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DOLFIN2000 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Past Performance
15%
10%
The entry and exit charges shown are maximum figures. In some cases you might pay less. You can find this out from your financial advisor.
The ongoing charges figure shown here is an estimate of the charges. Ongoing charges are the same for all investors.
For more about charges see the Fund’s prospectus, available at www.brookfield.com.
Past performance is not a guide to the future performance. Past performance has been calculated in USD.
The share class came into existence in 2015.
5%
0%
-5%
-10%
2014 2015 2016 2017 2018
Brookfield Real Assets Securities UCITS Fund | # Risultati ottenuti nel passato
15%
10%
Sono indicate le spese di sottoscrizione e di rimborso massime. In alcuni casi possono essere inferiori. Per chiarimenti rivolgersi al proprio consulente finanziario.
L’importo relativo alle spese correnti qui riportato riflette una stima delle spese. Le spese correnti sono uguali per tutti gli investitori.
Per maggiori informazioni sulle spese, consultare il prospetto informativo del Fondo, disponibile sul sito internet www.brookfield.com.
I risultati ottenuti nel passato non costituiscono una garanzia di rendimenti futuri.
I risultati ottenuti nel passato sono stati calcolati in USD. La classe di azioni è stata lanciata nel 2015.
5%
0%
-5%
-10%
2014 2015 2016 2017 2018
Brookfield Real Assets Securities UCITS Fund | # Past Performance
15%
10%
The entry and exit charges shown are maximum figures. In some cases you might pay less. You can find this out from your financial advisor.
The ongoing charges figure shown here is an estimate of the charges. Ongoing charges are the same for all investors.
For more about charges see the Fund’s prospectus, available at www.brookfield.com.
Past performance is not a guide to the future performance. Past performance has been calculated in USD.
The share class came into existence in 2015.
5%
0%
-5%
-10%
2014 2015 2016 2017 2018
Brookfield Real Assets Securities UCITS Fund | en | it |
DOLFIN2001 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### The information given is not exhaustive and does not constitute legal or tax advice. Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish and United Kingdom taxation law and practice relevant to the transactions contemplated in this Prospectus. It is based on the law and practice and official interpretation currently in effect as at the date of this Prospectus, all of which are subject to change.
Dividends, interest and capital gains (if any) which the Company receives with respect to its Investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of Investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. Therefore, such withholding taxes may be considered as generally irrecoverable as the Company itself is exempt from income tax. If this position changes in the future and the application of a lower rate results in a repayment to the Company, the Net Asset Value will not be re-stated and the benefit will be allocated to the existing holders of Shares rateably at the time of the repayment.
This section does not cover the tax implications for anyone other than those who have a beneficial interest in the Shares. This section does not cover tax implications for UK resident individual investors that are not domiciled in the UK or any financial traders or any other investors that may hold Shares in the Company in the course of their trade or profession. It also does not cover taxation implications in respect of life companies and UK authorised investment funds investing in the Company. | ### Die folgenden Informationen sind nicht erschöpfend und stellen keine Rechts- oder Steuerberatung dar. Potenzielle Anleger sollten bezüglich der Auswirkungen einer Zeichnung, eines Kaufs, Besitzes, einer Umschichtung oder Veräußerung von Anteilen gemäß den Rechtsvorschriften der Jurisdiktionen, in denen sie ggf. steuerpflichtig sind, ihre eigenen fachkundigen Berater befragen.
Es folgt eine kurze Zusammenfassung bestimmter Aspekte der in Irland und im Vereinigten Königreich geltenden Steuergesetze und Gepflogenheiten, die für die in diesem Prospekt beschriebenen Geschäfte von Bedeutung sind. Sie beruht auf der zum Datum dieses Prospekts gültigen Rechtslage und Praxis und deren offizieller Auslegung, die sich jeweils ändern können.
Auf etwaige Dividenden, Zinsen und Kapitalgewinne, die Fonds in Bezug auf ihre Anlagen (mit Ausnahme von Wertpapieren irischer Emittenten) erhalten, können in den Ländern, in denen die Emittenten der Anlagen ansässig sind, Steuern einschließlich Quellensteuern erhoben werden. Voraussichtlich wird die Gesellschaft nicht in der Lage sein, im Rahmen von Doppelbesteuerungsabkommen zwischen Irland und solchen Ländern ermäßigte Quellensteuersätze in Anspruch zu nehmen. Daher können solche Quellensteuern als generell nicht erstattungsfähig angesehen werden, da die Gesellschaft selbst von Ertragsteuern befreit ist. Wenn sich diese Situation in Zukunft ändert und die Anwendung eines ermäßigten Satzes zu einer Rückzahlung an die Gesellschaft führt, wird der Nettoinventarwert der Gesellschaft nicht geändert, sondern die Rückzahlung auf die zum Zeitpunkt der Rückzahlung bestehenden Inhaber von Anteilen anteilig verteilt.
Dieser Abschnitt deckt nur die steuerlichen Auswirkungen für Anleger ab, die eine wirtschaftliche Beteiligung an den Anteilen haben. Dieser Abschnitt befasst sich nicht mit den steuerlichen Folgen für im Vereinigten Königreich ansässige private Anleger, die ihren Steuersitz nicht im Vereinigten Königreich haben, oder für Finanzhändler oder sonstige Investoren, die eventuell im Rahmen ihrer Geschäftstätigkeit Anteile der Gesellschaft halten. Er befasst sich nicht mit den steuerlichen Folgen für Lebensversicherungsgesellschaften und im Vereinigten Königreich zugelassene Investmentfonds, die in die Gesellschaft investieren. | ### The information given is not exhaustive and does not constitute legal or tax advice. Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish and United Kingdom taxation law and practice relevant to the transactions contemplated in this Prospectus. It is based on the law and practice and official interpretation currently in effect as at the date of this Prospectus, all of which are subject to change.
Dividends, interest and capital gains (if any) which the Company receives with respect to its Investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of Investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. Therefore, such withholding taxes may be considered as generally irrecoverable as the Company itself is exempt from income tax. If this position changes in the future and the application of a lower rate results in a repayment to the Company, the Net Asset Value will not be re-stated and the benefit will be allocated to the existing holders of Shares rateably at the time of the repayment.
This section does not cover the tax implications for anyone other than those who have a beneficial interest in the Shares. This section does not cover tax implications for UK resident individual investors that are not domiciled in the UK or any financial traders or any other investors that may hold Shares in the Company in the course of their trade or profession. It also does not cover taxation implications in respect of life companies and UK authorised investment funds investing in the Company. | en | de |
DOLFIN2002 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Catégorie d'actions: SPDR S&P 500 UCITS ETF (Dist) (ISIN IE00B6YX5C33)
Objectifs et politique d’investissement
Objectif d’investissement L’objectif du Fonds consiste à répliquer la performance du marché d’actions américain des sociétés de grande capitalisation.
Politique d’investissement Le Fonds vise à répliquer aussi fidèlement que possible la performance du S&P 500 Index (« l'Indice »).
Le Fonds est un fonds indiciel (également connu sous le nom de fonds à gestion passive).
Le Fonds investit principalement dans des titres inclus dans l’Indice. Ces titres incluent les 500 premières sociétés du marché actions américain. Le Fonds vise à détenir tous les titres compris dans l’Indice, avec approximativement les mêmes pondérations que dans ce dernier.
Bien que l'Indice soit généralement bien diversifié, afin de répliquer l'Indice avec exactitude, le Fonds utilisera les limites de diversification accrues disponibles en vertu de la Réglementation OPCVM qui lui permettent de détenir des positions sur des composants individuels de l'Indice émis par la même entité à concurrence de 20 % de la valeur liquidative du Fonds.
Le Fonds utilisera une stratégie de réplication afin de reproduire sensiblement l’Indice. Dans des cas particuliers, le Fonds peut acheter des titres qui ne sont pas inclus dans l’Indice.
Le Fonds peut utiliser des instruments financiers dérivés (c'est-à-dire, des contrats financiers dont les prix sont dépendants d'un ou plusieurs actifs sous-jacents) afin d'assurer la gestion efficace du portefeuille.
Sauf circonstances exceptionnelles, le Fonds émettra et rachètera généralement les actions uniquement pour certains investisseurs institutionnels. Toutefois, les actions du Fonds peuvent être achetées ou vendues par l'intermédiaire de courtiers sur une ou plusieurs bourses de valeurs. Le Fonds négocie sur ces bourses de valeurs aux prix du marché,
lesquels peuvent fluctuer tout au long de la journée. Les prix du marché peuvent être supérieurs ou inférieurs à la valeur liquidative quotidienne du Fonds.
Le Fonds ne souscrit pas de prêts de titres à l'heure actuelle.
Les Actionnaires peuvent racheter les actions les jours ouvrés au Royaume- Uni (autres que les jours durant lesquels les marchés financiers concernés sont fermés aux transactions et/ou le jour précédant lesdits jours, sous réserve qu’une liste desdits jours de clôture de marché soit publiée pour le Fonds sur www.ssga.com) ; et tous autres jours à la discrétion des Administrateurs (agissant raisonnablement), sous réserve que ces jours soient notifiés par avance aux Actionnaires.
Tout revenu généré par le Fonds sera distribué aux actionnaires à raison des actions qu'ils détiennent.
Les actions du Fonds sont émises en dollar US.
Pour toutes informations complémentaires, veuillez vous référer au Prospectus.
Source de l'Indice : Le « S&P 500 Index (l’« Indice ») » est un produit de S&P Dow Jones Indices LLC (« S&P ») et fait l’objet d’une licence d’utilisation concédée à State Street Global Advisors. Standard & Poor's® et S&P® sont des marques de commerce déposées de Standard & Poor's Financial Services LLC, Dow Jones® est une marque de commerce déposée de Dow Jones Trademark Holdings LLC. State Street Global Advisors' SPDR S&P 500 UCITS ETF n’est aucunement financé, approuvé, vendu ou promu par S&P, ses sociétés affiliées ou leurs donneurs de licence tiers, et nulle desdites parties ne saurait faire valoir l’opportunité d’investir dans le ou les produits, ni ne saurait engager quelque responsabilité que ce soit eu égard aux erreurs, omissions ou interruptions de l’Indice. | # Clase de acción: SPDR S&P 500 UCITS ETF (Dist) (ISIN IE00B6YX5C33)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad en el mercado de renta variable estadounidense de empresas de gran capitalización.
Política de inversión El Fondo trata de replicar la rentabilidad del S&P 500 Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden las 500 mayores empresas del mercado estadounidense de renta variable. El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este.
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo.
El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a
precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Los ingresos obtenidos por el Fondo serán abonados a los accionistas en función de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: El "S&P 500 Index (el «Índice»)" es un producto de S&P Dow Jones Indices LLC («S&P»), y se utiliza bajo la licencia de uso concedida por State Street Global Advisors. Standard & Poor's® y S&P® son marcas registradas de Standard & Poor's Financial Services LLC, Dow Jones® es una marca registrada de Dow Jones Trademark Holdings LLC. El SPDR S&P 500 UCITS ETF de State Street Global Advisors no está patrocinado, avalado, vendido ni promocionado por S&P, sus entidades afiliadas ni por sus respectivos proveedores de licencias, y ninguna de dichas partes realiza manifestación alguna sobre la conveniencia de invertir en este producto o productos ni aceptará responsabilidad alguna por cualesquiera errores, omisiones o interrupciones del Índice. | # Catégorie d'actions: SPDR S&P 500 UCITS ETF (Dist) (ISIN IE00B6YX5C33)
Objectifs et politique d’investissement
Objectif d’investissement L’objectif du Fonds consiste à répliquer la performance du marché d’actions américain des sociétés de grande capitalisation.
Politique d’investissement Le Fonds vise à répliquer aussi fidèlement que possible la performance du S&P 500 Index (« l'Indice »).
Le Fonds est un fonds indiciel (également connu sous le nom de fonds à gestion passive).
Le Fonds investit principalement dans des titres inclus dans l’Indice. Ces titres incluent les 500 premières sociétés du marché actions américain. Le Fonds vise à détenir tous les titres compris dans l’Indice, avec approximativement les mêmes pondérations que dans ce dernier.
Bien que l'Indice soit généralement bien diversifié, afin de répliquer l'Indice avec exactitude, le Fonds utilisera les limites de diversification accrues disponibles en vertu de la Réglementation OPCVM qui lui permettent de détenir des positions sur des composants individuels de l'Indice émis par la même entité à concurrence de 20 % de la valeur liquidative du Fonds.
Le Fonds utilisera une stratégie de réplication afin de reproduire sensiblement l’Indice. Dans des cas particuliers, le Fonds peut acheter des titres qui ne sont pas inclus dans l’Indice.
Le Fonds peut utiliser des instruments financiers dérivés (c'est-à-dire, des contrats financiers dont les prix sont dépendants d'un ou plusieurs actifs sous-jacents) afin d'assurer la gestion efficace du portefeuille.
Sauf circonstances exceptionnelles, le Fonds émettra et rachètera généralement les actions uniquement pour certains investisseurs institutionnels. Toutefois, les actions du Fonds peuvent être achetées ou vendues par l'intermédiaire de courtiers sur une ou plusieurs bourses de valeurs. Le Fonds négocie sur ces bourses de valeurs aux prix du marché,
lesquels peuvent fluctuer tout au long de la journée. Les prix du marché peuvent être supérieurs ou inférieurs à la valeur liquidative quotidienne du Fonds.
Le Fonds ne souscrit pas de prêts de titres à l'heure actuelle.
Les Actionnaires peuvent racheter les actions les jours ouvrés au Royaume- Uni (autres que les jours durant lesquels les marchés financiers concernés sont fermés aux transactions et/ou le jour précédant lesdits jours, sous réserve qu’une liste desdits jours de clôture de marché soit publiée pour le Fonds sur www.ssga.com) ; et tous autres jours à la discrétion des Administrateurs (agissant raisonnablement), sous réserve que ces jours soient notifiés par avance aux Actionnaires.
Tout revenu généré par le Fonds sera distribué aux actionnaires à raison des actions qu'ils détiennent.
Les actions du Fonds sont émises en dollar US.
Pour toutes informations complémentaires, veuillez vous référer au Prospectus.
Source de l'Indice : Le « S&P 500 Index (l’« Indice ») » est un produit de S&P Dow Jones Indices LLC (« S&P ») et fait l’objet d’une licence d’utilisation concédée à State Street Global Advisors. Standard & Poor's® et S&P® sont des marques de commerce déposées de Standard & Poor's Financial Services LLC, Dow Jones® est une marque de commerce déposée de Dow Jones Trademark Holdings LLC. State Street Global Advisors' SPDR S&P 500 UCITS ETF n’est aucunement financé, approuvé, vendu ou promu par S&P, ses sociétés affiliées ou leurs donneurs de licence tiers, et nulle desdites parties ne saurait faire valoir l’opportunité d’investir dans le ou les produits, ni ne saurait engager quelque responsabilité que ce soit eu égard aux erreurs, omissions ou interruptions de l’Indice. | fr | es |
DOLFIN2003 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Automatic Exchange of Information
The Organisation for Economic Co-operation and Development has developed a common reporting standard ("CRS") to achieve a comprehensive and multilateral automatic exchange of information ("AEOI") on a global basis. On 9 December 2014, Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (the "Euro- CRS Directive") was adopted in order to implement the CRS among the Member States.
The Euro-CRS Directive was implemented into Luxembourg law by the law of 18 December 2015 on the automatic exchange of financial account information in the field of taxation (the "CRS Law").
The CRS Law requires Luxembourg financial institutions to identify financial holders and establish if they are fiscally resident in countries with which Luxembourg has a tax information sharing agreement.
Accordingly, the Company may require its investors to provide information in relation to the identity and fiscal residence of financial account holders (including certain entities and their controlling persons) in order to ascertain their CRS status. Responding to CRS-related questions is mandatory. Personal Data obtained will be used for the purpose of the CRS Law or such other purposes indicated by the Company in the data protection section of the Prospectus in compliance with Luxembourg data protection law. Information regarding an investor and his/her/its account will be reported to the Luxembourg tax authorities (Administration des Contributions Directes), which will thereafter automatically transfer this information to the competent foreign tax authorities on a yearly basis, if such an account is deemed a CRS reportable account under the CRS Law.
Under the CRS Law, the first exchange of information was applied by September 30, 2017 for information related to the calendar year 2016. Pursuant to the Euro-CRS Directive, the first AEOI was applied by September 30, 2017 to the local tax authorities of the Member States for the data relating to the calendar year 2016.
In addition, Luxembourg signed the OECD's multilateral competent authority agreement (the "Multilateral Agreement") to exchange information automatically under the CRS. The Multilateral Agreement aims to implement the CRS among non-Member States; it requires agreements on a country-by-country basis.
Investors should consult their professional advisers on the possible tax and other consequences with respect to the implementation of the CRS. | # Echange automatique d'informations
L'Organisation de Coopération et de Développement Economiques (OCDE) a développé une norme mondiale pour la déclaration des informations, afin de mettre en place un système exhaustif et multilatéral d'échange automatique d'informations (« AEOI ») à l'avenir, dans le monde entier. Le 9 décembre 2014, la Directive 2014/107/EU venant modifier la Directive 2011/16/EU en ce qui concerne l'échange automatique et obligatoire d'informations dans le domaine fiscal (la « Directive CRS UE ») a été adoptée afin de mettre la CRS en œuvre dans les Etats membres.
La Directive CRS UE a été transposée dans le droit luxembourgeois par le biais de la loi du 18 décembre 2015 sur l'échange automatique des informations relatives aux comptes financiers dans le domaine fiscal (la « Loi CRS »).
La Loi CRS exigera des établissements financiers du Luxembourg qu'ils identifient les détenteurs d'actifs financiers et déterminent s'il s'agit de résidents fiscaux de pays avec lesquels le Luxembourg a conclu un accord d'échange d'informations fiscales.
En conséquence, la Société requiert de ses investisseurs qu'ils fournissent des informations concernant l'identité et la résidence fiscale des titulaires de comptes financiers (dont certaines entités et les personnes qui en exercent le contrôle) afin de déterminer leur statut CRS. Il est obligatoire de répondre aux questions relatives à la Loi CRS. Les Données personnelles obtenues seront utilisées aux fins de la Loi CRS ou aux fins indiquées par la Société dans la section relative à la protection des données du Prospectus en conformité avec la loi luxembourgeoise sur la protection des données. Les informations concernant un investisseur et son compte seront déclarées aux autorités fiscales luxembourgeoises (Administration des Contributions Directes), qui les transmettront automatiquement aux autorités fiscales étrangères compétentes une fois par an, si ce compte est réputé être un compte CRS à déclarer en vertu de la Loi CRS.
En vertu de la Loi CRS, le premier échange d'informations a eu lieu le 30 septembre 2017 pour les informations relatives à l'année civile 2016. En vertu de la Directive CRS UE, le premier AEOI s’est appliqué le 30 septembre 2017 aux autorités fiscales locales de tous les Etats membres pour les données relatives à l'année civile 2016.
Parallèlement, le Luxembourg a signé l'accord multilatéral entre autorités compétentes de l'OCDE (« l'Accord multilatéral ») permettant l'échange automatique des informations en vertu de la CRS. L'Accord multilatéral vise à mettre la CRS en œuvre dans les Etats qui ne sont pas membres de l'Union européenne, et requiert pour cela un accord individuel pour chaque pays.
Nous recommandons aux investisseurs de consulter leurs conseillers professionnels quant aux éventuelles conséquences fiscales ou autres de la mise en œuvre de la CRS. | # Automatic Exchange of Information
The Organisation for Economic Co-operation and Development has developed a common reporting standard ("CRS") to achieve a comprehensive and multilateral automatic exchange of information ("AEOI") on a global basis. On 9 December 2014, Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (the "Euro- CRS Directive") was adopted in order to implement the CRS among the Member States.
The Euro-CRS Directive was implemented into Luxembourg law by the law of 18 December 2015 on the automatic exchange of financial account information in the field of taxation (the "CRS Law").
The CRS Law requires Luxembourg financial institutions to identify financial holders and establish if they are fiscally resident in countries with which Luxembourg has a tax information sharing agreement.
Accordingly, the Company may require its investors to provide information in relation to the identity and fiscal residence of financial account holders (including certain entities and their controlling persons) in order to ascertain their CRS status. Responding to CRS-related questions is mandatory. Personal Data obtained will be used for the purpose of the CRS Law or such other purposes indicated by the Company in the data protection section of the Prospectus in compliance with Luxembourg data protection law. Information regarding an investor and his/her/its account will be reported to the Luxembourg tax authorities (Administration des Contributions Directes), which will thereafter automatically transfer this information to the competent foreign tax authorities on a yearly basis, if such an account is deemed a CRS reportable account under the CRS Law.
Under the CRS Law, the first exchange of information was applied by September 30, 2017 for information related to the calendar year 2016. Pursuant to the Euro-CRS Directive, the first AEOI was applied by September 30, 2017 to the local tax authorities of the Member States for the data relating to the calendar year 2016.
In addition, Luxembourg signed the OECD's multilateral competent authority agreement (the "Multilateral Agreement") to exchange information automatically under the CRS. The Multilateral Agreement aims to implement the CRS among non-Member States; it requires agreements on a country-by-country basis.
Investors should consult their professional advisers on the possible tax and other consequences with respect to the implementation of the CRS. | en | fr |
DOLFIN2004 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: €10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €1,500 | €1,530 |
| Rendement annuel moyen | -84.97% | -31.29% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8,930 | €9,530 |
| Rendement annuel moyen | -10.73% | -0.96% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11,000 | €15,710 |
| Rendement annuel moyen | 10.02% | 9.44% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14,300 | €18,000 |
| Rendement annuel moyen | 42.98% | 12.47% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: €10,000 En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €1,500 | €1,530 |
| Rendimiento medio cada año | -84.97% | -31.29% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8,930 | €9,530 |
| Rendimiento medio cada año | -10.73% | -0.96% |
| Moderado | Lo que podría recibir tras deducir los costes | €11,000 | €15,710 |
| Rendimiento medio cada año | 10.02% | 9.44% |
| Favorable | Lo que podría recibir tras deducir los costes | €14,300 | €18,000 |
| Rendimiento medio cada año | 42.98% | 12.47% | | | Période de détention recommandée: 5 ans Exemple d'investissement: €10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €1,500 | €1,530 |
| Rendement annuel moyen | -84.97% | -31.29% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8,930 | €9,530 |
| Rendement annuel moyen | -10.73% | -0.96% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11,000 | €15,710 |
| Rendement annuel moyen | 10.02% | 9.44% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14,300 | €18,000 |
| Rendement annuel moyen | 42.98% | 12.47% | | fr | es |
DOLFIN2005 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The investment objective of a Fund may not be altered and material changes to the investment policy of a Fund may not be made by the responsible person and/or the Directors, without prior approval of Shareholders on the basis of (i) a majority of votes cast at a meeting of the Shareholders of the particular Fund duly convened and held, or (ii) with the prior written approval of all Shareholders of the relevant Fund. In the event of a change of the investment objective and/or a material change in the investment policy of a Fund, by way of a majority of votes cast at a meeting of the relevant Shareholders, Shareholders in the relevant Fund will be given reasonable notice of such change to enable them to redeem their Shares prior to implementation of such a change.
Pending investment of the proceeds of a placing or offer of Shares or where market or other factors so warrant, a Fund’s assets may be invested in Money Market Instruments, including but not limited to, certificates of deposit, floating rate notes and fixed rate commercial paper listed or traded on permitted markets and in cash deposits.
- Pooling by a PortfolioTo reduce operational and administrative charges and to facilitate diversification of investments, the ICAV may authorise the Manager or an Investment Manager to arrange the management of the assets of any Fund in conjunction with other funds established by the ICAV or other funds promoted or managed by the Manager or an Investment Manager or any company affiliated to the Manager or an Investment Manager. This will be done by establishing a pool of assets("Pool") comprising cash and investments contributed by all funds which participate in the Pool ("Participating Funds"). This technique is known as pooling. | Gli obiettivi d'investimento dei Fondi potranno essere modificati e alle politiche d'investimento degli stessi potranno essere apportate modifiche significative da parte del soggetto responsabile e/o degli Amministratori esclusivamente previa approvazione degli Azionisti sulla base di (i) una maggioranza dei voti espressi nel corso di un'assemblea degli Azionisti dei Fondi interessati debitamente convocata, o (ii) previa autorizzazione scritta di tutti gli Azionisti dei Fondi interessati. In caso di variazione dell'obiettivo d'investimento e/o di modifica significativa della politica d'investimento di un Fondo previa maggioranza dei voti espressi nel corso di un'assemblea dei relativi Azionisti, le suddette modifiche saranno comunicate agli Azionisti del Fondo interessato con ragionevole preavviso in modo tale da consentire loro di riscattare le proprie Azioni prima dell'entrata in vigore delle suddette modifiche.
Nel caso di investimento in sospeso dei proventi di un collocamento o di un'offerta di Azioni o laddove fattori di mercato o di altra natura lo richiedano, le attività dei Fondi potranno essere investite in Strumenti del mercato monetario, ivi compresi, a titolo esemplificativo ma non esaustivo, certificati di deposito, obbligazioni a tasso variabile e carta commerciale a tasso fisso quotati o negoziati su mercati consentiti nonché in depositi in contanti.
- Accorpamento di attività da parte di un PortafoglioAl fine di ridurre gli oneri operativi e amministrativi e di favorire la diversificazione degli investimenti, la ICAV potrà autorizzazione il Gestore o un Gestore degli investimenti aprocedere alla gestione delle attività di un Fondo congiuntamente ad altri fondi costituiti dalla ICAV o altri fondi promossi o gestiti dal Gestore o da un Gestore degli investimenti o da qualunque società affiliata al Gestore o a un Gestore degli investimenti. Tale attività sarà effettuata mediante la costituzione di un pool di attività (il "Pool") costituito da liquidità e investimenti apportati da tutti i fondi che partecipano al Pool (i "Fondi partecipanti"). Tale tecnica è nota come pooling (accorpamento). | The investment objective of a Fund may not be altered and material changes to the investment policy of a Fund may not be made by the responsible person and/or the Directors, without prior approval of Shareholders on the basis of (i) a majority of votes cast at a meeting of the Shareholders of the particular Fund duly convened and held, or (ii) with the prior written approval of all Shareholders of the relevant Fund. In the event of a change of the investment objective and/or a material change in the investment policy of a Fund, by way of a majority of votes cast at a meeting of the relevant Shareholders, Shareholders in the relevant Fund will be given reasonable notice of such change to enable them to redeem their Shares prior to implementation of such a change.
Pending investment of the proceeds of a placing or offer of Shares or where market or other factors so warrant, a Fund’s assets may be invested in Money Market Instruments, including but not limited to, certificates of deposit, floating rate notes and fixed rate commercial paper listed or traded on permitted markets and in cash deposits.
- Pooling by a PortfolioTo reduce operational and administrative charges and to facilitate diversification of investments, the ICAV may authorise the Manager or an Investment Manager to arrange the management of the assets of any Fund in conjunction with other funds established by the ICAV or other funds promoted or managed by the Manager or an Investment Manager or any company affiliated to the Manager or an Investment Manager. This will be done by establishing a pool of assets("Pool") comprising cash and investments contributed by all funds which participate in the Pool ("Participating Funds"). This technique is known as pooling. | en | it |
DOLFIN2006 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Notes on the semi-annual report (cont.) as at 30 September 2021
Note 5: Information on forward exchange contracts (cont.)
Swisscanto (LU) Portfolio Fund Responsible Select (EUR) (cont.) | ## Notes aux Etats Financiers semestriels (suite) au 30 septembre 2021
Note 5: Explications sur les contrats de change à terme (suite)
Swisscanto (LU) Portfolio Fund Responsible Select (EUR) | ## Notes on the semi-annual report (cont.) as at 30 September 2021
Note 5: Information on forward exchange contracts (cont.)
Swisscanto (LU) Portfolio Fund Responsible Select (EUR) (cont.) | en | fr |
DOLFIN2007 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
The Sub-Fund does not yet have performance data for one complete calendar year to display a graph of past performance.
The chart has a limited value as a guide to future performance.
The Sub-Fund was launched on June 24, 2011. The Share Class was launched on October 28, 2013.
The reference currency is the US Dollar.
Practical Information
Name of the depositary: CACEIS Bank, Luxembourg Branch.
Further information about the UCITS (prospectus, periodical reports) can be obtained in English, free of charge, at the following address: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxembourg.
The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits are available by means of the following website: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi and a paper copy will be made available free of charge upon request.
Other practical information (e.g. latest net asset value) can be obtained on the internet site www.amundi.com.
The UCITS contains a large number of other Sub-Funds and other classes which are described in the prospectus. Conversion into shares of another Sub-Fund of the UCITS may be made, subject to the conditions of the prospectus.
Each Sub-Fund corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Sub-Fund are exclusively available to satisfy the rights of investors in relation to that Sub-Fund and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Sub-Fund.
This document describes a Sub-Fund of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
The Luxembourg tax legislation applying to the UCITS may have an impact on the investor's personal tax position.
Amundi Luxembourg SA may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
*********************
This UCITS is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg (www.cssf.lu). Amundi Luxembourg SA is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg. This key investor information is accurate as at February 12, 2018. | Los gastos de entrada y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
Los datos de gastos corrientes se basan en los gastos del año en curso. Estos datos pueden variar de un año a otro. No incluyen:
Comisiones de rentabilidad
Gastos de transacción de la cartera, excepto en caso de un gasto de entrada/salida abonado por el Subfondo al comprar o vender participaciones de otro organismo de inversión colectiva.
Los gastos corrientes indicados son una estimación. Para cada periodo contable, el informe anual del Compartimento indicará el importe exacto.
Para más información sobre los gastos, consulte el apartado de gastos del folleto de la IIC, que está disponible en: www.amundi.com.
Rentabilidad histórica
El compartimento todavía no lleva funcionando un año natural completo, por lo que no se puede mostrar un gráfico de su rentabilidad histórica.
El gráfico no sirve como guía para predecir la rentabilidad futura.
El Compartimento se creó el 24 de junio de 2011. La Clase de Acción se creó el 28 de octubre de 2013.
La divisa de referencia es el USD.
Información práctica
Nombre del depositario: CACEIS Bank - Sucursal de Luxembourg.
Se podrá obtener gratuitamente más información acerca de la OICVM en inglés (folleto, informes periódicos) en la siguiente dirección: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxemburgo.
Los detalles de la política de remuneración actualizada, incluidas, sin carácter limitativo, una descripción del método de cálculo de la remuneración y las prestaciones y la identidad de las personas responsables de conceder la remuneración y las prestaciones, se encuentran disponibles en la siguiente página web: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi y se dispondrá de una copia impresa gratuita, previa solicitud.
Se podrá obtener información práctica adicional (p. ej. el valor liquidativo más reciente) en la página de Internet www.amundi.com.
La IIC contiene un gran número de otros Compartimentos y otras clases que se describen en el folleto. Se puede convertir a acciones de otro Compartimento de la IIC, con sujeción a las condiciones del folleto.
Cada Compartimento se corresponde con una parte distinta del patrimonio, activo y pasivo, de la IIC. Como consecuencia, los activos de cada compartimento se encuentran disponibles únicamente para satisfacer los derechos de los inversores con respecto a dicho compartimento y el derecho de los acreedores cuyas reclamaciones tengan su origen en la creación, funcionamiento o liquidación de dicho compartimento.
El presente documento describe un Compartimento de la IIC. El folleto y los informes periódicos se refieren en el conjunto de la IIC mencionada al principio del presente documento.
Las leyes fiscales de Luxemburgo que se aplican a la OICVM pueden incidir en la posición fiscal personal del inversor.
Amundi Luxembourg SA únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto informativo de la OICVM.
*********************
Esta IIC está autorizada en Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier, Luxemburgo (www.cssf.lu). Amundi Luxembourg SA está autorizada en Luxemburgo y regulada por la Commission de Surveillance du Secteur Financier, Luxemburgo. Los presentes datos fundamentales para el inversor son exactos y vigentes al 12 de febrero de 2018. | The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
The Sub-Fund does not yet have performance data for one complete calendar year to display a graph of past performance.
The chart has a limited value as a guide to future performance.
The Sub-Fund was launched on June 24, 2011. The Share Class was launched on October 28, 2013.
The reference currency is the US Dollar.
Practical Information
Name of the depositary: CACEIS Bank, Luxembourg Branch.
Further information about the UCITS (prospectus, periodical reports) can be obtained in English, free of charge, at the following address: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxembourg.
The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits are available by means of the following website: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi and a paper copy will be made available free of charge upon request.
Other practical information (e.g. latest net asset value) can be obtained on the internet site www.amundi.com.
The UCITS contains a large number of other Sub-Funds and other classes which are described in the prospectus. Conversion into shares of another Sub-Fund of the UCITS may be made, subject to the conditions of the prospectus.
Each Sub-Fund corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Sub-Fund are exclusively available to satisfy the rights of investors in relation to that Sub-Fund and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Sub-Fund.
This document describes a Sub-Fund of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
The Luxembourg tax legislation applying to the UCITS may have an impact on the investor's personal tax position.
Amundi Luxembourg SA may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
*********************
This UCITS is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg (www.cssf.lu). Amundi Luxembourg SA is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg. This key investor information is accurate as at February 12, 2018. | en | es |
DOLFIN2008 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Any issuer may become distressed at one time due to various factors, including adverse specific or global conditions.
If a distressed issuer was not able to meet its financial repayment obligations on a security it has issued, the concerned security is then considered as defaulted.
Defaulted debt in issue may be liquidated. In that context, the relevant Sub-fund may receive, over a period of time, proceeds of the liquidation. The received amounts are uncertain. In addition, the relevant Sub-fund may incur legal expenses when trying to recover principal or interest payments.
In most cases, the recovery of investments in distressed or defaulted debt securities is subject to uncertainty related to court orderings and corporate reorganisations among other things which may lead to losses that may negatively affect the amount invested: the returns generated from the relevant Sub-fund's investments may not compensate the shareholders adequately for the risks assumed.
- Risks relating to exposure to entities which use margin funding and leverageCertain Sub-funds shall obtain exposure to a Cayman fund entity (the “Entities”) by investing in structured financial instruments, in accordance with and as described in greater detail in their respective investment policy. Such instruments may provide the Sub-fund with direct or indirect exposure to Entities which use financial derivatives instruments which may or may not create leverage at the underlying Entities level to obtain an optimum return on their equity capital. The use of such techniques may therefore increase the volatility/returns of the Sub-fund as it has an indirect exposure to such underlying instruments.
- Risk inherent to an ESG approachAn ESG approach commands an investment universe that is limited to assets that meet specific criteria either through ban lists or ESG scores (best-in class approach). As a result, their respective performance may be different from other Sub-funds implementing a similar investment strategy without ESG criteria. The selection of assets may in part rely on a proprietary ESG scoring process that relies partially on third party data. | In eine Notlage geraten kann ein Emittent jederzeit aufgrund von unterschiedlichen Faktoren, unter anderem durch ungünstige spezifische oder globale Bedingungen.
Wenn ein in Notlage geratener Emittent seinen finanziellen Verpflichtungen zur Rückzahlung bei einem von ihm ausgegebenen Wertpapier nicht nachkommen konnte, wird das betreffende Wertpapier anschliessend als nicht bedient betrachtet.
Im Umlauf befindliche nicht bediente Schuldtitel können liquidiert werden. In diesem Zusammenhang kann der betreffende Teilfonds über einen Zeitraum Liquidationserlöse vereinnahmen. Der Höhe der Beträge, die vereinnahmt werden, ist ungewiss. Darüber hinaus können dem betreffenden Teilfonds Rechtskosten entstehen, wenn er versucht, Kapital- oder Zinszahlungen einzufordern.
In den meisten Fällen ist die Einforderung von Anlagen in notleidenden oder nicht bedienten Schuldtiteln mit Unsicherheiten behaftet, unter anderem im Zusammenhang mit gerichtlichen Anordnungen und der Neuorganisation von Unternehmen, was Verluste nach sich ziehen kann, die sich negativ auf den angelegten Betrag auswirken können: Die aus den Anlagen des betreffenden Teilfonds erzielten Erträge schaffen den Anteilseignern möglicherweise keinen hinreichenden Ausgleich für die eingegangenen Risiken.
- Risiko im Zusammenhang mit dem Engagement in Rechtsträgern, die Einschussfinanzierungen und Hebelwirkungen einsetzenBestimmte Teilfonds gehen ein Engagement in Rechtsträgern von Cayman-Fonds (die „Rechtsträger“) ein, indem sie, im Einklang mit ihrer jeweiligen Anlagepolitik und wie dort ausführlicher beschrieben, in strukturierte Finanzinstrumente investieren. Diese Instrumente können dem Teilfonds ein direktes oder indirektes Engagement in Rechtsträgern vermitteln, die derivative Finanzinstrumente einsetzen, die auf der Ebene der zugrunde liegenden Rechtsträger eine Hebelwirkung schaffen können, um eine optimale Rendite auf ihr Eigenkapital zu erzielen. Die Anwendung solcher Techniken kann daher die Volatilität/die Renditen des Teilfonds erhöhen, da er ein indirektes Engagement in solchen Basiswerten hat.
