id
stringlengths 7
10
| query
stringlengths 200
23.1k
| answer
stringlengths 80
25.4k
| text
stringlengths 80
23k
| src_lang
stringclasses 2
values | trg_lang
stringclasses 4
values |
|---|---|---|---|---|---|
DOLFIN2800 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
Le Fonds vise à accroître la valeur de votre investissement sur une période de cinq années consécutives.
Cependant, rien ne garantit que cet objectif sera atteint et votre capital est exposé à un risque.
Le Fonds est un portefeuille diversifié géré activement qui investira au moins 80 % de sa valeur dans des actions de sociétés du monde entier, y compris des sociétés cotées à l’indice MSCI All Country World. Ces sociétés auront des caractéristiques environnementales, sociales ou de gouvernance (ESG) de haute qualité ou en amélioration.
Il peut également parfois investir dans d’autres instruments financiers, comme d’autres fonds, des Obligations notées ou non notées et des Instruments dérivés.
Le Gestionnaire d’investissement examinera la manière dont les sociétés tiennent compte des facteurs environnementaux, sociaux et de gouvernance (« ESG »). Les sociétés auront des caractéristiques ESG de haute qualité ou en amélioration. Le pourcentage d’émetteurs analysés sur le plan ESG dans le fonds sera toujours compris entre 90 % et 100 %.
Le Fonds peut avoir recours à des emprunts sur une base limitée (jusqu’à maximum 10 % de la valeur du Fonds). L’effet de levier ne fait pas partie de la stratégie d’investissement du Fonds.
La devise de référence du Fonds est USD mais ses investissements peuvent être libellés dans d’autres devises. Des instruments dérivés peuvent être utilisés pour convertir la valeur de ces investissements en USD. | # Objetivos y política de inversión
El Fondo tiene como objetivo aumentar el valor de su inversión durante periodos de cinco años consecutivos.
No obstante, no se puede garantizar que se logre este objetivo y su capital está en riesgo.
El Fondo es una cartera diversificada gestionada de forma activa que invertirá al menos el 80% en acciones de empresas de todo el mundo, entre las que se incluyen empresas que figuran en el índice MSCI All Country World. Las empresas tendrán características ambientales, sociales o de gobierno (ESG, por sus siglas en inglés) fuertes o mejoradas.
En ocasiones, también puede invertir en otros instrumentos financieros, por ejemplo, otros fondos, derivados y bonos con o sin calificación.
El Gestor de Inversiones tendrá en cuenta la gestión de los factores ambientales, sociales y de gobernanza («ESG») de las empresas. Las empresas tendrán características ESG sólidas o con visos de mejorar. El porcentaje de emisores que se someten al escrutinio según criterios ESG siempre oscilará entre el 90%y el 100 %.
El Fondo puede pedir préstamos de forma limitada (hasta un máximo del 10% del valor del Fondo). El apalancamiento no forma parte de la estrategia de inversión del Fondo.
La divisa base del Fondo es USD, pero sus inversiones pueden establecerse en otras divisas. Los derivados pueden emplearse para convertir el valor de esas inversiones en USD.
El índice de referencia, a efectos exclusivos de comparación del rendimiento, es el MSCI ACWI. | # Objectifs et politique d’investissement
Le Fonds vise à accroître la valeur de votre investissement sur une période de cinq années consécutives.
Cependant, rien ne garantit que cet objectif sera atteint et votre capital est exposé à un risque.
Le Fonds est un portefeuille diversifié géré activement qui investira au moins 80 % de sa valeur dans des actions de sociétés du monde entier, y compris des sociétés cotées à l’indice MSCI All Country World. Ces sociétés auront des caractéristiques environnementales, sociales ou de gouvernance (ESG) de haute qualité ou en amélioration.
Il peut également parfois investir dans d’autres instruments financiers, comme d’autres fonds, des Obligations notées ou non notées et des Instruments dérivés.
Le Gestionnaire d’investissement examinera la manière dont les sociétés tiennent compte des facteurs environnementaux, sociaux et de gouvernance (« ESG »). Les sociétés auront des caractéristiques ESG de haute qualité ou en amélioration. Le pourcentage d’émetteurs analysés sur le plan ESG dans le fonds sera toujours compris entre 90 % et 100 %.
Le Fonds peut avoir recours à des emprunts sur une base limitée (jusqu’à maximum 10 % de la valeur du Fonds). L’effet de levier ne fait pas partie de la stratégie d’investissement du Fonds.
La devise de référence du Fonds est USD mais ses investissements peuvent être libellés dans d’autres devises. Des instruments dérivés peuvent être utilisés pour convertir la valeur de ces investissements en USD. | fr | es |
DOLFIN2801 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs ?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
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.
- 10,000 USD is invested.
| Investment of 10,000 USD | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 577 USD | 1,717 USD |
| Cost impact* | 5.84% | 2.85% |
*This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 9.48% before costs and 6.63% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 USD |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.61% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 155 USD |
| 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. | 22 USD |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
## Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte y de cuánto tiempo mantiene el producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- En el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %).
- En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten 10 000 USD.
| Inversión de 10 000 USD | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 577 USD | 1.717 USD |
| Incidencia de los costes* | 5,84 % | 2,85 % |
* Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 9,48 % antes de deducir los costes y del 6,63 % después de deducir los costes.
Composición de los costes
| Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 4,00 % del importe que paga usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 USD |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,61 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 155 USD |
| Costes de operación | 0,23 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 22 USD |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | # What are the costs ?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
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.
- 10,000 USD is invested.
| Investment of 10,000 USD | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 577 USD | 1,717 USD |
| Cost impact* | 5.84% | 2.85% |
*This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 9.48% before costs and 6.63% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 USD |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.61% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 155 USD |
| 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. | 22 USD |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | en | es |
DOLFIN2802 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The investment objective of the Sub-Fund is to achieve a total rate of return in excess of the ICE Bank of America Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index from a portfolio of fixed income securities of corporate issuers based in Emerging Market Countries and mainly denominated in Local Currencies. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark.
In seeking to achieve this objective, the Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by corporate issuers domiciled within an Emerging Market Country, in unrated debt securities and in distressed debt securities, which are denominated in Local Currencies.
The Sub-Fund is designed for investors with a medium to long term time horizon (3 to 5 years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers.
-
###### BlueBay Funds - BlueBay Financial Capital Bond Fund | L’obiettivo d’investimento del Comparto è conseguire un rendimento totale superiore a quello dell’ICE Bank of America Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index tramite l’investimento in un portafoglio di titoli a reddito fisso di emittenti societari con sede nei mercati emergenti e denominati principalmente in valuta locale. Non sono previste restrizioni sulla misura in cui la performance e il portafoglio del Comparto possono discostarsi da quelli dell’indice di riferimento. Nell’ambito del processo d’investimento, il Gestore degli investimenti ha piena discrezionalità sulla composizione del portafoglio del Comparto e può assumere un’esposizione a società, paesi o settori non inclusi nell’indice di riferimento.
Nel perseguimento di tale obiettivo il Comparto investe almeno due terzi del suo patrimonio netto in titoli a reddito fisso con qualsiasi rating di emittenti societari dei mercati emergenti, in titoli di debito sprovvisti di rating e in titoli di debito in sofferenza denominati in valuta locale.
Il Comparto è concepito per investitori con un orizzonte temporale di medio-lungo periodo (da 3 a 5 anni) che ricercano un portafoglio a gestione attiva di titoli a reddito fisso di emittenti dei mercati emergenti.
-
#### BlueBay Funds - BlueBay Financial Capital Bond Fund | The investment objective of the Sub-Fund is to achieve a total rate of return in excess of the ICE Bank of America Merrill Lynch Diversified Local Emerging Markets Non-Sovereign Index from a portfolio of fixed income securities of corporate issuers based in Emerging Market Countries and mainly denominated in Local Currencies. There are no restrictions on the extent to which the Sub-Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark.
In seeking to achieve this objective, the Sub-Fund invests at least two-thirds of its net assets in fixed income securities of any rating issued by corporate issuers domiciled within an Emerging Market Country, in unrated debt securities and in distressed debt securities, which are denominated in Local Currencies.
The Sub-Fund is designed for investors with a medium to long term time horizon (3 to 5 years) looking for an actively managed portfolio of fixed income securities of Emerging Market Issuers.
-
###### BlueBay Funds - BlueBay Financial Capital Bond Fund | en | it |
DOLFIN2803 | 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, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de octubre de 2011. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: October 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
20%
10%
0%
-10% | en | es |
DOLFIN2804 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Product
Pzena Emerging Markets Focused Value Fund - B USD Acc Shares
ISIN: IE00BYNVG432
Pzena Emerging Markets Focused Value Fund (”The Fund"), a sub-fund of Pzena Value Funds (”The Company”) is authorized in the Republic of Ireland by the Central Bank of Ireland.
The information is required by law to help you to understand the nature and the risk of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
The PRIIPS Manufacturer is Pzena Investment Management Europe, Ltd who also act as the Fund Manager (”The Manager”). The Manager is authorised and regulated as a management company by the Central Bank of Ireland under the UCITS Regulations in the Republic of Ireland.
Website address: https://www.fundinfo.com/en/LandingPage?apiKey=a451a719-380c-4030-8379-7d7271477fcc.
More information is available from the manager at +353 1 963-3384 or the client services team at +44 (0) 20 3959 2375
Date of Production 01/01/2023 | # Prodotto
Pzena Emerging Markets Focused Value Fund - Azioni B USD Acc
ISIN: IE00BYNVG432
Pzena Emerging Markets Focused Value Fund ("il Fondo") è un comparto di Pzena Value Funds ("la Società") autorizzato nella Repubblica d'Irlanda dalla Central Bank of Ireland. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire la natura e il rischio di questo Fondo. Si raccomanda di prenderne visione, in modo da operare una scelta informata in merito all'opportunità di investire.
L'Ideatore del PRIIP è Pzena Investment Management Europe, Ltd, che agisce anche in veste di Gestore del fondo ("il Gestore"). Il Gestore è autorizzato e regolamentato come società di gestione dalla Central Bank of Ireland ai sensi dei Regolamenti OICVM della Repubblica d'Irlanda.
Sito web: https://www.fundinfo.com/en/LandingPage?apiKey=a451a719-380c-4030-8379-7d7271477fcc.
Ulteriori informazioni sono disponibili presso il gestore al numero +353 1 963-3384 o presso il servizio clienti al numero +44 (0) 20 3959 2375 Data di realizzazione 01/01/2023 | # Product
Pzena Emerging Markets Focused Value Fund - B USD Acc Shares
ISIN: IE00BYNVG432
Pzena Emerging Markets Focused Value Fund (”The Fund"), a sub-fund of Pzena Value Funds (”The Company”) is authorized in the Republic of Ireland by the Central Bank of Ireland.
The information is required by law to help you to understand the nature and the risk of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
The PRIIPS Manufacturer is Pzena Investment Management Europe, Ltd who also act as the Fund Manager (”The Manager”). The Manager is authorised and regulated as a management company by the Central Bank of Ireland under the UCITS Regulations in the Republic of Ireland.
Website address: https://www.fundinfo.com/en/LandingPage?apiKey=a451a719-380c-4030-8379-7d7271477fcc.
More information is available from the manager at +353 1 963-3384 or the client services team at +44 (0) 20 3959 2375
Date of Production 01/01/2023 | en | it |
DOLFIN2805 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In accordance with the provisions of the Investment Fund Law, only the liquidation of the last remaining Sub-Fund of the Company will result in the liquidation of the Company as referred to in Article 145 of the Investment Fund Law. In this case, and as from the event given rise to the liquidation of the Company, and under penalty of nullity, the issue of shares shall be prohibited except for the purpose of liquidation.
Any amounts not claimed by any Shareholder shall be deposited at the close of liquidation with the Depositary Bank during a period of six (6) months; at the expiry of the six (6) months' period, any outstanding amount will be the deposited in escrow with the Caisse de Consignation.
Unless otherwise decided in the interest of, or in order to ensure equal treatment between Shareholders, the shareholders of the relevant Sub-Fund or Class may continue to request the redemption of their shares or the conversion of their shares, free of any redemption and conversion charges (except disinvestment costs) prior the effective date of the liquidation. Such redemption or conversion will then be executed by taking into account the liquidation costs and expenses related thereto.
- Liquidation or reorganisation of the Master FundIn accordance with articles 79 (4) and 79 (5) of the Investment Fund Law, the Company shall be dissolved and liquidated if the Master Fund is liquidated, divided into two or more UCITS or merged with another UCITS, unless the CSSF approves either (a) the investment of at least 85% of the assets of the Company into units of another master UCITS or (b) the Company’s conversion into a UCITS which is not a feeder UCITS within the meaning of the Investment Fund Law.
- Merger of Sub-Funds or Classes of Shares with another Sub-Fund or Classof Shares within the CompanyAny Sub-Fund may, either as a merging Sub-Fund or as a receiving Sub-Fund, be subject to a Merger with another Sub-Fund of the Company in accordance with the definitions and conditions set out in the Investment Fund Law. The Board of Directors of the Company will be competent to decide on the effective date of such a Merger. Insofar as a Merger requires the approval of the shareholders concerned by the Merger and pursuant to the provisions of the Investment Fund Law, the meeting of Shareholders deciding by simple majority of the votes cast by the Shareholders present or represented at the meeting, is competent to approve the effective date of such a Merger. No quorum requirement will be applicable. | Conformément aux dispositions de la Loi relative aux fonds d’investissement, seule la liquidation du dernier Compartiment restant de la Société entraînera la liquidation de la Société comme le stipule l’Article 145 de la Loi relative aux fonds d’investissement. Dans ce cas et à compter de l’évènement donnant lieu à la liquidation de la Société et à peine de nullité, l’émission d’actions sera interdite sauf à des fins de liquidation.
Tous montants non réclamés par tout Actionnaire sera déposé lors de la clôture de la liquidation avec la Banque dépositaire durant une période de six (6) mois ; à expiration de la période de six (6) mois, tout montant en suspens sera déposé sur le compte de séquestre auprès de la Caisse de Consignation.
Sauf décision contraire dans l’intérêt de, ou afin de veiller à un traitement équitable entre les Actionnaires, les actionnaires du Compartiment ou de la Catégorie concernée peuvent continuer à demander le rachat de leurs actions ou la conversion de leurs actions, libre de tous frais de rachat et de conversion (à l’exception des frais de cession) avant la date d’effet de la liquidation. Le rachat ou la conversion sera alors exécuté en tenant compte des frais de liquidation et des dépenses y afférentes.
- Liquidation ou réorganisation du Fonds maîtreConformément aux Articles 79 (4) et 79 (5) de la Loi relative aux fonds d’investissement, la Société sera dissoute et liquidée si le Fonds maître est liquidé, divisé en un minimum de deux OPCVM ou fusionné avec un autre OPCVM, sauf si la CSSF approuve (a) l’investissement d’au moins 85 % des actifs de la Société dans des parts d’un autre OPCVM maître ou (b) la conversion de la Société en un OPCVM qui n’est pas un OPCVM nourricier au sens de la Loi relative aux fonds d’investissement.
- Fusion des Compartiments ou des Catégories d’actions avec un autreCompartiment ou Catégorie d’actions au sein de la SociétéTout Compartiment peut, soit en tant que Compartiment fusionnant ou que Compartiment absorbant, faire l’objet d’une Fusion avec un autre Compartiment de la Société conformément aux définitions et conditions stipulées dans la Loi relative aux fonds d’investissement. Le Conseil d’administration de la Société sera compétent afin de décider de la date d’entrée en vigueur d’une telle Fusion. Pour autant qu’une Fusion nécessite l’accord des actionnaires concernés par la Fusion et conformément aux dispositions de la Loi relative aux fonds d’investissement, l’assemblée des Actionnaires décidant à la majorité simple des votes des Actionnaires présents ou représentés lors de celle-ci, est compétente afin d’approuver la date d’effet de ladite Fusion. Aucune exigence de quorum ne sera applicable. | In accordance with the provisions of the Investment Fund Law, only the liquidation of the last remaining Sub-Fund of the Company will result in the liquidation of the Company as referred to in Article 145 of the Investment Fund Law. In this case, and as from the event given rise to the liquidation of the Company, and under penalty of nullity, the issue of shares shall be prohibited except for the purpose of liquidation.
Any amounts not claimed by any Shareholder shall be deposited at the close of liquidation with the Depositary Bank during a period of six (6) months; at the expiry of the six (6) months' period, any outstanding amount will be the deposited in escrow with the Caisse de Consignation.
Unless otherwise decided in the interest of, or in order to ensure equal treatment between Shareholders, the shareholders of the relevant Sub-Fund or Class may continue to request the redemption of their shares or the conversion of their shares, free of any redemption and conversion charges (except disinvestment costs) prior the effective date of the liquidation. Such redemption or conversion will then be executed by taking into account the liquidation costs and expenses related thereto.
- Liquidation or reorganisation of the Master FundIn accordance with articles 79 (4) and 79 (5) of the Investment Fund Law, the Company shall be dissolved and liquidated if the Master Fund is liquidated, divided into two or more UCITS or merged with another UCITS, unless the CSSF approves either (a) the investment of at least 85% of the assets of the Company into units of another master UCITS or (b) the Company’s conversion into a UCITS which is not a feeder UCITS within the meaning of the Investment Fund Law.
- Merger of Sub-Funds or Classes of Shares with another Sub-Fund or Classof Shares within the CompanyAny Sub-Fund may, either as a merging Sub-Fund or as a receiving Sub-Fund, be subject to a Merger with another Sub-Fund of the Company in accordance with the definitions and conditions set out in the Investment Fund Law. The Board of Directors of the Company will be competent to decide on the effective date of such a Merger. Insofar as a Merger requires the approval of the shareholders concerned by the Merger and pursuant to the provisions of the Investment Fund Law, the meeting of Shareholders deciding by simple majority of the votes cast by the Shareholders present or represented at the meeting, is competent to approve the effective date of such a Merger. No quorum requirement will be applicable. | en | fr |
DOLFIN2806 | 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 USD |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 5 Ans (période de détention recommandée) |
| Minimum : Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 940 | USD 940 |
| | Rendement annuel moyen | - 90,6% | - 37,7% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 7 320 | USD 8 000 |
| | Rendement annuel moyen | - 26,8% | - 4,4% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | USD 9 820 | USD 12 660 |
| | Rendement annuel moyen | - 1,8% | 4,8% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 15 230 | USD 17 970 |
| | Rendement annuel moyen | 52,3% | 12,4% | | | Período de mantenimiento recomendado: 5 Años Ejemplo de inversión: 10 000 USD |
| --- |
| Escenarios | En caso de salida después de 1 Año | En caso de salida después de 5 Años (período de mantenimiento recomendado) |
| Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 940 | USD 940 |
| | Rendimiento medio cada año | - 90,6% | - 37,7% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7 320 | USD 8 000 |
| | Rendimiento medio cada año | - 26,8% | - 4,4% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 9 820 | USD 12 660 |
| | Rendimiento medio cada año | - 1,8% | 4,8% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15 230 | USD 17 970 |
| | Rendimiento medio cada año | 52,3% | 12,4% | | | Période de détention recommandée: 5 Ans Exemple d’investissement: 10 000 USD |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 5 Ans (période de détention recommandée) |
| Minimum : Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 940 | USD 940 |
| | Rendement annuel moyen | - 90,6% | - 37,7% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 7 320 | USD 8 000 |
| | Rendement annuel moyen | - 26,8% | - 4,4% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | USD 9 820 | USD 12 660 |
| | Rendement annuel moyen | - 1,8% | 4,8% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 15 230 | USD 17 970 |
| | Rendement annuel moyen | 52,3% | 12,4% | | fr | es |
DOLFIN2807 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Institutional Investors
The sale of Shares of certain Classes may also be restricted to institutional investors within the meaning of Article 174 of the Law of 2010 (“Institutional Investors”). Each investor must represent and warrant to the Company that he is an Institutional Investor and that he is able to hold institutional Classes of Shares without violating applicable laws. The Company will not knowingly offer or sell Shares to any investor to whom such offer or sale would be unlawful. In particular, Shares shall not be held by or for the benefit of any Non-Institutional Investor.
