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DOLFIN200 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Mme Caylie Stallard a été nommée Administratrice de la Société à effet du 8 juin 2022.
Hormis les événements susmentionnés, aucun événement significatif n’a affecté la Société depuis la clôture de la période financière.
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### ÉVÉNEMENTS POSTÉRIEURS | Caylie Stallard fue nombrada Consejera de la Sociedad, con efecto el 8 de junio de 2022.
Aparte de los indicados más arriba, no hubo otros acontecimientos significativos que afectasen a la Sociedad durante el período financiero.
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### ACONTECIMIENTOS POSTERIORES | Mme Caylie Stallard a été nommée Administratrice de la Société à effet du 8 juin 2022.
Hormis les événements susmentionnés, aucun événement significatif n’a affecté la Société depuis la clôture de la période financière.
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### ÉVÉNEMENTS POSTÉRIEURS | fr | es |
DOLFIN201 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Money Market Instruments other than those dealt in on a Regulated Market if the issue or issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and provided that they are:
- issued or guaranteed by a central, regional or local authority or central bank of an EU Member State, the European Central Bank, the EU or the European Investment Bank, a non-EU Member State or, in the case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more EU Member States belong; or
- issued by an undertaking, any securities of which are listed on a stock exchange or dealt in on Regulated Markets referred to in Sections 1.1(a)(i), (ii) or (iii) of this Schedule; or
- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by EU law, or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by EU law; or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection rules equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least EUR10 million and which (i) presents and publishes its annual accounts in accordance with Directive 78/660/EEC, (ii) is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or (iii) is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. | - Geldmarktinstrumente, die nicht an einem geregelten Markt gehandelt werden, wenn die Emission oder der Emittent der Instrumente selbst aufsichtsrechtlichen Vorschriften zum Zwecke des Anlegerschutzes oder des Schutzes von Spareinlagen unterliegen, vorausgesetzt:
- sie werden von einer zentralen, regionalen oder lokalen Gebietskörperschaft, einer Zentralbank eines EU-Mitgliedstaates, der europäischen Zentralbank, der EU oder der europäischen Investitionsbank, einem Nicht-EU-Mitgliedstaat oder, im Fall eines Bundesstaates, von einem Mitglied dieses Bundes oder von einer internationalen öffentlichen Institution, der mindestens ein Mitgliedstaat angehört, begeben oder garantiert; oder
- sie werden von einem Unternehmen emittiert, dessen Wertpapiere alle an einer Börse notiert sind oder an einen geregelten Markt gehandelt werden, gemäß Abschnitt 1.1(a)(i), (ii) oder (iii) dieses Anhangs; oder
- sie werden von einem Institut ausgegeben oder garantiert, dass gemäß den im europäischen Recht niedergelegten Bedingungen einer Aufsicht untersteht, oder von einem Institut, das aufsichtsrechtlichen Regelungen unterlegt und entspricht, die von der CSSF für mindestens so streng angesehen werden wie die europarechtlichen Regelungen; oder
- sie werden von anderen Emittenten, welche zu den von der CSSF genehmigten Kategorien zählen, ausgegeben, sofern Anlagen in solche Instrumente Anlegerschutzrichtlinien unterliegen, die denen unter Punkt 1, 2 und 3 entsprechen, und es sich bei den Emittenten um ein Unternehmen handelt, dessen Eigenkapital und Rücklagen sich auf mindestens 10.000.000 € belaufen und (i) das seinen Rechenschaftsbericht auf Grundlage der Richtlinie 78/660/EWG erstellt und veröffentlicht, (ii) dessen Aufgaben innerhalb einer Unternehmensgruppe mit einer oder mehreren börsennotierten Gesellschaften das Finanzierungsgeschäft der Gruppe ist, oder (iii) dessen Aufgabe die Finanzierung von Sicherungsstrukturen ist, für die von Banken Liquiditätslinien bereitgestellt werden. | - Money Market Instruments other than those dealt in on a Regulated Market if the issue or issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and provided that they are:
- issued or guaranteed by a central, regional or local authority or central bank of an EU Member State, the European Central Bank, the EU or the European Investment Bank, a non-EU Member State or, in the case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more EU Member States belong; or
- issued by an undertaking, any securities of which are listed on a stock exchange or dealt in on Regulated Markets referred to in Sections 1.1(a)(i), (ii) or (iii) of this Schedule; or
- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by EU law, or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by EU law; or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection rules equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least EUR10 million and which (i) presents and publishes its annual accounts in accordance with Directive 78/660/EEC, (ii) is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or (iii) is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. | en | de |
DOLFIN202 | 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
Il est géré de façon passive. L’objectif est que votre investissement suive la performance, avant frais et commissions, de l’indice MSCI EM Low Carbon SRI Leaders (l’indice). L’indice est basé sur l’indice MSCI Emerging Markets (l’« indice parent »), lui-même conçu pour refléter la performance de certaines actions de sociétés cotées, de moyenne à grande taille, sur des marchés émergents mondiaux. Pour pouvoir être éligibles à l’inclusion, les sociétés doivent elles- mêmes avoir droit d’être incluses dans l’indice parent et doivent afficher une haute performance en matière d’environnement, de questions sociales et de gouvernance (ESG), ainsi qu’une faible exposition carbone actuelle et potentielle, par rapport à leurs homologues du secteur. Le processus de sélection des composants se fonde sur trois ensembles de règles appliqués successivement : (i) Les Règles d’évaluation du risque lié à la transition bas-carbone, utilisées pour évaluer l’exposition actuelle aux risques d’une entreprise et les mesures qu’elle prend pour gérer les risques et les opportunités présentés par la transition vers une économie bas-carbone, (ii) les Règles de sélection fondées sur les performances ESG qui sont utilisées pour évaluer les performances ESG des composants de l’Indice parent et exclure les entreprises impliquées dans des secteurs d’activité pouvant avoir un impact ESG négatif ou les entreprises qui ont été impliquées dans des controverses importantes liées aux questions ESG, et (iii) les Règles sur les émissions de CO2 faibles, selon | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión replique el rendimiento, antes de comisiones y gastos, del índice MSCI EM Low Carbon SRI Leaders (el “índice”). El índice toma como base el índice MSCI Emerging Markets (el “índice principal”), que está diseñado para reflejar la evolución del valor de determinadas acciones de empresas cotizadas con un tamaño mediano y grande de mercados emergentes de todo el mundo. Para poder ser incluidas en el índice, las empresas deben resultar admisibles para su inclusión en el índice principal y presentar un alto rendimiento medioambiental, social y de gobierno corporativo (ESG, por sus siglas en inglés), además de una baja exposición actual o potencial al carbono, en comparación con empresas semejantes dentro de su mismo sector. El proceso de selección de los componentes se basa en tres conjuntos de reglas aplicadas de forma secuencial: (i) las reglas de evaluación del riesgo de la transición a unas bajas emisiones de carbono, que se emplean para valorar la exposición actual de la empresa al riesgo, así como sus esfuerzos por gestionar los riesgos y oportunidades que plantea la transición a unas bajas emisiones de carbono, (ii) las reglas de selección por alto rendimiento ESG, que se emplean para evaluar el rendimiento ESG de los componentes del índice principal y excluir aquellas empresas que participen en sectores con un elevado potencial de impacto ESG negativo o que se hayan visto envueltas en graves controversias relacionadas con el ESG, y (iii) las reglas de bajas emisiones de carbono, por las cuales, si los | # Objectifs et politique d'investissement
Il est géré de façon passive. L’objectif est que votre investissement suive la performance, avant frais et commissions, de l’indice MSCI EM Low Carbon SRI Leaders (l’indice). L’indice est basé sur l’indice MSCI Emerging Markets (l’« indice parent »), lui-même conçu pour refléter la performance de certaines actions de sociétés cotées, de moyenne à grande taille, sur des marchés émergents mondiaux. Pour pouvoir être éligibles à l’inclusion, les sociétés doivent elles- mêmes avoir droit d’être incluses dans l’indice parent et doivent afficher une haute performance en matière d’environnement, de questions sociales et de gouvernance (ESG), ainsi qu’une faible exposition carbone actuelle et potentielle, par rapport à leurs homologues du secteur. Le processus de sélection des composants se fonde sur trois ensembles de règles appliqués successivement : (i) Les Règles d’évaluation du risque lié à la transition bas-carbone, utilisées pour évaluer l’exposition actuelle aux risques d’une entreprise et les mesures qu’elle prend pour gérer les risques et les opportunités présentés par la transition vers une économie bas-carbone, (ii) les Règles de sélection fondées sur les performances ESG qui sont utilisées pour évaluer les performances ESG des composants de l’Indice parent et exclure les entreprises impliquées dans des secteurs d’activité pouvant avoir un impact ESG négatif ou les entreprises qui ont été impliquées dans des controverses importantes liées aux questions ESG, et (iii) les Règles sur les émissions de CO2 faibles, selon | fr | es |
DOLFIN203 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Each Sub-Fund must hold at any time sufficient liquid assets to cover its financial obligations arising under financial derivative instruments used.
The global exposure of a Sub-Fund to financial derivative instruments and efficient portfolio management techniques may not exceed the Net Asset Value of the Sub-Fund, as further described in section 4.9 (Global exposure limits) below.
The exposure of a Sub-Fund to underlying assets referenced by financial derivative instruments, combined with any direct investment in such assets, may not exceed in aggregate the investment limits set out in section 4.3 (Risk diversification ) above. However, to the extent a Sub-Fund invests in financial derivative instruments referencing financial indices as described in section 4.5.3, the exposure of the Sub-Fund to the underlying assets of the financial indices do not have to be combined with any direct or indirect investment of the Sub- Fund in such assets for the purposes of the limits set out in section 4.3 (Risk diversification ) above.
Where a Transferable Security or Money Market Instrument embeds a financial derivative instrument, the latter must be taken into account in complying with the risk diversification rules, global exposure limits and information requirements of this section 4 applicable to financial derivative instruments. | # Chaque Compartiment doit détenir à tout moment des actifs liquides suffisants pour couvrir ses obligations financières découlant des instruments financiers dérivés utilisés.
L'exposition globale d'un Compartiment aux instruments financiers dérivés et aux techniques de gestion efficace de portefeuille ne peut dépasser la Valeur liquidative du Compartiment, comme décrit plus en détail dans la section 4.9 (Limites d'exposition globale) ci-dessous.
L'exposition d'un Compartiment à des actifs sous-jacents répliqués par des instruments financiers dérivés, combinée à tout investissement direct dans de tels actifs, ne peut pas dépasser au total les limites d'investissement fixées dans la section 4.3 (Limites de diversification ) ci-dessus. Toutefois, dans la mesure où un Compartiment investit dans des instruments financiers dérivés répliquant des indices financiers, tels que décrits à la section 4.5.3, l'exposition du Compartiment aux actifs sous-jacents des indices financiers ne doit pas être combinée à tout investissement direct ou indirect du Compartiment dans ces actifs aux fins des limites fixées à la section 4.3 (Limites de diversification ) ci-dessus.
Lorsqu'une Valeur mobilière ou un Instrument du marché monétaire intègre un instrument financier dérivé, ce dernier doit être pris en compte dans le respect des règles de diversification des risques, des limites d'exposition globale et des obligations d'information de la présente section 4 applicables aux instruments financiers dérivés. | # Each Sub-Fund must hold at any time sufficient liquid assets to cover its financial obligations arising under financial derivative instruments used.
The global exposure of a Sub-Fund to financial derivative instruments and efficient portfolio management techniques may not exceed the Net Asset Value of the Sub-Fund, as further described in section 4.9 (Global exposure limits) below.
The exposure of a Sub-Fund to underlying assets referenced by financial derivative instruments, combined with any direct investment in such assets, may not exceed in aggregate the investment limits set out in section 4.3 (Risk diversification ) above. However, to the extent a Sub-Fund invests in financial derivative instruments referencing financial indices as described in section 4.5.3, the exposure of the Sub-Fund to the underlying assets of the financial indices do not have to be combined with any direct or indirect investment of the Sub- Fund in such assets for the purposes of the limits set out in section 4.3 (Risk diversification ) above.
Where a Transferable Security or Money Market Instrument embeds a financial derivative instrument, the latter must be taken into account in complying with the risk diversification rules, global exposure limits and information requirements of this section 4 applicable to financial derivative instruments. | en | fr |
DOLFIN204 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0,45 % |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0,51 % de l'actif net moyen |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. of any gain above that of the benchmark index |
| No fee was deducted for the prior year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,45% |
| Gastos de salida | Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,51% del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15% anual del rendimiento a partir del registrado por el índice de referencia |
| No se ha detraído ninguna comisión en concepto del ejercicio anterior | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0,45 % |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0,51 % de l'actif net moyen |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. of any gain above that of the benchmark index |
| No fee was deducted for the prior year. | | en | es |
DOLFIN205 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Classification by the French Market Regulator (AMF): International equities.
By subscribing in CPR Silver Age - P, you are investing in a portfolio of European equities related to the theme of the aging of the population.
The investment objective is to outperform the European equity markets in the long term – over a minimum of five years – by taking advantage of the momentum of European stocks linked to the ageing of the population.
As the Fund’s management is based on a specific theme for which there is no representative benchmark index, a benchmark index that is relevant for this Fund cannot be defined. However, as guidance, the euro-adjusted MSCI Europe index (net dividends reinvested) will be used ex-post as a benchmark to gauge the performance of the portfolio, without limiting its management.
The index is available on the website: www.msci.com/equity.
To achieve this, the investment policy seeks to select the best performing European securities in various sectors benefiting from the ageing of the population (pharmaceuticals, medical equipment, savings, etc.). Within this universe, the management is carried out in two stages: segment allocation defined based on the growth prospects of each sector and selection of securities within each sector through an approach that is both quantitative and qualitative while also including liquidity and market capitalisation criteria.
Within this theme and for diversification purposes, the Fund may also invest up to 25% of its assets in securities from other geographical areas. Your Fund is intended to be fully invested in European equities.
The equities exposure will range from 75% to 120% of the portfolio's total assets.
For the management of its liquidity, the portfolio may invest up to 25% in money-market and interest-rate products.
Derivative financial instruments or temporary acquisitions and sales of securities may be used for hedging and/or exposure purposes. CPR Silver Age - P has a recommended term of investment of more than 5 years.
CPR Silver Age - P accumulates and/or distributes its net profit and the net profits achieved.
You may redeem your units at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | # Objetivos y política de inversión
Clasificación de la Autoridad de Mercados Financieros (AMF): Renta variable internacional.
Al suscribir CPR Silver Age - P, usted invierte en una cartera de renta variable europea relacionada con la temática de envejecimiento de la población.
El objetivo de la gestión consiste en obtener una rentabilidad superior a la de los mercados de renta variable europeos a largo plazo (con un mínimo de cinco años), aprovechando la dinámica de los valores europeos vinculados al envejecimiento de la población.
Dado que la gestión del Fondo se basa en una temática específica para la que no existe ningún índice representativo, no puede definirse un indicador de referencia apropiado para este Fondo. No obstante, a título indicativo, el índice MSCI Europe convertido a euros (dividendos netos reinvertidos) se utilizará a posteriori como una simple referencia para evaluar la rentabilidad de la cartera, sin imponer su gestión.
El índice se encuentra disponible en la web: www.msci.com/equity.
Para conseguirlo, la política de inversión tiene por objetivo seleccionar los valores europeos más rentables en los diferentes sectores que se benefician del envejecimiento de la población (farmacia, equipos médicos, ahorro, etc.). Dentro de este universo, la gestión se realiza en dos etapas: una asignación sectorial, que se define en función de las perspectivas de crecimiento de cada sector y la selección de valores dentro de cada sector de acuerdo con un enfoque cuantitativo y cualitativo a la vez, integrando criterios de liquidez y de capitalización bursátil.
Dentro de esta temática y a efectos de diversificación, el fondo podrá invertir asimismo hasta un 25% en valores de otras regiones geográficas. Su Fondo tiene por objeto invertir plenamente en renta variable europea.
La exposición a la renta variable estará comprendida entre el 75% y el 120% del activo total de la cartera. Para la gestión de su liquidez, la cartera podrá invertir hasta el 25% en productos monetarios y de renta fija.
Con fines de cobertura y/o exposición pueden utilizarse instrumentos financieros derivados o adquisiciones y cesiones temporales de títulos. CPR Silver Age - P tiene una duración de inversión recomendada superior a cinco años.
CPR Silver Age - P capitaliza y/o distribuye su resultado neto y sus plusvalías netas materializadas.
Las participaciones pueden reembolsarse al valor liquidativo correspondiente, calculado diariamente, según las condiciones que se estipulan en el folleto. | # Objectives and Investment Policy
Classification by the French Market Regulator (AMF): International equities.
By subscribing in CPR Silver Age - P, you are investing in a portfolio of European equities related to the theme of the aging of the population.
The investment objective is to outperform the European equity markets in the long term – over a minimum of five years – by taking advantage of the momentum of European stocks linked to the ageing of the population.
As the Fund’s management is based on a specific theme for which there is no representative benchmark index, a benchmark index that is relevant for this Fund cannot be defined. However, as guidance, the euro-adjusted MSCI Europe index (net dividends reinvested) will be used ex-post as a benchmark to gauge the performance of the portfolio, without limiting its management.
The index is available on the website: www.msci.com/equity.
To achieve this, the investment policy seeks to select the best performing European securities in various sectors benefiting from the ageing of the population (pharmaceuticals, medical equipment, savings, etc.). Within this universe, the management is carried out in two stages: segment allocation defined based on the growth prospects of each sector and selection of securities within each sector through an approach that is both quantitative and qualitative while also including liquidity and market capitalisation criteria.
Within this theme and for diversification purposes, the Fund may also invest up to 25% of its assets in securities from other geographical areas. Your Fund is intended to be fully invested in European equities.
The equities exposure will range from 75% to 120% of the portfolio's total assets.
For the management of its liquidity, the portfolio may invest up to 25% in money-market and interest-rate products.
Derivative financial instruments or temporary acquisitions and sales of securities may be used for hedging and/or exposure purposes. CPR Silver Age - P has a recommended term of investment of more than 5 years.
CPR Silver Age - P accumulates and/or distributes its net profit and the net profits achieved.
You may redeem your units at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | en | es |
DOLFIN206 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
As the Fund has several categories of units, the trigger threshold for this mechanism will be the same for all categories of the Fund units.
The threshold above which the cap on redemptions will be triggered is justified by the frequency of calculation of the net asset value of the Fund, its management orientation and the liquidity of the assets it holds. The latter is specified in the regulations of the UCI and applies to centralised redemptions for all of the assets of the UCI and not specifically according to the categories of units of the UCI.
- Procedures for informing holders:In the event that the redemption cap mechanism is activated, all Fund holders will be informed by any means, through the website of the Management Company (www.mandarine-gestion.com). | Le Fonds disposant plusieurs catégories de parts, le seuil de déclenchement de ce dispositif sera le même pour toutes les catégories de parts du Fonds.
Le seuil au-delà duquel le plafonnement des rachats sera déclenché se justifie au regard de la périodicité de calcul de la valeur liquidative de l’OPC, de son orientation de gestion et de la liquidité des actifs qu’il détient. Ce dernier est précisé dans le règlement de l’OPC et s’applique sur les rachats centralisés pour l’ensemble de l’actif de l’OPC et non de façon spécifique selon les catégories de parts de l’OPC.
- Modalités d’information des porteurs :En cas d’activation du dispositif du plafonnement des rachats, l’ensemble des porteurs du Fonds sera informé par tout moyen, à travers le site internet de la Société de Gestion (www.mandarine-gestion.com). | As the Fund has several categories of units, the trigger threshold for this mechanism will be the same for all categories of the Fund units.
The threshold above which the cap on redemptions will be triggered is justified by the frequency of calculation of the net asset value of the Fund, its management orientation and the liquidity of the assets it holds. The latter is specified in the regulations of the UCI and applies to centralised redemptions for all of the assets of the UCI and not specifically according to the categories of units of the UCI.
- Procedures for informing holders:In the event that the redemption cap mechanism is activated, all Fund holders will be informed by any means, through the website of the Management Company (www.mandarine-gestion.com). | en | fr |
DOLFIN207 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Prospectus, the Key Investor Information Document (KIID) or the Key Information Document as well as the annual and semi-annual reports may be obtained free of charge from the Representative as well as from the Paying Agent in Switzerland.
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#### Publications | Der Prospekt, die wesentlichen Anlegerinformationen (KIID) oder das Basisinformationsblatt sowie die Jahres- und Halbjahresberichte können kostenlos beim Vertreter sowie bei der Zahlstelle in der Schweiz bezogen werden.
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#### Publikationen | The Prospectus, the Key Investor Information Document (KIID) or the Key Information Document as well as the annual and semi-annual reports may be obtained free of charge from the Representative as well as from the Paying Agent in Switzerland.
-
#### Publications | en | de |
DOLFIN208 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share Class Benchmark Bloomberg US Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | Índice de referencia de la Clase de Acciones Bloomberg US Aggregate Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo. | Share Class Benchmark Bloomberg US Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | en | es |
DOLFIN209 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The following shall apply to other assets:
- the Depositary examines whether the fund or the Management Company acting on behalf of the fund has title to the relevant assets by determining, based on information or documents provided by the fund or the Management Company and to the extent available on external evidence, whether the fund or the Management Company acting on behalf of the fund is the owner;
- the Depositary keeps records on the assets for which it has ascertained that the fund or the Management Company acting on behalf of the fund has title and it keeps its records up to date. | - Les autres actifs sont soumis à ce qui suit :
- le dépositaire vérifie que le fonds ou la société de gestion agissant pour le fonds est propriétaire des actifs concernés en établissant sur la base d’informations ou de documents présentés par le fonds ou la société de gestion et, le cas échéant, au moyen de preuves externes, que le fonds ou la société de gestion agissant pour le fonds est bien propriétaire ;
- le dépositaire tient des registres des actifs pour lesquels il s’est assuré que le fonds ou la société de gestion agissant pour le fonds est bien propriétaire et les tient à jour. | - The following shall apply to other assets:
- the Depositary examines whether the fund or the Management Company acting on behalf of the fund has title to the relevant assets by determining, based on information or documents provided by the fund or the Management Company and to the extent available on external evidence, whether the fund or the Management Company acting on behalf of the fund is the owner;
- the Depositary keeps records on the assets for which it has ascertained that the fund or the Management Company acting on behalf of the fund has title and it keeps its records up to date. | en | fr |
DOLFIN210 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 Ans Exemple d’investissement: 10 000 GBP |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 5 Ans (période de détention recommandée) |
| Minimum : Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | GBP 7 820 | GBP 7 680 |
| | Rendement annuel moyen | - 21,8% | - 5,1% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | GBP 9 460 | GBP 9 380 |
| | Rendement annuel moyen | - 5,4% | - 1,3% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | GBP 10 130 | GBP 10 840 |
| | Rendement annuel moyen | 1,3% | 1,6% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | GBP 10 970 | GBP 11 750 |
| | Rendement annuel moyen | 9,7% | 3,3% | | | Período de mantenimiento recomendado: 5 Años Ejemplo de inversión: 10 000 GBP |
| --- |
| Escenarios | En caso de salida después de 1 Año | En caso de salida después de 5 Años (período de mantenimiento recomendado) |
| Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | GBP 7 820 | GBP 7 680 |
| | Rendimiento medio cada año | - 21,8% | - 5,1% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | GBP 9 460 | GBP 9 380 |
| | Rendimiento medio cada año | - 5,4% | - 1,3% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | GBP 10 130 | GBP 10 840 |
| | Rendimiento medio cada año | 1,3% | 1,6% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | GBP 10 970 | GBP 11 750 |
| | Rendimiento medio cada año | 9,7% | 3,3% | | | Période de détention recommandée: 5 Ans Exemple d’investissement: 10 000 GBP |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 5 Ans (période de détention recommandée) |
| Minimum : Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | GBP 7 820 | GBP 7 680 |
| | Rendement annuel moyen | - 21,8% | - 5,1% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | GBP 9 460 | GBP 9 380 |
| | Rendement annuel moyen | - 5,4% | - 1,3% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | GBP 10 130 | GBP 10 840 |
| | Rendement annuel moyen | 1,3% | 1,6% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | GBP 10 970 | GBP 11 750 |
| | Rendement annuel moyen | 9,7% | 3,3% | | fr | es |
DOLFIN211 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
L'indicateur synthétique de risque (ISR) sert de guide pour le niveau de risque de ce produit par rapport à d'autres produits. Il montre à quel point il est probable que le produit perde de l'argent en raison des mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce Fonds dans la classe de risque 4 sur 7, soit une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futures performances se situent à un niveau moyen. Si la situation venait à se détériorer sur les marchés, la valeur de votre investissement pourrait en être affectée.
Soyez conscient du risque de change. Vous percevrez des paiements dans une autre devise, de sorte que le rendement final que vous obtiendrez dépendra du taux de change entre les deux devises. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Veuillez vous reporter au Prospectus pour obtenir des détails complets sur tout autre risque important pour le fonds qui n'est pas inclus dans l'Indicateur synthétique de risque (ISR), comme le risque de liquidité, de durabilité et d'exploitation.
Ce produit n'inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre une partie ou la totalité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais peuvent ne pas inclure tous les coûts que vous payez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L'évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, modéré et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du
produit au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l'avenir.
| Période de détention recommandée: 5 ans |
| --- |
| Exemple d'investissement: 10,000 EUR |
| Si vous sortez après 1 an Si vous sortez après 5 ans |
| Scénarios |
Minimum Il n'y a pas de rendement minimal garanti. Vous pourriez perdre une partie ou la totalité de votre investissement.
Ce que vous pourriez obtenir après déduction des coûts 1,460 EUR 1,510 EUR
Ce que vous pourriez obtenir après déduction des coûts 8,720 EUR 8,400 EUR
Ce que vous pourriez obtenir après déduction des coûts 11,590 EUR 20,960 EUR
Ce que vous pourriez obtenir après déduction des coûts 14,680 EUR 24,710 EUR
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Scénario défavorable : ce type de scénario s'est produit pour un investissement entre 2021 et 2022. Scénario intermédiaire : Ce type de scénario s'est produit pour un investissement entre 2014 et 2019. Scénario favorable : Ce type de scénario s'est produit pour un investissement entre 2013 et 2018. | # Escenarios de rentabilidad
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 o porque no podamos pagarle.
Hemos clasificado este Fondo 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. Además, califica la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como posible. Tenga en cuenta el riesgo cambiario. Usted recibirá pagos en una moneda diferente, por lo que la rentabilidad final que obtendrá dependerá del tipo de
cambio entre estas dos monedas. Este riesgo no se contempla en el indicador anterior.
Consulte el Folleto para obtener toda la información sobre otros riesgos de importancia significativa para el fondo que no se hayan incluido en el indicador resumido de riesgo, como el riesgo de liquidez, el riesgo de sostenibilidad o el riesgo operativo.
Este producto no incluye ninguna protección frente a la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los
últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | 10,000 EUR | |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
Mínimo No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión.
Lo que podría recibir tras deducir los costes 1,460 EUR 1,510 EUR
Lo que podría recibir tras deducir los costes 8,720 EUR 8,400 EUR
Lo que podría recibir tras deducir los costes 11,590 EUR 20,960 EUR
Lo que podría recibir tras deducir los costes 14,680 EUR 24,710 EUR
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. Escenario desfavorable: Este tipo de escenario se produjo para una inversión entre 2021 y 2022.
Escenario moderado: Este tipo de escenario se produjo para una inversión entre 2014 y 2019. Escenario favorable: Este tipo de escenario se produjo para una inversión entre 2013 y 2018. | # Scénarios de performance
L'indicateur synthétique de risque (ISR) sert de guide pour le niveau de risque de ce produit par rapport à d'autres produits. Il montre à quel point il est probable que le produit perde de l'argent en raison des mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce Fonds dans la classe de risque 4 sur 7, soit une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futures performances se situent à un niveau moyen. Si la situation venait à se détériorer sur les marchés, la valeur de votre investissement pourrait en être affectée.
Soyez conscient du risque de change. Vous percevrez des paiements dans une autre devise, de sorte que le rendement final que vous obtiendrez dépendra du taux de change entre les deux devises. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Veuillez vous reporter au Prospectus pour obtenir des détails complets sur tout autre risque important pour le fonds qui n'est pas inclus dans l'Indicateur synthétique de risque (ISR), comme le risque de liquidité, de durabilité et d'exploitation.
Ce produit n'inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre une partie ou la totalité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais peuvent ne pas inclure tous les coûts que vous payez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L'évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, modéré et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du
produit au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l'avenir.
| Période de détention recommandée: 5 ans |
| --- |
| Exemple d'investissement: 10,000 EUR |
| Si vous sortez après 1 an Si vous sortez après 5 ans |
| Scénarios |
Minimum Il n'y a pas de rendement minimal garanti. Vous pourriez perdre une partie ou la totalité de votre investissement.
Ce que vous pourriez obtenir après déduction des coûts 1,460 EUR 1,510 EUR
Ce que vous pourriez obtenir après déduction des coûts 8,720 EUR 8,400 EUR
Ce que vous pourriez obtenir après déduction des coûts 11,590 EUR 20,960 EUR
Ce que vous pourriez obtenir après déduction des coûts 14,680 EUR 24,710 EUR
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Scénario défavorable : ce type de scénario s'est produit pour un investissement entre 2021 et 2022. Scénario intermédiaire : Ce type de scénario s'est produit pour un investissement entre 2014 et 2019. Scénario favorable : Ce type de scénario s'est produit pour un investissement entre 2013 et 2018. | fr | es |
DOLFIN212 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
L’objectif du Compartiment consiste à fournir une appréciation du capital à long terme.
Pour atteindre cet objectif, le Compartiment investit au moins 80 % de ses actifs nets dans des titres de créance mondiaux de diverses échéances, émis par des entreprises et des gouvernements, et dans des instruments dérivés qui offrent une exposition financière aux titres en question.
Les types de titres de créance dans lesquels le Compartiment peut investir comprennent notamment : les titres de créance émis ou garantis par des gouvernements nationaux (leurs organismes, émanations et subdivisions politiques), STRIPS (obligations démembrées dont le principal et les intérêts sont enregistrés et négociés séparément), obligations, titres de créance d’organisations supranationales, titres de créance d’entreprise, obligations convertibles (qui peuvent intégrer un instrument dérivé), titres
adossés à des créances hypothécaires ou à des actifs et structurés comme des titres de créance, participations titrisées dans des prêts qui sont des valeurs mobilières, obligations en eurodollar et instruments Yankee en dollar (y compris les obligations seniors et subordonnées).
Le Compartiment peut investir jusqu’à 20 % de ses actifs nets en actions préférentielles et en actions ordinaires émises par des sociétés du monde entier (et de tous les secteurs d’activité).
Le Compartiment est géré selon le principe de la gestion active. Un fonds géré de manière active est un fonds dont les décisions relatives au placement de son capital sont prises par le gestionnaire d’investissement.
Approche d’investissement durable : il s’agit d’un Compartiment de Promotion ESG. Ce Compartiment promeut et intègre les facteurs ESG ainsi que les Risques de durabilité dans sa stratégie d’investissement au sens de l’article 8 du SFDR, et promeut les facteurs ESG et les Risques de durabilité stipulés en Annexe V du Prospectus sous l’intitulé Appendix V – Sustainability Disclosures www.tcw.com/en/Literature/Prospectus.
Investisseurs de détail visés :
Ce produit est destiné aux investisseurs qui sont prêts à assumer un niveau de risque relativement modéré de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé, et qui prévoient de conserver leur investissement pendant au moins 5 ans. Il est conçu pour s’intégrer dans un portefeuille d’investissements. | # ¿Qué es este producto?
Tipo:
Este producto es un Fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
El objetivo del Subfondo es lograr la revalorización del capital a largo plazo.
Para alcanzar este objetivo, el Subfondo invierte al menos el 80% de sus activos netos en valores de renta fija mundial con diversos vencimientos emitidos por empresas y Estados, así como en instrumentos derivados que aportan a la inversión una exposición a este tipo de valores.
Los tipos de valores de renta fija en los que puede invertir el Subfondo incluyen sobre todo: valores de renta fija emitidos o garantizados por gobiernos nacionales (sus organismos, instrumentos y subdivisiones políticas), STRIPS (segregación de principal y cupones), bonos; valores de renta fija de organizaciones supranacionales, valores de deuda corporativa, bonos convertibles (que pueden incorporar un instrumento
derivado); valores respaldados por hipotecas y por activos que están estructurados como valores de renta fija, participaciones titulizadas en préstamos que son valores mobiliarios, bonos en eurodólares e instrumentos Yankees en dólares (incluidos pagarés sénior y subordinados).
El Subfondo puede invertir hasta el 20% de sus activos netos en acciones preferentes y acciones ordinarias de empresas de todo el mundo (y de todos los sectores).
El Subfondo se gestiona de forma activa. Un fondo gestionado de forma activa es aquel cuyo gestor de inversiones adopta decisiones sobre cómo invertir el capital del fondo.
Enfoque de sostenibilidad: Este es un Subfondo que promueve factores ASG. La estrategia de inversión de este Subfondo promueve e integra factores ASG y riesgos para la sostenibilidad conforme al significado del artículo 8 del SFDR, y tal como se describe en el apartado «Appendix V – Sustainability Disclosures» www.tcw.com/en/Literature/Prospectus.
Inversor minorista al que va dirigido:
Este producto se dirige a inversores que estén dispuestos a asumir un nivel relativamente moderado de riesgo de pérdida del capital inicialmente invertido para obtener una rentabilidad potencial superior, y que tienen previsto mantener su inversión durante al menos 5 años. Está diseñado para formar parte de una cartera de inversiones. | # En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
L’objectif du Compartiment consiste à fournir une appréciation du capital à long terme.
Pour atteindre cet objectif, le Compartiment investit au moins 80 % de ses actifs nets dans des titres de créance mondiaux de diverses échéances, émis par des entreprises et des gouvernements, et dans des instruments dérivés qui offrent une exposition financière aux titres en question.
Les types de titres de créance dans lesquels le Compartiment peut investir comprennent notamment : les titres de créance émis ou garantis par des gouvernements nationaux (leurs organismes, émanations et subdivisions politiques), STRIPS (obligations démembrées dont le principal et les intérêts sont enregistrés et négociés séparément), obligations, titres de créance d’organisations supranationales, titres de créance d’entreprise, obligations convertibles (qui peuvent intégrer un instrument dérivé), titres
adossés à des créances hypothécaires ou à des actifs et structurés comme des titres de créance, participations titrisées dans des prêts qui sont des valeurs mobilières, obligations en eurodollar et instruments Yankee en dollar (y compris les obligations seniors et subordonnées).
Le Compartiment peut investir jusqu’à 20 % de ses actifs nets en actions préférentielles et en actions ordinaires émises par des sociétés du monde entier (et de tous les secteurs d’activité).
Le Compartiment est géré selon le principe de la gestion active. Un fonds géré de manière active est un fonds dont les décisions relatives au placement de son capital sont prises par le gestionnaire d’investissement.
Approche d’investissement durable : il s’agit d’un Compartiment de Promotion ESG. Ce Compartiment promeut et intègre les facteurs ESG ainsi que les Risques de durabilité dans sa stratégie d’investissement au sens de l’article 8 du SFDR, et promeut les facteurs ESG et les Risques de durabilité stipulés en Annexe V du Prospectus sous l’intitulé Appendix V – Sustainability Disclosures www.tcw.com/en/Literature/Prospectus.
Investisseurs de détail visés :
Ce produit est destiné aux investisseurs qui sont prêts à assumer un niveau de risque relativement modéré de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé, et qui prévoient de conserver leur investissement pendant au moins 5 ans. Il est conçu pour s’intégrer dans un portefeuille d’investissements. | fr | es |
DOLFIN213 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.40% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 70% Exane ECI - Euro Convertible TR Close + 30% Merrill Lynch EMU Corporates 3-5 years RI Close. |
| No commission was taken over the last accounting year of the Sub-Fund. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,40% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del 70% Exane ECI - Euro Convertible TR Close + 30% Merrill Lynch EMU Corporates 3-5 years RI Close. |
| No se ha detraído comisión alguna durante el último año contable del Subfondo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.40% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 70% Exane ECI - Euro Convertible TR Close + 30% Merrill Lynch EMU Corporates 3-5 years RI Close. |
| No commission was taken over the last accounting year of the Sub-Fund. | | en | es |
DOLFIN214 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
If a fund invests more than 5% of its net assets in the bonds referred to in this sub-paragraph and issued by one issuer, the total value of such investments may not exceed 80% of the net assets of the fund.
Notwithstanding the above provisions, the Fund is authorised to invest up to 100% of the net assets of any fund, in accordance with the principle of risk spreading, in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, its local authorities, a non-Member State of the EU accepted by the CSSF (being at the date of this Prospectus OECD member State, Singapore or any member state of the G20) or by public international bodies of which one or more Member States of the EU are members, provided that such fund must hold securities from at least six different issues and securities from one issue do not account for more than 30% of the net assets of such fund.
- The Transferable Securities and Money Market Instruments referred to in paragraphs 3. and 4. shall not be included in the calculation of the limit of 40% in paragraph 2. | Lorsqu’un Compartiment investit plus de 5 % de son actif net dans les obligations mentionnées au présent alinéa et émises par un seul émetteur, la valeur totale de ces investissements ne peut dépasser 80 % de l’actif net de ce Compartiment.
Nonobstant les dispositions ci-dessus, la SICAV est autorisée à investir jusqu’à 100 % de l’actif net d’un Compartiment, conformément au principe de la répartition des risques, dans des Valeurs mobilières négociables et des Instruments du marché monétaire émis ou garantis par un État membre, les autorités locales dudit État membre, par un État non Membre de l’UE accepté par la CSSF (comprenant à la date du présent Prospectus un État membre de l’OCDE, Singapour ou tout État membre du G20) ou par des organismes publics internationaux dont un ou plusieurs États membres de l’UE sont membres, sous réserve que le Compartiment détienne des titres d’au moins six émissions différentes et que les titres provenant d’une seule émission ne représentent pas plus de 30 % des actifs du Compartiment.
- Les Valeurs mobilières négociables et les Instruments du marché monétaire mentionnés aux paragraphes 3. et 4. ne seront pas compris dans le calcul de la limite de 40 % fixée au paragraphe 2. | If a fund invests more than 5% of its net assets in the bonds referred to in this sub-paragraph and issued by one issuer, the total value of such investments may not exceed 80% of the net assets of the fund.
Notwithstanding the above provisions, the Fund is authorised to invest up to 100% of the net assets of any fund, in accordance with the principle of risk spreading, in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, its local authorities, a non-Member State of the EU accepted by the CSSF (being at the date of this Prospectus OECD member State, Singapore or any member state of the G20) or by public international bodies of which one or more Member States of the EU are members, provided that such fund must hold securities from at least six different issues and securities from one issue do not account for more than 30% of the net assets of such fund.
- The Transferable Securities and Money Market Instruments referred to in paragraphs 3. and 4. shall not be included in the calculation of the limit of 40% in paragraph 2. | en | fr |
DOLFIN215 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Asset-Backed Securities Risk
Asset-backed securities represent interests in "pools" of assets, such as mortgages, consumer loans credit card, student loan, auto (loan, lease, floorplan, rental car), equipment, consumer loan, container lease, railcar lease, fleet lease, franchise/whole business, structured settlement, tax lien, mobile device payment plan, PACE and insurance premiums. The main categories are residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralised loan obligations (CLO) and consumer asset-backed securities. Asset-backed securities are subject to certain additional risks. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility. This is known as extension risk. In addition, these securities are subject to prepayment risk, which is the risk that when interest rates decline or are low but are expected to rise, borrowers may pay off their debts sooner than expected. This can reduce the returns of a Sub-Fund because the Sub-Fund will have to reinvest such prepaid funds at the lower prevailing interest rates. This is also known as contraction risk. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.