- Risiko im Zusammenhang mit einem ESG-AnsatzEin ESG-Ansatz schreibt ein Anlageuniversum vor, das auf Anlagen beschränkt ist, die bestimmte Kriterien entweder über Ausschlusslisten oder ESG-Bewertungen (Best-in-Class-Ansatz) erfüllen. Infolgedessen kann ihre Performance von der Wertentwicklung anderer Teilfonds, die eine ähnliche Anlagestrategie ohne ESG-Kriterien anwenden, abweichen. Die Auswahl der Anlagen kann sich teilweise auf einen firmeneigenen ESG-Bewertungsprozess stützen, der zum Teil von Daten Dritter abhängt. | Any issuer may become distressed at one time due to various factors, including adverse specific or global conditions.
If a distressed issuer was not able to meet its financial repayment obligations on a security it has issued, the concerned security is then considered as defaulted.
Defaulted debt in issue may be liquidated. In that context, the relevant Sub-fund may receive, over a period of time, proceeds of the liquidation. The received amounts are uncertain. In addition, the relevant Sub-fund may incur legal expenses when trying to recover principal or interest payments.
In most cases, the recovery of investments in distressed or defaulted debt securities is subject to uncertainty related to court orderings and corporate reorganisations among other things which may lead to losses that may negatively affect the amount invested: the returns generated from the relevant Sub-fund's investments may not compensate the shareholders adequately for the risks assumed.
- Risks relating to exposure to entities which use margin funding and leverageCertain Sub-funds shall obtain exposure to a Cayman fund entity (the “Entities”) by investing in structured financial instruments, in accordance with and as described in greater detail in their respective investment policy. Such instruments may provide the Sub-fund with direct or indirect exposure to Entities which use financial derivatives instruments which may or may not create leverage at the underlying Entities level to obtain an optimum return on their equity capital. The use of such techniques may therefore increase the volatility/returns of the Sub-fund as it has an indirect exposure to such underlying instruments.
- Risk inherent to an ESG approachAn ESG approach commands an investment universe that is limited to assets that meet specific criteria either through ban lists or ESG scores (best-in class approach). As a result, their respective performance may be different from other Sub-funds implementing a similar investment strategy without ESG criteria. The selection of assets may in part rely on a proprietary ESG scoring process that relies partially on third party data. | en | de |
DOLFIN2009 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### IMPACT OF SICAV STATUS ON CURRENT AND FUTURE INVESTORS
References to the obligation on current and future investors to provide certain information and supporting documents to the SICAV should be understood as the obligation to provide such information and supporting documents to the SICAV or European Fund Administration as the SICAV’s delegated registrar and transfer agent.
The ability of the SICAV to meet the obligations of the Luxembourg FATCA Regulation and/or the Luxembourg CRS Regulation will depend on the ability of current and future investors to provide the information and supporting documents to the SICAV so that it may, among other duties, determine the CRS and FATCA status of present and future investors.
The SICAV’s status prevents it from accepting any investor who has not provided it with the information and supporting documents required by the Luxembourg FATCA Regulation and/or the Luxembourg CRS Regulation.
If an investor has not provided the information and supporting documents to the SICAV by the time the latter receives the subscription request, the subscription request will not be accepted and will be deferred for a limited period of time (“grace period”) until the SICAV receives the required information and supporting documents. The subscription request will be accepted and deemed received by the SICAV:
- if the SICAV receives the information and supporting documents required during the grace period; and
- after the SICAV has reviewed the information and supporting documents required; and
- once the SICAV has accepted the investor. | ##### KONSEQUENZEN DES STATUS EINER SICAV FÜR AKTUELLE UND KÜNFTIGE INVESTOREN
Die Verweise auf die Verpflichtung der aktuellen und künftigen Investoren zur Einreichung bestimmter Informationen und Belegunterlagen bei der SICAV sind als Verpflichtung zu verstehen, diese Informationen und Belegunterlagen bei der SICAV oder der European Fund Administration als Beauftragte der Transfer- und Registerstelle der SICAV einzureichen.
Die Kapazitäten der SICAV, den durch die Luxemburgische FATCA-Verordnung und/oder die Luxemburgische CRS-Verordnung entstandenen Verpflichtungen zu entsprechen, hängt von den Kapazitäten der aktuellen und künftigen Investoren ab, der SICAV die Informationen und Belegunterlagen zu liefern, um so unter anderem der SICAV zu ermöglichen, den Status der aktuellen und künftigen Investoren im Sinne der FATCA und CRS zu bestimmen.
Der Status der SICAV impliziert, dass kein Investor akzeptiert werden kann, der nicht die durch die Luxemburgischen FATCA-Verordnung und/oder die Luxemburgischen CRS-Verordnung erforderlichen Informationen und Belegdokumente eingereicht hat.
Sofern ein Investor der SICAV zum Zeitpunkt des Erhalts des Zeichnungsantrags durch die SICAV die Informationen und Belegdokumente nicht übergeben hat, wird der Zeichnungsantrag nicht angenommen und für eine begrenzte Zeitdauer ausgesetzt („Gnadenfrist“), bis die SICAV die erforderlichen Informationen und Belegdokumente erhalten hat. Der Zeichnungsantrag wird akzeptiert und durch die SICAV als eingegangen betrachtet:
- ab dem Zeitpunkt, zu dem die SICAV die erforderlichen Informationen und Belegunterlagen innerhalb der Gnadenfrist erhalten hat und
- die SICAV die erforderlichen Informationen und Belegunterlagen geprüft hat
- und die SICAV den Investor akzeptiert hat. | ###### IMPACT OF SICAV STATUS ON CURRENT AND FUTURE INVESTORS
References to the obligation on current and future investors to provide certain information and supporting documents to the SICAV should be understood as the obligation to provide such information and supporting documents to the SICAV or European Fund Administration as the SICAV’s delegated registrar and transfer agent.
The ability of the SICAV to meet the obligations of the Luxembourg FATCA Regulation and/or the Luxembourg CRS Regulation will depend on the ability of current and future investors to provide the information and supporting documents to the SICAV so that it may, among other duties, determine the CRS and FATCA status of present and future investors.
The SICAV’s status prevents it from accepting any investor who has not provided it with the information and supporting documents required by the Luxembourg FATCA Regulation and/or the Luxembourg CRS Regulation.
If an investor has not provided the information and supporting documents to the SICAV by the time the latter receives the subscription request, the subscription request will not be accepted and will be deferred for a limited period of time (“grace period”) until the SICAV receives the required information and supporting documents. The subscription request will be accepted and deemed received by the SICAV:
- if the SICAV receives the information and supporting documents required during the grace period; and
- after the SICAV has reviewed the information and supporting documents required; and
- once the SICAV has accepted the investor. | en | de |
DOLFIN2010 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment manager’s report for the financial year ended 31 July 2021
The investment objective of the Sub-Fund is to provide shareholders with long term capital growth from a multi-asset portfolio and to deliver protection at 90% of the highest Net Asset Value (“NAV”) per Share ever achieved by the Sub-Fund (the “Minimum Target NAV”).
The Portfolio Strategy consists of long and short positions in a portfolio of securities and other assets through a systematic mechanism. This mechanism will allocate weights to an Equity Asset Group, a Fixed Income Asset Group and cash component as set out in the Supplement of the Sub-Fund. The mechanism seeks to maintain the anticipated realised volatility of the Portfolio Strategy close to 5%.
As at 31 July 2021 the Sub-Fund’s exposure to the Portfolio Strategy is 108.14% with an average exposure since launch of 100.32%.
The Sub-Fund was launched on 22 January 2020.
From 22 January 2020 (its inception) to 31 July 2021, the performance of the Sub-Fund is -3.56%. From 31 July 2020 to 31 July 2021, the performance of the Share Class is -0.37%.
The Sub-Fund has an annualised volatility of 2.02%.
Pergola 90 | # Bericht des Anlageverwalters für das Geschäftsjahr zum 31. Juli 2021
Das Anlageziel des Teilfonds besteht darin, für die Anteilinhaber ein langfristiges Kapitalwachstum aus einem Multi-Asset- Portfolio zu erwirtschaften und einen Schutz in Höhe von 90 % des höchsten jemals vom Teilfonds erzielten Nettoinventarwerts („NIW“) je Anteil zu bieten (der „Mindestziel-NIW“).
Die Portfoliostrategie besteht aus Long- und Short-Positionen in einem Portfolio aus Wertpapieren und anderen Vermögenswerten nach einem systematischen Mechanismus. Dieser Mechanismus teilt die Gewichtungen einer Aktien- Anlagegruppe, einer Renten-Anlagegruppe und einer Barkomponente zu, wie in der Ergänzung des Teilfonds dargelegt. Der Mechanismus zielt darauf ab, die erwartete lisierter realisierte Volatilität der Portfoliostrategie nahe 5 % zu halten.
Zum 31. Juli 2021 betrug das Engagement des Teilfonds in der Portfolio-Strategie 108,14 %, wobei das durchschnittliche Engagement seit Auflegung bei 100,32 % lag.
Der Teilfonds wurde am 22. Januar 2020 aufgelegt.
Vom 22. Januar 2020 (Auflegung) bis 31. Juli 2021 betrug die Performance des Teilfonds auf -3,56 %. Vom 31. Juli 2020 bis zum 31. Juli 2021 belief sich die Wertentwicklung der Anteilsklasse auf -0,37 %. Der Teilfonds weist eine annualisierten Volatilität von 2,02 %.
Pergola 90 | # Investment manager’s report for the financial year ended 31 July 2021
The investment objective of the Sub-Fund is to provide shareholders with long term capital growth from a multi-asset portfolio and to deliver protection at 90% of the highest Net Asset Value (“NAV”) per Share ever achieved by the Sub-Fund (the “Minimum Target NAV”).
The Portfolio Strategy consists of long and short positions in a portfolio of securities and other assets through a systematic mechanism. This mechanism will allocate weights to an Equity Asset Group, a Fixed Income Asset Group and cash component as set out in the Supplement of the Sub-Fund. The mechanism seeks to maintain the anticipated realised volatility of the Portfolio Strategy close to 5%.
As at 31 July 2021 the Sub-Fund’s exposure to the Portfolio Strategy is 108.14% with an average exposure since launch of 100.32%.
The Sub-Fund was launched on 22 January 2020.
From 22 January 2020 (its inception) to 31 July 2021, the performance of the Sub-Fund is -3.56%. From 31 July 2020 to 31 July 2021, the performance of the Share Class is -0.37%.
The Sub-Fund has an annualised volatility of 2.02%.
Pergola 90 | en | de |
DOLFIN2011 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Accounting methods
The method used for the recognition of revenue is the coupons received method.
Trading charges are posted in specific accounts of the UCIT and are therefore not added to the cost price of the securities (excluding charges).
The WAPP (Weighted Average Purchase Price) method is used for the liquidation of securities. For derivative products, on the other hand, the FIFO (or 'First In' 'First Out') method is used.
- | # Methoden der Verbuchung
Die Verbuchung der Erträge erfolgt nach der Methode der aufgelaufenen Coupons.
Die Handelsgebühren werden in besonderen Konten des OGAW verbucht und daher nicht zum Einstandspreis der Wertpapiere (ohne Kosten) addiert.
Für die Liquidation der Titel wird der gewichtete mittlere Einstandspreis (PRMP) berücksichtigt. Bei Derivaten wird hingegen die FIFO-Methode (First In - First Out) angewandt.
- | # Accounting methods
The method used for the recognition of revenue is the coupons received method.
Trading charges are posted in specific accounts of the UCIT and are therefore not added to the cost price of the securities (excluding charges).
The WAPP (Weighted Average Purchase Price) method is used for the liquidation of securities. For derivative products, on the other hand, the FIFO (or 'First In' 'First Out') method is used.
- | en | de |
DOLFIN2012 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The limits referred to in 11.3, 11.4, 11.5, 11.7, 11.8 and 11.9 above may not be combined, so that exposure to a single body shall not exceed 35% of net assets.
- Group Companies are regarded as a single issuer for the purposes of 11.3, 11.4, 11.5, 11.7, 11.8 and 11.9. However, a limit of 20% of net assets may be applied to investment in transferable securities and money market instruments within the same group.
- Each Sub-Fund may invest up to 100% of net assets in transferable securities and money market instruments issued or guaranteed by OECD Governments (provided the relevant issues are investment grade), the Governments of Brazil or India (provided the relevant issues are investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, and Straight-A Funding LLC. | - Die Grenzen, auf die die vorstehenden Absätze 11.3, 11.4, 11.5, 11.7, 11.8 und 11.9 Bezug nehmen, dürfen nicht so kombiniert werden, dass das Engagement gegenüber einer einzelnen Partei 35% des Nettovermögens überschreitet.
- Konzerngesellschaften gelten zu Zwecken der Absätze 11.3, 11.4, 11.5, 11.7, 11.8 und 11.9 als einzelner Emittent. Anlagen in übertragbaren Wertpapieren und Geldmarktinstrumenten innerhalb desselben Konzerns dürfen jedoch höchstens 20% des Nettovermögens ausmachen.
- Jeder Teilfonds kann bis zu 100 % seines Nettovermögens in übertragbare Wertpapiere und Geldmarktinstrumente investieren, die durch OECD-Regierungen (sofern die betreffenden Emissionen Anlagequalität haben), die Regierungen von Brasilien oder Indien (sofern es sich um eine Anlage mit Anlagequalität handelt), die Regierung von Singapur, die Europäische Investitionsbank, die Europäische Bank für Wiederaufbau und Entwicklung, die Internationale Finanzierungsgesellschaft, den Internationalen Währungsfonds, Euratom, die Asiatische Entwicklungsbank, die Europäische Zentralbank, der Europarat, Eurofima, die Afrikanische Entwicklungsbank, die Internationale Bank für Wiederaufbau und Entwicklung (die Weltbank), die Interamerikanische Entwicklungsbank, die Europäische Union, die Federal National Mortgage Association (Fannie Mae), die Federal Home Loan Mortgage Corporation (Freddie Mac), die Government National Mortgage Association (Ginnie Mae), die Student Loan Marketing Association (Sallie Mae), die Federal Home Loan Bank, die Federal Farm Credit Bank, die Tennessee Valley Authority und die Straight-A Funding LLC begeben oder garantiert werden. | - The limits referred to in 11.3, 11.4, 11.5, 11.7, 11.8 and 11.9 above may not be combined, so that exposure to a single body shall not exceed 35% of net assets.
- Group Companies are regarded as a single issuer for the purposes of 11.3, 11.4, 11.5, 11.7, 11.8 and 11.9. However, a limit of 20% of net assets may be applied to investment in transferable securities and money market instruments within the same group.
- Each Sub-Fund may invest up to 100% of net assets in transferable securities and money market instruments issued or guaranteed by OECD Governments (provided the relevant issues are investment grade), the Governments of Brazil or India (provided the relevant issues are investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, and Straight-A Funding LLC. | en | de |
DOLFIN2013 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## FDI financial derivative instruments, as such term is used in the UCITS Regulations;
Hedged Class a Class which is denominated in a currency other than the relevant Base Currency and in respect of which the Manager employs techniques and instruments with a view to hedging against fluctuations between the relevant Class Currency and such Base Currency;
Initial Offer Period with respect to each Sub-Fund, the period specified in the Relevant Supplement, or such other time as the Directors may determine at their discretion and notify to the Central Bank and to subscribers; | ## IFD instruments financiers dérivés, ce terme étant utilisé dans les Réglementations des OPCVM ;
Catégorie Couverte une Catégorie libellée dans une devise autre que la Devise de Base concernée et relativement à laquelle le Gestionnaire utilise des techniques et instruments aux fins de couverture contre les fluctuations entre la Devise de Catégorie et cette Devise de Base.
Période d'Offre Initiale relativement à chaque Compartiment, la période spécifiée dans le Supplément Correspondant, ou toute autre période susceptible d'être déterminée par les Administrateurs, à leur discrétion, et notifiée à la Banque Centrale et aux souscripteurs ; | ## FDI financial derivative instruments, as such term is used in the UCITS Regulations;
Hedged Class a Class which is denominated in a currency other than the relevant Base Currency and in respect of which the Manager employs techniques and instruments with a view to hedging against fluctuations between the relevant Class Currency and such Base Currency;
Initial Offer Period with respect to each Sub-Fund, the period specified in the Relevant Supplement, or such other time as the Directors may determine at their discretion and notify to the Central Bank and to subscribers; | en | fr |
DOLFIN2014 | 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 | The impact of the explicit costs you might pay when entering your investment. We do not levy an entry charge on this share class. | 0 EUR |
| Exit costs | The impact of the explicit costs you might pay when exiting your investment. Currently 0.00%. No exit costs of our funds per the prospectus so please align with the prospectus. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | The impact of the explicit costs that we levy each year for managing and administering your investment. Currently 0.63%. | 63 EUR |
| Transaction costs | 0.20% 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. | 20 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | The impact of the explicit costs we might levy, when the fund outperforms its benchmark. Currently 0.00%. | 0 EUR | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Impatto dei costi espliciti che potrebbero essere addebitati quando si sottoscrive l'investimento. Non applichiamo commissioni di sottoscrizione su questa classe di azioni. | 0 EUR |
| Costi di uscita | Impatto dei costi espliciti che potrebbero essere addebitati quando si esce dall'investimento. Attualmente tale commissione è dello 0,00%. Nessuna commissione di rimborso è applicata ai nostri fondi ai sensi del prospetto che, di conseguenza, fa fede. | 0 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | Impatto dei costi espliciti che addebitiamo ogni anno per gestire e amministrare l'investimento. Attualmente queste spese ammontano al 0.63%. | 63 EUR |
| Costi di transazione | 0.20% del valore dell'investimento, su base annua. Si tratta di una stima dei costi sostenuti quando acquistiamo e vendiamo gli investimenti sottostanti del prodotto. L'importo effettivo varierà in base ai volumi di acquisto e di vendita. | 20 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Impatto dei costi espliciti che potremmo addebitare quando il rendimento del fondo supera quello del benchmark. Attualmente tale commissione è dello 0,00%. | 0 EUR | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The impact of the explicit costs you might pay when entering your investment. We do not levy an entry charge on this share class. | 0 EUR |
| Exit costs | The impact of the explicit costs you might pay when exiting your investment. Currently 0.00%. No exit costs of our funds per the prospectus so please align with the prospectus. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | The impact of the explicit costs that we levy each year for managing and administering your investment. Currently 0.63%. | 63 EUR |
| Transaction costs | 0.20% 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. | 20 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | The impact of the explicit costs we might levy, when the fund outperforms its benchmark. Currently 0.00%. | 0 EUR | | en | it |
DOLFIN2015 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The investments in CoCos may also entail the following risks (non-exhaustive list):
Valuation risk: the value of CoCos may need to be reduced due to a higher risk of overvaluation of such asset class on the relevant eligible markets. Therefore, a Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.
Call extension risk: some CoCos are issued as perpetual instruments, callable at pre- determined levels only with the approval of the competent authority.
Capital structure inversion risk: contrary to classical capital hierarchy, CoCos' investors may suffer a loss of capital when equity holders do not.
Conversion risk: it might be difficult for the Investment Manager to assess how the securities will behave upon conversion. In case of conversion into equity, the Investment Manager might be forced to sell these new equity shares since the investment policy of the relevant Fund does not allow equity in its portfolio. This forced sale may itself lead to liquidity issue for these shares.
Unknown risk: the structure of CoCos is innovative yet untested.
Industry concentration risk: investment in CoCos may lead to an increased industry concentration risk as such securities are issued by a limited number of banks.
- Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS)Certain Funds may have exposure to a wide range of asset-backed securities (including asset pools in credit card loans, auto loans, residential and commercial mortgage loans, collateralised mortgage obligations and collateralised debt obligations), agency mortgage pass-through securities and covered bonds. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other debt securities such as government issued bonds. | Anlagen in CoCos können zudem mit den folgenden Risiken verbunden sein (nicht erschöpfende Aufzählung):
Bewertungsrisiko: Der Wert von CoCos muss möglicherweise aufgrund eines erhöhten Risikos der Überbewertung dieser Anlageklasse auf den betreffenden zugelassenen Märkten herabgesetzt werden. Daher kann es vorkommen, dass ein Fonds seine gesamte Anlage verliert oder aber Bargeld oder Wertpapiere mit einem geringeren Wert als die ursprüngliche Anlage akzeptieren muss.
Kündigungsaufschubrisiken: Einige CoCos werden als Instrumente mit unbestimmter Laufzeit ausgegeben (sog. „Perpetual Instruments“), die nur mit Zustimmung der zuständigen Behörde und bei Erreichen zuvor festgelegter Schwellen kündbar sind.
Kapitalstruktur-Inversionsrisiken: Anders als bei klassischen Kapitalhierarchien können Anleger in CoCos einen Kapitalverlust erleiden, auch wenn dies bei den Aktionären nicht der Fall ist.
Wandlungsrisiken: Es kann u. U. für den Anlageverwalter schwierig sein, zu beurteilen, wie sich die Wertpapiere nach der Wandlung entwickeln werden. Bei der Wandlung in Eigenkapital kann der Anlageverwalter gegebenenfalls gezwungen sein, diese neu ausgegebenen Aktien zu verkaufen, da die Anlagepolitik des betreffenden Fonds das Halten von Aktien in seinem Portfolio nicht zulässt. Dieser Zwangsverkauf selbst kann zu Liquiditätsrisiken bezüglich dieser Aktien führen.
Unbekannte Risiken: Die Struktur von CoCos ist innovativ und noch nicht langfristig erprobt.
Sektorkonzentrationsrisiken: Anlagen in CoCos können zu einem erhöhten Sektorkonzentrationsrisiko führen, da diese Wertpapiere von einer begrenzten Anzahl von Banken begeben werden.
- Forderungsbesicherte Wertpapiere (ABS) und hypothekenbesicherte Wertpapiere (MBS)Bestimmte Fonds haben möglicherweise ein Engagement in forderungsbesicherten Wertpapieren (darunter Vermögensbestände aus Kreditkartendarlehen, Automobildarlehen, Hypothekendarlehen für Wohn- und Geschäftsimmobilien, durch Hypotheken gedeckte Schuldverschreibungen und forderungsbesicherte Schuldverschreibungen), Mortgage Pass Through-Anleihen von Agencies sowie gedeckten Schuldverschreibungen. Die Verbindlichkeiten in Verbindung mit diesen Wertpapieren können einem höheren Kredit-, Liquiditäts- und Zinsrisiko ausgesetzt sein als andere Schuldinstrumente wie etwa vom Staat ausgegebene Anleihen. | The investments in CoCos may also entail the following risks (non-exhaustive list):
Valuation risk: the value of CoCos may need to be reduced due to a higher risk of overvaluation of such asset class on the relevant eligible markets. Therefore, a Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.
Call extension risk: some CoCos are issued as perpetual instruments, callable at pre- determined levels only with the approval of the competent authority.
Capital structure inversion risk: contrary to classical capital hierarchy, CoCos' investors may suffer a loss of capital when equity holders do not.
Conversion risk: it might be difficult for the Investment Manager to assess how the securities will behave upon conversion. In case of conversion into equity, the Investment Manager might be forced to sell these new equity shares since the investment policy of the relevant Fund does not allow equity in its portfolio. This forced sale may itself lead to liquidity issue for these shares.
Unknown risk: the structure of CoCos is innovative yet untested.
Industry concentration risk: investment in CoCos may lead to an increased industry concentration risk as such securities are issued by a limited number of banks.
- Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS)Certain Funds may have exposure to a wide range of asset-backed securities (including asset pools in credit card loans, auto loans, residential and commercial mortgage loans, collateralised mortgage obligations and collateralised debt obligations), agency mortgage pass-through securities and covered bonds. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other debt securities such as government issued bonds. | en | de |
DOLFIN2016 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
We have classified this product as 1 out of 7, which is the lowest risk class. This rates the potential losses from future performance at a very low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund’s performance. Please refer to the Amundi Funds prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Nous avons classé ce produit dans la classe de risque 1 sur 7, qui est la classe de risque la plus basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau très faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que notre capacité à vous payer en soit affectée.
Risques supplémentaires : Le risque de liquidité du marché peut accentuer la variation des performances du produit.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Outre les risques inclus dans l’indicateur de risque, d’autres risques peuvent influer sur la performance du produit. Veuillez vous reporter au prospectus d’Amundi Funds.
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. | # What are the risks and what could I get in return?
We have classified this product as 1 out of 7, which is the lowest risk class. This rates the potential losses from future performance at a very low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund’s performance. Please refer to the Amundi Funds prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | en | fr |
DOLFIN2017 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# CHANGES IN THE COMPOSITION OF THE ASSETS EN EUR
| | 1st semester | 2nd semester | Total |
| --- | --- | --- | --- |
| Purchases | 404,555,298.78 | | 404,555,298.78 |
| Sales | 397,609,063.25 | 397,609,063.25 |
| Total 1 | 802,164,362.03 | 802,164,362.03 |
| Subscriptions | 440,487,074.88 | 440,487,074.88 |
| Redemptions | 449,085,840.74 | 449,085,840.74 |
| Total 2 | 889,572,915.62 | 889,572,915.62 |
| Reference average of the total net asset | 1,746,921,064.41 | 1,746,921,064.41 |
| Rotation Percentage | -5.00% | | -5.00% |
The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.
A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A with its registered office at Rue de l’Industrie 44 - 1040 Brussels which provides the financial services.
- | # CHANGEMENT DANS LA COMPOSITION DES ACTIFS EN EUR
| | 1er semestre | 2e semestre | Total |
| --- | --- | --- | --- |
| Achats | 237.039.870,07 | | 237.039.870,07 |
| Ventes | 105.918.074,72 | 105.918.074,72 |
| Total 1 | 342.957.944,79 | 342.957.944,79 |
| Souscriptions | 202.020.571,40 | 202.020.571,40 |
| Remboursements | 79.039.080,39 | 79.039.080,39 |
| Total 2 | 281.059.651,79 | 281.059.651,79 |
| Moyenne de référence de l'actif net total | 495.351.326,76 | 495.351.326,76 |
| Taux de rotation | 12,50% | | 12,50% |
Le taux de rotation montre en pourcentage la moyenne annuelle des transactions. Un chiffre proche de 0% montre que les transactions portant, selon le cas, sur les valeurs mobilières ou sur les actifs, à l'exception des dépôts et liquidités, ont été réalisées, durant une période déterminée, en fonction uniquement des souscriptions et des remboursements. Un pourcentage négatif indique que les souscriptions et les remboursements n'ont donné lieu qu'à un nombre limité de transactions ou, le cas échéant, à aucune transaction dans le portefeuille.
La liste détaillée des transactions qui ont eu lieu pendant l’exercice peut être consultée sans frais auprès de Banque Degroof Petercam S.A ayant son siège Rue de l’Industrie 44 - 1040 Bruxelles qui assure le service financier.
- | # CHANGES IN THE COMPOSITION OF THE ASSETS EN EUR
| | 1st semester | 2nd semester | Total |
| --- | --- | --- | --- |
| Purchases | 404,555,298.78 | | 404,555,298.78 |
| Sales | 397,609,063.25 | 397,609,063.25 |
| Total 1 | 802,164,362.03 | 802,164,362.03 |
| Subscriptions | 440,487,074.88 | 440,487,074.88 |
| Redemptions | 449,085,840.74 | 449,085,840.74 |
| Total 2 | 889,572,915.62 | 889,572,915.62 |
| Reference average of the total net asset | 1,746,921,064.41 | 1,746,921,064.41 |
| Rotation Percentage | -5.00% | | -5.00% |
The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.
A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A with its registered office at Rue de l’Industrie 44 - 1040 Brussels which provides the financial services.
- | en | fr |
DOLFIN2018 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### All of the Funds of the Company, with the exception of Legg Mason Western Asset US Government Liquidity Fund, are within the scope of the Global Credit Facility.
One of the responsibilities of the Valuation Committee is to review and deliberate on valuation concerns, including illiquid securities. The Company may from time to time invest in derivative contracts traded over-the-counter, which are not traded in an organised public market and may be illiquid. As a result, the Company may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value in order to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer.
The tables below have been prepared based on the undiscounted gross cash outflows relating to respective financial liabilities. The forward foreign currency contracts included in the tables below settle on a gross basis. Please refer to the relevant Portfolio of Investment for details of gross settlement amounts on these contracts. | #### Tutti i Comparti della Società, ad eccezione di Legg Mason Western Asset US Government Liquidity Fund, rientrano nell’ambito della Linea di Credito Globale.
Uno dei compiti del Comitato di valutazione consiste nella revisione e deliberazione in merito a questioni legate alla valutazione, compresa quella di titoli illiquidi. La Società potrebbe di volta in volta investire in contratti derivati scambiati over-the-counter, che non sono scambiati in un mercato pubblico organizzato e potrebbero essere non liquidi. Di conseguenza la Società potrebbe non riuscire a liquidare rapidamente i propri investimenti in tali strumenti a un importo prossimo al loro valore equo al fine di soddisfare i propri requisiti di liquidità o rispondere a eventi specifici come il peggioramento dell’affidabilità creditizia di un particolare emittente.
Le tabelle sottostanti sono state redatte sulla base dei deflussi di cassa lordi non attualizzati in ordine a rispettive passività finanziarie. I contratti di cambio a termine in valuta estera indicati nelle tabelle di seguito riportate vengono liquidati al lordo. Fare riferimento al relativo Prospetto degli investimenti per i dettagli degli importi di regolamento lordi su questi contratti | ##### All of the Funds of the Company, with the exception of Legg Mason Western Asset US Government Liquidity Fund, are within the scope of the Global Credit Facility.
One of the responsibilities of the Valuation Committee is to review and deliberate on valuation concerns, including illiquid securities. The Company may from time to time invest in derivative contracts traded over-the-counter, which are not traded in an organised public market and may be illiquid. As a result, the Company may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value in order to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer.
The tables below have been prepared based on the undiscounted gross cash outflows relating to respective financial liabilities. The forward foreign currency contracts included in the tables below settle on a gross basis. Please refer to the relevant Portfolio of Investment for details of gross settlement amounts on these contracts. | en | it |
DOLFIN2019 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Pricing Errors
It is possible that errors may be made in the calculation of the Net Asset Value. In determining whether compensation will be payable to a Fund and/or individual shareholders as a result of such errors, the Company will have regard to the guidelines issued by the Irish Funds Industry Association to apply a materiality threshold, below which, subject to approval of the Depositary, compensation will not usually be payable. The Central Bank has not set any requirements in this regard. In this context the materiality threshold currently applied by the Company is 0.5% of Net Asset Value, which reflects, in the opinion of the Directors, general market practice at the date of this Prospectus.
As such, and subject on each occasion to the approval of the Depositary, compensation will generally not be payable for errors where the effect on the Fund’s Net Asset Value is below the materiality threshold. There may however be circumstances when the Directors or Depositary consider it appropriate for compensation to be paid notwithstanding that the impact of the error was below the materiality threshold. Conversely, compensation will usually be paid in relation to errors where the impact on the Fund’s Net Asset Value is in excess of the materiality threshold, with any decision not to pay compensation in such circumstances requiring the approval of the Directors and also the Depositary.
On providing notice to shareholders and in consultation with the Depositary, the Directors reserve the right to change the materiality threshold (should, for example, they deem general market practice to have changed). The Central Bank’s approval of this Prospectus, should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | ## Errores de precios
Es posible que se cometan errores en el cálculo del Patrimonio neto. Al determinar si se pagará una compensación al Fondo y/o a los accionistas individuales como resultado de dichos errores, la Sociedad tendrá en cuenta las directrices emitidas por la Asociación Irlandesa de la Industria de los Fondos para aplicar un límite material, por debajo del cual, con sujeción a la autorización del Depositario, normalmente no se pagará una compensación. El Banco Central no ha establecido ningún requisito al respecto. En este contexto, el límite material actualmente aplicado por la Sociedad es el 0,5% del Patrimonio neto, lo que refleja, según los Consejeros, la práctica general del mercado en la fecha de este Folleto.
De este modo, y con sujeción en cada caso de la autorización del Depositario, normalmente no se pagará ninguna compensación por errores cuyo efecto sobre el Patrimonio neto del Fondo esté por debajo del límite material. No obstante, puede haber ocasiones en que los Consejeros o el Depositario crean oportuno pagar una compensación a pesar de que el impacto del error esté por debajo del límite material. Por el contrario, normalmente se pagará una compensación por errores cuyo impacto sobre el Patrimonio neto del Fondo sobrepase el límite material, siendo necesaria la autorización de los Consejeros y del Depositario a la hora de decidir no pagar ninguna compensación en tales circunstancias.
Avisando por adelantado a los accionistas y tras consultar con el Depositario, los Consejeros se reservan el derecho de cambiar el límite material (por ejemplo, si considerasen que la práctica general del mercado hubiera
cambiado). La autorización de este Folleto por parte del Banco Central no deberá interpretarse como un respaldo sobre qué se considera que es la práctica del mercado, sino más bien como un requisito regulatorio o legislativo. | ## Pricing Errors
It is possible that errors may be made in the calculation of the Net Asset Value. In determining whether compensation will be payable to a Fund and/or individual shareholders as a result of such errors, the Company will have regard to the guidelines issued by the Irish Funds Industry Association to apply a materiality threshold, below which, subject to approval of the Depositary, compensation will not usually be payable. The Central Bank has not set any requirements in this regard. In this context the materiality threshold currently applied by the Company is 0.5% of Net Asset Value, which reflects, in the opinion of the Directors, general market practice at the date of this Prospectus.
As such, and subject on each occasion to the approval of the Depositary, compensation will generally not be payable for errors where the effect on the Fund’s Net Asset Value is below the materiality threshold. There may however be circumstances when the Directors or Depositary consider it appropriate for compensation to be paid notwithstanding that the impact of the error was below the materiality threshold. Conversely, compensation will usually be paid in relation to errors where the impact on the Fund’s Net Asset Value is in excess of the materiality threshold, with any decision not to pay compensation in such circumstances requiring the approval of the Directors and also the Depositary.
On providing notice to shareholders and in consultation with the Depositary, the Directors reserve the right to change the materiality threshold (should, for example, they deem general market practice to have changed). The Central Bank’s approval of this Prospectus, should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | en | es |
DOLFIN2020 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €154 | €932 |
| Annual cost impact (*) | 1.5% | 1.5% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | €154 | €931 |
| Incidenza annuale dei costi (*) | 1,5% | 1,5% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €154 | €932 |
| Annual cost impact (*) | 1.5% | 1.5% each year | | en | it |
DOLFIN2021 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important information
The Investment Objective as stated in this document is a summary, please refer to the supplement for full details of the Investment Objective and Policy of the Fund.
Source & Copyright: CITYWIRE. Portfolio managers are AA rated by Citywire for 3 year risk-adjusted performance for the period 31 August 2018 - 31 August 2021. Citywire's exclusive methodology ranks fund managers based on their individual track records across all funds they manage globally.
NTR stands for net total return. An NTR Index is net of withholding taxes.
Unless specified in this document, the strategy does not:
- promote environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of the Sustainable Finance Disclosure Regulation (EU) No. 2019/2088 ("SFDR"); nor
- have sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR. | # Informazioni importanti
L'obiettivo d'investimento come indicato in questo documento è una sintesi, fare riferimento al supplemento per i dettagli completi dell'obiettivo di investimento e della politica del fondo.
Fonte e Copyright: CITYWIRE. Citywire ha assegnato un rating AA ai gestori di portafoglio per la performance a 3 anni corretta per il rischio del periodo 31 agosto 2018 - 31 agosto 2021. La metodologia esclusiva Citywire classifica i gestori di fondi in base ai loro track record individuali su tutti i fondi che gestiscono a livello globale.
NTR significa rendimento totale netto. Un indice NTR è al netto delle ritenute d'acconto.
Se non specificato in questo documento, la strategia non:
- promuove le caratteristiche ambientali o sociali in modo rispondente ai criteri specifici di cui all'articolo 8 del Regolamento sulla trasparenza degli investimenti sostenibili (UE) n. 2019/2088 ("SFDR") né
- ha come obiettivo investimenti sostenibili in modo rispondente ai criteri specifici contenuti nell'articolo 9 dell'SFDR. | # Important information
The Investment Objective as stated in this document is a summary, please refer to the supplement for full details of the Investment Objective and Policy of the Fund.
Source & Copyright: CITYWIRE. Portfolio managers are AA rated by Citywire for 3 year risk-adjusted performance for the period 31 August 2018 - 31 August 2021. Citywire's exclusive methodology ranks fund managers based on their individual track records across all funds they manage globally.
NTR stands for net total return. An NTR Index is net of withholding taxes.