The Company may, at its discretion, delay the acceptance of any subscription for Shares of a Class restricted to Institutional Investors until such date as it has received sufficient evidence on the qualification of the investor as an Institutional Investor. If it appears at any time that a holder of Shares of a Class restricted to Institutional Investors is not an Institutional Investor, the Company will, at its discretion, either compulsorily redeem the relevant Shares in accordance with the provisions under the section “Redemption of Shares” below or convert such Shares into Shares of a Class which is not restricted to Institutional Investors (provided there exists such a Class with similar characteristics) and notify the relevant Shareholder of such conversion.
Considering the qualification of a subscriber or a transferee as Institutional Investor, the Company will have due regard to the guidelines or recommendations of the Regulatory Authority.
Institutional Investors subscribing in their own name, but on behalf of a third party, must certify such subscription is made on behalf of an Institutional Investor as aforesaid and the Company may require at its sole discretion, evidence that the beneficial owner of the Shares is an Institutional Investor. | # Investisseurs institutionnels
La vente d’actions de certaines Catégories peut également être réservée aux investisseurs institutionnels au sens de l’article 174 de la Loi de 2010 (« Investisseurs institutionnels »). Chaque investisseur doit déclarer et garantir à la Société qu’il est un Investisseur institutionnel et qu’il est en mesure de détenir des Catégories d’Actions institutionnelles sans enfreindre la législation en vigueur. La Société n’offrira ni ne vendra pas sciemment des actions à un investisseur auquel il serait illégal de faire cette offre ou cette vente. Plus particulièrement, ces actions ne peuvent pas être détenues par ou pour le compte d’Investisseurs non institutionnels.
La Société peut, à sa propre discrétion, retarder l’acceptation de toute souscription d’Actions pour une Catégorie réservée aux Investisseurs institutionnels jusqu’à ce qu’elle ait reçu des preuves suffisantes de la qualification de l’investisseur en tant qu’Investisseur institutionnel. S’il apparaît à n’importe quel moment que le détenteur d’actions d’une Catégorie réservée aux Investisseurs institutionnels n’est pas un Investisseur institutionnel, la Société, à sa propre discrétion, rachètera de force les actions concernées conformément aux dispositions du chapitre « Rachat d’actions » ci-dessous ou les convertira en actions d’une Catégorie non réservée aux Investisseurs institutionnels (pour autant qu’il existe une Catégorie de type présentant des caractéristiques similaires) et informera l’Actionnaire concerné de cette conversion.
En ce qui concerne la qualification d’un souscripteur ou d’un bénéficiaire de transfert en tant qu’Investisseur institutionnel, la Société tiendra dûment compte des lignes directrices ou recommandations de l’Autorité de réglementation.
Les Investisseurs institutionnels souscrivant en leur nom propre mais pour le compte d’un tiers doivent certifier que ces souscriptions sont effectuées au nom d’un Investisseur institutionnel comme indiqué ci-dessus. La Société peut exiger, à sa seule discrétion, la production de preuves attestant que le propriétaire bénéficiaire des actions est un Investisseur institutionnel. | # Institutional Investors
The sale of Shares of certain Classes may also be restricted to institutional investors within the meaning of Article 174 of the Law of 2010 (“Institutional Investors”). Each investor must represent and warrant to the Company that he is an Institutional Investor and that he is able to hold institutional Classes of Shares without violating applicable laws. The Company will not knowingly offer or sell Shares to any investor to whom such offer or sale would be unlawful. In particular, Shares shall not be held by or for the benefit of any Non-Institutional Investor.
The Company may, at its discretion, delay the acceptance of any subscription for Shares of a Class restricted to Institutional Investors until such date as it has received sufficient evidence on the qualification of the investor as an Institutional Investor. If it appears at any time that a holder of Shares of a Class restricted to Institutional Investors is not an Institutional Investor, the Company will, at its discretion, either compulsorily redeem the relevant Shares in accordance with the provisions under the section “Redemption of Shares” below or convert such Shares into Shares of a Class which is not restricted to Institutional Investors (provided there exists such a Class with similar characteristics) and notify the relevant Shareholder of such conversion.
Considering the qualification of a subscriber or a transferee as Institutional Investor, the Company will have due regard to the guidelines or recommendations of the Regulatory Authority.
Institutional Investors subscribing in their own name, but on behalf of a third party, must certify such subscription is made on behalf of an Institutional Investor as aforesaid and the Company may require at its sole discretion, evidence that the beneficial owner of the Shares is an Institutional Investor. | en | fr |
DOLFIN2808 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment Policy
The focus is on well managed companies with sound balance sheets and relatively stable earnings and cash flows. These companies can afford to pay an attractive and potentially growing dividend on a sustained basis. Following an active investment approach, the fund targets long-term capital appreciation while maintaining appropriate diversification of risk. | # Politica d’investimento
Il focus è su società ben gestite, con bilanci solidi nonché utili e cash flow relativamente stabili. Queste società sono in grado di pagare dividendi interessanti e potenzialmente crescenti su base sostenibile. Il fondo ha un approccio d'investimento attivo e il suo obiettivo è l'apprezzamento del capitale sul lungo termine, mantenendo un'adeguata diversificazione dei rischi. | # Investment Policy
The focus is on well managed companies with sound balance sheets and relatively stable earnings and cash flows. These companies can afford to pay an attractive and potentially growing dividend on a sustained basis. Following an active investment approach, the fund targets long-term capital appreciation while maintaining appropriate diversification of risk. | en | it |
DOLFIN2809 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Exposure to issuers offering environmental solutions
| Weight of portfolio issuers rated in Carbon with a revenue dedicated to environmental solutions between |
| --- |
| | Portfolio | MSCI Emerging Markets |
The data represent the portfolio's exposure to issuers offering environmental solutions (in terms of the weight of the portfolio rated in Carbon) and the type of solutions proposed: energy efficiency, alternative energy, sustainable water, pollution prevention or sustainable construction. These emitters are likely to benefit from a low carbon transition.
The green area is defined as the percentage of outstandings invested in companies whose activity contributes to the fight against climate change (to reflect eco-solutions / green products).
| Weight of Companies rated in Carbon Offering Clean Technology Solutions | [1-19.9%] | 32.1% | 32.9% |
| --- | --- | --- | --- |
| | [20-49.9%] | 0.5% | 2.5% |
| | [50-100%] | 1.0% | 2.3% |
| Weight of portfolio issuers rated in Carbon Offering Clean Technology Goods & Services |
| --- |
| Theme | Portfolio | MSCI Emerging Markets |
| Alternative Energy | 14.3% | 10.2% |
| --- | --- | --- |
| Energy Efficiency | 29.3% | 35.2% |
| Green Building | 0.6% | 2.0% |
| Pollution Prevention | 12.2% | 3.7% |
| Sustainable Water | 2.3% | 2.3% |
| Sustainable Agriculture | 0.9% | 0.6% | | # Exposition du portefeuille aux émetteurs proposant des solutions environnementales
| Poids des émetteurs du portefeuille noté en Carbone ayant un chiffre d'affaires consacré aux solutions environnementales compris entre |
| --- |
| | Portefeuille | MSCI Emerging Markets |
Les données représentent l’exposition du portefeuille aux émetteurs proposant des solutions environnementales (en poids du portefeuille noté en Carbone) et le type de solutions proposées : efficacité énergétique, énergie alternative, eau durable, prévention des pollutions ou construction durable. Ces émetteurs sont susceptibles de bénéficier d’une transition bas carbone.
La part verte se définit comme le pourcentage de l’encours investi dans des sociétés dont l’activité contribue à la lutte contre le changement climatique (pour refléter les éco-solutions/produits verts).
| Poids des entreprises notées en carbone offrant des solutions technologiques propres | [1-19.9%] | 32.1% | 32.9% |
| --- | --- | --- | --- |
| | [20-49.9%] | 0.5% | 2.5% |
| | [50-100%] | 1.0% | 2.3% |
| Poids des émetteurs du portefeuille noté en Carbone offrant des solutions technologiques propres |
| --- |
| Theme | Portefeuille | MSCI Emerging Markets |
| Énergie alternative | 14.3% | 10.2% |
| --- | --- | --- |
| Efficacité énergétique | 29.3% | 35.2% |
| Bâtiment vert | 0.6% | 2.0% |
| Prévention de la pollution | 12.2% | 3.7% |
| Eau durable | 2.3% | 2.3% |
| Agriculture durable | 0.9% | 0.6% | | # Exposure to issuers offering environmental solutions
| Weight of portfolio issuers rated in Carbon with a revenue dedicated to environmental solutions between |
| --- |
| | Portfolio | MSCI Emerging Markets |
The data represent the portfolio's exposure to issuers offering environmental solutions (in terms of the weight of the portfolio rated in Carbon) and the type of solutions proposed: energy efficiency, alternative energy, sustainable water, pollution prevention or sustainable construction. These emitters are likely to benefit from a low carbon transition.
The green area is defined as the percentage of outstandings invested in companies whose activity contributes to the fight against climate change (to reflect eco-solutions / green products).
| Weight of Companies rated in Carbon Offering Clean Technology Solutions | [1-19.9%] | 32.1% | 32.9% |
| --- | --- | --- | --- |
| | [20-49.9%] | 0.5% | 2.5% |
| | [50-100%] | 1.0% | 2.3% |
| Weight of portfolio issuers rated in Carbon Offering Clean Technology Goods & Services |
| --- |
| Theme | Portfolio | MSCI Emerging Markets |
| Alternative Energy | 14.3% | 10.2% |
| --- | --- | --- |
| Energy Efficiency | 29.3% | 35.2% |
| Green Building | 0.6% | 2.0% |
| Pollution Prevention | 12.2% | 3.7% |
| Sustainable Water | 2.3% | 2.3% |
| Sustainable Agriculture | 0.9% | 0.6% | | en | fr |
DOLFIN2810 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Investments in any one Issuer
For the purpose of the restrictions described in Paragraphs 1 through 5 and 8 below and Paragraphs 2, 5 and 6 of the chapter entitled “Use of Derivatives, Special Investment and Hedging Techniques”, issuers that consolidate or combine their accounts in accordance with Directive 83/349/EEC or recognized international accounting rules (“Issuing Group”) are regarded as one and the same issuer.
Issuers that are UCIs structured as SICAVs, defined as a legal entity with several separate sub- funds or portfolios, whose assets are held exclusively by the investors of such sub-fund or portfolio and which may be held severally liable for its own debts and obligations shall be treated as a separate issuer for the purposes of Paragraphs 1 through 5, 7 through 8 below and Paragraphs 2 and
4 through 6 of the chapter entitled “Use of Derivatives, Special Investment and Hedging Techniques”.
Each Sub-Fund shall comply with the following restrictions within six (6) months following its
launch: | ### Investissements dans un émetteur
Aux fins des restrictions décrites aux paragraphes 1 à 5 et 8 ci-dessous ainsi qu’aux paragraphes 2, 5 et 6 du chapitre intitulé « Utilisation des Produits Dérivés, Techniques Spéciales d’Investissements et de Couverture », les émetteurs qui consolident ou combinent leurs comptes conformément à la Directive 83/349/CEE ainsi qu’aux règles comptables internationalement reconnues (le « Groupe Émetteur ») sont considérés comme un seul et même émetteur.
Les émetteurs qui sont des OPC structurés sous forme de SICAV, définis comme une entité juridique dotée de plusieurs compartiments ou portefeuilles distincts et dont les actifs sont détenus exclusivement par les investisseurs dudit Compartiment ou portefeuille et susceptibles d’être individuellement responsables de leurs propres dettes et obligations, doivent être traités en tant qu’émetteur distinct aux fins des paragraphes 1 à
5 et 7 à 8 ci-dessous ainsi que des paragraphes 2 et 4 à 6 du chapitre intitulé « Utilisation des Produits Dérivés, Techniques Spéciales d’Investissements et de Couverture. »
Chaque Compartiment doit respecter les restrictions suivantes dans les six (6) mois à compter de son lancement : | ### Investments in any one Issuer
For the purpose of the restrictions described in Paragraphs 1 through 5 and 8 below and Paragraphs 2, 5 and 6 of the chapter entitled “Use of Derivatives, Special Investment and Hedging Techniques”, issuers that consolidate or combine their accounts in accordance with Directive 83/349/EEC or recognized international accounting rules (“Issuing Group”) are regarded as one and the same issuer.
Issuers that are UCIs structured as SICAVs, defined as a legal entity with several separate sub- funds or portfolios, whose assets are held exclusively by the investors of such sub-fund or portfolio and which may be held severally liable for its own debts and obligations shall be treated as a separate issuer for the purposes of Paragraphs 1 through 5, 7 through 8 below and Paragraphs 2 and
4 through 6 of the chapter entitled “Use of Derivatives, Special Investment and Hedging Techniques”.
Each Sub-Fund shall comply with the following restrictions within six (6) months following its
launch: | en | fr |
DOLFIN2811 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund description
The fund aims to provide combined income and capital growth that is higher than that of the Japanese stockmarket (as measured by the MSCI Japan Net Return Index) over any five-year period. At least 80% of the fund is invested in the shares of companies domiciled, or conducting the major part of their economic activity, in Japan. The fund usually holds shares in fewer than 50 companies. The investment manager’s focus is on stocks where it is believed that the share price is not fully valuing the company's sustainable earnings. | # Descrizione del fondo
Il fondo persegue l'obiettivo di generare un risultato complessivo, dato da reddito e crescita del capitale, superiore a quello del mercato azionario giapponese (misurato dall'indice MSCI Japan Net Return), su qualsiasi periodo di cinque anni. Almeno l'80% del fondo è investito in azioni di società che domiciliate in Giappone o che svolgono la maggior parte della loro attività economica in questo Paese. Di norma il fondo detiene azioni di meno di 50 società. Il gestore si concentra sui titoli il cui prezzo, a suo parere, non riflette appieno la sostenibilità degli utili dell'azienda. | # Fund description
The fund aims to provide combined income and capital growth that is higher than that of the Japanese stockmarket (as measured by the MSCI Japan Net Return Index) over any five-year period. At least 80% of the fund is invested in the shares of companies domiciled, or conducting the major part of their economic activity, in Japan. The fund usually holds shares in fewer than 50 companies. The investment manager’s focus is on stocks where it is believed that the share price is not fully valuing the company's sustainable earnings. | en | it |
DOLFIN2812 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to produce medium-term capital growth by trading a diversified portfolio of investments in accordance with the AHL Diversified Programme.
1 The Fund aims to perform independently of traditional stock and bond investments thereby providing valuable diversification benefits and enhancing the risk/reward profile of a traditional investment portfolio.
1 In order to achieve its investment objectives, the Fund invests mainly into financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying assets ('FDI')) in accordance with the AHL Diversified Programme. The Fund may also invest in other assets such as cash and money market funds.
1 The AHL Diversified Programme employs computerised processes primarily to identify trends and other opportunities in markets around the world and invests in a diversified portfolio of instruments which may include, but is not limited to: futures, options and forward contracts, swaps and other FDI. These markets may be accessed directly or indirectly and include, without limitation, stocks, bonds, currencies, short- term interest rates and commodities. | # Objetivos y política de inversión
1 El Fondo trata de proporcionar crecimiento del capital a medio plazo negociando una cartera diversificada de inversiones de conformidad con el Programa Diversificado de AHL.
1 El Fondo tiene como objetivo generar resultados independientemente de las inversiones tradicionales en acciones y bonos, proporcionando así valiosos beneficios de diversificación y mejorando el perfil de riesgo/ remuneración de una cartera de inversión tradicional.
1 Para lograr sus objetivos de inversión, el Fondo invierte mayoritariamente en instrumentos financieros derivados ("IFD", es decir, instrumentos cuyos precios dependan de uno o más activos subyacentes) de conformidad con el Programa Diversificado de AHL. El Fondo también puede invertir en otros activos, como efectivo y fondos del mercado monetario.
1 El Programa Diversificado de AHL utiliza procesos informatizados fundamentalmente para identificar tendencias y otras oportunidades en mercados de todo el mundo e invierte en una cartera diversificada de instrumentos que puede incluir, por ejemplo: futuros, opciones y contratos a plazo, swaps y otros IFD. Estos mercados, a los que se puede acceder de forma directa e indirecta, incluyen, entre otros: acciones, bonos, divisas, tipos de interés a corto plazo y materias primas. | # Objectives and investment policy
1 The Fund aims to produce medium-term capital growth by trading a diversified portfolio of investments in accordance with the AHL Diversified Programme.
1 The Fund aims to perform independently of traditional stock and bond investments thereby providing valuable diversification benefits and enhancing the risk/reward profile of a traditional investment portfolio.
1 In order to achieve its investment objectives, the Fund invests mainly into financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying assets ('FDI')) in accordance with the AHL Diversified Programme. The Fund may also invest in other assets such as cash and money market funds.
1 The AHL Diversified Programme employs computerised processes primarily to identify trends and other opportunities in markets around the world and invests in a diversified portfolio of instruments which may include, but is not limited to: futures, options and forward contracts, swaps and other FDI. These markets may be accessed directly or indirectly and include, without limitation, stocks, bonds, currencies, short- term interest rates and commodities. | en | es |
DOLFIN2813 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
** The fund description page of any ‘Bond Fund’ which might, on an ancillary basis, invest in these security types in excess of these limits, will indicate this accordingly.
For temporary defensive purposes, investments in money market securities, made by any fund, may exceed 30% of net assets.
Any investment in unrated securities (either on a primary or ancillary basis) will be limited to 20%, unless otherwise indicated in the fund description page of any fund. | ** Ciò sarà indicato nelle pagine di descrizione dei comparti obbligazionari ("Bond Fund") che potrebbero investire, in via accessoria, in queste tipologie di titoli in misura superiore a tali limiti.
A scopi difensivi temporanei, gli investimenti in strumenti del mercato monetario effettuati da qualunque comparto possono superare il 30% del patrimonio netto.
Qualsiasi investimento in titoli sprovvisti di rating (a titolo principale o accessorio) sarà limitato al 20%, salvo diversa indicazione nelle pagine di descrizione dei comparti. | ** The fund description page of any ‘Bond Fund’ which might, on an ancillary basis, invest in these security types in excess of these limits, will indicate this accordingly.
For temporary defensive purposes, investments in money market securities, made by any fund, may exceed 30% of net assets.
Any investment in unrated securities (either on a primary or ancillary basis) will be limited to 20%, unless otherwise indicated in the fund description page of any fund. | en | it |
DOLFIN2814 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
- The Custodian of Franklin Templeton Alternative Funds is J.P. Morgan Bank Luxembourg S.A.
- Copies of the latest prospectus and the latest annual andsemi-annualreports of Franklin Templeton Alternative Funds are available in the language of this document, on the website www.ftidocuments.com or may be obtained free of charge from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or your financial adviser.
- The latest prices and other information on the Fund (including other share classes of the Fund) are available from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or www.franklintempleton.lu.
- Please note that the taxation regime applicable in the Grand Duchy of Luxembourg may have an impact on your personal tax position. Please consult your financial or tax adviser before deciding to invest.
- Franklin Templeton International Services S.à r.l. may be held liable solely onthe basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund.
- The present Fund is a sub-fund of Franklin Templeton Alternative Funds. The prospectus and the financial reports refer to all sub-funds of Franklin Templeton Alternative Funds. All sub-funds of Franklin Templeton Alternative Funds have segregated assets and liabilities. As a result, each sub-fund is operated independently from each other.
- You may switch into shares of another sub-fund of Franklin Templeton Alternative Funds as further described in the prospectus.
- The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee are available at www.franklintempleton.lu and a paper copy can be obtained free of charge.
This Fund is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Franklin Templeton International Services S.à r.l. is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 2021-03-29. | # Información práctica
- El Depositario de Franklin Templeton Alternative Funds es J.P. Morgan Bank Luxembourg S.A.