The average life of each individual security may be affected by a large number of factors such as structural features (including the existence and frequency of exercise of any optional redemption, mandatory prepayment or sinking fund features), the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets. As a result, no assurance can be made as to the exact timing of cashflows from the portfolio of securities. This uncertainty may affect the returns of the Sub-Fund.
In addition, to the extent that they are not guaranteed, each type of asset backed securities entails specific credit risks depending on the type of assets involved and the legal structure used.
Investments in asset-backed securities may further entail the following risks: liquidity risk, credit risk, governance risk and legal risk mentioned below under ‘Liquidity Risk’, ‘Debt Securities Risk‘, ‘US Government Obligations Risk’ and ‘Legal Risk’. | ## Rischio dei titoli garantiti da attività
I titoli garantiti da attività (ABS) rappresentano interessi in “pool” di attività come per esempio mutui ipotecari, crediti al consumo, carte di credito, prestiti agli studenti, auto (finanziamenti, leasing, floorplan, noleggio), apparecchiature, credito al consumo, noleggio container, noleggio vagoni, noleggio flotte, esclusiva/intera impresa, liquidazione strutturata, privilegio tributario, piani di pagamento di dispositivi mobili, PACE e premi assicurativi. Le categorie principali sono: i titoli garantiti da mutui residenziali (RMBS), i titoli garantiti da mutui ipotecari commerciali (CMBS), le obbligazioni garantite da collaterale (CLO) e gli ABS sui crediti al consumo. I titoli garantiti da attività sono soggetti ad alcuni rischi aggiuntivi. L’aumento dei tassi d’interesse tende ad allungare la durata di questi titoli, rendendoli più sensibili a eventuali variazioni nei tassi stessi. Nelle fasi di aumento dei tassi d’interesse, questi titoli possono pertanto evidenziare un’accentuazione della volatilità. Tale fenomeno è conosciuto come rischio di estensione. Questi titoli sono inoltre soggetti al rischio di rimborso anticipato, ossia il rischio che laddove i tassi d’interesse scendano oppure siano bassi ma destinati a salire, i mutuatari possano rimborsare i loro debiti prima della scadenza prevista. Ciò può ridurre i rendimenti di un Comparto perché esso deve reinvestire tali importi rimborsati anticipatamente ai tassi d’interesse prevalenti. Questo fenomeno è conosciuto come rischio di contrazione. I titoli suddetti sono inoltre soggetti al rischio di insolvenza sulle attività sottostanti, soprattutto in periodi di regressione economica.
La vita media di ogni singolo titolo può risentire di numerosi fattori come per esempio le caratteristiche strutturali (quali l’esistenza e la frequenza di esercizio di eventuali rimborsi facoltativi, rimborsi anticipati obbligatori o proprietà di fondo di ammortamento), il livello prevalente dei tassi d’interesse, il tasso d’insolvenza effettivo delle attività sottostanti, le tempistiche di ripresa e il grado di rotazione degli asset sottostanti. Di conseguenza, non è possibile garantire in alcun modo le tempistiche esatte dei flussi finanziari dal portafoglio di titoli. Quest’incertezza può incidere sui rendimenti del Comparto.
Inoltre, nella misura in cui non sono garantiti, ogni tipo di titoli garantiti da attività comporta specifici rischi di credito in funzione della tipologia di attività interessate e delle strutture giuridiche usate.
Gli investimenti in titoli garantiti da attività possono inoltre comportare i seguenti rischi: rischio di liquidità, rischio di credito, rischio di governance e rischio legale, citati nelle sezioni “Rischio di liquidità”, “Rischio dei titoli di debito”, “Rischio delle obbligazioni governative U.S.A.” e “Rischi legali”. | ## Asset-Backed Securities Risk
Asset-backed securities represent interests in "pools" of assets, such as mortgages, consumer loans credit card, student loan, auto (loan, lease, floorplan, rental car), equipment, consumer loan, container lease, railcar lease, fleet lease, franchise/whole business, structured settlement, tax lien, mobile device payment plan, PACE and insurance premiums. The main categories are residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralised loan obligations (CLO) and consumer asset-backed securities. Asset-backed securities are subject to certain additional risks. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility. This is known as extension risk. In addition, these securities are subject to prepayment risk, which is the risk that when interest rates decline or are low but are expected to rise, borrowers may pay off their debts sooner than expected. This can reduce the returns of a Sub-Fund because the Sub-Fund will have to reinvest such prepaid funds at the lower prevailing interest rates. This is also known as contraction risk. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.
The average life of each individual security may be affected by a large number of factors such as structural features (including the existence and frequency of exercise of any optional redemption, mandatory prepayment or sinking fund features), the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets. As a result, no assurance can be made as to the exact timing of cashflows from the portfolio of securities. This uncertainty may affect the returns of the Sub-Fund.
In addition, to the extent that they are not guaranteed, each type of asset backed securities entails specific credit risks depending on the type of assets involved and the legal structure used.
Investments in asset-backed securities may further entail the following risks: liquidity risk, credit risk, governance risk and legal risk mentioned below under ‘Liquidity Risk’, ‘Debt Securities Risk‘, ‘US Government Obligations Risk’ and ‘Legal Risk’. | en | it |
DOLFIN216 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Legal Risk
There is a risk that agreements and derivatives techniques are terminated due, for instance, to bankruptcy, supervening illegality or change in tax or accounting laws. In such circumstances, the Fund may be required to cover any losses incurred.
Furthermore, certain transactions are entered into on the basis of complex legal documents. Such documents may be difficult to enforce or may be the subject of a dispute as to interpretation in certain circumstances. Whilst the rights and obligations of the parties to a legal document may be governed by Luxembourg law, in certain circumstances (for example insolvency proceedings) other legal systems may take priority which may affect the enforceability of existing transactions. | ## Risque juridique
Il existe un risque que les accords et les techniques d’instruments dérivés soient résiliés en raison, par exemple, d’une faillite, d’une illégalité ou d’une modification des lois fiscales ou comptables. Dans de telles circonstances, le Fonds peut être tenu de couvrir toute perte encourue.
En outre, certaines opérations sont conclues sur la base de documents juridiques complexes. Ces documents peuvent être difficiles à appliquer ou faire l’objet d’un litige quant à leur interprétation dans certaines circonstances. Alors que les droits et obligations des parties à un document juridique peuvent être régis par le droit luxembourgeois, dans certaines circonstances (par exemple, une procédure d’insolvabilité), d’autres systèmes juridiques peuvent être prioritaires, ce qui peut affecter le caractère exécutoire des transactions existantes. | ## Legal Risk
There is a risk that agreements and derivatives techniques are terminated due, for instance, to bankruptcy, supervening illegality or change in tax or accounting laws. In such circumstances, the Fund may be required to cover any losses incurred.
Furthermore, certain transactions are entered into on the basis of complex legal documents. Such documents may be difficult to enforce or may be the subject of a dispute as to interpretation in certain circumstances. Whilst the rights and obligations of the parties to a legal document may be governed by Luxembourg law, in certain circumstances (for example insolvency proceedings) other legal systems may take priority which may affect the enforceability of existing transactions. | en | fr |
DOLFIN217 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Federated Hermes US SMID Equity Fund
Factsheet 31 July 2023
Objective: The investment objective of the Fund is to provide long-term capital appreciation by investing primarily in equity or equity related securities of small and medium- sized companies domiciled in the US, or which derive a large proportion of their income from US activities. These are primarily listed or traded in the US or Canada.
Investment Approach: The investment manager seeks to achieve its objective by investing in a diversified portfolio of high-quality companies when they are attractively priced and owning them for long time periods. Through fundamental analysis and assessments, augmented by consideration of environmental, social and governance (ESG) factors, the manager identifies companies with a durable competitive advantage, sustainable and stable earnings, sensible financial management and a positive ESG story. Companies of this quality are typically less risky than the majority of small- and medium-sized companies. By integrating insights from our stewardship team, EOS at Federated Hermes, and engaging with portfolio companies as required, the manager encourages better ESG practices that support long-term returns. | Federated Hermes US SMID Equity Fund
Scheda descrittiva 31 luglio 2023
Obiettivo: L’obiettivo di investimento del Fondo è conseguire l'apprezzamento del capitale nel lungo termine investendo principalmente in titoli azionari o legati ad azioni di società a bassa e media capitalizzazione domiciliate negli Stati Uniti o che traggono una percentuale elevata del loro reddito da attività negli Stati Uniti. Tali società sono principalmente quotate o negoziate negli Stati Uniti o in Canada.
Approccio d’investimento: Il gestore degli investimenti cerca di raggiungere il suo obiettivo investendo in un portafoglio diversificato di società di alta qualità con valutazioni interessanti, che detiene per lunghi periodi di tempo. Attraverso analisi e valutazioni fondamentali, integrate da considerazioni sui fattori ambientali, sociali e di governance (ESG), il gestore identifica le aziende con un vantaggio competitivo durevole, guadagni sostenibili e stabili, una gestione finanziaria ragionevole e performance ESG positive.
Le aziende che offrono questo livello di qualità sono generalmente meno rischiose della maggior parte delle piccole e medie imprese. Integrando le informazioni fornite dal nostro team di stewardship, EOS di Federated Hermes, e attuando se necessario iniziative di engagement delle aziende in portafoglio, il gestore promuove l’adozione di pratiche ESG migliori, a sostegno dei rendimenti nel lungo termine. | Federated Hermes US SMID Equity Fund
Factsheet 31 July 2023
Objective: The investment objective of the Fund is to provide long-term capital appreciation by investing primarily in equity or equity related securities of small and medium- sized companies domiciled in the US, or which derive a large proportion of their income from US activities. These are primarily listed or traded in the US or Canada.
Investment Approach: The investment manager seeks to achieve its objective by investing in a diversified portfolio of high-quality companies when they are attractively priced and owning them for long time periods. Through fundamental analysis and assessments, augmented by consideration of environmental, social and governance (ESG) factors, the manager identifies companies with a durable competitive advantage, sustainable and stable earnings, sensible financial management and a positive ESG story. Companies of this quality are typically less risky than the majority of small- and medium-sized companies. By integrating insights from our stewardship team, EOS at Federated Hermes, and engaging with portfolio companies as required, the manager encourages better ESG practices that support long-term returns. | en | it |
DOLFIN218 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Equity securities: Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
ESG driven investments: Environmental, social and governance ("Sustainable ESG") criteria are part of the investment policy. Sustainable ESG criteria aim to better manage risk, and generate sustainable, long-term returns. Applying Sustainable ESG criteria to the investment process may lead the Delegated Investment Manager to invest in or exclude securities for non-financial reasons, irrespective of market opportunities available if assessed while disregarding Sustainable ESG criteria.
Exchange Rates: Some Funds are invested in currencies other than their reference currency. Changes in foreign currency exchange rates will affect the value of those securities held by such Sub-Funds. For unhedged Share Classes denominated in currencies different than the Fund's currency, exchange rate fluctuations can generate additional volatility at the Share Class level.
Risks related to global investing: International investing involves certain risks such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. Securities in one or more markets may also be subject to limited liquidity. These factors may have an adverse impact on the performance of the Fund. Portfolio Concentration risk: Funds investing in a limited number of securities may increase the fluctuation of such funds' investment performance. If such securities perform poorly, the fund could incur greater losses than if it had invested in a larger number of securities.
Smaller Capitalization risk: Funds investing in companies with small capitalizations may be particularly sensitive to wider price fluctuations, certain market movements and less able to sell securities quickly and easily. Please refer to the full prospectus, for additional details on risks.
Sustainability risk: The Fund is subject to sustainability risks as defined in the Regulation 2019/2088 (article 2(22)) by 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. More information on the framework related to the incorporation of sustainability risks can be found on the website of the Management Company and the Delegated Investment Manager. | ##### Beteiligungspapiere: Beteiligungspapiere sind volatil und können als Reaktion auf die allgemeinen Markt- und Wirtschaftsbedingungen deutlich sinken.
Von ESG-Aspekten getriebene Anlagen : Umwelt-, Sozial- und Governance- Kriterien ("Nachhaltige ESG-Kriterien") sind Bestandteil der Anlagepolitik. Mithilfe von nachhaltigen ESG-Kriterien wird darauf abgezielt, Risiken besser zu steuern und nachhaltige, langfristige Erträge zu erzielen. Die Anwendung von nachhaltigen ESG-Kriterien auf den Anlageprozess kann den beauftragten Vermögensverwalter dazu veranlassen, aus nicht-finanziellen Gründen in Wertpapiere zu investieren oder diese auszuschließen, unabhängig von den verfügbaren Marktchancen, wenn diese unter Missachtung der nachhaltigen ESG-Kriterien bewertet werden.
Wechselkurse: Einige Fonds werden in anderen Währungen als ihrer Referenzwährung angelegt. Wechselkursänderungen wirken sich auf den Wert der von diesen Teilfonds gehaltenen Wertpapiere aus. Bei nicht abgesicherten Anteilsklassen, die auf andere Währungen als die Währung des Fonds lauten, können Wechselkursschwankungen zusätzliche Volatilität auf der Ebene der Anteilsklassen erzeugen.
Risiko in Verbindung mit internationalen Anlagen: Internationale Anlagen bergen bestimmte Risiken, wie Wechselkursschwankungen, politische oder regulatorische Entwicklungen, wirtschaftliche Instabilität und fehlende Informationstransparenz. Wertpapiere an einem oder mehreren Märkten können ebenfalls einer beschränkten Liquidität unterliegen. Diese Faktoren können die Wertentwicklung des Fonds beeinträchtigen.
Risiken aus der Portfoliokonzentration: Fonds, die in eine begrenzte Zahl von Wertpapieren investieren, können höhere Schwankungen der Anlageperformance verzeichnen. Schneiden die Wertpapiere schlecht ab, sind die Verluste für den Fonds möglicherweise höher, als wenn er in eine grösere Anzahl von Wertpapieren investiert hätte.
Risiko kleinerer Kapitalisierungen: Fonds, die in Unternehmen mit kleiner Kapitalisierung investieren, können besonders empfindlich gegenüber größeren Kursschwankungen und bestimmten Marktbewegungen und weniger in der Lage sein, Wertpapiere schnell und leicht zu verkaufen. Weitere Informationen zu den Risiken entnehmen Sie bitte dem vollständigen Prospekt.
Nachhaltigkeitsrisiko: Der Fonds unterliegt Nachhaltigkeitsrisiken - gemäß der Bestimmung dieses Begriffes in Verordnung 2019/2088 (Artikel 2 Absatz 22) - aufgrund von Ereignissen oder Bedingungen in den Bereichen Umwelt, Soziales und Unternehmensführung, deren Eintritt den Wert der Anlage tatsächlich oder potentiell erheblich beeinträchtigen könnte. Weitere Informationen zu den Leitlinien in Bezug auf die Berücksichtigung von Nachhaltigkeitsrisiken finden Sie auf der Website der Verwaltungsgesellschaft und des Beauftragten Anlageverwalters. | ##### Equity securities: Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
ESG driven investments: Environmental, social and governance ("Sustainable ESG") criteria are part of the investment policy. Sustainable ESG criteria aim to better manage risk, and generate sustainable, long-term returns. Applying Sustainable ESG criteria to the investment process may lead the Delegated Investment Manager to invest in or exclude securities for non-financial reasons, irrespective of market opportunities available if assessed while disregarding Sustainable ESG criteria.
Exchange Rates: Some Funds are invested in currencies other than their reference currency. Changes in foreign currency exchange rates will affect the value of those securities held by such Sub-Funds. For unhedged Share Classes denominated in currencies different than the Fund's currency, exchange rate fluctuations can generate additional volatility at the Share Class level.
Risks related to global investing: International investing involves certain risks such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. Securities in one or more markets may also be subject to limited liquidity. These factors may have an adverse impact on the performance of the Fund. Portfolio Concentration risk: Funds investing in a limited number of securities may increase the fluctuation of such funds' investment performance. If such securities perform poorly, the fund could incur greater losses than if it had invested in a larger number of securities.
Smaller Capitalization risk: Funds investing in companies with small capitalizations may be particularly sensitive to wider price fluctuations, certain market movements and less able to sell securities quickly and easily. Please refer to the full prospectus, for additional details on risks.
Sustainability risk: The Fund is subject to sustainability risks as defined in the Regulation 2019/2088 (article 2(22)) by 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. More information on the framework related to the incorporation of sustainability risks can be found on the website of the Management Company and the Delegated Investment Manager. | en | de |
DOLFIN219 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating or those issued by “emerging” countries will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
In the context of its management, the Sub-fund’s target volatility will be 2% and may reach a maximum of 3%. To achieve its management objective, the Sub-fund will be invested as follows:
- up to 100% of its net assets in public debt securities issued by OECD or European Union member states without restriction as to their maturity and rated “Investment Grade” or belonging to the “High Yield” class (speculative securities with a long-term rating below BBB- and a short-term rating below A3 as rated by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
- up to 100% of net assets in public debt securities issued by emerging countries outside the OECD and European Union, without restriction as to their maturity and rated “Investment Grade” (rated BBB- or higher by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
- up to 100% of net assets in private debt securities (particularly corporate bonds) rated “Investment Grade”, without restriction as to their maturity.
- up to 25% of its net assets in debt securities belonging to the “High Yield” class issued by private-sector companies, without restriction as to their maturity or geographical area.
- up to 25% of its net assets in public debt securities belonging to the “High Yield” class issued by non-OECD and European Union emerging countries without restriction as to their maturity. | Le gérant applique une inclusion systématique des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les titres du portefeuille.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield ou émis par des pays « émergents », disposent d’une notation ESG au sein du portefeuille. Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d'investissement
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa gestion, la volatilité cible du compartiment sera de 2% et pourra atteindre jusqu’à 3% maximum. Pour atteindre son objectif de gestion le compartiment sera investi:
- jusqu’à 100% de son actif net, sur des titres de créance publics émis par des Etats membres de l’OCDE ou de l’Union Européenne, sans contrainte de maturité et de notation « Investment Grade » ou appartenant à la catégorie « High Yield » (titres spéculatifs, notation Long Terme inférieure à BBB-, notation Court Terme inférieure à A3, selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente).
- jusqu’à 100% de son actif net, sur des titres de créance publics émis par des pays émergents hors OCDE et Union Européenne, sans contrainte de maturité et de notation « Investment Grade » (notation supérieure ou égale à BBB- selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente) sans contrainte de maturité.
- jusqu’à 100% de son actif net sur des titres de créances privés (notamment des obligations d’entreprises) de notation « Investment Grade » sans contrainte de maturité.
- au maximum 25% de son actif net dans des titres de créance appartenant à la catégorie « High Yield » émis par des sociétés du secteur privé sans contrainte de maturité ni de zone géographique.
- au maximum 25% de son actif net dans titres de créance publics appartenant à la catégorie « HighYield »émis par des pays émergents hors OCDE et Union Européenne sans contrainte de maturité. | The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating or those issued by “emerging” countries will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
In the context of its management, the Sub-fund’s target volatility will be 2% and may reach a maximum of 3%. To achieve its management objective, the Sub-fund will be invested as follows:
- up to 100% of its net assets in public debt securities issued by OECD or European Union member states without restriction as to their maturity and rated “Investment Grade” or belonging to the “High Yield” class (speculative securities with a long-term rating below BBB- and a short-term rating below A3 as rated by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
- up to 100% of net assets in public debt securities issued by emerging countries outside the OECD and European Union, without restriction as to their maturity and rated “Investment Grade” (rated BBB- or higher by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
- up to 100% of net assets in private debt securities (particularly corporate bonds) rated “Investment Grade”, without restriction as to their maturity.
- up to 25% of its net assets in debt securities belonging to the “High Yield” class issued by private-sector companies, without restriction as to their maturity or geographical area.
- up to 25% of its net assets in public debt securities belonging to the “High Yield” class issued by non-OECD and European Union emerging countries without restriction as to their maturity. | en | fr |
DOLFIN220 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premiumThere is no capital guarantee and no capital protection. | Los datos históricos empleados para el cálculo de la categoría de riesgo y rendimiento no se pueden considerar una indicación fiable del perfil de riesgo futuro.
La categoría de riesgo y rendimiento indicada puede estar sujeta a cambios. La clasificación en una categoría puede cambiar con el tiempo.
La categoría de riesgo más baja no equivale a una inversión libre de riesgo.
Motivos para la clasificación en la categoría de riesgo y rentabilidad:
- Curva de tipos
- Subida de tiposNo existen garantías de capital ni protección de capital. | The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premiumThere is no capital guarantee and no capital protection. | en | es |
DOLFIN221 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Intended retail investor:
This product is suitable for investors who ...
... have at least a basic knowledge of the financial instruments contained in the fund;
... have at least a medium-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | ## Investitori al dettaglio cui si intende commercializzare il prodotto:
Questo prodotto è adatto agli investitori che ...
... sono in possesso di conoscenze almeno elementari in merito agli strumenti finanziari detenuti dal fondo;
... hanno almeno un orizzonte d'investimento a medio termine;
... sono in grado di sopportare, nel peggiore dei casi, anche la perdita dell'intero capitale investito. | ## Intended retail investor:
This product is suitable for investors who ...
... have at least a basic knowledge of the financial instruments contained in the fund;
... have at least a medium-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | en | it |
DOLFIN222 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Tonnes of CO2 equivalent per million euros of revenues (calculated as % assets, and not rebased to 100%)
- Total tonnes of CO2 equivalent (calculated as % assets, and not rebased to 100%)
- As a percentage, excluding cash and assets that are outside the scope: sovereign bonds and derivatives
- Weighted average % fossil fuel revenues for each company in the portfolio*MSCI EM (EUR) net dividends reinvested Source: S&P Trucost, Carmignac, 12/31/2020. | - Tonnes d'équivalent CO2 par million d'euros de chiffre d'affaires (calculé en % des actifs, non rebasé à 100%)
- Total des tonnes d'équivalent CO2 (calculé en % des actifs, non rebasé à 100%)
- En pourcentage, hors liquidités et actifs hors périmètre : obligations souveraines et produits dérivés
- Moyenne pondérée du % de chiffre d'affaires des combustibles fossiles pour chaque entreprise du portefeuille*MSCI EM (EUR) dividendes nets réinvestis Source : S&P Trucost, Carmignac, 12/31/2020. | - Tonnes of CO2 equivalent per million euros of revenues (calculated as % assets, and not rebased to 100%)
- Total tonnes of CO2 equivalent (calculated as % assets, and not rebased to 100%)
- As a percentage, excluding cash and assets that are outside the scope: sovereign bonds and derivatives
- Weighted average % fossil fuel revenues for each company in the portfolio*MSCI EM (EUR) net dividends reinvested Source: S&P Trucost, Carmignac, 12/31/2020. | en | fr |
DOLFIN223 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | Fonds | Indice de référence | | | Fonds | Indice de référence | | | Fonds | Indice de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 4,72 | 3,85 | | Technologies de l’information | 22,14 | 20,61 | | Etats-Unis | 62,04 | 60,02 |
| Microsoft | 3,44 | 2,92 | | Finance | 16,33 | 15,30 | | Japon | 5,37 | 5,51 |
| Walt Disney | 2,29 | 0,33 | | Santé | 13,91 | 12,46 | | Suisse | 3,75 | 2,54 |
| ASML | 2,23 | 0,44 | | Consommation discrétionnaire | 11,05 | 11,13 | | Royaume-Uni | 3,53 | 3,84 |
| Novo Nordisk | 2,23 | 0,38 | | Industrie | 8,96 | 9,99 | | Chine | 3,30 | 3,79 |
| The Travelers Companies | 1,97 | 0,08 | | Services de communication | 7,62 | 7,14 | | Pays-Bas | 2,82 | 1,15 |
| Amazon | 1,91 | 1,57 | | Biens de consommation de base | 7,37 | 7,33 | | Norvège | 2,67 | 0,18 |
| Hess | 1,87 | 0,07 | | Matériaux | 4,58 | 5,11 | | Corée | 2,27 | 1,34 |
| Costco Wholesale | 1,72 | 0,38 | | Energie | 3,12 | 5,35 | | Danemark | 2,23 | 0,71 |
| Trane Technologies | 1,70 | 0,07 | | Immobilier | 2,86 | 2,63 | | Hong Kong | 1,96 | 0,74 |
| | | | | Services aux collectivités | 1,95 | 2,96 | | | | | | | | Fondo | Referencia | | | Fondo | Referencia | | | Fondo | Referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 4,72 | 3,85 | | Tecnología de la información | 22,14 | 20,61 | | Estados Unidos | 62,04 | 60,02 |
| Microsoft | 3,44 | 2,92 | | Sector financiero | 16,33 | 15,30 | | Japón | 5,37 | 5,51 |
| Walt Disney | 2,29 | 0,33 | | Atención sanitaria | 13,91 | 12,46 | | Suiza | 3,75 | 2,54 |
| ASML | 2,23 | 0,44 | | Consumo discrecional | 11,05 | 11,13 | | Reino Unido | 3,53 | 3,84 |
| Novo Nordisk | 2,23 | 0,38 | | Industriales | 8,96 | 9,99 | | China | 3,30 | 3,79 |
| The Travelers Companies | 1,97 | 0,08 | | Servicios de comunicación | 7,62 | 7,14 | | Países Bajos | 2,82 | 1,15 |
| Amazon | 1,91 | 1,57 | | Productos de primera necesidad | 7,37 | 7,33 | | Noruega | 2,67 | 0,18 |
| Hess | 1,87 | 0,07 | | Materiales | 4,58 | 5,11 | | Corea | 2,27 | 1,34 |
| Costco Wholesale | 1,72 | 0,38 | | Energía | 3,12 | 5,35 | | Dinamarca | 2,23 | 0,71 |
| Trane Technologies | 1,70 | 0,07 | | Bienes inmuebles | 2,86 | 2,63 | | Hong Kong | 1,96 | 0,74 |
| | | | | Servicios públicos | 1,95 | 2,96 | | | | | | | | Fonds | Indice de référence | | | Fonds | Indice de référence | | | Fonds | Indice de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 4,72 | 3,85 | | Technologies de l’information | 22,14 | 20,61 | | Etats-Unis | 62,04 | 60,02 |
| Microsoft | 3,44 | 2,92 | | Finance | 16,33 | 15,30 | | Japon | 5,37 | 5,51 |
| Walt Disney | 2,29 | 0,33 | | Santé | 13,91 | 12,46 | | Suisse | 3,75 | 2,54 |
| ASML | 2,23 | 0,44 | | Consommation discrétionnaire | 11,05 | 11,13 | | Royaume-Uni | 3,53 | 3,84 |
| Novo Nordisk | 2,23 | 0,38 | | Industrie | 8,96 | 9,99 | | Chine | 3,30 | 3,79 |
| The Travelers Companies | 1,97 | 0,08 | | Services de communication | 7,62 | 7,14 | | Pays-Bas | 2,82 | 1,15 |
| Amazon | 1,91 | 1,57 | | Biens de consommation de base | 7,37 | 7,33 | | Norvège | 2,67 | 0,18 |
| Hess | 1,87 | 0,07 | | Matériaux | 4,58 | 5,11 | | Corée | 2,27 | 1,34 |
| Costco Wholesale | 1,72 | 0,38 | | Energie | 3,12 | 5,35 | | Danemark | 2,23 | 0,71 |
| Trane Technologies | 1,70 | 0,07 | | Immobilier | 2,86 | 2,63 | | Hong Kong | 1,96 | 0,74 |
| | | | | Services aux collectivités | 1,95 | 2,96 | | | | | | fr | es |
DOLFIN224 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | # Sustentabilidad
El objetivo de inversión sostenible del fondo es contribuir a mantener el aumento de la temperatura del planeta por debajo de 2 °C mediante la reducción de la huella de carbono del fondo. Las consideraciones sobre cambio climático y sostenibilidad se incorporan al proceso de inversión mediante exclusiones, así como con la integración de criterios ASG, una asignación mínima a bonos con calificación ASG y un objetivo de huella de carbono. El fondo no invierte en empresas que incumplen normas internacionales y aplica las exclusiones basadas en las actividades conforme al artículo 12 del reglamento de la UE en lo relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia, según la política de exclusión de Robeco. Se integran factores ASG, incluyendo el cambio climático, en el análisis de valores bottom-up para evaluar el potencial de descarbonización y el impacto de los riesgos ASG financieramente relevantes en la calidad del análisis fundamental crediticio del emisor. Además, el fondo invierte al menos un 5% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. En la elaboración de la cartera, el fondo tiene como objetivo una huella de carbono que sea como mínimo igual, sino mejor, que la del Solactive Paris Aligned Global Corporate Index. El propósito de esto es garantizar que el fondo sea coherente con la trayectoria de descarbonización deseada de una media del 7% interanual. | # Sustainability
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. Furthermore, the fund invests at least 5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | en | es |
DOLFIN225 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The financial statements of the sub-fund AMUNDI FLOATING RATE EURO CORPORATES 3-7 has been prepared on a non-going concern basis of accounting as the Board of Director decided to put into liquidation the sub-fund on 20 October 2020.
- VALUATION POLICY
- Securities Portfolio - Transferable securities, money market instruments, and derivatives that are quoted or dealt in on any stock exchange or traded in any other regulated market are generally valued at the last available market price on the relevant business day. | Der Jahresabschluss des Teilfonds AMUNDI FLOATING RATE EURO CORPORATES 3-7 wurde nach dem Grundsatz einer nicht fortgeführten Rechnungslegung erstellt, da der Verwaltungsrat beschlossen hat, den Teilfonds am 20. Oktober 2020 aufzulösen.
- BEWERTUNGSMETHODEN
- Wertpapierportfolio – Übertragbare Wertpapiere, Geldmarktinstrumente und Derivate, die an einer Börse notiert sind oder gehandelt werden oder an einem anderen geregelten Markt gehandelt werden, werden in der Regel mit dem letzten verfügbaren Marktkurs an dem betreffenden Geschäftstag bewertet. | The financial statements of the sub-fund AMUNDI FLOATING RATE EURO CORPORATES 3-7 has been prepared on a non-going concern basis of accounting as the Board of Director decided to put into liquidation the sub-fund on 20 October 2020.
- VALUATION POLICY
- Securities Portfolio - Transferable securities, money market instruments, and derivatives that are quoted or dealt in on any stock exchange or traded in any other regulated market are generally valued at the last available market price on the relevant business day. | en | de |
DOLFIN226 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The outcome of the referendum has caused significant uncertainty and may cause disruption, in particular, with regards to the functioning of European markets, including the ease, cost, ability and willingness of persons to trade and invest within Europe, the scope and functioning of European legal and regulatory frameworks (including with respect to the regulation of alternative investment fund managers and the distribution and marketing of alternative investment funds), the nature and scope of the regulation of the provision of financial services within, and to, persons in Europe and the nature and scope of industrial, trade, immigration and other governmental policy pursued within Europe. More specifically, the costs of trading may increase if there is less market functionality (including the potential need for the Fund to appoint additional counterparties). These effects may persist
for some time.
Brexit may have other consequences, including a recession of the UK economy, down-grading of the UK’s credit rating, and an increased likelihood of pro-independence movements in Scotland and other parts of the UK taking steps to secede from the UK. The volatility and uncertainty caused by Brexit may adversely affect the value of the Fund’s investments, the Net Asset Value of the Fund and the liquidity and trading of the Fund.
- Smaller Companies RiskInvestments in smaller companies offers the possibility of higher return but also involve a higher degree of risk than investment in well established, larger companies. The shares of smaller companies can be more volatile which may lead to increased volatility in the price of the Units of a Sub-Fund.
- Military Conflict RiskA Sub-Fund may incur significant losses in the event of a military conflict arising in any region in which it is either directly or indirectly invested. Such military conflicts may result in restricted or no access to certain markets, investments, service providers or counterparties, thus negatively impacting the performance of a Sub-Fund and restricting the ability of the Investment Manager to implement the investment strategy of a Sub-Fund and achieve its investment objective. Increased volatility, currency fluctuations, liquidity constraints, counterparty default, valuation and settlement difficulties and operational risk resulting from such conflicts may also negatively impact the performance of a Sub- Fund. Such events may result in otherwise historically “low-risk” strategies performing with unprecedented volatility and risk. | El resultado del referéndum ha generado una enorme incertidumbre y podría provocar distorsiones, especialmente en lo que se refiere al funcionamiento de los mercados europeos,
como por ejemplo, la facilidad, el coste, la capacidad y la voluntad de las personas de realizar operaciones comerciales e invertir en Europa, el ámbito de aplicación y el funcionamiento de los marcos jurídicos y regulatorios europeos (incluido, en relación con la regulación de los gestores de fondos de inversión alternativa y la distribución y comercialización de fondos de inversión alternativa), la naturaleza y el ámbito de aplicación de la reglamentación sobre la prestación de servicios financieros dentro de Europa y a residentes en Europa, y la naturaleza y el ámbito de aplicación de las políticas públicas en materia industrial, de comercio, inmigración y de otro tipo que se lleven a cabo en Europa. Más concretamente, los costes de negociación pueden incrementarse si la funcionalidad del mercado disminuye (pudiendo incluso ser necesario que el Fondo designe contrapartes adicionales). Estos efectos pueden continuar durante algún tiempo.
El Brexit puede tener otras consecuencias, incluida una recesión de la economía británica, la rebaja de la calificación crediticia del Reino Unido y una mayor probabilidad de que los movimientos a favor de la independencia de Escocia y otras partes del país tomen medidas para separarse del Reino Unido. La volatilidad y la incertidumbre que genera el Brexit pueden afectar negativamente al valor de las inversiones del Fondo, a su patrimonio neto y a su liquidez y negociación.
- Riesgo de inversión en pequeñas empresasLas inversiones en pequeñas empresas ofrecen la posibilidad de obtener rentabilidades más elevadas, pero también conllevan un mayor riesgo que la inversión en empresas consolidadas de mayor tamaño. Las acciones de las pequeñas empresas pueden ser más inestables, con el consiguiente riesgo de mayor volatilidad en el precio de las Participaciones de un Subfondo.
- Riesgo de conflictos armadosUn Subfondo puede incurrir en fuertes pérdidas en caso de declararse un conflicto armado en cualquiera de las regiones en las que invierte directa o indirectamente. Dichos conflictos armados pueden restringir o impedir el acceso a determinados mercados, inversiones, proveedores de servicios o contrapartes. Esta circunstancia tendría consecuencias adversas para la rentabilidad de un Subfondo y limitaría la capacidad de la Gestora de Inversiones para implementar la estrategia de inversión de un Subfondo y lograr su objetivo de inversión. El aumento de la volatilidad, las fluctuaciones de los tipos de cambio, las limitaciones a la liquidez, el incumplimiento de las contrapartes, las dificultades de valoración y liquidación, y el riesgo operativo derivados de dichos conflictos también pueden afectar negativamente a la rentabilidad de un Subfondo. Tales circunstancias pueden provocar que estrategias que de otro modo habrían tenido un riesgo reducido atendiendo a su historial acusen una volatilidad y un riesgo sin precedentes. | The outcome of the referendum has caused significant uncertainty and may cause disruption, in particular, with regards to the functioning of European markets, including the ease, cost, ability and willingness of persons to trade and invest within Europe, the scope and functioning of European legal and regulatory frameworks (including with respect to the regulation of alternative investment fund managers and the distribution and marketing of alternative investment funds), the nature and scope of the regulation of the provision of financial services within, and to, persons in Europe and the nature and scope of industrial, trade, immigration and other governmental policy pursued within Europe. More specifically, the costs of trading may increase if there is less market functionality (including the potential need for the Fund to appoint additional counterparties). These effects may persist
for some time.
Brexit may have other consequences, including a recession of the UK economy, down-grading of the UK’s credit rating, and an increased likelihood of pro-independence movements in Scotland and other parts of the UK taking steps to secede from the UK. The volatility and uncertainty caused by Brexit may adversely affect the value of the Fund’s investments, the Net Asset Value of the Fund and the liquidity and trading of the Fund.
- Smaller Companies RiskInvestments in smaller companies offers the possibility of higher return but also involve a higher degree of risk than investment in well established, larger companies. The shares of smaller companies can be more volatile which may lead to increased volatility in the price of the Units of a Sub-Fund.
- Military Conflict RiskA Sub-Fund may incur significant losses in the event of a military conflict arising in any region in which it is either directly or indirectly invested. Such military conflicts may result in restricted or no access to certain markets, investments, service providers or counterparties, thus negatively impacting the performance of a Sub-Fund and restricting the ability of the Investment Manager to implement the investment strategy of a Sub-Fund and achieve its investment objective. Increased volatility, currency fluctuations, liquidity constraints, counterparty default, valuation and settlement difficulties and operational risk resulting from such conflicts may also negatively impact the performance of a Sub- Fund. Such events may result in otherwise historically “low-risk” strategies performing with unprecedented volatility and risk. | en | es |
DOLFIN227 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Any individual who receives dividends from the Company or the proceeds from the sale of shares in the Company through a paying agent based in a state other than the one in which he resides is advised to seek information on the legal and regulatory provisions applicable to him.
Most countries covered by Directive 2011/16 and 2014/107 will report to the tax authorities in the state of residence of the beneficial owner of the income the total gross amount relating to the amount distributed by the Company and/or the total gross proceeds from the sale, refund or redemption of shares in the Company. Austria and Switzerland will apply the exchange of information as of 1st January 2018 on the basis of the data collected in 2017.
- Residents of third countries or territoriesNo withholding tax is levied on interest paid to residents of third countries or territories. Nevertheless, in the framework of Automatic Exchange of Information package (AEOI) covering fiscal matters elaborated by OECD, the Company may need to collect and disclose information about its shareholders to third parties, including the tax authorities of the participating country in which the beneficiary is tax resident, for the purpose of onward transmission to the relevant jurisdictions. The data of financial and personal information as defined by this regulation which will be disclosed may include (but is not limited to) the identity of the shareholders and their direct or indirect beneficiaries, beneficial owners and controlling persons. A shareholder will therefore be required to comply with any reasonable request from the Company for such information, to allow the Company to comply with its reporting requirements. The list of AEOI participating countries is available on the website: http://www.oecd.org/tax/automatic-exchange/
- US TaxUnder the Foreign Account Tax Compliance Act (“FATCA”) provisions coming into force as from 1 July 2014, in the case the Company invests directly or indirectly in US assets, income received from such US investments could be subject to a 30% US withholding tax. | Si raccomanda agli individui che percepiscono dividendi dalla Società o proventi della vendita di azioni della Società attraverso un agente per i pagamenti avente sede in uno Stato diverso dal proprio paese di residenza di informarsi in merito alle disposizioni legali e normative ad essi applicabili.
Gran parte dei paesi coperti dalle Direttive 2011/16 e 2014/107 fornisce alle autorità fiscali dello Stato di residenza del beneficiario dei proventi informazioni circa l'importo lordo totale relativo alle somme distribuite dalla Società e/o ai proventi lordi totali derivanti dalla cessione, dal rimborso o dal riscatto di azioni della Società. Austria e Svizzera applicheranno lo scambio di informazioni dal 1° gennaio 2018, sulla base dei dati raccolti nel 2017.
- Residenti di paesi o territori terziSugli interessi pagati ai residenti di paesi o territori terzi non viene applicata alcuna ritenuta alla fonte. Ciò nonostante, nel quadro dello scambio automatico di informazioni in materia fiscale (AEOI, Automatic Exchange of Information) elaborato dall'OCSE, la Società potrebbe dover raccogliere informazioni sui suoi azionisti e renderle disponibili a parti terze, tra cui le autorità fiscali del paese partecipante in cui il beneficiario ha la residenza fiscale, allo scopo di permetterne la trasmissione alle giurisdizioni rilevanti. I dati relativi alle informazioni finanziarie e personali che saranno resi disponibili in ottemperanza a detto regolamento potrebbero includere (a titolo non esaustivo) l'identità degli azionisti e dei loro proprietari effettivi, soggetti controllanti e beneficiari diretti e indiretti. Gli azionisti saranno pertanto tenuti a soddisfare ogni ragionevole richiesta relativa a tali informazioni da parte della Società, al fine di consentirle di rispettare i propri obblighi di comunicazione. L'elenco dei paesi partecipanti all'AEOI è disponibile sul sito internet: http://www.oecd.org/tax/automatic-exchange/
- Imposta statunitenseAi sensi delle disposizioni del Foreign Account Tax Compliance Act ("FATCA"), entrato in vigore il 1° luglio 2014, qualora la Società investa direttamente o indirettamente in attività statunitensi, i proventi derivanti da tali investimenti potrebbero essere soggetti a una ritenuta alla fonte del 30% negli Stati Uniti. | Any individual who receives dividends from the Company or the proceeds from the sale of shares in the Company through a paying agent based in a state other than the one in which he resides is advised to seek information on the legal and regulatory provisions applicable to him.
