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DOLFIN2600 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2060 | $1520 |
| Rendement annuel moyen | -79.40% | -31.39% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6570 | $7450 |
| Rendement annuel moyen | -34.30% | -5.72% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10930 | $14380 |
| Rendement annuel moyen | 9.30% | 7.54% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $16960 | $27160 |
| Rendement annuel moyen | 69.60% | 22.12% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No se garantiza que obtenga una rentabilidad mínima. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $2060 | $1520 |
| Rendimiento medio cada año | -79.40% | -31.39% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $6570 | $7450 |
| Rendimiento medio cada año | -34.30% | -5.72% |
| Moderado | Lo que podría recibir tras deducir los costes | $10930 | $14380 |
| Rendimiento medio cada año | 9.30% | 7.54% |
| Favorable | Lo que podría recibir tras deducir los costes | $16960 | $27160 |
| Rendimiento medio cada año | 69.60% | 22.12% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2060 | $1520 |
| Rendement annuel moyen | -79.40% | -31.39% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6570 | $7450 |
| Rendement annuel moyen | -34.30% | -5.72% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10930 | $14380 |
| Rendement annuel moyen | 9.30% | 7.54% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $16960 | $27160 |
| Rendement annuel moyen | 69.60% | 22.12% | | fr | es |
DOLFIN2601 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Are further exempt from the subscription tax:
- the value of the assets represented by shares or units held in other UCIs to the extent such shares or units have already been subject to the subscription tax provided for by Article 46 of the law of 23 July 2016 on reserved alternative investment funds, Article 174 of the Law or Article 68 of the amended law of 13 February 2007 on specialised investment funds;
- UCIs as well as individual compartments of UCIs with multiple compartments funds (i) whose securities are reserved for institutional investors, and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institution, and (iii) whose weighted residual portfolio maturity does not exceed 90 days and (iv) that have obtained the highest possible rating from a recognised rating agency. Where several classes of securities exist within the UCI or the compartment, the exemption only applies to classes whose securities are reserved for institutional investors;
- UCIs whose securities are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set up on one or more employers’ initiative for the benefit of their employees and (ii) companies of one or several employers investing funds they hold, to provide retirement benefits to their employees;
- UCIs as well as individual compartments of UCIs with multiple compartments whose invest for more than 50% in one or many microfinance institutions or which have been granted the Luxembourg Fund Labelling Agency (LuxFLAG) microfinance label;
- UCIs as well as individual compartments of UCIs with multiple compartments (i) whose securities are listed or traded on at least one stock exchange or another regulated market, operating regularly, recognised and open to the public, and (ii) whose sole object is to replicate the performance of one or more indices. If several classes of securities exist within the UCI or the compartment, the exemption only applies to classes fulfilling the condition sub-point (i). | ## Sont, en outre, exonérés de la taxe d’abonnement :
- la valeur des actifs représentés par des actions ou des parts détenues dans d’autres OPC dans la mesure où ces actions ou ces parts ont été déjà assujetties à la taxe d’abonnement prévue par l’Article 46 de la loi du 23 juillet 2016 portant sur les fonds d’investissement alternatifs réservés, l’Article 174 de la Loi ou l’Article 68 de la loi modifiée du 13 février 2007 portant sur les fonds d’investissement spécialisés ;
- les OPC ainsi que les compartiments individuels d’OPC dotés de fonds à compartiments multiples (i) dont les titres sont réservés aux investisseurs institutionnels, et (ii) dont l’objet principal est l’investissement collectif dans des instruments du marché monétaire et le placement de dépôts auprès d’établissements de crédit, et (iii) dont l’échéance pondérée résiduelle du portefeuille ne dépasse pas 90 jours et (iv) ayant obtenu la meilleure notation possible par une agence de notation reconnue. Lorsque plusieurs catégories de titres existent au sein d’un OPC ou d’un compartiment, l’exonération s’applique uniquement aux catégories dont les titres sont réservés aux investisseurs institutionnels ;
- les OPC dont les titres sont réservés pour (i) les établissements responsables des pensions de retraite pour les professionnels ou des instruments de placement similaires, développés à l’initiative d’un ou plusieurs employeurs au bénéfice de leurs employés et (ii) les sociétés d’un ou plusieurs employés qui investissent les fonds qu’elles détiennent pour offrir à leurs employés des prestations de retraite ;
- les OPC ainsi que les compartiments individuels d’OPC dotés de fonds à compartiments multiples qui investissent plus de 50 % de leurs actifs dans une ou plusieurs institutions de microfinance ou qui ont obtenu le label de microfinance Luxembourg Fund Labelling Agency (LuxFLAG) ;
- les OPC ainsi que les compartiments individuels d’OPC dotés de fonds à compartiments multiples (i) dont les titres sont cotés ou négociés sur au moins une bourse de valeurs ou un autre marché réglementé, opérant régulièrement, reconnu(e) et ouvert(e) au public, et (ii) dont l’objet principal est de répliquer la performance d’un ou plusieurs indices. Lorsque plusieurs catégories de titres existent au sein de l’OPC ou du compartiment, l’exonération s’applique uniquement aux catégories remplissant la condition du point (i). | ## Are further exempt from the subscription tax:
- the value of the assets represented by shares or units held in other UCIs to the extent such shares or units have already been subject to the subscription tax provided for by Article 46 of the law of 23 July 2016 on reserved alternative investment funds, Article 174 of the Law or Article 68 of the amended law of 13 February 2007 on specialised investment funds;
- UCIs as well as individual compartments of UCIs with multiple compartments funds (i) whose securities are reserved for institutional investors, and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institution, and (iii) whose weighted residual portfolio maturity does not exceed 90 days and (iv) that have obtained the highest possible rating from a recognised rating agency. Where several classes of securities exist within the UCI or the compartment, the exemption only applies to classes whose securities are reserved for institutional investors;
- UCIs whose securities are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set up on one or more employers’ initiative for the benefit of their employees and (ii) companies of one or several employers investing funds they hold, to provide retirement benefits to their employees;
- UCIs as well as individual compartments of UCIs with multiple compartments whose invest for more than 50% in one or many microfinance institutions or which have been granted the Luxembourg Fund Labelling Agency (LuxFLAG) microfinance label;
- UCIs as well as individual compartments of UCIs with multiple compartments (i) whose securities are listed or traded on at least one stock exchange or another regulated market, operating regularly, recognised and open to the public, and (ii) whose sole object is to replicate the performance of one or more indices. If several classes of securities exist within the UCI or the compartment, the exemption only applies to classes fulfilling the condition sub-point (i). | en | fr |
DOLFIN2602 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Comments on transactions
## There were no significant strategic transactions in September.
This commentary is intended only to describe past performance of the investment strategy. The strategy invests in individual securities which are owned in the strategy as part of a carefully constructed and diversified portfolio. The information presented in this commentary may be based on the assessment of CS’ portfolio managers. Market developments described in this document are subject to a number of risks and uncertainties and are neither reliable indicators nor a guarantee of future results/performance. The information in this commentary may change after the date of issuance of this document without notice and should not be construed as a recommendation to buy or sell individual securities named herein. | # Commentaire sur les transactions
## Aucune transaction majeure n’a eu lieu en septembre.
Ce commentaire ne vise qu'à décrire la performance passée de la stratégie de placement. La stratégie investit dans des titres individuels qui sont détenus dans la stratégie dans le cadre d'un portefeuille soigneusement construit et diversifié. L’information présentée dans ce commentaire peut être fondée sur l’évaluation des gestionnaires de portefeuille du CS. Les évolutions du marché décrites dans le présent document sont soumises à un certain nombre de risques et d’incertitudes et ne constituent ni une indication fiable ni une garantie de résultats/performance futurs. Les informations contenues dans ce commentaire peuvent changer après la date d'émission du présent document sans préavis et ne doivent pas être interprétées comme une recommandation d'acheter ou de vendre des titres individuels mentionnés dans le présent document. | # Comments on transactions
## There were no significant strategic transactions in September.
This commentary is intended only to describe past performance of the investment strategy. The strategy invests in individual securities which are owned in the strategy as part of a carefully constructed and diversified portfolio. The information presented in this commentary may be based on the assessment of CS’ portfolio managers. Market developments described in this document are subject to a number of risks and uncertainties and are neither reliable indicators nor a guarantee of future results/performance. The information in this commentary may change after the date of issuance of this document without notice and should not be construed as a recommendation to buy or sell individual securities named herein. | en | fr |
DOLFIN2603 | 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 Fonds est un compartiment de BlackRock Global Funds, une société à compartiments constituée au Luxembourg, agréée par la Commission de Surveillance du Secteur Financier en tant qu’Organisme de Placement Collectif en Valeurs Mobilières (« OPCVM »).
Durée de vie : La durée d’existence et la période d’échéance du Fonds ne sont pas fixes mais, dans certaines circonstances, telles que décrites dans le prospectus du Fonds, le Fonds peut être clos de manière unilatérale après en avoir informé par écrit les porteurs de parts dans des délais raisonnables, à condition de respecter les modalités détaillées dans le prospectus du Fonds et la réglementation en vigueur.
## Objectifs
Le Fonds vise à maximiser le rendement sur votre investissement, en combinant croissance du capital et revenu des actifs du Fonds et en investissant conformément aux principes d’investissement basé sur des critères environnementaux, sociaux et de gouvernance (ESG).
Le Fonds investit à l’échelle mondiale au moins 70 % du total de son actif en titres de participation (par ex. des actions) de sociétés qui ont pour activité principale les services financiers.
Le total de l’actif du Fonds sera investi conformément à sa Politique ESG, comme indiqué dans le prospectus. Pour plus de détails concernant les caractéristiques ESG, veuillez consulter le prospectus et le site web de BlackRock à l’adresse https://www.blackrock.com/ corporate/literature/publication/blackrock-baseline-screens-in-europemiddleeast-and-africa.pdf
Le gestionnaire financier par délégation (GFD) peut utiliser des instruments financiers dérivés (IFD) (c’est-à-dire des investissements dont le prix repose sur un ou plusieurs actifs sous-jacents) à des fins d’investissement afin d’atteindre l’objectif d’investissement du Fonds, et/ ou de réduire le risque au sein du portefeuille du Fonds, réduire les coûts d’investissement et générer des revenus supplémentaires. Le Fonds peut, via les IFD, générer différents niveaux d’effet de levier (c’est-à-dire lorsque le Fonds acquiert une exposition au marché supérieure à la valeur de ses actifs).
Le Fonds est activement géré et le GFD a le pouvoir discrétionnaire de sélectionner les investissements du Fonds. Ce faisant, lors de la construction du portefeuille du Fonds, le GFD se référera au MSCI ACWI Financials Index (l’« Indice »), ainsi qu’à des fins de gestion des risques pour s’assurer que le risque actif (c’est-à-dire le degré d’écart par rapport à l’Indice) pris par le Fonds reste approprié compte tenu de l’objectif et de la politique d’investissement du Fonds. Le GFD n’est pas lié par les composantes ou la pondération de l’Indice lors de la sélection des investissements. Le GFD peut également utiliser son pouvoir discrétionnaire pour investir dans des titres non inclus dans l’Indice afin de profiter d’opportunités d’investissement spécifiques. Toutefois, les exigences sectorielles de l’objectif et de la politique d’investissement peuvent avoir pour effet de limiter la mesure dans laquelle les positions du portefeuille s’écarteront de l’Indice. Les investisseurs doivent utiliser l’Indice pour comparer la performance du Fonds.
Le prix des titres de participation varie quotidiennement et peut être influencé par des facteurs influençant la performance des sociétés
individuelles émettrices des titres, ainsi que lors de fluctuations quotidiennes du marché boursier et de mouvements économiques et politiques plus larges qui, à leur tour, peuvent avoir une incidence sur la valeur de l’investissement.
Le rendement de votre investissement dans le Fonds est directement lié à la valeur des actifs sous-jacents du Fonds, déduction faite des coûts (voir « Que va me coûter cet investissement ? » ci-dessous).
La relation entre le rendement, ses facteurs d’influence et la période de détention de votre investissement sont détaillés dans la rubrique ci- dessous (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Le dépositaire du Fonds est The Bank of New York Mellon SA/NV, succursale de Luxembourg.
Pour de plus amples informations sur le Fonds, veuillez consulter le dernier rapport annuel et les rapports semestriels de BlackRock Global Funds. Ces documents sont disponibles gratuitement en anglais et dans certaines autres langues. Vous les trouverez, ainsi que d’autres informations (pratiques), notamment le prix des parts, sur le site Internet de BlackRock à l’adresse : www.blackrock.com, ou en appelant l’équipe internationale de Services aux Investisseurs au +44 (0) 20 7743 3300
Vos actions ne seront pas des actions de distribution (c'est-à-dire que les dividendes seront inclus dans leur valeur). Vos actions seront libellées en dollar américain, la devise de référence du Fonds.
Vous pouvez acheter et vendre vos actions chaque jour. L’investissement initial minimal pour cette catégorie d'actions est de 100 000 USD ou sa contre-valeur en devise.
Investisseur de détail visé : Le Fonds est destiné aux investisseurs de détail capables de supporter des pertes pouvant aller jusqu’au montant investi dans le Fonds (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Prestations d’assurance : Le Fonds n’offre pas de prestations d’assurance. | # ¿Qué es este producto?
Tipo: El Fondo es un subfondo de BlackRock Global Funds, una sociedad paraguas constituida en Luxemburgo, autorizada por la Commission de Surveillance du Secteur Financier como Organismo de Inversión Colectiva en Valores Mobiliarios («OICVM»).
Plazo: El Fondo no tiene establecido ningún periodo fijo de existencia o vencimiento, aunque, en determinadas circunstancias, tal como se describe en el folleto del Fondo, el Fondo podrá ser resuelto unilateralmente tras el envío de una notificación escrita a los partícipes, con sujeción a lo establecido en el folleto del Fondo y en la normativa aplicable.
## Objetivos
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, e invertir de forma coherente con los principios de inversión medioambientales, sociales y de gobierno corporativo (ESG).
El Fondo invierte a escala mundial al menos el 70 % de sus activos totales en valores de renta variable (como acciones) de empresas cuya actividad principal sean los servicios financieros.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y el sitio web de BlackRock: https://www.blackrock.com/corporate/ literature/publication/blackrock-baseline-screens-in-europemiddleeast-and-africa.pdf
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión, para alcanzar el objetivo de inversión del Fondo, reducir el riesgo dentro de la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurra en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al MSCI ACWI Financials Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo sea el apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes ni a la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Sin embargo, los requisitos sectoriales del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberán utilizar el Índice para comparar el rendimiento del Fondo.
El precio de los valores fluctúa diariamente y puede verse influido por factores que afecten a la rentabilidad de cada una de las empresas que emiten los valores, así como por los movimientos diarios del mercado bursátil y por la situación económica y política general, que también puede afectar al valor de su inversión.
La rentabilidad de su inversión en el Fondo estará directamente relacionada con el valor de los activos subyacentes del Fondo, menos los costes (véase el apartado «¿Cuáles son los costes?»).
La relación entre la rentabilidad de la inversión, cómo se ve afectada y el periodo durante el cual usted deberá mantener la inversión son aspectos que se consideran más abajo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
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. Estos documentos están disponibles de forma gratuita en inglés y en otros idiomas. Podrán obtenerse, junto con otra información (práctica), incluidos los precios de las participaciones, en el sitio web de BlackRock: www.blackrock.com, o llamando al equipo de Servicios para Inversores Internacionales al +44 (0) 20 7743 3300.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Inversor minorista al que va dirigido: El Fondo está destinado a inversores minoristas con capacidad para soportar pérdidas que pueden llegar al importe invertido en el Fondo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
Prestaciones de seguros: El Fondo no ofrece ninguna prestación de seguros. | # En quoi consiste ce produit ?
Type Le Fonds est un compartiment de BlackRock Global Funds, une société à compartiments constituée au Luxembourg, agréée par la Commission de Surveillance du Secteur Financier en tant qu’Organisme de Placement Collectif en Valeurs Mobilières (« OPCVM »).
Durée de vie : La durée d’existence et la période d’échéance du Fonds ne sont pas fixes mais, dans certaines circonstances, telles que décrites dans le prospectus du Fonds, le Fonds peut être clos de manière unilatérale après en avoir informé par écrit les porteurs de parts dans des délais raisonnables, à condition de respecter les modalités détaillées dans le prospectus du Fonds et la réglementation en vigueur.
## Objectifs
Le Fonds vise à maximiser le rendement sur votre investissement, en combinant croissance du capital et revenu des actifs du Fonds et en investissant conformément aux principes d’investissement basé sur des critères environnementaux, sociaux et de gouvernance (ESG).
Le Fonds investit à l’échelle mondiale au moins 70 % du total de son actif en titres de participation (par ex. des actions) de sociétés qui ont pour activité principale les services financiers.
Le total de l’actif du Fonds sera investi conformément à sa Politique ESG, comme indiqué dans le prospectus. Pour plus de détails concernant les caractéristiques ESG, veuillez consulter le prospectus et le site web de BlackRock à l’adresse https://www.blackrock.com/ corporate/literature/publication/blackrock-baseline-screens-in-europemiddleeast-and-africa.pdf
Le gestionnaire financier par délégation (GFD) peut utiliser des instruments financiers dérivés (IFD) (c’est-à-dire des investissements dont le prix repose sur un ou plusieurs actifs sous-jacents) à des fins d’investissement afin d’atteindre l’objectif d’investissement du Fonds, et/ ou de réduire le risque au sein du portefeuille du Fonds, réduire les coûts d’investissement et générer des revenus supplémentaires. Le Fonds peut, via les IFD, générer différents niveaux d’effet de levier (c’est-à-dire lorsque le Fonds acquiert une exposition au marché supérieure à la valeur de ses actifs).
Le Fonds est activement géré et le GFD a le pouvoir discrétionnaire de sélectionner les investissements du Fonds. Ce faisant, lors de la construction du portefeuille du Fonds, le GFD se référera au MSCI ACWI Financials Index (l’« Indice »), ainsi qu’à des fins de gestion des risques pour s’assurer que le risque actif (c’est-à-dire le degré d’écart par rapport à l’Indice) pris par le Fonds reste approprié compte tenu de l’objectif et de la politique d’investissement du Fonds. Le GFD n’est pas lié par les composantes ou la pondération de l’Indice lors de la sélection des investissements. Le GFD peut également utiliser son pouvoir discrétionnaire pour investir dans des titres non inclus dans l’Indice afin de profiter d’opportunités d’investissement spécifiques. Toutefois, les exigences sectorielles de l’objectif et de la politique d’investissement peuvent avoir pour effet de limiter la mesure dans laquelle les positions du portefeuille s’écarteront de l’Indice. Les investisseurs doivent utiliser l’Indice pour comparer la performance du Fonds.
Le prix des titres de participation varie quotidiennement et peut être influencé par des facteurs influençant la performance des sociétés
individuelles émettrices des titres, ainsi que lors de fluctuations quotidiennes du marché boursier et de mouvements économiques et politiques plus larges qui, à leur tour, peuvent avoir une incidence sur la valeur de l’investissement.
Le rendement de votre investissement dans le Fonds est directement lié à la valeur des actifs sous-jacents du Fonds, déduction faite des coûts (voir « Que va me coûter cet investissement ? » ci-dessous).
La relation entre le rendement, ses facteurs d’influence et la période de détention de votre investissement sont détaillés dans la rubrique ci- dessous (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Le dépositaire du Fonds est The Bank of New York Mellon SA/NV, succursale de Luxembourg.
Pour de plus amples informations sur le Fonds, veuillez consulter le dernier rapport annuel et les rapports semestriels de BlackRock Global Funds. Ces documents sont disponibles gratuitement en anglais et dans certaines autres langues. Vous les trouverez, ainsi que d’autres informations (pratiques), notamment le prix des parts, sur le site Internet de BlackRock à l’adresse : www.blackrock.com, ou en appelant l’équipe internationale de Services aux Investisseurs au +44 (0) 20 7743 3300
Vos actions ne seront pas des actions de distribution (c'est-à-dire que les dividendes seront inclus dans leur valeur). Vos actions seront libellées en dollar américain, la devise de référence du Fonds.
Vous pouvez acheter et vendre vos actions chaque jour. L’investissement initial minimal pour cette catégorie d'actions est de 100 000 USD ou sa contre-valeur en devise.
Investisseur de détail visé : Le Fonds est destiné aux investisseurs de détail capables de supporter des pertes pouvant aller jusqu’au montant investi dans le Fonds (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Prestations d’assurance : Le Fonds n’offre pas de prestations d’assurance. | fr | es |
DOLFIN2604 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Further details on each Current Reference Index and the respective New Reference Index can be found in Appendix 1 to this notice.
Differences between each Current Reference Index and the respective New Reference Index include, but are not limited to, the following:
- Sector classification: Each Current Reference Index reflects the performance of leading companies in certain sectors, as per the Industry Classification Benchmark (“ICB”) standard, in Western Europe. Each New Reference Index includes large and mid-cap securities across certain developed market countries in Europe, which are classified as belonging to certain sectors, as per the Global Industry Classification Standard (GICS
- ®
- ) (as set out in Appendix 1 below). As such, each New Reference Index may contain securities that were not eligible for inclusion in the respective Current Reference Index and conversely may exclude securities that were included in the respective Current Reference Index.
- ESG: Each Current Reference Index does not apply environmental, social and governance (“ESG”) screens. Each respective New Reference Index applies an ESG screening approach which excludes companies that, amongst others, are associated with controversial, civilian, conventional and nuclear weapons and tobacco, are assigned an MSCI ESG Rating of CCC, derive revenues from thermal coal and oil sands extractions and that are not in compliance with the United Nations Global Compact principles. Each New Reference Index’s ESG standards limit the number of securities eligible for inclusion in each New Reference Index. As a result, each New Reference Index, and as such, the relevant Sub-Fund may be more heavily weighted in securities or countries that underperform the market as a whole or underperformother funds screened for ESG standards, or which do not screen for such standards. Each New Reference Index promotes ESG characteristics, therefore each Sub-Fund will qualify as a product subject to Article 8 of SFDR as of the Effective Date.
- Weighting: Each Current Reference Index and the respective New Reference Index are market capitalisation weighted. | En el Anexo 1 de la presente notificación se ofrece más información sobre cada Índice de Referencia Actual y el correspondiente Nuevo Índice de Referencia.
Las diferencias entre el Índice de Referencia Actual y el respectivo Nuevo Índice de Referencia incluyen, entre otras, las siguientes:
- Clasificación de los sectores: cada Índice de Referencia Actual refleja el rendimiento de las sociedades líderes en determinados sectores, según el criterio del Industry Classification Benchmark (ICB) en Europa occidental. Cada Nuevo Índice de Referencia incluye valores de gran y mediana capitalización de ciertos países europeos considerados mercados desarrollados, que se clasifican como pertenecientes a determinados sectores, según el Estándar Global de Clasificación Industrial (“Global Industry Classification Standard” o GICS
- ®
- ), tal como se establece en el anexo 1 de la presente notificación. Por consiguiente, los Nuevos Índices de Referencia pueden contener valores que no eran aptos para su inclusión en el correspondiente Índice de Referencia Actual y, a la inversa, pueden excluir valores que estaban incluidos en el Índice de Referencia Actual pertinente.
- ESG: ningún Índice de Referencia Actual aplica filtros ambientales, sociales y de gobernanza (“ESG”, por sus siglas en inglés). Los Nuevos Índices de Referencia aplican un criterio de selección ESG que excluye las sociedades que, entre otros supuestos, estén relacionadas con las armas controvertidas, civiles, convencionales y nucleares y el tabaco; tengan una calificación de CCC según la calificación en términos ESG de MSCI; obtengan ingresos de las extracciones de carbón térmico y arenas petrolíferas, y que no cumplan los principios del Pacto Mundial de las Naciones Unidas. Los estándares ESG de los Nuevos Índices de Referencia limitan el número de valores que se pueden incluir en los mismos. En consecuencia, cada Nuevo Índice de Referencia y, por lo tanto, el Subfondo correspondiente pueden tener una mayor ponderación en valores o países que registren un rendimiento inferior al del mercado en su conjunto o al de otros fondos, tanto si estos incluyen filtros de cumplimiento de los estándares ESG como si no. Cada Nuevo Índice de Referencia promueve características ESG, por lo que cada Subfondo será considerado un producto sujeto al artículo 8 del SFDR (Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros) a partir de la Fecha Efectiva.
- Ponderación: tanto los Índices de Referencia Actuales como los correspondientes Nuevos Índices de Referencia están ponderados por capitalización de mercado. | Further details on each Current Reference Index and the respective New Reference Index can be found in Appendix 1 to this notice.
Differences between each Current Reference Index and the respective New Reference Index include, but are not limited to, the following:
- Sector classification: Each Current Reference Index reflects the performance of leading companies in certain sectors, as per the Industry Classification Benchmark (“ICB”) standard, in Western Europe. Each New Reference Index includes large and mid-cap securities across certain developed market countries in Europe, which are classified as belonging to certain sectors, as per the Global Industry Classification Standard (GICS
- ®
- ) (as set out in Appendix 1 below). As such, each New Reference Index may contain securities that were not eligible for inclusion in the respective Current Reference Index and conversely may exclude securities that were included in the respective Current Reference Index.
- ESG: Each Current Reference Index does not apply environmental, social and governance (“ESG”) screens. Each respective New Reference Index applies an ESG screening approach which excludes companies that, amongst others, are associated with controversial, civilian, conventional and nuclear weapons and tobacco, are assigned an MSCI ESG Rating of CCC, derive revenues from thermal coal and oil sands extractions and that are not in compliance with the United Nations Global Compact principles. Each New Reference Index’s ESG standards limit the number of securities eligible for inclusion in each New Reference Index. As a result, each New Reference Index, and as such, the relevant Sub-Fund may be more heavily weighted in securities or countries that underperform the market as a whole or underperformother funds screened for ESG standards, or which do not screen for such standards. Each New Reference Index promotes ESG characteristics, therefore each Sub-Fund will qualify as a product subject to Article 8 of SFDR as of the Effective Date.
- Weighting: Each Current Reference Index and the respective New Reference Index are market capitalisation weighted. | en | es |
DOLFIN2605 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Except for certain Shares and as expressly acknowledged via any Application Form supplement by Shareholders at the time of the investment, Shares may be transferred by stock transfer form or other instruments in writing which the SICAV may sanction or allow, signed or sealed as appropriate by or on behalf of the transferor. A transfer may not be effected if the transferor and the proposed transferee have not completed an Application Form and provided such supporting documents required for identification purposes. Save as agreed by the SICAV no transfer may be made, which would result in either the transferor or the transferee remaining or being registered as the holder of Shares in a Fund or class with a NAV below the Minimum Shareholding (for the transferor) or the Minimum Initial Subscription Amount (for the transferee) or such lesser amount as may be permitted or which would otherwise be in breach of the normal conditions for subscription. The SICAV shall not be bound to register more than four persons in respect of each Share, nor transfer Shares to persons under the age of 18 nor, without the specific consent of the Directors, transfer to US Persons.
-
###### Personal data | A l’exception de certaines Actions et tel qu’expressément stipulé par le biais d’un supplément au Formulaire de souscription par les Actionnaires lors de l’investissement, les Actions peuvent être cédées au moyen d’un formulaire de transfert d’actions ou de tout autre instrument écrit que la SICAV pourra approuver ou autoriser et qui sera revêtu de la signature ou, le cas échéant, du cachet du cédant ou de son représentant. Un transfert ne pourra être effectué tant que le cédant et le cessionnaire proposé n’ont pas complété le Formulaire de souscription et fourni les documents requis pour prouver leur identité. En l’absence de dispositions contraires convenues par la SICAV, aucun transfert ne pourra être effectué si, par suite de celui-ci, le cédant ou le cessionnaire est ou demeure inscrit dans le registre des actionnaires comme titulaire d’Actions d’un Compartiment ou d’une catégorie dont la VL est inférieure au Seuil de détention (pour le cédant) ou au Montant minimum de souscription initiale (pour le cessionnaire), ou à tout montant plus faible qui est autorisé ou qui par ailleurs serait contraire aux conditions normales de souscription. La SICAV ne sera pas tenue d’enregistrer plus de quatre personnes pour une Action donnée, non plus que de transférer des Actions à des personnes âgées de moins de 18 ans ou encore, sans l’accord explicite des Administrateurs, d’enregistrer des transferts en faveur de Ressortissants des États-Unis.
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###### Données personnelles | Except for certain Shares and as expressly acknowledged via any Application Form supplement by Shareholders at the time of the investment, Shares may be transferred by stock transfer form or other instruments in writing which the SICAV may sanction or allow, signed or sealed as appropriate by or on behalf of the transferor. A transfer may not be effected if the transferor and the proposed transferee have not completed an Application Form and provided such supporting documents required for identification purposes. Save as agreed by the SICAV no transfer may be made, which would result in either the transferor or the transferee remaining or being registered as the holder of Shares in a Fund or class with a NAV below the Minimum Shareholding (for the transferor) or the Minimum Initial Subscription Amount (for the transferee) or such lesser amount as may be permitted or which would otherwise be in breach of the normal conditions for subscription. The SICAV shall not be bound to register more than four persons in respect of each Share, nor transfer Shares to persons under the age of 18 nor, without the specific consent of the Directors, transfer to US Persons.
-
###### Personal data | en | fr |
DOLFIN2606 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Objective and Investment Policy
OBJECTIVE
To have a positive impact on the environment and society by investing primarily in sustainable investments, where the companies' current or future business activities are expected to generate a positive impact whilst at the same time seeking to increase the value of its shares through both growth in the value of, and income from, its investments.
PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of corporate bonds of all types from issuers around the world, including emerging markets.
The fund has sustainable investment as an objective that is achieved through the fund’s commitment to maintain at least 70% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: impact exclusions and positive impact inclusion. Details of how environmental and social characteristics are promoted in the fund are further explained in the fund’s RTS annex to this prospectus.
The fund invests primarily in debt securities issued by companies, government agencies and/or derivatives of these debt securities and can be of any credit rating (including investment grade, non-investment grade or high-yield and/or unrated securities). Typically, the average credit quality of the portfolio will be within the range BBB to BB (as rated by Standard & Poor’s or equivalent). The average credit quality of the portfolio may at times be higher or lower depending on market conditions. In accordance with its own internal rating system, the investment manager will ensure that the unrated debt securities in which the fund invests are of the same average quality as the rated securities of the same type. Portfolio debt securities can include fixed and floating rate bonds, hybrids and other transferable debt securities of any type, including high yield securities and up to 10% in distressed and/or defaulted bonds. The fund may invest up to 20% of its net assets in asset-backed securities (ABS) and mortgage-backed securities (MBS), including for securitisations purposes under the Securitisation Regulation, up to 15% in convertible bonds and up to 15% in contingent convertible bonds. The fund may also invest up to 40% of its net assets in emerging markets via securities denominated in USD or other hard currencies.
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 119. This may include, up to a limit of 10%, equity and equity related securities | #### Objectif et politique d'investissement
OBJECTIF
Avoir un impact positif sur l'environnement et la société au travers principalement d'investissements durables dans des entreprises à même de produire, de par leurs activités actuelles ou futures, un impact positif, tout en s'attachant à faire augmenter la valeur de ses actions par la croissance de la valeur de ses investissements et des revenus qui en découlent.
TITRES DU PORTEFEUILLE
Le fonds est géré activement et investit principalement dans un portefeuille diversifié d'obligations d'entreprises de tous types provenant d'émetteurs du monde entier, y compris des marchés émergents.
Le fonds poursuit un objectif d'investissement durable qu'il cherche à atteindre en s'engageant à faire en sorte qu'au moins 70 % de la valeur de son portefeuille demeure investie dans des Investissements durables. Le gestionnaire d'investissement met en œuvre les stratégies d'investissement suivantes : exclusions d'impact et inclusion d'impact positif. Les détails de la promotion des caractéristiques environnementales et sociales sont expliqués dans l'Annexe RTS du fonds du présent prospectus.
Le fonds investit essentiellement dans des titres de créance émis par des entreprises et des agences gouvernementales et/ou des instruments dérivés sur ces titres de créance, qui peuvent avoir n'importe quelle note de crédit (y compris des titres investment grade, non-investment grade, à haut rendement et/ou non notés). En règle générale, la qualité de crédit moyenne du portefeuille sera comprise entre BBB et BB (selon la note de crédit de Standard & Poor's ou l'équivalent). Elle peut occasionnellement être plus élevée ou plus faible, en fonction des conditions de marché. Conformément à son propre système de notation interne, le gestionnaire d'investissement s'assurera que les titres de créance non notés dans lesquels le fonds investit sont en moyenne de même qualité que les titres notés du même type. Les titres de créance du portefeuille peuvent comprendre des obligations à taux fixe ou variable, des titres hybrides et d'autres titres de créance négociables de tout type, y compris des titres à haut rendement et jusqu'à 10 % d'obligations en difficulté et/ou en défaut. Le fonds pourra investir jusqu'à 20 % de ses actifs nets dans des titres adossés à des actifs (asset-backed securities ou ABS) et des titres adossés à des créances hypothécaires (mortgage-backed securities ou MBS), y compris à des fins de titrisation en vertu du Règlement sur la titrisation, jusqu'à 15 % dans des obligations convertibles et jusqu'à 15 % dans des obligations de type « contingent convertible » (CoCos). Le fonds pourra également investir jusqu'à 40 % de ses actifs nets dans les marchés émergents via des titres libellés en USD ou dans d'autres devises fortes.
Pour atteindre son objectif, le fonds peut également investir, à titre accessoire, dans d'autres titres éligibles, tels que décrits à la section
« Pouvoirs et restrictions globaux en matière d'investissement » qui débute à la page 125. Il peut investir, à concurrence de 10 % maximum, dans des actions et des titres apparentés | #### Objective and Investment Policy
OBJECTIVE
To have a positive impact on the environment and society by investing primarily in sustainable investments, where the companies' current or future business activities are expected to generate a positive impact whilst at the same time seeking to increase the value of its shares through both growth in the value of, and income from, its investments.
PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of corporate bonds of all types from issuers around the world, including emerging markets.
The fund has sustainable investment as an objective that is achieved through the fund’s commitment to maintain at least 70% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: impact exclusions and positive impact inclusion. Details of how environmental and social characteristics are promoted in the fund are further explained in the fund’s RTS annex to this prospectus.
The fund invests primarily in debt securities issued by companies, government agencies and/or derivatives of these debt securities and can be of any credit rating (including investment grade, non-investment grade or high-yield and/or unrated securities). Typically, the average credit quality of the portfolio will be within the range BBB to BB (as rated by Standard & Poor’s or equivalent). The average credit quality of the portfolio may at times be higher or lower depending on market conditions. In accordance with its own internal rating system, the investment manager will ensure that the unrated debt securities in which the fund invests are of the same average quality as the rated securities of the same type. Portfolio debt securities can include fixed and floating rate bonds, hybrids and other transferable debt securities of any type, including high yield securities and up to 10% in distressed and/or defaulted bonds. The fund may invest up to 20% of its net assets in asset-backed securities (ABS) and mortgage-backed securities (MBS), including for securitisations purposes under the Securitisation Regulation, up to 15% in convertible bonds and up to 15% in contingent convertible bonds. The fund may also invest up to 40% of its net assets in emerging markets via securities denominated in USD or other hard currencies.
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 119. This may include, up to a limit of 10%, equity and equity related securities | en | fr |
DOLFIN2607 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In addition these brokers hold the collateral described in the above mentioned statements as applicable. The Funds are exposed to counter-party risk in respect of all amounts including collateral due to them from such brokers.
Payments of income and settlement proceeds are at the risk of the Funds.
The collateral and margin accounts received and paid by the Fund is listed within the Schedule of Investments, on pages 2 to 406.
Margin account transactions with brokers are added or deducted from the Net Asset Value.
- TRANSACTION COSTSFor the period ended 30 June 2022, the Fund incurred transaction costs namely, commission and taxes relating to purchases or sales of transferable securities, money market instruments, exchange traded derivatives or other eligible assets. They can include the bid-ask spread, fees and commissions paid to agents, advisers, brokers and dealers, transaction related taxes and other market charges. | Inoltre, tali intermediari detengono la garanzia collaterale descritta nei suddetti prospetti, a seconda dei casi. I Fondi sono esposti al rischio di controparte in ordine a tutti gli importi comprensivi di garanzia collaterale a loro dovuti da tali intermediari.
I pagamenti del reddito e i proventi di regolamento sono a rischio dei Fondi.
Garanzia collaterale e conti di marginazione ricevuti e versati dal Fondo sono iscritti nel Prospetto degli investimenti, alle pagine 2-406.
Le transazioni sui conti di marginazione con intermediari vengono aggiunte o dedotte dal Valore patrimoniale netto.
- COSTI DI TRANSAZIONEPer il periodo chiuso al 30 giugno 2022, il Fondo ha sostenuto costi di transazione, in particolare commissioni e imposte legate agli acquisti o vendite di valori mobiliari, strumenti del mercato monetario, derivati scambiati in borsa o altri attivi idonei. Possono comprendere lo spread denaro-lettera, spese e commissioni pagate ad agenti, consulenti, intermediari e operatori, imposte relative a operazioni e altri oneri di mercato. | In addition these brokers hold the collateral described in the above mentioned statements as applicable. The Funds are exposed to counter-party risk in respect of all amounts including collateral due to them from such brokers.
Payments of income and settlement proceeds are at the risk of the Funds.
The collateral and margin accounts received and paid by the Fund is listed within the Schedule of Investments, on pages 2 to 406.
Margin account transactions with brokers are added or deducted from the Net Asset Value.
- TRANSACTION COSTSFor the period ended 30 June 2022, the Fund incurred transaction costs namely, commission and taxes relating to purchases or sales of transferable securities, money market instruments, exchange traded derivatives or other eligible assets. They can include the bid-ask spread, fees and commissions paid to agents, advisers, brokers and dealers, transaction related taxes and other market charges. | en | it |
DOLFIN2608 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund seeks to generate favorable riskadjusted returns over a full market cycle through actively investing primarily in U.S. dollar denominated, belowinvestment grade corporate bonds. The diversified portfolio will be primarily constructed with a focus on current in come, preservation of principal and low volatility.
The Fund may also seek to minimize the risk of negative externalities that may result from environmental, social and/or governance (“ESG”) factors, while focusing on sustainability leadership, defined by transparency and disclosure of ESG criteria.
The Fund may invest in outofindex debt securities based on the judgement of the Invest ment Manager; for example, securities that are CCC rated, securities that are unrated but judged to have sufficient credit quality, and securities with maturities beyond five years.
The Fund is actively managed and may be compared against the ICE BoA 15 Year BBB US Cash Pay High Yield Constrained Index (“JVC4”) to measure performance but does not specifically track the JVC4 Index. The SubFund can materially deviate from the JVC4
Index by underperforming or overperforming it, and the Investment Manager may use its discretion to invest in outofIndex debt securities, which may differ in maturity, ratings, domicile, issue size or other characteristics in order to take advantage of specific investment opportunities.
A Shareholder may redeem its shares in the Fund on demand, on each day on which banks in Luxembourg and New York are open all day for business.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within a period of 1 year.
The Fund does not intend to declare and make distributions with respect to the net invest ment income and realized capital gains, if any, attributable to this class. Accordingly, the net investment income of this class will neither be declared nor distributed.
The reference currency of the Fund is the USD and the reference currency of this class is the USD. | # Ziele und Anlagepolitik
Der Fonds strebt die Erzielung günstiger risikobereinigter Erträge über einen vollständi gen Marktzyklus an, indem er hauptsächlich in auf USD lautende Unternehmensanleihen unterhalb der Kategorie Investment Grade aktiv anlegt. Das diversifizierte Portfolio wird hauptsächlich mit Schwerpunkt auf laufendem Ertrag, Kapitalerhalt und geringer Volatilität aufgebaut.
Darüber hinaus wird der Fonds möglicherweise versuchen, das Risiko durch negative ex terne Effekte aufgrund der Kriterien Umwelt, Gesellschaft und/oder Unternehmensführung (ESG) so gering wie möglich zu halten Gleichzeitig wird er sich auf seine Rolle als Vorreiter in Sachen Nachhaltigkeit, definiert durch Transparenz und Offenlegung von ESGKriterien, konzentrieren.
Der Fonds kann basierend auf der Einschätzung des Anlageverwalters auch in nicht im Index enthaltene Wertpapiere investieren, darunter in CCCAnleihen, Anleihen ohne Rat ing, deren Kreditqualität jedoch als ausreichend eingestuft wird, und in Anleihen mit einer Laufzeit von mehr als fünf Jahren.
Der Fonds wird aktiv verwaltet und seine Wertentwicklung kann anhand eines Vergle ichs mit dem ICE BofAML 15 Year BBB US Cash Pay High Yield Constrained Index („JVC4”) gemessen werden, wobei der Fonds den JVC4Index jedoch nicht unbedingt
nachbildet. Der Teilfonds kann erheblich von dem JVC4Index abweichen, indem er diesen unter oder übertrifft, und der Anlageverwalter kann nach eigenem Ermessen in Schuldtitel außerhalb des Index investieren, die sich in Bezug auf Laufzeit, Rating, Sitz, Emission sgröße oder sonstige Merkmale von ihm unterscheiden können, um von bestimmten An lagemöglichkeiten zu profitieren.
Ein Anteilinhaber kann seine Anteile am Fonds auf Anfrage an jedem Tag, an dem die Banken in Luxemburg und New York ganztägig für den Geschäftsverkehr geöffnet sind, zurückgeben.
Empfehlung: Dieser Fonds ist unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von einem Jahr aus dem Fonds wieder zurückziehen wollen.
Der Fonds hat keine Absicht, Ausschüttungen bezüglich der dieser Klasse zuzuordnen den Nettoanlageerträge und realisierten Kapitalgewinne, falls zutreffend, bekannt zu geben und vorzunehmen. Dementsprechend werden die Nettoanlageerträge dieser Klasse weder bekannt gegeben noch ausgeschüttet.
Die Referenzwährung für den Fonds ist der USDollar (USD), und die Referenzwährung für diese Klasse ist die USD. | # Objectives and Investment Policy
The Fund seeks to generate favorable riskadjusted returns over a full market cycle through actively investing primarily in U.S. dollar denominated, belowinvestment grade corporate bonds. The diversified portfolio will be primarily constructed with a focus on current in come, preservation of principal and low volatility.
The Fund may also seek to minimize the risk of negative externalities that may result from environmental, social and/or governance (“ESG”) factors, while focusing on sustainability leadership, defined by transparency and disclosure of ESG criteria.
The Fund may invest in outofindex debt securities based on the judgement of the Invest ment Manager; for example, securities that are CCC rated, securities that are unrated but judged to have sufficient credit quality, and securities with maturities beyond five years.
The Fund is actively managed and may be compared against the ICE BoA 15 Year BBB US Cash Pay High Yield Constrained Index (“JVC4”) to measure performance but does not specifically track the JVC4 Index. The SubFund can materially deviate from the JVC4
Index by underperforming or overperforming it, and the Investment Manager may use its discretion to invest in outofIndex debt securities, which may differ in maturity, ratings, domicile, issue size or other characteristics in order to take advantage of specific investment opportunities.
A Shareholder may redeem its shares in the Fund on demand, on each day on which banks in Luxembourg and New York are open all day for business.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within a period of 1 year.
The Fund does not intend to declare and make distributions with respect to the net invest ment income and realized capital gains, if any, attributable to this class. Accordingly, the net investment income of this class will neither be declared nor distributed.
The reference currency of the Fund is the USD and the reference currency of this class is the USD. | en | de |
DOLFIN2609 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# TAX STATUS
The Fund is not liable for any Luxembourg tax on income, profits or gains, but it is liable in Luxembourg for an annual subscription tax (taxe d’abonnement), which is calculated and paid quarterly.
USD Government Money Market Fund is liable in Luxembourg for a taxe d’abonnement at a rate of 0.01% per annum of its net assets. Each institutional class of USD Government Money Market Fund is exempt from a taxe d’abonnement to the extent its weighted residual portfolio maturity does not exceed 90 days and it has obtained the highest possible rating from a recognised credit rating agency. Each Sub-Fund, except USD Government Money Market Fund, is liable in Luxembourg for a taxe d’abonnement at a rate of (i) 0.05% per annum of the net assets of each class which is available to all investors and (ii) 0.01% per annum of the net assets of each class which is restricted to institutional investors. Each Sub-Fund is liable for value added taxes applicable to certain services, which are applied and incorporated in the fees incurred by each Sub-Fund.
No stamp duty or other tax is payable in Luxembourg on the issue or redemption of shares for investments in undertakings for collective investment in Luxembourg.
No Luxembourg tax is payable on the realised capital gains or unrealised capital appreciation of the assets of the Fund.
Dividends and interest received by the Sub-Funds on their investments are in many cases subject to irrecoverable withholding taxes at their source.
- | # STATUT FISCAL
Le Fonds n’est redevable d’aucun impôt luxembourgeois sur les revenus, les bénéfices ou les gains, mais est redevable au Luxembourg d’une taxe d’abonnement, laquelle est calculée et payée tous les trimestres.
Le Compartiment USD Government Money Market Fund est redevable au Luxembourg d’une taxe d’abonnement au taux de 0,01 % par an de son actif net. Chaque catégorie institutionnelle du Compartiment USD Government Money Market Fund est exonérée de la taxe d’abonnement dans la mesure où l’échéance résiduelle pondérée du portefeuille ne dépasse pas 90 jours et où elle a obtenu la notation la plus élevée possible auprès d’une agence de notation de crédit reconnue. Chaque Compartiment, à l’exception du Compartiment USD Government Money Market Fund, est redevable, au Luxembourg, d’une taxe d’abonnement égale à (i) 0,05 % par an de l’actif net de chaque catégorie offerte à l’ensemble des investisseurs et (ii) 0,01 % par an de l’actif net de chaque catégorie réservée aux investisseurs institutionnels. Chaque Compartiment est redevable des taxes sur la valeur ajoutée applicables à certains services, qui sont appliquées et intégrées aux frais encourus par chaque Compartiment.
Aucun droit de timbre et aucune autre taxe ne doivent être acquittés au Luxembourg lors de l’émission ou du rachat d’actions à des fins d’investissement dans des organismes de placement collectif au Luxembourg.
Aucun impôt luxembourgeois n’est à acquitter sur la plus-value réalisée ou latente des actifs du Fonds.
Dans de nombreux cas, les dividendes et intérêts perçus par les Compartiments sur leurs investissements sont soumis à une retenue à la source irrécupérable.
- | # TAX STATUS
The Fund is not liable for any Luxembourg tax on income, profits or gains, but it is liable in Luxembourg for an annual subscription tax (taxe d’abonnement), which is calculated and paid quarterly.
USD Government Money Market Fund is liable in Luxembourg for a taxe d’abonnement at a rate of 0.01% per annum of its net assets. Each institutional class of USD Government Money Market Fund is exempt from a taxe d’abonnement to the extent its weighted residual portfolio maturity does not exceed 90 days and it has obtained the highest possible rating from a recognised credit rating agency. Each Sub-Fund, except USD Government Money Market Fund, is liable in Luxembourg for a taxe d’abonnement at a rate of (i) 0.05% per annum of the net assets of each class which is available to all investors and (ii) 0.01% per annum of the net assets of each class which is restricted to institutional investors. Each Sub-Fund is liable for value added taxes applicable to certain services, which are applied and incorporated in the fees incurred by each Sub-Fund.
No stamp duty or other tax is payable in Luxembourg on the issue or redemption of shares for investments in undertakings for collective investment in Luxembourg.
No Luxembourg tax is payable on the realised capital gains or unrealised capital appreciation of the assets of the Fund.
Dividends and interest received by the Sub-Funds on their investments are in many cases subject to irrecoverable withholding taxes at their source.
- | en | fr |
DOLFIN2610 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund does not invest directly in the components of the Underlying and its returns will be dependent on the performance of the swap transaction and the use of the cash on hand.
The Underlying is rules-based and is not capable of being adjusted to take account of changing market circumstances. As a result you will not benefit from any positive performance that may have resulted from such change; performance may suffer due to the inability of the Underlying to adapt.
The Underlying used by the Fund may be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the Underlying which may cause your investment to suffer losses.
The Fund will use derivative instruments as part of its investment strategy. In particular, investors should note that investing through derivatives will not be the same as a direct investment in the underlying and may also give rise to leverage which has the effect of magnifying an outcome, meaning the profits and losses from investment can be greater than if the investment is made directly into the underlying financial asset, index or security. | ## El Fondo no invierte directamente en los componentes del Subyacente y su rentabilidad dependerá del rendimiento de la operación de swap y del uso del efectivo disponible.