Unless specified in this document, the strategy does not:
- promote environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of the Sustainable Finance Disclosure Regulation (EU) No. 2019/2088 ("SFDR"); nor
- have sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR. | en | it |
DOLFIN2022 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A deposit with a credit institution is eligible for investment by a sub-fund provided that all of the following conditions are fulfilled:
- the deposit is repayable on demand or is able to be withdrawn at any time;
- the deposit matures in no more than 12 months;
- the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a Third Country, it is subject to prudential rules considered by the CSSF as equivalent to those laid down in European legislation.
-
###### Financial derivative instruments | Un dépôt auprès d’un établissement de crédit est éligible à l’investissement par un compartiment à condition que toutes les exigences suivantes soient remplies :
- le dépôt est remboursable à tout moment ou peut être retiré à tout instant ;
- le dépôt est assorti d’une échéance inférieure ou égale à 12 mois ;
- l’établissement de crédit est domicilié dans un État membre ou, lorsque l’établissement de crédit est établi dans un Pays tiers, il est soumis aux règles prudentielles considérées par la CSSF comme équivalentes à celles énoncées dans le droit européen.
-
##### Instruments financiers dérivés | A deposit with a credit institution is eligible for investment by a sub-fund provided that all of the following conditions are fulfilled:
- the deposit is repayable on demand or is able to be withdrawn at any time;
- the deposit matures in no more than 12 months;
- the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a Third Country, it is subject to prudential rules considered by the CSSF as equivalent to those laid down in European legislation.
-
###### Financial derivative instruments | en | fr |
DOLFIN2023 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- subject to (c) below, government bonds with a minimum rating of AAA/Aaa from either Moody’s or Standard & Poor’s;
- bonds issued by the governments of the United States of America, France, Germany and the United Kingdom may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least AA – by Standard & Poor’s or Aa3 by Moody’s.
| | - con sujeción al punto (c) a continuación, deuda pública con una calificación mínima de AAA/Aaa otorgada por Moody’s o Standard & Poor’s;
- se puede aceptar deuda emitida por los gobiernos de Estados Unidos, Francia, Alemania y el Reino Unido en circunstancias en las que no goce de la calificación mínima estipulada en el punto (b) anterior siempre y cuando dicha deuda tenga unacalificación mínima de AA– según Standard & Poor’s o de Aa3 según Moody’s.
| | - subject to (c) below, government bonds with a minimum rating of AAA/Aaa from either Moody’s or Standard & Poor’s;
- bonds issued by the governments of the United States of America, France, Germany and the United Kingdom may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least AA – by Standard & Poor’s or Aa3 by Moody’s.
| | en | es |
DOLFIN2024 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: €10,000 If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €7,520 | €7,590 |
| Average return each year | -24.76% | -8.77% |
| Unfavourable | What you might get back after costs | €9,480 | €8,270 |
| Average return each year | -5.24% | -6.15% |
| Moderate | What you might get back after costs | €10,480 | €11,330 |
| Average return each year | 4.84% | 4.24% |
| Favourable | What you might get back after costs | €13,690 | €13,860 |
| Average return each year | 36.92% | 11.49% | | | Période de détention recommandée: 3 ans Exemple d'investissement: €10 000 Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 3 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €7 520 | €7 590 |
| Rendement annuel moyen | -24,75% | -8,77% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €9 320 | €7 990 |
| Rendement annuel moyen | -6,76% | -7,22% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10 480 | €11 300 |
| Rendement annuel moyen | 4,84% | 4,17% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €13 690 | €13 860 |
| Rendement annuel moyen | 36,92% | 11,49% | | | Recommended holding period: 3 years Example Investment: €10,000 If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €7,520 | €7,590 |
| Average return each year | -24.76% | -8.77% |
| Unfavourable | What you might get back after costs | €9,480 | €8,270 |
| Average return each year | -5.24% | -6.15% |
| Moderate | What you might get back after costs | €10,480 | €11,330 |
| Average return each year | 4.84% | 4.24% |
| Favourable | What you might get back after costs | €13,690 | €13,860 |
| Average return each year | 36.92% | 11.49% | | en | fr |
DOLFIN2025 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
official exchange listing or dealt in on another regulated market
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market
Thailand
Vodafone Group plc GBP 435,519 643,123 0.06
WPP plc GBP 27,992 265,787 0.02 | listino ufficiale o negoziati su un altro mercato regolamentato
Valori mobiliari e strumenti del mercato monetario ammessi al
listino ufficiale o negoziati su un altro mercato regolamentato
Thailandia
Vodafone Group plc GBP 435.519 643.123 0,06
WPP plc GBP 27.992 265.787 0,02 | official exchange listing or dealt in on another regulated market
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market
Thailand
Vodafone Group plc GBP 435,519 643,123 0.06
WPP plc GBP 27,992 265,787 0.02 | en | it |
DOLFIN2026 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Gestion des liquidités
La société de gestion a établi pour le Fonds des politiques et procédures écrites qui lui permettent de surveiller le risque de liquidité du Fonds et de s'assurer que le profil de liquidité des investissements du Fonds est cohé- rent avec les engagements sous-jacents du Fonds. Compte tenu de la stratégie d'investissement, le profil de liquidité du Fonds est le suivant : le profil de liquidité du Fonds est, dans son ensemble, déterminé par la struc- ture de son actif et de son passif, ainsi que par la structure des investisseurs et les conditions de rachat définies dans le prospectus.
Les politiques et les procédures prévoient que :
- La Société de gestion surveille les risques de liquidité qui pourraient survenir au niveau du Fonds ou des actifs. Ce faisant, elle évalue la liquidité des éléments d’actifs détenus dans le Fonds par rapport aux actifs du Fonds et définit des classes de liquidité à cette fin. L'évaluation de la liquidité comprend, par exemple, une analyse du volume des transactions, de leur complexité ou d'autres caractéristiques habituelles et, si nécessaire, une évaluation qualitative d'un actif.
- La Société de gestion surveille les risques de liquidité qui peuvent résulter d'un surcroît de demande de rachat de parts émanant d’investisseurs, ou d’appels de fonds particulièrement élevés. Pour ce faire, elle établit des projections concernant les variations des liquidités nettes, en tenant compte des informations disponibles sur les valeurs observées à partir de l’historique des variations des liquidités nettes.
- La Société de gestion surveille les créances et les dettes à court terme du Fonds et évalue leur impact sur la situation de liquidité du Fonds.
- La Société de gestion a fixé des limites de risque de liquidité adéquates pour le Fonds. Elle contrôle le respect de ces limites et a établi des procédures en cas de dépassement ou de risque de dépassement de ces limites.
- Les procédures mises en place par la Société de gestion assurent la cohérence entre les classes de li- quidité, les limites de risque de liquidité et les variations des liquidités nettes du Fonds.
La Société de gestion examine régulièrement ces principes et les met à jour en conséquence.
La Société de gestion effectue régulièrement des tests de résistance qui lui permettent d'évaluer le risque de liquidité du Fonds. La Société de gestion effectue les tests de résistance à partir d'informations fiables et actua- lisées quantitatives ou, si cela n'est pas approprié, qualitatives. Celles-ci comprennent notamment la stratégie d'investissement, les périodes de remboursement, les obligations de paiement et les périodes pendant les- quelles les actifs peuvent être vendus, ainsi que des informations relatives à des événements historiques ou à des hypothèses. Les tests de résistance simulent, le cas échéant, un manque de liquidité des actifs du Fonds et, dans une certaine mesure, des demandes atypiques de rachat de parts. Ils couvrent les risques de marché et leurs effets, y compris les appels de marge, les exigences de garantie ou les lignes de crédit. Ils seront effectués à une fréquence adaptée à la nature du Fonds, en tenant compte de la stratégie d'investissement, du profil de liquidité, du type d'investisseur et de la politique de rachat des parts du Fonds. | # Gestión de liquidez
La sociedad gestora ha establecido principios y procedimientos escritos para el Fondo que le permiten supervi- sar el riesgo de liquidez del Fondo y garantizar que el perfil de liquidez de las inversiones del Fondo es coheren- te con los pasivos subyacentes del Fondo. Si se tiene en cuenta la estrategia de inversión, el perfil de liquidez del Fondo es el siguiente: el perfil de liquidez del Fondo está determinado en su totalidad por su estructura en términos de los activos y pasivos contenidos en el Fondo, así como en términos de la estructura de los inverso- res y las condiciones de reembolso definidas en el folleto informativo.
Los principios y procedimientos incluyen:
- La sociedad gestora supervisa los riesgos de liquidez que pueden surgir en relación con el Fondo o los activos. Para ello, evalúa la liquidez de los activos contenidos en el Fondo en relación con el patrimo- nio del Fondo y define así las clases de liquidez. La evaluación de la liquidez incluye, a modo de ejem- plo, un análisis del volumen comercial, la complejidad u otras características típicas, así como, en caso necesario, una evaluación cualitativa de un activo.
- La sociedad gestora supervisará los riesgos de liquidez que puedan surgir como consecuencia de un aumento de la demanda de reembolso de participaciones por parte de los inversores o de peticiones de entrega a gran escala. Con ello, se forma una expectativa sobre las variaciones netas de los fondos a partir de la información disponible por medio de los valores empíricos obtenidos de las variaciones netas históricas de los fondos.
- La sociedad gestora supervisa los créditos y obligaciones corrientes del Fondo y evalúa su impacto en la situación de liquidez del Fondo.
- La sociedad gestora ha fijado unos límites de riesgo de liquidez adecuados para el Fondo. Se encarga de supervisar el cumplimiento de estos límites y ha establecido procedimientos en caso de que se su- peren o puedan superarse esos límites.
- Los procedimientos establecidos por la sociedad gestora garantizan la coherencia entre las clases de liquidez, los límites de riesgo de liquidez y las variaciones netas previstas de los fondos.
La sociedad gestora revisará periódicamente estos principios y los actualizará en consecuencia.
La sociedad gestora realiza periódicamente pruebas de resistencia que le permiten evaluar el riesgo de liquidez del Fondo. La sociedad gestora realizará las pruebas de resistencia sobre la base de información cuantitativa fiable y actualizada o, si esta no es adecuada, sobre la base de información cualitativa. Esto incluye la estrategia de inversión, los períodos de reembolso, las obligaciones de pago y los períodos en los que se pueden vender los activos, así como la información relativa a los acontecimientos históricos o a los supuestos hipotéticos. Por otra parte, las pruebas de resistencia simulan, en su caso, una falta de liquidez de los activos del fondo y, hasta cierto punto, demandas atípicas de reembolsos de participaciones. Cubren los riesgos de mercado y sus efec- tos, incluidas las demandas de márgenes, las exigencias de garantías o las líneas de crédito. Se llevarán a cabo con una frecuencia adecuada a la naturaleza del fondo, en función de la estrategia de inversión, el perfil de liquidez, el tipo de inversor y los principios de reembolso del fondo. | # Gestion des liquidités
La société de gestion a établi pour le Fonds des politiques et procédures écrites qui lui permettent de surveiller le risque de liquidité du Fonds et de s'assurer que le profil de liquidité des investissements du Fonds est cohé- rent avec les engagements sous-jacents du Fonds. Compte tenu de la stratégie d'investissement, le profil de liquidité du Fonds est le suivant : le profil de liquidité du Fonds est, dans son ensemble, déterminé par la struc- ture de son actif et de son passif, ainsi que par la structure des investisseurs et les conditions de rachat définies dans le prospectus.
Les politiques et les procédures prévoient que :
- La Société de gestion surveille les risques de liquidité qui pourraient survenir au niveau du Fonds ou des actifs. Ce faisant, elle évalue la liquidité des éléments d’actifs détenus dans le Fonds par rapport aux actifs du Fonds et définit des classes de liquidité à cette fin. L'évaluation de la liquidité comprend, par exemple, une analyse du volume des transactions, de leur complexité ou d'autres caractéristiques habituelles et, si nécessaire, une évaluation qualitative d'un actif.
- La Société de gestion surveille les risques de liquidité qui peuvent résulter d'un surcroît de demande de rachat de parts émanant d’investisseurs, ou d’appels de fonds particulièrement élevés. Pour ce faire, elle établit des projections concernant les variations des liquidités nettes, en tenant compte des informations disponibles sur les valeurs observées à partir de l’historique des variations des liquidités nettes.
- La Société de gestion surveille les créances et les dettes à court terme du Fonds et évalue leur impact sur la situation de liquidité du Fonds.
- La Société de gestion a fixé des limites de risque de liquidité adéquates pour le Fonds. Elle contrôle le respect de ces limites et a établi des procédures en cas de dépassement ou de risque de dépassement de ces limites.
- Les procédures mises en place par la Société de gestion assurent la cohérence entre les classes de li- quidité, les limites de risque de liquidité et les variations des liquidités nettes du Fonds.
La Société de gestion examine régulièrement ces principes et les met à jour en conséquence.
La Société de gestion effectue régulièrement des tests de résistance qui lui permettent d'évaluer le risque de liquidité du Fonds. La Société de gestion effectue les tests de résistance à partir d'informations fiables et actua- lisées quantitatives ou, si cela n'est pas approprié, qualitatives. Celles-ci comprennent notamment la stratégie d'investissement, les périodes de remboursement, les obligations de paiement et les périodes pendant les- quelles les actifs peuvent être vendus, ainsi que des informations relatives à des événements historiques ou à des hypothèses. Les tests de résistance simulent, le cas échéant, un manque de liquidité des actifs du Fonds et, dans une certaine mesure, des demandes atypiques de rachat de parts. Ils couvrent les risques de marché et leurs effets, y compris les appels de marge, les exigences de garantie ou les lignes de crédit. Ils seront effectués à une fréquence adaptée à la nature du Fonds, en tenant compte de la stratégie d'investissement, du profil de liquidité, du type d'investisseur et de la politique de rachat des parts du Fonds. | fr | es |
DOLFIN2027 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Depending on the structure of the contractual relationship, the Depositary may receive a payment for processing each transaction conducted on behalf of the Management Company; this fee is payable from the Fund.
- Apart from this fee, the following fees and charges are borne by the Fund:
- costs for assertion and enforcement of legal rights of the Fund or any existing unit class appearing to be justifiable and for defence against claims made against the Fund or any existing unit class that seem unjustified;
- costs and taxes (including but not limited to Taxe d’Abonnement) which may be incurred in connection with administration and custody; | Je nach Ausgestaltung des Vertragsverhältnisses steht der Verwahrstelle eine dem Fonds zu entnehmende Bearbeitungsgebühr für jede Transaktion zu, die sie im Auftrag der Verwaltungsgesellschaft durchführt.
- Neben dieser Vergütung gehen die folgenden Aufwendungen zulasten des Fonds:
- Kosten für die Geltendmachung und Durchsetzung berechtigt erscheinender, dem Fonds oder einer ggf. bestehenden Anteilklasse zuzuordnender Rechtsansprüche sowie für die Abwehr unberechtigt erscheinender, auf den Fonds oder eine ggf. bestehende Anteilklasse bezogener Forderungen;
- Kosten und evtl. entstehende Steuern (insb. Taxe d’Abonnement) im Zusammenhang mit der Verwaltung und Verwahrung; | Depending on the structure of the contractual relationship, the Depositary may receive a payment for processing each transaction conducted on behalf of the Management Company; this fee is payable from the Fund.
- Apart from this fee, the following fees and charges are borne by the Fund:
- costs for assertion and enforcement of legal rights of the Fund or any existing unit class appearing to be justifiable and for defence against claims made against the Fund or any existing unit class that seem unjustified;
- costs and taxes (including but not limited to Taxe d’Abonnement) which may be incurred in connection with administration and custody; | en | de |
DOLFIN2028 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The Fund Management Company shall perform its duties with the care of a paid agent (mandataire salarié).
The Fund Management Company may, in connection with the management of the assets of a given sub-fund, under its own responsibility and control, employ the services of an investment advisor or of an investment manager.
Investment decisions, the placement of orders, and the choice of brokers falls within the exclusive responsibility of the Fund Management Company, insofar as said Fund Management Company has not entrusted an investment manager with the management of the fund.
The Fund Management Company is permitted to delegate, for the purpose of a more efficient conduct of its activities, one or more of its functions and duties to third parties, provided that it retains responsibility and oversight over such delegates and that such delegation does not prevent the Fund Management Company from acting or the Investment Company from being managed in the best interests of the shareholders. | # Die Verwaltungsgesellschaft erfüllt ihre Verpflichtungen mit der Sorgfalt eines bezahlten Bevollmächtigten.
Die Verwaltungsgesellschaft kann im Zusammenhang mit der Verwaltung der Aktiva des jeweiligen Teilfonds unter eigener Verantwortung und Kontrolle einen Anlageberater oder Investmentmanager hinzuziehen.
Die Anlageentscheidung, die Ordererteilung und die Auswahl der Broker sind ausschließlich der Verwaltungsgesellschaft vorbehalten, sofern diese keinen Investmentmanager mit dem Fondsmanagement betraut hat.
Es ist der Verwaltungsgesellschaft gestattet, eine oder mehrere ihrer Aufgaben und Pflichten an Dritte zu delegieren, um die Ausführung ihrer Aufgaben effizienter zu gestalten, vorausgesetzt, dass sie die Verantwortung und Übersicht über solche Beauftragten behält und dass eine solche Delegation nicht die Verwaltungsgesellschaft oder die Investmentgesellschaft daran hindert, im besten Interesse der Aktionäre zu handeln beziehungsweise verwaltet zu werden. | # The Fund Management Company shall perform its duties with the care of a paid agent (mandataire salarié).
The Fund Management Company may, in connection with the management of the assets of a given sub-fund, under its own responsibility and control, employ the services of an investment advisor or of an investment manager.
Investment decisions, the placement of orders, and the choice of brokers falls within the exclusive responsibility of the Fund Management Company, insofar as said Fund Management Company has not entrusted an investment manager with the management of the fund.
The Fund Management Company is permitted to delegate, for the purpose of a more efficient conduct of its activities, one or more of its functions and duties to third parties, provided that it retains responsibility and oversight over such delegates and that such delegation does not prevent the Fund Management Company from acting or the Investment Company from being managed in the best interests of the shareholders. | en | de |
DOLFIN2029 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Pourquoi le Fonds est classé dans la catégorie 3 :
Risques importants pour le Fonds non pris en compte dans l'indicateur :
Risque de crédit :il représente le risque de dégradation de la qualité de la signature d’un émetteur ou celui de sa défaillance.
Risque de liquidité :le Fonds investit sur des marchés qui peuvent être affectés par une baisse de la liquidité. Le faible volume de transactions sur ces marchés peut impacter les prix auxquels le gérant initie ou liquide les positions.
Risque de contrepartie : risque de défaillance d’une contrepartie la conduisant à un défaut de paiement. Le Fonds peut être exposé à ce risque du fait de l’utilisation d’instruments financiers à terme ou de contrats d'acquisitions et de cessions temporaires de titres conclus de gré à gré avec un établissement de crédit si ce dernier ne peut honorer ses engagements.
La survenance de l'un de ces risques pourra entraîner une baisse de la valeur liquidative du Fonds. | ## Motivos por los que se ha asignado al Fondo la categoría 3:
Riesgos importantes para el Fondo que no engloba el indicador:
Riesgo de crédito:representa el riesgo de una rebaja de la calificación crediticia de un emisor o de su impago.
Riesgo de liquidez:el Fondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones.
Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Fondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Cualquiera de estos riesgos podría conllevar una disminución de valor liquidativo del Fondo. | ## Pourquoi le Fonds est classé dans la catégorie 3 :
Risques importants pour le Fonds non pris en compte dans l'indicateur :
Risque de crédit :il représente le risque de dégradation de la qualité de la signature d’un émetteur ou celui de sa défaillance.
Risque de liquidité :le Fonds investit sur des marchés qui peuvent être affectés par une baisse de la liquidité. Le faible volume de transactions sur ces marchés peut impacter les prix auxquels le gérant initie ou liquide les positions.
Risque de contrepartie : risque de défaillance d’une contrepartie la conduisant à un défaut de paiement. Le Fonds peut être exposé à ce risque du fait de l’utilisation d’instruments financiers à terme ou de contrats d'acquisitions et de cessions temporaires de titres conclus de gré à gré avec un établissement de crédit si ce dernier ne peut honorer ses engagements.
La survenance de l'un de ces risques pourra entraîner une baisse de la valeur liquidative du Fonds. | fr | es |
DOLFIN2030 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Pour les OPCVM qui appliquent des techniques de gestion efficace de portefeuille, des informations doivent être fournies en vertu de la Réglementation sur les OPCVM. Tout OPCVM doit déclarer les produits issus des contrats de pension et opérations de prêt de titres pour l’exercice financier clos le 31 décembre 2020, ainsi que les coûts et frais opérationnels directs et indirects engagés. Les Compartiments n’ont pas conclu de contrats de pension ni d’opérations de prêt de titres au cours de l’exercice financier clos le 31 décembre 2020.
Les détails des instruments financiers dérivés ouverts à la fin de l’exercice financier sont présentés dans le Portefeuille d’investissements des Compartiments. Tous les plus-values et moins-values réalisées résultant de l’utilisation de contrats dérivés pour une gestion efficace du portefeuille sont incluses dans les plus-values/(moins-values) nettes sur les actifs et passifs financiers à la juste valeur par le biais des profits ou des pertes dans l’État du résultat global.
- Frais d’exploitation et autres transactions avec des parties liées Commissions de gestionConformément au contrat de gestion conclu entre Legg Mason Investments (Ireland) Limited (le « Gestionnaire » ou « LMIIL ») et la Société (le « Contrat de gestion »), jusqu'au 1er février 2021, date de la nomination de Franklin Templeton International Services S.à r.l (« FTIS ») en tant que nouvelle société de gestion de la Société, le Gestionnaire a eu droit à une commission de gestion prélevée sur les actifs du Compartiment concerné pour ses services en tant que Gestionnaire, qui a couru chaque jour de transaction et a été payable mensuellement à terme échu (la « Commission de gestion »). La Société a également été responsable du prompt règlement ou du remboursement au Gestionnaire des commissions, frais de transfert, frais d’inscription, impôts et autres obligations similaires, frais et débours personnels régulièrement dus, ou encourus par la Société de gestion. | Para los OICVM que hayan utilizado técnicas de gestión eficiente de la cartera, se exige ofrecer información en virtud del Reglamento sobre OICVM. Se requiere que un OICVM revele los ingresos derivados de los acuerdos de recompra y de las operaciones de préstamo de valores durante el periodo fiscal finalizado el 31 de diciembre de 2020, junto con los costes operativos directos e indirectos y las comisiones incurridas. Los Fondos no suscribieron ningún acuerdo de recompra u operación de préstamo de valores durante el periodo fiscal finalizado el 31 de diciembre de 2020.
Los detalles de los instrumentos financieros derivados abiertos al final del periodo fiscal se describen en la Cartera de inversiones de los Fondos. Todas las ganancias y pérdidas realizadas derivadas del uso de contratos derivados para la gestión eficiente de la cartera se incluyen en ganancias/(pérdidas) netas sobre activos y pasivos financieros a valor razonable con cambios en resultados en el Estado del resultado global.
- Gastos de explotación y otras operaciones con partes vinculadas Comisiones de gestiónDe conformidad con el acuerdo de gestión entre Legg Mason Investments (Ireland) Limited (el “Gestor” o “LMIIL”) y la Sociedad (el “Acuerdo de gestión”), hasta el 1 de febrero de 2021, que es la fecha de nombramiento de Franklin Templeton International Services S.à r.l (“FTIS”) como la nueva sociedad gestora de la Sociedad, el Gestor ha tenido derecho a recibir una comisión de gestión de los activos del Fondo correspondiente por sus servicios como Gestor, que haya devengado en cada día de negociación y que haya sido pagadero mensualmente a mes vencido (la “Comisión de gestión”). La Sociedad también será responsable de pagar o reembolsar oportunamente a la Gestora todas las comisiones, las comisiones por transferencia, las comisiones por registro, los impuestos y responsabilidades similares, los costes y los gastos menores que deba pagar o en los que hubiese incurrido la Gestora. | Pour les OPCVM qui appliquent des techniques de gestion efficace de portefeuille, des informations doivent être fournies en vertu de la Réglementation sur les OPCVM. Tout OPCVM doit déclarer les produits issus des contrats de pension et opérations de prêt de titres pour l’exercice financier clos le 31 décembre 2020, ainsi que les coûts et frais opérationnels directs et indirects engagés. Les Compartiments n’ont pas conclu de contrats de pension ni d’opérations de prêt de titres au cours de l’exercice financier clos le 31 décembre 2020.
Les détails des instruments financiers dérivés ouverts à la fin de l’exercice financier sont présentés dans le Portefeuille d’investissements des Compartiments. Tous les plus-values et moins-values réalisées résultant de l’utilisation de contrats dérivés pour une gestion efficace du portefeuille sont incluses dans les plus-values/(moins-values) nettes sur les actifs et passifs financiers à la juste valeur par le biais des profits ou des pertes dans l’État du résultat global.
- Frais d’exploitation et autres transactions avec des parties liées Commissions de gestionConformément au contrat de gestion conclu entre Legg Mason Investments (Ireland) Limited (le « Gestionnaire » ou « LMIIL ») et la Société (le « Contrat de gestion »), jusqu'au 1er février 2021, date de la nomination de Franklin Templeton International Services S.à r.l (« FTIS ») en tant que nouvelle société de gestion de la Société, le Gestionnaire a eu droit à une commission de gestion prélevée sur les actifs du Compartiment concerné pour ses services en tant que Gestionnaire, qui a couru chaque jour de transaction et a été payable mensuellement à terme échu (la « Commission de gestion »). La Société a également été responsable du prompt règlement ou du remboursement au Gestionnaire des commissions, frais de transfert, frais d’inscription, impôts et autres obligations similaires, frais et débours personnels régulièrement dus, ou encourus par la Société de gestion. | fr | es |
DOLFIN2031 | Translate the following text in en into it. 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.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between October 2017 and October 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between July 2015 and July 2020.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between January 2013 and January 2018. | Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
Scenario sfavorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il ottobre 2017 e il ottobre 2022.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il luglio 2015 e il luglio 2020.
Scenario favorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il gennaio 2013 e il gennaio 2018. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between October 2017 and October 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between July 2015 and July 2020.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between January 2013 and January 2018. | en | it |
DOLFIN2032 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Period | MTD | YTD | 1 year | 3 years | 5 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- |
| Performance (cumulated) | -0.08 | -4.50 | -4.33 | 3.38 | 7.24 | 21.40 |
| Performance (annualised) | - | - | -4.33 | 1.11 | 1.41 | 2.03 |
| Volatility | - | - | 4.55 | 5.79 | 5.01 | 4.37 | | | Periodo | MTD | YTD | 1 anno | 3 anni | 5 anni | Dall’emissione |
| --- | --- | --- | --- | --- | --- | --- |
| Performance (cumulativo) | -0,08 | -4,50 | -4,33 | 3,38 | 7,24 | 21,40 |
| Performance (annualizzato) | - | - | -4,33 | 1,11 | 1,41 | 2,03 |
| Volatilità | - | - | 4,55 | 5,79 | 5,01 | 4,37 | | | Period | MTD | YTD | 1 year | 3 years | 5 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- |
| Performance (cumulated) | -0.08 | -4.50 | -4.33 | 3.38 | 7.24 | 21.40 |
| Performance (annualised) | - | - | -4.33 | 1.11 | 1.41 | 2.03 |
| Volatility | - | - | 4.55 | 5.79 | 5.01 | 4.37 | | en | it |
DOLFIN2033 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Regulations state that the Depositary is responsible towards the SPPICAV or its Shareholders for any other loss resulting from its negligence or wilful under-performance of its obligations, except in the event of a force majeure preventing it from discharging its contractual obligations.
Delegation of the custody of the SPPICAV’s assets to a third party does not release the Depositary from its liability. However, the Depositary is released from its liability if it is able to prove that:
- it has fulfilled all obligations concerning the delegation of its duties;
- a written contract between the Depositary and third party specifically transfers the Depositary's liability to that third party, and allows the Management Company to bring a claim against the third party for the loss of the SPPICAV's assets; and
- a separate agreement between the Depositary and Management Company specifically allows the Depositary to relieve itself of its liability and provides objective justification for doing so. | Conformément à la réglementation, le Dépositaire est responsable à l'égard de la SPPICAV ou à l'égard des Actionnaires, de toute autre perte résultant de la négligence ou de la mauvaise exécution intentionnelle de ses obligations, à l’exception de la survenance d’un cas de force majeure ayant une incidence sur l’exécution de ses obligations contractuelles.
La délégation à un tiers de la garde des actifs de la SPPICAV n'exonère pas le Dépositaire de sa responsabilité. Par dérogation, le Dépositaire est exonéré de sa responsabilité s'il est en mesure de prouver que :
- toutes les obligations concernant la délégation de ses tâches de conservation sont remplies ;
- un contrat écrit entre le Dépositaire et le tiers transfère expressément la responsabilité du Dépositaire à ce tiers et permet à la Société de Gestion de déposer plainte contre le tiers au sujet de la perte des actifs de la SPPICAV ; et
- un acte séparé entre le Dépositaire et la Société de Gestion autorise expressément une décharge de la responsabilité du Dépositaire et établit la raison objective justifiant une telle décharge. | Regulations state that the Depositary is responsible towards the SPPICAV or its Shareholders for any other loss resulting from its negligence or wilful under-performance of its obligations, except in the event of a force majeure preventing it from discharging its contractual obligations.
Delegation of the custody of the SPPICAV’s assets to a third party does not release the Depositary from its liability. However, the Depositary is released from its liability if it is able to prove that:
- it has fulfilled all obligations concerning the delegation of its duties;
- a written contract between the Depositary and third party specifically transfers the Depositary's liability to that third party, and allows the Management Company to bring a claim against the third party for the loss of the SPPICAV's assets; and
- a separate agreement between the Depositary and Management Company specifically allows the Depositary to relieve itself of its liability and provides objective justification for doing so. | en | fr |
DOLFIN2034 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement $ 10.000 | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | $ 130 | $ 844 |
| Incidence des coûts annuels* | 1,3 % | 1,3 % | | | Ejemplo de inversión $ 10.000 | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | $ 130 | $ 844 |
| Incidencia anual de los costes* | 1,3% | 1,3% | | | Exemple d’investissement $ 10.000 | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | $ 130 | $ 844 |
| Incidence des coûts annuels* | 1,3 % | 1,3 % | | fr | es |
DOLFIN2035 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles :
Nous avons supposé :
- qu’au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évolue de la manière indiquée dans le scénario intermédiaire.
- USD10 000 est investi.
| Investissement 10 000 USD | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 290 USD | 1704 USD |
| Incidence des coûts annuels* | 2,9 % | 2,96 % |
(*) Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 5,07 % avant déduction des coûts et de 2,12 % après cette déduction. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles:
Hemos partido de los siguientes supuestos:
- - En el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). Para los otros periodos de tenencia hemos supuesto que el producto se comporta como se muestra en el escenario moderado.
- USD10 000se invierte.
| Inversión 10 000 USD | En caso de salida después de 1 Año | En caso de salida después de 5 Años |
| --- | --- | --- |
| Costes totales | 290 USD | 1704 USD |
| Incidencia anual de los costes* | 2,9 % | 2,96 % |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 5,07 % antes de deducir los costes y del 2,12
% después de deducir los costes. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles :
Nous avons supposé :
- qu’au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évolue de la manière indiquée dans le scénario intermédiaire.
- USD10 000 est investi.
| Investissement 10 000 USD | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 290 USD | 1704 USD |
| Incidence des coûts annuels* | 2,9 % | 2,96 % |
(*) Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 5,07 % avant déduction des coûts et de 2,12 % après cette déduction. | fr | es |
DOLFIN2036 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
### Type
### Le produit est un compartiment UCITS - Teil 1 d'une SICAV de droit luxembourgeois. Le fonds est un ETF OPCVM.
### Durée
Ce produit est un fonds de type ouvert sans échéance prédéfinie. Pour plus d'informations sur les possibilités de remboursement, veuillez vous reporter à la section « Combien de temps dois-je le conserver et puis-je retirer mon argent plus tôt ? ». Le produit peut être remboursé par anticipation dans certaines circonstances, tel que stipulé dans le prospectus de vente. La classe d'actions 1C du fonds Xtrackers II ESG Eurozone Government Bond UCITS ETF a été lancée en 2022.
### Objectifs
Il est géré de façon passive. Le fonds promeut des caractéristiques environnementales et sociales et est soumis aux exigences de publication d'un produit financier conformément à l'article 8(1) du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers. De plus amples informations ESG sont disponibles dans le prospectus de vente et sur le site Internet de DWS. L’objectif est que votre investissement reflète la performance de l’indice FTSE ESG Select EMU (indice). L’indice vise à refléter la performance des dettes souveraines présentant une notation de catégorie investissement, en euro et à taux fixe émises sur les marchés développés de l’Union économique et monétaire de l’Union européenne (UEM), à l’exception des pays qui ne remplissent pas les critères ESG (environnementaux, sociaux et de gouvernance) spécifiques. Les titres émis par les pays de l'UEM dans l'indice FTSE ESG Select World Government Bond Index - DM (indice parent) peuvent être inclus dans l'indice. Les scores ESG des pays sont calculés en évaluant la performance de chaque pays sur les trois piliers ESG. Les scores ESG visent à évaluer l’exposition d’un pays à certains facteurs de risque ESG et leur gestion tels que déterminés par le Profil de durabilité de l’outil de suivi des risques souverains de Beyond Ratings. Pour être inclus dans l’indice, un pays doit être classé comme Libre par Freedom House. Les pays sont classés en fonction de leur score ESG et doivent dépasser un certain seuil pour être inclus dans l’indice. Les pondérations des composants éligibles sont ajustés dans l'indice par rapport au sous-ensemble EMU de l'indice FTSE World Government Bond Index - DM en surpondérant les pays ESG les plus performants et en sous-pondérant les moins performants. La pondération de la valeur de marché de chaque titre est biaisée par son score ESG de pays respectif de sorte que la pondération de chaque émetteur dans l’indice est fonction de la pondération de la valeur de marché et du score ESG du pays. L’indice est calculé sur la base du rendement total, ce qui signifie que les montants équivalents aux versements d’intérêts sont réinvestis dans l’indice. L’indice est géré par FTSE Fixed Income LLC et rééquilibré chaque mois. Afin d’atteindre l’objectif, le fonds cherchera à répliquer l’indice, avant frais et commissions, en achetant un portefeuille de titres qui peut comprendre les composantes de l’indice ou d’autres investissements non liés, tel que déterminé par des entités de DWS. Le fonds peut avoir recours à des méthodes et à des instruments afin de gérer le risque, de réduire les coûts et d’améliorer les résultats. Ces techniques et instruments peuvent inclure l’utilisation de produits dérivés. Certaines informations (y compris les derniers cours des parts du fonds, les valeurs liquidatives indicatives, tous les détails sur la composition du portefeuille du fonds et des informations sur les composantes de l’indice) sont disponibles sur la version locale du site Internet de DWS ou sur le site www.Xtrackers.com. Les frais de transaction et les taxes, les frais imprévus en lien avec le fonds et les conditions de marché telles que la volatilité ou la liquidité peuvent avoir une incidence sur la capacité du fonds à répliquer la performance de l’indice. L’écart de suivi dans des conditions de marché normales est estimé à 1 %. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La devise du compartiment est EUR. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de Xtrackers II pour lequel le prospectus de vente et les rapports réguliers sont établis globalement. Les actifs et les engagements de chaque compartiment sont séparés en vertu de la loi. En conséquence, les actifs d'un compartiment ne sont pas disponibles en cas de réclamations ou d'insolvabilité d'un autre compartiment. D'autres classes d'actions peuvent être disponibles pour ce fonds. Veuillez consulter la rubrique correspondante du prospectus de vente pour plus de détails. Vous ne pouvez pas échanger vos actions de ce fonds contre des actions d’autres fonds de Xtrackers II. La banque dépositaire est State Street Bank International GmbH, Succursale de Luxembourg. Des informations plus détaillées sur ce fonds, telles que le prospectus ainsi que le dernier rapport annuel et semestriel, sont disponibles gratuitement en ligne à l'adresse www.etf.dws.com. Ces documents sont disponibles en anglais ou en allemand. Les documents ainsi que d'autres informations (y compris les derniers cours des actions) sont disponibles gratuitement.
### Investisseurs de détail visés
Le fonds s’adresse aux : (i) clients privés (ii) disposant de connaissances de base et d’une expérience limitée (iii) et prêts à accepter le niveau de risque indiqué ci-après (y compris des pertes à hauteur du montant total investi). L’investisseur type présente (iv) un horizon d’investissement à moyen terme (trois ans). Le fonds convient à (v) des fins d’accumulation de capital (croissance). | # ¿Qué es este producto?
### Tipo
### El producto es un subfondo UCITS - Teil 1 de una SICAV con arreglo a la legislación luxemburguesa. El fondo es un OICVM ETF.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones 1C de Xtrackers II ESG Eurozone Government Bond UCITS ETF se constituyó en 2022.