Most countries covered by Directive 2011/16 and 2014/107 will report to the tax authorities in the state of residence of the beneficial owner of the income the total gross amount relating to the amount distributed by the Company and/or the total gross proceeds from the sale, refund or redemption of shares in the Company. Austria and Switzerland will apply the exchange of information as of 1st January 2018 on the basis of the data collected in 2017.
- Residents of third countries or territoriesNo withholding tax is levied on interest paid to residents of third countries or territories. Nevertheless, in the framework of Automatic Exchange of Information package (AEOI) covering fiscal matters elaborated by OECD, the Company may need to collect and disclose information about its shareholders to third parties, including the tax authorities of the participating country in which the beneficiary is tax resident, for the purpose of onward transmission to the relevant jurisdictions. The data of financial and personal information as defined by this regulation which will be disclosed may include (but is not limited to) the identity of the shareholders and their direct or indirect beneficiaries, beneficial owners and controlling persons. A shareholder will therefore be required to comply with any reasonable request from the Company for such information, to allow the Company to comply with its reporting requirements. The list of AEOI participating countries is available on the website: http://www.oecd.org/tax/automatic-exchange/
- US TaxUnder the Foreign Account Tax Compliance Act (“FATCA”) provisions coming into force as from 1 July 2014, in the case the Company invests directly or indirectly in US assets, income received from such US investments could be subject to a 30% US withholding tax. | en | it |
DOLFIN228 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### The table below shows:
- the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period;
- the meaning of the different cost categories.
- CHF 10,000 is invested. | #### La tabella qui di seguito illustra:
- l’impatto, per ciascun anno, dei differenti tipi di costi sul possibile rendimento dell’investimento alla fine del periodo di detenzione raccomandato,
- il significato delle differenti categorie di costi.
- CHF 10.000 di investimento. | #### The table below shows:
- the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period;
- the meaning of the different cost categories.
- CHF 10,000 is invested. | en | it |
DOLFIN229 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Risk of Russian and Eastern European markets
The securities of issuers in Russia, in Eastern European countries and in the newly independent states such as Ukraine and the countries formerly under the influence of the Soviet Union imply significant risks and special considerations. These come in addition to the risks associated with emerging countries.
In particular, the Russian market carries a series of risks related to the settlement and custody of securities. These risks result from the fact that there are no physical securities; therefore their ownership is only recorded in the issuer's register of shareholders. Each issuer is responsible for designating its own bookkeeper. There is a large geographical distribution of several hundred registration agents across Russia. The Russian Federal Commission for Securities and Capital Markets has defined the responsibility for registrar activities, including with regard to the proof of transfer and ownership procedures. However, the problems in having the Commission's regulations respected means that there is still a potential risk of loss or error, and no guarantee can be given that the registrars will act in accordance with the applicable laws and regulations. At the time of registration, the registrar produces an extract from the register of shareholders. From that point in time, the ownership of the shares is placed on record, but it is not proven by a copy of the extract from the shareholders' register. The excerpt only proves that the registration has taken place. However, the excerpt cannot be traded and has no intrinsic value. In addition, the registrar will not generally accept an extract as proof of ownership of the shares and is under no obligation to inform the Custodian or its local agents in Russia if or when the shareholders' register is amended. Russian transferable securities are not physically deposited with the Custodian or local agents in Russia. Similar risks apply to the Ukrainian market.
Therefore neither the Custodian nor its local agents in Russia or Ukraine can be considered to exercise a function of custody or physical depositing, in the traditional sense. Registration agents are neither agents of the Custodian or of its local agents in Russia or Ukraine, nor are they responsible for them. The Custodian's responsibility only extends to its personal negligence and deliberate fault, and to any loss caused by negligence or the deliberate misconduct of its local agents in Russia or Ukraine and does not cover any losses from the liquidation, bankruptcy, negligence or deliberate misconduct of any registrar. In the event of such losses, the SICAV must take proceedings directly against the issuer and/or the appointed registration agent.
However, securities traded on the MICEX-RTS Stock Exchange in Russia may be treated as an investment in securities negotiated on a regulated market. Investments on the MICEX-RTS Stock Exchange bring together a large number of Russian issuers and enable almost full coverage of all Russian shares. Use of the MICEX-RTS Stock Exchange benefits from the liquidity of the Russian market without having to use the local currency, as the MICEX-RTS Stock Exchange allows trading with all issuers directly in USD. | #### Risque des marchés russes et d’Europe de l’Est
Les valeurs mobilières d’émetteurs en Russie, dans des pays d’Europe de l’Est ainsi que dans les nouveaux Etats indépendants, tels que l’Ukraine et les pays sous l’influence passée de l’Union soviétique, impliquent des risques significatifs et des considérations spéciales. Ils s’ajoutent aux risques relatifs aux pays émergeants.
En particulier, le marché russe présente une variété de risques liés au règlement et à la garde de valeurs mobilières. Ces risques découlent du fait qu’il n’existe pas de valeurs mobilières physiques ; par conséquent, la propriété des valeurs mobilières n’est démontrée que sur le registre des actionnaires de l’émetteur. Chaque émetteur est responsable de la désignation de son propre teneur de registre. Il en découle une large distribution géographique de plusieurs centaines d’agents de registre à travers la Russie. La Commission fédérale des valeurs mobilières et des marchés de capitaux de Russie a défini les responsabilités des activités de teneur de registre, y compris ce qui constitue la preuve des procédures de propriété et de transfert. Toutefois, les difficultés à faire respecter les réglementations de cette Commission signifient qu’un risque de perte ou d’erreur subsiste et qu’aucune garantie ne peut être donnée du fait que les agents de registre agiront conformément aux lois et réglementations applicables. Lors de l’enregistrement, le teneur de registre produit un extrait du registre des actionnaires. A partir de ce moment précis, la propriété des actions est consignée dans les registres du teneur de registre, mais elle n’est pas démontrée par la détention d’un extrait du registre d’actionnaires. L’extrait prouve seulement que l’enregistrement a eu lieu. Cependant, l’extrait n’est pas négociable et n’a aucune valeur intrinsèque. En outre, un teneur de registre n’acceptera en général pas un extrait comme preuve de la propriété des Actions et il n’est pas tenu d’en notifier le Dépositaire ou ses agents locaux en Russie, si ou lorsqu’il modifie le registre des Actionnaires. Les valeurs mobilières russes n’ont pas été déposées physiquement auprès du Dépositaire ou de ses agents locaux en Russie. Des risques similaires s’appliquent à l’égard du marché ukrainien.
Dès lors, ni le Dépositaire, ni ses agents locaux en Russie ou en Ukraine ne peuvent être considérés comme exerçant une fonction de garde ou de dépôt physique dans le sens traditionnel du terme. Les agents de registre ne sont ni des agents du Dépositaire ou de ses agents locaux en Russie ou en Ukraine, ni responsables de ceux-ci. La responsabilité du Dépositaire ne s’étend qu’à sa négligence personnelle et à son manquement délibéré ainsi qu’à tous les dommages causés par la négligence ou l’inconduite délibérée de ses agents locaux en Russie ou en Ukraine, et ne s’étend pas aux pertes dues à la liquidation, à la faillite, à la négligence ou au manquement délibéré de tout teneur de registre. En cas de telles pertes, la SICAV devra directement entamer des poursuites contre l’émetteur et/ou son teneur de registre désigné.
Cependant, les valeurs mobilières négociées sur le «MICEX-RTS Stock Exchange » en Russie peuvent être traités comme un investissement dans des valeurs mobilières négociées sur un marché réglementé. Les investissements faits sur le «MICEX-RTS Stock Exchange » rassemblent un nombre important d’émetteurs russes et permettent une couverture quasiment complète de l’univers des actions russes. Le choix de la «MICEX-RTS Stock Exchange » permet de bénéficier de la liquidité du marché russe sans avoir à utiliser la devise locale étant donné que la «MICEX-RTS Stock Exchange » permet de traiter tous les émetteurs directement en USD. | #### Risk of Russian and Eastern European markets
The securities of issuers in Russia, in Eastern European countries and in the newly independent states such as Ukraine and the countries formerly under the influence of the Soviet Union imply significant risks and special considerations. These come in addition to the risks associated with emerging countries.
In particular, the Russian market carries a series of risks related to the settlement and custody of securities. These risks result from the fact that there are no physical securities; therefore their ownership is only recorded in the issuer's register of shareholders. Each issuer is responsible for designating its own bookkeeper. There is a large geographical distribution of several hundred registration agents across Russia. The Russian Federal Commission for Securities and Capital Markets has defined the responsibility for registrar activities, including with regard to the proof of transfer and ownership procedures. However, the problems in having the Commission's regulations respected means that there is still a potential risk of loss or error, and no guarantee can be given that the registrars will act in accordance with the applicable laws and regulations. At the time of registration, the registrar produces an extract from the register of shareholders. From that point in time, the ownership of the shares is placed on record, but it is not proven by a copy of the extract from the shareholders' register. The excerpt only proves that the registration has taken place. However, the excerpt cannot be traded and has no intrinsic value. In addition, the registrar will not generally accept an extract as proof of ownership of the shares and is under no obligation to inform the Custodian or its local agents in Russia if or when the shareholders' register is amended. Russian transferable securities are not physically deposited with the Custodian or local agents in Russia. Similar risks apply to the Ukrainian market.
Therefore neither the Custodian nor its local agents in Russia or Ukraine can be considered to exercise a function of custody or physical depositing, in the traditional sense. Registration agents are neither agents of the Custodian or of its local agents in Russia or Ukraine, nor are they responsible for them. The Custodian's responsibility only extends to its personal negligence and deliberate fault, and to any loss caused by negligence or the deliberate misconduct of its local agents in Russia or Ukraine and does not cover any losses from the liquidation, bankruptcy, negligence or deliberate misconduct of any registrar. In the event of such losses, the SICAV must take proceedings directly against the issuer and/or the appointed registration agent.
However, securities traded on the MICEX-RTS Stock Exchange in Russia may be treated as an investment in securities negotiated on a regulated market. Investments on the MICEX-RTS Stock Exchange bring together a large number of Russian issuers and enable almost full coverage of all Russian shares. Use of the MICEX-RTS Stock Exchange benefits from the liquidity of the Russian market without having to use the local currency, as the MICEX-RTS Stock Exchange allows trading with all issuers directly in USD. | en | fr |
DOLFIN230 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Objectives and investment policy | The fund is actively managed. The Fund’s investment objective is to achieve long-term value growth while taking socially and environmentally responsible investment criteria into account. In order to achieve its investment objective, the Fund invests primarily in listed European equities and equity-related securities on both a long and short basis. The investment objective will be achieved primarily through investment in listed European equities and equity-related instruments of issuers from all sectors and of any market capitalisation. The investment decisions for the Fund take into account a variety of environmental and social characteristics. The fund's long positions are in securities that meet the Berenberg sustainability criteria. ESG factors are integrated into the investment decisions to ensure efficient risk management and to generate long-term sustainable returns. ESG risks and opportunities are not only considered when making investment decisions, but are also applied throughout the holding period and as decision criteria for selling. This Fund promotes environmental and/or social characteristics under Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). The benchmark for the fund is: 100% ESTR TR (EUR). This benchmark is determined for the fund by the investment management company and may be changed. The fund does not aim to reproduce the benchmark. The portfolio manager may invest at their own discretion in securities or industries not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the benchmark. This deviation may be material. The fund may perform derivative trades in order to hedge positions or to increase its returns. Within this scope, the choice of the individual assets is performed by the fund manager. Income shall remain in the fund (or: in this unit class) and shall increase the value of the units. Investors may, in general, redeem their units with the management company on each trading day, i.e. each entire bank working day in Luxembourg and Frankfurt am Main. The fund may, however, suspend redemptions when extraordinary circumstances exist which, taking into consideration the interests of the unitholders, make a suspension appear necessary. Recommendation: This fund may not be suitable for investors that are planning to withdraw their monies from the fund within a period of less than 7 years. |
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The fund has been placed in category 6 because its unit value fluctuates strongly and therefore the chance of profit but also the risk of loss can be high. It may be that due to the calculation model not all risks are accounted for when placing the fund in a risk category. An extensive description of the risks is included in the section “Notes on Risks” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the fund: − Credit risks: The fund may invest a part of its assets in debt securities issued by governments or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The fund may use derivatives for the purposes described above under “Objectives and Investment Policy”. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund. − Custody risks: The custody of assets, particularly abroad, may involve a risk of loss arising from the possibility that the custodian or sub-custodian becomes insolvent, breach duties of due care or engages in abusive conduct. − Operational risks: The fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the investment management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | | Ziele und Anlagepolitik | Der Fonds ist aktiv gemanagt. Der Fonds strebt als Anlageziel eine langfristige Wertsteigerung unter Berücksichtigung sozial und ökologisch verantwortlicher Investitionskriterien an. Um das Anlageziel zu erreichen, investiert der Fonds vorwiegend in börsennotierte europäische Aktien und aktienbezogene Wertpapiere sowohl auf Long- als auch auf Short-Basis. Das Anlageziel soll hauptsächlich durch Investments in börsennotierte europäische Aktien und aktienbezogene Instrumente von Emittenten aus allen Sektoren und mit beliebiger Marktkapitalisierung erreicht werden. In den Anlageentscheidungen für den Fonds werden eine Vielzahl an ökologischen und sozialen Merkmalen berücksichtigt. Die Long-Positionen des Fonds erfolgen in Titel, welche die Berenberg Nachhaltigkeitskriterien erfüllen. ESG-Faktoren werden in die Investitionsentscheidungen integriert, um ein effizientes Risikomanagement sicherzustellen und eine langfristig nachhaltige Rendite zu erwirtschaften. ESG-Risiken und -Chancen werden nicht nur bei Investitionsentscheidungen betrachtet, sondern auch während der gesamten Haltedauer und als Entscheidungskriterien für den Verkauf angewandt. Dieser Fonds bewirbt ökologische und/oder soziale Merkmale im Sinne des Artikel 8 der Offenlegungs-Verordnung (Verordnung (EU) 2019/2088). Für den Fonds wird als Vergleichsindex herangezogen: 100% ESTR TR (EUR). Der Vergleichsindex wird für den Fonds von der Gesellschaft festgelegt und kann ggf. geändert werden. Der Fonds zielt jedoch nicht darauf ab, den Vergleichsindex nachzubilden. Der Portfoliomanager kann nach eigenem Ermessen in Titel oder Sektoren investieren, die nicht im Vergleichsindex enthalten sind, um spezifische Anlagemöglichkeiten zu nutzen. Die Anlagestrategie schränkt das Ausmaß ein, in dem die Portfoliobestände vom Vergleichsindex abweichen können. Diese Abweichung kann wesentlich sein. Der Fonds kann Derivatgeschäfte tätigen, um Vermögenspositionen abzusichern oder um höhere Wertzuwächse zu erzielen. In diesem Rahmen obliegt die Auswahl der einzelnen Vermögensgegenstände dem Fondsmanagement. Die Erträge verbleiben im Fonds (ggf.: in dieser Anteilklasse) und erhöhen den Wert der Anteile. Die Anleger können von der Verwaltungsgesellschaft grundsätzlich an jedem Bewertungstag des Fonds, das heißt an jedem ganzen Bankarbeitstag, der zugleich in Luxemburg und Frankfurt am Main Börsentag ist, die Rücknahme der Anteile verlangen. Der Fonds kann jedoch die Rücknahme aussetzen, wenn außergewöhnliche Umstände dies unter Berücksichtigung der Anlegerinteressen erforderlich erscheinen lassen. Empfehlung: Dieser Fonds ist unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von weniger als 7 Jahren aus dem Fonds wieder zurückziehen wollen. |
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| Risiko- und Ertragsprofil | ◄ Typischerweise geringere Rendite Typischerweise höhere Rendite ► Geringeres Risiko Höheres Risiko 1 2 3 4 5 6 7 Dieser Indikator beruht auf historischen Daten; eine Vorhersage künftiger Entwicklungen ist damit nicht möglich. Die Einstufung des Fonds kann sich künftig ändern und stellt keine Garantie dar. Auch ein Fonds, der in Kategorie 1 eingestuft wird, stellt keine völlig risikolose Anlage dar. Der Fonds ist in Kategorie 6 eingestuft, weil sein Anteilpreis stark schwankt und deshalb die Gewinnchance, aber auch das Verlustrisiko hoch sein kann. Bei der Einstufung des Fonds in eine Risikoklasse kann es vorkommen, dass aufgrund des Berechnungsmodells nicht alle Risiken berücksichtigt werden. Eine ausführliche Darstellung findet sich im Abschnitt „Hinweise zu Risiken“ des Verkaufsprospekts. Folgende Risiken haben auf diese Einstufung keinen unmittelbaren Einfluss, können aber trotzdem für den Fonds von Bedeutung sein: − Kreditrisiken: Der Fonds kann einen Teil seines Vermögens in Staats- und Unternehmensanleihen anlegen. Die Aussteller dieser Anleihen können u.U. zahlungsunfähig werden, wodurch der Wert der Anleihen ganz oder teilweise verloren gehen kann. − Risiken aus Derivateinsatz: Der Fonds darf Derivatgeschäfte zu den oben unter „Ziele und Anlagepolitik“ genannten Zwecken einsetzen. Dadurch erhöhte Chancen gehen mit erhöhten Verlustrisiken einher. Durch eine Absicherung mittels Derivate gegen Verluste können sich auch die Gewinnchancen des Fonds verringern. − Verwahrrisiken: Mit der Verwahrung von Vermögensgegenständen, insbesondere im Ausland, kann ein Verlustrisiko verbunden sein, das aus Insolvenz, Sorgfaltspflichtverletzungen oder missbräuchlichem Verhalten des Verwahrers oder eines Unterverwahrers resultieren kann. − Operationelle Risiken: Der Fonds kann Opfer von Betrug oder anderen kriminellen Handlungen werden. Er kann Verluste durch Missverständnisse oder Fehler von Mitarbeitern der Verwaltungsgesellschaft oder externer Dritter erleiden oder durch äußere Ereignisse wie z.B. Naturkatastrophen geschädigt werden. |
| | | | Objectives and investment policy | The fund is actively managed. The Fund’s investment objective is to achieve long-term value growth while taking socially and environmentally responsible investment criteria into account. In order to achieve its investment objective, the Fund invests primarily in listed European equities and equity-related securities on both a long and short basis. The investment objective will be achieved primarily through investment in listed European equities and equity-related instruments of issuers from all sectors and of any market capitalisation. The investment decisions for the Fund take into account a variety of environmental and social characteristics. The fund's long positions are in securities that meet the Berenberg sustainability criteria. ESG factors are integrated into the investment decisions to ensure efficient risk management and to generate long-term sustainable returns. ESG risks and opportunities are not only considered when making investment decisions, but are also applied throughout the holding period and as decision criteria for selling. This Fund promotes environmental and/or social characteristics under Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). The benchmark for the fund is: 100% ESTR TR (EUR). This benchmark is determined for the fund by the investment management company and may be changed. The fund does not aim to reproduce the benchmark. The portfolio manager may invest at their own discretion in securities or industries not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the benchmark. This deviation may be material. The fund may perform derivative trades in order to hedge positions or to increase its returns. Within this scope, the choice of the individual assets is performed by the fund manager. Income shall remain in the fund (or: in this unit class) and shall increase the value of the units. Investors may, in general, redeem their units with the management company on each trading day, i.e. each entire bank working day in Luxembourg and Frankfurt am Main. The fund may, however, suspend redemptions when extraordinary circumstances exist which, taking into consideration the interests of the unitholders, make a suspension appear necessary. Recommendation: This fund may not be suitable for investors that are planning to withdraw their monies from the fund within a period of less than 7 years. |
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The fund has been placed in category 6 because its unit value fluctuates strongly and therefore the chance of profit but also the risk of loss can be high. It may be that due to the calculation model not all risks are accounted for when placing the fund in a risk category. An extensive description of the risks is included in the section “Notes on Risks” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the fund: − Credit risks: The fund may invest a part of its assets in debt securities issued by governments or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The fund may use derivatives for the purposes described above under “Objectives and Investment Policy”. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund. − Custody risks: The custody of assets, particularly abroad, may involve a risk of loss arising from the possibility that the custodian or sub-custodian becomes insolvent, breach duties of due care or engages in abusive conduct. − Operational risks: The fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the investment management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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DOLFIN231 | 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?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et il est peu probable que de mauvaises conditions de marché influent sur la capacité de l’initiateur du PRIIP à vous payer.
Attention au risque de change Dans certains cas, les sommes qui vous seront versées pourraient l’être dans une devise différente de votre devise locale ; votre gain final pourrait donc dépendre du taux de change entre les deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
D’autres risques tels que les risques liés à la Liquidité, au Stock Connect, au Bond Connect et aux Produits dérivés peuvent avoir un impact sur le Fonds. Veuillez vous reporter au Prospectus pour plu
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
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Riesgo más bajo Riesgo más alto
El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa «un riesgo medio bajo».
Esto clasifica las pérdidas potenciales de la rentabilidad futura a un nivel medio a bajo, y es poco probable que las malas condiciones del mercado afecten a la capacidad del productor del PRIIP de pagarle.
Tenga en cuenta el riesgo cambiario. En algunas circunstancias, podrá recibir pagos en una moneda diferente de su moneda local, por lo que la rentabilidad final que recibirá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador que se muestra arriba.
El Fondo puede verse afectado por otros riesgos, como los riesgos de liquidez, Stock Connect, Bond Connect y derivados. Consulte el Folleto informativo para obtener más información.
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. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et il est peu probable que de mauvaises conditions de marché influent sur la capacité de l’initiateur du PRIIP à vous payer.
Attention au risque de change Dans certains cas, les sommes qui vous seront versées pourraient l’être dans une devise différente de votre devise locale ; votre gain final pourrait donc dépendre du taux de change entre les deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
D’autres risques tels que les risques liés à la Liquidité, au Stock Connect, au Bond Connect et aux Produits dérivés peuvent avoir un impact sur le Fonds. Veuillez vous reporter au Prospectus pour plu
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN232 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 5.00% of the amount you pay in when entering this investment. | Up to 500 USD |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.79% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 79 USD |
| Transaction costs | 0.46% 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. | 46 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 34 USD | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 anno |
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| Costi di ingresso | Fino al 5.00% dell'importo versato alla sottoscrizione dell'investimento. | Fino a 500 USD |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma il soggetto che vende il prodotto può farlo. | 0 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0.79% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 79 USD |
| Costi di transazione | 0.46% 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. | 46 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (e carried interest) | L'importo effettivo varierà a seconda dell'andamento dell'investimento. La stima aggregata dei costi sopra riportata include la media degli ultimi 5 anni. | 34 USD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 5.00% of the amount you pay in when entering this investment. | Up to 500 USD |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.79% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 79 USD |
| Transaction costs | 0.46% 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. | 46 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 34 USD | | en | it |
DOLFIN233 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- Movements in currency exchange rates can adversely affect the return of your investment. Currency hedging may be used to minimise the effect of this but may not always be successful. | - I dati storici potrebbero non costituire un'indicazione affidabile circa il futuro.
- La categoria di rischio indicata non è garantita e può cambiare nel tempo.
- La classe più bassa non corrisponde ad un investimento "esente da rischi"
- Il profilo dei rischi e dei profitti viene classificato in base al livello di fluttuazione storica dei valori netti del patrimonio e all'interno di questa classifica le classi 1-2 indicano un basso livello di fluttuazioni storiche, 3-5 un livello medio e 6-7 un livello alto.
- Il valore dell'investimento in questione può scendere o salire e il cliente può ricavarne un importo inferiore a quanto ha originariamente investito.
- I movimenti in tassi di cambio in valuta possono condizionare negativamente il rendimento dell'investimento. Si possono utilizzare coperture in valuta per ridurre al minimo tali effetti ma non sempre si possono avere i risultati sperati. | - Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- Movements in currency exchange rates can adversely affect the return of your investment. Currency hedging may be used to minimise the effect of this but may not always be successful. | en | it |
DOLFIN234 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Méthodes
Les indicateurs de durabilité suivant sont utilisés pour mesurer la réalisation de l'objectif d'investissement durable de ce produit financier:
Exclusion sectorielle : poids dans le fonds d’émetteurs opérant dans des secteurs jugés « non responsables sur le plan social et environnemental », identifiés sur la base de données fournies par des fournisseurs d’informations ESG et ISR spécialisés.
Exclusion d’émetteurs : poids dans le fonds des émetteurs fortement exposés aux risques environnementaux, sociaux et de gouvernance d’entreprise (ESG) (c’est-à-dire les émetteurs « critiques »), identifiés sur la base des données fournies par des fournisseurs d’informations ESG spécialisés.
Investissement d'impact : poids dans le fonds des obligations d'entreprises ou des titres d'État émis pour financer exclusivement des projets respectueux du climat et de l'environnement, tels que les énergies renouvelables, l'efficacité énergétique, la prévention de la pollution, les transports propres, la gestion de l'eau, l'économie circulaire, la conservation de la biodiversité et la construction
verte (obligations vertes ou autres instruments similaires tels que les obligations sociales et les obligations durables). | # Métodos
Para medir el logro del objetivo de inversión sostenible de este producto financiero se utilizan los siguientes indicadores de sostenibilidad:
Exclusión de sectores: ponderación en el fondo de emisores de sectores considerados no «social y medioambientalmente responsables», identificados a partir de datos facilitados por proveedores de información ASG y de ISR especializados.
Exclusión de emisores: ponderación en el fondo de emisores con una alta exposición a los riesgos medioambientales, sociales y de gobierno corporativo (ASG) (es decir: emisores «críticos»), identificados a partir de datos facilitados por proveedores de información ASG especializados.
Inversión de impacto: peso en el fondo de los bonos corporativos o valores gubernamentales emitidos exclusivamente para financiar proyectos respetuosos con el clima y el medioambiente, como las energías renovables, la eficiencia energética, la prevención de la contaminación, el transporte limpio, la gestión del agua, la economía circular, la conservación de la biodiversidad y la construcción ecológica (bonos verdes u otros instrumentos similares, como los bonos sociales y los bonos sostenibles). | # Méthodes
Les indicateurs de durabilité suivant sont utilisés pour mesurer la réalisation de l'objectif d'investissement durable de ce produit financier:
Exclusion sectorielle : poids dans le fonds d’émetteurs opérant dans des secteurs jugés « non responsables sur le plan social et environnemental », identifiés sur la base de données fournies par des fournisseurs d’informations ESG et ISR spécialisés.
Exclusion d’émetteurs : poids dans le fonds des émetteurs fortement exposés aux risques environnementaux, sociaux et de gouvernance d’entreprise (ESG) (c’est-à-dire les émetteurs « critiques »), identifiés sur la base des données fournies par des fournisseurs d’informations ESG spécialisés.
Investissement d'impact : poids dans le fonds des obligations d'entreprises ou des titres d'État émis pour financer exclusivement des projets respectueux du climat et de l'environnement, tels que les énergies renouvelables, l'efficacité énergétique, la prévention de la pollution, les transports propres, la gestion de l'eau, l'économie circulaire, la conservation de la biodiversité et la construction
verte (obligations vertes ou autres instruments similaires tels que les obligations sociales et les obligations durables). | fr | es |
DOLFIN235 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Local Paying Agents
Local laws or regulations in certain EEA and other jurisdictions may require that the Management Company appoints a local paying agent and/or other local representatives. The role of the local paying agent may entail, for example maintaining accounts through which subscription and redemption proceeds and dividends are paid.
Investors who choose or are obliged under local regulations to pay/receive subscription/redemption monies via the intermediary entity rather than directly to the Central Administration or the Company bear a credit risk against that entity with respect to a) subscription monies prior to the transmission of such monies to the Depositary for the account of the Company and b) redemption monies payable by such intermediate entity to the relevant investor. The appointment of a local paying agent (including a summary of the agreement appointing such local paying agent) may be detailed in a supplement to this Prospectus.
Fees and expenses of local paying agent and/or other local representatives, which will be at normal commercial rates, will be borne by the relevant Subfund(s). Fees payable to the local paying agent and/or other local representatives which are based on Net Asset Value will be payable only from the Net Asset Value of the relevant Subfund(s) attributable to the relevant Class(es), all Shareholders of which Class(es) are entitled to avail of the services of the local paying agent and/or other local representatives.
Investors who do not themselves wish to be registered as Shareholders may use the services of a nominee. Where Shares are held through a nominee, those underlying investors who avail of the services of such nominee may be obliged to pay a fee directly to it in relation to the subscription, redemption or conversion of Shares, details of which will be provided by the nominee. Regard must be had to the anti-money laundering requirements set out in the section entitled “Share Dealings”.
- | # Lokale Zahlstellen
Die lokalen Gesetze und Vorschriften in bestimmten EWR-Mitgliedstaaten und anderen Rechtsordnungen können verlangen, dass die Verwaltungsgesellschaft eine lokale Zahlstelle und/oder andere lokale Vertreter ernennt. Die Aufgabe einer lokalen Zahlstelle kann unter anderem das Führen von Konten sein, über welche die Zahlung von Zeichnungen, Rücknahmen oder Dividenden erfolgt.
Anleger, die freiwillig oder aufgrund lokaler Regulierungsvorschriften die Zahlung von Zeichnungsgeldern bzw. den Erhalt von Rücknahmegeldern über einen Intermediär statt direkt über die Zentrale Verwaltungsstelle oder die Gesellschaft abwickeln, tragen gegenüber diesem Intermediär ein Kreditrisiko in Bezug auf (a) Zeichnungsgelder (vor der Überweisung der entsprechenden Beträge an die Depotbank zugunsten der Gesellschaft) und (b) Rücknahmegelder, die ein solcher Intermediär an den betreffenden Anleger zu zahlen hat. Die Ernennung einer lokalen Zahlstelle (einschließlich einer Zusammenfassung der Vereinbarung, durch die eine solche lokale Zahlstelle ernannt wird) kann in einem Ergänzungsdokument zu diesem Prospekt genauer beschrieben werden.
Die Gebühren und Auslagen der lokalen Zahlstelle und/oder anderer lokaler Vertreter, die zu handelsüblichen Sätzen anfallen, werden vom bzw. von den betreffenden Subfonds getragen. An die lokale Zahlstelle und/oder andere lokale Vertreter zu entrichtende Gebühren, die auf dem Nettovermögenswert basieren, werden ausschließlich aus dem Nettovermögenswert des/der betreffenden Subfonds, welcher der/den relevanten Klasse/n zuzuordnen ist, getragen; alle Aktionäre dieser Klasse/n sind berechtigt, die Dienstleistungen der lokalen Zahlstelle und/oder anderen lokalen Vertreter in Anspruch zu nehmen.
Anleger, die nicht selbst als Aktionäre registriert werden möchten, können die Dienstleistungen eines Nominee in Anspruch nehmen. Werden Aktien durch einen Nominee gehalten, sind die zugrunde liegenden Anleger, die die Dienstleistungen eines solchen Nominee nutzen, möglicherweise verpflichtet, für die Zeichnung, Rücknahme und den Umtausch von Aktien eine Gebühr direkt an den Nominee zu entrichten; Einzelheiten hierzu stellt der Nominee bereit. Die im Kapitel «Aktienhandel» dargelegten Anforderungen zur Geldwäschebekämpfung müssen beachtet werden.
- | # Local Paying Agents
Local laws or regulations in certain EEA and other jurisdictions may require that the Management Company appoints a local paying agent and/or other local representatives. The role of the local paying agent may entail, for example maintaining accounts through which subscription and redemption proceeds and dividends are paid.
Investors who choose or are obliged under local regulations to pay/receive subscription/redemption monies via the intermediary entity rather than directly to the Central Administration or the Company bear a credit risk against that entity with respect to a) subscription monies prior to the transmission of such monies to the Depositary for the account of the Company and b) redemption monies payable by such intermediate entity to the relevant investor. The appointment of a local paying agent (including a summary of the agreement appointing such local paying agent) may be detailed in a supplement to this Prospectus.
Fees and expenses of local paying agent and/or other local representatives, which will be at normal commercial rates, will be borne by the relevant Subfund(s). Fees payable to the local paying agent and/or other local representatives which are based on Net Asset Value will be payable only from the Net Asset Value of the relevant Subfund(s) attributable to the relevant Class(es), all Shareholders of which Class(es) are entitled to avail of the services of the local paying agent and/or other local representatives.
Investors who do not themselves wish to be registered as Shareholders may use the services of a nominee. Where Shares are held through a nominee, those underlying investors who avail of the services of such nominee may be obliged to pay a fee directly to it in relation to the subscription, redemption or conversion of Shares, details of which will be provided by the nominee. Regard must be had to the anti-money laundering requirements set out in the section entitled “Share Dealings”.
- | en | de |
DOLFIN236 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.07% (including the Master Fund's fees) |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JP Morgan Global Government Bond Index Broad . |
| Over the last accounting year, a performance fee of 0.42% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,07% (incluidas las comisiones del Fondo principal) |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del JP Morgan Global Government Bond Index Broad. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,42%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.07% (including the Master Fund's fees) |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JP Morgan Global Government Bond Index Broad . |
| Over the last accounting year, a performance fee of 0.42% was charged. | | en | es |
DOLFIN237 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Note for Investors in the Republic of Austria
The public sale of the units of the Fund Allianz Pfandbrieffonds in the Republic of Austria was reported to the financial market authority (Finanzmarktaufsicht, Vienna) in accordance with EU directive 2019/1160 article 92. The Erste Bank der österreichischen Sparkassen AG operates as the facility in Austria in accordance with EU directive 2019/1160 article 92. Requests for redemption of units in the aforementioned Fund can be submitted to the Austrian facility.
In addition, all necessary investor information can be obtained free of charge at the facility, such as the prospectus, the management regulations, the annual and semi-annual reports as well as the subscription and redemption prices.
It is recommended that, before purchasing units of the Fund, investors ascertain whether the income data required for tax purposes is published via the Österreichische Kontrollbank AG for the respective unit class. | # Note per gli investitori in Austria
La vendita al pubblico delle quote del Fondo Allianz Pfandbrieffonds nella Repubblica d’Austria è stata notificata al Finanzmarktaufsicht (Vienna) in conformità a la direttiva UE 2019/1160 articolo 92. L’Allianz Investmentbank AG opera come Agente di contatto e per le informazioni in Austria ai sensi della direttiva UE 2019/1160 articolo 92. Gli ordini di rimborso per le quote del suddetto Fondo possono essere inoltrati all’Agente di contatto e per le informazioni austriaco.
Inoltre, gli investitori possono richiedere presso l’Agente di contatto e per le informazioni austriaco, a titolo gratuito, tutte le informazioni necessarie quali i Prospetti di vendita, il Regolamento di gestione, le relazioni annuali e semestrali, nonché i prezzi di sottoscrizione e rimborso.
Si consiglia all’investitore di accertarsi prima dell’acquisto di quote del Fondo se per la rispettiva classe di quote vengono pubblicati i dati reddituali necessari ai fini fiscali attraverso la Österreichische Kontrollbank AG. | # Note for Investors in the Republic of Austria
The public sale of the units of the Fund Allianz Pfandbrieffonds in the Republic of Austria was reported to the financial market authority (Finanzmarktaufsicht, Vienna) in accordance with EU directive 2019/1160 article 92. The Erste Bank der österreichischen Sparkassen AG operates as the facility in Austria in accordance with EU directive 2019/1160 article 92. Requests for redemption of units in the aforementioned Fund can be submitted to the Austrian facility.
In addition, all necessary investor information can be obtained free of charge at the facility, such as the prospectus, the management regulations, the annual and semi-annual reports as well as the subscription and redemption prices.
It is recommended that, before purchasing units of the Fund, investors ascertain whether the income data required for tax purposes is published via the Österreichische Kontrollbank AG for the respective unit class. | en | it |
DOLFIN238 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Article 16 – Board of Directors
The Board shall elect a Chairman, who must be an individual, from among its members, for a term of its choosing, provided that the term does not exceed the term of the individual’s directorship.
The Chairman organises and directs the work of the Board of Directors and reports on it to the General Meeting. They oversee the company’s various management bodies to ensure that they are operating smoothly and, in particular, that the Directors are capable of fulfilling their required duties.
If considered useful, they may also appoint a Vice-Chairman, and may also choose a Secretary, who need not necessarily be a Board member.
Without prejudice to any international agreements, the Chairman of the Board of Directors and, if applicable, any Director who has received a temporary delegation to carry out all or part of the duties of the Chairman, the Chief Executive Officer and at least two-thirds of the Directors must be French or citizens of a Member State of the European Union.
The duties of the Chairman of the Board of Directors shall end automatically when they reach the age of 75. | ### Article 16 – Bureau du Conseil
Le Conseil élit parmi ses membres, pour la durée qu'il détermine, mais sans que cette durée puisse excéder celle de son mandat d'Administrateur, un Président du Conseil d’Administration qui doit être obligatoirement une personne physique.
Le Président organise et dirige les travaux de Conseil d’Administration dont il rend compte à l’Assemblée Générale. Il veille au bon fonctionnement des organes de la société et s’assure, en particulier, que les Administrateurs sont en mesure de remplir leur mission.
S'il le juge utile il nomme également un Vice-Président et peut aussi choisir un Secrétaire, même en dehors de son sein.
Sous réserve des conventions internationales, le Président du Conseil d'Administration et, le cas échéant, l'Administrateur provisoirement délégué pour remplir en totalité ou partie les fonctions du Président, le Directeur Général ainsi que les deux tiers au moins des Administrateurs doivent être français ou ressortissant d'un Etat membre de l'Union Européenne.
Les fonctions du Président du Conseil d’Administration prendront fin de plein droit à l'époque à laquelle il aura atteint l'âge de 75 ans. | ### Article 16 – Board of Directors
The Board shall elect a Chairman, who must be an individual, from among its members, for a term of its choosing, provided that the term does not exceed the term of the individual’s directorship.
The Chairman organises and directs the work of the Board of Directors and reports on it to the General Meeting. They oversee the company’s various management bodies to ensure that they are operating smoothly and, in particular, that the Directors are capable of fulfilling their required duties.
If considered useful, they may also appoint a Vice-Chairman, and may also choose a Secretary, who need not necessarily be a Board member.
Without prejudice to any international agreements, the Chairman of the Board of Directors and, if applicable, any Director who has received a temporary delegation to carry out all or part of the duties of the Chairman, the Chief Executive Officer and at least two-thirds of the Directors must be French or citizens of a Member State of the European Union.