- Se pueden obtener copias de los folletos y los informes semestrales y anuales más recientesde Franklin Templeton Alternative Funds en el idioma de este documento, en el sitio web www.ftidocuments.com , de forma gratuita en Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxemburgo, o bien a través de su asesor financiero.
- Los precios más recientes y otra información sobre el Fondo (incluyendo otras clases de acciones del Fondo) se encuentran disponibles en Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxemburgo o en www.franklintempleton.lu.
- Tenga en cuenta que el régimen fiscal aplicable en el Gran Ducado de Luxemburgo puede influir en su situación tributaria. Antes de decidir invertir, consulte a su asesor fiscal o financiero.
- Franklin Templeton International Services S.à r.l. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documentoque resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
- El presente Fondo es un compartimento de Franklin Templeton Alternative Funds. El folleto informativo y los informes financieros se refieren a todos los compartimentos de Franklin Templeton Alternative Funds. Todos los compartimentos de Franklin Templeton Alternative Funds tienen activos y pasivos por separado. En consecuencia, cada compartimento se opera independientemente del resto.
- Podrá canjear acciones de otro compartimento de Franklin Templeton Alternative Funds tal y como se describe en el folleto informativo.
- Los detalles de la política de remuneración actualizada, incluidas, entre otras cosas, una descripción de cómo se calculan la remuneración y los beneficios, y la identidad de las personas responsables de adjudicarlos, incluida la composición del comité de remuneración, están disponibles en www.franklintempleton.lu y se puede obtener una copia impresa de forma gratuita.
Este Fondo está autorizado en el Gran Ducado de Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier. Franklin Templeton International Services S.à r.l. está autorizada en el Gran Ducado de Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 29/03/2021. | # Practical Information
- The Custodian of Franklin Templeton Alternative Funds is J.P. Morgan Bank Luxembourg S.A.
- Copies of the latest prospectus and the latest annual andsemi-annualreports of Franklin Templeton Alternative Funds are available in the language of this document, on the website www.ftidocuments.com or may be obtained free of charge from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or your financial adviser.
- The latest prices and other information on the Fund (including other share classes of the Fund) are available from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or www.franklintempleton.lu.
- Please note that the taxation regime applicable in the Grand Duchy of Luxembourg may have an impact on your personal tax position. Please consult your financial or tax adviser before deciding to invest.
- Franklin Templeton International Services S.à r.l. may be held liable solely onthe basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund.
- The present Fund is a sub-fund of Franklin Templeton Alternative Funds. The prospectus and the financial reports refer to all sub-funds of Franklin Templeton Alternative Funds. All sub-funds of Franklin Templeton Alternative Funds have segregated assets and liabilities. As a result, each sub-fund is operated independently from each other.
- You may switch into shares of another sub-fund of Franklin Templeton Alternative Funds as further described in the prospectus.
- The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee are available at www.franklintempleton.lu and a paper copy can be obtained free of charge.
This Fund is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Franklin Templeton International Services S.à r.l. is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 2021-03-29. | en | es |
DOLFIN2815 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Concentration risk: To the extent that the fund invests a large portion of its assets in a limited number of industries, sectors, or issuers, or within a limited geographical area, it can be more risky than a fund that invests more broadly. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | | El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones. Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo. Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro. Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales: |
| --- |
| Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media. |
| 2 Riesgo vinculado a los bonos CoCo: Los emisores de valores convertibles contingentes (bonos CoCo o CoCo) pueden anular o suspender, a su discreción, los pagos de ingresos previstos. Los CoCo comportan un riesgo de prórroga, y pueden experimentar una volatilidad muy elevada. |
| Riesgo de concentración: Si el fondo invierte una parte considerable de su patrimonio en un número reducido de industrias, sectores o emisores, o en una zona geográfica limitada, podría estar sujeto a mayores riesgos que un fondo que invierte de manera más diversificada. |
| Riesgo vinculado a los valores convertibles: Dado que los valores convertibles están estructurados como bonos que, por lo general, pueden o deben ser reembolsados con una cantidad predeterminada de acciones, en lugar de efectivo, estos valores pueden conllevar, simultáneamente, el riesgo de renta variable y los riesgos de crédito e impago que se suelen asociar a los bonos. |
| Riesgo de crédito: Un bono o un instrumento del mercado monetario, ya sea de un emisor público o privado, podría perder valor si la situación financiera del emisor se deteriora. |
| Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado. |
| Riesgo de cobertura: Los esfuerzos por reducir o eliminar determinados riesgos podrían no dar el resultado esperado y, en caso de funcionar, eliminarán normalmente el potencial de ganancia junto con el riesgo de pérdida. |
| Riesgo de liquidez: Podría resultar difícil valorar ciertos títulos o comprarlos o venderlos en el momento o al precio deseados, lo que podría incidir en el valor del fondo y en su capacidad para abonar el producto del reembolso o satisfacer otras obligaciones de manera oportuna. |
| Riesgo de reembolso anticipado y prórroga: Todo movimiento inesperado en los tipos de interés podría hacer mella en la rentabilidad de los títulos de deuda amortizables (valores cuyos emisores tienen el derecho a abonar completamente el principal del título antes de la fecha de vencimiento). | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Concentration risk: To the extent that the fund invests a large portion of its assets in a limited number of industries, sectors, or issuers, or within a limited geographical area, it can be more risky than a fund that invests more broadly. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | en | es |
DOLFIN2816 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In accordance with the Articles of Association and subject to the following provisions, each shareholder may request the conversion of all or part of their shares into shares of another sub- fund or another class/category (and with such other sub-fund, either of the same class/category or of another class/category) at a price based on the respective net asset values of the shares of the different sub-funds and classes/categories concerned.
Any shareholder requesting such conversion may make a written request to the Transfer Agent and Registrar stating the number and form of the shares to be converted and specifying whether the shares of the new sub-fund/the new class/category are to be registered or paperless. The procedure and prior notice regarding the redemption of shares also applies to conversion.
The number of shares to be allocated in the new sub-fund or the new class/category is determined using the following formula:
A = B X C X D E
A: represents the number of shares to be allocated in the new sub-fund or the new class/category,
B: represents the number of shares to be converted in the initial sub-fund or class/category,
C: represents the net asset value, on the applicable valuation day, of the shares to be converted in the initial sub-fund or class/category,
D: is the exchange rate coefficient on the applicable valuation day between the currencies of the two sub-funds or classes/categories concerned. If the two sub-funds or classes/categories are held in the same currency, the coefficient is equal to 1,
E: represents the net asset value, on the applicable valuation day, of the shares to be allocated in the new sub-fund or the new class/category,
Fractions of shares that may result from the conversion will be allocated up to 3 decimal places.
After the conversion, the Transfer Agent and Registrar will inform the shareholders of the number of new shares obtained upon conversion, as well as their price.
There will be no conversion of shares for a sub-fund during any period in which the calculation of the net value of the shares in question has been temporarily suspended by the SICAV by virtue of its powers under Article 12 of the Articles of Association.
In cases of large requests for redemption and/or conversion representing more than 10 % of the net assets in a given sub-fund, the SICAV may redeem the shares but only at the redemption price it has determined after it was able to sell the necessary assets, as quickly as possible, taking into account the interests of all the sub-fund's shareholders, and when it has access to the proceeds of those sales. In such a case, a single price will be calculated for all the redemption, subscription and conversion applications submitted at the same time for that sub- fund.
-
## STOCK EXCHANGE LISTING | En vertu des Statuts et sous réserve des dispositions qui suivent, chaque actionnaire peut demander la conversion de tout ou partie de ses actions en actions d'un autre compartiment ou d’une autre classe/catégorie (et à l’intérieur d’un tel autre compartiment, soit de la même classe/catégorie soit d’une autre classe/catégorie), à un prix basé sur les valeurs nettes respectives des actions des différents compartiments et classes/catégories concernés.
L'actionnaire désirant une telle conversion peut en faire la demande par écrit adressé à l’Agent de Transfert et Teneur de Registre en indiquant le nombre et la forme des actions à convertir et en précisant, en outre, si les actions du nouveau compartiment/de la nouvelle classe/catégorie doivent être nominatives ou dématérialisées. Les modalités et préavis en matière de rachat des actions s’appliquent pareillement à la conversion des actions.
Le nombre d'actions allouées dans le nouveau compartiment/la nouvelle classe/catégorie s'établira selon la formule suivante:
A = B X C X D E
A: représente le nombre d'actions à attribuer dans le nouveau compartiment ou la nouvelle classe/catégorie,
B: représente le nombre d'actions à convertir dans le compartiment ou la classe/catégorie initial,
C: représente la valeur nette d'inventaire, au Jour d'Evaluation applicable, des actions à convertir dans le compartiment ou la classe/catégorie initial,
D: est le coefficient de change au Jour d'Evaluation applicable entre les devises des deux compartiments ou classes/catégories concernés. Si les deux compartiments ou classes/catégories sont tenus dans la même devise, le coefficient est égal à 1,
E: représente la valeur nette d'inventaire, au Jour d'Evaluation applicable, des actions à attribuer dans le nouveau compartiment ou la nouvelle classe/catégorie.
Les fractions d’actions pouvant résulter de la conversion seront attribuées jusqu’à 3 décimales.
Après la conversion, l’Agent de Transfert et Teneur de Registre informera les actionnaires du nombre d'actions nouvelles obtenues lors de la conversion, ainsi que de leur prix.
Il ne sera procédé à aucune conversion d’actions pendant toute période où le calcul de la valeur nette d’inventaire des actions concernées est temporairement suspendu par la SICAV en vertu des pouvoirs qui lui sont conférés par l’Article 12 des Statuts.
En cas de demandes importantes de rachat et/ou de conversion représentant plus de 10 % des actifs nets d’un compartiment donné, la SICAV se réserve alors le droit de ne racheter les actions qu'au prix de rachat tel qu'il aura été déterminé après qu'elle aura pu vendre les actifs nécessaires dans les plus brefs délais compte tenu des intérêts de l'ensemble des actionnaires du compartiment, et qu'elle aura pu disposer du produit de ces ventes. Dans un pareil cas, un seul prix sera calculé pour toutes les demandes de rachat, de souscription et de conversion présentées au même moment pour ce compartiment.
-
## COTATION EN BOURSE | In accordance with the Articles of Association and subject to the following provisions, each shareholder may request the conversion of all or part of their shares into shares of another sub- fund or another class/category (and with such other sub-fund, either of the same class/category or of another class/category) at a price based on the respective net asset values of the shares of the different sub-funds and classes/categories concerned.
Any shareholder requesting such conversion may make a written request to the Transfer Agent and Registrar stating the number and form of the shares to be converted and specifying whether the shares of the new sub-fund/the new class/category are to be registered or paperless. The procedure and prior notice regarding the redemption of shares also applies to conversion.
The number of shares to be allocated in the new sub-fund or the new class/category is determined using the following formula:
A = B X C X D E
A: represents the number of shares to be allocated in the new sub-fund or the new class/category,
B: represents the number of shares to be converted in the initial sub-fund or class/category,
C: represents the net asset value, on the applicable valuation day, of the shares to be converted in the initial sub-fund or class/category,
D: is the exchange rate coefficient on the applicable valuation day between the currencies of the two sub-funds or classes/categories concerned. If the two sub-funds or classes/categories are held in the same currency, the coefficient is equal to 1,
E: represents the net asset value, on the applicable valuation day, of the shares to be allocated in the new sub-fund or the new class/category,
Fractions of shares that may result from the conversion will be allocated up to 3 decimal places.
After the conversion, the Transfer Agent and Registrar will inform the shareholders of the number of new shares obtained upon conversion, as well as their price.
There will be no conversion of shares for a sub-fund during any period in which the calculation of the net value of the shares in question has been temporarily suspended by the SICAV by virtue of its powers under Article 12 of the Articles of Association.
In cases of large requests for redemption and/or conversion representing more than 10 % of the net assets in a given sub-fund, the SICAV may redeem the shares but only at the redemption price it has determined after it was able to sell the necessary assets, as quickly as possible, taking into account the interests of all the sub-fund's shareholders, and when it has access to the proceeds of those sales. In such a case, a single price will be calculated for all the redemption, subscription and conversion applications submitted at the same time for that sub- fund.
-
## STOCK EXCHANGE LISTING | en | fr |
DOLFIN2817 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Top 10 positions - ESG Characteristics
In terms of the fund’s total economic exposure. Data points do not necessarily represent all ESG considerations within the investment process or are in some cases provided for transparency reasons although they are not considered in the investment decision-making process. Source: MSCI
| Instrument Name | Weight in portfolio | GICS sector | MSCI ESG Rating | Controversy flag | Carbon intensity (tCO2e / $M sales) |
| --- | --- | --- | --- | --- | --- |
| THERMO FISHER SCIENTIFIC INC | 3.22% | Health Care | BBB | Green | 16.90 |
| VERISK ANALYTICS INC | 3.06% | Industrials | BBB | Green | 4.40 |
| METTLER TOLEDO INC | 3.02% | Health Care | AA | Green | 17.00 |
| FAIR ISAAC CORP | 2.96% | Information Technology | AA | Green | 8.20 |
| NICE ADR REPRESENTING LTD | 2.93% | Information Technology | AA | Green | 5.00 |
| EQUIFAX INC | 2.93% | Industrials | BBB | Orange | 5.30 |
| EXPERIAN PLC | 2.85% | Industrials | A | Orange | 4.50 |
| CYBER ARK SOFTWARE LTD | 2.83% | Information Technology | AA | Green | 7.10 |
| IDEXX LABORATORIES INC | 2.79% | Health Care | AA | Green | 42.30 |
| CLEAN HARBORS INC | 2.71% | Industrials | BB | Green | 499.20 |
## Note: For further information on the methodology for the above listed ESG data points, please refer to the glossary. | # 10 premières positions - Caractéristiques ESG
En termes d’exposition économique totale du fonds. Les points de données ne représentent pas nécessairement tous les critères ESG pris en compte dans le processus d’investissement ou sont, dans certains cas, fournis pour des raisons de transparence, bien qu’ils ne soient pas pris en compte dans le processus décisionnel d’investissement. Source: MSCI
| Nom de l’instrument | Pondération en portefeuille | Secteur GICS | Notation ESG MSCI | Indice de controverse | Intensité carbone (tCO2e / mio.$ de C.A.) |
| --- | --- | --- | --- | --- | --- |
| THERMO FISHER SCIENTIFIC INC | 3.22% | Soins de santé | BBB | Vert | 16.90 |
| VERISK ANALYTICS INC | 3.06% | Industriel | BBB | Vert | 4.40 |
| METTLER TOLEDO INC | 3.02% | Soins de santé | AA | Vert | 17.00 |
| FAIR ISAAC CORP | 2.96% | Technologie de l’information | AA | Vert | 8.20 |
| NICE ADR REPRESENTING LTD | 2.93% | Technologie de l’information | AA | Vert | 5.00 |
| EQUIFAX INC | 2.93% | Industriel | BBB | Orange | 5.30 |
| EXPERIAN PLC | 2.85% | Industriel | A | Orange | 4.50 |
| CYBER ARK SOFTWARE LTD | 2.83% | Technologie de l’information | AA | Vert | 7.10 |
| IDEXX LABORATORIES INC | 2.79% | Soins de santé | AA | Vert | 42.30 |
| CLEAN HARBORS INC | 2.71% | Industriel | BB | Vert | 499.20 |
## Remarque: Pour plus d’informations sur la méthodologie concernant les points de données ESG répertoriés ci-dessus, veuillez vous reporter au glossaire. | # Top 10 positions - ESG Characteristics
In terms of the fund’s total economic exposure. Data points do not necessarily represent all ESG considerations within the investment process or are in some cases provided for transparency reasons although they are not considered in the investment decision-making process. Source: MSCI
| Instrument Name | Weight in portfolio | GICS sector | MSCI ESG Rating | Controversy flag | Carbon intensity (tCO2e / $M sales) |
| --- | --- | --- | --- | --- | --- |
| THERMO FISHER SCIENTIFIC INC | 3.22% | Health Care | BBB | Green | 16.90 |
| VERISK ANALYTICS INC | 3.06% | Industrials | BBB | Green | 4.40 |
| METTLER TOLEDO INC | 3.02% | Health Care | AA | Green | 17.00 |
| FAIR ISAAC CORP | 2.96% | Information Technology | AA | Green | 8.20 |
| NICE ADR REPRESENTING LTD | 2.93% | Information Technology | AA | Green | 5.00 |
| EQUIFAX INC | 2.93% | Industrials | BBB | Orange | 5.30 |
| EXPERIAN PLC | 2.85% | Industrials | A | Orange | 4.50 |
| CYBER ARK SOFTWARE LTD | 2.83% | Information Technology | AA | Green | 7.10 |
| IDEXX LABORATORIES INC | 2.79% | Health Care | AA | Green | 42.30 |
| CLEAN HARBORS INC | 2.71% | Industrials | BB | Green | 499.20 |
## Note: For further information on the methodology for the above listed ESG data points, please refer to the glossary. | en | fr |
DOLFIN2818 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Sustainable Finance Disclosure
The Sub-Fund seeks to promote environmental and social characteristics. ESG considerations, and an evaluation of Sustainability Risks and good governance principles are integrated when selecting investments. The investments, where it is possible, will be aligned with the environmental/ social characteristics and will be selected based on specific ESG investment criteria outlined within the Prospectus. There may on occasion be investments used for hedging and efficient portfolio management purposes which are not possible to be aligned with the environmental or social characteristics described.
The Fund does not have a sustainable investment objective, and the Investment Manager will consider adverse impacts of an investment to the extent they are financially material. For further information please refer to the prospectus and our website. | # Informativa sui servizi finanziari
Il Comparto mira a promuovere caratteristiche ambientali e sociali. Le considerazioni ESG e una valutazione dei Rischi di sostenibilità e dei principi di buona governance costituiscono parte integrante del processo di selezione degli investimenti. Gli investimenti, ove possibile, saranno allineati alle caratteristiche ambientali/sociali e selezionati sulla base di criteri di investimento ESG specifici, delineati all'interno del Prospetto informativo. Su base occasionale, è possibile che si faccia ricorso, ai fini di un'efficace gestione del portafoglio e di copertura, a investimenti che non possono essere allineati alle caratteristiche ambientali o sociali descritte.
Il Fondo non persegue un obiettivo di investimento sostenibile e il Gestore degli investimenti considererà gli impatti negativi di un investimento nella misura in cui siano rilevanti sotto il profilo finanziario. Per ulteriori informazioni, si rimanda al Prospetto informativo e al nostro sito Web. | # Sustainable Finance Disclosure
The Sub-Fund seeks to promote environmental and social characteristics. ESG considerations, and an evaluation of Sustainability Risks and good governance principles are integrated when selecting investments. The investments, where it is possible, will be aligned with the environmental/ social characteristics and will be selected based on specific ESG investment criteria outlined within the Prospectus. There may on occasion be investments used for hedging and efficient portfolio management purposes which are not possible to be aligned with the environmental or social characteristics described.
The Fund does not have a sustainable investment objective, and the Investment Manager will consider adverse impacts of an investment to the extent they are financially material. For further information please refer to the prospectus and our website. | en | it |
DOLFIN2819 | 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 ?
## Risque le plus faible Risque le plus élevé
L’indicateur de risque est basé sur l’hypothèse que vous conservez le produit 3 années. Le risque réel peut être nettement différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible qu’une demande de rachat de votre part ne puisse pas être satisfaite.
- Risques de marché : La performance des produits financiers, à savoir de leur cours ou leur valeur de marché, dépend notamment de la performance des marchés de capitaux, qui est elle-même conditionnée par la conjoncture économique mondiale et par les conditions économiques et politiques locales. Plus particulièrement sur une bourse de valeurs, la performance générale des cours peut également être influencée par des facteurs irrationnels, à l’image du sentiment, des opinions et des rumeurs.
- Risques liés à l’utilisation de dérivés : Le Fonds est autorisé à recourir à des produits dérivés. Ils peuvent générer un effet de levier (Leverage) sur les actifs du Fonds. Il permet d'augmenter le potentiel de gains, mais aussi les risques de pertes. Une protection contre les pertes au moyen de dérivés peut également réduire le potentiel de bénéfices du Fonds de manière significative.