### Objetivos
El fondo se gestiona pasivamente. El fondo promueve características medioambientales y sociales y está sujeto a los requisitos de divulgación de un producto financiero conforme con el artículo 8, párrafo 1, del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. Puede consultar más información sobre ESG en el folleto de venta y la página web de DWS. El objetivo consiste en que su inversión refleje el rendimiento del índice FTSE ESG Select EMU Government Bond (el “índice”). El objetivo del índice es reproducir la evolución del valor de títulos de deuda soberana con grado de inversión, a tipo de interés fijo y denominados en euros emitidos por países de mercados desarrollados dentro de la Unión Económica y Monetaria (UEM) europea, a excepción de aquellos países que no cumplen determinados criterios ESG (medioambientales, sociales y de gobierno corporativo) específicos. Pueden optar a entrar en el índice los valores emitidos por países de la UEM que figuren en el índice FTSE ESG Select World Government Bond - DM (el “índice principal”). Las puntuaciones ESG por países se calculan examinando el rendimiento de cada uno de ellos en los tres pilares ESG. Estas puntuaciones sirven para evaluar la exposición de un país a ciertos factores de riesgo ESG y la gestión que hace de ellos, según lo establecido en el Perfil de Sostenibilidad del Monitor de Riesgo Soberano de Beyond Ratings. Para poder ser incluido en el índice, el país debe estar catalogado como “libre” por Freedom House. Los países se clasifican conforme a su puntuación ESG y deben superar un determinado umbral para ser incluidos en el índice. El peso de los componentes resultantes en el índice se ajusta mediante una sobreponderación de aquellos países con mejor rendimiento ESG dentro del subconjunto UEM del índice FTSE World Government Bond - DM y una infraponderación de aquellos cuyo rendimiento ESG sea peor. La ponderación del valor de mercado de cada título se “sesga” con la puntuación ESG del país en cuestión, de tal manera que el peso de cada emisor en el índice es una función de la ponderación del valor de mercado y la puntuación ESG del país. El índice se calcula con una base de rentabilidad total, lo que implica que se reinviertan en el índice cantidades equivalentes a los pagos de intereses. FTSE Fixed Income LLC administra el índice, el cual reajusta mensualmente. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Este fondo es un subfondo de Xtrackers II, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. Usted no está autorizado para canjear sus acciones de este fondo por otros fondos de Xtrackers II. La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.etf.dws.com. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
El fondo está diseñado para: (i) clientes minoristas con (ii) conocimientos y experiencia básicos que (iii) estén dispuestos a aceptar el nivel de riesgo que se indica más adelante (incluidas pérdidas que pueden llegar hasta la cantidad total invertida). El inversor típico tendrá (iv) un horizonte de inversión a medio plazo (tres años). El fondo es adecuado para (v) la acumulación general de capital (crecimiento). | # En quoi consiste ce produit?
### Type
### Le produit est un compartiment UCITS - Teil 1 d'une SICAV de droit luxembourgeois. Le fonds est un ETF OPCVM.
### Durée
Ce produit est un fonds de type ouvert sans échéance prédéfinie. Pour plus d'informations sur les possibilités de remboursement, veuillez vous reporter à la section « Combien de temps dois-je le conserver et puis-je retirer mon argent plus tôt ? ». Le produit peut être remboursé par anticipation dans certaines circonstances, tel que stipulé dans le prospectus de vente. La classe d'actions 1C du fonds Xtrackers II ESG Eurozone Government Bond UCITS ETF a été lancée en 2022.
### Objectifs
Il est géré de façon passive. Le fonds promeut des caractéristiques environnementales et sociales et est soumis aux exigences de publication d'un produit financier conformément à l'article 8(1) du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers. De plus amples informations ESG sont disponibles dans le prospectus de vente et sur le site Internet de DWS. L’objectif est que votre investissement reflète la performance de l’indice FTSE ESG Select EMU (indice). L’indice vise à refléter la performance des dettes souveraines présentant une notation de catégorie investissement, en euro et à taux fixe émises sur les marchés développés de l’Union économique et monétaire de l’Union européenne (UEM), à l’exception des pays qui ne remplissent pas les critères ESG (environnementaux, sociaux et de gouvernance) spécifiques. Les titres émis par les pays de l'UEM dans l'indice FTSE ESG Select World Government Bond Index - DM (indice parent) peuvent être inclus dans l'indice. Les scores ESG des pays sont calculés en évaluant la performance de chaque pays sur les trois piliers ESG. Les scores ESG visent à évaluer l’exposition d’un pays à certains facteurs de risque ESG et leur gestion tels que déterminés par le Profil de durabilité de l’outil de suivi des risques souverains de Beyond Ratings. Pour être inclus dans l’indice, un pays doit être classé comme Libre par Freedom House. Les pays sont classés en fonction de leur score ESG et doivent dépasser un certain seuil pour être inclus dans l’indice. Les pondérations des composants éligibles sont ajustés dans l'indice par rapport au sous-ensemble EMU de l'indice FTSE World Government Bond Index - DM en surpondérant les pays ESG les plus performants et en sous-pondérant les moins performants. La pondération de la valeur de marché de chaque titre est biaisée par son score ESG de pays respectif de sorte que la pondération de chaque émetteur dans l’indice est fonction de la pondération de la valeur de marché et du score ESG du pays. L’indice est calculé sur la base du rendement total, ce qui signifie que les montants équivalents aux versements d’intérêts sont réinvestis dans l’indice. L’indice est géré par FTSE Fixed Income LLC et rééquilibré chaque mois. Afin d’atteindre l’objectif, le fonds cherchera à répliquer l’indice, avant frais et commissions, en achetant un portefeuille de titres qui peut comprendre les composantes de l’indice ou d’autres investissements non liés, tel que déterminé par des entités de DWS. Le fonds peut avoir recours à des méthodes et à des instruments afin de gérer le risque, de réduire les coûts et d’améliorer les résultats. Ces techniques et instruments peuvent inclure l’utilisation de produits dérivés. Certaines informations (y compris les derniers cours des parts du fonds, les valeurs liquidatives indicatives, tous les détails sur la composition du portefeuille du fonds et des informations sur les composantes de l’indice) sont disponibles sur la version locale du site Internet de DWS ou sur le site www.Xtrackers.com. Les frais de transaction et les taxes, les frais imprévus en lien avec le fonds et les conditions de marché telles que la volatilité ou la liquidité peuvent avoir une incidence sur la capacité du fonds à répliquer la performance de l’indice. L’écart de suivi dans des conditions de marché normales est estimé à 1 %. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La devise du compartiment est EUR. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de Xtrackers II pour lequel le prospectus de vente et les rapports réguliers sont établis globalement. Les actifs et les engagements de chaque compartiment sont séparés en vertu de la loi. En conséquence, les actifs d'un compartiment ne sont pas disponibles en cas de réclamations ou d'insolvabilité d'un autre compartiment. D'autres classes d'actions peuvent être disponibles pour ce fonds. Veuillez consulter la rubrique correspondante du prospectus de vente pour plus de détails. Vous ne pouvez pas échanger vos actions de ce fonds contre des actions d’autres fonds de Xtrackers II. La banque dépositaire est State Street Bank International GmbH, Succursale de Luxembourg. Des informations plus détaillées sur ce fonds, telles que le prospectus ainsi que le dernier rapport annuel et semestriel, sont disponibles gratuitement en ligne à l'adresse www.etf.dws.com. Ces documents sont disponibles en anglais ou en allemand. Les documents ainsi que d'autres informations (y compris les derniers cours des actions) sont disponibles gratuitement.
### Investisseurs de détail visés
Le fonds s’adresse aux : (i) clients privés (ii) disposant de connaissances de base et d’une expérience limitée (iii) et prêts à accepter le niveau de risque indiqué ci-après (y compris des pertes à hauteur du montant total investi). L’investisseur type présente (iv) un horizon d’investissement à moyen terme (trois ans). Le fonds convient à (v) des fins d’accumulation de capital (croissance). | fr | es |
DOLFIN2037 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Objectifs
Le Fonds vise à fournir un rendement, à partir d'une combinaison de croissance du capital et de revenu, et ce sur le long terme (cinq ans ou plus). Le Fonds investit dans des obligations de toute qualité, y compris des obligations à haut rendement/de notation inférieure à «investment grade», des titres adossés à des actifs et à des hypothèques et des titres d'émetteurs en difficulté émanant, d'États, de sociétés ou de tout autre type d'émetteur de n'importe quel pays. Lorsque des investissements sont effectués dans des actifs libellés dans des devises autres que la devise de référence du Fonds, le Fonds s'efforcera de couvrir ces actifs par rapport à la devise de référence pour supprimer le risque de fluctuations de
change. Le Fonds peut également investir dans d'autres actifs, y compris des obligations perpétuelles, des obligations convertibles, des obligations convertibles contingentes (CoCo), des actions (titres de participation) de sociétés, des titres de sociétés en détresse, des actions privilégiées, des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l'objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg. | ### Objetivos
El Fondo busca obtener un rendimiento a partir de una combinación de ingresos y crecimiento de capital a largo plazo (cinco años o más). El Fondo invierte en bonos de cualquier calidad, incluso en bonos de alto rendimiento/sin grado de inversión, bonos de titulización de activos y de titulización hipotecaria, y deuda en dificultades, emitidos por Gobiernos, sociedades o cualquier otro tipo de emisor de cualquier país. Cuando se realicen inversiones en activos en divisas distintas de la divisa base del Fondo, este tratará de cubrir dichos activos con la divisa base para eliminar el riesgo de movimientos del tipo de
cambio monetario. El Fondo también podrá invertir en otros activos, incluidos los bonos perpetuos, los bonos convertibles, los bonos convertibles contingentes (CoCos), las acciones de sociedades (valores de renta variable), la deuda de sociedades con problemas de pago, las acciones preferentes, el efectivo y los instrumentos del mercado monetario. El gestor de inversiones podrá utilizar derivados (instrumentos financieros complejos), incluidas las permutas de rendimiento total, con el fin de obtener ganancias de inversión en línea con el objetivo del Fondo, para reducir el riesgo o gestionar el Fondo de forma más eficiente. Esta clase de acciones acumula ingresos que son retenidos en el precio de la clase de acciones. Puede comprar, vender o canjear acciones del Fondo en cualquier día de negociación, tal y como se expone en el folleto de la Sociedad. El Depositario del Fondo es BNP Paribas Securities Services, sucursal de Luxemburgo. | ### Objectifs
Le Fonds vise à fournir un rendement, à partir d'une combinaison de croissance du capital et de revenu, et ce sur le long terme (cinq ans ou plus). Le Fonds investit dans des obligations de toute qualité, y compris des obligations à haut rendement/de notation inférieure à «investment grade», des titres adossés à des actifs et à des hypothèques et des titres d'émetteurs en difficulté émanant, d'États, de sociétés ou de tout autre type d'émetteur de n'importe quel pays. Lorsque des investissements sont effectués dans des actifs libellés dans des devises autres que la devise de référence du Fonds, le Fonds s'efforcera de couvrir ces actifs par rapport à la devise de référence pour supprimer le risque de fluctuations de
change. Le Fonds peut également investir dans d'autres actifs, y compris des obligations perpétuelles, des obligations convertibles, des obligations convertibles contingentes (CoCo), des actions (titres de participation) de sociétés, des titres de sociétés en détresse, des actions privilégiées, des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l'objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg. | fr | es |
DOLFIN2038 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The following definitions have been issued by the Revenue Commissioners in Ireland (the “Irish Revenue”) in relation to the residence of individuals and companies:
Residence – Individual
An individual will be regarded as being resident in Ireland for a tax year if s/he:
- spends 183 days or more in Ireland in that tax year; or
- has a combined presence of 280 days in Ireland, taking into account the number of days spent in Ireland in that twelve month tax year together with the number of days spent in Ireland in the preceding taxyear. | Le seguenti definizioni sono state formulate dai Revenue Commissioner irlandesi (il "Fisco Irlandese") in relazione alla residenza di persone fisiche e società:
Residenza – Persona fisica
Una persona fisica è considerata residente in Irlanda con riferimento a un determinato esercizio fiscale se:
- trascorre almeno 183 giorni in Irlanda in tale anno tributario, oppure
- totalizza 280 giorni di presenza in Irlanda, sommando il numero di giorni trascorsi in Irlanda in tale anno tributario di dodici mesi e il numero di giorni trascorsi in Irlanda nel precedente anno tributario. | The following definitions have been issued by the Revenue Commissioners in Ireland (the “Irish Revenue”) in relation to the residence of individuals and companies:
Residence – Individual
An individual will be regarded as being resident in Ireland for a tax year if s/he:
- spends 183 days or more in Ireland in that tax year; or
- has a combined presence of 280 days in Ireland, taking into account the number of days spent in Ireland in that twelve month tax year together with the number of days spent in Ireland in the preceding taxyear. | en | it |
DOLFIN2039 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Any Distributor appointed must apply the procedures to combat money laundering as defined in the Prospectus.
The appointed Distributor must have the legal and regulatory status required to market the SICAV and must be situated in a country subject to obligations to combat money laundering and the financing of terrorism equivalent to those of Luxembourg law or the European Directive 2005/60/EC (hereinafter "Directive 2005/60/EC").
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#### Remuneration policy | #### En cas de désignation d’un Distributeur, celui-ci doit appliquer les procédures de lutte contre le blanchiment d’argent, telles que définies dans le Prospectus.
Le Distributeur désigné doit disposer du statut légal et réglementaire requis pour commercialiser la SICAV et doit être situé dans un pays soumis à des obligations de respect des mesures de lutte contre le blanchiment et contre le financement du terrorisme équivalentes à celle de la loi luxembourgeoise ou de la Directive Européenne 2005/60/CE (ci-après la « Directive 2005/60/CE »).
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#### Politique de rémunération | #### Any Distributor appointed must apply the procedures to combat money laundering as defined in the Prospectus.
The appointed Distributor must have the legal and regulatory status required to market the SICAV and must be situated in a country subject to obligations to combat money laundering and the financing of terrorism equivalent to those of Luxembourg law or the European Directive 2005/60/EC (hereinafter "Directive 2005/60/EC").
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#### Remuneration policy | en | fr |
DOLFIN2040 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| N/A(USD) | LU2045819161 | Retail Investors | U.S. dollar | None | None | Accumulation | 1.25% p.a. |
| H-N/A(EUR) | LU2045819245 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| H-N/A(GBP) | LU2045819328 | Retail Investors | Great Britain Pound | None | None | Accumulation | 1.25% p.a. |
| N/A(EUR) | LU2125910765 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| N/A(USD) | LU2045819161 | Inversores minoristas | Dólar estadounidense | Ninguna | Ninguna | Acumulación | 1,25% anual |
| H-N/A(EUR) | LU2045819245 | Inversores minoristas | Euro | Ninguna | Ninguna | Acumulación | 1,25% anual |
| H-N/A(GBP) | LU2045819328 | Inversores minoristas | Libra esterlina | Ninguna | Ninguna | Acumulación | 1,25% anual |
| N/A(EUR) | LU2125910765 | Inversores minoristas | Euro | Ninguna | Ninguna | Acumulación | 1,25% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el pres ente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| N/A(USD) | LU2045819161 | Retail Investors | U.S. dollar | None | None | Accumulation | 1.25% p.a. |
| H-N/A(EUR) | LU2045819245 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| H-N/A(GBP) | LU2045819328 | Retail Investors | Great Britain Pound | None | None | Accumulation | 1.25% p.a. |
| N/A(EUR) | LU2125910765 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN2041 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Core Derivatives — may be used by any sub-fund, consistent with its investment policy
- financial futures
- options, such as options on equities, interest rates, indices, bonds,
- currencies, commodity indices
- warrants
- forwards, such as foreign exchange contracts
- swaps (contracts where two parties exchange the returns from two different assets, indices, or baskets of the same), such as foreign exchange, interest rate, but NOT including total return swaps, credit default swaps, commodity index swaps, volatility or variance swapsAdditional Derivatives — any intent to use will be disclosed in “Sub- Fund Descriptions”
- total return swaps (contracts where one party transfers to another party the total performance of a reference assets, including all interest, fee income, market gains or losses, and credit losses)
- credit derivatives, such as credit default swaps (contracts where a bankruptcy, default, or other “credit event” triggers a payment from one party to the other)
- TBA derivatives (forward contracts on a generic pool of mortgages. Overall characteristics of this pool is specified but the exact securities to be delivered to the buyer are determined 2 days before delivery, rather than at the time of the original trade)
- structured financial derivatives, such as credit-linked and Aequity- linked securities
- contracts for difference (contracts whose value is based on the difference between two reference measurements) such as a basket of securitiesFutures are generally exchange-traded. All other types of derivatives are generally OTC. For any index-linked derivatives, the index provider determines the rebalancing frequency. | ###### Principales instrumentos derivados (pueden ser utilizados por cualquier subfondo, de acuerdo con su política de inversión)
- futuros financieros;
- opciones (como opciones sobre renta variable, tipos de interés, índices o bonos);
- divisas e índices de materias primas;
- warrants;
- contratos a plazo (como contratos sobre tipos de cambio);
- swaps (contratos en los que dos partes intercambian los rendimientos de dos activos distintos, índices o cestas del mismo activo), por ejemplo, de divisas o de tipos de interés, EXCLUIDOS los swaps de rendimiento total, los credit default swaps, los swaps de índices de materias primas y los swaps de volatilidad o varianzaDerivados adicionales (cualquier intención de usarlos debe recogerse en las «Descripciones de los subfondos»)
- swaps de rendimiento total (contratos en los que una parte transfiere a otra el rendimiento total de un activo de referencia, incluidos todos los intereses, ingresos por comisiones, pérdidas o ganancias del mercado, y pérdidas de crédito);
- derivados de crédito, como credit default swaps (contratos en los que una bancarrota, impago o cualquier otro «evento de crédito» activa el pago de una parte a la otra);
- derivados por determinar (contratos a plazo sobre un conjunto genérico de hipotecas. Las características generales de este conjunto son específicas, aunque los valores concretos que se entregan al comprador se determinan dos días antes de su entrega, y no en el momento de la operación original).
- derivados financieros estructurados, como valores ligados al crédito y a la renta variable;
- contratos por diferencia (contratos cuyo valor se basa en la diferencia entre dos indicadores de referencia), como una cesta de valores;Normalmente, los futuros se negocian en mercados regulados. El resto de tipos de derivados normalmente son OTC. En el caso de cualquier derivado ligado a un índice, el proveedor del índice determina la frecuencia de reajuste. | ###### Core Derivatives — may be used by any sub-fund, consistent with its investment policy
- financial futures
- options, such as options on equities, interest rates, indices, bonds,
- currencies, commodity indices
- warrants
- forwards, such as foreign exchange contracts
- swaps (contracts where two parties exchange the returns from two different assets, indices, or baskets of the same), such as foreign exchange, interest rate, but NOT including total return swaps, credit default swaps, commodity index swaps, volatility or variance swapsAdditional Derivatives — any intent to use will be disclosed in “Sub- Fund Descriptions”
- total return swaps (contracts where one party transfers to another party the total performance of a reference assets, including all interest, fee income, market gains or losses, and credit losses)
- credit derivatives, such as credit default swaps (contracts where a bankruptcy, default, or other “credit event” triggers a payment from one party to the other)
- TBA derivatives (forward contracts on a generic pool of mortgages. Overall characteristics of this pool is specified but the exact securities to be delivered to the buyer are determined 2 days before delivery, rather than at the time of the original trade)
- structured financial derivatives, such as credit-linked and Aequity- linked securities
- contracts for difference (contracts whose value is based on the difference between two reference measurements) such as a basket of securitiesFutures are generally exchange-traded. All other types of derivatives are generally OTC. For any index-linked derivatives, the index provider determines the rebalancing frequency. | en | es |
DOLFIN2042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| KEY INVESTOR INFORMATION | |
| --- | --- |
| This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. |
| Candriam Bonds Euro Diversified, a sub-fund of the SICAV Candriam Bonds |
| Class Classique - Distribution shares: LU0093578077 | |
| Competent authority: CSSF (Commission de Surveillance du Secteur Financier) Management company: Candriam | |
| OBJECTIVES AND INVESTMENT POLICY | | | DATOS FUNDAMENTALES PARA EL INVERSOR | |
| --- | --- |
| El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él. |
| Candriam Bonds Euro Diversified, un subfondo de la SICAV Candriam Bonds |
| Clase Classique - Acciones de Distribución: LU0093578077 | |
| Autoridad competente:Comisión de Vigilancia del Sector Financiero Sociedad Gestora: Candriam | |
| OBJETIVOS Y POLITICA DE INVERSION | | | KEY INVESTOR INFORMATION | |
| --- | --- |
| This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. |
| Candriam Bonds Euro Diversified, a sub-fund of the SICAV Candriam Bonds |
| Class Classique - Distribution shares: LU0093578077 | |
| Competent authority: CSSF (Commission de Surveillance du Secteur Financier) Management company: Candriam | |
| OBJECTIVES AND INVESTMENT POLICY | | en | es |
DOLFIN2043 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Management Process
The exposure to the Index will be achieved through a direct replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents.
The sub-fund intends to implement a sampled replication model in order to track the performance of the Index and it is therefore not expected that the sub-fund will hold each and every underlying component of the Index at all times or hold them in the same proportion as their weightings in the Index. The sub-fund may also hold some securities which are not underlying components of the Index.
The sub-fund integrates sustainability risks and takes into account principal adverse impacts of investments on sustainability factors in its investment process as outlined in more detail in section "Sustainable Investment" of this prospectus and will not hold any securities of companies involved in the production or sale of controversial weapons, or companies in breach of international conventions on Human or Labor Rights, or companies involved in controversial industries: tobacco, Thermal coal, nuclear weapons or unconventional oil & gas as defined in "Replication Methods".
In accordance with its objective and investment policy, the sub-fund promotes environmental characteristics within the meaning of article 6 of "Taxonomy Regulation" and may partially invest in economic activities that contribute to one or several environmental objective(s) prescribed in Article 9 of the Taxonomy Regulation.
While the sub-fund may already hold investments in economic activities that qualify as Sustainable Activities without being currently committed to a minimum proportion, the Management Company cannot at this stage definitively ascertain or make commitments regarding the extent to which its underlying investments qualify as Sustainable Activities. Therefore, for the purpose of the Taxonomy Regulation, the minimum percentage of the Subfund’s investments that will be invested in investments that take into account the EU criteria for environmental sustainable economic activities is 0%.
Notwithstanding the above, the "do no significant harm" principle applies only to those investments underlying the sub-fund that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this sub-fund do not take into account the EU criteria for environmentally sustainable economic activities. | ## Processus de gestion
L’exposition à l’Indice sera réalisée par le biais d’une Réplication directe, principalement en investissant directement dans des valeurs mobilières et/ou d’autres actifs éligibles représentant les composantes indicielles.
Le Compartiment a l’intention de mettre en œuvre un modèle de réplication échantillonnée afin de répliquer la performance de l’Indice et il n’est par conséquent pas prévu que le Compartiment détienne chacune des composantes indicielles sous-jacentes à tout moment ou qu’il les détienne dans la même proportion que leurs pondérations dans l’Indice. Le compartiment peut également détenir des titres qui ne sont pas des composantes indicielles sous-jacentes.
Le compartiment intègre les risques en matière de durabilité et prend en compte les principales incidences négatives des investissements sur les facteurs de durabilité dans son processus d’investissement, comme indiqué plus en détail à la section « Investissement durable » du présent prospectus, et, conformément à la section « Méthodes de réplication », ne détiendra aucun titre de sociétés impliquées dans la production ou la vente d’armes controversées, de sociétés en violation des conventions internationales relatives aux droits de l’homme ou au droit du travail, ou de sociétés impliquées dans des secteurs controversés : le tabac, le charbon thermique, les armes nucléaires ou le pétrole & gaz non conventionnels.
Conformément à son objectif et à sa politique d’investissement, le Compartiment met en avant certaines caractéristiques environnementales au sens de l’article 6 du Règlement « Taxonomie » et peut investir partiellement dans des activités économiques qui contribuent à un ou plusieurs objectifs environnementaux visés à l’article 9 du Règlement « Taxonomie ».
Même si le compartiment peut déjà détenir des investissements dans des activités économiques considérées comme des Activités durables sans prendre d’engagement sur un pourcentage minimal, la Société de gestion ne peut pas à ce stade établir ou s’engager définitivement sur la mesure dans laquelle ses investissements sous-jacents sont considérés comme des Activités durables. Par conséquent, aux fins du Règlement « Taxonomie », le pourcentage minimum des investissements du Compartiment autorisé dans le cadre d’investissements prenant en compte les critères de l’UE pour les activités économiques durables sur le plan environnemental est de 0 %.
Nonobstant ce qui précède, le principe « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au compartiment qui tiennent compte des critères de l’UE pour les activités économiques éco-responsables. Les investissements sous-jacents à la partie restante de ce compartiment ne tiennent pas compte des critères de l’UE en matière d’activités économiques éco-responsables. | ## Management Process
The exposure to the Index will be achieved through a direct replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents.
The sub-fund intends to implement a sampled replication model in order to track the performance of the Index and it is therefore not expected that the sub-fund will hold each and every underlying component of the Index at all times or hold them in the same proportion as their weightings in the Index. The sub-fund may also hold some securities which are not underlying components of the Index.
The sub-fund integrates sustainability risks and takes into account principal adverse impacts of investments on sustainability factors in its investment process as outlined in more detail in section "Sustainable Investment" of this prospectus and will not hold any securities of companies involved in the production or sale of controversial weapons, or companies in breach of international conventions on Human or Labor Rights, or companies involved in controversial industries: tobacco, Thermal coal, nuclear weapons or unconventional oil & gas as defined in "Replication Methods".
In accordance with its objective and investment policy, the sub-fund promotes environmental characteristics within the meaning of article 6 of "Taxonomy Regulation" and may partially invest in economic activities that contribute to one or several environmental objective(s) prescribed in Article 9 of the Taxonomy Regulation.
While the sub-fund may already hold investments in economic activities that qualify as Sustainable Activities without being currently committed to a minimum proportion, the Management Company cannot at this stage definitively ascertain or make commitments regarding the extent to which its underlying investments qualify as Sustainable Activities. Therefore, for the purpose of the Taxonomy Regulation, the minimum percentage of the Subfund’s investments that will be invested in investments that take into account the EU criteria for environmental sustainable economic activities is 0%.
Notwithstanding the above, the "do no significant harm" principle applies only to those investments underlying the sub-fund that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this sub-fund do not take into account the EU criteria for environmentally sustainable economic activities. | en | fr |
DOLFIN2044 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and investment strategy
The Sub-Fund's investment objective is to seek performance by investing mainly in inflation-linked bonds issued in OECD countries, over a medium term period.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy of the Sub-Fund. | # Objetivo y estrategia de inversión
El objetivo del Subfondo es la búsqueda de la rentabilidad a medio plazo invirtiendo principalmente en valores de renta fija vinculados a la inflación emitidos por países de la OCDE.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la moneda de referencia del Subfondo y la moneda de la clase de acción, mediante el uso de instrumentos derivados, mientras se mantiene la exposición a la Política de Inversión del Subfondo. | # Objective and investment strategy
The Sub-Fund's investment objective is to seek performance by investing mainly in inflation-linked bonds issued in OECD countries, over a medium term period.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy of the Sub-Fund. | en | es |
DOLFIN2045 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Invesco Real Estate S&P US Select Sector UCITS ETF
The investment objective of the Fund is to achieve the net total return performance of the S&P Select Sector Capped 20% Real Estate TR Index (the "Reference Index") less fees, expenses and transaction costs. The Fund did not intend to make dividend payments.
The Reference Index is the S&P Select Sector Capped 20% Real Estate TR (Net) Index represents the real estate sector of the S&P 500 Index excluding mortgage REITs. All constituent securities are classified according to the Global Industry Classification Standard (GICS®) and maintain the same classification as that found in the parent S&P 500. The Reference Index follows a modified market capitalisation weight methodology. The weight of each stock is based on its float adjusted market cap but is modified such that no stock has a weight over 19% of the Reference Index as of each quarterly rebalancing.
The Fund shall not invest more than 10% of its net assets in other UCITS or other open or closed ended CIS. The functional currency of the Fund is US Dollar and the Fund is presented in US Dollar. | ## Invesco Real Estate S&P US Select Sector UCITS ETF
L’objectif d’investissement du Fonds consiste à atteindre le niveau de rendement total net de l’indice S&P Select Sector Capped 20% Real Estate TR Index (l’« Indice de référence »), commissions, frais et coûts de transaction déduits. Le Fonds ne prévoyait pas de distribuer de dividendes.
L’Indice de référence S&P Select Sector Capped 20% Real Estate TR (Net) Index représente le secteur de l’immobilier de l’indice S&P 500 Index, hors REIT hypothécaires. Toutes les composantes sont classées conformément à la Norme mondiale de classification industrielle (GICS®) et conservent la même classification que celle de l’indice parent S&P 500. L’Indice de référence observe une méthodologie de pondération par capitalisation de marché modifiée. La pondération de chaque valeur est basée sur sa capitalisation de marché ajustée du flottant, mais est modifiée de manière à ce qu’aucune valeur n’ait de pondération supérieure à 19 % de l’Indice de référence, et ce lors de chaque rééquilibrage trimestriel.
Le Fonds pourra investir à concurrence de 10 % de ses actifs nets dans d’autres OPCVM ou autres OPC ouverts ou fermés. La devise fonctionnelle et de présentation du Fonds est le dollar américain. | ## Invesco Real Estate S&P US Select Sector UCITS ETF
The investment objective of the Fund is to achieve the net total return performance of the S&P Select Sector Capped 20% Real Estate TR Index (the "Reference Index") less fees, expenses and transaction costs. The Fund did not intend to make dividend payments.
The Reference Index is the S&P Select Sector Capped 20% Real Estate TR (Net) Index represents the real estate sector of the S&P 500 Index excluding mortgage REITs. All constituent securities are classified according to the Global Industry Classification Standard (GICS®) and maintain the same classification as that found in the parent S&P 500. The Reference Index follows a modified market capitalisation weight methodology. The weight of each stock is based on its float adjusted market cap but is modified such that no stock has a weight over 19% of the Reference Index as of each quarterly rebalancing.
The Fund shall not invest more than 10% of its net assets in other UCITS or other open or closed ended CIS. The functional currency of the Fund is US Dollar and the Fund is presented in US Dollar. | en | fr |
DOLFIN2046 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For a comprehensive description of these risks, please refer to the section “Risk Factors”. This section also details other risks associated with investing in the Sub-Fund.
Typical Investors’ Profile
Typical investors have a long term horizon (5 years) looking for an actively managed portfolio mainly invested in transferable global equities related to “artificial intelligence” thematic.
Shares available
Shares that can be issued by the Company in the Sub-Fund have the following features (grouped by categories of Shares): | Eine ausführliche Beschreibung dieser Risiken ist im Abschnitt „Risikofaktoren“ enthalten. In diesem Abschnitt werden auch die sonstigen, mit einer Anlage im Teilfonds verbundenen Risiken erläutert.
Profil des typischen Anlegers
Der typische Anleger weist einen langfristigen Anlagehorizont (5 Jahre) auf und strebt ein aktiv verwaltetes Portfolio an, das hauptsächlich in internationale Aktien von Unternehmen investiert, die vom Anlagethema „Künstliche Intelligenz“ profitieren.
Verfügbare Aktienklassen
Aktien, die die Gesellschaft im Teilfonds ausgeben kann, verfügen über die folgenden Merkmale (geordnet nach Kategorien von Aktien): | For a comprehensive description of these risks, please refer to the section “Risk Factors”. This section also details other risks associated with investing in the Sub-Fund.
Typical Investors’ Profile
Typical investors have a long term horizon (5 years) looking for an actively managed portfolio mainly invested in transferable global equities related to “artificial intelligence” thematic.
Shares available
Shares that can be issued by the Company in the Sub-Fund have the following features (grouped by categories of Shares): | en | de |
DOLFIN2047 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Legal position of investors
The Management Company invests money paid into the respective sub-funds in securities and/or other permissible assets in accordance with Article 41 of the Law of 17 December 2010 in its own name for the collective account of the investors pursuant to the principle of risk diversification. The monies invested and the assets acquired with such monies form the sub-fund assets, which are held separately from the Management Company’s own assets.
As joint owners, investors hold the respective sub-fund’s assets in proportion to the number of units they hold. The units of the respective sub-fund are issued as registered and bearer units. Bearer units and registered units are issued for each sub-fund with up to three decimal places. Registered units are entered by the Registrar and Transfer Agent in the unit register maintained for the fund. In this regard, a confirmation shall be sent to the investors to the address specified in the unit register concerning the entry in the register. There is no entitlement to the delivery of physical securities.
All units in a sub-fund have, fundamentally, the same rights, unless the Management Company decides to issue different unit classes within the same sub-fund pursuant to Article 5 (3) of the management regulations. | ### Posición jurídica de los inversores
La Sociedad Gestora invierte el dinero depositado en los distintos subfondos en su propio nombre y por cuenta común de los inversores de acuerdo con el principio de diversificación de riesgos en valores mobiliarios u otros activos financieros autorizados conforme al artículo 41 de la Ley de 17 de diciembre de 2010. Los recursos invertidos y los activos financieros adquiridos con ellos constituyen el patrimonio del subfondo correspondiente, que se mantiene separado del patrimonio de la Sociedad Gestora.
Los inversores participan en el patrimonio del subfondo correspondiente en calidad de copropietarios en proporción a su participación. Las participaciones de los subfondos correspondientes se emiten en forma de acciones nominativas y al portador. Las participaciones nominativas y al portador se emiten con hasta tres decimales. Las participaciones nominativas quedan registradas por la entidad de registro y transferencia en el registro de participaciones llevado para el fondo. Se enviará al inversor una confirmación de la inscripción en el registro de participaciones a la dirección indicada en dicho registro. No existe derecho alguno a la entrega de títulos físicos.
Todas las participaciones de un subfondo tienen por norma general los mismos derechos, salvo que la Sociedad Gestora decida emitir diversas clases de participaciones dentro de un mismo subfondo con arreglo al artículo 5, número 3, del Reglamento de Gestión. | ### Legal position of investors
The Management Company invests money paid into the respective sub-funds in securities and/or other permissible assets in accordance with Article 41 of the Law of 17 December 2010 in its own name for the collective account of the investors pursuant to the principle of risk diversification. The monies invested and the assets acquired with such monies form the sub-fund assets, which are held separately from the Management Company’s own assets.
As joint owners, investors hold the respective sub-fund’s assets in proportion to the number of units they hold. The units of the respective sub-fund are issued as registered and bearer units. Bearer units and registered units are issued for each sub-fund with up to three decimal places. Registered units are entered by the Registrar and Transfer Agent in the unit register maintained for the fund. In this regard, a confirmation shall be sent to the investors to the address specified in the unit register concerning the entry in the register. There is no entitlement to the delivery of physical securities.
All units in a sub-fund have, fundamentally, the same rights, unless the Management Company decides to issue different unit classes within the same sub-fund pursuant to Article 5 (3) of the management regulations. | en | es |
DOLFIN2048 | 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 compartment (hereinafter, the "Fund") will mainly apply a "buy-and-watch" investment approach and will mainly invest in US-denominated fixed-rate and variable-rate bonds and debt securities maturing no later than 31 December 2026. After this date, the Fund will either (i) implement a new investment policy or (ii) go into liquidation. In both cases, the decision will be duly communicated to shareholders and reflected in an updated prospectus, while the communication to shareholders will be accompanied by a notice period.
The objective of the Fund is to achieve a return and/or a long-term capital gain by managing a portfolio composed primarily of fixed or variable income debt instruments, with no restrictions on geography, currency, sector, maturity date or issuer quality. The minimum average rating for bonds and debt securities will be BB-. No more than 15% of net assets may be invested in unrated securities.
The net assets of the Fund will be invested primarily in bonds or other debt instruments, including convertible bonds and contingent convertible bonds. Up to 20% of the net assets may be invested in contingent convertible bonds. It may invest up to 10% of the net assets in bond UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the Prospectus, the Fund may make use of futures or options contracts, as well as interest rate and/or credit derivatives, either for hedging or asset exposure purposes. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El compartimento (en adelante, el “Fondo”) aplicará principalmente un enfoque de inversión del tipo “buy-and-watch” (comprar y observar) e invertirá principalmente en bonos, así como en títulos de deuda de tipo fijo y variable denominados en dólares estadounidenses con vencimiento el 31.12.2026 a más tardar. Después de esta fecha, el Fondo (i) aplicará una nueva política de inversión o (ii) entrará en liquidación. En ambos casos, la decisión se comunicará debidamente a los accionistas mediante notificación previa y se reflejará en un folleto actualizado.
El objetivo del Fondo consiste en buscar una rentabilidad y/o un aumento del capital a largo plazo por medio de la gestión de una cartera compuesta principalmente por títulos de deuda de renta fija o variable, sin restricción geográfica, monetaria o sectorial, ni en cuanto a su vencimiento o a la calidad del emisor. La calificación media mínima de los bonos y los títulos de deuda será BB-. Los títulos sin calificación no representarán más del 15% del patrimonio neto.