The duties of the Chairman of the Board of Directors shall end automatically when they reach the age of 75. | en | fr |
DOLFIN239 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,930 | EUR 1,360 |
| | Average return each year % | -80.70% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 6,400 | EUR 4,910 |
| | Average return each year % | -36.00% | -13.26% |
| Moderate scenario | What you might get back after costs | EUR 11,060 | EUR 17,400 |
| | Average return each year % | 10.60% | 11.71% |
| Favourable scenario | What you might get back after costs | EUR 16,510 | EUR 25,450 |
| | Average return each year % | 65.10% | 20.54% | | | | 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 | EUR 1.930 | EUR 1.360 |
| | Rendimiento medio cada año | -80,70% | -32,90% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 6.400 | EUR 4.910 |
| | Rendimiento medio cada año | -36,00% | -13,26% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.060 | EUR 17.400 |
| | Rendimiento medio cada año | 10,60% | 11,71% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 16.510 | EUR 25.450 |
| | Rendimiento medio cada año | 65,10% | 20,54% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,930 | EUR 1,360 |
| | Average return each year % | -80.70% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 6,400 | EUR 4,910 |
| | Average return each year % | -36.00% | -13.26% |
| Moderate scenario | What you might get back after costs | EUR 11,060 | EUR 17,400 |
| | Average return each year % | 10.60% | 11.71% |
| Favourable scenario | What you might get back after costs | EUR 16,510 | EUR 25,450 |
| | Average return each year % | 65.10% | 20.54% | | en | es |
DOLFIN240 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to reduce interest rate and credit risks and achieve a stable interest rate sensitivity throughout the life of the product, the construction of the portfolio aims to give equal weighting to different maturity components (ladder structure). It also aims to protect the portfolio against interest rate shocks and to follow market movements over time by capturing early repayment premiums and issue premiums on the primary market. A portion of the portfolio will be automatically reinvested each month as debt falls in the portfolio, thus allowing the market to be dynamically followed.
In order to achieve the management objective, the strategy will combine a sector-based approach using a “top- down” process and a credit analysis approach aimed at selecting the most attractive issuers by means of a “bottom- up” process.
Top-down approach
The top-down approach is, first and foremost, based on a macroeconomic analysis of the various sectors or countries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations.
This analysis makes it possible to define, in particular:
- the degree of exposure to different economic sectors,
- the distribution between Investment Grade and High Yield (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories. | El gestor trata de seleccionar las emisiones que, según su criterio, le parecen más atractivas para tratar de maximizar la relación rendimiento/riesgo de la cartera.
Con el fin de reducir los riesgos de tipo de interés y crédito, así como para determinar una sensibilidad estable a los tipos de interés durante la vida del producto, la construcción de la cartera trata de equiponderar los diferentes tramos de vencimiento (estructura de tipo escalera). Con ello, también se pretende brindar protección contra las perturbaciones de los tipos y soportar los movimientos del mercado a lo largo del tiempo, captando primas de reembolso anticipado y primas de emisión en el mercado primario. Una parte de la cartera se reinvertirá automáticamente cada mes con el vencimiento de la deuda en la cartera, lo que permitirá obtener un apoyo dinámico del mercado.
Para la ejecución del objetivo de gestión, la estrategia combinará un enfoque sectorial desarrollado a través de un proceso «Top Down» (descendente) y un análisis crediticio destinado a seleccionar los emisores más atractivos mediante un proceso «Bottom Up» (ascendente).
Enfoque «Top Down»
El enfoque «Top Down» se basa principalmente en un análisis macroeconómico de los diferentes sectores o países explorados en el marco de la asignación de la cartera. Este resulta en la determinación de posibles escenarios de mercado definidos a partir de las previsiones del equipo de gestión.
Fundamentalmente, el análisis permite definir:
- el grado de exposición a los diferentes sectores económicos; y
- la distribución entre las categorías «Investment Grade» y «High Yield» (títulos especulativos para los que el riesgo de incumplimiento del emisor es más importante, cuya calificación es inferior a BBB- según Standard & Poor’s o equivalente, o que ostentan una calificación interna equivalente de la sociedad gestora) y entre las diferentes calificaciones dentro de esas categorías. | The Manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to reduce interest rate and credit risks and achieve a stable interest rate sensitivity throughout the life of the product, the construction of the portfolio aims to give equal weighting to different maturity components (ladder structure). It also aims to protect the portfolio against interest rate shocks and to follow market movements over time by capturing early repayment premiums and issue premiums on the primary market. A portion of the portfolio will be automatically reinvested each month as debt falls in the portfolio, thus allowing the market to be dynamically followed.
In order to achieve the management objective, the strategy will combine a sector-based approach using a “top- down” process and a credit analysis approach aimed at selecting the most attractive issuers by means of a “bottom- up” process.
Top-down approach
The top-down approach is, first and foremost, based on a macroeconomic analysis of the various sectors or countries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations.
This analysis makes it possible to define, in particular:
- the degree of exposure to different economic sectors,
- the distribution between Investment Grade and High Yield (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories. | en | es |
DOLFIN241 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Il s'agit d'une société d'investissement irlandaise agréée par la Banque centrale irlandaise en tant qu'OPCVM à compartiments multiples à capital variable avec séparation des passifs entre les compartiments.
## Durée
Ce produit n'a pas de durée déterminée. Le produit peut être liquidé dans des circonstances bien définies détaillées dans le prospectus.
## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à réaliser une croissance en capital en investissant principalement dans les actions de sociétés mondiales (y compris celles des marchés émergents) qui présentent divers thèmes considérés comme ayant un fort potentiel de croissance. Le gestionnaire d'investissement définit ces thèmes comme étant des innovations, des changements ou des tendances qui affectent les sociétés humaines, les économies et/ou les industries sur une vaste échelle.
Le fonds investira principalement dans des titres de capital et des titres liés à des titres de capital de sociétés établies dans les pays de l'indice. Le fonds peut également investir dans moins de 20 % de sa valeur liquidative dans des titres de capital et des titres liés à des titres de capital de sociétés établies dans des pays ne faisant pas partie de l'indice. Le gestionnaire d'investissement a toute latitude pour décider des investissements à conserver dans les divers thèmes du fonds. Ces thèmes seront
sélectionnés pour leur potentiel de croissance mais seront également déterminés par les conditions de marché et le sentiment dominant. Le gestionnaire d'investissement effectuera ensuite une analyse fondamentale des titres de chaque thème afin de sélectionner approximativement 40 à 60 sociétés.
Le fonds est considéré comme étant géré de manière active en référence à l'Indice (MSCI All Country World Index). Certains titres du Fonds peuvent être des composants de l'indice et peuvent avoir des pondérations similaires à celui-ci. Cependant, le fonds peut s'écarter considérablement de l'indice et le gestionnaire d'investissement usera de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'indice.
## Investisseur de détail visé
Le fonds est destiné aux investisseurs de détail et aux investisseurs institutionnels. Le fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport d'ici cinq ans.
Le fonds convient aux investisseurs en quête d'une appréciation du capital à moyen et à long terme et qui sont prêts à accepter un niveau modéré de volatilité.
Pour des informations détaillées sur les objectifs et la politique d'investissement, nous vous invitons à consulter le prospectus.
## Autres informations
Les investisseurs peuvent convertir leur investissement en actions ou autres fonds sur demande ; de plus amples informations sont disponibles dans le prospectus. Les investisseurs peuvent racheter leur investissement tous les jours ouvrables du fonds. | # ¿Qué es este producto?
## Tipo
Se trata de una sociedad de inversión de capital variable OICVM irlandesa, de tipo paraguas y con responsabilidad segregada entre subfondos, autorizada por el Banco Central de Irlanda.
## Plazo
Este producto no tiene plazo fijo. El producto puede liquidarse en determinadas circunstancias, tal como se detalla en el folleto.
## Objetivos
Los ingresos que el Fondo genere se capitalizarán y reinvertirán en nombre de los inversores.
El fondo pretende lograr la revalorización del capital, invirtiendo principalmente en acciones de empresas mundiales (incluyendo las de mercados emergentes) que representen varios temas considerados de gran potencial de crecimiento. El gestor de inversiones define estos temas como innovaciones, cambios o tendencias que afectan a las sociedades, economías y/o industrias en sentido amplio.
El fondo invertirá principalmente en valores de renta variable y asimilados a renta variable, de empresas de países incluidos en el índice. El fondo también podrá invertir menos del 20% de su valor liquidativo en valores de renta variable y asimilados a renta variable, de empresas de países no incluidos en el índice. El gestor de inversiones puede decidir qué inversiones mantener en el Fondo. Estos temas se seleccionarán por su potencial de crecimiento, pero también vendrán determinados por la
situación del mercado y el sentimiento predominante. A continuación, el gestor de inversiones llevará a cabo una investigación fundamental de los valores dentro de cada tema, con el fin de seleccionar aproximadamente entre 40 y 60 empresas.
Se considera que el fondo se gestiona de manera activa, con referencia al índice (MSCI All Country World). Algunos de los valores del fondo pueden ser componentes del índice y tener ponderaciones similares a este. Sin embargo, el fondo podría desviarse significativamente del índice, y el gestor de inversiones podrá emplear su criterio para invertir en empresas y sectores no incluidos en aquel.
## Inversor minorista al que va dirigido
El fondo está destinado a inversores minoristas e institucionales. Este fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 5 años.
El fondo es adecuado para inversores que busquen una revalorización del capital en el medio a largo plazo, y que estén dispuestos a aceptar un nivel moderado de volatilidad.
Para consultar todos los detalles de los objetivos y la política de inversión, consulte el folleto.
## Información adicional
Los inversores podrán canjear su inversión por participaciones de otros fondos si lo solicitan; en el folleto puede encontrarse información más detallada. Los inversores pueden obtener el reembolso de su inversión en cada día hábil del fondo. | # En quoi consiste ce produit?
## Type
Il s'agit d'une société d'investissement irlandaise agréée par la Banque centrale irlandaise en tant qu'OPCVM à compartiments multiples à capital variable avec séparation des passifs entre les compartiments.
## Durée
Ce produit n'a pas de durée déterminée. Le produit peut être liquidé dans des circonstances bien définies détaillées dans le prospectus.
## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à réaliser une croissance en capital en investissant principalement dans les actions de sociétés mondiales (y compris celles des marchés émergents) qui présentent divers thèmes considérés comme ayant un fort potentiel de croissance. Le gestionnaire d'investissement définit ces thèmes comme étant des innovations, des changements ou des tendances qui affectent les sociétés humaines, les économies et/ou les industries sur une vaste échelle.
Le fonds investira principalement dans des titres de capital et des titres liés à des titres de capital de sociétés établies dans les pays de l'indice. Le fonds peut également investir dans moins de 20 % de sa valeur liquidative dans des titres de capital et des titres liés à des titres de capital de sociétés établies dans des pays ne faisant pas partie de l'indice. Le gestionnaire d'investissement a toute latitude pour décider des investissements à conserver dans les divers thèmes du fonds. Ces thèmes seront
sélectionnés pour leur potentiel de croissance mais seront également déterminés par les conditions de marché et le sentiment dominant. Le gestionnaire d'investissement effectuera ensuite une analyse fondamentale des titres de chaque thème afin de sélectionner approximativement 40 à 60 sociétés.
Le fonds est considéré comme étant géré de manière active en référence à l'Indice (MSCI All Country World Index). Certains titres du Fonds peuvent être des composants de l'indice et peuvent avoir des pondérations similaires à celui-ci. Cependant, le fonds peut s'écarter considérablement de l'indice et le gestionnaire d'investissement usera de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'indice.
## Investisseur de détail visé
Le fonds est destiné aux investisseurs de détail et aux investisseurs institutionnels. Le fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport d'ici cinq ans.
Le fonds convient aux investisseurs en quête d'une appréciation du capital à moyen et à long terme et qui sont prêts à accepter un niveau modéré de volatilité.
Pour des informations détaillées sur les objectifs et la politique d'investissement, nous vous invitons à consulter le prospectus.
## Autres informations
Les investisseurs peuvent convertir leur investissement en actions ou autres fonds sur demande ; de plus amples informations sont disponibles dans le prospectus. Les investisseurs peuvent racheter leur investissement tous les jours ouvrables du fonds. | fr | es |
DOLFIN242 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you.
Unfavourable scenario: This type of scenario occurred for an investment between 2020 and 2023. Moderate scenario: This type of scenario occurred for an investment between 2017 and 2020.
Favourable scenario: This type of scenario occurred for an investment between 2013 and 2016. | Das Stressszenario zeigt, was Sie unter extremen Marktbedingungen herausbekommen könnten, und berücksichtigt nicht die Situation, in der wir nicht in der Lage sind, unseren Zahlungsverpflichtungen Ihnen gegenüber nachzukommen.
Pessimistisches Szenario : Diese Art von Szenario ist für eine Anlage zwischen 2020 und 2023 eingetreten. Mittleres Szenario: Diese Art von Szenario ist für eine Anlage zwischen 2017 und 2020 eingetreten.
Optimistisches Szenario : Diese Art von Szenario ist für eine Anlage zwischen 2013 und 2016 eingetreten. | The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you.
Unfavourable scenario: This type of scenario occurred for an investment between 2020 and 2023. Moderate scenario: This type of scenario occurred for an investment between 2017 and 2020.
Favourable scenario: This type of scenario occurred for an investment between 2013 and 2016. | en | de |
DOLFIN243 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This methodology for selecting ESG and sustainable investments aims to achieve:
- A carbon intensity (direct scope 1 and 2 emissions) below the average carbon intensity of the reference universe before the ESG and sustainable investment selection methodology was applied;
- A lower average ESG profile risk than this reference universe before the ESG and sustainable investment selection methodology was applied;
- Zero exposure to issuers facing major controversies of maximum severity on environmental or social issues;
- Zero exposure to issuers deemed non-compliant with the Global Standards. | Cette méthodologie de sélection d’investissements ESG et durables vise à :
- Une intensité en carbone (émissions directes scope 1 et 2) inférieure à l’ l’intensité en carbone moyenne de l’univers de référence avant l’application de la méthodologie de sélection des investissements ESG et durables ;
- Un risque du profil ESG moyen inférieur à celui de cet univers de référence avant l’application de la méthodologie de sélection des investissements ESG et durables ;
- Une exposition nulle à des émetteurs faisant face à des controverses majeures de sévérité maximale sur des problématiques environnementales ou sociales ;
- Une exposition nulle à des émetteurs jugés non- conformes aux normes mondiales (Global Standards) décrites ci-dessus. | This methodology for selecting ESG and sustainable investments aims to achieve:
- A carbon intensity (direct scope 1 and 2 emissions) below the average carbon intensity of the reference universe before the ESG and sustainable investment selection methodology was applied;
- A lower average ESG profile risk than this reference universe before the ESG and sustainable investment selection methodology was applied;
- Zero exposure to issuers facing major controversies of maximum severity on environmental or social issues;
- Zero exposure to issuers deemed non-compliant with the Global Standards. | en | fr |
DOLFIN244 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment Objective & Policy
The Fund aims to increase the value of your investment over the long term. It looks to outperform the MSCI World Information Technology Index after the deduction of charges.
The Fund invests at least two-thirds of its assets in shares of companies with operations in technology and technology-related industries worldwide. The Fund may also invest in asset classes and instruments different from those stated above.
The Fund is actively managed in reference to the MSCI World Information Technology Index. The index is broadly representative of the companies in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.
Deviations from the index, including guidelines on the level of risk relative to the index, will be considered as part of the fund manager’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | ## Objectif et politique d'investissement
Le Fonds vise à accroître la valeur de votre investissement à long terme. Il cherche à surperformer l’indice MSCI World Information Technology déduction faite des frais.
Le Fonds investit au moins deux tiers de ses actifs dans des actions de sociétés qui exercent des activités dans les industries de la technologie et les industries liées à la technologie dans le monde.
Le Fonds peut également investir dans des classes d’actifs et instruments qui diffèrent de ceux mentionnés ci-dessus.
Le Fonds est activement géré en fonction de l’indice MSCI World Information Technology. L’indice est représentatif de l’ensemble des sociétés dans lesquelles le Fonds investit et constitue un indice de référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire d’investissement a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice.
Les différences par rapport à l’indice, y compris les directives sur le niveau de risque par rapport à l’indice, seront considérées comme relevant du processus de suivi des risques du gestionnaire d’investissement, afin de garantir que le niveau général de risque est globalement conforme à celui de l’indice. Conformément à la stratégie de gestion active du Fonds, des différences significatives par rapport à l’indice sont possibles. | ## Investment Objective & Policy
The Fund aims to increase the value of your investment over the long term. It looks to outperform the MSCI World Information Technology Index after the deduction of charges.
The Fund invests at least two-thirds of its assets in shares of companies with operations in technology and technology-related industries worldwide. The Fund may also invest in asset classes and instruments different from those stated above.
The Fund is actively managed in reference to the MSCI World Information Technology Index. The index is broadly representative of the companies in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.
Deviations from the index, including guidelines on the level of risk relative to the index, will be considered as part of the fund manager’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | en | fr |
DOLFIN245 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 24
Whenever the Company shall offer Shares for subscription, the price per Share at which such Shares shall be offered and sold shall be based on the Net Asset Value as hereinabove defined for the relevant Class, to which a sales charge and notional dealing costs, as the Board may from time to time determine, and as shall be disclosed in the Prospectus, may be added. The price so determined shall be payable within a period as determined by the Board which shall not exceed ten business days after the applicable Valuation Date. The subscription price (exclusive of any initial charge which may be made from time to time) may, upon approval of the Board, and subject to all applicable laws, namely with respect to a special audit report confirming the value of any assets contributed in kind, be paid by contributing to the Company securities acceptable to the Board consistent with the investment policy and investment restrictions of the Company. | # Article 24
Toutes les fois que la Société offrira des parts pour souscription, le prix par part auquel les parts seront offertes et vendues sera basé sur la Valeur de l’actif net tel que défini ci-dessus pour la Catégorie concernée, auquel pourront être ajoutés des frais de vente et des coûts implicites de transaction, tel qu’il sera déterminé par le Conseil de temps à autre et tel qu'il figurera dans le Prospectus. Le prix ainsi déterminé sera payable dans une période définie par le Conseil qui n’excèdera pas dix jours ouvrables après la Date de valorisation en vigueur. Le prix de souscription (exclusif des frais initiaux pouvant parfois être appliqués) peut sur approbation du Conseil, et sous réserve des lois en vigueur, principalement en fonction d’un rapport d’audit spécial confirmant la valeur des actifs apportés, être payé par un apport à la Société de titres acceptables pour le Conseil et compatibles avec la politique et les restrictions d'investissement de la Société. | # Article 24
Whenever the Company shall offer Shares for subscription, the price per Share at which such Shares shall be offered and sold shall be based on the Net Asset Value as hereinabove defined for the relevant Class, to which a sales charge and notional dealing costs, as the Board may from time to time determine, and as shall be disclosed in the Prospectus, may be added. The price so determined shall be payable within a period as determined by the Board which shall not exceed ten business days after the applicable Valuation Date. The subscription price (exclusive of any initial charge which may be made from time to time) may, upon approval of the Board, and subject to all applicable laws, namely with respect to a special audit report confirming the value of any assets contributed in kind, be paid by contributing to the Company securities acceptable to the Board consistent with the investment policy and investment restrictions of the Company. | en | fr |
DOLFIN246 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## The Fund seeks to achieve a return in excess of the reference index which is the Sterling component of the FTSE World Money Market Index Series - GBP 1 Month Euro Deposit.
The Fund will seek to achieve its investment objective primarily through extensive investment in financial derivative instruments (FDIs) which reference the global currency markets. The FDIs used will be long and short currency futures and forward contracts (deliverable and non-deliverable), currency options (including the writing of options), which may result in the Fund being leveraged whereby the exposure of the Fund as a result of all positions held by it may exceed its net asset value. The Fund will also invest in short term securities (fixed and floating bonds issued by governments, supranational entities or corporations which are considered investment grade or above by the principal ratings agencies and money market instruments such as government treasury bills with less than 1 year to maturity), cash and Cash Equivalents.
## The base currency of the Fund is GBP.
## You can buy or sell your investment on any business day in Dublin and London up until 12.30 pm (Irish time).
## The income in respect of an accumulation share class is not distributed but is retained in the Fund. | # Obiettivi e politica d'investimento
## Il Fondo cerca di ottenere un rendimento superiore a quello dell'indice di riferimento, ossia il Sterling component of the FTSE World Money Market Index Series - GBP 1 Month Euro Deposit.
Il Fondo persegue il proprio obiettivo di investimento principalmente investendo in modo ampio in strumenti finanziari derivati riferiti ai mercati valutari globali. Tra gli strumenti finanziari derivati utilizzati figurano posizioni lunghe e corte su future e contratti a termine su divise (con o senza consegna fisica), opzioni su divise (compresa la vendita di opzioni), che possono implicare l'assunzione di leva da parte del Fondo, poiché l'esposizione complessiva risultante da tutte le posizioni detenute potrebbe superare il valore netto d'inventario. Il Fondo investirà inoltre in titoli a breve termine (obbligazioni a tasso fisso e variabile emesse da governi, enti sovranazionali o società, che hanno ricevuto un rating investment grade o superiore dalle principali agenzie di rating, e strumenti del mercato monetario quali titoli del Tesoro con scadenza inferiore a 1 anno), liquidità e strumenti equivalenti.
## La moneta di base del Fondo è GBP.
## È possibile acquistare o vendere quote entro le ore 12.30 (ora irlandese) di ogni giorno lavorativo a Dublino e Londra.
## I redditi delle classi di quote ad accumulazione dei proventi non vengono distribuiti, bensì trattenuti nel Fondo. | # Objectives and investment policy
## The Fund seeks to achieve a return in excess of the reference index which is the Sterling component of the FTSE World Money Market Index Series - GBP 1 Month Euro Deposit.
The Fund will seek to achieve its investment objective primarily through extensive investment in financial derivative instruments (FDIs) which reference the global currency markets. The FDIs used will be long and short currency futures and forward contracts (deliverable and non-deliverable), currency options (including the writing of options), which may result in the Fund being leveraged whereby the exposure of the Fund as a result of all positions held by it may exceed its net asset value. The Fund will also invest in short term securities (fixed and floating bonds issued by governments, supranational entities or corporations which are considered investment grade or above by the principal ratings agencies and money market instruments such as government treasury bills with less than 1 year to maturity), cash and Cash Equivalents.
## The base currency of the Fund is GBP.
## You can buy or sell your investment on any business day in Dublin and London up until 12.30 pm (Irish time).
## The income in respect of an accumulation share class is not distributed but is retained in the Fund. | en | it |
DOLFIN247 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS PRATIQUES
Dépositaire : CACEIS Bank, Luxembourg Branch
Le dernier prospectus et les derniers documents d'informations périodiques réglementaires, ainsi que toutes autres informations pratiques sont disponibles en français gratuitement auprès de CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duché du Luxembourg.
Cette SICAV est à compartiments, son dernier rapport annuel consolidé est disponible auprès de CA Indosuez Wealth (Asset Management). Les actifs de chaque compartiment sont séparés des autres compartiments de la SICAV.
Le Fonds propose d'autres parts pour des catégories d'investisseurs définies dans son prospectus.
La valeur liquidative est disponible sur simple demande auprès de la société de gestion et sur les sites internet : www.fundsquare.net et www.ca-indosuez-am.com.
Les détails de la politique de rémunération actualisée, y compris, notamment, une description de la manière dont les rémunérations et les avantages sont calculés, l’identité des personnes responsables de l’attribution des rémunérations et des avantages, y compris la composition du comité de rémunération, lorsqu’un tel comité existe, sont disponibles sur http://www.ca-indosuez-am.com/Fr/conformite et un exemplaire sur papier sera mis à disposition gratuitement sur demande.
Selon votre régime fiscal, les plus-values et revenus éventuels liés à la détention de parts du Fonds peuvent être soumis à taxation. Nous vous conseillons de vous renseigner à ce sujet auprès de votre conseiller financier.
La responsabilité de CA Indosuez Wealth (Asset Management) ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
Le Fonds est agréé au Luxembourg et surveillé par la Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) est agréée au Luxembourg et surveillée par la Commission de Surveillance du Secteur Financier (CSSF).
Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 18 février 2022.
Le code ISIN LU1073903830 (ME EUR) représente la part suivante : LU1073904051 (MEX EUR)
Pour les parts de capitalisation, le dividende est réinvesti, pour les parts de distribution, le dividende est distribué. | # INFORMACIÓN PRÁCTICA
Depositario: CACEIS Bank, Luxembourg Branch
El último folleto y los últimos documentos normativos periódicos, así como otra información práctica, están disponibles en francés de forma gratuita en CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Gran Ducado de Luxemburgo.
Esta SICAV se divide en varios compartimentos y su último informe anual consolidado está disponible en CA Indosuez Wealth (Asset Management). Los activos de cada compartimento están separados del resto de compartimentos que forman la SICAV.
El Fondo ofrece otras clases de acciones para las categorías de inversores definidas en su folleto.
Se puede solicitar el valor liquidativo a la Sociedad Gestora o consultarlo en los sitios web: www.fundsquare.net y www.ca-indosuez-am.com.
Encontrará información detallada y actualizada de la política remunerativa, que incluye, en particular, una descripción de la forma en que se calculan la remuneración y los beneficios, la identidad de las personas responsables de hacerlo y, en su caso, la composición del comité de remuneraciones, en la página web http://www.ca-indosuez-am.com/Es/compliance. Se podrá obtener gratuitamente un ejemplar en papel de dicha información previa solicitud.
En función de su régimen fiscal, las plusvalías o los ingresos derivados de la posesión de acciones del Fondo pueden estar sujetos a impuestos. Le recomendamos que consulte a su asesor financiero para obtener más información sobre el régimen fiscal.
CA Indosuez Wealth (Asset Management) únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes con respecto a las correspondientes secciones del folleto del Fondo.
El Fondo está autorizado en Luxemburgo y está sujeto a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) está autorizada en Luxemburgo y está sujeta a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
Los presentes datos fundamentales para el inversor son exactos a 18 de febrero de 2022.
El código ISIN LU1073903830 (ME EUR) corresponde a la siguiente participación:
LU1073904051 (MEX EUR)
En el caso de las participaciones de capitalización, los dividendos se reinvierten, mientras que, en el caso de las participaciones de distribución, los dividendos se reparten. | # INFORMATIONS PRATIQUES
Dépositaire : CACEIS Bank, Luxembourg Branch
Le dernier prospectus et les derniers documents d'informations périodiques réglementaires, ainsi que toutes autres informations pratiques sont disponibles en français gratuitement auprès de CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duché du Luxembourg.
Cette SICAV est à compartiments, son dernier rapport annuel consolidé est disponible auprès de CA Indosuez Wealth (Asset Management). Les actifs de chaque compartiment sont séparés des autres compartiments de la SICAV.
Le Fonds propose d'autres parts pour des catégories d'investisseurs définies dans son prospectus.
La valeur liquidative est disponible sur simple demande auprès de la société de gestion et sur les sites internet : www.fundsquare.net et www.ca-indosuez-am.com.
Les détails de la politique de rémunération actualisée, y compris, notamment, une description de la manière dont les rémunérations et les avantages sont calculés, l’identité des personnes responsables de l’attribution des rémunérations et des avantages, y compris la composition du comité de rémunération, lorsqu’un tel comité existe, sont disponibles sur http://www.ca-indosuez-am.com/Fr/conformite et un exemplaire sur papier sera mis à disposition gratuitement sur demande.
Selon votre régime fiscal, les plus-values et revenus éventuels liés à la détention de parts du Fonds peuvent être soumis à taxation. Nous vous conseillons de vous renseigner à ce sujet auprès de votre conseiller financier.
La responsabilité de CA Indosuez Wealth (Asset Management) ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
Le Fonds est agréé au Luxembourg et surveillé par la Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) est agréée au Luxembourg et surveillée par la Commission de Surveillance du Secteur Financier (CSSF).
Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 18 février 2022.
Le code ISIN LU1073903830 (ME EUR) représente la part suivante : LU1073904051 (MEX EUR)
Pour les parts de capitalisation, le dividende est réinvesti, pour les parts de distribution, le dividende est distribué. | fr | es |
DOLFIN248 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,190 | EUR 2,140 |
| | Average return each year % | -78.10% | -26.53% |
| Unfavourable scenario | What you might get back after costs | EUR 7,830 | EUR 7,660 |
| | Average return each year % | -21.70% | -5.19% |
| Moderate scenario | What you might get back after costs | EUR 10,740 | EUR 13,340 |
| | Average return each year % | 7.40% | 5.93% |
| Favourable scenario | What you might get back after costs | EUR 13,700 | EUR 15,600 |
| | Average return each year % | 37.00% | 9.30% | | | | 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 | EUR 2.190 | EUR 2.140 |
| | Rendimiento medio cada año | -78,10% | -26,53% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.830 | EUR 7.660 |
| | Rendimiento medio cada año | -21,70% | -5,19% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.740 | EUR 13.340 |
| | Rendimiento medio cada año | 7,40% | 5,93% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 13.700 | EUR 15.600 |
| | Rendimiento medio cada año | 37,00% | 9,30% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,190 | EUR 2,140 |
| | Average return each year % | -78.10% | -26.53% |
| Unfavourable scenario | What you might get back after costs | EUR 7,830 | EUR 7,660 |
| | Average return each year % | -21.70% | -5.19% |
| Moderate scenario | What you might get back after costs | EUR 10,740 | EUR 13,340 |
| | Average return each year % | 7.40% | 5.93% |
| Favourable scenario | What you might get back after costs | EUR 13,700 | EUR 15,600 |
| | Average return each year % | 37.00% | 9.30% | | en | es |
DOLFIN249 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The performance fee set aside is paid to the management company in full at the end of the financial year.
Due to the change of reference indicator during the 2018 financial year, the management company is arranging a chaining process for calculating the performance fee this year. From 29 June 2018 until the end of the financial year on 31 December 2018, the fund’s outperformance will be determined by comparison with whichever of the two reference indicators, the old (50% Euro Stoxx 50 NR (EUR) calculated with net dividends reinvested + 50% Capitalised EONIA) or the new, shows the best performance over the calculation period in question. | # Die gesamte zurückgestellte erfolgsabhängige Provision wird von der Verwaltungsgesellschaft am Abschlusstag des Geschäftsjahres vereinnahmt.
Aufgrund der Änderung des Referenzindikators im Laufe des Geschäftsjahres 2018 wendet die Verwaltungsgesellschaft für dieses Geschäftsjahr einen Verkettungsmechanismus zur Berechnung der erfolgsabhängigen Gebühr an. Somit wird die Outperformance des Fonds ab dem 29. Juni 2018 bis zum Ende des Geschäftsjahres am 31. Dezember 2018 im Vergleich zu dem der beiden Referenzindikatoren – dem alten (50% Euro Stoxx 50 NR (EUR), berechnet mit Wiederanlage der Nettodividenden + 50% EONIA kapitalisiert) und dem aktuellen Referenzindikator – ermittelt, der im entsprechenden Berichtszeitraum die bessere Wertentwicklung verzeichnet hat. | # The performance fee set aside is paid to the management company in full at the end of the financial year.
Due to the change of reference indicator during the 2018 financial year, the management company is arranging a chaining process for calculating the performance fee this year. From 29 June 2018 until the end of the financial year on 31 December 2018, the fund’s outperformance will be determined by comparison with whichever of the two reference indicators, the old (50% Euro Stoxx 50 NR (EUR) calculated with net dividends reinvested + 50% Capitalised EONIA) or the new, shows the best performance over the calculation period in question. | en | de |
DOLFIN250 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Credit risk
This is the risk that may result from the downgrading of the rating or the default of a bond issuer to which the sub-funds are exposed and that can lead to a decrease in the value of the investments. These risks are linked to an issuer's ability to honour its debts.
A downgrading of the rating of an issue or an issuer may lead to a fall in the value of the bonds in which the sub-funds are invested.
Certain strategies used may be based on bonds issued by issuers with a high credit risk (“junk bonds”).
Sub-funds investing in high-yield bonds involve a higher than average risk because of the greater fluctuations of their currency or the quality of the issuer. | #### Risque de crédit
C’est le risque qui peut découler de la révision à la baisse de la notation ou de la défaillance d’un émetteur obligataire auquel les compartiments sont exposés et qui peut entraîner une baisse de la valeur des investissements. Ces risques concernent la capacité d’un émetteur à honorer ses dettes.
L’abaissement de la notation d’une émission ou d’un émetteur peut conduire à une baisse de la valeur des obligations dans lesquelles les compartiments sont investis.
Certaines stratégies utilisées peuvent être basées sur des obligations émises par des émetteurs présentant un risque de crédit élevé (« obligations pourries »).
Les compartiments investissant en obligations à haut rendement présentent un risque supérieur à la moyenne en raison de plus grandes fluctuations de leur devise ou de la qualité de l’émetteur. | #### Credit risk
This is the risk that may result from the downgrading of the rating or the default of a bond issuer to which the sub-funds are exposed and that can lead to a decrease in the value of the investments. These risks are linked to an issuer's ability to honour its debts.
A downgrading of the rating of an issue or an issuer may lead to a fall in the value of the bonds in which the sub-funds are invested.
Certain strategies used may be based on bonds issued by issuers with a high credit risk (“junk bonds”).
Sub-funds investing in high-yield bonds involve a higher than average risk because of the greater fluctuations of their currency or the quality of the issuer. | en | fr |
DOLFIN251 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 4.00% |
| Frais de sortie | 0.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 2.19% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de surperformance 20.00% de la surperformance dès lors que la performance depuis le début de l'exercice dépasse la performance de l'indicateur de référence et si aucune sous-performance passée ne doit encore être compensée. Montant de la commission de performance facturé au titre du dernier exercice : 0.06% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 4.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2.19% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del exceso de rentabilidad, siempre que la rentabilidad desde el inicio del año supere la rentabilidad del indicador de referencia y no deba recuperarse ninguna rentabilidad inferior pasada. Importe de la comisión de rentabilidad percibida en el último ejercicio: 0.06% | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 4.00% |
| Frais de sortie | 0.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 2.19% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de surperformance 20.00% de la surperformance dès lors que la performance depuis le début de l'exercice dépasse la performance de l'indicateur de référence et si aucune sous-performance passée ne doit encore être compensée. Montant de la commission de performance facturé au titre du dernier exercice : 0.06% | | fr | es |
DOLFIN252 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Dépositaire : CACEIS Bank, Luxembourg Branch
De plus amples informations sur le Fonds, le Prospectus, les derniers rapports annuel et semestriel, ainsi que d’autres informations pratiques, y compris où trouver les derniers prix des actions et des renseignements sur les autres classes d’actions commercialisées dans votre pays, sont disponibles auprès de la Société de gestion iM Global Partner Asset Management S.A., 10-12 Boulevard Franklin D. Roosevelt, L-2450 Luxembourg / [email protected] ou auprès du représentant ou distributeur local. Le Prospectus et les rapports périodiques sont disponibles gratuitement dans plusieurs langues.
Ce Fonds est soumis à la fiscalité luxembourgeoise, ce qui peut avoir une incidence sur votre imposition personnelle.
Changements : vous pouvez demander à passer de ce Fonds à un autre compartiment iMGP ou de cette Catégorie d’actions à une autre Catégorie d’actions du Fonds, sous réserve de certaines conditions. Des frais peuvent s’appliquer. Veuillez consulter le Prospectus ou contacter la Société de gestion ou votre distributeur pour en savoir plus.
Ce Fonds est un compartiment d’un fonds à compartiments multiples. Le présent document décrit le Fonds et la classe d’actions mentionnée ci-dessus, tandis que le Prospectus et les rapports périodiques se rapportent à l’intégralité du fonds à compartiments multiples. Les actifs et passifs de chaque compartiment sont séparés conformément à la loi. L’actif du Fonds ne peut pas être utilisé afin de régler le passif d’un autre compartiment.
Des informations détaillées concernant la politique de rémunération actualisée, et notamment la description du mode de calcul des rémunérations et avantages ainsi que l’identité des personnes responsables de l’attribution des rémunérations et avantages, sont disponibles sur le site www.imgp.com. Un exemplaire papier est disponible gratuitement sur demande.
La responsabilité de la Société de gestion ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
iM Global Partner Asset Management S.A. et le Fonds sont réglementés par la Commission de Surveillance du Secteur Financier (CSSF) au Luxembourg.
Le présent document est exact au 17 mars 2022. | # Información práctica
Depositario CACEIS Bank, Luxembourg Branch
Puede obtener más información sobre el Fondo, el folleto, el informe anual más reciente, el informe semestral posterior y demás información práctica como, por ejemplo, dónde encontrar los precios más recientes de las participaciones e información sobre otras clases de participaciones comercializadas en su país, a través de la Sociedad Gestora iM Global Partner Asset Management S.A., 10-12 Boulevard Franklin D. Roosevelt, L-2450 Luxemburgo, escribiendo un correo electrónico a la dirección [email protected] o poniéndose en contacto con el representante o el distribuidor locales. El folleto y los informes periódicos pueden obtenerse en varios idiomas, sin cargo.
Este Fondo está supeditado a la legislación fiscal de Luxemburgo, lo que puede afectar a su situación fiscal personal.
Canjes: Puede solicitar el canje de este Fondo a otro subfondo iMGP o de esta clase de acciones a otra clase de acciones del Fondo, con arreglo a las condiciones aplicables. Puede conllevar gastos. Consulte el folleto y/o diríjase a la Sociedad Gestora o a su distribuidor para obtener más información.
Este Fondo es un subfondo de un fondo paraguas. Este documento describe el Fondo y la clase de participaciones que se indica, mientras que el folleto y los informes periódicos corresponden a todo el fondo paraguas. Los activos y los pasivos de cada subfondo están segregados por ley. Los activos del Fondo no pueden destinarse a satisfacer los pasivos de otro subfondo.
La información acerca de la política de remuneración actualizada que incluye, entre otros, una descripción del método de cálculo de la remuneración y los beneficios, la identidad de los responsables de la atribución de la remuneración y los beneficios está disponible en www.imgp.com. Puede obtenerse sin cargo una copia en papel, previa solicitud.
La Sociedad Gestora únicamente incurrirá en responsabilidad por las declaraciones incluidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto.
Tanto iM Global Partner Asset Management S.A. como el Fondo están regulados por la Commission de Surveillance du Secteur Financier (CSSF) de Luxemburgo.
El presente documento es exacto a 17 de marzo de 2022. | # Informations pratiques
Dépositaire : CACEIS Bank, Luxembourg Branch
De plus amples informations sur le Fonds, le Prospectus, les derniers rapports annuel et semestriel, ainsi que d’autres informations pratiques, y compris où trouver les derniers prix des actions et des renseignements sur les autres classes d’actions commercialisées dans votre pays, sont disponibles auprès de la Société de gestion iM Global Partner Asset Management S.A., 10-12 Boulevard Franklin D. Roosevelt, L-2450 Luxembourg / [email protected] ou auprès du représentant ou distributeur local. Le Prospectus et les rapports périodiques sont disponibles gratuitement dans plusieurs langues.
Ce Fonds est soumis à la fiscalité luxembourgeoise, ce qui peut avoir une incidence sur votre imposition personnelle.
Changements : vous pouvez demander à passer de ce Fonds à un autre compartiment iMGP ou de cette Catégorie d’actions à une autre Catégorie d’actions du Fonds, sous réserve de certaines conditions. Des frais peuvent s’appliquer. Veuillez consulter le Prospectus ou contacter la Société de gestion ou votre distributeur pour en savoir plus.
Ce Fonds est un compartiment d’un fonds à compartiments multiples. Le présent document décrit le Fonds et la classe d’actions mentionnée ci-dessus, tandis que le Prospectus et les rapports périodiques se rapportent à l’intégralité du fonds à compartiments multiples. Les actifs et passifs de chaque compartiment sont séparés conformément à la loi. L’actif du Fonds ne peut pas être utilisé afin de régler le passif d’un autre compartiment.
Des informations détaillées concernant la politique de rémunération actualisée, et notamment la description du mode de calcul des rémunérations et avantages ainsi que l’identité des personnes responsables de l’attribution des rémunérations et avantages, sont disponibles sur le site www.imgp.com. Un exemplaire papier est disponible gratuitement sur demande.
La responsabilité de la Société de gestion ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
iM Global Partner Asset Management S.A. et le Fonds sont réglementés par la Commission de Surveillance du Secteur Financier (CSSF) au Luxembourg.
Le présent document est exact au 17 mars 2022. | fr | es |
DOLFIN253 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 30/04/2014-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,897
9.0%
EUR 14,436
6.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) entre 30/04/2014-30/04/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 897 EUR
9,0%
14 436 EUR
6,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 30/04/2014-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,897
9.0%
EUR 14,436
6.3% | en | es |
DOLFIN254 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The figures shown include all the costs of the product itself and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
- The stress scenario shows what you might get back in extreme market circumstances.
