten gehandelt werden, um das Portfolio wie folgt dem Kredit- und Zinsrisiko auszusetzen und gegen dieses abzusichern oder um das Portfolio gegen das Währungsrisiko abzusichern:
- Kreditrisiko:Index-Credit-Default-Swaps werden zur Absicherung von Kreditrisiken bis zu 100% des Nettovermögens des Teilfonds eingesetzt. | All these securities will be denominated in the currency of an OECD member state with a minimum of 80% of the securities in the portfolio denominated in EUR and/or USD.
A minimum of 70% of these securities will be issued by issuers headquartered in an OECD member state. However, up to 100% of the Sub-Fund’s net assets may be invested in entities whose activities are primarily conducted in a country that is not a member of the OECD, resulting in economic exposure to emerging markets.
The Sub-Fund may invest in instruments issued by entities rated at least B-: “investment grade” (rated at least BBB-) and “high yield” (rated between BB+ and B-) (S&P, Moody’s or deemed equivalent by the Investment Manager or through an internal rating system at the Investment Manager). The Investment Manager does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Investment Manager will take the interests of Shareholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The portfolio’s modified duration will range from -2 to +8. Modified duration measures the impact of a change in interest rate on the price of a bond to which it relates. Example: for a bond with modified duration of 3, if the benchmark interest rate falls by 1%, the bond price will rise by 3% (1% x 3) and vice versa. The longer the maturity of the bond, the higher the modified duration.
As detailed in Appendix I point C (12), a maximum of 10% of the Sub-Fund's net assets may be invested in shares or units of UCITS, UCITS-ETF or UCI that meet the four criteria of article 41(1)(e) of the 2010 Law. These investment funds or UCITS may be managed by the Management Company or the Investment Manager. Investment in these funds shall be consistent with the Sub-Fund’s investment strategy.
The Sub-Fund may use futures or options, traded on organised, regulated or OTC markets in order to expose the portfolio to and hedge it against credit and interest rate risk, or to hedge the portfolio against currency risk, as follows:
- Credit risk:Index credit default swaps will be used to hedge against credit risk up to 100% of the Sub-Fund’s net assets. | en | de |
DOLFIN1725 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# § 3 Fund management company
- The fund management company manages the fund at its own discretion and in its own name, but for the account of the investors. In particular, it shall make all decisions relating to the issuing of units, the investments and their valuation. It calculates the net asset value, sets the issue and redemption prices of units. The fund management company shall exercise all rights associated with the fund.
- The fund management company and its agents shall act in good faith and have a duty to exercise due diligence and provide infor- mation. They shall act independently and exclusively in the interests of investors. They shall take any organisational steps that may be required to ensure the proper conduct of business. They shall report on the collective investment schemes they manage and provide information on these investment funds. They shall provide information on all fees and costs charged directly or indirectly to the investors and on compensation received from third parties, in particular commissions, rebates or other monetary benefits.
- The fund management company may delegate investment decisions as well as specific tasks to third parties, provided that it is in the interests of efficient management. It shall only delegate responsibilities to individuals who have the necessary skills, knowledge and experience for this activity and the required authorisation. It must carefully instruct and supervise the third parties it uses. Investment decisions may only be delegated to asset managers who have the necessary authorisation. | # § 3 Die Fondsleitung
- Die Fondsleitung verwaltet den Anlagefonds für Rechnung der Anleger selbständig und in eigenem Namen. Sie entscheidet insbe- sondere über die Ausgabe von Anteilen, die Anlagen und deren Bewertung. Sie berechnet den Nettoinventarwert und setzt Aus- gabe- und Rücknahmepreise fest. Sie macht alle zum Anlagefonds gehörenden Rechte geltend.
- Die Fondsleitung und ihre Beauftragten unterliegen der Treue-, Sorgfalts- und Informationspflicht. Sie handeln unabhängig und wahren ausschliesslich die Interessen der Anleger. Sie treffen die organisatorischen Massnahmen, die für eine einwandfreie Ge- schäftsführung erforderlich sind. Sie legen Rechenschaft ab über die von ihnen verwalteten kollektiven Kapitalanlagen und informie- ren über diesen Anlagefonds. Sie informieren über sämtliche den Anlegern direkt oder indirekt belasteten Gebühren und Kosten sowie über von Dritten zugeflossene Entschädigungen, insbesondere Provisionen, Rabatte oder sonstige vermögenswerte Vorteile.
- Die Fondsleitung darf die Anlageentscheide sowie Teilaufgaben Dritten übertragen, soweit dies im Interesse einer sachgerechten Verwaltung liegt. Sie beauftragt ausschliesslich Personen, die über die für diese Tätigkeit notwendigen Fähigkeiten, Kenntnisse und Erfahrungen und über die erforderlichen Bewilligungen verfügen. Sie instruiert und überwacht die beigezogenen Dritten sorgfältig. Die Anlageentscheide dürfen nur an Vermögensverwalter übertragen werden, die über die erforderliche Bewilligung verfügen. | # § 3 Fund management company
- The fund management company manages the fund at its own discretion and in its own name, but for the account of the investors. In particular, it shall make all decisions relating to the issuing of units, the investments and their valuation. It calculates the net asset value, sets the issue and redemption prices of units. The fund management company shall exercise all rights associated with the fund.
- The fund management company and its agents shall act in good faith and have a duty to exercise due diligence and provide infor- mation. They shall act independently and exclusively in the interests of investors. They shall take any organisational steps that may be required to ensure the proper conduct of business. They shall report on the collective investment schemes they manage and provide information on these investment funds. They shall provide information on all fees and costs charged directly or indirectly to the investors and on compensation received from third parties, in particular commissions, rebates or other monetary benefits.
- The fund management company may delegate investment decisions as well as specific tasks to third parties, provided that it is in the interests of efficient management. It shall only delegate responsibilities to individuals who have the necessary skills, knowledge and experience for this activity and the required authorisation. It must carefully instruct and supervise the third parties it uses. Investment decisions may only be delegated to asset managers who have the necessary authorisation. | en | de |
DOLFIN1726 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Acquisition Limits by Issuer of Eligible Assets
- The Company will not:
- acquire shares carrying voting rights which would enable the Company to take legal or management control or to exercise significant influence over the management of the issuing body;
- own in any one Sub-Fund or the Company as a whole, more than 10% of the non-voting shares of any issuer;
- own in any one Sub-Fund or the Company as a whole, more than 10% of the debt securities of any issuer;
- own in any one Sub-Fund or the Company as a whole, more than 10% of the money market instruments of any issuer;
- own in any one Sub-Fund or the Company as a whole, (i) more than 25% of the units of the same UCITS or other UCI(all sub-funds thereof combined) or (ii) more than 25% of the units of any one sub-fund comprising the UCITS or other UCI with an umbrella structure. | Limites d’acquisition par émetteur d’Actifs éligibles
- La Société ne doit pas:
- acquérir des actions assorties de droits de vote qui lui permettraient de prendre le contrôle juridique ou la direction de l’organe émetteur, ou d’exercer une influence significative sur sa gestion;
- détenir, pour un Compartiment ou pour la Société dans son ensemble, plus de 10% des actions sans droit de vote d’un émetteur;
- détenir, pour un Compartiment ou pour la Société dans son ensemble, plus de 10% des titres de créance d’un émetteur;
- détenir, pour un Compartiment ou pour la Société dans son ensemble, plus de 10% des instruments du marché monétaire d’un émetteur;
- détenir, pour un Compartiment ou pour la Société dans son ensemble, (i) plus de 25% des parts d’un même OPCVM ou d’un OPC (tous compartiments cumulés) ou (ii) plus de 25% des parts d’un quelconque compartiment dans le cas d’un OPCVM ou autre OPC présentant une structure à compartiments multiples. | Acquisition Limits by Issuer of Eligible Assets
- The Company will not:
- acquire shares carrying voting rights which would enable the Company to take legal or management control or to exercise significant influence over the management of the issuing body;
- own in any one Sub-Fund or the Company as a whole, more than 10% of the non-voting shares of any issuer;
- own in any one Sub-Fund or the Company as a whole, more than 10% of the debt securities of any issuer;
- own in any one Sub-Fund or the Company as a whole, more than 10% of the money market instruments of any issuer;
- own in any one Sub-Fund or the Company as a whole, (i) more than 25% of the units of the same UCITS or other UCI(all sub-funds thereof combined) or (ii) more than 25% of the units of any one sub-fund comprising the UCITS or other UCI with an umbrella structure. | en | fr |
DOLFIN1727 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
###### Objectif
Offrir un rendement positif quelles que soient les conditions de marché (stratégie de performance absolue). Le compartiment vise plus particulièrement à surperformer (après déduction des frais applicables) l'indice EONIA (capitalisé quotidiennement) sur une période donnée d'un an, suivant une exposition maîtrisée aux risques. À titre indicatif, compte tenu du profil de risque, le rendement devrait dépasser l'EONIA de 1 % par an (avant déduction des frais applicables).
Le compartiment vise à maintenir le niveau de volatilité ex-post des rendements entre 1 % et 2 %, et la répartition des risques du compartiment est gérée via une volatilité hebdomadaire ex-ante des rendements variant entre 0 % et 0,25 %. | ###### Objetivo
Obtener una rentabilidad positiva en cualquier tipo de condiciones del mercado (estrategia de retorno absoluto). Concretamente, el subfondo pretende superar la rentabilidad (después de comisiones aplicables) del índice EONIA (calculado a diario), en un periodo determinado de un año, con una exposición controlada a los riesgos. A título indicativo, dado el perfil de riesgo, la rentabilidad prevista (antes del pago de comisiones) es un 1 % anual superior a la del índice EONIA.
El subfondo pretende mantener una volatilidad ex post de la rentabilidad entre el 1 % y el 2 %, y la distribución de riesgos se controla a través de la volatilidad semanal ex ante de la rentabilidad, que se sitúa entre el 0 % y el 0,25 %. | ###### Objectif
Offrir un rendement positif quelles que soient les conditions de marché (stratégie de performance absolue). Le compartiment vise plus particulièrement à surperformer (après déduction des frais applicables) l'indice EONIA (capitalisé quotidiennement) sur une période donnée d'un an, suivant une exposition maîtrisée aux risques. À titre indicatif, compte tenu du profil de risque, le rendement devrait dépasser l'EONIA de 1 % par an (avant déduction des frais applicables).
Le compartiment vise à maintenir le niveau de volatilité ex-post des rendements entre 1 % et 2 %, et la répartition des risques du compartiment est gérée via une volatilité hebdomadaire ex-ante des rendements variant entre 0 % et 0,25 %. | fr | es |
DOLFIN1728 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company applies the following sustainability risks integration strategies in its management of the FCP:
- SRI exclusion/limitation: issuers excluded from the Investment Universe of the assets under management (known as “SRI Binding screening”); for Limited Tracking Error Funds (except LTE ESG products) or indexed products, the maximum direct investment allowed is equal to the weight of the issuer in the reference parameter; issuers operating in sectors deemed not to be "socially responsible" are those companies characterized by a clear direct involvement in the manufacture of unconventional weapons (Land-mines, Cluster bombs, Nuclear weapons, Depleted uranium, Biological weapons, Chemical weapons, Invisible cluster munitions, Blinding Lasers, Incendiary weapons, White phosphorus) or in the thermal coal sector.
- ESG exclusion/limitation: issuers excluded from the Investment Universe of the assets under management (known as “ESG Binding screening”); for Limited Tracking Error Funds (except LTE ESG products) or indexed products, the maximum direct investment allowed is equal to the weight of the issuer in the reference parameter; "critical" issuers are those companies with the highest exposure to environmental, social and corporate governance risks, i.e. with a lower ESG sustainability rating level (equal to "CCC" assigned by the specialised info-provider "MSCI ESG Research") in the equity and bond investment universe.
- Integration of ESG factors: integration of ESG factors in the analysis, selection and composition of the managed portfolios and aims to build a portfolio with a higher average ESG score than that of its investment universe (known as “ESG integration”) and that respects good governance practices;1 ‘sustainability risk’ means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
- Carbon footprint: methods to integrate carbon dioxide (CO2) footprint measurements in portfolio construction and aims to build a portfolio with a lower CO2 footprint than that of its investment universe;
- Impact Investing: investment selection methods aimed at generating a social or environmental impact along with a measurable financial return (known as “Impact investing”);
- Active ownership: promotion of a proactive interaction with the issuing companies, both by exercising the rights to attend and vote and by being proactive with the investee companies by encouraging an effective communication with the management of the companies (known as engagement). | La Società, nella gestione dei fondi, applica le seguenti strategie di integrazione dei rischi di sostenibilità:
- Esclusioni/restrizioni SRI: emittenti esclusi dall'Universo di Investimento del patrimonio gestito (cosiddetto "SRI Binding screening"); per i Fondi Limited Tracking Error (ad eccezione dei prodotti LTE ESG) o i prodotti indicizzati, l'investimento diretto massimo consentito è pari al peso dell'emittente nel parametro di riferimento; gli emittenti che operano in settori ritenuti non "socialmente responsabili" sono quelle società caratterizzate da un chiaro coinvolgimento diretto nella produzione di armi non convenzionali (mine antiuomo, bombe a grappolo, armi nucleari, uranio impoverito, armi biologiche, armi chimiche, armi a frammentazione invisibile, laser accecanti, armi incendiarie, fosforo bianco) o nel settore del carbone termico.
- Esclusioni/restrizioni ESG: emittenti esclusi dall'Universo di Investimento del patrimonio gestito (cosiddetto "ESG Binding screening"); per i Fondi Limited Tracking Error (ad eccezione dei prodotti LTE ESG) o i prodotti indicizzati, l'investimento diretto massimo consentito è pari al peso dell'emittente nel parametro di riferimento; gli emittenti "critici" sono le società con la maggiore esposizione ai rischi ambientali, sociali e di corporate governance, ovvero con un livello di rating di sostenibilità ESG più basso (pari a "CCC" assegnato dall'info- provider specializzato "MSCI ESG Research") nell'universo di investimento azionario e obbligazionario.
- Integrazione di fattori ESG: integrazione di fattori ESG nell’analisi, selezione e composizione del portafoglio del fondo con l’obiettivo di costruire un portafoglio caratterizzato da uno “score ESG” (assegnato da MSCI ESG Research) superiore a quello del parametro di riferimento e che rispetti prassi di buona governance.
- Impronta di carbonio: integrazione di modalità di misurazione delle emissioni di diossido di carbonio (CO2) generate dagli emittenti, finalizzata alla costruzione di un portafoglio caratterizzato da una impronta di carbonio inferiore a quella del proprio universo di investimento.
- Investimenti ad impatto: metodi di selezione degli investimenti volti a generare un impatto sociale o ambientale insieme a un ritorno finanziario misurabile (noto come "Impact investing");
- Azionariato attivo: promozione di un’interazione proattiva nei confronti delle società emittenti sia mediante l’esercizio dei diritti di intervento e di voto sia mediante il confronto con le società partecipate, incoraggiando un’efficace comunicazione con il management delle società. | The Company applies the following sustainability risks integration strategies in its management of the FCP:
- SRI exclusion/limitation: issuers excluded from the Investment Universe of the assets under management (known as “SRI Binding screening”); for Limited Tracking Error Funds (except LTE ESG products) or indexed products, the maximum direct investment allowed is equal to the weight of the issuer in the reference parameter; issuers operating in sectors deemed not to be "socially responsible" are those companies characterized by a clear direct involvement in the manufacture of unconventional weapons (Land-mines, Cluster bombs, Nuclear weapons, Depleted uranium, Biological weapons, Chemical weapons, Invisible cluster munitions, Blinding Lasers, Incendiary weapons, White phosphorus) or in the thermal coal sector.
- ESG exclusion/limitation: issuers excluded from the Investment Universe of the assets under management (known as “ESG Binding screening”); for Limited Tracking Error Funds (except LTE ESG products) or indexed products, the maximum direct investment allowed is equal to the weight of the issuer in the reference parameter; "critical" issuers are those companies with the highest exposure to environmental, social and corporate governance risks, i.e. with a lower ESG sustainability rating level (equal to "CCC" assigned by the specialised info-provider "MSCI ESG Research") in the equity and bond investment universe.
- Integration of ESG factors: integration of ESG factors in the analysis, selection and composition of the managed portfolios and aims to build a portfolio with a higher average ESG score than that of its investment universe (known as “ESG integration”) and that respects good governance practices;1 ‘sustainability risk’ means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
- Carbon footprint: methods to integrate carbon dioxide (CO2) footprint measurements in portfolio construction and aims to build a portfolio with a lower CO2 footprint than that of its investment universe;
- Impact Investing: investment selection methods aimed at generating a social or environmental impact along with a measurable financial return (known as “Impact investing”);
- Active ownership: promotion of a proactive interaction with the issuing companies, both by exercising the rights to attend and vote and by being proactive with the investee companies by encouraging an effective communication with the management of the companies (known as engagement). | en | it |
DOLFIN1729 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Dis between 01/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,463
-5.4%
EUR 10,747
1.5% | # Questo tipo di scenario si è verificato per un investimento Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Dis tra 01/2022-12/2023.
Scenario sfavorevole
Quanto potreste ottenere al netto dei costi
Rendimento medio annuale
EUR 9 463
-5,4%
EUR 10 747
1,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Dis between 01/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,463
-5.4%
EUR 10,747
1.5% | en | it |
DOLFIN1730 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Breakdown by sectors
Investment philosophy
The equity fund invests in European companies. The investment focus is on entrepreneurially managed companies with strong substance from the small & mid cap segment, supplemented by individual quality stocks from the large cap area. Solid financial ratios and convincing management de- termine the stock selection. Attractive special situations complement the investment orientation. Consistent implementation is ensured by profound analytical expertise, prudent portfolio construction and disciplined fund management. This fundamental bottom-up approach results in a portfolio of leading European quality companies with lower volatility. | # Allocazione settoriale
Filosofia d'investimento
Il fondo azionario investe in società europee. L’investimento è focalizzato su società con una gestione imprenditoriale che assegna un forte valore al segmento delle small & mid cap, integrato da singoli titoli di ottima qualità dall'area large cap. Rapporti finanziari solidi e gestione convincente deter- minano la selezione delle azioni. Situazioni speciali interessanti completa- no l'orientamento d'investimento. L'implementazione coerente è assicurata da una profonda competenza analitica, una costruzione prudente del por- tafoglio e una gestione disciplinata dei fondi. Questo approccio fondamen- tale bottom-up si traduce in un portafoglio di società europee leader di otti- ma qualità con una volatilità inferiore. | # Breakdown by sectors
Investment philosophy
The equity fund invests in European companies. The investment focus is on entrepreneurially managed companies with strong substance from the small & mid cap segment, supplemented by individual quality stocks from the large cap area. Solid financial ratios and convincing management de- termine the stock selection. Attractive special situations complement the investment orientation. Consistent implementation is ensured by profound analytical expertise, prudent portfolio construction and disciplined fund management. This fundamental bottom-up approach results in a portfolio of leading European quality companies with lower volatility. | en | it |
DOLFIN1731 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Produit
Pour de plus amples informations sur ce produit, veuillez appeler le +1 212 644 1800, consulter le site https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ ou envoyer un courrier électronique à [email protected].
Cullen Capital Management LLC est réglementée par la US Securities and Exchange Commission.
Le PRIIP est autorisé en Irlande et réglementé par la Banque centrale d’Irlande, et a été enregistré à la vente dans d’autres États membres de l’EEE. Carne Global Fund Managers (Ireland) Ltd est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
Ce document a été établi le 1 janvier 2023.
En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Ce produit vise à générer une croissance sur le long terme ainsi qu’un revenu sur la valeur de votre investissement.
Le produit achètera principalement des actions versant des dividendes de sociétés constituées dans des pays émergents, qui y maintiennent au moins 50 % de leurs actifs ou y réalisent au moins 50 % de leur chiffre d’affaires (collectivement les
« Sociétés » et chacune une « Société »).
Lorsqu’il sélectionne les actions (pouvant être libellées en devises de pays émergents) de Sociétés à acheter, le produit applique généralement les critères suivants :
- le ratio cours/bénéfice de la Société est inférieur au ratio cours/bénéfice moyen des actions composant l’indice MSCI Emerging Markets Index (indice boursier conçu pour représenter la performance des marchés d’actions de l’ensemble des pays émergents). Le ratio cours/bénéfice est un ratio d’évaluation du cours actuel des actions d’une société par rapport à son bénéfice par action, qui indique essentiellement le prix à payer pour obtenir un dollar de bénéfice ; si une action de société se négocie à un ratio cours/bénéfice de 20, cela signifie qu’un investisseur est prêt à payer 20 USD pour obtenir 1 USD de bénéfice courant) ;
- en ce qui concerne le cours de l’action, le rendement du dividende des actions de la Société est supérieur au rendement du dividende moyen des actions composant l’indice MSCI Emerging Markets Index ; et
- sur la base de l’historique de croissance de son dividende et de sa santé générale, la Société présente un fort potentiel de dividendes plus élevés (c’est-à-dire une augmentation du montant en dollars réel du dividende, indépendamment du rendement de ce dernier).
Le produit peut également investir dans des Certificats représentatifs de titres américains (qui représentent un nombre spécifique d’actions d’une société étrangère et sont émis par des banques américaines et négociés sur des Bourses de valeurs américaines), des Certificats représentatifs de titres européens (qui représentent un nombre spécifique d’actions d’une société et sont émis par des banques | # Producto
Para más información sobre este producto, llame al +1 212 644 1800, visite https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ o envíe un mensaje de correo electrónico a [email protected].
Cullen Capital Management LLC está regulada por la US Securities and Exchange Commission.
El PRIIP está autorizado en Irlanda y regulado por el Banco Central de Irlanda, habiéndose procedido a su registro para la venta en otros Estados miembros del EEE. Carne Global Fund Managers (Ireland) Ltd está autorizada en Irlanda y regulada por el Banco Central de Irlanda.
Este documento se elaboró el 1 de enero de 2023.
¿Qué es este producto?
Tipo:
Este producto es un fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Este producto tiene por objetivo el crecimiento a largo plazo del valor de su inversión, así como la obtención de rendimientos.
El producto adquirirá principalmente acciones que distribuyen dividendos de empresas constituidas en países de mercados emergentes, o que mantienen al menos el 50 % de sus activos u obtienen al menos el 50 % de sus ingresos de estos países (las «Empresas» e, individualmente, una «Empresa»).
A la hora de seleccionar las acciones de dichas Empresas que se van a adquirir (pudiendo estas estar denominadas en monedas de mercados emergentes), el producto generalmente aplicará distintos criterios, entre ellos:
- la ratio precio/beneficios de la Empresa es inferior a la ratio media precio/beneficios de las acciones que componen el MSCI Emerging Markets Index (un índice de acciones que pretende ser representativo del comportamiento del mercado de renta variable en los mercados emergentes mundiales). La ratio precio/beneficios es un coeficiente de valoración del precio actual de las acciones de una empresa en comparación con sus beneficios por acción, y básicamente muestra la cantidad que se debe pagar por cada dólar de beneficios. Por ejemplo, si una empresa cotiza a una ratio precio/beneficios de 20, se infiere que un inversor está dispuesto a pagar 20 dólares por cada dólar de beneficios corrientes);
- en lo que respecta al precio de las acciones, la rentabilidad por dividendo de las acciones de la Empresa es superior a la rentabilidad media por dividendo de las acciones que componen el MSCI Emerging Markets Index; y
- tomando como base el crecimiento histórico de los dividendos de la Empresa y su situación financiera en general, existen muchas posibilidades de que distribuya dividendos más elevados (es decir, un incremento de la cantidad efectiva en dólares del dividendo independientemente de la rentabilidad por dividendo).
El producto también puede invertir en recibos de depósito americanos (que representan un número determinado de acciones de una empresa extranjera, son emitidos por bancos estadounidenses y se negocian en mercados de valores de Estados Unidos); recibos de depósito europeos (que representan un número determinado de acciones de una empresa, son emitidos por bancos europeos y se | # Produit
Pour de plus amples informations sur ce produit, veuillez appeler le +1 212 644 1800, consulter le site https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ ou envoyer un courrier électronique à [email protected].
Cullen Capital Management LLC est réglementée par la US Securities and Exchange Commission.
Le PRIIP est autorisé en Irlande et réglementé par la Banque centrale d’Irlande, et a été enregistré à la vente dans d’autres États membres de l’EEE. Carne Global Fund Managers (Ireland) Ltd est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
Ce document a été établi le 1 janvier 2023.
En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Ce produit vise à générer une croissance sur le long terme ainsi qu’un revenu sur la valeur de votre investissement.
Le produit achètera principalement des actions versant des dividendes de sociétés constituées dans des pays émergents, qui y maintiennent au moins 50 % de leurs actifs ou y réalisent au moins 50 % de leur chiffre d’affaires (collectivement les
« Sociétés » et chacune une « Société »).
Lorsqu’il sélectionne les actions (pouvant être libellées en devises de pays émergents) de Sociétés à acheter, le produit applique généralement les critères suivants :
- le ratio cours/bénéfice de la Société est inférieur au ratio cours/bénéfice moyen des actions composant l’indice MSCI Emerging Markets Index (indice boursier conçu pour représenter la performance des marchés d’actions de l’ensemble des pays émergents). Le ratio cours/bénéfice est un ratio d’évaluation du cours actuel des actions d’une société par rapport à son bénéfice par action, qui indique essentiellement le prix à payer pour obtenir un dollar de bénéfice ; si une action de société se négocie à un ratio cours/bénéfice de 20, cela signifie qu’un investisseur est prêt à payer 20 USD pour obtenir 1 USD de bénéfice courant) ;
- en ce qui concerne le cours de l’action, le rendement du dividende des actions de la Société est supérieur au rendement du dividende moyen des actions composant l’indice MSCI Emerging Markets Index ; et
- sur la base de l’historique de croissance de son dividende et de sa santé générale, la Société présente un fort potentiel de dividendes plus élevés (c’est-à-dire une augmentation du montant en dollars réel du dividende, indépendamment du rendement de ce dernier).
Le produit peut également investir dans des Certificats représentatifs de titres américains (qui représentent un nombre spécifique d’actions d’une société étrangère et sont émis par des banques américaines et négociés sur des Bourses de valeurs américaines), des Certificats représentatifs de titres européens (qui représentent un nombre spécifique d’actions d’une société et sont émis par des banques | fr | es |
DOLFIN1732 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
What sustainability indicators are used to measure the attainment of the sustainable investment objective of this financial product?
The sustainability indicator used by the fund to measure the extent to which it attains its sustainable investment objective is:
- minimum 70% of the value of the fund’s portfolio in securities that the investment manager identifies as sustainable investments, including:
- minimum 30% with an environmental objective
- minimum 30% with a social objective | Quali indicatori di sostenibilità si utilizzano per misurare il raggiungimento dell'obiettivo di investimento sostenibile di questo prodotto finanziario?
L'indicatore di sostenibilità utilizzato dal comparto per determinare in che misura viene raggiunto l'obiettivo di investimento sostenibile è:
- almeno il 70% del valore del portafoglio del comparto investito in titoli che il gestore degli investimenti individua come investimenti sostenibili, di cui:
- non meno del 30% con un obiettivo ambientale;
- non meno del 30% con un obiettivo sociale. | What sustainability indicators are used to measure the attainment of the sustainable investment objective of this financial product?
The sustainability indicator used by the fund to measure the extent to which it attains its sustainable investment objective is:
- minimum 70% of the value of the fund’s portfolio in securities that the investment manager identifies as sustainable investments, including:
- minimum 30% with an environmental objective
- minimum 30% with a social objective | en | it |
DOLFIN1733 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
Switching charge (for switching into the Fund from another fund) 0,75%
The ongoing charges figure is based on expenses for the year ending 31.03.19. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). | ## Kosten
Die von Ihnen getragenen Kosten werden auf die Verwaltung des Fonds, einschließlich seiner Vermarktung und Vertriebskosten, verwendet. Diese Kosten beschränken das potenzielle Anlagewachstum Ihrer Anlage.
Umtauschgebühr (beim Wechsel von einem Fonds in einen anderen Fonds) 0,75%
Die laufenden Gebühren basieren auf den Aufwendungen für das am 31.03.19 beendete Jahr. Sie schließen die Gebühren für den An- und Verkauf von Vermögenswerten für den Fonds aus (außer wenn diese Werte Anteile an einem anderen Fonds sind). | ## Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
Switching charge (for switching into the Fund from another fund) 0,75%
The ongoing charges figure is based on expenses for the year ending 31.03.19. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). | en | de |
DOLFIN1734 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Other fees & taxes
Certain Distribution Agents may charge an exchange fee of up to 1% of the net asset value of the Shares being exchanged on exchanges of Class A Shares for the purposes of covering transaction costs in relation to such exchanges. Investors should consult their financial adviser for more information. Such exchange fees are not imposed by the Funds (or paid by the Funds) and are a matter for agreement between Distribution Agents and their customers. Such fees (if applicable) are in addition to CDSC and/or dilution adjustment that may apply as described in the section of the Prospectus entitled “Fees and Expenses” below and in the relevant Supplement .
The exchange of Shares may have tax consequences, and Shareholders should consult their tax adviser about the tax consequences of any exchange. The Company reserves the right to suspend the exchange privilege with respect to Shares of one or more Funds in the circumstances described in the section entitled “Temporary Suspension of Valuation of the Shares and of Sales and Repurchases”.
None of the Company, the Manager or the Transfer Agent will be liable for a fraudulent or erroneous exchange of Shares provided that they follow procedures established by them to determine the validity of exchange orders. | ## Altre commissioni ed imposte
Alcuni Agenti di Distribuzione possono addebitare una commissione sulle conversioni di più dell’1,00% del valore patrimoniale netto delle azioni convertite alle conversioni di Azioni di Classe A al fine di coprire i costi di transazione relativi a detti scambi. Per ulteriori informazioni, gli investitori dovrebbero contattare i loro consulenti finanziari. Tali commissioni di conversione non sono imposte dai Comparti (o pagate dai Comparti) e costituiscono una questione di accordo tra gli Agenti di Distribuzione ed i loro clienti. Tali commissioni (ove applicabili) sono in aggiunta alle commissioni speciali di vendita differita e/o alle rettifiche di diluizione che possono essere applicate come specificato nella sezione del Prospetto informativo intitolata “Commissioni e Spese” di seguito e nel relativo Supplemento.
La conversione di Azioni può avere implicazioni fiscali e gli azionisti sono tenuti a consultare il proprio consulente fiscale in merito a tali implicazioni. La Società si riserva il diritto di sospendere l’“exchange privilege” con riferimento alle Azioni di uno o più Comparti nei casi contemplati nel paragrafo: “Sospensione temporanea della valutazione delle Azioni e di vendite e riscatti”.
Né la Società, né il Gestore o l’Agente per i Trasferimenti saranno responsabili per conversioni di Azioni fraudolente o inesatte, purché si attengano ai procedimenti da essi stabiliti, intesi a determinare la validità degli ordini di conversione. | ## Other fees & taxes
Certain Distribution Agents may charge an exchange fee of up to 1% of the net asset value of the Shares being exchanged on exchanges of Class A Shares for the purposes of covering transaction costs in relation to such exchanges. Investors should consult their financial adviser for more information. Such exchange fees are not imposed by the Funds (or paid by the Funds) and are a matter for agreement between Distribution Agents and their customers. Such fees (if applicable) are in addition to CDSC and/or dilution adjustment that may apply as described in the section of the Prospectus entitled “Fees and Expenses” below and in the relevant Supplement .
The exchange of Shares may have tax consequences, and Shareholders should consult their tax adviser about the tax consequences of any exchange. The Company reserves the right to suspend the exchange privilege with respect to Shares of one or more Funds in the circumstances described in the section entitled “Temporary Suspension of Valuation of the Shares and of Sales and Repurchases”.
None of the Company, the Manager or the Transfer Agent will be liable for a fraudulent or erroneous exchange of Shares provided that they follow procedures established by them to determine the validity of exchange orders. | en | it |
DOLFIN1735 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is actively managed and as such may invest in securities that are not included in the index which is JPM EMBI Global Diversified (Hedged in EUR) (RI). The benchmark is used for performance comparison only. The Fund is not benchmark constrained and its performance may derivate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in bonds and/or other debt instruments issued by emerging countries and/or companies from emerging countries or companies operating in these countries.