El patrimonio neto del Fondo se invertirá principalmente en obligaciones u otros títulos de deuda, incluidos los bonos convertibles y los bonos convertibles contingentes (CoCo). La inversión en bonos convertibles contingentes representará como máximo el 20% del patrimonio neto. El Fondo podrá invertir hasta un máximo del 10% de su patrimonio neto en OICVM de renta fija, principalmente en fondos cotizados (ETF).
Dentro de los límites de las restricciones de inversión descritas en el folleto, el Fondo podrá utilizar contratos a plazos u opciones, así como derivados sobre tipos de interés y/o créditos, ya sea con fines de cobertura o de exposición de activos. | # OBJECTIVES AND INVESTMENT POLICY
The compartment (hereinafter, the "Fund") will mainly apply a "buy-and-watch" investment approach and will mainly invest in US-denominated fixed-rate and variable-rate bonds and debt securities maturing no later than 31 December 2026. After this date, the Fund will either (i) implement a new investment policy or (ii) go into liquidation. In both cases, the decision will be duly communicated to shareholders and reflected in an updated prospectus, while the communication to shareholders will be accompanied by a notice period.
The objective of the Fund is to achieve a return and/or a long-term capital gain by managing a portfolio composed primarily of fixed or variable income debt instruments, with no restrictions on geography, currency, sector, maturity date or issuer quality. The minimum average rating for bonds and debt securities will be BB-. No more than 15% of net assets may be invested in unrated securities.
The net assets of the Fund will be invested primarily in bonds or other debt instruments, including convertible bonds and contingent convertible bonds. Up to 20% of the net assets may be invested in contingent convertible bonds. It may invest up to 10% of the net assets in bond UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the Prospectus, the Fund may make use of futures or options contracts, as well as interest rate and/or credit derivatives, either for hedging or asset exposure purposes. | en | es |
DOLFIN2049 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Subject to the provisions of section 7.1.4 the Board of Directors, in close cooperation with the AIFM, may from time to time amend this Offering Document to reflect various changes it deems necessary and in the best interest of the Fund, such as implementing changes to laws and regulations, changes to a Sub-Fund’s objective and policy or changes to fees and costs charged to a Sub-Fund or Share Class. Any amendment of this Offering Document will require approval by the Fund and the AIFM prior to taking effect and is subject to the review of the Depositary and Administrative Agent.
In accordance with terms of the Articles of Association and this Offering Document, Investors in the Sub-Fund or Share Class will either be required to grant their consent, if such consent is required, or be notified about the changes undertaken.
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### Documents available | Sous réserve des dispositions de l’article 7.1.4, le Conseil d’administration, en étroite collaboration avec le GFIA, pourra de temps à autre modifier le présent Prospectus afin de refléter les divers changements qu’il jugera nécessaires et dans le meilleur intérêt du Fonds, tels que la mise en œuvre de modifications aux lois et règlements, de modifications de l’objectif et de la politique d’un Compartiment ou de modifications des frais et coûts imputés à un Compartiment ou à une Classe d’actions. Toute modification du présent Prospectus devra être approuvée par le Fonds et le GFIA avant de prendre effet et sera soumise à l’examen du Dépositaire et de l’Agent administratif.
Conformément aux termes des Statuts et du présent Prospectus, les Investisseurs du Compartiment ou de la Classe d’Actions devront soit donner leur consentement, si un tel consentement est requis, soit être informés des modifications entreprises.
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### Documents mis à disposition | Subject to the provisions of section 7.1.4 the Board of Directors, in close cooperation with the AIFM, may from time to time amend this Offering Document to reflect various changes it deems necessary and in the best interest of the Fund, such as implementing changes to laws and regulations, changes to a Sub-Fund’s objective and policy or changes to fees and costs charged to a Sub-Fund or Share Class. Any amendment of this Offering Document will require approval by the Fund and the AIFM prior to taking effect and is subject to the review of the Depositary and Administrative Agent.
In accordance with terms of the Articles of Association and this Offering Document, Investors in the Sub-Fund or Share Class will either be required to grant their consent, if such consent is required, or be notified about the changes undertaken.
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### Documents available | en | fr |
DOLFIN2050 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Personal Data may be transferred by the Company, in compliance with and within the limits of the Data Protection Laws, to its delegates, service providers or agents, such as (but not limited to) the Management Company, the domiciliary agent, the administrative agent, the Transfer Agent, the Sub-Transfer Agent, the statutory auditor of the Company, other entities directly or indirectly affiliated with the Company and any other third parties who process the Personal Data for providing their services to the Company, acting as data processors (collectively hereinafter referred to as Processors).
Such Processors may in turn transfer Personal Data to their respective agents, delegates, service providers, affiliates, such as (but not limited to) the Global Distributor or certain entities of Edmond de Rothschild Group, acting as sub-processors (collectively hereinafter referred to as Sub-Processors).
Personal Data may also be shared with service providers processing them on their own behalf as data controllers and third parties as may be required by applicable laws and regulations (including but not limited to administrations, local or foreign authorities (such as competent regulator, tax authorities, judicial authorities, etc)).
Personal Data may be transferred to any of these recipients in any jurisdiction including outside of the EEA. The transfer of Personal Data outside of the EEA may be made to countries ensuring (based on the European Commission’s decision) an adequate level of protection or to other countries not ensuring such adequate level of protection. In the latter case, the transfer of Personal Data will be protected by appropriate or suitable safeguards in accordance with Data Protection Laws, such as standard contractual clauses approved by the European Commission. The Data Subject may obtain a copy of such safeguards by contacting the Company.
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# RIGHTS OF THE DATA SUBJECTS IN RELATION TO THE PERSONAL DATA | Die Gesellschaft kann die personenbezogenen Daten unter Einhaltung der Datenschutzgesetze und innerhalb der dort festgelegten Grenzen an ihre Beauftragten, Serviceanbieter oder Vertreter, die als Datenverarbeiter tätig werden, übermitteln, unter anderem an die Verwaltungsgesellschaft, die Domizilstelle, die Verwaltungsstelle, die Transferstelle, die Untertransferstelle, der Abschlussprüfer der Gesellschaft, andere direkt oder indirekt mit der Gesellschaft verbundene Unternehmen und sonstige Dritte, die die personenbezogenen Daten für die Erbringung ihrer Dienstleistungen an das Unternehmen verarbeiten (nachstehend zusammenfassend als Auftragsverarbeiter bezeichnet).
Die Auftragsverarbeiter können ihrerseits personenbezogene Daten an ihre jeweiligen Vertreter, Beauftragten, Serviceanbieter und verbundenen Unternehmen übermitteln, unter anderem an die globale Vertriebsstelle oder bestimmte Unternehmen der Edmond de Rothschild Group, die als Unterauftragsverarbeiter tätig sind (nachstehend zusammenfassend als Unterauftragsverarbeiter bezeichnet).
Personenbezogene Daten können auch an Serviceanbieter weitergegeben werden, die sie im eigenen Namen als Datenverantwortliche verarbeiten, sowie an Dritte, soweit dies gemäß den geltenden Gesetze und Vorschriften erforderlich ist (insbesondere an Regierungen und lokale oder ausländische Behörden (z. B. die zuständige Regulierungsbehörde, Steuerbehörden, Justizbehörden usw.)).
Personenbezogene Daten können an jeden dieser Empfänger in allen Ländern, auch außerhalb des EWR, übermittelt werden. Die Übermittlung personenbezogener Daten außerhalb des EWR kann in Länder erfolgen, die (gemäß Beschluss der Europäischen Kommission) ein angemessenes Schutzniveau gewährleisten, oder in Länder, die kein angemessenes Schutzniveau gewährleisten. In letzterem Fall wird die Übermittlung personenbezogener Daten durch entsprechende oder geeignete Schutzvorkehrungen gemäß den Datenschutzgesetzen, wie etwa die von der Europäischen Kommission anerkannten Standardvertragsklauseln, geschützt. Die betroffene Person kann bei der Gesellschaft ein Exemplar dieser Schutzvorkehrungen anfordern.
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# RECHTE DER BETROFFENEN PERSONEN IN BEZUG AUF DIE PERSONENBEZOGENEN DATEN | The Personal Data may be transferred by the Company, in compliance with and within the limits of the Data Protection Laws, to its delegates, service providers or agents, such as (but not limited to) the Management Company, the domiciliary agent, the administrative agent, the Transfer Agent, the Sub-Transfer Agent, the statutory auditor of the Company, other entities directly or indirectly affiliated with the Company and any other third parties who process the Personal Data for providing their services to the Company, acting as data processors (collectively hereinafter referred to as Processors).
Such Processors may in turn transfer Personal Data to their respective agents, delegates, service providers, affiliates, such as (but not limited to) the Global Distributor or certain entities of Edmond de Rothschild Group, acting as sub-processors (collectively hereinafter referred to as Sub-Processors).
Personal Data may also be shared with service providers processing them on their own behalf as data controllers and third parties as may be required by applicable laws and regulations (including but not limited to administrations, local or foreign authorities (such as competent regulator, tax authorities, judicial authorities, etc)).
Personal Data may be transferred to any of these recipients in any jurisdiction including outside of the EEA. The transfer of Personal Data outside of the EEA may be made to countries ensuring (based on the European Commission’s decision) an adequate level of protection or to other countries not ensuring such adequate level of protection. In the latter case, the transfer of Personal Data will be protected by appropriate or suitable safeguards in accordance with Data Protection Laws, such as standard contractual clauses approved by the European Commission. The Data Subject may obtain a copy of such safeguards by contacting the Company.
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# RIGHTS OF THE DATA SUBJECTS IN RELATION TO THE PERSONAL DATA | en | de |
DOLFIN2051 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les actionnaires peuvent prendre connaissance des codes ISIN impactés par la restructuration dans l’annexe au projet commun de fusion.
- Documents et rapports : prise de connaissance et examen des documents ci-après :
- du projet commun de fusion établi sous forme d'acte sous seing privé par les conseils d'administration des sicav concernées contenant les mentions prescrites par l'article 167 §1 de l’Arrêté Royal du 12/11/2012 relatif aux organismes de placement collectifs qui répondent aux conditions de le directive 2009/65/CE, (ci-après l’Arrêté Royal 2012). Ce projet de fusion a été déposé au greffe du tribunal de l’entreprise francophone de Bruxelles au plus tard le 10 février 2022.
- de la déclaration du dépositaire établie conformément à l’article 171 de l’Arrêté Royal 2012 ;
- du rapport du commissaire concernant le projet de fusion et établi conformément à l’article 172 de l’Arrêté Royal 2012 ; et
- les rapports du commissaire concernant les trois derniers exercices sociaux de la sicav et les comptes annuels et semestriels des trois derniers exercices ;Ces documents peuvent être obtenus sans frais par les actionnaires au siège de la société de gestion un mois au moins avant la date de l’assemblée générale des compartiments qui fusionnent appelée à se prononcer sur le projet de fusion.
- | # Los accionistas pueden consultar los códigos ISIN afectados por la reestructuración en el anexo al proyecto común de fusión.
- Documentos e informes: lectura y examen de los siguientes documentos:
- el proyecto común de fusión elaborado en forma de escritura privada por los consejos de administración de las SICAV correspondientes que contiene la información requerida por el artículo 167 1.º del Real Decreto de 12/11/2012 relativo a los organismos de inversión colectiva que cumplen las condiciones de la Directiva 2009/65/CE (en adelante, el Real Decreto 2012). Este proyecto de fusión se ha presentado en la Secretaría del Juzgado de lo Mercantil francófono de Bruselas a más tardar el 10 de febrero de 2022;
- la declaración del depositario realizada de conformidad con el artículo 171 del Real Decreto 2012;
- el informe del auditor relativo al proyecto de fusión y elaborado de conformidad con el artículo 172 del Real Decreto 2012; y
- los informes del auditor relativos a los tres últimos ejercicios de la SICAV y las cuentas anuales y semestrales de los tres últimos ejercicios.
Los accionistas podrán obtener estos documentos gratuitamente en la sede social de la sociedad gestora al menos un mes antes de la fecha de la junta general de los subfondos fusionados convocada para votar sobre el proyecto de fusión.
- | # Les actionnaires peuvent prendre connaissance des codes ISIN impactés par la restructuration dans l’annexe au projet commun de fusion.
- Documents et rapports : prise de connaissance et examen des documents ci-après :
- du projet commun de fusion établi sous forme d'acte sous seing privé par les conseils d'administration des sicav concernées contenant les mentions prescrites par l'article 167 §1 de l’Arrêté Royal du 12/11/2012 relatif aux organismes de placement collectifs qui répondent aux conditions de le directive 2009/65/CE, (ci-après l’Arrêté Royal 2012). Ce projet de fusion a été déposé au greffe du tribunal de l’entreprise francophone de Bruxelles au plus tard le 10 février 2022.
- de la déclaration du dépositaire établie conformément à l’article 171 de l’Arrêté Royal 2012 ;
- du rapport du commissaire concernant le projet de fusion et établi conformément à l’article 172 de l’Arrêté Royal 2012 ; et
- les rapports du commissaire concernant les trois derniers exercices sociaux de la sicav et les comptes annuels et semestriels des trois derniers exercices ;Ces documents peuvent être obtenus sans frais par les actionnaires au siège de la société de gestion un mois au moins avant la date de l’assemblée générale des compartiments qui fusionnent appelée à se prononcer sur le projet de fusion.
- | fr | es |
DOLFIN2052 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Non-Irish Resident Shareholders will not be chargeable to Irish tax on the happening of a Chargeable Event provided that either:
- the Company is in possession of a completed Relevant Declaration to the effect that the Shareholder is not an Irish Resident, or
- the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide a Relevant Declaration is deemed to have been complied with in respect of that Shareholder and the written notice of approval has not been withdrawn by the Revenue Commissioners.
If the Company is not in possession of a Relevant Declaration or the Company is in possession of information which would reasonably suggest that the Relevant Declaration is not or is no longer materially correct, the Company must deduct tax on the happening of a Chargeable Event in relation to such Shareholder. The tax deducted will generally not be refunded.
Intermediaries acting on behalf of non-Irish Resident Shareholders can claim the same exemption on behalf of the Shareholders for whom they are acting. The intermediary must complete a Relevant Declaration that it is acting on behalf of a non-Irish Resident Shareholder.
A non-Irish Resident corporate Shareholder which holds Shares directly or indirectly by or for a trading branch or agency of the Shareholder in Ireland, will be liable for Irish corporation tax on income from the Shares or gains made on the disposal of the Shares. | # Los Accionistas que no sean residentes en Irlanda estarán exentos del impuesto irlandés si se produjera un Hecho imponible siempre que:
- la Sociedad esté en posesión de una Declaración pertinente cumplimentada en el sentido de que el Accionista no es Residente en Irlanda, o
- la Sociedad esté en posesión de la notificación por escrito de la aprobación por parte de las Autoridades fiscales de Irlanda (Revenue Commissioners) en el sentido de que el requisito de presentar una Declaración pertinente se considerará cumplido con respecto a dicho Accionista y la notificación por escrito de aprobación no ha sido retirada por las Autoridades fiscales de Irlanda.
Si la Sociedad no está en posesión de una Declaración pertinente o si la Sociedad tiene conocimiento de información que pudiera sugerir razonablemente que la Declaración pertinente no es o ha dejado de ser correcta en algún aspecto esencial, la Sociedad estará obligada a deducir impuestos en el momento en que se produzca un Hecho imponible que tenga vinculación con dicho Accionista. En términos generales, el impuesto deducido no será objeto de devolución.
Los intermediarios que actúen en nombre de Accionistas que no sean Residentes en Irlanda podrán solicitar la misma exención en nombre de los Accionistas por los que actúan. El intermediario deberá cumplimentar una Declaración pertinente indicando que actúa en representación de un Accionista no residente en Irlanda.
Un Accionista corporativo que no sea Residente en Irlanda y que posea Acciones directa o indirectamente a través de o para una sucursal o agencia de explotación del Accionista en Irlanda, estará sujeto el impuesto de sociedades irlandés sobre los ingresos obtenidos con sus Acciones y las plusvalías obtenidas con la enajenación de las mismas. | # Non-Irish Resident Shareholders will not be chargeable to Irish tax on the happening of a Chargeable Event provided that either:
- the Company is in possession of a completed Relevant Declaration to the effect that the Shareholder is not an Irish Resident, or
- the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide a Relevant Declaration is deemed to have been complied with in respect of that Shareholder and the written notice of approval has not been withdrawn by the Revenue Commissioners.
If the Company is not in possession of a Relevant Declaration or the Company is in possession of information which would reasonably suggest that the Relevant Declaration is not or is no longer materially correct, the Company must deduct tax on the happening of a Chargeable Event in relation to such Shareholder. The tax deducted will generally not be refunded.
Intermediaries acting on behalf of non-Irish Resident Shareholders can claim the same exemption on behalf of the Shareholders for whom they are acting. The intermediary must complete a Relevant Declaration that it is acting on behalf of a non-Irish Resident Shareholder.
A non-Irish Resident corporate Shareholder which holds Shares directly or indirectly by or for a trading branch or agency of the Shareholder in Ireland, will be liable for Irish corporation tax on income from the Shares or gains made on the disposal of the Shares. | en | es |
DOLFIN2053 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Risk Considerations
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks. The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect or CIBM Direct). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Risks related to emerging markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | ##### Risikohinweise
Besondere Risikohinweise
Durch Total Return Swaps auf Anleihen erzielte Long- und Short-Positionen können das Engagement in Kreditrisiken erhöhen. Der Fonds darf in der Volksrepublik China über RQFII-Programme oder an geregelten Märkten (einschließlich des CIBM über Bond Connect oder CIBM Direct) investieren. Anleger sollten berücksichtigen, dass der RQFII-Status ausgesetzt oder aufgehoben werden kann, wodurch die Wertentwicklung des Fonds infolge des erforderlichen Verkaufs von Wertpapieren beeinträchtigt werden könnte. Anhang II enthält ausführliche Informationen zu den mit dem RQFII-Status, der RQFII- Quote, dem CIBM und Bond Connect verbundenen Risiken.
Die Angabe in der Anlagepolitik, dass ein Fonds zwei Drittel seines Vermögens auf eine bestimmte Art und Weise investiert, gilt unter normalen Marktbedingungen. Für nähere Informationen wird auf Absatz (A) zu Beginn dieses Anhangs verwiesen.
Risiken im Zusammenhang mit Schwellenländern sind dem Abschnitt „Risiken in Verbindung mit Wertpapieren der Schwellen- und Entwicklungsländer“ in Anhang II dieses Verkaufsprospekts zu entnehmen.
Die Höhe der Vertriebskosten in bestimmten Ländern kann sich auf die Fähigkeit des Anlageverwalters auswirken, nach Abzug der Gebühren das Anlageziel des Fonds in allen Anteilsklassen zu erreichen. | ##### Risk Considerations
Specific Risk Considerations
Long and short positions gained through bond total return swaps may increase exposure to credit-related risks. The Fund may invest in mainland China through RQFII schemes or Regulated Markets (including the CIBM via Bond Connect or CIBM Direct). Investors should note that the RQFII status may be suspended or revoked and that this may adversely affect the Fund's performance by requiring the Fund to dispose of its securities holdings. Please refer to Appendix II for more information of the risks regarding RQFII status, RQFII quota, the CIBM and Bond Connect.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Risks related to emerging markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | en | de |
DOLFIN2054 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company is entitled to amend the Investment Conditions with the approval of BaFin. This may also affect the rights of the investor. For example, the Company may change the investment policy by amending the Investment Conditions or it can increase the expenses to be borne by the Fund.
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###### Suspension of redemption | Die Gesellschaft kann die Anlagebedingungen mit Genehmigung der BaFin ändern. Dadurch können auch Rechte des Anlegers betroffen sein. Die Ge- sellschaft kann etwa durch eine Änderung der An- lagebedingungen die Anlagepolitik des Fonds än- dern oder sie kann die dem Fonds zu belastenden Kosten erhöhen.
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###### Rücknahmeaussetzung | The Company is entitled to amend the Investment Conditions with the approval of BaFin. This may also affect the rights of the investor. For example, the Company may change the investment policy by amending the Investment Conditions or it can increase the expenses to be borne by the Fund.
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###### Suspension of redemption | en | de |
DOLFIN2055 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Policy
The Fund will invest at least two-thirds of its net assets in equities or equity-related instruments of:
- companies having their registered office in emerging markets,
- companies that do not have their registered office in emerging markets but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in emerging markets. | ### Politica d’investimento
Il Comparto investirà almeno due terzi del patrimonio netto in azioni o strumenti correlati alle azioni di:
- -società aventi la propria sede legale nei mercati emergenti,
- -società che non hanno la propria sede legale in mercati emergenti ma (i) svolgono una parte predominante della propria attività in tali mercati, oppure (ii) sono società controllanti che possiedono prevalentemente società aventi la propria sede legale nei mercati emergenti. | ### Investment Policy
The Fund will invest at least two-thirds of its net assets in equities or equity-related instruments of:
- companies having their registered office in emerging markets,
- companies that do not have their registered office in emerging markets but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in emerging markets. | en | it |
DOLFIN2056 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous financial year ended 31 December 2020. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another UCI.
Past performance
10.8%
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company. | Les frais d’entrée et de sortie affichés sont des frais maximum. Dans certains cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Les frais courants sont fondés sur les chiffres de l’exercice précédent, clos le 31 décembre 2020. Ce pourcentage peut varier d’une année sur l’autre. Il exclut :
les commissions de surperformance,
les frais d’intermédiation, à l’exception des frais d’entrée et de sortie payés par l’OPCVM lorsqu’il achète ou vend des parts d’un autre OPC.
Performances passées
10,8%
Pour plus d'information sur les frais, veuillez vous référer à la rubrique « frais et commissions » du prospectus de cet OPCVM, disponible sur simple demande auprès de la société de gestion. | The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous financial year ended 31 December 2020. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another UCI.
Past performance
10.8%
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company. | en | fr |
DOLFIN2057 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: Risk that a position cannot be liquidated in a timely manner at a reasonable price, especially in the particular case where financial market trading volumes are very low.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: el Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: riesgo de que una posición no se pueda liquidar a su debido tiempo a un precio razonable, especialmente en el caso de que el volumen de intercambios de los mercados financieros sea muy débil.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de los bonos convertibles contingentes: el Subfondo puede invertir en bonos convertibles contingentes. Su valor puede llegar a ser nulo si se produce un deterioro de la situación financiera de su emisor hasta situarse por debajo de un desencadenante predeterminado o si el regulador considera que su emisor ha alcanzado un punto de inviabilidad. Asimismo, su cupón puede ser cancelado en cualquier momento. Dado que estos instrumentos son recientes, también pueden experimentar pérdidas importantes en condiciones de mercado extremas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: Risk that a position cannot be liquidated in a timely manner at a reasonable price, especially in the particular case where financial market trading volumes are very low.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | en | es |
DOLFIN2058 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
On any day when the volume of redemptions to be processed is larger than the redemption capacity for the day, as determined by the rules stated in this bullet, all orders scheduled to be processed will be processed as partial redemptions, with the same pro rata percentage for each order. A sub-fund will only limit redemptions when necessary to prevent liquidity constraints that would be detrimental to remaining shareholders.
- Process unusually large purchases or redemptions at a price different from NAV. With any order we believe is large enough that the purchases or liquidations of portfolio securities necessary to process the order may affect the prices at which the transactions occur, we may use actual ask or bid prices (for purchases or liquidations respectively) in determining the amount of redemption proceeds due or the quantity of sub- fund shares purchased.
- Use fair market valuation. In any case when a sub-fund has calculated its NAV and there is subsequently a material change in the quoted market prices of that sub-fund’s investments, the board may direct the sub-fund to cancel its current NAV and issue a new NAV that reflects fair market values for its holdings. If any transactions were processed at the canceled NAV, the sub-fund may re-process them at the new NAV. The board will only take these measures when it believes they are warranted in light of unusual market volatility or other circumstances. Any fair value adjustments will be applied consistently to all share classes within a sub-fund. | Lorsque le volume des rachats à traiter lors d'une journée donnée est plus important que la capacité des rachats pour cette journée, comme déterminé dans les règles énoncées à ce point, tous les ordres de rachat devant être traités seront traités partiellement, le même pourcentage étant appliqué à chaque ordre. Un compartiment ne limitera les rachats que si cela s'avère nécessaire pour éviter des problèmes de liquidité qui pourraient être défavorables aux actionnaires restants.
- Traiter les ordres de souscription ou de rachat de taille inhabituelle à un cours différent de la valeur liquidative. Si nous pensons que le traitement d'un ordre nécessitera, en raison de sa taille, des achats ou des liquidations de titres du portefeuille susceptibles d'affecter les cours auxquels les transactions auront lieu, nous pouvons utiliser les cours vendeurs ou acheteurs réels (respectivement pour les achats ou les liquidations) pour déterminer le montant du produit de rachat ou la quantité des parts du compartiment achetées.
- Utiliser la juste valeur de marché. Si un compartiment a calculé sa valeur liquidative et que les cotations de marché des investissements de ce compartiment évoluent, par la suite, de manière significative, le conseil peut demander au compartiment d'annuler sa valeur liquidative actuelle et d'en émettre une nouvelle qui reflète les justes valeurs de marché de ses positions. Si une transaction a été traitée à la valeur liquidative qui a été annulée, le compartiment peut procéder à un nouveau traitement de la transaction en tenant compte de la nouvelle valeur liquidative. Le compartiment prendra de telles mesures uniquement s'il estime qu'elles se justifient au vu de la volatilité inhabituelle du marché ou dans d'autres circonstances. Tout ajustement de la juste valeur s'appliquera uniformément à toutes les classes d'actions d'un compartiment. | On any day when the volume of redemptions to be processed is larger than the redemption capacity for the day, as determined by the rules stated in this bullet, all orders scheduled to be processed will be processed as partial redemptions, with the same pro rata percentage for each order. A sub-fund will only limit redemptions when necessary to prevent liquidity constraints that would be detrimental to remaining shareholders.
- Process unusually large purchases or redemptions at a price different from NAV. With any order we believe is large enough that the purchases or liquidations of portfolio securities necessary to process the order may affect the prices at which the transactions occur, we may use actual ask or bid prices (for purchases or liquidations respectively) in determining the amount of redemption proceeds due or the quantity of sub- fund shares purchased.
- Use fair market valuation. In any case when a sub-fund has calculated its NAV and there is subsequently a material change in the quoted market prices of that sub-fund’s investments, the board may direct the sub-fund to cancel its current NAV and issue a new NAV that reflects fair market values for its holdings. If any transactions were processed at the canceled NAV, the sub-fund may re-process them at the new NAV. The board will only take these measures when it believes they are warranted in light of unusual market volatility or other circumstances. Any fair value adjustments will be applied consistently to all share classes within a sub-fund. | en | fr |
DOLFIN2059 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
1
Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KID/KIID and the Company’s annual report for details.
2
Effective rate varies with the total assets of the Fund up to the indicated maximum.
3
Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum.
Annex 2.20: Fund Information Sheet | 1
Fondsverwaltungs-, Depot- und Verwahrgebühren, die in die Gesamtkostenquote, die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Kapitalverwaltungsgesellschaft der entsprechenden Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte dem jeweiligen KID/KIID und dem Jahresbericht der Gesellschaft.
2
Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
3
Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Untergliederung nach Ländern im Portfolio, bis zum angegebenen Maximum.
Anhang 2.20: Fondsinformationsblatt | 1
Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KID/KIID and the Company’s annual report for details.
2
Effective rate varies with the total assets of the Fund up to the indicated maximum.
3
Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum.
Annex 2.20: Fund Information Sheet | en | de |
DOLFIN2060 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by governments or their agencies, state and provincial governmental entities, supranationals, corporate debt securities, MBS/ABS, covered bonds and currencies. Issuers may be located anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 45% and 75% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases.
The Sub-Fund may hold up to 10% in convertible securities and up to 10% in contingent convertible bonds. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may use long and short positions (through derivatives) to vary exposure to countries, sectors, currencies and credit quality which may be concentrated from time to time.
The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. The Sub-Fund invests at least 10% of assets excluding | El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invertirá, directamente o a través de derivados, en títulos de deuda emitidos o garantizados por gobiernos o sus agencias, entidades gubernamentales estatales y provinciales, y organizaciones supranacionales, así como en títulos de deuda corporativa, MBS/ABS, cédulas hipotecarias (covered bonds) y divisas. Los emisores podrán estar situados en cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 45% y un 75% de su patrimonio en titulizaciones hipotecarias (MBS) y/o activos titulizados (ABS) de cualquier calidad crediticia; sin embargo, debido al carácter sin restricciones del enfoque de inversión, el nivel de inversión real podrá variar. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades distintas de agencias (instituciones privadas), representan títulos de deuda que están respaldados por hipotecas, incluidas las hipotecas residenciales y comerciales; los ABS hacen referencia a los títulos de deuda que están respaldados por otros tipos de activos, como deudas de tarjetas de crédito, préstamos para automóviles, créditos al consumo y arrendamiento de bienes de equipo.
El Subfondo podrá mantener hasta un 10% en valores convertibles y hasta un 10% en bonos convertibles contingentes. El Subfondo podrá invertir en títulos de deuda con calificación inferior a investment grade y sin calificación.
El Subfondo podrá emplear posiciones largas y cortas (a través de derivados) para modificar la exposición a países, sectores, divisas y calificaciones crediticias, que puede estar ocasionalmente concentrada.
El Subfondo podrá invertir en títulos de deuda onshore emitidos en la RPC a través de China-Hong Kong Bond Connect.
Como mínimo el 51% del patrimonio se invertirá en emisores con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. El Subfondo invierte como mínimo el 10% de su patrimonio, | The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by governments or their agencies, state and provincial governmental entities, supranationals, corporate debt securities, MBS/ABS, covered bonds and currencies. Issuers may be located anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 45% and 75% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases.
The Sub-Fund may hold up to 10% in convertible securities and up to 10% in contingent convertible bonds. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may use long and short positions (through derivatives) to vary exposure to countries, sectors, currencies and credit quality which may be concentrated from time to time.
The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. The Sub-Fund invests at least 10% of assets excluding | en | es |
DOLFIN2061 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Duration hedging Typically done using interest rate swaps, swaptions, and futures. The goal is to seek to reduce the exposure to interest rate movements for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk. | - Cobertura de duración Por lo general, se realiza mediante permutas de tipos de interés, opciones sobre permutas y futuros. El objetivo es reducir la exposición a los movimientos de los tipos de interés para los bonos con un vencimiento a más largo plazo. La cobertura de duración solo se puede realizar a nivel del fondo.
- Cobertura de precios Por lo general, se realiza mediante opciones sobre índices (específicamente, mediante la venta de una opción de compra o la compra de una opción de venta). El uso se limita generalmente a situaciones en las que existe una correlación suficiente entre la composición o el rendimiento del índice y del fondo. El objetivo es ofrecer cobertura frente a las fluctuaciones en el valor de mercado de una posición.
- Cobertura de tipos de interés Por lo general, se realiza mediante futuros de tipos de interés, permutas de tipos de interés, la suscripción de opciones de compra sobre tipos de interés o la adquisición de opciones de venta sobre tipos de interés. El objetivo es gestionar el riesgo del tipo de interés. | - Duration hedging Typically done using interest rate swaps, swaptions, and futures. The goal is to seek to reduce the exposure to interest rate movements for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk. | en | es |
DOLFIN2062 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les frais d'entrée, de sortie et de conversion indiqués sont des chiffres maximum. Dans certain cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Le montant des frais courants est fondé sur les frais de l’exercice clos le 30 septembre 2021. Ces chiffres peuvent varier d’un exercice à l’autre. Ils excluent :
Les commissions de surperformance,
les coûts de transaction du portefeuille, à l’exception des frais d’entrée et de sortie payés par le Compartiment lorsqu’il achète ou vend des parts d’un autre organisme de placement collectif.
Pour plus d’information sur les frais, veuillez vous référer à la rubrique frais du prospectus de l’OPCVM disponible sur le site : amundi.com.
Performances passées
3,5%
3,7%
4 % . | Los gastos de entrada, salida y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de septiembre de 2021. Dicha cifra puede variar de un año a otro. No incluye:
Comisiones de rentabilidad,
Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com.
Rentabilidad histórica
3,5%
3,7%
4 % . | Les frais d'entrée, de sortie et de conversion indiqués sont des chiffres maximum. Dans certain cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Le montant des frais courants est fondé sur les frais de l’exercice clos le 30 septembre 2021. Ces chiffres peuvent varier d’un exercice à l’autre. Ils excluent :
Les commissions de surperformance,
les coûts de transaction du portefeuille, à l’exception des frais d’entrée et de sortie payés par le Compartiment lorsqu’il achète ou vend des parts d’un autre organisme de placement collectif.
Pour plus d’information sur les frais, veuillez vous référer à la rubrique frais du prospectus de l’OPCVM disponible sur le site : amundi.com.
Performances passées
3,5%
3,7%
4 % . | fr | es |
DOLFIN2063 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.6 | 2.3 | -9.2 | -26.3 | 30.2 | 10.4 | -21.5 | 11.3 | -0.5 | 27.1 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 16 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 1,6 | 2,3 | -9,2 | -26,3 | 30,2 | 10,4 | -21,5 | 11,3 | -0,5 | 27,1 |
| Limitación †¹ | 7,2 | 1,5 | -9,7 | -24,0 | 32,3 | 22,7 | -12,6 | 17,2 | 0,7 | 25,2 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 16 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.6 | 2.3 | -9.2 | -26.3 | 30.2 | 10.4 | -21.5 | 11.3 | -0.5 | 27.1 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 16 December 2022 | en | es |
DOLFIN2064 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectif et Politique d’investissement
## Objectif d’investissement
L'objectif du Compartiment est d'atteindre la croissance du capital.
## Politique d’investissement
Le Compartiment :
- investit, en effectuant des investissements directs ou en ayant recours à des contrats financiers (instruments dérivés) :
- principalement en titres de capital cotés d’émetteurs américains ;
- également en titres d’émetteurs non américains situés dans d’autres territoires du monde entier, ainsi qu’en certificats de dépôt américains négociés aux États-Unis, en fonds d’investissement qui investissent en titres non américains et en titres négociés hors des États-Unis ;
- avec une période de détention attendue pluritrimestrielle ou pluriannuelle, en sociétés que le gestionnaire financier considère comme sous-valorisées ;
- en ayant recours à des instruments dérivés, une exposition négative aux sociétés qui sont, selon lui, survalorisées.
Le Compartiment peut :
- investir en titres à revenu fixe, en titres convertibles, en actions préférentielles, en warrants et droits et dans différents types d'instruments dérivés et d'instruments du marché monétaire ;
- à titre accessoire, investir en options (y compris en options cotées aux États-Unis) sur actions et fonds indiciels cotés ; | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo del Subfondo es lograr un crecimiento del capital.
## Política de inversión
El Subfondo:
- invertirá, bien mediante participaciones directas o a través de contratos financieros (derivados):
- principalmente en valores de renta variable cotizados en bolsa de emisores estadounidenses;
- también en valores de emisores no estadounidenses ubicados en otras jurisdicciones del mundo, así como en certificados de depósito americanos negociados en Estados Unidos, en fondos de inversión que inviertan en valores no estadounidenses y en títulos negociados fuera de Estados Unidos;
- excepto para períodos de tenencia que abarquen varios trimestres o años, en empresas que el gestor de inversiones considere infravaloradas;
- mediante el uso de derivados, tratará de obtener una exposición negativa a empresas que, a su juicio, estén sobrevaloradas.
El Subfondo podrá:
- invertir en valores de renta fija, valores convertibles, acciones preferentes, warrants y derechos, así como en distintos tipos de derivados e instrumentos del mercado monetario; | # Objectif et Politique d’investissement
## Objectif d’investissement
L'objectif du Compartiment est d'atteindre la croissance du capital.
## Politique d’investissement
Le Compartiment :
- investit, en effectuant des investissements directs ou en ayant recours à des contrats financiers (instruments dérivés) :
- principalement en titres de capital cotés d’émetteurs américains ;
- également en titres d’émetteurs non américains situés dans d’autres territoires du monde entier, ainsi qu’en certificats de dépôt américains négociés aux États-Unis, en fonds d’investissement qui investissent en titres non américains et en titres négociés hors des États-Unis ;
- avec une période de détention attendue pluritrimestrielle ou pluriannuelle, en sociétés que le gestionnaire financier considère comme sous-valorisées ;
- en ayant recours à des instruments dérivés, une exposition négative aux sociétés qui sont, selon lui, survalorisées.
Le Compartiment peut :
- investir en titres à revenu fixe, en titres convertibles, en actions préférentielles, en warrants et droits et dans différents types d'instruments dérivés et d'instruments du marché monétaire ;
- à titre accessoire, investir en options (y compris en options cotées aux États-Unis) sur actions et fonds indiciels cotés ; | fr | es |
DOLFIN2065 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Operational risk
The Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Market participants are permitted to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. The securities regimes and legal systems of Hong Kong stock exchange and PRC stock exchanges differ significantly and market participants may need to address issues arising from the differences on an on-going basis.