- The unfavorable scenario at 4 years occurred for an investment in the product/applicable benchmark between April 2020 and February 2023. The moderate scenario at 4 years occurred for an investment in the product/applicable benchmark between June 2016 and June 2020. | - Le cifre riportate comprendono tutti i costi del prodotto in quanto tale e comprendono i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch’essa sull’importo del rimborso.
- Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
- Lo scenario sfavorevole a 4 anni si è verificato per un investimento nel prodotto/parametro di riferimento idoneo tra aprile 2020 e febbraio 2023. Lo scenario moderato a 4 anni si è verificato per un investimento nel prodotto/parametro di riferimento idoneo tra giugno 2016 e giugno 2020. | - The figures shown include all the costs of the product itself and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
- The stress scenario shows what you might get back in extreme market circumstances.
- The unfavorable scenario at 4 years occurred for an investment in the product/applicable benchmark between April 2020 and February 2023. The moderate scenario at 4 years occurred for an investment in the product/applicable benchmark between June 2016 and June 2020. | en | it |
DOLFIN255 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Jusqu'à 5.00 % du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2.14 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 214 EUR |
| Coûts de transaction | 0.57 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 57 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Le montant réel varie en fonction de la performance de votre investissement. L'estimation des coûts totaux ci-dessus inclut la moyenne des 5 dernières années. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 5.00 % del importe que pagará usted al realizar esta inversión. | Hasta 500 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | El 2.14 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 214 EUR |
| Costes de operación | El 0.57 % 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. | 57 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Jusqu'à 5.00 % du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2.14 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 214 EUR |
| Coûts de transaction | 0.57 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 57 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Le montant réel varie en fonction de la performance de votre investissement. L'estimation des coûts totaux ci-dessus inclut la moyenne des 5 dernières années. | 0 EUR | | fr | es |
DOLFIN256 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?
Good governance practices include sound management structures, employee relations, remuneration of staff and tax compliance.
At least 90% of portfolio companies receive either an internal ESG rating or a rating provided by an external rating agency.
Once this process has been applied, the investment universe will be reduced by at least 20% by eliminating the poorest non-financial ratings, in line with a Best-in-Universe approach.
Furthermore, the securities selection process also includes negative screening, which involves excluding companies that contribute to the production of controversial weapons, in compliance with international agreements in this field, as well as companies exposed to activities related to thermal coal, tobacco and unconventional fossil fuels, in accordance with the Edmond de Rothschild Asset Management (France) exclusion policy available on its website. This negative screening helps mitigate sustainability risk. | ###### Quels sont les éléments contraignants de la stratégie d'investissement utilisés pour sélectionner les investissements afin d'atteindre chacune des caractéristiques environnementales ou sociales promues par ce produit financier?
Les pratiques de bonne gouvernance concernent des structures de gestion saines, les relations avec le personnel, la rémunération du personnel et le respect des obligations fiscales.
Au minimum 90% des sociétés en portefeuille bénéficient d’une notation ESG interne ou fournie par une agence de notation externe.
Suite à l’application de ce processus, l’univers d’investissement sera réduit d’au minimum 20% via l’élimination des moins bonnes notations extra-financières suivant une approche Best-in Universe.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique, au tabac et aux énergies fossiles non conventionnelles conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité. | ###### What are the binding elements of the investment strategy used to select the investments to attain each of the environmental or social characteristics promoted by this financial product?
Good governance practices include sound management structures, employee relations, remuneration of staff and tax compliance.
At least 90% of portfolio companies receive either an internal ESG rating or a rating provided by an external rating agency.
Once this process has been applied, the investment universe will be reduced by at least 20% by eliminating the poorest non-financial ratings, in line with a Best-in-Universe approach.
Furthermore, the securities selection process also includes negative screening, which involves excluding companies that contribute to the production of controversial weapons, in compliance with international agreements in this field, as well as companies exposed to activities related to thermal coal, tobacco and unconventional fossil fuels, in accordance with the Edmond de Rothschild Asset Management (France) exclusion policy available on its website. This negative screening helps mitigate sustainability risk. | en | fr |
DOLFIN257 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En outre, l'agent de transfert, en tant que délégué du Fonds, demandera toute autre information dont le Fonds a besoin pour se conformer à ses obligations juridiques et réglementaires, y compris, sans s’y limiter, la Loi CRS.
En cas de retard ou de non production par le demandeur des justificatifs d’identité nécessaires, la demande de souscription ne sera pas acceptée et le paiement des produits du rachat sera reporté. Ni l’organisme de placement collectif ni le teneur de registre ne peuvent être tenus responsables des retards ou de l’échec d’exécution d’opérations résultant de la non production ou de la production incomplète des justificatifs d’identité par le demandeur.
Il peut être demandé aux actionnaires (les « Actionnaires ») de produire périodiquement des compléments ou des mises à jour des justificatifs d’identité, conformément aux obligations de vérification préliminaire des clients définies par les lois et régulations applicables. | Además, el Agente de Transferencia, como delegado del Fondo, requerirá cualquier otra información que el Fondo requerirá para cumplir con sus obligaciones legales y reglamentarias, lo que incluye, entre otras, la Ley CRS.
En caso de retraso o de no aportación de los documentos requeridos, la solicitud de no será aceptada y el pago de los producidos de reembolso se retrasará. Las instituciones de inversión colectiva y el agente registrador de las mismas no se hacen responsables de los retrasos en la tramitación o la no ejecución de órdenes que se produzcan en caso de que el solicitante no aporte la documentación requerida o la aporte de forma incompleta.
Se podrá solicitar a los accionistas (“Accionistas”) que proporcionen documentos identificativos adicionales o actualizados cuando se estime pertinente en cumplimiento de los requisitos de comprobación de identidad del cliente establecidos por la legislación aplicable. | En outre, l'agent de transfert, en tant que délégué du Fonds, demandera toute autre information dont le Fonds a besoin pour se conformer à ses obligations juridiques et réglementaires, y compris, sans s’y limiter, la Loi CRS.
En cas de retard ou de non production par le demandeur des justificatifs d’identité nécessaires, la demande de souscription ne sera pas acceptée et le paiement des produits du rachat sera reporté. Ni l’organisme de placement collectif ni le teneur de registre ne peuvent être tenus responsables des retards ou de l’échec d’exécution d’opérations résultant de la non production ou de la production incomplète des justificatifs d’identité par le demandeur.
Il peut être demandé aux actionnaires (les « Actionnaires ») de produire périodiquement des compléments ou des mises à jour des justificatifs d’identité, conformément aux obligations de vérification préliminaire des clients définies par les lois et régulations applicables. | fr | es |
DOLFIN258 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Dans les mêmes circonstances que celles indiquées à l’article 23.1 ci-dessus, le Conseil d’Administration pourra par ailleurs, s’il le juge opportun dans l’intérêt des actionnaires d’un Compartiment, d’une classe ou d’un type d’actions, décider de diviser ce Compartiment, cette classe ou ce type d’actions en deux ou plusieurs Compartiments, classes ou types d’actions.
Pareille décision du Conseil d’administration est rendue publique par tous les moyens appropriés, et publiée dans tout autre journal des pays où les actions de la SICAV sont commercialisées, si la législation de ces pays l’exige. Cette publication sera effectuée au moins un mois avant la date à laquelle la scission deviendra effective pour permettre aux actionnaires de demander le rachat ou le remboursement de leurs actions sans frais.
-
### Liquidation/fusion de la SICAV | En las mismas circunstancias que se prevén en la cláusula 23.1 anterior, el Consejo de Administración también puede decidir, si lo considera apropiado en interés de los accionistas de un Subfondo, una clase o un tipo de acciones, dividir dicho Subfondo, clase o tipo de acciones en dos o más Subfondos, clases o tipos de acciones.
Esta decisión del Consejo de Administración se hará pública a través de todos los medios apropiados y se publicará en cualquier diario de los países donde se distribuyan las acciones de la SICAV, si así lo exige la legislación de dichos países. La publicación se realizará como mínimo un mes antes de la fecha en que la escisión se haga efectiva para permitir a los accionistas solicitar el reembolso o el pago de sus acciones sin cargo alguno.
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### Liquidación/fusión de la SICAV | Dans les mêmes circonstances que celles indiquées à l’article 23.1 ci-dessus, le Conseil d’Administration pourra par ailleurs, s’il le juge opportun dans l’intérêt des actionnaires d’un Compartiment, d’une classe ou d’un type d’actions, décider de diviser ce Compartiment, cette classe ou ce type d’actions en deux ou plusieurs Compartiments, classes ou types d’actions.
Pareille décision du Conseil d’administration est rendue publique par tous les moyens appropriés, et publiée dans tout autre journal des pays où les actions de la SICAV sont commercialisées, si la législation de ces pays l’exige. Cette publication sera effectuée au moins un mois avant la date à laquelle la scission deviendra effective pour permettre aux actionnaires de demander le rachat ou le remboursement de leurs actions sans frais.
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### Liquidation/fusion de la SICAV | fr | es |
DOLFIN259 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# DÉFINITIONS DES RISQUES
Risques liés à la détention d'obligations "high yield"
Le Produit investit en obligations spéculatives qui peuvent générer des revenus plus importants que des obligations de qualité mais au coût d'un niveau de risque supérieur.
Risque lié à la détention d'obligations Contingentes Convertibles (CoCos)
Les obligations convertibles contingentes peuvent être converties automatiquement en actions ou être l'objet d'une réduction de valeur si la solidité financière de l'émetteur diminue d'une manière déterminée. Cela peut aboutir à des pertes substantielles ou totales de la valeur de l'obligation.
Risque lié à l'utilisation d'instruments dérivés
Le Produit peut utiliser des instruments dérivés, c'est-à-dire des instruments financiers dont la valeur dépend de celle d'un actif sous-jacent. Or les fluctuations de cours de l'actif sous-jacent, même faibles, peuvent entraîner des changements importants du prix de l'instrument dérivé correspondant. L'utilisa- tion des instruments dérivés de gré à gré expose le Produit à un défaut partiel ou total de la contrepartie à honorer ses engagements. Ceci pourrait infliger une perte financière au Produit.
Risque de liquidité
Ce risque correspond au fait de ne pas pouvoir vendre un actif au prix anticipé ou dans les délais souhai- tés, en raison de l’étroitesse structurelle ou conjoncturelle du marché. Ce risque se matérialise ainsi par une diminution du prix de cession des actifs concernés et/ou un délai dans l’ajustement ou la liquidation du portefeuille.
Risque de crédit et de taux d'intérêt liés aux investissements dans des obligations
Le Produit, investissant en obligations, titres du marché monétaire ou autres titres de créance, court le risque que l'émetteur fasse défaut. La probabilité d'un tel évènement dépend de la qualité de l'émetteur. Une hausse des taux d'intérêts peut induire une baisse de la valeur des titres à revenus fixes détenus par le Produit. Le prix et le rendement d'une obligation variant en sens inverses, une baisse de prix de l'obligation est accompagnée par une hausse de son rendement.
Impact des techniques de couverture
L'utilisation de dérivés à des fins de couverture dans un marché haussier pourrait réduire le potentiel de gain.
Risque lié à l'inflation
Les rendements des investissements peuvent être affectés par l’inflation. Certains pays ont connu des taux d’inflation importants, et parfois extrêmement élevés, pendant de nombreuses années. Les fluc- tuations rapides des taux d’inflation, les dévaluations monétaires correspondantes et les fluctuations du taux de change entre les monnaies ont eu et peuvent continuer à avoir des effets négatifs sur les économies et les marchés des valeurs mobilières de certains pays. | # DEFINICIÓN DE LOS RIESGOS
Riesgos derivados de la posesión de obligaciones «high yield»
El Producto invierte en obligaciones con grado especulativo que pueden generar ingresos superiores a los generados por obligaciones de mayor calidad pero, a cambio, adoptan un nivel de riesgo superior.
Riesgo relacionado con la inversión en bonos convertibles contingentes (CoCos)
Los bonos convertibles contingentes pueden convertirse automáticamente en acciones o su valor puede reducirse si la solidez financiera de su emisor disminuye de un modo determinado. Esto puede dar lugar a pérdidas considerables o totales del valor del bono.
Riesgo relacionado con el uso de instrumentos derivados
El Producto podrá utilizar derivados, es decir, instrumentos financieros cuyo valor depende del valor de un activo subyacente. Las fluctuaciones del precio del activo subyacente, aunque pequeñas, pueden no obstante dar lugar a cambios significativos en el precio del instrumento derivado correspondiente. El uso de instrumentos derivados OTC expone al Producto a un incumplimiento parcial o total de los compromisos asumidos por la contraparte, Y que de ello se derive una pérdida financiera para el Producto.
Riesgo de liquidez
Este riesgo corresponde a la incapacidad de vender un activo al precio previsto o en el plazo deseado, debido a la rigidez estructural o cíclica del mercado. Por tanto, este riesgo se materializa en una disminución del precio de cesión de los activos afectados y/o en un retraso en el ajuste o la liquidación de la cartera.
Riesgo de crédito y de tipo de interés relacionado con las inversiones en obligaciones
El Producto, que invierte en obligaciones, títulos del mercado monetario u otros títulos de deuda, corre el riesgo de que el emisor incumpla sus obligaciones. La probabilidad de que esto suceda dependerá de la calidad del emisor. Una subida de los tipos de interés puede provocar que el valor de los títulos de renta fija depositados en el Producto disminuya. El precio y la rentabilidad de las obligaciones varían de forma inversamente proporcional: la disminución del precio de una obligación va acompañada por un aumento de la rentabilidad.
Impacto de las técnicas de cobertura
El uso de instrumentos derivados con fines de cobertura en un mercado alcista podría reducir el potencial
de ganancias.
Riesgo vinculado a la inflación
Las rentabilidades de las inversiones pueden verse afectadas por la inflación. Algunos países han registra- do tasas de inflación elevadas, en ocasiones extremadamente altas, durante muchos años. Las fluctua- ciones rápidas de las tasas de inflación, las consiguientes devaluaciones monetarias y las fluctuaciones del tipo de cambio entre las monedas han ejercido y pueden seguir ejerciendo efectos negativos en las economías y los mercados de valores de algunos países. | # DÉFINITIONS DES RISQUES
Risques liés à la détention d'obligations "high yield"
Le Produit investit en obligations spéculatives qui peuvent générer des revenus plus importants que des obligations de qualité mais au coût d'un niveau de risque supérieur.
Risque lié à la détention d'obligations Contingentes Convertibles (CoCos)
Les obligations convertibles contingentes peuvent être converties automatiquement en actions ou être l'objet d'une réduction de valeur si la solidité financière de l'émetteur diminue d'une manière déterminée. Cela peut aboutir à des pertes substantielles ou totales de la valeur de l'obligation.
Risque lié à l'utilisation d'instruments dérivés
Le Produit peut utiliser des instruments dérivés, c'est-à-dire des instruments financiers dont la valeur dépend de celle d'un actif sous-jacent. Or les fluctuations de cours de l'actif sous-jacent, même faibles, peuvent entraîner des changements importants du prix de l'instrument dérivé correspondant. L'utilisa- tion des instruments dérivés de gré à gré expose le Produit à un défaut partiel ou total de la contrepartie à honorer ses engagements. Ceci pourrait infliger une perte financière au Produit.
Risque de liquidité
Ce risque correspond au fait de ne pas pouvoir vendre un actif au prix anticipé ou dans les délais souhai- tés, en raison de l’étroitesse structurelle ou conjoncturelle du marché. Ce risque se matérialise ainsi par une diminution du prix de cession des actifs concernés et/ou un délai dans l’ajustement ou la liquidation du portefeuille.
Risque de crédit et de taux d'intérêt liés aux investissements dans des obligations
Le Produit, investissant en obligations, titres du marché monétaire ou autres titres de créance, court le risque que l'émetteur fasse défaut. La probabilité d'un tel évènement dépend de la qualité de l'émetteur. Une hausse des taux d'intérêts peut induire une baisse de la valeur des titres à revenus fixes détenus par le Produit. Le prix et le rendement d'une obligation variant en sens inverses, une baisse de prix de l'obligation est accompagnée par une hausse de son rendement.
Impact des techniques de couverture
L'utilisation de dérivés à des fins de couverture dans un marché haussier pourrait réduire le potentiel de gain.
Risque lié à l'inflation
Les rendements des investissements peuvent être affectés par l’inflation. Certains pays ont connu des taux d’inflation importants, et parfois extrêmement élevés, pendant de nombreuses années. Les fluc- tuations rapides des taux d’inflation, les dévaluations monétaires correspondantes et les fluctuations du taux de change entre les monnaies ont eu et peuvent continuer à avoir des effets négatifs sur les économies et les marchés des valeurs mobilières de certains pays. | fr | es |
DOLFIN260 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Neuberger Berman 5G Connectivity Fund (Continued)
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
| | Six Months Ended | Period Ended |
| --- | --- | --- |
| 30 June 2021 | 30 June 2020* |
| US$ | US$ |
| Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of period | | 1,424,177,168 | – |
| Profit/(Loss) Attributable to Holders of Redeemable Participating Shares from Operations | | 90,183,139 | 4,176,711 |
| Subscriptions | 5 | 1,441,791,026 | 90,619,369 |
| Redemptions | 5 | (322,084,929) | (588,969) |
| Net Assets Attributable to Holders of Redeemable Participating Shares at end of period | | 2,634,066,404 | 94,207,111 |
| * Portfolio launched on 8 April 2020, as such Profit & Loss figures are not directly comparable. | | | |
The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2021 811
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | # Neuberger Berman 5G Connectivity Fund (continua)
## Prospetto delle variazioni del patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili
| | | Semestre chiuso al | Periodo chiuso al |
| --- | --- | --- | --- |
| | | 30 giugno 2021 | 30 giugno 2020* |
| | | USD | USD |
| Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili all’inizio del periodo | | 1.424.177.168 | – |
| Profitti/(perdite) attribuibili ai detentori di azioni di partecipazione riscattabili da operazioni | | 90.183.139 | 4.176.711 |
| Sottoscrizioni | 5 | 1.441.791.026 | 90.619.369 |
| Rimborsi | 5 | (322.084.929) | (588.969) |
| Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili alla fine del periodo | | 2.634.066.404 | 94.207.111 |
| * Portafoglio lanciato il 8 aprile 2020, pertanto i dati su profitti e perdite non sono direttamente confrontabili. | | | |
Le note integrative costituiscono parte integrante del bilancio.
RELAZIONE SEMESTRALE 2021 811
BILANCIO PROSPETTO DEGLI INVESTIMENTI | # Neuberger Berman 5G Connectivity Fund (Continued)
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
| | Six Months Ended | Period Ended |
| --- | --- | --- |
| 30 June 2021 | 30 June 2020* |
| US$ | US$ |
| Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of period | | 1,424,177,168 | – |
| Profit/(Loss) Attributable to Holders of Redeemable Participating Shares from Operations | | 90,183,139 | 4,176,711 |
| Subscriptions | 5 | 1,441,791,026 | 90,619,369 |
| Redemptions | 5 | (322,084,929) | (588,969) |
| Net Assets Attributable to Holders of Redeemable Participating Shares at end of period | | 2,634,066,404 | 94,207,111 |
| * Portfolio launched on 8 April 2020, as such Profit & Loss figures are not directly comparable. | | | |
The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2021 811
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | en | it |
DOLFIN261 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This Fund is an open-ended investment company with variable capital which was incorporated in Ireland on 12 March 2013 under registration number 525004 and is authorised by the Central Bank as a UCITS.
## Term
The Company is an open-ended public limited company incorporated for an unlimited period. However, it may be dissolved at any time by a resolution passed at a general meeting of Shareholders adopted in compliance with applicable laws.
#### This Fund has no maturity date. However, it may be terminated and liquidated by the decision of the Board under specific conditions set forth in the Prospectus.
## Objectives
#### The objective of the Fund is to track the equity market performance of developed and emerging markets.
#### The Fund seeks to track the performance of the MSCI ACWI Climate Paris Aligned Index (the "Index") as closely as possible.
#### The Fund is an index tracking fund (also known as a passively managed fund).
Investment policies The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI ACWI Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of large and mid capitalization stocks across developed market and emerging market countries. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
#### The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in
#### individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
#### The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
#### The Fund does not currently engage in securities lending. The Fund's shares are issued in U.S. Dollars.
#### Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
## Intended retail investor
This Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments.
## Practical information
#### Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.
Further information A copy of the Prospectus and latest annual and semi- annual financial report in English and the latest Net Asset Value per Share are available free of charge upon request from www.ssga.com or by writing to the Fund Manager, State Street Global Advisors Europe Limited, 78 Sir John Rogerson's Quay, Dublin 2, Ireland. | # Cos'è questo prodotto?
## Tipo
Il presente Fondo è una società di investimento di tipo aperto a capitale variabile, costituita in Irlanda il 12 marzo 2013 con il numero di registrazione 525004 e autorizzata come OICVM dalla Banca Centrale.
## Termine
La Società è una società per azioni di tipo aperto costituita per un periodo illimitato. Tuttavia, essa può essere sciolta in qualsiasi momento mediante delibera approvata in sede di assemblea generale degli Azionisti in conformità alle leggi applicabili.
#### Questo Fondo non ha una data di scadenza. Tuttavia, esso può essere chiuso e liquidato su decisione del Consiglio al verificarsi di condizioni specifiche stabilite nel Prospetto.
## Obiettivi
#### L’obiettivo del Fondo consiste nel replicare il rendimento delle azioni dei mercati sviluppati ed emergenti.
#### Il Fondo mira a riprodurre il più fedelmente possibile il rendimento dell'Indice MSCI ACWI Climate Paris Aligned Index (l'"Indice").
#### Il Fondo è un fondo indicizzato (anche noto come fondo a gestione passiva).
Politiche di investimento Il Fondo investe principalmente nei titoli inclusi nell’Indice. L’Indice mira a riflettere le caratteristiche di performance di un sottogruppo di titoli azionari all’interno dell’Indice MSCI ACWI (Indice d’origine), che sono selezionati e ponderati per ridurre l’esposizione ai rischi di transizione climatica e ai rischi climatici fisici, perseguendo al contempo le opportunità derivanti dalla transizione verso un’economia a basse emissioni di carbonio e cercando di allineare il portafoglio del Fondo all’Accordo di Parigi adottato nell’ambito dei requisiti della Convenzione quadro delle Nazioni Unite sui cambiamenti climatici (l’“Accordo di Parigi”).
L’Indice d’origine rileva il rendimento delle azioni ad alta e media capitalizzazione di tutti i paesi dei mercati sviluppati ed emergenti. L’indice esclude le società che secondo il fornitore dell’indice sono coinvolte in controversie con un impatto ESG negativo sulle loro operazioni e/o sui loro prodotti e servizi, in base a un punteggio sulle controversie MSCI ESG (“Punteggio sulle controversie MSCI ESG”). Le restanti posizioni sono selezionate e ponderate con l’obiettivo di ridurre l’esposizione ai rischi di transizione climatica e ai rischi climatici fisici e di trarre vantaggio dalle opportunità derivanti dalla transizione verso un’economia a basse emissioni di carbonio, al contempo cercando di allinearsi agli obiettivi dell’Accordo di Parigi e minimizzando il tracking error ex-ante rispetto all’Indice d’origine.
#### Lo screening ESG si applica almeno al 90% del portafoglio.
In prevalenza il portafoglio del Fondo è composto da titoli che rispettano gli standard ESG descritti sopra e nella metodologia dell’indice (e garantiscono l’assenza in portafoglio di emittenti con attività che danneggerebbero significativamente questo obiettivo).
Potrebbero esservi potenziali incongruenze, inesattezze o mancanza di disponibilità dei dati ESG, in particolare qualora tali dati siano ottenuti da fornitori di dati esterni. Potrebbero esservi potenziali incongruenze con la metodologia di screening ESG adottata dall’Indice (criteri, approcci, vincoli). Informazioni dettagliate sui limiti sono descritte nel Supplemento.
#### Sebbene l’Indice sia generalmente ben diversificato, per poterlo replicare fedelmente il Fondo si avvarrà dell’innalzamento dei limiti di diversificazione
#### previsto dai Regolamenti OICVM, che gli consente di detenere posizioni in singoli costituenti dell’Indice emessi dallo stesso organismo fino al 20% del valore patrimoniale netto del Fondo.
Il Fondo si propone di detenere tutti i titoli dell’Indice con ponderazioni molto simili a quelle di tale Indice. Il Fondo utilizzerà una strategia di replica per creare un’immagine quasi speculare dell’Indice. In circostanze limitate il Fondo può acquistare titoli non compresi nell’Indice.
Il Fondo può ricorrere all'uso di strumenti finanziari derivati (ossia, contratti finanziari i cui prezzi dipendono da una o più attività sottostanti) ai fini di una gestione efficiente del portafoglio.
Salvo circostanze eccezionali, generalmente il Fondo emetterà e rimborserà azioni solo ad alcuni investitori istituzionali. Tuttavia, le azioni del Fondo possono essere acquistate o vendute tramite intermediari in una o più borse valori. Il Fondo negozia in queste borse valori a prezzi di mercato che possono oscillare nel corso della giornata. I prezzi di mercato possono essere maggiori o minori del valore patrimoniale netto giornaliero del Fondo.
#### Attualmente il Fondo non effettua il prestito di titoli. Le azioni del Fondo sono emesse in dollari statunitensi.
#### L'eventuale reddito conseguito dal Fondo sarà trattenuto e si tradurrà in un aumento del valore delle azioni.
Gli Azionisti possono chiedere il rimborso delle azioni in qualsiasi giorno lavorativo nel Regno Unito (diverso dai giorni di chiusura dei mercati finanziari pertinenti e/o dal giorno immediatamente precedente, purché tale elenco dei giorni di chiusura di un mercato sia pubblicato per il Fondo su www.ssga.com) e tutti gli altri giorni decisi a discrezione degli Amministratori (con criteri di ragionevolezza) purché gli Azionisti ne siano preventivamente informati.
Fonte dell'Indice: I fondi o titoli qui richiamati non sono sponsorizzati, approvati o promossi da MSCI e MSCI è sollevata da ogni responsabilità in relazione a tali fondi o titoli o ad un indice sul quale tali fondi o titoli si basino. Il prospetto e il supplemento contengono una descrizione più dettagliata sulla relazione limitata fra MSCI e State Street Bank and Trust Company, attraverso SSGA e i fondi relativi, oltre a esclusioni di responsabilità aggiuntive che si applicano agli indici MSCI. Gli indici MSCI sono proprietà esclusiva di MSCI e non possono essere riprodotti o estratti e usati per altri scopi senza il consenso di MSCI. Gli indici MSCI vengono forniti senza alcun tipo di garanzia.
## Investitore al dettaglio destinatario
Il Fondo è destinato a investitori che prevedono di rimanere investiti per almeno 5 anni e sono preparati ad assumere un livello medio-alto di rischio di perdita del capitale iniziale al fine di ottenere un rendimento potenziale superiore. È stato concepito per far parte di un portafoglio di investimenti.
## Informazioni pratiche
#### Depositario Il depositario del Fondo è State Street Custodial Services (Ireland) Limited.
Ulteriori informazioni Le copie del Prospetto e delle ultime relazioni annuali e semestrali in lingua inglese e dell'ultimo Valore Patrimoniale Netto per Azione sono disponibili gratuitamente su richiesta a www.ssga.com o scrivendo al Gestore del Fondo, State Street Global Advisors Europe Limited, 78 Sir John Rogerson's Quay, Dublino 2, Irlanda. | # What is this product?
## Type
This Fund is an open-ended investment company with variable capital which was incorporated in Ireland on 12 March 2013 under registration number 525004 and is authorised by the Central Bank as a UCITS.
## Term
The Company is an open-ended public limited company incorporated for an unlimited period. However, it may be dissolved at any time by a resolution passed at a general meeting of Shareholders adopted in compliance with applicable laws.
#### This Fund has no maturity date. However, it may be terminated and liquidated by the decision of the Board under specific conditions set forth in the Prospectus.
## Objectives
#### The objective of the Fund is to track the equity market performance of developed and emerging markets.
#### The Fund seeks to track the performance of the MSCI ACWI Climate Paris Aligned Index (the "Index") as closely as possible.
#### The Fund is an index tracking fund (also known as a passively managed fund).
Investment policies The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI ACWI Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of large and mid capitalization stocks across developed market and emerging market countries. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
#### The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in
#### individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
#### The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
#### The Fund does not currently engage in securities lending. The Fund's shares are issued in U.S. Dollars.
#### Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
## Intended retail investor
This Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments.
## Practical information
#### Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.
Further information A copy of the Prospectus and latest annual and semi- annual financial report in English and the latest Net Asset Value per Share are available free of charge upon request from www.ssga.com or by writing to the Fund Manager, State Street Global Advisors Europe Limited, 78 Sir John Rogerson's Quay, Dublin 2, Ireland. | en | it |
DOLFIN262 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,094
5.5% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/03/2013-31/03/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 990 GBP
9,9%
13 094 GBP
5,5% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,094
5.5% | en | es |
DOLFIN263 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
The information contained in this KID is supplemented by the articles of incorporation and the prospectus, which will be provided to retail investors before subscription. Further information about the Fund, including a copy of the prospectus, latest annual report and any subsequent half-yearly report can be found in English and/or German at www.vontobel.com/AM free of charge. The KID is available on the PRIIP Manufacturer's website at www.vontobel.com/AM. A paper copy of the KID is available upon request, free of charge, from the PRIIP manufacturer.
Information about past performance can be found at https://docs.publifund.com/pastperf/LU1451580523/en_CH. Past performance data is presented for 5 years.
The previous performance scenario calculations are available at https://docs.publifund.com/monthlyperf/LU1451580523/en_CH.
The fund's representative in Switzerland is Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich. The paying agent is Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich.
Key documents such as the prospectus, KID, articles of association and annual and semi-annual report are also available free of charge from the Swiss representative or paying agent. | # Altre informazioni pertinenti
Le informazioni contenute nel presente KID sono integrate dall'atto costitutivo e dal prospetto informativo che saranno forniti agli investitori al dettaglio prima della sottoscrizione. Ulteriori informazioni sul Fondo, tra cui una copia del prospetto informativo, dell'ultima relazione annuale e di eventuali successive relazioni semestrali, sono disponibili gratuitamente in inglese e/o tedesco all'indirizzo www.vontobel.com/AM . Il KID è disponibile sul sito web dell'Ideatore del PRIIP all'indirizzo www.vontobel.com/AM . È possibile ottenere una copia cartacea del KID, gratuitamente, facendone richiesta all'Ideatore del PRIIP.
Le informazioni sui risultati passati sono disponibili all'indirizzo https://docs.publifund.com/pastperf/LU1451580523/it_CH. I dati sulle performance passate sono riportati per 5 anni.
I calcoli relativi al precedente scenario di performance sono disponibili all'indirizzo https://docs.publifund.com/monthlyperf/LU1451580523/ it_CH.
Il rappresentante del fondo in Svizzera è Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurigo. L'agente pagatore è Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurigo.
I documenti di riferimento (come il prospetto, le informazioni chiave per gli investitori, lo statuto e il rapporto annuale e semestrale) possono essere richiesti gratuitamente anche presso il rappresentante o l'agente pagatore in Svizzera. | # Other relevant information
The information contained in this KID is supplemented by the articles of incorporation and the prospectus, which will be provided to retail investors before subscription. Further information about the Fund, including a copy of the prospectus, latest annual report and any subsequent half-yearly report can be found in English and/or German at www.vontobel.com/AM free of charge. The KID is available on the PRIIP Manufacturer's website at www.vontobel.com/AM. A paper copy of the KID is available upon request, free of charge, from the PRIIP manufacturer.
Information about past performance can be found at https://docs.publifund.com/pastperf/LU1451580523/en_CH. Past performance data is presented for 5 years.
The previous performance scenario calculations are available at https://docs.publifund.com/monthlyperf/LU1451580523/en_CH.
The fund's representative in Switzerland is Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich. The paying agent is Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich.
Key documents such as the prospectus, KID, articles of association and annual and semi-annual report are also available free of charge from the Swiss representative or paying agent. | en | it |
DOLFIN264 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
"U.S. person" does not include:
- any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other professional fiduciary organized, incorporated or, if an individual, resident in the United States;
- any estate of which any professional fiduciary acting as executor or administrator is a U.S. person if (i) an executor or administrator of the estate who is not a U.S. person has sole or shared investment discretion with respect to the assets of the estate and (ii) the estate is governed by non-U.S. law;
- any trust of which any professional fiduciary acting as trustee is a U.S. person if a trustee who is not a U.S. person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. person;
- an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country;
- any agency or branch of a U.S. person located outside the United States if (i) the agency or branch operates for valid business reasons and (ii) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; or
- the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter- American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans. | „US-Person“ umfasst nicht:
- jedes Konto ohne Verwaltungsvollmacht oder ein ähnliches Konto (das nicht eine Vermögensmasse oder ein Treuhandvermögen ist), das von einem Händler oder anderen gewerblichen Treuhänder, der in den Vereinigten Staaten organisiert, errichtet oder, falls es sich um eine natürliche Person handelt, ansässig ist, zum Nutzen oder für Rechnung einer Nicht-US-Person gehalten wird;
- jede Vermögensmasse, bei der ein gewerblicher Treuhänder, der als Vollstrecker oder Verwalter fungiert, eine US-Person ist, wenn (i) ein Vollstrecker oder Verwalter der Vermögensmasse, der keine US-Person ist, alleinige oder gemeinsame Anlageverwaltungsvollmacht für das Vermögen der Vermögensmasse hat und (ii) die Vermögensmasse Nicht-US-Recht unterliegt;
- jedes Treuhandvermögen, bei dem ein gewerblicher Treuhänder, der als Treuhänder fungiert, eine US- Person ist, wenn ein Treuhänder, der keine US-Person ist, alleinige oder gemeinsame Anlageverwaltungs- vollmacht für das Treuhandvermögen hat und kein Begünstigter des Treuhandvermögens (und kein Treugeber, wenn das Treuhandverhältnis widerruflich ist) eine US-Person ist;
- jeden Arbeitnehmervorsorgeplan, der nach dem Recht eines anderen Landes als der Vereinigten Staaten und nach den Usancen und mit der Dokumentation des betreffenden Landes errichtet ist und verwaltet wird;
- jede außerhalb der Vereinigten Staaten gelegene Geschäftsstelle oder Niederlassung einer US-Person, wenn (i) die Geschäftsstelle oder Niederlassung aus echten geschäftlichen Gründen tätig ist und (ii) dieGeschäftsstelle oder Niederlassung das Versicherungs- oder Bankgeschäft betreibt und in dem Hoheitsgebiet, wo sie ansässig ist, umfangreichen Versicherungs- bzw. Bankvorschriften unterliegt; oder
- der Internationale Währungsfonds, die Internationale Bank für Wiederaufbau und Entwicklung, die Inter- Amerikanische Entwicklungsbank, die Asiatische Entwicklungsbank, die Afrikanische Entwicklungsbank, die Vereinten Nationen und deren Agenturen, verbundene Organisationen und Pensionskassen und alle anderen ähnlichen internationalen Organisationen, deren Agenturen, verbundene Organisationen und Pensionskassen. | "U.S. person" does not include:
- any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other professional fiduciary organized, incorporated or, if an individual, resident in the United States;
- any estate of which any professional fiduciary acting as executor or administrator is a U.S. person if (i) an executor or administrator of the estate who is not a U.S. person has sole or shared investment discretion with respect to the assets of the estate and (ii) the estate is governed by non-U.S. law;
- any trust of which any professional fiduciary acting as trustee is a U.S. person if a trustee who is not a U.S. person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. person;
- an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country;
- any agency or branch of a U.S. person located outside the United States if (i) the agency or branch operates for valid business reasons and (ii) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; or
- the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter- American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans. | en | de |
DOLFIN265 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## SHARE CLASS HEDGING
The Manager (or its delegate) may employ techniques and instruments to hedge against fluctuations between the Class Currency of a Hedged Class and the relevant Base Currency, with the goal of providing a similar return for the Hedged Class to that which would have been obtained for a Class denominated in the Base Currency. While the Manager (or its delegate) may attempt to hedge this currency risk, there can be no guarantee that they will be successful in doing so and over-hedged or under hedged positions may arise due to factors outside the control of the Company. In devising and implementing its hedging strategy the Manager (or its delegate) may hedge the foreign currency exposure of the Shares to the major currencies in which the assets of the relevant Sub-Fund are, or are expected to be, denominated but will limit hedging to the extent of this currency exposure and the Hedged Classes will not be leveraged as a result of the hedging, notwithstanding that the relevant Sub- Fund may be leveraged through the use of FDI for investment purposes pursuant to its investment policies. In this context, foreign exchange hedging will not be used for speculative purposes. The Manager (or its delegate) will seek to implement its hedging strategy by using techniques and instruments, including currency options, swaps and forward currency exchange contracts. Investors in the Hedged Classes should be aware that this strategy may substantially limit them from benefiting if the Class Currencies of the Hedged Classes fall against the Base Currency. In such circumstances, investors in the Hedged Classes may be exposed to fluctuations in the Net Asset Value per Share reflecting the gains or losses on, and the costs of, the relevant financial instruments.
As the foreign exchange hedging will be utilised solely for the purposes of the Hedged Classes, its cost and related liabilities and/or benefits will be for the account of the holders of the Hedged Classes only. Accordingly, such costs and related liabilities and/or benefits will be reflected in the Net Asset Value per Share of the Hedged Classes. Hedging transactions will be clearly attributable to a specific Hedged Class and the currency exposures of Hedged Classes denominated in different currencies may not be combined or offset. The currency exposures of the assets of a Sub-Fund may not be allocated to separate Hedged Classes. Where there is more than one Hedged Class in a Sub-Fund denominated in the same currency and it is intended to hedge the foreign currency exposure of such Hedged Classes against the Base Currency, the Manager (or its delegate) may aggregate the foreign exchange transactions entered into on behalf of such Classes and apportion the gains/loss on and the costs of the relevant financial instruments pro rata to each such Hedged Class in the Sub-Fund. While not the intention of the Manager (or its delegate), the value of hedging transactions may be up to but may not exceed 105% of the Net Asset Value attributable to the relevant Hedged Class, due to factors outside of the control of the Manager (or its delegate), and shall not be below 95% of the Net Asset Value attributable to the relevant Hedged Class. The Manager (or its delegate) will monitor hedging with the aim of ensuring that hedged positions do not exceed the -95%/+105% thresholds at any month-end. This review will incorporate a procedure to ensure that positions materially in excess of 100% of the Net Asset Value of the relevant Class and any under-hedged positions falling short of the level above will not be carried forward from month to month.
In respect of Unhedged Classes, a currency conversion may take place at prevailing market rates on the subscription for and redemption and exchange of Shares and in respect of any distributions made in respect of such Classes or distributions may be made in the Class Currency of the Unhedged Classes. The value of Shares in the Unhedged Classes which are denominated in a currency other than the Base Currency will be exposed to exchange risk in relation to the Base Currency.