After hedging, the exposure to currencies other than USD may not exceed 5%.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 4 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Der Fonds wird aktiv verwaltet und kann daher in Wertpapiere investieren, die nicht im Index JPM EMBI Global Diversified (RI) enthalten sind. Der Referenzindex wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen.
Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Anleihen und/oder anderen Schuldinstrumenten, die von Schwellenländern und/oder in Schwellenländern ansässigen oder tätigen Unternehmen ausgegeben werden.
Nach der Absicherung darf das Engagement in anderen Währungen als dem US-Dollar 5 % nicht übersteigen.
ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Anlageverwalters bei, sind aber kein ausschlaggebender Faktor. Möglicherweise wird eine Dividende ausgeschüttet.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
Diese Anteilsklasse zielt auf die Absicherung ihres Wechselkursrisikos gegen die Währung, auf die das Engagement des Portfolios des Fonds lautet, ab. Das Wechselkursrisiko kann jedoch nicht vollständig neutralisiert werden, da die Absicherungstechnik auf dem NIW des Fonds basiert.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum und/oder Kapitalerträge anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 4 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is actively managed and as such may invest in securities that are not included in the index which is JPM EMBI Global Diversified (Hedged in EUR) (RI). The benchmark is used for performance comparison only. The Fund is not benchmark constrained and its performance may derivate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in bonds and/or other debt instruments issued by emerging countries and/or companies from emerging countries or companies operating in these countries.
After hedging, the exposure to currencies other than USD may not exceed 5%.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 4 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN1736 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Intended retail Investor
The fund is aimed at retail clients, professional clients and eligible counterparties, who intend general capital formation and have a mid-term investment horizon. This fund is for investors with basic knowledge or experience with financial products. The investor can bear financial losses and attaches no importance to capital guarantees. | # Investitore al dettaglio target
Il fondo è rivolto a investitori al dettaglio, clienti professionali e controparti qualificate che mirano generalmente alla creazione di capitale e hanno un orizzonte d'investimento di medio periodo. Questo fondo è rivolto a investitori con conoscenze di base e che hanno maturato esperienza con i prodotti finanziari. L'investitore può sostenere perdite finanziarie e non è interessato a ottenere garanzie del capitale. | # Intended retail Investor
The fund is aimed at retail clients, professional clients and eligible counterparties, who intend general capital formation and have a mid-term investment horizon. This fund is for investors with basic knowledge or experience with financial products. The investor can bear financial losses and attaches no importance to capital guarantees. | en | it |
DOLFIN1737 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
Recommended holding period: 5 years
This product has no required minimum holding period but is designed for long term investment; you should be prepared to stay invested for at least 5 years.
You can request to take out some or all of your money at any time. You can typically request to buy or sell shares in the Fund on any day on which banking institutions in Luxembourg and the New York Stock Exchange in the United States are open for business (as further described in the Fund’s prospectus). | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Período de mantenimiento recomendado: 5 años
Este producto no tiene ningún período de mantenimiento mínimo exigido, pero ha sido diseñado para la inversión a largo plazo; usted debería estar dispuesto a mantener su inversión durante al menos 5 años.
Puede solicitar la retirada de parte o la totalidad de su dinero en cualquier momento. Normalmente usted puede solicitar la compra o la venta de acciones del Fondo en cualquier día en el que las entidades bancarias de Luxemburgo y la Bolsa de Nueva York en los Estados Unidos abran para el desarrollo de su actividad (como se describe más detalladamente en el folleto del Fondo). | # How long should I hold it and can I take money out early?
Recommended holding period: 5 years
This product has no required minimum holding period but is designed for long term investment; you should be prepared to stay invested for at least 5 years.
You can request to take out some or all of your money at any time. You can typically request to buy or sell shares in the Fund on any day on which banking institutions in Luxembourg and the New York Stock Exchange in the United States are open for business (as further described in the Fund’s prospectus). | en | es |
DOLFIN1738 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This rating system is based on the average fluctuations of the net asset value over the past five years, that is the scale of variation of the whole portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historic data such as those used to calculate the synthetic indicator may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.
This UCI is rated as class 6, in line with the type of securities and geographic regions presented under the heading “Objectives and investment policy” as well as the currency of the share.
as a result, the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which puts a different emphasis on each of the three pillars.
For example, a chemical company will be more affected by environmental issues whereas, for a company in the business services sector, a greater weighting will be placed on social factors. To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on a scale of 7 ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts. The securities included in the portfolio will have a rating greater than or equal to A according to the Management Company’s internal rating. Based on the manager’s expectations of changes on the equity markets, the Sub-fund may invest up to 25% of its net assets in debt securities and money market instruments traded on eurozone markets. These stocks (which are rated at least Investment Grade, but with no maximum duration) are selected according to their expected yield.
The Sub-fund may invest up to 100% of its assets in financial contracts traded on regulated, organised, or over-the-counter markets.
Furthermore, subject to a maximum overall limit of 10%, the Sub-fund may invest in units or shares of UCIs. The Sub-fund may hold securities not denominated in euros and may therefore be exposed to currency risk. For hedging purposes, the Sub-fund may use forward currency contracts or currency swaps. The Sub-fund may also subscribe to equity options, for both hedging and exposure purposes, and to futures to manage exposure to equities. Exposure to currency risk through currencies other than those of the eurozone is limited to a maximum of 10% of the net assets.
AMF classification: Euro zone equity Euro
Recommended holding period more than 5 years
Frequency of share buying or selling: Daily, with the exception of public holidays in France and days when the French markets are closed (official calendar of Euronext Paris S.A.), for all orders received by the transfer agent on each NAV calculation day before 12.30 p.m. on that day’s net asset value.
Income allocation: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward
Significant risks not taken into account in this indicator:
Credit risk: risk that the issuer of the debt securities or money market securities may not be able to meet its obligations or that its credit rating may be downgraded. It may also be the result of an issuer defaulting on repayment at maturity.
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant purchase/sale trends.
Risk linked to derivatives: the use of derivatives may cause a greater drop in the value of net assets than that of the markets it is invested in.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The occurrence of any of these risks may negatively impact the net asset value. | Dieses Bewertungssystem stützt sich auf die durchschnittlichen Schwankungen des Nettoinventarwerts der letzten fünf Jahre, das heißt auf den Schwankungsbereich des gesamten Portfolios sowohl nach unten als auch nach oben. Wenn der Nettoinventarwert jünger als fünf Jahre ist, ergibt sich das Rating aus anderen vorgeschriebenen Berechnungen. Die historischen Daten, die beispielsweise zur Berechnung des synthetischen Index verwendet werden, können keinen zuverlässigen Indikator für das zukünftige Risikoprofil darstellen. Die aktuelle Kategorie ist weder eine Garantie noch ein Ziel. Kategorie 1 stellt keine risikolose Investition dar.
Passend zur Aktienart und zu den im Abschnitt „Anlageziele und Anlagepolitik“ beschriebenen geografischen Regionen sowie der Währung der Anteilsklasse wird dieser OGA in Kategorie 6 geführt.
die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt.
Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt. Um festzustellen, ob ein analysiertes Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung auf einer 7-stufigen Skala von AAA bis CCC erstellt wird. Die Bewertung ist die Gesamtnote der Ergebnisse, die nach den verschiedenen Kriterien E (Umwelt – Environment), S (Soziales) und G (Governance) des von den Analysten bestimmten Bewertungsrasters erzielt wurden. Die im Portfolio gehaltenen Titel weisen nach der internen Bewertungsskala der Verwaltungsgesellschaft eine Bewertung von mindestens A auf. Je nach Einschätzung des Fondsverwalters zur weiteren Entwicklung der Aktienmärkte kann der Teilfonds bis zu einer Höhe von 25 % seines Nettovermögens in Forderungspapiere und Geldmarktinstrumente investieren, die auf den Märkten der Eurozone gehandelt werden. Diese Wertpapiere (mit dem Mindest-Rating „Investment Grade“, aber ohne feste Laufzeit) werden mit Blick auf die erwartete Rendite ausgewählt.
Der Teilfonds kann maximal in Höhe von 100 % des Vermögens in Finanzkontrakte investieren, die an geregelten oder organisierten Märkten oder außerbörslich gehandelt werden.
Außerdem kann der Teilfonds bis zu einer Obergrenze von insgesamt 10 % in Anteilen oder Aktien von OGA anlegen. Der Teilfonds kann Wertpapiere halten, die nicht auf Euro lauten, und daher einem Wechselkursrisiko ausgesetzt sein. Zu Zwecken der Absicherung kann der Teilfonds auf Devisenterminkontrakte oder Devisenswaps zurückgreifen. Der Teilfonds kann auch Aktienoptionen zeichnen – sowohl zu Zwecken der Absicherung als auch zu Zwecken des Engagements – sowie Futures, um das Aktienengagement zu steuern. Das Wechselkursrisiko durch Anlagen in Währungen aus der Nicht-Euro-Zone ist auf maximal 10 % des Nettovermögens begrenzt.
AMF-Einstufung : Aktien aus den Ländern der Eurozone
Empfohlener Mindestanlagehorizont oberhalb von 5 Jahre
Häufigkeit des Kaufs oder Verkaufs von Aktien: Täglich, außer an französischen Feiertagen und/oder handelsfreien Tagen in Frankreich (siehe offizieller Kalender von Euronext Paris S.A.), für alle bei der zentralen Verwaltungsstelle eingegangenen Aufträge an jedem Festsetzungstag für den Nettoinventarwert vor 12.30 Uhr MEZ auf Basis des Nettoinventarwerts des Tages.
Ergebnisverwendung : Ausschüttung
Verwendung der realisierten Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage
In diesem Indikator nicht berücksichtigte, wesentliche Risiken:
Kreditrisiko: Risiko, dass der Emittent von Anleihen oder Geldmarktinstrumenten seinen Verpflichtungen nicht nachkommen kann oder dass seine Bonität herabgesetzt wird. Es kann sich auch aus einem Zahlungsausfall bei Fälligkeit eines Emittenten ergeben.
Liquiditätsrisiko: Risiko, das mit der geringen Liquidität der zu Grunde liegenden Märkte zusammenhängt, die sich als empfindlich im Hinblick auf umfangreiche Käufe/Verkäufe erweisen.
Derivaten-Risiko: Der Einsatz von Derivaten kann zu einer stärkeren Abnahme des Nettovermögens führen als die der Investitionsmärkte.
Kontrahentenrisiko: Dabei handelt es sich um das Risiko des Ausfalls eines Marktteilnehmers, so dass dieser seinen Verpflichtungen gegenüber Ihrem Portfolio nicht nachkommen kann.
Das Eintreten eines dieser Risiken kann zu einem Rückgang des Nettoinventarwerts führen. | This rating system is based on the average fluctuations of the net asset value over the past five years, that is the scale of variation of the whole portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historic data such as those used to calculate the synthetic indicator may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.
This UCI is rated as class 6, in line with the type of securities and geographic regions presented under the heading “Objectives and investment policy” as well as the currency of the share.
as a result, the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which puts a different emphasis on each of the three pillars.
For example, a chemical company will be more affected by environmental issues whereas, for a company in the business services sector, a greater weighting will be placed on social factors. To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on a scale of 7 ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts. The securities included in the portfolio will have a rating greater than or equal to A according to the Management Company’s internal rating. Based on the manager’s expectations of changes on the equity markets, the Sub-fund may invest up to 25% of its net assets in debt securities and money market instruments traded on eurozone markets. These stocks (which are rated at least Investment Grade, but with no maximum duration) are selected according to their expected yield.
The Sub-fund may invest up to 100% of its assets in financial contracts traded on regulated, organised, or over-the-counter markets.
Furthermore, subject to a maximum overall limit of 10%, the Sub-fund may invest in units or shares of UCIs. The Sub-fund may hold securities not denominated in euros and may therefore be exposed to currency risk. For hedging purposes, the Sub-fund may use forward currency contracts or currency swaps. The Sub-fund may also subscribe to equity options, for both hedging and exposure purposes, and to futures to manage exposure to equities. Exposure to currency risk through currencies other than those of the eurozone is limited to a maximum of 10% of the net assets.
AMF classification: Euro zone equity Euro
Recommended holding period more than 5 years
Frequency of share buying or selling: Daily, with the exception of public holidays in France and days when the French markets are closed (official calendar of Euronext Paris S.A.), for all orders received by the transfer agent on each NAV calculation day before 12.30 p.m. on that day’s net asset value.
Income allocation: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward
Significant risks not taken into account in this indicator:
Credit risk: risk that the issuer of the debt securities or money market securities may not be able to meet its obligations or that its credit rating may be downgraded. It may also be the result of an issuer defaulting on repayment at maturity.
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant purchase/sale trends.
Risk linked to derivatives: the use of derivatives may cause a greater drop in the value of net assets than that of the markets it is invested in.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The occurrence of any of these risks may negatively impact the net asset value. | en | de |
DOLFIN1739 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Article 21 - Allowances and remuneration of the board (or of non-voting members)
The members of the board of directors may receive as attendance fees annual fixed remuneration whose total amount for the board is determined by the general meeting. Said amount is maintained until it makes a new decision.
The board of directors will share the remuneration between its members under the conditions it deems appropriate.
Annual fixed remuneration may be awarded to the non-voting members under the same conditions. Said remuneration is divided amongst them by the board of directors. | ###### Article 21 - Allocations et rémunérations du conseil (ou des censeurs)
Les membres du conseil d’administration peuvent recevoir à titre de jetons de présence, une rémunération fixe annuelle dont le montant global pour le conseil est déterminé par l’assemblée générale. Il est maintenu jusqu’à décision nouvelle de sa part.
Le conseil d’administration répartit cette rémunération entre ses membres dans les conditions qu’il juge convenables.
Une rémunération fixe annuelle peut dans les mêmes conditions être allouée aux censeurs. Cette rémunération est répartie entre ces derniers par les soins du conseil d’administration. | ###### Article 21 - Allowances and remuneration of the board (or of non-voting members)
The members of the board of directors may receive as attendance fees annual fixed remuneration whose total amount for the board is determined by the general meeting. Said amount is maintained until it makes a new decision.
The board of directors will share the remuneration between its members under the conditions it deems appropriate.
Annual fixed remuneration may be awarded to the non-voting members under the same conditions. Said remuneration is divided amongst them by the board of directors. | en | fr |
DOLFIN1740 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investors should inform themselves of, and when appropriate consult their professional advisers on, the possible tax consequences of subscribing for, buying, holding, converting (if any), redeeming or otherwise disposing of Shares under the laws of their country of citizenship, residence, or domicile or incorporation.
Shareholder’s tax residence
A Shareholder does not obtain tax residence in Luxembourg solely based on holding, transfer, conversion, or delivery of Shares or the execution, performance, delivery and/or enforcement of its rights and obligations under the Shares.
Luxembourg non-residents
Shareholders, who are non-residents of Luxembourg and who have neither a permanent establishment nor a permanent representative in Luxembourg to which or whom the Shares are attributable, are not liable to any Luxembourg income tax on income received and capital gains realised upon the sale, disposal or redemption of the Shares.
Non-resident corporate Shareholders having a permanent establishment or a permanent representative in Luxembourg, to which or whom the Shares are attributable, must include any income received, as well as any gain realised on the sale, disposal or redemption of the Shares, in their taxable income for Luxembourg tax assessment purposes. The same inclusion applies to individuals, acting in the course of the management of a professional or business undertaking, who have a permanent establishment or a permanent representative in Luxembourg, to which or whom the Shares are attributable. Taxable gains are determined as being the difference between the sale, repurchase or redemption price and the lower of the cost or book value of the Shares sold, repurchased or redeemed.
Luxembourg residents
Resident Shareholders are not subject to income tax in case of reimbursement of capital contributed to the Company.
Luxembourg resident individual
Dividends and other payments deriving from Shares received by resident individual Shareholders, who act in the course of the management of either their private wealth or their professional / business activity, are subject to income tax at the progressive ordinary rates. Capital gains realised upon disposal of the Shares by resident individual Shareholders, acting in the course of the management of their private wealth, are not subject to income tax, unless said capital gains qualify either as speculative gains or as gains on a substantial participation. Capital gains are deemed to be speculative and are thus subject to income tax at ordinary rates if the Shares are disposed of less than six 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 has held, either alone or together with his spouse and/or his minor children, either directly or indirectly, at any time within the five (5) years preceding the realisation of the gain, more than ten percent (10%) of the share capital of the Company or (ii) the taxpayer acquired free of charge, within the five years preceding the transfer, a participation that was constituting a substantial participation in the hands of the alienator (or the 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 their acquisition 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 Shares.
Capital gains realised upon the disposal of the Shares by a resident individual Shareholder, who acts in the course of the management of his professional/business activity, are subject to income tax at ordinary rates. Taxable gains are determined as being the difference between the price for which the Shares have been disposed of and the lower of their cost or book value.
Luxembourg resident companies
Luxembourg resident corporate companies holders of Shares must include in their taxable income in Luxembourg any income received, as well as any capital gains realised on the transfer, disposal, or redemption of Shares. The amount of taxable capital gains is equal to the difference between the sell or redemption price and the lesser of subscription price and book value of the Shares sold or redeemed.
Luxembourg resident companies benefit from an exceptional tax scheme
Luxembourg resident Shareholders which benefit from a special tax regime (such as the rules applicable to UCIs subject to the Law of 2010, specialised investment funds subject to the amended Law of 13 February 2007, and family wealth management companies governed by the amended Law of 11 May 2007) are exempt entities in Luxembourg and therefore not subject to any income tax in Luxembourg.
Net wealth tax
A Luxembourg resident Shareholder, as well as a non-resident Shareholder, who has a permanent establishment or a permanent representative in Luxembourg to which or whom the Shares are attributable, other than (i) a resident or non-resident individual taxpayer, (ii) an UCI subject to the Law of 2010, (iii) a securitisation company governed by the amended law of 22 March 2004 on securitisation, (iv) a company governed by the amended law of 15 June 2004 on venture capital vehicles, (v) a specialised investment fund governed by the amended law of 13 February 2007, or (vi) a family wealth management company governed by the amended law of 11 May 2007, would generally be subject to net wealth tax.
However, subject to the law of 18 December 2015, a minimum net worth tax would be applicable for a securitization company governed by the amended law of 22 March 2004 on securitization and a company governed by the amended law of 15 June 2004 on venture capital vehicles.
Other taxes
Under Luxembourg tax law, where an individual Shareholder is a resident of Luxembourg for tax purposes at the time of his death, the Shares are included in his taxable basis for inheritance tax purposes. On the contrary, no estate or inheritance tax is levied on the transfer of the Shares upon death of a shareholder in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes at the time of his death.
Luxembourg gift tax may be levied on a gift or donation of the Shares if embodied in a Luxembourg notarial deed or registered in Luxembourg.
Interested parties are encouraged to inform themselves and, as the case may be, to seek professional advice concerning the laws and regulations applicable to the purchasing, holding and redemption of the Shares.
- | # Il est également recommandé aux investisseurs de s’informer des conséquences fiscales éventuelles découlant de la souscription, de la détention, de la conversion (éventuelle), du rachat ou de l’aliénation par toute autre manière d’actions selon la législation de leur pays de citoyenneté, de résidence, de domicile ou de constitution, et de consulter leurs conseillers professionnels au besoin.
Résidence fiscale de l’Actionnaire
Un Actionnaire n’obtient pas la résidence fiscale au Luxembourg uniquement sur la base de la détention, du transfert, de la conversion ou de la livraison d’Actions ou de l’exécution, de la performance, de la livraison et/ou de la mise en application de ses droits et obligations au titre des Actions.
Non-résidents luxembourgeois
Les Actionnaires qui ne sont pas résidents luxembourgeois et qui ne disposent ni d’un établissement permanent ni d’un représentant permanent au Luxembourg auquel les Actions sont attribuables, ne sont soumis au Luxembourg à aucun impôt sur les revenus perçus et sur les plus-values en capital réalisées sur la vente, la cession ou le rachat des Actions.
Les entreprises Actionnaires qui ne sont pas résidentes luxembourgeoises et qui disposent d’un établissement permanent ou d’un représentant permanent au Luxembourg auquel les Actions sont attribuables doivent intégrer dans leur revenu imposable à des fins d’évaluation de l’impôt luxembourgeois tout revenu perçu ainsi que toute plus-value réalisée sur la vente, la cession ou le rachat des Actions. Cette obligation s’applique également aux particuliers agissant dans le cadre de la gestion d’une entreprise professionnelle ou commerciale, qui ont un établissement permanent ou
un représentant permanent au Luxembourg auquel les Actions sont attribuables. Les plus-values imposables sont définies comme étant la différence entre le prix de vente, de rachat ou de remboursement et la valeur la plus faible entre le coût et la valeur comptable des Actions vendues, rachetées ou remboursées.
Résidents luxembourgeois
Les Actionnaires résidents ne sont pas soumis à l’impôt sur le revenu en cas de remboursement du capital apporté dans la Société.
Particulier résident luxembourgeois
Les dividendes et autres paiements découlant d’Actions perçus par des Actionnaires particuliers résidents, agissant dans le cadre de la gestion de leur patrimoine privé ou de leur activité professionnelle/commerciale, sont soumis à un impôt sur le revenu aux taux progressifs ordinaires.
Les plus-values en capital réalisées sur la vente des Actions par des Actionnaires particuliers résidents, agissant dans le cadre de la gestion de leur patrimoine privé, ne sont pas soumises à un impôt sur le revenu, sauf si lesdites plus-values en capital sont qualifiées soit de plus-values spéculatives, soit de plus-values sur une participation significative. Les plus-values en capital sont réputées spéculatives et sont donc soumises à un impôt sur le revenu aux taux ordinaires si les Actions sont cédées moins de six mois après leur acquisition, ou si leur cession précède leur acquisition. Une participation est considérée comme une participation significative dans des cas limités, et en particulier si (i) l’Actionnaire a détenu, soit seul soit conjointement avec son conjoint et/ou ses enfants mineurs, de manière directe ou indirecte, à tout moment dans les cinq (5) années précédant la réalisation du gain, plus de dix pour cent (10 %) du capital social de la Société ou si (ii) le contribuable a acquis gratuitement, dans les cinq années précédant le transfert, une participation qui constituait une participation significative aux mains de l’aliénateur (ou des aliénateurs dans le cas de transferts gratuits successifs au cours d’une même période de cinq ans). Les plus-values en capital réalisées sur une participation significative plus de six mois après leur acquisition sont soumises à un impôt sur le revenu selon la méthode de la moitié du taux global (c’est-à-dire que le taux moyen applicable au revenu total est calculé selon des taux d’imposition sur le revenu progressifs et la moitié du taux moyen est appliquée aux plus-values en capital réalisées sur la participation significative). Une cession peut inclure une vente, un échange, un apport ou tout autre type d’aliénation des Actions.
Les plus-values en capital réalisées sur la cession des Actions par un Actionnaire particulier résident agissant dans le cadre de la gestion de son activité professionnelle/commerciale sont soumises à l’impôt sur le revenu aux taux ordinaires. Les plus-values imposables sont définies comme étant la différence entre le prix auquel les Actions ont été cédées et la valeur la plus faible entre leur coût et leur valeur comptable.
Sociétés résidentes luxembourgeoises
Les sociétés résidentes luxembourgeoises détentrices d’Actions doivent intégrer dans leur revenu imposable au Luxembourg tout revenu perçu ainsi que toute plus-value en capital réalisée sur le transfert, la cession ou le rachat d’Actions. Le montant des plus-values en capital imposables correspond à la différence entre le prix de vente ou de remboursement et la valeur la plus faible entre le prix de souscription et la valeur comptable des Actions vendues ou remboursées.
Les sociétés résidentes luxembourgeoises bénéficient d’un régime fiscal exceptionnel
Les Actionnaires résidents luxembourgeois qui bénéficient d’un régime fiscal spécial (tel que les règles applicables aux OPC soumis à la Loi de 2010, les fonds d’investissement spécialisés soumis à la Loi du 13 février 2007 telle que modifiée et les sociétés de gestion de patrimoine familial régies par la Loi du 11 mai 2007 telle que modifiée) sont des entités exonérées au Luxembourg et ne sont dès lors pas soumises à l’impôt sur le revenu au Luxembourg.
Impôt sur la fortune
Un Actionnaire résident luxembourgeois, ainsi qu’un Actionnaire non résident ayant un établissement permanent ou un représentant permanent au Luxembourg auquel les Actions sont attribuables, autre que (i) un contribuable particulier résident ou non résident, (ii) un OPC soumis à la Loi de 2010, (iii) une société de titrisation régie par la loi du 22 mars 2004 relative à la titrisation, telle que modifiée, (iv) une société régie par la loi du 15 juin 2004 relative à la Société d’investissement en capital à risque, telle que modifiée, (v) un fonds d’investissement spécialisé régi par la loi du 13 février 2007, telle que modifiée, ou (vi) une société de gestion de patrimoine familial régie par la loi du 11 mai 2007, telle que modifiée, seront en général soumis à l’impôt sur la fortune.
Cependant, en vertu de la loi du 18 décembre 2015, un impôt minimum sur la fortune pourrait s’appliquer aux sociétés de titrisation régies par la loi du 22 mars 2004 relative à la titrisation, telle que modifiée, ainsi qu’aux sociétés régies par la loi du 15 juin 2004 relative à la Société d’investissement en capital à risque, telle que modifiée.
Autres taxes
En vertu du droit fiscal luxembourgeois, lorsqu’un Actionnaire particulier est un résident luxembourgeois à des fins fiscales au moment de son décès, les Actions sont intégrées dans son assiette imposable aux fins des droits de succession. À l’inverse, aucun droit de succession n’est prélevé sur le transfert des Actions au décès d’un actionnaire lorsque le défunt n’était pas un résident luxembourgeois à des fins de droits de succession au moment de son décès.
Un impôt luxembourgeois sur la donation peut être prélevé sur un don ou une donation des Actions si celui-ci est confirmé dans un acte notarié luxembourgeois ou enregistré au Luxembourg.
Les parties intéressées sont invitées à se tenir informées et, le cas échéant, à rechercher les conseils d’un professionnel concernant les lois et réglementations applicables à l’achat, à la détention et au rachat des Actions.
- | # Investors should inform themselves of, and when appropriate consult their professional advisers on, the possible tax consequences of subscribing for, buying, holding, converting (if any), redeeming or otherwise disposing of Shares under the laws of their country of citizenship, residence, or domicile or incorporation.
Shareholder’s tax residence
A Shareholder does not obtain tax residence in Luxembourg solely based on holding, transfer, conversion, or delivery of Shares or the execution, performance, delivery and/or enforcement of its rights and obligations under the Shares.
Luxembourg non-residents
Shareholders, who are non-residents of Luxembourg and who have neither a permanent establishment nor a permanent representative in Luxembourg to which or whom the Shares are attributable, are not liable to any Luxembourg income tax on income received and capital gains realised upon the sale, disposal or redemption of the Shares.
Non-resident corporate Shareholders having a permanent establishment or a permanent representative in Luxembourg, to which or whom the Shares are attributable, must include any income received, as well as any gain realised on the sale, disposal or redemption of the Shares, in their taxable income for Luxembourg tax assessment purposes. The same inclusion applies to individuals, acting in the course of the management of a professional or business undertaking, who have a permanent establishment or a permanent representative in Luxembourg, to which or whom the Shares are attributable. Taxable gains are determined as being the difference between the sale, repurchase or redemption price and the lower of the cost or book value of the Shares sold, repurchased or redeemed.
Luxembourg residents
Resident Shareholders are not subject to income tax in case of reimbursement of capital contributed to the Company.
Luxembourg resident individual
Dividends and other payments deriving from Shares received by resident individual Shareholders, who act in the course of the management of either their private wealth or their professional / business activity, are subject to income tax at the progressive ordinary rates. Capital gains realised upon disposal of the Shares by resident individual Shareholders, acting in the course of the management of their private wealth, are not subject to income tax, unless said capital gains qualify either as speculative gains or as gains on a substantial participation. Capital gains are deemed to be speculative and are thus subject to income tax at ordinary rates if the Shares are disposed of less than six 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 has held, either alone or together with his spouse and/or his minor children, either directly or indirectly, at any time within the five (5) years preceding the realisation of the gain, more than ten percent (10%) of the share capital of the Company or (ii) the taxpayer acquired free of charge, within the five years preceding the transfer, a participation that was constituting a substantial participation in the hands of the alienator (or the 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 their acquisition 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 Shares.
Capital gains realised upon the disposal of the Shares by a resident individual Shareholder, who acts in the course of the management of his professional/business activity, are subject to income tax at ordinary rates. Taxable gains are determined as being the difference between the price for which the Shares have been disposed of and the lower of their cost or book value.
Luxembourg resident companies
Luxembourg resident corporate companies holders of Shares must include in their taxable income in Luxembourg any income received, as well as any capital gains realised on the transfer, disposal, or redemption of Shares. The amount of taxable capital gains is equal to the difference between the sell or redemption price and the lesser of subscription price and book value of the Shares sold or redeemed.
Luxembourg resident companies benefit from an exceptional tax scheme
Luxembourg resident Shareholders which benefit from a special tax regime (such as the rules applicable to UCIs subject to the Law of 2010, specialised investment funds subject to the amended Law of 13 February 2007, and family wealth management companies governed by the amended Law of 11 May 2007) are exempt entities in Luxembourg and therefore not subject to any income tax in Luxembourg.
Net wealth tax
A Luxembourg resident Shareholder, as well as a non-resident Shareholder, who has a permanent establishment or a permanent representative in Luxembourg to which or whom the Shares are attributable, other than (i) a resident or non-resident individual taxpayer, (ii) an UCI subject to the Law of 2010, (iii) a securitisation company governed by the amended law of 22 March 2004 on securitisation, (iv) a company governed by the amended law of 15 June 2004 on venture capital vehicles, (v) a specialised investment fund governed by the amended law of 13 February 2007, or (vi) a family wealth management company governed by the amended law of 11 May 2007, would generally be subject to net wealth tax.
However, subject to the law of 18 December 2015, a minimum net worth tax would be applicable for a securitization company governed by the amended law of 22 March 2004 on securitization and a company governed by the amended law of 15 June 2004 on venture capital vehicles.
Other taxes
Under Luxembourg tax law, where an individual Shareholder is a resident of Luxembourg for tax purposes at the time of his death, the Shares are included in his taxable basis for inheritance tax purposes. On the contrary, no estate or inheritance tax is levied on the transfer of the Shares upon death of a shareholder in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes at the time of his death.
Luxembourg gift tax may be levied on a gift or donation of the Shares if embodied in a Luxembourg notarial deed or registered in Luxembourg.
Interested parties are encouraged to inform themselves and, as the case may be, to seek professional advice concerning the laws and regulations applicable to the purchasing, holding and redemption of the Shares.
- | en | fr |
DOLFIN1741 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
On 6 June 2022, the Secretary changed from MFD Secretaries Limited to Invesco Asset Management Holdings Limited.
On 12 May 2022, the Invesco RDX UCITS ETF (‘the Fund’) Index provider confirmed that the Fund Index would be discontinued effective 17 May 2022 (‘the Index Termination Announcement’). Following the Index Termination Announcement, the Fund’s swap counterparties confirmed that, as a result of the Fund Index Termination, the underlying swap contracts held by the Fund would be closed out as they would no longer have a valid reference.
It was therefore the view of the Directors, following consultation with the investment manager of the Fund, Assenagon Asset Management S.A., that it was impracticable for the Fund to continue to operate and that it was in the best interests of the Company, the Fund and the Shareholders that the Fund be terminated in accordance with the relevant provisions set out in the Fund’s Articles of Association. As a result, shares in the Fund were redeemed accordingly with effect from 21 June 2022.
Effective 30 June 2022, Barry McGrath resigned from the Board. There were no other significant events since the financial period end.
-
## Approval of Financial Statements | Le 6 juin 2022, Invesco Asset Management Holdings Limited a remplacé MFD Secretaries Limited à la fonction de Secrétaire.