El Subyacente está sujeto a las normas y no puede ajustarse para tener en cuenta las circunstancias cambiantes del mercado. En consecuencia, el inversor no se beneficiará de ningún rendimiento positivo que pudiera haberse obtenido a partir de dicho cambio en las circunstancias del mercado; el rendimiento puede verse afectado por la falta de capacidad de adaptación del Subyacente.
El Subyacente que emplea el Fondo puede estar sujeto a episodios de interrupción o de ajuste que pueden impedir su cálculo o resultar en ajustes de las reglas del Subyacente, lo que puede ocasionar que su inversión sufra pérdidas.
El Fondo utilizará instrumentos derivados como parte de su estrategia de inversión. En particular, los inversores deben tener en cuenta que invertir a través de derivados no equivale a invertir de forma directa en el Subyacente y también podría dar lugar a un apalancamiento, cuyo efecto es aumentar en gran medida los resultados; es decir, los beneficios y las pérdidas de la inversión pueden ser mayores que si la inversión se realiza directamente en el activo, índice o valor financieros subyacentes. | ## The Fund does not invest directly in the components of the Underlying and its returns will be dependent on the performance of the swap transaction and the use of the cash on hand.
The Underlying is rules-based and is not capable of being adjusted to take account of changing market circumstances. As a result you will not benefit from any positive performance that may have resulted from such change; performance may suffer due to the inability of the Underlying to adapt.
The Underlying used by the Fund may be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the Underlying which may cause your investment to suffer losses.
The Fund will use derivative instruments as part of its investment strategy. In particular, investors should note that investing through derivatives will not be the same as a direct investment in the underlying and may also give rise to leverage which has the effect of magnifying an outcome, meaning the profits and losses from investment can be greater than if the investment is made directly into the underlying financial asset, index or security. | en | es |
DOLFIN2611 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Under this agreement, CACEIS Bank, Luxembourg Branch provides the registered office and address to the SICAV in addition to other services relating to domiciliation.
The SICAV may terminate the domiciliary agent functions of CACEIS Bank, Luxembourg Branch with three months' written notice, and the latter may terminate its own functions with the same notice.
- Management CompanyCandriam (hereinafter "the Management Company"), a partnership limited by shares with its registered office at L-8009 Strassen, 19-21 route d'Arlon, SERENITY – Bloc B, is appointed by the SICAV as the Management Company to the SICAV in accordance with a contract entered into for an unlimited term between the SICAV and the Management Company. This agreement may be terminated by either party subject to advance written notice of 90 days. | Im Rahmen dieses Vertrags bietet die CACEIS Bank, Luxembourg Branch, der SICAV den Gesellschaftssitz, die Geschäftsadresse sowie die sonstigen in Verbindung mit einer Domizilierung stehenden Dienstleistungen.
Unter Einhaltung einer Frist von drei Monaten kann die SICAV die Funktionen der CACEIS Bank, Luxembourg Branch, als Domizilierungsstelle schriftlich kündigen, und Letztere kann ihre Funktionen unter Einhaltung derselben Bedingungen kündigen.
- VerwaltungsgesellschaftCandriam (nachfolgend die »Verwaltungsgesellschaft«) eine Kommanditgesellschaft auf Aktien (Société en Commandite par Actions) mit Gesellschaftssitz in L-8009 Strassen, 19-21 route d’Arlon, SERENITY - Bloc B, wurde gemäß einem unbefristeten Vertrag zwischen der SICAV und der Verwaltungsgesellschaft von der SICAV zur Verwaltungsgesellschaft der SICAV bestellt. Dieser Vertrag kann von beiden Parteien schriftlich unter Einhaltung einer Frist von 90 Tagen gekündigt werden. | Under this agreement, CACEIS Bank, Luxembourg Branch provides the registered office and address to the SICAV in addition to other services relating to domiciliation.
The SICAV may terminate the domiciliary agent functions of CACEIS Bank, Luxembourg Branch with three months' written notice, and the latter may terminate its own functions with the same notice.
- Management CompanyCandriam (hereinafter "the Management Company"), a partnership limited by shares with its registered office at L-8009 Strassen, 19-21 route d'Arlon, SERENITY – Bloc B, is appointed by the SICAV as the Management Company to the SICAV in accordance with a contract entered into for an unlimited term between the SICAV and the Management Company. This agreement may be terminated by either party subject to advance written notice of 90 days. | en | de |
DOLFIN2612 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## The Company may temporarily suspend the determination of the Net Asset Value and the sale or repurchase of Shares in any fund during:
- any period (other than ordinary holiday or customary weekend closings) when any market or exchange is closed which is the main market for a significant part of the relevant fund’s investments, or when dealing therein or thereon is restricted or suspended;
- any period when any circumstance exists as a result of which disposal or valuation of investments the Company or a fund is not reasonably practicable;
- any period when for any reason the current prices on any market or stock exchange of any investments of any fund cannot be reasonably, promptly or accurately ascertained;
- any period during which the Directors are unable to remit funds required for the purposes of making payments due or where acquisition or realisation of assets of any fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange;
- any period when proceeds of the sale or repurchase of the Shares cannot be transmitted to or from the relevant fund’s account; and
- any period after which a notice of general meeting has been issued to Shareholders at which a resolution to wind up the Company or any fund is proposed. | ## La Société peut temporairement suspendre le calcul de la Valeur nette d’inventaire, ainsi que la vente ou le rachat d’Actions d’un compartiment lors de :
- toute période (hors congés ordinaires ou fermetures habituelles de fin de semaine) durant laquelle un marché ou une bourse, qui constitue le principal marché pour une part significative des investissements du compartiment concerné, est fermé ou durant laquelle la négociation sur ce marché ou cette bourse est limitée ou suspendue ;
- toute période durant laquelle un concours de circonstances empêche la cession ou l’évaluation raisonnable des investissements de la Société ou d’un compartiment ;
- toute période durant laquelle le prix réel des investissements réels d’un compartiment sur un marché ou une bourse ne peut être raisonnablement, rapidement ou précisément connu pour quelque raison que ce soit ;
- toute période durant laquelle les Administrateurs ne sont pas en mesure de fournir les fonds nécessaires aux fins de régler les montants dus ou lorsque l’acquisition ou la réalisation d’actifs d’un compartiment ne peut, selon les Administrateurs, être effectuée à des taux de change normaux ;
- toute période durant laquelle le produit de la vente ou du rachat d’Actions ne peut être transmis sur ou depuis le compte du compartiment concerné ; et
- toute période après laquelle une convocation à l’assemblée générale a été adressée aux Actionnaires aux fins de voter par résolution de dissoudre la Société ou un compartiment. | ## The Company may temporarily suspend the determination of the Net Asset Value and the sale or repurchase of Shares in any fund during:
- any period (other than ordinary holiday or customary weekend closings) when any market or exchange is closed which is the main market for a significant part of the relevant fund’s investments, or when dealing therein or thereon is restricted or suspended;
- any period when any circumstance exists as a result of which disposal or valuation of investments the Company or a fund is not reasonably practicable;
- any period when for any reason the current prices on any market or stock exchange of any investments of any fund cannot be reasonably, promptly or accurately ascertained;
- any period during which the Directors are unable to remit funds required for the purposes of making payments due or where acquisition or realisation of assets of any fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange;
- any period when proceeds of the sale or repurchase of the Shares cannot be transmitted to or from the relevant fund’s account; and
- any period after which a notice of general meeting has been issued to Shareholders at which a resolution to wind up the Company or any fund is proposed. | en | fr |
DOLFIN2613 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Auditor of the Fund
Ernst & Young S.A.
35E, Avenue John F. Kennedy L-1855 Luxembourg
The investment fund described in this Sales Prospectus (with its Annexes and the Management Regulations) (the “Sales Prospectus”) is a Luxembourg investment fund (fonds commun de placement) that has been estab- lished for an unlimited period in the form of a mono fund in accordance with Part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment (the “Law of 17 December 2010”).
This Sales Prospectus is only valid in conjunction with the most recently published annual report, which may not be more than 16 months old. If the annual report is older than eight months, the buyer will also be provided with the semi-annual report. The currently valid Sales Prospectus and the “Key Investor Information Document” shall form the legal foundation for the purchase of units. In purchasing units, the investor acknowledges the Sales Prospectus, the “Key Investor Information Document” and any approved amendments published thereto.
The investor will be provided with the “Key Investor Information Document” at no charge and on a timely basis
prior to the acquisition of Fund units.
No information or explanations may be given which are at variance with the Sales Prospectus or the “Key Investor Information Document”. The Management Company shall not be liable if and to the extent that any information or explanations are given which deviate from the terms of the current Sales Prospectus or the “Key Investor Information Document”.
The Sales Prospectus and the “Key Investor Information Document” as well as the relevant annual and semi- annual reports for the Fund are available on a durable medium free of charge at the registered office of the Management Company, the Depositary, the paying agents/information agents and sales agent. The Sales Prospectus and the “Key Investor Information Document” may also be downloaded from the website www.ethenea.com. Upon request by the investor, these documents will also be provided in hard copy. For further information, please see the section entitled “Information for investors”.
As from 1 January 2023, the Key Investor Information Document will be replaced by the Key Investor Information Document for packaged retail and insurance-based investment products (PRIIP). | # Commissaire aux comptes du Fonds
Ernst & Young S.A.
35E, avenue John F. Kennedy L-1855 Luxembourg
Le véhicule de placement décrit dans le présent prospectus (avec annexes et règlement de gestion) (le « pros- pectus ») est un fonds commun de placement de droit luxembourgeois constitué pour une durée illimitée sous la forme d’un fonds sans compartiment conformément à la Partie I de la loi luxembourgeoise du 17 décembre 2010 sur les organismes de placement collectif dans sa version en vigueur (la « Loi du 17 décembre 2010 »).
Le présent prospectus de vente n’est valable qu’accompagné du dernier rapport annuel publié, dont la date de clôture ne peut remonter à plus de seize mois. Si la date de clôture du rapport annuel remonte à plus de huit mois, le rapport semestriel doit aussi être mis à disposition de l’investisseur. La souscription de parts repose sur le prospectus en vigueur et les documents d'informations clés pour l'investisseur. Lors de la souscription d’une part, l’investisseur accepte le prospectus, les documents d’informations clés pour l’investisseur ainsi que toute modification y afférente autorisée et publiée.
Les « informations clés pour l’investisseur » sont mises gratuitement à la disposition de l’investisseur en temps
utile avant l’acquisition de parts du Fonds.
Il est interdit de fournir des renseignements ou des explications contraires au prospectus ou aux « informations clés pour l’investisseur ». La Société de gestion décline toute responsabilité quant aux renseignements ou explications fournis qui diffèrent du prospectus en vigueur ou des « informations clés pour l’investisseur ».
Le prospectus, les « informations clés pour l’investisseur » ainsi que les rapports annuels et semestriels du Fonds peuvent être obtenus gratuitement sur un support durable au siège de la Société de gestion et du dépositaire, ainsi qu’auprès des agents payeurs/agents d’information et du distributeur. Le prospectus et les
« informations clés pour l’investisseur » peuvent également être consultés sur le site Internet www.ethenea.com. Ces documents peuvent également être fournis à l’investisseur au format papier sur simple demande. Pour de plus amples informations, il convient de se référer au chapitre « Informations aux investisseurs ».
À partir du 1er janvier 2023, les informations clés pour l’investisseur sont remplacées par le document d’informations clés pour les produits d’investissement packagés de détail et fondés sur l’assurance (packaged retail and insurance-based investment products, PRIIP). | # Auditor of the Fund
Ernst & Young S.A.
35E, Avenue John F. Kennedy L-1855 Luxembourg
The investment fund described in this Sales Prospectus (with its Annexes and the Management Regulations) (the “Sales Prospectus”) is a Luxembourg investment fund (fonds commun de placement) that has been estab- lished for an unlimited period in the form of a mono fund in accordance with Part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment (the “Law of 17 December 2010”).
This Sales Prospectus is only valid in conjunction with the most recently published annual report, which may not be more than 16 months old. If the annual report is older than eight months, the buyer will also be provided with the semi-annual report. The currently valid Sales Prospectus and the “Key Investor Information Document” shall form the legal foundation for the purchase of units. In purchasing units, the investor acknowledges the Sales Prospectus, the “Key Investor Information Document” and any approved amendments published thereto.
The investor will be provided with the “Key Investor Information Document” at no charge and on a timely basis
prior to the acquisition of Fund units.
No information or explanations may be given which are at variance with the Sales Prospectus or the “Key Investor Information Document”. The Management Company shall not be liable if and to the extent that any information or explanations are given which deviate from the terms of the current Sales Prospectus or the “Key Investor Information Document”.
The Sales Prospectus and the “Key Investor Information Document” as well as the relevant annual and semi- annual reports for the Fund are available on a durable medium free of charge at the registered office of the Management Company, the Depositary, the paying agents/information agents and sales agent. The Sales Prospectus and the “Key Investor Information Document” may also be downloaded from the website www.ethenea.com. Upon request by the investor, these documents will also be provided in hard copy. For further information, please see the section entitled “Information for investors”.
As from 1 January 2023, the Key Investor Information Document will be replaced by the Key Investor Information Document for packaged retail and insurance-based investment products (PRIIP). | en | fr |
DOLFIN2614 | 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 period ended 30 June 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 2,078,273,966.35.
As at 30 June 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 30 giugno 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 2.078.273.966,35 USD. Al 30 giugno 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 period ended 30 June 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 2,078,273,966.35.
As at 30 June 2021, the following sub-funds were invested in other sub-funds of the SICAV as set out hereunder: | en | it |
DOLFIN2615 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# All redeemed shares will be cancelled.
At the close of liquidation of any Sub-Fund, the proceeds thereof corresponding to Investor Shares or Manager Shares not surrendered may be kept in safe custody with the Luxembourg Central Administrator, as Depositary of the Fund, during a period not exceeding nine months from the date of the close of the liquidation. After this period, these proceeds will be kept in safe custody at the Caisse de Consignation.
## Mergers of the Fund / of the Sub-Funds
- Mergers decided by the Board of Directors
-
## The Fund | # Alle zurückgenommenen Anteile werden annulliert.
Beim Abschluss der Abwicklung eines Teilfonds können die Erlöse für Anleger- und Anlageverwalteranteile, die nicht zurückgegeben wurden, bei der Luxemburger Hauptverwaltungsstelle in ihrer Eigenschaft als Verwahrstelle während einer Frist von höchstens neun Monaten ab dem Tag des Schlusses der Abwicklung sicher verwahrt werden. Danach werden dieser Erlöse bei der Caisse de Consignation sicher verwahrt.
## Fusionen des Fonds / der Teilfonds
- Vom Verwaltungsrat entschiedene Fusionen
-
## Der Fonds: | # All redeemed shares will be cancelled.
At the close of liquidation of any Sub-Fund, the proceeds thereof corresponding to Investor Shares or Manager Shares not surrendered may be kept in safe custody with the Luxembourg Central Administrator, as Depositary of the Fund, during a period not exceeding nine months from the date of the close of the liquidation. After this period, these proceeds will be kept in safe custody at the Caisse de Consignation.
## Mergers of the Fund / of the Sub-Funds
- Mergers decided by the Board of Directors
-
## The Fund | en | de |
DOLFIN2616 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Points marquants
- Le fonds a progressé et a surperformé l’indice MSCI ACWI Net Return.
- La sélection de valeurs a été la principale source de la surperformance, en premier lieu dans les secteurs de la technologie et de la consommation cyclique. KLA Corp a signé la meilleure contribution à la performance dans le secteur des semi-conducteurs.
- Medtronic et Elevance Health ont été les principaux obstacles à la performance dans le secteur des soins de santé.
- Nous nous sommes renforcés sur Kone, une position récemment initiée, et avons réduit notre position dans Charles Schwab après la forte hausse du titre. Nous avons vendu la totalité de notre position Imperial Brands dans la perspective de la prise en compte des critères environnementaux, sociaux et de gouvernance (ESG) dans l’objectif du fonds.
- Les positions du fonds ont continué de se distinguer sur le front des dividendes, à l’image de Siemens qui a annoncé une hausse de 6 % de son dividende. Amcor a également augmenté son dividende. | # Aspectos destacados
- El fondo generó una rentabilidad positiva y superó al índice MSCI ACWI Net Return.
- La selección de valores fue el principal artífice del excedente de rentabilidad, con las mayores aportaciones viniendo de los sectores tecnológico y de consumo discrecional. KLA Corp fue el valor más rentable en el sector de semiconductores.
- Medtronic y Elevance Health fueron los menos rentables en salud.
- Seguimos reforzando la posición en Kone, valor recientemente incorporado a cartera, mientras que recortamos la posición en Charles Schwab tras su fuerte repunte. Nos deshicimos por completo de Imperial Brands con vistas a integrar las consideraciones ambientales, sociales y de gobernanza (ESG) en el objetivo del fondo.
- Los dividendos de las compañías en las que está invertido el fondo mantuvieron su tono positivo, con una subida del 6% de Siemens. Amcor también subió su dividendo. | # Points marquants
- Le fonds a progressé et a surperformé l’indice MSCI ACWI Net Return.
- La sélection de valeurs a été la principale source de la surperformance, en premier lieu dans les secteurs de la technologie et de la consommation cyclique. KLA Corp a signé la meilleure contribution à la performance dans le secteur des semi-conducteurs.
- Medtronic et Elevance Health ont été les principaux obstacles à la performance dans le secteur des soins de santé.
- Nous nous sommes renforcés sur Kone, une position récemment initiée, et avons réduit notre position dans Charles Schwab après la forte hausse du titre. Nous avons vendu la totalité de notre position Imperial Brands dans la perspective de la prise en compte des critères environnementaux, sociaux et de gouvernance (ESG) dans l’objectif du fonds.
- Les positions du fonds ont continué de se distinguer sur le front des dividendes, à l’image de Siemens qui a annoncé une hausse de 6 % de son dividende. Amcor a également augmenté son dividende. | fr | es |
DOLFIN2617 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Each sub-fund is permitted to invest 20% of its net sub-fund assets in securities and money market instruments of one and the same company group.
- Irrespective of the investment limits set out in Article 48 of the Law of 17 December 2010, up to 20% of a sub-fund's net assets may be invested in shares and debt instruments of a single issuer if the objective of the sub- fund's investment policy is to track a share or debt instrument index recognised by the Luxembourg supervisory authority. However, this is conditional upon the fact that:
- the composition of the index is sufficiently diversified,
- the index presents an adequate base level for the market to which it refers, and
- the index is published in a reasonable manner. | # Der jeweilige Teilfonds darf 20% seines Netto-Teilfondsvermögens in Wertpapiere und Geldmarktinstrumente ein und derselben Unternehmensgruppe investieren.
- Unbeschadet der in Artikel 48 des Gesetzes vom 17. Dezember 2010 festgelegten Anlagegrenzen können für den jeweiligen Teilfonds bis zu 20% seines Netto-Teilfondsvermögens in Aktien und Schuldtiteln ein und derselben Einrichtung investiert werden, wenn die Nachbildung eines von der Luxemburger Aufsichtsbehörde anerkannten Aktien- oder Schuldtitelindex das Ziel der Anlagepolitik des jeweiligen Teilfonds ist. Voraussetzung hierfür ist jedoch, dass:
- die Zusammensetzung des Index hinreichend diversifiziert ist,
- der Index eine adäquate Bezugsgrundlage für den Markt darstellt, auf den er sich bezieht, und
- der Index in angemessener Weise veröffentlicht wird. | # Each sub-fund is permitted to invest 20% of its net sub-fund assets in securities and money market instruments of one and the same company group.
- Irrespective of the investment limits set out in Article 48 of the Law of 17 December 2010, up to 20% of a sub-fund's net assets may be invested in shares and debt instruments of a single issuer if the objective of the sub- fund's investment policy is to track a share or debt instrument index recognised by the Luxembourg supervisory authority. However, this is conditional upon the fact that:
- the composition of the index is sufficiently diversified,
- the index presents an adequate base level for the market to which it refers, and
- the index is published in a reasonable manner. | en | de |
DOLFIN2618 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund may invest:
- up to a maximum of 25% of its assets in bonds and money market instruments issued by companies with their registered office located in Europe and rated investment grade (Standard & Poor’s or equivalent, or using the Management Company’s internal rating). The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These UCIs may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux and will be compatible with the Fund’s investment strategy.
- The use of derivatives and securities with embedded derivatives is not permitted.
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day. | # El Fondo podrá estar invertido:
- hasta un 25% como máximo en obligaciones e instrumentos del mercado monetario emitidos por empresas con domicilio social en Europa y una calificación de investment grade (otorgada por Standard & Poor’s o una agencia equivalente o concedida de manera interna por parte de la Sociedad gestora). La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM conformes a la Directiva europea 2009/65/CE, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por ODDO BHF Asset Management SAS y/o ODDO BHF Asset Management GmbH y/o ODDO BHF Asset Management Lux y serán compatibles con la estrategia de inversión del Fondo.
- No se autoriza la utilización de instrumentos derivados, así como tampoco de títulos que incorporan derivados.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día. | # The Fund may invest:
- up to a maximum of 25% of its assets in bonds and money market instruments issued by companies with their registered office located in Europe and rated investment grade (Standard & Poor’s or equivalent, or using the Management Company’s internal rating). The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These UCIs may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux and will be compatible with the Fund’s investment strategy.
- The use of derivatives and securities with embedded derivatives is not permitted.
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day. | en | es |
DOLFIN2619 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In accordance with applicable UCITS requirements, the Depositary shall be liable to the Company and the Shareholders (i) in respect of a loss of a financial instrument held in its custody (or in the custody of any third party to whom the Depositary’s safekeeping functions have been delegated) unless the Depositary can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary and (ii) in respect of all other losses arising as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the Directive.
Conflicts of Interest
Conflicts of interest may arise for the Depositary and/or its delegates from time to time, including without limitation where the Depositary and/or any of its delegates:
- is likely either to make a financial gain or avoid a financial loss at the expense of the Company or its Shareholders;
- has an interest in the outcome of a service or an activity provided to the Company or of a transaction carried out on behalf of the Company which is distinct from the Company's interest;
- has a financial or other incentive to give priority to the interest of another client or group of clients over the interests of the Company;
- carries on the same activities for the Company and for other clients that adversely affect the Company; or
- is in receipt of inducement in the form of monies, good or services other than the standard commission or fee for that service. | Gemäß den maßgeblichen OGAW-Anforderungen haftet die Verwahrstelle gegenüber der Gesellschaft und den Anteilinhabern (i) für das Abhandenkommen von durch die Verwahrstelle (oder durch einen Dritten, dem die Verwahrung von Finanzinstrumenten übertragen wurde) in Verwahrung gehaltenen Finanzinstrumenten, es sei denn, die Verwahrstelle kann nachweisen, dass das Abhandenkommen auf äußere Umstände außerhalb ihrer vernünftigen Kontrolle zurückzuführen ist, deren Konsequenzen trotz aller angemessenen Gegenmaßnahmen unabwendbar waren, und (ii) für alle anderen Verluste, die aufgrund der fahrlässig oder vorsätzlich verursachten Nichterfüllung ihrer Verpflichtungen aus der Richtlinie seitens der Verwahrstelle verursacht wurden.
Interessenkonflikte
Interessenkonflikte können für die Verwahrstelle und/oder ihre Beauftragten jeweils insbesondere dann auftreten, wenn die Verwahrstelle und/oder einer ihrer Beauftragten
- wahrscheinlich zu Lasten der Gesellschaft oder ihrer Anteilinhaber einen finanziellen Vorteil erzielen oder einen Verlust vermeiden wird,
- am Ergebnis einer für die Gesellschaft erbrachten Dienstleistung oder Tätigkeit bzw. eines für die Gesellschaft getätigten Geschäfts ein Interesse hat, das nicht mit dem Interesse der Gesellschaft an diesem Ergebnis übereinstimmt,
- einen finanziellen oder sonstigen Anreiz hat, die Interessen eines anderen Kunden oder einer anderen Kundengruppe über die Interessen der Gesellschaft zu stellen,
- dieselben Aktivitäten für die Gesellschaft wie auch für andere Kunden ausführt, und sich dies negativ auf die Gesellschaft auswirkt; oder
- für diese Dienstleistung neben den üblichen Provisionen oder Vergütungen Anreize in Form von Geldern, Gütern oder Leistungen erhält. | In accordance with applicable UCITS requirements, the Depositary shall be liable to the Company and the Shareholders (i) in respect of a loss of a financial instrument held in its custody (or in the custody of any third party to whom the Depositary’s safekeeping functions have been delegated) unless the Depositary can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary and (ii) in respect of all other losses arising as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the Directive.
Conflicts of Interest
Conflicts of interest may arise for the Depositary and/or its delegates from time to time, including without limitation where the Depositary and/or any of its delegates:
- is likely either to make a financial gain or avoid a financial loss at the expense of the Company or its Shareholders;
- has an interest in the outcome of a service or an activity provided to the Company or of a transaction carried out on behalf of the Company which is distinct from the Company's interest;
- has a financial or other incentive to give priority to the interest of another client or group of clients over the interests of the Company;
- carries on the same activities for the Company and for other clients that adversely affect the Company; or
- is in receipt of inducement in the form of monies, good or services other than the standard commission or fee for that service. | en | de |
DOLFIN2620 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# nible au siège social de la Société de gestion et sur www.fundpublications.com.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,10% |
| Frais de sortie | 0,10% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi et avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 1,00% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Néant |
Les frais acquittés par l’investisseur servent à couvrir les frais de fonctionnement du fonds, y compris les coûts de commercialisation et de distribution des actions. Ces charges réduisent le potentiel de plus-value d’un investissement dans ce fonds. | # la Sociedad Gestora y en www.fundpublications.com.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inver- sión |
| --- |
| Gastos de entrada | 0,10 % |
| Gastos de salida | 0,10 % |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inver- sión y antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,00 % |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna |
Los gastos que paga un inversor se utilizan para cubrir los gastos corrientes del fon- do, incluyendo los costes de comercialización y distribución de acciones. Estos gastos reducen el posible aumento del valor de una inversión en este fondo. | # nible au siège social de la Société de gestion et sur www.fundpublications.com.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,10% |
| Frais de sortie | 0,10% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi et avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 1,00% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Néant |
Les frais acquittés par l’investisseur servent à couvrir les frais de fonctionnement du fonds, y compris les coûts de commercialisation et de distribution des actions. Ces charges réduisent le potentiel de plus-value d’un investissement dans ce fonds. | fr | es |
DOLFIN2621 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Le Fonds est géré de manière active et non par rapport à un indice de référence.
Le Fonds peut investir dans des instruments de capitaux propres américains et non américains (y compris des actions ordinaires, des actions privilégiées, des actions privilégiées convertibles, des American Depositary Receipts (ADR) et/ou des Global Depositary Receipts (GDRs), des warrants, des options cotées ou de gré à gré (OTC), des swaps et des contrats à terme de change. Les positions courtes synthétiques liées aux instruments de capitaux propres sont économiquement équivalentes aux positions courtes, mais elles sont mises en œuvre au moyen d’instruments financiers dérivés (FDI) négociés en bourse, en gré à gré ou bilatéraux. | # El Fondo se gestiona de forma activa y no se gestiona en referencia a un índice de referencia.
El Fondo podrá invertir en instrumentos de renta variable estadounidenses y no estadounidenses (incluidas acciones ordinarias, acciones preferentes, acciones convertibles preferentes, certificados de depósito estadounidenses (ADR) y/o certificados de depósito globales (GDR)), warrants, opciones cotizadas o extrabursátiles (OTC), permutas y contratos a plazo sobre divisas. Las posiciones cortas sintéticas relacionadas con instrumentos de renta variable son económicamente equivalentes a las posiciones cortas, pero se implementan a través de instrumentos financieros derivados (IFD) bilaterales, compensados extrabursátiles o negociados en bolsa. | # Le Fonds est géré de manière active et non par rapport à un indice de référence.
Le Fonds peut investir dans des instruments de capitaux propres américains et non américains (y compris des actions ordinaires, des actions privilégiées, des actions privilégiées convertibles, des American Depositary Receipts (ADR) et/ou des Global Depositary Receipts (GDRs), des warrants, des options cotées ou de gré à gré (OTC), des swaps et des contrats à terme de change. Les positions courtes synthétiques liées aux instruments de capitaux propres sont économiquement équivalentes aux positions courtes, mais elles sont mises en œuvre au moyen d’instruments financiers dérivés (FDI) négociés en bourse, en gré à gré ou bilatéraux. | fr | es |
DOLFIN2622 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- if the account is opened elsewhere:
- a bank in (a); or
- a credit institution established in an EEA State other than in the United Kingdom and duly authorised by the relevant home state regulator; or
- a bank which is regulated in the Isle of Man or the Channel Islands; or | - wenn das Konto andernorts eröffnet wurde:
- eine unter (a) genannte Bank; oder
- ein Kreditinstitut, das in einem Mitgliedsstaat des Europäischen Wirtschaftsraums außer im Vereinigten Königreich gegründet wurde und von der Aufsichtsbehörde des jeweiligen Herkunftsstaates ordnungsgemäß zugelassen ist; oder
- eine Bank, die auf der Isle of Man oder den Kanalinseln geregelt ist; oder | - if the account is opened elsewhere:
- a bank in (a); or
- a credit institution established in an EEA State other than in the United Kingdom and duly authorised by the relevant home state regulator; or
- a bank which is regulated in the Isle of Man or the Channel Islands; or | en | de |
DOLFIN2623 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
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 25% and 50% 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 have significant exposure to 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 gov ernance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. | 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 25% y un 50% 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 tener exposición sustancial a 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. | 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 25% and 50% 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 have significant exposure to 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 gov ernance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. | en | es |
DOLFIN2624 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# eb0d9ff3-2d4f-4d35-a68b-ac138cfcecdc
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Responsible Consumer Fund - share class BH GBP (the Product); ISIN LU2062658419; in share class currency GBP a share class of Credit Suisse Responsible Consumer Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | # cbcb9f12-b310-4e5c-8be1-856a99833dcf
Key Information Document
Scopo
Il presente documento contiene informazioni chiave relative a questo prodotto d’investimento. Non si tratta di un documento promozionale. Le informazioni, richieste dalla legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi, i guadagni e le perdite potenziali di questo prodotto e di agevolare il raffronto con altri prodotti d’investimento.
Prodotto
Nome del prodotto/ISIN Credit Suisse Responsible Consumer Fund - classe di quote BH GBP (il prodotto); ISIN LU2062658419; nella valuta della classe di quote GBP una classe di quote di Credit Suisse Responsible Consumer Fund (il comparto)
un comparto di Credit Suisse Wealth Funds 1 (il fondo a ombrello / la società d’investimento)
Il prodotto è un comparto UCITS stabilito in Lussemburgo. È gestito da MultiConcept Fund Management S.A. (la Società di gestione).
Produttore MultiConcept Fund Management S.A., appartenente a Credit Suisse Group; 5, rue Jean Monnet, L-2180 Lussemburgo.
Per maggiori informazioni chiamate il numero +352 43 61 61 1 o visitate www.credit-suisse.com/microsites/multiconcept/en.html.
Autorità competente Commission de Surveillance du Secteur Financier (CSSF) è responsabile della supervisione di MultiConcept Fund Management S.A. in relazione al presente Documento contenente informazioni chiave | # eb0d9ff3-2d4f-4d35-a68b-ac138cfcecdc
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Responsible Consumer Fund - share class BH GBP (the Product); ISIN LU2062658419; in share class currency GBP a share class of Credit Suisse Responsible Consumer Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | en | it |
DOLFIN2625 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Extraordinary management costs
In addition, the Investment Company may charge the fund assets costs for extraordinary management activities.
Extraordinary management costs comprise the expenses incurred exclusively for the purpose of safeguarding the inter- ests of investors, which are incurred during the course of the regular business activities, and which were not foreseeable at the time of the foundation of the UCITS. Extraordinary management costs comprise in particular the cost of legal com- pliance in the interest of the UCITS or of the investors. Furthermore, this is deemed to include any possible necessary extraordinary management activities pursuant to UCITSG and UCITSV (e.g. amendments of the fund documents). | # Ausserordentliche Dispositionskosten
Zusätzlich darf die Investmentgesellschaft dem Fondsvermögen Kosten für ausserordentliche Dispositionen belasten.
Ausserordentliche Dispositionskosten setzen sich aus dem Aufwand zusammen, der ausschliesslich der Wahrung des Anlegerinteresses dient, im Laufe der regelmässigen Geschäftstätigkeit entsteht und bei Gründung des OGAW nicht vor- hersehbar war. Ausserordentliche Dispositionskosten sind insbesondere Kosten für die Rechtsbefolgung im Interesse des OGAW oder der Anleger. Darüber hinaus sind alle Kosten allfällig nötig werdender ausserordentlicher Dispositionen gemäss UCITSG und UCITSV (z.B. Änderungen der Fondsdokumente) hierunter zu verstehen. | # Extraordinary management costs
In addition, the Investment Company may charge the fund assets costs for extraordinary management activities.
Extraordinary management costs comprise the expenses incurred exclusively for the purpose of safeguarding the inter- ests of investors, which are incurred during the course of the regular business activities, and which were not foreseeable at the time of the foundation of the UCITS. Extraordinary management costs comprise in particular the cost of legal com- pliance in the interest of the UCITS or of the investors. Furthermore, this is deemed to include any possible necessary extraordinary management activities pursuant to UCITSG and UCITSV (e.g. amendments of the fund documents). | en | de |
DOLFIN2626 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Reinvestment of Collateral
Cash received as collateral may not be invested or used other than as set out below:
- placed on deposit with Relevant Institutions;
- invested in high-quality government securities;
- used for the purpose of reverse repurchase agreements, provided that the transactions are with credit institutions subject to prudential supervision and the SICAV is able to recall at any time the full amount of cash on an accrued basis;
- invested in a “Short Term Money Market Fund” as defined by the European Securities and Markets Authority’s guidelines on a common definition of European money market funds. | Wiederanlage von Sicherheiten
Als Sicherheit erhaltene Barmittel dürfen nur wie nachstehend dargelegt investiert oder verwendet werden:
- Einlage bei maßgeblichen Institutionen;
- Anlage in qualitativ hochwertigen staatlichen Wertpapieren;
- Verwendung für den Zweck umgekehrter Pensionsgeschäfte, sofern die Geschäfte mit Kreditinstituten vorgenommen werden, die einer Aufsicht unterliegen, und die SICAV in der Lage ist, den gesamten aufgelaufenen Barbetrag jederzeit abzurufen;
- Anlage in einem „kurzfristigen Geldmarktfonds“, wie in den Richtlinien der Europäischen Wertpapieraufsichtsbehörde für eine einheitliche Definition europäischer Geldmarktfonds definiert. | Reinvestment of Collateral
Cash received as collateral may not be invested or used other than as set out below:
- placed on deposit with Relevant Institutions;
- invested in high-quality government securities;
- used for the purpose of reverse repurchase agreements, provided that the transactions are with credit institutions subject to prudential supervision and the SICAV is able to recall at any time the full amount of cash on an accrued basis;
- invested in a “Short Term Money Market Fund” as defined by the European Securities and Markets Authority’s guidelines on a common definition of European money market funds. | en | de |
DOLFIN2627 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Lazard Deutschland IMA contains provisions regarding Lazard Asset Management (Deutschland) GmbH’s legal responsibilities and indemnities in favour of Lazard Asset Management (Deutschland) GmbH other than in respect of matters arising by reason of the fraud, bad faith, wilful default, recklessness or negligence of Lazard Asset Management (Deutschland) GmbH, its employees, officers, agents or subcontractors (which, for the avoidance of doubt, shall not include brokers or dealers used by Lazard Asset Management (Deutschland) GmbH).
- The Currency Management Agreement. The Currency Manager has been appointed by the Lazard Asset Management LLC pursuant to the Currency Management Agreement. The Company in consideration for the services to be provided by the Currency Manager to Lazard Asset Management LLC has joined the Currency Management Agreement for the sole purpose of paying the fees of the Currency Manager. The Currency Management Agreement will continue in force until terminated by either Lazard Asset Management LLC or the Currency Manager giving to the other party not less than 60 days’ written notice or such lesser period of notice as the parties may agree in writing although in certain circumstances the agreement may be terminated forthwith by notice in writing by any of the parties to the others. The Currency Management Agreement contains provisions regarding the Currency Manager’s legal responsibilities and indemnities in favour of the Currency Manager other than in respect of matters arising by reason of its fraud, wilful default or negligence in the performance of its duties and obligations.
-
##### Inspection of Documents | Der Lazard-Deutschland-Anlageverwaltungsvertrag enthält Bestimmungen zu den rechtlichen Pflichten der Lazard Asset Management (Deutschland) GmbH und zu Freistellungen zugunsten der Lazard Asset Management (Deutschland) GmbH mit Ausnahme von Sachverhalten, die aus betrügerischem Verhalten, Täuschungsabsicht, vorsätzlicher Unterlassung, Leichtfertigkeit oder Fahrlässigkeit der Lazard Asset Management (Deutschland) GmbH, ihrer Mitarbeiter, Organmitglieder (officers), Bevollmächtigten oder Vertragsnehmer (dies schließt Makler/Broker oder Händler, deren Dienste von Lazard Asset Management (Deutschland) GmbH in Anspruch genommen werden, nicht ein) resultieren.
- Der Währungsmanagementvertrag. Der Währungsmanager wurde von Lazard Asset Management LLC gemäß dem Währungsmanagementvertrag bestellt. Die Gesellschaft ist im Hinblick auf die Lazard Asset Management LLC durch den Währungsmanager zu erbringenden Dienstleistungen dem Währungsmanagementvertrag ausschließlich für den Zweck beigetreten, die Gebühren des Währungsmanagers zu zahlen. Der Währungsmanagementvertrag bleibt so lange in Kraft, bis er entweder durch Lazard Asset Management LLC oder den Währungsmanager mit einer Frist von mindestens 60 Tagen (oder einer kürzeren schriftlich zwischen den Parteien vereinbarten Frist) schriftlich gegenüber der jeweils anderen Partei gekündigt wird, mit der Maßgabe, dass der Vertrag unter bestimmten Bedingungen mit sofortiger Wirkung schriftlich durch eine Partei gegenüber den anderen gekündigt werden kann. Der Währungsmanagementvertrag regelt die gesetzlichen Pflichten des Währungsmanagers und sieht eine Freistellung des Währungsmanagers von Schäden vor, soweit die Schäden nicht auf Betrug, vorsätzliche Nichterfüllung oder Fahrlässigkeit in der Erfüllung der Pflichten durch den Währungsmanager zurückzuführen sind.
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##### Einsichtnahme in Unterlagen | The Lazard Deutschland IMA contains provisions regarding Lazard Asset Management (Deutschland) GmbH’s legal responsibilities and indemnities in favour of Lazard Asset Management (Deutschland) GmbH other than in respect of matters arising by reason of the fraud, bad faith, wilful default, recklessness or negligence of Lazard Asset Management (Deutschland) GmbH, its employees, officers, agents or subcontractors (which, for the avoidance of doubt, shall not include brokers or dealers used by Lazard Asset Management (Deutschland) GmbH).
- The Currency Management Agreement. The Currency Manager has been appointed by the Lazard Asset Management LLC pursuant to the Currency Management Agreement. The Company in consideration for the services to be provided by the Currency Manager to Lazard Asset Management LLC has joined the Currency Management Agreement for the sole purpose of paying the fees of the Currency Manager. The Currency Management Agreement will continue in force until terminated by either Lazard Asset Management LLC or the Currency Manager giving to the other party not less than 60 days’ written notice or such lesser period of notice as the parties may agree in writing although in certain circumstances the agreement may be terminated forthwith by notice in writing by any of the parties to the others. The Currency Management Agreement contains provisions regarding the Currency Manager’s legal responsibilities and indemnities in favour of the Currency Manager other than in respect of matters arising by reason of its fraud, wilful default or negligence in the performance of its duties and obligations.
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##### Inspection of Documents | en | de |
DOLFIN2628 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Bonds and Other Debt InstrumentsFor funds which invest in bonds or other debt instruments, the value of those investments and hence the Net Asset Value of the relevant funds will depend on factors including, but not limited to, market interest rates, the credit quality of the issuer, the currency of the investment (when the currency of the investment is other than the base currency of the fund holding that investment) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their prices fall when interest rates rise.
- Lower Rated/Unrated Securities RiskThe credit quality of debt instruments is often assessed by rating agencies. Certain funds may invest in lower-rated and unrated securities. Lower-rated securities (below investment grade) and unrated securities may be higher yielding but be subject to wider fluctuations in yield, wider bid-offer spreads, lower liquidity and consequently greater fluctuations in market values and greater risk of loss of principal and interest, than higher-rated (investment grade) securities.
- Downgrading RiskThe credit rating of debt instruments or their issuers may be downgraded. In the event of such downgrading, the value of the instrument, and hence the relevant funds, may be adversely affected. The manager may or may not be able to dispose of the debt instruments that are being downgraded.
- Credit / Default RiskInvestments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or is otherwise unable to pay interest or principal (default). Credit risk also arises from the uncertainty about the ultimate repayment of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase priceof the debt instrument is at risk of loss if there is no recovery after default. The risk of default is usually greatest with bonds and debt instruments that are classed as ‘sub-investment grade’. | - Obligations et autres titres de créancePour les Compartiments qui investissent dans des obligations ou autres titres de créance, la valeur de ces investissements et donc la Valeur Liquidative des Compartiments concernés dépendra de facteurs comprenant, mais sans s’y limiter, les taux d’intérêt du marché, la qualité de crédit de l’émetteur, la devise de l’investissement (lorsque cette devise est différente de la devise de référence du Compartiment détenant cet investissement) et les critères de liquidité. En général, les prix des titres de créance augmentent quand les taux d’intérêt chutent et chutent quand les taux d’intérêt augmentent.
- Risque lié aux Titres assortis d’une notation inférieure/non notésLa qualité de crédit des titres de créance est souvent évaluée par des agences de notation. Certains Compartiments peuvent investir dans des titres non notés ou dont les notations sont inférieures à celles précitées. Les titres assortis d’une notation inférieure (« below investment grade ») et les titres non notés peuvent présenter des rendements plus élevés mais être soumis à des fluctuations de rendement plus importantes, à des écarts plus marqués entre le cours acheteur et le cours vendeur, à une liquidité moindre et, par conséquent, à des fluctuations de valeur plus importantes et à un risque de perte du principal et des intérêts plus importants que les titres assortis d’une notation supérieure (« investment grade »).
- Risque de baisse de notationLa notation des titres de créance ou de leurs émetteurs peut être revue à la baisse. Dans un tel cas, la valeur de l’instrument, et donc des Compartiments concernés, peut être affectée de manière négative. Le Gérant peut ou non être en mesure de disposer des titres de créance ainsi dégradés.
- Risque de crédit/de défautLes investissements peuvent être affectés de manière négative par l’insolvabilité ou une autre incapacité à payer les intérêts ou le capital (défaut) d’un des établissements auprès duquel des capitaux sont déposés. Le risque de crédit provient également des incertitudes concernant le remboursement définitif du principal et des intérêts des investissements en obligations ou autres titres de créance. Dans les deux cas, l’intégralité du dépôt ou du prix d’achat du titre de créance est exposée à un risque de perte en cas d’absence de recouvrement après défaut. Le risque de défaut est généralement accru avec les obligations et titres de créance de qualité « sub-investment grade ». | - Bonds and Other Debt InstrumentsFor funds which invest in bonds or other debt instruments, the value of those investments and hence the Net Asset Value of the relevant funds will depend on factors including, but not limited to, market interest rates, the credit quality of the issuer, the currency of the investment (when the currency of the investment is other than the base currency of the fund holding that investment) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their prices fall when interest rates rise.
- Lower Rated/Unrated Securities RiskThe credit quality of debt instruments is often assessed by rating agencies. Certain funds may invest in lower-rated and unrated securities. Lower-rated securities (below investment grade) and unrated securities may be higher yielding but be subject to wider fluctuations in yield, wider bid-offer spreads, lower liquidity and consequently greater fluctuations in market values and greater risk of loss of principal and interest, than higher-rated (investment grade) securities.
- Downgrading RiskThe credit rating of debt instruments or their issuers may be downgraded. In the event of such downgrading, the value of the instrument, and hence the relevant funds, may be adversely affected. The manager may or may not be able to dispose of the debt instruments that are being downgraded.
- Credit / Default RiskInvestments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or is otherwise unable to pay interest or principal (default). Credit risk also arises from the uncertainty about the ultimate repayment of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase priceof the debt instrument is at risk of loss if there is no recovery after default. The risk of default is usually greatest with bonds and debt instruments that are classed as ‘sub-investment grade’. | en | fr |
DOLFIN2629 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: €10,000 If you exit after 1 year If you exit after 5 years |
| --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €760 | €710 |
| Average return each year | -92.45% | -41.05% |
| Unfavourable | What you might get back after costs | €7,310 | €9,050 |
| Average return each year | -26.93% | -1.97% |
| Moderate | What you might get back after costs | €10,380 | €15,980 |
| Average return each year | 3.79% | 9.82% |
| Favourable | What you might get back after costs | €15,430 | €20,460 |
| Average return each year | 54.33% | 15.40% | | | Période de détention recommandée: 5 ans Exemple d'investissement: €10 000 Si vous sortez après 1 Si vous sortez après 5 an ans |
| --- |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €820 | €770 |
| Rendement annuel moyen | -91,83% | -40,10% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8 650 | €10 900 |
| Rendement annuel moyen | -13,47% | 1,74% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11 340 | €17 570 |
| Rendement annuel moyen | 13,35% | 11,93% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15 480 | €22 360 |
| Rendement annuel moyen | 54,79% | 17,47% | | | Recommended holding period: 5 years Example Investment: €10,000 If you exit after 1 year If you exit after 5 years |
| --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €760 | €710 |
| Average return each year | -92.45% | -41.05% |
| Unfavourable | What you might get back after costs | €7,310 | €9,050 |
| Average return each year | -26.93% | -1.97% |
| Moderate | What you might get back after costs | €10,380 | €15,980 |
| Average return each year | 3.79% | 9.82% |
| Favourable | What you might get back after costs | €15,430 | €20,460 |
| Average return each year | 54.33% | 15.40% | | en | fr |
DOLFIN2630 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the six-month period ended 31 January 2023, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g. trading activity, weighting). Portfolio holding information is as of the end of the six-month period, 31 January 2023, unless otherwise noted.
1 The companies included in the Morgan Stanley Capital International All Country World Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level.
2 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.
3 Management’s Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company discussed.
(Based on U.S. Dollars | Les performances passées ne garantissent pas les résultats à venir, les prix des fonds fluctuent et la valeur d’un placement peut être supérieure ou inférieure au prix d’achat. À moins d’indications contraires, les données apportées dans cette présentation de performance couvrent la période de six mois clôturée au 31 janvier 2023. Les résultats des rendements pour les positions sous-jacentes du Fonds montrent le rendement d’un titre au début de la période considérée ou la date du premier achat si effectué par la suite, jusqu’à la fin de la période en question ou la date lorsque la position est complètement liquidée. La contribution réelle au Fonds varie en fonction d’un certain nombre de facteurs (p. ex., les activités commerciales, la pondération). Les informations sur les avoirs en portefeuille se situent à la fin de la période de six mois, le 31 janvier 2023, sauf avis contraire.
1 Les valeurs incluses dans l’indice Morgan Stanley Capital International All Country World sont réparties en onze secteurs. Un ou plusieurs groupes industriels constituent un secteur. Pour évaluer la concentration, le Fonds évalue en général les sociétés au niveau du groupe industriel ou de l’industrie.
2 L’impact favorable ou défavorable d’une valeur ou d’un secteur sur les résultats du Fonds est fonction aussi bien de sa plus-value/moins-value que de sa pondération au sein du Fonds. Exemple : si un avoir qui représente 5 % des actifs du portefeuille progresse de 20 %, son impact sera deux fois plus important que celui d’un avoir affichant une plus-value de 50 %, mais dont la part au sein du portefeuille n’est que de 1 %.
3 Le présent Rapport du gestionnaire du Fonds mentionne un certain nombre de sociétés. Les informations figurant au sein du présent rapport ne sont pas raisonnablement suffisantes pour servir de base à une décision d’investissement, et elles ne sauraient avoir valeur de conseil d’achat ou de vente quant à un titre particulier. L’état du portefeuille-titres énumère les avoirs détenus par le Fonds dans chaque entreprise mentionnée.