There is no assurance that the system of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in both markets through the program could be disrupted. The concerned Sub-Fund’s ability to access the A-Share market via the Stock Connect (and hence to pursue its investment strategy) may be adversely affected. | ### Operationelles Risiko
Stock Connect basiert auf der Funktionsfähigkeit der technischen Systeme der jeweiligen Marktteilnehmer. Die Marktteilnehmer dürfen an diesem Programm teilnehmen, wenn sie über bestimmte IT-Ressourcen verfügen, Risikovorsorge treffen und weitere Anforderungen erfüllen, die die entsprechende Börse und/oder Clearingstelle festlegen kann. Die Regeln und Systeme für Wertpapiere der Wertpapierbörsen in Hongkong und der VRC unterscheiden sich erheblich und die Marktteilnehmer müssen sich laufend mit Fragen bezüglich dieser Unterschiede beschäftigen.
Es kann nicht garantiert werden, dass die Systems der Wertpapierbörse in Hongkong und der Marktteilnehmer richtig funktionieren oder weiter an Änderungen oder Entwicklungen auf beiden Märkten angepasst werden. Falls die entsprechenden Systeme nicht mehr richtig funktionieren, könnte dies den Handel auf beiden Märkten über das Programm zum Erliegen bringen. Dies kann den Zugang des betreffenden Teilfonds zum Markt der A-Aktien über Stock Connect (und somit die Verfolgung seiner Anlagestrategie) beeinträchtigen. | ### Operational risk
The Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Market participants are permitted to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. The securities regimes and legal systems of Hong Kong stock exchange and PRC stock exchanges differ significantly and market participants may need to address issues arising from the differences on an on-going basis.
There is no assurance that the system of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in both markets through the program could be disrupted. The concerned Sub-Fund’s ability to access the A-Share market via the Stock Connect (and hence to pursue its investment strategy) may be adversely affected. | en | de |
DOLFIN2066 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company was incorporated with an initial share capital of €2 and represented by 2 subscriber shares of no par value. Shareholders of the subscriber shares are entitled to attend and vote at all meetings of the Company, but do not entitle the holder to participate in the dividends or net assets of any Fund or the Company.
Redeemable Participating Shares
The share capital of the Company shall at all times equal the net asset value. The Directors are generally and unconditionally authorised to exercise all the powers of the Company to issue shares in the Company pursuant to the Companies Act 2014 and are empowered to issue up to five hundred billion shares of no par value in the Company at the net asset value per share on such terms as they may think fit. There are no rights of pre-emption upon the issue of shares in the Company.
Each of the shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Fund in respect of which they are issued, save in the case of dividends declared prior to becoming a shareholder.
The proceeds from the issue of shares shall be applied in the books of the Company to the relevant Fund and shall be used in the acquisition on behalf of the relevant Fund of assets in which the Fund may invest. The records and accounts of each Fund shall be maintained separately.
Each of the shares entitles the holder to attend and vote at meetings of the Company and of the Fund represented by those shares.
Any resolution to alter the rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting duly convened in accordance with the constitution of the Company.
The constitution of the Company empower the Directors to issue fractional shares in the Company. Fractional shares may be issued to the nearest one thousandth of a share and shall not carry any voting rights at general meetings of the Company or of any Fund and the net asset value of any fractional share shall be the net asset value per share adjusted in proportion to the fraction.
As at 30 June 2020 and 30 June 2019, details of active share classes are disclosed in the Statement of Financial Position.
- Distributions to Holders of Redeemable Participating SharesDistributing share classes available per Prospectus are outlined below. Each Fund supplement indicates which share classes are currently available. | La Sociedad se constituyó con un capital social inicial de 2 € y está representada por 2 acciones suscritas sin valor nominal. Los accionistas de las acciones constitutivas tienen derecho de asistencia y voto en todas las juntas de la Sociedad, pero no tienen derecho a participar en los dividendos o en los activos netos de ningún Fondo ni de la Sociedad.
Acciones de participación reembolsables
El capital accionario de la Sociedad deberá ser, en todo momento, igual al valor liquidativo. Los Consejeros están facultados con carácter general e incondicional para ejercer todas las facultades de la Sociedad de emisión de acciones de la Sociedad de conformidad con la Ley de Sociedades de 2014, y pueden emitir un número máximo de 500 000 millones de acciones sin valor nominal de la Sociedad a un valor liquidativo por acción de acuerdo con aquellos términos que consideren adecuados. No existen derechos de preferencia sobre la emisión de acciones de la Sociedad.
Cada una de las acciones faculta al accionista a participar en forma equitativa y proporcional en los dividendos y activos netos del Fondo respecto del cual se emitieron las acciones, salvo en el caso de los dividendos declarados antes de convertirse en accionista.
El producto de la emisión de acciones se aplicará al Fondo correspondiente en los libros de la Sociedad y se usará para la adquisición, en representación del Fondo corre spondiente, de activos en los cuales el Fondo pueda invertir. Los registros y los estados contables de cada Fondo se mantendrán por separado.
Todas y cada una de las acciones otorgarán al titular un derecho de asistencia y voto en las juntas de la Sociedad y del Fondo representado por dichas acciones.
Todo acuerdo para modificar los derechos de las acciones requerirá de la aprobación de las tres cuartas partes de los titulares de las acciones presentes o representadas y que la votación se lleve a cabo en una junta general debidamente convocada de conformidad con lo dispuesto en el documento de constitución de la Sociedad.
El documento de constitución de la Sociedad faculta a los Consejeros para emitir acciones fraccionadas de la Sociedad. Las acciones fraccionadas podrán ser emitidas hasta la milésima parte más próxima de una acción y no otorgarán derechos de voto en las juntas generales de la Sociedad o de cualquier Fondo y el valor liquidativo de toda acción fraccionada será el valor liquidativo por acción ajustado en proporción a la fracción.
A 30 de junio de 2020 y 30 de junio de 2019, los detalles de las clases de acciones activas se muestran en el Estado de situación financiera.
- Distribuciones a titulares de acciones participativas reembolsablesA continuación de describen las clases de acciones de distribución disponibles según el Folleto. El suplemento de cada Fondo indica qué clases de acciones están disponibles actualmente. | The Company was incorporated with an initial share capital of €2 and represented by 2 subscriber shares of no par value. Shareholders of the subscriber shares are entitled to attend and vote at all meetings of the Company, but do not entitle the holder to participate in the dividends or net assets of any Fund or the Company.
Redeemable Participating Shares
The share capital of the Company shall at all times equal the net asset value. The Directors are generally and unconditionally authorised to exercise all the powers of the Company to issue shares in the Company pursuant to the Companies Act 2014 and are empowered to issue up to five hundred billion shares of no par value in the Company at the net asset value per share on such terms as they may think fit. There are no rights of pre-emption upon the issue of shares in the Company.
Each of the shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Fund in respect of which they are issued, save in the case of dividends declared prior to becoming a shareholder.
The proceeds from the issue of shares shall be applied in the books of the Company to the relevant Fund and shall be used in the acquisition on behalf of the relevant Fund of assets in which the Fund may invest. The records and accounts of each Fund shall be maintained separately.
Each of the shares entitles the holder to attend and vote at meetings of the Company and of the Fund represented by those shares.
Any resolution to alter the rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting duly convened in accordance with the constitution of the Company.
The constitution of the Company empower the Directors to issue fractional shares in the Company. Fractional shares may be issued to the nearest one thousandth of a share and shall not carry any voting rights at general meetings of the Company or of any Fund and the net asset value of any fractional share shall be the net asset value per share adjusted in proportion to the fraction.
As at 30 June 2020 and 30 June 2019, details of active share classes are disclosed in the Statement of Financial Position.
- Distributions to Holders of Redeemable Participating SharesDistributing share classes available per Prospectus are outlined below. Each Fund supplement indicates which share classes are currently available. | en | es |
DOLFIN2067 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Statement of Operations and Changes in Net Assets for the period ended 30 June 2018
| AXA World Funds | AXA World Funds | AXA World Funds |
| --- | --- | --- |
| MiX in Perspectives | Framlington Asia Select Income | Framlington Digital Economy |
| USD | USD | USD |
| NET ASSET VALUE AT THE BEGINNING OF THE PERIOD | 12,377,028 | 31,151,464 | 18,673,279 |
| --- | --- | --- | --- |
| INCOME | | | |
| Dividends (note 2k) | 180,590 | 1,020,454 | 494,879 |
| Interest on investment portfolio (note 2l) | - | - | - |
| Interest on cash accounts | - | - | - |
| Securities lending income (note 20) | 122 | - | - |
| Income on swaps | - | - | - |
| Reimbursement of management fees (note 5) | - | - | - |
| Other income | - | - | - |
| Total income | 180,712 | 1,020,454 | 494,879 |
| EXPENSES | | | |
| Interest on bank accounts* | - | 171 | - |
| Dividend paid on short CFD | - | - | - |
| Expense on swaps | - | - | - |
| Interest expenses | - | - | - |
| Interest on CFD | - | - | - |
| Distribution fees (note 4) | 91 | - | 2,282 |
| Management fees (note 5) | 45,773 | 115,913 | 390,180 |
| Performance fees (note 6) | - | - | - |
| Withholding tax reclaim fees (note 8) | - | - | - |
| Redex/SolEx fees (note 7) | - | - | - |
| Applied Service Fee (note 9) | 12,182 | 56,459 | 116,158 |
| Transaction fees (note 11) | 2,097 | 14,244 | 28,408 |
| Securities lending expenses (note 20) | 348 | - | - |
| Other expenses | 5,991 | - | - |
| Total expenses | 66,482 | 186,787 | 537,028 |
| NET INCOME/(LOSS) FROM INVESTMENTS FOR THE PERIOD | 114,230 | 833,667 | (42,149) |
| Net realised gain/(loss) | | | |
| - on sales of investments (note 2f) | 123,182 | (358,376) | 1,155,196 |
| - on spot foreign exchange | 61,670 | 20,874 | (46,077) |
| - on forward foreign exchange contracts | (322) | (2,466) | (3,672,587) |
| - on futures | - | - | - |
| - on swaps | - | - | - |
| - on CFD | - | - | - |
| Net realised gain/(loss) for the period | 184,530 | (339,968) | (2,563,468) |
| Net change in unrealised appreciation/(depreciation) | | | |
| - on investments (note 2f) | 213,433 | (2,496,570) | 10,851,221 |
| - on forward foreign exchange contracts | - | 4 | (7,450) |
| - on futures | - | - | - |
| - on swaps | - | - | - |
| - on CFD | - | - | - |
| Net change in net assets for the period resulting from operations | 512,193 | (2,002,867) | 8,238,154 |
| Net proceeds from subscriptions/redemptions | 5,718,280 | 19,426,676 | 208,342,690 |
| Dividends paid (note 19) | - | - | (2) |
| NET ASSET VALUE AT THE END OF THE PERIOD | 18,607,501 | 48,575,273 | 235,254,121 |
*The amounts included under bank accounts are comprised of negative interests on bank overdrafts as well as on positive balances at bank on certain currencies such as EUR. | # Etat des opérations et des variations des actifs nets pour la période clôturée au 30 juin 2018
| AXA World Funds | AXA World Funds | AXA World Funds |
| --- | --- | --- |
| MiX in Perspectives | Framlington Asia Select Income | Framlington Digital Economy |
| USD | USD | USD |
| VALEUR NETTE D'INVENTAIRE EN DEBUT D'EXERCICE | 12,377,028 | 31,151,464 | 18,673,279 |
| --- | --- | --- | --- |
| REVENUS | | | |
| Dividendes (note 2k) | 180,590 | 1,020,454 | 494,879 |
| Intérêts sur portefeuille-titres (note 2l) | - | - | - |
| Intérêts sur comptes courants | - | - | - |
| Revenus provenant d’opérations de prêt de titres (note 20) | 122 | - | - |
| Revenus découlant de contrats de swap | - | - | - |
| Remboursement de commissions de gestion (note 5) | - | - | - |
| Autres revenus | - | - | - |
| Total des revenus | 180,712 | 1,020,454 | 494,879 |
| CHARGES | | | |
| Intérêts sur comptes bancaires* | - | 171 | - |
| Dividendes versés sur les CFD short | - | - | - |
| Frais sur les swaps | - | - | - |
| Charges d'intérêt | - | - | - |
| Intérêts sur CFD | - | - | - |
| Frais de distribution (note 4) | 91 | - | 2,282 |
| Commissions de gestion (note 5) | 45,773 | 115,913 | 390,180 |
| Commissions de surperformance (note 6) | - | - | - |
| Frais liés à la récupération des impôts retenus à la source (note 8) | - | - | - |
| Commissions Redex/SolEx (note 7) | - | - | - |
| Frais de service appliqués (note 9) | 12,182 | 56,459 | 116,158 |
| Frais de transaction (note 11) | 2,097 | 14,244 | 28,408 |
| Commissions d’opérations de prêt de titres (note 20) | 348 | - | - |
| Autres charges | 5,991 | - | - |
| Total des charges | 66,482 | 186,787 | 537,028 |
| PLUS/(MOINS)-VALUE NETTE RESULTANT DES INVESTISSEMENTS DE L'EXERCICE | 114,230 | 833,667 | (42,149) |
| Plus/(moins)-value nette réalisée | | | |
| - sur cessions de titres (note 2f) | 123,182 | (358,376) | 1,155,196 |
| - sur contrats de change au comptant | 61,670 | 20,874 | (46,077) |
| - sur contrats de change à terme | (322) | (2,466) | (3,672,587) |
| - sur contrats futures | - | - | - |
| - sur contrats de swap | - | - | - |
| - sur CFD | - | - | - |
| Plus/(moins)-value nette réalisée au cours de l'exercice | 184,530 | (339,968) | (2,563,468) |
| Variation nette de la plus/(moins)-value non réalisée | | | |
| - sur investissements (note 2f) | 213,433 | (2,496,570) | 10,851,221 |
| - sur contrats de change à terme | - | 4 | (7,450) |
| - sur contrats futures | - | - | - |
| - sur contrats de swap | - | - | - |
| - sur CFD | - | - | - |
| Variation nette des actifs nets pendant l'année résultant des opérations | 512,193 | (2,002,867) | 8,238,154 |
| Produits nets des souscriptions/rachats | 5,718,280 | 19,426,676 | 208,342,690 |
| Dividendes distribués (note 19) | - | - | (2) |
| VALEUR NETTE D'INVENTAIRE EN FIN D'EXERCICE | 18,607,501 | 48,575,273 | 235,254,121 |
*Les sommes comprises dans les comptes bancaires sont composées des intérêts négatifs sur découverts bancaires ainsi que des soldes bancaires positifs sur certaines devises telles que l’euro. | # Statement of Operations and Changes in Net Assets for the period ended 30 June 2018
| AXA World Funds | AXA World Funds | AXA World Funds |
| --- | --- | --- |
| MiX in Perspectives | Framlington Asia Select Income | Framlington Digital Economy |
| USD | USD | USD |
| NET ASSET VALUE AT THE BEGINNING OF THE PERIOD | 12,377,028 | 31,151,464 | 18,673,279 |
| --- | --- | --- | --- |
| INCOME | | | |
| Dividends (note 2k) | 180,590 | 1,020,454 | 494,879 |
| Interest on investment portfolio (note 2l) | - | - | - |
| Interest on cash accounts | - | - | - |
| Securities lending income (note 20) | 122 | - | - |
| Income on swaps | - | - | - |
| Reimbursement of management fees (note 5) | - | - | - |
| Other income | - | - | - |
| Total income | 180,712 | 1,020,454 | 494,879 |
| EXPENSES | | | |
| Interest on bank accounts* | - | 171 | - |
| Dividend paid on short CFD | - | - | - |
| Expense on swaps | - | - | - |
| Interest expenses | - | - | - |
| Interest on CFD | - | - | - |
| Distribution fees (note 4) | 91 | - | 2,282 |
| Management fees (note 5) | 45,773 | 115,913 | 390,180 |
| Performance fees (note 6) | - | - | - |
| Withholding tax reclaim fees (note 8) | - | - | - |
| Redex/SolEx fees (note 7) | - | - | - |
| Applied Service Fee (note 9) | 12,182 | 56,459 | 116,158 |
| Transaction fees (note 11) | 2,097 | 14,244 | 28,408 |
| Securities lending expenses (note 20) | 348 | - | - |
| Other expenses | 5,991 | - | - |
| Total expenses | 66,482 | 186,787 | 537,028 |
| NET INCOME/(LOSS) FROM INVESTMENTS FOR THE PERIOD | 114,230 | 833,667 | (42,149) |
| Net realised gain/(loss) | | | |
| - on sales of investments (note 2f) | 123,182 | (358,376) | 1,155,196 |
| - on spot foreign exchange | 61,670 | 20,874 | (46,077) |
| - on forward foreign exchange contracts | (322) | (2,466) | (3,672,587) |
| - on futures | - | - | - |
| - on swaps | - | - | - |
| - on CFD | - | - | - |
| Net realised gain/(loss) for the period | 184,530 | (339,968) | (2,563,468) |
| Net change in unrealised appreciation/(depreciation) | | | |
| - on investments (note 2f) | 213,433 | (2,496,570) | 10,851,221 |
| - on forward foreign exchange contracts | - | 4 | (7,450) |
| - on futures | - | - | - |
| - on swaps | - | - | - |
| - on CFD | - | - | - |
| Net change in net assets for the period resulting from operations | 512,193 | (2,002,867) | 8,238,154 |
| Net proceeds from subscriptions/redemptions | 5,718,280 | 19,426,676 | 208,342,690 |
| Dividends paid (note 19) | - | - | (2) |
| NET ASSET VALUE AT THE END OF THE PERIOD | 18,607,501 | 48,575,273 | 235,254,121 |
*The amounts included under bank accounts are comprised of negative interests on bank overdrafts as well as on positive balances at bank on certain currencies such as EUR. | en | fr |
DOLFIN2068 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund is invested primarily in funds managed by CARMIGNAC. However, the fund may invest in external funds if the desired allocation cannot be achieved exclusively through investment in funds managed by CARMIGNAC. The portfolio manager will favour fund units authorised for sale in France.
Investment in units or shares of investment funds and the allocation between the different asset classes shall depend on market conditions and portfolio diversification opportunities, and shall be determined on a discretionary basis by the management company, which will use a quantitative tool to strike the right balance between the risk attached to each investment and the expected return. Subject to the regulatory investment limits, investments in funds shall account for between 50% and 100% of the net assets.
As the fund is managed on an active, flexible basis, its asset allocation may differ substantially from that of its reference indicator. As such, the portfolio manager dynamically manages exposure to the different markets and eligible asset classes, based on expectations of changes in risk/return ratios. The investment policy takes into account the principle of risk spreading by means of the diversification of investments. | El fondo invierte principalmente en IIC gestionadas por CARMIGNAC. Sin embargo, el fondo podrá invertir en IIC externas cuando la asignación deseada no pueda lograrse exclusivamente a través de IIC gestionadas por CARMIGNAC. El gestor privilegia las participaciones de las IIC autorizadas para su comercialización en Francia.
La inversión en participaciones o acciones de IIC y la distribución entre los diferentes activos dependerán de las condiciones del mercado y de las oportunidades de diversificación de la cartera, y serán determinadas por la sociedad gestora de forma discrecional, con la ayuda de una herramienta cuantitativa con el fin de hallar un adecuado equilibrio entre el riesgo vinculado a cada inversión y la rentabilidad prevista. A reserva de los límites máximos reglamentarios, el nivel de inversión en IIC será del 50% al 100% del patrimonio neto.
La gestión del fondo es activa y flexible, por lo que la asignación de activos podrá diferir considerablemente de la asignación constituida por su indicador de referencia. En efecto, el gestor lleva a cabo una gestión dinámica de la exposición a los diferentes mercados y clases de activos elegibles en función de sus previsiones sobre la evolución de los perfiles de rentabilidad/riesgo de dichos mercados y clases de activos. La política de gestión tiene en cuenta la distribución de los riesgos a través de la diversificación de las inversiones. | The Fund is invested primarily in funds managed by CARMIGNAC. However, the fund may invest in external funds if the desired allocation cannot be achieved exclusively through investment in funds managed by CARMIGNAC. The portfolio manager will favour fund units authorised for sale in France.
Investment in units or shares of investment funds and the allocation between the different asset classes shall depend on market conditions and portfolio diversification opportunities, and shall be determined on a discretionary basis by the management company, which will use a quantitative tool to strike the right balance between the risk attached to each investment and the expected return. Subject to the regulatory investment limits, investments in funds shall account for between 50% and 100% of the net assets.
As the fund is managed on an active, flexible basis, its asset allocation may differ substantially from that of its reference indicator. As such, the portfolio manager dynamically manages exposure to the different markets and eligible asset classes, based on expectations of changes in risk/return ratios. The investment policy takes into account the principle of risk spreading by means of the diversification of investments. | en | es |
DOLFIN2069 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
60% of median income is a commonly accepted poverty line.
The concept is applied to all countries globally, independent of country specific definition of poverty lines.
The understanding is that if wages on a country and sector are below 60% of the national average people are deprived of fair compensation.
Calculation: Based on ILO statistics on working hours and sector hourly income are estimated.
Number of working hours in hours per week
Mean monthly earnings of employees by sex and sector, in PPP$.
0.5 Trillion USD
ILO
https://ilostat.ilo.org/data UNICEF
Echter Preis
Gender Inequality
The indicator on gender inequality considers the unadjusted wage differences between men and women, regardless of titles, position, education.
It means that it integrates structural inequalities in addition to the differences in wages in the same position.
Calculation: The wage gap includes :
- Differences in hourly wages
- Shares of men and women in a given sector – induced by the differences in working time between men and women)Gender pay gap in EUR per hour and working hours per women and men by country / sector. | Il 60% del reddito mediano è una linea di povertà comunemente accettata.
Il concetto è applicato a tutti i paesi a livello globale, indipendentemente dalla definizione di linee di povertà specifiche del paese.
L'intesa è che se i salari di un paese e di un settore sono inferiori al 60% della media nazionale le persone sono private di un equo compenso.
Calcolo : Sulla base delle statistiche dell'ILO sulle ore di lavoro e il reddito orario del settore sono stimati.
Numero di ore di lavoro in ore settimanali
Guadagni mensili medi degli impiegati per sesso e settore, in PPP$.
0,5 Trilioni di dollari
ILO
https://ilostat.ilo.org/data UNICEF
Echter Preis
Disuguaglianza di genere
L'indice sulla disuguaglianza di genere considera le differenze salariali non aggiustate tra uomini e donne, indipendentemente da titoli, posizione, istruzione. Significa che integra le disuguaglianze strutturali oltre alle differenze di salario nella stessa posizione.
Calcolo : Il divario salariale include :
- Differenze nei salari orari
- Quote di uomini e donne in un dato settore - indotte dalle differenze nell'orario di lavoro tra uomini e donne)Divario retributivo di genere in EUR all'ora e ore di lavoro per donne e uomini per paese / settore. | 60% of median income is a commonly accepted poverty line.
The concept is applied to all countries globally, independent of country specific definition of poverty lines.
The understanding is that if wages on a country and sector are below 60% of the national average people are deprived of fair compensation.
Calculation: Based on ILO statistics on working hours and sector hourly income are estimated.
Number of working hours in hours per week
Mean monthly earnings of employees by sex and sector, in PPP$.
0.5 Trillion USD
ILO
https://ilostat.ilo.org/data UNICEF
Echter Preis
Gender Inequality
The indicator on gender inequality considers the unadjusted wage differences between men and women, regardless of titles, position, education.
It means that it integrates structural inequalities in addition to the differences in wages in the same position.
Calculation: The wage gap includes :
- Differences in hourly wages
- Shares of men and women in a given sector – induced by the differences in working time between men and women)Gender pay gap in EUR per hour and working hours per women and men by country / sector. | en | it |
DOLFIN2070 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The benchmark index of the Sub-Fund serves only for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund’s investment strategy consists in constructing a portfolio that represents the Investment Manager’s expectations on all bond markets and currencies from emerging countries. Geographic diversification includes the countries of Latin America, Africa, the Middle East, Asia, and Central and Eastern Europe.
The objective of the Sub-Fund is to invest in bonds and Money Market Instruments, for minimum 80% and up to 110% of its net assets. At least 60% of the Sub-Fund’s net assets are permanently invested in emerging debt markets.
The Sub-Fund may invest directly, for exposure or hedging purposes, in currencies. This exposure to currencies of Emerging Countries forms an integral part of the Sub-Fund’s strategy, and the currency risk may account for 100% of its net assets.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. The Sub-Fund will not invest directly in equities. The Sub-Fund’s Modified Duration to interest rates will fluctuate between 0 and 15. | ## El índice de referencia del Subfondo solo sirve para fines de comparación. El Subfondo se gestiona de forma activa.
Política de inversión: La estrategia de inversión del Subfondo consiste en construir una cartera representativa de las expectativas del Gestor de inversiones sobre todos los mercados de renta fija y divisas de los países emergentes. La diversificación geográfica comprende los países de Latinoamérica, África, Oriente Medio, Asia y Europa Central y del Este.
El objetivo del Subfondo es invertir en bonos e Instrumentos del mercado monetario, entre un mínimo del 80% y un máximo del 110% de su patrimonio neto. Al menos el 60% del patrimonio neto del Subfondo se invierte de forma permanente en los mercados emergentes de deuda.
El Subfondo podrá invertir directamente en divisas, con fines de exposición o de cobertura. Esta exposición a las divisas de los Países emergentes es parte integrante de la estrategia del Subfondo, y el riesgo cambiario podrá representar hasta el 100% de su patrimonio neto.
Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. El Subfondo no invertirá directamente en valores de renta variable. La Duración modificada del Subfondo a los tipos de interés oscilará entre 0 y 15. | ## The benchmark index of the Sub-Fund serves only for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund’s investment strategy consists in constructing a portfolio that represents the Investment Manager’s expectations on all bond markets and currencies from emerging countries. Geographic diversification includes the countries of Latin America, Africa, the Middle East, Asia, and Central and Eastern Europe.
The objective of the Sub-Fund is to invest in bonds and Money Market Instruments, for minimum 80% and up to 110% of its net assets. At least 60% of the Sub-Fund’s net assets are permanently invested in emerging debt markets.
The Sub-Fund may invest directly, for exposure or hedging purposes, in currencies. This exposure to currencies of Emerging Countries forms an integral part of the Sub-Fund’s strategy, and the currency risk may account for 100% of its net assets.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. The Sub-Fund will not invest directly in equities. The Sub-Fund’s Modified Duration to interest rates will fluctuate between 0 and 15. | en | es |
DOLFIN2071 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
The FED and its members continued with its rhetoric that it was committed to restoring price stability via further rate hikes. The benchmark JP Morgan Hard Currency Sovereign Index posted a return of +0.15%, while the JP Morgan Hard Currency Corporate Index returned -2.05%. Outflows from the asset class continued at a moderate and consistent pace during the month and currently stand at -$82.9 billion YTD.
OPEC+ formally agreed to a 2mb/d reduction in quotas from November. And there was talk that the US and Venezuela were in talks for a deal to loosen sanctions on oil.
In CEEMEA, central banks surprised across the board with Poland unexpectedly leaving rates unchanged despite a high inflation print. Romania hiked 75bpos which was more than was anticipated by the market and Turkey delivered its third straight cut, reducing rates by 150bps to 10.5% which was more than the market had expected and went on to suggest they would cut by a the same in November. The Egypt central bank hiked rates by 200bps to 13.25% and announced it had made a staff level agreement with the IMF. Rating agencies were active in the region too, with Moody’s downgrading Ghana to Caa2 and placing it on review for a downgrade. While it downgraded Nigeria to B3 from B2 and places it on review for a downgrade and revised Angola’s outlook to positive. S&P downgraded Turkey to B and affirmed Armenia at B+ and Oman at BB-. Fitch affirmed Romania and Czechoslovakia and revised Azerbaijan to positive.
In Latin American the key event was the Brazilian Presidential election which saw no outright winner in the first-round end and Luiz Inácio Lula da Silva (Lula) win the Presidency in the second round in a very tightly fought race with 50.9% of the vote. Central banks continued their hiking cycles with Colombia hiking rates 100bps to 11%, Chile raised rates by 50bps to 11.25% and called the end of their hiking cycle. And Peru raised rates 25bps to 7% as the market anticipated. Fitch revised Peru’s outlook to negative from stable while S&P affirmed Peru at BBB and Chile at A both with a stable outlook. Fitch downgraded Argentina to CCC- from CCC. Finally, the IMF agreed a staff level agreement with Costa Rica.
In Asia, Central banks continued raising rates with the Bank of Korea hiking 50bps to 3% and Indonesia raising rates by the same amount to 4.75%, both were as expected by the market. The Chinese finally released there Q3 GDP data which was at thew high end of expectations and the National party congress re-instated President Xi as leader and made some personnel changes consolidating his power further.
The fund outperformed relative to its benchmark in October. The FED maintained its hawkish communication with regards to tackling rising inflation. The fund wasn’t very active during the month and liquidity remains challenging in these volatile markets. The fund did however buy some local Hungarian bonds which offered a very attractive yield versus its hard currency counterpart. The Fund also took off its long protection on the overall market via CDX EM as well as adding long end duration via 30year Treasury futures. Finally, cash levels have been raised and stand higher than average with the bias to increase further than reduce dependant on data and FED commentary next month.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
La Fed y sus miembros continuaron con su discurso de que estaban comprometidos con el restablecimiento de la estabilidad de los precios mediante nuevas subidas de tipos.
El índice de referencia JP Morgan Hard Currency Sovereign registró una rentabilidad del +0,15 % y el índice JP Morgan Hard Currency Corporate rindió un -2,05 %. Las salidas de capitales de esta clase de activos continuaron a un ritmo moderado y constante durante el mes y se sitúan ahora en -82 900 millones de dólares en lo que va de año.
La OPEP+ acordó formalmente una reducción de 2 millones de barriles diarios en las cuotas a partir de noviembre. Además, se habló de que Estados Unidos y Venezuela estaban en conversaciones para llegar a un acuerdo para reducir las sanciones sobre el petróleo.
En la región CEEMEA, los bancos centrales sorprendieron de forma generalizada y Polonia dejó inesperadamente los tipos sin cambios a pesar de una elevada inflación. Rumanía subió los tipos 75 pb, más de lo previsto por el mercado, y Turquía realizó su tercera rebaja consecutiva, reduciendo los tipos 150 pb hasta el 10,5 %, un nivel superior a lo previsto por el mercado, y sugirió que haría otro recorte igual en noviembre. El banco central de Egipto subió los tipos 200 pb hasta el 13,25 % y anunció que había alcanzado un acuerdo a nivel técnico con el FMI. Las agencias de calificación también estuvieron activas en la región: Moody’s rebajó la calificación de Ghana a Caa2 y puso al país en revisión con perspectiva negativa. Por otra parte, rebajó la calificación de Nigeria de B2 a B3 y puso al país en revisión con perspectiva negativa y revisó la perspectiva de Angola a positiva. S&P rebajó la calificación de Turquía a B y confirmó la de Armenia en B+ y la de Omán en BB-. Fitch confirmó la calificación de Rumanía y Checoslovaquia y revisó la de Azerbaiyán a positiva.
En Latinoamérica, el principal acontecimiento fueron las elecciones presidenciales brasileñas en las que no hubo un ganador absoluto en la primera vuelta y Luiz Inácio Lula da Silva (Lula) ganó la presidencia en la segunda vuelta en una contienda muy reñida con el 50,9 % de los votos. Los bancos centrales continuaron con sus ciclos de subidas de tipos: Colombia subió los tipos 100 pb hasta el 11 %, Chile subió los tipos 50 pb hasta el 11,25 % y puso fin a su ciclo de subidas. Por otra parte, Perú subió los tipos 25 pb hasta el 7 % tal como preveía el mercado. Fitch revisó la perspectiva de Perú de estable a negativa, mientras que S&P confirmó a Perú en BBB y a Chile en A, ambos con perspectiva estable. Fitch rebajó la calificación de Argentina de CCC a CCC-. Por último, el FMI acordó un acuerdo a nivel técnico con Costa Rica.
En Asia, los bancos centrales siguieron subiendo tipos: el Banco de Corea subió 50 pb hasta el 3 % e Indonesia subió los tipos en la misma proporción, hasta el 4,75 %, como esperaba el mercado. China publicó finalmente los datos del PIB del tercer trimestre, que se situaron en el extremo superior de las expectativas, y el Congreso Nacional del Partido Comunista reafirmó al presidente Xi como líder e hizo algunos cambios de personal para consolidar aún más su poder.
El fondo obtuvo una rentabilidad superior frente a la de su índice de referencia en octubre. La Fed mantuvo su tono duro con respecto a la lucha contra el aumento de la inflación. El fondo no se mostró muy activo durante el mes y la liquidez sigue siendo compleja en estos mercados volátiles. Sin embargo, el fondo compró algunos bonos húngaros locales, que ofrecían un rendimiento muy atractivo frente a sus homólogos en moneda fuerte. El fondo también se desprendió de su protección larga en el mercado general por medio del CDX EM, así como añadiendo duración en el extremo largo a través de futuros sobre bonos del Tesoro a 30 años. Por último, los niveles de efectivo se han incrementado y se mantienen en niveles superiores a la media, con el sesgo de aumentar más que reducir la dependencia de los datos y los comentarios de la Fed el próximo mes.
Fuente(s) : AXA Investment Managers a 31/10/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
The FED and its members continued with its rhetoric that it was committed to restoring price stability via further rate hikes. The benchmark JP Morgan Hard Currency Sovereign Index posted a return of +0.15%, while the JP Morgan Hard Currency Corporate Index returned -2.05%. Outflows from the asset class continued at a moderate and consistent pace during the month and currently stand at -$82.9 billion YTD.
OPEC+ formally agreed to a 2mb/d reduction in quotas from November. And there was talk that the US and Venezuela were in talks for a deal to loosen sanctions on oil.
In CEEMEA, central banks surprised across the board with Poland unexpectedly leaving rates unchanged despite a high inflation print. Romania hiked 75bpos which was more than was anticipated by the market and Turkey delivered its third straight cut, reducing rates by 150bps to 10.5% which was more than the market had expected and went on to suggest they would cut by a the same in November. The Egypt central bank hiked rates by 200bps to 13.25% and announced it had made a staff level agreement with the IMF. Rating agencies were active in the region too, with Moody’s downgrading Ghana to Caa2 and placing it on review for a downgrade. While it downgraded Nigeria to B3 from B2 and places it on review for a downgrade and revised Angola’s outlook to positive. S&P downgraded Turkey to B and affirmed Armenia at B+ and Oman at BB-. Fitch affirmed Romania and Czechoslovakia and revised Azerbaijan to positive.
In Latin American the key event was the Brazilian Presidential election which saw no outright winner in the first-round end and Luiz Inácio Lula da Silva (Lula) win the Presidency in the second round in a very tightly fought race with 50.9% of the vote. Central banks continued their hiking cycles with Colombia hiking rates 100bps to 11%, Chile raised rates by 50bps to 11.25% and called the end of their hiking cycle. And Peru raised rates 25bps to 7% as the market anticipated. Fitch revised Peru’s outlook to negative from stable while S&P affirmed Peru at BBB and Chile at A both with a stable outlook. Fitch downgraded Argentina to CCC- from CCC. Finally, the IMF agreed a staff level agreement with Costa Rica.
In Asia, Central banks continued raising rates with the Bank of Korea hiking 50bps to 3% and Indonesia raising rates by the same amount to 4.75%, both were as expected by the market. The Chinese finally released there Q3 GDP data which was at thew high end of expectations and the National party congress re-instated President Xi as leader and made some personnel changes consolidating his power further.
The fund outperformed relative to its benchmark in October. The FED maintained its hawkish communication with regards to tackling rising inflation. The fund wasn’t very active during the month and liquidity remains challenging in these volatile markets. The fund did however buy some local Hungarian bonds which offered a very attractive yield versus its hard currency counterpart. The Fund also took off its long protection on the overall market via CDX EM as well as adding long end duration via 30year Treasury futures. Finally, cash levels have been raised and stand higher than average with the bias to increase further than reduce dependant on data and FED commentary next month.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN2072 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
CONTENTS
- CHARACTERISTICS OF THE UCI 3
- CHANGES AFFECTING THE UCI 11
- MANAGEMENT REPORT 12
- REGULATORY INFORMATION 19
- CERTIFICATION BY THE STATUTORY AUDITOR 35
- ANNUAL FINANCIAL STATEMENTS 40
- CHARACTERISTICS OF THE UCI
-
### LEGAL FORM | ÍNDICE
- CARACTERÍSTICAS DE LA IIC 3
- CAMBIOS RELATIVOS A LA IIC 11
- INFORME DE GESTIÓN 12
- INFORMACIÓN REGLAMENTARIA 19
- CERTIFICACIÓN DEL AUDITOR 35
- CUENTAS DEL EJERCICIO 40
- CARACTERÍSTICAS DE LA IIC
-
### FORMA JURÍDICA | CONTENTS
- CHARACTERISTICS OF THE UCI 3
- CHANGES AFFECTING THE UCI 11
- MANAGEMENT REPORT 12
- REGULATORY INFORMATION 19
- CERTIFICATION BY THE STATUTORY AUDITOR 35
- ANNUAL FINANCIAL STATEMENTS 40
- CHARACTERISTICS OF THE UCI
-
### LEGAL FORM | en | es |
DOLFIN2073 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark.