Le 12 mai 2022, le Fournisseur d’indice du Fonds Invesco RDX UCITS ETF (le « Fonds ») a confirmé que la publication de l’Indice du Fonds serait interrompue à compter du 17 mai 2022 (l’« Annonce de l’abandon de l’Indice »). À la suite de cette annonce, les contreparties de swaps du Fonds ont confirmé que, du fait de l’Abandon de l’Indice du Fonds, les contrats de swaps sous-jacents détenus par de dernier nécessiteraient d’être clôturés puisqu’ils n’auraient plus de référence valide.
Les Administrateurs ont par conséquent estimé, avec l’accord du Gestionnaire d’investissement du Fonds, Assenagon Asset Management S.A., qu’il était inenvisageable que le Fonds poursuive ses activités et qu’il était dans le meilleur intérêt de la Société, du Fonds et des Actionnaires de clôturer ledit Fonds conformément aux dispositions ad hoc des Statuts constitutifs. En conséquence, les actions du Fonds ont été rachetées conformément à cette décision, à effet du 21 juin 2022.
Barry McGrath a démissionné du Conseil d’administration avec prise d’effet le 30 juin 2022. Aucun autre événement significatif ne s’est produit depuis la clôture de la période financière.
-
## Approbation des États financiers | On 6 June 2022, the Secretary changed from MFD Secretaries Limited to Invesco Asset Management Holdings Limited.
On 12 May 2022, the Invesco RDX UCITS ETF (‘the Fund’) Index provider confirmed that the Fund Index would be discontinued effective 17 May 2022 (‘the Index Termination Announcement’). Following the Index Termination Announcement, the Fund’s swap counterparties confirmed that, as a result of the Fund Index Termination, the underlying swap contracts held by the Fund would be closed out as they would no longer have a valid reference.
It was therefore the view of the Directors, following consultation with the investment manager of the Fund, Assenagon Asset Management S.A., that it was impracticable for the Fund to continue to operate and that it was in the best interests of the Company, the Fund and the Shareholders that the Fund be terminated in accordance with the relevant provisions set out in the Fund’s Articles of Association. As a result, shares in the Fund were redeemed accordingly with effect from 21 June 2022.
Effective 30 June 2022, Barry McGrath resigned from the Board. There were no other significant events since the financial period end.
-
## Approval of Financial Statements | en | fr |
DOLFIN1742 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All requests whose processing has been delayed because of a suspension of transactions will be held in queue and executed at the next NAV to be calculated.
- Implement special procedures during times of peak buy, exchange or sell requests. If on any business day a fund receives and accepts buy, exchange or sell requests whose net value exceeds 10% of the fund’s total net assets, the management company may limit payment of redemptions to 10%. In such a case, redemption requests are processed pro rata. The unprocessed portion of each request will be held in queue (ahead of any requests received and accepted at a later date) and executed at the next NAV to be calculated, subject to the same limitation, except that in no case will the delay be longer than 3 business days.
- Close a fund or unit class to further investment, temporarily or indefinitely, without notice, when the management company believes it is in the best interests of unitholders (such as when a fund has reached the size where further growth appears likely to be detrimental to performance). A closure may apply only to new investors or to further investments from existing unitholders as well.
- Accept securities as payment for units, or fulfill redemption payments with securities (in-kind payments). If you wish to request a subscription or redemption in kind, you must get advance approval from the management company. You must generally pay all costs associated with the in-kind nature of the transaction (valuation of the securities, broker fees, any required auditors’ report, etc.). Any securities accepted as a payment in kind for a subscription of units must be consistent with the fund’s investment policy, and acceptance of these securities must not affect the fund’s compliance with the 2010 law. | Todas las solicitudes cuyo tratamiento se haya retrasado debido a una suspensión de transacciones se mantendrán a la espera y se ejecutarán al siguiente valor liquidativo que se calcule.
- Implementar procedimientos especiales durante los momentos de mayor demanda de compra, canje o venta. Si en cualquier día hábil un fondo recibe y acepta solicitudes de compra, canje o venta cuyo valor neto supere el 10 % del patrimonio neto total del fondo, la sociedad gestora podrá limitar el pago de reembolsos al 10 %. En tal caso, las solicitudes de reembolso se procesarán a prorrata. La parte no tramitada de cada solicitud se mantendrá a la espera (antes de cualquier solicitud recibida y aceptada en una fecha posterior) y se ejecutará al siguiente valor liquidativo que se calculará, sujeto a la misma limitación, salvo que en ningún caso el retraso sea superior a 3 días hábiles.
- Cerrar un fondo o una clase de participaciones a nuevas inversiones, temporal o indefinidamente, sin previo aviso, cuando la sociedad gestora considere que ello redunda en beneficio de los partícipes (como cuando un fondo ha alcanzado el tamaño en el que parece probable que un mayor crecimiento vaya en detrimento del rendimiento). Un cierre puede aplicarse únicamente a nuevos inversores o a nuevas inversiones de partícipes existentes.
- Aceptar valores como pago de participaciones o realizar pagos de reembolso con valores (pagos en especie). Si desea solicitar una suscripción o reembolso en especie,debe obtener la aprobación previa de la sociedad gestora. Por lo general, debe pagar todos los costes asociados a la naturaleza en especie de la operación (valoración de los valores, comisiones de intermediación, cualquier informe de auditoría requerido, etc.). Cualquier valor aceptado como pago en especie para una suscripción de participaciones debe ser coherente con la política de inversión del fondo, y la aceptación de estos valores no debe afectar al cumplimiento por parte del fondo de la ley de 2010. | All requests whose processing has been delayed because of a suspension of transactions will be held in queue and executed at the next NAV to be calculated.
- Implement special procedures during times of peak buy, exchange or sell requests. If on any business day a fund receives and accepts buy, exchange or sell requests whose net value exceeds 10% of the fund’s total net assets, the management company may limit payment of redemptions to 10%. In such a case, redemption requests are processed pro rata. The unprocessed portion of each request will be held in queue (ahead of any requests received and accepted at a later date) and executed at the next NAV to be calculated, subject to the same limitation, except that in no case will the delay be longer than 3 business days.
- Close a fund or unit class to further investment, temporarily or indefinitely, without notice, when the management company believes it is in the best interests of unitholders (such as when a fund has reached the size where further growth appears likely to be detrimental to performance). A closure may apply only to new investors or to further investments from existing unitholders as well.
- Accept securities as payment for units, or fulfill redemption payments with securities (in-kind payments). If you wish to request a subscription or redemption in kind, you must get advance approval from the management company. You must generally pay all costs associated with the in-kind nature of the transaction (valuation of the securities, broker fees, any required auditors’ report, etc.). Any securities accepted as a payment in kind for a subscription of units must be consistent with the fund’s investment policy, and acceptance of these securities must not affect the fund’s compliance with the 2010 law. | en | es |
DOLFIN1743 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Cet indicateur repose sur des données historiques et peut ne pas constituer une indication fiable du profil de risque futur du Fonds.
- Il n'est pas certain que la catégorie de risque demeure inchangée et cette catégorie est susceptible d'évoluer dans le temps.
- La catégorie la plus basse n'est pas synonyme d'investissement sans risque. Les placements du Fonds sont exposés aux fluctuations normales du marché et aux autres risques inhérents aux actions.
- Le Fonds appartient à la catégorie 6 étant donné qu'il investit principalement en actions, qui subissent des niveaux de fluctuation de cours plus élevés que tous les autres types d'instruments.
- Pour une explication plus détaillée de ces autres facteurs de risque, veuillez vous référer aux sections intitulées « Facteurs de risques » dans le prospectus et le supplément. | # Este indicador se basa en datos históricos y puede que no constituya una indicación fiable del futuro perfil de riesgo del Fondo.
- La categoría de riesgo indicada 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. Las inversiones del Fondo están expuestas a las fluctuaciones normales del mercado y otros riesgos inherentes a la renta variable.
- El fondo tiene asignada la categoría de riesgo 6 al invertir principalmente en valores de renta variable, que normalmente experimentan mayores niveles de fluctuación de precios que otros tipos de instrumentos de inversión.
- Para una explicación más detallada de estos y otros factores de riesgo, por favor consulte las secciones tituladas Factores de Riesgo en el folleto y el suplemento. | # Cet indicateur repose sur des données historiques et peut ne pas constituer une indication fiable du profil de risque futur du Fonds.
- Il n'est pas certain que la catégorie de risque demeure inchangée et cette catégorie est susceptible d'évoluer dans le temps.
- La catégorie la plus basse n'est pas synonyme d'investissement sans risque. Les placements du Fonds sont exposés aux fluctuations normales du marché et aux autres risques inhérents aux actions.
- Le Fonds appartient à la catégorie 6 étant donné qu'il investit principalement en actions, qui subissent des niveaux de fluctuation de cours plus élevés que tous les autres types d'instruments.
- Pour une explication plus détaillée de ces autres facteurs de risque, veuillez vous référer aux sections intitulées « Facteurs de risques » dans le prospectus et le supplément. | fr | es |
DOLFIN1744 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 2.00% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 2,00% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | ningunos | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 2.00% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | en | es |
DOLFIN1745 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Investments through Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect
Stock Connect is the mutual market access programme through which foreign investors can deal in selected securities listed on a PRC stock exchange through the Hong Kong Stock Exchange (“SEHK”) and the clearing house in Hong Kong, i.e. the Hong Kong Securities and Clearing Company (“HKSCC”).
The securities which can be accessed through the Stock Connect programme are, for the time being, all constituent stocks of the SSE 180 Index, the SSE 380 Index and all SSE-listed China A Shares, as well as certain other securities, and selected se- curities listed on the SZSE including any constituent stock of the SZSE Component Index and SZSE Small/Mid Cap Innovation Index which has a market capitalization of RMB 6 billion or above and all SZSE-listed shares of companies which have issued both China A Shares and H Shares (the “Stock Connect Shares”). It is expected that the list of eligible securities which may be accessed through the Stock Connect programme will develop over time. In addition to the Stock Connect Shares described in this paragraph, a Sub-Fund may, subject to its investment policy, invest in any other security listed on the SSE or SZSE which is made available in the future through the Stock Connect Programme. | #### Anlagen über Shanghai-Hong Kong und Shenzhen-Hong Kong Stock Connect
Stock Connect ist das Programm für den gegenseitigen Marktzugang, durch das ausländische Anleger über die Hongkonger Börse («SEHK») und die Clearingstelle in Hongkong, d.h. die Hong Kong Securities and Clearing Company («HKSCC»), mit ausgewählten Wertpapieren handeln können, die an einer Börse der VR China notiert sind.
Bei den Wertpapieren, die über das Stock-Connect-Programm zugänglich sind, handelt es sich derzeit um alle im SSE 180- Index und SSE 380-Index enthaltenen Aktien und alle an der SSE notierten chinesischen A-Aktien sowie um bestimmte weitere Wertpapiere und ausgewählte Wertpapiere, die an der SZSE notiert sind, einschliesslich aller im SZSE Component Index und im SZSE Small/Mid Cap Innovation Index enthaltenen Aktien mit einer Marktkapitalisierung von mindestens 6 Milliarden RMB und aller an der SZSE notierten Aktien von Unternehmen, die sowohl chinesische A-Aktien als auch H-Aktien ausgegeben ha- ben (die «Stock-Connect-Aktien»). Es wird erwartet, dass sich die Liste der zulässigen Wertpapiere, die über das Stock- Connect-Programm zugänglich sind, im Laufe der Zeit weiterentwickeln wird. Zusätzlich zu den in diesem Absatz beschriebe- nen Stock-Connect-Aktien kann ein Teilfonds vorbehaltlich seiner Anlagepolitik in jedes andere an der SSE oder SZSE notierte Wertpapier investieren, das in Zukunft über das Stock-Connect-Programm zur Verfügung gestellt wird. | #### Investments through Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect
Stock Connect is the mutual market access programme through which foreign investors can deal in selected securities listed on a PRC stock exchange through the Hong Kong Stock Exchange (“SEHK”) and the clearing house in Hong Kong, i.e. the Hong Kong Securities and Clearing Company (“HKSCC”).
The securities which can be accessed through the Stock Connect programme are, for the time being, all constituent stocks of the SSE 180 Index, the SSE 380 Index and all SSE-listed China A Shares, as well as certain other securities, and selected se- curities listed on the SZSE including any constituent stock of the SZSE Component Index and SZSE Small/Mid Cap Innovation Index which has a market capitalization of RMB 6 billion or above and all SZSE-listed shares of companies which have issued both China A Shares and H Shares (the “Stock Connect Shares”). It is expected that the list of eligible securities which may be accessed through the Stock Connect programme will develop over time. In addition to the Stock Connect Shares described in this paragraph, a Sub-Fund may, subject to its investment policy, invest in any other security listed on the SSE or SZSE which is made available in the future through the Stock Connect Programme. | en | de |
DOLFIN1746 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| BANKINTER TOP PROTECCION (FR0014004V01) BNP PARIBAS ASSET MANAGEMENT France, a management company belonging to the BNP Paribas group. |
| --- |
| Objectives and investment policy |
| Management objective: The Fund's objective is to achieve a dynamic allocation between: 1. A portfolio of diversified assets to allow holders to be partially exposed, starting on the fifth business day following the end date of the initial marketing period, to the upward and downward trends of a dynamic portfolio of UCITS and/or AIF managed by a Management Company of the Carmignac Gestion group, over several asset classes, as described in the section Investment strategy . The allocation between these UCITS and/or AIF is determined systematically with an annual volatility target of 2%, 2. An additional portfolio of fixed-income assets and an option to sell the Fund's assets, exercisable every business day, in order to obtain, each day, a net asset value of at least 95% of the Benchmark Net Asset Value*, for a period of two years from the earliest date on which the Benchmark Net Asset Value was reached, barring very unfavourable market events that would lead to a reduction of that period. This is an objective that is by no means guaranteed. In particular, the holder is exposed to a risk of capital loss without limitation in the event of suspension of the redemption of Fund units comprising the diversified assets to which the Fund is exposed and/or in the event of a credit event affecting the counterparty in one or more over-the-counter derivative transactions made by the Fund. The impact of this counterparty risk is limited by selecting counterparties with a good credit rating (equivalent to Investment Grade) and setting up daily adjusted collateral with counterparties in over-the-counter derivative transactions made by the Fund (as detailed in Article 8) Information relating to the UCI's collateral below). In order to meet the requirements of the objective to obtain a net asset value at least equal to 95% of the Benchmark Net Asset Value each day, starting on the fifth business day following the end date of the initial marketing period, and/or if market conditions so require, the Fund may be invested solely in fixed- income assets , so exposure to diversified assets can drop to zero and remain as such. In this case, the Fund would no longer be able to participate in any subsequent rise in the value of the diversified assets even if this were to increase sharply and the Management Company could proceed with the liquidation of the Fund. The Fund's performance will depend on the respective performances of the portions of assets invested in diversified assets and fixed-income assets . Adjustment of the proportion of these assets in the portfolio will depend on the margin made available once the objective to achieve a net asset value at least equal to 95% of the Benchmark Cash Value has been taken into account. The unitholder is exposed to a risk of capital loss should a credit event occur that may affect the issuer of one or more fixed-income assets held by the Fund. Key characteristics of the Fund: For fixed-income assets , the Fund may invest, directly and/or via UCITS and/or AIF, in French and/or foreign debt securities issued or guaranteed by an OECD member state, and/or issued by a supranational issuer and/or issued by a private issuer and/or by monetary products denominated in euro, as well as in euro-denominated shares and rate derivatives. Investments that constitute fixed-income assets are hedged by a total return swap with one or more counterparties with a good credit rating (Investment Grade). In the context of the diversified assets , the Fund seeks to obtain, via UCITS and/or AIF or forward financial instruments, exposure to a dynamic portfolio of UCITS managed by a Management Company of the Carmignac Gestion group, over several asset classes, particularly equities, bonds (including speculative high-yield bonds), convertible bonds and absolute-performance assets. The Fund is managed on a discretionary basis and does not use a benchmark. The Fund may expose up to 60% of its net assets to foreign exchange risk. Unitholders may request the redemption of their units from Monday to Friday until 11.00 am and orders are executed on the basis of the net asset value dated the following day. They are settled or delivered within five days of the date on which the net asset value was calculated. Allocation of distributable income (net income and net realised capital gains): Accumulation. Other information: From the Fund's launch date and until the last day of the Fund's initial marketing period, 11.00 am on 1 January 2022 (unless the marketing period is prematurely interrupted), the Fund will be subject to money market management. *The Benchmark Net Asset Value is defined as the highest net asset value recorded for any subscription sent from the fifth business day following the end date of the initial marketing period. |
| Risk and reward profile |
| Lower risk Higher risk Potentially lower rewards Potentially higher rewards - Past performance such as the data used to calculate the synthetic index may not be a reliable indicator of the future risk profile of the FCP. | | BANKINTER TOP PROTECCION (FR0014004V01) BNP PARIBAS ASSET MANAGEMENT France, una sociedad gestora parte del grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| Objetivo de gestión: El objetivo del FI es realizar una asignación dinámica entre: 1. Una bolsa de «activos diversificados» para permitir a los partícipes exponerse parcialmente, a partir del quinto día hábil siguiente a la fecha de finalización del periodo de comercialización inicial, a la evolución (tanto al alza como a la baja) de una cartera dinámica de OICVM o FIA, gestionada por una sociedad gestora del grupo Carmignac Gestion, en varias clases de activos, tal como se describe en la sección «Estrategia de inversión». La asignación entre dichos OICVM o FIA se determinará de manera sistemática con un objetivo de volatilidad anual del 2 %, 2. Una bolsa de «activos de renta fija» y una opción de venta sobre los activos del FI, que puede ejercerse cada día hábil, con el fin de obtener, cada día, un valor liquidativo que al menos sea igual al 95 % del valor liquidativo de referencia*, durante un periodo de dos años a partir de la fecha más próxima en la que se haya alcanzado el valor liquidativo de referencia, excepto en el caso de que se produzcan acontecimientos de mercado muy desfavorables que den lugar a una reducción de este periodo. En ningún caso se garantiza este objetivo. En particular, el partícipe está expuesto a un riesgo ilimitado de pérdida de capital en caso de suspensión del reembolso de las participaciones de los fondos que componen los «activos diversificados» a los que está expuesto el FI o en caso de que se produzca un evento de crédito que afecte a la contraparte de una o varias operaciones de derivados negociados en mercados extrabursátiles realizadas por el FI. El impacto de este riesgo de contraparte está limitado por la selección de contrapartes con una buena calidad crediticia (equivalente a grado de inversión) y la constitución de garantías, ajustadas diariamente, con las contrapartes de las operaciones sobre derivados negociados en mercados extrabursátiles realizadas por el FI (tal y como se detalla en el artículo 8, sobre la información relativa a las garantías financieras del OIC, que se muestra a continuación). Con el fin de respetar las limitaciones del objetivo de obtener cada día un valor liquidativo que al menos sea igual al 95 % del valor liquidativo de referencia, a partir del quinto día hábil siguiente al final del periodo de comercialización inicial, o si las condiciones del mercado lo exigen, el FI podrá invertir únicamente en «activos de renta fija», por lo que la exposición a los «activos diversificados» podrá ser nula y mantenerse. En tal caso, el FI ya no podría participar en un posible aumento futuro del valor de los «activos diversificados», incluso si este aumento es significativo, y la sociedad gestora podría liquidar el FI. La rentabilidad del FI dependerá de las rentabilidades respectivas de las clases de activos invertidos en activos «diversificados» y en activos «de renta fija». El ajuste de la proporción de estos activos dentro de la cartera se basará en el margen disponible tras tener en cuenta el objetivo de obtener un valor liquidativo que al menos sea igual al 95 % del valor liquidativo de referencia. El partícipe se expone a un riesgo de pérdida de capital en caso de que se produzca un evento crediticio que afecte al emisor de uno o varios activos «de renta fija» mantenidos por el FI. Características esenciales del FI: En el marco de los «activos de renta fija», el FI puede invertir, directamente o a través de OICVM o FIA, en valores de deuda franceses o extranjeros emitidos o garantizados por un Estado miembro de la OCDE o emitidos por un emisor supranacional o un emisor privado, o en instrumentos monetarios, denominados en euros, así como en acciones denominadas en euros y en instrumentos derivados de renta fija. Las inversiones que constituyen los «activos de renta fija» están cubiertas por un contrato de intercambio de rentabilidad global con una o más contrapartes con buena calidad crediticia (grado de inversión). En el marco de los «activos diversificados», el FI trata de lograr, a través de OICVM o FIA o de instrumentos financieros a plazo, una exposición a una cartera dinámica de OICVM, gestionada por una sociedad gestora del grupo Carmignac Gestion, en varias clases de activos, en particular las acciones, los bonos (incluidos los bonos de alto rendimiento de carácter especulativo), los bonos convertibles y los activos de rendimiento absoluto. El FI se gestiona de manera discrecional y no utiliza un índice de referencia. Hasta el 60 % del patrimonio neto del FI está expuesto al riesgo de cambio. Los partícipes pueden solicitar el reembolso de sus participaciones de lunes a viernes hasta las 11:00 horas y las órdenes se ejecutarán sobre la base del valor liquidativo del día siguiente. Se liquidarán o entregarán en los cinco días siguientes a la fecha de cálculo del valor liquidativo. Asignación de las sumas distribuibles (resultado neto y plusvalías netas realizadas): Capitalización. Otros datos: A partir de la fecha de creación del FI y hasta el último día del periodo de comercialización inicial del FI, el 1 de enero de 2022 a las 11:00 horas (salvo que el periodo de comercialización se interrumpa de manera anticipada), el FI se gestionará sobre una base monetaria. * Por valor liquidativo de referencia se entiende el valor liquidativo más alto registrado para cualquier suscripción transmitida a partir del quinto día hábil siguiente a la fecha de finalización del periodo de comercialización inicial. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - La rentabilidad histórica (como los datos utilizados para calcular el índice sintético) no es un indicador fiable del perfil de riesgo futuro del FCP. | | BANKINTER TOP PROTECCION (FR0014004V01) BNP PARIBAS ASSET MANAGEMENT France, a management company belonging to the BNP Paribas group. |
| --- |
| Objectives and investment policy |
| Management objective: The Fund's objective is to achieve a dynamic allocation between: 1. A portfolio of diversified assets to allow holders to be partially exposed, starting on the fifth business day following the end date of the initial marketing period, to the upward and downward trends of a dynamic portfolio of UCITS and/or AIF managed by a Management Company of the Carmignac Gestion group, over several asset classes, as described in the section Investment strategy . The allocation between these UCITS and/or AIF is determined systematically with an annual volatility target of 2%, 2. An additional portfolio of fixed-income assets and an option to sell the Fund's assets, exercisable every business day, in order to obtain, each day, a net asset value of at least 95% of the Benchmark Net Asset Value*, for a period of two years from the earliest date on which the Benchmark Net Asset Value was reached, barring very unfavourable market events that would lead to a reduction of that period. This is an objective that is by no means guaranteed. In particular, the holder is exposed to a risk of capital loss without limitation in the event of suspension of the redemption of Fund units comprising the diversified assets to which the Fund is exposed and/or in the event of a credit event affecting the counterparty in one or more over-the-counter derivative transactions made by the Fund. The impact of this counterparty risk is limited by selecting counterparties with a good credit rating (equivalent to Investment Grade) and setting up daily adjusted collateral with counterparties in over-the-counter derivative transactions made by the Fund (as detailed in Article 8) Information relating to the UCI's collateral below). In order to meet the requirements of the objective to obtain a net asset value at least equal to 95% of the Benchmark Net Asset Value each day, starting on the fifth business day following the end date of the initial marketing period, and/or if market conditions so require, the Fund may be invested solely in fixed- income assets , so exposure to diversified assets can drop to zero and remain as such. In this case, the Fund would no longer be able to participate in any subsequent rise in the value of the diversified assets even if this were to increase sharply and the Management Company could proceed with the liquidation of the Fund. The Fund's performance will depend on the respective performances of the portions of assets invested in diversified assets and fixed-income assets . Adjustment of the proportion of these assets in the portfolio will depend on the margin made available once the objective to achieve a net asset value at least equal to 95% of the Benchmark Cash Value has been taken into account. The unitholder is exposed to a risk of capital loss should a credit event occur that may affect the issuer of one or more fixed-income assets held by the Fund. Key characteristics of the Fund: For fixed-income assets , the Fund may invest, directly and/or via UCITS and/or AIF, in French and/or foreign debt securities issued or guaranteed by an OECD member state, and/or issued by a supranational issuer and/or issued by a private issuer and/or by monetary products denominated in euro, as well as in euro-denominated shares and rate derivatives. Investments that constitute fixed-income assets are hedged by a total return swap with one or more counterparties with a good credit rating (Investment Grade). In the context of the diversified assets , the Fund seeks to obtain, via UCITS and/or AIF or forward financial instruments, exposure to a dynamic portfolio of UCITS managed by a Management Company of the Carmignac Gestion group, over several asset classes, particularly equities, bonds (including speculative high-yield bonds), convertible bonds and absolute-performance assets. The Fund is managed on a discretionary basis and does not use a benchmark. The Fund may expose up to 60% of its net assets to foreign exchange risk. Unitholders may request the redemption of their units from Monday to Friday until 11.00 am and orders are executed on the basis of the net asset value dated the following day. They are settled or delivered within five days of the date on which the net asset value was calculated. Allocation of distributable income (net income and net realised capital gains): Accumulation. Other information: From the Fund's launch date and until the last day of the Fund's initial marketing period, 11.00 am on 1 January 2022 (unless the marketing period is prematurely interrupted), the Fund will be subject to money market management. *The Benchmark Net Asset Value is defined as the highest net asset value recorded for any subscription sent from the fifth business day following the end date of the initial marketing period. |
| Risk and reward profile |
| Lower risk Higher risk Potentially lower rewards Potentially higher rewards - Past performance such as the data used to calculate the synthetic index may not be a reliable indicator of the future risk profile of the FCP. | en | es |
DOLFIN1747 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Communication on environmental, social and governance criteria (ESG)
As part of our commitment to the Principles for Responsible Investment (PRI), we consider that our fiduciary duty includes explicitly considering environmental, social and governance (ESG) issues when investing on behalf of our clients. We believe that by integrating ESG analysis into our investment process, we can ensure the sustainable performance of our funds through an approach that mitigates risk, identifies growth opportunities and uncovers the financial value of intangible factors, while aiming to achieve social and environmental benefits. We incorporate ESG analysis into our equity and bond investment processes using START* (System for Tracking and Analysis of a Responsible Trajectory), our proprietary ESG research system, which draws on a wide range of external data and expert assessments. START is a four-step process:
- Categorisation: companies are grouped into 90 sector categories.
- Information collection: large amounts of raw data on company practices (ESG indicators) are collected from specialised sources. See table below.
- Ranking: companies are ranked against their peers.
- Our analysts take over. Our analysts assign an internal score (which overrides the score automatically generated by the system) and write a commentary detailing their work and justifying their decisions. | #### Communication des critères Environnementaux, Sociaux et de qualité de Gouvernance (ESG)
Dans le cadre de notre engagement auprès des PRI (« Principles for Responsible Investment »), nous considérons que notre obligation fiduciaire inclut la prise en compte explicite des enjeux environnementaux, sociaux et de gouvernance (ESG) lorsque nous investissons pour le compte de nos clients. Nous sommes convaincus qu’en intégrant l’analyse ESG à notre processus d’investissement, nous pourrons assurer une performance durable de nos fonds grâce à une approche qui consiste à atténuer les risques, à identifier les opportunités de croissance et à déceler la valeur financière de facteurs intangibles, tout en visant l’obtention d’effets bénéfiques pour la société et pour l’environnement. Nous intégrons l’analyse ESG dans nos processus d’investissement actions et obligataires par le biais de START* (System for Tracking and Analysis of a Responsible Trajectory), notre système de recherche ESG propriétaire, qui s’appuie sur un large éventail de données externes et sur les évaluations de nos experts. START est un processus en quatre étapes :
- Regroupement : les entreprises sont réparties au sein de 90 catégories sectorielles.
- Collecte d’informations : de grandes quantités de données brutes relatives aux pratiques de l’entreprise(indicateurs ESG) sont collectées auprès de sources spécialisées. Voir tableau ci-dessous.
- Classement : les entreprises sont classées par rapport à leurs pairs.
- Nos analystes prennent le relais. Nos analystes attribuent une note interne (qui l’emporte sur la note générée automatiquement par le système) et rédigent un commentaire écrit pour détailler leur travail et justifier leur choix. | #### Communication on environmental, social and governance criteria (ESG)
As part of our commitment to the Principles for Responsible Investment (PRI), we consider that our fiduciary duty includes explicitly considering environmental, social and governance (ESG) issues when investing on behalf of our clients. We believe that by integrating ESG analysis into our investment process, we can ensure the sustainable performance of our funds through an approach that mitigates risk, identifies growth opportunities and uncovers the financial value of intangible factors, while aiming to achieve social and environmental benefits. We incorporate ESG analysis into our equity and bond investment processes using START* (System for Tracking and Analysis of a Responsible Trajectory), our proprietary ESG research system, which draws on a wide range of external data and expert assessments. START is a four-step process:
- Categorisation: companies are grouped into 90 sector categories.
- Information collection: large amounts of raw data on company practices (ESG indicators) are collected from specialised sources. See table below.
- Ranking: companies are ranked against their peers.
- Our analysts take over. Our analysts assign an internal score (which overrides the score automatically generated by the system) and write a commentary detailing their work and justifying their decisions. | en | fr |
DOLFIN1748 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In addition, the Investment Managers may from time to time use affiliated brokers to route or execute trades on behalf of the Funds, however, the Investment Managers will act in accordance with applicable best execution requirements and in the best interest of the Shareholders.
The Directors will in the event any conflict of interest actually arises endeavour to ensure that such conflict is resolved fairly and in the best interests of the SICAV.
- Conflict of interest in relation to third partiesThe Management Company may, from time to time, to the extent permitted by applicable laws and regulations and unless otherwise stated in Section 4.1 (Type of Shares) in particular for “Z” Shares, either
- pay a part of the management fee to various distributors, intermediaries or other entities which may or may not be part of the Invesco Group, in the form of a direct payment or other indirect reimbursement of costs, to the extent such distributors, intermediaries or other entities are permitted to receive such payments. Such payments being referred to as commissions are intended to compensate such entities for providing directly or indirectly distribution or other services to Shareholders including but not limited to, the enhancement of the communication of ongoing information to Shareholders, support in the ongoing selection of funds, other administrative and/or shareholder services. As required in certain jurisdictions, the recipients of the commissions shall ensure transparent disclosures and inform Shareholders, free of charge, about the level of remuneration they may receive for distribution. Any request for information in relation to the above should be addressed by the Shareholders directly to their relevant intermediaries.
- pay a part of the management fee to certain Shareholders in the form of a rebate at the discretion of the Management Company. The Management Company may grant rebates under certain objective criteria such as the volume subscribed or the assets held by the Shareholder. As required in certain jurisdictions and upon Shareholder’s request, the Management Company shall provide the amounts of such rebates, free of charge. | Pur potendo avvalersi occasionalmente di broker affiliati per instradare o eseguire operazioni per conto dei Fondi, i Gestori degli investimenti agiranno comunque in linea con gli obblighi di esecuzione ottimale applicabili e nel migliore interesse degli Azionisti.
Nel caso in cui sorga un conflitto di interesse, gli Amministratori si impegnano ad assicurare che esso sia risolto equamente e nel migliore interesse della SICAV.
- Conflitto di interesse in relazione a terziLa Società di gestione può di volta in volta, nella misura consentita dalle leggi e dai regolamenti applicabili e salvo diversamente indicato nella Sezione 4.1 (Tipo di Azioni), in particolare per le Azioni “Z”,
- pagare una parte della commissione di gestione a vari distributori, intermediari o altre entità, non necessariamente appartenenti al Gruppo Invesco, sotto forma di un pagamento diretto o altro rimborso indiretto dei costi, nella misura in cui a tali distributori, intermediari o altri organismi sia consentito ricevere detti pagamenti. Tali pagamenti, definiti commissioni, sono mirati a retribuire tali entità a fronte della fornitura diretta o indiretta di servizi di distribuzione o di altro genere agliAzionisti, tra cui, a titolo esemplificativo e non esaustivo, l’ampliamento della comunicazione di informazioni continue agli Azionisti, il supporto nella selezione continua di fondi, altri servizi amministrativi e/o servizi agli azionisti. Come previsto in alcune giurisdizioni, i destinatari delle commissioni devono assicurare comunicazioni trasparenti e informare gratuitamente gli Azionisti circa il livello della retribuzione che potrebbero ricevere a fronte dei servizi di distribuzione. Si invitano gli Azionisti a rivolgere eventuali richieste di informazioni in relazione a quanto sopra direttamente ai loro rispettivi intermediari.