Investors should refer to the paragraph under the heading “Currency Risk” in the “Investment Risks” section, for a description of the risks associated with hedging the foreign currency exposure of the Hedged Classes. Investors should also note that in addition to the share class hedging described above, the Sub-Funds may also be hedged at Sub-Fund level as described under “Currency Transactions” in the “Investment Techniques” section. | ## COUVERTURE DE CATÉGORIE D'ACTION
Le Gestionnaire (ou son délégué) peut employer les techniques et instruments de couverture contre les fluctuations entre la Devise de Catégorie d'une Catégorie Couverte et la Devise de Base, dont l'objectif d'un rendement similaire pour la Catégorie Couverte à celui qui aurait été obtenu pour une Catégorie libellée dans la Devise de Base. Bien que le Gestionnaire (ou son délégué) puisse tenter de couvrir ce risque de change, le succès n'est pas assuré, et des positions trop ou pas assez couvertes peuvent survenir en raison de facteurs échappant au contrôle de la Société. Dans le cadre de la conception et de la mise en place de sa stratégie de couverture, le Gestionnaire (ou son délégué) peut couvrir le risque de change des Actions dans les principales devises dans lesquelles les actifs du Compartiment concerné sont ou sont supposés être libellés, mais limitera la couverture à cette exposition, et les Catégories Couvertes ne subiront pas d'effet de levier résultant de la couverture, nonobstant le fait que le Compartiment concerné peut avoir un effet de levier en raison de l'utilisation de IFD aux fins d'investissement, conformément à ses politiques d'investissement. Dans ce contexte, la couverture du risque de change ne sera pas utilisée à des fins spéculatives. Le Gestionnaire (ou son délégué) tentera de mettre en place sa stratégie de couverture en utilisant des techniques et instruments, notamment les options sur devises, swaps sur devises et les contrats de change à terme. Les investisseurs dans les Catégories Couvertes doivent être informés que cette stratégie peut substantiellement limiter leurs bénéfices si les Devises de Catégorie des Catégories Couvertes chutent par rapport à la Devise de Base. Dans ces circonstances, les investisseurs dans les Catégories Couvertes peuvent être exposés à des fluctuations de la Valeur Nette d'Inventaire par Action reflétant les gains ou pertes, et les coûts des instruments financiers concernés.
Dans la mesure où la couverture du risque de change sera utilisée uniquement aux fins des Catégories Couvertes, son coût et les passifs et/ou avantages y afférents seront uniquement pour le compte des titulaires des Catégories Couvertes. En conséquence, lesdits coûts et passifs et/ou avantages y afférents seront reflétés dont la Valeur Nette d'Inventaire par Action des Catégories Couvertes. Les opérations de couverture seront manifestement attribuables à une Catégorie Couverte spécifique, et les risques de change des Catégories Couvertes libellées dans différentes devises ne peuvent être combinés ni compensés. Les risques de change des actifs d'un Compartiment ne peuvent pas être affectés à des Catégories Couvertes distinctes. Lorsqu’il existe plus d'une Catégorie Couverte dans un Compartiment libellé dans la même devise, et qu'il est prévu de couvrir le risque de change de ces Catégories Couvertes par rapport à la Devise de Base, le Gestionnaire (ou son délégué) peut rassembler les opérations de change réalisées pour le compte de ces Catégories, et répartir les gains/pertes et les coûts des instruments financiers concernés au prorata à chaque Catégorie Couverte dans le Compartiment. Bien que cela ne soit pas dans l'intention du Gestionnaire, la valeur des opérations de couverture peut aller jusqu'à 105 % maximum de la Valeur Nette d'Inventaire attribuable à la Catégorie couverte concernée, en raison de facteurs échappant au contrôle du Gestionnaire (ou son délégué) et doit être supérieure à 95 % de la Valeur Nette d'Inventaire attribuable à la Catégorie couverte concernée. Le Gestionnaire ((ou son délégué) surveillera les opérations de couverture afin que les positions couvertes respectent les seuils prévus (+ de 95 % /- de 105 %) en fin de mois. Ce suivi comportera une procédure visant à s’assurer que les positions nettement supérieures à 100 % de la Valeur Nette d’Inventaire de la Catégorie concernée et les positions insuffisamment couvertes en- deçà de la limite précitée ne seront pas reconduites d’un mois sur l’autre.
Relativement aux Catégories non Couvertes, une conversion de devise peut être effectuée aux taux du marché en vigueur, au moment de la souscription, du rachat et de l’échange d’Actions, et dans le cadre d’une distribution faite relativement à ces Catégories, ou des distributions peuvent être effectuées dans la Devise de Catégorie des Catégories non Couvertes. La valeur des Actions dans les Catégories non Couvertes qui sont libellées dans une devise autre que la Devise de Base, sera exposée au risque de change relativement à la Devise de Base.
Les investisseurs sont invités à se référer au paragraphe intitulé « Risque de Change », pour une description des risques associés à la couverture du risque de change des Catégories Couvertes. Les investisseurs doivent également noter qu’outre la couverture de la catégorie d’action décrite ci-dessus, les Compartiments peuvent également être couverts au niveau du Compartiment, ainsi que décrit à la section « Techniques d'Investissement » sous l'intitulé « Opérations sur Devise ». | ## SHARE CLASS HEDGING
The Manager (or its delegate) may employ techniques and instruments to hedge against fluctuations between the Class Currency of a Hedged Class and the relevant Base Currency, with the goal of providing a similar return for the Hedged Class to that which would have been obtained for a Class denominated in the Base Currency. While the Manager (or its delegate) may attempt to hedge this currency risk, there can be no guarantee that they will be successful in doing so and over-hedged or under hedged positions may arise due to factors outside the control of the Company. In devising and implementing its hedging strategy the Manager (or its delegate) may hedge the foreign currency exposure of the Shares to the major currencies in which the assets of the relevant Sub-Fund are, or are expected to be, denominated but will limit hedging to the extent of this currency exposure and the Hedged Classes will not be leveraged as a result of the hedging, notwithstanding that the relevant Sub- Fund may be leveraged through the use of FDI for investment purposes pursuant to its investment policies. In this context, foreign exchange hedging will not be used for speculative purposes. The Manager (or its delegate) will seek to implement its hedging strategy by using techniques and instruments, including currency options, swaps and forward currency exchange contracts. Investors in the Hedged Classes should be aware that this strategy may substantially limit them from benefiting if the Class Currencies of the Hedged Classes fall against the Base Currency. In such circumstances, investors in the Hedged Classes may be exposed to fluctuations in the Net Asset Value per Share reflecting the gains or losses on, and the costs of, the relevant financial instruments.
As the foreign exchange hedging will be utilised solely for the purposes of the Hedged Classes, its cost and related liabilities and/or benefits will be for the account of the holders of the Hedged Classes only. Accordingly, such costs and related liabilities and/or benefits will be reflected in the Net Asset Value per Share of the Hedged Classes. Hedging transactions will be clearly attributable to a specific Hedged Class and the currency exposures of Hedged Classes denominated in different currencies may not be combined or offset. The currency exposures of the assets of a Sub-Fund may not be allocated to separate Hedged Classes. Where there is more than one Hedged Class in a Sub-Fund denominated in the same currency and it is intended to hedge the foreign currency exposure of such Hedged Classes against the Base Currency, the Manager (or its delegate) may aggregate the foreign exchange transactions entered into on behalf of such Classes and apportion the gains/loss on and the costs of the relevant financial instruments pro rata to each such Hedged Class in the Sub-Fund. While not the intention of the Manager (or its delegate), the value of hedging transactions may be up to but may not exceed 105% of the Net Asset Value attributable to the relevant Hedged Class, due to factors outside of the control of the Manager (or its delegate), and shall not be below 95% of the Net Asset Value attributable to the relevant Hedged Class. The Manager (or its delegate) will monitor hedging with the aim of ensuring that hedged positions do not exceed the -95%/+105% thresholds at any month-end. This review will incorporate a procedure to ensure that positions materially in excess of 100% of the Net Asset Value of the relevant Class and any under-hedged positions falling short of the level above will not be carried forward from month to month.
In respect of Unhedged Classes, a currency conversion may take place at prevailing market rates on the subscription for and redemption and exchange of Shares and in respect of any distributions made in respect of such Classes or distributions may be made in the Class Currency of the Unhedged Classes. The value of Shares in the Unhedged Classes which are denominated in a currency other than the Base Currency will be exposed to exchange risk in relation to the Base Currency.
Investors should refer to the paragraph under the heading “Currency Risk” in the “Investment Risks” section, for a description of the risks associated with hedging the foreign currency exposure of the Hedged Classes. Investors should also note that in addition to the share class hedging described above, the Sub-Funds may also be hedged at Sub-Fund level as described under “Currency Transactions” in the “Investment Techniques” section. | en | fr |
DOLFIN266 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
LOWER RISK HIGHER RISK
The risk and reward category is calculated using historical data which may not be a reliable indicator of the Fund’s future risk profile.
The risk and reward category may shift over time and is not a target or a guarantee.
The lowest category (i.e. Category 1) does not mean a risk-free investment.
The Fund is in Category 5 because of the medium range and frequency of price movements (volatility) of the underlying investments referenced by the Fund.
The following are additional risks not covered by the risk and reward category.
The Fund may enter into one or more derivatives with a number of swap counterparties. If any of the counterparties fail to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss.
The Fund may have increased exposure to particular investment known as leverage. A fall in value of such investments can result in a proportionately greater loss to the Fund.
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 has been designed for investors who are looking for long term capital growth through exposure to alternative investment strategies. As the Fund may therefore employ sophisticated strategies (including the use of derivatives), it is intended only for knowledgeable and experienced investors who are able to understand and evaluate both the investment strategy and its inherent risks (such understanding, and evaluation may be gained through advice from a professional advisor).
The Fund relies upon the performance of Winton and the Strategy. If the Strategy performs poorly the value of your investment is likely to be adversely affected.
The Fund may use derivatives to try to reduce movements in currency exchange rates. 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.
More information in relation to risks in general may be found in the «Risk Factors» section of the prospectus. | RISQUE PLUS FAIBLE RISQUE PLUS ÉLEVÉ
La catégorie de risque et de rendement est calculée sur la base de données historiques et ne représente pas forcément une indication fiable du profil de risque futur du Fonds.
La catégorie de risque et de rendement peut évoluer dans le temps et ne constitue ni un objectif, ni une garantie.
La catégorie la plus faible (c.-à-d. la Catégorie 1) n'est pas synonyme d'investissement sans risque.
Le Fonds relève de la Catégorie 5 du fait de l'amplitude modérée et de la fréquence des fluctuations des cours (volatilité) des investissements sous-jacents référencés par le Fonds.
Les risques supplémentaires qui ne sont pas couverts par la catégorie de risque et de rendement sont recensés ci-dessous.
Le Fonds peut conclure un ou plusieurs contrat(s) dérivé(s) avec un certain nombre de contreparties de swap. Si l'une quelconque des contreparties est en défaut de paiement (en cas d'insolvabilité, par exemple), votre investissement risque de subir une perte.
Le Fonds peut avoir renforcé l'exposition à des actifs particuliers, ce qui correspond à l’effet de levier. La moindre baisse de valeur de ces investissements peut entraîner une perte proportionnellement plus importante pour le Fonds.
Le Fonds n’est pas garanti et votre investissement est exposé à des risques. La valeur de votre investissement peut évoluer à la baisse comme à la hausse.
Le Fonds a été conçu pour les investisseurs qui recherchent une croissance du capital sur le long terme par le biais d’une exposition à des stratégies d’investissement alternatives. Sachant que le Fonds peut, par conséquent, employer des stratégies complexes (y compris l’utilisation de produits dérivés), il est destiné aux investisseurs avisés et expérimentés qui sont en mesure de comprendre et d'évaluer la stratégie d'investissement et ses risques inhérents (pour ce faire, il est recommandé de consulter un conseiller professionnel).
Le Fonds est dépendant de la performance de Winton et de la Stratégie. Si la performance de la Stratégie est médiocre, la valeur de votre investissement risque d'être diminuée.
Le Fonds peut utiliser des produits dérivés dans le but de réduire les fluctuations des taux de change. Cette stratégie peut parfois produire l’effet inverse et accroître les fluctuations de la valeur du Fonds. Cela peut entraîner une baisse de la valeur du Fonds et de votre investissement.
De plus amples informations sur les risques en général figurent à la section « Facteurs de risque » du prospectus. | LOWER RISK HIGHER RISK
The risk and reward category is calculated using historical data which may not be a reliable indicator of the Fund’s future risk profile.
The risk and reward category may shift over time and is not a target or a guarantee.
The lowest category (i.e. Category 1) does not mean a risk-free investment.
The Fund is in Category 5 because of the medium range and frequency of price movements (volatility) of the underlying investments referenced by the Fund.
The following are additional risks not covered by the risk and reward category.
The Fund may enter into one or more derivatives with a number of swap counterparties. If any of the counterparties fail to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss.
The Fund may have increased exposure to particular investment known as leverage. A fall in value of such investments can result in a proportionately greater loss to the Fund.
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 has been designed for investors who are looking for long term capital growth through exposure to alternative investment strategies. As the Fund may therefore employ sophisticated strategies (including the use of derivatives), it is intended only for knowledgeable and experienced investors who are able to understand and evaluate both the investment strategy and its inherent risks (such understanding, and evaluation may be gained through advice from a professional advisor).
The Fund relies upon the performance of Winton and the Strategy. If the Strategy performs poorly the value of your investment is likely to be adversely affected.
The Fund may use derivatives to try to reduce movements in currency exchange rates. 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.
More information in relation to risks in general may be found in the «Risk Factors» section of the prospectus. | en | fr |
DOLFIN267 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Further, redemption requests may be deferred under certain circumstances and within certain thresholds as detailed in the Prospectus.
In addition a dilution levy may be imposed on deals as specified in the Prospectus. Such dilution levy should not exceed 5% of the Net Asset Value and will be calculated taking into account the estimated costs, expenses and potential impact on security prices that may be incurred to meet redemption and conversion requests. | # Asimismo, se podrán aplazar las solicitudes de reembolso en determinadas circunstancias y dentro de ciertos límites, según lo detallado en el Folleto informativo.
Además, se podrá aplicar una comisión de dilución a las transacciones especificadas en el Folleto informativo. Dicha comisión de dilución no debe ser superior al 5% del Valor liquidativo y se calculará con arreglo a la repercusión potencial en el precio de los valores, los costes y los gastos estimados contraídos para atender las solicitudes de reembolso y canje. | # Further, redemption requests may be deferred under certain circumstances and within certain thresholds as detailed in the Prospectus.
In addition a dilution levy may be imposed on deals as specified in the Prospectus. Such dilution levy should not exceed 5% of the Net Asset Value and will be calculated taking into account the estimated costs, expenses and potential impact on security prices that may be incurred to meet redemption and conversion requests. | en | es |
DOLFIN268 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Applications for the subscription or redemption of shares or for a change of sub-fund will be accepted on any business day on which the financial service is open to the public, except on 24 and 31 December.
Share subscription and redemption or change of sub-fund applications received after 3 p.m., 1.30 p.m. or midday (12 p.m.) depending on the specific sub-fund on a business day will be deemed to have been received by that time on the next business day.
The prices used to value the assets on D or D + 1 must be unknown for at least 80% of the net asset value at the cut-off time for receiving share subscription and redemption or change of sub-fund applications. Otherwise, the prices of the next trading day will be used. In this case, the net asset value calculation and subscription and redemption payment dates will be extended accordingly.
The cut-off time for receiving orders stated here applies only to the institutions providing the financial service. Investors are advised to contact the distributors mentioned in the prospectus to enquire about the order reception cut-off time. | L’introduction des demandes de souscription ou de remboursement d’actions ou de changement de compartiment est acceptée chaque jour ouvrable pendant lequel le service financier est ouvert au public sauf les 24 et 31 décembre.
Les demandes de souscription ou de remboursement d’actions ou de changement de compartiment reçues après 15.00 heures, 13.30 heures ou 12.00 heures en fonction du compartiment concerné un jour ouvrable sont réputées introduites le premier jour ouvrable suivant avant cette heure.
Les cours utilisés pour évaluer les actifs à J ou J + 1 doivent être inconnus pour au moins 80 % de la valeur de l’actif net au moment de la clôture des demandes de souscription ou de remboursement d’actions ou de changement de compartiment. Sinon, les cours du jour boursier suivant seront utilisés. Dans ce cas, les dates de calcul de la valeur nette d’inventaire et de paiement des demandes de souscription et de remboursement seront prolongées en conséquence.
L’heure de clôture de la réception des ordres reprise ici ne vaut que pour les institutions assurant le service financier. Pour les distributeurs mentionnés dans le prospectus, l’investisseur doit se renseigner auprès de ces derniers de l’heure à laquelle la réception des ordres est clôturée. | Applications for the subscription or redemption of shares or for a change of sub-fund will be accepted on any business day on which the financial service is open to the public, except on 24 and 31 December.
Share subscription and redemption or change of sub-fund applications received after 3 p.m., 1.30 p.m. or midday (12 p.m.) depending on the specific sub-fund on a business day will be deemed to have been received by that time on the next business day.
The prices used to value the assets on D or D + 1 must be unknown for at least 80% of the net asset value at the cut-off time for receiving share subscription and redemption or change of sub-fund applications. Otherwise, the prices of the next trading day will be used. In this case, the net asset value calculation and subscription and redemption payment dates will be extended accordingly.
The cut-off time for receiving orders stated here applies only to the institutions providing the financial service. Investors are advised to contact the distributors mentioned in the prospectus to enquire about the order reception cut-off time. | en | fr |
DOLFIN269 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Dist.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,656
26.6%
EUR 17,802
10.1% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Dist.) entre 31/01/2014-31/01/2020.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
12 656 EUR
26,6%
17 802 EUR
10,1% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Dist.) between 31/01/2014-31/01/2020.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,656
26.6%
EUR 17,802
10.1% | en | es |
DOLFIN270 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Breakdown by economic sector of Ethna-DEFENSIV
| Breakdown by economic sector 1) |
| --- |
| Government bonds | 14.50 % |
| Food, beverages and tobacco | 13.49 % |
| Diversified financial services | 9.53 % |
| Investment fund units | 8.12 % |
| Pharmaceuticals, biotechnology and biosciences | 7.50 % |
| Software & services | 7.18 % |
| Wholesale and retail | 5.62 % |
| Real estate | 4.62 % |
| Raw materials and supplies | 4.22 % |
| Hardware and equipment | 3.21 % |
| Household goods & personal care products | 2.93 % |
| Automobiles and components | 2.55 % |
| Consumer services | 2.40 % |
| Energy | 1.63 % |
| Transport | 1.60 % |
| Capital goods | 1.46 % |
| Healthcare: Equipment & services | 1.40 % |
| Media | 1.02 % |
| Consumer goods and clothing | 0.86 % |
| Semiconductors & equipment for semiconductor production | 0.66 % |
| Media & entertainment | 0.64 % |
| Food and staples retail | 0.45 % |
| Banks | 0.42 % |
| Utilities | 0.21 % |
| Securities holdings | 96.22 % |
| Futures contracts | 0.00 % |
| Cash at banks 2) | 8.34 % |
| Fixed-term deposits | 2.61 % |
| Other receivables and payables (net) | -7.17 % |
### 7
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report.
### Change over the last 3 financial years
### Unit class (A)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 282.43 | 2,219,384 | -213,566.70 | 127.26 |
| 31/12/2019 | 182.88 | 1,357,495 | -112,415.49 | 134.72 |
| 31/12/2020 | 154.75 | 1,137,862 | -29,418.34 | 136.00 |
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 282.09 | 1,825,924 | -65,334.73 | 154.49 |
| 31/12/2019 | 221.71 | 1,335,896 | -78,381.98 | 165.97 |
| 31/12/2020 | 200.72 | 1,179,083 | -25,890.38 | 170.24 |
### Unit class (T)
### 8
### Unit class (SIA-A)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 5.78 | 11,950 | -43,952.19 | 483.62 |
| 31/12/2019 | 4.20 | 8,183 | -1,877.32 | 513.55 |
| 31/12/2020 | 4.33 | 8,332 | 29.23 | 520.03 |
### Unit class (SIA-T)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 25.08 | 49,828 | -19,312.34 | 503.23 |
| 31/12/2019 | 22.97 | 42,381 | -3,757.32 | 542.03 |
| 31/12/2020 | 19.38 | 34,751 | -4,321.36 | 557.55 |
### Unit class (R-A)*
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 2.73 | 30,935 | -636.11 | 88.15 |
| 31/12/2019 | 2.47 | 26,861 | -369.34 | 92.10 |
| 31/12/2020 | 2.30 | 25,108 | -152.34 | 91.71 |
### Unit class (R-T)*
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 2.07 | 21,805 | -1,585.12 | 94.80 |
| 31/12/2019 | 2.09 | 20,563 | -128.04 | 101.52 |
| 31/12/2020 | 3.15 | 30,306 | 985.37 | 103.82 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Unit class (SIA CHF-T)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR | Unit value CHF |
| --- | --- | --- | --- | --- | --- |
| 31/12/2018 | 16.75 | 39,533 | 7,374.58 | 423.71 | 478.03 1) |
| 31/12/2019 | 17.79 | 37,789 | -100.85 | 470.80 | 512.75 2) |
| 31/12/2020 | 36.33 | 74,928 | 17,496.73 | 484.90 | 525.24 3) |
1) Converted at the foreign exchange rate into EUR as of 31 December 2018: EUR 1 = CHF 1.1282
2) Converted at the foreign exchange rate into EUR as of 31 December 2019: EUR 1 = CHF 1.0891
3) Converted at the foreign exchange rate into EUR as of 31 December 2020: EUR 1 = CHF 1.0832
### 9 | # Répartition sectorielle d’Ethna-DEFENSIV
| Répartition sectorielle 1) |
| --- |
| Emprunts d’Etat | 14,50 % |
| Alimentation, boissons et tabac | 13,49 % |
| Services financiers diversifiés | 9,53 % |
| Parts de fonds d’investissement | 8,12 % |
| Produits pharmaceutiques, biotechnologies et biosciences | 7,50 % |
| Logiciels et services | 7,18 % |
| Commerce de gros et de détail | 5,62 % |
| Immobilier | 4,62 % |
| Matières premières, auxiliaires et carburants | 4,22 % |
| Matériel et équipement informatique | 3,21 % |
| Produits ménagers et de soin personnel | 2,93 % |
| Automobiles et pièces détachées | 2,55 % |
| Services à la consommation | 2,40 % |
| Energie | 1,63 % |
| Transports | 1,60 % |
| Biens d’investissement | 1,46 % |
| Santé : Equipements et services de santé | 1,40 % |
| Médias | 1,02 % |
| Biens de consommation et habillement | 0,86 % |
| Semi-conducteurs et machines pour la production de semi-conducteurs | 0,66 % |
| Médias et divertissements | 0,64 % |
| Commerce de détail alimentaire et d’articles de base | 0,45 % |
| Banques | 0,42 % |
| Services aux collectivités | 0,21 % |
| Portefeuille-titres | 96,22 % |
| Contrats à terme | 0,00 % |
| Avoirs bancaires 2) | 8,34 % |
| Dépôts à terme | 2,61 % |
| Solde des autres créances et engagements | -7,17 % |
### 7
### 100,00 %
1) En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
2) Voir les Notes au rapport.
### Evolution des 3 derniers exercices
### Catégorie de parts (A)
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2018 | 282,43 | 2.219.384 | -213.566,70 | 127,26 |
| 31.12.2019 | 182,88 | 1.357.495 | -112.415,49 | 134,72 |
| 31.12.2020 | 154,75 | 1.137.862 | -29.418,34 | 136,00 |
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2018 | 282,09 | 1.825.924 | -65.334,73 | 154,49 |
| 31.12.2019 | 221,71 | 1.335.896 | -78.381,98 | 165,97 |
| 31.12.2020 | 200,72 | 1.179.083 | -25.890,38 | 170,24 |
### Catégorie de parts (T)
### 8
### Catégorie de parts (SIA-A)
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2018 | 5,78 | 11.950 | -43.952,19 | 483,62 |
| 31.12.2019 | 4,20 | 8.183 | -1.877,32 | 513,55 |
| 31.12.2020 | 4,33 | 8.332 | 29,23 | 520,03 |
### Catégorie de parts (SIA-T)
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2018 | 25,08 | 49.828 | -19.312,34 | 503,23 |
| 31.12.2019 | 22,97 | 42.381 | -3.757,32 | 542,03 |
| 31.12.2020 | 19,38 | 34.751 | -4.321,36 | 557,55 |
### Catégorie de parts (R-A)*
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2018 | 2,73 | 30.935 | -636,11 | 88,15 |
| 31.12.2019 | 2,47 | 26.861 | -369,34 | 92,10 |
| 31.12.2020 | 2,30 | 25.108 | -152,34 | 91,71 |
### Catégorie de parts (R-T)*
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2018 | 2,07 | 21.805 | -1.585,12 | 94,80 |
| 31.12.2019 | 2,09 | 20.563 | -128,04 | 101,52 |
| 31.12.2020 | 3,15 | 30.306 | 985,37 | 103,82 |
* Les catégories de parts (R-A) et (R-T) sont exclusivement destinées à être distribuées en Italie, en France et en Espagne.
### Catégorie de parts (SIA CHF-T)
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actifs nets du fonds en milliers d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2018 | 16,75 | 39.533 | 7.374,58 | 423,71 | 478,03 1) |
| 31.12.2019 | 17,79 | 37.789 | -100,85 | 470,80 | 512,75 2) |
| 31.12.2020 | 36,33 | 74.928 | 17.496,73 | 484,90 | 525,24 3) |
1) Converti en euros au taux de change du 31 décembre 2018 : 1 EUR = 1,1282 CHF
2) Converti en euros au taux de change du 31 décembre 2019 : 1 EUR = 1,0891 CHF
3) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,0832 CHF
### 9 | # Breakdown by economic sector of Ethna-DEFENSIV
| Breakdown by economic sector 1) |
| --- |
| Government bonds | 14.50 % |
| Food, beverages and tobacco | 13.49 % |
| Diversified financial services | 9.53 % |
| Investment fund units | 8.12 % |
| Pharmaceuticals, biotechnology and biosciences | 7.50 % |
| Software & services | 7.18 % |
| Wholesale and retail | 5.62 % |
| Real estate | 4.62 % |
| Raw materials and supplies | 4.22 % |
| Hardware and equipment | 3.21 % |
| Household goods & personal care products | 2.93 % |
| Automobiles and components | 2.55 % |
| Consumer services | 2.40 % |
| Energy | 1.63 % |
| Transport | 1.60 % |
| Capital goods | 1.46 % |
| Healthcare: Equipment & services | 1.40 % |
| Media | 1.02 % |
| Consumer goods and clothing | 0.86 % |
| Semiconductors & equipment for semiconductor production | 0.66 % |
| Media & entertainment | 0.64 % |
| Food and staples retail | 0.45 % |
| Banks | 0.42 % |
| Utilities | 0.21 % |
| Securities holdings | 96.22 % |
| Futures contracts | 0.00 % |
| Cash at banks 2) | 8.34 % |
| Fixed-term deposits | 2.61 % |
| Other receivables and payables (net) | -7.17 % |
### 7
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report.
### Change over the last 3 financial years
### Unit class (A)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 282.43 | 2,219,384 | -213,566.70 | 127.26 |
| 31/12/2019 | 182.88 | 1,357,495 | -112,415.49 | 134.72 |
| 31/12/2020 | 154.75 | 1,137,862 | -29,418.34 | 136.00 |
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 282.09 | 1,825,924 | -65,334.73 | 154.49 |
| 31/12/2019 | 221.71 | 1,335,896 | -78,381.98 | 165.97 |
| 31/12/2020 | 200.72 | 1,179,083 | -25,890.38 | 170.24 |
### Unit class (T)
### 8
### Unit class (SIA-A)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 5.78 | 11,950 | -43,952.19 | 483.62 |
| 31/12/2019 | 4.20 | 8,183 | -1,877.32 | 513.55 |
| 31/12/2020 | 4.33 | 8,332 | 29.23 | 520.03 |
### Unit class (SIA-T)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 25.08 | 49,828 | -19,312.34 | 503.23 |
| 31/12/2019 | 22.97 | 42,381 | -3,757.32 | 542.03 |
| 31/12/2020 | 19.38 | 34,751 | -4,321.36 | 557.55 |
### Unit class (R-A)*
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 2.73 | 30,935 | -636.11 | 88.15 |
| 31/12/2019 | 2.47 | 26,861 | -369.34 | 92.10 |
| 31/12/2020 | 2.30 | 25,108 | -152.34 | 91.71 |
### Unit class (R-T)*
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2018 | 2.07 | 21,805 | -1,585.12 | 94.80 |
| 31/12/2019 | 2.09 | 20,563 | -128.04 | 101.52 |
| 31/12/2020 | 3.15 | 30,306 | 985.37 | 103.82 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Unit class (SIA CHF-T)
| Date | Net fund assets in EUR millions | Outstanding Units | Net inflows in EUR thousands | Unit value EUR | Unit value CHF |
| --- | --- | --- | --- | --- | --- |
| 31/12/2018 | 16.75 | 39,533 | 7,374.58 | 423.71 | 478.03 1) |
| 31/12/2019 | 17.79 | 37,789 | -100.85 | 470.80 | 512.75 2) |
| 31/12/2020 | 36.33 | 74,928 | 17,496.73 | 484.90 | 525.24 3) |
1) Converted at the foreign exchange rate into EUR as of 31 December 2018: EUR 1 = CHF 1.1282
2) Converted at the foreign exchange rate into EUR as of 31 December 2019: EUR 1 = CHF 1.0891
3) Converted at the foreign exchange rate into EUR as of 31 December 2020: EUR 1 = CHF 1.0832
### 9 | en | fr |
DOLFIN271 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This limit is raised to 10% in the case of Relevant Institutions.
- Notwithstanding paragraphs 2.3, 2.7 and 2.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of the Net Asset Value of a Fund:
- investments in Transferable Securities or Money Market Instruments;
- deposits; and/or
- counterparty risk exposures arising from OTC derivative transactions. | Tale limite viene portato al 10% nel caso degli Istituti rilevanti.
- Fatti salvi i paragrafi 2.3, 2.7 e 2.8 di cui sopra, una combinazione di due o più dei seguenti titoli emessi da o sottoscritti presso lo stesso ente non potrà superare il 20% del Valore patrimoniale netto di un Fondo:
- investimenti in Valori mobiliari o Strumenti del mercato monetario;
- depositi; e/o
- esposizioni al rischio di controparte derivanti da operazioni derivate OTC. | This limit is raised to 10% in the case of Relevant Institutions.
- Notwithstanding paragraphs 2.3, 2.7 and 2.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of the Net Asset Value of a Fund:
- investments in Transferable Securities or Money Market Instruments;
- deposits; and/or
- counterparty risk exposures arising from OTC derivative transactions. | en | it |
DOLFIN272 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Which materially relevant risks are not adequately captured by the synthetic in- dicator?
- Market risk: The price volatility of equity markets can change quickly and can-not be assumed to follow historic trends. In adverse market conditions equity securities may be subject to increased volatility which can lead to losses. In the worst case, a company could fail and investments in its equity security can become worthless.
- Global exposure: The global exposure of the sub-fund is calculated and mon- itored under the commitment approach. The global exposure of the sub-fund may not exceed its Net Asset Value. Permanent leverage is not used as part of the investment strategy. Leverage might be caused by foreign exchange hedg- ing transactions (currency futures/forwards), by accrued fees and expenses, or by handling subscription and redemption applications.
- Risk of currency fluctuations: A share class that is denominated in a currency other than the reference currency of the sub-fund exposes the investor to the risk of fluctuations between the currency of the share class and the reference currency of the sub-fund. | # Welche wesentlichen Risiken werden vom Indikator nicht angemessen erfasst?
- Marktrisiko: Die Preisvolatilität der Aktienmärkten kann sich schnell ändernund es darf nicht davon ausgegangen werden, dass sie historischen Trends folgt. Unter schwierigen Marktbedingungen können Aktienwerte einer erhöhten Volatilität ausgesetzt sein, was zu Verlusten führen kann. Im schlimmsten Fall kann es zu einem Ausfall eines Unternehmens kommen, so dass die Anlagen in dessen Aktien wertlos werden.
- Gesamtrisiko: Das Gesamtrisiko des Teilfonds wird nach dem Commitment- Ansatz berechnet und überwacht. Das Gesamtrisiko des Teilfonds darf dessen Nettoinventarwert nicht überschreiten. Eine permanente Hebelung ist nicht Bestandteil der Anlagestrategie. Eine Hebelwirkung kann jedoch durch den Abschluss von Geschäften zur Absicherung von Fremdwährungen (Devisenfutures/-termingeschäfte), durch aufgelaufene Gebühren und Aufwen- dungen oder durch die Abwicklung von Zeichnungs- und Rücknahmeanträgen verursacht werden.
- Risiko von Währungsschwankungen: Eine Aktienklasse, die auf eine ande- re Währung als die Referenzwährung des Teilfonds lautet, setzt den Anleger dem Risiko von Schwankungen zwischen der Währung der Aktienklasse und der Referenzwährung des Teilfonds aus. | # Which materially relevant risks are not adequately captured by the synthetic in- dicator?
- Market risk: The price volatility of equity markets can change quickly and can-not be assumed to follow historic trends. In adverse market conditions equity securities may be subject to increased volatility which can lead to losses. In the worst case, a company could fail and investments in its equity security can become worthless.
- Global exposure: The global exposure of the sub-fund is calculated and mon- itored under the commitment approach. The global exposure of the sub-fund may not exceed its Net Asset Value. Permanent leverage is not used as part of the investment strategy. Leverage might be caused by foreign exchange hedg- ing transactions (currency futures/forwards), by accrued fees and expenses, or by handling subscription and redemption applications.
- Risk of currency fluctuations: A share class that is denominated in a currency other than the reference currency of the sub-fund exposes the investor to the risk of fluctuations between the currency of the share class and the reference currency of the sub-fund. | en | de |
DOLFIN273 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the case of a loss of a financial instrument held in custody, the Depositary shall return a financial in- strument of an identical type or a corresponding amount to the Fund or the Management Company act- ing on behalf of the Fund without undue delay. In accordance with the Law of 17 December 2010 and the applicable regulations, the Depositary shall not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary.
The Depositary is also liable to the Fund, and to the investors of the Fund, for all other losses suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its statutory obliga- tions.
The liability of the Depositary shall not be affected by any delegation as referred to in point 8.
Investors in the Fund may invoke the liability of the Depositary directly or indirectly through the Man- agement Company provided that this does not lead to a duplication of redress or to unequal treatment of the investors. | Bei Verlust eines verwahrten Finanzinstruments gibt die Verwahrstelle dem Fonds oder der für den Fonds handelnden Verwaltungsgesellschaft unverzüglich ein Finanzinstrument gleicher Art zurück oder erstattet einen entsprechenden Betrag. Die Verwahrstelle haftet gemäß dem Gesetz vom 17. Dezember 2010 sowie nach den geltenden Verordnungen nicht, wenn sie nachweisen kann, dass der Verlust auf äußere Ereignisse, die nach vernünftigem Ermessen nicht kontrolliert werden kön- nen und deren Konsequenzen trotz aller angemessenen Anstrengungen nicht hätten vermieden werden können, zurückzuführen ist.
Die Verwahrstelle haftet gegenüber dem Fonds und den Anlegern des Fonds auch für sämtliche sonstige Verluste, die diese infolge einer fahrlässigen oder vorsätzlichen Nichterfüllung der gesetzli- chen Verpflichtungen der Verwahrstelle erleiden.
Die Haftung der Verwahrstelle bleibt von einer etwaigen Übertragung gemäß vorgenanntem Punkt 8 unberührt.
Anleger des Fonds können die Haftung der Verwahrstelle unmittelbar oder mittelbar über die Ver- waltungsgesellschaft geltend machen, vorausgesetzt, dass dies weder zur Verdopplung von Re- gressansprüchen noch zur Ungleichbehandlung der Anleger führt. | In the case of a loss of a financial instrument held in custody, the Depositary shall return a financial in- strument of an identical type or a corresponding amount to the Fund or the Management Company act- ing on behalf of the Fund without undue delay. In accordance with the Law of 17 December 2010 and the applicable regulations, the Depositary shall not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary.
The Depositary is also liable to the Fund, and to the investors of the Fund, for all other losses suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its statutory obliga- tions.
The liability of the Depositary shall not be affected by any delegation as referred to in point 8.
Investors in the Fund may invoke the liability of the Depositary directly or indirectly through the Man- agement Company provided that this does not lead to a duplication of redress or to unequal treatment of the investors. | en | de |
DOLFIN274 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Sustainable Future Trends (formerly Sustainable Multi-Asset)
Schroder ISF Sustainable Future Trends (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Sustainable Future Trends (anteriormente Sustainable Multi-Asset)
Schroder ISF Sustainable Future Trends (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en 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”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del 50% MSCI World EUR Hedged, 30% FTSE World Government Bond Index EUR Hedged y 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del 50% MSCI World EUR Hedged, 30% FTSE World Government Bond Index EUR Hedged y 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 50% MSCI World EUR Hedged, 30% FTSE World Government Bond Index EUR Hedged y 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Sustainable Future Trends (formerly Sustainable Multi-Asset)
Schroder ISF Sustainable Future Trends (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI World EUR Hedged and 30% FTSE World Government Bond Index EUR Hedged and 20% Bloomberg Barclays Global Aggregate Corporate Index EUR Hedged based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN275 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risks in connection with the acquisition of distressed securities:
Individual funds may, in accordance with their investment policy, invest in distressed securities. Distressed securities are securities of companies that are in bankruptcy, otherwise threatened with default or experienc- ing economic difficulties of another nature. These circumstances will result in a rating downgrade – if this has not already transpired – such that these securities will generally be in the “speculative grade” range or worse. Such securities are associated with considerable risks, and the earnings situation is extremely uncertain. There is a risk that restructuring plans, exchange offers, etc. may not be feasible and may have a negative impact on the value of these securities. The current value can rise or fall in an abrupt manner. There is a risk of total loss.
The value of investments in these securities may fluctuate significantly as it depends on future circumstances of the issuer which are not known at the time of investment. In some situations, it might be impossible to sell such assets except subject to considerable discounts or delays, if at all. There is a risk of a complete default, so that the Fund loses its entire investment in the relevant securities. | # Risiken im Zusammenhang mit dem Erwerb von notleidenden Wertpapieren (Distressed Securities):
Einzelne Fonds können gemäß ihrer Anlagepolitik in notleidende Wertpapiere (Distressed Securities) investie- ren. Distressed Securities sind Wertpapiere von Unternehmen, die sich in Konkurs befinden, anderweitig vom Zahlungsverzug bedroht sind oder sich in sonstiger Weise in wirtschaftlichen Schwierigkeiten befinden. Diese Umstände führen, sofern noch nicht erfolgt, zu einer Ratingherabstufung, so dass diese Wertpapiere sich in der Regel im „Speculative Grade“ Bereich oder schlechter befinden. Solche Wertpapiere sind mit erheblichen Risi- ken verbunden und die Ertragssituation ist äußerst unsicher. Es besteht die Gefahr, dass Restrukturierungsplä- ne, Tauschangebote usw. nicht realisierbar sind und negative Auswirkungen auf den Wert dieser Wertpapiere haben. Der aktuelle Wert kann sprunghaft ansteigen oder fallen. Es besteht das Risiko eines Totalverlustes. Der Wert von Anlagen in diesen Wertpapieren kann stark schwanken, da er von künftigen Umständen des Emitten- ten abhängt, welche zum Zeitpunkt der Investition nicht bekannt sind. Diese Wertpapiere können gegebenen- falls nur mit hohen Preisabschlägen, zeitlicher Verzögerung oder gar nicht weiterveräußert werden. Es besteht das Risiko eines vollständigen Ausfalls, so dass der Fonds seine gesamte Anlage in die betreffenden Wertpapie- re verliert. | # Risks in connection with the acquisition of distressed securities:
Individual funds may, in accordance with their investment policy, invest in distressed securities. Distressed securities are securities of companies that are in bankruptcy, otherwise threatened with default or experienc- ing economic difficulties of another nature. These circumstances will result in a rating downgrade – if this has not already transpired – such that these securities will generally be in the “speculative grade” range or worse. Such securities are associated with considerable risks, and the earnings situation is extremely uncertain. There is a risk that restructuring plans, exchange offers, etc. may not be feasible and may have a negative impact on the value of these securities. The current value can rise or fall in an abrupt manner. There is a risk of total loss.