(Basé sur le dollar américain | Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the six-month period ended 31 January 2023, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g. trading activity, weighting). Portfolio holding information is as of the end of the six-month period, 31 January 2023, unless otherwise noted.
1 The companies included in the Morgan Stanley Capital International All Country World Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level.
2 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.
3 Management’s Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company discussed.
(Based on U.S. Dollars | en | fr |
DOLFIN2631 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All assets not expressed in the currency of the Sub-Fund will be converted into that currency at the same day exchange rate of the stock market used as reference for the calculation of the net asset value.
The net asset value of the SICAV is equal to the sum of the net assets of the various Sub- Funds. The capital of the SICAV will at all times be equal to the net asset value of the SICAV and its consolidation currency is the EUR.
- Pools of assets are established for each Sub-Fund as follows:
- the proceeds from the issue of shares in a Sub-Fund will be allocated in the accounts of the SICAV to the pool of assets established for that Sub-Fund, and the assets, liabilities, income and expenses relating to that Sub-Fund will be allocated to the pool of assets of that Sub-Fund;
- assets which are derived from other assets will be allocated in the accounts of the SICAV to the same pool of assets as the assets from which they are derived. Whenever an asset is re-valued, its increase or reduction in value will be allocated to the pool of assets of the Sub-Fund to which it is allocated;
- all of the liabilities of the SICAV which may be allocated to a given Sub-Fund will be allocated to the pool of assets of that Sub-Fund;
- the assets, liabilities, charges and expenses which cannot be allocated to a specific Sub-Fund will be allocated to the various Sub-Funds in equal parts, or insofar as the amounts concerned justify it, proportionate to their respective net assets. | Alle nicht in der Währung eines Teilfonds ausgedrückten Vermögenswerte werden in diese Währung umgerechnet, und zwar zum gleichen Wechselkurs desjenigen Aktienmarktes, der zur Berechnung des Nettoinventarwerts herangezogen wird.
Der Nettoinventarwert der SICAV entspricht der Summe der Nettoinventarwerte ihrer einzelnen Teilfonds. Das Kapital der SICAV entspricht jederzeit dem Nettoinventarwert der SICAV; Konsolidierungswährung ist der Euro.
- Für jeden Teilfonds wird auf folgende Weise eine gemeinsame Vermögensmasse gebildet:
- Die bei der Ausgabe von Anteilen eines Teilfonds erlangten Erlöse werden in den Büchern der SICAV der für diesen Teilfonds gebildeten Vermögensmasse zugeteilt, und die diesen Teilfonds betreffenden Vermögenswerte, Verbindlichkeiten, Aufwendungen und Erträge werden der Vermögensmasse dieses Teilfonds zugerechnet;
- Vermögenswerte, die sich von anderen Vermögenswerten ableiten, werden in den Büchern der SICAV derselben Vermögensmasse zugerechnet wie die Vermögenswerte, von denen sie sich ableiten. Jedes Mal, wenn ein Vermögenswert neu bewertet wird, wird die Wertsteigerung oder Wertminderung dieses Vermögenswertes der Vermögensmasse des Teilfonds zugerechnet, zu dem dieser Vermögenswert gehört;
- alle Verbindlichkeiten der SICAV, die einem bestimmten Teilfonds zugerechnet werden können, werden der Vermögensmasse dieses Teilfonds zugerechnet;
- Vermögenswerte, Verbindlichkeiten, Kosten und Ausgaben, die keinem bestimmten Teilfonds zugeordnet werden können, werden zu gleichen Teilen auf die verschiedenen Teilfonds aufgeteilt oder, falls die entsprechenden Beträge dies rechtfertigen, im Verhältnis zu deren jeweiligen Nettovermögen. | All assets not expressed in the currency of the Sub-Fund will be converted into that currency at the same day exchange rate of the stock market used as reference for the calculation of the net asset value.
The net asset value of the SICAV is equal to the sum of the net assets of the various Sub- Funds. The capital of the SICAV will at all times be equal to the net asset value of the SICAV and its consolidation currency is the EUR.
- Pools of assets are established for each Sub-Fund as follows:
- the proceeds from the issue of shares in a Sub-Fund will be allocated in the accounts of the SICAV to the pool of assets established for that Sub-Fund, and the assets, liabilities, income and expenses relating to that Sub-Fund will be allocated to the pool of assets of that Sub-Fund;
- assets which are derived from other assets will be allocated in the accounts of the SICAV to the same pool of assets as the assets from which they are derived. Whenever an asset is re-valued, its increase or reduction in value will be allocated to the pool of assets of the Sub-Fund to which it is allocated;
- all of the liabilities of the SICAV which may be allocated to a given Sub-Fund will be allocated to the pool of assets of that Sub-Fund;
- the assets, liabilities, charges and expenses which cannot be allocated to a specific Sub-Fund will be allocated to the various Sub-Funds in equal parts, or insofar as the amounts concerned justify it, proportionate to their respective net assets. | en | de |
DOLFIN2632 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Outlook & Strategy
- Markets have started to recover from the volatility created by the liquidity crisis in select banks in the US and Switzerland. Looking ahead, uncertainty towards banks within emerging markets (EMs) also looks to be contained. This follows swift statements of reassurance by EM regulators regarding the robustness of their banking systems and limited exposure to the affected banks. In our view, EM banks in the portfolio are resilient due to their high capital levels as well as granular deposit bases.
- Banks in China, India and Brazil carry between 3 to 6 percentage points of capital above local Tier 1 capital requirements and hold more capital than the minimum required under Basel III regulations. Furthermore, our thorough due diligence process emphasises resilience and sustainability of corporate earnings. As such, the banking stocks held in our portfolios are leading local banks with strong business models and stand to benefit from growing penetration of financial products in their respective markets.
- We continue to focus on how the companies we invest in navigate these near-term issues as well as longer-term structural trends including digitalisation, urbanisation and premiumisation which we believe are likely to be the source of continued investment opportunities. Besides strong bank names, we also favour technology enablers such as semiconductors, IT services, batteries and renewable energy-related holdings. We believe that these companies are benefitting from disruption, digitalisation and new energy trends.
- Whilst investment sentiment has recovered somewhat since the banking crisis, we remain watchful for developments that could change our overall outlook, especially those that could spill over to EMs. Our on-the-ground teams benefit from timely and ongoing insights from company management and business leaders. This active engagement ultimately relates to a high conviction, well-diversified portfolio with low directional bias, focused on the longer term. | # Ausblick und Strategie
- Die Märkte erholen sich allmählich von der Volatilität, die durch die Liquiditätskrise bei einigen Banken in den USA und der Schweiz ausgelöst wurde. Was die weitere Entwicklung angeht, so scheint die Unsicherheit in Bezug auf Banken in den Schwellenländern ebenfalls eingedämmt zu sein. Die Regulierungsbehörden in den Schwellenländern haben schnell reagiert und versichert, dass ihre Bankensysteme robust seien und es kaum Berührungspunkte mit den betroffenen Banken gebe. Nach unserer Einschätzung sind die Schwellenländerbanken in unserem Portfolio aufgrund ihrer hohen Eigenkapitalausstattung sowie ihrer granularen Einlagenbasis in einer soliden Verfassung.
- Die Banken in China, Indien und Brasilien liegen zwischen 3 und 6 Prozentpunkten über den lokalen Tier-1-Eigenkapitalanforderungen und halten auch mehr Eigenkapital vor als das in den Basel-III-Vorschriften vorgesehene Minimum. Darüber hinaus stellen wir durch unsere gründliche Due Diligence die Widerstandskraft und Nachhaltigkeit der Unternehmensgewinne sicher. Bei den in unseren Portfolios gehaltenen Bankenwerten handelt es sich somit um führende lokale Banken mit starken Geschäftsmodellen, die von der zunehmenden Durchdringung ihres Marktes mit Finanzprodukten profitieren dürften.
- Wir konzentrieren uns nach wie vor darauf, wie die Unternehmen, in denen wir uns engagieren, mit diesen kurzfristigen Problemen umgehen und wie sie an längerfristige strukturelle Trends wie Digitalisierung, Urbanisierung und Premiumisierung herangehen, aus denen sich nach unserer Einschätzung fortlaufend Anlagechancen ergeben werden. Neben starken Bankentiteln sind wir auch von Technologie-Wegbereitern aus den Bereichen Halbleiter, IT-Dienstleistungen, Batterien und erneuerbare Energie angetan. Wir sind davon überzeugt, dass diese Unternehmen von grundlegenden Umwälzungen, Digitalisierung und neuen Energietrends profitieren.
- Auch wenn die Anlegerstimmung sich seit der Bankenkrise wieder gebessert hat, beobachten wir die weiteren Entwicklungen sehr genau, vor allem jene, die auf die Schwellenländer überschwappen könnten, und werden unseren Gesamtausblick gegebenenfalls anpassen. Unsere lokalen Teams stützen sich auf frühzeitige und kontinuierliche Einblicke von Geschäftsleitungen und Führungskräften. Dieses aktive Engagement ist die Basis für ein auf starken Überzeugungen beruhendes, gut diversifiziertes Portfolio mit geringer direktionaler Verzerrung, das auf Langfristigkeit ausgelegt ist. | # Outlook & Strategy
- Markets have started to recover from the volatility created by the liquidity crisis in select banks in the US and Switzerland. Looking ahead, uncertainty towards banks within emerging markets (EMs) also looks to be contained. This follows swift statements of reassurance by EM regulators regarding the robustness of their banking systems and limited exposure to the affected banks. In our view, EM banks in the portfolio are resilient due to their high capital levels as well as granular deposit bases.
- Banks in China, India and Brazil carry between 3 to 6 percentage points of capital above local Tier 1 capital requirements and hold more capital than the minimum required under Basel III regulations. Furthermore, our thorough due diligence process emphasises resilience and sustainability of corporate earnings. As such, the banking stocks held in our portfolios are leading local banks with strong business models and stand to benefit from growing penetration of financial products in their respective markets.
- We continue to focus on how the companies we invest in navigate these near-term issues as well as longer-term structural trends including digitalisation, urbanisation and premiumisation which we believe are likely to be the source of continued investment opportunities. Besides strong bank names, we also favour technology enablers such as semiconductors, IT services, batteries and renewable energy-related holdings. We believe that these companies are benefitting from disruption, digitalisation and new energy trends.
- Whilst investment sentiment has recovered somewhat since the banking crisis, we remain watchful for developments that could change our overall outlook, especially those that could spill over to EMs. Our on-the-ground teams benefit from timely and ongoing insights from company management and business leaders. This active engagement ultimately relates to a high conviction, well-diversified portfolio with low directional bias, focused on the longer term. | en | de |
DOLFIN2633 | 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 Fonds est un compartiment d’un organisme de placement collectif en valeurs mobilières (« OPCVM ») au titre de la directive européenne 2009/65/CE. Une société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : State Street Bank (Luxembourg) S.A. De plus amples informations concernant le Fonds, notamment des exemplaires du prospectus (disponible en anglais et en allemand), des rapports et des comptes annuels et semestriels (disponibles en anglais), peuvent être obtenues gratuitement auprès de l’agent administratif, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
E-mail : [email protected]. Téléphone : 00352 4640 107460
L’agent administratif tient également à disposition les derniers cours des actions, ainsi que d’autres informations pratiques.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 3 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
Le Fonds vise à atteindre un rendement supérieur à la moyenne à long terme. Le Fonds investit uniquement dans des actifs qui satisfont ses critères de filtrage responsable prédéfinis. À cette fin, il investit principalement dans des titres de créance (qui sont similaires à des prêts et versent un taux d’intérêt fixe ou variable) de premier ordre, portant au minimum la notation BBB- (selon Standard & Poor’s ou une autre agence de notation de crédit reconnue), émis par des sociétés, y compris des titres adossés à des actifs et des titres convertibles conditionnels. Le Fonds peut investir jusqu’à 15 % de ses actifs dans des titres de créance dont la notation est inférieure à la qualité de premier ordre, notés BB+ ou moins, et jusqu’à 10 % respectivement dans des titres adossés à des actifs et des obligations convertibles conditionnels. Le Fonds peut avoir recours à des dérivés (des instruments d’investissement sophistiqués liés à la hausse et à la baisse de la valeur d’autres actifs) à des fins de couverture et de gestion efficace du portefeuille. En ce qui concerne les critères de filtrage appliqués par le Fonds, celui-ci investira dans des sociétés qui démontrent des pratiques d’entreprise responsables, évitera d’investir dans des sociétés dont les activités nuisent à la société ou à l’environnement et utilisera son influence en tant qu’investisseur pour encourager par le biais de l’engagement les sociétés à améliorer leurs pratiques de gestion. Le Fonds est activement géré en fonction de l’Indice Bloomberg Euro Aggregate Corporate TR. L’indice est globalement représentatif des titres dans lesquels le Fonds investit et constitue un indice de référence approprié pour la comparaison, en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Il n’y a pas de période de détention minimale pour ce Fonds. Toutefois, il peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 3 ans.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 3 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit, directement et par le biais de dérivés, dans des obligations d’entreprises. Leurs cours tendent à moins fluctuer que ceux d’autres catégories d’actifs comme les actions, qui permettent de participer directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | # ¿Qué es este producto?
## Tipo
El Fondo es un subfondo de un organismo de inversión colectiva en valores mobiliarios (OICVM) en virtud de la Directiva 2009/65/CE del Parlamento Europeo y del Consejo. Es una sociedad de inversión con capital variable («société d'investissement à capital variable» o SICAV) con arreglo a la legislación luxemburguesa.
Depositario: State Street Bank (Luxembourg) S.A. Puede obtener información adicional sobre el Fondo, incluidas copias del folleto (disponible en inglés y alemán), de los informes y las cuentas anuales y semestrales (disponibles en inglés), gratuitamente a través del agente administrativo, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxemburgo (Gran Ducado de Luxemburgo).
Correo electrónico: [email protected]. Teléfono: 00352 4640 107460
Los precios más recientes de las acciones, así como otra información práctica, también están disponibles a través del agente administrativo.
## Plazo
No existe una fecha de vencimiento fija. Los inversores pueden mantener su inversión el tiempo que quieran, pero se recomiendan 3 años. El Productor podrá cerrar el fondo con previo aviso.
## Objetivo y política de inversión
El Fondo trata de lograr un rendimiento superior a la media a largo plazo. El Fondo invierte únicamente en activos que cumplan sus criterios predefinidos de selección responsable. El Fondo pretende conseguir este objetivo invirtiendo principalmente en valores con una calificación de grado de inversión, BBB- o superior (de Standard & Poor's u otra agencia de calificación crediticia reconocida), valores de renta fija (que son similares a un préstamo y pagan un tipo de interés fijo o variable) emitidos por empresas, incluidos valores respaldados por activos y valores convertibles contingentes. El Fondo podrá invertir hasta un 15 % en valores de renta fija con una calificación inferior a grado de inversión, calificación BB+ o inferior, y hasta un 10 % en valores respaldados por activos y en obligaciones convertibles contingentes. El Fondo podrá negociar con derivados (los Derivados son instrumentos de inversión sofisticados cuya evolución depende del incremento y el descenso en el valor de otros activos) con fines de cobertura y de gestión eficiente de la cartera. Con respecto a los criterios de selección del Fondo, este invertirá en empresas que demuestren prácticas comerciales responsables; evitará inversiones en empresas con actividades que perjudiquen a la sociedad o al medio ambiente; y utilizará su influencia como inversor para alentar a las empresas a mejorar sus prácticas de gestión a través del compromiso. El Fondo se gestiona de forma activa con referencia al Bloomberg Euro Aggregate Corporate TR Index. El índice es ampliamente representativo de los valores en los que invierte el Fondo y proporciona un valor de referencia de comparación adecuado, con el que se medirá y evaluará la rentabilidad del Fondo a lo largo del tiempo. El gestor del Fondo está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa con respecto al mismo. No existe un período de mantenimiento mínimo para este Fondo. Sin embargo, puede no ser apropiado para los inversores que tengan previsto retirar su dinero en un plazo inferior a 3 años.
Usted recibirá los ingresos que genere el Fondo, salvo que haya optado por su reinversión.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com.
## Inversor minorista al que va dirigido
Este fondo está dirigido a clientes Minoristas y Profesionales, y a Contrapartes aptas que tengan al menos un nivel básico de conocimientos y experiencia en la inversión en fondos. Está diseñado para inversores que buscan un crecimiento del capital y puedan invertir su dinero durante al menos 3 años. Su capital no está garantizado, lo que significa que los inversores podrían perder hasta el 100 % de la cantidad invertida. El Fondo invierte, directamente y a través de derivados, en bonos corporativos, que tienden a fluctuar menos que otras clases de activos, como los valores de renta variable, que participan directamente en empresas subyacentes y en sus pérdidas y beneficios.
PÁGINA 1 DE 3 | # En quoi consiste ce produit?
## Type
Le Fonds est un compartiment d’un organisme de placement collectif en valeurs mobilières (« OPCVM ») au titre de la directive européenne 2009/65/CE. Une société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : State Street Bank (Luxembourg) S.A. De plus amples informations concernant le Fonds, notamment des exemplaires du prospectus (disponible en anglais et en allemand), des rapports et des comptes annuels et semestriels (disponibles en anglais), peuvent être obtenues gratuitement auprès de l’agent administratif, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
E-mail : [email protected]. Téléphone : 00352 4640 107460
L’agent administratif tient également à disposition les derniers cours des actions, ainsi que d’autres informations pratiques.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 3 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
Le Fonds vise à atteindre un rendement supérieur à la moyenne à long terme. Le Fonds investit uniquement dans des actifs qui satisfont ses critères de filtrage responsable prédéfinis. À cette fin, il investit principalement dans des titres de créance (qui sont similaires à des prêts et versent un taux d’intérêt fixe ou variable) de premier ordre, portant au minimum la notation BBB- (selon Standard & Poor’s ou une autre agence de notation de crédit reconnue), émis par des sociétés, y compris des titres adossés à des actifs et des titres convertibles conditionnels. Le Fonds peut investir jusqu’à 15 % de ses actifs dans des titres de créance dont la notation est inférieure à la qualité de premier ordre, notés BB+ ou moins, et jusqu’à 10 % respectivement dans des titres adossés à des actifs et des obligations convertibles conditionnels. Le Fonds peut avoir recours à des dérivés (des instruments d’investissement sophistiqués liés à la hausse et à la baisse de la valeur d’autres actifs) à des fins de couverture et de gestion efficace du portefeuille. En ce qui concerne les critères de filtrage appliqués par le Fonds, celui-ci investira dans des sociétés qui démontrent des pratiques d’entreprise responsables, évitera d’investir dans des sociétés dont les activités nuisent à la société ou à l’environnement et utilisera son influence en tant qu’investisseur pour encourager par le biais de l’engagement les sociétés à améliorer leurs pratiques de gestion. Le Fonds est activement géré en fonction de l’Indice Bloomberg Euro Aggregate Corporate TR. L’indice est globalement représentatif des titres dans lesquels le Fonds investit et constitue un indice de référence approprié pour la comparaison, en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Il n’y a pas de période de détention minimale pour ce Fonds. Toutefois, il peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 3 ans.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 3 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit, directement et par le biais de dérivés, dans des obligations d’entreprises. Leurs cours tendent à moins fluctuer que ceux d’autres catégories d’actifs comme les actions, qui permettent de participer directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | fr | es |
DOLFIN2634 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Emerging Markets Multi-Asset (formerly Emerging Multi-Asset Income)
Schroder ISF Emerging Markets Multi-Asset (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Emerging Markets Multi-Asset (anteriormente Emerging Multi-Asset Income)
Schroder ISF Emerging Markets Multi-Asset (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del 50% MSCI Emerging Market Index (USD), 16,7% JPM EMBI Index EM Hard Currency (USD), 16,7% JPM GBI Emerging Market Index - EM Local (USD), 16,7% JPM CEMB Index (USD), según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del 50% MSCI Emerging Market Index (USD), 16,7% JPM EMBI Index EM Hard Currency (USD), 16,7% JPM GBI Emerging Market Index - EM Local (USD), 16,7% JPM CEMB Index (USD) en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 50% MSCI Emerging Market Index (USD), 16,7% JPM EMBI Index EM Hard Currency (USD), 16,7% JPM GBI Emerging Market Index - EM Local (USD), 16,7% JPM CEMB Index (USD), según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Emerging Markets Multi-Asset (formerly Emerging Multi-Asset Income)
Schroder ISF Emerging Markets Multi-Asset (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN2635 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- For the purposes of this Article 17:-
- monies payable to the Company in respect of the allotment of Shares of any class shall be deemed to be an asset of the relevant Fund as at the time at which such shares are deemed to be in issue in accordance with Article 9 (f) of these Articles; and
- monies payable by the Company on the repurchase or repurchase by the Company of Shares pursuant to the repurchase requests or monies payable by the Company as a result of the cancellation of allotments shall bedeemed to be a liability of the relevant Fund from the time at which such Shares are deemed to cease to be in issue in accordance with Article 9(f) of these Articles; and | - A los efectos del presente Artículo 17:
- Los importes pagaderos a la Sociedad en relación con la adjudicación de Acciones de cualquier clase se considerarán un activo del Fondo en cuestión en el momento en que se considere que dichas acciones están en circulación de conformidad con el Artículo 9(f) de los presentes Estatutos;
- Los importes pagaderos por la Sociedad en concepto de la recompra o el reembolso por su parte de Acciones de conformidad con las solicitudes de recompra o los importes pagaderos por la Sociedad como resultado de la cancelación de adjudicaciones se considerarán un pasivo del Fondo en cuestión en el momento en que se considere que dichas Acciones dejan de estar en circulación de conformidad con el Artículo 9(f) de los presentes Estatutos; y | - For the purposes of this Article 17:-
- monies payable to the Company in respect of the allotment of Shares of any class shall be deemed to be an asset of the relevant Fund as at the time at which such shares are deemed to be in issue in accordance with Article 9 (f) of these Articles; and
- monies payable by the Company on the repurchase or repurchase by the Company of Shares pursuant to the repurchase requests or monies payable by the Company as a result of the cancellation of allotments shall bedeemed to be a liability of the relevant Fund from the time at which such Shares are deemed to cease to be in issue in accordance with Article 9(f) of these Articles; and | en | es |
DOLFIN2636 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Benchmark index:
The FTSE Gold Mines index, calculated with net dividends reinvested and expressed in US dollars for A and BR units and in euros for B, E, I and R units, consists of international gold stocks and measures the performance of companies whose core business is primarily related to gold mining operations.
FTSE International Limited (website: http://www.ftserussell.com/), which administers the FTSE Gold Mines benchmark index, is not registered in the register of administrators and benchmark indices held by the ESMA and benefits from the transitional regime provided for under Article 51 of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 08 June 2016 (the “Benchmark Regulation”).
In accordance with the Benchmark Regulation, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided. | #### Indice di riferimento:
L’indice FTSE Gold Mines, calcolato con il reinvestimento dei dividendi netti, espresso in dollari USA per le quote A e BR e in euro per le quote B, E, I ed R, è costituito da titoli auriferi internazionali e misura la performance delle società la cui attività principale è prioritariamente legata allo sfruttamento delle miniere d'oro.
FTSE International Limited (sito internet: http://www.ftserussell.com/), amministratore dell’indice di riferimento FTSE Gold Mines, non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e beneficia delle disposizioni transitorie ai sensi dell’Articolo 51 del Regolamento Benchmark.
In conformità al regolamento (UE) 2016/2011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati, che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice. | #### Benchmark index:
The FTSE Gold Mines index, calculated with net dividends reinvested and expressed in US dollars for A and BR units and in euros for B, E, I and R units, consists of international gold stocks and measures the performance of companies whose core business is primarily related to gold mining operations.
FTSE International Limited (website: http://www.ftserussell.com/), which administers the FTSE Gold Mines benchmark index, is not registered in the register of administrators and benchmark indices held by the ESMA and benefits from the transitional regime provided for under Article 51 of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 08 June 2016 (the “Benchmark Regulation”).
In accordance with the Benchmark Regulation, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided. | en | it |
DOLFIN2637 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | There is no entry fee for this product. | 0 GBP |
| Exit costs | There is no exit fee for this product, but the person selling you the product may charge such fee. | 0 GBP |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.98% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 198 GBP |
| Transaction costs | 0.23% 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. | 23 GBP |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 GBP | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Aucune coût d'entrée n'existe pour ce produit. | 0 GBP |
| Coûts de sortie | Aucune coût de sortie n'existe pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 GBP |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.98% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 198 GBP |
| Coûts de transaction | 0.23% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 23 GBP |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats (*) | Aucune commission liée aux résultats n'existe pour ce produit. | 0 GBP | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | There is no entry fee for this product. | 0 GBP |
| Exit costs | There is no exit fee for this product, but the person selling you the product may charge such fee. | 0 GBP |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.98% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 198 GBP |
| Transaction costs | 0.23% 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. | 23 GBP |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 GBP | | en | fr |
DOLFIN2638 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 31, 2016.
The reference currency of the Sub-Fund is USD.
2%
1%
0%
-1%
-2% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de octubre de 2016. La moneda de referencia del Subfondo es USD.
2%
1%
0%
-1%
-2% | ### Launch Date and Currency
Sub-Fund's launch date: October 31, 2016.
The reference currency of the Sub-Fund is USD.
2%
1%
0%
-1%
-2% | en | es |
DOLFIN2639 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund is managed using a technique known as “index-tracking”, the objective of which is to replicate changes in the performance of the MSCI USA Short Daily Strategy Index using a swap-based replication method.
To maintain the closest possible correlation with the performance of the MSCI USA Short Daily Strategy Index, the Fund will buy a diversified portfolio of stocks (the “Portfolio”) and an over-the-counter (OTC) total return swap, a financial derivative instrument which turns the exposure to the securities in the Portfolio into exposure to the MSCI USA Short Daily Strategy Index.
The Fund Manager reserves the right to suspend exposure to the MSCI USA Short Daily Strategy Index as soon as the MSCI USA index increases by more than 95% compared to the closing price for the previous Trading Day. In this case, the Fund Manager will confirm the level of the MSCI USA Short Daily Strategy Index retained for the calculation of the Fund’s net asset value for the Trading Day during which this increase over 95% occurred.
The Fund shall observe the investment rules stipulated in Articles R214-21, R214-22 and R214-23 of the French Monetary and Financial Code.
The Portfolio, comprising directly held assets described in the “Assets used” section, complies with the provisions of Article R 214-21 of the French Monetary and Financial Code (CMF).
The Fund’s exposure to the Index achieved through the total return swap may be eligible for exemption ratios applicable to the index-tracking UCITS referred to in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as on regulated markets where some marketable securities or some money-market instruments are largely dominant.
The UCI does not take into account environmentally sustainable economic activities as defined by the Taxonomy Regulation and it does not, therefore, take into account the European Union criteria in this regard.
-
## Assets used (except embedded derivatives): | Il Fondo è oggetto di una gestione indicizzata il cui obiettivo è replicare l'andamento del rendimento dell'Indice di strategia MSCI USA Short Daily secondo un metodo di replica sintetica dell'Indice di strategia MSCI USA Short Daily.
Per cercare la correlazione più elevata possibile con il rendimento dell'Indice di strategia MSCI USA Short Daily, il Fondo farà ricorso all'acquisto di un paniere diversificato di azioni (il "Paniere") e a un contratto di scambio a termine negoziato over the counter su azioni e indici ("total return swap"), che trasforma l'esposizione ai titoli del Paniere in un'esposizione all'Indice di strategia MSCI USA Short Daily.
La Società di Gestione si riserva il diritto di sospendere l'esposizione all'Indice di strategia MSCI USA Short Daily non appena l'Indice MSCI USA aumenterà di più del 95% rispetto al valore di chiusura del Giorno di Borsa precedente. In questo caso la Società di Gestione confermerà il livello dell'Indice di strategia MSCI USA Short Daily considerato nel calcolo del Valore Patrimoniale Netto del Fondo del Giorno di Borsa durante il quale si verificherà questo rialzo di oltre il 95%.
Il Fondo rispetterà le regole d'investimento dettate dagli articoli R214-21, R214-22 e R214-23 del CMF.
Il Paniere composto dalle attività direttamente detenute e descritte alla sezione "Attivi utilizzati" è conforme alle disposizioni dell'articolo R 214-21 del CMF.
L’esposizione del Fondo all’indice, ottenuta attraverso il contratto di scambio a termine ("total return swap"), può usufruire dei coefficienti derogatori applicabili agli OICVM indicizzati di cui all’articolo R214-22 del CMF. Secondo le disposizioni dell’articolo succitato, l’indice può essere composto fino al 20% al massimo di azioni o titoli di credito emessi da una stessa entità, potendo tale limite essere portato al 35% al massimo per una sola entità emittente qualora fosse giustificato da condizioni eccezionali del mercato, in particolare su mercati regolamentati dove siano ampiamente dominanti alcuni valori mobiliari o alcuni strumenti del mercato monetario.
L’OICR non tiene conto delle attività economiche ecosostenibili ai sensi del Regolamento sulla tassonomia e non tiene pertanto conto dei criteri dell’Unione europea in materia.
-
## Attivi utilizzati (eccetto derivati integrati): | The Fund is managed using a technique known as “index-tracking”, the objective of which is to replicate changes in the performance of the MSCI USA Short Daily Strategy Index using a swap-based replication method.
To maintain the closest possible correlation with the performance of the MSCI USA Short Daily Strategy Index, the Fund will buy a diversified portfolio of stocks (the “Portfolio”) and an over-the-counter (OTC) total return swap, a financial derivative instrument which turns the exposure to the securities in the Portfolio into exposure to the MSCI USA Short Daily Strategy Index.
The Fund Manager reserves the right to suspend exposure to the MSCI USA Short Daily Strategy Index as soon as the MSCI USA index increases by more than 95% compared to the closing price for the previous Trading Day. In this case, the Fund Manager will confirm the level of the MSCI USA Short Daily Strategy Index retained for the calculation of the Fund’s net asset value for the Trading Day during which this increase over 95% occurred.
The Fund shall observe the investment rules stipulated in Articles R214-21, R214-22 and R214-23 of the French Monetary and Financial Code.
The Portfolio, comprising directly held assets described in the “Assets used” section, complies with the provisions of Article R 214-21 of the French Monetary and Financial Code (CMF).
The Fund’s exposure to the Index achieved through the total return swap may be eligible for exemption ratios applicable to the index-tracking UCITS referred to in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as on regulated markets where some marketable securities or some money-market instruments are largely dominant.
The UCI does not take into account environmentally sustainable economic activities as defined by the Taxonomy Regulation and it does not, therefore, take into account the European Union criteria in this regard.
-
## Assets used (except embedded derivatives): | en | it |
DOLFIN2640 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between January 2022 and June 2023. The moderate scenario is the result of an investment between November 2013 and November 2018. The favourable scenario is the result of an investment between November 2016 and November 2021. | Questa tabella mostra quanto potreste ottenere nei prossimi 5 anni in diversi scenari se investite 10.000,00 EUR. Le cifre indicate comprendono tutti i costi del prodotto stesso, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch´essa sull´importo del rimborso.
Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
Lo scenario sfavorevole è il risultato di un investimento tra gennaio 2022 e giugno 2023. Lo scenario moderato è il risultato di un investimento tra novembre 2013 e novembre 2018. Lo scenario favorevole è il risultato di un investimento tra novembre 2016 e novembre 2021. | This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between January 2022 and June 2023. The moderate scenario is the result of an investment between November 2013 and November 2018. The favourable scenario is the result of an investment between November 2016 and November 2021. | en | it |
DOLFIN2641 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Échéance des garanties
moins d’un jour9 500 000
1 à 7 jours –
1 à 4 semaines –
1 à 3 mois –
3 à 12 mois –
plus d’un an –
maturité ouverte –
9 500 000 | ##### Plazo de vencimiento de las garantías
menos de 1 día9.500.000
1 a 7 días –
1 a 4 semanas –
1 a 3 meses –
3 a 12 meses –
más de 1 año –
vencimiento abierto –
9.500.000 | ##### Échéance des garanties
moins d’un jour9 500 000
1 à 7 jours –
1 à 4 semaines –
1 à 3 mois –
3 à 12 mois –
plus d’un an –
maturité ouverte –
9 500 000 | fr | es |
DOLFIN2642 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Suspension of the calculation of the net asset value and the issue, the redemption and the conversion of units
The Investment Company or the Management Company respectively may temporarily suspend the calculation of the net asset value and/or the issue, the redemption and the conversion of units in the UCITS, insofar as this is deemed to be in the interest of investors, in particular:
- if a market that forms the basis for the valuation of a significant proportion of the UCITS assets is unexpectedly closed or if trade on such a market is restricted or suspended;
- in the event of political, economic or other emergencies; or
- if transactions cannot be executed for the Investment Company due to restrictions on the transfer of assets.
The Investment Company may furthermore also decide to suspend the issue of units on a complete or temporary basis if new investments might hinder the attainment of the investment objective.
The issue of units shall in particular be temporarily suspended if the net asset value per unit ceases to be calculated. If units cease to be issued, then investors shall be informed without delay in the organ of publication as well as in the me- dia specified in the Prospectus and in the Terms and Conditions of Investment or by means of permanent data carriers (letter, fax, e-mail or comparable) about the reason and the timing of the cessation.
In addition, the Investment Company shall be entitled, provided that the interests of investors are safeguarded, to exe- cute substantial redemptions only, i.e. to temporarily suspend the redemption, after it proves possible to sell correspond- ing assets of the UCITS without delay while safeguarding the interests of investors.
So long as the redemption of the units is suspended, no new units of this UCITS shall be issued.
The Investment Company shall take steps to ensure that sufficient liquid assets are available to the fund to enable it to redeem units at the request of investors without delay under normal circumstances.
The Investment Company shall without delay report the suspension of the redemption and payout of units to the FMA and by appropriate means to investors. Subscription and redemption orders shall be settled following recommencement of the calculation of the net asset value. Investors may withdraw their subscription or redemption applications prior to the recommencement of trading in the units.
- | # Aussetzung der Berechnung des Nettoinventarwertes und der Ausgabe, der Rücknahme und des Um- tausches von Anteilen
Die Investmentgesellschaft bzw. die Verwaltungsgesellschaft kann die Berechnung des Nettoinventarwertes und/oder die Ausgabe, die Rücknahme und den Umtausch von Anteilen des OGAW zeitweise aussetzen, sofern dies im Interesse der Anleger gerechtfertigt ist, insbesondere:
- wenn ein Markt, welcher Grundlage für die Bewertung eines wesentlichen Teils des Vermögens des OGAW bildet, unerwartet geschlossen ist oder wenn der Handel an einem solchen Markt beschränkt oder ausgesetzt ist;
- bei politischen, wirtschaftlichen oder anderen Notfällen; oder
- wenn wegen Beschränkungen der Übertragung von Vermögenswerten Geschäfte für die Investmentgesellschaft undurchführbar werden.
Die Investmentgesellschaft kann zudem auch den Beschluss zur vollständigen oder zeitweiligen Aussetzung der Aus- gabe von Anteilen fassen, falls Neuanlagen das Erreichen des Anlageziels beeinträchtigen könnten.
Die Ausgabe von Anteilen wird insbesondere dann zeitweilig eingestellt, wenn die Berechnung des Nettoinventarwertes pro Anteil eingestellt wird. Bei Einstellung der Ausgabe von Anteilen werden die Anleger umgehend per Mitteilung im Publikationsorgan sowie in den im Prospekt und den Anlagebedingungen genannten Medien oder mittels dauerhaften Datenträgern (Brief, Fax, Email oder Vergleichbares) über den Grund und den Zeitpunkt der Einstellung informiert.
Daneben ist die Investmentgesellschaft unter Wahrung der Interessen der Anleger berechtigt, erhebliche Rücknahmen erst zu tätigen, d.h. die Rücknahme zeitweilig auszusetzen, nachdem entsprechende Vermögenswerte des OGAW ohne Verzögerung unter Wahrung der Interessen der Anleger verkauft werden können.
Solange die Rücknahme der Anteile ausgesetzt ist, werden keine neuen Anteile des OGAW ausgegeben.
Die Investmentgesellschaft achtet darauf, dass dem Fondsvermögen ausreichende flüssige Mittel zur Verfügung stehen, damit eine Rücknahme von Anteilen auf Antrag von Anlegern unter normalen Umständen unverzüglich erfolgen kann.
Die Investmentgesellschaft teilt die Aussetzung der Anteilsrücknahme und -auszahlung unverzüglich der FMA und in geeigneter Weise den Anlegern mit. Zeichnungs-, und Rücknahmeanträge werden nach Wiederaufnahme der Berech- nung des Nettoinventarwertes abgerechnet. Der Anleger kann seinen Zeichnungs- oder Rücknahme-antrag bis zur Wie- deraufnahme des Anteilshandels widerrufen.
- | # Suspension of the calculation of the net asset value and the issue, the redemption and the conversion of units
The Investment Company or the Management Company respectively may temporarily suspend the calculation of the net asset value and/or the issue, the redemption and the conversion of units in the UCITS, insofar as this is deemed to be in the interest of investors, in particular:
- if a market that forms the basis for the valuation of a significant proportion of the UCITS assets is unexpectedly closed or if trade on such a market is restricted or suspended;
- in the event of political, economic or other emergencies; or
- if transactions cannot be executed for the Investment Company due to restrictions on the transfer of assets.
The Investment Company may furthermore also decide to suspend the issue of units on a complete or temporary basis if new investments might hinder the attainment of the investment objective.
The issue of units shall in particular be temporarily suspended if the net asset value per unit ceases to be calculated. If units cease to be issued, then investors shall be informed without delay in the organ of publication as well as in the me- dia specified in the Prospectus and in the Terms and Conditions of Investment or by means of permanent data carriers (letter, fax, e-mail or comparable) about the reason and the timing of the cessation.
In addition, the Investment Company shall be entitled, provided that the interests of investors are safeguarded, to exe- cute substantial redemptions only, i.e. to temporarily suspend the redemption, after it proves possible to sell correspond- ing assets of the UCITS without delay while safeguarding the interests of investors.
So long as the redemption of the units is suspended, no new units of this UCITS shall be issued.
The Investment Company shall take steps to ensure that sufficient liquid assets are available to the fund to enable it to redeem units at the request of investors without delay under normal circumstances.
The Investment Company shall without delay report the suspension of the redemption and payout of units to the FMA and by appropriate means to investors. Subscription and redemption orders shall be settled following recommencement of the calculation of the net asset value. Investors may withdraw their subscription or redemption applications prior to the recommencement of trading in the units.
- | en | de |
DOLFIN2643 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# POINTS CLÉS
Un fonds intergénérationnel et responsable axé sur le long terme dont l’objectif est d’aider les investisseurs à constituer un héritage pour leurs enfants et petits-enfants.
Une sélection de titres axée sur les entreprises de qualité qui ont une rentabilité durable et qui réinvestissent leurs profits pour le futur afin de bénéficier de l’effet de capitalisation.
Un processus d’investissement sélectif basé sur une analyse fondamentale rigoureuse, un screening quantitatif et une approche d’investissement socialement responsable.
Un portefeuille concentré de titres à forte conviction qui vise à offrir aux investisseurs une croissance régulière du capital sur le long terme.
PRODUCT SHEET - 07/2022
* Pour la part Carmignac Portfolio Grandchildren A EUR Acc. ** Le Règlement SFDR (Sustainable Finance Disclosure Regulation) 2019/2088 est un règlement européen qui demande aux gestionnaires d’actifs de classer leurs fonds parmi notamment ceux dits : « Article 8 » qui promeuvent les caractéristiques environnementales et sociales, « Article 9 » qui font de l’investissement durable avec des objectifs mesurables, ou « Article 6 » qui n'ont pas nécessairement d'objectif de durabilité. Pour plus d’informations, visitez : https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=fr. Echelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps. | # PUNTOS CLAVE
Un fondo intergeneracional y responsable orientado al largo plazo, que busca ayudar a los inversores a construir un legado para sus hijos y nietos.
Enfoque en empresas de calidad, con rentabilidad sostenible y reinversión de beneficios para el crecimiento futuro en busca de un elevado efecto de capitalización.
Un proceso de inversión selectivo basado en un análisis fundamental riguroso, una selección cuantitativa y filtros y análisis de inversión socialmente responsable.
Una cartera concentrada de títulos de alta convicción que busca proporcionar un crecimiento constante del capital de los inversores a largo plazo.
PRODUCT SHEET - 07/2022
* Para la clase de participación Carmignac Portfolio Grandchildren A EUR Acc. ** El Reglamento SFDR (Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, por sus siglas en inglés) 2019/2088 es un reglamento europeo que requiere a los gestores de activos clasificar sus fondos, en particular entre los que responden al «artículo 8», que promueven las características medioambientales y sociales, al «artículo 9», que realizan inversiones sostenibles con objetivos medibles, o al «artículo 6», que no tienen necesariamente un objetivo de sostenibilidad. Para más información, visite: https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=es. Escala de riesgo del DFI (Datos fundamentales para el inversor). El riesgo 1 no implica una inversión sin riesgo. Este indicador podría evolucionar con el tiempo. | # POINTS CLÉS
Un fonds intergénérationnel et responsable axé sur le long terme dont l’objectif est d’aider les investisseurs à constituer un héritage pour leurs enfants et petits-enfants.
Une sélection de titres axée sur les entreprises de qualité qui ont une rentabilité durable et qui réinvestissent leurs profits pour le futur afin de bénéficier de l’effet de capitalisation.
Un processus d’investissement sélectif basé sur une analyse fondamentale rigoureuse, un screening quantitatif et une approche d’investissement socialement responsable.
Un portefeuille concentré de titres à forte conviction qui vise à offrir aux investisseurs une croissance régulière du capital sur le long terme.
PRODUCT SHEET - 07/2022
* Pour la part Carmignac Portfolio Grandchildren A EUR Acc. ** Le Règlement SFDR (Sustainable Finance Disclosure Regulation) 2019/2088 est un règlement européen qui demande aux gestionnaires d’actifs de classer leurs fonds parmi notamment ceux dits : « Article 8 » qui promeuvent les caractéristiques environnementales et sociales, « Article 9 » qui font de l’investissement durable avec des objectifs mesurables, ou « Article 6 » qui n'ont pas nécessairement d'objectif de durabilité. Pour plus d’informations, visitez : https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=fr. Echelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps. | fr | es |
DOLFIN2644 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives
## Investment Objective
The aim of the sub-fund ("Fund") is to achieve an attractive return on capital while simultaneously attempting to limit the risk of capital loss. For this purpose the fund will primarily invest in open-ended undertakings for collective investment ("target funds") which themselves seek exposure to equities, fixed income securities, real estate, commodities, currencies, insurance derivatives and hedge funds.
## Investment Policy
The Fund invests primarily in target funds. Where there is no suitable target fund available, the Fund may also invest directly in equities, fixed income securities and currencies. The fund may use derivatives to gain indirect exposure to equities, fixed income securities, real estate, commodities and currencies.
The Fund is managed actively. For the calculation of the performance fee, the fund refers to a customised benchmark index (50% MSCI World NR Index + 50% Barclays Global Aggregate Bond Index [in share currency]). The fund is free in the selection of its investments and their weighting. It
## may invest in assets which are components of the benchmark index, however, it is independent from the benchmark index.
## Share Class Policy:
## The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## Income is reinvested in the share class.
## The share class is denominated in CHF. This is hedged against the Fund's base currency.
## Processing of subscription and redemption orders
Investors may buy or sell the Fund two Luxembourg bank business days prior to the Issue and Redemption Day (usually Friday) of every week or, if such day is no bank business day in Luxembourg, on the prior bank business day in Luxembourg. | # Ziele
## Anlageziel
Ziel des Teilfonds („Fonds“) ist es, eine attraktive Kapitalrendite zu erreichen und gleichzeitig das Risiko des Kapitalverlusts zu begrenzen. Zu diesem Zweck legt der Fonds hauptsächlich in offenen Organismen für gemeinsame Anlagen („Zielfonds“) an, die ihrerseits ein Engagement in Aktien, festverzinslichen Wertpapieren, Immobilien, Rohstoffen, Währungen, Versicherungsderivaten und Hedgefonds anstreben.
## Anlagepolitik
Der Fonds legt hauptsächlich in Zielfonds an. Wenn kein geeigneter Zielfonds verfügbar ist, kann der Fonds auch direkt in Aktien, festverzinslichen Wertpapieren und Währungen anlegen. Der Fonds kann Derivate einsetzen, um ein indirektes Engagement in Aktien, festverzinslichen Wertpapieren, Immobilien, Rohstoffen und Währungen einzugehen.
Der Fonds wird aktiv verwaltet. Zur Berechnung der Performancegebühr des Fonds wird ein maßgeschneiderter Vergleichsindex (50% MSCI World NR Index + 50% Barclays Global Aggregate Bond Index [in Anteilswährung]) herangezogen. Der Fonds kann seine Anlagen und deren Gewichtungen eigenhändig auswählen. Er kann in Vermögenswerte
## investieren, die Bestandteile des Vergleichsindex sind, ist jedoch nicht an den Vergleichsindex gebunden.
## Anteilsklassenpolitik:
## Der Fonds hat mehrere Aktienklassen. Diese können sich hinsichtlich Gebühren, Mindestanlage, Währung, Nutzung der Erträge und Anlegerqualifizierung unterscheiden.
## Erträge werden in der Aktienklasse wiederangelegt.
## Die Aktienklasse lautet auf CHF. Diese ist gegen die Basiswährung des Fonds abgesichert.
## Bearbeitung von Zeichnungs- und Rücknahmeaufträgen
Anleger können den Fonds zwei luxemburgische Geschäftstage vor dem Ausgabe- und Rücknahmetag (gewöhnlich am Freitag) jeder Woche kaufen oder verkaufen oder, wenn der betreffende Tag kein Bankgeschäftstag in Luxemburg ist, am vorhergehenden Geschäftstag in Luxemburg. | # Objectives
## Investment Objective
The aim of the sub-fund ("Fund") is to achieve an attractive return on capital while simultaneously attempting to limit the risk of capital loss. For this purpose the fund will primarily invest in open-ended undertakings for collective investment ("target funds") which themselves seek exposure to equities, fixed income securities, real estate, commodities, currencies, insurance derivatives and hedge funds.
## Investment Policy
The Fund invests primarily in target funds. Where there is no suitable target fund available, the Fund may also invest directly in equities, fixed income securities and currencies. The fund may use derivatives to gain indirect exposure to equities, fixed income securities, real estate, commodities and currencies.
The Fund is managed actively. For the calculation of the performance fee, the fund refers to a customised benchmark index (50% MSCI World NR Index + 50% Barclays Global Aggregate Bond Index [in share currency]). The fund is free in the selection of its investments and their weighting. It
## may invest in assets which are components of the benchmark index, however, it is independent from the benchmark index.
## Share Class Policy:
## The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## Income is reinvested in the share class.
## The share class is denominated in CHF. This is hedged against the Fund's base currency.
## Processing of subscription and redemption orders
Investors may buy or sell the Fund two Luxembourg bank business days prior to the Issue and Redemption Day (usually Friday) of every week or, if such day is no bank business day in Luxembourg, on the prior bank business day in Luxembourg. | en | de |
DOLFIN2645 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- USD 10,000.00 per year is invested. | ## Si è ipotizzato quanto segue:
- Nel primo anno il recupero dell'importo investito (rendimento annuo dello 0%). Per gli altri periodi di detenzione si è ipotizzato che il prodotto abbia la performance indicata nello scenario moderato.
- USD 10,000.00 all'anno di investimento. | ## We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- USD 10,000.00 per year is invested. | en | it |
DOLFIN2646 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 01/09/2000. This class was launched on 25/03/2008. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 01/09/2000. Esta clase se creó el 25/03/2008.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 01/09/2000. This class was launched on 25/03/2008. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN2647 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
See Share Classes and Costs for more complete information. *Reduces by 1.00% a year and is zero after 3 years.
As the Sub-Fund invests primarily in UCITS and UCIs managed by companies of the JPMorgan Chase and Co, Group, no double charging of Operating and Administrative Expenses will occur.
JPMorgan Funds - | Siehe Anteilklassen und Kosten für ausführlichere Informationen. *Vermindert sich um 1,00% pro Jahr und liegt nach 3 Jahren bei null.