The Sub-Fund’s objective is to offer investors long-term return by primarily investing in transferable securities which are debt in nature and other instruments issued by sovereign and corporate entities, including also investing in financial derivative instruments and currencies. More precisely, the Sub-Fund mainly invests in securities whose issuers have their registered office or are part of a group carrying out its primary economic activity in Latin America.
The Investment Manager primarily invests, without any restriction on the
rating, in debt securities denominated in USD and may allocate up to 15% of the Sub-Fund’s net assets in securities denominated in local currencies of Latin American countries. | ### Objetivos y política de inversión
El subfondo se gestiona de forma activa. El subfondo no se gestiona con referencia a un índice.
El objetivo del subfondo es ofrecer a los inversores rentabilidad a largo plazo invirtiendo principalmente en valores mobiliarios con carácter de deuda y otros instrumentos emitidos por entidades soberanas y corporativas, lo que también incluye invertir en instrumentos financieros derivados y divisas. Más en concreto, el subfondo invierte principalmente en títulos cuyos organismos emisores tengan su domicilio social en Latinoamérica o formen parte de un grupo cuya actividad económica primordial se desarrolle en la región.
El gestor de inversiones invierte principalmente, sin ninguna restricción en la calificación crediticia, en títulos de deuda denominados en USD y puede asignar hasta un 15% del patrimonio neto del subfondo a valores denominados en divisas locales de países latinoamericanos. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark.
The Sub-Fund’s objective is to offer investors long-term return by primarily investing in transferable securities which are debt in nature and other instruments issued by sovereign and corporate entities, including also investing in financial derivative instruments and currencies. More precisely, the Sub-Fund mainly invests in securities whose issuers have their registered office or are part of a group carrying out its primary economic activity in Latin America.
The Investment Manager primarily invests, without any restriction on the
rating, in debt securities denominated in USD and may allocate up to 15% of the Sub-Fund’s net assets in securities denominated in local currencies of Latin American countries. | en | es |
DOLFIN2074 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Report of the Depositary to the Shareholders
We have enquired into the conduct of Neuberger Berman Investment Funds plc (the “Company”) for the year ended 31 December 2021, in our capacity as Depositary to the Company.
This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (the ‘UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
#### Responsibilities of the Depositary
Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders.
Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
#### Basis of Depositary Opinion
The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.
#### Opinion
In our opinion, the Company has been managed during the year, in all material respects:
- in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and
- otherwise in accordance with the provisions of the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank UCITS Regulations.
Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street
Dublin 2 Ireland
Date:
19 April 2022
54 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Informe del Depositario a los Accionistas
Hemos investigado la gestión de Neuberger Berman Investment Funds plc (la “Sociedad”) durante el ejercicio finalizado a 31 de diciembre de 2021 en nuestra calidad de Depositario de esta.
Este informe, incluido nuestro dictamen, se ha elaborado única y exclusivamente para los Accionistas de la Sociedad como órgano, de conformidad con lo dispuesto en la Parte 5 del reglamento irlandés denominado European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, de 2011 (en su versión modificada) (el “Reglamento sobre OICVM”) y para ninguna otra finalidad. Al emitir nuestro dictamen, no aceptamos ni asumimos responsabilidad alguna para ningún otro fin ni ante ninguna otra persona a quien se muestre el presente informe.
#### Responsabilidades del Depositario
Nuestras obligaciones y responsabilidades se detallan en la Parte 5 del Reglamento sobre OICVM. Una de dichas obligaciones es investigar la gestión de la Sociedad en cada ejercicio contable e informar a los Accionistas al respecto.
Nuestro informe debe indicar si, en nuestra opinión, la Sociedad se ha gestionado durante dicho período de conformidad con las disposiciones de la Escritura de constitución y los Estatutos de la Sociedad, así como con arreglo al Reglamento sobre OICVM. La Sociedad es la máxima responsable del cumplimiento de dichas disposiciones. En caso de que no se hayan cumplido, debemos informar de la situación en nuestra calidad de Depositario, indicando qué incumplimientos se han producido y qué medidas hemos tomado para subsanarlos.
#### Fundamento del dictamen del Depositario
El Depositario lleva a cabo los análisis que considera razonablemente necesarios para cumplir sus obligaciones previstas en la Parte 5 del Reglamento sobre OICVM, así como para asegurar que la Sociedad se ha gestionado, en todos los aspectos importantes, (i) de conformidad con las limitaciones que sobre sus facultades de inversión y endeudamiento establecen las estipulaciones de sus documentos constitutivos y los reglamentos pertinentes y (ii) en todo lo demás, de conformidad con los documentos constitutivos de la Sociedad y los reglamentos pertinentes.
#### Dictamen
A nuestro juicio, la Sociedad se ha gestionado durante el ejercicio, en todos los aspectos sustanciales:
- dentro de los límites impuestos a las facultades de inversión y endeudamiento de la Sociedad por la Escritura de constitución y Estatutos de la Sociedad y por el Reglamento sobre OICVM y el reglamento denominado Central Bank (Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (el “Reglamento sobre OICVM del Banco Central”); y
- ateniéndose en todo lo demás a las disposiciones de la Escritura de constitución y los Estatutos, el Reglamento sobre OICVM y el Reglamento sobre OICVM del Banco Central.
Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street
Dublín 2 Irlanda
Fecha:
19 de abril de 2022
54 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Report of the Depositary to the Shareholders
We have enquired into the conduct of Neuberger Berman Investment Funds plc (the “Company”) for the year ended 31 December 2021, in our capacity as Depositary to the Company.
This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (the ‘UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
#### Responsibilities of the Depositary
Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders.
Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
#### Basis of Depositary Opinion
The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.
#### Opinion
In our opinion, the Company has been managed during the year, in all material respects:
- in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and
- otherwise in accordance with the provisions of the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank UCITS Regulations.
Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street
Dublin 2 Ireland
Date:
19 April 2022
54 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN2075 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Informations pratiques.
- RBC Investor Services Bank SA agit en tant que dépositaire du fonds.
- La version anglaise du prospectus, les comptes annuels et semi-annuels peuvent être obtenus gratuitement sur www.triodos-im.com.
- Les détails de la politique de rémunération actualisée de la société de gestion, y compris, sans toutefois s’y limiter, une description du mode de calcul de la rémunération et des avantages sociaux ainsi que l’identité des personnes responsables de l’octroi de la rémunération et des avantages sociaux, figurent sur www.triodos-im.com. Un exemplaire papier de la politique de rémunération peut être obtenu gratuitement sur demande auprès de la société de gestion.
- D’autres informations sur le fonds, y compris les derniers cours, sont consultables sur www.triodos-im.com
- L’actif et le passif de chaque compartiment sont séparés conformément à la loi. Le compartiment peut proposerd’autres catégories d’actions. L’information au sujet de ces autres catégories d’actions est disponible dans ce prospectus.
- La règlementation fiscale de l’Etat Membre d’origine de la SICAV peut avoir un impact sur le régime fiscal de l’investisseur.
- La responsabilité de Triodos Investment Management BV 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 de l’OPCVM. | ## Información práctica.
- RBC Investor Services Bank SA actúa como depositario del fondo.
- El folleto y los informes anuales y semestrales en inglés se pueden obtener gratuitamente en www.triodos-im.com.
- Los detalles de la política de remuneración de la sociedad gestora, incluida una descripción del método de cálculo de las remuneraciones y los beneficios y la identidad de las personas responsables de conceder tales remuneraciones y beneficios, están disponibles en www.triodos-im.com. Se podrá obtener gratuitamente un ejemplar impreso de dicha política de remuneración, previa solicitud, en el domicilio social de la sociedad de gestión.
- Otra información sobre el fondo, incluidos los precios más recientes de las acciones, se puede consultar en www.triodos-im.com.
- Los activos y pasivos de cada subfondo están segregados por ley. El subfondo puede ofrecer otras clases de acciones. La información sobre dichas clases de acciones puede consultarse en el folleto.
- La legislación tributaria del Estado miembro de origen de la SICAV puede incidir en la situación tributaria personal del inversor.
- Triodos Investment Management BV únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | ## Informations pratiques.
- RBC Investor Services Bank SA agit en tant que dépositaire du fonds.
- La version anglaise du prospectus, les comptes annuels et semi-annuels peuvent être obtenus gratuitement sur www.triodos-im.com.
- Les détails de la politique de rémunération actualisée de la société de gestion, y compris, sans toutefois s’y limiter, une description du mode de calcul de la rémunération et des avantages sociaux ainsi que l’identité des personnes responsables de l’octroi de la rémunération et des avantages sociaux, figurent sur www.triodos-im.com. Un exemplaire papier de la politique de rémunération peut être obtenu gratuitement sur demande auprès de la société de gestion.
- D’autres informations sur le fonds, y compris les derniers cours, sont consultables sur www.triodos-im.com
- L’actif et le passif de chaque compartiment sont séparés conformément à la loi. Le compartiment peut proposerd’autres catégories d’actions. L’information au sujet de ces autres catégories d’actions est disponible dans ce prospectus.
- La règlementation fiscale de l’Etat Membre d’origine de la SICAV peut avoir un impact sur le régime fiscal de l’investisseur.
- La responsabilité de Triodos Investment Management BV 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 de l’OPCVM. | fr | es |
DOLFIN2076 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Mergers
- Mergers decided by the Board of DirectorsThe Board of Directors may decide, or propose to the general meeting of Shareholders of the Company or a Sub-Fund respectively to decide, to proceed with a merger (within the meaning of the Law of 2010) of the Company or of one of the Sub-Funds, either as receiving or absorbed UCITS or Sub-Fund (within the meaning of the Law of 2010), subject to the conditions and procedures imposed by the Law of 2010, in particular concerning the merger project and the information to be provided to the Shareholders, as follows:
- Merger of the CompanyThe Board of Directors may decide, or propose the general meeting of Shareholders of the Company to decide, to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- another Luxembourg or foreign UCITS (the “New UCITS”); or
- a sub-fund thereof,and, as appropriate, to reattribute the Shares of the Company as Shares of this New UCITS, or of the relevant sub-fund thereof as applicable.
In case the Company is the receiving UCITS (within the meaning of the Law of 2010), solely the board of directors will decide on the merger and effective date thereof.
In case the Company is the absorbed UCITS (within the meaning of the Law of 2010), and hence cease to exist, the general meeting of the Shareholders has to approve, and decide on the effective date of such merger by a resolution adopted with (a) a presence quorum requirement of at least 25% of the share capital of the Company and (b) a majority requirement of at least 75% of the Shareholders present or represented.
- Merger of the Sub-FundsThe Board of Directors may decide to proceed with a merger of any Sub-Fund, either as receiving or absorbed Sub-Fund (within the meaning of the Law of 2010), with:
- another existing Sub-Fund within the Company or another sub-fund within a New UCITS (the “New Sub-Fund”); or
- a New UCITS,and, as appropriate, to reattribute the Shares of the Sub-Fund concerned as Shares of the New UCITS, or of the New Sub-Fund as applicable
- | # Fusions
- Fusions décidées par le Conseil d’administrationLe Conseil d’administration peut décider, ou soumettre à la décision de l’Assemblée générale des Actionnaires de la Société ou d’un Compartiment, de procéder à une fusion (au sens de la Loi de 2010) de la Société ou de l’un des Compartiments, en tant qu’OPCVM ou Compartiment absorbant ou absorbé (au sens de la Loi de 2010) et dans le respect des conditions et procédures imposées par la Loi de 2010, en particulier en ce qui concerne le projet de fusion et les informations à communiquer aux Actionnaires, comme suit :
- Fusion de la SociétéLe Conseil d’administration peut décider, ou soumettre à la décision de l’Assemblée générale des Actionnaires de la Société, de procéder à une fusion de la Société, soit comme OPCVM absorbant ou absorbé, avec :
- un autre OPCVM luxembourgeois ou étranger (le « Nouvel OPCVM ») ; ou
- un compartiment de celui-ci,et, le cas échéant, de réattribuer les Actions de la Société en tant qu’Actions de ce Nouvel OPCVM ou du compartiment pertinent de celui-ci, le cas échéant.
Au cas où la Société est l’OPCVM absorbant (au sens de la Loi de 2010), seul le Conseil d’administration décidera de la fusion et de la date d’effet de celle-ci.
Au cas où la Société participant à la fusion est l’OPCVM absorbé (au sens de la Loi de 2010) et, partant, cesse d’exister, l’Assemblée générale des Actionnaires doit décider de la date d’effet de la fusion par une résolution adoptée (a) avec une exigence de quorum d’au moins 25 % du capital social de la Société et (b) à une majorité d’au moins 75 % des Actionnaires présents ou représentés.
- Fusion des CompartimentsLe Conseil d’administration peut décider de procéder à une fusion de tout Compartiment, soit comme Compartiment absorbant, soit comme Compartiment absorbé (au sens de la Loi de 2010), avec :
- un autre Compartiment existant au sein de la Société ou un autre compartiment au sein d’un Nouvel OPCVM (le « Nouveau Compartiment ») ; ou
- un Nouvel OPCVM ; ouet, le cas échéant, de réattribuer les Actions du Compartiment concerné en tant qu’Actions du Nouvel OPCVM ou du Nouveau Compartiment, le cas échéant.
- | # Mergers
- Mergers decided by the Board of DirectorsThe Board of Directors may decide, or propose to the general meeting of Shareholders of the Company or a Sub-Fund respectively to decide, to proceed with a merger (within the meaning of the Law of 2010) of the Company or of one of the Sub-Funds, either as receiving or absorbed UCITS or Sub-Fund (within the meaning of the Law of 2010), subject to the conditions and procedures imposed by the Law of 2010, in particular concerning the merger project and the information to be provided to the Shareholders, as follows:
- Merger of the CompanyThe Board of Directors may decide, or propose the general meeting of Shareholders of the Company to decide, to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- another Luxembourg or foreign UCITS (the “New UCITS”); or
- a sub-fund thereof,and, as appropriate, to reattribute the Shares of the Company as Shares of this New UCITS, or of the relevant sub-fund thereof as applicable.
In case the Company is the receiving UCITS (within the meaning of the Law of 2010), solely the board of directors will decide on the merger and effective date thereof.
In case the Company is the absorbed UCITS (within the meaning of the Law of 2010), and hence cease to exist, the general meeting of the Shareholders has to approve, and decide on the effective date of such merger by a resolution adopted with (a) a presence quorum requirement of at least 25% of the share capital of the Company and (b) a majority requirement of at least 75% of the Shareholders present or represented.
- Merger of the Sub-FundsThe Board of Directors may decide to proceed with a merger of any Sub-Fund, either as receiving or absorbed Sub-Fund (within the meaning of the Law of 2010), with:
- another existing Sub-Fund within the Company or another sub-fund within a New UCITS (the “New Sub-Fund”); or
- a New UCITS,and, as appropriate, to reattribute the Shares of the Sub-Fund concerned as Shares of the New UCITS, or of the New Sub-Fund as applicable
- | en | fr |
DOLFIN2077 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Quels sont les risques spécifiques associés à ce compartiment?
- Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises.
- Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers.
- Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter.
- Les actions des sociétés petites et moyennes peuvent être plus volatiles que celles des grandes sociétés, et il peut parfois s’avérer difficile de valoriser ou de vendre des actions au prix ou dans le délai souhaités, ce qui augmente le risque de pertes.
- Un Fonds fortement exposé à une région géographique ou à un pays donné implique des risques plus importants qu’un Fonds plus largement diversifié.
- Le Fonds est axé sur des secteurs ou des thématiques d’investissement particuliers, et peut être fortement touché par des facteurs tels que les modifications des règlementations gouvernementales, la concurrence accrue sur les prix, les progrès technologiques et d’autres événements défavorables.
- Le Fonds peut avoir recours à des instruments dérivés dans le but de réaliser ses objectifs d’investissement. Cela peut générer un « effet delevier », qui peut amplifier les résultats d’un investissement, et les gains ou les pertes pour le Fonds peuvent être supérieurs au coût de l’instrument dérivé. Les instruments dérivés présentent également d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles.
- Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change.
- Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. | ## ¿Cuáles son los riesgos específicos de este fondo?
- Cuando el Fondo, o una clase de acciones/participaciones con cobertura, trata de mitigar los movimientos del tipo de cambio de una divisa en relación con la divisa base, la propia estrategia de cobertura puede tener un impacto positivo o negativo en el valor del Fondo debido a las diferencias en los tipos de interés a corto plazo entre las divisas.
- El Fondo podría perder dinero si una contraparte con la que negocia el Fondo no está dispuesto o no es capaz de cumplir sus obligaciones, o como resultado de un fallo o retraso en los procesos operativos o del fallo de un proveedor externo.
- Las acciones/participaciones pueden perder valor con rapidez y, por lo general, implican un mayor riesgo que los bonos o los instrumentos del mercado monetario. Como resultado, el valor de su inversión puede bajar.
- Las acciones de sociedades pequeñas o medianas pueden ser más volátiles que las acciones de grandes sociedades, y en ocasiones puede ser difícil valorar o vender acciones en tiempos y precios deseados, lo que aumenta el riesgo de pérdida.
- Si un Fondo tiene una gran exposición a un país o una región geográfica en concreto, lleva un nivel más alto de riesgo que un fondo que está mucho más diversificado.
- El Fondo se centra en determinados sectores o áreas de inversión y puede verse muy afectado por factores como los cambios en la regulación gubernamental, el aumento de la competencia de precios, los avances tecnológicos y otros acontecimientos adversos.
- El Fondo podrá utilizar derivados con el fin de alcanzar su objetivo de inversión. Esto puede resultar en un "apalancamiento", que puede magnificar el resultado de una inversión y las ganancias o pérdidas para el Fondo pueden ser mayores que el coste del derivado. Los derivados también conllevan otros riesgos, en particular, que la contraparte de un derivado no pueda cumplir con sus obligaciones contractuales.
- Si el Fondo mantiene activos en divisas distintas de la divisa base del Fondo o si usted invierte en una clase de acciones/ participaciones de una divisa diferente a la del Fondo (a menos que esté "cubierto"), el valor de su inversión puede verse afectado por las variaciones de los tipos de cambio.
- Los valores del Fondo podrían resultar difíciles de valorar o de vender en el momento y al precio deseados, especialmente en condiciones de mercado extremas, cuando los precios de los activos pueden estar bajando, lo que aumenta el riesgo de pérdidas en las inversiones. | ## Quels sont les risques spécifiques associés à ce compartiment?
- Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises.
- Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers.
- Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter.
- Les actions des sociétés petites et moyennes peuvent être plus volatiles que celles des grandes sociétés, et il peut parfois s’avérer difficile de valoriser ou de vendre des actions au prix ou dans le délai souhaités, ce qui augmente le risque de pertes.
- Un Fonds fortement exposé à une région géographique ou à un pays donné implique des risques plus importants qu’un Fonds plus largement diversifié.
- Le Fonds est axé sur des secteurs ou des thématiques d’investissement particuliers, et peut être fortement touché par des facteurs tels que les modifications des règlementations gouvernementales, la concurrence accrue sur les prix, les progrès technologiques et d’autres événements défavorables.
- Le Fonds peut avoir recours à des instruments dérivés dans le but de réaliser ses objectifs d’investissement. Cela peut générer un « effet delevier », qui peut amplifier les résultats d’un investissement, et les gains ou les pertes pour le Fonds peuvent être supérieurs au coût de l’instrument dérivé. Les instruments dérivés présentent également d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles.
- Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change.
- Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. | fr | es |
DOLFIN2078 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
However, certain jurisdictions have different rules regarding the ownership and custody of assets generally and the recognition of the interests of a beneficial owner such as a Sub-fund. There is a risk that in the event the Depositary or sub- custodian becomes insolvent, the relevant Sub-fund’s beneficial ownership of assets may not be recognised in foreign jurisdictions and creditors of the Depositary or sub-custodian may seek to have recourse to the Sub-fund’s assets. In jurisdictions where the relevant Sub-fund’s beneficial ownership is ultimately recognised, the Sub-fund may suffer a delay in recovering its assets, pending the resolution of the relevant insolvency or bankruptcy proceedings.
In respect of cash assets, the general position is that any cash accounts will be designated to the order of the Depositary for the benefit of the relevant Sub-fund. However, due to the fungible nature of cash, it will be held on the balance sheet of the bank with whom such cash accounts are held (whether a sub-custodian or a third party bank), and will not be protected from the bankruptcy of such bank. A Sub-fund will therefore have counterparty exposure risk to such bank. Subject to any applicable government guarantee or insurance arrangements in respect of bank deposits or cash deposits, where a sub-custodian or third party bank holds cash assets and subsequently becomes insolvent, the Sub-fund would be required to prove the debt along with other unsecured creditors. The Sub-fund will monitor its exposure in respect of such cash assets on an ongoing basis.
The list above refers to the most frequently encountered risks and is not an exhaustive list of all the potential risks.
All these risks are correctly identified, monitored and mitigated according to applicable laws and regulations, including CSSF’s Circulars 11/512 (as amended by CSSF’s Circular 18/698) and 14/592.
Please see Appendix A of the Prospectus "Investment Powers and Restrictions" and Appendix B of the Prospectus "Financial Techniques and Instruments" for more information.
- Sustainable financeSustainable finance is a relatively new field of finance. Currently, there is no universally accepted framework or list of factors to consider to ensure that investments are sustainable. Also, the legal and regulatory framework governing sustainable finance is still under development. | Tuttavia, talune giurisdizioni hanno regole diverse in merito alla proprietà e alla custodia delle attività in generale e al riconoscimento degli interessi di un titolare effettivo, come un Comparto. Sussiste il rischio che, nel caso in cui il Depositario o il sub-depositario divenga insolvente, la proprietà effettiva delle attività del Comparto in questione non venga riconosciuta nelle giurisdizioni estere e che i creditori del Depositario o del sub-depositario avanzino diritti di rivalsa sulle attività del Comparto. Nelle giurisdizioni in cui la proprietà effettiva del Comparto in questione è riconosciuta, il Comparto potrebbe riscontrare dei ritardi nel recuperare le proprie attività, in attesa della risoluzione delle procedure di insolvenza o fallimento pertinenti.
In relazione alle attività in contanti, la posizione generale prevede che qualsiasi conto di cassa sia designato all'ordine del Depositario a beneficio del relativo Comparto. Tuttavia, in virtù della fungibilità dei contanti, saranno detenuti nello stato patrimoniale della banca presso cui tali conti di cassa sono detenuti (sia essa un sub-depositario o una banca terza) e non saranno protetti dal fallimento di tale banca. Un Comparto avrà quindi un'esposizione al rischio di controparte rispetto a tale banca. Fermi restando gli eventuali regimi di garanzia governativa o assicurazione in relazione ai depositi bancari o ai depositi di contanti, laddove un sub-depositario o una banca terza detengano attività in contanti e divengano in seguito insolventi, il Comparto sarà tenuto a comprovare il proprio debito assieme ad altri creditori non protetti. Il Comparto monitorerà la propria esposizione in relazione a tali attività in contanti su base continuativa.
L’elenco sopra riportato si riferisce ai rischi più frequentemente riscontrati e non rappresenta un elenco esaustivo di tutti i rischi potenziali.
Tutti questi rischi sono correttamente identificati, monitorati e mitigati ai sensi delle leggi e dei regolamenti applicabili, ivi comprese le Circolari 11/512 (come modificata dalla Circolare 18/698 della CSSF) e 14/592 emesse dalla CSSF.
Per ulteriori informazioni, vedere l’Appendice A del Prospetto “Limiti e restrizioni d’investimento” e l’Appendice B del Prospetto “Tecniche e strumenti finanziari”.
- Finanza sostenibileLa finanza sostenibile è un campo relativamente nuovo nella finanza. Attualmente non esiste un sistema o un elenco di fattori universalmente accettato di cui tenere conto per assicurare che gli investimenti siano sostenibili. Inoltre, il quadro legale e normativo che disciplina la finanza sostenibile è ancora in fase di sviluppo. | However, certain jurisdictions have different rules regarding the ownership and custody of assets generally and the recognition of the interests of a beneficial owner such as a Sub-fund. There is a risk that in the event the Depositary or sub- custodian becomes insolvent, the relevant Sub-fund’s beneficial ownership of assets may not be recognised in foreign jurisdictions and creditors of the Depositary or sub-custodian may seek to have recourse to the Sub-fund’s assets. In jurisdictions where the relevant Sub-fund’s beneficial ownership is ultimately recognised, the Sub-fund may suffer a delay in recovering its assets, pending the resolution of the relevant insolvency or bankruptcy proceedings.
In respect of cash assets, the general position is that any cash accounts will be designated to the order of the Depositary for the benefit of the relevant Sub-fund. However, due to the fungible nature of cash, it will be held on the balance sheet of the bank with whom such cash accounts are held (whether a sub-custodian or a third party bank), and will not be protected from the bankruptcy of such bank. A Sub-fund will therefore have counterparty exposure risk to such bank. Subject to any applicable government guarantee or insurance arrangements in respect of bank deposits or cash deposits, where a sub-custodian or third party bank holds cash assets and subsequently becomes insolvent, the Sub-fund would be required to prove the debt along with other unsecured creditors. The Sub-fund will monitor its exposure in respect of such cash assets on an ongoing basis.
The list above refers to the most frequently encountered risks and is not an exhaustive list of all the potential risks.
All these risks are correctly identified, monitored and mitigated according to applicable laws and regulations, including CSSF’s Circulars 11/512 (as amended by CSSF’s Circular 18/698) and 14/592.
Please see Appendix A of the Prospectus "Investment Powers and Restrictions" and Appendix B of the Prospectus "Financial Techniques and Instruments" for more information.
- Sustainable financeSustainable finance is a relatively new field of finance. Currently, there is no universally accepted framework or list of factors to consider to ensure that investments are sustainable. Also, the legal and regulatory framework governing sustainable finance is still under development. | en | it |
DOLFIN2079 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The opening net assets are kept at the exchange rate in force at the closing date of the previous year. The resulting currency differences are included in the combined statement of operations and changes in net assets under “Revaluation of opening consolidated NAV”.
The combined statement of net assets and the combined statement of changes in net assets for the financial year ended 31 December 2021 have not been adjusted to exclude the impact of the foregoing cross-investments. The combined Net Asset Value excluding the amount of investments in the sub-funds referred to above amounts to USD 2,022,311,842.27.
As at 31 December 2021, the following sub-funds were invested in other sub-funds of the SICAV as set out hereunder: | Il patrimonio netto iniziale è mantenuto al tasso di cambio in vigore alla fine dell'anno precedente. Le differenze di cambio risultanti sono incluse nel conto economico consolidato e nelle variazioni del patrimonio netto alla voce "Rivalutazione del saldo iniziale".
Lo stato patrimoniale consolidato e il conto economico consolidato e le variazioni del patrimonio netto per il periodo chiuso al 31 dicembre 2021 non sono stati rettificati per escludere l'impatto dei suddetti investimenti incrociati. Il Valore Netto d'Inventario consolidato, escluso l'importo degli investimenti nei suddetti comparti, ammonta a 2.022.311.842,27 USD.
Al 31 dicembre 2021, i seguenti comparti hanno investito in altri comparti del Fondo, come descritto di seguito: | The opening net assets are kept at the exchange rate in force at the closing date of the previous year. The resulting currency differences are included in the combined statement of operations and changes in net assets under “Revaluation of opening consolidated NAV”.
The combined statement of net assets and the combined statement of changes in net assets for the financial year ended 31 December 2021 have not been adjusted to exclude the impact of the foregoing cross-investments. The combined Net Asset Value excluding the amount of investments in the sub-funds referred to above amounts to USD 2,022,311,842.27.
As at 31 December 2021, the following sub-funds were invested in other sub-funds of the SICAV as set out hereunder: | en | it |
DOLFIN2080 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI Emerging SRI S-Series PAB 5% Capped (NTR) index (Bloomberg: M7CXESC index) (“the Index”) by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket, the performance is swapped with the performance of the index, generating counterparty risk.
When investing in a sample of shares, the Fund’s tracking error may be higher.
The Index is composed of emerging markets companies selected on the basis of a minimum Environmental, Social and Corporate Governance (ESG) criteria (environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels. It implements a cap that limits a company’s maximum weight within the Index to 5% on each rebalancing date. In addition, the Index aims to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach used here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best ESG practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialised partners). The extra financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | # Objetivos
El Fondo es un fondo indexado que se gestiona de forma pasiva.
El Fondo pretende reproducir (con un error de seguimiento* máximo del 1el rendimiento del MSCI Emerging SRI S-Series PAB 5% Capped (NTR) Index (Bloomberg: M7CXESC Index) (el «Índice»), mediante la inversión en una cesta de reemplazo compuesta, entre otros títulos, por acciones de sociedades, valores de deuda o efectivo (reproducción sintética). Al invertir en una cesta de valores denominada cesta de reemplazo, el rendimiento se intercambia con el rendimiento del Índice, lo que genera riesgo de contraparte.
Cuando se invierte en una muestra de acciones, el error de seguimiento del Fondo puede ser mayor.
El Índice se compone de empresas de mercados emergentes seleccionadas conforme a unos criterios ambientales, sociales y de gobernanza (ESG) mínimos (oportunidades medioambientales, contaminación y residuos, capital humano o gobernanza empresarial, entre otros), y en función de las medidas que se adoptan para reducir la exposición al carbón y los combustibles fósiles no convencionales. Implementa un umbral que limita la ponderación máxima de una empresa en el Índice al 5en cada fecha de reequilibrio. Asimismo, el Índice trata de cumplir con los objetivos del índice de referencia armonizado con el Acuerdo de París (PAB, por sus siglas en inglés) de reducir las emisiones de carbono en al menos un 50con respecto al universo de inversión inicial y lograr un objetivo adicional de descarbonización del 7anual. En consecuencia, quedan excluidas del Índice las empresas que participan en sectores cuyas actividades tienen un impacto negativo y potencialmente alto en términos ESG, aquellas que cometen graves infracciones de los principios del Pacto Mundial de las Naciones Unidas y aquellas involucradas en controversias graves relacionadas con los factores ESG.
El tipo de enfoque utilizado es el «Mejor de su clase» (el enfoque «Mejor de su clase» identifica a los líderes de cada sector en función de las mejores prácticas de ESG, al tiempo que evita aquellos que presentan altos niveles de riesgo y no cumplen con los estándares mínimos de ESG, según el criterio del administrador del índice y sus socios especializados). La estrategia extrafinanciera del Índice, que se lleva a cabo en cada fase del proceso de inversión, puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice.
Encontrará más información acerca del Índice, su composición, cálculo y las normas para la supervisión y el reequilibrio periódicos, así como sobre la metodología general que sustenta los índices MSCI en www.msci.com.
*error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Se puede distribuir un dividendo.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | # Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI Emerging SRI S-Series PAB 5% Capped (NTR) index (Bloomberg: M7CXESC index) (“the Index”) by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket, the performance is swapped with the performance of the index, generating counterparty risk.
When investing in a sample of shares, the Fund’s tracking error may be higher.
The Index is composed of emerging markets companies selected on the basis of a minimum Environmental, Social and Corporate Governance (ESG) criteria (environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels. It implements a cap that limits a company’s maximum weight within the Index to 5% on each rebalancing date. In addition, the Index aims to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach used here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best ESG practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialised partners). The extra financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | es |
DOLFIN2081 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# BIL Invest Bonds USD Sovereign
| Geographical breakdown |
| --- |
| Ireland 58.53 |
| Luxembourg 38.08 |
| 96.61 |
Geographical and economic breakdown of investments as at June 30, 2023 (expressed as a percentage of net assets)
| Economic breakdown |
| --- |
| Investment funds 96.61 |
| 96.61 | | # BIL Invest Bonds USD Sovereign
| Répartition géographique |
| --- |
| Irlande 58,53 |
| Luxembourg 38,08 |
| 96,61 |
Répartition géographique du portefeuille-titres au 30 juin 2023 (en pourcentage de l’actif net)
| Répartition économique |
| --- |
| Fonds d’investissement 96,61 |
| 96,61 | | # BIL Invest Bonds USD Sovereign
| Geographical breakdown |
| --- |
| Ireland 58.53 |
| Luxembourg 38.08 |
| 96.61 |
Geographical and economic breakdown of investments as at June 30, 2023 (expressed as a percentage of net assets)
| Economic breakdown |
| --- |
| Investment funds 96.61 |
| 96.61 | | en | fr |
DOLFIN2082 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### As appropriate, the Shares of the SICAV will be redesignated as Shares of the other Sub-Fund, UCITS or sub-fund of the other UCITS.
The Shareholders of the SICAV may also decide to merge the SICAV with another UCITS or with a sub-fund of another UCITS. In this case, whether or not the SICAV will continue to exist after the merger, the Shareholders must approve the merger and its effective date by a simple majority of the votes cast at a general meeting, with no quorum required.
The Shareholders of a Sub-Fund may decide to merge that Sub- Fund with another Sub-Fund, another UCITS, or a sub-fund of another UCITS. This requires a simple majority of the votes cast at a general meeting of the Shareholders of that Sub-Fund, with no quorum required.
The Shareholders will in any case be entitled to request, without any charge other than those retained by the SICAV or the Sub-Fund to meet disinvestment costs, the repurchase or redemption of their Shares, or, where possible, to convert them into units or shares of another UCITS pursuing a similar investment policy and managed by the management company or by any other company with which the management company is linked by common management or control, or by substantial direct or indirect holding, in accordance with the provisions of the 2010 Law. | ###### Die Anteile der SICAV werden gegebenenfalls als Anteile des anderen Teilfonds, OGAW oder Teilfonds des anderen OGAW neu bezeichnet.
Auch die Anteilinhaber können eine Fusion der SICAV mit einem anderen OGAW oder mit einem Teilfonds eines anderen OGAW beschließen. In diesem Fall gilt, dass unabhängig davon, ob die SICAV nach der Fusion fortbesteht oder nicht, die Anteilinhaber die Fusion und ihr Datum des Inkrafttretens durch Beschluss ohne Quorum und mit der einfachen Mehrheit der in einer Hauptversammlung abgegebenen Stimmen genehmigen müssen.
Die Anteilinhaber eines Teilfonds können auch eine Fusion dieses Teilfonds mit einem anderen Teilfonds, einem anderen OGAW oder mit einem Teilfonds eines anderen OGAW beschließen. Dies erfordert einen Beschluss ohne Quorum und mit der einfachen Mehrheit der in einer Hauptversammlung der Anteilinhaber dieses Teilfonds abgegebenen Stimmen.
Die Anteilinhaber sind in jedem Fall berechtigt, kostenlos (außer von der SICAV oder dem Teilfonds zur Deckung der Auflösungskosten einbehaltene Kosten) den Rückkauf oder die Rücknahme ihrer Anteile beantragen, oder wo möglich, die Umwandlung in Anteile eines anderen OGAW mit einer ähnlichen Anlagestrategie und verwaltet von der Verwaltungsgesellschaft oder einer mit der Verwaltungsgesellschaft verbundenen Verwaltungsgesellschaft (durch gemeinsame Verwaltung oder Kontrolle, oder durch direktes oder indirektes Holding), nach den Bestimmungen des Gesetzes von 2010. | ###### As appropriate, the Shares of the SICAV will be redesignated as Shares of the other Sub-Fund, UCITS or sub-fund of the other UCITS.
The Shareholders of the SICAV may also decide to merge the SICAV with another UCITS or with a sub-fund of another UCITS. In this case, whether or not the SICAV will continue to exist after the merger, the Shareholders must approve the merger and its effective date by a simple majority of the votes cast at a general meeting, with no quorum required.
The Shareholders of a Sub-Fund may decide to merge that Sub- Fund with another Sub-Fund, another UCITS, or a sub-fund of another UCITS. This requires a simple majority of the votes cast at a general meeting of the Shareholders of that Sub-Fund, with no quorum required.
The Shareholders will in any case be entitled to request, without any charge other than those retained by the SICAV or the Sub-Fund to meet disinvestment costs, the repurchase or redemption of their Shares, or, where possible, to convert them into units or shares of another UCITS pursuing a similar investment policy and managed by the management company or by any other company with which the management company is linked by common management or control, or by substantial direct or indirect holding, in accordance with the provisions of the 2010 Law. | en | de |
DOLFIN2083 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### General
The above statements regarding taxation are based on advice received by the Company regarding the law and practice in force at the date of this document. Prospective investors should be aware that levels and bases of taxation are subject to change and that the value of any relief from taxation depends upon the individual circumstances of the tax payer.