- Risques de garde : La garde des actifs, en particulier à l’étranger, peut être associée à un risque de perte pouvant résulter de l’insolvabilité, du non-respect du devoir de prudence ou de comportements abusifs du dépositaire ou d’un sous-dépositaire.
Une description détaillée de l'ensemble des risques figure dans le prospectus du Fonds à la section « Informations sur les risques ». Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
## SCENARIOS DE PERFORMANCE
## 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.
| Période de détention recommandée : 3 ans Exemple d’investissement : 10.000 EUR |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 3 ans |
## 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 | 4.550 EUR | 4.350 EUR |
| --- | --- | --- | --- |
| | Rendement annuel moyen | -54,49 % | -24,21 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7.760 EUR | 5.180 EUR |
| | Rendement annuel moyen | -22,41 % | -19,71 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.280 EUR | 11.610 EUR |
| | Rendement annuel moyen | 2,81 % | 5,12 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12.920 EUR | 16.500 EUR |
| | Rendement annuel moyen | 29,24 % | 18,16 % |
## Ce tableau montre les sommes que vous pourriez obtenir sur 3 ans, en fonction de différents scénarios, en supposant que vous investissiez
10.000 EUR. Les différents scénarios montrent comment votre investissement pourrait se comporter. Vous pouvez les comparer avec les scénarios d'autres produits. Les scénarios présentés sont une estimation de performances futures à partir de données du passé relatives aux variations de la valeur de cet investissement. Ils ne constituent pas un indicateur exact. Ce que vous obtiendrez dépendra de l'évolution du marché et de la durée pendant laquelle vous conserverez l'investissement ou le produit. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes, et ne tient pas compte du cas où nous ne pourrions pas vous payer. 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. | # ¿QUÉ RIESGOS EXISTEN Y QUÉ PODRÍA OBTENER A CAMBIO?
## Riesgo menor Riesgo mayor
El indicador de riesgo se basa en el supuesto de que mantendrá el producto durante 3 años. Si retira la inversión de forma anticipada, el riesgo real puede diferir significativamente y usted podría recibir un importe inferior al invertido originalmente.
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 4 en una escala de 1 a 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media. En condiciones de mercado muy adversas, es posible que la capacidad de ejecutar su solicitud de reembolso se vea afectada.
- Riesgos de mercado: La evolución del precio o del valor de mercado de los productos financieros depende especialmente del desarrollo de los mercados de capitales, que a su vez se ve influido por la situación general de la economía mundial y las condiciones económicas y políticas. Factores irracionales como los estados de ánimo, las opiniones y los rumores también pueden repercutir en la evolución general de los precios, especialmente en una bolsa.
- Riesgo del uso de derivados: El fondo puede realizar operaciones con derivados, por lo que puede apalancar sus activos. El aumento de las oportunidades conlleva también un mayor riesgo de pérdidas. El uso de derivados como cobertura de pérdidas también puede reducir las posibilidades de obtener ganancias del fondo.
- Riesgos de custodia: La custodia de los activos, especialmente en otros países, puede conllevar un riesgo de pérdidas por insolvencia, incumplimiento del deber de diligencia o conducta indebida por parte del depositario o un subdepositario.
En el apartado «Información sobre los riesgos» del folleto del fondo figura una descripción detallada de todos los riesgos. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
## ESCENARIOS DE RENTABILIDAD
## Lo que se consiga con este producto al final dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no se puede predecir con certeza.
| Periodo de mantenimiento recomendado: 3 años Ejemplo de inversión: 10.000 € |
| --- |
| Escenarios | Si retira la inversión al cabo de 1 año | Si retira la inversión al cabo de 3 años |
## Mínimo No hay rendimientos mínimos garantizados. Podría perder la totalidad o parte de su inversión.
| Escenario de tensión | Lo que podría recibir una vez deducidos los gastos | 4.550 € | 4.350 € |
| --- | --- | --- | --- |
| | Rendimiento medio anual | -54,49% | -24,21% |
| Escenario desfavorable | Lo que podría recibir una vez deducidos los gastos | 7.760 € | 5.180 € |
| | Rendimiento medio anual | -22,41% | -19,71% |
| Escenario moderado | Lo que podría recibir una vez deducidos los gastos | 10.280 € | 11.610 € |
| | Rendimiento medio anual | 2,81% | 5,12% |
| Escenario favorable | Lo que podría recibir una vez deducidos los gastos | 12.920 € | 16.500 € |
| | Rendimiento medio anual | 29,24% | 18,16% |
## Este cuadro muestra el dinero que usted podría recibir a lo largo de los próximos 3 años, en función de los distintos escenarios, suponiendo que invierta
10.000 EUR. Los escenarios presentados muestran cómo podría evolucionar su inversión. Puede compararlos con los escenarios de otros productos. Los escenarios presentados representan una estimación del rendimiento futuro basada en los cambios pasados del valor de esta inversión; no son un indicador exacto. Lo que recibirá realmente depende de cómo se desarrolle el mercado y de cuánto tiempo mantenga la inversión / el Producto. El escenario de tensión muestra lo que podría recuperar en caso de condiciones de mercado extremas y no tiene en consideración que podríamos no estar en condiciones de realizar el pago. Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. | # QUELS SONT LES RISQUES ET QU'EST-CE QUE CELA POURRAIT ME RAPPORTER ?
## Risque le plus faible Risque le plus élevé
L’indicateur de risque est basé sur l’hypothèse que vous conservez le produit 3 années. Le risque réel peut être nettement différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible qu’une demande de rachat de votre part ne puisse pas être satisfaite.
- Risques de marché : La performance des produits financiers, à savoir de leur cours ou leur valeur de marché, dépend notamment de la performance des marchés de capitaux, qui est elle-même conditionnée par la conjoncture économique mondiale et par les conditions économiques et politiques locales. Plus particulièrement sur une bourse de valeurs, la performance générale des cours peut également être influencée par des facteurs irrationnels, à l’image du sentiment, des opinions et des rumeurs.
- Risques liés à l’utilisation de dérivés : Le Fonds est autorisé à recourir à des produits dérivés. Ils peuvent générer un effet de levier (Leverage) sur les actifs du Fonds. Il permet d'augmenter le potentiel de gains, mais aussi les risques de pertes. Une protection contre les pertes au moyen de dérivés peut également réduire le potentiel de bénéfices du Fonds de manière significative.
- Risques de garde : La garde des actifs, en particulier à l’étranger, peut être associée à un risque de perte pouvant résulter de l’insolvabilité, du non-respect du devoir de prudence ou de comportements abusifs du dépositaire ou d’un sous-dépositaire.
Une description détaillée de l'ensemble des risques figure dans le prospectus du Fonds à la section « Informations sur les risques ». Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
## SCENARIOS DE PERFORMANCE
## 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.
| Période de détention recommandée : 3 ans Exemple d’investissement : 10.000 EUR |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 3 ans |
## 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 | 4.550 EUR | 4.350 EUR |
| --- | --- | --- | --- |
| | Rendement annuel moyen | -54,49 % | -24,21 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7.760 EUR | 5.180 EUR |
| | Rendement annuel moyen | -22,41 % | -19,71 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.280 EUR | 11.610 EUR |
| | Rendement annuel moyen | 2,81 % | 5,12 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12.920 EUR | 16.500 EUR |
| | Rendement annuel moyen | 29,24 % | 18,16 % |
## Ce tableau montre les sommes que vous pourriez obtenir sur 3 ans, en fonction de différents scénarios, en supposant que vous investissiez
10.000 EUR. Les différents scénarios montrent comment votre investissement pourrait se comporter. Vous pouvez les comparer avec les scénarios d'autres produits. Les scénarios présentés sont une estimation de performances futures à partir de données du passé relatives aux variations de la valeur de cet investissement. Ils ne constituent pas un indicateur exact. Ce que vous obtiendrez dépendra de l'évolution du marché et de la durée pendant laquelle vous conserverez l'investissement ou le produit. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes, et ne tient pas compte du cas où nous ne pourrions pas vous payer. 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. | fr | es |
DOLFIN2820 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transferable securities dealt on other regulated markets
Shares
Mgi - Media And Games Invest 0.000 31.12.99 SEK 230 000 - - 230 000 194 757.99 0.83
194 757.99 0.83 | Wertpapiere, die an anderen geregelten Märkten gehandelt werden
Aktien
Mgi - Media And Games Invest 0.000 31.12.99 SEK 230 000 - - 230 000 194 757.99 0.83
194 757.99 0.83 | Transferable securities dealt on other regulated markets
Shares
Mgi - Media And Games Invest 0.000 31.12.99 SEK 230 000 - - 230 000 194 757.99 0.83
194 757.99 0.83 | en | de |
DOLFIN2821 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
## Objectifs
Le compartiment offre la possibilité de participer aux opportunités offertes par le marché des actions sur les marchés émergents. L’objectif du compartiment est de construire un portefeuille qui présente le meilleur rapport entre le risque estimé et la rentabilité espérée. Le compartiment est investi selon une approche active qui consiste à choisir un porte- feuille qui offre le risque estimé optimal compte tenu de l’univers considéré.
## Politique d’investissement
Le compartiment investit principalement dans les catégories suivantes d’instruments : actions de sociétés dans les pays émergents libellées dans différentes devises.
Le compartiment peut détenir des produits dérivés afin de couvrir le risque de change et/ou dans un but d’optimisation de la gestion des investissements.
Les sociétés acquises ont leur siège ou exercent une partie significative de leur activité économique dans les pays émergents.
Le compartiment est actif et géré sans référence à un indice de référence. Le Gestion- naire d’investissement a un pouvoir discrétionnaire sur la composition de son portefeuille sous réserve de cet objectif et de la politique d’investissement.
Le compartiment a pour but de promouvoir des caractéristiques environnementales et sociales en investissant dans des actifs présents sur l’ensemble de la chaine de valeur | # Objetivos y política de inversión
## Objetivos
El compartimento ofrece la posibilidad de aprovechar las oportunidades que ofrece el mercado de renta variable de los mercados emergentes. El objetivo del compartimento consiste en componer una cartera que presente la mejor relación entre el riesgo previsto y la rentabilidad esperada. El compartimento invierte conforme a un enfoque activo que consiste en elegir una cartera que ofrezca el riesgo que se considere óptimo teniendo en cuenta el universo elegido.
## Política de inversión
El compartimento invierte principalmente en las siguientes categorías de instrumentos: acciones de sociedades en países emergentes expresadas en diferentes monedas.
El compartimento puede recurrir a productos derivados con fines de cobertura del riesgo de divisas y/o para mejorar la gestión de inversión eficiente.
Las sociedades adquiridas tienen su sede o ejercen una parte significativa de su activi- dad económica en los países emergentes.
El subfondo está activo y gestionado sin ninguna referencia a un índice de referencia. El Gestor de inversiones tiene discreción sobre la composición de su cartera con sujeción a este objetivo y a la política de inversiones.
El subfondo pretende promover las características medioambientales y sociales invir- | # Objectifs et politique d’investissement
## Objectifs
Le compartiment offre la possibilité de participer aux opportunités offertes par le marché des actions sur les marchés émergents. L’objectif du compartiment est de construire un portefeuille qui présente le meilleur rapport entre le risque estimé et la rentabilité espérée. Le compartiment est investi selon une approche active qui consiste à choisir un porte- feuille qui offre le risque estimé optimal compte tenu de l’univers considéré.
## Politique d’investissement
Le compartiment investit principalement dans les catégories suivantes d’instruments : actions de sociétés dans les pays émergents libellées dans différentes devises.
Le compartiment peut détenir des produits dérivés afin de couvrir le risque de change et/ou dans un but d’optimisation de la gestion des investissements.
Les sociétés acquises ont leur siège ou exercent une partie significative de leur activité économique dans les pays émergents.
Le compartiment est actif et géré sans référence à un indice de référence. Le Gestion- naire d’investissement a un pouvoir discrétionnaire sur la composition de son portefeuille sous réserve de cet objectif et de la politique d’investissement.
Le compartiment a pour but de promouvoir des caractéristiques environnementales et sociales en investissant dans des actifs présents sur l’ensemble de la chaine de valeur | fr | es |
DOLFIN2822 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Management process
- The Fund is actively managed and will be a concentrated portfolio and will not be restricted by index weightings, sector constraints, or company size.
- The Fund assesses the companies' ability to deliver intentional positive outcomes for theenvironment and society.
- Progress against each pillar is measured using the SDGs' relevant key performance indicators (KPIs), linking the company's ability to affect positive change in the context of these overarching global challenges.
- Through the application of the Investment Approach, the Fund has an expected minimum of 75%in Sustainable Investments.
- Engagement with company management teams is a part of our investment process and ongoing stewardship programme. Our process evaluates the ownership structures, governance and management quality of the companies.
- The benchmark is also used as a basis for setting risk constraints and don't have any sustainablefactors.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark.
- Due to the active nature of the management process, the Fund's performance profile may deviatesignificantly from that of the benchmark over the longer term. | # Processus de gestion
- Le Fonds est géré activement et sera un portefeuille concentré et ne sera pas restreint par des pondérations d’indice, des contraintes sectorielles ou la taille des sociétés.
- Le Fonds évalue la capacité des sociétés à fournir des résultats intentionnels positifs pour l’environnement et la société.
- La progression en fonction de chaque pilier est mesurée au moyen des indicateurs de performance clés (KPI) de l’ODD, reliant ainsi la capacité de la société à contribuer à des changements positifs dans le contexte de ces défis mondiaux essentiels.
- Par le biais de l’application de l’approche d’investissement, le Fonds a un minimum attendu de75 % en investissements durables.
- L’implication auprès des équipes de direction des sociétés fait partie de notre processus d’investissement et de notre programme de gérance continu. Notre processus évalue la qualité des structures de participation, de la gouvernance et de la direction des sociétés.
- L’indice de référence est également utilisé en guise de base pour la définition des contraintes derisques et n’inclut aucun facteur lié à la durabilité.
- Afin d’atteindre son objectif, le Fonds prendra des positions dont les pondérations sont différentes de l’indice de référence ou investira dans des titres qui ne sont pas inclus dans l’indice de référence. Les investissements du Fonds peuvent diverger considérablement des titres qui composent l’indice de référence et leurs pondérations.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peuts’écarter sensiblement de celui de l’indice de référence sur le long terme. | # Management process
- The Fund is actively managed and will be a concentrated portfolio and will not be restricted by index weightings, sector constraints, or company size.
- The Fund assesses the companies' ability to deliver intentional positive outcomes for theenvironment and society.
- Progress against each pillar is measured using the SDGs' relevant key performance indicators (KPIs), linking the company's ability to affect positive change in the context of these overarching global challenges.
- Through the application of the Investment Approach, the Fund has an expected minimum of 75%in Sustainable Investments.
- Engagement with company management teams is a part of our investment process and ongoing stewardship programme. Our process evaluates the ownership structures, governance and management quality of the companies.
- The benchmark is also used as a basis for setting risk constraints and don't have any sustainablefactors.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark.
- Due to the active nature of the management process, the Fund's performance profile may deviatesignificantly from that of the benchmark over the longer term. | en | fr |
DOLFIN2823 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the USD I Accumulating Class was 4.82%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Despite occasional bouts of volatility, the last 6 months have seen strong performance from risk assets, driven by a large decrease in COVID-19 cases worldwide, accelerating vaccinations, and massive monetary and fiscal policy support. Economic data have recovered, led by robust improvements in consumer sentiment and activity as economies slowly head towards full reopening. Inflation as well as inflation expectations accelerated around the world, causing central banks to shift marginally more hawkish and begin to discuss tapering timelines. The first quarter of 2021 saw a meaningful spike in interest rates as investors rotated into riskier assets amidst an improving outlook for global growth, while the second quarter saw a consolidation of the move after positioning became lopsided. In the fiscal realm, the US saw the passage of the American Rescue Plan and agreement on a new infrastructure bill after a Blue Wave outcome earlier in the year where Joe Biden was inaugurated as president and the Senate shifted to a Democratic majority.
The Portfolio’s allocations to equities drove gains while fixed income and uncorrelated strategies were also additive to performance. Within equities, all of the strategies contributed positively, with energy infrastructure stocks and US high dividend equity making the largest impact on the back of strong performance from cyclical value equities. Within fixed income, European high yield credit and preferred securities contributed the most, overshadowing losses from more rate-sensitive sleeves like investment grade credit and long Treasuries. Additionally, the decision to trim Portfolio duration early in the year benefitted performance in the first quarter. Uncorrelated strategies performance was led by contributions from options writing as volatility trended lower over the period.
On a 12-month horizon, we still think economic re-opening forces will persist and are pro-growth in our views. However, we anticipate volatility to remain elevated as the US Federal Reserve approaches a tapering timeline later this year and the market contends with a new tension in central bank messaging as well as the Delta variant of COVID-19. While plenty of uncertainty remains, many of the early-cycle forces that drove price action earlier this year look to be fading, giving way to an uptick in two-way trading. We believe this volatility will lead to more attractive opportunities to ease into our preferences for value, cyclical and other recovery exposures. We remain constructive on equities, particularly in developed markets ex-US and emerging markets, with the recent pullback in valuations adding comfort to our view. Within fixed income, we favor high yield credit and emerging markets debt over investment grade bonds, with the move lower in yields post-US Federal Open Market Committee (FOMC) meeting and tightening spreads making high grade bonds less compelling.
Finally, we continue to believe that a multi-dimensional approach to yield is prudent. During the first half of 2021, we expanded our income sources by incorporating emerging markets high dividend equity to the portfolio, which helped performance. We continue to seek specialist income sources that offer an attractive risk/return payoff. Our multi-asset class approach avoids concentration of portfolio risk in equity, duration or spread risk and attempts to diversify across asset classes to achieve a high- and sustainable-income level in a risk managed framework.
480 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | ## Rapport du Gestionnaire d’investissement
Pour le semestre clôturé le 30 juin 2021, le rendement total de la Catégorie de capitalisation I en USD était de 4,82 %. (Les données de performance représentent la performance passée et ne sauraient être indicatives des résultats futurs. Les rendements totaux indiqués tiennent compte du réinvestissement des dividendes et autres distributions, le cas échéant.)
Malgré des accès de volatilité occasionnels, les six derniers mois ont été marqués par une solide performance des actifs à risque conditionnée par une forte diminution des cas de Covid-19 dans le monde, par l’accélération des vaccinations et le soutien massif des politiques monétaires et budgétaires. Les données économiques se sont redressées sous l’effet d’une belle reprise de confiance des consommateurs et de l’activité, les économies se rapprochant lentement d’une réouverture complète. L’inflation ainsi que les prévisions d’inflation se sont accélérées dans le monde entier, poussant les banques centrales à se montrer légèrement plus fermes et à commencer d’envisager le calendrier de réduction progressive des mesures de relance. Le premier trimestre de 2021 a observé un pic significatif des taux d’intérêt, les investisseurs se tournant vers des actifs plus à risque dans un contexte d’amélioration des perspectives de croissance mondiale, tandis que le deuxième trimestre a vu une consolidation du mouvement après que le positionnement soit devenu déséquilibré. Sur le territoire budgétaire, les États-Unis ont vu l’adoption du « plan de sauvetage américain » et l’accord sur un nouveau projet de loi pour les infrastructures à la suite d’une « vague bleue » victorieuse au début de l’année, lors de l’investiture de Joe Biden à la présidence et du passage du Sénat à la majorité démocrate.
Les allocations actions du Portefeuille ont généré des plus-values, tandis que les stratégies du revenu fixe et non corrélées ont aussi contribué à la performance. Concernant les actions, toutes les stratégies ont généré des contributions positives, les titres d’infrastructure énergétique et les titres américains à haut dividende ayant dominé grâce à la forte performance des valeurs cycliques. Concernant le revenu fixe, le crédit à haut rendement et les titres privilégiés européens ont apporté la principale contribution, éclipsant les pertes de positions plus sensibles aux taux, comme le crédit investment grade et les bons du Trésor à long terme. En outre, la décision de réduire la duration du Portefeuille au début de l’année a été favorable à la performance du premier trimestre. La performance des stratégies non corrélées a été conditionnée par les contributions des options vendues du fait d’une tendance baissière de la volatilité sur la période.