Da dieser Teilfonds vorrangig in OGAW und andere OGA investiert, die von Unternehmen der JPMorgan Chase & Co. Gruppe verwaltet werden, erfolgt keine doppelte Berechnung der Betriebs- und Verwaltungsaufwendungen.
JPMorgan Funds – | See Share Classes and Costs for more complete information. *Reduces by 1.00% a year and is zero after 3 years.
As the Sub-Fund invests primarily in UCITS and UCIs managed by companies of the JPMorgan Chase and Co, Group, no double charging of Operating and Administrative Expenses will occur.
JPMorgan Funds - | en | de |
DOLFIN2648 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Specific conflicts of interest in relation to the custodian or sub-custodians
The custodian is part of an international group of companies and operations which, in the ordinary course of business, is also active for a large number of clients and for its own account, which may lead to actual or potential conflicts of inter- est. Conflicts of interest arise when the custo- dian or a company affiliated with it exercises activities under the custodial agreement or separate contractual or other arrangements.
These activities include:
- the provision of nominee, management, registration and transfer agent, research, securities lending, investment management, financial advisory and/or other advisory services to the Investment Company;
- the execution of banking, sales and trading transactions, including foreign exchange, derivative, credit, brokerage, market making or other financial transactions with the Invest- ment Company, either as a principal and in its own interest or on behalf of other clients. | #### Besondere Interessenkonflikte im Zusammenhang mit der Verwahrstelle oder den Unterverwahrstellen
Die Verwahrstelle ist Teil einer internationalen Gruppe von Unternehmen und Betrieben, die im gewöhnlichen Geschäftsgang zugleich für eine große Anzahl von Kunden tätig ist, und ebenso für eigene Rechnung, was zu tatsächlichen oder potenziellen Interessenkonflikten führen kann. Interessenkonflikte entstehen, wenn die Ver wahrstelle oder ein mit ihr verbundenes Unter nehmen im Rahmen der Verwahrstellenver einbarung oder separater vertraglicher oder anderweitiger Regelungen Tätigkeiten ausübt. Zu diesen Tätigkeiten gehören:
- die Erbringung von Nominee-, Verwaltungs-, Registrier- und Übertragungsstellen-, Recher- che-, Wertpapierleihe-, Anlagemanagement-, Finanzberatungs- und/oder sonstige Bera- tungsdienstleistungen für die Investment- gesellschaft;
- die Ausübung von Bank-, Verkaufs- und Handelsgeschäften, einschließlich Devisen-, Derivate-, Kredit-, Vermittlungs-, Market- Making- oder anderer Finanzgeschäfte mit der Investmentgesellschaft, entweder als Auftraggeber und im eigenen Interesse oder im Auftrag anderer Kunden. | #### Specific conflicts of interest in relation to the custodian or sub-custodians
The custodian is part of an international group of companies and operations which, in the ordinary course of business, is also active for a large number of clients and for its own account, which may lead to actual or potential conflicts of inter- est. Conflicts of interest arise when the custo- dian or a company affiliated with it exercises activities under the custodial agreement or separate contractual or other arrangements.
These activities include:
- the provision of nominee, management, registration and transfer agent, research, securities lending, investment management, financial advisory and/or other advisory services to the Investment Company;
- the execution of banking, sales and trading transactions, including foreign exchange, derivative, credit, brokerage, market making or other financial transactions with the Invest- ment Company, either as a principal and in its own interest or on behalf of other clients. | en | de |
DOLFIN2649 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information.
- RBC Investor Services Bank SA acts as depositary of the fund.
- The English prospectus, annual and semi-annual accounts may be obtained free of charge on www.triodos-im.com.
- The details of the up-to-date remuneration policy of the management company including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available on www.triodos-im.com. A paper copy of the details of such remuneration policy is available free of charge upon request to the registered office of the management company.
- Other information on the fund, including the latest share prices, can be found on www.triodos-im.com.
- The assets and liabilities of each sub-fund are segregated by law. The sub-fund may offer other share classes. Information on these share classes is available in the prospectus.
- The tax legislation of the SICAV’s home Member State may have an impact on the personal tax position of the investor.
- Triodos Investment Management BV 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.
This fund is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier. Triodos Investment Management BV is authorised in the Netherlands and regulated by the Financial Markets Authority. This key investor information is accurate as at 31 August 2022.
S1TIMF-DRCAPKIID20220831EN | # 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.
Este fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier. Triodos Investment Management BV está autorizada en los Países Bajos y está regulada por la Autoridad de los mercados financieros holandesa.
Los presentes datos fundamentales para el inversor son exactos a 31 de agosto 2022.
S1TIMF-DRCAPKIID20220831ES | # Practical information.
- RBC Investor Services Bank SA acts as depositary of the fund.
- The English prospectus, annual and semi-annual accounts may be obtained free of charge on www.triodos-im.com.
- The details of the up-to-date remuneration policy of the management company including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available on www.triodos-im.com. A paper copy of the details of such remuneration policy is available free of charge upon request to the registered office of the management company.
- Other information on the fund, including the latest share prices, can be found on www.triodos-im.com.
- The assets and liabilities of each sub-fund are segregated by law. The sub-fund may offer other share classes. Information on these share classes is available in the prospectus.
- The tax legislation of the SICAV’s home Member State may have an impact on the personal tax position of the investor.
- Triodos Investment Management BV 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.
This fund is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier. Triodos Investment Management BV is authorised in the Netherlands and regulated by the Financial Markets Authority. This key investor information is accurate as at 31 August 2022.
S1TIMF-DRCAPKIID20220831EN | en | es |
DOLFIN2650 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Outlook
- As we prepare for a more mature phase of the economic cycle, risks of accrued volatility and short-term drawdowns should increase. Proactive risk management becomes increasingly key to navigating the final stages of the recovery phase. As a result, the case for convertible bonds remains strong and cautions against reading too much into the asset class’ lag versus equities in the first part of the year. The equity asymmetric nature of the hybrid instrument makes them compelling assets for those who wish to maintain an equity exposure whilst dialling back their risk a bit.
- Convertible bonds’ appeal is equally strong considering rising inflationary pressure for those who wish to maintain bond-floor defensive features. Thanks to their conversion option, convertible bonds have much lower interest rate sensitivity than straight bonds of similar duration. Though lagging equity markets year-to-date, convertible bonds are still outperforming all fixed income asset classes.
- Overall, we see the ongoing “recovery trend” as an opportunity to tactically diversify our investments, rather than a questioning of our long-term focus on quality and growth companies. With the economic cycle set to mature in the coming months, we believe that greater selectivity focusing on fundamentals will become critical again. This should benefit the convertible bond market through its large exposure to innovative companies in high growth segments such as the tech, healthcare or internet & distribution, that exhibit good earnings visibility and robust guidance.
- Although we expect the cyclical rotation still has legs, especially in those regions where the “economy reopening” is still early-stage (e.g. Europe), we stay cautious about the lack of visibility as to how fast their business activity can return to pre-crisis levels. In that respect, the rapid spread of the Delta variant in various parts of the world calls for caution when it comes to stock picking. In this context, we reaffirm our bias towards “quality” companies with strong balance sheet fundamentals.
- The recent record dynamism in convertible bonds’ issuance has sparked a broad deepening and renewal of the investment pool, led by the “digital transformation” and “economies reopening” themes. Thanks to their dual nature, convertible bonds give investors the chance to be actively positioned on both themes with much lower volatility and downside risk than direct equity investments offer.
Disclaimer
This is a marketing document and is intended for informational and/or marketing purposes only. It is confidential and is intended to be used only by the person(s) to whom it was delivered. It may not be reproduced (in whole or in part) or delivered, given, sent or in any other way made accessible, to any other person without the prior written approval of Union Bancaire Privée, UBP SA or any entity of the UBP Group (UBP). This document reflects the opinion of UBP as of the date of issue. This document is for distribution only to persons who are Professional clients in Switzerland or Professional Clients or an equivalent category of investor as defined by the relevant laws (all such persons together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. It is not intended for distribution, publication, or use, in whole or in part, in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it directed at any person or entity at which it would be unlawful to direct such a document. In particular, this document may not be distributed in the United States of America and/or to US persons (including US citizens residing outside the United States of America). This document has not been produced by UBP’s financial analysts and is not to be considered financial research. It is not subject to any guidelines on financial research and independence of financial analysis. Reasonable efforts have been made to ensure that the content of this document is based on information and data obtained from reliable sources. However, UBP has not verified the information from third sources in this document and does not guarantee its accuracy or completeness. UBP makes no representations, provides no warranty and gives no undertaking, express or implied, regarding any of the information, projections or opinions contained herein, nor does it accept any liability whatsoever for any errors, omissions or misstatements. The information contained herein is subject to change without prior notice. UBP gives no undertaking to update this document or to correct any inaccuracies in it which may become apparent. This document may refer to the past performance of investment interests. Past performance is not a guide to current or future results. The value of investment interests can fall as well as rise. Any capital invested may be at risk and investors may not get back some or all of their original capital. Any performance data included in this document does not take into account fees, commissions, and expenses charged on issuance and redemption of securities, nor any taxes that may be levied. Changes in exchange rates may cause increases or decreases in investors’ returns. All statements other than statements of historical fact in this document are “forward-looking statements”. Forward-looking statements do not guarantee future performances. The financial projections included in this document do not constitute forecasts or budgets; they are purely illustrative examples based on a series of current expectations and assumptions which may not eventuate. The actual performance, results, financial condition and prospects of an investment interest may differ materially from those expressed or implied by the forward-looking statements in this document as the projected or targeted returns are inherently subject to significant economic, market and other uncertainties that may adversely affect performance. UBP also disclaims any obligation to update forward-looking statements, as a result of new information, future events or otherwise. The contents of this document should not be construed as any form of advice or recommendation to purchase or sell any security or funds. It does not replace a prospectus or any other legal documents, which can be obtained free of charge from the registered office of a fund or from UBP. The opinions herein do not take into account individual investors’ circumstances, objectives, or needs. Each investor must make their own independent decision regarding any securities or financial instruments mentioned herein and should independently determine the merits or suitability of any investment. In addition, the tax treatment of any investment in the fund(s) mentioned herein depends on each individual investor’s circumstances. Investors are invited to carefully read the risk warnings and the regulations set out in the prospectus or other legal documents and are advised to seek professional counsel from their financial, legal and tax advisors. The tax treatment of any investment in the Fund depends on the investor’s individual circumstances and may be subject to change in the future. This document should not be deemed an offer nor a solicitation to buy, subscribe to, or sell any currency, funds, products, or financial instruments, to make any investment, or to participate in any particular trading strategy in any jurisdiction where such an offer or solicitation would not be authorised, or to any person to whom it would be unlawful to make such an offer or solicitation. Telephone calls to the telephone number stated in this presentation may be recorded. UBP will assume that, by calling this number, you consent to this recording.
## Pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (the "Disclosures Regulation"), Funds are required to make certain disclosures.
Where the Fund falls under the scope of article 6 of the Disclosures Regulation, it has been determined that the Fund does not pursue an investment approach that explicitly promotes environmental or social characteristics or has sustainable investment as their objective. Notwithstanding this classification, the Investment Managers may take account of certain sustainability risks as further described in the fund’s prospectus. Where the Fund falls under the scope of article 8 or article 9 of the Disclosures Regulation, the Fund is subject to sustainability risks within the meaning of the Disclosures Regulation. The sustainability risks and principal adverse impacts as prescribed under the Disclosure Regulation are described in the prospectus. In addition, unless otherwise specified, all Funds apply the UBP Responsible Investment policy available on https://www.ubp.com/en/investment-expertise/responsible-investment.
Any subscriptions not based on the funds’ latest prospectuses, KIIDs, annual or semi-annual reports or other relevant legal documents (the “Funds’ Legal Documents”) shall not be acceptable. The Funds’ Legal Documents may be obtained free of charge from Union Bancaire Privée, UBP SA, 96-98 rue du Rhône,
P.O. Box 1320, 1211 Geneva 1, Switzerland (UBP), from UBP Asset Management (Europe) S.A., 287–289 route d’Arlon, 1150 Luxembourg, Grand Duchy of Luxembourg, and from Union Bancaire Gestion Institutionnelle (France) SAS, 116 avenue des Champs-Elysées, 75008 Paris, France. The Swiss representative and paying agent of the foreign funds mentioned herein is UBP. The Funds’ Legal Documents may be obtained free of charge from UBP, as indicated above. This content is being made available in the following countries:
Switzerland: UBP is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). The head office is Union Bancaire Privée, UBP SA, 96-98 rue du Rhône, P.O. Box 1320, 1211 Geneva 1, Switzerland. [email protected] | www.ubp.com
United Kingdom: UBP is authorised in the United Kingdom by the Prudential Regulation Authority (PRA) and is subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the PRA.
France: Sales and distribution are carried out by Union Bancaire Gestion Institutionnelle (France) SAS, a management company licensed with the French Autorité des Marchés Financiers, - licence n° AMF GP98041 ; 116, av. des Champs Elysées l 75008 Paris, France T +33 1 75 77 80 80 Fax +33 1 44 50 16 19 www.ubpamfrance.com.
Hong Kong: UBP Asset Management Asia Limited (CE No.: AOB278) is licensed with the Securities and Futures Commission to carry on Type 1 – Dealing in Securities, Type 4 – Advising on Securities and Type 9 – Asset Management regulated activities. The document is intended only for Institutional or Corporate Professional Investor and not for public distribution. The contents of this document have not been reviewed by the Securities and Futures Commission in Hong Kong. Investment involves risks. Past performance is not indicative of future performance. Investors should refer to the fund prospectus for further details, including the product features and risk factors. The document is intended only for Institutional Professional Investor and not for public distribution. The contents of this document and any attachments/links contained in this document are for general information only and are not advice. The information does not take into account your specific investment objectives, financial situation and investment needs and is not designed as a substitute for professional advice. You should seek independent professional advice regarding the suitability of an investment product, taking into account your specific investment objectives, financial situation and investment needs before making an investment. The contents of this document and any attachments/links contained in this document have been prepared in good faith. UBP Asset Management Asia Limited (UBP AM Asia) and all of its affiliates accept no liability for any errors or omissions. Please note that the information may also have become outdated since its publication. UBP AM Asia makes no representation that such information is accurate, reliable or complete. In particular, any information sourced from third parties is not necessarily endorsed by UBP AM Asia, and UBP AM Asia has not checked the accuracy or completeness of such third party information.
Singapore: This document is intended only for accredited investors and institutional investors as defined under the Securities and Futures Act (Cap. 289 of Singapore) (“SFA”). Persons other than accredited investors or institutional investors (as defined in the SFA) are not the intended recipients of this document and must not act upon or rely upon any of the information in this document. The financial products or services to which this material relates will only be made available to clients who are accredited investors or institutional investors under the SFA. This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of this product may not be circulated or distributed, nor may the product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to institutional investors under Section 274 or 304 of the Securities and Futures Act (Cap. 289) of Singapore ("SFA"), (ii) to relevant persons pursuant to Section 275(1) or 305(1), or any person pursuant to Section 275(1A) or 305(2) of the SFA, and in accordance with the conditions specified in Section 275 or 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. This advertisement has not been reviewed by the Monetary Authority of Singapore.
MSCI : Although Union Bancaire Privée, UBP SA information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
## Union Bancaire Privée, UBP SA Rue du Rhône 96-98 | P.O. Box 1320 | 1211 Geneva 1 | Switzerland [email protected]| www.ubp.com | # Perspectives
- Alors que nous nous préparons à une phase plus avancée du cycle économique, les risques de volatilité accrue et de contractions à court terme devraient augmenter. La gestion proactive des risques devient de plus en plus essentielle pour naviguer dans les dernières étapes de la phase de reprise. En conséquence, les arguments en faveur des obligations convertibles restent solides et invitent à ne pas attacher trop d’importance au décalage de cette classe d’actifs par rapport aux actions sur la première partie de l’année. La nature asymétrique de ces instruments hybrides en fait des actifs incontournables pour les investisseurs qui souhaitent maintenir une exposition aux actions tout en réduisant un peu leur risque.
- L’attrait des obligations convertibles est tout aussi fort face à des pressions inflationnistes en hausse pour les investisseurs qui souhaitent conserver les caractéristiques défensives du plancher obligataire. Grâce à leur option de conversion, les obligations convertibles ont une sensibilité aux taux d’intérêt beaucoup plus faible que celle des obligations classiques à duration similaire. Bien qu’elles soient à la traîne des marchés actions depuis le début de l’année, les obligations convertibles continuent de surperformer toutes les classes d’actifs obligataires.
- Dans l’ensemble, nous voyons dans la «tendance à la reprise» actuelle une opportunité de diversifier tactiquement nos investissements, plutôt qu’une remise en cause de notre stratégie à long terme en faveur des entreprises de qualité en croissance. Le cycle économique devant arriver à maturité dans les prochains mois, nous pensons qu’une plus grande sélectivité axée sur les fondamentaux redeviendra essentielle. Le marché des obligations convertibles devrait en tirer profit grâce à sa large exposition à des entreprises innovantes dans des segments à forte croissance (p. ex. technologie, santé, Internet et distribution), qui présentent une bonne visibilité sur les bénéfices et des prévisions robustes.
- Bien que nous nous attendions à ce que la rotation cyclique perdure, en particulier dans les régions où la «réouverture de l’économie» en est encore à ses débuts (p. ex. en Europe), nous restons prudents étant donné le manque de visibilité sur la rapidité du retour de leur activité commerciale aux niveaux d’avant la crise. A cet égard, la propagation rapide du variant Delta dans diverses régions du monde appelle à la prudence en matière de sélection de titres. Dans ce contexte, nous réaffirmons notre orientation en faveur des entreprises de «qualité» aux solides fondamentaux bilanciels.
- Le récent dynamisme record des émissions d’obligations convertibles a intensifié et renouvelé le pool d’investissement, porté par les thèmes de la «transformation digitale» et de la «réouverture des économies». Grâce à leur nature duale, les convertibles offrent aux investisseurs la possibilité d’être activement positionnés sur ces deux thèmes avec une volatilité bien plus faible et un risque de baisse nettement réduit par rapport aux investissements directs en actions.
Informations importantes
Le présent document marketing est fourni uniquement à titre d’information et/ou à des fins commerciales. Il est confidentiel et destiné uniquement à la personne à laquelle il a été remis. Il ne peut être reproduit (en totalité ou en partie), transmis, donné, envoyé ou rendu accessible d’une quelconque façon à toute autre personne sans l’autorisation écrite préalable de l’Union Bancaire Privée, UBP SA ou d’une entité du Groupe UBP (ci-après l’«UBP»). Le présent document reflète l’opinion de l’UBP à la date de son émission. Le présent document est destiné uniquement aux personnes ayant le statut d’investisseurs professionnels en Suisse ou de clients professionnels («professional clients»), ou à toute catégorie d’investisseurs équivalente, comme défini par les lois applicables en la matière (ces personnes étant toutes considérées comme des «relevant persons»). Le présent document s’adresse uniquement aux «relevant persons»; toute personne qui n’est pas une «relevant person» ne doit pas agir sur la base du présent document ou s’appuyer sur le présent document. Il n’est pas destiné à être distribué, publié ou utilisé (en tout ou partie) dans une juridiction où une telle distribution, publication ou utilisation serait illégale, et il ne s’adresse pas aux personnes ou aux entités auxquelles il serait illégal de transmettre un tel document. En particulier, ce document ne peut être distribué aux Etats-Unis d’Amérique ni à toute personne américaine («US person») (y compris les citoyens américains résidant en dehors des Etats-Unis d’Amérique). Le présent document n’a pas été produit par les analystes financiers de l’UBP et ne peut donc être considéré comme de la recherche financière. A ce titre, il n’est aucunement soumis aux exigences relatives à l’analyse financière et à l’indépendance de la recherche en investissement. Des efforts raisonnables ont été déployés pour s’assurer que le contenu du présent document est basé sur des informations et des données obtenues auprès de sources fiables. Cependant, l’UBP n’a pas vérifié les informations issues de sources externes figurant dans le présent document et ne garantit en aucun cas leur exactitude ou leur exhaustivité. L’UBP décline toute responsabilité quelle qu’elle soit et ne formule aucune déclaration, garantie ou promesse – expresse ou implicite – quant aux informations, projections ou opinions contenues dans le présent document, ou en ce qui concerne d’éventuelles erreurs, omissions ou inexactitudes. Les informations mentionnées dans le présent document sont susceptibles d’être modifiées sans préavis. L’UBP ne s’engage aucunement à mettre à jour le présent document ou à corriger des données qui pourraient se révéler inexactes. Le présent document peut faire référence aux performances passées des stratégies d’investissement. Les performances passées ne préjugent pas des résultats actuels ou futurs. Les stratégies d’investissement peuvent voir leur valeur baisser ou croître. Tout capital investi peut impliquer des risques, et il est possible que vous ne récupériez pas le montant initialement investi. De plus, les données de la performance figurant dans le présent document ne tiennent pas compte des commissions et des frais perçus lors de l’émission et du remboursement des titres, ni des retenues fiscales éventuelles. Les fluctuations des taux de change peuvent faire varier votre performance à la hausse ou à la baisse. Tous les énoncés mentionnés dans le présent document autres que ceux portant sur des faits historiques sont de nature prospective. Les énoncés prospectifs ne reflètent pas nécessairement les performances futures. Les projections financières figurant (le cas échéant) dans le présent document ne représentent en aucun cas des prévisions ou des budgets; elles sont fournies exclusivement à titre d’illustration et se fondent sur des anticipations et des hypothèses actuelles qui peuvent ne pas se matérialiser. Les performances réelles, les résultats, les conditions financières et les perspectives d’une stratégie d’investissement peuvent différer significativement de ceux formulés, explicitement ou implicitement, dans les énoncés prospectifs figurant dans le présent document. En effet, les performances projetées ou visées sont, par nature, soumises à des incertitudes importantes, notamment économiques et de marché, susceptibles d’avoir une incidence négative sur la performance. L’UBP n’assume aucune obligation de mettre à jour les énoncés prospectifs, que ce soit du fait de nouvelles informations, d’événements futurs ou pour toute autre raison. Le présent document ne doit pas être considéré comme un conseil ou une forme de recommandation d’achat ou de vente d’un quelconque titre ou fonds. Il ne saurait remplacer un prospectus ou tout autre document juridique. Les opinions exprimées dans les présentes ne prennent pas en considération la situation, les objectifs ou les besoins spécifiques des investisseurs. Il appartient à chaque investisseur de se forger sa propre opinion à l’égard de tout titre ou instrument financier mentionné dans ce document et d’évaluer de manière indépendante les avantages ou le caractère adéquat de tout investissement. De plus, le traitement fiscal de tout investissement dans le(s) fonds mentionné(s) dans le présent document dépend de la situation individuelle de chaque investisseur. Les investisseurs sont invités à lire attentivement les avertissements sur les risques ainsi que les réglementations énoncées dans le prospectus ou dans les autres documents juridiques, et il leur est recommandé de requérir l’avis de leurs conseillers financiers, juridiques et fiscaux. Le traitement fiscal de tout investissement dans un fonds dépend de la situation individuelle de l’investisseur et peut être sujet à des modifications. Le présent document ne constitue ni une offre ni une sollicitation pour acheter, souscrire ou vendre des devises, des fonds, des produits ou des instruments financiers quels qu’ils soient, pour effectuer un investissement, ou pour participer à des stratégies de trading spécifiques dans un pays ou territoire où une telle offre ou sollicitation ne serait pas autorisée, ou à l’intention de toute personne à laquelle il serait illégal de faire une telle offre ou sollicitation. Les appels émis vers l’UBP peuvent être enregistrés, et l’UBP considère que toute personne qui l’appelle accepte l’enregistrement de la communication.
Conformément au Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (connu aussi sous le nom de «Règlement SFDR» (Sustainable Finance Disclosure Regulation)), les fonds sont tenus de publier certaines informations. Si le fonds relève du champ d’application de l’Article 6 du Règlement SFDR, il a été déterminé que le fonds ne suit pas une approche d’investissement qui promeut explicitement des caractéristiques environnementales ou sociales, ou qui a pour objectif l’investissement durable. Nonobstant cette classification, les gestionnaires (‘Investment Managers’) peuvent prendre en compte certains risques de durabilité comme présenté plus en détail dans le prospectus du fonds concerné. Dans le cas où le fonds relève du champ d’application de l’Article 8 ou 9 du Règlement SFDR, il peut être sujet à des risques de durabilité au sens du Règlement SFDR. Les risques de durabilité et les ‘principales incidences négatives’ (PAI - Principal Adverse Impacts) tels que prévus par le Règlement SFDR sont décrits dans le prospectus. De plus, et sauf mention contraire, tous les fonds concernés appliquent la Politique d’investissement responsable de l’UBP, laquelle est consultable à l’adresse https://www.ubp.com/fr/expertises-dinvestissement/investissement-responsable.
## Toute souscription non fondée sur les derniers prospectus, DICI/KIID, rapports annuels ou semestriels des fonds, ou tout autre document juridique pertinent (les
«Documents juridiques des fonds») ne saurait être acceptée. Les Documents juridiques des fonds peuvent être obtenus gratuitement auprès de l’Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, CP 1320, 1211 Genève 1, Suisse («UBP»), auprès d’UBP Asset Management (Europe) S.A., 287-289, route d’Arlon, 1150 Luxembourg, Grand-Duché de Luxembourg, ainsi qu’auprès d’Union Bancaire Gestion Institutionnelle (France) SAS, 116, avenue des Champs-Elysées, 75008 Paris, France. Le représentant et agent payeur suisse des fonds étrangers mentionnés dans le présent document est l’UBP. Les Documents juridiques des fonds peuvent être obtenus gratuitement auprès de l’UBP, comme indiqué plus haut.
## Le présent document est disponible dans les pays suivants:
Suisse: L’UBP est agréée et réglementée par l’Autorité de surveillance des marchés financiers (FINMA). Le siège social de l’Union Bancaire Privée, UBP SA («UBP») est sis 96-98, rue du Rhône, CP 1320, 1211 Genève 1, Suisse, [email protected]| www.ubp.com
Royaume-Uni: L’Union Bancaire Privée, UBP SA, Succursale de Londres, est agréée par l’Autorité de régulation prudentielle (Prudential Regulation Authority - PRA). Elle est également assujettie à la réglementation de l’Autorité de conduite financière (Financial Conduct Authority - FCA) et elle est soumise à certaines règles de la PRA. France: La vente et la distribution sont assurées par Union Bancaire Gestion Institutionnelle (France) SAS, une société de gestion agréée et réglementée en France par l’Autorité des marchés financiers (AMF) - n° d’agrément GP98041; 116, avenue des Champs-Elysées l 75008 Paris, France T +33 1 75 77 80 80 l Fax +33 1 44 50 16 19 www.ubpamfrance.com.
Hong Kong: UBP Asset Management Asia Limited (CE N°: AOB278) (ci-après «UBP AM Asia») est autorisée par la Securities and Futures Commission (SFC) pour les activités de Type 1 (Négociation de valeurs mobilières), de Type 4 (Conseil en valeurs mobilières) et de Type 9 (Activités réglementées en matière de gestion d’actifs). Le présent document est destiné uniquement aux «Institutional Investors» ou aux «Corporate Professional Investors», et il n’est en aucun cas destiné à la distribution au public. Le contenu de ce document n’a pas été révisé par la SFC à Hong Kong. Tout investissement implique des risques. Les performances passées ne préjugent pas des performances futures. Les investisseurs sont invités à consulter le prospectus du/des fonds concerné(s) pour de plus amples détails, et notamment concernant les caractéristiques du/des produit(s) et les facteurs de risque. Le présent document est destiné uniquement aux «Institutional Professional Investors», et il n’est pas destiné à être distribué au public. Le contenu de ce document ainsi que toute pièce jointe ou tout lien internet figurant dans ce document sont fournis uniquement à titre d’information, et ne constituent pas une forme de conseil. Les informations mentionnées dans ce document ne tiennent compte ni des objectifs d’investissement spécifiques, ni de la situation financière ou des besoins en investissement des investisseurs, et elles ne se substituent pas à un conseil professionnel. Il est vivement recommandé à l’investisseur, avant d’effectuer tout investissement, de solliciter les conseils de professionnels indépendants afin de s’assurer du caractère adéquat du produit d’investissement en fonction de ses objectifs d’investissement spécifiques, de sa situation financière et de ses besoins en investissement. Le contenu de ce document ainsi que toute pièce jointe ou tout lien internet figurant dans ce document ont été préparés de bonne foi. UBP AM Asia et l’ensemble de ses sociétés affiliées rejettent toute responsabilité en cas d’erreur ou d’omission. Les informations mentionnées dans le présent document peuvent être devenues obsolètes depuis sa publication. UBP AM Asia ne garantit d’aucune manière que ces informations sont exactes, fiables ou exhaustives. En particulier, toutes informations recueillies auprès de sources externes ne sont pas nécessairement approuvées par UBP AM Asia, et UBP AM Asia n’a vérifié ni leur exactitude ni leur exhaustivité.
Singapour: Le présent document est destiné uniquement aux «Accredited Investors» et aux «Institutional Investors» au sens du Securities and Futures Act (Cap. 289) de Singapour (SFA) tel que précisé ci-après. Les autres personnes ne peuvent recevoir ce document, et ne doivent pas agir sur la base des informations figurant dans ce document, ni s’appuyer sur ces dernières. Les produits ou services financiers auxquels le présent document fait référence sont uniquement accessibles aux clients qui sont des «Accredited Investors» ou des «Institutional Investors» aux termes du SFA. Le présent document n’a pas été enregistré en tant que prospectus auprès de la Monetary Authority of Singapore (MAS). Par conséquent, ce document ainsi que tout autre document ou toute autre publication en relation avec l’offre ou la vente du/des produit(s) concerné(s), ou avec toute invitation à souscrire ou acheter le(s)dit(s) produit(s), peuvent uniquement être diffusés ou distribués, directement ou indirectement, à Singapour aux personnes suivantes: (i) les «Institutional Investors» au sens de la Section 274 ou 304 du SFA, ou (ii) les personnes éligibles aux termes de la Section 275(1) ou 305(1) du SFA, ou toute autre personne conformément à la Section 275(1A) ou 305(2) du SFA, et aux conditions spécifiées à la Section 275 ou 305 du SFA, ou (iii) toute autre personne en vertu de toute autre disposition applicable du SFA, conformément aux conditions de ladite disposition. De même, le(s) produit(s) concerné(s) peut/peuvent être offert(s) ou vendu(s), ou faire l’objet d’une invitation en vue d’une souscription ou d’un achat, directement ou indirectement, uniquement auprès des différents types de personnes décrits ci-dessus. Le présent document n’a pas été révisé par la MAS.
MSCI: Bien que les sociétés fournissant des informations à l’Union Bancaire Privée, UBP SA, y compris mais sans s’y limiter, MSCI ESG Research LLC et ses sociétés affiliées (ci-après les «Parties ESG»), obtiennent des informations auprès de sources qu’elles considèrent comme fiables, les Parties ESG ne garantissent pas l’originalité, la précision et/ou l’exhaustivité des données mentionnées dans le présent document. Les Parties ESG déclinent toute responsabilité, de quelque nature qu’elle soit, quant aux données mentionnées dans le présent document, et elles ne sont pas responsables des erreurs ou omissions que ce dernier pourrait contenir en lien avec les informations fournies. En outre, et sans restreindre pour autant le caractère général de ce qui précède, les Parties ESG ne sont pas responsables des dommages directs, indirects, particuliers, à caractère punitif, consécutifs ou de tout autre préjudice (y compris les pertes de profits), même si celles-ci ont été informées de la possibilité de tels préjudices ou dommages. | # Outlook
- As we prepare for a more mature phase of the economic cycle, risks of accrued volatility and short-term drawdowns should increase. Proactive risk management becomes increasingly key to navigating the final stages of the recovery phase. As a result, the case for convertible bonds remains strong and cautions against reading too much into the asset class’ lag versus equities in the first part of the year. The equity asymmetric nature of the hybrid instrument makes them compelling assets for those who wish to maintain an equity exposure whilst dialling back their risk a bit.
- Convertible bonds’ appeal is equally strong considering rising inflationary pressure for those who wish to maintain bond-floor defensive features. Thanks to their conversion option, convertible bonds have much lower interest rate sensitivity than straight bonds of similar duration. Though lagging equity markets year-to-date, convertible bonds are still outperforming all fixed income asset classes.
- Overall, we see the ongoing “recovery trend” as an opportunity to tactically diversify our investments, rather than a questioning of our long-term focus on quality and growth companies. With the economic cycle set to mature in the coming months, we believe that greater selectivity focusing on fundamentals will become critical again. This should benefit the convertible bond market through its large exposure to innovative companies in high growth segments such as the tech, healthcare or internet & distribution, that exhibit good earnings visibility and robust guidance.
- Although we expect the cyclical rotation still has legs, especially in those regions where the “economy reopening” is still early-stage (e.g. Europe), we stay cautious about the lack of visibility as to how fast their business activity can return to pre-crisis levels. In that respect, the rapid spread of the Delta variant in various parts of the world calls for caution when it comes to stock picking. In this context, we reaffirm our bias towards “quality” companies with strong balance sheet fundamentals.
- The recent record dynamism in convertible bonds’ issuance has sparked a broad deepening and renewal of the investment pool, led by the “digital transformation” and “economies reopening” themes. Thanks to their dual nature, convertible bonds give investors the chance to be actively positioned on both themes with much lower volatility and downside risk than direct equity investments offer.
Disclaimer
This is a marketing document and is intended for informational and/or marketing purposes only. It is confidential and is intended to be used only by the person(s) to whom it was delivered. It may not be reproduced (in whole or in part) or delivered, given, sent or in any other way made accessible, to any other person without the prior written approval of Union Bancaire Privée, UBP SA or any entity of the UBP Group (UBP). This document reflects the opinion of UBP as of the date of issue. This document is for distribution only to persons who are Professional clients in Switzerland or Professional Clients or an equivalent category of investor as defined by the relevant laws (all such persons together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. It is not intended for distribution, publication, or use, in whole or in part, in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it directed at any person or entity at which it would be unlawful to direct such a document. In particular, this document may not be distributed in the United States of America and/or to US persons (including US citizens residing outside the United States of America). This document has not been produced by UBP’s financial analysts and is not to be considered financial research. It is not subject to any guidelines on financial research and independence of financial analysis. Reasonable efforts have been made to ensure that the content of this document is based on information and data obtained from reliable sources. However, UBP has not verified the information from third sources in this document and does not guarantee its accuracy or completeness. UBP makes no representations, provides no warranty and gives no undertaking, express or implied, regarding any of the information, projections or opinions contained herein, nor does it accept any liability whatsoever for any errors, omissions or misstatements. The information contained herein is subject to change without prior notice. UBP gives no undertaking to update this document or to correct any inaccuracies in it which may become apparent. This document may refer to the past performance of investment interests. Past performance is not a guide to current or future results. The value of investment interests can fall as well as rise. Any capital invested may be at risk and investors may not get back some or all of their original capital. Any performance data included in this document does not take into account fees, commissions, and expenses charged on issuance and redemption of securities, nor any taxes that may be levied. Changes in exchange rates may cause increases or decreases in investors’ returns. All statements other than statements of historical fact in this document are “forward-looking statements”. Forward-looking statements do not guarantee future performances. The financial projections included in this document do not constitute forecasts or budgets; they are purely illustrative examples based on a series of current expectations and assumptions which may not eventuate. The actual performance, results, financial condition and prospects of an investment interest may differ materially from those expressed or implied by the forward-looking statements in this document as the projected or targeted returns are inherently subject to significant economic, market and other uncertainties that may adversely affect performance. UBP also disclaims any obligation to update forward-looking statements, as a result of new information, future events or otherwise. The contents of this document should not be construed as any form of advice or recommendation to purchase or sell any security or funds. It does not replace a prospectus or any other legal documents, which can be obtained free of charge from the registered office of a fund or from UBP. The opinions herein do not take into account individual investors’ circumstances, objectives, or needs. Each investor must make their own independent decision regarding any securities or financial instruments mentioned herein and should independently determine the merits or suitability of any investment. In addition, the tax treatment of any investment in the fund(s) mentioned herein depends on each individual investor’s circumstances. Investors are invited to carefully read the risk warnings and the regulations set out in the prospectus or other legal documents and are advised to seek professional counsel from their financial, legal and tax advisors. The tax treatment of any investment in the Fund depends on the investor’s individual circumstances and may be subject to change in the future. This document should not be deemed an offer nor a solicitation to buy, subscribe to, or sell any currency, funds, products, or financial instruments, to make any investment, or to participate in any particular trading strategy in any jurisdiction where such an offer or solicitation would not be authorised, or to any person to whom it would be unlawful to make such an offer or solicitation. Telephone calls to the telephone number stated in this presentation may be recorded. UBP will assume that, by calling this number, you consent to this recording.
## Pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (the "Disclosures Regulation"), Funds are required to make certain disclosures.
Where the Fund falls under the scope of article 6 of the Disclosures Regulation, it has been determined that the Fund does not pursue an investment approach that explicitly promotes environmental or social characteristics or has sustainable investment as their objective. Notwithstanding this classification, the Investment Managers may take account of certain sustainability risks as further described in the fund’s prospectus. Where the Fund falls under the scope of article 8 or article 9 of the Disclosures Regulation, the Fund is subject to sustainability risks within the meaning of the Disclosures Regulation. The sustainability risks and principal adverse impacts as prescribed under the Disclosure Regulation are described in the prospectus. In addition, unless otherwise specified, all Funds apply the UBP Responsible Investment policy available on https://www.ubp.com/en/investment-expertise/responsible-investment.
Any subscriptions not based on the funds’ latest prospectuses, KIIDs, annual or semi-annual reports or other relevant legal documents (the “Funds’ Legal Documents”) shall not be acceptable. The Funds’ Legal Documents may be obtained free of charge from Union Bancaire Privée, UBP SA, 96-98 rue du Rhône,
P.O. Box 1320, 1211 Geneva 1, Switzerland (UBP), from UBP Asset Management (Europe) S.A., 287–289 route d’Arlon, 1150 Luxembourg, Grand Duchy of Luxembourg, and from Union Bancaire Gestion Institutionnelle (France) SAS, 116 avenue des Champs-Elysées, 75008 Paris, France. The Swiss representative and paying agent of the foreign funds mentioned herein is UBP. The Funds’ Legal Documents may be obtained free of charge from UBP, as indicated above. This content is being made available in the following countries:
Switzerland: UBP is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). The head office is Union Bancaire Privée, UBP SA, 96-98 rue du Rhône, P.O. Box 1320, 1211 Geneva 1, Switzerland. [email protected] | www.ubp.com
United Kingdom: UBP is authorised in the United Kingdom by the Prudential Regulation Authority (PRA) and is subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the PRA.
France: Sales and distribution are carried out by Union Bancaire Gestion Institutionnelle (France) SAS, a management company licensed with the French Autorité des Marchés Financiers, - licence n° AMF GP98041 ; 116, av. des Champs Elysées l 75008 Paris, France T +33 1 75 77 80 80 Fax +33 1 44 50 16 19 www.ubpamfrance.com.
Hong Kong: UBP Asset Management Asia Limited (CE No.: AOB278) is licensed with the Securities and Futures Commission to carry on Type 1 – Dealing in Securities, Type 4 – Advising on Securities and Type 9 – Asset Management regulated activities. The document is intended only for Institutional or Corporate Professional Investor and not for public distribution. The contents of this document have not been reviewed by the Securities and Futures Commission in Hong Kong. Investment involves risks. Past performance is not indicative of future performance. Investors should refer to the fund prospectus for further details, including the product features and risk factors. The document is intended only for Institutional Professional Investor and not for public distribution. The contents of this document and any attachments/links contained in this document are for general information only and are not advice. The information does not take into account your specific investment objectives, financial situation and investment needs and is not designed as a substitute for professional advice. You should seek independent professional advice regarding the suitability of an investment product, taking into account your specific investment objectives, financial situation and investment needs before making an investment. The contents of this document and any attachments/links contained in this document have been prepared in good faith. UBP Asset Management Asia Limited (UBP AM Asia) and all of its affiliates accept no liability for any errors or omissions. Please note that the information may also have become outdated since its publication. UBP AM Asia makes no representation that such information is accurate, reliable or complete. In particular, any information sourced from third parties is not necessarily endorsed by UBP AM Asia, and UBP AM Asia has not checked the accuracy or completeness of such third party information.
Singapore: This document is intended only for accredited investors and institutional investors as defined under the Securities and Futures Act (Cap. 289 of Singapore) (“SFA”). Persons other than accredited investors or institutional investors (as defined in the SFA) are not the intended recipients of this document and must not act upon or rely upon any of the information in this document. The financial products or services to which this material relates will only be made available to clients who are accredited investors or institutional investors under the SFA. This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of this product may not be circulated or distributed, nor may the product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to institutional investors under Section 274 or 304 of the Securities and Futures Act (Cap. 289) of Singapore ("SFA"), (ii) to relevant persons pursuant to Section 275(1) or 305(1), or any person pursuant to Section 275(1A) or 305(2) of the SFA, and in accordance with the conditions specified in Section 275 or 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. This advertisement has not been reviewed by the Monetary Authority of Singapore.
MSCI : Although Union Bancaire Privée, UBP SA information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
## Union Bancaire Privée, UBP SA Rue du Rhône 96-98 | P.O. Box 1320 | 1211 Geneva 1 | Switzerland [email protected]| www.ubp.com | en | fr |
DOLFIN2651 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 12 November 1993.
-7.5
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 12 noviembre 1993.
-7.5
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 12 November 1993.
-7.5
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN2652 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Appendix
Percentage of issuers involved in controversial sectors
Issuers operating in sectors deemed controversial (not “socially responsible”), to which restrictions or exclusions apply with respect to the entirety of the individual assets under management, are companies (i) that have a clear direct involvement in the manufacture of unconventional weapons; (ii) at least 25% of whose turnover is generated from thermal coal mining or power generation activities; (iii) at least 10% of whose turnover is generated from the exploitation of oil sands.
More specifically, unconventional weapons are understood as: anti-personnel mines; cluster bombs; nuclear weapons*; impoverished uranium; biological weapons; chemical weapons; stealth cluster bombs; blinding lasers; incendiary weapons; white phosphorus. | ## Appendice
Percentuale emittenti coinvolti in settori controversi
Sono considerati emittenti operanti in settori ritenuti controversi (non “socialmente responsabili”) ai quali sono applicate restrizioni o esclusioni rispetto all’Universo di Investimento dei singoli patrimoni gestiti, quelle società (i) caratterizzate da un evidente coinvolgimento diretto nella manifattura di armi non convenzionali; (ii) che generano almeno il 25% del proprio fatturato da attività di estrazione o generazione di energia dal carbone termico; (iii) che generano almeno il 10% del proprio fatturato dallo sfruttamento delle sabbie bituminose (c.d. Oil Sands).
Nello specifico, per armi non convenzionali si intendono: mine antiuomo; bombe a grappolo; armi nucleari*; uranio impoverito; armi biologiche; armi chimiche; armi a frammentazione invisibile; laser accecanti; armi incendiarie; fosforo bianco. | ## Appendix
Percentage of issuers involved in controversial sectors
Issuers operating in sectors deemed controversial (not “socially responsible”), to which restrictions or exclusions apply with respect to the entirety of the individual assets under management, are companies (i) that have a clear direct involvement in the manufacture of unconventional weapons; (ii) at least 25% of whose turnover is generated from thermal coal mining or power generation activities; (iii) at least 10% of whose turnover is generated from the exploitation of oil sands.
More specifically, unconventional weapons are understood as: anti-personnel mines; cluster bombs; nuclear weapons*; impoverished uranium; biological weapons; chemical weapons; stealth cluster bombs; blinding lasers; incendiary weapons; white phosphorus. | en | it |
DOLFIN2653 | 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 Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,450
-5.5%
EUR 10,612
1.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS EUR Acc entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 450 EUR
-5,5%
10 612 EUR
1,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,450
-5.5%
EUR 10,612
1.2% | en | es |
DOLFIN2654 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the S&P 500 Inverse Daily index (index) which provides the opposite performance of the S&P 500 Total Return (TR) index (Underlying index) on a daily basis plus a rate of interest. This means that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises on a daily basis. The interest rate added to the index level is based on double the rate at which banks in London lend US dollars to each other overnight earned on the short position. The Underlying index is designed to reflect the performance of shares of 500 companies representing all major US industries and comprises shares of large companies traded on certain eligible US exchanges. A company’s | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice S&P 500 Inverse Daily (el “índice”), que presenta el rendimiento diario inverso al índice S&P 500 Total Return (TR) (índice subyacente) más una tasa de interés. Esto supone que, diariamente, el nivel del índice aumentará cuando se reduzca el índice subyacente y se reducirá cuando aumente el índice subyacente. La tasa de interés que se agrega al índice se basa en el doble del tipo al que los bancos de Londres se prestan dólares estadounidenses a un día devengado en la posición vendedora. El índice subyacente está diseñado para reproducir la evolución de las acciones de un conjunto de 500 empresas donde están representados todos los principales sectores industriales estadounidenses e incluye acciones de grandes empresas cotizadas en una selección de bolsas de valores | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the S&P 500 Inverse Daily index (index) which provides the opposite performance of the S&P 500 Total Return (TR) index (Underlying index) on a daily basis plus a rate of interest. This means that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises on a daily basis. The interest rate added to the index level is based on double the rate at which banks in London lend US dollars to each other overnight earned on the short position. The Underlying index is designed to reflect the performance of shares of 500 companies representing all major US industries and comprises shares of large companies traded on certain eligible US exchanges. A company’s | en | es |
DOLFIN2655 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Share Class Facts
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies having their head office or a main part of their activities in China or Hong Kong. These companies are involved in the development, manufacture or sales of goods or services to consumers in China.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights.
- The fund adheres to the firm-wide exclusion list which includes but is not limited to, cluster munitions and anti-personnel landmines. Equally, issuers which the Investment Manager considers have failed to conduct their business in accordance with accepted international norms, including as set out in the United Nations Global Compact, will not form part of the fund’s investment universe, in accordance with the norms-based screening applied by the Investment Manager.
- China is considered to be an emerging market.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest up to 60% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI China Index (Net) (the “Index”). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
#### Launch date: 14.05.12
#### NAV price in share class currency: 29.42
#### ISIN: LU0766124126 SEDOL: B4R4S31 WKN: A1JWAK
#### Bloomberg: FCHCEAE LX
#### Dealing cut-off: 12:00 UK time (normally 13:00 Central European Time)
#### Distribution type: Accumulating
#### Ongoing Charges Figure (OCF) per year: 2.66% (30.04.20)
#### OCF takes into account annual management charge per year: 1.50% | # Caractéristiques de la part
- Le Compartiment vise une croissance du capital à long terme, accompagnée de revenus qui devraient être peu élevés.
- Le Compartiment investira au moins 70 % dans les actions des sociétés dont le siège social ou les activités principales se trouvent en Chine ou à Hong Kong. Les activités de ces sociétés portent sur le développement, la fabrication ou la vente de biens ou services à des consommateurs en Chine.
- Le Compartiment investira au moins 50 % de son actif net dans des titres qui conservent des caractéristiques durables. Le Compartiment tiendra constamment compte d’un large éventail de caractéristiques environnementales et sociales comme les mesures d’atténuation et d’adaptation au changement climatique, la gestion de l’eau et des déchets, la biodiversité, la sécurité des produits, la chaîne d’approvisionnement, la santé et la sécurité, et les droits de l’homme.
- Le Compartiment respecte la liste d’exclusion établie pour l’ensemble de l’entreprise qui comprend, sans s’y limiter, les armes à sous-munitions et les mines antipersonnel. De même, les émetteurs qui, selon le Gérant de Portefeuille, ont échoué à mener leurs activités en accord avec les normes internationales reconnues, notamment celles établies dans le Pacte mondial des Nations Unies, ne feront pas partie de l’univers d’investissement du Compartiment, conformément à l’analyse normative appliquée par le Gérant de Portefeuille.
- La Chine est considérée comme un marché émergent.
- Le Compartiment peut investir en dehors de ses principaux secteurs de marché, zones géographiques, secteurs d’activité ou catégories d’actifs.
- Le Compartiment investira jusqu’à 60 %, directement et/ou indirectement, dans des Actions A et B chinoises onshore sur une base globale.