- pagare una parte della commissione di gestione a determinati Azionisti sotto forma di abbuono a discrezione della Società di gestione. La Società di gestione può concedere abbuoni in base a determinati criteri oggettivi, come il volume sottoscritto o le attività detenute dall’Azionista. Come previsto in alcune giurisdizioni e su richiesta dell’Azionista, la Società di gestione fornirà gratuitamente gli importi di tali abbuoni. | In addition, the Investment Managers may from time to time use affiliated brokers to route or execute trades on behalf of the Funds, however, the Investment Managers will act in accordance with applicable best execution requirements and in the best interest of the Shareholders.
The Directors will in the event any conflict of interest actually arises endeavour to ensure that such conflict is resolved fairly and in the best interests of the SICAV.
- Conflict of interest in relation to third partiesThe Management Company may, from time to time, to the extent permitted by applicable laws and regulations and unless otherwise stated in Section 4.1 (Type of Shares) in particular for “Z” Shares, either
- pay a part of the management fee to various distributors, intermediaries or other entities which may or may not be part of the Invesco Group, in the form of a direct payment or other indirect reimbursement of costs, to the extent such distributors, intermediaries or other entities are permitted to receive such payments. Such payments being referred to as commissions are intended to compensate such entities for providing directly or indirectly distribution or other services to Shareholders including but not limited to, the enhancement of the communication of ongoing information to Shareholders, support in the ongoing selection of funds, other administrative and/or shareholder services. As required in certain jurisdictions, the recipients of the commissions shall ensure transparent disclosures and inform Shareholders, free of charge, about the level of remuneration they may receive for distribution. Any request for information in relation to the above should be addressed by the Shareholders directly to their relevant intermediaries.
- pay a part of the management fee to certain Shareholders in the form of a rebate at the discretion of the Management Company. The Management Company may grant rebates under certain objective criteria such as the volume subscribed or the assets held by the Shareholder. As required in certain jurisdictions and upon Shareholder’s request, the Management Company shall provide the amounts of such rebates, free of charge. | en | it |
DOLFIN1749 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## UK investment adviser charges
Adviser charging will apply to firms advising retail clients in the UK on retail investment products, pursuant to Rule 6 of the FCA’s conduct of business rules (“COBS”). Non-advised services, or execution-only sales, where no advice or recommendation is given, will fall outside the adviser charging regime.
A firm providing personal recommendations and any related services (e.g. arranging the transaction) on retail investment products may only be paid by adviser charges and must not solicit or accept any other commission, remuneration or benefit of any kind, regardless of whether it intends to pass it on to the client.
Product providers, such as the Management Company, in the case of Amundi Fund Solutions, may offer to facilitate the payment of adviser charges from the investor’s investment.
Advisers are required to disclose their charging structure to clients in writing in good time before any advice, recommendation or related services are given. A firm may use the services and costs disclosure statement (SCDD) (in COBS 6 Annex 1) or combined initial disclosure statement (CIDD) (in COBS 6 Annex 2) to disclose the required information about its charging structure.
The total adviser charge payable to the adviser or any of its associates must be agreed with and disclosed to the client as soon as practicable. The document disclosing the charge is required to be clear and concise in order to help clients understand the services to be provided and understand the cost and value of advice. Adviser’s clients will be provided with a notification of any material difference between the standard charging structure initially notified to the client and the total adviser charge payable.
If payment is to be taken from the investor’s investment, then, the product provider must obtain clear instructions from the investor about the amount to be deducted. The payment facility it offers must also be sufficiently flexible so as not to constrain advisers in the charges they can make. In the case of platforms, the adviser charges may be deducted from the customer’s cash account held on the platform. Platform operators will be subject to the same rules as product providers when they facilitate payment in this way. Where the Management Company has agreed to facilitate payment of adviser charges it will agree the amount to be deducted with the investor.
Under the FCA rules a client has the right to cancel a product within 14 or 30 days (depending on the type of product, please see the FCA’s conduct of business rules for guidance) of concluding the contract or receiving the contractual terms and conditions, whichever is later. Where the Management Company has agreed to facilitate payment of adviser charges and the investor then cancels, the Management Company may choose whether to pay the refund net or gross of the adviser charge. | ## Gebühren von Anlageberatern im UK
Bei Firmen, die Privatkunden über Anlageprodukte für Privatkunden im UK beraten, kommen gemäß Rule 6 der Geschäftsführungsregeln (Conduct of Business Rules, „COBS“) der FCA Beratungsgebühren zur Anwendung. Dienstleistungen, für die keine Beratung erfolgt, oder Verkäufe, bei denen es nur um die Ausführung geht und keine Beratung oder Empfehlung gegeben wird, fallen nicht unter die Beratungsgebührenregelung.
Eine Firma, die in Bezug auf Anlageprodukte für Privatanleger persönliche Empfehlungen gibt und damit zusammenhängende Dienstleistungen erbringt (z. B. die Transaktion veranlassen), darf nur über Beratungsgebühren bezahlt werden und keine sonstigen Provisionen, Vergütungen oder Vorteile irgendwelcher Art verlangen oder akzeptieren, unabhängig davon, ob sie diese an den Kunden weitergeben will oder nicht.
Produktanbieter wie die Verwaltungsgesellschaft können im Falle von Amundi Fund Solutions zur Vereinfachung anbieten, die Zahlung der Beratungsgebühren aus der Anlage des Anlegers vorzunehmen.
Die Berater müssen den Kunden rechtzeitig, bevor sie eine Beratung erteilen, Empfehlungen abgeben oder damit zusammenhängende Dienstleistungen erbringen, ihre Gebührenstruktur schriftlich offenlegen. Zur Offenlegung der vorgeschriebenen Informationen über ihre Gebührenstruktur kann eine Firma das Services and Costs Disclosure Statement (SCDD) (in COBS 6 Annex 1) oder das Combined Initial Disclosure Statement (CIDD) (in COBS 6 Annex 2) verwenden.
Die Gesamtberatungsgebühr, die an den Berater oder seine assoziierten Unternehmen zu zahlen ist, muss so früh wie möglich mit dem Kunden vereinbart und ihm mitgeteilt werden. Das Dokument mit der Angabe der Gebühr muss klar und kurzgefasst sein, um den Kunden das Verständnis der zu erbringenden Dienstleistungen und der Kosten und des Wertes der Beratung zu erleichtern. Die Kunden der Berater werden über wesentliche Unterschiede zwischen der Standardgebührenstruktur, die ihnen ursprünglich mitgeteilt wurde, und der zu zahlenden Beratungsgebühr benachrichtigt.
Wenn die Zahlung aus der Anlage des Anlegers erfolgen soll, muss der Produktanbieter klare Anweisungen des Anlegers über den abzuziehenden Betrag erhalten. Die von ihm angebotene Zahlungsmöglichkeit muss außerdem ausreichend flexibel sein, damit die Berater nicht in der Erhebung der Gebühren eingeschränkt werden. Im Falle von Plattformen können die Beratungsgebühren von dem im Rahmen der Plattform bestehenden Geldkonto des Kunden abgebucht werden. Betreiber der Plattformen unterliegen, wenn sie auf diesem Wege die Zahlung vereinfachen, denselben Regeln wie Produktanbieter. Falls die Verwaltungsgesellschaft zugestimmt hat, die Zahlung der Beratungsgebühren zu vereinfachen, vereinbart sie den abzubuchenden Betrag mit dem Anleger.
Nach den FCA-Regeln hat der Kunde das Recht, von einer Produktbestellung innerhalb von 14 oder 30 Tagen (abhängig von der Art des Produkts, nähere Informationen siehe die Geschäftsführungsregeln der FCA) ab Vertragsabschluss oder Eingang der Vertragsbedingungen, je nachdem, was später erfolgte, zurückzutreten. Hat die Verwaltungsgesellschaft der Zahlungsvereinfachung der Beratungsgebühren zugestimmt, und der Anleger tritt anschließend von der Bestellung zurück, so kann die Verwaltungsgesellschaft entscheiden, ob sie die Beratungsgebühren in die Rückerstattung mit einbezieht oder nicht. | ## UK investment adviser charges
Adviser charging will apply to firms advising retail clients in the UK on retail investment products, pursuant to Rule 6 of the FCA’s conduct of business rules (“COBS”). Non-advised services, or execution-only sales, where no advice or recommendation is given, will fall outside the adviser charging regime.
A firm providing personal recommendations and any related services (e.g. arranging the transaction) on retail investment products may only be paid by adviser charges and must not solicit or accept any other commission, remuneration or benefit of any kind, regardless of whether it intends to pass it on to the client.
Product providers, such as the Management Company, in the case of Amundi Fund Solutions, may offer to facilitate the payment of adviser charges from the investor’s investment.
Advisers are required to disclose their charging structure to clients in writing in good time before any advice, recommendation or related services are given. A firm may use the services and costs disclosure statement (SCDD) (in COBS 6 Annex 1) or combined initial disclosure statement (CIDD) (in COBS 6 Annex 2) to disclose the required information about its charging structure.
The total adviser charge payable to the adviser or any of its associates must be agreed with and disclosed to the client as soon as practicable. The document disclosing the charge is required to be clear and concise in order to help clients understand the services to be provided and understand the cost and value of advice. Adviser’s clients will be provided with a notification of any material difference between the standard charging structure initially notified to the client and the total adviser charge payable.
If payment is to be taken from the investor’s investment, then, the product provider must obtain clear instructions from the investor about the amount to be deducted. The payment facility it offers must also be sufficiently flexible so as not to constrain advisers in the charges they can make. In the case of platforms, the adviser charges may be deducted from the customer’s cash account held on the platform. Platform operators will be subject to the same rules as product providers when they facilitate payment in this way. Where the Management Company has agreed to facilitate payment of adviser charges it will agree the amount to be deducted with the investor.
Under the FCA rules a client has the right to cancel a product within 14 or 30 days (depending on the type of product, please see the FCA’s conduct of business rules for guidance) of concluding the contract or receiving the contractual terms and conditions, whichever is later. Where the Management Company has agreed to facilitate payment of adviser charges and the investor then cancels, the Management Company may choose whether to pay the refund net or gross of the adviser charge. | en | de |
DOLFIN1750 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth. The Fund will seeks to achieve this by investing at least 85% of its net asset value in LGT Bond EMMA LC Sub-Fund (the "Master Fund"), a sub-fund of Crown Sigma UCITS plc. The performance of the Fund will essentially be equal to the Master Fund’s perform- ance. The Master Fund strategically seeks to achieve this by invest- ing primarily in a broad range of fixed income securities and instru- ments issued by issuers with strong links to Emerging Markets. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. Futhermore, this Fund may in- vest up to 15% in cash and other cash-like investments. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes, efficient portfolio man- agement and / or investment purposes. The Fund’s portfolio is act- ively managed. The Fund aims to deliver better returns than its benchmark, the JPM GBI-EM Global Diversified (TR) Index. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited ex- tent in securities, which do not form part of the index.
Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is distributed. The portfolio transac- tion costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.
-
# Risk and Reward Profile | L’obiettivo di questo Fondo consiste nel conseguire una congrua crescita del capitale. Il Fondo punterà a realizzare tale obiettivo in- vestendo almeno l’85% del valore patrimoniale netto in LGT Bond EMMA LC Sub-Fund (il “Fondo Master”), un comparto di Crown Sigma UCITS plc. La performance del Fondo sarà sostanzialmente pari a quella del Fondo Master. Quest’ultimo mira strategicamente a realizzare l’obiettivo investendo principalmente in un’ampia gam- ma di titoli e strumenti a reddito fisso emessi da emittenti con forti legami con i Mercati emergenti. Con l’espressione Mercati emer- genti si intendono quei Paesi che hanno intrapreso un percorso di sviluppo industriale e che pertanto offrono un alto potenziale, ma anche un rischio elevato. Inoltre, questo Fondo può investire fino al 15% in liquidità e altri strumenti analoghi alla liquidità. Il Fondo può investire in derivati (strumenti finanziari derivati da altri titoli o attività) a fini di copertura, gestione efficiente del portafoglio e/o in-
vestimento. Il portafoglio del Fondo è gestito in modo attivo. Il Fon- do si prefigge di ottenere rendimenti superiori rispetto al bench- mark, l’indice JPM GBI-EM Global Diversified (TR). All’atto della se- lezione dei singoli titoli, il Gestore può usare l’indice come un uni- verso d’investimento. Il Gestore degli Investimenti può tuttavia inve- stire in misura limitata anche in titoli non ricompresi nell’indice.
Gli investitori possono effettuare negoziazioni in azioni del Fondo con cadenza giornaliera. L’eventuale reddito generato dal Fondo viene distribuito.
I costi di transazione del portafoglio possono avere un impatto so- stanziale sulla performance.
Il Fondo potrebbe non essere adatto per gli investitori che intendo- no ritirare il denaro investito dopo meno di 5 anni.
-
# Profilo di rischio e rendimento | The objective of this Fund is to achieve reasonable capital growth. The Fund will seeks to achieve this by investing at least 85% of its net asset value in LGT Bond EMMA LC Sub-Fund (the "Master Fund"), a sub-fund of Crown Sigma UCITS plc. The performance of the Fund will essentially be equal to the Master Fund’s perform- ance. The Master Fund strategically seeks to achieve this by invest- ing primarily in a broad range of fixed income securities and instru- ments issued by issuers with strong links to Emerging Markets. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. Futhermore, this Fund may in- vest up to 15% in cash and other cash-like investments. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes, efficient portfolio man- agement and / or investment purposes. The Fund’s portfolio is act- ively managed. The Fund aims to deliver better returns than its benchmark, the JPM GBI-EM Global Diversified (TR) Index. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited ex- tent in securities, which do not form part of the index.
Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is distributed. The portfolio transac- tion costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.
-
# Risk and Reward Profile | en | it |
DOLFIN1751 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Sustainable Development Goals
Principal Sustainable Development Goals (SDG) of the UN covered by companies held by the fund
170
Source: company, Mandarine Gestion, Trucost, Bloomberg, Science Based Targets data. The impact measures are ex-post monitoring indicators that do not constitute or represent management objectives. The methodological limitations regarding the impact measurement metrics are described in the section concerning the risk profile of the fund. Methodologies and approaches can vary between issuers and the different suppliers of extra-financial information. The Fund Management Company does not guarantee the accuracy, completeness or exhaustive nature of extra-financial reports.
Definitions & acronyms
DESCRIPTION OF INDICATORS | # Obiettivi di sviluppo sostenibile
Principali obiettivi di sviluppo sostenibile (SDG) dell’ONU coperti dalle aziende del fondo
170
Fonte: Dati delle aziende, Mandarine Gestion, Trucost, Bloomberg, Science Based Targets. Le misure di impatto sono indicatori di monitoraggio ex-post che non costituiscono né rappresentano un obiettivo di gestione. I limiti metodologici relativi alle metriche delle misure d’impatto sono indicati nella sezione sul profilo di rischio del fondo. Le metodologie e gli approcci possono differire tra emittenti e i vari fornitori di dati non finanziari. La società di gestione non può fornire alcuna garanzia circa l’accuratezza, la completezza e l’esaustività dei report extra-finanziari.
Definizioni e acronimi
DESCRIZIONE DEGLI INDICATORI | # Sustainable Development Goals
Principal Sustainable Development Goals (SDG) of the UN covered by companies held by the fund
170
Source: company, Mandarine Gestion, Trucost, Bloomberg, Science Based Targets data. The impact measures are ex-post monitoring indicators that do not constitute or represent management objectives. The methodological limitations regarding the impact measurement metrics are described in the section concerning the risk profile of the fund. Methodologies and approaches can vary between issuers and the different suppliers of extra-financial information. The Fund Management Company does not guarantee the accuracy, completeness or exhaustive nature of extra-financial reports.
Definitions & acronyms
DESCRIPTION OF INDICATORS | en | it |
DOLFIN1752 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Responsibilities of the Management Board of the Management Company and of those charged with governance for the financial statements
The Management Board of the Management Company is responsible for the preparation and fair presenta- tion of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements, and for such internal control as the Management Board of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management Board of the Management Company is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management Board of the Man- agement Company either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Fund’s financial reporting process. | #### Verantwortung des Vorstands der Verwaltungsgesellschaft und der für die Überwachung Verantwortlichen für den Jahresabschluss
Der Vorstand der Verwaltungsgesellschaft ist verantwortlich für die Aufstellung und sachgerechte Gesamt darstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Be stimmungen und Verordnungen zur Aufstellung des Jahresabschlusses und für die internen Kontrollen, die der Vorstand als notwendig erachtet, um die Aufstellung des Jahresabschlusses zu ermöglichen, der frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist.
Bei der Aufstellung des Jahresabschlusses ist der Vorstand der Verwaltungsgesellschaft verantwortlich für die Beurteilung der Fähigkeit des Fonds zur Fortführung der Unternehmenstätigkeit und – sofern einschlä gig –, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmen stätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungsgrundsatz zu nut zen, sofern nicht der Vorstand der Verwaltungsgesellschaft beabsichtigt, den Fonds zu liquidieren, die Geschäftstätigkeit einzustellen oder keine andere realistische Alternative mehr hat, als so zu handeln.
Die für die Überwachung Verantwortlichen sind verantwortlich für die Überwachung des Jahresabschluss erstellungsprozesses. | #### Responsibilities of the Management Board of the Management Company and of those charged with governance for the financial statements
The Management Board of the Management Company is responsible for the preparation and fair presenta- tion of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements, and for such internal control as the Management Board of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management Board of the Management Company is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management Board of the Man- agement Company either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Fund’s financial reporting process. | en | de |
DOLFIN1753 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# ALLOCATION DE L’ACTIF ET DU PASSIF
Les Statuts exigent la constitution d’un Fonds distinct proposant différentes classes d’Actions devant être traitées comme suit :
- le rapport d’activité et les comptes doivent être établis séparément pour chaque Fonds, dans la devise de référence du Fonds concerné ;
- les dettes de chacun des Fonds ne sont attribuables qu’à ce seul et même Fonds ;
- les actifs de chaque Fonds sont réputés appartenir exclusivement à ce dernier, ils doivent être distingués des actifs des autres Fonds dans les rapports du Dépositaire, ils ne doivent pas (sauf si la Loi le permet) être utilisés, directement ou indirectement, pour rembourser les dettes ou solder les créances envers un autre Fonds ;
- les produits de l’émission de chaque classe d’Actions reviendront au Fonds créé pour cette classe ou ces classes d’Actions ; l’actif, le passif, le revenu et les charges qui lui sont liés s’appliqueront audit Fonds, conformément aux dispositions des présents Statuts ;
- lorsqu’un actif est dérivé d’un autre, l’actif dérivé doit être rattaché au même Fonds que les actifs sous-jacents et, à chaque réévaluation d’un actif, l’augmentation ou la diminution de sa valeur doit se répercuter sur le Fonds concerné ; et
- si un actif ou une dette de la Société ne peut être considéré comme étant rattaché à un Fonds en particulier, les Administrateurs peuvent, à leur discrétion et sous réserve de l’approbation des Commissaires aux comptes, déterminer la base sur laquelle cet actif ou cette dette sera réparti entre les Fonds ; ils sont en mesure, à tout moment et de temps à autre sous réserve de l’approbation des Commissaires aux comptes, de modifier cette base, dans la mesure où l’approbation desdits Commissaires n’est pas requise dans tous les cas où l’actif ou la dette serait réparti entre tous les Fonds, au prorata de leurs Valeurs d’inventaire nettes. | # ASIGNACIÓN DE ACTIVOS Y PASIVOS
En los Estatutos se requiere el establecimiento de un Fondo independiente con distintas clases de Acciones, que deberá funcionar de la siguiente manera:
- los registros y las cuentas de cada Fondo serán mantenidos por separado en la divisa de referencia de cada Fondo;
- los pasivos de cada Fondo serán exclusivamente atribuibles a dicho Fondo;
- los activos de cada Fondo pertenecerán exclusivamente a ese Fondo, estarán segregados en los registros del Depositario de los activos del resto de Fondos y no se utilizarán (salvocuando lo permitan la Ley) para satisfacer, directa ni indirectamente, los pasivos o las reclamaciones de ningún otro Fondo;
- el producto de la emisión de cada clase de Acciones será aplicado al Fondo concreto establecido para esa clase o clases de Acciones, y los activos y pasivos y los rendimientos y gastos atribuibles al mismo serán aplicados a dicho Fondo con sujeción a lo estipulado en los Estatutos;
- cuando se derive cualquier activo de otro activo, el activo derivado será aplicado al mismo Fondo que los activos de los que ha derivado, y en cada nueva valoración de un activo se aplicará el incremento o la pérdida de valor al Fondo correspondiente; y
- cuando un activo o pasivo de la Sociedad no pueda ser considerado atribuible a un Fondo concreto, los Consejeros tendrán la discreción de determinar, con sujeción a la aprobación de los auditores, la base sobre la que será asignado dicho activo o pasivo a los distintos Fondos, y los Consejeros tendrán, en cualquier momento, facultad para modificar, con sujeción a la aprobación de los Auditores, dicha base, si bien la aprobación de los Auditores no será necesaria en los casos en que el activo o pasivo sea asignado a todos los Fondos de forma prorrateada con respecto a su Valor Liquidativo. | # ALLOCATION DE L’ACTIF ET DU PASSIF
Les Statuts exigent la constitution d’un Fonds distinct proposant différentes classes d’Actions devant être traitées comme suit :
- le rapport d’activité et les comptes doivent être établis séparément pour chaque Fonds, dans la devise de référence du Fonds concerné ;
- les dettes de chacun des Fonds ne sont attribuables qu’à ce seul et même Fonds ;
- les actifs de chaque Fonds sont réputés appartenir exclusivement à ce dernier, ils doivent être distingués des actifs des autres Fonds dans les rapports du Dépositaire, ils ne doivent pas (sauf si la Loi le permet) être utilisés, directement ou indirectement, pour rembourser les dettes ou solder les créances envers un autre Fonds ;
- les produits de l’émission de chaque classe d’Actions reviendront au Fonds créé pour cette classe ou ces classes d’Actions ; l’actif, le passif, le revenu et les charges qui lui sont liés s’appliqueront audit Fonds, conformément aux dispositions des présents Statuts ;
- lorsqu’un actif est dérivé d’un autre, l’actif dérivé doit être rattaché au même Fonds que les actifs sous-jacents et, à chaque réévaluation d’un actif, l’augmentation ou la diminution de sa valeur doit se répercuter sur le Fonds concerné ; et
- si un actif ou une dette de la Société ne peut être considéré comme étant rattaché à un Fonds en particulier, les Administrateurs peuvent, à leur discrétion et sous réserve de l’approbation des Commissaires aux comptes, déterminer la base sur laquelle cet actif ou cette dette sera réparti entre les Fonds ; ils sont en mesure, à tout moment et de temps à autre sous réserve de l’approbation des Commissaires aux comptes, de modifier cette base, dans la mesure où l’approbation desdits Commissaires n’est pas requise dans tous les cas où l’actif ou la dette serait réparti entre tous les Fonds, au prorata de leurs Valeurs d’inventaire nettes. | fr | es |
DOLFIN1754 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons pris pour hypothèse :in 2023 vous récupéreriez le montant que vous avez investi (rendement annuel de 0 % ; pour les autres périodes de détention, la performance du Fonds est celle indiquée dans le scénario intermédiaire ; l’investissement est de EUR 10,000 ; aucun frais d’entrée n’est appliqué à l'investissement.
| Investissement EUR 10,000 | |
| --- | --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Coûts totaux | 160 EUR | 1,046 EUR |
| Incidence des coûts annuels (*) | 1.6 % | 1.68 % |
(* Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 6.5 % avant déduction des coûts et de 4.82 % après déduction. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles. Hemos asumido que: in 2023 recuperaría usted el importe invertido (rendimiento anual del 0 % , y para los otros periodos de mantenimiento el Fondo obtiene los mismos resultados que en el escenario moderado; EUR y que se ha invertido 10,000; a la inversión no se le aplica carga alguna.
| Inversión EUR 10,000 | |
| --- | --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes totales | 160 EUR | 1,046 EUR |
| Incidencia anual de los costes (*) | 1.6 % | 1.68 % |
(* Refleja la medida en que los costes pueden reducirle su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 6.5 % antes de deducir los costes y del 4.82
% después de deducir los costes. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons pris pour hypothèse :in 2023 vous récupéreriez le montant que vous avez investi (rendement annuel de 0 % ; pour les autres périodes de détention, la performance du Fonds est celle indiquée dans le scénario intermédiaire ; l’investissement est de EUR 10,000 ; aucun frais d’entrée n’est appliqué à l'investissement.
| Investissement EUR 10,000 | |
| --- | --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Coûts totaux | 160 EUR | 1,046 EUR |
| Incidence des coûts annuels (*) | 1.6 % | 1.68 % |
(* Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 6.5 % avant déduction des coûts et de 4.82 % après déduction. | fr | es |
DOLFIN1755 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If the limits referred to above are exceeded for reasons beyond the control of Short-term VNAV Money Market Fund, or as a result of the exercise of subscription or redemption rights, that Short- term VNAV Money Market Fund must adopt as a priority objective the correction of that situation, taking due account of the interests of its shareholders.
- Standard Money Market FundA Standard Money Market Fund must comply on an ongoing basis with all of the following portfolio requirements:
- its portfolio is to have at all times a WAM of no more than 6 months,
- its portfolio is to have a WAL of no more than 12 months, subject to the provisions of the MMF Regulation concerning WAL calculation,
- at least 7.5% of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day. A Standard Money Market Fund is not to acquire any asset other than a daily maturing asset when such acquisition would result in that Money Market Fund investing less than 7.5% of its portfolio in daily maturing assets,
- at least 15% of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by giving prior notice of five working days. A Standard Money Market Fund is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that Money Market Fund investing less than 15% of its portfolio in weekly maturing assets.
- for the purpose of the calculation referred to in point d), Money Market Instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets up to a maximum of 7.5% of its assets provided they are able to be redeemed and settled within five working days. | Si se exceden los límites anteriores independientemente de la voluntad de un Fondo del Mercado Monetario a Corto Plazo de VLV o tras el ejercicio de derechos de suscripción o reembolso, el Fondo del Mercado Monetario a Corto Plazo de VLV en cuestión deberá tener como objetivo prioritario corregir tal situación, teniendo debidamente en cuenta el interés de sus accionistas.
- Fondos del Mercado Monetario EstándarLos Fondos del Mercado Monetario Estándar deberán cumplir permanentemente la totalidad de los requisitos siguientes en lo que respecta a su cartera:
- que el WAM de la cartera sea en todo momento igual o inferior a seis meses;
- que la WAL de la cartera sea en todo momento igual o inferior a 12 meses, sin perjuicio de lo dispuesto en el Reglamento sobre los FMM en relación con el cálculo de la WAL;
- que al menos el 7,5% de sus activos esté constituido por activos con vencimiento diario, pactos de recompra inversa a los que se pueda poner fin con un preaviso de un día hábil, o efectivo que pueda retirarse con un preaviso de un día hábil. Los Fondos del Mercado Monetario Estándar no pueden adquirir ningún activo que no sea un activo con vencimiento diario cuando dicha adquisición tenga por efecto una inversión inferior al 7,5% de la cartera en activos con vencimiento diario;
- que al menos el 15% de sus activos esté constituido por activos con vencimiento semanal, pactos de recompra inversa a los que se pueda poner fin con un preaviso de cinco días hábiles, o efectivo que pueda retirarse con un preaviso de cinco días hábiles. Los Fondos del Mercado Monetario Estándar no pueden adquirir ningún activo que no sea un activo con vencimiento semanal cuando dicha adquisición tenga por efecto una inversión inferior al 15% de la cartera en activos con vencimiento diario.
- a efectos del cálculo a que se refiere la letra d), los Instrumentos del Mercado Monetario o las participaciones o acciones de otros Fondos del Mercado Monetario también podrán incluirse en los activos con vencimiento semanal hasta un límite máximo del 7,5% de sus activos, siempre que se puedan reembolsar y liquidar en el plazo de cinco días hábiles. | If the limits referred to above are exceeded for reasons beyond the control of Short-term VNAV Money Market Fund, or as a result of the exercise of subscription or redemption rights, that Short- term VNAV Money Market Fund must adopt as a priority objective the correction of that situation, taking due account of the interests of its shareholders.
- Standard Money Market FundA Standard Money Market Fund must comply on an ongoing basis with all of the following portfolio requirements:
- its portfolio is to have at all times a WAM of no more than 6 months,
- its portfolio is to have a WAL of no more than 12 months, subject to the provisions of the MMF Regulation concerning WAL calculation,
- at least 7.5% of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day. A Standard Money Market Fund is not to acquire any asset other than a daily maturing asset when such acquisition would result in that Money Market Fund investing less than 7.5% of its portfolio in daily maturing assets,
- at least 15% of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by giving prior notice of five working days. A Standard Money Market Fund is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that Money Market Fund investing less than 15% of its portfolio in weekly maturing assets.
- for the purpose of the calculation referred to in point d), Money Market Instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets up to a maximum of 7.5% of its assets provided they are able to be redeemed and settled within five working days. | en | es |
DOLFIN1756 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The following definition has been issued by Irish Revenue in relation to the ordinary residence of individuals:
The term “ordinary residence” as distinct from “residence”, relates to a person’s normal pattern of life and denotes residence in a place with some degree of continuity.
An individual who has been resident in Ireland for three consecutive tax years becomes ordinarily resident with effect from the commencement of the fourth tax year.
An individual who has been ordinarily resident in Ireland ceases to be ordinarily resident at the end of the third consecutive tax year in which s/he is not resident. Thus, an individual who is resident and ordinarily resident in Ireland in the tax year 1 January 2018 to 31 December 2018 and departs from Ireland in that tax year will remain ordinarily resident up to the end of the tax year 1 January 2021 to 31 December 2021. | La seguente definizione è stata formulata dal Fisco Irlandese in relazione alla residenza di persone fisiche:
L'espressione "abituale residenza" distinta da "residenza" si riferisce al normale schema di vita di una persona e indica che quest'ultima risiede in un dato luogo con un certo grado di continuità.
Una persona fisica che sia stata residente in Irlanda per tre esercizi fiscali consecutivi diventa abitualmente resident e con effetto a decorrere dall'inizio del quarto esercizio fiscale.
Una persona fisica che sia stata abituale residente in Irlanda cessa di esserlo al termine del terzo anno tributario consecutivo di non residenza. Pertanto, una persona fisica residente e abitualmente residente in Irlanda nell'eserc izio fiscale compreso tra il 1° gennaio 2018 e il 31 dicembre 2018 che lascia l'Irlanda in tale esercizio fiscale rimane abitualmente residente fino alla fine dell'esercizio fiscale compreso tra il 1° gennaio 2021 e il 31 dicembre 2021. | The following definition has been issued by Irish Revenue in relation to the ordinary residence of individuals:
The term “ordinary residence” as distinct from “residence”, relates to a person’s normal pattern of life and denotes residence in a place with some degree of continuity.
An individual who has been resident in Ireland for three consecutive tax years becomes ordinarily resident with effect from the commencement of the fourth tax year.
An individual who has been ordinarily resident in Ireland ceases to be ordinarily resident at the end of the third consecutive tax year in which s/he is not resident. Thus, an individual who is resident and ordinarily resident in Ireland in the tax year 1 January 2018 to 31 December 2018 and departs from Ireland in that tax year will remain ordinarily resident up to the end of the tax year 1 January 2021 to 31 December 2021. | en | it |
DOLFIN1757 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The fund returned -16.41% (gross of fees) against the benchmark return of -18.25% for the 12 months to the end of June, an outperformance of 184bps.
Over the reporting period, despite a difficult trading environment for EMs and intense volatility driven by the Russia-Ukraine war, high commodity prices and a material sell-off in US Treasuries, the fund outperformed its benchmark. The outperformance was largely driven by an absolute underweight to Russia during the build-up to the conflict, while overweights to select Chinese real estate names were the main detractors.