The value of investments in these securities may fluctuate significantly as it depends on future circumstances of the issuer which are not known at the time of investment. In some situations, it might be impossible to sell such assets except subject to considerable discounts or delays, if at all. There is a risk of a complete default, so that the Fund loses its entire investment in the relevant securities. | en | de |
DOLFIN276 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# § 15 Dissolution resolution
The dissolution of the UCITS shall be performed on a mandatory basis in the cases for which provision has been made by law.
The Investment Company may be dissolved at the resolution of the Shareholders’ Meeting. Unit classes may be dis- solved by means of a resolution passed by the Board of Directors. The rules applicable to the dissolution of the SICAV itself are set out in Art. 25 of the Articles.
Investors, heirs and other authorised individuals may not demand the splitting of dissolution of the Investment Company or of a unit class.
The resolution concerning the dissolution of the Investment Company or of a unit class shall be published on the website of the Liechtenstein Investment Fund Association LAFV (www.lafv.li) as well as in the media and on permanent data car- riers as specified in the Prospectus, Articles and Terms and Conditions of Investment (letter, fax, e-mail or similar). From the day of the dissolution resolution onwards, no further units shall be issued, converted or redeemed.
In the event of the dissolution of the Investment Company, the Management Company may liquidate the assets of the Investment Company without delay in the best interests of investors. In other respects, the liquidation of the Investment Company shall be performed in accordance with the provisions of the Liechtenstein Persons and Companies Act (Perso- nen- und Gesellschaftsrecht - "PGR").
If the Management Company dissolves a unit class without dissolving the Investment Company, then all of the units of this class shall be redeemed on the basis of their net asset value applicable at the time. This redemption shall be pub- lished by the Management Company, and the redemption price shall be paid out to the former investors by the Custo- dian. | # § 15 Beschluss zur Auflösung
Die Auflösung des OGAW erfolgt zwingend in den gesetzlich vorgesehenen Fällen.
Die Investmentgesellschaft kann durch Beschluss der Generalversammlung aufgelöst werden. Anteilsklassen können durch Beschluss des Verwaltungsrates aufgelöst werden. Die Regelungen zur Auflösung der SICAV selbst finden sich unter Art. 25 der Satzung.
Anleger, Erben und sonstige Berechtigte können die Auflösung der Investmentgesellschaft oder einer Anteilsklasse nicht verlangen.
Der Beschluss über die Auflösung der Investmentgesellschaft oder einer Anteilsklasse wird auf der Webseite des Liech- tensteinischen Anlagefondsverbandes LAFV (www.lafv.li) sowie sonstigen im Prospekt, Satzung und den Anlagebedin- gungen genannten Medien und dauerhaften Datenträgern (Brief, Fax, E-Mail oder Vergleichbares) veröffentlicht. Vom Tage des Auflösungsbeschlusses an werden keine Anteile mehr ausgegeben, umgetauscht oder zurückgenommen.
Bei Auflösung der Investmentgesellschaft darf die Verwaltungsgesellschaft die Aktiven der Investmentgesellschaft im besten Interesse der Anleger unverzüglich liquidieren. Im Übrigen erfolgt die Liquidation der Investmentgesellschaft ge- mäss den Bestimmungen des liechtensteinischen Personen- und Gesellschaftsrechts (PGR).
Wenn die Verwaltungsgesellschaft eine Anteilsklasse auflöst, ohne die Investmentgesellschaft aufzulösen, werden alle Anteile dieser Klasse zu ihrem dann gültigen Nettoinventarwert zurückgenommen. Diese Rücknahme wird von der Ver- waltungsgesellschaft veröffentlicht und der Rücknahmepreis wird von der Verwahrstelle zugunsten der ehemaligen Anle- ger ausbezahlt. | # § 15 Dissolution resolution
The dissolution of the UCITS shall be performed on a mandatory basis in the cases for which provision has been made by law.
The Investment Company may be dissolved at the resolution of the Shareholders’ Meeting. Unit classes may be dis- solved by means of a resolution passed by the Board of Directors. The rules applicable to the dissolution of the SICAV itself are set out in Art. 25 of the Articles.
Investors, heirs and other authorised individuals may not demand the splitting of dissolution of the Investment Company or of a unit class.
The resolution concerning the dissolution of the Investment Company or of a unit class shall be published on the website of the Liechtenstein Investment Fund Association LAFV (www.lafv.li) as well as in the media and on permanent data car- riers as specified in the Prospectus, Articles and Terms and Conditions of Investment (letter, fax, e-mail or similar). From the day of the dissolution resolution onwards, no further units shall be issued, converted or redeemed.
In the event of the dissolution of the Investment Company, the Management Company may liquidate the assets of the Investment Company without delay in the best interests of investors. In other respects, the liquidation of the Investment Company shall be performed in accordance with the provisions of the Liechtenstein Persons and Companies Act (Perso- nen- und Gesellschaftsrecht - "PGR").
If the Management Company dissolves a unit class without dissolving the Investment Company, then all of the units of this class shall be redeemed on the basis of their net asset value applicable at the time. This redemption shall be pub- lished by the Management Company, and the redemption price shall be paid out to the former investors by the Custo- dian. | en | de |
DOLFIN277 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
How have the indicators for adverse impacts on sustainability factors been taken into account?
Principal Adverse Impacts are part of the KPI collected for the analysis. Issuers with severe Principal Adverse Impacts will be unfavorably noted by the ABA Corporate Responsilibity Rating and will be excluded from the Sub-Fund’s portfolio. A minimum rating of 2 out of 10 is thus consistent to the DNSH approach (Do No Significant Harm to the social or environmental objectives).
How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Issuers with controversies or in severe breach to UN Global Compact Principles (example: human rights or fight against corruption) based on the internal approach are strictly excluded from the Fund’s portfolio.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy- aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives. | Comment les indicateurs concernant les incidences négatives sur les facteurs de durabilité ont-ils été pris en considération ?
Les Principales incidences négatives font partie des KPI collectés pour l’analyse. Si les activités d’un émetteur ont un impact grave associé aux Principales incidences négatives, l’émetteur recevra une notation faible selon le modèle ABA pour la responsabilité d’entreprise et sera exclu du portefeuille du Compartiment. Une note minimale de 2 sur 10 est donc conforme au principe consistant à ne pas causer de préjudice important aux objectifs sociaux ou environnementaux.
Dans quelle mesure les investissements durables sont-ils conformes aux principes directeurs de l’OCDE à l’intention des entreprises multinationales et aux principes directeurs des Nations unies relatifs aux entreprises et aux droits de l’homme ? Description détaillée :
Les émetteurs impliqués dans des controverses ou enfreignant gravement les principes du Pacte mondial des Nations unies (par exemple, en matière de droits de l’homme ou de lutte contre la corruption) selon l’approche interne sont strictement exclus du portefeuille du Fonds.
La taxonomie de l’UE établit un principe consistant à « ne pas causer de préjudice important » en vertu duquel les investissements alignés sur la taxonomie ne devraient pas causer de préjudice important aux objectifs de la taxonomie de l’UE et qui s’accompagne de critères spécifiques de l’UE.
Le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Tout autre investissement durable ne doit pas non plus causer de préjudice important aux objectifs environnementaux ou sociaux. | How have the indicators for adverse impacts on sustainability factors been taken into account?
Principal Adverse Impacts are part of the KPI collected for the analysis. Issuers with severe Principal Adverse Impacts will be unfavorably noted by the ABA Corporate Responsilibity Rating and will be excluded from the Sub-Fund’s portfolio. A minimum rating of 2 out of 10 is thus consistent to the DNSH approach (Do No Significant Harm to the social or environmental objectives).
How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Issuers with controversies or in severe breach to UN Global Compact Principles (example: human rights or fight against corruption) based on the internal approach are strictly excluded from the Fund’s portfolio.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy- aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives. | en | fr |
DOLFIN278 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund is passively managed and aims to invest in the shares of the companies in generally the same proportion as in the Index.
There may be circumstances when it is not possible or practical for the Fund to invest in all constituents of the Index. If the Fund cannot invest directly in the companies that constitute the Index, it may gain exposure by using other investments such as depositary receipts, derivatives or funds.
The Fund may also invest in China A-shares either directly (through the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect) or indirectly through China A-shares Access Products (CAAP) or through funds, including other HSBC funds. The Fund may invest up to 10% of its assets in other funds. | ## El Fondo se gestiona de forma pasiva y tiene como objetivo invertir en las acciones de las empresas, en general, en la misma proporción que en el Índice.
Puede haber circunstancias en las que el Fondo no pueda, o no le resulte conveniente, invertir en todos los componentes del Índice. Si el Fondo no puede invertir directamente en las sociedades que componen el Índice, podrá obtener exposición utilizando otras inversiones, como recibos de depósito, derivados o fondos.
El Fondo puede invertir en acciones de clase A de China de forma directa mediante el Shanghai-Hong Kong Stock Connect o el Shenzhen-Hong Kong Stock Connect, o de forma indirecta mediante productos de acceso a acciones de clase A de China (CAAP, por sus siglas en inglés) u otros fondos, incluidos otros fondos de HSBC. El Fondo puede invertir hasta el 10 % de sus activos en otros fondos. | ## The Fund is passively managed and aims to invest in the shares of the companies in generally the same proportion as in the Index.
There may be circumstances when it is not possible or practical for the Fund to invest in all constituents of the Index. If the Fund cannot invest directly in the companies that constitute the Index, it may gain exposure by using other investments such as depositary receipts, derivatives or funds.
The Fund may also invest in China A-shares either directly (through the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect) or indirectly through China A-shares Access Products (CAAP) or through funds, including other HSBC funds. The Fund may invest up to 10% of its assets in other funds. | en | es |
DOLFIN279 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### This Prospectus may not be used for the purpose of an offer or entreaty to sell in any country or under any circumstances in which such an offer or entreaty is not authorised.
The Company is approved as an Undertaking for Collective Investment in Transferable Securities (UCITS) in Luxembourg. It is fully or partially authorised to market its shares in Austria, Chile, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Mexico, the Netherlands, Norway, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Not all the Sub-Funds, Categories, or Classes are necessarily registered in those countries. Before subscribing, it is vital that potential investors ensure that they are informed about the Sub-Funds, Categories, or Classes that are authorised to be marketed in their country of residence and the constraints applicable in each of these countries.
In particular, the Company’s shares have not been registered in accordance with any legal or regulatory provisions in the United States of America. Consequently, this document may not be introduced, transmitted or distributed in that country, or its territories or possessions, or sent to its residents, nationals, or any other companies, associations, employee benefit plans or entities whose assets constitute employee benefit plan assets whether or not subject to the United States Employee Retirement Income Securities Act of 1974, as amended (collectively, "Benefit Plans"), or entities incorporated in or governed by the laws of that country. Furthermore, the Company’s shares may not be offered or sold to such persons.
In addition, no one may issue any information other than that presented in the Prospectus or the documents mentioned in it, which may be consulted by the public. The Company’s Board of Directors vouches for the accuracy of the information contained in the Prospectus on the date of publication.
Lastly, the Prospectus may be updated to take account of additional or closed sub-funds or any significant changes to the Company’s structure and operating methods. Therefore, subscribers are recommended to request any more recent documents as mentioned below under the “Information for Shareholders” section. Subscribers are also recommended to seek advice on the laws and regulations (such as those relating to taxation and exchange controls) applicable to the subscription, purchase, holding and redemption of shares in their country of origin, residence or domicile. | ### Ce Prospectus ne peut être utilisé à des fins d’offre et de sollicitation de vente dans tout pays ou dans toute circonstance où une telle offre ou sollicitation n’est pas autorisée.
La Société est agréée comme Organisme de Placement Collectif en Valeurs Mobilières (OPCVM) au Luxembourg. Elle est pleinement ou partiellement autorisée à commercialiser ses actions en Allemagne, en Autriche, au Chili, au Danemark, en Espagne, en Finlande, en France, en Irlande, en Italie, au Luxembourg, au Mexique, en Norvège, aux Pays-Bas, en République Tchèque, au Royaume-Uni, à Singapour, en Suède et en Suisse. Tous les Compartiments, Catégories ou Classes d’actions ne sont pas nécessairement enregistré(e)s dans ces pays. Avant de souscrire, il est indispensable que les investisseurs potentiels se renseignent sur les Compartiments, Catégories ou Classes d’actions qui sont autorisé(e)s à la commercialisation dans leur pays de résidence et sur les contraintes éventuelles propres à chacun de ces pays.
En particulier, les actions de la Société n’ont pas été enregistrées conformément à une quelconque des dispositions légales ou réglementaires des États-Unis d’Amérique. Ce document ne peut en conséquence être introduit, transmis ou distribué dans ce pays, ou dans ses territoires ou possessions, ou remis à ses résidents, à ses ressortissants ou à toutes autres formes de sociétés, associations ou régimes d’avantages sociaux dont les actifs constituent des actifs de régime d’avantages sociaux, qu’ils soient ou non soumis aux dispositions du United States Employee Retirement Income Securities Act de 1974, tel qu’amendé (collectivement, les « Régimes d’avantages sociaux »), ni à des entités créées ou régies selon les lois de ce pays. Par ailleurs, les actions de la Société ne peuvent être ni offertes ni vendues à ces mêmes personnes.
Par ailleurs, nul ne peut faire état d’autres renseignements que ceux figurant dans le Prospectus ainsi que dans les documents mentionnés dans celui-ci, qui peuvent être consultés par le public. Le Conseil d’administration de la Société engage sa responsabilité sur l’exactitude des informations contenues dans le Prospectus à sa date de publication.
Enfin, le Prospectus est susceptible de connaître des mises à jour prenant en compte l’ajout ou la suppression de compartiments ainsi que toutes modifications significatives apportées à la structure et aux modes de fonctionnement de la Société. Il est par conséquent recommandé aux souscripteurs de requérir tous documents plus récents comme mentionné sous la rubrique « Information des actionnaires » infra. Il est également recommandé aux souscripteurs de se faire conseiller sur les lois et réglementations (telles que celles concernant la fiscalité et le contrôle des changes) applicables à la souscription, l’achat, la détention et au rachat d’actions dans leur pays d’origine, de résidence ou de domicile. | ### This Prospectus may not be used for the purpose of an offer or entreaty to sell in any country or under any circumstances in which such an offer or entreaty is not authorised.
The Company is approved as an Undertaking for Collective Investment in Transferable Securities (UCITS) in Luxembourg. It is fully or partially authorised to market its shares in Austria, Chile, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Mexico, the Netherlands, Norway, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Not all the Sub-Funds, Categories, or Classes are necessarily registered in those countries. Before subscribing, it is vital that potential investors ensure that they are informed about the Sub-Funds, Categories, or Classes that are authorised to be marketed in their country of residence and the constraints applicable in each of these countries.
In particular, the Company’s shares have not been registered in accordance with any legal or regulatory provisions in the United States of America. Consequently, this document may not be introduced, transmitted or distributed in that country, or its territories or possessions, or sent to its residents, nationals, or any other companies, associations, employee benefit plans or entities whose assets constitute employee benefit plan assets whether or not subject to the United States Employee Retirement Income Securities Act of 1974, as amended (collectively, "Benefit Plans"), or entities incorporated in or governed by the laws of that country. Furthermore, the Company’s shares may not be offered or sold to such persons.
In addition, no one may issue any information other than that presented in the Prospectus or the documents mentioned in it, which may be consulted by the public. The Company’s Board of Directors vouches for the accuracy of the information contained in the Prospectus on the date of publication.
Lastly, the Prospectus may be updated to take account of additional or closed sub-funds or any significant changes to the Company’s structure and operating methods. Therefore, subscribers are recommended to request any more recent documents as mentioned below under the “Information for Shareholders” section. Subscribers are also recommended to seek advice on the laws and regulations (such as those relating to taxation and exchange controls) applicable to the subscription, purchase, holding and redemption of shares in their country of origin, residence or domicile. | en | fr |
DOLFIN280 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les chiffres comparatifs indiqués dans les états financiers sont ceux de la période de six mois clôturée le 30 juin 2020 pour le Compte de résultat et pertes et l'État des variations de l'actif net attribuable aux détenteurs d’actions de participation rachetables et au 31 décembre 2020 pour le Bilan.
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#### ÉVÈNEMENTS SIGNIFICATIFS INTERVENUS AU COURS DE LA PÉRIODE | Las cifras utilizadas a efectos comparativos en las cuentas son las del semestre finalizado el 30 de junio de 2020 en el caso de la Cuenta de pérdidas y ganancias y el Estado de variaciones del Patrimonio neto atribuible a los titulares de Acciones de participación reembolsables, y las cifras a 31 de diciembre de 2020 en el caso del Balance.
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#### ACONTECIMIENTOS SIGNIFICATIVOS DURANTE EL PERIODO | Les chiffres comparatifs indiqués dans les états financiers sont ceux de la période de six mois clôturée le 30 juin 2020 pour le Compte de résultat et pertes et l'État des variations de l'actif net attribuable aux détenteurs d’actions de participation rachetables et au 31 décembre 2020 pour le Bilan.
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#### ÉVÈNEMENTS SIGNIFICATIFS INTERVENUS AU COURS DE LA PÉRIODE | fr | es |
DOLFIN281 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# § 16 Reasons for the dissolution
Insofar as the net assets of the Investment Company fall below a level that is necessary for cost-effective management, as well as in the event of a significant change in the political, economic or monetary policy environment or within the
framework of a rationalisation, the Management Company may resolve to redeem or to annul all units of the UCITS or of a unit class at the net asset value (taking account of the actual realisation prices and realisation costs of the investments) of the valuation date on which the corresponding resolution becomes effective. | # § 16 Gründe für die Auflösung
Soweit das Nettovermögen der Investmentgesellschaft einen Wert unterschreitet, der für eine wirtschaftlich effiziente Verwaltung erforderlich ist sowie im Falle einer wesentlichen Änderung im politischen, wirtschaftlichen oder geldpoliti- schen Umfeld oder im Rahmen einer Rationalisierung kann die Verwaltungsgesellschaft beschliessen, alle Anteile des OGAW oder einer Anteilsklasse zum Nettoinventarwert (unter Berücksichtigung der tatsächlichen Realisierungskurse und Realisierungskosten der Anlagen) des Bewertungstages, zu welchem der entsprechende Beschluss wirksam wird, zurückzunehmen oder zu annullieren. | # § 16 Reasons for the dissolution
Insofar as the net assets of the Investment Company fall below a level that is necessary for cost-effective management, as well as in the event of a significant change in the political, economic or monetary policy environment or within the
framework of a rationalisation, the Management Company may resolve to redeem or to annul all units of the UCITS or of a unit class at the net asset value (taking account of the actual realisation prices and realisation costs of the investments) of the valuation date on which the corresponding resolution becomes effective. | en | de |
DOLFIN282 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
La rentabilité de ce produit dépend de l'évolution future du marché. L'évolution future des marchés est incertaine et ne peut être déterminée avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés sont uniquement des exemples de la performance la moins bonne, moyenne et la meilleure enregistrée par le produit ces 13 dernières années. Les marchés pourraient se comporter très différemment à l'avenir.
| Période de détention recommandée: 8 ans Exemple d'investissement: $10000 Si vous sortez après 1 Si vous sortez après 8 an ans Scénarios |
| --- |
| Minimum | Il n'existe aucune garantie de rendement si vous vendez votre placement avant une durée de 8 an(s). Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $780 | $230 |
| Rendement annuel moyen | -92.2% | -37.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $2240 | $2040 |
| Rendement annuel moyen | -77.6% | -18.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10090 | $16310 |
| Rendement annuel moyen | 0.9% | 6.3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $32260 | $69070 |
| Rendement annuel moyen | 222.6% | 27.3% |
Le scénario de tension indique le montant que vous pourriez récupérer dans des conditions de marché extrêmes.
Les chiffres indiqués comprennent tous les coûts du produit lui-même. Les chiffres indiqués ne prennent pas en compte votre situation fiscale personnelle, qui peut également avoir une incidence sur le montant que vous recevrez.
Ces types de scénarios s'appliquaient à un placement effectué entre 2009-11-01 et 2022-10-01. | # Escenarios de rentabilidad
Lo que reciba de este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto en los últimos 13 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Periodo de mantenimiento recomendado: 8 años Ejemplo de inversión: $10000 En caso de salida En caso de salida después de 1 año después de 8 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida dentro de un período de 8 año(s). Puede perder la totalidad o parte de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $780 | $230 |
| Rendimiento medio cada año | -92.2% | -37.5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $2240 | $2040 |
| Rendimiento medio cada año | -77.6% | -18.0% |
| Moderado | Lo que podría recibir tras deducir los costes | $10090 | $16310 |
| Rendimiento medio cada año | 0.9% | 6.3% |
| Favorable | Lo que podría recibir tras deducir los costes | $32260 | $69070 |
| Rendimiento medio cada año | 222.6% | 27.3% |
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Estos tipos de escenarios se produjeron para una inversión entre 2009-11-01 y 2022-10-01. | # Scénarios de performance
La rentabilité de ce produit dépend de l'évolution future du marché. L'évolution future des marchés est incertaine et ne peut être déterminée avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés sont uniquement des exemples de la performance la moins bonne, moyenne et la meilleure enregistrée par le produit ces 13 dernières années. Les marchés pourraient se comporter très différemment à l'avenir.
| Période de détention recommandée: 8 ans Exemple d'investissement: $10000 Si vous sortez après 1 Si vous sortez après 8 an ans Scénarios |
| --- |
| Minimum | Il n'existe aucune garantie de rendement si vous vendez votre placement avant une durée de 8 an(s). Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $780 | $230 |
| Rendement annuel moyen | -92.2% | -37.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $2240 | $2040 |
| Rendement annuel moyen | -77.6% | -18.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10090 | $16310 |
| Rendement annuel moyen | 0.9% | 6.3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $32260 | $69070 |
| Rendement annuel moyen | 222.6% | 27.3% |
Le scénario de tension indique le montant que vous pourriez récupérer dans des conditions de marché extrêmes.
Les chiffres indiqués comprennent tous les coûts du produit lui-même. Les chiffres indiqués ne prennent pas en compte votre situation fiscale personnelle, qui peut également avoir une incidence sur le montant que vous recevrez.
Ces types de scénarios s'appliquaient à un placement effectué entre 2009-11-01 et 2022-10-01. | fr | es |
DOLFIN283 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Suspension risks
The Company may suspend calculation of the Net Asset Value and the subscription and redemption of Shares of one or more Funds under certain circumstances (see under the heading “Temporary Suspensions” in this Prospectus). During such suspension it may be difficult for investors to buy or sell ETF Shares on the secondary market and the secondary market price may not reflect the Net Asset Value per Share. In the event that the Company has to suspend the subscription and/or redemption of Shares of a Fund, or if a stock exchange on which a Fund’s underlying investments are traded is closed, it is expected that larger discounts or premiums could arise.
The Net Asset Value per Share will fluctuate with changes in the market value of the Fund’s holdings, and with changes in the exchange rate between the currency in which the Fund’s holdings are denominated and the Base Currency of the Fund. Investors are reminded that, even though the Net Asset Value per Share may be converted and reported in a currency denomination other than the Base Currency, there is no assurance that such converted amount can actually be achieved. Depending on an investors currency of reference, currency fluctuations may adversely affect the value of an investment in a Fund. | ###### Risques de suspension
La Société peut suspendre le calcul de la Valeur liquidative et la souscription et le rachat d’Actions d’un ou plusieurs Compartiments dans certaines circonstances (voir la rubrique intitulée « Suspensions temporaires » du présent Prospectus). En cas de suspension, il peut être difficile pour les investisseurs d’acheter ou vendre les Actions ETF sur le marché secondaire et le prix du marché secondaire est susceptible de ne pas refléter la Valeur liquidative par Action. Au cas où la Société aurait à suspendre la souscription et/ou le rachat des Actions d'un Compartiment, ou lorsqu'une bourse sur laquelle les investissements sous-jacents d'un Compartiment sont négociés est fermée, d'importantes décotes ou primes sont susceptibles de survenir.
La Valeur liquidative par Action fluctuera en fonction des modifications de la valeur de marché des avoirs du Compartiment et des taux de change entre la devise de dénomination des avoirs du Compartiment et la devise de base du Compartiment. Les investisseurs doivent noter que, même si la Valeur liquidative par Action peut être convertie et déclarée dans une devise autre que la Devise de base, il est impossible de garantir que le montant converti puisse être réellement réalisé. En fonction de la devise de référence d’un investisseur, les fluctuations de devise peuvent affecter négativement la valeur d’un investissement dans le Compartiment. | ##### Suspension risks
The Company may suspend calculation of the Net Asset Value and the subscription and redemption of Shares of one or more Funds under certain circumstances (see under the heading “Temporary Suspensions” in this Prospectus). During such suspension it may be difficult for investors to buy or sell ETF Shares on the secondary market and the secondary market price may not reflect the Net Asset Value per Share. In the event that the Company has to suspend the subscription and/or redemption of Shares of a Fund, or if a stock exchange on which a Fund’s underlying investments are traded is closed, it is expected that larger discounts or premiums could arise.
The Net Asset Value per Share will fluctuate with changes in the market value of the Fund’s holdings, and with changes in the exchange rate between the currency in which the Fund’s holdings are denominated and the Base Currency of the Fund. Investors are reminded that, even though the Net Asset Value per Share may be converted and reported in a currency denomination other than the Base Currency, there is no assurance that such converted amount can actually be achieved. Depending on an investors currency of reference, currency fluctuations may adversely affect the value of an investment in a Fund. | en | fr |
DOLFIN284 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Currency risk
The Fund invests in foreign markets and could be impacted by changes in exchange rates resulting in an increase or decrease of the value of the investments.
Risk of capital loss
The fund has no guarantee or protection of the capital invested. There is a risk you may not get back all of the capital you invest.
1
KIID (Key Investor Information Document) risk scale. Risk category 3 reflects limited potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indi- cator of the Fund’s future risk profile. The risk category associated with this Fund is not guaranteed and may change over time. The weakest category does not mean “risk-free”. The level of risk of this Fund primarily reflects risks for equities, bonds, participating securities and rights in the European market.
2
The management team is subject to change. | # PRINCIPALES RIESGOS DEL FONDO
Riesgo asociado a las inversiones realizadas en otros OIC/OICVM
Son los riesgos inherentes a estos OIC/OICVM, como el riesgo de fluctuación de la moneda del país en el que invierte el OIC, la normativa de control del tipo de cambio, la aplicación de la legislación fiscal de los distintos países, etc.
Riesgo asociado a instrumentos financieros derivados
Son riesgos de variación en el valor de mercado del subyacente, riesgos de liquidez, riesgos de gestión y riesgos de impago de la contraparte.
Riesgo de divisa
El Fondo invierte en mercados extranjeros y puede verse afectado por variaciones de los tipos de cam- bio que den lugar a un aumento o una disminución del valor de las inversiones.
Riesgo de pérdida de capital
El Fondo carece de cualquier garantía o protección del capital invertido. Cabe la posibilidad de que no recupere todo el capital que invirtió.
1
Escala de riesgo del DFI (documento de Datos Fundamentales para el Inversor). La categoría de riesgo 3 refleja un poten- cial de ganancia y/o pérdida limitado del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sintético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo refleja principalmente el riesgo de renta variable, bonos, títulos o derechos de participación en el mercado europeo.
2
El equipo de gestión puede cambiar. | # MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Currency risk
The Fund invests in foreign markets and could be impacted by changes in exchange rates resulting in an increase or decrease of the value of the investments.
Risk of capital loss
The fund has no guarantee or protection of the capital invested. There is a risk you may not get back all of the capital you invest.
1
KIID (Key Investor Information Document) risk scale. Risk category 3 reflects limited potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indi- cator of the Fund’s future risk profile. The risk category associated with this Fund is not guaranteed and may change over time. The weakest category does not mean “risk-free”. The level of risk of this Fund primarily reflects risks for equities, bonds, participating securities and rights in the European market.
2
The management team is subject to change. | en | es |
DOLFIN285 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Redemptions may be in cash and/or in kind.
If the redemption in kind corresponds to a representative proportion of the assets in the portfolio, then only the written agreement signed by the redeeming shareholder must be obtained by the UCITS or the management company. Where the redemption in kind does not correspond to a representative portion of the assets in the portfolio, all shareholders must provide written agreement authorising the redeeming shareholder to redeem its shares for certain particular assets, as explicitly defined in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the agreement of the portfolio management company and in compliance with the interests of shareholders, be made in kind under the conditions defined in the prospectus or the Fund regulations. The assets are delivered by the issuer’s account holder under the conditions set out in the prospectus.
In general, the redeemed assets are valued according to the rules set out in Article 4 and the redemption in kind is made based at the first net asset value following acceptance of the securities concerned. | # Les rachats peuvent être effectués en numéraire et/ou en nature
Si le rachat en nature correspond à une quote-part représentative des actifs du portefeuille, alors seul l’accord écrit signé du porteur sortant doit être obtenu par l’OPCVM ou la société de gestion. Lorsque le rachat en nature ne correspond pas à une quote-part représentative des actifs du portefeuille, l’ensemble des porteurs doivent signifier leur accord écrit autorisant le porteur sortant à obtenir le rachat de ses parts contre certains actifs particuliers, tels que définis explicitement dans l’accord.
Par dérogation à ce qui précède, lorsque le fonds est un ETF, les rachats sur le marché primaire peuvent, avec l’accord de la société de gestion de portefeuille et dans le respect de l’intérêt des porteurs de parts, s’effectuer en nature dans les conditions définies dans le prospectus ou le règlement du fonds. Les actifs sont alors livrés par le teneur de compte émetteur dans les conditions définies dans le prospectus du fonds.
De manière générale, les actifs rachetés sont évalués selon les règles fixées à l’article 4 et le rachat en nature est réalisé sur la base de la première valeur liquidative suivant l’acceptation des valeurs concernées. | # Redemptions may be in cash and/or in kind.
If the redemption in kind corresponds to a representative proportion of the assets in the portfolio, then only the written agreement signed by the redeeming shareholder must be obtained by the UCITS or the management company. Where the redemption in kind does not correspond to a representative portion of the assets in the portfolio, all shareholders must provide written agreement authorising the redeeming shareholder to redeem its shares for certain particular assets, as explicitly defined in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the agreement of the portfolio management company and in compliance with the interests of shareholders, be made in kind under the conditions defined in the prospectus or the Fund regulations. The assets are delivered by the issuer’s account holder under the conditions set out in the prospectus.
In general, the redeemed assets are valued according to the rules set out in Article 4 and the redemption in kind is made based at the first net asset value following acceptance of the securities concerned. | en | fr |
DOLFIN286 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As we normally do with index readjustments, we took a position as soon as we found the risk return to be at a suitable level.
The fund's positive performance is attributable to a number of elements that are independent of market movements, including the negative performance of the cash compartment of the fund in the context of the negative EONIA.
In the fourth quarter of 2019, our performance was positive thanks in particular to the very good month of December. Our long positions in Prosus NV and Apple recorded a positive performance.
The second quarter of 2020, marked by the global pandemic, was one of the best quarters in our history, with more substantial index readjustments.
At the end of 2011, we introduced relative value strategies. These new strategies made a contribution to the performance of the fund in moderate proportions. Lastly it should be noted that the fund did not make use of credit derivatives.
The Candriam Index Arbitrage fund primarily applies discretionary, statistical arbitrage strategies (index rebalancing and pair trading) on equities or indices. The portfolio composition therefore changed over the year to reflect the positions taken following index readjustments and other events.
Largest movements of the year: | Fedeli alla nostra abitudine sui riadeguamenti degli indici, abbiamo assunto posizioni laddove il rischio-rendimento ci è parso favorevole.
La performance positiva del fondo è riconducibile a diversi elementi indipendenti dei movimenti di mercato, tra cui la performance negativa del segmento cash del fondo, dato il contesto negativo dell'EONIA.
Nel quarto trimestre 2019, abbiamo realizzato una performance positiva, soprattutto grazie a un ottimo mese di dicembre. Le nostre posizioni lunghe su Prosus NV e Apple hanno registrato una performance positiva.
Il secondo trimestre 2020, segnato dalla pandemia mondiale, è stato uno dei trimestri migliori della nostra storia, con importanti riadeguamenti degli indici.
Abbiamo introdotto a fine 2011 alcune strategie di valore relativo. Queste nuove strategie hanno partecipato alla performance del fondo, in proporzioni che permangono misurate. È infine da notare che il fondo non ha fatto ricorso ai derivati di credito.
Il Fondo Candriam Index Arbitrage attua principalmente strategie di arbitraggio statistiche discrezionali (index arbitrage & pair trading) su titoli o indici. Pertanto, la composizione del portafoglio si è evoluta nel corso dell’anno in funzione delle posizioni assunte a seguito, tra l’altro, dei riadeguamenti degli indici.
Principali movimenti dell'esercizio: | As we normally do with index readjustments, we took a position as soon as we found the risk return to be at a suitable level.
The fund's positive performance is attributable to a number of elements that are independent of market movements, including the negative performance of the cash compartment of the fund in the context of the negative EONIA.
In the fourth quarter of 2019, our performance was positive thanks in particular to the very good month of December. Our long positions in Prosus NV and Apple recorded a positive performance.
The second quarter of 2020, marked by the global pandemic, was one of the best quarters in our history, with more substantial index readjustments.
At the end of 2011, we introduced relative value strategies. These new strategies made a contribution to the performance of the fund in moderate proportions. Lastly it should be noted that the fund did not make use of credit derivatives.
The Candriam Index Arbitrage fund primarily applies discretionary, statistical arbitrage strategies (index rebalancing and pair trading) on equities or indices. The portfolio composition therefore changed over the year to reflect the positions taken following index readjustments and other events.
Largest movements of the year: | en | it |
DOLFIN287 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
MORNINGSTAR INFORMATION
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year(if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
©2020 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. | INFORMAZIONI MORNINGSTAR
Il Morningstar Rating sui fondi, o "star rating", è calcolato su prodotti in gestione (compresi fondi comuni, sotto-conti variable annuity e variable life, fondi negoziati in borsa, fondi chiusi e conti separati) con uno storico di almeno tre anni. A fini comparativi, i fondi negoziati in borsa e i fondi comuni di investimento di tipo aperto sono considerati un'entità unica. Il calcolo è basato su una misurazione Morningstar di rendimento regolato sul rischio che considera le variazioni in una performance in eccesso mensile del prodotto gestito, con maggiore enfasi sulle variazioni in ribasso e avvantaggiando una performance duratura. Il Morningstar Rating non comprende aggiustamenti per commissioni di vendita. In ciascuna categoria di prodotti, il migliore 10% riceve 5 stelle, il seguente 22,5% riceve 4 stelle, il seguente 35% riceve 3 stelle, il seguente 22,5% riceve 2 stelle e il rimanente 10% riceve 1 stella. L'Overall Morningstar Rating sui prodotti gestiti è derivato da una media ponderata dei dati sulla performance associati alla misurazione Morningstar Rating a tre, cinque e (se applicabile) 10 anni. I pesi sono: 100% rating a tre anni per 36-59 mesi di rendimenti totali, 60% rating a cinque anni/40% rating a tre anni per 60-119 mesi di rendimenti totali e 50% rating a 10 anni/30%
rating a cinque anni/20% rating a tre anni per 120 o più mesi di rendimenti totali. Sebbene la formula generale di star rating a 10 anni sembri concedere più peso al periodo decennale, il periodo triennale più recente ha l'impatto maggiore in quanto è compreso in tutti e tre i periodi di rating.
©2020 Morningstar, Inc. Tutti i diritti riservati. Le informazioni qui contenute (1) sono di proprietà di Morningstar e/o dei suoi fornitori di contenuti; (2) non possono essere riprodotte o distribuite e (3) la loro esattezza, completezza o tempestività non sono garantite. Morningstar e i suoi fornitori di contenuti non sono in alcun caso responsabili di danni o perdite derivanti dall’uso delle presenti informazioni. I rendimenti passati non costituiscono una garanzia di quelli futuri. | MORNINGSTAR INFORMATION
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year(if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
©2020 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. | en | it |
DOLFIN288 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Although exposure will be primarily sought on equity markets, the Sub-fund may invest up to 100% of its net assets in debt securities and money market instruments denominated in dollars or other currencies.
The Sub-fund seeks to invest in issues from public or private issuers with a residual maturity of a maximum of 397 days for fixed-rate issues and a maximum of two years for variable-rate issues.
These securities, rated primarily as “investment grade”, i.e. those for which the issuer default risk is lowest (securities with a rating greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
However, it should be noted that securities that have not been rated by a rating agency but have been rated as ‘ Investment Grade’ by the Management Company will be limited to 15% of the net assets.
The Sub-fund may also invest up to 10% of its net assets in “High Yield” securities, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating lower than BBB- or a short-term rating lower than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
In addition, the Sub-fund may invest up to 10% of its net assets in units or shares of UCIs or other eligible Investment Funds, regardless of their classification, in particular in order to:
- increase exposure to equity markets or to diversify exposure to other asset classes (e.g. funds invested in securities of companies in the commodities or real estate sectors);
- or for cash management purposes (money market and bond UCIs). | Aunque se perseguirá la exposición principalmente a mercados de renta variable, el subfondo podrá invertir hasta el 100 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario denominados en dólares u otras divisas.
El subfondo se centrará en las emisiones de emisores públicos o privados con una duración residual máxima de 397 días en el caso de las emisiones a tipo fijo y de hasta dos años en el caso de las emisiones a tipo variable.
Estos títulos contarán con una calificación principal de «Investment Grade», es decir, aquellos que presentan el menor riesgo de incumplimiento del emisor (con una calificación superior o equivalente a BBB- o cuya calificación a corto plazo es superior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente). No obstante, se especifica que los títulos no calificados por ninguna agencia de calificación, pero que tengan una calificación de categoría de inversión («Investment Grade») de la sociedad gestora, no supondrán más del 15 % del patrimonio neto.
Con un límite del 10 % del patrimonio neto, el subfondo podrá utilizar valores de alto rendimiento o «High Yield», es decir, valores especulativos cuyo riesgo de incumplimiento del emisor es más elevado (valores con una calificación inferior a BBB- o cuya calificación a corto plazo es inferior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
Además, el subfondo puede invertir hasta un máximo del 10 % del patrimonio neto, en participaciones o acciones de la IIC u otros fondos de inversión elegibles, cualquiera que sea su clasificación, con el fin de:
- aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo, fondos invertidos en títulos de sociedades del sector de materias primas o del sector inmobiliario); o
- gestionar la liquidez (IIC del mercado monetario y de renta fija). | Although exposure will be primarily sought on equity markets, the Sub-fund may invest up to 100% of its net assets in debt securities and money market instruments denominated in dollars or other currencies.
The Sub-fund seeks to invest in issues from public or private issuers with a residual maturity of a maximum of 397 days for fixed-rate issues and a maximum of two years for variable-rate issues.
These securities, rated primarily as “investment grade”, i.e. those for which the issuer default risk is lowest (securities with a rating greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
However, it should be noted that securities that have not been rated by a rating agency but have been rated as ‘ Investment Grade’ by the Management Company will be limited to 15% of the net assets.
The Sub-fund may also invest up to 10% of its net assets in “High Yield” securities, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating lower than BBB- or a short-term rating lower than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
In addition, the Sub-fund may invest up to 10% of its net assets in units or shares of UCIs or other eligible Investment Funds, regardless of their classification, in particular in order to:
- increase exposure to equity markets or to diversify exposure to other asset classes (e.g. funds invested in securities of companies in the commodities or real estate sectors);
- or for cash management purposes (money market and bond UCIs). | en | es |
DOLFIN289 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### FRANKLIN EUROPEAN TOTAL RETURN FUND
The Fund employs a proprietary environmental, social and governance (ESG) rating methodology with the aim to avoid investment in issuers that are lagging in the transition to support a low-carbon economy. The ESG rating methodology is applied to at least 90% of issuers present in the Fund’s portfolio and is binding for the portfolio construction.