- Le Compartiment peut investir directement dans des actifs ou obtenir une exposition indirecte par le biais d’autres moyens autorisés, y compris des instruments dérivés. Le Compartiment peut utiliser des dérivés pour réduire le risque ou les coûts, pour générer du capital ou des revenus supplémentaires, ou pour procéder à des investissements, en accord avec son profil de risque.
- Le Compartiment est géré activement. Lors de la sélection des placements pour le Compartiment et afin de contrôler le risque, le Gérant de Portefeuille se référera à l’indice MSCI China Index (Net) (l’« Indice »). La performance du Compartiment peut être évaluée par rapport à son Indice. Le Gérant de Portefeuille dispose d’une grande latitude par rapport à l’Indice. Bien que le Compartiment détienne des actifs composant l’Indice, il peut également présenter des pondérations différentes de ce dernier et investir dans des sociétés, pays ou secteurs qui n’y sont pas inclus en vue d’exploiter des opportunités d’investissement.
- Les revenus perçus par le Compartiment sont cumulés dans le prix de l’action.
- Les actions peuvent être achetées et vendues chaque jour ouvré du Compartiment.
D'autres parts peuvent être proposées. Se reporter au prospectus pour plus d'informations.
#### Date de lancement : 14.05.12
#### VL dans la devise de la part : 29,42
#### ISIN : LU0766124126 SEDOL : B4R4S31 WKN : A1JWAK
#### Bloomberg : FCHCEAE LX
#### Heure clôture négociation : 12:00 au Royaume-Uni (normalement 13 heures CET)
#### Type de part: Capitalisation
#### Frais courants annuels : 2,66% (30.04.20)
#### Frais de gestion annuels : 1,50% | # Share Class Facts
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies having their head office or a main part of their activities in China or Hong Kong. These companies are involved in the development, manufacture or sales of goods or services to consumers in China.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights.
- The fund adheres to the firm-wide exclusion list which includes but is not limited to, cluster munitions and anti-personnel landmines. Equally, issuers which the Investment Manager considers have failed to conduct their business in accordance with accepted international norms, including as set out in the United Nations Global Compact, will not form part of the fund’s investment universe, in accordance with the norms-based screening applied by the Investment Manager.
- China is considered to be an emerging market.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest up to 60% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI China Index (Net) (the “Index”). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
#### Launch date: 14.05.12
#### NAV price in share class currency: 29.42
#### ISIN: LU0766124126 SEDOL: B4R4S31 WKN: A1JWAK
#### Bloomberg: FCHCEAE LX
#### Dealing cut-off: 12:00 UK time (normally 13:00 Central European Time)
#### Distribution type: Accumulating
#### Ongoing Charges Figure (OCF) per year: 2.66% (30.04.20)
#### OCF takes into account annual management charge per year: 1.50% | en | fr |
DOLFIN2656 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# d9c40857-f040-4255-8120-77eb42d30c83
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | USD 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | USD 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | USD 90 |
| Transaction costs | 0.0% 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. | USD 3 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | # 54877051-091a-4a98-827d-2d104b776a3c
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 USD |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,9% del valor de su inversión por año. | 90 USD |
| Costes de operación | 0,0% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 3 USD |
Comisiones de rendimiento No se aplica ninguna comisión de rendimiento a este producto. n/a
¿Cuánto tiempo debo mantener la inversión y puedo retirar dinero de manera anticipada? | # d9c40857-f040-4255-8120-77eb42d30c83
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | USD 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | USD 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | USD 90 |
| Transaction costs | 0.0% 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. | USD 3 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | en | es |
DOLFIN2657 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The Company must not invest more than 10% of any Sub-fund’s net assets in securi- ties or money market instruments of a single issuer. Moreover, the Company must not invest more than 20% of any Sub-fund’s net assets in deposits with a single institution. The Fund’s risk exposure to a counterparty in an OTC derivative transaction may not exceed:
- 10% of any Sub-fund’s net assets if the other party is a credit institution according to the meaning of Article 41(1)(f) of the Law of 2010;
- otherwise 5% of any Sub-fund’s net assets | - La Società non può investire più del 10% del patrimonio netto di un Comparto in titoli o strumenti del mercato monetario emessi da uno stesso emittente. Inoltre, la Società non può investire più del 20% del patrimonio netto di un Comparto in depositi presso uno stesso istituto. Nel caso di operazioni con strumenti derivati OTC, il rischio di insolvenza non può superare i seguenti limiti:
- il 10% del patrimonio netto di un Comparto, quando la controparte è un istituto di credito ai sensi dell'Articolo 41(1), lettera f) della Legge del 2010;
- il 5% del patrimonio netto di un Comparto, in tutti gli altri casi. | - The Company must not invest more than 10% of any Sub-fund’s net assets in securi- ties or money market instruments of a single issuer. Moreover, the Company must not invest more than 20% of any Sub-fund’s net assets in deposits with a single institution. The Fund’s risk exposure to a counterparty in an OTC derivative transaction may not exceed:
- 10% of any Sub-fund’s net assets if the other party is a credit institution according to the meaning of Article 41(1)(f) of the Law of 2010;
- otherwise 5% of any Sub-fund’s net assets | en | it |
DOLFIN2658 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
When a Fund states that it invests at least two-thirds of its assets in a certain way (i) the percentage is indicative only as, for example, the Investment Manager may adjust the Fund's exposure to certain asset classes in response to adverse market and/or economic conditions and/or expected volatility, when in the Investment Manager’s view to do so would be in the best interests of the Fund and its shareholders; and (ii) such assets exclude cash or other liquidities which are not used as backup for derivatives unless otherwise stated. When a Fund states that it invests up to a maximum percentage of its assets (e.g. 80%) in a certain way, such assets include cash or other liquidities which are not used as backup for derivatives.
The remaining one-third of the Fund's assets (excluding liquidities which are not used as backup for derivatives) may be invested in other currencies, securities, countries, regions or industries, either directly or through derivatives or as otherwise stated.
A fund will not hold more than 5% of its assets in distressed securities, asset backed securities / mortgage backed securities, commodities related instruments or catastrophe bonds unless specified in the investment policy.
If a description of a Fund's investment policy is related to investments in corporations of a particular country or region, such reference means (in the absence of any further specification) investments in companies incorporated, headquartered, listed or having their principal business activities in such country or region.
- The Investment Managers may invest directly in Russian securities that are traded on the Moscow Exchange. For details of the risk involved in dealing on these exchanges please refer to Appendix II. Additionally exposure to the Russian market may be achieved through investments in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).
- A Fund will not hold more than 5% of its assets in transferable securities traded on the CIBM (including via Bond Connect) or any other Chinese Regulated Market or in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect unless disclosed in its "Investment Objective" and "Investment Policy".
- Each Bond Fund (including Mainstream Bond Fund and Specialist Bond Fund) and Multi-Asset Fund, unless otherwise specified in Appendix III, may invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these Funds, please refer to Appendix II, "Risks of Investment".
- Expected level of leverageFunds quantifying global exposure using a Value-at-Risk (VaR) approach disclose their expected level of leverage. | Wenn ein Fonds angibt, dass er mindestens zwei Drittel seines Vermögens auf eine bestimmte Art und Weise investiert, (i) ist der prozentuale Anteil nur als Richtwert zu verstehen, da der Anlageverwalter das Engagement des Fonds bei bestimmten Anlageklassen als Reaktion auf ungünstige Markt- und /oder Konjunkturbedingungen und/oder erwartete Volatilität anpassen kann, wenn der Anlageverwalter der Ansicht ist, dass dies im besten Interesse des Fonds und seiner Anteilsinhaber ist; und (ii) sind aus diesem Vermögen Barmittel und sonstige liquide Mittel, die nicht als Absicherung von Derivaten verwendet werden, ausgeschlossen, sofern nichts Anderweitiges angegeben ist. Wenn ein Fonds angibt, dass er maximal einen bestimmten Prozentsatz seines Vermögens (z.B. 80 %) auf eine bestimmte Art und Weise investiert, umfasst dieses Vermögen Barmittel und sonstige liquide Mittel, die nicht als Absicherung von Derivaten verwendet werden.
Das verbleibende Drittel des Fondsvermögens (mit Ausnahme liquider Mittel, die nicht als Absicherung von Derivaten verwendet werden) kann entweder direkt oder über Derivate oder wie anderweitig angegeben in andere Währungen, Wertpapierarten, Länder, Regionen oder Branchen investiert werden.
Ein Fonds hält höchstens 5 % seines Vermögens in notleidenden Wertpapieren, forderungsbesicherten / hypothekenbesicherten Wertpapieren, rohstoffbezogenen Instrumenten oder Katastrophen- Anleihen, es sei denn, in der Anlagepolitik ist etwas anderes festgelegt.
Ein Hinweis in der Beschreibung der Anlagepolitik eines Fonds auf Anlagen in Unternehmen in einem speziellen Land oder einer speziellen Region bedeutet (sofern keine weiteren Angaben gemacht werden), dass in
Unternehmen investiert wird, die in diesem Land oder dieser Region eingetragen sind, dort ihren Hauptsitz haben, notiert sind oder den überwiegenden Teil ihrer Geschäftstätigkeit ausüben.
- Die Anlageverwalter können direkt in russische Wertpapiere investieren, die an der Moscow Exchange gehandelt werden. Nähere Informationen zu den mit dem Handel an diesen Börsen verbundenen Risiken finden Sie in Anhang II. Außerdem können Positionen im russischen Markt durch Anlagen in American Depositary Receipts (ADRs) und Global Depositary Receipts (GDRs) erreicht werden.
- Ein Fonds hält nicht mehr als 5 % seines Vermögens in übertragbaren Wertpapieren, die auf dem CIBM (einschließlich über Bond Connect) oder einem anderen geregelten Markt in China gehandelt werden, oder in China A-Aktien über Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock Connect, sofern dies nicht in seinem „Anlageziel“ und seiner„Anlagepolitik“ angegeben ist.
- Jeder Rentenfonds (einschließlich herkömmlicher und spezialisierter Rentenfonds) und Multi-Asset-Fonds kann bis zu 5 % in CoCo-Bonds investieren, sofern in Anhang III nichts anderes angegeben ist. Umfassende Informationen zu den mit Anlagen in diesen Fonds verbundenen Risiken sind in Anhang II „Anlagerisiken“ enthalten.
- Erwartete HebelwirkungFonds, die das Gesamtrisiko anhand eines Value-at-Risk (VaR)-Ansatzes quantifizieren, legen ihre jeweils erwartete Hebelwirkung offen. | When a Fund states that it invests at least two-thirds of its assets in a certain way (i) the percentage is indicative only as, for example, the Investment Manager may adjust the Fund's exposure to certain asset classes in response to adverse market and/or economic conditions and/or expected volatility, when in the Investment Manager’s view to do so would be in the best interests of the Fund and its shareholders; and (ii) such assets exclude cash or other liquidities which are not used as backup for derivatives unless otherwise stated. When a Fund states that it invests up to a maximum percentage of its assets (e.g. 80%) in a certain way, such assets include cash or other liquidities which are not used as backup for derivatives.
The remaining one-third of the Fund's assets (excluding liquidities which are not used as backup for derivatives) may be invested in other currencies, securities, countries, regions or industries, either directly or through derivatives or as otherwise stated.
A fund will not hold more than 5% of its assets in distressed securities, asset backed securities / mortgage backed securities, commodities related instruments or catastrophe bonds unless specified in the investment policy.
If a description of a Fund's investment policy is related to investments in corporations of a particular country or region, such reference means (in the absence of any further specification) investments in companies incorporated, headquartered, listed or having their principal business activities in such country or region.
- The Investment Managers may invest directly in Russian securities that are traded on the Moscow Exchange. For details of the risk involved in dealing on these exchanges please refer to Appendix II. Additionally exposure to the Russian market may be achieved through investments in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).
- A Fund will not hold more than 5% of its assets in transferable securities traded on the CIBM (including via Bond Connect) or any other Chinese Regulated Market or in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect unless disclosed in its "Investment Objective" and "Investment Policy".
- Each Bond Fund (including Mainstream Bond Fund and Specialist Bond Fund) and Multi-Asset Fund, unless otherwise specified in Appendix III, may invest up to 5% in contingent convertible bonds. For full details of the risks applicable to investing in these Funds, please refer to Appendix II, "Risks of Investment".
- Expected level of leverageFunds quantifying global exposure using a Value-at-Risk (VaR) approach disclose their expected level of leverage. | en | de |
DOLFIN2659 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# MANAGEMENT COMPANY
The SICAV has appointed BLI – BANQUE DE LUXEMBOURG INVESTMENTS as its Management Company, which shall provide fund management, administration and distribution services. The Management Company is an authorised asset management company governed by Chapter 15 of the Law of 2010.
The Management Company delegates, under its responsibility and control, the central administration function to BANQUE DE LUXEMBOURG, which in turn delegates, under its responsibility, part of its activities to EFA.
The Management Company may, under its responsibility and control and subject to the prior agreement of the SICAV, delegate the task of managing the assets of one or more sub-funds to one or more investment managers (“Investment Managers”), named in the sub-funds’ factsheets.
The Management Company may, under its responsibility and control and subject to the prior agreement of the SICAV, authorise one or more Investment Managers to delegate the task of managing the assets of one or more sub-funds to one or more sub-managers (“Sub-Managers”), named in the sub-funds’ factsheets.
##### The rates of the management fee payable to the Management Company and any performance fees payable to the Investment Manager are indicated in the sub-funds’ factsheets.
The Management Company, or any Investment Manager or Sub-Manager, may, under its own responsibility and at its own expense, subject to the Luxembourg laws and regulations in force and provided it does not result in higher management charges payable to the Management Company, use the services of one or more investment advisers whose activity consists in advising the Management Company, the Investment Manager and the Sub Manager in their investment policies.
##### The Management Company may appoint one or more distributors to distribute the shares of one or more sub-funds of the SICAV.
- | # VERWALTUNGSGESELLSCHAFT
Die SICAV hat BLI – BANQUE DE LUXEMBOURG INVESTMENTS als Verwaltungsgesellschaft mit Management-, Verwaltungs- und Vertriebsdienstleistungen beauftragt. Die Verwaltungsgesellschaft ist als solche gemäß den Bestimmungen in Kapitel 15 des Gesetzes von 2010 zugelassen.
Die Verwaltungsgesellschaft hat unter ihrer Verantwortung und Kontrolle die Funktion der zentralen Verwaltungsstelle an die BANQUE DE LUXEMBOURG übertragen, die ihrerseits einen Teil der ihr obliegenden Aufgaben, jedoch unter der Verantwortung der BANQUE DE LUXEMBOURG, an die Dienststellen der EFA weitergibt.
Vorbehaltlich der vorherigen Zustimmung der SICAV kann die Verwaltungsgesellschaft unter ihrer Verantwortung und Kontrolle einen oder mehrere Verwalter (die „Verwalter“) für einen oder mehrere Teilfonds bestellen, deren Namen in den Kennblättern der betreffenden Teilfonds angegeben sind.
Vorbehaltlich der vorherigen Zustimmung der SICAV kann die Verwaltungsgesellschaft einen oder mehrere Verwalter bevollmächtigen, unter ihrer Verantwortung und Kontrolle einen oder mehrere Unterverwalter („Unterverwalter“) für einen oder mehrere Teilfonds zu bestellen, deren Namen in den Kennblättern der betreffenden Teilfonds angegeben sind.
##### Die der Verwaltungsgesellschaft zustehende Verwaltungsgebühr und gegebenenfalls die dem Verwalter zustehenden erfolgsabhängigen Gebühren sind in den Kennblättern der Teilfonds angegeben.
Die Verwaltungsgesellschaft sowie jeder Verwalter oder Unterverwalter können auf ihre Verantwortung und auf eigene Kosten vorbehaltlich der geltenden luxemburgischen Gesetze und Vorschriften und ohne dass die Verwaltungsgesellschaft daraus einen Anspruch auf höhere Verwaltungsgebühren herleiten darf, einen oder mehrere Anlageberater zur Unterstützung hinzuziehen, deren Aufgabe in der Beratung der Verwaltungsgesellschaft, des Verwalters oder Unterverwalters bezüglich seiner Investment- und Anlagepolitik besteht.
##### Die Verwaltungsgesellschaft kann eine oder mehrere Vertriebsstellen mit der Platzierung von Anteilen eines oder mehrerer Teilfonds der SICAV beauftragen.
- | # MANAGEMENT COMPANY
The SICAV has appointed BLI – BANQUE DE LUXEMBOURG INVESTMENTS as its Management Company, which shall provide fund management, administration and distribution services. The Management Company is an authorised asset management company governed by Chapter 15 of the Law of 2010.
The Management Company delegates, under its responsibility and control, the central administration function to BANQUE DE LUXEMBOURG, which in turn delegates, under its responsibility, part of its activities to EFA.
The Management Company may, under its responsibility and control and subject to the prior agreement of the SICAV, delegate the task of managing the assets of one or more sub-funds to one or more investment managers (“Investment Managers”), named in the sub-funds’ factsheets.
The Management Company may, under its responsibility and control and subject to the prior agreement of the SICAV, authorise one or more Investment Managers to delegate the task of managing the assets of one or more sub-funds to one or more sub-managers (“Sub-Managers”), named in the sub-funds’ factsheets.
##### The rates of the management fee payable to the Management Company and any performance fees payable to the Investment Manager are indicated in the sub-funds’ factsheets.
The Management Company, or any Investment Manager or Sub-Manager, may, under its own responsibility and at its own expense, subject to the Luxembourg laws and regulations in force and provided it does not result in higher management charges payable to the Management Company, use the services of one or more investment advisers whose activity consists in advising the Management Company, the Investment Manager and the Sub Manager in their investment policies.
##### The Management Company may appoint one or more distributors to distribute the shares of one or more sub-funds of the SICAV.
- | en | de |
DOLFIN2660 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Avis aux actionnaires des Compartiments/Classes d’Actions mentionnés ci-dessous :
MainFirst – Euro Value Stars
| LU0152754726 | Actions A | LU0152755707 | Actions C | LU1004823396* | Actions R | LU2115137726* | Actions W |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115136751* | Actions A1 | LU2115137130* | Actions C1 | LU2115137569* | Actions R1 | LU1394739228* | Actions V |
| LU2115136835* | Actions A2 | LU2115137213* | Actions C2 | LU2115137643* | Actions R2 | | |
| LU0279295249* | Actions B | LU0719478231* | Actions D | LU1004823479* | Actions X | | |
| LU2115136918* | Actions B1 | LU2115137304* | Actions D1 | LU2115137999* | Actions X1 | | |
| LU2115137056* | Actions B2 | LU2115137486* | Actions D2 | LU2115138021* | Actions X2 | | |
MainFirst – Top European Ideas Fund
| LU0308864023 | Actions A | LU1006510686* | Actions B3 | LU1006510413* | Actions D2 | LU2115129384* | Actions X1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115128733* | Actions A1 | LU0308864965 | Actions C | LU1006510843* | Actions D3 | LU1004826225* | Actions X2 |
| LU1006510173* | Actions A2 | LU2115128907* | Actions C1 | LU1004823552 | Actions R | LU1004826571* | Actions X3 |
| LU1006510504 | Actions A3 | LU1006510330* | Actions C2 | LU2115129111* | Actions R1 | LU2115129202* | Actions W |
| LU0308864296 | Actions B | LU1006510769 | Actions C3 | LU1004826142* | Actions R2 | LU1394739491 | Actions V |
| LU2115128816* | Actions B1 | LU0719477936 | Actions D | LU1004826498* | Actions R3 | | |
| LU1006510256* | Actions B2 | LU2115129038* | Actions D1 | LU1004823636 | Actions X | | |
| MainFirst – Germany Fund |
| --- |
| LU0390221256 | Actions A | LU2115129897* | Actions B2 | LU2115130127* | Actions D1 | LU1004823800 | Actions X |
| LU2115129467* | Actions A1 | LU0390221926 | Actions C | LU2115130390* | Actions D2 | LU2115130804* | Actions X1 |
| LU2115129541* | Actions A2 | LU2115129970* | Actions C1 | LU1004823719 | Actions R | LU2115130986* | Actions X2 |
| LU0390221686 | Actions B | LU2115130044* | Actions C2 | LU2115130473* | Actions R1 | LU2115130713* | Actions W |
| LU2115129624* | Actions B1 | LU0719478157 | Actions D | LU2115130630* | Actions R2 | LU1394739574 | Actions V |
MainFirst – Emerging Markets Corporate Bond Fund Balanced
| LU0816909013 | Actions A | LU0816909872 | Actions B2 | LU0816910615 | Actions D1 | LU1004824105* | Actions X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU0816909286 | Actions A1 | LU0816909955 | Actions C | LU0816910706 | Actions D2 | LU1004824360* | Actions X1 |
| LU0816909369 | Actions A2 | LU0816910292 | Actions C1 | LU1004824014 | Actions R | LU1004824527* | Actions X2 |
| LU0816909443 | Actions B | LU0816910375 | Actions C2 | LU1004824287 | Actions R1 | | |
| LU0816909799 | Actions B1 | LU0816910458 | Actions D | LU1004824444 | Actions R2 | | |
| MainFirst – Global Equities Fund |
| --- |
| LU0864709349 | Actions A | LU1740030769* | Actions B2 | LU2115132099* | Actions D1 | LU1004824873 | Actions X |
| LU2115131794* | Actions A1 | LU0864710602 | Actions C | LU1740030926* | Actions D2 | LU2115132503* | Actions X1 |
| LU1740030686* | Actions A2 | LU2115131950* | Actions C1 | LU1004824790 | Actions R | LU2115132412* | Actions X2 |
| LU0864710354 | Actions B | LU1740030843* | Actions C2 | LU2115132255* | Actions R1 | LU2115132339* | Actions W |
| LU2115131877* | Actions B1 | LU0864711089 | Actions D | LU2115132172* | Actions R2 | LU1394739731* | Actions V |
MainFirst – Absolute Return Multi Asset
| LU0864714000 | Actions A | LU2115133907* | Actions B2 | LU1740031494* | Actions D1 | LU1004825508 | Actions X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU1740031064* | Actions A1 | LU0864714935 | Actions C | LU2115134111* | Actions D2 | LU2115134624* | Actions X1 |
| LU2115133816* | Actions A2 | LU1740031221* | Actions C1 | LU1004824956 | Actions R | LU2115134541* | Actions X2 |
| LU0864714422 | Actions B | LU2115134038* | Actions C2 | LU2115134384* | Actions R1 | LU2115134467* | Actions W |
| LU1740031148 | Actions B1 | LU0864715312 | Actions D | LU2115134202* | Actions R2 | LU1394739814* | Actions V |
MainFirst – Emerging Markets Credit Opportunities Fund
| LU1061983901 | Actions A | LU1061984545 | Actions C | LU1061985351* | Actions R | LU2115131109* | Actions V |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU1061984032 | Actions A1 | LU1061984628 | Actions C1 | LU1061985435* | Actions R1 | LU2115131281* | Actions V1 |
| LU1061984115 | Actions A2 | LU1061984891 | Actions C2 | LU1061985518* | Actions R2 | LU2115131018* | Actions V2 |
| LU1061984206* | Actions B | LU1061984974 | Actions D | LU1061985609* | Actions X | LU2115131448* | Actions W |
| LU1061984388* | Actions B1 | LU1061985195* | Actions D1 | LU1061985781* | Actions X1 | LU2115131521* | Actions W1 |
| LU1061984461* | Actions B2 | LU1061985278 | Actions D2 | LU1061985864* | Actions X2 | LU2115131364* | Actions W2 |
MainFirst – Global Dividend Stars
| LU1238901240 | Actions A | LU2115135357* | Actions C1 | LU2115136082* | Actions R2 | LU1963826588 | Actions E1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115134970* | Actions A1 | LU2115135274* | Actions C2 | LU1238901836* | Actions X | LU2115135787* | Actions E2 |
| LU2115134897* | Actions A2 | LU1238901679 | Actions D | LU2115136678* | Actions X1 | LU1963825770 | Actions F |
| LU1238901323 | Actions B | LU2115135514* | Actions D1 | LU2115136595* | Actions X2 | LU2115135944* | Actions F1 |
| LU1963826406 | Actions B1 | LU2115135431* | Actions D2 | LU2115136322* | Actions W | LU2115135860* | Actions F2 |
| LU2115135191* | Actions B2 | LU1238901752* | Actions R | LU2115136249* | Actions V | | |
| LU1238901596 | Actions C | LU2115136165* | Actions R1 | LU1963825697 | Actions E | | |
MainFirst – Global Equities Unconstrained Fund
| LU1856130205 | Actions A | LU1856130544* | Actions B2 | LU2115133147* | Actions D1 | LU1856131351 | Actions X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115132768* | Actions A1 | LU1856130627 | Actions C | LU1856131195* | Actions D2 | LU2115133733* | Actions X1 |
| LU1856130387* | Actions A2 | LU2115132925* | Actions C1 | LU1856131278 | Actions R | LU2115133659* | Actions X2 |
| LU1856130460 | Actions B | LU1856130890* | Actions C2 | LU2115133493* | Actions R1 | LU2115133576* | Actions W |
| LU2115132842* | Actions B1 | LU1856130973* | Actions D | LU2115133220* | Actions R2 | LU1856131435 | Actions V |
| MainFirst – Total Return European Equity Fund** |
| --- |
| LU2211756205* | Actions B |
| LU2211756460* | Actions B1 |
| LU2211756627* | Actions X |
| LU2211757518* | Actions X1 |
*Cette classe d’actions n’est pas notifiée en France
**Ce compartiment n’est pas notifié en France
Les actionnaires des Compartiments indiqués ci-dessus sont informés par la présente des modifications suivantes apportées à la société d’investissement à capital variable MainFirst (le « Fonds »), qui prendront effet le 21 octobre 2021 :
- | # Aviso a los accionistas de los subfondos/clases de acciones que se indican a continuación:
MainFirst – Euro Value Stars
| LU0152754726 | Acciones A | LU0152755707 | Acciones C | LU1004823396 | Acciones R | LU2115137726 | Acciones W |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115136751 | Acciones A1 | LU2115137130 | Acciones C1 | LU2115137569 | Acciones R1 | LU1394739228 | Acciones V |
| LU2115136835 | Acciones A2 | LU2115137213 | Acciones C2 | LU2115137643 | Acciones R2 | | |
| LU0279295249 | Acciones B | LU0719478231 | Acciones D | LU1004823479 | Acciones X | | |
| LU2115136918 | Acciones B1 | LU2115137304 | Acciones D1 | LU2115137999 | Acciones X1 | | |
| LU2115137056 | Acciones B2 | LU2115137486 | Acciones D2 | LU2115138021 | Acciones X2 | | |
MainFirst – Top European Ideas Fund
| LU0308864023 | Acciones A | LU1006510686 | Acciones B3 | LU1006510413 | Acciones D2 | LU2115129384 | Acciones X1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115128733 | Acciones A1 | LU0308864965 | Acciones C | LU1006510843 | Acciones D3 | LU1004826225 | Acciones X2 |
| LU1006510173 | Acciones A2 | LU2115128907 | Acciones C1 | LU1004823552 | Acciones R | LU1004826571 | Acciones X3 |
| LU1006510504 | Acciones A3 | LU1006510330 | Acciones C2 | LU2115129111 | Acciones R1 | LU2115129202 | Acciones W |
| LU0308864296 | Acciones B | LU1006510769 | Acciones C3 | LU1004826142 | Acciones R2 | LU1394739491 | Acciones V |
| LU2115128816 | Acciones B1 | LU0719477936 | Acciones D | LU1004826498 | Acciones R3 | | |
| LU1006510256 | Acciones B2 | LU2115129038 | Acciones D1 | LU1004823636 | Acciones X | | |
| MainFirst – Germany Fund |
| --- |
| LU0390221256 | Acciones A | LU2115129897 | Acciones B2 | LU2115130127 | Acciones D1 | LU1004823800 | Acciones X |
| LU2115129467 | Acciones A1 | LU0390221926 | Acciones C | LU2115130390 | Acciones D2 | LU2115130804 | Acciones X1 |
| LU2115129541 | Acciones A2 | LU2115129970 | Acciones C1 | LU1004823719 | Acciones R | LU2115130986 | Acciones X2 |
| LU0390221686 | Acciones B | LU2115130044 | Acciones C2 | LU2115130473 | Acciones R1 | LU2115130713 | Acciones W |
| LU2115129624 | Acciones B1 | LU0719478157 | Acciones D | LU2115130630 | Acciones R2 | LU1394739574 | Acciones V |
MainFirst – Emerging Markets Corporate Bond Fund Balanced
| LU0816909013 | Acciones A | LU0816909872 | Acciones B2 | LU0816910615 | Acciones D1 | LU1004824105 | Acciones X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU0816909286 | Acciones A1 | LU0816909955 | Acciones C | LU0816910706 | Acciones D2 | LU1004824360 | Acciones X1 |
| LU0816909369 | Acciones A2 | LU0816910292 | Acciones C1 | LU1004824014 | Acciones R | LU1004824527 | Acciones X2 |
| LU0816909443 | Acciones B | LU0816910375 | Acciones C2 | LU1004824287 | Acciones R1 | | |
| LU0816909799 | Acciones B1 | LU0816910458 | Acciones D | LU1004824444 | Acciones R2 | | |
| MainFirst – Global Equities Fund |
| --- |
| LU0864709349 | Acciones A | LU1740030769 | Acciones B2 | LU2115132099 | Acciones D1 | LU1004824873 | Acciones X |
| LU2115131794 | Acciones A1 | LU0864710602 | Acciones C | LU1740030926 | Acciones D2 | LU2115132503 | Acciones X1 |
| LU1740030686 | Acciones A2 | LU2115131950 | Acciones C1 | LU1004824790 | Acciones R | LU2115132412 | Acciones X2 |
| LU0864710354 | Acciones B | LU1740030843 | Acciones C2 | LU2115132255 | Acciones R1 | LU2115132339 | Acciones W |
| LU2115131877 | Acciones B1 | LU0864711089 | Acciones D | LU2115132172 | Acciones R2 | LU1394739731 | Acciones V |
| MainFirst – Absolute Return Multi Asset |
| --- |
| LU0864714000 | Acciones A | LU2115133907 | Acciones B2 | LU1740031494 | Acciones D1 | LU1004825508 | Acciones X |
| LU1740031064 | Acciones A1 | LU0864714935 | Acciones C | LU2115134111 | Acciones D2 | LU2115134624 | Acciones X1 |
| LU2115133816 | Acciones A2 | LU1740031221 | Acciones C1 | LU1004824956 | Acciones R | LU2115134541 | Acciones X2 |
| LU0864714422 | Acciones B | LU2115134038 | Acciones C2 | LU2115134384 | Acciones R1 | LU2115134467 | Acciones W |
| LU1740031148 | Acciones B1 | LU0864715312 | Acciones D | LU2115134202 | Acciones R2 | LU1394739814 | Acciones V |
MainFirst – Emerging Markets Credit Opportunities Fund
| LU1061983901 | Acciones A | LU1061984545 | Acciones C | LU1061985351 | Acciones R | LU2115131109 | Acciones V |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU1061984032 | Acciones A1 | LU1061984628 | Acciones C1 | LU1061985435 | Acciones R1 | LU2115131281 | Acciones V1 |
| LU1061984115 | Acciones A2 | LU1061984891 | Acciones C2 | LU1061985518 | Acciones R2 | LU2115131018 | Acciones V2 |
| LU1061984206 | Acciones B | LU1061984974 | Acciones D | LU1061985609 | Acciones X | LU2115131448 | Acciones W |
| LU1061984388 | Acciones B1 | LU1061985195 | Acciones D1 | LU1061985781 | Acciones X1 | LU2115131521 | Acciones W1 |
| LU1061984461 | Acciones B2 | LU1061985278 | Acciones D2 | LU1061985864 | Acciones X2 | LU2115131364 | Acciones W2 |
| MainFirst – Global Dividend Stars |
| --- |
| LU1238901240 | Acciones A | LU2115135357 | Acciones C1 | LU2115136082 | Acciones R2 | LU1963826588 | Acciones E1 |
| LU2115134970 | Acciones A1 | LU2115135274 | Acciones C2 | LU1238901836 | Acciones X | LU2115135787 | Acciones E2 |
| LU2115134897 | Acciones A2 | LU1238901679 | Acciones D | LU2115136678 | Acciones X1 | LU1963825770 | Acciones F |
| LU1238901323 | Acciones B | LU2115135514 | Acciones D1 | LU2115136595 | Acciones X2 | LU2115135944 | Acciones F1 |
| LU1963826406 | Acciones B1 | LU2115135431 | Acciones D2 | LU2115136322 | Acciones W | LU2115135860 | Acciones F2 |
| LU2115135191 | Acciones B2 | LU1238901752 | Acciones R | LU2115136249 | Acciones V | | |
| LU1238901596 | Acciones C | LU2115136165 | Acciones R1 | LU1963825697 | Acciones E | | |
MainFirst – Global Equities Unconstrained Fund
| LU1856130205 | Acciones A | LU1856130544 | Acciones B2 | LU2115133147 | Acciones D1 | LU1856131351 | Acciones X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115132768 | Acciones A1 | LU1856130627 | Acciones C | LU1856131195 | Acciones D2 | LU2115133733 | Acciones X1 |
| LU1856130387 | Acciones A2 | LU2115132925 | Acciones C1 | LU1856131278 | Acciones R | LU2115133659 | Acciones X2 |
| LU1856130460 | Acciones B | LU1856130890 | Acciones C2 | LU2115133493 | Acciones R1 | LU2115133576 | Acciones W |
| LU2115132842 | Acciones B1 | LU1856130973 | Acciones D | LU2115133220 | Acciones R2 | LU1856131435 | Acciones V |
| MainFirst – Total Return European Equity Fund |
| --- |
| LU2211756205 | Acciones B |
| LU2211756460 | Acciones B1 |
| LU2211756627 | Acciones X |
| LU2211757518 | Acciones X1 |
Por el presente, se comunica a los accionistas de los subfondos mencionado los siguientes cambios en la sociedad de inversión MainFirst (Société d’Investissement à Capital Variable) (el «Fondo»), que entrarán en vigor el 21 de octubre de 2021:
- | # Avis aux actionnaires des Compartiments/Classes d’Actions mentionnés ci-dessous :
MainFirst – Euro Value Stars
| LU0152754726 | Actions A | LU0152755707 | Actions C | LU1004823396* | Actions R | LU2115137726* | Actions W |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115136751* | Actions A1 | LU2115137130* | Actions C1 | LU2115137569* | Actions R1 | LU1394739228* | Actions V |
| LU2115136835* | Actions A2 | LU2115137213* | Actions C2 | LU2115137643* | Actions R2 | | |
| LU0279295249* | Actions B | LU0719478231* | Actions D | LU1004823479* | Actions X | | |
| LU2115136918* | Actions B1 | LU2115137304* | Actions D1 | LU2115137999* | Actions X1 | | |
| LU2115137056* | Actions B2 | LU2115137486* | Actions D2 | LU2115138021* | Actions X2 | | |
MainFirst – Top European Ideas Fund
| LU0308864023 | Actions A | LU1006510686* | Actions B3 | LU1006510413* | Actions D2 | LU2115129384* | Actions X1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115128733* | Actions A1 | LU0308864965 | Actions C | LU1006510843* | Actions D3 | LU1004826225* | Actions X2 |
| LU1006510173* | Actions A2 | LU2115128907* | Actions C1 | LU1004823552 | Actions R | LU1004826571* | Actions X3 |
| LU1006510504 | Actions A3 | LU1006510330* | Actions C2 | LU2115129111* | Actions R1 | LU2115129202* | Actions W |
| LU0308864296 | Actions B | LU1006510769 | Actions C3 | LU1004826142* | Actions R2 | LU1394739491 | Actions V |
| LU2115128816* | Actions B1 | LU0719477936 | Actions D | LU1004826498* | Actions R3 | | |
| LU1006510256* | Actions B2 | LU2115129038* | Actions D1 | LU1004823636 | Actions X | | |
| MainFirst – Germany Fund |
| --- |
| LU0390221256 | Actions A | LU2115129897* | Actions B2 | LU2115130127* | Actions D1 | LU1004823800 | Actions X |
| LU2115129467* | Actions A1 | LU0390221926 | Actions C | LU2115130390* | Actions D2 | LU2115130804* | Actions X1 |
| LU2115129541* | Actions A2 | LU2115129970* | Actions C1 | LU1004823719 | Actions R | LU2115130986* | Actions X2 |
| LU0390221686 | Actions B | LU2115130044* | Actions C2 | LU2115130473* | Actions R1 | LU2115130713* | Actions W |
| LU2115129624* | Actions B1 | LU0719478157 | Actions D | LU2115130630* | Actions R2 | LU1394739574 | Actions V |
MainFirst – Emerging Markets Corporate Bond Fund Balanced
| LU0816909013 | Actions A | LU0816909872 | Actions B2 | LU0816910615 | Actions D1 | LU1004824105* | Actions X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU0816909286 | Actions A1 | LU0816909955 | Actions C | LU0816910706 | Actions D2 | LU1004824360* | Actions X1 |
| LU0816909369 | Actions A2 | LU0816910292 | Actions C1 | LU1004824014 | Actions R | LU1004824527* | Actions X2 |
| LU0816909443 | Actions B | LU0816910375 | Actions C2 | LU1004824287 | Actions R1 | | |
| LU0816909799 | Actions B1 | LU0816910458 | Actions D | LU1004824444 | Actions R2 | | |
| MainFirst – Global Equities Fund |
| --- |
| LU0864709349 | Actions A | LU1740030769* | Actions B2 | LU2115132099* | Actions D1 | LU1004824873 | Actions X |
| LU2115131794* | Actions A1 | LU0864710602 | Actions C | LU1740030926* | Actions D2 | LU2115132503* | Actions X1 |
| LU1740030686* | Actions A2 | LU2115131950* | Actions C1 | LU1004824790 | Actions R | LU2115132412* | Actions X2 |
| LU0864710354 | Actions B | LU1740030843* | Actions C2 | LU2115132255* | Actions R1 | LU2115132339* | Actions W |
| LU2115131877* | Actions B1 | LU0864711089 | Actions D | LU2115132172* | Actions R2 | LU1394739731* | Actions V |
MainFirst – Absolute Return Multi Asset
| LU0864714000 | Actions A | LU2115133907* | Actions B2 | LU1740031494* | Actions D1 | LU1004825508 | Actions X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU1740031064* | Actions A1 | LU0864714935 | Actions C | LU2115134111* | Actions D2 | LU2115134624* | Actions X1 |
| LU2115133816* | Actions A2 | LU1740031221* | Actions C1 | LU1004824956 | Actions R | LU2115134541* | Actions X2 |
| LU0864714422 | Actions B | LU2115134038* | Actions C2 | LU2115134384* | Actions R1 | LU2115134467* | Actions W |
| LU1740031148 | Actions B1 | LU0864715312 | Actions D | LU2115134202* | Actions R2 | LU1394739814* | Actions V |
MainFirst – Emerging Markets Credit Opportunities Fund
| LU1061983901 | Actions A | LU1061984545 | Actions C | LU1061985351* | Actions R | LU2115131109* | Actions V |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU1061984032 | Actions A1 | LU1061984628 | Actions C1 | LU1061985435* | Actions R1 | LU2115131281* | Actions V1 |
| LU1061984115 | Actions A2 | LU1061984891 | Actions C2 | LU1061985518* | Actions R2 | LU2115131018* | Actions V2 |
| LU1061984206* | Actions B | LU1061984974 | Actions D | LU1061985609* | Actions X | LU2115131448* | Actions W |
| LU1061984388* | Actions B1 | LU1061985195* | Actions D1 | LU1061985781* | Actions X1 | LU2115131521* | Actions W1 |
| LU1061984461* | Actions B2 | LU1061985278 | Actions D2 | LU1061985864* | Actions X2 | LU2115131364* | Actions W2 |
MainFirst – Global Dividend Stars
| LU1238901240 | Actions A | LU2115135357* | Actions C1 | LU2115136082* | Actions R2 | LU1963826588 | Actions E1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115134970* | Actions A1 | LU2115135274* | Actions C2 | LU1238901836* | Actions X | LU2115135787* | Actions E2 |
| LU2115134897* | Actions A2 | LU1238901679 | Actions D | LU2115136678* | Actions X1 | LU1963825770 | Actions F |
| LU1238901323 | Actions B | LU2115135514* | Actions D1 | LU2115136595* | Actions X2 | LU2115135944* | Actions F1 |
| LU1963826406 | Actions B1 | LU2115135431* | Actions D2 | LU2115136322* | Actions W | LU2115135860* | Actions F2 |
| LU2115135191* | Actions B2 | LU1238901752* | Actions R | LU2115136249* | Actions V | | |
| LU1238901596 | Actions C | LU2115136165* | Actions R1 | LU1963825697 | Actions E | | |
MainFirst – Global Equities Unconstrained Fund
| LU1856130205 | Actions A | LU1856130544* | Actions B2 | LU2115133147* | Actions D1 | LU1856131351 | Actions X |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LU2115132768* | Actions A1 | LU1856130627 | Actions C | LU1856131195* | Actions D2 | LU2115133733* | Actions X1 |
| LU1856130387* | Actions A2 | LU2115132925* | Actions C1 | LU1856131278 | Actions R | LU2115133659* | Actions X2 |
| LU1856130460 | Actions B | LU1856130890* | Actions C2 | LU2115133493* | Actions R1 | LU2115133576* | Actions W |
| LU2115132842* | Actions B1 | LU1856130973* | Actions D | LU2115133220* | Actions R2 | LU1856131435 | Actions V |
| MainFirst – Total Return European Equity Fund** |
| --- |
| LU2211756205* | Actions B |
| LU2211756460* | Actions B1 |
| LU2211756627* | Actions X |
| LU2211757518* | Actions X1 |
*Cette classe d’actions n’est pas notifiée en France
**Ce compartiment n’est pas notifié en France
Les actionnaires des Compartiments indiqués ci-dessus sont informés par la présente des modifications suivantes apportées à la société d’investissement à capital variable MainFirst (le « Fonds »), qui prendront effet le 21 octobre 2021 :
- | fr | es |
DOLFIN2661 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests at least 51% of its assets in debt securities of financial institutions, particularly in contingent convertible instruments (CoCos), which in some cases may be subject to compulsory conversion to equity (shares) or partly written off, and in subordinated bonds.
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the ICE BofA Contingent Capital Index Hedged in USD. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
The fund pursues an optimal foreign currency hedging policy.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Características importantes:
El fondo invierte al menos un 51% de su patrimonio en títulos de crédito de entidades financieras, en particular en bonos convertibles contingentes (cocos), que, en determinadas circunstancias, pueden convertirse en capital propio (acciones) o amortizarse parcialmente, así como en obligaciones subordinadas.
Los valores se seleccionan de manera discrecional sobre la base de un proceso de inversión coherente («gestión activa»). En lo que respecta a la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del ICE BofA Contingent Capital Index Hedged in USD. La desviación del índice de referencia puede ser considerable.
La política de inversión se rige por este índice de referencia y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o
mínima, positiva o negativamente, del índice de referencia, sobreponderando o infraponderando activamente los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
Se aplicará la mejor cobertura cambiaria posible.
Para alcanzar el objetivo de inversión se pueden emplear derivados.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo.
No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten. | # Important features:
The fund invests at least 51% of its assets in debt securities of financial institutions, particularly in contingent convertible instruments (CoCos), which in some cases may be subject to compulsory conversion to equity (shares) or partly written off, and in subordinated bonds.
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the ICE BofA Contingent Capital Index Hedged in USD. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
The fund pursues an optimal foreign currency hedging policy.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | es |
DOLFIN2662 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The accounting method for recording proceeds from fixed-income securities is the interest received method.
Entries and sales of securities are accounted exclusive of fees. The reference currency for portfolio accounting is the euro. The financial year is 12 months.
Information about repercussions of the COVID-19 crisis.
The accounts were prepared by the management company on the basis of the available elements in the constantly changing context of the Covid-19 crisis.
Asset valuation rules Equities, warrants and rights
Equities are valued at the closing price on the various stock exchanges on the reference date.
ETFs and UCIs
ETFs and UCIs are valued at the net asset value representative of the markets on the reference date or in the absence thereof the preceding date.
Bonds
Bonds are valued at the closing price on the basis of contributor prices on the reference date.
Negotiable debt securities and other money market instruments
Negotiable debt securities and other money market instruments are valued using prices calculated on the basis of representative market data on the reference date.
Futures and options on organised markets
These financial instruments are valued at the closing prices on the various futures markets on the reference date.
Cleared OTC derivatives
These financial instruments are valued at the closing prices set by the clearing houses on the reference date.
Spot exchange rates
The spot exchange rates are valued from the market data available from specialised data providers.
Forward exchange
Forward exchange is valued on the basis of the market data available from specialised data suppliers (spot price, interest rate curve, etc.).
Credit derivatives
Uncleared credit derivatives are calculated based on models validated by the Management Company, using market data such as the spread curve, interest rate curve, etc., available from specialised data providers. The prices obtained are compared with those of the counterparties.
Rate swaps
Uncleared interest rate swaps are calculated based on models validated by the Management Company, using market data such as the interest rate curve, etc., available from specialised data providers. The prices obtained are compared with those of the counterparties.
Other OTC derivatives
Uncleared OTC products are calculated based on models validated by the Management Company, using the market data available from specialised data providers (volatility, interest rate curve, etc.).
The prices obtained from the models are compared with those of the counterparties.
Repurchase and reverse repurchase agreements, lending and borrowing of securities
Repurchase agreements, reverse repurchase agreements and securities borrowing/lending are valued at cost plus interest.
For contracts exceeding three months, the credit spread of the counterparty may be revalued.
Exceptional treatment
Debt securities in which there are not significant amounts of transactions or for which the price is clearly not representative of the market, may be valued on the basis of an estimated method and under the responsibility of the Management Company. In addition, the actuarial method may be used, the rate applied being that for issues of equivalent securities, where applicable, allocated by a differential representative of the intrinsic characteristics of the issuer of the security.
Options in which there are not significant amounts of transactions and/or for which the price is clearly not representative of the market, may be valued on the basis of a method representative of the close of the market at responsibility of the Management Company.
Off-balance sheet items:
The off-balance sheet commitment relating to interest rate and currency swaps corresponds to the nominal contract value. The off-balance sheet commitment on French and foreign futures markets is calculated based on the regulations in force:
Outright futures transaction: amount by nominal value by the day's price in the day's currency; Off-balance sheet transactions in foreign currencies against foreign currencies are presented in the table showing the breakdown by currency of listing both as hedging and under other transactions (unlike the line by line presentation used for off- balance sheet items) in order to reflect these two currencies.
Main sources
The principal specialised data providers for valuations are Bloomberg, IDC, CMA, WMC and Factset.
The Management Company may, nevertheless, change these at its own responsibility if it deems appropriate.
Management fees | La modalità di contabilizzazione utilizzata per la registrazione dei prodotti dei titoli a reddito fisso è quella degli interessi incassati.
Le entrate e le cessioni di titoli sono contabilizzati al netto delle spese. La valuta di riferimento della contabilità del portafoglio è l’euro. La durata dell’esercizio è di 12 mesi.
Informazioni sugli impatti legati alla crisi del COVID-19
Il bilancio è stato redatto dalla società di gestione sulla base degli elementi disponibili in un contesto evolutivo della crisi legata al Covid-19.
Regole di valutazione degli attivi Azioni, warrant e diritti
Le azioni sono valorizzate all’ultimo corso di chiusura dei vari mercati borsistici alla data di riferimento.
ETF e OIC
Gli ETF e OIC sono valorizzati al valore netto d'inventario rappresentativo dei mercati alla data di riferimento o, in sua assenza, a quella precedente.
Obbligazioni
Le obbligazioni sono valorizzate al corso di chiusura in base ai prezzi dei contributori alla data di riferimento.
TCN e altri strumenti del mercato monetario
I TCN (titoli di credito negoziabili) e altri strumenti del mercato monetario sono valorizzati con prezzi calcolati in base ai dati di mercato rappresentativi alla data di riferimento.
Future e opzioni su mercati organizzati
Questi strumenti finanziari sono valorizzati all’ultimo corso di chiusura dei vari mercati a termine alla data di riferimento.
Derivati OTC compensati
Questi strumenti finanziari sono valorizzati ai corsi di chiusura stabiliti dalle camere di compensazione alla data di riferimento.
Cambio spot
I tassi di cambio a pronti sono valorizzati a partire dai dati di mercato disponibili presso i fornitori di dati specializzati.