The fund had maintained a zero exposure to Russia and a significant underweight to Kazakhstan leading up to the invasion of Ukraine due to the high environmental, social and governance risks. This proved to be the right approach, adding significantly to relative returns. During this period of weak markets, broadly speaking, our hedges and underweight allocations also contributed to relative outperformance, whereas our overweight allocations detracted.
On the negative side, our allocation within Chinese real estate, namely Zhenro Properties, Evergrande Group and Kaisa Group were the main detractors as mounting liquidity pressures drove credits into default, materially dragging on performance. Our overweight allocation to Tunisia also detracted, although these bonds started to perform better coming into July and August. Our overweight allocation to euro-denominated long-dated Romanian bonds was also negative.
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###### BlueBay Funds - BlueBay Global Sovereign Opportunities Fund Market Review | Il fondo ha reso il -16.41% (al lordo delle commissioni), sovraperformando di 184 pb il benchmark (-18.25%) nei 12 mesi terminati a fine giugno.
Nel periodo in esame, nonostante il difficile contesto di trading nei mercati emergenti e l’intensa volatilità dovuti alla guerra tra Russia e Ucraina, ai prezzi elevati delle materie prime e a una significativa correzione dei Treasury USA, il fondo ha sovraperformato il benchmark. La sovraperformance è ascrivibile principalmente al sottopeso assoluto sulla Russia alla vigilia del conflitto, mentre alcune posizioni sovrappesate nel settore immobiliare cinese hanno fornito gli apporti peggiori.
Il fondo aveva un’esposizione nulla alla Russia e un significativo sottopeso sul Kazakistan prima dell’invasione dell’Ucraina a causa degli elevati rischi ambientali, sociali e di governance. Questo approccio si è rivelato corretto, avendo dato un contributo di rilievo al risultato relativo. In questa fase di debolezza dei mercati, in generale, le coperture e le posizioni di sottopeso hanno contribuito alla sovraperformance, mentre le posizioni di sovrappeso hanno eroso il risultato.
Sul versante negativo, le allocazioni nell’immobiliare cinese, vale a dire Zhenro Properties, Evergrande Group e Kaisa Group hanno fornito i contributi peggiori, poiché le crescenti pressioni sulla liquidità hanno spinto le obbligazioni in default, pesando notevolmente sulla performance. Un apporto negativo è imputabile inoltre alla sovraesposizione alla Tunisia, sebbene queste obbligazioni abbiano iniziato a registrare performance migliori a partire da luglio e agosto. Un altro contributo sfavorevole è giunto dal sovrappeso sulle obbligazioni rumene a lungo termine denominate in euro.
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#### BlueBay Funds - BlueBay Global Sovereign Opportunities Fund Analisi di mercato | The fund returned -16.41% (gross of fees) against the benchmark return of -18.25% for the 12 months to the end of June, an outperformance of 184bps.
Over the reporting period, despite a difficult trading environment for EMs and intense volatility driven by the Russia-Ukraine war, high commodity prices and a material sell-off in US Treasuries, the fund outperformed its benchmark. The outperformance was largely driven by an absolute underweight to Russia during the build-up to the conflict, while overweights to select Chinese real estate names were the main detractors.
The fund had maintained a zero exposure to Russia and a significant underweight to Kazakhstan leading up to the invasion of Ukraine due to the high environmental, social and governance risks. This proved to be the right approach, adding significantly to relative returns. During this period of weak markets, broadly speaking, our hedges and underweight allocations also contributed to relative outperformance, whereas our overweight allocations detracted.
On the negative side, our allocation within Chinese real estate, namely Zhenro Properties, Evergrande Group and Kaisa Group were the main detractors as mounting liquidity pressures drove credits into default, materially dragging on performance. Our overweight allocation to Tunisia also detracted, although these bonds started to perform better coming into July and August. Our overweight allocation to euro-denominated long-dated Romanian bonds was also negative.
-
###### BlueBay Funds - BlueBay Global Sovereign Opportunities Fund Market Review | en | it |
DOLFIN1758 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this Product?
### Objectives:
The investment objective of the Product is to achieve consistent risk-adjusted investment results which are independent of the returns generated by the overall equity markets, by primarily investing in equity securities of Asian companies.
The Product invests principally in securities subject to or potentially subject to meaningful corporate activity where the Investment Manager believes the market price does not adequately reflect the effect that such activity will have on the securities' valuation.
### The Product focuses on three areas of investment
- Event Equities, where the Investment Manager attempts to benefit from price movements resulting from corporate events;
- Risk Arbitrage, where the Investment Manager analyses transactions and seeks to profit from securities which are trading cheaply due to uncertainty in the markets;
- Value Equities, where stocks are selected on the basis that they are cheap relative to their fundamentals such as dividends, earnings and sales.
The Product may invest in equities, equity related instruments, and bonds. Up to 20% of the Product's assets may be invested in securities of companies that are not listed on an Asian stock exchange or that do not have significant business relationships in Asia.
### The return of the Product is also related to the recommended holding period and risk and reward profile.
### Unless otherwise defined in this document, all words and expressions defined in the Product's current prospectus shall have the same meaning herein.
### Term:
### The Product has no maturity date.
### Benchmark:
### The Product is actively managed, and is not managed in reference to a benchmark.
### Type:
This Product is a Share class of Lumyna - MY Asian Event-Driven UCITS Fund (the "Sub-Fund"), a sub-fund of Lumyna Funds (the "Fund"), a UCITS fund organised as a public limited company and qualifying as an investment company with variable capital with multiple sub-funds.
### The performance of this Product will depend on the performance of the portfolio of investments of the Sub-Fund, as further described in the section "Objectives" of this document.
### Intended Retail Investor:
### This Product is suitable for:
- Investors seeking growth through an actively managed fund invested across different types of assets.
- Investors with a knowledge level of a basic, informed and advanced investor.
- Retail investors who rely on investment advice and portfolio management services.
- Investors who have an investment horizon of 5 years or more.
- Investors who are able to bear the loss of their entire investments due to market risks as described in the section "What are the risks and what could I get in return?" below.
### Depositary:
### State Street Bank International GmbH, Luxembourg Branch (“the Depositary”).
### Distribution Policy:
### Your Shares are non-distributing (i.e. any income arising from your Shares will be included in their value).
### Dealing:
### You may redeem your Shares on demand on each banking day, which is a UK, US and Luxembourg banking day.
The assets and liabilities of the Sub-Fund are segregated from the other sub-funds of the Fund by law. However, the assets and liabilities of your Shares are not segregated from the assets and liabilities of the other classes of Shares of the Sub- Fund.
### You are able to convert your Shares into other classes of Shares in sub-funds of the Fund. Further information about how to do this can be found in the Fund's prospectus.
The Product's latest prospectus, annual and semi-annual reports, updated KIDs, other product information, including the prices of the Shares are available, free of charge, in English at www.lumyna.com. Such prospectus and reports are prepared at the level of the Fund as a whole. | # Um welche Art von Produkt handelt es sich?
### Ziele:
Das Investitionsziel des Produkts besteht darin, konsistente, risikobereinigte Anlageergebnisse zu erzielen, die unabhängig von den Renditen sind, die die Aktienmärkte insgesamt erzielen, indem es vorwiegend in Eigenkapitalinstrumente asiatischer Unternehmen investiert.
Das Produkt investiert hauptsächlich in Wertpapiere, die einer bedeutenden Unternehmensaktivität unterliegen oder unterliegen können, wenn die Anlagemanagementgesellschaft der Ansicht ist, dass der Marktpreis die Auswirkungen dieser Aktivität auf die Bewertung der Wertpapiere nicht angemessen widerspiegelt.
### Das Produkt konzentriert sich auf drei Investitionsbereiche
- Event Equities, bei denen die Anlagemanagementgesellschaft versucht, von Kursschwankungen zu profitieren, die sich aus Unternehmensereignissen ergeben;
- Risk Arbitrage, bei denen die Anlagemanagementgesellschaft Transaktionen analysiert und versucht, von Wertpapieren zu profitieren, die aufgrund von Unsicherheiten an den Märkten billig gehandelt werden;
- Value Equities, bei denen Aktien auf der Grundlage ausgewählt werden, dass sie im Verhältnis zu ihren Fundamentaldaten wie Dividenden, Erträgen und Umsätzen günstig sind.
Das Produkt kann in Aktien, aktienähnliche Instrumente und Anleihen investieren. Es können bis zu 20 % der Vermögenswerte des Produkts in Wertpapiere von Unternehmen investiert werden, die nicht an einer asiatischen Börse notiert sind und die keine wesentlichen Geschäftsbeziehungen in Asien unterhalten.
### Die Rendite des Produkts hängt auch von der empfohlenen Haltedauer und dem Risiko- und Ertragsprofil ab.
### Sofern in diesem Dokument nicht anderweitig definiert, haben alle im aktuellen Prospekt des Produkts definierten Begriffe und Ausdrücke dieselbe Bedeutung wie im Prospekt.
### Laufzeit:
### Das Produkt hat kein Fälligkeitsdatum.
### Benchmark:
### Das Produkt wird aktiv und nicht in Bezug auf einen Referenzwert verwaltet.
### Art:
Dieses Produkt ist eine Anteilsklasse des Lumyna - MY Asian Event-Driven UCITS Fund (der ,,Teilfonds"), ein Teilfonds von Lumyna Funds (der ,,Fonds"), ein OGAW- Fonds, der als Aktiengesellschaft organisiert ist und als Investmentgesellschaft mit variablem Kapital und mehreren Teilfonds gilt.
### Die Wertentwicklung dieses Produkts hängt von der Wertentwicklung des Investitionsportfolios des Teilfonds ab, wie im Abschnitt ,,Ziele" dieses Dokuments näher beschrieben.
### Kleinanleger-Zielgruppe:
### Dieses Produkt ist geeignet für:
- Anleger, die Wachstum durch einen aktiv verwalteten Fonds anstreben, der in verschiedene Arten von Vermögenswerten investiert.
- Anleger mit dem Kenntnisstand eines einfachen, informierten und fortgeschrittenen Anlegers.
- Kleinanleger, die auf Anlageberatung und Portfolioverwaltungsdienste angewiesen sind.
- Anleger, die einen Anlagehorizont von 5 Jahren oder mehr haben.
- Anleger, die in der Lage sind, den Verlust ihrer gesamten Anlagen aufgrund von Marktrisiken, wie im nachfolgenden Abschnitt ,,Welche Risiken bestehen und welche Rendite kann ich erhalten?" beschrieben, zu tragen.
### Hinterlegungsstelle:
### State Street Bank International GmbH, Luxembourg Branch ("die Depotstelle").
### Ausschüttungspolitik:
### Ihre Anteile sind nicht ausschüttungsfähig (d. h. alle Erträge aus Ihren Anteilen werden in deren Wert einbezogen).
### Handelstag:
### Sie können Ihre Anteile auf Verlangen an jedem Bankarbeitstag zurückgeben, d. h. an jedem Bankarbeitstag im Vereinigten Königreich, in den USA und in Luxemburg.
Die Vermögenswerte und Verbindlichkeiten des Teilfonds sind wie gesetzlich vorgeschrieben von den anderen Teilfonds des Fonds getrennt. Die Vermögenswerte und Verbindlichkeiten Ihrer Anteile sind jedoch nicht von den Vermögenswerten und Verbindlichkeiten der anderen Anteilsklassen des Teilfonds getrennt.
### Sie können Ihre Anteile in andere Anteilsklassen in Teilfonds des Fonds umtauschen. Weitere Informationen hierzu finden Sie im Verkaufsprospekt des Fonds.
Der aktuelle Verkaufsprospekt des Produkts, die Jahres- und Halbjahresberichte, aktualisierte KIDs und weitere Produktinformationen, einschließlich der Preise der Anteile, sind kostenlos auf Englisch unter www.lumyna.com erhältlich. Dieser Verkaufsprospekt und die Berichte werden auf Ebene des Fonds als Ganzes erstellt. | # What is this Product?
### Objectives:
The investment objective of the Product is to achieve consistent risk-adjusted investment results which are independent of the returns generated by the overall equity markets, by primarily investing in equity securities of Asian companies.
The Product invests principally in securities subject to or potentially subject to meaningful corporate activity where the Investment Manager believes the market price does not adequately reflect the effect that such activity will have on the securities' valuation.
### The Product focuses on three areas of investment
- Event Equities, where the Investment Manager attempts to benefit from price movements resulting from corporate events;
- Risk Arbitrage, where the Investment Manager analyses transactions and seeks to profit from securities which are trading cheaply due to uncertainty in the markets;
- Value Equities, where stocks are selected on the basis that they are cheap relative to their fundamentals such as dividends, earnings and sales.
The Product may invest in equities, equity related instruments, and bonds. Up to 20% of the Product's assets may be invested in securities of companies that are not listed on an Asian stock exchange or that do not have significant business relationships in Asia.
### The return of the Product is also related to the recommended holding period and risk and reward profile.
### Unless otherwise defined in this document, all words and expressions defined in the Product's current prospectus shall have the same meaning herein.
### Term:
### The Product has no maturity date.
### Benchmark:
### The Product is actively managed, and is not managed in reference to a benchmark.
### Type:
This Product is a Share class of Lumyna - MY Asian Event-Driven UCITS Fund (the "Sub-Fund"), a sub-fund of Lumyna Funds (the "Fund"), a UCITS fund organised as a public limited company and qualifying as an investment company with variable capital with multiple sub-funds.
### The performance of this Product will depend on the performance of the portfolio of investments of the Sub-Fund, as further described in the section "Objectives" of this document.
### Intended Retail Investor:
### This Product is suitable for:
- Investors seeking growth through an actively managed fund invested across different types of assets.
- Investors with a knowledge level of a basic, informed and advanced investor.
- Retail investors who rely on investment advice and portfolio management services.
- Investors who have an investment horizon of 5 years or more.
- Investors who are able to bear the loss of their entire investments due to market risks as described in the section "What are the risks and what could I get in return?" below.
### Depositary:
### State Street Bank International GmbH, Luxembourg Branch (“the Depositary”).
### Distribution Policy:
### Your Shares are non-distributing (i.e. any income arising from your Shares will be included in their value).
### Dealing:
### You may redeem your Shares on demand on each banking day, which is a UK, US and Luxembourg banking day.
The assets and liabilities of the Sub-Fund are segregated from the other sub-funds of the Fund by law. However, the assets and liabilities of your Shares are not segregated from the assets and liabilities of the other classes of Shares of the Sub- Fund.
### You are able to convert your Shares into other classes of Shares in sub-funds of the Fund. Further information about how to do this can be found in the Fund's prospectus.
The Product's latest prospectus, annual and semi-annual reports, updated KIDs, other product information, including the prices of the Shares are available, free of charge, in English at www.lumyna.com. Such prospectus and reports are prepared at the level of the Fund as a whole. | en | de |
DOLFIN1759 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# REDEMPTIONS
Shareholders may effect a redemption of Shares on any Dealing Day at the Net Asset Value per Share in respect of that Dealing Day, provided that a written redemption request is signed by the Shareholder and received by the Administrator by the Dealing Deadline, in accordance with the provisions set out in this section and at the “INFORMATION ON SHARES - Redemptions” section of the Prospectus.
Settlement will normally take place by the applicable Settlement Deadline. | # RISCATTI
Gli Azionisti possono riscattare le Azioni in qualsiasi Giorno di negoziazione al Valore Patrimoniale
Netto per Azione relativo a quel Giorno di negoziazione, a condizione che l'Azionista firmi una richiesta scritta di riscatto e che questa sia ricevuta dall'Agente amministrativo entro il Termine ultimo di negoziazione, in conformità alle disposizioni di cui alla presente sezione e alla sezione "INFORMAZIONI SULLE AZIONI - Riscatti" del Prospetto.
Di norma, il regolamento avverrà entro il Termine ultimo per il regolamento applicabile. | # REDEMPTIONS
Shareholders may effect a redemption of Shares on any Dealing Day at the Net Asset Value per Share in respect of that Dealing Day, provided that a written redemption request is signed by the Shareholder and received by the Administrator by the Dealing Deadline, in accordance with the provisions set out in this section and at the “INFORMATION ON SHARES - Redemptions” section of the Prospectus.
Settlement will normally take place by the applicable Settlement Deadline. | en | it |
DOLFIN1760 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Il s’agit du maximum pouvant être prélevé sur votre capital avant que celui- ci ne soit investi et qui est généralement facturé uniquement dans des circonstances exceptionnelles. | 3,0% |
| Coûts de sortie | Il s’agit du maximum pouvant être prélevé sur votre capital avant que le produit de votre investissement ne soit versé et n’est généralement facturé que dans des circonstances exceptionnelles. | 2,0% |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | Cette estimation se base sur les coûts réels au cours de l’année dernière. | 0,5% |
| Transaction costs | Le chiffre indiqué correspond à un pourcentage de la valeur de votre investissement par année. 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. | 0,0% |
| Coûts accessoires |
| Commissions de performance | Aucune commission de performance n’est applicable à ce produit | 0.0 | | | Costes únicos | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Este es el máximo que se puede detraer de su dinero antes de que se invierta y, por lo general, se cobra solo en circunstancias excepcionales. | 3,0% |
| Costes de salida | Este es el máximo que se puede detraer de su dinero antes de que se pague el producto de su inversión y, por lo general, solo se cobra en circunstancias excepcionales. | 2,0% |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Se trata de una estimación basada en los costes reales del último año. | 0,5% |
| Transaction costs | La cifra que se muestra es un porcentaje 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. | 0,0% |
| Costes accesorios |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto | 0.0 | | | Coûts ponctuels | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Il s’agit du maximum pouvant être prélevé sur votre capital avant que celui- ci ne soit investi et qui est généralement facturé uniquement dans des circonstances exceptionnelles. | 3,0% |
| Coûts de sortie | Il s’agit du maximum pouvant être prélevé sur votre capital avant que le produit de votre investissement ne soit versé et n’est généralement facturé que dans des circonstances exceptionnelles. | 2,0% |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | Cette estimation se base sur les coûts réels au cours de l’année dernière. | 0,5% |
| Transaction costs | Le chiffre indiqué correspond à un pourcentage de la valeur de votre investissement par année. 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. | 0,0% |
| Coûts accessoires |
| Commissions de performance | Aucune commission de performance n’est applicable à ce produit | 0.0 | | fr | es |
DOLFIN1761 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Articles give powers to the Directors to impose such restrictions as they may think necessary for the purpose of ensuring that no Shares in the Company are acquired or held by any person in breach of the law or the requirements of any country or governmental authority or by any person in circumstances which in the opinion of the Directors might result in the Company incurring any liability or taxation or suffering any other disadvantage which the Company may not otherwise have incurred or suffered and, in particular, due to US Persons being invested in the Company. The Company may compulsorily redeem all Shares held by any such person.
The Management Company reserves the right to request a written representation from investors stating their compliance with the above restrictions prior to accepting subscription requests.
The value of the Shares may fall as well as rise and a Shareholder on transfer or redemption of Shares may not get back the amount he initially invested. Income from the Shares may fluctuate in money terms and changes in rates of exchange may cause the value of Shares to go up or down. The levels and basis of, and reliefs from taxation may change. There can be no assurance that the investment objectives of any Fund will be achieved.
Investors should inform themselves and should take appropriate advice on the legal requirements as to possible tax consequences, foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their citizenship, residence, or domicile and which might be relevant to the subscription, purchase, holding, switch, redemption or disposal of the Shares of the Company.
Further copies of this Prospectus and the latest KID may be obtained from the Registrar and Transfer Agent. | Die Satzung ermächtigt den Verwaltungsrat, geeignete Beschränkungen zu erlassen, um zu gewährleisten, dass keine Anteile der Gesellschaft von einer Person in Verletzung des Gesetzes oder der Auflagen eines Landes oder einer Regierungsbehörde oder von einer Person, deren Verhältnisse nach Meinung des Verwaltungsrats für die Gesellschaft zu Verbindlichkeiten, Steuerbelastungen oder sonstigen Nachteilen führen könnten, die der Gesellschaft andernfalls nicht entstanden wären, erworben oder gehalten werden, insbesondere aufgrund der Beteiligung von US-Personen an der Gesellschaft. Die Gesellschaft kann sämtliche Anteile, die von diesen Personen gehalten werden, zwangsweise zurücknehmen.
Die Verwaltungsgesellschaft behält sich das Recht vor, vor der Annahme von Zeichnungsaufträgen von den Anlegern eine schriftliche Erklärung zu verlangen, aus der hervorgeht, dass die obigen Beschränkungen eingehalten werden.
Der Wert der Anteile kann sowohl steigen als auch fallen, und ein Anteilinhaber erhält bei Übertragung oder Rücknahme von Anteilen möglicherweise nicht den ursprünglich investierten Betrag zurück. Anteilserträge können betragsmäßig schwanken und der Wert der Anteile kann aufgrund von Wechselkursänderungen steigen oder fallen. Steuersätze, - berechnungsgrundlagen und -vergünstigungen können Änderungen unterliegen. Es kann keine Zusicherung gegeben werden, dass die Anlageziele der Fonds erreicht werden.
Die Anleger sollten sich über die gesetzlichen Bestimmungen bezüglich möglicher steuerlicher Folgen, Devisenbeschränkungen oder Devisenkontrollbeschränkungen nach den Gesetzen des Landes ihrer Staatsangehörigkeit, ihres Wohnsitzes oder ihres gewöhnlichen Aufenthalts, die für die Zeichnung, den Kauf, den Besitz, die Rücknahme oder die Übertragung der Anteile der Gesellschaft von Bedeutung sein könnten, informieren und fachmännischen Rat hierzu einholen.
Weitere Exemplare dieses Prospekts und des jüngsten KID sind bei der Register- und Transferstelle erhältlich. | The Articles give powers to the Directors to impose such restrictions as they may think necessary for the purpose of ensuring that no Shares in the Company are acquired or held by any person in breach of the law or the requirements of any country or governmental authority or by any person in circumstances which in the opinion of the Directors might result in the Company incurring any liability or taxation or suffering any other disadvantage which the Company may not otherwise have incurred or suffered and, in particular, due to US Persons being invested in the Company. The Company may compulsorily redeem all Shares held by any such person.
The Management Company reserves the right to request a written representation from investors stating their compliance with the above restrictions prior to accepting subscription requests.
The value of the Shares may fall as well as rise and a Shareholder on transfer or redemption of Shares may not get back the amount he initially invested. Income from the Shares may fluctuate in money terms and changes in rates of exchange may cause the value of Shares to go up or down. The levels and basis of, and reliefs from taxation may change. There can be no assurance that the investment objectives of any Fund will be achieved.
Investors should inform themselves and should take appropriate advice on the legal requirements as to possible tax consequences, foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their citizenship, residence, or domicile and which might be relevant to the subscription, purchase, holding, switch, redemption or disposal of the Shares of the Company.
Further copies of this Prospectus and the latest KID may be obtained from the Registrar and Transfer Agent. | en | de |
DOLFIN1762 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market Timing
The Fund is not designed for professional market timing organizations or other organizations or individuals engaged in market timing strategies, programmed exchanges, frequent exchanges, or exchanges that are large in relation to the total assets of the Sub-Fund. Market timing strategies are disruptive to the Sub-Fund. If the Fund determines that your exchange patterns reflect a market timing strategy, the Fund reserves the right to take any action permitted under applicable rules and standards, including but not limited to, (i) refusing to accept your orders to purchase Sub-Fund shares, and/or (ii) restricting the availability of exchanges through telephone requests, facsimile transmissions, automated telephone services, internet services, or any electronic transfer services.
The Fund receives purchase exchange and redemption orders from many distribution agents which maintain omnibus accounts with the Fund. Omnibus account arrangements permit distribution agents to aggregate their clients’ transaction and ownership positions. In these circumstances, the identity of the particular shareholder(s) is not known to the Fund. While the Fund encourages distribution agents to apply the Fund's market timing policy to their customers who invest indirectly in the Funds, the Fund is limited in its ability to monitor the trading activity or enforce the Fund's market timing policy with respect to customers of distribution agents. Shareholders seeking to engage in excessive trading practices may employ a variety of strategies to avoid detection. The ability of the Fund to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. | # MARKET TIMING
El Fondo no se dirige a organizaciones profesionales especializadas en market timing ni a otros particulares u organizaciones que lleven a cabo estrategias de market timing, canjes programados, canjes frecuentes o canjes de un volumen considerable en relación con el patrimonio total del Subfondo. Las estrategias de market timing tienen un efecto de perturbación en el Subfondo. Si el Fondo determinara que unas pautas de canje ocultan una estrategia de market timing, el Fondo se reserva el derecho de aplicar las medidas de que disponga legalmente y en particular, aunque no exclusivamente, a (i) negarse a aceptar las órdenes de suscripción de un accionista de acciones del Subfondo y/o (ii) restringir la posibilidad de realizar canjes mediante peticiones telefónicas, traspasos por fax, servicios telefónicos automatizados, servicios de Internet o cualquier servicio de transferencia electrónica.
El Fondo recibe órdenes de suscripción, canje y reembolso de muchos agentes comercializadores que tienen abiertas cuentas combinadas (omnibus) en el Fondo. Los contratos de apertura de cuenta combinada permiten a los agentes comercializadores sumar las posiciones y las operaciones de sus clientes. En estos casos, el Fondo desconoce la identidad de los accionistas específicos. Si bien el Fondo aconseja a los agentes comercializadores que apliquen la política sobre market timing a sus clientes que invierten indirectamente en los Fondos, el Fondo no se hace responsable de la supervisión de la actividad de contrataciones ni de exigir el cumplimiento de dicha política a los clientes de los agentes comercializadores. Posiblemente los accionistas que busquen la realización de prácticas de contratación excesiva podrán emplear diversas estrategias para evitar su detección. La capacidad del Fondo para detectar y frenar las prácticas de contratación abusivas puede verse también reducida por sistemas operativos y limitaciones técnicas. | # Market Timing
The Fund is not designed for professional market timing organizations or other organizations or individuals engaged in market timing strategies, programmed exchanges, frequent exchanges, or exchanges that are large in relation to the total assets of the Sub-Fund. Market timing strategies are disruptive to the Sub-Fund. If the Fund determines that your exchange patterns reflect a market timing strategy, the Fund reserves the right to take any action permitted under applicable rules and standards, including but not limited to, (i) refusing to accept your orders to purchase Sub-Fund shares, and/or (ii) restricting the availability of exchanges through telephone requests, facsimile transmissions, automated telephone services, internet services, or any electronic transfer services.
The Fund receives purchase exchange and redemption orders from many distribution agents which maintain omnibus accounts with the Fund. Omnibus account arrangements permit distribution agents to aggregate their clients’ transaction and ownership positions. In these circumstances, the identity of the particular shareholder(s) is not known to the Fund. While the Fund encourages distribution agents to apply the Fund's market timing policy to their customers who invest indirectly in the Funds, the Fund is limited in its ability to monitor the trading activity or enforce the Fund's market timing policy with respect to customers of distribution agents. Shareholders seeking to engage in excessive trading practices may employ a variety of strategies to avoid detection. The ability of the Fund to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. | en | es |
DOLFIN1763 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
There are risks associated with investment in the ICAV and in the Shares of each Fund.
The risks described in this Prospectus should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in a Fund. Potential investors should be aware that an investment in a Fund may be exposed to other risks from time to time.
Different risks may apply to different Funds and/or Classes. Details of specific risks attaching to a particular Fund or Class which are additional to those described in this section will be disclosed in the relevant Supplement.
Investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or other matters. If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the ICAV or a Fund or the suitability for you of investing in the ICAV or a Fund, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser.
As the price of Shares in each Fund may fall as well as rise, the ICAV shall not be a suitable investment for an investor who cannot sustain a loss on his investment.
Past performance of the ICAV or any Fund should not be relied upon as an indicator of future performance.
- Investment Risks
- General Investment RiskThe securities and instruments in which the Funds invest are subject to normal market fluctuations and other risks inherent in investing in such investments, and there can be no assurance that any appreciation in value will occur. | Vi sono rischi associati all'investimento nella ICAV e nelle Azioni di ciascun Fondo.
I rischi descritti all'interno del presente Prospetto non saranno da considerarsi come un elenco completo dei rischi che i potenziali investitori dovrebbero valutare prima di investire in un Fondo. I potenziali investitori dovrebbero essere consapevoli del fatto che un investimento in un Fondo potrebbe essere di volta in volta esposto ad altri rischi.
A diversi Fondi e/o Classi possono applicarsi rischi diversi. I dettagli relativi ai rischi specifici associati a uno specifico Fondo o Classe aggiuntivi rispetto a quelli descritti nella presente sezione saranno riportati nel relativo Supplemento.
Gli investitori non dovranno considerare i contenuti del presente Prospetto quali consulenze relative a questioni legali, fiscali, d'investimento o di altra natura. In caso di dubbi circa i contenuti del presente Prospetto, i rischi correlati all'investimento nella ICAV o in un Fondo o l'adeguatezza dell'investimento nella ICAV o in un Fondo, si prega di consultare il proprio intermediario, direttore di banca, consulente legale, contabile o altro consulente finanziario indipendente.
Poiché il prezzo delle Azioni di ciascun Fondo potrebbe aumentare così come diminuire, la ICAV non costituisce un investimento adeguato per gli investitori che non siano in grado di sostenere una perdita.
I risultati ottenuti nel passato dalla ICAV o da qualunque Fondo non dovranno essere presi in considerazione quali indicatori dei risultati futuri.
- Rischi d'investimento
- Rischi d'investimento genericiI titoli e gli strumenti in cui i Fondi investono sono soggetti a normali oscillazioni di mercato e ad altri rischi intrinseci nell'investimento negli stessi, e non può esservi alcuna garanzia che si verifichi un apprezzamento del valore. | There are risks associated with investment in the ICAV and in the Shares of each Fund.
The risks described in this Prospectus should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in a Fund. Potential investors should be aware that an investment in a Fund may be exposed to other risks from time to time.
Different risks may apply to different Funds and/or Classes. Details of specific risks attaching to a particular Fund or Class which are additional to those described in this section will be disclosed in the relevant Supplement.
Investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or other matters. If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the ICAV or a Fund or the suitability for you of investing in the ICAV or a Fund, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser.
As the price of Shares in each Fund may fall as well as rise, the ICAV shall not be a suitable investment for an investor who cannot sustain a loss on his investment.
Past performance of the ICAV or any Fund should not be relied upon as an indicator of future performance.
- Investment Risks
- General Investment RiskThe securities and instruments in which the Funds invest are subject to normal market fluctuations and other risks inherent in investing in such investments, and there can be no assurance that any appreciation in value will occur. | en | it |
DOLFIN1764 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
For collateral provided in connection with OTC derivative transactions, a discount of at least 2% is generally applied, e.g., for short-dated govern- ment bonds with outstanding credit ratings.
Consequently, the value of such collateral must exceed the value of the collateralized claim by at least 2% so that an overcollateralization level of at least 102% is reached. A correspondingly higher discount of currently up to 33% (and a correspondingly higher overcollateralization level of 133%) is applied for securities with longer maturities or securities of lower-rated issuers. OTC derivative transactions are usually over- collateralized within the following range:
OTC derivative transactions
Overcollateralization level 102% to 133%
In securities lending transactions, it is some- times possible to apply a full valuation if the counterparty’s credit quality and the collateral are excellent, whereas higher discounts can be applied for lower-rated equities and other securi- ties, taking into account the counterparty’s credit quality. Securities lending transactions are usu- ally overcollateralized in accordance with the following schedule:
Securities lending transactions
Overcollateralization level for government bonds with
excellent credit ratings 103% to 105%
Overcollateralization level for government bonds with
lower investment grade ratings 103% to 115%
Overcollateralization level for corporate bonds with
excellent credit ratings 105%
Overcollateralization level for corporate bonds with lower
investment-grade ratings 107% to 115%
Overcollateralization level for
blue chips and mid-caps 105%
- The discounts applied are reviewed for appropriateness on a regular basis, at least once each year, and are adjusted accordingly if necessary.