À l’horizon de douze mois, nous pensons toujours que les forces de réouverture économique persisteront et sont favorables à la croissance. Nous prévoyons cependant que la volatilité restera élevée étant donné que la Réserve fédérale américaine envisage un échéancier de réduction progressive des mesures de relance plus tard cette année et que le marché affronte de nouvelles tensions dues aux communications des banques centrales ainsi qu’au variant Delta du coronavirus. Bien que de nombreuses incertitudes subsistent, bon nombre des forces de début de cycle qui ont influencé les prix au début de l’année semblent se dissiper, cédant la place à une hausse des échanges bidirectionnels. Nous pensons que cette volatilité conditionnera des opportunités plus intéressantes pour faciliter nos préférences pour les expositions aux valeurs de rendement, aux valeurs cycliques et aux autres valeurs de reprise. Nous restons constructifs sur les actions, en particulier sur les marchés développés hors États-Unis et sur les marchés émergents, avec un récent repli des valorisations qui conforte notre point de vue. Sur le plan des titres à revenu fixe, nous privilégions le crédit à haut rendement et la dette des marchés émergents par rapport aux obligations investment grade, du fait du recul des rendements après la réunion du comité mensuel de la Fed (FOMC) et du resserrement des écarts qui ont entamé l’attrait des obligations de première classe.
Enfin, nous croyons toujours qu’il est prudent de conserver une approche de rendements multidimensionnelle. Durant le premier semestre 2021, nous avons élargi nos sources de revenus en intégrant des actions à haut dividende des marchés émergents dans le Portefeuille, ce qui a soutenu la performance. Nous cherchons toujours des sources de revenus spécialisées qui offrent un rapport risque/rendement intéressant. Notre approche multi-actifs évite de concentrer le risque dans les actions, la duration ou le risque de spread du portefeuille et vise à diversifier les classes d’actifs dans lesquelles il est investi afin de dégager un niveau de revenu élevé et durable dans une structure de gestion des risques.
480 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILAN ÉTATS FINANCIERS | ## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the USD I Accumulating Class was 4.82%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Despite occasional bouts of volatility, the last 6 months have seen strong performance from risk assets, driven by a large decrease in COVID-19 cases worldwide, accelerating vaccinations, and massive monetary and fiscal policy support. Economic data have recovered, led by robust improvements in consumer sentiment and activity as economies slowly head towards full reopening. Inflation as well as inflation expectations accelerated around the world, causing central banks to shift marginally more hawkish and begin to discuss tapering timelines. The first quarter of 2021 saw a meaningful spike in interest rates as investors rotated into riskier assets amidst an improving outlook for global growth, while the second quarter saw a consolidation of the move after positioning became lopsided. In the fiscal realm, the US saw the passage of the American Rescue Plan and agreement on a new infrastructure bill after a Blue Wave outcome earlier in the year where Joe Biden was inaugurated as president and the Senate shifted to a Democratic majority.
The Portfolio’s allocations to equities drove gains while fixed income and uncorrelated strategies were also additive to performance. Within equities, all of the strategies contributed positively, with energy infrastructure stocks and US high dividend equity making the largest impact on the back of strong performance from cyclical value equities. Within fixed income, European high yield credit and preferred securities contributed the most, overshadowing losses from more rate-sensitive sleeves like investment grade credit and long Treasuries. Additionally, the decision to trim Portfolio duration early in the year benefitted performance in the first quarter. Uncorrelated strategies performance was led by contributions from options writing as volatility trended lower over the period.
On a 12-month horizon, we still think economic re-opening forces will persist and are pro-growth in our views. However, we anticipate volatility to remain elevated as the US Federal Reserve approaches a tapering timeline later this year and the market contends with a new tension in central bank messaging as well as the Delta variant of COVID-19. While plenty of uncertainty remains, many of the early-cycle forces that drove price action earlier this year look to be fading, giving way to an uptick in two-way trading. We believe this volatility will lead to more attractive opportunities to ease into our preferences for value, cyclical and other recovery exposures. We remain constructive on equities, particularly in developed markets ex-US and emerging markets, with the recent pullback in valuations adding comfort to our view. Within fixed income, we favor high yield credit and emerging markets debt over investment grade bonds, with the move lower in yields post-US Federal Open Market Committee (FOMC) meeting and tightening spreads making high grade bonds less compelling.
Finally, we continue to believe that a multi-dimensional approach to yield is prudent. During the first half of 2021, we expanded our income sources by incorporating emerging markets high dividend equity to the portfolio, which helped performance. We continue to seek specialist income sources that offer an attractive risk/return payoff. Our multi-asset class approach avoids concentration of portfolio risk in equity, duration or spread risk and attempts to diversify across asset classes to achieve a high- and sustainable-income level in a risk managed framework.
480 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | en | fr |
DOLFIN2824 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Before making an investment decision with respect to any units class of the fund, potential investors should carefully consider all the information contained in this prospectus with integrated fund contract as well as their own personal circumstances. Prospective investors should pay particular attention to the considerations in this section and the "Profile of the typical investor."
An investment in the fund is only suitable for investors who (independently or together with an appropriate financial or other adviser) are able to evaluate the merits and risks of such an investment and who have sufficient resources to accept any losses that may result.
The risk factors set out in this prospectus and the relevant key information document are not exhaustive. There may be other risks that a potential investor should consider as relevant to its own particular circumstances or as relevant generally. | Bevor eine Anlageentscheidung in Bezug auf irgendeine Anteilsklasse des Fonds getroffen wird, sollten potentielle Anleger alle Informationen in diesem Prospekt mit integriertem Fondsvertrag sowie die eigenen persönlichen Umstände sorgfältig in Betracht ziehen. Potentielle Anleger sollten insbesondere die Überlegungen in diesem Abschnitt und das „Profil des typischen Anlegers“ berücksichtigen.
Eine Investition in den Fonds kommt nur für Anleger infrage, die (unabhängig oder gemeinsam mit einem entsprechenden Finanz- oder sonstigem Berater) in der Lage sind, die Vorzüge und Risiken einer solchen Investition einzuschätzen und die über ausreichende Ressourcen verfügen, um etwaige Verluste, die daraus resultieren können, in Kauf nehmen zu können.
Die in diesem Prospekt und im entsprechenden Basisinformationsblatt genannten Risikofaktoren sind nicht abschliessend. Es kann weitere Risiken geben, die ein potentieller Anleger als für seine eigenen besonderen Umstände oder als generell relevant berücksichtigen sollte. | Before making an investment decision with respect to any units class of the fund, potential investors should carefully consider all the information contained in this prospectus with integrated fund contract as well as their own personal circumstances. Prospective investors should pay particular attention to the considerations in this section and the "Profile of the typical investor."
An investment in the fund is only suitable for investors who (independently or together with an appropriate financial or other adviser) are able to evaluate the merits and risks of such an investment and who have sufficient resources to accept any losses that may result.
The risk factors set out in this prospectus and the relevant key information document are not exhaustive. There may be other risks that a potential investor should consider as relevant to its own particular circumstances or as relevant generally. | en | de |
DOLFIN2825 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The indicator above indicates the position of the Sub-Fund on a standard risk/reward category scale.
The risk/return indicator suggests the relationship between risk and potential returns when investing in the Sub-Fund.
The Sub-Fund is in category 6, indicating higher risk but with the potential for higher reward, because it invests mainly in equities the values of which can fluctuate significantly.
Historical data, such as are used in calculating the synthetic indicator, may not be reliable indication of the future risk profile of the Sub-Fund.
The risk and reward category shown is not guaranteed to remain unchanged and may shift over time.
The lowest category does not mean a risk-free investment.
The following risks are materially relevant to the Sub-Fund but are not adequately captured by the indicator: | L’indicateur ci-dessus montre la position du Compartiment sur une échelle de catégorie de risque et de rendement normal.
L’indicateur de risque et de rendement présente la relation qui existe entre le risque et les rendements potentiels associés à l’investissement dans le Compartiment.
Le Compartiment appartient à la catégorie 6, qui indique un risque plus élevé assorti d’un rendement potentiel plus élevé, car il investit essentiellement dans des actions dont les valeurs peuvent fluctuer fortement.
Les données historiques, telles que celles utilisées pour calcu- ler l’indicateur synthétique, pourraient ne pas constituer une in- dication fiable du profil de risque futur du Compartiment.
Il n’est pas certain que la catégorie de risque et de rendement affichée demeure inchangée et le classement du Compartiment est susceptible d’évoluer dans le temps.
La catégorie la plus basse n’est pas synonyme d’un placement sans risque.
Les risques suivants sont d’une importance significative pour le Compartiment, mais ils ne sont pas adéquatement pris en consi- dération par l’indicateur : | The indicator above indicates the position of the Sub-Fund on a standard risk/reward category scale.
The risk/return indicator suggests the relationship between risk and potential returns when investing in the Sub-Fund.
The Sub-Fund is in category 6, indicating higher risk but with the potential for higher reward, because it invests mainly in equities the values of which can fluctuate significantly.
Historical data, such as are used in calculating the synthetic indicator, may not be reliable indication of the future risk profile of the Sub-Fund.
The risk and reward category shown is not guaranteed to remain unchanged and may shift over time.
The lowest category does not mean a risk-free investment.
The following risks are materially relevant to the Sub-Fund but are not adequately captured by the indicator: | en | fr |
DOLFIN2826 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment of $10,000 | If you exit after 3 years | If you exit after 5 years |
| --- | --- | --- |
| Total costs | $1,091 | $1,746 |
| Annual reduction in yield (RIY) | 3.50% | 3.20% | | | Investissement $10 000 | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | $1 091 | $1 746 |
| Réduction annuelle du rendement (RIY) | 3.50% | 3.20% | | | Investment of $10,000 | If you exit after 3 years | If you exit after 5 years |
| --- | --- | --- |
| Total costs | $1,091 | $1,746 |
| Annual reduction in yield (RIY) | 3.50% | 3.20% | | en | fr |
DOLFIN2827 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2600 | €2680 |
| Rendement annuel moyen | -74.00% | -23.15% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7330 | €7340 |
| Rendement annuel moyen | -26.70% | -6.00% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10220 | €12650 |
| Rendement annuel moyen | 2.20% | 4.81% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15170 | €16450 |
| Rendement annuel moyen | 51.70% | 10.47% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2600 | €2680 |
| Rendimiento medio cada año | -74.00% | -23.15% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €7330 | €7340 |
| Rendimiento medio cada año | -26.70% | -6.00% |
| Moderado | Lo que podría recibir tras deducir los costes | €10220 | €12650 |
| Rendimiento medio cada año | 2.20% | 4.81% |
| Favorable | Lo que podría recibir tras deducir los costes | €15170 | €16450 |
| Rendimiento medio cada año | 51.70% | 10.47% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2600 | €2680 |
| Rendement annuel moyen | -74.00% | -23.15% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7330 | €7340 |
| Rendement annuel moyen | -26.70% | -6.00% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10220 | €12650 |
| Rendement annuel moyen | 2.20% | 4.81% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €15170 | €16450 |
| Rendement annuel moyen | 51.70% | 10.47% | | fr | es |
DOLFIN2828 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens
At least 70% of the Fund’s total assets will be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer the FTSE World Government Bond USD Hedged Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the credit rating and issuer requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid monthly and calculated monthly on the shares). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión sostenible aplicados a la inversión.
El Fondo invierte a escala mundial al menos el 70 % de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
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 visite el sitio web de BlackRock: https://www.blackrock.com/baselinescreens
Al menos el 70% de los activos totales del Fondo estarán emitidos por gobiernos, agencias gubernamentales y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) y tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la compra. Las inversiones restantes podrían tener una calificación de solvencia relativamente baja, o carecer de calificación.
El asesor de inversiones (AI) puede utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en 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 del mercado (es decir, cuando el Fondo incurre 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 FTSE World Government Bond USD Hedged 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 es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o 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. No obstante, los requisitos de calificación de solvencia y en materia de emisores 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 deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (mensualmente se pagarán ingresos por dividendo, que se calcularán mensualmente sobre las acciones). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens
At least 70% of the Fund’s total assets will be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer the FTSE World Government Bond USD Hedged Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the credit rating and issuer requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid monthly and calculated monthly on the shares). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2829 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Contents of share portfolio | Net asset | Total value of assets |
| --- | --- | --- |
| a) Eligible financial securities and money market instruments admitted to trading on a regulated market within the meaning of Article L. 422-1° of the French Monetary and Financial Code. and b) Eligible financial securities and money market instruments admitted to trading on another recognised regulated market which operates regularly, is open to the public, and is located in a EU Member State or in another country which is party to the Agreement on the European Economic Area. | 80.40 | 80.33 |
| c) Eligible financial securities and money market instruments admitted to an official listing on a third-country stock exchange or traded on another recognised third-country regulated market operating regularly and open to the public, provided that this stock exchange or market is not listed by the AFM or that the choice of this stock exchange or market is provided for by law or by the Articles of Association of the UCITS / general-purpose investment fund. | - | - |
| d) Newly issued financial securities mentioned in item 4, section I of Article R. 214-11 / 4, section I of Article R. 214-32-18 of the French Monetary and Financial Code. | - | - |
| e) Other assets | 9.96 | 9.95 | | | Éléments du portefeuille titres | Actif net | Total des actifs |
| --- | --- | --- |
| a) Les titres financiers éligibles et des instruments du marché monétaire admis à la négociation sur un marché réglementé au sens de l'article L. 422-1° du code monétaire et financier. et b) Les titres financiers éligibles et des instruments du marché monétaire admis à la négociation sur un autre marché réglementé, en fonctionnement régulier, reconnu, ouvert au public et dont le siège est situé dans un Etat membre de l'Union européenne ou dans un autre Etat partie à l'accord sur l'Espace économique européen. | 80,40 | 80,33 |
| c) Les titres financiers éligibles et des instruments du marché monétaire admis à la cote officielle d'une bourse de valeurs d'un pays tiers ou négociés sur un autre marché d'un pays tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public, pour autant que cette bourse ou ce marché ne figure pas sur une liste établie par l'Autorité des marchés financiers ou que le choix de cette bourse ou de ce marché soit prévu par la loi ou par le règlement ou les statuts de l’OPC / du fonds d'investissement à vocation générale. | - | - |
| d) Les titres financiers nouvellement émis mentionnés au 4° du I de l'article R. 214-11 / 4° du I de l’article R.214-32-18 du code monétaire et financier. | - | - |
| e) Les autres actifs | 9,96 | 9,95 | | | Contents of share portfolio | Net asset | Total value of assets |
| --- | --- | --- |
| a) Eligible financial securities and money market instruments admitted to trading on a regulated market within the meaning of Article L. 422-1° of the French Monetary and Financial Code. and b) Eligible financial securities and money market instruments admitted to trading on another recognised regulated market which operates regularly, is open to the public, and is located in a EU Member State or in another country which is party to the Agreement on the European Economic Area. | 80.40 | 80.33 |
| c) Eligible financial securities and money market instruments admitted to an official listing on a third-country stock exchange or traded on another recognised third-country regulated market operating regularly and open to the public, provided that this stock exchange or market is not listed by the AFM or that the choice of this stock exchange or market is provided for by law or by the Articles of Association of the UCITS / general-purpose investment fund. | - | - |
| d) Newly issued financial securities mentioned in item 4, section I of Article R. 214-11 / 4, section I of Article R. 214-32-18 of the French Monetary and Financial Code. | - | - |
| e) Other assets | 9.96 | 9.95 | | en | fr |
DOLFIN2830 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# REGULATIONS AT 1 OCTOBER 2018
## SECTION 1 - ASSETS AND UNITS
### Article 1 - Co-ownership units
The co-owners’ rights are expressed as units, each unit representing an equal fraction of the assets of the Fund. Each unitholder has a co-ownership right to the Fund’s assets, proportional to the number of units held.
The term of the Fund is 99 years from 15 April 2005, except in the event of early dissolution or extension, as provided for in these regulations.
The features of the various classes of units and their access conditions are stated in the prospectus of the Fund. The various classes of units may:
- have different income distribution regimes (distribution or accumulation);
- be denominated in different currencies;
- incur different management fees;
- incur different subscription and redemption fees;
- have a different nominal value;
- be systematically hedged, fully or partially, as specified in the prospectus. This hedge is provided through financial instruments that reduce the impact from hedging transactions on the other categories of UCITS units to a minimum;
- be reserved for one or a few marketing networks.
The units may, on the decision of the corporate officer of the management company, be consolidated or divided into tenths, hundredths, thousandths or ten-thousandths, known as fractions of units.
The provisions of the regulations governing the issue and redemption of units apply to fractions of units, whose value will always be proportional to that of the unit they represent. Unless stated otherwise, all other provisions of the regulations relating to units apply to fractions of units without the need to specify further provisions to that effect.
Finally, the corporate officer of the management company may, at his own discretion, split the units by creating new units, which shall be allocated to shareholders in exchange for their existing units.
### Article 2 - Minimum amount of assets
Units cannot be redeemed if the assets of the Fund fall below €300,000; if the assets remain below this amount for thirty days, the management company shall take the necessary measures to dissolve the UCITS or carry out one of the transactions mentioned under article 411-16 of the General Regulation of the AMF (UCITS transfers).
### Article 3 - Issue and redemption of units
Units may be issued at any time at the request of holders, on the basis of their net asset value plus subscription fees, where applicable.
Subscriptions and redemptions shall comply with the terms and conditions defined in the prospectus. Shares of mutual funds may be admitted to an official listing in accordance with the regulations in force.
Subscriptions must be fully paid up on the net asset value calculation date. Subscriptions may be made in cash and/or by the contribution of financial instruments. The management company is entitled to refuse the securities offered and, to this end, has a period of seven days from the date of their deposit in order to notify its decision. In the case of acceptance, the securities provided are valued in accordance with the rules specified in article 4 and the subscription takes place on the basis of the first net asset value following acceptance of the securities concerned.
Redemptions may be carried out for cash and/or in kind.
If the redemption in kind corresponds to a representative proportion of the assets in the portfolio, then the UCITS or the management company only needs to obtain written agreement signed by the redeeming unitholder. Where the redemption in kind does not correspond to a representative portion of the assets in the portfolio, all unitholders must provide their written agreement authorising the redeeming unitholder to redeem its units for certain particular assets, as explicitly defined in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the agreement of the portfolio management company and in compliance with the interests of unitholders, be made in kind under the conditions defined in the prospectus or the Fund regulations. The assets are delivered by the issuer’s account holder under the conditions set out in the Fund’s prospectus.
In general, the redeemed assets are valued according to the rules set out in Article 4 and the redemption in kind is made based on the first net asset value following acceptance of the securities concerned.
Redemptions are settled by the issuer’s account keeper no later than five days following the day of valuation of the unit.
However, if in exceptional circumstances the reimbursement requires the prior realisation of assets held in the UCITS, this period may be extended to a maximum of 30 days.
Except in the case of succession or an inter vivos gift, the sale or transfer of shares between holders, or from holders to a third party, is deemed to be a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount specified in the prospectus.
Pursuant to article L.214-8-7 of the Monetary and Financial Code, the Fund’s redemption of its units, and the issue of new units, may be suspended on a temporary basis by the management company if exceptional circumstances so require and if the interests of the holders so dictate.
Where the net assets of the UCITS are below the amount specified in the regulations, no redemption of units may be carried out.
The Fund may cease to issue units pursuant to article L. 214-8-7 of the Monetary and Financial Code, on a temporary or permanent basis, in whole or in part, in objective situations leading to the closure of subscriptions, such as a maximum number of shares or units issued, attainment of a maximum asset amount or the expiry of a specified subscription period.