Cambio a termine
Il cambio a termine viene valorizzato in base ai dati di mercato disponibili presso i fornitori di dati specializzati (corso spot, curva dei tassi).
Derivati di credito
I derivati di credito non compensati si calcolano in base a modelli convalidati dalla Società di Gestione, che prevedono l'utilizzo dei dati di mercato (curve di spread, curve dei tassi, ecc.) disponibili presso i fornitori di dati specializzati. I prezzi ottenuti si confrontano con quelli delle controparti.
Swap di tassi
Gli swap di tasso non compensati si calcolano in base a modelli convalidati dalla Società di Gestione, che prevedono l'utilizzo dei dati di mercato (curve dei tassi, ecc.) disponibili presso i fornitori di dati specializzati. I prezzi ottenuti si confrontano con quelli delle controparti.
Altri derivati OTC
I prodotti OTC non compensati si calcolano in base a modelli approvati dalla Società di Gestione, che prevedono l'utilizzo dei dati di mercato disponibili presso i fornitori di dati specializzati (volatilità, curva dei tassi, ecc.).
I prezzi ottenuti con i modelli si confrontano con quelli delle controparti.
Contratti repo e reverse repo, prestito attivo o passivo di titoli
I titoli oggetto di operazioni repo e reverse repo sono valorizzati al prezzo di acquisto, maggiorato degli interessi. In caso di contratti superiori a tre mesi, lo spread di credito della controparte potrà essere rivalutato.
Trattamenti d'eccezione
I titoli di credito che non rientrano nel contesto di transazioni significative o il cui corso non è visibilmente rappresentativo del mercato possono essere valutati in base a un metodo di valorizzazione stimata e sotto la responsabilità della Società di Gestione. Inoltre, potrà essere applicato un metodo attuariale, laddove si considera il tasso delle emissioni di titoli equivalenti attribuiti, se opportuno, con uno scarto rappresentativo delle caratteristiche intrinseche dell'emittente del titolo.
Le opzioni che non rientrano nel contesto di transazioni significative e/o il cui corso non è visibilmente rappresentativo del mercato possono essere valutate in base a un metodo rappresentativo della chiusura del mercato sotto la responsabilità della Società di Gestione.
Fuori bilancio:
L'impegno fuori bilancio relativo al contratto di scambio di tassi di interesse e valute è pari al valore nominale del contratto. Gli impegni fuori bilancio sui mercati a termine francesi ed esteri sono calcolati secondo la regolamentazione in vigore:
Operazione a termine fisso: quantità per nominale per corso del giorno su corso della valuta del giorno. Le operazioni fuori bilancio di valute contro valute sono presentati nella tabella di ripartizione per valute di quotazione su copertura e su altre operazioni (a differenza della presentazione riga per riga del fuori bilancio) per prendere in considerazione le due valute.
Fonti principali
I principali fornitori di dati specializzati utilizzati per le valorizzazioni sono Bloomberg, IDC, CMA, WMC e Factset. La Società di Gestione potrebbe comunque cambiarli, sotto la propria responsabilità, qualora lo ritenga opportuno.
Spese di gestione | The accounting method for recording proceeds from fixed-income securities is the interest received method.
Entries and sales of securities are accounted exclusive of fees. The reference currency for portfolio accounting is the euro. The financial year is 12 months.
Information about repercussions of the COVID-19 crisis.
The accounts were prepared by the management company on the basis of the available elements in the constantly changing context of the Covid-19 crisis.
Asset valuation rules Equities, warrants and rights
Equities are valued at the closing price on the various stock exchanges on the reference date.
ETFs and UCIs
ETFs and UCIs are valued at the net asset value representative of the markets on the reference date or in the absence thereof the preceding date.
Bonds
Bonds are valued at the closing price on the basis of contributor prices on the reference date.
Negotiable debt securities and other money market instruments
Negotiable debt securities and other money market instruments are valued using prices calculated on the basis of representative market data on the reference date.
Futures and options on organised markets
These financial instruments are valued at the closing prices on the various futures markets on the reference date.
Cleared OTC derivatives
These financial instruments are valued at the closing prices set by the clearing houses on the reference date.
Spot exchange rates
The spot exchange rates are valued from the market data available from specialised data providers.
Forward exchange
Forward exchange is valued on the basis of the market data available from specialised data suppliers (spot price, interest rate curve, etc.).
Credit derivatives
Uncleared credit derivatives are calculated based on models validated by the Management Company, using market data such as the spread curve, interest rate curve, etc., available from specialised data providers. The prices obtained are compared with those of the counterparties.
Rate swaps
Uncleared interest rate swaps are calculated based on models validated by the Management Company, using market data such as the interest rate curve, etc., available from specialised data providers. The prices obtained are compared with those of the counterparties.
Other OTC derivatives
Uncleared OTC products are calculated based on models validated by the Management Company, using the market data available from specialised data providers (volatility, interest rate curve, etc.).
The prices obtained from the models are compared with those of the counterparties.
Repurchase and reverse repurchase agreements, lending and borrowing of securities
Repurchase agreements, reverse repurchase agreements and securities borrowing/lending are valued at cost plus interest.
For contracts exceeding three months, the credit spread of the counterparty may be revalued.
Exceptional treatment
Debt securities in which there are not significant amounts of transactions or for which the price is clearly not representative of the market, may be valued on the basis of an estimated method and under the responsibility of the Management Company. In addition, the actuarial method may be used, the rate applied being that for issues of equivalent securities, where applicable, allocated by a differential representative of the intrinsic characteristics of the issuer of the security.
Options in which there are not significant amounts of transactions and/or for which the price is clearly not representative of the market, may be valued on the basis of a method representative of the close of the market at responsibility of the Management Company.
Off-balance sheet items:
The off-balance sheet commitment relating to interest rate and currency swaps corresponds to the nominal contract value. The off-balance sheet commitment on French and foreign futures markets is calculated based on the regulations in force:
Outright futures transaction: amount by nominal value by the day's price in the day's currency; Off-balance sheet transactions in foreign currencies against foreign currencies are presented in the table showing the breakdown by currency of listing both as hedging and under other transactions (unlike the line by line presentation used for off- balance sheet items) in order to reflect these two currencies.
Main sources
The principal specialised data providers for valuations are Bloomberg, IDC, CMA, WMC and Factset.
The Management Company may, nevertheless, change these at its own responsibility if it deems appropriate.
Management fees | en | it |
DOLFIN2663 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### 31.12.2023 Monthly Professional Factsheet
ESG Metrics
The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. Representation of this data is for informational purposes only. If the SFDR classification is shown as 6 below then this fund does not promote environmental or social characteristics nor does it have a sustainable investment objective. If it is shown as 8, the fund promotes environmental or social characteristics. If it is shown as 9, the fund has a sustainable investment objective. Product-specific information can be found on our website at www.fidelityinternational.com | ### 31.12.2023 Monatliches Professional Factsheet
ESG-Kennzahlen
Das Factsheet ist eine Momentaufnahme des Portfolios am oben angegebenen Datum. Die Verteilung der ESG-Bewertungen kann sich im Laufe der Zeit ändern. Die Darstellung dieser Daten dient nur zu Informationszwecken. Wenn die SFDR-Klassifikation unten mit 6 angegeben ist, dann fördert dieser Teilfonds keine ökologischen oder sozialen Merkmale und bietet auch kein nachhaltiges Anlageziel. Wenn sie mit 8 angegeben ist, fördert der Teilfonds ökologische oder soziale Merkmale. Wenn sie mit 9 angegeben ist, hat der Teilfonds ein nachhaltiges Anlageziel. Produktspezifische Informationen finden Sie auf unserer Website unter www.fidelityinternational.com. | ### 31.12.2023 Monthly Professional Factsheet
ESG Metrics
The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. Representation of this data is for informational purposes only. If the SFDR classification is shown as 6 below then this fund does not promote environmental or social characteristics nor does it have a sustainable investment objective. If it is shown as 8, the fund promotes environmental or social characteristics. If it is shown as 9, the fund has a sustainable investment objective. Product-specific information can be found on our website at www.fidelityinternational.com | en | de |
DOLFIN2664 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment Objectives and Policies
The objective of the Company is to seek to achieve the objective of each Fund as described within the relevant Fund Information Sheet in Annex 2 for the benefit of its Shareholders. The assets of each Fund are invested with a long-term perspective in accordance with the objective of the relevant Fund, subject to the investment restrictions described in Annex 1 and in the Fund Information Sheet of the relevant Fund in Annex 2.
Information relating to historical investment results of each Class will be found in the KIDs/KIIDs. | # Anlageziele und Anlagepolitik
Das Ziel der Gesellschaft besteht darin, das Ziel jedes Fonds, wie in den maßgeblichen Fondsinformationsblättern in Anhang 2 beschrieben, zum Vorteil seiner Anteilsinhaber zu erreichen. Die Vermögenswerte jedes Fonds werden mit einer langfristigen Perspektive und gemäß den Zielen des entsprechenden Fonds angelegt, unter Einhaltung der in Anhang 1 und den maßgeblichen Fondsinformationsblättern in Anhang 2 beschriebenen Anlagebeschränkungen.
Informationen zu früheren Anlageergebnissen jeder Anteilsklasse sind in den KIDs/KIIDs zu finden. | # Investment Objectives and Policies
The objective of the Company is to seek to achieve the objective of each Fund as described within the relevant Fund Information Sheet in Annex 2 for the benefit of its Shareholders. The assets of each Fund are invested with a long-term perspective in accordance with the objective of the relevant Fund, subject to the investment restrictions described in Annex 1 and in the Fund Information Sheet of the relevant Fund in Annex 2.
Information relating to historical investment results of each Class will be found in the KIDs/KIIDs. | en | de |
DOLFIN2665 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 4 years Example Investment: 10,000 USD If you exit after 1 If you exit after 4 year 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 | 4,360 USD | 5,000 USD |
| Average return each year | -56.40% | -15.91% |
| Unfavourable | What you might get back after costs | 7,400 USD | 8,080 USD |
| Average return each year | -26.00% | -5.19% |
| Moderate | What you might get back after costs | 9,650 USD | 10,480 USD |
| Average return each year | -3.50% | 1.18% |
| Favourable | What you might get back after costs | 11,210 USD | 12,510 USD |
| Average return each year | 12.10% | 5.76% | | | Periodo de mantenimiento recomendado: 4 años Ejemplo de inversión: 10,000 USD En caso de salida En caso de salida después de 1 año después de 4 años Escenarios |
| --- |
| 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 | 4,360 USD | 5,000 USD |
| Rendimiento medio cada año | -56.40% | -15.91% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,400 USD | 8,080 USD |
| Rendimiento medio cada año | -26.00% | -5.19% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,650 USD | 10,480 USD |
| Rendimiento medio cada año | -3.50% | 1.18% |
| Favorable | Lo que podría recibir tras deducir los costes | 11,210 USD | 12,510 USD |
| Rendimiento medio cada año | 12.10% | 5.76% | | | Recommended holding period: 4 years Example Investment: 10,000 USD If you exit after 1 If you exit after 4 year 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 | 4,360 USD | 5,000 USD |
| Average return each year | -56.40% | -15.91% |
| Unfavourable | What you might get back after costs | 7,400 USD | 8,080 USD |
| Average return each year | -26.00% | -5.19% |
| Moderate | What you might get back after costs | 9,650 USD | 10,480 USD |
| Average return each year | -3.50% | 1.18% |
| Favourable | What you might get back after costs | 11,210 USD | 12,510 USD |
| Average return each year | 12.10% | 5.76% | | en | es |
DOLFIN2666 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Currency risk: The Compartment invests in foreign markets and could be impacted by exchange rate fluctuations, resulting in an increase or decrease in the value of the
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 3 reflects a potential for limited gains and/or losses in the value of the portfolio. This is due to investments in bonds on the Chinese market. | ## Riesgo de tipo de cambio: El Subfondo invierte en mercados extranjeros y puede verse
El indicador anterior se calcula sobre la base de datos históricos y, por tanto, puede no ser una indicación fiable del perfil de riesgo futuro del Subfondo. No es seguro que la categoría de riesgo y remuneración permanezca inalterada y es probable que la clasificación cambie con el tiempo. La categoría 1 no es sinónimo de inversión sin riesgo. El reembolso de la inversión inicial no está garantizado.
Debido a la falta de un historial suficiente, el indicador de riesgo incorpora datos simulados a partir de una cartera de referencia. La categoría de riesgo 3 refleja un potencial limitado de ganancias y/o pérdidas en el valor de la cartera. Esto se debe a las inversiones en bonos en el mercado chino. | ## Currency risk: The Compartment invests in foreign markets and could be impacted by exchange rate fluctuations, resulting in an increase or decrease in the value of the
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 3 reflects a potential for limited gains and/or losses in the value of the portfolio. This is due to investments in bonds on the Chinese market. | en | es |
DOLFIN2667 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: $10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2,370 | $2,120 |
| Rendement annuel moyen | -76.35% | -26.67% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6,150 | $6,030 |
| Rendement annuel moyen | -38.46% | -9.62% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $11,350 | $17,590 |
| Rendement annuel moyen | 13.52% | 11.96% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $16,490 | $27,540 |
| Rendement annuel moyen | 64.86% | 22.45% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: $10,000 En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $2,370 | $2,120 |
| Rendimiento medio cada año | -76.35% | -26.67% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $6,150 | $6,030 |
| Rendimiento medio cada año | -38.46% | -9.62% |
| Moderado | Lo que podría recibir tras deducir los costes | $11,350 | $17,590 |
| Rendimiento medio cada año | 13.52% | 11.96% |
| Favorable | Lo que podría recibir tras deducir los costes | $16,490 | $27,540 |
| Rendimiento medio cada año | 64.86% | 22.45% | | | Période de détention recommandée: 5 ans Exemple d'investissement: $10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2,370 | $2,120 |
| Rendement annuel moyen | -76.35% | -26.67% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6,150 | $6,030 |
| Rendement annuel moyen | -38.46% | -9.62% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $11,350 | $17,590 |
| Rendement annuel moyen | 13.52% | 11.96% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $16,490 | $27,540 |
| Rendement annuel moyen | 64.86% | 22.45% | | fr | es |
DOLFIN2668 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### FRANKLIN EURO HIGH YIELD FUND
The Fund employs a proprietary environmental, social and governance (ESG) rating methodology to evaluate the securities that may be potential investments for the Fund (the Fund’s “Investment Universe”), and applies certain restrictions as detailed below. The ESG rating methodology is applied to 100% of issuers present in the Fund’s portfolio and is binding for the portfolio construction.
ESG factors are an important component of the Fund’s corporate credit research process, combining bottom-up fundamental credit analysis with a review of any material ESG factors to arrive at a holistic assessment of credit strengths, weaknesses and potential risks. The Investment Managers’ analysts may work with issuers presenting specific carbon emissions issues so as to improve the risk-management they apply in these areas.
Across the entire portfolio | ##### FRANKLIN EURO HIGH YIELD FUND
Il Comparto ricorre ad una metodologia di rating ambientale, sociale e di governance (ESG) proprietaria allo scopo di valutare i titoli che possano costituire potenziali investimenti per il comparto (“universo d’investimento” del Comparto) e applica le restrizioni specificate di seguito. La metodologia di rating ESG viene applicata al 100% degli emittenti presenti nel portafoglio del Comparto ed è vincolante per la costruzione del portafoglio.
I fattori ESG costituiscono una componente importante del processo di ricerca sul credito societario del Comparto, che unisce l’analisi del credito fondamentale bottom-up con la disamina di eventuali criteri ESG rilevanti per giungere a una valutazione olistica dei punti di forza e di debolezza sotto il profilo creditizio, nonché dei potenziali rischi associati. Gli analisti dei Gestori del Portafoglio potranno lavorare con emittenti che esibiscono problematiche specifiche in materia di emissioni di carbonio al fine di migliorare la gestione del rischio applicata in queste aree.
A livello dell’intero portafoglio | ##### FRANKLIN EURO HIGH YIELD FUND
The Fund employs a proprietary environmental, social and governance (ESG) rating methodology to evaluate the securities that may be potential investments for the Fund (the Fund’s “Investment Universe”), and applies certain restrictions as detailed below. The ESG rating methodology is applied to 100% of issuers present in the Fund’s portfolio and is binding for the portfolio construction.
ESG factors are an important component of the Fund’s corporate credit research process, combining bottom-up fundamental credit analysis with a review of any material ESG factors to arrive at a holistic assessment of credit strengths, weaknesses and potential risks. The Investment Managers’ analysts may work with issuers presenting specific carbon emissions issues so as to improve the risk-management they apply in these areas.
Across the entire portfolio | en | it |
DOLFIN2669 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
The ongoing charges shown here were accrued during the latest financial year of the Fund, which ended on 30/04/2022.
These charges can fluctuate from year to year. The ongoing charges do not include:
- performance fees
- portfolio transaction costs (except entry charges and exit charges which are borne by the Fund when purchasing and selling other investment funds)For further information on fees and charges and their method of calculation please refer to the prospectus which is available at www.lgtcp.com/en/regulatory-information.
Past performance is no guarantee of any particular performance, neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT EM Frontier LC Bond Sub-Fund Class N (EUR) launch date: 10/08/2021
Performance is calculated in EUR.
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | # Rendimiento pasado
Los gastos corrientes que se recogen aquí corresponden al último ejercicio anual del Fondo, concluido el 30/04/2022.
Estos gastos pueden variar de año en año. Los gastos corrientes no incluyen:
- comisiones por rendimiento
- los costes de las operaciones de la cartera (salvo los gastos de suscripción y reembolso que asume el Fondo cuando adquiere y vende participaciones en otros fondos de inversión)Para obtener más información sobre las comisiones y gastos, y so- bre cómo se calculan, le rogamos que consulte el folleto, que po- drá obtener a través dewww.lgtcp.com/en/regulatory-information.
El rendimiento pasado no constituye garantía de ningún rendi- miento en particular, ni presente ni futuro.
A efectos de estos cálculos, se han detraído todas las comisiones y gastos, a excepción de las de suscripción y reembolso.
LGT EM Frontier LC Bond Sub-Fund Class N (EUR) fecha de lanza- miento: 10/08/2021
El rendimiento se calcula en EUR.
Para más información sobre la rentabilidad pasada, le recomendamos que consulte los informes mensuales (www.lgtcp.com/en/regulatory-information).
- | # Past Performance
The ongoing charges shown here were accrued during the latest financial year of the Fund, which ended on 30/04/2022.
These charges can fluctuate from year to year. The ongoing charges do not include:
- performance fees
- portfolio transaction costs (except entry charges and exit charges which are borne by the Fund when purchasing and selling other investment funds)For further information on fees and charges and their method of calculation please refer to the prospectus which is available at www.lgtcp.com/en/regulatory-information.
Past performance is no guarantee of any particular performance, neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT EM Frontier LC Bond Sub-Fund Class N (EUR) launch date: 10/08/2021
Performance is calculated in EUR.
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | en | es |
DOLFIN2670 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
New Capital Wealthy Nations Bond Fund (the “Fund”)
A sub-fund of New Capital UCITS Fund Plc (the “Company”)
New Capital Wealthy Nations Bond Fund - EUR I Inc ( IE00B41M1657 ) (the “Share Class”)
New Capital UCITS Fund Plc is authorised in Ireland and regulated by the Central Bank of Ireland. The management company of the Fund is KBA Consulting Management Limited which is authorised in Ireland and regulated by the Central Bank of Ireland. The investment manager is EFG Asset Management (UK) Limited, which is authorised in the United Kingdom and regulated by the Financial Conduct Authority.
For more information on this product, please refer to https://www.newcapital.com/ or call +44 (0)20 7412 3894 or email [email protected].
This document was published on 01/01/2023
You are about to purchase a product that is not simple and may be difficult to understand. | Document d’informations clés
Objective
Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
New Capital Wealthy Nations Bond Fund (le “Fond”)
Un compartiment de New Capital UCITS Fund Plc (la “Société”)
New Capital Wealthy Nations Bond Fund - EUR I Inc ( IE00B41M1657 ) ((la “Catégorie d’Actions”)
New Capital UCITS Fund Plc est autorisé en Irlande et réglementé par la Banque centrale d'Irlande. La société de gestion du fonds est KBA Consulting Management Limited, agréée en Irlande et réglementée par la Banque centrale d'Irlande. Le gestionnaire du fonds est EFG Asset Management (UK) Limited, qui est autorisé au Royaume-Uni et réglementé par la Financial Conduct Authority.
Pour plus d'informations sur ce produit, veuillez consulter https://www.newcapital.com/ ou appeler +44 (0)20 7412 3894 ou envoyer un courriel à [email protected].
Ce document a été publié le 01/01/2023
Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. | Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
New Capital Wealthy Nations Bond Fund (the “Fund”)
A sub-fund of New Capital UCITS Fund Plc (the “Company”)
New Capital Wealthy Nations Bond Fund - EUR I Inc ( IE00B41M1657 ) (the “Share Class”)
New Capital UCITS Fund Plc is authorised in Ireland and regulated by the Central Bank of Ireland. The management company of the Fund is KBA Consulting Management Limited which is authorised in Ireland and regulated by the Central Bank of Ireland. The investment manager is EFG Asset Management (UK) Limited, which is authorised in the United Kingdom and regulated by the Financial Conduct Authority.
For more information on this product, please refer to https://www.newcapital.com/ or call +44 (0)20 7412 3894 or email [email protected].
This document was published on 01/01/2023
You are about to purchase a product that is not simple and may be difficult to understand. | en | fr |
DOLFIN2671 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 129.00 USD | 910.00 USD |
| Impact on return (RIY) per year | 1.30% | 1.38% | | | Investimento: 10.000 USD | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 129.00 USD | 910.00 USD |
| Impatto sul rendimento (RIY) annuo | 1.30% | 1.38% | | | Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 129.00 USD | 910.00 USD |
| Impact on return (RIY) per year | 1.30% | 1.38% | | en | it |
DOLFIN2672 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers or dealers. Transaction costs, when incurred, are included as part of the cost of such purchases.
Transaction costs on treasury bills, total return/outperformance swaps and forward currency contracts could not be separately identified. Transaction costs on these are included in the purchase and sales price of the investment and cannot be separately verified or disclosed. Transaction costs on equities investments are embedded in the cost of the investment and included in net gains/(losses) on financial assets at fair value through profit or loss within the Statement of Comprehensive Income of each Fund.
Swap expenses are paid to the swap counterparties under normal terms of business and are included in realised gain/(loss) on outperformance swaps or total return swaps in the Statements of Comprehensive Income. For further details, refer to note 10, note 4 and note 13.
Sector transaction fees are payable by the Authorised Participants to the Manager. Please refer to note 13 for further information.
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## Interest Income | Transaktionskosten sind Kosten, die anfallen, um finanzielle Vermögenswerte oder Verbindlichkeiten erfolgswirksam zum beizulegenden Zeitwert zu kaufen. Sie beinhalten Gebühren und Provisionen für Vermittler, Berater, Makler oder Händler. Transaktionskosten werden dann, wenn sie anfallen, als Teil der Kosten für diese Käufe berücksichtigt.
Die Transaktionskosten für Treasury Bills, Total Return Swaps/Outperformance Swaps und Devisenterminkontrakte konnten nicht gesondert ausgewiesen werden. Diese Transaktionskosten sind im Kauf- und Verkaufspreis der Anlagen enthalten und lassen sich nicht gesondert überprüfen oder angeben. Die Transaktionskosten für Aktienanlagen sind in die Kosten der Anlagen eingebettet und in der Gesamtertragsrechnung der einzelnen Fonds unter Nettogewinnen/(-verlusten) aus erfolgswirksam zum beizulegenden Zeitwert bewerteten finanziellen Vermögenswerten erfasst.
Swap-Kosten werden an die Swap-Kontrahenten zu üblichen Geschäftsbedingungen bezahlt und sind unter den realisierten Gewinnen/(Verlusten) aus Outperformance Swaps oder Total Return Swaps in den Gesamtergebnisrechnungen erfasst. Näheres ist den Anmerkungen 10, 4 und 13 zu entnehmen.
Die autorisierten Teilnehmer müssen Sektor-Transaktionsgebühren an die Verwaltungsgesellschaft zahlen. Weitere Informationen sind Anmerkung 13 zu entnehmen.
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## Zinserträge | Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers or dealers. Transaction costs, when incurred, are included as part of the cost of such purchases.
Transaction costs on treasury bills, total return/outperformance swaps and forward currency contracts could not be separately identified. Transaction costs on these are included in the purchase and sales price of the investment and cannot be separately verified or disclosed. Transaction costs on equities investments are embedded in the cost of the investment and included in net gains/(losses) on financial assets at fair value through profit or loss within the Statement of Comprehensive Income of each Fund.
Swap expenses are paid to the swap counterparties under normal terms of business and are included in realised gain/(loss) on outperformance swaps or total return swaps in the Statements of Comprehensive Income. For further details, refer to note 10, note 4 and note 13.
Sector transaction fees are payable by the Authorised Participants to the Manager. Please refer to note 13 for further information.
-
## Interest Income | en | de |
DOLFIN2673 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
Entry charge 5.00% This is the maximum that might be
taken out of your money before it is
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
Exit charge 0.50%
Ongoing charge 2.53%
invested or before the proceeds of your investment are paid out.
The ongoing charge is estimated and is based on the expected charges. This includes a stock lending fee. The UCITS' annual report for each financial year will include details on the charges made.
- A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Share Classes and Costs" section of the Prospectus.
Performance fee None | # Frais
Frais d'entrée 5,00 % Le pourcentage indiqué est le
maximum pouvant être prélevé sur votre capital avant que celui-ci ne
- Les frais d'entrée et de sortie mentionnés correspondent à une valeur maximum et les investisseurs peuvent payer un montant moins élevé. Pour plus d'informations au sujet des frais, veuillez contacter votre conseiller financier ou le distributeur ou vous reporter à l'addendum du Prospectus correspondant à votre pays.
Frais de sortie 0,50 %
Frais courants 2,53 %
soit investi ou avant que le revenu de votre investissement ne vous soit distribué.
Les frais courants sont une estimation calculée sur la base des frais escomptés. Ils comprennent une commission de prêt de titres. Pour chaque exercice financier, le rapport annuel de l’OPCVM donnera le montant des frais encourus.
- Une commission de conversion plafonnée à 1% de la Valeur liquidative des Actions de la nouvelle Classe d'Actions pourra être appliquée.
- Les frais prélevés servent à couvrir les coûts d'exploitation de la Classe d'Actions, y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle des investissements.
- Pour plus d'informations sur les frais, veuillez vous référer à la rubrique « Classes d’Actions et Frais » du Prospectus.
Commission de performance
Néant | # Charges
Entry charge 5.00% This is the maximum that might be
taken out of your money before it is
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
Exit charge 0.50%
Ongoing charge 2.53%
invested or before the proceeds of your investment are paid out.
The ongoing charge is estimated and is based on the expected charges. This includes a stock lending fee. The UCITS' annual report for each financial year will include details on the charges made.
- A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Share Classes and Costs" section of the Prospectus.
Performance fee None | en | fr |
DOLFIN2674 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Impact sur les Investisseurs
Le Conseil d’administration de la Société considère qu’il est dans l’intérêt de la Société et de ses actionnaires que la Société de gestion assume ses nouvelles fonctions susmentionnées et nomme également les Nouveaux agents de traitement de données.
Le changement de prestataires de services ne portera pas préjudice de manière significative aux droits ni aux intérêts des investisseurs existants de la Société. Il n’en résultera pas de changement important du profil de risque global de la Société. Par ailleurs, il n’y aura pas de changement important dans le fonctionnement et/ou la manière dont la Société est gérée. Les coûts de cette modification seront supportés par la Société de gestion. Il n’y aura pas de changement matériel en ce qui concerne les commissions et frais applicables à la Société. | # Consecuencias para los inversores
El Consejo de Administración de la Sociedad considera que es en el mejor interés de la Sociedad y de sus accionistas que la Sociedad Gestora actúe en las nuevas funciones señaladas anteriormente y que también designe a los Nuevos agentes de tratamiento de datos.
El cambio de proveedores de servicios no perjudicará de manera significativa los derechos o intereses de los actuales inversores de la Sociedad, y no habrá ningún cambio significativo en el perfil de riesgo general de la Sociedad como consecuencia del mismo. Por lo demás, no se producirá ningún cambio sustancial en el funcionamiento y/o la forma de gestión de la Sociedad, y los costes de dicho cambio serán asumidos en última instancia por la Sociedad Gestora. Las comisiones y gastos aplicables a la Sociedad no sufrirán ningún cambio importante. | # Impact sur les Investisseurs
Le Conseil d’administration de la Société considère qu’il est dans l’intérêt de la Société et de ses actionnaires que la Société de gestion assume ses nouvelles fonctions susmentionnées et nomme également les Nouveaux agents de traitement de données.
Le changement de prestataires de services ne portera pas préjudice de manière significative aux droits ni aux intérêts des investisseurs existants de la Société. Il n’en résultera pas de changement important du profil de risque global de la Société. Par ailleurs, il n’y aura pas de changement important dans le fonctionnement et/ou la manière dont la Société est gérée. Les coûts de cette modification seront supportés par la Société de gestion. Il n’y aura pas de changement matériel en ce qui concerne les commissions et frais applicables à la Société. | fr | es |
DOLFIN2675 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This Prospectus is intended for distribution only to specific classes of investors who are an accredited investor, an expert investor or an institutional investor as defined in the Order at their request and must not, therefore, be delivered to, or relied on by, a retail client.
The Authority is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not approved this Prospectus or any other associated documents nor taken any steps to verify the information set out in this Prospectus and has no responsibility for it.
The Shares to which this Prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the Shares offered should conduct their own due diligence on the Shares.
- CanadaThis Prospectus pertains to the offering of the Shares described in this Prospectus only in those jurisdictions and to those persons where and to whom they may be lawfully offered for sale, and only by persons permitted to sell such Shares. This Prospectus is not, and under no circumstances is to be construed as, an advertisement or a public offering of the Shares described in this Prospectus in Canada. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the Shares described in this Prospectus, and any representation to the contrary is an offence.
- ChinaThis Prospectus does not constitute a public offer of the Shares, whether by sale or subscription, in the People's Republic of China (excluding Hong Kong, Taiwan and Macau) (the "PRC"). The Shares are not being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC in the PRC. | Le présent Prospectus est destiné à être distribué uniquement à des classes d’investisseurs spécifiques, à savoir les investisseurs agréés, les investisseurs experts ou les investisseurs institutionnels comme définis dans l’Ordonnance à leur demande et ne doit donc pas être remis à un client particulier ni être pris en compte par un tel client.
L’Autorité n’est pas responsable de l’examen ou de la vérification de tout prospectus ou autre document relatif à cet organisme de placement collectif. L’Autorité n’a pas approuvé le présent Prospectus ou tout autre document connexe, ni pris de mesures pour vérifier les informations contenues dans le présent Prospectus et n’en assume pas la responsabilité.
Les Actions auxquelles se rapporte le présent Prospectus peuvent être illiquides ou soumises à des restrictions de revente. Les acheteurs potentiels des Actions offertes doivent effectuer leur propre diligence raisonnable sur les Actions.
- CanadaLe présent Prospectus concerne l’offre d’Actions décrite dans le présent Prospectus uniquement dans les juridictions dans lesquelles et aux personnes auxquelles elles peuvent légalement être offertes à la vente, et uniquement par les personnes autorisées à vendre ces Actions. Le présent Prospectus n’est pas et ne doit en aucun cas être interprété comme une publicité ou une offre publique des Actions décrites dans le présent Prospectus au Canada. Aucune commission sur les valeurs mobilières ou autorité similaire au Canada n’a examiné ou cautionné de quelque manière que ce soit le présent document ou les avantages des Actions décrites dans le présent Prospectus, et toute déclaration contraire constitue une infraction.
- ChineLe présent Prospectus ne constitue pas une offre publique des Actions, qu’elles soient vendues ou souscrites, en République populaire de Chine (à l’exception de Hong Kong, Taïwan et Macao) (la « RPC »). Les Actions ne sont pas offertes ou vendues directement ou indirectement en RPC à ou au bénéfice de personnes physiques ou morales de RPC en RPC. | This Prospectus is intended for distribution only to specific classes of investors who are an accredited investor, an expert investor or an institutional investor as defined in the Order at their request and must not, therefore, be delivered to, or relied on by, a retail client.
The Authority is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not approved this Prospectus or any other associated documents nor taken any steps to verify the information set out in this Prospectus and has no responsibility for it.
The Shares to which this Prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the Shares offered should conduct their own due diligence on the Shares.
- CanadaThis Prospectus pertains to the offering of the Shares described in this Prospectus only in those jurisdictions and to those persons where and to whom they may be lawfully offered for sale, and only by persons permitted to sell such Shares. This Prospectus is not, and under no circumstances is to be construed as, an advertisement or a public offering of the Shares described in this Prospectus in Canada. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the Shares described in this Prospectus, and any representation to the contrary is an offence.
- ChinaThis Prospectus does not constitute a public offer of the Shares, whether by sale or subscription, in the People's Republic of China (excluding Hong Kong, Taiwan and Macau) (the "PRC"). The Shares are not being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC in the PRC. | en | fr |
DOLFIN2676 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Les parts ou actions d’OPC de type ouvert seront évaluées sur la base de leur dernière Valeur liquidative disponible telle que communiquée par ces OPC.
- Les actifs liquides et les instruments du marché monétaire peuvent être évalués à leur valeur nominale majorée des intérêts courus ou selon la méthode du coût amorti. Tous les autres avoirs seront, dans la mesure du possible, évalués de la même manière.
- Les investissements dans des fonds de capital- investissement seront évalués en fonction de la dernière Valeur liquidative indiquée par le gestionnaire concerné ou des fournisseurs de prix indépendants et externes approuvés par la Société, ajustée pour tenir compte de l’activité de capital net ultérieure.
- Les investissements dans des titres de capital- investissement directs ou co-investis, gérés par des tiers ou par des promoteurs, seront évalués en fonction des dernières informations d’évaluation fournies par le gestionnaire concerné, le principal promoteur investissant en titres de capital- investissement ou des fournisseurs de prix indépendants et externes approuvés par la Société.
- Un ajustement à la juste valeur peut être apporté aux évaluations reçues de la part des gestionnaires des fonds dans lesquels un Compartiment investit ou de celle des fournisseurs de prix indépendants et externes approuvés par la Société, en cas de changement ayant une incidence sur lesparticipations sous-jacentes. De la même manière, un ajustement à la juste valeur peut être apporté aux titres de capital-investissement directs ou co-investis, gérés par des promoteurs, dans lesquels un Compartiment investit en cas de changement ayant une incidence sur l’investissement, sur la base des informations raisonnablement disponibles au moment de l’évaluation et que la Société estime fiables. De tels changements peuvent inclure notamment les fluctuations des taux de change, les distributions, les changements importants dans la situation des sociétés sous-jacentes ou les mouvements importants sur les marchés publics.
- Pour les autres investissements directs en capital- investissement, la Société établira sa propre estimation de la juste valeur, déterminée de bonne foi et conformément aux principes et procédures d’évaluation généralement admis, et en particulier aux International Private Equity and Venture Capital Valuation Guidelines (IPEV). La méthode d’évaluation reposera sur (i) une approche axée sur le marché (basée sur la valeur d’entités comparables, en appliquant un multiple), (ii) une approche axée sur les revenus basée sur les flux de trésorerie générés par l’entité concernée, (iii) une approche axée sur les événements ou les étapes clés, applicable aux entreprises qui ne généreront pas de revenus ou de flux de trésorerie dans un avenir prévisible, ou (iv) une combinaison de ce qui précède.
- Les prêts et autres titres de créance qui ne sont pas négociés sur un Marché réglementé sont évalués à leur juste valeur, telle que déterminée de bonne foi par la Société ou par des fournisseurs de prix indépendants et externes approuvés par la Société.
- Sans porter atteinte au point (3) ci-dessus, les prêts et autres titres de créance pour lesquels des cotations de marché fiables sont facilement accessibles sont évalués sur la base de ces cotations. Si ces cotations ne sont pas disponibles, l’évaluation sera déterminée (i) de bonne foi par la Société en tenant compte de certains facteurs, tels que, notamment, les indicateurs de marché, les transactions jugées comparables par la Société, la solvabilité de la contrepartie, les taux d’intérêt actuels, ou (ii) conformément aux modèles de tarification développés, actualisés et exploités par des fournisseurs de prix indépendants et externes approuvés par la Société. Les procédures du fournisseur de prix indépendant et externe concerné ainsi que ses évaluations seront examinées par la Société.
- Si l’un des principes d’évaluation précités ne reflète pas la méthode d’évaluation communément utilisée sur des marchés spécifiques ou ne semble pas suffisamment précis pour déterminer la valeur des actifs de la Société, les Administrateurs peuvent, de bonne foi et conformément aux principes et méthodes d’évaluation généralement admis, fixer des principes d’évaluation différents.
- Les éléments d’actif ou de passif libellés dans des devises autres que la Devise du Compartiment (telle que définie en Annexe IV) seront convertis en appliquant le taux de change au comptant publié par une banque ou un autre établissement financier reconnu.
- Les swaps sont évalués à leur juste valeur sur la base des actifs sous-jacents en tenant compte des caractéristiques des engagements sous-jacents.
- Si lors d’un Jour de transaction, les transactions cumulées en Actions d’un Compartiment entraînent une augmentation ou diminution nette des Actions au-delà d’un seuil défini en tant que de besoin par les Administrateurs pour ce Compartiment (par rapport au coût de négociation sur le marché), la Valeur liquidative du Compartiment sera ajustée d’un montant (qui ne dépassera pas 2 % de cette Valeur liquidative) reflétant à la fois la charge fiscale et les coûts de transaction estimés pouvant être supportés par le Compartiment et l’écart estimé entre cours acheteur/cours vendeur des actifs dans lesquels le Compartiment investit. L’ajustement se traduira par un ajout lorsque la variation nette entraînera une augmentation de toutes les Actions du Compartiment et par une déduction lorsqu’elle entraînera une baisse. Pour de plus amples informations, veuillez consulter les rubriques « Dilution » et« Ajustement dilutif » ci-dessous. | - Las participaciones o acciones en OIC de tipo abierto se valorarán tomando como base el último Valor liquidativo disponible publicado por dicho OIC.
- Los activos líquidos y los instrumentos del mercado monetario podrán valorarse a su valor nominal incrementado en cualquier interés devengado o bien conforme al método del coste amortizado. El resto de activos, cuando lo permita la práctica, se pueden valorar de la misma manera.
- Las inversiones en fondos de capital riesgo se valorarán por referencia al Valor liquidativo más reciente comunicado por la gestora correspondiente o por proveedores de precios independientes externos aprobados por la Sociedad, y ajustado para tener en cuenta la actividad de capital neto posterior.
- Las inversiones directas o coinversiones en capital riesgo patrocinadas o gestionadas por terceros se valorarán por referencia a la información de valoración más reciente proporcionada por la gestora correspondiente, el principal patrocinador de inversiones de capital riesgo o los proveedores de precios independientes externos aprobados por la Sociedad.
- Podrá efectuarse un ajuste de valor razonable en las valoraciones recibidas de las gestoras de los fondos en los que invierta un Fondo o de los proveedores de precios independientes externos aprobados por la Sociedad en caso de que se produzcan cambios que afecten a las participaciones subyacentes. Del mismo modo, puede realizarse un ajuste del valor razonable en las inversiones directas o coinversiones en capital riesgo patrocinadas en las que invierte un Fondo en caso de que se produzcan cambios que afecten a la inversión, sobre la base de la información razonablemente disponible en el momento de la valoración y que la Sociedad considere fiable. Tales cambios podrán incluir, entre otros, fluctuaciones en los tipos de cambio, distribuciones, cambios importantes en las circunstancias de las empresas subyacentes o movimientos significativos en los mercados públicos.
- En el caso de otras inversiones directas en capital riesgo, la Sociedad establecerá su propia estimación del valor razonable, determinado de buena fe y de conformidad con los principios y procedimientos de valoración generalmente aceptados y, en particular, con las Directrices de valoración del IPEV (International Private Equity and Venture). La metodología de valoración se basará en (i) un enfoque de mercado (basado en el valor de entidades comparables, aplicando un múltiplo), (ii) un enfoque de ingresos basado en el efectivo generado por la entidad en cuestión, (iii) un “hito”, un enfoque basado en eventos, aplicable a las empresas que no generarán ingresos o flujos de efectivo en un futuro previsible, o (iv) una combinación de los anteriores.
- Los préstamos y otros instrumentos de deuda que no se negocien fuera de un Mercado regulado se calculan a su valor razonable, según lo determine de buena fe la Sociedad o los proveedores de precios independientes externos aprobados por la Sociedad.
- Sin perjuicio de lo dispuesto anteriormente en el apartado (3), los préstamos y otros instrumentos de deuda para los cuales se disponga fácilmente de cotizaciones de mercado fiables se valorarán sobre la base de dichas cotizaciones. Si no se dispone de cotizaciones, la valoración se determinará (i) de buena fe por la Sociedad teniendo en cuenta determinados factores, como los indicadores de mercado, operaciones consideradas comparables por la Sociedad, la solvencia de la contraparte o los tipos de interés vigentes, o (ii) de acuerdo con modelos de precios desarrollados, mantenidos y operados por proveedores de preciosindependientes externos aprobados por la Sociedad. La Sociedad revisará los procedimientos del proveedor de precios externo independiente pertinente y sus valoraciones.
- Si alguno de los principios de valoración antes mencionados no refleja el método de valoración que se utiliza comúnmente en mercados específicos, o si tales principios de valoración no parecen correctos para determinar el valor de los activos de la Sociedad, el Consejo de administración podrá fijar principios de valoración diferentes de buena fe y conforme a los principios y procedimientos de valoración generalmente aceptados.
- Todos los activos o pasivos en divisas distintas a la Divisa del Fondo (según se define en el Anexo IV) se convertirán utilizando el tipo de cambio al contado proporcionado por un banco u otra entidad financiera reconocida.
- Los swaps se valoran a su valor razonable tomando como base los activos subyacentes, así como las características de los compromisos subyacentes.
- Si en cualquier Día de negociación el conjunto de operaciones con Participaciones de un Fondo da lugar a un descenso o incremento neto de las Participaciones superior al umbral fijado por el Consejo de administración para dicho Fondo (en relación con el coste de negociación en el mercado para dicho Fondo), el Valor liquidativo del Fondo se ajustará sumándole o restándole un importe (no superior al 2% de dicho Valor liquidativo) que refleje los gastos fiscales y los gastos de negociación estimados en que pueda incurrir el Fondo, así como el diferencial entre los precios comprador y vendedor calculado para los activos en los que invierta el Fondo. El ajuste consistirá en la suma de dicho importe cuando la variación neta dé lugar a un incremento del total de Participaciones del Fondo, mientras que, cuando el resultado sea un descenso de las mismas, el ajuste consistirá en la deducción de dicho importe. Consúltense los epígrafes “Dilución” y “Ajuste por dilución” más adelante para más información. | - Les parts ou actions d’OPC de type ouvert seront évaluées sur la base de leur dernière Valeur liquidative disponible telle que communiquée par ces OPC.
- Les actifs liquides et les instruments du marché monétaire peuvent être évalués à leur valeur nominale majorée des intérêts courus ou selon la méthode du coût amorti. Tous les autres avoirs seront, dans la mesure du possible, évalués de la même manière.
- Les investissements dans des fonds de capital- investissement seront évalués en fonction de la dernière Valeur liquidative indiquée par le gestionnaire concerné ou des fournisseurs de prix indépendants et externes approuvés par la Société, ajustée pour tenir compte de l’activité de capital net ultérieure.
- Les investissements dans des titres de capital- investissement directs ou co-investis, gérés par des tiers ou par des promoteurs, seront évalués en fonction des dernières informations d’évaluation fournies par le gestionnaire concerné, le principal promoteur investissant en titres de capital- investissement ou des fournisseurs de prix indépendants et externes approuvés par la Société.
- Un ajustement à la juste valeur peut être apporté aux évaluations reçues de la part des gestionnaires des fonds dans lesquels un Compartiment investit ou de celle des fournisseurs de prix indépendants et externes approuvés par la Société, en cas de changement ayant une incidence sur lesparticipations sous-jacentes. De la même manière, un ajustement à la juste valeur peut être apporté aux titres de capital-investissement directs ou co-investis, gérés par des promoteurs, dans lesquels un Compartiment investit en cas de changement ayant une incidence sur l’investissement, sur la base des informations raisonnablement disponibles au moment de l’évaluation et que la Société estime fiables. De tels changements peuvent inclure notamment les fluctuations des taux de change, les distributions, les changements importants dans la situation des sociétés sous-jacentes ou les mouvements importants sur les marchés publics.
- Pour les autres investissements directs en capital- investissement, la Société établira sa propre estimation de la juste valeur, déterminée de bonne foi et conformément aux principes et procédures d’évaluation généralement admis, et en particulier aux International Private Equity and Venture Capital Valuation Guidelines (IPEV). La méthode d’évaluation reposera sur (i) une approche axée sur le marché (basée sur la valeur d’entités comparables, en appliquant un multiple), (ii) une approche axée sur les revenus basée sur les flux de trésorerie générés par l’entité concernée, (iii) une approche axée sur les événements ou les étapes clés, applicable aux entreprises qui ne généreront pas de revenus ou de flux de trésorerie dans un avenir prévisible, ou (iv) une combinaison de ce qui précède.
- Les prêts et autres titres de créance qui ne sont pas négociés sur un Marché réglementé sont évalués à leur juste valeur, telle que déterminée de bonne foi par la Société ou par des fournisseurs de prix indépendants et externes approuvés par la Société.
- Sans porter atteinte au point (3) ci-dessus, les prêts et autres titres de créance pour lesquels des cotations de marché fiables sont facilement accessibles sont évalués sur la base de ces cotations. Si ces cotations ne sont pas disponibles, l’évaluation sera déterminée (i) de bonne foi par la Société en tenant compte de certains facteurs, tels que, notamment, les indicateurs de marché, les transactions jugées comparables par la Société, la solvabilité de la contrepartie, les taux d’intérêt actuels, ou (ii) conformément aux modèles de tarification développés, actualisés et exploités par des fournisseurs de prix indépendants et externes approuvés par la Société. Les procédures du fournisseur de prix indépendant et externe concerné ainsi que ses évaluations seront examinées par la Société.
- Si l’un des principes d’évaluation précités ne reflète pas la méthode d’évaluation communément utilisée sur des marchés spécifiques ou ne semble pas suffisamment précis pour déterminer la valeur des actifs de la Société, les Administrateurs peuvent, de bonne foi et conformément aux principes et méthodes d’évaluation généralement admis, fixer des principes d’évaluation différents.
- Les éléments d’actif ou de passif libellés dans des devises autres que la Devise du Compartiment (telle que définie en Annexe IV) seront convertis en appliquant le taux de change au comptant publié par une banque ou un autre établissement financier reconnu.
- Les swaps sont évalués à leur juste valeur sur la base des actifs sous-jacents en tenant compte des caractéristiques des engagements sous-jacents.
- Si lors d’un Jour de transaction, les transactions cumulées en Actions d’un Compartiment entraînent une augmentation ou diminution nette des Actions au-delà d’un seuil défini en tant que de besoin par les Administrateurs pour ce Compartiment (par rapport au coût de négociation sur le marché), la Valeur liquidative du Compartiment sera ajustée d’un montant (qui ne dépassera pas 2 % de cette Valeur liquidative) reflétant à la fois la charge fiscale et les coûts de transaction estimés pouvant être supportés par le Compartiment et l’écart estimé entre cours acheteur/cours vendeur des actifs dans lesquels le Compartiment investit. L’ajustement se traduira par un ajout lorsque la variation nette entraînera une augmentation de toutes les Actions du Compartiment et par une déduction lorsqu’elle entraînera une baisse. Pour de plus amples informations, veuillez consulter les rubriques « Dilution » et« Ajustement dilutif » ci-dessous. | fr | es |
DOLFIN2677 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Sustainability Risks
Sustainability Risks identified by Capital Group are taken into account in the investment decision making process as described under the section “Sustainability-related Disclosures Under SFDR” of the Prospectus. Sustainability Risks will have different levels of severity and magnitude depending on regional or sectoral specificities. Below we detail the areas which, in aggregate, represent the most substantial areas of sustainability risk for the Funds. Funds may be adversely affected as a result of the below mentioned risks. More information on Sustainability Risks as described in the ESG Policy may be obtained from https://www.capitalgroup.com/content/dam/cgc/tenants/eacg/esg/files/esg-policy-statement(en).pdf.