- The Investment Company (or its representa- tives) perform a daily valuation of the collateral received. Should the value of collateral previously provided appear to be insufficient in view of the amount to be covered, the counterparty must provide additional collateral at very short notice. If appropriate, safety margins shall apply to take into account the exchange-rate or market risks associ- ated with the assets accepted as collateral. | Alle coperture poste in correlazione con opera- zioni su derivati OTC viene di norma applicata una commissione minima del 2%, ad esempio per titoli di stato a breve termine con solvibilità eccellente. Di conseguenza, il valore di una tale copertura deve superare il valore del credito coperto per un minimo del 2% e raggiungere quindi un grado di sovracopertura pari almeno al 102%. Per titoli di durata superiore o titoli prove- nienti da emittenti con valutazione peggiore si calcola una commissione proporzionalmente superiore, attualmente pari a un massimo del 33%, e un grado di sovracopertura conseguente- mente superiore fino al 133%. La sovracopertura nell’ambito delle operazioni su derivati OTC avviene di norma entro il seguente margine:
Operazioni su derivati OTC
Grado di sovracopertura dal 102% al 133%
Per quanto riguarda le operazioni di prestito titoli, nel caso i contraenti e le coperture garantiscano un’ottima solvibilità, talvolta è possibile ottenere una compensazione completa, mentre nel caso di azioni e altri titoli con una valutazione peggiore, tenendo conto della solvibilità dei contraenti, possono essere calcolate commissioni superiori. Nell’ambito delle operazioni di prestito titoli la sovrasicurezza di norma è calcolata in base alle seguenti fasce:
Operazioni di prestito titoli
Grado di sovracopertura per titoli di stato con
solvibilità eccellente dal 103% al 105%
Grado di sovracopertura per titoli di stato con
investment grade inferiore dal 103% al 115%
Grado di sovracopertura per obbligazioni societarie
con solvibilità eccellente 105%
Grado di sovracopertura per obbligazioni societarie
con investment grade inferiore dal 107% al 115%
Grado di sovracopertura
per blue chip e mid cap 105%
- A intervalli regolari, almeno ogni anno le commissioni utilizzate vengono verificate in termini di congruità e, se necessario, vengono opportunamente adeguate.
- La Società d’investimento (o il suo rappresen- tante) effettua giornalmente la valutazione delle coperture ottenute. Il contraente, se il valore delle coperture ottenute sembrerà non essere suffi- ciente rispetto all’importo da coprire, dovrà rapida- mente porre a disposizione ulteriori garanzie. Sarà tenuto conto, se ragionevole, dei rischi di cambio o di mercato per i margini di copertura collegati ai valori patrimoniali accettati come copertura. | For collateral provided in connection with OTC derivative transactions, a discount of at least 2% is generally applied, e.g., for short-dated govern- ment bonds with outstanding credit ratings.
Consequently, the value of such collateral must exceed the value of the collateralized claim by at least 2% so that an overcollateralization level of at least 102% is reached. A correspondingly higher discount of currently up to 33% (and a correspondingly higher overcollateralization level of 133%) is applied for securities with longer maturities or securities of lower-rated issuers. OTC derivative transactions are usually over- collateralized within the following range:
OTC derivative transactions
Overcollateralization level 102% to 133%
In securities lending transactions, it is some- times possible to apply a full valuation if the counterparty’s credit quality and the collateral are excellent, whereas higher discounts can be applied for lower-rated equities and other securi- ties, taking into account the counterparty’s credit quality. Securities lending transactions are usu- ally overcollateralized in accordance with the following schedule:
Securities lending transactions
Overcollateralization level for government bonds with
excellent credit ratings 103% to 105%
Overcollateralization level for government bonds with
lower investment grade ratings 103% to 115%
Overcollateralization level for corporate bonds with
excellent credit ratings 105%
Overcollateralization level for corporate bonds with lower
investment-grade ratings 107% to 115%
Overcollateralization level for
blue chips and mid-caps 105%
- The discounts applied are reviewed for appropriateness on a regular basis, at least once each year, and are adjusted accordingly if necessary.
- The Investment Company (or its representa- tives) perform a daily valuation of the collateral received. Should the value of collateral previously provided appear to be insufficient in view of the amount to be covered, the counterparty must provide additional collateral at very short notice. If appropriate, safety margins shall apply to take into account the exchange-rate or market risks associ- ated with the assets accepted as collateral. | en | it |
DOLFIN1765 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Establishment Costs
All fees and expenses relating to the establishment of the Fund and the fees of the professional advisers to the Fund (establishment expenses) not exceeding US$50,000 will be borne by the Fund.
To the extent that such fees and expenses are borne by the Fund, they will be amortised over the first 60 months of the lifetime of the Fund or such other period as the Directors may determine and will be charged as between the various classes thereof established by the Company within the amortisation period and in such manner as the Directors (with the consent of the Depositary) deem fair and equitable, provided that each class thereof will bear its own direct establishment costs and provided that such proportion of the establishment expenses as are to be amortised in each year are subject to the annual expense cap set out in the section entitled “Other Expenses Cap” below. If the effect of this accounting treatment becomes material in the future and there is a requirement to write off the unamortised balance of establishment and organisational costs, the Directors will reconsider this policy. | ### Gründungskosten
Sämtliche Gebühren und Aufwendungen im Zusammenhang mit der Gründung des Fonds sowie die Gebühren der Berater des Fonds (Gründungskosten), die einen Betrag von 50.000 USD nicht überschreiten, werden vom Fonds getragen.
Soweit diese Gebühren und Aufwendungen vom Fonds getragen werden, werden sie über die ersten 60 Monate des Bestehens des Fonds oder einen anderen vom Verwaltungsrat jeweils festgelegten Zeitraum abgeschrieben und den verschiedenen Klassen des Fonds, die von der Gesellschaft innerhalb der Abschreibungsperiode errichtet werden, in der Form belastet, die der Verwaltungsrat (mit Zustimmung der Verwahrstelle) jeweils als recht und billig ansieht, wobei jede Klasse ihre eigenen unmittelbaren Gründungskosten trägt und der Anteil der Gründungskosten, der jährlich abgeschrieben wird, dem nachstehend im Abschnitt „Höchstsatz für sonstige Aufwendungen“ beschriebenen Höchstsatz für jährliche Aufwendungen unterliegt. Sollten die Auswirkungen dieser Buchführungspraxis in Zukunft erheblich werden und sollte sich das Erfordernis zur Abschreibung noch nicht abgeschriebener Gründungs- und Organisationskosten ergeben, wird der Verwaltungsrat dieses Verfahren einer Überprüfung unterziehen. | ### Establishment Costs
All fees and expenses relating to the establishment of the Fund and the fees of the professional advisers to the Fund (establishment expenses) not exceeding US$50,000 will be borne by the Fund.
To the extent that such fees and expenses are borne by the Fund, they will be amortised over the first 60 months of the lifetime of the Fund or such other period as the Directors may determine and will be charged as between the various classes thereof established by the Company within the amortisation period and in such manner as the Directors (with the consent of the Depositary) deem fair and equitable, provided that each class thereof will bear its own direct establishment costs and provided that such proportion of the establishment expenses as are to be amortised in each year are subject to the annual expense cap set out in the section entitled “Other Expenses Cap” below. If the effect of this accounting treatment becomes material in the future and there is a requirement to write off the unamortised balance of establishment and organisational costs, the Directors will reconsider this policy. | en | de |
DOLFIN1766 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## RISKS GENERAL
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth potential. Portfolio management risk is the risk that an investment strategy may fail to produce the intended results.
This marketing document is issued by TCW Funds (the “Fund”). It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the Fund’s prospectus, key investor information documents, articles of incorporation, annual and semi-annual reports (if any) may be relied upon as the basis for investment decisions. These documents and other information regarding the Fund are available at no cost on www.fundsquare.net, www.TCW.com, or at TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. The Fund has been set up under the laws of the Grand-Duchy of Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments. Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. The Fund has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. | ## RISQUE GÉNÉRALITÉS
La Catégorie d’actions est affectée à cette catégorie de risque en raison des variations de prix résultant de sa devise ainsi que de la nature des investissements et de la stratégie du Compartiment. La notation ci-dessus est basée sur la volatilité historique de la Catégorie d’actions et pourrait ne pas constituer une indication fiable du profil de risque futur de la Catégorie d’actions. Il n’est pas certain que la catégorie de risque et de rendement affichée demeure inchangée et le classement est susceptible d’évoluer dans le temps. La catégorie la plus basse n’est pas synonyme d’un investissement sans risque.
Les investissements en actions comportent un risque lié à la volatilité des prix et aux actions. La valeur des actions et d’autres titres de participation fluctuera en fonction de l’évolution de la situation financière d’une entreprise, des conditions de marché et de la conjoncture économique. Les actions de croissance peuvent être plus volatiles que d’autres actions parce qu’elles sont plus sensibles aux perceptions des investisseurs quant au potentiel de croissance de la société émettrice. Le risque de gestion de portefeuille correspond au risque qu’une stratégie d’investissement ne produise pas les résultats escomptés.
Ce document promotionnel est publié par TCW Funds (le « Fonds »). Il n’est ni adressé ni censé être distribué ou utilisé par une personne ou une entité qui est citoyen ou résident, ou habitant d’une ville, d’un État, d’un pays ou d’une juridiction dans lesquels sa distribution, sa publication, sa mise à disposition ou son utilisation serait contraire à la loi ou à la réglementation. Seules les versions les plus récentes du prospectus du Fonds, du document d’informations clé pour l’investisseur, des statuts, des rapports annuel et semestriel (le cas échéant) peuvent être utilisées pour fonder des décisions d’investissement. Ces documents et les autres informations concernant le Fonds sont disponibles gratuitement sur le site www.fundsquare.net, www.tcw.com, ou à l’adresse de TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. Le Fonds a été créé sous les lois du Grand- Duché de Luxembourg.
Les informations et les données présentées dans le présent document ne doivent pas être considérées comme une offre ou une sollicitation d’achat, de vente ou de souscription de titres ou instruments financiers. Les informations, les opinions et les estimations contenues dans le présent document reflètent un jugement à la date de publication et pourront être modifiées sans préavis. Le Fonds n’a pris aucune mesure particulière pour s’assurer que les titres mentionnés dans le présent document sont adaptés à de quelconques investisseurs particuliers et ledit document ne doit pas se substituer à l’exercice d’un jugement indépendant. Le traitement fiscal dépend des circonstances individuelles de chaque investisseur et peut être amené à évoluer. Avant de prendre une décision d’investissement, il est conseillé aux investisseurs de vérifier l’adéquation de l’investissement à leur profil en fonction de leurs connaissances financières et de leur expérience en la matière, de leurs objectifs d’investissement et de leur situation financière, ou d’obtenir des conseils spécifiques auprès d’un professionnel. | ## RISKS GENERAL
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth potential. Portfolio management risk is the risk that an investment strategy may fail to produce the intended results.
This marketing document is issued by TCW Funds (the “Fund”). It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the Fund’s prospectus, key investor information documents, articles of incorporation, annual and semi-annual reports (if any) may be relied upon as the basis for investment decisions. These documents and other information regarding the Fund are available at no cost on www.fundsquare.net, www.TCW.com, or at TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. The Fund has been set up under the laws of the Grand-Duchy of Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments. Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. The Fund has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. | en | fr |
DOLFIN1767 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Management Company has also decided to update the calculation method for the performance fee in order to reflect the introduction from 1 January 2022 of the European Securities and Markets Authority’s Guidelines on performance fees in UCITS and certain types of AIFs (ESMA34-39-992) of 5 November 2020, and the AMF’s Position DOC-2021-01 on performance fees in UCITS and certain types of AIFs.
The main change concerns the inclusion of a catch-up mechanism for any underperformance of the Fund versus its benchmark over a five-year reference period. The Fund’s prospectus also includes a detailed description of the performance fee model adopted by the Management Company.
-
# Exclusion of temporary purchases and sales of securities | La Società di gestione ha inoltre deciso di aggiornare le modalità di calcolo della commissione di performance al fine di tenere conto dell'entrata in vigore a partire dal 1° gennaio 2022 degli orientamenti dell'Autorità europea degli strumenti finanziari e dei mercati (ESMA34-39-992) del 5 novembre 2020 in materia di commissioni di performance degli organismi d'investimento collettivo in valori mobiliari e di alcuni tipi di fondi d'investimento alternativi e della posizione dell'Autorité des marchés financiers n°2021-01 sulle Commissioni di performance degli OICVM e di alcuni tipi di FIA.
La principale modifica a tal fine riguarda l'integrazione di un meccanismo per compensare le sottoperformance del Fondo rispetto al suo indice di riferimento su un periodo di riferimento di cinque anni. Il prospetto informativo del Fondo include tra l'altro una descrizione dettagliata del modello di commissioni di performance adottato dalla Società di gestione.
-
# Eliminazione delle operazioni di acquisizione e cessione temporanea di titoli | The Management Company has also decided to update the calculation method for the performance fee in order to reflect the introduction from 1 January 2022 of the European Securities and Markets Authority’s Guidelines on performance fees in UCITS and certain types of AIFs (ESMA34-39-992) of 5 November 2020, and the AMF’s Position DOC-2021-01 on performance fees in UCITS and certain types of AIFs.
The main change concerns the inclusion of a catch-up mechanism for any underperformance of the Fund versus its benchmark over a five-year reference period. The Fund’s prospectus also includes a detailed description of the performance fee model adopted by the Management Company.
-
# Exclusion of temporary purchases and sales of securities | en | it |
DOLFIN1768 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Management process
- The Fund is actively managed.
- The benchmark is used as a reference point for portfolio construction and as a basis for setting risk constraints.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark.
- Due to the active nature of the management process, the Fund's performance profile may deviatesignificantly from that of the benchmark over the longer term.
- abrdn integrate environmental, social and governance (ESG) considerations within the investment process. Details of the Equity ESG Integration Approach are published at www.abrdn.com under "Sustainable Investing". | # Processo di gestione
- Il fondo è gestito attivamente.
- Il benchmark viene usato come parametro di riferimento per la costruzione del portafoglio e come base per definire le limitazioni deirischi.
- Al fine di raggiungere il suo obiettivo, il fondo assumerà posizioni con ponderazioni diverse da quelle del benchmark o investirà in titoli non inclusi nel benchmark. Gli investimenti del fondo possono deviare sostanzialmente dai componenti del benchmark e dalle relative ponderazioni.
- A causa della natura attiva del processo di gestione, nel lungo periodo il profilo di performance del fondo potrebbe discostarsinotevolmente da quello del benchmark.
- Il processo di investimento di abrdn integra considerazioni di carattere ambientale, sociale e di governance (ESG). Dettagli dell'approccio di integrazione ESG Equity sono pubblicati all'indirizzo www.abrdn.com alla voce “Investimento sostenibile”. | # Management process
- The Fund is actively managed.
- The benchmark is used as a reference point for portfolio construction and as a basis for setting risk constraints.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark.
- Due to the active nature of the management process, the Fund's performance profile may deviatesignificantly from that of the benchmark over the longer term.
- abrdn integrate environmental, social and governance (ESG) considerations within the investment process. Details of the Equity ESG Integration Approach are published at www.abrdn.com under "Sustainable Investing". | en | it |
DOLFIN1769 | Translate the following text in en into es. 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 | 0.00% There is no entry fee for this product. | 0.00 USD |
| Exit costs | 0.00% There is no exit fee for this product. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.10% of the value of your investment per year. | 10.31 USD |
| Transaction costs | 0.47% 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. | 47.35 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | 0.00% There is no performance fee for this product. | 0.00 USD | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00% No cobramos una comisión de entrada por este producto. | 0.00 USD |
| Costes de salida | 0,00% No cobramos una comisión de salida por este producto. | 0.00 USD |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,10% del valor de su inversión al año. | 10.31 USD |
| Costes de operación | 0,47% 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. | 47.35 USD |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento e intereses devengados | 0,00% No cobramos una comisión de rendimiento por este producto. | 0.00 USD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 0.00% There is no entry fee for this product. | 0.00 USD |
| Exit costs | 0.00% There is no exit fee for this product. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.10% of the value of your investment per year. | 10.31 USD |
| Transaction costs | 0.47% 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. | 47.35 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | 0.00% There is no performance fee for this product. | 0.00 USD | | en | es |
DOLFIN1770 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Total Unrealised Loss on Forward Currency Contracts ∞ (8,203) (0.05)
802 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | Perdita totale non realizzata su contratti di cambio a termine ∞ (8.203) (0,05)
802 NEUBERGER BERMAN INVESTMENT FUNDS PLC
PROSPETTO DEGLI INVESTIMENTI BILANCIO | Total Unrealised Loss on Forward Currency Contracts ∞ (8,203) (0.05)
802 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | it |
DOLFIN1771 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The limit laid down in the first sentence of B) 1, shall be raised to 35% if the securities or money market instruments are issued or guaranteed by a Member State, by its local authorities, by an OECD member country or by public international bodies to which one or more Member States belong.
- The limit laid down in the first sentence of B) 1., is raised to 25% if the debt instruments are issued by a credit institution that has its registered office in a Member State and is subject to particular public supervision based on legal provisions for the protection of the investors in these debt instruments. In particular, the income from the issue of these debt instruments must be invested, in compliance with the legal provisions, in assets which throughout the term of the debt instruments provide adequate cover for the liabilities resulting from them, and which are primarily intended for the repayment of capital and interest that becomes due if the issuer defaults. If the Fund invests over 5% of its net assets in debt instruments within the meaning of B 5 above which are issued by a single issuer, then the total value of these investments cannot exceed 80% of the value of the net Fund assets.
- The securities and money market instruments specified in B) 4 and 5 shall not be taken into consideration when applying the investment limit of 40% that is referred to in B) 2. | - Die Obergrenze unter B) 1., erster Satz wird auf 35 % angehoben, wenn die Wertpapiere oder Geldmarktinstrumente von einem Mitgliedstaat oder seinen Gebietskörperschaften, von einem OECD- Mitgliedstaat oder von internationalen Einrichtungen öffentlich-rechtlichen Charakters, denen mindestens ein Mitgliedstaat angehört, begeben oder garantiert werden.
- Die Obergrenze unter B) 1., erster Satz wird auf 25 % angehoben, wenn die Schuldverschreibungen von einem Kreditinstitut mit Sitz in einem Mitgliedstaat begeben werden, das aufgrund gesetzlicher Vorschriften zum Schutz der Inhaber dieser Schuldverschreibungen einer besonderen öffentlichen Aufsicht unterliegen. Insbesondere müssen die Erträge aus der Emission dieser Schuldverschreibungen gemäß den gesetzlichen Vorschriften in Vermögenswerte angelegt werden, die während der gesamten Laufzeit der Schuldverschreibungen die sich daraus ergebenden Verbindlichkeiten ausreichend decken und vorrangig für die beim Ausfall des Emittenten fällig werdende Rückzahlung des Kapitals und der Zinsen bestimmt sind. Legt der Fonds mehr als 5 % seines Nettofondsvermögens in Schuldverschreibungen im Sinne des vorstehenden Absatzes B 5. an, die von ein und demselben Emittenten begeben werden, so darf der Gesamtwert dieser Anlagen 80 % des Wertes des Nettofondsvermögens nicht überschreiten.
- Die unter B) 4. und 5. genannten Wertpapiere und Geldmarktinstrumente werden bei der Anwendung der unter B) 2. vorgesehenen Anlagegrenze von 40 % nicht berücksichtigt. | - The limit laid down in the first sentence of B) 1, shall be raised to 35% if the securities or money market instruments are issued or guaranteed by a Member State, by its local authorities, by an OECD member country or by public international bodies to which one or more Member States belong.
- The limit laid down in the first sentence of B) 1., is raised to 25% if the debt instruments are issued by a credit institution that has its registered office in a Member State and is subject to particular public supervision based on legal provisions for the protection of the investors in these debt instruments. In particular, the income from the issue of these debt instruments must be invested, in compliance with the legal provisions, in assets which throughout the term of the debt instruments provide adequate cover for the liabilities resulting from them, and which are primarily intended for the repayment of capital and interest that becomes due if the issuer defaults. If the Fund invests over 5% of its net assets in debt instruments within the meaning of B 5 above which are issued by a single issuer, then the total value of these investments cannot exceed 80% of the value of the net Fund assets.
- The securities and money market instruments specified in B) 4 and 5 shall not be taken into consideration when applying the investment limit of 40% that is referred to in B) 2. | en | de |
DOLFIN1772 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Securities portfolio items | Changes (amount) |
| --- | --- |
| Purchases | Sales |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. And B) Eligible financial securities and money market instruments admitted to trading on another regulated market, that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. | 11,521,813.59 | 2,222,439.57 |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority — AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | 2,219,080.09 | |
| D) Recently issued financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. | | |
| E) Other assets. | 398,178.42 | 398,171.14 | | | Eléments du portefeuille titres | Mouvements (en montant) |
| --- | --- |
| Acquisitions | Cessions |
| A) Les titres financiers éligibles et les instruments du marché monétaire admis à la négociation sur un marché réglementé au sens de l'article L. 422-1 du code monétaire et financier. Et B) Les titres financiers éligibles et les instruments du marché monétaire admis à la négociation sur un autre marché réglementé, en fonctionnement régulier, reconnu, ouvert au public et dont le siège est situé dans un Etat membre de l'Union européenne ou dans un autre Etat partie à l'accord sur l'Espace économique européen. | 11 521 813,59 | 2 222 439,57 |
| C) Les titres financiers éligibles et les instruments du marché monétaire admis à la cote officielle d'une bourse de valeurs d'un pays tiers ou négociés sur un autre marché d'un pays tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public, pour autant que cette bourse ou ce marché ne figure pas sur une liste établie par l'Autorité des marchés financiers ou que le choix de cette bourse ou de ce marché soit prévu par la loi ou par le règlement ou les statuts de l'organisme de placement collectif en valeurs mobilières. | 2 219 080,09 | |
| D) Les titres financiers éligibles nouvellement émis mentionnés au 4° du I de l'article R. 214-11 du code monétaire et financier. | | |
| E) Les autres actifs. | 398 178,42 | 398 171,14 | | | Securities portfolio items | Changes (amount) |
| --- | --- |
| Purchases | Sales |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. And B) Eligible financial securities and money market instruments admitted to trading on another regulated market, that operates regularly, is recognised, open to the public and whose registered offices are located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. | 11,521,813.59 | 2,222,439.57 |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market of a third country that is regulated, operates regularly, is recognised and open to the public, provided that this stock exchange or market is not included on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority — AMF) or that the choice of this stock exchange or market is established by law or by the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | 2,219,080.09 | |
| D) Recently issued financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. | | |
| E) Other assets. | 398,178.42 | 398,171.14 | | en | fr |
DOLFIN1773 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société est un fonds à compartiments multiples en ce sens qu’elle offre la possibilité aux investisseurs d’investir dans toute une gamme de Compartiments. Chaque Compartiment est régi par son propre objectif et sa propre politique d’investissement et est doté d’un portefeuille d’actifs indépendant.
La Société est une (« société anonyme ») considérée comme une SICAV et régie par les dispositions de la loi luxembourgeoise du 10 août 1915 concernant les sociétés commerciales, telle que modifiée en tant que de besoin, et par la Loi de 2010.
La Société a été constituée le 9 juin 1986 par la conversion du fonds commun de placement Patrimonial créé en mai 1960, conformément à la Loi du 30 mars 1988 concernant les organismes de placement collectif. Les Statuts ont été modifiés pour la dernière fois le 20 août 2018. Les Statuts coordonnés ont été déposés au Registre de Commerce et des Sociétés de Luxembourg où ils peuvent être consultés. Des exemplaires peuvent être obtenus gratuitement sur simple demande au siège social de la Société.
Les Statuts de la Société peuvent être modifiés en tant que de besoin conformément aux exigences en matière de quorum et de majorité fixées par la législation luxembourgeoise et les Statuts. Le Prospectus, y compris les détails relatifs aux Compartiments, comme décrit en détail dans la fiche descriptive de chaque Compartiment à la section « Objectif et politique d’investissement », peut être modifié en tant que de besoin par le Conseil d’administration de la Société avec l’accord préalable de la CSSF conformément aux législations et aux réglementations luxembourgeoises.
Le capital social de la Société est à tout moment égal à la valeur totale de l’actif net des Compartiments. Il est représenté par des Actions au porteur ou nominatives immobilisées, toutes entièrement libérées, sans valeur nominale.
Les variations du capital social se font de plein droit et sans les mesures de publication et d’inscription au Registre de Commerce et des Sociétés prévues pour les augmentations et diminutions de capital des sociétés anonymes.
La Société peut à tout moment émettre des Actions supplémentaires à un prix déterminé conformément aux dispositions énoncées au Chapitre IX « Actions », sans réserver de droit de préférence aux actionnaires existants.
Le capital minimum est fixé dans la Loi luxembourgeoise de 2010. Dans le cas où un ou plusieurs Compartiments de la Société détiennent des Actions émises par un ou plusieurs autres Compartiments de la Société, leur valeur ne sera pas prise en compte dans le calcul de l’actif net de la Société aux fins de déterminer le capital minimum susmentionné. | La Sociedad es un fondo paraguas y ofrece a los inversores la oportunidad de invertir en una amplia gama de Subfondos. Cada Subfondo tiene su propio objetivo y política de inversión y una cartera de activos independiente.
La Sociedad es una sociedad pública de responsabilidad limitada («Société Anonyme»), calificada como SICAV, y está sujeta a las disposiciones de la ley luxemburguesa relativa a las sociedades mercantiles de 10 de agosto de 1915, oportunamente modificada, y de la Ley de 2010.
La Sociedad se constituyó el 9 de junio de 1986 a través de la conversión del fondo común patrimonial («fonds commun de placement», FCP) constituido en mayo de 1960 al amparo de la Ley de 30 de marzo de 1988 relativa a organismos de inversión colectiva. Los Estatutos se modificaron por última vez el 20 de agosto de 2018. Los Estatutos coordinados fueron depositados en el Registro Mercantil de Luxemburgo, donde pueden ser consultados. Pueden obtenerse copias de los mismos, sin coste alguno, previa solicitud en el domicilio social de la Sociedad.
Los Estatutos podrán modificarse periódicamente conforme a los requisitos de quórum y mayoría estipulados por la Ley luxemburguesa y los Estatutos de la Sociedad. El Folleto, incluidos los detalles de los Subfondos tal y como se describen exhaustivamente en la ficha descriptiva de cada Subfondo bajo el apartado «Objetivo y política de inversión», podrán ser modificados periódicamente por el Consejo de administración de la Sociedad con la aprobación previa de la CSSF de conformidad con las leyes y normativas del Gran Ducado de Luxemburgo.
El capital social de la Sociedad será igual al patrimonio neto de los Subfondos en todo momento. Está constituido por Acciones al portador o nominativas, todas ellas completamente desembolsadas, sin valor nominal.
Las variaciones del capital social son totalmente legales y no existen disposiciones que requieran la publicación y la inscripción en el Registro Mercantil y de Sociedades, tal y como se establece para los incrementos y reducciones del capital social de las sociedades anónimas (sociétés anonymes).
La Sociedad puede realizar en cualquier momento emisiones de Acciones adicionales a un precio determinado conforme a lo indicado en el Capítulo IX «Acciones», sin que se reserve ningún derecho de preferencia a los antiguos accionistas.
El capital mínimo es el que se establece en la Ley luxemburguesa de 2010. En caso de que uno o varios Subfondos de la Sociedad posean Acciones emitidas por otro Subfondo u otros Subfondos de la Sociedad, su valor no se tendrá en cuenta en el cálculo del patrimonio neto de la Sociedad a fin de determinar el capital mínimo mencionado anteriormente. | La Société est un fonds à compartiments multiples en ce sens qu’elle offre la possibilité aux investisseurs d’investir dans toute une gamme de Compartiments. Chaque Compartiment est régi par son propre objectif et sa propre politique d’investissement et est doté d’un portefeuille d’actifs indépendant.
La Société est une (« société anonyme ») considérée comme une SICAV et régie par les dispositions de la loi luxembourgeoise du 10 août 1915 concernant les sociétés commerciales, telle que modifiée en tant que de besoin, et par la Loi de 2010.
La Société a été constituée le 9 juin 1986 par la conversion du fonds commun de placement Patrimonial créé en mai 1960, conformément à la Loi du 30 mars 1988 concernant les organismes de placement collectif. Les Statuts ont été modifiés pour la dernière fois le 20 août 2018. Les Statuts coordonnés ont été déposés au Registre de Commerce et des Sociétés de Luxembourg où ils peuvent être consultés. Des exemplaires peuvent être obtenus gratuitement sur simple demande au siège social de la Société.
Les Statuts de la Société peuvent être modifiés en tant que de besoin conformément aux exigences en matière de quorum et de majorité fixées par la législation luxembourgeoise et les Statuts. Le Prospectus, y compris les détails relatifs aux Compartiments, comme décrit en détail dans la fiche descriptive de chaque Compartiment à la section « Objectif et politique d’investissement », peut être modifié en tant que de besoin par le Conseil d’administration de la Société avec l’accord préalable de la CSSF conformément aux législations et aux réglementations luxembourgeoises.
Le capital social de la Société est à tout moment égal à la valeur totale de l’actif net des Compartiments. Il est représenté par des Actions au porteur ou nominatives immobilisées, toutes entièrement libérées, sans valeur nominale.
Les variations du capital social se font de plein droit et sans les mesures de publication et d’inscription au Registre de Commerce et des Sociétés prévues pour les augmentations et diminutions de capital des sociétés anonymes.
La Société peut à tout moment émettre des Actions supplémentaires à un prix déterminé conformément aux dispositions énoncées au Chapitre IX « Actions », sans réserver de droit de préférence aux actionnaires existants.
Le capital minimum est fixé dans la Loi luxembourgeoise de 2010. Dans le cas où un ou plusieurs Compartiments de la Société détiennent des Actions émises par un ou plusieurs autres Compartiments de la Société, leur valeur ne sera pas prise en compte dans le calcul de l’actif net de la Société aux fins de déterminer le capital minimum susmentionné. | fr | es |
DOLFIN1774 | 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 combined income and capital growth that is higher than that of the short-dated investment grade corporate bond market (as measured by the iBoxx EUR Corporates 1-3 year Index) over any five-year period. At least 80% of the fund is invested in investment grade bonds issued by companies from anywhere in the world and asset- backed securities. The bonds held in the fund are generally issues due to be repaid within a short period so as to minimise the effect of interest rate movements on the fund’s value. Asset allocation and stock selection are at the heart of the fund’s investment process. | # Descrizione del fondo
Il fondo ambisce a generare un risultato complessivo, dato da reddito e crescita del capitale, superiore a quello del mercato delle obbligazioni societarie investment grade a breve scadenza (misurato dall'indice iBoxx EUR Corporates 1-3 anni), su qualsiasi periodo di cinque anni. Il fondo è investito per almeno l'80% in obbligazioni investment grade emesse da società di tutto il mondo e in titoli garantiti da asset (ABS). In genere le obbligazioni detenute in portafoglio sono emissioni rimborsabili a breve, una scelta che limita al minimo l'effetto delle variazioni dei tassi d'interesse sul valore del fondo. L'asset allocation e la selezione dei titoli sono gli elementi chiave del processo di investimento. | # Fund description
The fund aims to provide combined income and capital growth that is higher than that of the short-dated investment grade corporate bond market (as measured by the iBoxx EUR Corporates 1-3 year Index) over any five-year period. At least 80% of the fund is invested in investment grade bonds issued by companies from anywhere in the world and asset- backed securities. The bonds held in the fund are generally issues due to be repaid within a short period so as to minimise the effect of interest rate movements on the fund’s value. Asset allocation and stock selection are at the heart of the fund’s investment process. | en | it |
DOLFIN1775 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Terms and Conditions of Investment can be found after this Sales Prospectus in this document. The Terms and Conditions of Investment may be amended by the Company. Amendments to the Terms and Conditions of Investment must be approved by BaFin. Amendments to the Fund's investment prin- ciples must also be approved by the Company's Supervisory Board. Amendments to the Fund's current investment principles are permitted only on the condition that the Company offers investors either the
redemption of their units at no other cost before the changes enter into force, or the exchange of their units free of charge for units of other investment funds with comparable investment principles, pro- vided that the Company or one of its group companies manages such funds.