Existing unitholders will be provided by any means with the information that this tool has been triggered, as well as with the threshold and the objective situation that led to the decision to close subscriptions in full or in part. In the event of a partial closure, this information by any means will explicitly state the terms under which existing unitholders may continue to make subscriptions for the duration of the partial closure. Unitholders are also informed by any means of the decision of the UCI or the management company to either terminate the total or partial closure of subscriptions (when moving beneath the trigger threshold), or to not terminate it (in the event of a change in threshold or change in the objective situation leading to the implementation of this
tool). A change in the objective situation invoked or the trigger threshold of the tool must always be made in the interests of the unitholders. Information by any means specifies the exact reasons for these changes.
### Article 4 - Calculation of net asset value
The net asset value of the units is calculated in accordance with the valuation rules specified in the prospectus.
Contributions in kind may only consist of the securities, stocks or contracts eligible for the UCITS; contributions and redemptions in kind are valued in accordance with the same valuation rules as for the calculation of the net asset value.
## SECTION 2 - OPERATION OF THE FUND
### Article 5 - Management company
The Fund is managed by the management company in accordance with the guidelines specified for the UCITS.
The management company acts in all circumstances exclusively on behalf of the shareholders and has the exclusive right to exercise the voting rights attached to the securities held in the Fund.
### Article 5-bis - Operating rules
The instruments and deposits in which the Fund's assets may be invested and the investment rules are described in the prospectus.
### Article 5-ter – Admission to trading on a regulated market and/or multilateral trading facility
Units may be admitted to trading on a regulated market and/or multilateral trading facility in accordance with the regulations in force. If the Fund whose units are listed for trading on a regulated market has an index-based management objective, the Fund must have implemented measures to ensure that the price of its units does not deviate significantly from its net asset value.
### Article 6 - Depositary
The depositary shall perform the duties incumbent upon it in accordance with the laws and regulations in force, in addition to those mandated to it by the management company. It must, in particular, ensure that the decisions taken by the management company comply with regulations. If applicable, it must take all protective measures it deems appropriate. In the event of a dispute with the management company, it shall inform the Autorité des marchés financiers of the dispute.
### Article 7 – Statutory Auditor
A statutory auditor is appointed by the governance body of the management company for a term of six financial years, following approval by the Autorité des marchés financiers.
He shall certify the compliance and accuracy of the accounts. The term of office of the statutory auditor may be renewed.
The statutory auditor is required to notify the Autorité des marchés financiers at the earliest opportunity of any fact or decision concerning the UCITS of which he has become aware in the course of fulfilling his duties that:
1° constitutes a breach of the legislation or regulations applicable to the Fund and which may have a significant impact on its financial position, performance or assets;
2° affects the conditions or continuation of its operation;
3° entails the expression of a reservation or the refusal to certify the accounts.
The statutory auditor shall supervise the valuation of the assets and the determination of exchange ratios used in the event of a conversion, merger or split. The statutory auditor shall be responsible for assessing any contribution or redemption in kind, except in the case of redemptions in kind for an ETF on the primary market. The statutory auditor shall verify the composition of the assets and other information before publication.
The statutory auditor’s fees are determined by mutual agreement between the statutory auditor and the management company on the basis of a work schedule indicating the duties deemed necessary.
The statutory auditor shall certify situations giving rise to the distribution of down payments. The statutory auditor’s fees are included in the management fees.
### Article 8 - Financial statements and management report
At the end of each financial year, the management company prepares the financial statements and a report on the management of the Fund during the past financial year.
At least biannually, the management company shall provide a schedule of the UCITS assets under the supervision of the depositary.
The management company shall make these documents available to shareholders no later than four months after the financial year-end and shall notify them of the amount of income to which they are entitled. These documents shall either be sent by post at the shareholders’ express request or shall be made available to them at the offices of the management company.
## SECTION 3 - ALLOCATION OF DISTRIBUTABLE INCOME
### Article 9 – Allocation of distributable income
The net income for the financial year is equal to the amount of interest, arrears, dividends, premiums and share-outs, directors’ fees and all income generated by the securities held in the Fund’s portfolio plus the income generated by temporary cash holdings, minus management fees and borrowing costs.
Distributable income consists of:
1° Net income for the period plus retained earnings, plus or minus the balance of any accrued income or deferred expenses for the last financial year;
2° Gains realised, net of costs, minus net capital losses incurred, net of costs, recorded during the year, plus any net gains of the same type recorded in previous years which were not subject to distribution or accumulation, plus or minus the balance of any accruals or deferred expenses for the gains realised.
The amounts outlined in point 2 above may be distributed in whole or in part.
The specific arrangements for allocating distributable income are set out in the Prospectus.
## SECTION 4 - MERGER - SPLIT - DISSOLUTION - LIQUIDATION
### Article 10 - Merger – Split
The management company may merge all or part of the assets of the Fund with another UCITS or split the Fund into two or more other funds.
Such mergers or splits may only be carried out after the unitholders have been notified. They give rise to the issue of a new certificate stating the number of units held by each unitholder.
### Article 11 - Dissolution – Extension
- If the assets of the Fund remain below the amount specified in article 2 above for thirty days, the management company shall inform the Autorité des marchés financiers and shall dissolve the Fund, except in the event of a merger with another mutual fund.
- The management company may dissolve the Fund early; it shall inform unitholders of its decision and from that date subscription and redemption orders shall no longer be accepted.
- The management company shall also dissolve the Fund if a request is made for the redemption of all the shares, if the depositary’s appointment is terminated and no other depositary has been appointed, or upon the expiry of the Fund’s term, unless such term is extended.
The management company shall inform the Autorité des marchés financiers by post of the dissolution date and procedure adopted. It shall subsequently send the statutory auditor’s report to the Autorité des marchés financiers.
The management company may decide to extend the life of the fund by agreement with the depositary. Its decision must be taken at least three months before the expiry of the Fund’s term and must be communicated to the shareholders and the Autorité des marchés financiers.
### Article 12 – Liquidation
In the event of dissolution, the management company assumes the role of liquidator; if this is not feasible, the liquidator shall be designated by the courts upon the application of any interested party.
To that end, it is vested with the widest powers to realise the assets, pay any creditors and distribute the available balance among the unitholders in cash or securities.
The statutory auditor and the depositary shall continue to perform their duties until the liquidation operations have been completed.
## SECTION 5 – DISPUTES
### Article 13 - Jurisdiction - Address for service
Any disputes relating to the Fund arising during its term or at the time of its liquidation, either between the unitholders themselves or between the unitholders and the management company or the depositary, are subject to the jurisdiction of the competent courts.
Information regarding foreign marketing:
In certain countries outside of France where the Fund is marketed, local payment agents may receive additional fees for services provided which are not born by the Fund. | # REGLEMENT EN DATE DU 1ER OCTOBRE 2018
## TITRE 1 - ACTIF ET PARTS
### Article 1 - Parts de copropriété
Les droits des copropriétaires sont exprimés en parts, chaque part correspondant à une même fraction de l’actif du fonds. Chaque porteur de parts dispose d’un droit de copropriété sur les actifs du fonds proportionnel au nombre de parts possédées.
La durée du fonds est de 99 ans à compter du 15 avril 2005 sauf dans les cas de dissolution anticipée ou de la prorogation prévue au présent règlement.
Les caractéristiques des différentes catégories de parts et leurs conditions d'accès sont précisées dans le prospectus du FCP.
Les différentes catégories de parts pourront :
- bénéficier de régimes différents de distribution des revenus ; (distribution ou capitalisation)
- être libellées en devises différentes ;
- supporter des frais de gestion différents ;
- supporter des commissions de souscriptions et de rachat différentes ;
- avoir une valeur nominale différente ;
- être assorties d’une couverture systématique de risque, partielle ou totale, définie dans le prospectus. Cette couverture est assurée au moyen d’instruments financiers réduisant au minimum l’impact des opérations de couverture sur les autres catégories de parts de l’OPCVM ;
- être réservées à un ou plusieurs réseaux de commercialisation.
Les parts pourront être, sur décision du mandataire social de la société de gestion, regroupées ou fractionnées en dixièmes, centièmes, millièmes ou dix-millièmes, dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
Enfin, le mandataire social de la société de gestion peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes.
### Article 2 - Montant minimal de l’actif
Il ne peut être procédé au rachat des parts si l’actif du FCP devient inférieur à 300 000 euros ; lorsque l’actif demeure pendant trente jours inférieur à ce montant, la société de gestion prend les dispositions nécessaires afin de procéder à la liquidation de l’OPCVM, ou à l’une des opérations mentionnées à l’article 411-16 du règlement général de l’AMF (mutation de l’OPCVM).
### Article 3 - Emission et rachat des parts
Les parts sont émises à tout moment à la demande des porteurs sur la base de leur valeur liquidative augmentée, le cas échéant, des commissions de souscription.
Les rachats et les souscriptions sont effectués dans les conditions et selon les modalités définies dans le prospectus.
Les parts de fonds commun de placement peuvent faire l’objet d’une admission à la cote selon la réglementation en vigueur.
Les souscriptions doivent être intégralement libérées le jour du calcul de la valeur liquidative. Elles peuvent être effectuées en numéraire et/ou par apport d’instruments financiers. La société de gestion a le droit de refuser les valeurs proposées et, à cet effet, dispose d’un délai de sept jours à partir de leur dépôt pour faire connaître sa décision. En cas d’acceptation, les valeurs apportées sont évaluées selon les règles fixées à l’article 4 et la souscription est réalisée sur la base de la première valeur liquidative suivant l’acceptation des valeurs concernées.
Les rachats peuvent être effectués en numéraire et/ou en nature.
Si le rachat en nature correspond à une quote-part représentative des actifs du portefeuille, alors seul l’accord écrit signé du porteur sortant doit être obtenu par l’OPCVM ou la société de gestion. Lorsque le rachat en nature ne correspond pas à une quote-part représentative des actifs du portefeuille, l’ensemble des porteurs doivent signifier leur accord écrit autorisant le porteur sortant à obtenir le rachat de ses parts contre certains actifs particuliers, tels que définis explicitement dans l’accord.
Par dérogation à ce qui précède, lorsque le fonds est un ETF, les rachats sur le marché primaire peuvent, avec l’accord de la société de gestion de portefeuille et dans le respect de l’intérêt des porteurs de parts, s’effectuer en nature dans les conditions définies dans le prospectus ou le règlement du fonds. Les actifs sont alors livrés par le teneur de compte émetteur dans les conditions définies dans le prospectus du fonds.
De manière générale, les actifs rachetés sont évalués selon les règles fixées à l’article 4 et le rachat en nature est réalisé sur la base de la première valeur liquidative suivant l’acceptation des valeurs concernées.
Les rachats sont réglés par le teneur de compte émetteur dans un délai maximum de cinq jours suivant celui de l’évaluation de la part.
Toutefois, si, en cas de circonstances exceptionnelles, le remboursement nécessite la réalisation préalable d’actifs compris dans l’OPCVM, ce délai peut être prolongé, sans pouvoir excéder 30 jours.
Sauf en cas de succession ou de donation-partage, la cession ou le transfert de parts entre porteurs, ou de porteurs à un tiers, est assimilé à un rachat suivi d’une souscription ; s’il s’agit d’un tiers, le montant de la cession ou du transfert doit, le cas échéant, être complété par le bénéficiaire pour atteindre au minimum celui de la souscription minimale exigée par le prospectus.
En application de l’article L. 214-8-7 du code monétaire et financier, le rachat par le FCP de ses parts, comme l’émission de parts nouvelles, peuvent être suspendus, à titre provisoire, par la société de gestion, quand des circonstances exceptionnelles l’exigent et si l’intérêt des porteurs le commande.
Lorsque l’actif net de l’OPCVM est inférieur au montant fixé par la règlementation, aucun rachat des parts ne peut être effectué.
Le FCP peut cesser d’émettre des parts en application de l’article L. 214-8-7 du code monétaire et financier, de manière provisoire ou définitive, partiellement ou totalement, dans les situations objectives entraînant la fermeture des souscriptions telles qu’un nombre maximum de parts ou d’actions émises, un montant maximum d’actif atteint ou l’expiration d’une période de souscription déterminée.
Le déclenchement de cet outil fera l’objet d’une information par tout moyen des porteurs existants relative à son activation, ainsi qu’au seuil et à la situation objective ayant conduit à la décision de fermeture partielle ou totale. Dans le cas d’une fermeture partielle, cette information par tout moyen précisera explicitement les modalités selon lesquelles les porteurs existants peuvent continuer de souscrire pendant la durée de cette fermeture partielle. Les porteurs de parts sont également informés par tout moyen de la décision de l’OPC ou de la société de gestion soit de mettre fin à la fermeture totale ou partielle des souscriptions (lors du passage sous le seuil de déclenchement), soit de ne pas y mettre fin (en cas de changement de seuil ou de modification
de la situation objective ayant conduit à la mise en œuvre de cet outil). Une modification de la situation objective invoquée ou du seuil de déclenchement de l’outil doit toujours être effectuée dans l’intérêt des porteurs de parts. L’information par tous moyens précise les raisons exactes de ces modifications.
### Article 4 - Calcul de la valeur liquidative
Le calcul de la valeur liquidative des parts est effectué en tenant compte des règles d’évaluation figurant dans le prospectus.
Les apports en nature ne peuvent comporter que les titres, valeurs ou contrats admis à composer l’actif des OPCVM ; les apports et les rachats en nature sont évalués conformément aux règles d’évaluation applicables au calcul de la valeur liquidative.
## TITRE 2 - FONCTIONNEMENT DU FONDS
### Article 5 - La société de gestion
La gestion du fonds est assurée par la société de gestion conformément à l’orientation définie pour l’OPCVM.
La société de gestion agit en toutes circonstances dans l’intérêt exclusif des porteurs de parts et peut seule exercer les droits de vote attachés aux titres compris dans le fonds.
### Article 5 bis - Règles de fonctionnement
Les instruments et dépôts éligibles à l’actif de l’OPCVM ainsi que les règles d’investissement sont décrits dans le prospectus.
### Article 5 ter - Admission à la négociation sur un marché réglementé et/ou un système multilatéral de négociation
Les parts peuvent faire l’objet d’une admission à la négociation sur un marché réglementé et/ou un système multilatéral de négociation selon la réglementation en vigueur. Dans le cas où le FCP dont les parts sont admises aux négociations sur un marché réglementé a un objectif de gestion fondé sur un indice, le fonds devra avoir mis en place un dispositif permettant de s’assurer que le cours de ses parts ne s’écarte pas sensiblement de sa valeur liquidative.
### Article 6 - Le dépositaire
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement confiées par la société de gestion. Il doit notamment s’assurer que la régularité des décisions de la société de gestion. Il doit, le cas échéant, prendre toutes mesures conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorités des marchés financiers.
### Article 7 - Le commissaire aux comptes
Un commissaire aux comptes est désigné pour six exercices, après accord de l'Autorité des marchés financiers, par l’organe de gouvernance de la société de gestion.
Il certifie la régularité et la sincérité des comptes. Il peut être renouvelé dans ses fonctions.
Le commissaire aux comptes est tenu de signaler dans les meilleurs délais à l’Autorité des marchés financiers tout fait ou toute décision concernant l’OPCVM dont il a eu connaissance dans l’exercice de sa mission, de nature :
1° A constituer une violation des dispositions législatives ou réglementaires applicables à cet organisme et susceptible d'avoir des effets significatifs sur la situation financière, le résultat ou le patrimoine ;
2° A porter atteinte aux conditions ou à la continuité de son exploitation ;
3° A entraîner l'émission de réserves ou le refus de la certification des comptes.
Les évaluations des actifs et la détermination des parités d’échange dans les opérations de transformation, fusion ou scission sont effectuées sous le contrôle du commissaire aux comptes. Il apprécie tout apport ou
rachat en nature sous sa responsabilité, hormis dans le cadre de rachats en nature pour un ETF sur le marché primaire. Il contrôle la composition de l’actif et des autres éléments avant publication.
Les honoraires du commissaire aux comptes sont fixés d’un commun accord entre celui-ci et la société de gestion au vu d’un programme de travail précisant les diligences estimées nécessaires.
Il atteste les situations servant de base à la distribution d’acomptes. Ses honoraires sont compris dans les frais de gestion.
### Article 8 - Les comptes et le rapport de gestion
A la clôture de chaque exercice, la société de gestion établit les documents de synthèse et établit un rapport sur la gestion du fonds pendant l’exercice écoulé.
La société de gestion établit, au minimum de façon semestrielle et sous contrôle du dépositaire, l’inventaire des actifs de l’OPC.
La société de gestion tient ces documents à la disposition des porteurs de parts dans les quatre mois suivant la clôture de l’exercice et les informe du montant des revenus auxquels ils ont droit : ces documents sont, soit transmis par courrier à la demande expresse des porteurs de parts, soit mis à leur disposition à la société de gestion.
## TITRE 3 - MODALITES D’AFFECTATION DES SOMMES DISTRIBUABLES
### Article 9- Modalités d’affectation des sommes distribuables
Le résultat net de l’exercice est égal au montant des intérêts, arrérages, dividendes, primes et lots, jetons de présence ainsi que tous produits relatifs aux titres constituant le portefeuille de l’OPCVM majoré du produit des sommes momentanément disponibles et diminué des frais de gestion et de la charge des emprunts.
Les sommes distribuables sont constituées par :
1° Le résultat net de l’exercice augmenté des reports à nouveau et majoré ou diminué du solde des comptes de régularisation des revenus afférents à l’exercice clos ;
2° Les plus-values réalisées, nettes de frais, diminuées des moins-values réalisées, nettes de frais, constatées au cours de l’exercice, augmentées des plus-values nettes de même nature constatées au cours d’exercices antérieurs n’ayant pas fait l’objet d’une distribution ou d’une capitalisation et diminuées ou augmentées du solde du compte de régularisation des plus-values.
Les sommes mentionnées au 2° peuvent être distribuées, en tout ou partie.
Les modalités précises d’affectation des sommes distribuables sont définies dans le prospectus.
## TITRE 4 - FUSION - SCISSION - DISSOLUTION – LIQUIDATION
### Article 10 - Fusion – Scission
La société de gestion peut soit faire apport, en totalité ou en partie, des actifs compris dans le fonds à un autre OPCVM, soit scinder le fonds en deux ou plusieurs autres fonds.
Ces opérations de fusion ou de scission ne peuvent être réalisées qu’après que les porteurs en ont été avisés. Elles donnent lieu à la délivrance d’une nouvelle attestation précisant le nombre de parts détenues par chaque porteur.
### Article 11 - Dissolution – Prorogation
- Si les actifs du fonds demeurent inférieurs, pendant trente jours, au montant fixé à l’article 2 ci-dessus, la société de gestion en informe l'Autorité des marchés financiers et procède, sauf opération de fusion avec un autre fonds commun de placement, à la dissolution du fonds.
- La société de gestion peut dissoudre par anticipation le fonds ; elle informe les porteurs de parts de sa décision et à partir de cette date les demandes de souscription ou de rachat ne sont plus acceptées.
- La société de gestion procède également à la dissolution du FCP en cas de demande de rachat de la totalité des parts, de cessation de fonction du dépositaire, lorsqu’aucun autre dépositaire n’a été désigné, ou à l’expiration de la durée du fonds, si celle-ci n’a pas été prorogée.
La société de gestion informe l'Autorité des marchés financiers par courrier de la date et de la procédure de dissolution retenue. Ensuite, elle adresse à l'Autorité des marchés financiers le rapport du commissaire aux comptes.
La prorogation d’un fonds peut être décidée par la société de gestion en accord avec le dépositaire. Sa décision doit être prise au moins 3 mois avant l’expiration de la durée prévue pour le fonds et portée à la connaissance des porteurs de parts et de l'Autorité des marchés financiers.
### Article 12 – Liquidation
En cas de dissolution, la société de gestion assume les fonctions de liquidateur ; à défaut, le liquidateur est désigné en justice à la demande de toute personne intéressée.
Il est investi à cet effet, des pouvoirs les plus étendus pour réaliser les actifs, payer les créanciers éventuels et répartir le solde disponible entre les porteurs de parts en numéraire ou en valeurs.