It is expected that Shareholders in the Company will be resident for tax purposes in many different countries. Consequently, no attempt is made in the Prospectus to summarise the taxation consequences for each investor. These consequences will vary in accordance with the law and practice currently in force in a Shareholder's country of citizenship, residence, domicile or incorporation and with his personal circumstances.
Shareholders should ascertain from their professional advisers the consequences to them of acquiring, holding, redeeming, transferring, selling or converting Shares under the relevant laws of the jurisdictions to which they are subject, including the tax consequences and any exchange control requirement. These consequences, including the availability of and the value of tax relief to Shareholders, will vary with the law and practice of the Shareholder's country of citizenship, residence, domicile or incorporation and with their personal circumstances. | ##### Généralités
Les déclarations ci-dessus relatives à la fiscalité se basent sur les conseils reçus par la Société eu égard à la législation et aux pratiques en vigueur à la date du présent document. Il est rappelé aux investisseurs potentiels que les niveaux et les bases d’imposition sont sujets à modifications et que la valeur de toute exemption fiscale dépend de la situation individuelle du contribuable.
Les Actionnaires de la Société peuvent être résidents fiscaux dans de nombreux pays différents. Par conséquent, le présent Prospectus ne cherchera en aucun cas à résumer les conséquences fiscales pour chaque investisseur. Ces conséquences varieront selon le droit et la pratique du pays de citoyenneté, de résidence, de domicile ou de constitution de l’Actionnaire et de sa situation personnelle.
Les Actionnaires sont tenus de s’informer auprès de leur conseiller professionnel des conséquences qu’impliquent pour eux l’achat, la détention, le rachat, la cession, la vente ou la conversion d’Actions conformément à la législation applicable dans les juridictions auxquelles ils sont soumis, notamment les conséquences fiscales et toute exigence en matière de contrôle des changes. Ces conséquences, y compris l’accessibilité et la valeur de l’abattement fiscal pour les Actionnaires, varieront en fonction du droit et de la pratique en vigueur dans le pays de citoyenneté, de résidence, de domicile ou de constitution de l’Actionnaire et en fonction de sa situation personnelle. | #### General
The above statements regarding taxation are based on advice received by the Company regarding the law and practice in force at the date of this document. Prospective investors should be aware that levels and bases of taxation are subject to change and that the value of any relief from taxation depends upon the individual circumstances of the tax payer.
It is expected that Shareholders in the Company will be resident for tax purposes in many different countries. Consequently, no attempt is made in the Prospectus to summarise the taxation consequences for each investor. These consequences will vary in accordance with the law and practice currently in force in a Shareholder's country of citizenship, residence, domicile or incorporation and with his personal circumstances.
Shareholders should ascertain from their professional advisers the consequences to them of acquiring, holding, redeeming, transferring, selling or converting Shares under the relevant laws of the jurisdictions to which they are subject, including the tax consequences and any exchange control requirement. These consequences, including the availability of and the value of tax relief to Shareholders, will vary with the law and practice of the Shareholder's country of citizenship, residence, domicile or incorporation and with their personal circumstances. | en | fr |
DOLFIN2084 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period : 3 years Investment EUR10,000 If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 2,380 EUR | 3,240 EUR |
| Average return each year | -76.2% | -31.3% |
| Unfavourable | What you might get back after costs | 7,330 EUR | 3,830 EUR |
| Average return each year | -26.7% | -27.4% |
| Moderate | What you might get back after costs | 11,280 EUR | 14,610 EUR |
| Average return each year | 12.8% | 13.5% |
| Favourable | What you might get back after costs | 17,040 EUR | 20,650 EUR |
| Average return each year | 70.4% | 27.3% | | | Période de détention recommandée : 3 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2 380 EUR | 3 240 EUR |
| Rendement annuel moyen | -76,2 % | -31,3 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 330 EUR | 3 830 EUR |
| Rendement annuel moyen | -26,7 % | -27,4 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 280 EUR | 14 610 EUR |
| Rendement annuel moyen | 12,8 % | 13,5 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 17 040 EUR | 20 650 EUR |
| Rendement annuel moyen | 70,4 % | 27,3 % | | | Recommended holding period : 3 years Investment EUR10,000 If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 2,380 EUR | 3,240 EUR |
| Average return each year | -76.2% | -31.3% |
| Unfavourable | What you might get back after costs | 7,330 EUR | 3,830 EUR |
| Average return each year | -26.7% | -27.4% |
| Moderate | What you might get back after costs | 11,280 EUR | 14,610 EUR |
| Average return each year | 12.8% | 13.5% |
| Favourable | What you might get back after costs | 17,040 EUR | 20,650 EUR |
| Average return each year | 70.4% | 27.3% | | en | fr |
DOLFIN2085 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Sauf indication contraire dans le Supplément concerné, la société procèdera aux couvertures de devises en fonction des Catégories couvertes afin de réduire l’effet des fluctuations de taux de change entre les devises des Catégories couvertes et la Devise de référence du Fonds.
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#### Catégories partiellement couvertes | A menos que en el Suplemento pertinente se mencione lo contrario, la Sociedad dispondrá de cobertura de divisas respecto de las Clases con Cobertura para reducir el efecto de las fluctuaciones de los tipos de cambio entre las divisas en las que están denominadas las Clases con Cobertura y la Divisa Base del Fondo.
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##### Clases con cobertura parcial | Sauf indication contraire dans le Supplément concerné, la société procèdera aux couvertures de devises en fonction des Catégories couvertes afin de réduire l’effet des fluctuations de taux de change entre les devises des Catégories couvertes et la Devise de référence du Fonds.
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#### Catégories partiellement couvertes | fr | es |
DOLFIN2086 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Sub-fund of Comgest Growth plc 31/10/2022
FUND COMMENTARY
Markets were tough in October, with the epicentre of the decline being China where the National People's Congress saw the re-appointment of Xi Jinping for another term. The appointment was not surprising, but the extent of Xi Jinping's control over the Politburo and its Standing Committee was. All seven members are aligned with Xi Jinping, leaving him without dissenting voices on the committee. The appointees each bring some expertise, although compared to the previous committee we believe their resumes are less impressive.
The Chinese market initially reacted poorly to the news with many private companies falling, while state-owned businesses fared more evenly. The MSCI China index lost -16.8% in USD (17.5% in EUR) over the month with large cap growth stocks performing even worse. Given our weight to China (and growth) it was a tough month for the portfolio too which underperformed its reference index. Very bluntly, we had feared worse relative performance given the market's reaction and the portfolio's weight to China.
In the long term, the Standing Committee's more singular mindset does increase the risks of investing in China, as we believe a counterbalance of power and diversity of views is preferable. In the shorter term however, it is really status quo on the ground as Xi Jinping has felt limited opposition in recent years. As such, the market's response seems like an overreaction. We remain bottom-up stock pickers and integrate some adjustment to the risk factors and growth prospects of various businesses, but see no reason to react to this news in the short term.
Elsewhere weak global data on inflation and the impact of interest rate increases continued to weigh on economic growth and valuations in export-oriented countries. Having said that, some markets did manage to post gains in the period such as India and much of ASEAN (Association of Southeast Asian Nations).
TSMC announced remarkably strong results with Q4 guidance implying that 2022 will see 73% growth in operating profit. An impressive outcome for a company of this scale. However, the company's share price fell as the outlook into 2023 is for a slowdown on global semiconductor demand.
The views expressed in this document are valid at the time of publication only, do not constitute independent investment research and should not be interpreted as investment advice. The reference to specific companies does not constitute a recommendation to invest directly in these securities. Allocation is subject to change without notice. Remember that past performance does not predict future returns. | ## Comparto di Comgest Growth plc 31/10/2022
COMMENTO
La situazione sui mercati è stata difficile ad ottobre e l'epicentro del declino è stato la Cina, dove il Congresso Nazionale del Popolo ha assistito alla riconferma di Xi Jinping per un altro mandato. La nomina non è stata sorprendente, ma lo è stata l'estensione del controllo di Xi Jinping sul Politburo e sul suo Comitato permanente. Tutti e sette i membri sono allineati con Xi Jinping, non lasciando spazio al dissenso nel comitato. I membri nominati apportano ciascuno una certa esperienza, anche se, rispetto al comitato precedente, riteniamo che le loro competenze siano meno significative.
Il mercato cinese ha inizialmente reagito male alla notizia, con molte società private in calo, mentre l'andamento delle aziende statali è stato più uniforme. L'indice MSCI China ha perso il 16,8% in USD (17,5% in EUR) nel corso del mese, con una performance ancora peggiore per i titoli growth a grande capitalizzazione. Data la nostra ponderazione in Cina (e nei titoli growth), il mese è stato difficile anche per il portafoglio, che ha sottoperformato l'indice di riferimento. Temevamo, a dire il vero, una performance relativa peggiore, vista la reazione del mercato e la ponderazione del portafoglio in Cina.
A lungo termine, l'orientamento più a senso unico del Comitato permanente aumenta i rischi di investire in Cina, poiché riteniamo che siano preferibili un controbilanciamento dei poteri e la pluralità di opinioni. A breve termine, tuttavia, si tratta di un vero e proprio status quo, poiché negli ultimi anni Xi Jinping si è trovato di fronte a un'opposizione limitata. Per questo motivo, la reazione del mercato appare eccessiva. Confermiamo l'approccio bottom-up nello stock picking e integriamo alcune rettifiche ai fattori di rischio e alle prospettive di crescita delle varie aziende, ma non vediamo motivi per reagire a questa notizia nel breve termine.
Da un altro punto di vista, la debolezza dei dati globali sull'inflazione e l'impatto degli aumenti dei tassi d'interesse hanno continuato a pesare sulla crescita economica e sulle valutazioni dei Paesi orientati all'esportazione. Detto questo, alcuni mercati sono riusciti a registrare guadagni nel corso del periodo, come l'India e gran parte dell'ASEAN (Associazione delle Nazioni del Sud-Est Asiatico).
TSMC ha annunciato risultati straordinariamente solidi, con previsioni per il quarto trimestre che indicano una crescita del 73% dell'utile operativo nel 2022. Un risultato impressionante per un'azienda di queste dimensioni. Tuttavia, il prezzo delle azioni della società è sceso perché le prospettive per il 2023 prevedono un rallentamento della domanda globale di semiconduttori.
Le informazioni contenute in questo documento sono da ritenersi valide solo in riferimento alla data di pubblicazione del documento stesso, non devono essere intese come ricerca indipendente e non devono essere considerate come raccomandazioni di investimento. Il riferimento a specifiche società non costituisce una raccomandazione ad investire direttamente in tali titoli. L'allocazione è soggetta a modifiche senza preavviso. I rendimenti passati non sono indicativi di quelli futuri. | ## Sub-fund of Comgest Growth plc 31/10/2022
FUND COMMENTARY
Markets were tough in October, with the epicentre of the decline being China where the National People's Congress saw the re-appointment of Xi Jinping for another term. The appointment was not surprising, but the extent of Xi Jinping's control over the Politburo and its Standing Committee was. All seven members are aligned with Xi Jinping, leaving him without dissenting voices on the committee. The appointees each bring some expertise, although compared to the previous committee we believe their resumes are less impressive.
The Chinese market initially reacted poorly to the news with many private companies falling, while state-owned businesses fared more evenly. The MSCI China index lost -16.8% in USD (17.5% in EUR) over the month with large cap growth stocks performing even worse. Given our weight to China (and growth) it was a tough month for the portfolio too which underperformed its reference index. Very bluntly, we had feared worse relative performance given the market's reaction and the portfolio's weight to China.
In the long term, the Standing Committee's more singular mindset does increase the risks of investing in China, as we believe a counterbalance of power and diversity of views is preferable. In the shorter term however, it is really status quo on the ground as Xi Jinping has felt limited opposition in recent years. As such, the market's response seems like an overreaction. We remain bottom-up stock pickers and integrate some adjustment to the risk factors and growth prospects of various businesses, but see no reason to react to this news in the short term.
Elsewhere weak global data on inflation and the impact of interest rate increases continued to weigh on economic growth and valuations in export-oriented countries. Having said that, some markets did manage to post gains in the period such as India and much of ASEAN (Association of Southeast Asian Nations).
TSMC announced remarkably strong results with Q4 guidance implying that 2022 will see 73% growth in operating profit. An impressive outcome for a company of this scale. However, the company's share price fell as the outlook into 2023 is for a slowdown on global semiconductor demand.
The views expressed in this document are valid at the time of publication only, do not constitute independent investment research and should not be interpreted as investment advice. The reference to specific companies does not constitute a recommendation to invest directly in these securities. Allocation is subject to change without notice. Remember that past performance does not predict future returns. | en | it |
DOLFIN2087 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Shareholder voting rights:
Each share carries the right to one vote within its sub- fund, with the votes of capitalisation shares being weighted by the parity specific to that sub-fund. For votes on resolutions concerning all of the company’s sub-funds, the vote of each share is weighted by the fraction of the share capital it represents based on the latest net asset value of the company determined before the Meeting. The total votes per shareholder will not include fractions of votes.
Except in cases where the law requires qualified majorities and quorums and within the limits set down by the law, decisions are taken by a simple majority of votes cast, regardless of the number of shares represented at the Meeting. | ##### Droit de vote des actionnaires :
Chaque action donne droit à une voix au sein de son compartiment, la voix de l'action de capitalisation étant pondérée par la parité propre à ce compartiment. Pour le vote des résolutions intéressant tous les compartiments de la société, la voix de chacune des actions est pondérée par la fraction du capital social qu'elle représente d'après la dernière valeur d'actif net de la société arrêtée avant l'assemblée. Le total des voix par actionnaire est retenu sans fraction de voix.
Sauf les cas où la loi requiert des majorités et quorums qualifiés et dans les limites qu'elle fixe, les décisions sont prises à la majorité simple des voix exprimées, quel que soit le nombre d'actions représentées à l'assemblée. | #### Shareholder voting rights:
Each share carries the right to one vote within its sub- fund, with the votes of capitalisation shares being weighted by the parity specific to that sub-fund. For votes on resolutions concerning all of the company’s sub-funds, the vote of each share is weighted by the fraction of the share capital it represents based on the latest net asset value of the company determined before the Meeting. The total votes per shareholder will not include fractions of votes.
Except in cases where the law requires qualified majorities and quorums and within the limits set down by the law, decisions are taken by a simple majority of votes cast, regardless of the number of shares represented at the Meeting. | en | fr |
DOLFIN2088 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Sub-Fund may invest in less developed or emerging markets. These markets may be volatile and illiquid and the investments of the Sub-Fund in such markets may be considered speculative and subject to significant delays in settlement. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties which are less well capitalised, and custody and registration of assets in some countries may be unreliable. Delays in settlement could result in investment opportunities being missed if a Sub-Fund is unable to acquire or dispose of a security.
The risk of significant fluctuations in the net asset value and of the suspension of redemptions in those Sub-Funds may be higher than for Sub-Funds investing in major world markets. The assets of a Sub-Fund investing in such markets, as well as the income derived from the Sub-Fund, may also be affected unfavourably by fluctuations in currency rates and exchange control and tax regulations and consequently the net asset value of Shares of that Sub-Fund may be subject to significant volatility. Some of these markets may not be subject to accounting, auditing and financial reporting standards and practices comparable to those of more developed countries and the securities markets of such countries may be subject to unexpected closure.
There may be less government supervision and legal regulation and less well defined tax laws and procedures than in countries with more developed securities markets. Some emerging markets governments exercise substantial influence over the private economic
sector and the political and social uncertainties that exist for many developing countries are particularly significant. Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened infrastructures and obsolete financial systems also presents risks in certain countries, as do environmental problems. | Un Compartiment peut investir dans des marchés moins développés ou émergents. Ces marchés peuvent être volatils et illiquides et les investissements du Compartiment sur ces marchés peuvent être considérés comme spéculatifs et soumis à des retards de règlement substantiels. Les pratiques en matière de règlement d’opérations sur titres sur des marchés émergents s’accompagnent de risques plus importants que sur les marchés développés, en partie parce que le Fonds devra avoir recours à des courtiers et contreparties moins bien capitalisés et que la garde et l’enregistrement d’actifs dans certains pays peuvent s’avérer peu fiables. Des retards de règlement peuvent entraîner la perte d’opportunités d’investissement si un Compartiment n’est pas en mesure d’acquérir un titre ou de s’en défaire.
Le risque de fluctuation substantielle de la valeur liquidative et de la suspension des remboursements dans ces Compartiments peut être supérieur à celui des Compartiments investis sur les marchés de premier plan mondial. Les actifs d’un Compartiment qui investit dans de tels marchés, ainsi que le revenu dérivé du Compartiment, peuvent également être affectés défavorablement par des variations des taux de change, du contrôle des changes et de la réglementation fiscale et, en conséquence, la valeur liquidative des Actions de ce Compartiment pourrait être soumise à une volatilité substantielle. Certains de ces marchés peuvent ne pas être soumis à des normes et pratiques comptables, d’audit et de présentation de l’information financière comparables à celles qui s’appliquent dans des pays plus développés et les marchés de titres de ces pays peuvent être soumis à des fermetures inattendues.
Il peut y avoir moins de surveillance gouvernementale et de réglementation juridique et des lois et procédures fiscales moins bien définies que dans les pays aux marchés de titres plus développés. Certains gouvernements de marchés émergents exercent une influence substantielle sur le secteur économique privé ; par ailleurs, les incertitudes politiques et sociales qui prévalent dans de nombreux pays en développement sont particulièrement importantes. Un autre risque que la plupart de ces pays ont en commun est que leur économie est lourdement axée sur l’exportation et, en conséquence, dépend du commerce international. L’existence d’infrastructures surchargées et de systèmes financiers obsolètes présente également des risques dans certains pays, tout comme les problèmes environnementaux. | A Sub-Fund may invest in less developed or emerging markets. These markets may be volatile and illiquid and the investments of the Sub-Fund in such markets may be considered speculative and subject to significant delays in settlement. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties which are less well capitalised, and custody and registration of assets in some countries may be unreliable. Delays in settlement could result in investment opportunities being missed if a Sub-Fund is unable to acquire or dispose of a security.
The risk of significant fluctuations in the net asset value and of the suspension of redemptions in those Sub-Funds may be higher than for Sub-Funds investing in major world markets. The assets of a Sub-Fund investing in such markets, as well as the income derived from the Sub-Fund, may also be affected unfavourably by fluctuations in currency rates and exchange control and tax regulations and consequently the net asset value of Shares of that Sub-Fund may be subject to significant volatility. Some of these markets may not be subject to accounting, auditing and financial reporting standards and practices comparable to those of more developed countries and the securities markets of such countries may be subject to unexpected closure.
There may be less government supervision and legal regulation and less well defined tax laws and procedures than in countries with more developed securities markets. Some emerging markets governments exercise substantial influence over the private economic
sector and the political and social uncertainties that exist for many developing countries are particularly significant. Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened infrastructures and obsolete financial systems also presents risks in certain countries, as do environmental problems. | en | fr |
DOLFIN2089 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
De plus, la Société est tenue d’identifier la provenance des fonds en cas de provenance d’établissements financiers n’étant pas soumis à une obligation d’identification équivalente à celle exigée par la loi luxembourgeoise. Les souscriptions pourront être temporairement bloquées jusqu’à l’identification de la provenance des fonds. La Société procède également à des vérifications dans le cadre de la lutte contre le blanchiment de capitaux et contre le financement du terrorisme.
Il est généralement admis que les professionnels du secteur financier résidents de pays ayant adhéré aux conclusions du rapport GAFI (Groupe d’Action Financière sur le blanchiment de capitaux) sont considérés comme ayant une obligation d’identification équivalente à celle requise par la loi luxembourgeoise.
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### Conflits d’intérêts | Además, la Sociedad debe identificar la procedencia de los fondos en caso de que provengan de establecimientos financieros no sometidos a requisitos de identificación equivalentes a los exigidos por la ley luxemburguesa. Las suscripciones podrán ser bloqueadas temporalmente hasta que se haya identificado la procedencia de los fondos. La Sociedad también realiza comprobaciones sobre las inversiones en el contexto de la lucha contra el blanqueo de capitales y la financiación del terrorismo.
Se admite de forma general que los profesionales del sector financiero residentes en países que se hayan adherido a las conclusiones del informe del GAFI, por sus siglas en francés —o FATF, por sus siglas en inglés— (Groupe d'Action Financière sur le blanchiment de capitaux / Grupo de Acción Financiera contra el blanqueo de capitales) aplican requisitos de identificación equivalentes a los requeridos por la legislación luxemburguesa.
-
### Conflictos de intereses | De plus, la Société est tenue d’identifier la provenance des fonds en cas de provenance d’établissements financiers n’étant pas soumis à une obligation d’identification équivalente à celle exigée par la loi luxembourgeoise. Les souscriptions pourront être temporairement bloquées jusqu’à l’identification de la provenance des fonds. La Société procède également à des vérifications dans le cadre de la lutte contre le blanchiment de capitaux et contre le financement du terrorisme.
Il est généralement admis que les professionnels du secteur financier résidents de pays ayant adhéré aux conclusions du rapport GAFI (Groupe d’Action Financière sur le blanchiment de capitaux) sont considérés comme ayant une obligation d’identification équivalente à celle requise par la loi luxembourgeoise.
-
### Conflits d’intérêts | fr | es |
DOLFIN2090 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais |
| --- |
| Les frais acquittés servent à couvrir les coûts d’exploitation du Compartiment, y compris ses coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement. |
| | Frais ponctuels prélevés avant ou après investissement | Les frais d’entrée et de sortie affichés correspondent à des maxima. Dans certains cas, le montant prélevé pourra être inférieur. Veuillez consulter votre conseiller financier ou votre distributeur pour connaître le montant effectif des frais d'entrée et de sortie. Le montant des frais courants communiqué ici est une estimation. Ce montant peut varier d’un exercice à l’autre. Il ne comprend pas: - Les coûts des opérations de portefeuille, sauf dans le cas où le Compartiment acquitte des frais d’entrée ou de sortie lorsqu’il achète ou vend des actions/parts d’un autre fonds. | | Gastos |
| --- |
| Los gastos soportados están destinados a sufragar los costes de funcionamiento del Subfondo, inclui doel coste de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión. |
| | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior. Consulte a su asesor financiero o distribuidor para conocer los gastos de entrada y salida que realmente pagará La cifra que aquí se muestra en relación con los gastos corrientes constituye una estimación de dichos gastos. Dicha cifra puede variar de un año a otro. No incluye: - Costes de transacción de la cartera, excepto en caso de que el Subfondo pague gastos de entrada o de salida cuando compre o venda participaciones de otros fondos. | | Frais |
| --- |
| Les frais acquittés servent à couvrir les coûts d’exploitation du Compartiment, y compris ses coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement. |
| | Frais ponctuels prélevés avant ou après investissement | Les frais d’entrée et de sortie affichés correspondent à des maxima. Dans certains cas, le montant prélevé pourra être inférieur. Veuillez consulter votre conseiller financier ou votre distributeur pour connaître le montant effectif des frais d'entrée et de sortie. Le montant des frais courants communiqué ici est une estimation. Ce montant peut varier d’un exercice à l’autre. Il ne comprend pas: - Les coûts des opérations de portefeuille, sauf dans le cas où le Compartiment acquitte des frais d’entrée ou de sortie lorsqu’il achète ou vend des actions/parts d’un autre fonds. | fr | es |
DOLFIN2091 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### “Climate Change Mitigation”
means the process of holding the increase in the global average temperature to well below 2 °C and pursuing efforts to limit it to 1,5 °C above pre- industrial levels, as laid down in the Paris Agreement as defined in the EU Taxonomy Regulation
“Company”
BNY Mellon Global Funds, plc | #### “Mitigazione dei cambiamenti climatici”
indica il processo volto a mantenere l’aumento della temperatura media globale ben al di sotto dei 2° C e a proseguire gli sforzi per limitarlo a 1,5° C al di
sopra dei livelli preindustriali, come sancito dall’Accordo di Parigi e definito nel Regolamento sulla tassonomia dell’UE; | #### “Climate Change Mitigation”
means the process of holding the increase in the global average temperature to well below 2 °C and pursuing efforts to limit it to 1,5 °C above pre- industrial levels, as laid down in the Paris Agreement as defined in the EU Taxonomy Regulation
“Company”
BNY Mellon Global Funds, plc | en | it |
DOLFIN2092 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- if any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Fund’s assets, the Board of Directors of the Fund may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures;
- any assets or liabilities in currencies other than the base currency of the classes of shares are converted using the relevant spot rate quoted by a bank or other responsible financial institution;
- in circumstances where the interests of the Fund or its shareholders so justify (avoidance of market timing practices, for example), the Board of Directors may take any appropriate measures, such as applying a fair value pricing methodology to adjust the value of the Fund’s assets, as further described below. | - si l’un quelconque des principes d’évaluation susmentionnés ne reflète pas la méthode d’évaluation habituellement utilisée sur des marchés spécifiques ou si l’un quelconque de ces principes d’évaluation ne semble pas exact aux fins de déterminer la valeur des actifs du Fonds, le Conseil d’administration du Fonds peut établir différents principes d’évaluation, de bonne foi et conformément aux principes et procédures d’évaluation communément acceptés ;
- les actifs ou les passifs libellés en devises autres que la devise de référence des catégories d’actions seront convertis en appliquant le taux au comptant indiqué par une banque ou autre établissement financier responsable ;
- lorsque les intérêts du Fonds ou de ses actionnaires le justifient (pour éviter les pratiques de market timing par exemple), le Conseil d’administration pourra prendre toutes les mesures qui s’imposent, et notamment employer une méthodologie d’établissement de la juste valeur pour ajuster la valeur des actifs du Fonds, comme expliqué en détail ci-après. | - if any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Fund’s assets, the Board of Directors of the Fund may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures;
- any assets or liabilities in currencies other than the base currency of the classes of shares are converted using the relevant spot rate quoted by a bank or other responsible financial institution;
- in circumstances where the interests of the Fund or its shareholders so justify (avoidance of market timing practices, for example), the Board of Directors may take any appropriate measures, such as applying a fair value pricing methodology to adjust the value of the Fund’s assets, as further described below. | en | fr |
DOLFIN2093 | 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 Private Equity - EUR (I - Acc.) between 31/03/2014-31/03/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 11,512
15.1%
EUR 25,488
14.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) entre 31/03/2014-31/03/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 512 EUR
15,1%
25 488 EUR
14,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 31/03/2014-31/03/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 11,512
15.1%
EUR 25,488
14.3% | en | es |
DOLFIN2094 | 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 | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | Class I Shares 1.20%* Class IX Shares 1.20%* |
| Charges taken from the Fund under certain specific conditions | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión y antes de abonar el producto de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | Acciones de Clase I 1,20 %* Acciones de Clase IX 1,20 %* |
| Gastos detraídos del Fondo en determinadas condiciones específicas | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | Class I Shares 1.20%* Class IX Shares 1.20%* |
| Charges taken from the Fund under certain specific conditions | | en | es |
DOLFIN2095 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Credit Suisse European Dividend Value Fund FB EUR between 01.2022-09.2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,391
-16.1%
EUR 10,362
0.5% | # Questo tipo di scenario si è verificato per un investimento Credit Suisse European Dividend Value Fund FB EUR tra 01.2022-09.2023.
Scenario sfavorevole
Quanto potreste ottenere al netto dei costi
Rendimento medio annuale
EUR 8 391
-16,1%
EUR 10 362
0,5% | # This type of scenario occurred for an investment Credit Suisse European Dividend Value Fund FB EUR between 01.2022-09.2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,391
-16.1%
EUR 10,362
0.5% | en | it |
DOLFIN2096 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | $570 | $1,900 |
| Impact on return (RIY) per year | 6.0% | 3.3% | | | Se invierten 10.000 USD | En caso de salida después de 1 año En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- |
| Costes totales | 570 USD | 1.900 USD |
| Impacto en el rendimiento por año | 6,0% | 3,3% | | | Investment USD 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | $570 | $1,900 |
| Impact on return (RIY) per year | 6.0% | 3.3% | | en | es |
DOLFIN2097 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges.
The charges are used to pay the costs of running the fund, including the costs of distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest | % |
| --- | --- |
| Entry charge | N/A |
| Exit charge | N/A |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out | |
| Charges taken from the fund over a year | % |
| Ongoing charges | 0.66 |
| Charges taken from the fund under certain specific conditions | % |
| Performance fee | N/A |
The fund does not charge entry and exit fees. However, financial advisers or distributors may do so. You can obtain the actual entry and exit fees from your financial adviser or distributor.
The ongoing charges figure is based on expenses for the year ending 31 December 2021. This figure may vary from year to year.
The fund does not charge a performance fee.
For more information about charges, please see the relevant page(s) of the fund’s prospectus, which is available on www.triodos-im.com.
Past performance.
Triodos Impact Mixed Fund I-cap - Neutral Benchmark
16
12
8
4
0
-4
| 7.6% | 12.8% | 6.6% | 0.3% | 3.7% | -0.9% | 12.9% | 5.0% | 5.5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9.7% | 14.1% | 4.7% | 6.4% | 3.3% | -1.4% | 15.8% | 5.6% | 13.1% |
2013*
2014*
2015*
2016*
2017*
2018*
2019
2020
2021
Currency: EUR
Inception date: 8 March 2012
Past performance is of limited value as a guide to future performance. The ongoing charges are included in the calculation of past performance; excluded are the entry and exit charges.
The fund’s investment policy is not aimed at replicating or outperforming the benchmark.
* This performance was achieved under circumstances that no longer apply. Since 2019, the fund invests in principle 50% of its net assets in shares and 50% in bonds. | # Gastos.
Los gastos están destinados a sufragar los costes de funcionamiento del fondo, incluidos los de distribución. Dichos gastos reducen el potencial de crecimiento de su inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | % |
| --- | --- |
| Gastos de entrada | N/A |
| Gastos de salida | N/A |
| 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 | 0,66 |
| Gastos detraídos del fondo en determinadas condiciones específicas | % |
| Comisión de rentabilidad | N/A |
El fondo no cobra comisiones de entrada y salida. Sin embargo, los asesores financieros o distribuidores pueden hacerlo. Puede obtener las comisiones reales de entrada y salida de su asesor financiero o distribuidor.
La cifra de gastos corrientes se basa en los gastos del ejercicio finalizado el 31 de diciembre de 2021. Esta cifra puede variar de un año a otro.
El fondo no cobra una comisión de rentabilidad.
Para más información sobre estas comisiones, consulte la(s) página(s) correspondiente(s) del folleto del fondo, que está disponible en www.triodos-im.com.
Rentabilidad histórica.
Triodos Impact Mixed Fund I-cap - Neutral Índice de referencia
16
12
8
4
0
-4
| 7,6% | 12,8% | 6,6% | 0,3% | 3,7% | -0,9% | 12,9% | 5,0% | 5,5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9,7% | 14,1% | 4,7% | 6,4% | 3,3% | -1,4% | 15,8% | 5,6% | 13,1% |
2013*
2014*
2015*
2016*
2017*
2018*
2019
2020
2021
Divisa: EUR
Fecha de creación: 8 de marzo de 2012
La rentabilidad histórica no es un indicador fiable de rentabilidad futura. Los gastos corrientes están incluidos en el cálculo de la rentabilidad histórica; los gastos de entrada y salida están excluidos.
La política de inversión del fondo no está destinada a replicar o superar el rendimiento de referencia.
* Esta rentabilidad se obtuvo en circunstancias que ya no son aplicables. Desde 2019, el fondo invierte el 50% de sus activos netos en acciones y el 50% en bonos. | # Charges.
The charges are used to pay the costs of running the fund, including the costs of distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest | % |
| --- | --- |
| Entry charge | N/A |
| Exit charge | N/A |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out | |
| Charges taken from the fund over a year | % |
| Ongoing charges | 0.66 |
| Charges taken from the fund under certain specific conditions | % |
| Performance fee | N/A |
The fund does not charge entry and exit fees. However, financial advisers or distributors may do so. You can obtain the actual entry and exit fees from your financial adviser or distributor.
The ongoing charges figure is based on expenses for the year ending 31 December 2021. This figure may vary from year to year.
The fund does not charge a performance fee.
For more information about charges, please see the relevant page(s) of the fund’s prospectus, which is available on www.triodos-im.com.
Past performance.
Triodos Impact Mixed Fund I-cap - Neutral Benchmark
16
12
8
4
0
-4
| 7.6% | 12.8% | 6.6% | 0.3% | 3.7% | -0.9% | 12.9% | 5.0% | 5.5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9.7% | 14.1% | 4.7% | 6.4% | 3.3% | -1.4% | 15.8% | 5.6% | 13.1% |
2013*
2014*
2015*
2016*
2017*
2018*
2019
2020
2021
Currency: EUR
Inception date: 8 March 2012
Past performance is of limited value as a guide to future performance. The ongoing charges are included in the calculation of past performance; excluded are the entry and exit charges.
The fund’s investment policy is not aimed at replicating or outperforming the benchmark.
* This performance was achieved under circumstances that no longer apply. Since 2019, the fund invests in principle 50% of its net assets in shares and 50% in bonds. | en | es |
DOLFIN2098 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Portfolio review
During August, the fund remained positioned for a rebound in precious metals, industrial metals and energy. China and other main economies reported strong manufacturing data and other positive signals of an economic recovery. The Chinese govern- ment is directing high fiscal spending to metals intensive projects (power grid, housing) that will drive the demand for mainly copper and aluminum. Similarly, the weight in precious metals was raised after the strong drop in global real interest rates. The Jackson Hole meeting of central bankers at the end of August reinforced the support for precious metals. However, the gold overweight was reduced in favor of silver, palladium and platinum. The underweights in the grains and softs is maintained but with reduced positions. In natural gas long positions in winter contracts were added but with continued underweight in the spot contract. | # Portfolioveränderungen
Im August war der Fonds weiterhin für eine Erholung bei Edelmetallen, Industriemetallen und Energie positioniert. China und andere wichtige Volkswirtschaften berichteten sehr gute Produktionsdaten und andere positive Signale einer wirtschaftlichen Erholung. Die chinesische Regierung lenkt hohe Fiskalausgaben auf Projekte mit hohem Metallbedarf (Stromnetz, Wohnungs- bau), welche die Nachfrage vor allem nach Kupfer und Aluminium steigern werden. In ähnlicher Weise wurde die Gewichtung in Edelmetallen nach dem starken Rückgang der globalen Realzinsen erhöht. Das Treffen der Zentralbankiers in Jackson Hole Ende August verstärkte die Unterstützung für Edelmetalle. Das Übergewicht von Gold wurde jedoch zugunsten von Silber, Pal- ladium und Platin reduziert. Die Untergewichte in Getreide und Agrarrohstoffen werden beibehalten, jedoch in geringerem Um- fang. Bei Erdgas wurden Long-Positionen in Winterkontrakten hinzugefügt, aber bei anhaltender Untergewichtung im Spot-Kon- trakt. | # Portfolio review
During August, the fund remained positioned for a rebound in precious metals, industrial metals and energy. China and other main economies reported strong manufacturing data and other positive signals of an economic recovery. The Chinese govern- ment is directing high fiscal spending to metals intensive projects (power grid, housing) that will drive the demand for mainly copper and aluminum. Similarly, the weight in precious metals was raised after the strong drop in global real interest rates. The Jackson Hole meeting of central bankers at the end of August reinforced the support for precious metals. However, the gold overweight was reduced in favor of silver, palladium and platinum. The underweights in the grains and softs is maintained but with reduced positions. In natural gas long positions in winter contracts were added but with continued underweight in the spot contract. | en | de |
DOLFIN2099 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry Charge: | None. |
| Exit Charge: | None. |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. Investors can find out the actual entry charges and exit charges from their financial advisor or distributor. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 1.91 %. |
| The rate of ongoing charges is based on the last year's expenses (including taxes, if any), for the year ending December 2020 and may vary from year to year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | Not applicable. | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée : | Aucun. |
| Frais de sortie : | Aucun. |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. Les investisseurs peuvent demander à leur conseiller financier ou à leur distributeur le montant exact des frais d’entrée et de sortie. |
| Frais prélevés par le Fonds sur une année. |
| Frais courants : | 1.91 %. |
| Le taux des frais courants est fondé sur les frais de l’exercice précédent (impôts compris, le cas échéant), pour l’exercice clos en décembre 2020 et peut varier d’un exercice à l’autre. Il ne prend en compte ni les commissions de performance ni les coûts de transaction du portefeuille, mais comprend les frais d’entrée et de sortie payés par le Fonds lorsqu’il achète ou vend des parts ou des actions d’autres organismes de placement collectif. |
| Frais prélevés par le Fonds dans certaines circonstances particulières |
| Commission de performance : | Néant. | | | One-off charges taken before or after you invest |
| --- |
| Entry Charge: | None. |
| Exit Charge: | None. |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. Investors can find out the actual entry charges and exit charges from their financial advisor or distributor. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 1.91 %. |
| The rate of ongoing charges is based on the last year's expenses (including taxes, if any), for the year ending December 2020 and may vary from year to year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | Not applicable. | | en | fr |
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