The proposed amendments shall be published in the German Federal Gazette [Bundesanzeiger] and on the Company's website (http://www.universal-investment.com). If the amendments relate to fees and reimbursements of expenses which may be withdrawn from the Fund, or the Fund's investment prin- ciples or essential investor rights, the investors will also be informed by the institutions maintaining the securities account via a medium on which information can be stored, viewed and passed on without any changes for a duration which is appropriate for providing the information, e.g. in paper or elec- tronic form (i.e. "durable medium"). This information will include the key content of the planned amendments, the reasons for their implementation, the rights of investors in connection therewith and an indication of where and how further information can be obtained.
The amendments shall become effective no sooner than on the day following their publication. Amend- ments to regulations applicable to fees and the reimbursement of expenses shall become effective no sooner than three months following their publication, unless an earlier date is determined with BaFin approval. Amendments to the Fund's current investment principles shall also become effective no sooner than three months following their publication.
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# Management Company | Die Anlagebedingungen sind im Anschluss an diesen Verkaufsprospekt in dieser Unterlage abgedruckt. Die Anlagebedingungen können von der Gesellschaft geändert werden. Änderungen der Anlagebedin- gungen bedürfen der Genehmigung durch die BaFin. Änderungen der Anlagegrundsätze des Fonds bedürfen zusätzlich der Zustimmung durch den Aufsichtsrat der Gesellschaft. Änderungen der
bisherigen Anlagegrundsätze des Fonds sind nur unter der Bedingung zulässig, dass die Gesellschaft den Anlegern anbietet, ihre Anteile entweder ohne weitere Kosten vor dem Inkrafttreten der Änderun- gen zurückzunehmen oder ihre Anteile gegen Anteile an Sondervermögen mit vergleichbaren Anlage- grundsätzen kostenlos umzutauschen, sofern derartige Sondervermögen von der Gesellschaft oder ei- nem anderen Unternehmen aus ihrem Konzern verwaltet werden.
Die vorgesehenen Änderungen werden im Bundesanzeiger und darüber hinaus auf der Internetseite der Gesellschaft unter http://www.universal-investment.com bekannt gemacht. Betreffen die Änderun- gen Vergütungen und Aufwandserstattungen, die aus dem Fonds entnommen werden dürfen, oder die Anlagegrundsätze des Fonds oder wesentliche Anlegerrechte, werden die Anleger außerdem über ihre depotführenden Stellen durch ein Medium informiert, auf welchem Informationen für eine den Zwecken der Informationen angemessene Dauer gespeichert, einsehbar und unverändert wiedergege- ben werden, etwa in Papierform oder in elektronischer Form (sogenannter „dauerhafter Datenträger“). Diese Information umfasst die wesentlichen Inhalte der geplanten Änderungen, ihre Hintergründe, die Rechte der Anleger in Zusammenhang mit der Änderung sowie einen Hinweis darauf, wo und wie weitere Informationen erlangt werden können.
Die Änderungen treten frühestens am Tage nach ihrer Bekanntmachung in Kraft. Änderungen von Regelungen zu den Vergütungen und Aufwendungserstattungen treten frühestens drei Monate nach ihrer Bekanntmachung in Kraft, wenn nicht mit Zustimmung der BaFin ein früherer Zeitpunkt bestimmt wurde. Änderungen der bisherigen Anlagegrundsätze des Fonds treten ebenfalls frühestens drei Mo- nate nach Bekanntmachung in Kraft.
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# Verwaltungsgesellschaft | The Terms and Conditions of Investment can be found after this Sales Prospectus in this document. The Terms and Conditions of Investment may be amended by the Company. Amendments to the Terms and Conditions of Investment must be approved by BaFin. Amendments to the Fund's investment prin- ciples must also be approved by the Company's Supervisory Board. Amendments to the Fund's current investment principles are permitted only on the condition that the Company offers investors either the
redemption of their units at no other cost before the changes enter into force, or the exchange of their units free of charge for units of other investment funds with comparable investment principles, pro- vided that the Company or one of its group companies manages such funds.
The proposed amendments shall be published in the German Federal Gazette [Bundesanzeiger] and on the Company's website (http://www.universal-investment.com). If the amendments relate to fees and reimbursements of expenses which may be withdrawn from the Fund, or the Fund's investment prin- ciples or essential investor rights, the investors will also be informed by the institutions maintaining the securities account via a medium on which information can be stored, viewed and passed on without any changes for a duration which is appropriate for providing the information, e.g. in paper or elec- tronic form (i.e. "durable medium"). This information will include the key content of the planned amendments, the reasons for their implementation, the rights of investors in connection therewith and an indication of where and how further information can be obtained.
The amendments shall become effective no sooner than on the day following their publication. Amend- ments to regulations applicable to fees and the reimbursement of expenses shall become effective no sooner than three months following their publication, unless an earlier date is determined with BaFin approval. Amendments to the Fund's current investment principles shall also become effective no sooner than three months following their publication.
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# Management Company | en | de |
DOLFIN1776 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Registered Shares Dividend Reinvestment
Dividends are reinvested in additional Shares in the same distributing class of Shares unless Shareholders specify
otherwise in writing.
Dividends to be reinvested are credited to the Management Company which acts on behalf of the Shareholders and invests the amount of the dividends in additional Shares of the same distributing class of Shares. Shares are issued at the Net Asset Value determined on the dividend declaration date if it is a Valuation Date, or the subsequent Valuation Date.
No sales charge is payable on these Shares. Shares issued through this dividend facility are held in a registered account for the investor. Shares are calculated to two decimal places and the resulting cash fraction remainder (whose value is less than 0.01 of a Share) is retained in the Fund for inclusion in subsequent calculations.
Dividend Payment
Holders of distributing Shares may elect to receive a dividend payment which will normally be made within five Business Days, or as soon as practicable thereafter by electronic bank transfer, net of bank charges. In this case, unless specified otherwise, payment is normally made in the Principal Dealing Currency of the distributing class of Shares of the fund. If requested, payment may be made in any other major freely convertible currency at the prevailing rate of exchange.
In case the payment of the dividend amount per class of Shares accrued between the launch date and the first scheduled distribution date would not be economically efficient, the Board reserves the right to defer this payment to the following period.
If any dividend payment is lower than USD 50 (or its equivalent in another currency) the dividend will be automatically reinvested in further Shares of the same distributing class of Shares and not paid directly to the respective Shareholder.
Income Equalisation Arrangements
Income equalisation arrangements are applied in the case of all Share classes (accumulating and distributing) and for all funds. For distributing Shares these arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution period is not affected by changes in the number of Shares in issue during that period. The amount of the first distribution received by a Shareholder following the purchase of distributing Shares in that fund represents partly participation in income received by the fund and partly a return of capital (the ‘equalisation amount’). In general, the equalisation amount represents the average amount of income of the Share class included in the Net Asset Value of each Share issued during the relevant period. It is expected that the equalisation amount will not be taxable as an income receipt of the Shareholder but should be applied to reduce the base acquisition cost of the Shares for the purpose of computing capital gains. The tax treatment of equalisation amounts may, however, differ in certain jurisdictions. Shareholders who wish to obtain information concerning the equalisation amount received by them as a part of their distribution, may do so by contacting the Distributor or the Management Company at the relevant registered office.
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###### Meetings, Reports and Shareholder Communication | Namensanteile
Wiederanlage von Ausschüttungen
Ausschüttungen werden in zusätzlichen Anteilen derselben ausschüttenden Anteilsklasse wiederangelegt, es sei denn, der betreffende Anteilinhaber bestimmt in schriftlicher Form etwas anderes.
Ausschüttungen, die wiederangelegt werden sollen, werden der Verwaltungsgesellschaft gutgeschrieben, die im Auftrag der Anteilinhaber handelt und den ausgeschütteten Betrag in zusätzliche Anteile derselben ausschüttenden Anteilsklasse anlegt. Anteile werden zum Nettoinventarwert ausgegeben, der am Tag der Erklärung der Ausschüttung ermittelt wird, wenn dieser ein Bewertungstag ist, ansonsten am darauf folgenden Bewertungstag.
Für diese Anteile wird keine Verkaufsgebühr erhoben. Die im Rahmen der Wiederanlage ausgegebenen Anteile werden dem Anteilskonto des betreffenden Anlegers gutgeschrieben. Die Anteile werden bis auf zwei Dezimalstellen berechnet; der sich daraus ergebende restliche Barbruchteil, dessen Wert weniger als ein Hundertstel eines Anteils beträgt, verbleibt beim Fonds und wird bei späteren Berechnungen berücksichtigt.
Ausschüttungszahlung
Auf Wunsch können die Inhaber von ausschüttenden Anteilen eine Ausschüttungszahlung erhalten, die in der Regel innerhalb von fünf Geschäftstagen mittels elektronischer Banküberweisung abzüglich der Bankgebühren ausbezahlt wird. In diesem Fall erfolgt die Zahlung in der Regel in der Haupthandelswährung der ausschüttenden Anteilsklasse des Teilfonds, sofern nichts anderes angegeben ist. Auf Wunsch kann die Zahlung auch in jeder anderen bedeutenden frei konvertierbaren Währung zum jeweiligen Wechselkurs vorgenommen werden.
Sollte die Auszahlung der Dividende, die zwischen dem Auflegungsdatum und dem ersten planmäßigen Ausschüttungsdatum aufläuft, für eine Anteilsklasse nicht wirtschaftlich sein, behält sich der Verwaltungsrat das Recht vor, sie in die nächste Periode zu verschieben.
Erreicht eine Ausschüttungszahlung nicht den Betrag von USD 50 (oder den Gegenwert in einer anderen Währung), wird die Ausschüttung automatisch in weitere Anteile derselben ausschüttenden Anteilsklasse wiederangelegt und nicht direkt an den jeweiligen Anteilinhaber ausgezahlt.
Ertragsausgleichsmechanismen
Im Hinblick auf alle Anteilsklassen (thesaurierende und ausschüttende) aller Teilfonds werden Ertragsausgleichsmechanismen angewendet. Sie sollen bei ausschüttenden Anteilen gewährleisten, dass der Ertrag je Anteil, der in einer Ausschüttungsperiode ausgeschüttet wird, nicht durch Veränderungen der Zahl der während der Periode umlaufenden Anteile beeinflusst wird. Die erste Ausschüttung, die ein Anteilinhaber nach dem Kauf von ausschüttenden Anteilen dieses Teilfonds erhält, besteht teilweise aus Erträgen des Teilfonds und teilweise aus einer Kapitalrückzahlung (dem „Ausgleichsbetrag“). Der Ausgleichsbetrag entspricht im Allgemeinen dem Durchschnittsbetrag der aufgelaufenen Erträge der Anteilsklasse, die im Nettoinventarwert jedes ausgegebenen Anteils während der betreffenden Periode enthalten sind. Es wird erwartet, dass Ausgleichsbeträge nicht als Erträge des Anteilinhabers besteuert werden und bei der Berechnung von Kapitalgewinnen von den ursprünglichen Anschaffungskosten der Anteile abgezogen werden können. Die steuerliche Behandlung dieser Ausgleichsbeträge kann jedoch in bestimmten Staaten abweichen. Anteilinhaber, die über den Ausgleichsbetrag, den sie als Teil ihrer Ausschüttung erhalten haben, informiert werden möchten, werden gebeten, sich mit der Vertriebsstelle oder der Verwaltungsgesellschaft an dem jeweiligen Sitz in Verbindung zu setzen.
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###### Versammlungen, Berichte und Mitteilungen an die Anteilinhaber | Registered Shares Dividend Reinvestment
Dividends are reinvested in additional Shares in the same distributing class of Shares unless Shareholders specify
otherwise in writing.
Dividends to be reinvested are credited to the Management Company which acts on behalf of the Shareholders and invests the amount of the dividends in additional Shares of the same distributing class of Shares. Shares are issued at the Net Asset Value determined on the dividend declaration date if it is a Valuation Date, or the subsequent Valuation Date.
No sales charge is payable on these Shares. Shares issued through this dividend facility are held in a registered account for the investor. Shares are calculated to two decimal places and the resulting cash fraction remainder (whose value is less than 0.01 of a Share) is retained in the Fund for inclusion in subsequent calculations.
Dividend Payment
Holders of distributing Shares may elect to receive a dividend payment which will normally be made within five Business Days, or as soon as practicable thereafter by electronic bank transfer, net of bank charges. In this case, unless specified otherwise, payment is normally made in the Principal Dealing Currency of the distributing class of Shares of the fund. If requested, payment may be made in any other major freely convertible currency at the prevailing rate of exchange.
In case the payment of the dividend amount per class of Shares accrued between the launch date and the first scheduled distribution date would not be economically efficient, the Board reserves the right to defer this payment to the following period.
If any dividend payment is lower than USD 50 (or its equivalent in another currency) the dividend will be automatically reinvested in further Shares of the same distributing class of Shares and not paid directly to the respective Shareholder.
Income Equalisation Arrangements
Income equalisation arrangements are applied in the case of all Share classes (accumulating and distributing) and for all funds. For distributing Shares these arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution period is not affected by changes in the number of Shares in issue during that period. The amount of the first distribution received by a Shareholder following the purchase of distributing Shares in that fund represents partly participation in income received by the fund and partly a return of capital (the ‘equalisation amount’). In general, the equalisation amount represents the average amount of income of the Share class included in the Net Asset Value of each Share issued during the relevant period. It is expected that the equalisation amount will not be taxable as an income receipt of the Shareholder but should be applied to reduce the base acquisition cost of the Shares for the purpose of computing capital gains. The tax treatment of equalisation amounts may, however, differ in certain jurisdictions. Shareholders who wish to obtain information concerning the equalisation amount received by them as a part of their distribution, may do so by contacting the Distributor or the Management Company at the relevant registered office.
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###### Meetings, Reports and Shareholder Communication | en | de |
DOLFIN1777 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Chaque compartiment doit veiller à une répartition adéquate des risques d’investissement avec une diversification suffisante.
- La SICAV se conformera en outre aux autres restrictions qui pourront être requises par les autorités de régulation des pays dans lesquels les actions sont commercialisées.
- La SICAV n’est pas tenue de respecter les pourcentages de limitation des investissements lors de l’exercice de droits de souscription attachés à des titres qui font partie de ses actifs. | ##### Cada Fondo debe garantizar una distribución adecuada de los riesgos de inversión mediante una diversificación suficiente.
- Además, la Sociedad cumplirá con las restricciones adicionales que puedan exigir las autoridades reguladoras en las que se comercialicen las Acciones.
- La Sociedad no está obligada a respetar los porcentajes límite de inversión en el ejercicio de los derechos de suscripción vinculados a los valores que forman parte de su patrimonio. | ##### Chaque compartiment doit veiller à une répartition adéquate des risques d’investissement avec une diversification suffisante.
- La SICAV se conformera en outre aux autres restrictions qui pourront être requises par les autorités de régulation des pays dans lesquels les actions sont commercialisées.
- La SICAV n’est pas tenue de respecter les pourcentages de limitation des investissements lors de l’exercice de droits de souscription attachés à des titres qui font partie de ses actifs. | fr | es |
DOLFIN1778 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance (basis EUR, net of fees)1
Rebased to 100 on the basis of month-end data in %
250
225
200
175
150
125
100
75
50
+30
+25
+20
+15
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+5
0
-5
-10 | # Performance (basis EUR, nach Abzug von Gebühren)1
Auf der Grundlage von Monatsenddaten auf 100 umbasiert in %
250
225
200
175
150
125
100
75
50
+30
+25
+20
+15
+10
+5
0
-5
-10 | # Performance (basis EUR, net of fees)1
Rebased to 100 on the basis of month-end data in %
250
225
200
175
150
125
100
75
50
+30
+25
+20
+15
+10
+5
0
-5
-10 | en | de |
DOLFIN1779 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La ou les contreparties ne disposent pas d’un pouvoir de décision discrétionnaire sur la composition ou la gestion du portefeuille d’investissement de l’OPCVM ou sur l’actif sous-jacent de l’instrument dérivé.
- Titres intégrant des dérivésLa SICAV n’investira pas son actif sur des titres intégrant des dérivés.
- Titres spécifiques Néant
- DépôtsLa SICAV peut effectuer des dépôts au sens du code monétaire et financier, d’une durée maximale de douze mois. Ces dépôts, qui permettent de gérer tout ou partie de la trésorerie de la SICAV, contribuent, dans ce cadre, à la réalisation de l’objectif de gestion.
- LiquiditésLa SICAV peut détenir des liquidités à titre accessoire.
- Emprunts d’espècesLa SICAV pourra être emprunteur d’espèces dans la limite de 10 % de son actif et ceci uniquement de façon temporaire.
- Opérations d’acquisitions et de cessions temporaires de titresLa société de gestion pourra effectuer des opérations d’acquisitions ou de cessions temporaires de titres (aussi appelées opérations de financement sur titres) à hauteur de 100% de l'actif. La proportion attendue d’actifs sous gestion qui fera l’objet d’opérations de financement sur titres sera de 50%. | La o las contrapartes no tienen un poder de decisión discrecional en relación con la composición o la gestión de la cartera de inversión del OICVM ni sobre el activo subyacente del instrumento derivado.
- Títulos que incorporan derivadosLa SICAV no invertirá su patrimonio en títulos que incorporan derivados.
- Títulos específicos Ninguno.
- DepósitosLa SICAV puede hacer depósitos conforme a la definición del código monetario y financiero francés con una duración máxima de doce meses. Estos depósitos, que permiten gestionar la totalidad o parte de la tesorería de la SICAV, contribuyen a cumplir el objetivo de gestión.
- Activos líquidosLa SICAV puede mantener activos líquidos a título accesorio.
- Préstamos en efectivoLa SICAV podrá tomar dinero en préstamo dentro del límite del 10 % de su patrimonio, pero solo temporalmente.
- Operaciones de adquisición y cesión temporal de títulosLa sociedad gestora podrá efectuar operaciones de cesiones o adquisiciones temporales de títulos (también denominadas operaciones de financiación de títulos) hasta un máximo del 100 % de su activo. El porcentaje de activos gestionados previsto que formará parte de las operaciones de financiación de títulos será del 50 %. | La ou les contreparties ne disposent pas d’un pouvoir de décision discrétionnaire sur la composition ou la gestion du portefeuille d’investissement de l’OPCVM ou sur l’actif sous-jacent de l’instrument dérivé.
- Titres intégrant des dérivésLa SICAV n’investira pas son actif sur des titres intégrant des dérivés.
- Titres spécifiques Néant
- DépôtsLa SICAV peut effectuer des dépôts au sens du code monétaire et financier, d’une durée maximale de douze mois. Ces dépôts, qui permettent de gérer tout ou partie de la trésorerie de la SICAV, contribuent, dans ce cadre, à la réalisation de l’objectif de gestion.
- LiquiditésLa SICAV peut détenir des liquidités à titre accessoire.
- Emprunts d’espècesLa SICAV pourra être emprunteur d’espèces dans la limite de 10 % de son actif et ceci uniquement de façon temporaire.
- Opérations d’acquisitions et de cessions temporaires de titresLa société de gestion pourra effectuer des opérations d’acquisitions ou de cessions temporaires de titres (aussi appelées opérations de financement sur titres) à hauteur de 100% de l'actif. La proportion attendue d’actifs sous gestion qui fera l’objet d’opérations de financement sur titres sera de 50%. | fr | es |
DOLFIN1780 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThis indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. | # Perfil de Riesgo y Remuneración
- Riesgo de divisas: El Fondo invierte en otras divisas. En consecuencia, las variaciones de los tipos de cambio afectarán al valor de la inversión.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre elEste indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. | # Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThis indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. | en | es |
DOLFIN1781 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Classification as at 31 December 2020
## Economical Classification of Schedule of Investments
#### Industry 47.72
#### Financial Services 22.54
#### Communications 8.40
#### Energy and Water Supply 2.75
#### Food and Beverages 2.20
#### Consumer, Non-cyclical 1.85
#### Consumer, Cyclical 1.22
#### Banks 1.18
#### Healthcare 0.98
#### Technology 0.86
#### Aerospace and Defence 0.81
#### Chemicals 0.76
#### Textiles, Garments and Leather Goods 0.61
#### Engineering and Construction 0.47
#### Utilities 0.44
#### Environmental Control 0.41
#### Hotels, Restaurants and Leisure 0.40
#### Real Estate 0.40
#### Mechanical Engineering and Industrial Equipments 0.35
#### Internet, Software and IT Services 0.23
#### Containers and Packaging 0.22
#### Traffic and Transportation 0.07
##### 94.87
Geographical Classification of Schedule of Investments and Other Net Assets
| Allocation Criteria: Geographical Investment % of Net Market Value in MM USD Assets Sub-Fund Currency |
| --- |
| Australia | 0.52 | 0.21 | 520,685 |
| Canada | 7.12 | 2.82 | 7,124,818 |
| France | 0.84 | 0.33 | 843,000 |
| Ireland | 9.30 | 3.68 | 9,304,913 |
| Luxembourg | 2.47 | 0.98 | 2,472,617 |
| Norway | 1.18 | 0.47 | 1,176,586 |
| Poland | 0.56 | 0.22 | 563,192 |
| The Netherlands | 0.56 | 0.22 | 562,719 |
| United Arab Emirates | 4.87 | 1.93 | 4,870,376 |
| United Kingdom | 1.81 | 0.72 | 1,811,831 |
| United States of America | 210.53 | 83.29 | 210,531,906 |
| | 239.76 | 94.87 | 239,782,643 | | # Répartition au 31 décembre 2020
## Classification économique de l'état des investissements
#### Industrie 47.72
#### Services financiers 22.54
#### Communications 8.40
#### Approvisionnement en eau et en énergie 2.75
#### Alimentation et boissons 2.20
#### Biens de consommation non cycliques 1.85
#### Biens de consommation cycliques 1.22
#### Banques 1.18
#### Soins de santé 0.98
#### Technologie 0.86
#### Industrie aérospatiale et défense 0.81
#### Produits chimiques 0.76
#### Textiles, vêtements et articles en cuir 0.61
#### Ingénierie et construction 0.47
#### Services publics 0.44
#### Contrôle de l’environnement 0.41
#### Hôtels, restaurants et loisirs 0.40
#### Immobilier 0.40
#### Ingénierie mécanique et équipements industriels 0.35
#### Internet, logiciels et services informatiques 0.23
#### Emballage et conditionnement 0.22
#### Trafic et transports 0.07
##### 94.87
Classification géographique de l'état des investissements et autres actifs
| InvestissemeValeurdemarchéCritèresd'allocation:géographiquesnt%desActifsdansladevisedu ENMILLIONSNetsCompartiment USD |
| --- |
| Australie | 0.52 | 0.21 | 520,685 |
| Canada | 7.12 | 2.82 | 7,124,818 |
| France | 0.84 | 0.33 | 843,000 |
| Irlande | 9.30 | 3.68 | 9,304,913 |
| Luxembourg | 2.47 | 0.98 | 2,472,617 |
| Norvège | 1.18 | 0.47 | 1,176,586 |
| Pologne | 0.56 | 0.22 | 563,192 |
| Pays-Bas | 0.56 | 0.22 | 562,719 |
| Emirats arabes unis | 4.87 | 1.93 | 4,870,376 |
| Royaume-Uni | 1.81 | 0.72 | 1,811,831 |
| Etats-Unis | 210.53 | 83.29 | 210,531,906 |
| | 239.76 | 94.87 | 239,782,643 | | # Classification as at 31 December 2020
## Economical Classification of Schedule of Investments
#### Industry 47.72
#### Financial Services 22.54
#### Communications 8.40
#### Energy and Water Supply 2.75
#### Food and Beverages 2.20
#### Consumer, Non-cyclical 1.85
#### Consumer, Cyclical 1.22
#### Banks 1.18
#### Healthcare 0.98
#### Technology 0.86
#### Aerospace and Defence 0.81
#### Chemicals 0.76
#### Textiles, Garments and Leather Goods 0.61
#### Engineering and Construction 0.47
#### Utilities 0.44
#### Environmental Control 0.41
#### Hotels, Restaurants and Leisure 0.40
#### Real Estate 0.40
#### Mechanical Engineering and Industrial Equipments 0.35
#### Internet, Software and IT Services 0.23
#### Containers and Packaging 0.22
#### Traffic and Transportation 0.07
##### 94.87
Geographical Classification of Schedule of Investments and Other Net Assets
| Allocation Criteria: Geographical Investment % of Net Market Value in MM USD Assets Sub-Fund Currency |
| --- |
| Australia | 0.52 | 0.21 | 520,685 |
| Canada | 7.12 | 2.82 | 7,124,818 |
| France | 0.84 | 0.33 | 843,000 |
| Ireland | 9.30 | 3.68 | 9,304,913 |
| Luxembourg | 2.47 | 0.98 | 2,472,617 |
| Norway | 1.18 | 0.47 | 1,176,586 |
| Poland | 0.56 | 0.22 | 563,192 |
| The Netherlands | 0.56 | 0.22 | 562,719 |
| United Arab Emirates | 4.87 | 1.93 | 4,870,376 |
| United Kingdom | 1.81 | 0.72 | 1,811,831 |
| United States of America | 210.53 | 83.29 | 210,531,906 |
| | 239.76 | 94.87 | 239,782,643 | | en | fr |
DOLFIN1782 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The impact of charges and fees on past performance has been included but entry and exit charges are excluded.
- This Sub-Fund was launched in 2011.
- This share class was launched in 2014.
- The past performance is calculated in USD.
| | - Gli effetti di spese e commissioni sui risultati ottenuti nelpassato sonostati inclusi, mentre sono escluse le spese di sottoscrizione e di rimborso.
- Il presente Comparto è stato lanciato nel 2011.
- La presente classe di azioni è stata lanciatanel 2014.
- I risultati ottenuti nel passato sono calcolati in USD.
| | - The impact of charges and fees on past performance has been included but entry and exit charges are excluded.
- This Sub-Fund was launched in 2011.
- This share class was launched in 2014.
- The past performance is calculated in USD.
| | en | it |
DOLFIN1783 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Euro Treasury Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of Euro denominated bonds issued or guaranteed by member states of the Economic and Monetary Union of the European Union (EMU). The bonds are issued in Euro or the legacy currencies of sovereign countries of the EMU and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). They will pay income according to a fixed rate of interest and will have at least one year remaining until maturity (i.e. the time until they become due for repayment) and a minimum amount outstanding of €300 million. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que trata de obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Euro Treasury Bond Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide el rendimiento de los bonos denominados en euros emitidos o avalados por Estados miembros de la Unión Económica y Monetaria de la Unión Europea (UEM). Los bonos está emitidos en euros o en las antiguas monedas nacionales de países soberanos de la UEM y tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. Pagarán rendimientos con arreglo a un tipo de interés fijo, y tendrán un plazo de vencimiento residual (es decir, el periodo hasta la fecha en que se deben reembolsar) de al menos un año y un importe mínimo en circulación de 300 millones de euros. El Índice está ponderado por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Euro Treasury Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of Euro denominated bonds issued or guaranteed by member states of the Economic and Monetary Union of the European Union (EMU). The bonds are issued in Euro or the legacy currencies of sovereign countries of the EMU and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). They will pay income according to a fixed rate of interest and will have at least one year remaining until maturity (i.e. the time until they become due for repayment) and a minimum amount outstanding of €300 million. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1784 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### The CIBM facilitates two trading models: (i) bilateral negotia- tion; and (ii) click-and-deal.
Under the China Foreign Exchange Trading System’ system, which is the unified trading platform for the CIBM, negotiation is applied to all inter-bank products while one-click trading is only applied to cash-bonds and interest rate derivatives.
The market-maker mechanism, whereby an entity ensures bi- lateral quotations for bonds, was officially introduced in 2001 to improve market liquidity and enhance efficiency. Deals through market making can enjoy benefits such as lower trad- ing and settlement costs.
Bond transactions must be conducted by way of bilateral trad- ing through independent negotiations and be concluded on a transaction by transaction basis. Bid and ask prices for pri- mary bond transactions and repurchase interest rates must be determined independently by the parties to the transaction.
Both parties to a transaction shall typically, in accordance with the contract, promptly send instructions for delivery of bonds and funds, and shall have sufficient bonds and funds for deliv- ery on the agreed delivery date.
The China Central Depository & Clearing Co. ltd (“CCDC”) will deliver bonds on time according to the instructions matching with elements sent by both parties to a transaction. Fund clearing banks will handle the appropriation and transfer of bond transaction funds on behalf of participants in a timely manner. | ### Der CIBM ermöglicht zwei Handelsmodelle: (i) bilaterale Ver- handlungen; und (ii) «Click-and-Deal».
Unter dem System des China Foreign Exchange Trading Sys- tem, das die einheitliche Handelsplattform für den CIBM bil- det, wird die Verhandlung auf alle Interbankprodukte ange- wandt, während der Ein-Klick-Handel nur auf Kassenobligationen und Zinsderivate angewendet wird.
Der Market-Maker-Mechanismus, bei dem eine Stelle bilate- rale Notierungen für Anleihen sicherstellt, wurde 2001 offiziell eingeführt, um die Marktliquidität zu verbessern und die Effizi- enz zu steigern. Geschäfte durch Market Making können Vor- teile wie niedrigere Handels- und Abwicklungskosten genies- sen.
Anleihegeschäfte müssen im Wege des bilateralen Handels durch unabhängige Verhandlungen durchgeführt und auf der Grundlage von einzelnen Transaktionen abgeschlossen wer- den. Geld- und Briefkurse für primäre Anleihegeschäfte und Rückkaufszinssätze müssen von den Parteien der Transak- tion unabhängig voneinander festgelegt werden.
Beide Parteien einer Transaktion senden in der Regel ver- tragsgemäss unverzüglich Anweisungen zur Lieferung von Anleihen und Geldmitteln und verfügen über genügend Anlei- hen und Geldmittel für die Lieferung zum vereinbarten Liefer- termin.
Die China Central Depository & Clearing Co. Ltd («CCDC») liefert Anleihen pünktlich gemäss den Anweisungen, die mit den von beiden Parteien einer Transaktion übermittelten Ele- menten übereinstimmen. Clearing-Banken wickeln die Zuwei- sung und den Transfer von Anleihentransaktionsgeldern im Namen der Teilnehmer zeitnah ab. | ### The CIBM facilitates two trading models: (i) bilateral negotia- tion; and (ii) click-and-deal.
Under the China Foreign Exchange Trading System’ system, which is the unified trading platform for the CIBM, negotiation is applied to all inter-bank products while one-click trading is only applied to cash-bonds and interest rate derivatives.
The market-maker mechanism, whereby an entity ensures bi- lateral quotations for bonds, was officially introduced in 2001 to improve market liquidity and enhance efficiency. Deals through market making can enjoy benefits such as lower trad- ing and settlement costs.
Bond transactions must be conducted by way of bilateral trad- ing through independent negotiations and be concluded on a transaction by transaction basis. Bid and ask prices for pri- mary bond transactions and repurchase interest rates must be determined independently by the parties to the transaction.
Both parties to a transaction shall typically, in accordance with the contract, promptly send instructions for delivery of bonds and funds, and shall have sufficient bonds and funds for deliv- ery on the agreed delivery date.
The China Central Depository & Clearing Co. ltd (“CCDC”) will deliver bonds on time according to the instructions matching with elements sent by both parties to a transaction. Fund clearing banks will handle the appropriation and transfer of bond transaction funds on behalf of participants in a timely manner. | en | de |
DOLFIN1785 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Brief information on tax regulations
Statements concerning tax regulations apply only to investors who are subject to unlimited tax liability in Germany. Investors with unlimited tax liability are hereinafter also referred to as "residents for tax purposes". We recommend that foreign investors consult their tax advisors prior to acquiring units in the Fund which is described in the Sales Prospectus in order to discuss any possible tax implications in their country of residence arising from the acquisition of units. Foreign investors are investors who do not have unlimited tax liability. They are hereinafter referred to as "non-residents for tax purposes".