Climate Change
The majority of climate related risks come from transition risk as policymakers accelerate action to limit global warming to two degrees. As a result, some assets may become stranded in the face of regulation such as carbon taxes or pricing which changes the economies of their business. As the risks and opportunities from climate change materialise, lifecycle emissions from products are also of increased importance, which will create second order impacts in other sectors. The energy transition will trigger innovation and new consumer preferences which will impact still more sectors.
Depending on their operational footprint, increased exposure to physical climate risks such as extreme weather events create a more volatile operating backdrop for companies and put countries growth under pressure.
Data Security
As the use of vast amounts of data becomes the norm and privacy and security issues become more frequent, ensuring the protection and responsible use of data has become critically important. Vulnerability to data theft or leakage could have a significant impact on consumer trust and result in a loss of market share. The associated repercussions, combined with heightened regulatory scrutiny, could lead to regulatory fines and reputational risks.
Governance
Governance shortcomings in board composition, independence, ethical standards or shareholder rights protection could lead to unanticipated losses. A lack of accountability, transparency or robust controls may result in non-compliance fines. Executive compensation can also create misaligned incentives and lead to operational and regulatory risk. Strong governance is also important at a sovereign level.
Human Capital
Companies with inadequate policies or unfit culture may face immediate short term operational and reputational risks. A company may lose its license to operate or may incur financial fines due to workplace controversies, poor safety records or labour law violations.
The Investment Advisers consider collective bargaining, culture and employee sentiment, diversity, workforce composition, employee turnover and compensation. A lack of investment and education in a workforce at a company or sovereign level poses a potential risk. The Investment Advisers also place heightened focus on human rights violations at a company and sovereign level.
Supply Chains
Inadequate oversight, extensive outsourcing and poor supply chain standards may expose companies to risks. Sourcing natural resources and other products from regions with a history of corruption, low regulatory standards, modern slavery or political instability could lead to reputational and regulatory risks. Evolving customer preferences may also demand more sustainable sourcing which could lead to higher procurement costs.
Lobbying & Business Ethics
Unethical and illegal business practices can pose significant regulatory and financial risks. Inadequate anti-corruption, tax, lobbying and bribery policies and controls could result in adverse consequences for both corporate and sovereign issuers. These risks may be more prominent based on geography.
Exposure to Historic Controversies
Historic controversies, if not adequately addressed by the companies, can be a source of risk. As a result, the Investment Advisers monitor all Fund holdings against several 3rd party data sources to identify exposure to these, with a particular focus on capturing risks from human rights controversies, issues relating to severe environmental degradation or poor labour practices.
Other and Emerging Sustainability Risks
In addition to the above risks, from the perspective of products and consumer, consumer safety and product quality are monitored alongside product affordability in relevant sectors. In certain sectors and sovereigns, contribution or inaction regarding social health and nutrition can also trigger regulatory considerations. Operational and reputational risks for industries with high water consumptions, especially when operating in water scarce regions are also monitored. Similarly, the direct and indirect impact of manufactured products, including pollutants and toxic waste, on local communities, ecosystems and biodiversity can lead to reputational and regulation risks for any misconduct. As such ESG considerations continue to be integrated in financial services, companies with heightened Sustainability Risk may face financing challenges.
We also recognise that additional Sustainability Risks exist at a sovereign level given physical risks such as water shortages, exposure to extreme weather events, the quality of agriculture and biodiversity, and the quality of infrastructure.
As well as the Sustainably Risks that we identify in our bottom up framework, the Investment Advisers use a range of 3rd party data sources to systematically screen portfolios for Sustainability Risks and identify emerging risks.
The Investment Advisers engage with companies to ensure that Sustainability Risks are being appropriately addressed. | ## Nachhaltigkeitsrisiken
Nachhaltigkeitsrisiken, die von der Capital Group identifiziert wurden, werden bei der Anlageentscheidung berücksichtigt, wie im Abschnitt
„Nachhaltigkeitsbezogene Offenlegungen im Rahmen der SFDR“ des Prospekts beschrieben. Nachhaltigkeitsrisiken haben je nach regionalen oder sektoralen Besonderheiten unterschiedliche Schweregrade und Größenordnungen. Im Folgenden werden die Bereiche aufgeführt, die insgesamt die wesentlichsten Bereiche des Nachhaltigkeitsrisikos für die Fonds darstellen. Die Fonds können durch die unten genannten Risiken nachteilig beeinflusst werden. Weitere Informationen zu Nachhaltigkeitsrisiken, wie in der ESG-Richtlinie beschrieben, finden Sie unter [https://www.capitalgroup.com/content/dam/cgc/tenants/eacg/esg/files/esg-policy-statement (en).pdf].
Klimawandel
Die Mehrheit der klimabezogenen Risiken resultiert aus Übergangsrisiken, da politische Entscheidungsträger Maßnahmen zur Begrenzung der globalen Erwärmung auf zwei Grad beschleunigen. Infolgedessen können einige Vermögenswerte aufgrund von Vorschriften wie Kohlenstoffsteuern oder Preisgestaltung, die die Wirtschaft ihres Unternehmens verändern, verloren gehen. Da sich Risiken und Chancen aus dem Klimawandel ergeben, nehmen auch die Lebenszyklusemissionen von Produkten zu, was Auswirkungen zweiter Ordnung in anderen Sektoren verursachen wird. Die Energiewende wird Innovationen und neue Verbraucherpräferenzen auslösen, die sich auf noch mehr Sektoren auswirken werden. Je nach operativem Fußabdruck erzeugen erhöhte physische Klimarisiken wie extreme Wetterereignisse einen volatileren operativen Hintergrund für Unternehmen und setzen das Wachstum der Länder unter Druck.
Datensicherheit
Da die Verwendung riesiger Datenmengen zur Norm wird und Datenschutz- und Sicherheitsfragen immer häufiger auftreten, ist der Schutz und die verantwortungsvolle Nutzung von Daten von entscheidender Bedeutung geworden. Die Anfälligkeit für Datendiebstahl oder -verlust könnte erhebliche Auswirkungen auf das Vertrauen der Verbraucher haben und zu einem Verlust des Marktanteils führen. Die damit verbundenen Konsequenzen könnten in Verbindung mit einer verstärkten regulatorischen Kontrolle zu Bußgeldern und Reputationsrisiken führen.
Governance
Governance-Mängel in der Vorstandszusammensetzung, Unabhängigkeit, bei ethischen Standards oder dem Schutz der Aktionärsrechte können zu unerwarteten Verlusten führen. Ein Mangel an Rechenschaftspflicht, Transparenz oder soliden Kontrollen kann zu Geldbußen bei Nichteinhaltung führen. Die Vergütung von Führungskräften kann auch zu falsch ausgerichteten Anreizen und zu operationellen und regulatorischen Risiken führen. Eine starke Governance ist auch auf staatlicher Ebene wichtig.
Humankapital
Unternehmen mit unzureichender Politik oder ungeeigneter Kultur können unmittelbaren, kurzfristigen operationellen und Reputationsrisiken ausgesetzt sein. Ein Unternehmen kann seine Betriebslizenz verlieren oder Geldbußen aufgrund von Arbeitsplatzkonflikten, schlechten Sicherheitsnachweisen oder Verstößen gegen das Arbeitsrecht erleiden.
Die Anlageberater berücksichtigen Tarifverhandlungen, Kultur und Mitarbeitergefühl, Diversität, Mitarbeiterzusammensetzung, Mitarbeiterfluktuation und Vergütung. Ein Mangel an Investitionen und Bildung in eine Belegschaft auf Unternehmens- oder Staatsebene birgt ein potenzielles Risiko. Zudem legen die Anlageberater einen stärkeren Fokus auf Menschenrechtsverletzungen auf Unternehmens- und Staatsebene.
Lieferketten
Unzureichende Aufsicht, umfangreiche Auslagerungen und schlechte Lieferkettenstandards können Unternehmen Risiken aussetzen. Die Beschaffung natürlicher Ressourcen und anderer Produkte aus Regionen mit Korruptionshintergrund, niedrigen Regulierungsstandards, moderner Sklaverei oder politischer Instabilität könnte zu Reputations- und Regulierungsrisiken führen. Sich ändernde Kundenpräferenzen können auch eine nachhaltigere Beschaffung erfordern, was zu höheren Beschaffungskosten führen könnte.
Lobbying und Geschäftsethik
Unethische und illegale Geschäftspraktiken können erhebliche regulatorische und finanzielle Risiken darstellen. Unzureichende Richtlinien und Kontrollen zur Korruptions-, Steuer-, Lobby- und Bestechungsbekämpfung könnten negative Folgen sowohl für Unternehmen als auch für staatliche Emittenten haben. Diese Risiken können geografisch bedingt stärker ausgeprägt sein.
Engagement in historischen Kontroversen
Historische Kontroversen können, wenn sie von den Unternehmen nicht angemessen angegangen werden, eine Risikoquelle darstellen. Infolgedessen überwachen die Anlageberater alle Fondsbestände anhand mehrerer Datenquellen Dritter, um ein Engagement zu ermitteln, wobei ein besonderer Schwerpunkt auf der Erfassung von Risiken aus Menschenrechtsstreitigkeiten, Problemen im Zusammenhang mit schwerwiegender Umweltzerstörung oder schlechten Arbeitspraktiken liegt.
Sonstige und neu auftretende Nachhaltigkeitsrisiken
Zusätzlich zu den oben genannten Risiken werden aus Produkt- und Verbrauchersicht neben der Erschwinglichkeit der Produkte auch die Verbrauchersicherheit und Produktqualität in relevanten Sektoren überwacht. In bestimmten Sektoren und Staaten kann der Beitrag oder die Untätigkeit in Bezug auf soziale Gesundheit und Ernährung auch regulatorische Überlegungen auslösen. Betriebs- und Reputationsrisiken für Industrien mit hohem Wasserverbrauch, insbesondere in wasserarmen Regionen, werden ebenfalls überwacht. Ebenso können die direkten und indirekten Auswirkungen von hergestellten Produkten, einschließlich Schadstoffen und toxischen Abfällen, auf die lokalen Gemeinschaften, Ökosysteme und die biologische Vielfalt für jedes Fehlverhalten zu Reputations- und Regulierungsrisiken führen. Da solche ESG-Überlegungen weiterhin in Finanzdienstleistungen integriert werden, können Unternehmen mit einem erhöhten Nachhaltigkeitsrisiko mit Finanzierungsherausforderungen konfrontiert sein.
Wir sind uns zudem darüber im Klaren, dass aufgrund physikalischer Risiken wie Wasserknappheit, extremen Wetterereignissen, der Qualität der Landwirtschaft und der biologischen Vielfalt sowie der Qualität der Infrastruktur zusätzliche Nachhaltigkeitsrisiken auf souveräner Ebene bestehen.
Neben den Nachhaltigkeitsrisiken, die wir in unserem Bottom-up-Rahmen identifizieren, nutzen die Anlageberater eine Reihe von Datenquellen von Drittanbietern, um Portfolios systematisch auf Nachhaltigkeitsrisiken zu überprüfen und aufkommende Risiken zu identifizieren.
Die Anlageberater arbeiten mit Unternehmen zusammen, um sicherzustellen, dass Nachhaltigkeitsrisiken angemessen behandelt werden. | ## Sustainability Risks
Sustainability Risks identified by Capital Group are taken into account in the investment decision making process as described under the section “Sustainability-related Disclosures Under SFDR” of the Prospectus. Sustainability Risks will have different levels of severity and magnitude depending on regional or sectoral specificities. Below we detail the areas which, in aggregate, represent the most substantial areas of sustainability risk for the Funds. Funds may be adversely affected as a result of the below mentioned risks. More information on Sustainability Risks as described in the ESG Policy may be obtained from https://www.capitalgroup.com/content/dam/cgc/tenants/eacg/esg/files/esg-policy-statement(en).pdf.
Climate Change
The majority of climate related risks come from transition risk as policymakers accelerate action to limit global warming to two degrees. As a result, some assets may become stranded in the face of regulation such as carbon taxes or pricing which changes the economies of their business. As the risks and opportunities from climate change materialise, lifecycle emissions from products are also of increased importance, which will create second order impacts in other sectors. The energy transition will trigger innovation and new consumer preferences which will impact still more sectors.
Depending on their operational footprint, increased exposure to physical climate risks such as extreme weather events create a more volatile operating backdrop for companies and put countries growth under pressure.
Data Security
As the use of vast amounts of data becomes the norm and privacy and security issues become more frequent, ensuring the protection and responsible use of data has become critically important. Vulnerability to data theft or leakage could have a significant impact on consumer trust and result in a loss of market share. The associated repercussions, combined with heightened regulatory scrutiny, could lead to regulatory fines and reputational risks.
Governance
Governance shortcomings in board composition, independence, ethical standards or shareholder rights protection could lead to unanticipated losses. A lack of accountability, transparency or robust controls may result in non-compliance fines. Executive compensation can also create misaligned incentives and lead to operational and regulatory risk. Strong governance is also important at a sovereign level.
Human Capital
Companies with inadequate policies or unfit culture may face immediate short term operational and reputational risks. A company may lose its license to operate or may incur financial fines due to workplace controversies, poor safety records or labour law violations.
The Investment Advisers consider collective bargaining, culture and employee sentiment, diversity, workforce composition, employee turnover and compensation. A lack of investment and education in a workforce at a company or sovereign level poses a potential risk. The Investment Advisers also place heightened focus on human rights violations at a company and sovereign level.
Supply Chains
Inadequate oversight, extensive outsourcing and poor supply chain standards may expose companies to risks. Sourcing natural resources and other products from regions with a history of corruption, low regulatory standards, modern slavery or political instability could lead to reputational and regulatory risks. Evolving customer preferences may also demand more sustainable sourcing which could lead to higher procurement costs.
Lobbying & Business Ethics
Unethical and illegal business practices can pose significant regulatory and financial risks. Inadequate anti-corruption, tax, lobbying and bribery policies and controls could result in adverse consequences for both corporate and sovereign issuers. These risks may be more prominent based on geography.
Exposure to Historic Controversies
Historic controversies, if not adequately addressed by the companies, can be a source of risk. As a result, the Investment Advisers monitor all Fund holdings against several 3rd party data sources to identify exposure to these, with a particular focus on capturing risks from human rights controversies, issues relating to severe environmental degradation or poor labour practices.
Other and Emerging Sustainability Risks
In addition to the above risks, from the perspective of products and consumer, consumer safety and product quality are monitored alongside product affordability in relevant sectors. In certain sectors and sovereigns, contribution or inaction regarding social health and nutrition can also trigger regulatory considerations. Operational and reputational risks for industries with high water consumptions, especially when operating in water scarce regions are also monitored. Similarly, the direct and indirect impact of manufactured products, including pollutants and toxic waste, on local communities, ecosystems and biodiversity can lead to reputational and regulation risks for any misconduct. As such ESG considerations continue to be integrated in financial services, companies with heightened Sustainability Risk may face financing challenges.
We also recognise that additional Sustainability Risks exist at a sovereign level given physical risks such as water shortages, exposure to extreme weather events, the quality of agriculture and biodiversity, and the quality of infrastructure.
As well as the Sustainably Risks that we identify in our bottom up framework, the Investment Advisers use a range of 3rd party data sources to systematically screen portfolios for Sustainability Risks and identify emerging risks.
The Investment Advisers engage with companies to ensure that Sustainability Risks are being appropriately addressed. | en | de |
DOLFIN2678 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## The Administrator reserves the right to request such information and documentation as is necessary to verify the identity and source of funds of an applicant.
In the event of delay or failure by the applicant to produce any information and documentation required for verification purposes, the Administrator may on the instructions of the Directors of their delegates, refuse to process the application or compulsorily redeem such Shareholder's Shares and/or payment of redemption proceeds may be delayed and none of the ICAV, the relevant Sub-Fund, the Directors, the Manager, the Depositary, the Global Distributor or the Administrator will be liable to the subscriber or Shareholder where an application for Shares is not processed or Shares are compulsorily redeemed in such circumstances.
If an application is rejected, the Administrator will return application monies or the balance thereof (excluding any interest on such amount which will be retained as part of the assets of the relevant Sub-Fund) by telegraphic transfer in accordance with any applicable laws to the account from which it was paid at the cost and risk of the applicant. | ## L’Amministratore si riserva il diritto di richiedere le informazioni e i documenti necessari per verificare l’identità di un richiedente e l’origine dei fondi.
In caso di ritardo o incapacità del richiedente di fornire le informazioni o i documenti necessari agli scopi di verifica, l’Amministratore, su indicazione dei Direttore dei suoi delegati, può rifiutare di trattare la richiesta, o riscattare forzosamente le Azioni di tale Azionista e/o il versamento dei proventi di riscatto può essere ritardato e né l’ICAV, né il Comparto rilevante, i Direttori, il Gestore, la Banca depositaria, il Distributore globale o l’Amministratore saranno responsabili verso il sottoscrittore o Azionista, laddove una richiesta di Azioni non sia trattata o le Azioni siano forzosamente riscattate in tali circostanze.
Qualora una richiesta sia respinta, l’Amministratore restituirà il costo della richiesta o la somma rimanente (esclusi eventuali interessi sugli importi trattenuti come frazione degli attivi del Comparto rilevante) tramite bonifico telegrafico in linea con le leggi in vigore sul conto da cui è stato pagato il costo, e a rischio del richiedente. | ## The Administrator reserves the right to request such information and documentation as is necessary to verify the identity and source of funds of an applicant.
In the event of delay or failure by the applicant to produce any information and documentation required for verification purposes, the Administrator may on the instructions of the Directors of their delegates, refuse to process the application or compulsorily redeem such Shareholder's Shares and/or payment of redemption proceeds may be delayed and none of the ICAV, the relevant Sub-Fund, the Directors, the Manager, the Depositary, the Global Distributor or the Administrator will be liable to the subscriber or Shareholder where an application for Shares is not processed or Shares are compulsorily redeemed in such circumstances.
If an application is rejected, the Administrator will return application monies or the balance thereof (excluding any interest on such amount which will be retained as part of the assets of the relevant Sub-Fund) by telegraphic transfer in accordance with any applicable laws to the account from which it was paid at the cost and risk of the applicant. | en | it |
DOLFIN2679 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- : as well as any investor authorised by the Fund's Board of Directors
- : or any investor having signed a discretionary management mandate with an entity of the Crédit Agricole group
- : absolute performance fee, as defined under section 9.4
-
## Specific risks | - : ainsi que tout investisseur autorisé par le Conseil d’administration du Fonds
- : ou tout investisseur ayant signé un mandat de gestion discrétionnaire avec une entité du groupe Crédit Agricole
- : commission de performance absolue, telle que définie à l’article 9.4
-
## Risques spécifiques | - : as well as any investor authorised by the Fund's Board of Directors
- : or any investor having signed a discretionary management mandate with an entity of the Crédit Agricole group
- : absolute performance fee, as defined under section 9.4
-
## Specific risks | en | fr |
DOLFIN2680 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Typical Investor Profile
- The Fund is intended for investors seeking total return through investment primarily in investment grade U.S. debt instruments, including U.S. government, mortgage-backed, and corporate debt instruments.
- The Fund is intended as a long term investment. Investors’ risk tolerance levels and investment time horizons may differ based on the individual circumstances of each investor. You should consult your Financial Intermediary for advice regarding your own risk tolerance and investment horizons before investing in the Fund. | Profil des typischen Anlegers
- Der Fonds ist für Anleger gedacht, die eine Gesamtrendite anstreben, indem vorwiegend in US-amerikanische Schuldtitel mit Anlagequalität angelegt wird, darunter Schuldtitel der US-Regierung, hypothekenbesicherte Schuldtitel und Unternehmensschuldtitel.
- Der Fonds ist als langfristige Anlage konzipiert. Die Risikotoleranz und die Anlagehorizonte der Anleger können je nach den individuellen Umständen der einzelnen Anleger variieren. Sie sollten Ihren Finanzvermittler hinsichtlich Ihrer eigenen Risikotoleranz und Ihres Anlagehorizonts zu Rate ziehen, bevor Sie in den Fonds investieren. | Typical Investor Profile
- The Fund is intended for investors seeking total return through investment primarily in investment grade U.S. debt instruments, including U.S. government, mortgage-backed, and corporate debt instruments.
- The Fund is intended as a long term investment. Investors’ risk tolerance levels and investment time horizons may differ based on the individual circumstances of each investor. You should consult your Financial Intermediary for advice regarding your own risk tolerance and investment horizons before investing in the Fund. | en | de |
DOLFIN2681 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The fund posted a small positive performance in August.
The main contributor to the performance was the equity allocation, especially exposure to US and European companies and indices. The exposure to China markets underperformed a brought a slight negative contribution to the performance in August. The Fixed Income allocation brought a mild negative contribution to the performance, as exposure to high quality long-term bonds suffered from the increase in long-term yields. The contribution of the allocation to financial and nonfinancial credit was neutral as the compression in spreads mostly offset the rise in rates.
The equity allocation of the portfolio was maintained around 15% but the geographical exposure was adjusted to reflect a less favorable environment for cyclicals and EM equities. EM exposure was cut and narrowed down to one Chinese ESG ETF and a few direct equity of in the tech sector, for their depressed valuations and still attractive medium term prospects. Proceeds were reallocated into US equity markets and European markets via indices. In the fixed income allocation, exposure to 10-year US Treasury bonds was introduced, as they now bring attractive diversification in the portfolio and a potential hedge in case of higher volatility on the equity allocation. The portfolio’s duration rose in consequence. The remaining short Bund position was also closed in parallel of partial profit taking on several long term financial and nonfinancial credit positions. | ##### Le fonds a enregistré une performance légèrement positive en août.
L’allocation en actions a le plus contribué à la performance, en particulier l’exposition aux entreprises et aux indices américains et européens. L’exposition aux marchés chinois a sous-performé et a légèrement nui à la performance en août. L’allocation obligataire a quelque peu pesé sur la performance, l’exposition aux obligations de qualité à échéance lointaine ayant souffert de la hausse des rendements à long terme. La contribution de l’allocation au crédit financier et non financier a été neutre, la contraction des spreads ayant largement compensé la hausse des taux.
L’allocation en actions du portefeuille a été maintenue autour de 15%, mais l’exposition géographique a été ajustée pour refléter un environnement moins favorable pour les valeurs cycliques et les actions des marchés émergents. L’exposition aux marchés émergents a été réduite et limitée à un ETF ESG chinois et à quelques positions directes en actions du secteur technologique, en raison de leurs niveaux de valorisation déprimés et de perspectives toujours attrayantes à moyen terme. Le produit a été réinvesti sur les marchés actions américains et européens par le biais d’indices. Dans le cadre de l’allocation obligataire, une exposition aux bons du Trésor américain à 10 ans a été mise en place, car elles offrent désormais une diversification attractive au sein du portefeuille et constituent une couverture potentielle en cas d’accroissement de la volatilité de l’allocation en actions. La duration du portefeuille a donc augmenté. La position courte restante sur le Bund a également été clôturée parallèlement à des prises de bénéfices partielles sur plusieurs positions de crédit financier et non financier à long terme. | ##### The fund posted a small positive performance in August.
The main contributor to the performance was the equity allocation, especially exposure to US and European companies and indices. The exposure to China markets underperformed a brought a slight negative contribution to the performance in August. The Fixed Income allocation brought a mild negative contribution to the performance, as exposure to high quality long-term bonds suffered from the increase in long-term yields. The contribution of the allocation to financial and nonfinancial credit was neutral as the compression in spreads mostly offset the rise in rates.
The equity allocation of the portfolio was maintained around 15% but the geographical exposure was adjusted to reflect a less favorable environment for cyclicals and EM equities. EM exposure was cut and narrowed down to one Chinese ESG ETF and a few direct equity of in the tech sector, for their depressed valuations and still attractive medium term prospects. Proceeds were reallocated into US equity markets and European markets via indices. In the fixed income allocation, exposure to 10-year US Treasury bonds was introduced, as they now bring attractive diversification in the portfolio and a potential hedge in case of higher volatility on the equity allocation. The portfolio’s duration rose in consequence. The remaining short Bund position was also closed in parallel of partial profit taking on several long term financial and nonfinancial credit positions. | en | fr |
DOLFIN2682 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# SCÉNARIOS DE PERFORMANCE :
| Période de détention recommandée : 5 ans (pour un investissement de 10 000 euros) |
| --- |
| Scénarios | | Si vous sortez après 1 an | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| Scénario extrême | Ce que vous pourriez obtenir après imputation des coûts | 5 300 EUR | 3 250 EUR | 2 250 EUR |
| Performance annuelle moyenne | -44,2 % | -30,1 % | -25,1 % |
| Scénario défavorable | Ce que vous pourriez obtenir après imputation des coûts | 7 760 EUR | 7 560 EUR | 7 890 EUR |
| Performance annuelle moyenne | -18,3 % | -7,3 % | -3,7 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après imputation des coûts | 10 480 EUR | 12 680 EUR | 15 350 EUR |
| Performance annuelle moyenne | 10,3 % | 10,1 % | 10,1 % |
| Scénario favorable | Ce que vous pourriez obtenir après imputation des coûts | 14 040 EUR | 21 110 EUR | 29 680 EUR |
| Performance annuelle moyenne | 47,8 % | 30,5 % | 25,6 % |
(Données sur 12 mois au 30 juin 2022)
Ce tableau montre les sommes que vous pourriez récupérer au cours des 5 prochaines années, selon différents scénarios, en supposant un investissement initial de 10.000 dollars. Les scénarios défavorable, intermédiaire et favorable présentés illustrent les performances les plus mauvaises, moyennes et les plus élevées du produit au cours des 5 dernières années. Les marchés pourraient évoluer de manière très différente à l’avenir. Le scénario extrême montre les sommes que vous pourriez obtenir dans des situations de marché tendues.
Les scénarios présentés illustrent les performances potentielles de votre investissement. Vous pouvez les comparer avec les scénarios d'autres produits. Lorsque la croissance s’est révélée régulière et constante au cours de la période concernée, ces scénarios de performance peuvent sembler exagérément optimistes. Ces scénarios ne sont donnés qu’à titre d'exemple et ne constituent en aucun cas un reflet/une prévision de la performance future du Fonds. La rémunération que vous obtiendrez dépendra de la performance de votre investissement sous-jacent, de la performance globale du marché et de la durée de votre investissement.
Les chiffres indiqués englogent tous les coûts du Fonds lui-même, mais pas tous les coûts que vous pouvez être amené à payer à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | # ESCENARIOS DE RENTABILIDAD:
| Período de mantenimiento recomendado: 5 años (ejemplo de inversión de 10.000 EUR) |
| --- |
| Escenarios | | En caso de salida después de 1 año | En caso de salida después de 3 años | En caso de salida después de 5 años |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 5.300 EUR | 3.250 EUR | 2.250 EUR |
| Rendimiento medio cada año | -44,2% | -30,1% | -25,1% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.760 EUR | 7.560 EUR | 7.890 EUR |
| Rendimiento medio cada año | -18,3% | -7,3% | -3,7% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.480 EUR | 12.680 EUR | 15.350 EUR |
| Rendimiento medio cada año | 10,3% | 10,1% | 10,1% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.040 EUR | 21.110 EUR | 29.680 EUR |
| Rendimiento medio cada año | 47,8% | 30,5% | 25,6% |
(datos de 12 mesesa 30 dejuniode 2022)
Este cuadro muestra el dinero que usted podría recibir a lo largo de los próximos 5 años, en función de los distintos escenarios, suponiendo que invierta inicialmente 10.000 EUR. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto en los últimos 5 años. Los mercados podrían evolucionar de manera muy distinta en el futuro. El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Los escenarios presentados ilustran la rentabilidad que podría tener su inversión. Puede compararlos con los escenarios de otros productos. En aquellos casos en que se haya producido un crecimiento constante y sistemático durante el período en cuestión, estos escenarios de rentabilidad pueden parecer excesivamente optimistas. Estos escenarios únicamente son un ejemplo y no reflejan o predicen en modo alguno la rentabilidad futura del fondo. Lo que recibirá variará en función del comportamiento de su inversión subyacente, de la evolución del mercado en general y del tiempo que mantenga la inversión.
Las cifras presentadas incluyen todos los costes del Fondo en sí, pero no incluyen todos los que pueda pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. | # SCÉNARIOS DE PERFORMANCE :
| Période de détention recommandée : 5 ans (pour un investissement de 10 000 euros) |
| --- |
| Scénarios | | Si vous sortez après 1 an | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| Scénario extrême | Ce que vous pourriez obtenir après imputation des coûts | 5 300 EUR | 3 250 EUR | 2 250 EUR |
| Performance annuelle moyenne | -44,2 % | -30,1 % | -25,1 % |
| Scénario défavorable | Ce que vous pourriez obtenir après imputation des coûts | 7 760 EUR | 7 560 EUR | 7 890 EUR |
| Performance annuelle moyenne | -18,3 % | -7,3 % | -3,7 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après imputation des coûts | 10 480 EUR | 12 680 EUR | 15 350 EUR |
| Performance annuelle moyenne | 10,3 % | 10,1 % | 10,1 % |
| Scénario favorable | Ce que vous pourriez obtenir après imputation des coûts | 14 040 EUR | 21 110 EUR | 29 680 EUR |
| Performance annuelle moyenne | 47,8 % | 30,5 % | 25,6 % |
(Données sur 12 mois au 30 juin 2022)
Ce tableau montre les sommes que vous pourriez récupérer au cours des 5 prochaines années, selon différents scénarios, en supposant un investissement initial de 10.000 dollars. Les scénarios défavorable, intermédiaire et favorable présentés illustrent les performances les plus mauvaises, moyennes et les plus élevées du produit au cours des 5 dernières années. Les marchés pourraient évoluer de manière très différente à l’avenir. Le scénario extrême montre les sommes que vous pourriez obtenir dans des situations de marché tendues.
Les scénarios présentés illustrent les performances potentielles de votre investissement. Vous pouvez les comparer avec les scénarios d'autres produits. Lorsque la croissance s’est révélée régulière et constante au cours de la période concernée, ces scénarios de performance peuvent sembler exagérément optimistes. Ces scénarios ne sont donnés qu’à titre d'exemple et ne constituent en aucun cas un reflet/une prévision de la performance future du Fonds. La rémunération que vous obtiendrez dépendra de la performance de votre investissement sous-jacent, de la performance globale du marché et de la durée de votre investissement.
Les chiffres indiqués englogent tous les coûts du Fonds lui-même, mais pas tous les coûts que vous pouvez être amené à payer à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | fr | es |
DOLFIN2683 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Fidelity considers Sustainability Risks across all asset classes and funds. Sustainability Risks refers to an environmental (E), social (S) or governance (G) (collectively, “ESG”) event, or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
The approach to Sustainability Risk integration seeks to identify and assess the ESG risks at an individual issuer level. Sustainability Risks which may be considered by Fidelity’s investment teams include, but are not limited to:
- corporate governance malpractices (e.g. board structure, executive remuneration);
- shareholder rights (e.g. election of directors, capital amendments);
- changes to regulation (e.g. greenhouse gas emissions restrictions, governance codes);
- physical threats (e.g. extreme weather, climate change, water shortages);
- brand and reputational issues (e.g. poor health and safety records, cyber security breaches);
- supply chain management (e.g. increase in fatalities, lost time injury rates, labour relations); and
- work practices (e.g. observation of health, safety and human rights provisions). | Fidelity prende in considerazione i Rischi di sostenibilità in tutte le classi di attivi e tutti i comparti. I Rischi di sostenibilità si riferiscono a eventi ambientali (E), sociali (S) o di governance (G) (globalmente, “ESG”) che, qualora dovessero materializzarsi, potrebbero avere effetti sostanziali potenzialmente o effettivamente negativi sul valore degli investimenti.
L’approccio all’integrazione dei Rischi di sostenibilità si prefigge di individuare e di valutare i rischi ESG a livello dei singoli emittenti. Tra i Rischi di sostenibilità che possono essere presi in considerazione dai responsabili degli investimenti di Fidelity figurano, senza intento limitativo:
- cattive prassi di governance aziendale (es., struttura del C.d.A., retribuzione dei dirigenti);
- diritti degli azionisti (es., scelta degli amministratori, modifica del capitale);
- cambiamenti normativi (es., limitazioni alle emissioni di gas serra, codici di governance);
- minacce fisiche (es., condizioni climatiche estreme, cambiamento climatico, scarsità idrica);
- problematiche inerenti al marchio e alla reputazione (es., statistiche negative per quanto riguarda la salute e la sicurezza, violazioni della cibersicurezza);
- gestione della catena di fornitura (es., aumento degli incidenti, perditempi legati ai sinistri, relazioni sindacali), e
- prassi lavorative (es., rispetto delle disposizioni in materia di salute, sicurezza e diritti umani). | Fidelity considers Sustainability Risks across all asset classes and funds. Sustainability Risks refers to an environmental (E), social (S) or governance (G) (collectively, “ESG”) event, or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
The approach to Sustainability Risk integration seeks to identify and assess the ESG risks at an individual issuer level. Sustainability Risks which may be considered by Fidelity’s investment teams include, but are not limited to:
- corporate governance malpractices (e.g. board structure, executive remuneration);
- shareholder rights (e.g. election of directors, capital amendments);
- changes to regulation (e.g. greenhouse gas emissions restrictions, governance codes);
- physical threats (e.g. extreme weather, climate change, water shortages);
- brand and reputational issues (e.g. poor health and safety records, cyber security breaches);
- supply chain management (e.g. increase in fatalities, lost time injury rates, labour relations); and
- work practices (e.g. observation of health, safety and human rights provisions). | en | it |
DOLFIN2684 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS PRATIQUES
## 2 Dépositaire : Northern Trust Fiduciary Services (Ireland) Limited
## 2 Sous-dépositaire : Morgan Stanley & Co. International Plc
2 Vous pouvez obtenir de plus amples informations en contactant votre conseiller financier/distributeur. Des exemplaires du prospectus, des derniers rapports annuel et semestriel, en anglais, peuvent être obtenus gratuitement auprès de MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg ; ou Northern Trust International Fund Administration Services (Ireland) Limited, George's court, 54-62 Townsend Street, Dublin 2, Irlande et sur www.fundlogic.com. Les cours des actions sont également disponibles sur Bloomberg.
2 Ce document décrit le Fonds, un compartiment de la Société, un OPCVM à compartiments multiples domicilié en Irlande. Le Prospectus et les rapports annuels et semestriels sont produits pour la Société dans son ensemble
## 2 Les éléments d'actif et de passif de chacun des compartiments de la Société sont cloisonnés en vertu de la loi irlandaise
2 Vous pouvez avoir le droit de procéder à des échanges au sein des compartiments de la Société mais, pour vous, cela peut se traduire par des coûts supplémentaires. Merci de vous reporter à la section du Prospectus intitulée « Échanges d'actions » pour plus d'informations
## 2 La législation fiscale de l'Irlande peut avoir une incidence sur votre situation fiscale personnelle
2 La responsabilité de MSIM Fund Management (Ireland) Limited 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
2 Les détails concernant la rémunération de la Société de gestion et la politique de rémunération actualisée de la Société de Gestion, qui comprend, entre autres, une description de la manière dont la rémunération et les avantages sont calculés, l'identité des personnes responsables de l'attribution de la rémunération et des avantages, y compris la composition du comité de rémunération lorsqu'un tel comité existe, peuvent être obtenus gratuitement aux horaires de bureau au siège social de la société et sont disponibles sur www.morganstanley.com.
MSIM Fund Management (Ireland) Limited est agréée en République d’Irlande et réglementée par la Banque centrale d’Irlande. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 01/08/2022. | # INFORMACIÓN PRÁCTICA
## 2 Depositario: Northern Trust Fiduciary Services (Ireland) Limited
## 2 Subdepositario: Morgan Stanley & Co. International Plc
2 Póngase en contacto con su asesor financiero o distribuidor si desea obtener más información. Las copias en inglés del folleto y de los últimos informes anuales y semestrales pueden solicitarse gratuitamente en MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxemburgo. Alternativamente, puede solicitarlas en Northern Trust International Fund Administration Services (Ireland) Limited, George's Court, 54-62 Townsend Street, Dublín 2, Irlanda, y en www.fundlogic.com. Las cotizaciones también están disponibles en Bloomberg.
2 Este documento describe el Fondo, un compartimento de la Sociedad, que es, a su vez, una OICVM por compartimentos con sede en Irlanda. El Folleto y los informes anuales y semestrales se elaboran para el conjunto de la Sociedad
## 2 Los activos y pasivos de cada uno de los compartimentos de la Sociedad están segregados conforme a la legislación irlandesa
2 Puede tener derecho a efectuar canjes entre los compartimentos de la Sociedad, pero esto podría ocasionarle costes adicionales. Consulte la sección del Folleto titulada “Canje de Acciones” para obtener información adicional
## 2 La legislación fiscal de Irlanda podría afectar a su situación tributaria personal
2 MSIM Fund Management (Ireland) Limited únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las partes correspondientes del folleto del OICVM.
2 Los datos relativos a la remuneración percibida por la Sociedad Gestora pueden consultarse de forma gratuita en el domicilio social de la Compañía en horario laborable, así como en www.morganstanley.com. En estas ubicaciones también encontrará la política de remuneración actualizada de la Sociedad Gestora, que, entre otros puntos, enumera los métodos de cálculo de la remuneración y los beneficios, además de la identidad de las personas que otorgan tanto la remuneración como los beneficios, y, si existe un comité de remuneración, se indica quién lo compone.
MSIM Fund Management (Ireland) Limited está autorizada en la República de Irlanda y está regulada por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 01/08/2022. | # INFORMATIONS PRATIQUES
## 2 Dépositaire : Northern Trust Fiduciary Services (Ireland) Limited
## 2 Sous-dépositaire : Morgan Stanley & Co. International Plc
2 Vous pouvez obtenir de plus amples informations en contactant votre conseiller financier/distributeur. Des exemplaires du prospectus, des derniers rapports annuel et semestriel, en anglais, peuvent être obtenus gratuitement auprès de MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg ; ou Northern Trust International Fund Administration Services (Ireland) Limited, George's court, 54-62 Townsend Street, Dublin 2, Irlande et sur www.fundlogic.com. Les cours des actions sont également disponibles sur Bloomberg.
2 Ce document décrit le Fonds, un compartiment de la Société, un OPCVM à compartiments multiples domicilié en Irlande. Le Prospectus et les rapports annuels et semestriels sont produits pour la Société dans son ensemble
## 2 Les éléments d'actif et de passif de chacun des compartiments de la Société sont cloisonnés en vertu de la loi irlandaise
2 Vous pouvez avoir le droit de procéder à des échanges au sein des compartiments de la Société mais, pour vous, cela peut se traduire par des coûts supplémentaires. Merci de vous reporter à la section du Prospectus intitulée « Échanges d'actions » pour plus d'informations
## 2 La législation fiscale de l'Irlande peut avoir une incidence sur votre situation fiscale personnelle
2 La responsabilité de MSIM Fund Management (Ireland) Limited 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
2 Les détails concernant la rémunération de la Société de gestion et la politique de rémunération actualisée de la Société de Gestion, qui comprend, entre autres, une description de la manière dont la rémunération et les avantages sont calculés, l'identité des personnes responsables de l'attribution de la rémunération et des avantages, y compris la composition du comité de rémunération lorsqu'un tel comité existe, peuvent être obtenus gratuitement aux horaires de bureau au siège social de la société et sont disponibles sur www.morganstanley.com.
MSIM Fund Management (Ireland) Limited est agréée en République d’Irlande et réglementée par la Banque centrale d’Irlande. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 01/08/2022. | fr | es |
DOLFIN2685 | 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 Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B CHF Acc between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,417
-5.8%
CHF 9,552
-0.9% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B CHF Acc entre 30/09/2021-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 417 CHF
-5,8%
9 552 CHF
-0,9% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B CHF Acc between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,417
-5.8%
CHF 9,552
-0.9% | en | es |
DOLFIN2686 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Net Asset ValueThe Net Asset Values of the Shares of each sub-fund will be available on each Bank Business Day at the registered office of the Company, and of the Administrative Agent. The Board of Directors may subsequently decide to publish these net values in newspapers of the countries in which the Shares of the Company are offered or sold.
- Issue and redemption pricesThe issue and redemption prices of the Shares of each sub-fund of the Company are made public on each Valuation Day at the offices of the Administrative Agent.
- Notices to ShareholdersNotice to Shareholders shall be made available at the registered office of the Company and of the Registrar and Transfer Agent, free of charge. Furthermore, they may be published in Luxembourg and published in the countries where the Company is marketed, and in the "Mémorial, Recueil des Sociétés et Associations", in Luxembourg, if such publications are required by the applicable law or by the Articles of Incorporation. | - Valore patrimoniale nettoIl Valore patrimoniale netto delle azioni di ogni comparto è disponibile in qualsiasi Giorno lavorativo bancario presso la sede legale della Società e dell'Agente Amministrativo. Il Consiglio di Amministrazione può successivamente decidere di pubblicare tali dati sui quotidiani dei Paesi in cui le azioni della Società sono offerte o vendute.
- Prezzi di emissione e rimborsoI prezzi di emissione e di rimborso delle azioni di ogni comparto della Società sono resi pubblici in ciascun Giorno di valutazione presso gli uffici dell'Agente Amministrativo.
- Avvisi agli AzionistiGli avvisi agli Azionisti devono essere disponibili a titolo gratuito presso la sede legale della Società e del Conservatore del Registro e Agente di trasferimento. Inoltre, possono essere pubblicati in Lussemburgo e nei Paesi in cui sono commercializzate le azioni della Società, nonché sul "Mémorial, Recueil des Sociétés et Associations", in Lussemburgo, se tale pubblicazione è prescritta dalla legge vigente in materia o dallo Statuto. | - Net Asset ValueThe Net Asset Values of the Shares of each sub-fund will be available on each Bank Business Day at the registered office of the Company, and of the Administrative Agent. The Board of Directors may subsequently decide to publish these net values in newspapers of the countries in which the Shares of the Company are offered or sold.
- Issue and redemption pricesThe issue and redemption prices of the Shares of each sub-fund of the Company are made public on each Valuation Day at the offices of the Administrative Agent.
- Notices to ShareholdersNotice to Shareholders shall be made available at the registered office of the Company and of the Registrar and Transfer Agent, free of charge. Furthermore, they may be published in Luxembourg and published in the countries where the Company is marketed, and in the "Mémorial, Recueil des Sociétés et Associations", in Luxembourg, if such publications are required by the applicable law or by the Articles of Incorporation. | en | it |
DOLFIN2687 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
## Scénarios de performance
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Attention au risque de change. La devise de cette classe d’actions peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de cette classe d’actions et non dans celle de votre pays, le rendement final dépendra du taux de change entre ces deux devises.
L'indicateur synthétique de risque ne prend pas en compte tous les risques auxquels le Compartiment est exposé de manière adéquate.
Cette note ne tient pas compte d'autres facteurs de risque qui doivent être pris en considération avant d'investir, notamment :
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez perdre l’intégralité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années en identifiant, selon les scénarios de performance et comme défini dans le règlement européen concernant le Document d’informations clés, tous les sous-intervalles se chevauchant et individuellement (i) d'une durée égale à la période de détention recommandée et qui commencent ou se terminent durant chaque mois inclus dans cette période de 10 ans ou (ii) d'une durée inférieure ou égale à la période de détention recommandée, mais supérieure ou égale à un an, et se terminant à la fin de cette période de 10 ans. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Défavorable : Ce type de scénario s’est produit pour un investissement entre 09/2021 et 11/2022.Intermédiaire : Ce type de scénario s’est produit pour un investissement entre 03/2017 et 02/2022.Favorable : Ce type de scénario s’est produit pour un investissement entre 02/2016 et 01/2021.
| Période de détention recommandée minimale : 5 ans Exemple d’investissement: 10 000 USD | |
| --- | --- |
| Scénarios | | if you exit after 1 an | if you exit after 5 ans (période de détention recommandée) |
| 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 | 5 030 USD | 6 280 USD |
| Rendement annuel moyen | - 49,69 % | - 8,87 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 570 USD | 8 940 USD |
| Rendement annuel moyen | - 14,33 % | - 2,21 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 180 USD | 12 210 USD |
| Rendement annuel moyen | 1,76 % | 4,07 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 130 USD | 14 050 USD |
| Rendement annuel moyen | 21,27 % | 7,03 % |
Lorsque les données historiques d’un Fonds remontent à moins de 10 ans, un indice de référence de substitution approprié est utilisé pour calculer les scénarios de performance. Ces calculs sont nets de tous les coûts applicables.
Sustainable US High Yield Bond, un compartiment de Morgan Stanley Investment Funds – Z Capitalisation USD (LU2536248920) | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de Riesgo
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo.
## Escenarios de rentabilidad
Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media baja y la probabilidad de que una mala coyuntura de mercado influya en la capacidad de pagarle como improbable.
Tenga presente el riesgo de cambio. La moneda de esta clase de participaciones puede ser distinta de la de su país. Puede recibir pagos en la moneda de esta clase de participaciones en lugar de en la de su país, por lo que la rentabilidad final dependerá del tipo de cambio entre las dos monedas.
El indicador resumido de riesgo podría no capturar adecuadamente todos los riesgos a los que está expuesto el Fondo.
Esta calificación no tiene en cuenta otros factores de riesgo que deben considerarse antes de invertir, entre ellos:
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si no podemos pagarle lo que se le debe, podría perder toda su inversión.
Las cifras presentadas incluyen todos los costes del producto en sí, pero pueden no incluir todos los costes que deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtendrá de este producto dependerá de la evolución futura del mercado. La evolución del mercado en el futuro es incierta y no se puede predecir de forma exacta.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años, y determinan, dependiendo de los escenarios de rentabilidad y conforme a las definiciones del Reglamento de la UE sobre los documentos de datos fundamentales, todos los subintervalos que se solapen, que sean individualmente (i) iguales en extensión a la duración del período de mantenimiento recomendado y que comiencen o terminen en cada uno de los meses que estén contenidos en dicho período de 10 años o (ii) iguales o inferiores en extensión a la duración del período de mantenimiento recomendado, pero iguales o superiores a un año, y que terminen al final de dicho período de 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Desfavorable: Este tipo de escenario se produjo para una inversión entre 09/2021 y 11/2022.Moderado: Este tipo de escenario se produjo para una inversión entre 03/2017 y 02/2022.Favorable: Este tipo de escenario se produjo para una inversión entre 02/2016 y 01/2021.
| Período de mantenimiento mínimo recomendado: 5 años Ejemplo de inversión: 10 000 USD | |
| --- | --- |
| Escenarios | | if you exit after 1 año | if you exit after 5 años (período de mantenimiento recomendado) |
| 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 | 5 030 USD | 6 280 USD |
| Rendimiento medio cada año | - 49,69 % | - 8,87 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 570 USD | 8 940 USD |
| Rendimiento medio cada año | - 14,33 % | - 2,21 % |
| Moderado | Lo que podría recibir tras deducir los costes | 10 180 USD | 12 210 USD |
| Rendimiento medio cada año | 1,76 % | 4,07 % |
| Favorable | Lo que podría recibir tras deducir los costes | 12 130 USD | 14 050 USD |
| Rendimiento medio cada año | 21,27 % | 7,03 % |
En el caso de cualquier Fondo en relación con el cual se disponga de menos de 10 años de datos históricos, se ha aplicado un valor de referencia sustitutivo adecuado para realizar los cálculos de los escenarios de rentabilidad. Dichos cálculos son netos de todos los costes aplicables.
Sustainable US High Yield Bond, un subfondo de Morgan Stanley Investment Funds – Z Capitalisation USD (LU2536248920) | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
## Scénarios de performance
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Attention au risque de change. La devise de cette classe d’actions peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de cette classe d’actions et non dans celle de votre pays, le rendement final dépendra du taux de change entre ces deux devises.
L'indicateur synthétique de risque ne prend pas en compte tous les risques auxquels le Compartiment est exposé de manière adéquate.