Le commissaire aux comptes et le dépositaire continuent d’exercer leurs fonctions jusqu’à la fin des opérations de liquidation.
## TITRE 5 – CONTESTATION
### Article 13 - Compétence - Election de domicile
Toutes contestations relatives au fonds qui peuvent s’élever pendant la durée de fonctionnement de celui-ci, ou lors de sa liquidation, soit entre les porteurs de parts, soit entre ceux-ci et la société de gestion ou le dépositaire, sont soumises à la juridiction des tribunaux compétents.
Informations relatives à la commercialisation à l'étranger:
Dans certains pays de commercialisation en dehors de la France, les agents de paiements locaux peuvent percevoir des frais supplémentaires pour les services fournis, qui ne sont pas pris en charge par le FCP. | # REGULATIONS AT 1 OCTOBER 2018
## SECTION 1 - ASSETS AND UNITS
### Article 1 - Co-ownership units
The co-owners’ rights are expressed as units, each unit representing an equal fraction of the assets of the Fund. Each unitholder has a co-ownership right to the Fund’s assets, proportional to the number of units held.
The term of the Fund is 99 years from 15 April 2005, except in the event of early dissolution or extension, as provided for in these regulations.
The features of the various classes of units and their access conditions are stated in the prospectus of the Fund. The various classes of units may:
- have different income distribution regimes (distribution or accumulation);
- be denominated in different currencies;
- incur different management fees;
- incur different subscription and redemption fees;
- have a different nominal value;
- be systematically hedged, fully or partially, as specified in the prospectus. This hedge is provided through financial instruments that reduce the impact from hedging transactions on the other categories of UCITS units to a minimum;
- be reserved for one or a few marketing networks.
The units may, on the decision of the corporate officer of the management company, be consolidated or divided into tenths, hundredths, thousandths or ten-thousandths, known as fractions of units.
The provisions of the regulations governing the issue and redemption of units apply to fractions of units, whose value will always be proportional to that of the unit they represent. Unless stated otherwise, all other provisions of the regulations relating to units apply to fractions of units without the need to specify further provisions to that effect.
Finally, the corporate officer of the management company may, at his own discretion, split the units by creating new units, which shall be allocated to shareholders in exchange for their existing units.
### Article 2 - Minimum amount of assets
Units cannot be redeemed if the assets of the Fund fall below €300,000; if the assets remain below this amount for thirty days, the management company shall take the necessary measures to dissolve the UCITS or carry out one of the transactions mentioned under article 411-16 of the General Regulation of the AMF (UCITS transfers).
### Article 3 - Issue and redemption of units
Units may be issued at any time at the request of holders, on the basis of their net asset value plus subscription fees, where applicable.
Subscriptions and redemptions shall comply with the terms and conditions defined in the prospectus. Shares of mutual funds may be admitted to an official listing in accordance with the regulations in force.
Subscriptions must be fully paid up on the net asset value calculation date. Subscriptions may be made in cash and/or by the contribution of financial instruments. The management company is entitled to refuse the securities offered and, to this end, has a period of seven days from the date of their deposit in order to notify its decision. In the case of acceptance, the securities provided are valued in accordance with the rules specified in article 4 and the subscription takes place on the basis of the first net asset value following acceptance of the securities concerned.
Redemptions may be carried out for cash and/or in kind.
If the redemption in kind corresponds to a representative proportion of the assets in the portfolio, then the UCITS or the management company only needs to obtain written agreement signed by the redeeming unitholder. Where the redemption in kind does not correspond to a representative portion of the assets in the portfolio, all unitholders must provide their written agreement authorising the redeeming unitholder to redeem its units for certain particular assets, as explicitly defined in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the agreement of the portfolio management company and in compliance with the interests of unitholders, be made in kind under the conditions defined in the prospectus or the Fund regulations. The assets are delivered by the issuer’s account holder under the conditions set out in the Fund’s prospectus.
In general, the redeemed assets are valued according to the rules set out in Article 4 and the redemption in kind is made based on the first net asset value following acceptance of the securities concerned.
Redemptions are settled by the issuer’s account keeper no later than five days following the day of valuation of the unit.
However, if in exceptional circumstances the reimbursement requires the prior realisation of assets held in the UCITS, this period may be extended to a maximum of 30 days.
Except in the case of succession or an inter vivos gift, the sale or transfer of shares between holders, or from holders to a third party, is deemed to be a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount specified in the prospectus.
Pursuant to article L.214-8-7 of the Monetary and Financial Code, the Fund’s redemption of its units, and the issue of new units, may be suspended on a temporary basis by the management company if exceptional circumstances so require and if the interests of the holders so dictate.
Where the net assets of the UCITS are below the amount specified in the regulations, no redemption of units may be carried out.
The Fund may cease to issue units pursuant to article L. 214-8-7 of the Monetary and Financial Code, on a temporary or permanent basis, in whole or in part, in objective situations leading to the closure of subscriptions, such as a maximum number of shares or units issued, attainment of a maximum asset amount or the expiry of a specified subscription period.
Existing unitholders will be provided by any means with the information that this tool has been triggered, as well as with the threshold and the objective situation that led to the decision to close subscriptions in full or in part. In the event of a partial closure, this information by any means will explicitly state the terms under which existing unitholders may continue to make subscriptions for the duration of the partial closure. Unitholders are also informed by any means of the decision of the UCI or the management company to either terminate the total or partial closure of subscriptions (when moving beneath the trigger threshold), or to not terminate it (in the event of a change in threshold or change in the objective situation leading to the implementation of this
tool). A change in the objective situation invoked or the trigger threshold of the tool must always be made in the interests of the unitholders. Information by any means specifies the exact reasons for these changes.
### Article 4 - Calculation of net asset value
The net asset value of the units is calculated in accordance with the valuation rules specified in the prospectus.
Contributions in kind may only consist of the securities, stocks or contracts eligible for the UCITS; contributions and redemptions in kind are valued in accordance with the same valuation rules as for the calculation of the net asset value.
## SECTION 2 - OPERATION OF THE FUND
### Article 5 - Management company
The Fund is managed by the management company in accordance with the guidelines specified for the UCITS.
The management company acts in all circumstances exclusively on behalf of the shareholders and has the exclusive right to exercise the voting rights attached to the securities held in the Fund.
### Article 5-bis - Operating rules
The instruments and deposits in which the Fund's assets may be invested and the investment rules are described in the prospectus.
### Article 5-ter – Admission to trading on a regulated market and/or multilateral trading facility
Units may be admitted to trading on a regulated market and/or multilateral trading facility in accordance with the regulations in force. If the Fund whose units are listed for trading on a regulated market has an index-based management objective, the Fund must have implemented measures to ensure that the price of its units does not deviate significantly from its net asset value.
### Article 6 - Depositary
The depositary shall perform the duties incumbent upon it in accordance with the laws and regulations in force, in addition to those mandated to it by the management company. It must, in particular, ensure that the decisions taken by the management company comply with regulations. If applicable, it must take all protective measures it deems appropriate. In the event of a dispute with the management company, it shall inform the Autorité des marchés financiers of the dispute.
### Article 7 – Statutory Auditor
A statutory auditor is appointed by the governance body of the management company for a term of six financial years, following approval by the Autorité des marchés financiers.
He shall certify the compliance and accuracy of the accounts. The term of office of the statutory auditor may be renewed.
The statutory auditor is required to notify the Autorité des marchés financiers at the earliest opportunity of any fact or decision concerning the UCITS of which he has become aware in the course of fulfilling his duties that:
1° constitutes a breach of the legislation or regulations applicable to the Fund and which may have a significant impact on its financial position, performance or assets;
2° affects the conditions or continuation of its operation;
3° entails the expression of a reservation or the refusal to certify the accounts.
The statutory auditor shall supervise the valuation of the assets and the determination of exchange ratios used in the event of a conversion, merger or split. The statutory auditor shall be responsible for assessing any contribution or redemption in kind, except in the case of redemptions in kind for an ETF on the primary market. The statutory auditor shall verify the composition of the assets and other information before publication.
The statutory auditor’s fees are determined by mutual agreement between the statutory auditor and the management company on the basis of a work schedule indicating the duties deemed necessary.
The statutory auditor shall certify situations giving rise to the distribution of down payments. The statutory auditor’s fees are included in the management fees.
### Article 8 - Financial statements and management report
At the end of each financial year, the management company prepares the financial statements and a report on the management of the Fund during the past financial year.
At least biannually, the management company shall provide a schedule of the UCITS assets under the supervision of the depositary.
The management company shall make these documents available to shareholders no later than four months after the financial year-end and shall notify them of the amount of income to which they are entitled. These documents shall either be sent by post at the shareholders’ express request or shall be made available to them at the offices of the management company.
## SECTION 3 - ALLOCATION OF DISTRIBUTABLE INCOME
### Article 9 – Allocation of distributable income
The net income for the financial year is equal to the amount of interest, arrears, dividends, premiums and share-outs, directors’ fees and all income generated by the securities held in the Fund’s portfolio plus the income generated by temporary cash holdings, minus management fees and borrowing costs.
Distributable income consists of:
1° Net income for the period plus retained earnings, plus or minus the balance of any accrued income or deferred expenses for the last financial year;
2° Gains realised, net of costs, minus net capital losses incurred, net of costs, recorded during the year, plus any net gains of the same type recorded in previous years which were not subject to distribution or accumulation, plus or minus the balance of any accruals or deferred expenses for the gains realised.
The amounts outlined in point 2 above may be distributed in whole or in part.
The specific arrangements for allocating distributable income are set out in the Prospectus.
## SECTION 4 - MERGER - SPLIT - DISSOLUTION - LIQUIDATION
### Article 10 - Merger – Split
The management company may merge all or part of the assets of the Fund with another UCITS or split the Fund into two or more other funds.
Such mergers or splits may only be carried out after the unitholders have been notified. They give rise to the issue of a new certificate stating the number of units held by each unitholder.
### Article 11 - Dissolution – Extension
- If the assets of the Fund remain below the amount specified in article 2 above for thirty days, the management company shall inform the Autorité des marchés financiers and shall dissolve the Fund, except in the event of a merger with another mutual fund.
- The management company may dissolve the Fund early; it shall inform unitholders of its decision and from that date subscription and redemption orders shall no longer be accepted.
- The management company shall also dissolve the Fund if a request is made for the redemption of all the shares, if the depositary’s appointment is terminated and no other depositary has been appointed, or upon the expiry of the Fund’s term, unless such term is extended.
The management company shall inform the Autorité des marchés financiers by post of the dissolution date and procedure adopted. It shall subsequently send the statutory auditor’s report to the Autorité des marchés financiers.
The management company may decide to extend the life of the fund by agreement with the depositary. Its decision must be taken at least three months before the expiry of the Fund’s term and must be communicated to the shareholders and the Autorité des marchés financiers.
### Article 12 – Liquidation
In the event of dissolution, the management company assumes the role of liquidator; if this is not feasible, the liquidator shall be designated by the courts upon the application of any interested party.
To that end, it is vested with the widest powers to realise the assets, pay any creditors and distribute the available balance among the unitholders in cash or securities.
The statutory auditor and the depositary shall continue to perform their duties until the liquidation operations have been completed.
## SECTION 5 – DISPUTES
### Article 13 - Jurisdiction - Address for service
Any disputes relating to the Fund arising during its term or at the time of its liquidation, either between the unitholders themselves or between the unitholders and the management company or the depositary, are subject to the jurisdiction of the competent courts.
Information regarding foreign marketing:
In certain countries outside of France where the Fund is marketed, local payment agents may receive additional fees for services provided which are not born by the Fund. | en | fr |
DOLFIN2831 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Aggregate transaction data for each type of SFT and total return swaps
Cash collateral has been paid for equity swaps and total return swaps.
Cash has been received for repurchase transactions in exchange of the sale of the securities.
The table hereafter discloses the market value and collateral of equity swaps, total return swaps and repurchase transactions, broken down by country of counterparty, maturity and, settlement and clearing methods: | Données agrégées de transaction pour chaque type de SFT et les swaps de rendement total
Des garanties en espèces ont été versées pour les swaps d'actions et les swaps de rendement total. Des liquidités ont été reçues pour les contrats de mise en pension, en contrepartie de la vente des titres.
Le tableau ci-dessous indique la valeur de marché et la garantie reçue ou versée pour les swaps d'actions, les swaps de rendement total et les opérations de mise en pension, ventilés en fonction du pays de la contrepartie, de l’échéance et des méthodes de règlement et de compensation : | Aggregate transaction data for each type of SFT and total return swaps
Cash collateral has been paid for equity swaps and total return swaps.
Cash has been received for repurchase transactions in exchange of the sale of the securities.
The table hereafter discloses the market value and collateral of equity swaps, total return swaps and repurchase transactions, broken down by country of counterparty, maturity and, settlement and clearing methods: | en | fr |
DOLFIN2832 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The risk indicator assumes you keep the product 5 years. The actual risk can vary significantly if you cashin at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this investment option. It shows how likely it is that the investment option will lose money because of movements in the markets or because we are not able to pay you. We have classified this investment option as class 5 out of 7, which is a/the medium-high risk class.
This rates the potential losses from future performance at a medium-high level, and poor market conditions are likely to impact the capacity of the issuer to pay you.
KEY INFORMATION DOCUMENT PAGE 1 FROM 3 | L´indicateur de risque part de l´hypothèse que vous conservez le produit 5 années. Le risque réel peut être très différent si vous optez pour une sortie anticipée, et vous pourriez obtenir moins en retour.
L´indicateur synthétique de risque permet d´apprécier le niveau de risque de cette option d’investissement. Il indique la probabilité que cette option d´investissement enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé cette option d’investissement dans la classe de risque 5 sur 7: qui est une/la classe de risque moyenne élevée.
Autrement dit, les pertes potentielles liées aux futurs résultats de l’option d’investissement se situent à un niveau moyenne élevée et, si la situation venait à se détériorer sur les marchés, il est probable que des pertes surviennent que notre capacité à vous payer en soit affectée.
DOCUMENT D’INFORMATIONS CLÉS PAGE 1 SUR 3 | The risk indicator assumes you keep the product 5 years. The actual risk can vary significantly if you cashin at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this investment option. It shows how likely it is that the investment option will lose money because of movements in the markets or because we are not able to pay you. We have classified this investment option as class 5 out of 7, which is a/the medium-high risk class.
This rates the potential losses from future performance at a medium-high level, and poor market conditions are likely to impact the capacity of the issuer to pay you.
KEY INFORMATION DOCUMENT PAGE 1 FROM 3 | en | fr |
DOLFIN2833 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of investing in this fund and to help you compare it to other funds.
| Product | PRUDENT WEALTH FUND (Class AH1EUR) – a compartment of MFS MERIDIAN® FUNDS ISIN: LU0808562614 |
| --- | --- |
| Product Manufacturer and Management Company | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | Luxembourg Commission de Surveillance du Secteur Financier |
| You are about to purchase a product that is not simple and may be difficult to understand. This document was prepared on 1 January 2023. | | # Zweck
Gegenstand dieses Dokuments sind wesentliche Informationen für den Anleger über diesen Fonds. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen, die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
| Produkt | PRUDENT WEALTH FUND (Klasse AH1EUR) – ein Teilfonds von MFS MERIDIAN® FUNDS ISIN: LU0808562614 |
| --- | --- |
| Produkthersteller und Verwaltungsgesellschaft | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com Für weitere Informationen können Sie sich an die Transferstelle unter +352 46 4010600, an Ihre lokale Vertretung oder Ihren Finanzvermittler wenden. |
| Zuständige Behörde | Luxembourg Commission de Surveillance du Secteur Financier |
| Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann. Dieses Dokument wurde am 1. Januar 2023 erstellt. | | # Purpose
This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of investing in this fund and to help you compare it to other funds.
| Product | PRUDENT WEALTH FUND (Class AH1EUR) – a compartment of MFS MERIDIAN® FUNDS ISIN: LU0808562614 |
| --- | --- |
| Product Manufacturer and Management Company | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | Luxembourg Commission de Surveillance du Secteur Financier |
| You are about to purchase a product that is not simple and may be difficult to understand. This document was prepared on 1 January 2023. | | en | de |
DOLFIN2834 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Risk management process
The Management Company employs a risk management process enabling it to monitor and assess the risk connected with investment holdings as well as their share in the total risk profile of the investment portfolio of the funds it manages at any time. In accordance with the Law of 17 December 2010 and the applicable pruden- tial supervisory requirements of the CSSF, the Management Company reports regularly to the CSSF about the risk management process used. Within the framework of the risk management process and using the necessary and appropriate methods, the Management Company ensures that the overall risk associated with derivatives of the funds managed does not go beyond the total net value of their portfolios. To this end, the Management Company makes use of the following methods:
- Commitment approach:With the commitment approach, the positions from derivative financial instruments are converted into their corresponding (possibly delta-weighted) underlying equivalents or nominal values. In doing so, the netting and hedging effects between derivative financial instruments and their underlying assets are taken into account. The total of these underlying equivalents may not exceed the total net value of the Fund's portfolio.
- Value-at-risk (VaR) approach:The VaR figure is a mathematical-statistical concept and is used as a standard risk measure in the financial sector. VaR indicates the possible loss of a portfolio that will not be exceeded during a certain period (the holding period) with a certain probability (the confidence level).
- Relative VaR approach:With the relative VaR approach, the VaR of the Fund must not exceed the VaR of a reference portfolio by more than a factor dependent on the amount of the Fund’s risk profile. The maximum permissible factor specified by the supervisory authority is 200%. The reference portfolio is essentially an accurate reflection of the Fund's investment policy.
- Absolute VaR approach:With the absolute VaR approach, the VaR (99% confidence level, 20-day holding period) of the Fund may not exceed a portion of the Fund's assets dependent on the Fund’s risk profile. The maximum permissible factor specified by the supervisory authority is 20% of the Fund's assets.
For funds whose total risk is determined using VaR approaches, the Management Company estimates the an- ticipated degree of leverage. Depending on the respective market situation, this degree of leverage may devi- ate from the actual value and may be exceeded or fallen short of. Investors should be aware that no conclu- sions regarding the risk content of the Fund may be drawn from this data. In addition, the published anticipat- ed degree of leverage is explicitly not to be considered an investment limit. The method used for determining the total risk and, if applicable, the disclosure of the benchmark portfolio and the anticipated degree of lever- age, as well as its method of calculation, are indicated in the Annex to the Fund. | # Processus de gestion des risques
La Société de gestion utilise un processus de gestion des risques lui permettant de surveiller et d’évaluer à tout moment le risque lié aux positions d’investissement ainsi que leur part au sein du profil de risque global du portefeuille d’investissement de ses fonds sous gestion. Conformément à la loi du 17 décembre 2010 et aux exigences de contrôle applicables de la CSSF, la Société de gestion rédige régulièrement à l’attention de la CSSF un rapport sur le processus de gestion des risques mis en place. La Société de gestion garantit dans le cadre du processus de gestion des risques, au moyen de méthodes utiles et appropriées, que le risque global des fonds sous gestion lié à des produits dérivés ne dépasse pas la valeur nette totale de leurs portefeuilles. À cette fin, la Société de gestion a recours aux méthodes suivantes :
- Commitment Approach :Avec la méthode « Commitment Approach », les positions en instruments financiers dérivés sont conver- ties dans leurs valeurs nominales ou leurs équivalents sous-jacents correspondants (pondérés le cas échéant au moyen de l’approche delta). Des effets de netting et de couverture entre les instruments finan- ciers dérivés et leurs sous-jacents sont donc pris en compte. La somme de ces équivalents sous-jacents ne peut pas dépasser la valeur nette globale du portefeuille du Fonds.
- Approche VaR :Le chiffre de la Value-at-Risk (VaR ou valeur en jeu) est un concept mathématico-statistique utilisé comme une mesure de risque standard dans le secteur financier. La VaR indique la perte possible d’un portefeuille pendant une période définie (dite période de détention) qui n’est pas dépassée avec une probabilité dé- terminée (dit degré de confiance).