The statements shown here relate to the legal situation that has existed since 01 January 2018. If Fund units were purchased prior to 1 January 2018, there may be other specific points relating to the fund investment which have not been described in more detail here. | # Kurzangaben über steuerrechtliche Vorschriften
Die Aussagen zu den steuerlichen Vorschriften gelten nur für Anleger, die in Deutschland unbe- schränkt steuerpflichtig sind. Unbeschränkt steuerpflichtige Anleger werden nachfolgend auch als Steuerinländer bezeichnet. Dem ausländischen Anleger empfehlen wir, sich vor Erwerb von Anteilen an dem in diesem Verkaufsprospekt beschriebenen Fonds mit seinem Steuerberater in Verbindung zu setzen und mögliche steuerliche Konsequenzen aus dem Anteilserwerb in seinem Heimatland indivi- duell zu klären. Ausländische Anleger sind Anleger, die nicht unbeschränkt steuerpflichtig sind. Diese werden nachfolgend auch als Steuerausländer bezeichnet.
Die hier enthaltenen Aussagen beziehen sich auf die Rechtslage seit 1. Januar 2018. Sofern Fondsan- teile vor dem 1. Januar 2018 erworben wurden, können sich weitere, hier nicht näher beschriebene Besonderheiten im Zusammenhang mit der Fondsanlage ergeben. | # Brief information on tax regulations
Statements concerning tax regulations apply only to investors who are subject to unlimited tax liability in Germany. Investors with unlimited tax liability are hereinafter also referred to as "residents for tax purposes". We recommend that foreign investors consult their tax advisors prior to acquiring units in the Fund which is described in the Sales Prospectus in order to discuss any possible tax implications in their country of residence arising from the acquisition of units. Foreign investors are investors who do not have unlimited tax liability. They are hereinafter referred to as "non-residents for tax purposes".
The statements shown here relate to the legal situation that has existed since 01 January 2018. If Fund units were purchased prior to 1 January 2018, there may be other specific points relating to the fund investment which have not been described in more detail here. | en | de |
DOLFIN1786 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The fund returned -15.49% (gross of fees) against the benchmark return of -15.25% for the 12 months to the end of June, an underperformance of 24bps.
The fund marginally underperformed the benchmark over the reporting period as EMs faced a difficult trading environment following the spread of the Omicron variant of Covid-19 in the second half of 2021 and the large moves in rates markets in 2022 as inflation became entrenched. Idiosyncratic events such as Russia’s invasion of Ukraine and material weakness in the Chinese real estate sector also drove market weakness to a large extent. The underperformance was largely driven by the impact from select overweights in Chinese real estate, offsetting the positive contributions from avoiding Russia and Ukraine in the build-up to the conflict.
Within Chinese real estate, the allocations to Zhenro Properties, Evergrande, Kaisa Group and Agile Property were the main detractors as mounting liquidity pressures drove credits into default, materially dragging on performance. The overweight to Samarco (metals and mining, Brazil) was another detractor, as bonds traded weaker through to the end of 2021, before staging a partial recovery, although volatility remains high. The company continues court proceedings in Brazil and we expect to see a deal that provides ultimate recoveries well above current trading levels. Despite solid oil prices, some oil-sensitive assets, such as Nigeria and Pemex (Mexico), actually underperformed during the period. Consequently, our overweight allocation to these assets detracted from relative performance.
On the positive side, we had maintained zero exposure to Russia leading up to the invasion of Ukraine due to high environmental, social and governance risks and this proved to be the right approach. A lack of exposure to Russia and a consequent large underweight allocation added more than 400bps to the fund’s relative performance. During a weak environment for risk assets, underweight allocations in Thailand, South Korea and Indonesia added value. In Macau, we had maintained an underweight bias due to a resurgence of Covid-19 infections and widening lockdown restrictions. The gaming sector suffered for these reasons during the period, so our underweight allocations added relative value.
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###### BlueBay Funds - BlueBay Global Convertible Bond Fund Performance | Il fondo ha reso il -15.49% (al lordo delle commissioni), sottoperformando di 24 pb il benchmark (-15.25%) nei 12 mesi terminati a fine giugno.
Il fondo ha segnato leggermente il passo rispetto all’indice nel periodo in rassegna, poiché i mercati emergenti si sono trovati alle prese con un contesto di trading impegnativo a seguito della diffusione della variante Omicron del Covid-19 nella seconda metà del 2021 e delle ampie oscillazioni dei mercati dei tassi nel 2022 a fronte del radicamento dell’inflazione. La debolezza dei mercati è imputabile in larga misura anche a eventi idiosincratici come l’invasione russa dell’Ucraina e la significativa battuta d’arresto del settore immobiliare cinese. La sottoperformance è ascrivibile in gran parte all’impatto di alcune posizioni di sovrappeso nel settore immobiliare cinese, che hanno annullato i contributi positivi derivanti dall’assenza di esposizione alla Russia e all’Ucraina nel periodo precedente il conflitto.
Nell’immobiliare cinese, le allocazioni in Zhenro Properties, Evergrande, Kaisa Group e Agile Property hanno fornito i principali contributi negativi, poiché le crescenti pressioni sulla liquidità hanno spinto le obbligazioni in default, pesando notevolmente sulla performance. Un altro apporto sfavorevole è imputabile al sovrappeso su Samarco (metalli e miniere, Brasile), le cui obbligazioni hanno perso terreno sino alla fine del 2021, prima di evidenziare una parziale ripresa, anche se la volatilità resta elevata. La società rimane alle prese con un procedimento giudiziario in Brasile, che dovrebbe concludersi in un accordo e quindi in una risalita del titolo fino a superare ampiamente gli attuali livelli di negoziazione. Nonostante l’andamento sostenuto dei prezzi del petrolio, alcuni titoli sensibili a questa materia prima, come quelli di Nigeria e Pemex (Messico), hanno sottoperformato nel periodo in esame. Di conseguenza, la nostra posizione di sovrappeso in questi attivi ha eroso la performance relativa.
Sul versante positivo, avevamo un’esposizione nulla alla Russia prima dell’invasione dell’Ucraina a causa degli elevati rischi ambientali, sociali e di governance, e questo approccio si è rivelato corretto. L’assenza di posizioni in Russia e il conseguente ampio sottopeso hanno apportato oltre 400 pb alla performance relativa del fondo. In un contesto di debolezza degli asset rischiosi, le allocazioni sottopesate in Thailandia, Corea del Sud e Indonesia hanno favorito il risultato. Nel caso di Macao, eravamo sottoesposti a causa della recrudescenza dei contagi da Covid-19 e dell’ampliamento dei lockdown. Questi problemi hanno inciso negativamente sul settore del gioco d’azzardo nel corso del periodo, per cui le nostre posizioni di sottopeso hanno favorito il risultato relativo.
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#### BlueBay Funds - BlueBay Global Convertible Bond Fund Performance | The fund returned -15.49% (gross of fees) against the benchmark return of -15.25% for the 12 months to the end of June, an underperformance of 24bps.
The fund marginally underperformed the benchmark over the reporting period as EMs faced a difficult trading environment following the spread of the Omicron variant of Covid-19 in the second half of 2021 and the large moves in rates markets in 2022 as inflation became entrenched. Idiosyncratic events such as Russia’s invasion of Ukraine and material weakness in the Chinese real estate sector also drove market weakness to a large extent. The underperformance was largely driven by the impact from select overweights in Chinese real estate, offsetting the positive contributions from avoiding Russia and Ukraine in the build-up to the conflict.
Within Chinese real estate, the allocations to Zhenro Properties, Evergrande, Kaisa Group and Agile Property were the main detractors as mounting liquidity pressures drove credits into default, materially dragging on performance. The overweight to Samarco (metals and mining, Brazil) was another detractor, as bonds traded weaker through to the end of 2021, before staging a partial recovery, although volatility remains high. The company continues court proceedings in Brazil and we expect to see a deal that provides ultimate recoveries well above current trading levels. Despite solid oil prices, some oil-sensitive assets, such as Nigeria and Pemex (Mexico), actually underperformed during the period. Consequently, our overweight allocation to these assets detracted from relative performance.
On the positive side, we had maintained zero exposure to Russia leading up to the invasion of Ukraine due to high environmental, social and governance risks and this proved to be the right approach. A lack of exposure to Russia and a consequent large underweight allocation added more than 400bps to the fund’s relative performance. During a weak environment for risk assets, underweight allocations in Thailand, South Korea and Indonesia added value. In Macau, we had maintained an underweight bias due to a resurgence of Covid-19 infections and widening lockdown restrictions. The gaming sector suffered for these reasons during the period, so our underweight allocations added relative value.
-
###### BlueBay Funds - BlueBay Global Convertible Bond Fund Performance | en | it |
DOLFIN1787 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. | # Perfil de Riesgo y Remuneración
- Riesgo de divisas: El Fondo invierte en otras divisas. En consecuencia, las variaciones de los tipos de cambio afectarán al valor de la inversión.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre elEl indicador de riesgo se ha calculado incorporando datos históricos simulados, y es posible que no constituya una indicación fiable del perfil de riesgo del Fondo en el futuro. | # Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. | en | es |
DOLFIN1788 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ABOUT THE BENCHMARK
FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged index.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | # BREVE DESCRIZIONE DEL BENCHMARK
Il FTSE 3-Month Treasury Bill Index è un indice non gestito rappresentativo dell'equivalente della performance mensile dei rendimenti medi delle ultime emissioni di Treasury Bill a tre mesi. Non è possibile investire direttamente in un indice non gestito.
Salvo altrimenti specificato nel Prospetto o nel relativo documento contenente le informazioni chiave per gli investitori, il Fondo non è gestito in relazione a un particolare benchmark o indice. Ogni eventuale riferimento a un particolare benchmark o indice contenuto nella presente scheda informativa è effettuato unicamente allo scopo di raffrontare la performance e/o il rischio. | # ABOUT THE BENCHMARK
FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged index.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | en | it |
DOLFIN1789 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Investment Objective
The Sub-Fund aims to provide total return that exceeds the Benchmark (against which it will measure its performance) through investment primarily, meaning at least 90% of its assets, in a portfolio of fixed income bonds and other debt securities issued by corporations or any government, government agency, supranational or public international organisations or in derivatives.
It is intended that the majority of investments will be
invested in Euroland Countries (countries which have the Euro as their unit of currency) (see “Investment Policy”). | ##### Obiettivi di investimento
Il Comparto intende ottenere un reddito e un profitto totale che superi il Benchmark (paragonandosi al quale il Comparto misurerà il suo rendimento) attraverso investimenti principalmente, ossia almeno il 90% del suo patrimonio, in un portafoglio di obbligazioni a reddito fisso e altri titoli di debito emessi da società, governi, enti governativi, o da organizzazioni internazionali pubbliche o sovranazionali, ovvero strumenti derivati.
Si prevede che la maggioranza degli investimenti sarà effettuata nei Paesi della zona Euro (paesi che hanno l'Euro come valuta legale) (si vedano le "Politiche di investimento"). | ##### Investment Objective
The Sub-Fund aims to provide total return that exceeds the Benchmark (against which it will measure its performance) through investment primarily, meaning at least 90% of its assets, in a portfolio of fixed income bonds and other debt securities issued by corporations or any government, government agency, supranational or public international organisations or in derivatives.
It is intended that the majority of investments will be
invested in Euroland Countries (countries which have the Euro as their unit of currency) (see “Investment Policy”). | en | it |
DOLFIN1790 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investors may redeem their shares (whether in whole or in part) on any dealing day in which the banks are open for business in Ireland and the US.
Intended retail investor: The Fund is intended for investors (i) that seek an investment horizon of 3-5 years or more, is prepared to accept a low to moderate level of volatility, and is seeking income from the investment, (ii) with knowledge and/or experience of these types of products, (iii) that have obtained appropriate investment advice and (iv) that have the ability to bear losses up to the amount they have invested in the Fund. | # Anleger können ihre Anteile (vollständig oder teilweise) an jedem Handelstag zurückgeben, an dem die Banken in Irland und den USA für den Kundenverkehr geöffnet sind.
Kleinanleger-Zielgruppe: Der Fonds richtet sich an Anleger, die (i) einen Anlagehorizont von 3 bis 5 Jahren oder mehr anstreben, bereit sind, ein niedriges bis moderates Volatilitätsniveau zu akzeptieren und Erträge aus der Anlage wünschen, (ii) über Kenntnisse und/oder Erfahrungen in Bezug auf diese Art von Produkten verfügen, (iii) eine angemessene Anlageberatung erhalten haben und (iv) in der Lage sind, Verluste bis zur Höhe des von ihnen in den Fonds investierten Betrags zu tragen. | # Investors may redeem their shares (whether in whole or in part) on any dealing day in which the banks are open for business in Ireland and the US.
Intended retail investor: The Fund is intended for investors (i) that seek an investment horizon of 3-5 years or more, is prepared to accept a low to moderate level of volatility, and is seeking income from the investment, (ii) with knowledge and/or experience of these types of products, (iii) that have obtained appropriate investment advice and (iv) that have the ability to bear losses up to the amount they have invested in the Fund. | en | de |
DOLFIN1791 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# - The level of financial guarantee required; and
The haircut applicable to the assets received as a financial guarantee, in particular depending on their nature, the credit quality of the issuers, their maturity, their reference currency and their liquidity and volatility.
In accordance with the valuation rules set out in this prospectus, the Management Company shall proceed to a daily valuation of the collateral received on a mark to market basis. Margin calls will be made in accordance with the terms of the financial guarantee contracts.
The UCITS may reinvest the financial guarantees received in the form of cash in accordance with the regulations in force. Non cash collateral received may not be sold, reinvested or pledged. The counterparty may also reinvest the financial guarantees received from the UCITS according to the regulatory conditions applicable to it.
Collateral received by the UCITS will be held by the UCITS depositary or, failing that, by any third party custodian (such as Euroclear Bank SA/NV) which is subject to prudential supervision and which is unrelated to the provider of the collateral.
Despite the credit quality of the issuers of the securities received as financial guarantee or the securities acquired with cash received as financial guarantee, the UCITS could bear a risk of loss in the event of default by these issuers or the counterparty of these transactions. | # - El nivel de garantía financiera necesaria; y
El nivel de descuento aplicable a los activos recibidos en concepto de garantía financiera, especialmente en función de su naturaleza, la calidad crediticia de los emisores, su vencimiento, su divisa de referencia y su liquidez y volatilidad.
La Sociedad gestora procederá, según las normas de valoración previstas en el presente folleto, a una valoración diaria de las garantías recibidas sobre una base de precio de mercado (mark-to-market). Los ajustes de los márgenes se realizarán con arreglo a los términos de los acuerdos de garantía financiera.
El OICVM podrá reinvertir las garantías financieras recibidas en efectivo con arreglo a la normativa en vigor. Las garantías financieras distintas del efectivo recibidas no podrán venderse, reinvertirse ni pignorarse. La contraparte también podrá reinvertir las garantías financieras recibidas del OICVM según las condiciones reglamentarias que le sean aplicables.
Las garantías recibidas por el OICVM serán custodiadas por el depositario del OICVM o, en su defecto, por cualquier depositario tercero (como Euroclear Bank SA/NV) que esté sujeto a supervisión prudencial y que no guarde relación alguna con el proveedor de la garantía.
El OICVM podrá reinvertir las garantías financieras recibidas en efectivo en observancia de la normativa en vigor. A pesar de la calidad crediticia de los emisores de los títulos recibidos como garantía financiera o de los títulos adquiridos en efectivo como garantía financiera, el OICVM podría asumir un riesgo de pérdida en caso de incumplimiento por parte de los emisores o de la contraparte de estas operaciones. | # - The level of financial guarantee required; and
The haircut applicable to the assets received as a financial guarantee, in particular depending on their nature, the credit quality of the issuers, their maturity, their reference currency and their liquidity and volatility.
In accordance with the valuation rules set out in this prospectus, the Management Company shall proceed to a daily valuation of the collateral received on a mark to market basis. Margin calls will be made in accordance with the terms of the financial guarantee contracts.
The UCITS may reinvest the financial guarantees received in the form of cash in accordance with the regulations in force. Non cash collateral received may not be sold, reinvested or pledged. The counterparty may also reinvest the financial guarantees received from the UCITS according to the regulatory conditions applicable to it.
Collateral received by the UCITS will be held by the UCITS depositary or, failing that, by any third party custodian (such as Euroclear Bank SA/NV) which is subject to prudential supervision and which is unrelated to the provider of the collateral.
Despite the credit quality of the issuers of the securities received as financial guarantee or the securities acquired with cash received as financial guarantee, the UCITS could bear a risk of loss in the event of default by these issuers or the counterparty of these transactions. | en | es |
DOLFIN1792 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Le Compartiment peut investir jusqu’à 10% de son actif net dans les pays émergents.
A l’exception de l’exposition géographique, le choix des investissements ne sera limité ni par un secteur ni en termes de devises dans lesquelles les investissements seront libellés. Toutefois, selon la situation des marchés financiers, il est possible de mettre l’accent sur un pays européen particulier (ou plusieurs pays européens), une seule devise et/ou un seul secteur économique.
Le Compartiment peut investir, à titre accessoire, dans tout autre type d’Investissements éligibles, tels que des titres de créance dont des Instruments du marché monétaire assortis d’une notation investment grade (à savoir une notation d’au moins BBB- attribuée par Standard & Poor’s Corporation ou son équivalent par Moody’s. En présence de deux notations différentes, la notation la plus élevée s’appliquera), des OPCVM, d’autres OPC éligibles et des Actifs liquides (tels que des liquidités et des dépôts). | ## Hasta el 10 % del patrimonio neto del Subfondo podrá invertirse en países emergentes.
Excepto en lo que se refiere al enfoque geográfico, la selección de inversiones no estará limitada por el sector económico ni por las divisas en que estén denominadas las inversiones. No obstante, dependiendo de las condiciones del mercado financiero, las inversiones podrán concentrarse en un solo país europeo (o varios países europeos) y/o en una sola divisa y/o en un solo sector económico.
Con carácter accesorio, el Subfondo podrá invertir en cualquier otro tipo de Activos admisibles, como valores de renta variable, incluidos Instrumentos del mercado monetario con calificación de categoría de inversión («investment grade») (es decir, con una calificación mínima de BBB- de Standard & Poor’s Corporation o su equivalente de Moody’s. En caso de haber dos calificaciones diferentes, se aplicará la calificación crediticia más alta), OICVM, otros OIC admisibles y Activos líquidos (como efectivo y depósitos). | ## Le Compartiment peut investir jusqu’à 10% de son actif net dans les pays émergents.
A l’exception de l’exposition géographique, le choix des investissements ne sera limité ni par un secteur ni en termes de devises dans lesquelles les investissements seront libellés. Toutefois, selon la situation des marchés financiers, il est possible de mettre l’accent sur un pays européen particulier (ou plusieurs pays européens), une seule devise et/ou un seul secteur économique.
Le Compartiment peut investir, à titre accessoire, dans tout autre type d’Investissements éligibles, tels que des titres de créance dont des Instruments du marché monétaire assortis d’une notation investment grade (à savoir une notation d’au moins BBB- attribuée par Standard & Poor’s Corporation ou son équivalent par Moody’s. En présence de deux notations différentes, la notation la plus élevée s’appliquera), des OPCVM, d’autres OPC éligibles et des Actifs liquides (tels que des liquidités et des dépôts). | fr | es |
DOLFIN1793 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
other times in order to reflect corporate activity such as mergers and acquisitions. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The index may also be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the index which may cause your investment to suffer losses. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas
actividad de las empresas, como por ejemplo, fusiones y adquisiciones. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializadora y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo está expuesto a movimientos de mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, por las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice está basado en normas y no puede ajustarse para tener en cuenta los cambios en las circunstancias de mercado. En consecuencia, puede que se vea negativamente afectado, o no obtenga beneficios, al no realizarse dichos ajustes cuando cambian las circunstancias del mercado. El índice podría estar sujeto a acontecimientos como interrupciones o ajustes que podrían impedir su cálculo o provocar ajustes en sus normas, lo cual podría provocar que su inversión sufriese pérdidas. El fondo puede utilizar derivados financieros para tratar de gestionar sus inversiones de forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
other times in order to reflect corporate activity such as mergers and acquisitions. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The index may also be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the index which may cause your investment to suffer losses. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN1794 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Benefits
Innovative techniques to exploit return potential in any market environment.
Transparent return target.
Very active management and global diversification. Major market fluctuations can be cushioned. | # Vantaggi
Tecniche innovative per sfruttare il potenziale di rendimento in qualsiasi contesto di mercato.
Obiettivo di rendimento trasparente.
Gestione molto attiva e diversificazione globale. Possibilità di protezione rispetto a cospicue oscillazioni del mercato. | # Benefits
Innovative techniques to exploit return potential in any market environment.
Transparent return target.
Very active management and global diversification. Major market fluctuations can be cushioned. | en | it |
DOLFIN1795 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Currency allocation
The fund has long positions in the JPY and the SEK versus underweights in the KRW, MXN and zloty, but positions are small. We are getting closer to the peak in the USD in our view, as the Fed is nearing the end of its tightening cycle. The JPY has weakened significantly over the past months, and we think the recent adjustment of the yield curve cap by the BoJ is only the start of a series of interventions to restrengthen the currency. Many Asian countries rely on food and energy imports, which is pushing up inflation. Hence, we remain underweight Asia FX via the KRW. | # Distribución de divisas
El fondo mantiene posiciones largas en JPY y SEK, frente a infraponderaciones en KRW, MXM y zloty, aunque las posiciones son pequeñas. Opinamos que nos aproximamos al pico del dólar, pues la Fed se acerca al final de su ciclo restrictivo. El JPY se ha debilitado notablemente en los últimos meses, y consideramos que el reciente ajuste al límite máximo de la curva de rentabilidad implementado por el Banco de Japón es tan solo el comienzo de una serie de intervenciones para fortalecer la divisa. Muchos países asiáticos dependen de las importaciones de alimentos y energía, lo que está impulsando la inflación. Por consiguiente, seguimos infraponderados en Asia FX, mediante KRW. | # Currency allocation
The fund has long positions in the JPY and the SEK versus underweights in the KRW, MXN and zloty, but positions are small. We are getting closer to the peak in the USD in our view, as the Fed is nearing the end of its tightening cycle. The JPY has weakened significantly over the past months, and we think the recent adjustment of the yield curve cap by the BoJ is only the start of a series of interventions to restrengthen the currency. Many Asian countries rely on food and energy imports, which is pushing up inflation. Hence, we remain underweight Asia FX via the KRW. | en | es |
DOLFIN1796 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PROFIL DE RISQUE ET DE RENDEMENT
Risque plus faible Risque plus élevé
Rendement potentiellement plus faible Rendement potentiellement plus élevé
- Le niveau de risque mentionné reflète la volatilité de l’historique du fonds, éventuellement complété de celui de son cadre de référence. La volatilité indique dans quelle mesure la valeur du fonds peut fluctuer à la hausse comme à la baisse.
- Les données historiques ne présagent pas du profil de risque futur.
- La catégorie affichée pourra évoluer dans le temps.
- La catégorie la plus faible ne signifie pas « sans risque ».
- Il n'existe ni garantie ni mécanisme de protection de capital.
### L’investisseur doit être conscient des risques importants suivants qui ne sont pas nécessairement adéquatement pris en compte par l’indicateur :
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Risques liés aux pays émergents: les pays émergents peuvent présenter des incertitudes politiques, légales et fiscales ou d’autres événements pouvant impacter négativement les actifs du fonds. Les actifs traités sur ces pays présentent des mouvements de marché potentiellement plus rapides que sur les grandes places internationales et des écarts de cotation qui peuvent augmenter substantiellement dans certaines circonstances de marché. Ces actifs peuvent se révéler moins liquides, soit ne pas pouvoir être vendus rapidement à des prix raisonnables. Les variations des cours des monnaies de pays émergents peuvent être brusques et substantielles.
- Risque de liquidité: le fonds investit dans des instruments financiers et/ou des segments de marché qui sont considérés comme moins liquides. Il en découle que ces instruments pourraient ne pas être vendables rapidement et / ou à des prix raisonnables. Ce risque est accentué dans certaines circonstances de marché et / ou en cas de rachat massif, ce qui peut affecter la performance du fonds. | # PERFIL DE RIESGO Y REMUNERACIÓN
Riesgo más bajo Riesgo más alto
Rentabilidad potencialmente más baja Rentabilidad potencialmente más alta
- El nivel de riesgo mencionado refleja la volatilidad del historial del fondo y en su caso, se completa con el de su marco de referencia. La volatilidad indica la medida en la que el valor del fondo puede fluctuar tanto a la alza como a la baja.
- Los datos históricos no suponen ninguna garantía en cuanto al perfil de riesgo futuro.
- La categoría indicada podrá evolucionar con el tiempo.
- La categoría de riesgo más bajo no significa que tenga "riesgo cero".
- No existe ninguna garantía ni mecanismo de protección del capital.
### El inversor debe ser consciente de los siguientes riesgos importantes que no siempre son considerados adecuadamente por el indicador:
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Riesgos vinculados con los países emergentes: los países emergentes pueden presentar incertidumbres políticas, legales y fiscales u otros acontecimientos que pueden impactar negativamente a los activos del fondo. Los activos tratados en dichos países presentan movimientos de mercado potencialmente más rápidos que los registrados en los principales mercados internacionales, así como diferencias de cotización que pueden aumentar considerablemente en determinadas circunstancias de mercado. Estos activos pueden resultar menos líquidos e incluso no poder ser vendidos rápidamente a precios razonables. Las variaciones de los cursos de las monedas de los países emergentes pueden ser bruscas e importantes.
- Riesgo de liquidez: el fondo invierte en instrumentos financieros y/o segmentos de mercado que se consideran menos líquidos. Como resultado, estos instrumentos podrían no venderse rápidamente y/o a precios razonables. Este riesgo se acentúa en determinadas circunstancias del mercado y/o en caso de reembolsos masivos, que pueden afectar a la rentabilidad del fondo. | # PROFIL DE RISQUE ET DE RENDEMENT
Risque plus faible Risque plus élevé
Rendement potentiellement plus faible Rendement potentiellement plus élevé
- Le niveau de risque mentionné reflète la volatilité de l’historique du fonds, éventuellement complété de celui de son cadre de référence. La volatilité indique dans quelle mesure la valeur du fonds peut fluctuer à la hausse comme à la baisse.
- Les données historiques ne présagent pas du profil de risque futur.
- La catégorie affichée pourra évoluer dans le temps.
- La catégorie la plus faible ne signifie pas « sans risque ».
- Il n'existe ni garantie ni mécanisme de protection de capital.
### L’investisseur doit être conscient des risques importants suivants qui ne sont pas nécessairement adéquatement pris en compte par l’indicateur :
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Risques liés aux pays émergents: les pays émergents peuvent présenter des incertitudes politiques, légales et fiscales ou d’autres événements pouvant impacter négativement les actifs du fonds. Les actifs traités sur ces pays présentent des mouvements de marché potentiellement plus rapides que sur les grandes places internationales et des écarts de cotation qui peuvent augmenter substantiellement dans certaines circonstances de marché. Ces actifs peuvent se révéler moins liquides, soit ne pas pouvoir être vendus rapidement à des prix raisonnables. Les variations des cours des monnaies de pays émergents peuvent être brusques et substantielles.
- Risque de liquidité: le fonds investit dans des instruments financiers et/ou des segments de marché qui sont considérés comme moins liquides. Il en découle que ces instruments pourraient ne pas être vendables rapidement et / ou à des prix raisonnables. Ce risque est accentué dans certaines circonstances de marché et / ou en cas de rachat massif, ce qui peut affecter la performance du fonds. | fr | es |
DOLFIN1797 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Depositary Bank’s liability only extends to its own negligence and wilful default and to that caused by the negligence or wilful misconduct of its local agent, and does not extend to losses due to the liquidation, bankruptcy, negligence or wilful default of any registrar. In the event of such losses, the Company will have to pursue its rights against the issuer and/or the appointed registrar of the securities.
Securities held with a local correspondent or clearing / settlement system or securities correspondent ("Securities System") may not be as well protected as those held within Luxembourg. In particular, losses may be incurred as a consequence of the insolvency of the local correspondent or Securities System. In some markets, the segregation or separate identification of a beneficial owner’s securities may not be possible or the practices of segregation or separate identification may differ from practices in more developed markets.
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###### Conflicts of interests of the Management Company | La responsabilità del depositario si estende unicamente ai casi di negligenza e inadempimento doloso del depositario e in caso di negligenza e inadempimento doloso dell’agente locale del depositario, mentre non si applica alle perdite dovute alla liquidazione, fallimento, o negligenza o inadempimento doloso del Conservatore del Registro. In tale caso, per le perdite subite, la società dovrà far valere i propri diritti verso l’emittente e/o il Conservatore del Registro dei titoli.
I titoli detenuti presso un corrispondente locale o presso sistema di clearing/regolamento o presso un corrispondente titoli (“Securities System”) potrebbero non essere altrettanto protetti quanto quelli detenuti in Lussemburgo. In particolare, si potrebbero verificare perdite in seguito alla insolvenza di un corrispondente locale o del Securities System. In alcuni mercati non è possibile segregare o identificare separatamente il beneficiario, o le pratiche di segregazione o di identificazione separata possono differire dalle pratiche in mercati più sviluppati.
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#### CONFLITTI D’INTERESSE DELLA SOCIETA’ DI GESTIONE | The Depositary Bank’s liability only extends to its own negligence and wilful default and to that caused by the negligence or wilful misconduct of its local agent, and does not extend to losses due to the liquidation, bankruptcy, negligence or wilful default of any registrar. In the event of such losses, the Company will have to pursue its rights against the issuer and/or the appointed registrar of the securities.
Securities held with a local correspondent or clearing / settlement system or securities correspondent ("Securities System") may not be as well protected as those held within Luxembourg. In particular, losses may be incurred as a consequence of the insolvency of the local correspondent or Securities System. In some markets, the segregation or separate identification of a beneficial owner’s securities may not be possible or the practices of segregation or separate identification may differ from practices in more developed markets.
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###### Conflicts of interests of the Management Company | en | it |
DOLFIN1798 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 485 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.85 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 176 EUR |
| Transaction costs | 0.04 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 4 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR | | | Costi di ingresso | 5,00 % dell’importo pagato al momento della sottoscrizione dell’investimento. Questa è la cifra massima che può essere addebitata. La persona che vende il Comparto vi informerà del costo effettivo. | 485 EUR |
| --- | --- | --- |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo Comparto ma la persona che vende il prodotto può farlo. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,85 % del valore dell’investimento all’anno. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 176 EUR |
| Costi di transazione | 0,04 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il Comparto sottostante. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 4 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non sono previste commissioni di performance per questo Comparto. | 0 EUR | | | Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 485 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.85 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 176 EUR |
| Transaction costs | 0.04 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 4 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR | | en | it |
DOLFIN1799 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# INVESTMENT OBJECTIVE
A global equity fund that invests in high quality companies that generate a positive outcome to society and the environment. The Fund is benchmark agnostic and has no restrictions in terms of geography, sector type or market capitalisation, though it is mainly tilted towards larger companies in developed markets. Companies are selected upon a rigorous investment process which combines quantitative screening with fundamental analysis and embeds a socially responsible approach. The Fund seeks to achieve long-term capital growth over a minimum period of 5 years.
Fund Management analysis can be found on P.4 | # OBIETTIVO DI INVESTIMENTO
Fondo azionario internazionale investito in aziende di ottima qualità che esercitano un impatto positivo sulla società e l'ambiente. Il Fondo è decorrelato dall'indice di riferimento e non ha vincoli geografici, settoriali o di capitalizzazione, sebbene sia investito prevalentemente nelle large cap dei mercati sviluppati. Le società sono selezionate in base a un rigoroso processo di investimento che combina la selezione quantitativa dei titoli con l'analisi fondamentale. Il Fondo si caratterizza per uno stile di investimento socialmente responsabile e si prefigge di conseguire la crescita del capitale a lungo termine su un orizzonte minimo di investimento di 5 anni.
Puoi accedere alle analisi dei gestori a pagina 4 | # INVESTMENT OBJECTIVE
A global equity fund that invests in high quality companies that generate a positive outcome to society and the environment. The Fund is benchmark agnostic and has no restrictions in terms of geography, sector type or market capitalisation, though it is mainly tilted towards larger companies in developed markets. Companies are selected upon a rigorous investment process which combines quantitative screening with fundamental analysis and embeds a socially responsible approach. The Fund seeks to achieve long-term capital growth over a minimum period of 5 years.
Fund Management analysis can be found on P.4 | en | it |
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