Cette note ne tient pas compte d'autres facteurs de risque qui doivent être pris en considération avant d'investir, notamment :
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez perdre l’intégralité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années en identifiant, selon les scénarios de performance et comme défini dans le règlement européen concernant le Document d’informations clés, tous les sous-intervalles se chevauchant et individuellement (i) d'une durée égale à la période de détention recommandée et qui commencent ou se terminent durant chaque mois inclus dans cette période de 10 ans ou (ii) d'une durée inférieure ou égale à la période de détention recommandée, mais supérieure ou égale à un an, et se terminant à la fin de cette période de 10 ans. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Défavorable : Ce type de scénario s’est produit pour un investissement entre 09/2021 et 11/2022.Intermédiaire : Ce type de scénario s’est produit pour un investissement entre 03/2017 et 02/2022.Favorable : Ce type de scénario s’est produit pour un investissement entre 02/2016 et 01/2021.
| Période de détention recommandée minimale : 5 ans Exemple d’investissement: 10 000 USD | |
| --- | --- |
| Scénarios | | if you exit after 1 an | if you exit after 5 ans (période de détention recommandée) |
| 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 | 5 030 USD | 6 280 USD |
| Rendement annuel moyen | - 49,69 % | - 8,87 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 570 USD | 8 940 USD |
| Rendement annuel moyen | - 14,33 % | - 2,21 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 180 USD | 12 210 USD |
| Rendement annuel moyen | 1,76 % | 4,07 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 130 USD | 14 050 USD |
| Rendement annuel moyen | 21,27 % | 7,03 % |
Lorsque les données historiques d’un Fonds remontent à moins de 10 ans, un indice de référence de substitution approprié est utilisé pour calculer les scénarios de performance. Ces calculs sont nets de tous les coûts applicables.
Sustainable US High Yield Bond, un compartiment de Morgan Stanley Investment Funds – Z Capitalisation USD (LU2536248920) | fr | es |
DOLFIN2688 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### General information
The legal basis for the purchase of sub-fund shares is the currently valid Sales Prospectus in conjunction with the currently valid Articles of Incorporation of the Investment Company.
It is prohibited to provide any information or to make any representations other than those contained in the Sales Prospectus. The Invest- ment Company shall not be liable if and to the extent that information is provided or representa- tions are made which deviate from this Sales Prospectus.
The Sales Prospectus and the key investor information document, as well as the semiannual and annual reports, are available free of charge from the Investment Company, the Management Company or the paying agents. The Management Company will provide the shareholders with other important information in an appropriate form. | ### Remarques
Le présent prospectus de vente dans sa version actuelle constitue le fondement juridique pour l’achat d’actions de compartiments, de même que les statuts de la société d’investissement.
Il est interdit de diffuser des informations ou de faire des déclarations non conformes au prospec- tus de vente. La société d’investissement ne saurait être tenue responsable d’informations ou de déclarations non conformes au présent prospectus de vente.
Le prospectus de vente, les informations clés pour l’investisseur de même que les rapports semestriels et annuels peuvent être obtenus gratuitement auprès de la société d’investisse- ment, de la société de gestion ou des agents payeurs. La société de gestion transmettra aux actionnaires les autres informations importantes sous une forme adéquate. | ### General information
The legal basis for the purchase of sub-fund shares is the currently valid Sales Prospectus in conjunction with the currently valid Articles of Incorporation of the Investment Company.
It is prohibited to provide any information or to make any representations other than those contained in the Sales Prospectus. The Invest- ment Company shall not be liable if and to the extent that information is provided or representa- tions are made which deviate from this Sales Prospectus.
The Sales Prospectus and the key investor information document, as well as the semiannual and annual reports, are available free of charge from the Investment Company, the Management Company or the paying agents. The Management Company will provide the shareholders with other important information in an appropriate form. | en | fr |
DOLFIN2689 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company has drawn up a policy detailing how the Anti-Dilution Mechanism works and has implemented operational processes and procedures in order to oversee application of the Anti-Dilution Mechanism by the Administrative Agent and the Transfer Agent.
The policy detailing the Management Company's Anti-Dilution Mechanism has been duly validated by the SICAV's Board of Directors.
- Methodology to be applied in case of performance feesIf performance fees must be calculated, these fees are calculated before any application of the Anti-Dilution Mechanism, making these fees immune to the impact of the Anti-Dilution Mechanism.
-
## Temporary suspension of the calculation of the net asset value and of the issue, redemption and conversion of shares | Die Verwaltungsgesellschaft hat Grundsätze erarbeitet, in denen erläutert wird, wie der Mechanismus zur Vermeidung der Verwässerung funktioniert, und sie hat operative Prozesse und Verfahren eingeführt, um die Anwendung des Mechanismus zur Vermeidung der Verwässerung durch die Verwaltungsstelle und die Übertragungsstelle zu überwachen.
Die Grundsätze, in denen der Mechanismus zur Vermeidung der Verwässerung dargelegt wird, wurden von dem Verwaltungsrat der SICAV ordnungsgemäß geprüft.
- Im Falle von Performancegebühren anzuwendende MethodikWenn Performancegebühren zu berechnen sind, werden diese Gebühren vor Anwendung des Mechanismus zur Vermeidung der Verwässerung berechnet, sodass diese Gebühren von den Auswirkungen des Mechanismus zur Vermeidung der Verwässerung unberührt bleiben.
-
## Vorübergehende Aussetzung der Berechnung des Nettoinventarwerts sowie der Ausgabe, Rücknahme und Umschichtung von Anteilen | The Management Company has drawn up a policy detailing how the Anti-Dilution Mechanism works and has implemented operational processes and procedures in order to oversee application of the Anti-Dilution Mechanism by the Administrative Agent and the Transfer Agent.
The policy detailing the Management Company's Anti-Dilution Mechanism has been duly validated by the SICAV's Board of Directors.
- Methodology to be applied in case of performance feesIf performance fees must be calculated, these fees are calculated before any application of the Anti-Dilution Mechanism, making these fees immune to the impact of the Anti-Dilution Mechanism.
-
## Temporary suspension of the calculation of the net asset value and of the issue, redemption and conversion of shares | en | de |
DOLFIN2690 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Cet indicateur est basé sur des données synthétiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie I-5US du compartiment Alger Small Cap Focus Fund a été classifiée dans la catégorie 7 en raison de la fluctuation importante de sa Valeur d’actif net. L'opportunité de réaliser des bénéfices conséquents est corrélée à un risque de pertes importantes.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n'ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés à faible capitalisation : les valeurs des entreprises à faible capitalisation peuvent présenter plus de risques que les valeurs de plus grandes entreprises mieux établies en raison de facteurs tels qu’une équipe de gestion inexpérimentée et des ressources financières limitées. Le plein développement de ces entreprises prend du temps et, pour cette raison, un investissement dans ce Compartiment devrait être envisagé sur le long terme et non pas comme un véhicule de bénéfices à court terme, de même qu’un investissement dans ce Compartiment ne devrait pas être considéré comme un programme d’investissement complet. De nombreuses valeurs des petites entreprises se négocient moins fréquemment et dans des volumes moindres, et font l’objet de variations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les titres des petites entreprises peuvent aussi être plus sensibles aux variations de marché que les titres des grandes entreprises.
Risques liés aux investissements dans des valeurs de croissance : les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
DocID: KIID_LU1687262870_fr_20220707_143_3_Class_I-5US_483333 | Este indicador se basa en datos sintéticos y podría no ser una referencia fiable del perfil de riesgo y remuneración futura del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar a lo largo del tiempo. El hecho de que una inversión pertenezca a la categoría 1 no significa que esté exenta de riesgo.
La Clase I-5US de Alger Small Cap Focus Fund ha sido clasificada en la categoría 7 porque la fluctuación de su Valor liquidativo es elevada. La oportunidad de obtener ganancias elevadas es proporcional al riesgo de incurrir en fuertes pérdidas.
La metodología utilizada en la asignación de categoría a un fondo puede no recoger todos los riesgos significativos. En el Folleto se incluye una descripción detallada de los riesgos. Los siguientes riesgos no influyen en la asignación de categoría del Fondo, pero pueden ser importantes para el perfil de riesgo general del Fondo:
Riesgos asociados a la inversión en empresas de pequeña capitalización: Las acciones de empresas de pequeña capitalización pueden estar sujetas a más riesgos que aquellas de mayor tamaño y más consolidadas, debido a factores como la inexperiencia de sus equipos directivos y sus recursos financieros limitados. Estas sociedades tardan un tiempo en desarrollar todo su potencial, por lo que la inversión en el Subfondo debe considerarse una inversión a largo plazo y no un vehículo para obtener beneficios a corto plazo, y tampoco debería constituir un programa de inversión completo. Los valores de muchas pequeñas empresas cotizan con menor frecuencia y en volúmenes más pequeños y pueden estar sujetos a fluctuaciones de precios más acusadas o erráticas que los títulos de sociedades de mayor tamaño. Los valores de las empresas pequeñas pueden ser también más sensibles a los cambios del mercado que los de sociedades de mayor capitalización.
Riesgos asociados a inversiones en acciones de crecimiento: Los precios de las acciones de crecimiento suelen ser superiores en relación con las ganancias de las empresas. Las acciones de crecimiento pueden ser más sensibles a los acontecimientos del mercado, económicos y políticos que otras acciones, por lo que sus precios son más volátiles.
DocID: KIID_LU1687262870_es_20220707_143_6_Class_I-5US_483333 | Cet indicateur est basé sur des données synthétiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie I-5US du compartiment Alger Small Cap Focus Fund a été classifiée dans la catégorie 7 en raison de la fluctuation importante de sa Valeur d’actif net. L'opportunité de réaliser des bénéfices conséquents est corrélée à un risque de pertes importantes.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n'ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés à faible capitalisation : les valeurs des entreprises à faible capitalisation peuvent présenter plus de risques que les valeurs de plus grandes entreprises mieux établies en raison de facteurs tels qu’une équipe de gestion inexpérimentée et des ressources financières limitées. Le plein développement de ces entreprises prend du temps et, pour cette raison, un investissement dans ce Compartiment devrait être envisagé sur le long terme et non pas comme un véhicule de bénéfices à court terme, de même qu’un investissement dans ce Compartiment ne devrait pas être considéré comme un programme d’investissement complet. De nombreuses valeurs des petites entreprises se négocient moins fréquemment et dans des volumes moindres, et font l’objet de variations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les titres des petites entreprises peuvent aussi être plus sensibles aux variations de marché que les titres des grandes entreprises.
Risques liés aux investissements dans des valeurs de croissance : les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
DocID: KIID_LU1687262870_fr_20220707_143_3_Class_I-5US_483333 | fr | es |
DOLFIN2691 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Investment objective
The fund’s investment objective is to achieve the highest possible return. Income is reinvested in the fund or distributed in accordance with the table below.
The benchmark for the fund is the CDAX. The benchmark is not replicated; it merely serves as a starting point for investment decisions. The fund management seeks to outperform the benchmark. The composition of the fund and its performance may positively or negatively deviate significantly or completely (and over the long term) from the benchmark.
The CDAX is administered by STOXX Ltd. STOXX Ltd. is listed in an official register of benchmark administrators and benchmarks at the European Securities and Markets Authority (ESMA).
The Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided.
As part of its discretionary management policy for the fund, the Company engages in active selection of the assets permitted under the KAGB and the Terms and Conditions of Investment. Decisions on asset selection are based on well-founded evaluations by the globally networked investment specialists of the fund management. | ##### Anlageziel
Der Fonds strebt als Anlageziel die Erwirtschaf- tung eines möglichst hohen Ertrages an. Die Erträge werden im Fonds wieder angelegt bezie- hungsweise ausgeschüttet gemäß unten stehen- der Tabelle.
Der Fonds orientiert sich an CDAX als Vergleichs- index. Der Vergleichsindex wird nicht abgebildet, sondern dient lediglich als Ausgangspunkt für die Anlageentscheidungen. Das Fondsmanagement versucht, die Wertentwicklung des Vergleichs- indexes zu übertreffen. Die Zusammensetzung des Fonds und seine Wertentwicklung können wesentlich bis vollständig und langfristig – positiv oder negativ – vom Vergleichsindex abweichen.
Der CDAX wird von STOXX Ltd. administriert. STOXX Ltd. ist bei der europäischen Wertpapier- aufsichtsbehörde ESMA in ein öffentliches Regis- ter von Administratoren von Referenzwerten und von Referenzwerten eingetragen.
Die Gesellschaft hat robuste schriftliche Pläne auf- gestellt, in denen sie Maßnahmen dargelegt hat, die sie ergreifen würde, wenn der Vergleichsindex sich wesentlich ändert oder nicht mehr bereit- gestellt wird.
Im Rahmen der diskretionären Verwaltung des Fonds betreibt die Gesellschaft eine aktive Auswahl der nach dem KAGB und den Anlagebedingungen zugelassenen Vermö- gensgegenstände. Hierfür bilden die fundier- ten Auswertungen der global vernetzten Investmentspezialisten des Fondsmanage- ments die Entscheidungsgrundlage. | #### Investment objective
The fund’s investment objective is to achieve the highest possible return. Income is reinvested in the fund or distributed in accordance with the table below.
The benchmark for the fund is the CDAX. The benchmark is not replicated; it merely serves as a starting point for investment decisions. The fund management seeks to outperform the benchmark. The composition of the fund and its performance may positively or negatively deviate significantly or completely (and over the long term) from the benchmark.
The CDAX is administered by STOXX Ltd. STOXX Ltd. is listed in an official register of benchmark administrators and benchmarks at the European Securities and Markets Authority (ESMA).
The Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided.
As part of its discretionary management policy for the fund, the Company engages in active selection of the assets permitted under the KAGB and the Terms and Conditions of Investment. Decisions on asset selection are based on well-founded evaluations by the globally networked investment specialists of the fund management. | en | de |
DOLFIN2692 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Les instructions de vente d’actions ne peuvent pas être exécutées tant qu’une opération précédente portant sur des actions à vendre n’a pas été finalisée et réglée.
Dans le cas où les instructions entraîneraient un solde d’investissement inférieur à 1 000 USD (ou l’équivalent dans une autre devise), la SICAV et/ou la société de gestion peuvent racheter ce solde d’investissement et en verser le produit à l’investisseur.
La SICAV se réserve le droit de ne pas être tenue d’accepter, durant un même jour de valorisation, des ventes ou des échanges totalisant plus de 10 % de la valeur totale des actions d’un compartiment. Dans ces cas, la cession d’actions peut être retardée d’une période maximale de dix (10) jours ouvrés à Luxembourg. Ces instructions de cession sont exécutées en priorité avant les instructions ultérieures.
Ni la SICAV ni la société de gestion ne pourront être tenues responsables envers un investisseur d’une quelconque perte résultant de la non-réception d’instructions de vente, quel que soit le mode de communication utilisé.
Un investisseur ne peut retirer sa demande de vente d’actions, sauf en cas de suspension de la valorisation des actifs de la SICAV (voir annexe D), auquel cas le retrait des instructions de vente ne prend effet que si une notification écrite à cet
effet est reçue par la société de gestion avant l’expiration de la période de suspension. Si la demande n’est pas ainsi retirée, il sera procédé à la vente le jour de valorisation suivant immédiatement l’expiration de la suspension. | ##### No se ejecutará ninguna orden de venta de Acciones hasta que no se haya completado y liquidado toda operación previa relativa a las Acciones que se van a vender.
Si por dicha orden el saldo de la Participación cayese por debajo de 1.000 USD (o su contravalor en otra divisa), la Sociedad y/o la Sociedad Gestora podrán reembolsar dicho saldo y abonar el importe correspondiente al Inversor.
La Sociedad se reserva el derecho a no obligarse a aceptar la venta o el canje en un mismo Día de valoración de más del 10 % del valor de las Acciones de cualquier Fondo. En tales circunstancias, la venta de las Acciones podría aplazarse durante un periodo no superior a diez (10) Días hábiles en Luxemburgo. Estas órdenes de venta se ejecutarán antes que cualquier otra recibida posteriormente.
Ni la Sociedad ni la Sociedad Gestora serán responsables frente a ningún Inversor de ninguna pérdida derivada de la no recepción de una orden de venta, independientemente del método utilizado para su envío.
Es posible que un Inversor no retire su orden de venta de Acciones salvo en caso de producirse una suspensión de la valoración de los activos de la Sociedad (véase el Anexo D) y, en tal caso, la retirada de la orden de venta únicamente surtirá efecto si la Sociedad Gestora recibe una notificación por escrito antes de la conclusión del periodo de suspensión. Si no se retira la orden, la venta de las Acciones se efectuará el siguiente Día de valoración inmediatamente posterior al término del periodo de suspensión. | ##### Les instructions de vente d’actions ne peuvent pas être exécutées tant qu’une opération précédente portant sur des actions à vendre n’a pas été finalisée et réglée.
Dans le cas où les instructions entraîneraient un solde d’investissement inférieur à 1 000 USD (ou l’équivalent dans une autre devise), la SICAV et/ou la société de gestion peuvent racheter ce solde d’investissement et en verser le produit à l’investisseur.
La SICAV se réserve le droit de ne pas être tenue d’accepter, durant un même jour de valorisation, des ventes ou des échanges totalisant plus de 10 % de la valeur totale des actions d’un compartiment. Dans ces cas, la cession d’actions peut être retardée d’une période maximale de dix (10) jours ouvrés à Luxembourg. Ces instructions de cession sont exécutées en priorité avant les instructions ultérieures.
Ni la SICAV ni la société de gestion ne pourront être tenues responsables envers un investisseur d’une quelconque perte résultant de la non-réception d’instructions de vente, quel que soit le mode de communication utilisé.
Un investisseur ne peut retirer sa demande de vente d’actions, sauf en cas de suspension de la valorisation des actifs de la SICAV (voir annexe D), auquel cas le retrait des instructions de vente ne prend effet que si une notification écrite à cet
effet est reçue par la société de gestion avant l’expiration de la période de suspension. Si la demande n’est pas ainsi retirée, il sera procédé à la vente le jour de valorisation suivant immédiatement l’expiration de la suspension. | fr | es |
DOLFIN2693 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# 5° RISK PROFILE
The fund invests in financial instruments and, where applicable, funds selected by the management company. The performance of these instruments depends on the evolution and fluctuations of the market.
The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation.
- Risk associated with discretionary management: discretionary management is based on the expected evolution of the financial markets. The fund’s performance will depend on the companies selected and asset allocation chosen by the management company. There is a risk that the management company may not invest in the best performing companies.
- Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Equity risk: the net asset value of the fund may fall when equity markets either rise or fall. As there are fewer small and mid-cap stocks listed on stock exchanges, market falls are more pronounced and rapid than in the case of large cap stocks, and may cause the fund's net asset value to fall.
- Risk associated with market capitalisation: the fund is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced than in the case of large cap stocks. The net asset value of the fund may therefore be affected.
- Currency risk: Currency risk is linked to exposure – through investments and the use of forward financial instruments – to a currency other than the fund’s valuation currency. The fluctuations of currencies in relation to the euro may have a positive or negative influence on the net asset value of the fund.
- Liquidity risk: The markets in which the fund participates may be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may be caused to liquidate, initiate or modify its positions.
- Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio.
- Credit risk: credit risk is the risk that the issuer may default. Should the quality of issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the bonds may drop and lead to a fall in the fund's net asset value.
- Emerging markets risk: Investors should note that the fund may be exposed to emerging markets, where operating and supervisory conditions may deviate from the standards of major international marketplaces. Price variations may also be high.
- Risk associated with high yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Risks associated with investment in contingent convertible bonds (CoCos): Risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur.
- Risk associated with commodities indices: Changes in commodity prices and the volatility of this sector may cause the net asset value to fall.
- Counterparty risk: Counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to itthrough over-the-counter financial contracts agreed with various counterparties. In order to reduce the fund’s exposure tocounterparty risk, the management company may establish financial guarantees in favour of the fund.
- Volatility risk: The increase or decrease in volatility may lead to a fall in net asset value. The fund is exposed to this risk, particularly through derivative products with volatility or variance as the underlying instrument.
- Risks associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value.
- Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately.
- Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received. | # 5° RISIKOPROFIL
Der Fonds legt in Finanzinstrumenten und gegebenenfalls in OGA an, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente sind sensibel gegenüber Entwicklungen und Risiken des Marktes.
Unter anderem sind die nachstehenden Risikofaktoren zu beachten. Ein jeder Anleger ist gehalten, das mit der betreffenden Anlage verbundene Risiko zu prüfen und sich unabhängig von CARMIGNAC GESTION seine eigene Meinung zu bilden und insbesondere in der Frage der Vereinbarkeit der betreffenden Anlage mit seiner finanziellen Situation gegebenenfalls die Stellungnahme von Fachleuten für diese Fragen einzuholen.
- Risiko in Verbindung mit der Verwaltung mit Ermessensspielraum: Die Verwaltung mit Ermessensspielraum beruht auf der Einschätzung der Entwicklung der Finanzmärkte. Die Performance des Fonds hängt von den Unternehmen, die von der Verwaltungsgesellschaft ausgewählt werden, sowie von der von ihr festgelegten Vermögensallokation ab. Es besteht das Risiko, dass die Verwaltungsgesellschaft nicht die performancestärksten Unternehmen auswählt.
- Kapitalverlustrisiko: Das Portfolio wird mit Ermessensspielraum verwaltet und es besteht weder eine Garantie noch ein Schutz des investierten Kapitals. Der Kapitalverlust tritt ein, wenn ein Anteil zu einem Preis verkauft wird, der unter dem Kaufpreis liegt.
- Aktienrisiko: der Nettoinventarwert des Fonds kann bei steigenden und fallenden Aktienmärkten sinken. Darüber hinaus ist an den Märkten für Aktien von Unternehmen mit kleiner und mittlerer Marktkapitalisierung das Volumen der börsennotierten Titel begrenzt, so dass die Marktschwankungen schneller und nach unten ausgeprägter sind als bei Titeln mit großer Marktkapitalisierung und einen Rückgang des Nettoinventarwerts des Fonds nach sich ziehen können.
- Risiko im Zusammenhang mit der Marktkapitalisierung: Der Fonds weist vornehmlich ein Exposure auf einem oder mehrerenAktienmärkten mit kleiner oder mittlerer Marktkapitalisierung auf. Da das Volumen dieser börsennotierten Titel begrenzt ist, sind die Marktschwankungen ausgeprägter als bei Titeln mit großer Marktkapitalisierung. Der Nettoinventarwert des Fonds kann hiervon beeinträchtigt werden.
- Währungsrisiko: Das Währungsrisiko des Fonds ist durch Anlagen und durch den Einsatz von Terminfinanzinstrumenten mit dem Exposure in einer Währung verbunden, die nicht die Bewertungswährung des Fonds ist. Die Währungsschwankungen gegenüber dem Euro können sich positiv oder negativ auf den Nettoinventarwert des Fonds auswirken.
- Liquiditätsrisiko: An den Märkten, an denen der Fonds tätig wird, kann es zu einem zeitweiligen Liquiditätsmangel kommen. Diese Marktstörungen können die Preisbedingungen beeinträchtigen, zu denen der Fonds gegebenenfalls Positionen auflösen, aufbauen oder verändern muss.
- Zinsrisiko: Das Zinsrisiko führt bei Zinsschwankungen zu einem Rückgang des Nettoinventarwerts. Wenn die modifizierte Duration des Portfolios positiv ist, kann ein Zinsanstieg zu einem Rückgang des Portfoliowertes führen. Wenn die modifizierte Duration negativ ist, kann ein Zinsrückgang zu einem Rückgang des Portfoliowertes führen.
- Kreditrisiko: - Das Kreditrisiko entspricht dem Risiko, dass der Emittent möglicherweise seinen Verpflichtungen nicht nachkommt. Wenn sich die Qualität von Emittenten verschlechtert, z.B. bei einer Rückstufung ihrer Bonität durch Rating-Agenturen, können die Anleihen an Wert verlieren und eine Verringerung des Nettoinventarwerts des Fonds nach sich ziehen.
- Risiko in Verbindung mit Schwellenländern: Anleger sollten beachten, dass der Fonds ein Exposure an den Schwellenmärkten aufweisen kann, deren Handels- und Aufsichtsbedingungen von den in den großen internationalen Finanzzentren geltenden Standards abweichen können. Überdies kann es hier zu hohen Kursschwankungen kommen.
- Risiko im Zusammenhang mit spekulativen Wertpapieren: Ein Wertpapier wird als „spekulativ“ bezeichnet, wenn sein Rating unterhalb von „Investment Grade“ liegt. Der Wert dieser als „spekulativ“ eingestuften Anleihen kann in stärkerem Maße und schneller abnehmen als der anderer Anleihen und sich negativ auf den Nettoinventarwert des Fonds auswirken, d.h. der Nettoinventarwert kann sich verringern.
- Risiken in Zusammenhang mit der Anlage in „Contingent Convertible“-Anleihen (CoCos): Risiko in Verbindung mit der Auslösungsschwelle: Diese Wertpapiere haben die für sie typischen Merkmale. Das Eintreten des auslösenden Ereignisses kann eine Umwandlung in Aktien oder eine vorübergehende oder dauerhafte Herabschreibung der gesamten Schuldverschreibung oder eines Teils davon zur Folge haben. Das Umwandlungsrisiko kann sich zum Beispiel entsprechend dem Abstand zwischen einer Kapitalquote des Emittenten und einer im Emissionsprospekt festgelegten Schwelle ändern. Risiko des Kuponverlusts: Bei bestimmten Arten von CoCos liegen Kuponzahlungen im Ermessen des Emittenten und können von diesem gekündigt werden. Risiko in Verbindung mit der Komplexität des Instruments: Da diese Wertpapiere noch relativ neu sind, wurde ihr Verhalten in Stresszeiten noch nicht vollständig getestet. Risiko in Verbindung mit der aufgeschobenen Rückzahlung und/oder Nicht-Rückzahlung: Contingent-Convertible-Anleihen sind ewige Anleihen, die nur mit der Zustimmung der zuständigen Aufsichtsbehörde in der vorher festgelegten Höhe rückzahlbar sind. Kapitalstrukturrisiko: Konträr zur klassischen Kapitalhierarchie können Anleger in dieser Art von Instrumenten einen Kapitalverlust erleiden, wohingegen Eigenkapitalgebern desselben Emittenten keine Verluste entstehen.
- Risiko in Verbindung mit Rohstoffindizes: Schwankende Rohstoffpreise und die Volatilität dieses Sektors können zu einem Rückgang des Nettoinventarwerts führen.
- Ausfallrisiko: Das Ausfallrisiko misst den möglichen Verlust für den Fall, dass eine Gegenpartei bei außerbörslichen Finanzkontrakten oder bei befristeten Käufen und Abtretungen von Wertpapieren ihren vertraglichen Pflichten nicht nachkommen kann. Der Fonds ist diesem Risiko durch außerbörsliche Finanzkontrakte ausgesetzt, die mit verschiedenen Gegenparteien abgeschlossen werden. Die Verwaltungsgesellschaft kann zugunsten des Fonds eine Garantie hinterlegen, um das Ausfallrisiko des Fonds zu reduzieren.
- Volatilitätsrisiko: Eine Zu- oder Abnahme der Volatilität kann zu einer Abnahme des Nettoinventarwerts führen. Der Fonds ist diesem Risiko ausgesetzt, insbesondere durch Derivate, deren Basiswert die Volatilität oder die Varianz ist.
- Risiken im Zusammenhang mit befristeten Käufen und Abtretungen von Wertpapieren: Die Nutzung dieser Transaktionen und die Verwaltung ihrer Garantien können mit bestimmten spezifischen Risiken verbunden sein, beispielsweise mit operationellen Risiken oder dem Verwahrungsrisiko. Daher kann sich die Nutzung dieser Transaktionen negativ auf den Nettoinventarwert des Fonds auswirken.
- Rechtliches Risiko: Hierbei handelt es sich um das Risiko einer unangemessenen Abfassung der mit Gegenparteien im Rahmen des/der befristeten Erwerbs/Abtretung von Wertpapieren oder mit Gegenparteien der OTC-Terminkontrakte abgeschlossenen Verträge.
- Risiko im Zusammenhang mit der Weiterverwendung finanzieller Garantien: Der Fonds beabsichtigt nicht, erhaltene finanzielle Garantien weiterzuverwenden. Sollte dies jedoch der Fall sein, besteht das Risiko, dass der sich hieraus ergebende Wert geringer ist alsder ursprünglich erhaltene Wert. | # 5° RISK PROFILE
The fund invests in financial instruments and, where applicable, funds selected by the management company. The performance of these instruments depends on the evolution and fluctuations of the market.
The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation.
- Risk associated with discretionary management: discretionary management is based on the expected evolution of the financial markets. The fund’s performance will depend on the companies selected and asset allocation chosen by the management company. There is a risk that the management company may not invest in the best performing companies.
- Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Equity risk: the net asset value of the fund may fall when equity markets either rise or fall. As there are fewer small and mid-cap stocks listed on stock exchanges, market falls are more pronounced and rapid than in the case of large cap stocks, and may cause the fund's net asset value to fall.
- Risk associated with market capitalisation: the fund is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced than in the case of large cap stocks. The net asset value of the fund may therefore be affected.
- Currency risk: Currency risk is linked to exposure – through investments and the use of forward financial instruments – to a currency other than the fund’s valuation currency. The fluctuations of currencies in relation to the euro may have a positive or negative influence on the net asset value of the fund.
- Liquidity risk: The markets in which the fund participates may be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may be caused to liquidate, initiate or modify its positions.
- Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio.
- Credit risk: credit risk is the risk that the issuer may default. Should the quality of issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the bonds may drop and lead to a fall in the fund's net asset value.
- Emerging markets risk: Investors should note that the fund may be exposed to emerging markets, where operating and supervisory conditions may deviate from the standards of major international marketplaces. Price variations may also be high.
- Risk associated with high yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Risks associated with investment in contingent convertible bonds (CoCos): Risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur.
- Risk associated with commodities indices: Changes in commodity prices and the volatility of this sector may cause the net asset value to fall.
- Counterparty risk: Counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to itthrough over-the-counter financial contracts agreed with various counterparties. In order to reduce the fund’s exposure tocounterparty risk, the management company may establish financial guarantees in favour of the fund.
- Volatility risk: The increase or decrease in volatility may lead to a fall in net asset value. The fund is exposed to this risk, particularly through derivative products with volatility or variance as the underlying instrument.
- Risks associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value.
- Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately.
- Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received. | en | de |
DOLFIN2694 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
ESG Integration means considerations of ESG Factors at various steps of the investment process by combin- ing financial information with ESG related information to make better informed investment decisions. The ESG Integration technique varies by asset class, in- vestment style, and availability of ESG data. Sub- funds with ESG-integration provide more details in the Annex IV of the Investment Conditions.
- Active Ownership: CSAM engages with compa- nies through a structured process and exercises voting rights across sub-funds.
- Structured Engagement: CSAM may opt for meet- ings with the board of directors, executive manage- ment members and/or investor relations teams of the respective investee company. Engagement ac- tivities are either derived from a materiality analysis performed by CSAM across its investment funds.
- Exercise of voting rights: CSAM considers the ex- ercise of voting rights a key element in bearing stew- ardship responsibilities for sub-fund’s assets. Voting serves CSAM in the escalation of issues and the ex- pression of concerns and opinions. In order to facili- tate well-grounded voting decisions, CSAM relies on several sources of information. To cover the exten- sive scope of investee companies, CSAM may utilize the services of external proxy advisors, where appro- priate. Vote recommendations of proxy advisors serve as one source, among others, within CSAM’s decision-making process on voting topics and sup- plements CSAM’s internal research. CSAM ensures effective and efficient voting processes and controls by focusing on investments that are material to it as explained in the Active Ownership section at: www.credit-suisse.com/esg. | ESG-Integration bedeutet, dass ESG-Faktoren in ver- schiedenen Phasen des Anlageprozesses berücksich- tigt werden, indem Finanzinformationen mit ESG-In- formationen kombiniert werden, um besser informierte Anlageentscheidungen zu treffen. Die Technik der ESG-Integration variiert je nach Anlageklasse, Anlage- stil und Verfügbarkeit von ESG-Daten. Teilfonds mit ESG-Integration liefern weitere Einzelheiten in Anhang IV der Anlagebedingungen.
- Aktive Eigentümerschaft (Active Ownership): Die CSAM beteiligt sich über einen strukturierten Pro- zess an Unternehmen und übt Stimmrechte in den Teilfonds aus.
- Strukturiertes Engagement: Die CSAM kann sich für Treffen mit dem Vorstand, den Mitgliedern der Geschäftsführung und/oder den Investor-Relations- Teams des jeweiligen Beteiligungsunternehmens entscheiden. Die Engagement-Aktivitäten ergeben sich entweder aus einer von der CSAM für ihre In- vestmentfonds durchgeführten Materialitätsanalyse.
- Ausübung der Stimmrechte: Die CSAM betrach- tet die Ausübung der Stimmrechte als ein Schlüs- selelement bei der Wahrnehmung der Verantwor- tung für das Vermögen der Teilfonds. Die Stimmab- gabe dient der CSAM zur Eskalation von Problemen und zur Äusserung von Bedenken und Meinungen. Um fundierte Abstimmungsentscheidungen zu er- möglichen, stützt sich die CSAM auf mehrere Infor- mationsquellen. Um das breite Spektrum der Unter- nehmen, in die investiert wird, abzudecken, kann die CSAM gegebenenfalls die Dienste externer Stimm- rechtsberater in Anspruch nehmen. Die Abstim- mungsempfehlungen der Stimmrechtsberater die- nen als eine von mehreren Quellen im Rahmen des Entscheidungsprozesses der CSAM in Bezug auf Abstimmungsthemen und ergänzen die internen Re- cherchen der CSAM. Die CSAM gewährleistet ef- fektive und effiziente Abstimmungsprozesse und - kontrollen, indem sie sich auf die für sie wesentli- chen Anlagen konzentriert, wie im Abschnitt Active Ownership unter www.credit-suisse.com/esg erläu- tert. | ESG Integration means considerations of ESG Factors at various steps of the investment process by combin- ing financial information with ESG related information to make better informed investment decisions. The ESG Integration technique varies by asset class, in- vestment style, and availability of ESG data. Sub- funds with ESG-integration provide more details in the Annex IV of the Investment Conditions.
- Active Ownership: CSAM engages with compa- nies through a structured process and exercises voting rights across sub-funds.
- Structured Engagement: CSAM may opt for meet- ings with the board of directors, executive manage- ment members and/or investor relations teams of the respective investee company. Engagement ac- tivities are either derived from a materiality analysis performed by CSAM across its investment funds.
- Exercise of voting rights: CSAM considers the ex- ercise of voting rights a key element in bearing stew- ardship responsibilities for sub-fund’s assets. Voting serves CSAM in the escalation of issues and the ex- pression of concerns and opinions. In order to facili- tate well-grounded voting decisions, CSAM relies on several sources of information. To cover the exten- sive scope of investee companies, CSAM may utilize the services of external proxy advisors, where appro- priate. Vote recommendations of proxy advisors serve as one source, among others, within CSAM’s decision-making process on voting topics and sup- plements CSAM’s internal research. CSAM ensures effective and efficient voting processes and controls by focusing on investments that are material to it as explained in the Active Ownership section at: www.credit-suisse.com/esg. | en | de |
DOLFIN2695 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The SICAV may not acquire more than 10 % of non-voting shares of the same issuer.
- The SICAV may not acquire more than 10 % of the debt securities from the same issuer.
- The SICAV may not acquire more than 10 % of money market instruments from a single issuer.
- The SICAV may not acquire more than 25 % of units in the same UCITS and/or other UCI within the meaning of Article 2(2) of the Law of 2010.
| | - La SICAV s'interdit d'acquérir plus de 10 % d'actions sans droit de vote d'un même émetteur.
- La SICAV s'interdit d'acquérir plus de 10 % de titres de créance d'un même émetteur.
- La SICAV s'interdit d'acquérir plus de 10 % d'instruments du marché monétaire d'un même émetteur.
- La SICAV s'interdit d'acquérir plus de 25 % des parts d'un même OPCVM et/ou autre OPC au sens de l’article 2 paragraphe (2) de la Loi de 2010.
| | - The SICAV may not acquire more than 10 % of non-voting shares of the same issuer.
- The SICAV may not acquire more than 10 % of the debt securities from the same issuer.
- The SICAV may not acquire more than 10 % of money market instruments from a single issuer.
- The SICAV may not acquire more than 25 % of units in the same UCITS and/or other UCI within the meaning of Article 2(2) of the Law of 2010.
| | en | fr |
DOLFIN2696 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Notwithstanding Sections 3.1 – 3.5 in the Prospectus under the heading “The Trust - Investment Restrictions,” no more than 10% of the Fund’s net assets may be directly invested in other collective investment schemes.
- Distribution PolicyFor each Class of Units other than Class A2 and Class I2, it is intended that distributions, if any, will be declared daily and distributed monthly out of the Fund’s net income and will be reinvested in additional Units, unless requested otherwise by the Unitholder. Class A2 and Class I2 are accumulating Classes that do not normally pay out distributions. Further details are set out under the heading “Distributions” in the Prospectus.
- Risk Factors and Special ConsiderationsInvestors’ attention is drawn to the section entitled “Risk Factors and Special Considerations” in the Prospectus, including the sub- sections therein relating to bond funds (in particular, the risks relating to mortgage and asset-backed securities, collateralised mortgage obligations and collateralised debt obligations), equity and bond funds, and derivatives risks. | Unbeschadet der Absätze 3.1 bis 3.5 im Prospekt mit der Überschrift „Der Fonds – Anlagebeschränkungen“ dürfen nicht mehr als 10 % des Nettovermögens des Teilfonds direkt in andere Organismen für gemeinsame Anlagen investiert werden.
- AusschüttungspolitikFür die Anteile aller Klassen außer den Klassen A2 und I2 ist vorgesehen, dass etwaige Ausschüttungen täglich festgesetzt werden und auf monatlicher Basis aus den Nettoerträgen des Teilfonds erfolgen und erneut in weitere Anteile des Teilfonds angelegt werden, sofern keine anderweitigen Weisungen vom Anteilsinhaber vorliegen. Bei den Klassen A2 und I2 handelt es sich um thesaurierende Klassen, die normalerweise keine Ausschüttungen auszahlen. Weitere Einzelheiten sind dem Abschnitt„Ausschüttungen“ im Prospekt zu entnehmen.
- Risikofaktoren und besondere ErwägungenAnleger werden auf den Abschnitt „Risikofaktoren und besondere Erwägungen“ im Prospekt hingewiesen, einschließlich der darin enthaltenen Unterabschnitte zu mit Rentenfonds (insbesondere in Bezug auf hypotheken- und forderungsbesicherte Wertpapiere (MBS- und ABS-Anleihen), Collateralised Mortgage Obligations und Collateralised Debt Obligations), Mischfonds sowie Derivaten verbundenen Risiken. | Notwithstanding Sections 3.1 – 3.5 in the Prospectus under the heading “The Trust - Investment Restrictions,” no more than 10% of the Fund’s net assets may be directly invested in other collective investment schemes.
- Distribution PolicyFor each Class of Units other than Class A2 and Class I2, it is intended that distributions, if any, will be declared daily and distributed monthly out of the Fund’s net income and will be reinvested in additional Units, unless requested otherwise by the Unitholder. Class A2 and Class I2 are accumulating Classes that do not normally pay out distributions. Further details are set out under the heading “Distributions” in the Prospectus.
- Risk Factors and Special ConsiderationsInvestors’ attention is drawn to the section entitled “Risk Factors and Special Considerations” in the Prospectus, including the sub- sections therein relating to bond funds (in particular, the risks relating to mortgage and asset-backed securities, collateralised mortgage obligations and collateralised debt obligations), equity and bond funds, and derivatives risks. | en | de |
DOLFIN2697 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section of our report. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the Audit Committee.
We were appointed as auditor by the directors on 6 November 2015. The period of total uninterrupted engagement is the seven years ended 31 December 2021. We have fulfilled our ethical responsibilities under, and we remained independent of the Company in accordance with, ethical requirements applicable in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (“IAASA”) as applied to listed public interest entities. No non-audit services prohibited by that standard were provided.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate.
Our evaluation of the director’s assessment of the entity’s ability to continue to adopt the going concern basis of accounting included our knowledge of the Company and the asset management industry to identify the inherent risks to the Company’s business model and analysing how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period. The risks that we considered most likely to adversely affect the Company’s available financial resources over this period related to the Investment Manager’s intention to continue to manage the portfolio, the Directors’ assessment of the operational resilience of the Company, and the valuation of financial assets including market volatility, interest rate and currency risks, and counterparty risks
We also considered less predictable but realistic second order impacts that could affect the Company such as operational risk at the service provider level, implications of the conflict between Russia and Ukraine, and the implications of the withdrawal of the UK from the EU and COVID-19 impacts.
We considered whether the going concern disclosure in the Financial Statements gives an appropriate description of the directors’ assessment of going concern, including the identified risks and dependencies.
Based on the work we have performed, through inquiry with and review of the directors’ documented assessment and related supporting information including management’s plans for future actions, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | Fondement de notre opinion
Nous avons conduit notre audit conformément aux IFRS (Irlande) (ISA (Irlande)) et à la législation applicable. Les responsabilités nous incombant en vertu de ces normes sont décrites en détail à la section de notre rapport intitulée « Responsabilités du Commissaire aux comptes ». Nous pensons que les éléments probants que nous avons obtenus sont suffisants et appropriés pour fonder notre opinion. L’avis que nous rendons dans notre audit est conforme au rapport que nous remettons au Comité d’audit.
Nous avons été mandatés comme commissaire aux comptes par les Administrateurs le 6 novembre 2015. La durée de notre mandat total ininterrompu au 31 décembre 2021 est de 7 ans. Nous nous sommes acquittés des responsabilités déontologiques imposées par les obligations déontologiques applicables en Irlande et sommes restés indépendants de la Société conformément à ces mêmes obligations déontologiques, qui recouvrent la norme déontologique publiée par l’Irish Auditing and Accounting Supervisory Authority (« IAASA » : l’autorité irlandaise de surveillance de l’audit de la comptabilité) appliquée aux entités d’intérêt public cotées. Aucune prestation de service hors audit proscrite par cette norme n’a été réalisée.
Conclusions relatives à la continuité de l’exploitation
Lors de notre audit des États financiers, nous avons conclu que l’utilisation par les Administrateurs du principe comptable de la continuité de l’exploitation pour la préparation des États financiers est appropriée.
Nous avons examiné comment les Administrateurs avaient évalué la capacité de l’entité à continuer à adopter le principe comptable de la continuité de l’exploitation. Pour ce faire, nous nous sommes appuyés sur notre connaissance de la Société et du secteur de la gestion d’actifs pour jauger les risques inhérents au modèle économique de la Société et analyser comment ces risques pouvaient avoir une incidence sur ses ressources financières ou sa capacité à poursuivre ou non ses opérations sur la période de continuité de l’exploitation. Les risques que nous avons considérés les plus à même d’affecter négativement les ressources financières disponibles de la Société sur cette période étaient ceux associés à l’intention du Gestionnaire d’investissement de continuer la gestion du portefeuille, à l’évaluation effectuée par les Administrateurs de la résilience opérationnelle de la Société et à la valorisation des actifs financiers, notamment ceux liés à la volatilité de marché, aux taux d’intérêt et de change, ainsi que les risques de contrepartie.
Nous avons également pris en considération des impacts de second ordre moins prévisibles mais réalistes, susceptibles d’affecter la Société, comme le risque opérationnel au niveau des fournisseurs de services, les implications du conflit qui oppose la Russie et l’Ukraine, ainsi que les effets de la COVID-19 et de la sortie du Royaume-Uni de l’Union européenne.
Nous avons examiné si la section des États financiers relative au principe de la continuité d’exploitation décrivait de manière appropriée l’évaluation effectuée par les Administrateurs relativement au principe de la continuité de l’exploitation, notamment les risques et dépendances identifiés.
Sur la base des travaux que nous avons menés, par le biais d’une enquête auprès des Administrateurs et de l’examen de leur rapport d’évaluation, ainsi que des autres documents d’appui y afférents, dont notamment leurs plans de gestion futurs, nous n’avons pas décelé d’incertitudes significatives concernant des événements ou des conditions qui, séparément ou conjointement, pourraient jeter un doute important sur la capacité de la Société à poursuivre ses opérations selon le principe de continuité d’exploitation pour une période d’au moins douze mois à compter de la date à laquelle les États financiers peuvent être émis.
Nos responsabilités et les responsabilités des administrateurs s’agissant de la continuité d’exploitation sont décrites dans les sections pertinentes du présent rapport. | Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section of our report. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to the Audit Committee.
We were appointed as auditor by the directors on 6 November 2015. The period of total uninterrupted engagement is the seven years ended 31 December 2021. We have fulfilled our ethical responsibilities under, and we remained independent of the Company in accordance with, ethical requirements applicable in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (“IAASA”) as applied to listed public interest entities. No non-audit services prohibited by that standard were provided.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate.
Our evaluation of the director’s assessment of the entity’s ability to continue to adopt the going concern basis of accounting included our knowledge of the Company and the asset management industry to identify the inherent risks to the Company’s business model and analysing how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period. The risks that we considered most likely to adversely affect the Company’s available financial resources over this period related to the Investment Manager’s intention to continue to manage the portfolio, the Directors’ assessment of the operational resilience of the Company, and the valuation of financial assets including market volatility, interest rate and currency risks, and counterparty risks
We also considered less predictable but realistic second order impacts that could affect the Company such as operational risk at the service provider level, implications of the conflict between Russia and Ukraine, and the implications of the withdrawal of the UK from the EU and COVID-19 impacts.
We considered whether the going concern disclosure in the Financial Statements gives an appropriate description of the directors’ assessment of going concern, including the identified risks and dependencies.
Based on the work we have performed, through inquiry with and review of the directors’ documented assessment and related supporting information including management’s plans for future actions, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | en | fr |
DOLFIN2698 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if UBS Fund Management (Luxembourg) S.A. is unable to pay out?
Losses are not covered by an investor compensation or guarantee scheme. Furthermore, with respect to UBS Europe SE, Luxembourg Branch as depositary of the Fund, which is responsible for the safekeeping of the assets of the Fund (the "Depositary"), there is a potential default risk if the assets of the Fund held with the Depositary are lost. However, such default risk is limited as the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary is liable to the Fund or to the investors of the Fund for the loss by the Depositary or one of its delegates of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. | # Cosa accade se UBS Fund Management (Luxembourg) S.A. non è in grado di corrispondere quanto dovuto?
Le perdite non sono coperte da un sistema di compensazione o garanzia per gli investitori. Inoltre, per quanto riguarda UBS Europe SE, Succursale del Lussemburgo in qualità di depositario del Fondo, responsabile della custodia delle attività del Fondo (il "Depositario"), esiste un potenziale rischio di insolvenza in caso di perdita delle attività del Fondo detenute presso il Depositario.
Tuttavia, tale rischio di insolvenza è limitato in quanto il Depositario è tenuto per legge e per regolamento a separare le proprie attività da quelle del Fondo. Il Depositario è responsabile nei confronti del Fondo o degli investitori del Fondo per la perdita da parte dello stesso o di uno dei suoi delegati di uno strumento finanziario detenuto in custodia, a meno che il Depositario non sia in grado di dimostrare che la perdita è derivata da un evento esterno al di fuori del suo ragionevole controllo. | # What happens if UBS Fund Management (Luxembourg) S.A. is unable to pay out?
Losses are not covered by an investor compensation or guarantee scheme. Furthermore, with respect to UBS Europe SE, Luxembourg Branch as depositary of the Fund, which is responsible for the safekeeping of the assets of the Fund (the "Depositary"), there is a potential default risk if the assets of the Fund held with the Depositary are lost. However, such default risk is limited as the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary is liable to the Fund or to the investors of the Fund for the loss by the Depositary or one of its delegates of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. | en | it |
DOLFIN2699 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
% of the Fund exposure to investee companies which:
Manufacture whole weapon systems, intended use components, or are a majority owner of, or majority owned by, controversial weapons company, including cluster munitions
% Fund exposure to investee companies which breach International norms:
0.00% 0.00% | Beteiligungsgesellschaften, die:
ganze Waffensysteme oder Komponenten für den beabsichtigten Einsatz herstellen oder Mehrheitseigentümer eines umstrittenen Waffenunternehmens, einschließlich Streumunition sind oder sich mehrheitlich in dessen Besitz befinden
% des Engagements des Fonds bei Beteiligungsgesellschaften, die gegen internationale Normen verstoßen:
0,00 % 0,00 % | % of the Fund exposure to investee companies which:
Manufacture whole weapon systems, intended use components, or are a majority owner of, or majority owned by, controversial weapons company, including cluster munitions
% Fund exposure to investee companies which breach International norms:
0.00% 0.00% | en | de |
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