In relation to corporate issuers, the Fund uses a combination of external and internal data inputs to determine ‘climate transition performance’ (i.e. the extent to which an issuer is responding to the threat of climate change, for example by engaging in a combination of decarbonisation of products and services, establishing low or no emissions infrastructure, and reducing or eliminating reliance on fossil fuels, including revenue generated from fossil fuels), including but not limited to issuers’ direct emissions trajectory relative to peers, decarbonisation of product and services portfolio, and the assessment of opportunities in clean technology and energy.
In relation to government and government-related issuers, the Fund uses a combination of data inputs to determine ‘climate transition performance’, including but not limited to issuers’ environmental risk exposure and environmental risk management. These include data relating to energy resource management, resource conservation, water resource management, environmental performance, management of environmental externalities, energy security risk, productive land and mineral resources, vulnerability to environmental events and environmental externalities. The Fund is not permitted to invest in sovereign bonds issued by countries that have insufficient scoring according to the Freedom House Index, or those with an ESG rating of CCC according to MSCI.
ESG factors are an important component of the Fund’s corporate credit research process, combining bottom-up fundamental credit analysis with a review of any material ESG factors to arrive at a holistic assessment of credit strengths, weaknesses and potential risks. The Investment Managers’ analysts may work with issuers presenting specific carbon emissions, water and wastewater issues so as to improve the risk-management they apply in these areas.
Across the entire portfolio | ##### FRANKLIN EUROPEAN TOTAL RETURN FUND
Il Comparto utilizza una metodologia proprietaria di rating in materia ambientale, sociale e di governance (ESG) al fine di evitare di investire in emittenti carenti sul fronte della transizione verso un’economia a basse emissioni di carbonio. La metodologia di rating ESG viene applicata ad almeno il 90% degli emittenti presenti nel portafoglio del Comparto ed è vincolante per la costruzione del portafoglio.
Con riferimento agli emittenti societari, il Comparto utilizza una combinazione di fonti di dati interne ed esterne per determinare le “performance relativa alla transizione climatica” (ovvero la misura in cui un emittente sta affrontando la minaccia del cambiamento climatico, ad esempio attraverso una combinazione di decarbonizzazione di prodotti e servizi, introduzione di un’infrastruttura a emissioni basse o nulle, ma anche riduzione o eliminazione della dipendenza da fonti rinnovabili, inclusi i ricavi provenienti da combustibili fossili), tra cui, senza peraltro limitarvisi, la traiettoria delle emissioni dirette degli emittenti rispetto agli omologhi, la decarbonizzazione del portafoglio di prodotti e servizi e la valutazione di opportunità nel campo delle tecnologie e delle energie pulite.
Con riferimento agli emittenti sovrani e parastatali, il Comparto utilizza una combinazione di fonti di dati per determinare la “performance sulla transizione energetica”, tra cui, senza peraltro limitarvisi, l’esposizione al rischio ambientale e la gestione del rischio ambientale da parte degli emittenti. Rientrano in questo discorso i dati relativi alla gestione delle risorse energetiche, alla conservazione delle risorse, alla gestione delle risorse idriche, alle performance ambientali, alla gestione delle esternalità ambientali, al rischio di sicurezza energetica, alle risorse produttive naturali e minerali, alla vulnerabilità a eventi ed esternalità ambientali. Il Comparto non può investire in titoli di Stato emessi da paesi che esibiscono un punteggio insufficiente secondo il Freedom House Index, o da paesi con un rating ESG pari a CCC secondo MSCI.
I fattori ESG costituiscono una componente importante del processo di ricerca sul credito societario del Comparto, che unisce l’analisi del credito fondamentale bottom-up con la disamina di eventuali criteri ESG rilevanti per giungere a una valutazione olistica dei punti di forza e di debolezza sotto il profilo creditizio, nonché dei potenziali rischi associati. Gli analisti dei Gestori del Portafoglio potranno lavorare con emittenti che esibiscono problematiche specifiche in materia di emissioni di carbonio, risorse idriche e acque reflue al fine di migliorare la gestione del rischio applicata in queste aree.
A livello dell’intero portafoglio | ##### FRANKLIN EUROPEAN TOTAL RETURN FUND
The Fund employs a proprietary environmental, social and governance (ESG) rating methodology with the aim to avoid investment in issuers that are lagging in the transition to support a low-carbon economy. The ESG rating methodology is applied to at least 90% of issuers present in the Fund’s portfolio and is binding for the portfolio construction.
In relation to corporate issuers, the Fund uses a combination of external and internal data inputs to determine ‘climate transition performance’ (i.e. the extent to which an issuer is responding to the threat of climate change, for example by engaging in a combination of decarbonisation of products and services, establishing low or no emissions infrastructure, and reducing or eliminating reliance on fossil fuels, including revenue generated from fossil fuels), including but not limited to issuers’ direct emissions trajectory relative to peers, decarbonisation of product and services portfolio, and the assessment of opportunities in clean technology and energy.
In relation to government and government-related issuers, the Fund uses a combination of data inputs to determine ‘climate transition performance’, including but not limited to issuers’ environmental risk exposure and environmental risk management. These include data relating to energy resource management, resource conservation, water resource management, environmental performance, management of environmental externalities, energy security risk, productive land and mineral resources, vulnerability to environmental events and environmental externalities. The Fund is not permitted to invest in sovereign bonds issued by countries that have insufficient scoring according to the Freedom House Index, or those with an ESG rating of CCC according to MSCI.
ESG factors are an important component of the Fund’s corporate credit research process, combining bottom-up fundamental credit analysis with a review of any material ESG factors to arrive at a holistic assessment of credit strengths, weaknesses and potential risks. The Investment Managers’ analysts may work with issuers presenting specific carbon emissions, water and wastewater issues so as to improve the risk-management they apply in these areas.
Across the entire portfolio | en | it |
DOLFIN290 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Does this financial product consider principal adverse impacts on sustainability factors?
☒ Yes, the principal adverse impacts on sustainability factors have been taken into account by the external ISS data provider. The management company takes into account the 14 negative sustainability impact indicators and 2 optional indicators as defined by Regulation (EU) 2019/2088. A monthly report is produced and sent to the managers who use the information to manage the fund. The information to be published pursuant to Article 11(2) of Regulation (EU) 2019/2088 is available at Our products - La Française Group (la- francaise.com).
- No | # Ce produit financier prend-il en considération les principales incidences négatives sur les facteurs de durabilité?
☒ Oui, Les principales incidences négatives sur les facteurs de durabilité ont été pris en compte par le fournisseur externe de données ISS. La société de gestion prend en compte les 14 indicateurs d'incidences négatives sur la durabilité et 2 indicateurs optionnels comme définis par le Règlement (UE) 2019/2088. Un rapport mensuel est produit et envoyé aux gérants qui utilisent les informations pour gérer le fonds. L'information à publier en application de l'article 11(2) du Règlement (UE) 2019/2088 est disponible au Nos produits - Groupe La Française (la-francaise.com)
- Non | # Does this financial product consider principal adverse impacts on sustainability factors?
☒ Yes, the principal adverse impacts on sustainability factors have been taken into account by the external ISS data provider. The management company takes into account the 14 negative sustainability impact indicators and 2 optional indicators as defined by Regulation (EU) 2019/2088. A monthly report is produced and sent to the managers who use the information to manage the fund. The information to be published pursuant to Article 11(2) of Regulation (EU) 2019/2088 is available at Our products - La Française Group (la- francaise.com).
- No | en | fr |
DOLFIN291 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Maturity breakdown (%)
Cash
5.4
0 - 1 year
1 - 3 years
3 - 5 years
5 - 7 years
7 - 10 years Cash
8.7
7.9
5.4
13.2
24.3
40.5
Disclaimer
For Professional Investors only and not to be distributed to or relied upon by retail clients.
This is a marketing communication. Please refer to the Prospectus of the Fund and to the Key Investor Information Document before making any final investment decisions. The relevant documents can be found at aegonam.com. The principal risk of this product is the loss of capital.
Past performance does not predict future returns. Outcomes, including the payment of income, are not guaranteed. Costs may increase or decrease as a result of currency and exchange rate fluctuations.
All data is sourced to Aegon Asset Management unless otherwise stated. The document is accurate at the time of writing but is subject to change without notice. Data attributed to a third party ("3rd Party Data") is proprietary to that third party and/or other suppliers (the "Data Owner") and is used by Aegon Investment Management B.V. under license. 3rd Party Data: (i) may not be copied or distributed; and (ii) is not warranted to be accurate, complete or timely. None of the Data Owner, Aegon Investment Management B.V. or any other person connected to, or from whom Aegon Investment Management B.V. sources, 3rd Party Data is liable for any losses or liabilities arising from use of 3rd Party Data.
Aegon Asset Management Europe ICAV is an umbrella type open-ended investment company with variable capital, registered in the Republic of Ireland (Company No. C153036) at 25-28 North Wall Quay, International Financial Services Centre, Dublin 1. Board of Directors: M. Kirby, S.Donald and B. Wright. Aegon Asset Management Europe ICAV is regulated by the Central Bank of Ireland. Aegon Investment Management B.V. is the investment manager and promoter for Aegon Asset management Europe ICAV. Aegon Asset Management UK plc is an appointed sub-promoter for Aegon Asset management Europe ICAV.
Aegon Asset Management UK plc is authorized and regulated by the Financial Conduct Authority. Aegon Investment Management B.V. is registered with the Netherlands Authority for the Financial Markets as a licensed fund management company. On the basis of its fund management license Aegon Investment Management B.V. is also authorized to provide individual portfolio management and advisory services. | # Ripartizione per scadenze (%)
Liquidità
5,4
0 - 1 anno
1 - 3 anni
3 - 5 anni
5 - 7 anni
7 - 10 anni Liquidità
8,7
7,9
5,4
13,2
24,3
40,5
Disclaimer
Riservato a Investitori professionali e non destinato a essere distribuito a, o preso in considerazione da, clienti retail.
Questa è una comunicazione di marketing. Si prega di fare riferimento al Prospetto del Fondo e al KIID (Key Investor Information Document) prima di prendere qualsiasi decisione finale di investimento. I documenti pertinenti sono disponibili all'indirizzo aegonam.com. Il rischio principale di questo prodotto è la perdita del capitale.
Le performance passate non sono indicative dei rendimenti futuri. I risultati, compreso il pagamento di un reddito, non sono garantiti. I costi possono aumentare o diminuire a causa delle fluttuazioni della valuta e dei tassi di cambio.
Tutti i dati sono forniti da Aegon Asset Management, salvo altrimenti indicato. Il documento è accurato alla data di redazione, ma è soggetto a modifiche senza preavviso. I dati attribuiti a una terza parte ("Dati di terze parti") sono di proprietà di tale terza parte e/o di altri fornitori (il "Titolare dei dati") e vengono utilizzati da Aegon Investment Management B.V. su licenza. I Dati di terze parti: (i) non possono essere copiati o distribuiti; e (ii) non se ne garantisce la precisione, la completezza o la tempestività. Nessun Titolare dei dati, Aegon Investment Management B.V. né qualsiasi altro soggetto collegato a, o da cui Aegon Investment Management B.V. ricavi Dati di terze parti è responsabile per eventuali perdite o passività derivanti dall'uso di Dati di terze parti.
Aegon Asset Management Europe ICAV è una società d'investimento a capitale variabile multicomparto di tipo aperto registrata nella Repubblica d'Irlanda con il numero C153036, con sede in 25-28 North Wall Quay, International Financial Services Centre, Dublino 1. Consiglio d'amministrazione: M. Kirby, S. Donald e B. Wright. Aegon Asset Management Europe ICAV è regolamentata dalla Banca Centrale d'Irlanda. Aegon Investment Management B.V. è il gestore degli investimenti e promotore di Aegon Asset Management Europe ICAV. Aegon Asset Management UK plc è un sub-promotore nominato per Aegon Asset Management Europe ICAV.
Aegon Asset Management UK plc è autorizzata e regolamentata dalla Financial Conduct Authority. Aegon Investment Management B.V. è registrata presso la Netherlands Authority for the Financial Markets come società di gestione di fondi autorizzata. Sulla base della licenza di gestione di fondi, Aegon Investment Management B.V. è inoltre autorizzata a fornire servizi di consulenza e gestione di portafogli individuali. | # Maturity breakdown (%)
Cash
5.4
0 - 1 year
1 - 3 years
3 - 5 years
5 - 7 years
7 - 10 years Cash
8.7
7.9
5.4
13.2
24.3
40.5
Disclaimer
For Professional Investors only and not to be distributed to or relied upon by retail clients.
This is a marketing communication. Please refer to the Prospectus of the Fund and to the Key Investor Information Document before making any final investment decisions. The relevant documents can be found at aegonam.com. The principal risk of this product is the loss of capital.
Past performance does not predict future returns. Outcomes, including the payment of income, are not guaranteed. Costs may increase or decrease as a result of currency and exchange rate fluctuations.
All data is sourced to Aegon Asset Management unless otherwise stated. The document is accurate at the time of writing but is subject to change without notice. Data attributed to a third party ("3rd Party Data") is proprietary to that third party and/or other suppliers (the "Data Owner") and is used by Aegon Investment Management B.V. under license. 3rd Party Data: (i) may not be copied or distributed; and (ii) is not warranted to be accurate, complete or timely. None of the Data Owner, Aegon Investment Management B.V. or any other person connected to, or from whom Aegon Investment Management B.V. sources, 3rd Party Data is liable for any losses or liabilities arising from use of 3rd Party Data.
Aegon Asset Management Europe ICAV is an umbrella type open-ended investment company with variable capital, registered in the Republic of Ireland (Company No. C153036) at 25-28 North Wall Quay, International Financial Services Centre, Dublin 1. Board of Directors: M. Kirby, S.Donald and B. Wright. Aegon Asset Management Europe ICAV is regulated by the Central Bank of Ireland. Aegon Investment Management B.V. is the investment manager and promoter for Aegon Asset management Europe ICAV. Aegon Asset Management UK plc is an appointed sub-promoter for Aegon Asset management Europe ICAV.
Aegon Asset Management UK plc is authorized and regulated by the Financial Conduct Authority. Aegon Investment Management B.V. is registered with the Netherlands Authority for the Financial Markets as a licensed fund management company. On the basis of its fund management license Aegon Investment Management B.V. is also authorized to provide individual portfolio management and advisory services. | en | it |
DOLFIN292 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Complaints handling policies are available in English, French, German, Dutch and Italian on our website at www.comgest.com in the regulatory information section. Comgest Growth Plc may decide to terminate at any time the arrangements made for the marketing of its UCITS.
Index Source: MSCI. This report contains information (the “Information”) sourced from MSCI Inc., its affiliates or information providers (the “MSCI Parties”) and may have been used to calculate scores, ratings or other indicators. The Information is for internal use only, and may not be reproduced/redisseminated in any form, or used as a basis for or a component of any financial instruments or products or indices. The MSCI Parties do not warrant or guarantee the originality, accuracy and/or completeness of any data or Information herein and expressly disclaim all express or implied warranties, including of merchantability and fitness for a particular purpose. The Information is not intended to constitute investment advice or a recommendation to make (or refrain from making) any investment decision and may not be relied on as such, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the MSCI Parties shall have any liability for any errors or omissions in connection with any data or Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Environment Footprint Source: S&P Trucost Limited © Trucost 2022. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, nor its affiliates, nor its licensors accept any liability for any errors, omissions or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost’s express written consent. | Les politiques de traitement des réclamations sont disponibles en anglais, français, allemand, néerlandais et italien sur notre site Internet www.comgest.com dans la rubrique informations réglementaires. Comgest Growth Plc peut décider de mettre fin à tout moment aux modalités de commercialisation de ses OPCVM.
Source de l’indice : MSCI. Ce document contient des informations (les « Informations ») fournies par MSCI Inc, ses sociétés affiliées ou fournisseurs de données (les « Parties MSCI ») qui peuvent avoir été utilisées pour le calcul de scores, de notations et d’autres indicateurs. Les Informations sont réservées à un usage interne et ne doivent être ni reproduites ni diffusées sous quelque forme que ce soit, ni utilisées comme référence ou composant de tout instrument, de produit financier ou d’indice. Les Parties MSCI ne garantissent pas l’authenticité, l’exactitude et/ou l’exhaustivité des données ou des Informations du présent document et déclinent expressément toutes les garanties expresses ou implicites, y compris la qualité marchande ou l'adéquation à un usage particulier. Les Informations ne sont pas destinées à constituer un conseil en investissement ou une recommandation pour prendre (ou s’abstenir de prendre) une décision d’investissement et ne peuvent être considérées comme telles, ni comme une indication ou une garantie de performance, d’analyse, de prévision ou de prédiction future. Aucune des Parties MSCI ne saurait être responsable de toute erreur ou omission relative aux données ou aux Informations du présent document, et des dommages directs, indirects, particuliers, de caractère punitif, consécutifs ou de tout autre dommage (y compris pertes de profits), et ce même si la possibilité de tels dommages avait été signalée.
Source de l’empreinte environnementale : S&P Trucost Limited © Trucost 2022. Tous les droits relatifs aux données et rapports Trucost appartiennent à Trucost et/ou à ses donneurs de licence. Ni Trucost, ni ses sociétés affiliées, ni ses donneurs de licence ne sont responsables des erreurs, des omissions ou des interruptions dans les données et/ou les rapports Trucost. Aucune autre distribution des données et/ou des rapports Trucost n’est autorisée sans l’accord écrit de Trucost. | Complaints handling policies are available in English, French, German, Dutch and Italian on our website at www.comgest.com in the regulatory information section. Comgest Growth Plc may decide to terminate at any time the arrangements made for the marketing of its UCITS.
Index Source: MSCI. This report contains information (the “Information”) sourced from MSCI Inc., its affiliates or information providers (the “MSCI Parties”) and may have been used to calculate scores, ratings or other indicators. The Information is for internal use only, and may not be reproduced/redisseminated in any form, or used as a basis for or a component of any financial instruments or products or indices. The MSCI Parties do not warrant or guarantee the originality, accuracy and/or completeness of any data or Information herein and expressly disclaim all express or implied warranties, including of merchantability and fitness for a particular purpose. The Information is not intended to constitute investment advice or a recommendation to make (or refrain from making) any investment decision and may not be relied on as such, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the MSCI Parties shall have any liability for any errors or omissions in connection with any data or Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Environment Footprint Source: S&P Trucost Limited © Trucost 2022. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, nor its affiliates, nor its licensors accept any liability for any errors, omissions or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost’s express written consent. | en | fr |
DOLFIN293 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The data used to calculate the synthetic indicator is based on the historical performance of the share class and cannot be used as a basis for the future risk and reward profile of this share class. The sub-fund is primarily subject to the price volatility of the global stock markets. The share class has been assigned to the aforementioned risk and reward category, because its value may vary due to the investment policy described above. The factors underlying the risk and reward classifi- cation may be subject to change, resulting in the share class being assigned to a new category. Even the lowest risk and reward category does not correspond to a risk-free investment. A detai-
led description of risks can be found in the “Risk profile” section of the respective sub-fund an- nex to the prospectus. The following risks have no direct influence on this classification, but may nevertheless be of significance: Investments in the stocks of smaller and less well-known compa- nies are associated with greater risks and the potential for greater price volatility than invest- ments in larger, more mature and better-known companies. Investments outside the eurozone are subject to currency risk.
generated by FactsheetsLIVE™ - www.factsheetslive.com | Die zur Berechnung des nebenstehenden synthetischen Indikators verwendeten Daten basieren auf der historischen Wertentwicklung der Anteilsklasse und können nicht als Grundlage für das künftige Risiko- und Ertragsprofil der Anteilsklasse dienen. Der Teilfonds unterliegt primär der Kursvolatilität der Aktienmärkte weltweit. Die Anteilsklasse ist in die oben ausgewiesene Risiko- und Ertragskategorie eingestuft, weil ihr Wert aufgrund der vorbenannten Anlagepolitik schwan- ken kann. Der der ausgewiesenen Risiko- und Ertragskategorie zu Grunde liegende Sachverhalt kann sich verändern und zu einer Neueinstufung der Anteilsklasse führen. Selbst die niedrigste
Risiko- und Ertragskategorie ist nicht mit einer risikolosen Anlage gleichzusetzen. Eine ausführli- che Darstellung der Risiken findet sich im Abschnitt „Risikoprofil“ des jeweiligen Teilfondsan- hangs des Verkaufsprospektes. Folgende Risiken haben auf diese Einstufung keinen unmittelba- ren Einfluss, können aber trotzdem von Bedeutung sein: Anlagen in die Werte kleinerer, weni- ger bekannter Unternehmen bergen größere Risiken und die Möglichkeit größerer Kursvolatili- tät als Anlagen in größere, reifere und besser bekannte Unternehmen. Außerhalb des Eurowäh- rungsraums besteht ein Währungsrisiko.
generated by FactsheetsLIVE™ - www.factsheetslive.com | The data used to calculate the synthetic indicator is based on the historical performance of the share class and cannot be used as a basis for the future risk and reward profile of this share class. The sub-fund is primarily subject to the price volatility of the global stock markets. The share class has been assigned to the aforementioned risk and reward category, because its value may vary due to the investment policy described above. The factors underlying the risk and reward classifi- cation may be subject to change, resulting in the share class being assigned to a new category. Even the lowest risk and reward category does not correspond to a risk-free investment. A detai-
led description of risks can be found in the “Risk profile” section of the respective sub-fund an- nex to the prospectus. The following risks have no direct influence on this classification, but may nevertheless be of significance: Investments in the stocks of smaller and less well-known compa- nies are associated with greater risks and the potential for greater price volatility than invest- ments in larger, more mature and better-known companies. Investments outside the eurozone are subject to currency risk.
generated by FactsheetsLIVE™ - www.factsheetslive.com | en | de |
DOLFIN294 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## 2022 Review
2022 was the year that the long running fixed income and credit bull market finally unwound. There were violent interest rate moves in the year, changing macroeconomic narratives, a war that no one expected or believed would continue to still be going on. The era of negative and zero yields came abruptly to a stop. Inflation was persistent for the first time in decades. Risk assets felt the brunt of a strong repricing but there was widespread recovery in markets into year end.
In Asia credit, the most startling and notable occurrence was the complete collapse of the China property sector with a raft of defaults and restructurings. Like 2021, it is interesting to note, many Asia credit pundits picked China High Yield property as the highest value sector/strongest overweight, and this was a source of significant losses, like 2021. Unlike 2021, though, spread repricing and interest rates impacted the market as a whole and it was one of the weakest years in performance. We also had stress in weaker Asian sovereigns (Pakistan and Sri Lanka), a mini-liquidity crisis in Korea that was driven by crowding out driven by KEPCO and eventually led to regulators/government intervening, and continued COVID pressure in China. As the year closed though, there were silver linings in China (policy support/changes).
After a tumultuous first ten months, the interest rate and broad market rally carried from November into December. It abruptly ended when the Bank of Japan unexpectedly raised widened the yield curve controltarget band, continued hawkish European Central Bank and Federal Reserve rhetoric and a strong US labour markets offsetting reducing inflation. While discount ratesrates moved higher, led by Australian Commonwealth Government Bonds and Bunds, Chinese rates fell on COVID proliferating onshore in China. Higher bond yields weighed on global equities and led to a soft finish, except for HK/China markets as the sudden and immediate end to China’s Zero Covid Policy. The volatility in markets and sudden policy shifts in a seasonal thin market were a fitting end to a most turbulent year. Prepare for more waves in 2023.
The Asian market had a muted year in issuance - Asia ex-Japan supply was down 54% year on year. The J.P. Morgan Asia Credit Index (JACI) returned -11% in 2022. The total performance was driven by credit spread widening, higher interest rates, a low starting yield and defaults/restructurings. The lack of supply was a result of reduced demand and funding costs leading issuers away to alternate sources. | ## Revue 2022
2022 a été l'année où le long marché haussier des titres à revenu fixe et du crédit s'est finalement dénoué. L'année a été marquée par de fortes fluctuations des taux d'intérêt, des changements dans les scénarios macroéconomiques et une guerre à laquelle personne ne s'attendait ou dont personne ne croyait qu'elle se poursuivrait. L'ère des rendements négatifs et nuls s'est brusquement arrêtée. L'inflation a été persistante pour la première fois depuis des décennies. Les actifs à risque ont subi les conséquences d'une forte réévaluation, mais les marchés se sont largement redressés jusqu'à la fin de l'année.
Dans le domaine du crédit asiatique, l'événement le plus surprenant et le plus notable a été l'effondrement complet du secteur immobilier en Chine, avec une série de défaillances et de restructurations. Comme en 2021, il est intéressant de noter que de nombreux experts du crédit asiatique ont choisi l'immobilier chinois à haut rendement comme le secteur le plus valorisé/la plus forte surpondération, et à nouveau comme en 2021, cela a été une source de pertes importantes. Contrairement à 2021, cependant, la réévaluation des spreads et les taux d'intérêt ont eu un impact sur le marché dans son ensemble et cette année a été l'une des plus faibles en termes de performance. Nous avons également connu des tensions sur les obligations souveraines asiatiques plus faibles (Pakistan et Sri Lanka), une mini-crise de liquidité en Corée, due à un effet d'éviction provoqué par KEPCO qui a finalement conduit à l'intervention des régulateurs/du gouvernement, ainsi qu'une pression continue sur le front de la pandémie de COVID en Chine. Toutefois, à la fin de l'année, des éléments positifs sont apparus en Chine (soutien politique/changement de politique).
Après dix premiers mois tumultueux, les taux d'intérêt et le marché en général ont rebondi en novembre et en décembre. Cette reprise s'est brusquement terminée lorsque la Banque du Japon a, contre toute attente, élargi la fourchette cible de la courbe des taux, alors que la Banque centrale européenne et la Réserve fédérale ont tenu sans discontinuer un discours ferme et que la vigueur des marchés du travail américains a compensé l'inflation en recul. Pendant que les taux d'actualisation augmentaient, notamment grâce aux obligations du gouvernement du Commonwealth australien et aux Bunds, les taux chinois ont baissé sur fond de prolifération de la COVID en Chine continentale. La hausse des rendements obligataires a pesé sur les actions mondiales et a conduit à une fin d'année en demi-teinte, à l'exception des marchés de Hong Kong et de Chine, en raison de l'arrêt soudain et immédiat de la politique « zéro Covid » de la Chine. La volatilité des marchés et les changements soudains de politique dans un marché saisonnier étroit ont clôturé en beauté une année des plus turbulentes. Préparez-vous à de nouvelles vagues en 2023.
Le marché asiatique a connu une année mitigée en termes d'émissions. L'offre en Asie hors Japon a baissé de 54 % par rapport à l'année précédente. L'indice J.P. Morgan Asia Credit (JACI) a enregistré un rendement de -11 % en 2022. La performance totale est due à l'élargissement des écarts de crédit, à la hausse des taux d'intérêt, à la faiblesse du rendement initial et aux défaillances/restructurations. Le manque d'offre est le résultat d'une demande réduite et de coûts de financement qui ont conduit les émetteurs à se tourner vers d'autres sources. | ## 2022 Review
2022 was the year that the long running fixed income and credit bull market finally unwound. There were violent interest rate moves in the year, changing macroeconomic narratives, a war that no one expected or believed would continue to still be going on. The era of negative and zero yields came abruptly to a stop. Inflation was persistent for the first time in decades. Risk assets felt the brunt of a strong repricing but there was widespread recovery in markets into year end.
In Asia credit, the most startling and notable occurrence was the complete collapse of the China property sector with a raft of defaults and restructurings. Like 2021, it is interesting to note, many Asia credit pundits picked China High Yield property as the highest value sector/strongest overweight, and this was a source of significant losses, like 2021. Unlike 2021, though, spread repricing and interest rates impacted the market as a whole and it was one of the weakest years in performance. We also had stress in weaker Asian sovereigns (Pakistan and Sri Lanka), a mini-liquidity crisis in Korea that was driven by crowding out driven by KEPCO and eventually led to regulators/government intervening, and continued COVID pressure in China. As the year closed though, there were silver linings in China (policy support/changes).
After a tumultuous first ten months, the interest rate and broad market rally carried from November into December. It abruptly ended when the Bank of Japan unexpectedly raised widened the yield curve controltarget band, continued hawkish European Central Bank and Federal Reserve rhetoric and a strong US labour markets offsetting reducing inflation. While discount ratesrates moved higher, led by Australian Commonwealth Government Bonds and Bunds, Chinese rates fell on COVID proliferating onshore in China. Higher bond yields weighed on global equities and led to a soft finish, except for HK/China markets as the sudden and immediate end to China’s Zero Covid Policy. The volatility in markets and sudden policy shifts in a seasonal thin market were a fitting end to a most turbulent year. Prepare for more waves in 2023.
The Asian market had a muted year in issuance - Asia ex-Japan supply was down 54% year on year. The J.P. Morgan Asia Credit Index (JACI) returned -11% in 2022. The total performance was driven by credit spread widening, higher interest rates, a low starting yield and defaults/restructurings. The lack of supply was a result of reduced demand and funding costs leading issuers away to alternate sources. | en | fr |
DOLFIN295 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### This fund (collective investment scheme) may only be offe- red in Switzerland to qualified investors in accordance with Art. 10 of the Collective Investment Schemes Act (CISA).
-
#### Representative | #### Dieser Fonds (kollektive Kapitalanlage) darf in der Schweiz ausschliesslich qualifizierten Anleger nach Art. 10 des Kol- lektivanlagengesetz (KAG) angeboten werden.
-
#### Vertreter | #### This fund (collective investment scheme) may only be offe- red in Switzerland to qualified investors in accordance with Art. 10 of the Collective Investment Schemes Act (CISA).
-
#### Representative | en | de |
DOLFIN296 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Fees
Management fee 0.80%
Performance fee None
Service fee 0.16%
Expected transaction costs 0.07%
NN Group NV Financials 2.56
La Mondiale SAM Financials 2.46
Total 28.56 | # Frais
Frais de gestion financière 0,80%
Commission de performance Aucun
Commission de service 0,16%
Coûts de transaction attendus 0,07%
NN Group NV Finance 2,56
La Mondiale SAM Finance 2,46
Total 28,56 | # Fees
Management fee 0.80%
Performance fee None
Service fee 0.16%
Expected transaction costs 0.07%
NN Group NV Financials 2.56
La Mondiale SAM Financials 2.46
Total 28.56 | en | fr |
DOLFIN297 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The value of all transferable securities, money market instruments and financial derivatives that are listed on an exchange or traded on any other regulated market that operates regularly and is recognised and open to the public shall be determined according to the last available price.
If Company investments are listed on a stock exchange or traded on another regulated market that operates regularly and is recognised and open to the public and traded by market makers outside the stock market on which the investments are listed or the market on which they are traded, the Board of Directors may determine a principal market for the investments in question, which shall thereafter be valued at the last price available on this market.
Financial derivatives not listed on an official stock exchange or traded on any other regulated market that operates regularly and is recognised and open to the public shall be valued in accordance with market practice, as may be described in greater detail in the Prospectus.
The value of units representing any open-ended undertaking for collective investment shall be determined using the last official net asset value per unit or the last net asset value estimate if this value is more recent than the official net asset value, provided that the Company is guaranteed that the valuation method used for this estimate is consistent with that used for the calculation of the official net asset value. | La valeur de toutes valeurs mobilières, instruments du marché monétaire et instruments financiers dérivés qui sont cotés sur une bourse ou négociés sur tout autre marché réglementé, qui fonctionne de manière régulière, est reconnu et ouvert au public est déterminée suivant leur dernier cours disponible.
Dans les cas où des investissements de la SICAV sont cotés en bourse ou négociés sur un autre marché réglementé, qui fonctionne de manière régulière, est reconnu et ouvert au public et négociés par des teneurs de marché en dehors du marché boursier sur lequel les investissements sont cotés ou du marché sur lequel ils sont négociés, le conseil d'administration pourra déterminer le marché principal pour les investissements en question qui seront dès lors évalués au dernier cours disponible sur ce marché.
Les instruments financiers dérivés qui ne sont pas cotés sur une bourse officielle ou négociés sur tout autre marché réglementé, qui fonctionne de manière régulière et est reconnu et ouvert au public, seront évalués en conformité avec la pratique de marché, telle qu'elle pourra être décrite plus en détail dans le Prospectus.
La valeur des titres représentatifs de tout Organisme de Placement Collectif ouvert sera déterminée suivant la dernière valeur nette d'inventaire officielle par part ou suivant la dernière valeur nette d'inventaire estimative si cette dernière est plus récente que la valeur nette d'inventaire officielle, à condition que la Société ait l'assurance que la méthode d'évaluation utilisée pour cette estimation est cohérente avec celle utilisée pour le calcul de la valeur nette d'inventaire officielle. | The value of all transferable securities, money market instruments and financial derivatives that are listed on an exchange or traded on any other regulated market that operates regularly and is recognised and open to the public shall be determined according to the last available price.
If Company investments are listed on a stock exchange or traded on another regulated market that operates regularly and is recognised and open to the public and traded by market makers outside the stock market on which the investments are listed or the market on which they are traded, the Board of Directors may determine a principal market for the investments in question, which shall thereafter be valued at the last price available on this market.
Financial derivatives not listed on an official stock exchange or traded on any other regulated market that operates regularly and is recognised and open to the public shall be valued in accordance with market practice, as may be described in greater detail in the Prospectus.
The value of units representing any open-ended undertaking for collective investment shall be determined using the last official net asset value per unit or the last net asset value estimate if this value is more recent than the official net asset value, provided that the Company is guaranteed that the valuation method used for this estimate is consistent with that used for the calculation of the official net asset value. | en | fr |
DOLFIN298 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Euro Dollar Bond Index, the Fund’s benchmark index.
The Fund invests predominantly in the fixed income (FI) securities (such as bonds) that make up the Fund’s benchmark index (which comprises US denominated credit bonds).
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The benchmark index measures the performance of USD denominated government, supranational, agency, corporate, financial and asset-backed securities (i.e. financial securities which are backed by cash flows from debt), FI securities with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the security) and maturities (i.e. the time until the security becomes due for repayment) and credit ratings.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund is passively managed and intends to replicate in similar proportions the Benchmark Index by holding the equity securities which make up the Benchmark Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener la rentabilidad total de su inversión, a través de una combinación de revalorización del capital y rendimientos, que refleje la rentabilidad del Índice FTSE Euro Dollar Bond, el índice de referencia del Fondo.
El Fondo invierte principalmente en los valores de renta fija (RF) (como bonos) que componen el índice de referencia del Fondo (que está integrado por bonos corporativos denominados en USD).
Los valores de RF podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) y tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la compra. Si las calificaciones de solvencia de un valor de RF se revisan a la baja, el Fondo podrá seguir manteniéndolo hasta que resulte factible vender la posición.
El índice de referencia mide la rentabilidad de valores del Estado, supranacionales, de agencia, corporativos, financieros y respaldados por activos (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda), valores de renta fija con distintas fechas de reembolso (es decir, la fecha en la que parte o la totalidad del importe principal y los intereses se paguen durante la duración del valor) y vencimientos (es decir, el periodo hasta que la fecha en que el valor se debe reembolsar) y calificaciones de solvencia.
El Fondo utiliza técnicas con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el índice de referencia, 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 (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo se gestiona de forma pasiva y trata de replicar el Índice de referencia manteniendo los valores de renta variable que componen el Índice de referencia en unas proporciones similares.
El Fondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio para generar rendimientos adicionales y compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 USD.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Euro Dollar Bond Index, the Fund’s benchmark index.
The Fund invests predominantly in the fixed income (FI) securities (such as bonds) that make up the Fund’s benchmark index (which comprises US denominated credit bonds).
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The benchmark index measures the performance of USD denominated government, supranational, agency, corporate, financial and asset-backed securities (i.e. financial securities which are backed by cash flows from debt), FI securities with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the security) and maturities (i.e. the time until the security becomes due for repayment) and credit ratings.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund is passively managed and intends to replicate in similar proportions the Benchmark Index by holding the equity securities which make up the Benchmark Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN299 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### The restrictions set out under letters a and b above do not apply to:
- transferable securities and money market instruments issued or guaranteed by a Member State of the European Union or its local public authorities;
- transferable securities and money market instruments issued or guaranteed by a State that is not a member of the European Union;
- transferable securities and money market instruments issued by international public bodies of which one or more Member States of the European Union are members;
- Shares held by the Company in the capital of a company of a non-member State of the European Union that primarily invests its assets in the securities of issuers of that State where, under the legislation of that State, such an investment constitutes the only way in which the Company can invest in the securities of issuers of that state. This derogation only applies, however, on condition that the investment policy of the company of the non-member of the European Union complies with the limits laid down in the provisions contained in Section B, with the exception of points 6 and 7. Should the limits set out in Section B be exceeded, with the exception of the limits set out in points 6, 7 and 9, Article 49 of the Law of 2010 will apply by analogy;
- Shares held by one or more investment companies in the capital of subsidiary companies carrying out, exclusively on their behalf, management, advisory and marketing activities in the country in which the subsidiary is located, in regard to the redemption of units at unitholders' request.
- Regarding derivative transactions, the Company will comply with the limits and restrictions set out in “Part III: Additional information” of the Company’s prospectus under Chapter IV “Techniques and instruments” hereafter. | ##### Las restricciones enunciadas en los apartados a y b anteriores no serán aplicables en lo concerniente a:
- valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado miembro de la Unión Europea o sus autoridades públicas locales;
- valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado que no forme parte de la Unión Europea;
- valores mobiliarios e instrumentos del mercado monetario emitidos por organismos internacionales a los que pertenezcan uno o varios Estados miembros de la Unión Europea;
- Acciones propiedad de la Sociedad en el capital de una sociedad de un Estado que no pertenezca a la Unión Europea que invierta principalmente su activo en títulos de emisores de dicho Estado cuando, en virtud de la legislación de este, esta inversión constituya el único modo en que la Sociedad puede invertir en valores de emisores de dicho Estado. Sin embargo, esta derogación solo será aplicable cuando la política de inversión de la sociedad del Estado no perteneciente a la Unión Europea cumpla los límites previstos en las disposiciones del Apartado B, excepto los puntos 6 y 7. En caso de superarse los límites previstos en el Apartado B, a excepción de los establecidos en los puntos 6, 7 y 9, se aplicará por analogía el artículo 49 de la Ley de 2010;
- acciones propiedad de una o varias sociedades de inversión en el capital de las sociedades filiales que ejerzan, únicamente en beneficio propio, actividades de gestión, asesoramiento y comercialización en el país en el que se encuentra la filial, en lo concerniente al reembolso de participaciones a petición de los titulares.
- En relación con las transacciones de derivados, la Sociedad cumplirá con los límites y restricciones establecidos en la «Parte III: Información complementaria» del folleto de la Sociedad en el Capítulo IV «Técnicas e instrumentos» a continuación. | ##### The restrictions set out under letters a and b above do not apply to:
- transferable securities and money market instruments issued or guaranteed by a Member State of the European Union or its local public authorities;
- transferable securities and money market instruments issued or guaranteed by a State that is not a member of the European Union;
- transferable securities and money market instruments issued by international public bodies of which one or more Member States of the European Union are members;
- Shares held by the Company in the capital of a company of a non-member State of the European Union that primarily invests its assets in the securities of issuers of that State where, under the legislation of that State, such an investment constitutes the only way in which the Company can invest in the securities of issuers of that state. This derogation only applies, however, on condition that the investment policy of the company of the non-member of the European Union complies with the limits laid down in the provisions contained in Section B, with the exception of points 6 and 7. Should the limits set out in Section B be exceeded, with the exception of the limits set out in points 6, 7 and 9, Article 49 of the Law of 2010 will apply by analogy;
- Shares held by one or more investment companies in the capital of subsidiary companies carrying out, exclusively on their behalf, management, advisory and marketing activities in the country in which the subsidiary is located, in regard to the redemption of units at unitholders' request.
- Regarding derivative transactions, the Company will comply with the limits and restrictions set out in “Part III: Additional information” of the Company’s prospectus under Chapter IV “Techniques and instruments” hereafter. | en | es |
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