- Approche VaR relative :Dans le cas de l’approche VaR relative, la VaR du Fonds ne peut pas dépasser d’un facteur dépendant du niveau du profil de risque du Fonds la VaR d’un portefeuille de référence. Le facteur maximum ad- missible au regard du droit de la surveillance est de 200%. Ainsi, le portefeuille de référence reflète en principe correctement la politique de placement du Fonds.
- Approche VaR absolue :Dans le cadre de l’approche VaR absolue, la VaR (degré de confiance de 99 %, détention de 20 jours) du Fonds ne peut pas dépasser une part de l’actif du Fonds dépendant du niveau du profil de risque du Fonds. La limite maximale admissible au regard du droit de la surveillance correspond à 20 % de l’actif du Fonds.
Pour les fonds dont le calcul du risque global s’effectue par les approches VaR, la Société de gestion estime le niveau attendu de l’effet de levier. Ce niveau d’effet de levier peut dévier de la valeur réelle en fonction des situations de marché respectives et peut aussi bien être franchi à la hausse qu’à la baisse. L’attention de l’investisseur est attirée sur le fait qu’aucune conclusion concernant le niveau de risque du Fonds ne peut être tirée de cette donnée. En outre, la publication du degré attendu de l’effet de levier ne peut pas être comprise explicitement comme restriction de placement. La méthode utilisée pour la détermination du risque global et, dans la mesure où cela est applicable, la publication du portefeuille de référence et du niveau attendu d’effet de levier ainsi que de sa méthode de calcul sont indiquées dans l’annexe relative au Fonds. | # Risk management process
The Management Company employs a risk management process enabling it to monitor and assess the risk connected with investment holdings as well as their share in the total risk profile of the investment portfolio of the funds it manages at any time. In accordance with the Law of 17 December 2010 and the applicable pruden- tial supervisory requirements of the CSSF, the Management Company reports regularly to the CSSF about the risk management process used. Within the framework of the risk management process and using the necessary and appropriate methods, the Management Company ensures that the overall risk associated with derivatives of the funds managed does not go beyond the total net value of their portfolios. To this end, the Management Company makes use of the following methods:
- Commitment approach:With the commitment approach, the positions from derivative financial instruments are converted into their corresponding (possibly delta-weighted) underlying equivalents or nominal values. In doing so, the netting and hedging effects between derivative financial instruments and their underlying assets are taken into account. The total of these underlying equivalents may not exceed the total net value of the Fund's portfolio.
- Value-at-risk (VaR) approach:The VaR figure is a mathematical-statistical concept and is used as a standard risk measure in the financial sector. VaR indicates the possible loss of a portfolio that will not be exceeded during a certain period (the holding period) with a certain probability (the confidence level).
- Relative VaR approach:With the relative VaR approach, the VaR of the Fund must not exceed the VaR of a reference portfolio by more than a factor dependent on the amount of the Fund’s risk profile. The maximum permissible factor specified by the supervisory authority is 200%. The reference portfolio is essentially an accurate reflection of the Fund's investment policy.
- Absolute VaR approach:With the absolute VaR approach, the VaR (99% confidence level, 20-day holding period) of the Fund may not exceed a portion of the Fund's assets dependent on the Fund’s risk profile. The maximum permissible factor specified by the supervisory authority is 20% of the Fund's assets.
For funds whose total risk is determined using VaR approaches, the Management Company estimates the an- ticipated degree of leverage. Depending on the respective market situation, this degree of leverage may devi- ate from the actual value and may be exceeded or fallen short of. Investors should be aware that no conclu- sions regarding the risk content of the Fund may be drawn from this data. In addition, the published anticipat- ed degree of leverage is explicitly not to be considered an investment limit. The method used for determining the total risk and, if applicable, the disclosure of the benchmark portfolio and the anticipated degree of lever- age, as well as its method of calculation, are indicated in the Annex to the Fund. | en | fr |
DOLFIN2835 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 17- BOARD MEETINGS AND DELIBERATIONS
The board of directors shall meet when convened by the chairman, as often as the company's interests require, either at the registered offices or at any other location indicated in the notice of meeting.
Whenever the board has not met for more than two months, at least one-third of its members may ask the chairman to convene a meeting based on a specific agenda. The chief executive officer may also ask the chairman to convene a board of directors’ meeting to deal with a specific agenda. The chairman is bound by such a request.
Company bylaws may determine, in accordance with legal and regulatory provisions, the conditions for organising meetings of the board of directors, which except when held for the adoption of resolutions that are expressly excluded from this option under the French Commercial Code, may take place via video-conference.
## Invitations may be sent to the directors by post or verbally.
A quorum of at least half the members is required in order for decisions to be valid. Decisions are adopted by a majority vote of members present or represented. Each director holds one vote. In the case of a split-vote, the chairman has the casting vote.
Where video-conferencing is permitted, the company’s bylaws may stipulate, in accordance with the regulations in force, that directors participating in a board of directors' meeting via video-conference are deemed present for the purpose of quorum and majority calculations. | # ARTÍCULO 17 - REUNIONES Y DELIBERACIONES DEL CONSEJO
El Consejo de Administración se reúne por convocatoria del Presidente, tan a menudo como lo exija el interés de la sociedad, en el domicilio social o en cualquier otro lugar indicado en la convocatoria.
Si no se ha reunido desde hace más de dos meses, un mínimo de un tercio de sus miembros puede pedir al Presidente que lo convoque con un orden del día determinado. El Director General también puede pedir al Presidente que convoque al Consejo de Administración con un orden del día determinado. Esas peticiones son vinculantes para el Presidente.
Un reglamento interno puede fijar las condiciones de celebración de las reuniones del Consejo de Administración con arreglo a las disposiciones legales y normativas, que se pueden celebrar por videoconferencia excepto cuando haya que aprobar decisiones para las cuales el código mercantil descarte expresamente ese medio.
## Las convocatorias se remiten a los administradores por carta simple u oralmente.
Se requiere la asistencia de al menos la mitad de los válidos para que las deliberaciones sean válidas. Las decisiones se toman por mayoría de votos de los miembros presentes o representados. Cada administrador dispone de un voto. En caso de empate, el voto del Presidente de la sesión es preponderante.
En caso de que se admita la videoconferencia, el reglamento interno puede contemplar, conforme a la legislación vigente, que en el cálculo del cuórum y de la mayoría se tome en cuenta a los administradores que participan en la reunión del Consejo por videoconferencia. | # ARTICLE 17- BOARD MEETINGS AND DELIBERATIONS
The board of directors shall meet when convened by the chairman, as often as the company's interests require, either at the registered offices or at any other location indicated in the notice of meeting.
Whenever the board has not met for more than two months, at least one-third of its members may ask the chairman to convene a meeting based on a specific agenda. The chief executive officer may also ask the chairman to convene a board of directors’ meeting to deal with a specific agenda. The chairman is bound by such a request.
Company bylaws may determine, in accordance with legal and regulatory provisions, the conditions for organising meetings of the board of directors, which except when held for the adoption of resolutions that are expressly excluded from this option under the French Commercial Code, may take place via video-conference.
## Invitations may be sent to the directors by post or verbally.
A quorum of at least half the members is required in order for decisions to be valid. Decisions are adopted by a majority vote of members present or represented. Each director holds one vote. In the case of a split-vote, the chairman has the casting vote.
Where video-conferencing is permitted, the company’s bylaws may stipulate, in accordance with the regulations in force, that directors participating in a board of directors' meeting via video-conference are deemed present for the purpose of quorum and majority calculations. | en | es |
DOLFIN2836 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | Esta clase de acciones tiene una calificación de 6 en una escala del 1 (menor riesgo) al 7 (mayor riesgo) debido a su rentabilidad histórica (o datos representativos) y la naturaleza de sus inversiones. Las acciones con una calificación de 6 se ven sometidas a elevadas fluctuaciones de precios. El riesgo se asume a fin de obtener una mayor rentabilidad potencial: cuanto más riesgo asume un fondo, mayor será su potencial rentabilidad, pero también el riesgo de sufrir pérdidas. Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del fondo. La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
El fondo no ofrece una rentabilidad garantizada al inversor. Tampoco garantiza la devolución de la suma invertida por el inversor en el fondo.
Además, el fondo podrá mantener hasta el 20% del valor de inventario neto en efectivo (incluso en divisas distintas a la moneda de cuenta) o activos líquidos accesorios.
Referencia: Índice MSCI ACWI Information Technology NR USD Objeto de la referencia: La referencia únicamente se emplea a efectos de comparar la rentabilidad. El fondo se gestiona de forma activa, y el Gestor de inversiones posee amplias facultades para distanciarse de la composición de la referencia, sus ponderaciones y sus características de riesgo con arreglo al objetivo y la política de inversión del fondo.
Los inversores pueden comprar y vender acciones del fondo en cualquier día hábil.
No percibirá ningún ingreso de su inversión. Cualquier ingreso obtenido se acumulará en el valor de las acciones del fondo.
Recomendación: El fondo debe mantenerse con un horizonte de inversión a largo plazo y puede no ser adecuado para los inversores que prevean retirar su dinero en un plazo de cinco años.
Para obtener más información, consulte las secciones “Objetivo de inversión” y “Política de inversión” del suplemento del fondo.
Este indicador tiene en cuenta los riesgos implicados en el valor de inventario neto del fondo. Estos implican principalmente fluctuaciones del valor de las inversiones. Además de los riesgos que se expresan por medio del indicador, el valor liquidativo del fondo puede verse afectado de forma significativa por los factores siguientes:
Riesgo de concentración: El riesgo de inversión dentro del fondo se concentra en sectores, países, divisas o empresas concretos. Esto significa que el fondo es más sensible a cualquier suceso económico, de mercado, político o normativo localizado.
Derivados: El fondo puede invertir en instrumentos derivados financieros, que pueden dar lugar a mayores fluctuaciones del valor del fondo y provocar que este pierda la totalidad de lo invertido o un importe incluso mayor.
Mercados emergentes: El fondo puede invertir en activos de mercados emergentes. Por lo general los mercados emergentes conllevan un mayor riesgo político, jurídico, de contraparte y operativo. En circunstancias excepcionales el fondo puede tener dificultades para comprar y vender estas inversiones.
Propiedad intelectual: Las inversiones en valores tecnológicos están expuestas a riesgos debido a la ausencia o la pérdida de protecciones de la propiedad intelectual, los rápidos cambios que experimenta la tecnología, la normativa estatal y la competencia.
Para obtener más información sobre los riesgos, remítase a la sección “Risk Factors” (Factores de riesgo) del folleto y el suplemento de los fondos. | On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | en | es |
DOLFIN2837 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Annual cost impact if you One-off costs upon entry or exit exit after 1 year |
| --- |
| Entry costs | 5.00% We do not charge an entry fee for this product but the financial advisor or distributor may charge up to the maximum entry costs. This is the maximum that might be taken out of your money before it is invested. | 500 USD |
| Exit costs | 1.90% We do not charge an exit fee for this product but the financial advisor or distributor may charge up to the maximum exit costs. This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. | 190 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.16% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 116 USD |
| Transaction costs | 0.25% 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. | 25 USD |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 USD | | | Incidenza annuale dei costi in caso di uscita dopo Costi una tantum di ingresso o di uscita 1 anno |
| --- |
| Costi di ingresso | 5,00% Non applichiamo nessuna commissione di sottoscrizione per questo prodotto, ma il consulente finanziario o il distributore può addebitare fino al massimo dei costi di sottoscrizione. È il massimo che potrebbe essere dedotto dalla liquidità prima che venga investita. | 500 USD |
| Costi di uscita | 1,90% Non applichiamo nessuna commissione di uscita per questo prodotto, ma il consulente finanziario o il distributore può addebitare fino al massimo dei costi di uscita. È il massimo che potrebbe essere dedotto dalla liquidità prima che i proventi dell’investimento vengano distribuiti. | 190 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,16% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 116 USD |
| Costi di transazione | 0,25% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 25 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Per questo prodotto non è prevista nessuna commissione legata al rendimento. | 0 USD | | | Annual cost impact if you One-off costs upon entry or exit exit after 1 year |
| --- |
| Entry costs | 5.00% We do not charge an entry fee for this product but the financial advisor or distributor may charge up to the maximum entry costs. This is the maximum that might be taken out of your money before it is invested. | 500 USD |
| Exit costs | 1.90% We do not charge an exit fee for this product but the financial advisor or distributor may charge up to the maximum exit costs. This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. | 190 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.16% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 116 USD |
| Transaction costs | 0.25% 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. | 25 USD |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 USD | | en | it |
DOLFIN2838 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Integration of sustainability risks in the investment process
Regarding the integration of sustainability risks into the investment decisions of the sub-funds, the sub-fund management distinguishes between ESG integration and individualised approaches of certain sub-fund managers. For each sub-fund, the special section of the sales prospectus discloses the method by which the sub-fund management considers sustainability risks in their investment decisions.
ESG Integration:
In its investment decisions, the sub-fund management considers, in addition to financial data, sustainability risks. This consideration applies to the entire investment process, both in the fundamental analysis of investments and in the decision-making process.
In the fundamental analysis, ESG criteria are particularly evaluated in the internal market analysis. In addition, ESG criteria are integrated into any further investment research. This includes the identification of global sustainability trends, financially relevant ESG issues and challenges.
Moreover, risks that may arise from the consequences of climate change, or risks arising
from the violation of internationally recognized guidelines are subject to special examination. The internationally recognized guidelines include, above all, the ten principles of the United Nations Global Compact, ILO core labour standards, or UN guiding principles for business and human rights and the OECD guidelines for multinational companies.
In order to take ESG criteria into account, the sub-fund management uses a specific database into which ESG data from other research companies, as well as its own research results, are incorporated.
If investments are made according to an ESG-integrated fundamental analysis, these
investments will continue to be monitored also from an ESG perspective. In addition, a dialogue is sought with companies regarding better corporate governance and greater consideration of ESG criteria (e.g. via participation as a shareholder in the company, or by exercising voting and other shareholder rights). | ### Einbeziehung von Nachhaltigkeitsrisiken in den Anlageprozess
Hinsichtlich der Einbeziehung von Nachhaltigkeits- risiken in die Anlageentscheidungen der Teilfonds unterscheidet das Teilfondsmanagement zwischen der ESG-Integration und den individuellen Ansät- zen bestimmter Teilfondsmanager. Im Besonderen Teil des Verkaufsprospekts wird für jeden Teilfonds angegeben, mit welcher Methode das Teilfonds- management Nachhaltigkeitsrisiken in seine Anlageentscheidungen einbezieht.
ESG-Integration:
Das Teilfondsmanagement berücksichtigt bei seinen Anlageentscheidungen neben den Finanz- daten auch Nachhaltigkeitsrisiken. Dies gilt für den gesamten Anlageprozess und bezieht sich sowohl auf die Fundamentalanalyse von Invest- ments als auch den Entscheidungsprozess.
Bei der Fundamentalanalyse werden ESG-Kriterien insbesondere im Rahmen der internen Marktana- lysen bewertet. Außerdem fließen ESG-Kriterien in alle weiteren Analysen des Anlageresearch ein. Hierzu gehört unter anderem die Identifizierung globaler Nachhaltigkeitstrends, finanziell relevanter ESG-Themen und damit verbundener Heraus- forderungen.
Risiken, die sich aus den Folgen des Klimawandels oder aus der Nichteinhaltung international aner- kannter Leitlinien ergeben können, werden einer gesonderten Prüfung unterzogen. Die international anerkannten Leitlinien umfassen vor allem die zehn Prinzipien des UN Global Compact, die
ILO-Kernarbeitsnormen, die UN-Leitprinzipien für Wirtschaft und Menschenrechte sowie die OECD- Leitsätze für multinationale Unternehmen.
Zur Berücksichtigung der ESG-Kriterien verwen- det das Teilfondsmanagement eine spezielle Datenbank, die neben den Ergebnissen eigener Analysen auch ESG-Daten von anderen Research-Unternehmen enthält.
Anlagen, die auf der Basis einer Fundamental- analyse mit integrierten ESG-Kriterien getätigt werden, werden anschließend auch aus ESG- Sicht weiter überwacht. Außerdem wird der Dialog mit Unternehmen bezüglich einer besse- ren Unternehmensführung (Corporate Gover- nance) und stärkeren Berücksichtigung von ESG-Kriterien gesucht (beispielsweise durch eine Beteiligung als Aktionär der Gesellschaft oder durch die Ausübung von Stimm- und anderen Aktionärsrechten). | ### Integration of sustainability risks in the investment process
Regarding the integration of sustainability risks into the investment decisions of the sub-funds, the sub-fund management distinguishes between ESG integration and individualised approaches of certain sub-fund managers. For each sub-fund, the special section of the sales prospectus discloses the method by which the sub-fund management considers sustainability risks in their investment decisions.
ESG Integration:
In its investment decisions, the sub-fund management considers, in addition to financial data, sustainability risks. This consideration applies to the entire investment process, both in the fundamental analysis of investments and in the decision-making process.
In the fundamental analysis, ESG criteria are particularly evaluated in the internal market analysis. In addition, ESG criteria are integrated into any further investment research. This includes the identification of global sustainability trends, financially relevant ESG issues and challenges.
Moreover, risks that may arise from the consequences of climate change, or risks arising
from the violation of internationally recognized guidelines are subject to special examination. The internationally recognized guidelines include, above all, the ten principles of the United Nations Global Compact, ILO core labour standards, or UN guiding principles for business and human rights and the OECD guidelines for multinational companies.
In order to take ESG criteria into account, the sub-fund management uses a specific database into which ESG data from other research companies, as well as its own research results, are incorporated.
If investments are made according to an ESG-integrated fundamental analysis, these
investments will continue to be monitored also from an ESG perspective. In addition, a dialogue is sought with companies regarding better corporate governance and greater consideration of ESG criteria (e.g. via participation as a shareholder in the company, or by exercising voting and other shareholder rights). | en | de |
DOLFIN2839 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Source: Morgan Stanley Investment Management Limited. Data as of 31 October 2022.
2
Regional returns are represented by the FTSE EPRA Nareit Developed Asia Net Index, FTSE EPRA Nareit North America Net Index and FTSE EPRA Nareit Developed Europe Net Index. Data as of 31 October 2022. The performances of the indexes are listed in U.S. dollars and assume reinvestment of dividends. The indexes are unmanaged, and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.
3 | ### Fonte: Morgan Stanley Investment Management Limited. Dati al 31 Ottobre 2022.
2
Rendimenti regionali rappresentati dall’indice FTSE EPRA Nareit Developed Asia, dall’indice FTSE EPRA Nareit North America e dall’indice FTSE EPRA Nareit Developed Europe. Dati al 31 ottobre 2022. La performance degli indici è espressa in dollari USA e ipotizza il reinvestimento dei dividendi. Gli indici non sono gestiti e i rendimenti non includono alcuna spesa o commissione vendita. Tali costi ridurrebbero la performance. Non è possibile investire direttamente in un indice.
3 | ### Source: Morgan Stanley Investment Management Limited. Data as of 31 October 2022.
2
Regional returns are represented by the FTSE EPRA Nareit Developed Asia Net Index, FTSE EPRA Nareit North America Net Index and FTSE EPRA Nareit Developed Europe Net Index. Data as of 31 October 2022. The performances of the indexes are listed in U.S. dollars and assume reinvestment of dividends. The indexes are unmanaged, and their returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.
3 | en | it |
DOLFIN2840 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# TAXATION
General
The information given is not exhaustive and does not constitute legal or tax advice. It does not purport to deal with all of the tax consequences applicable to the Company or its current or future Funds or to all categories of investors, some of whom may be subject to special rules. Prospective investors should consult their own professional advisors as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish taxation law and practice relevant to the transactions contemplated in this Prospectus. It is based on the law and practice and official interpretation currently in effect, all of which are subject to change.
Dividends, interest and capital gains (if any) which the Company or any of the Funds receive with respect to their investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company the Net Asset Value will not be re-stated and the benefit will be allocated to the existing Shareholders rateably at the time of repayment. | # FISCALITÉ
Généralités
Les informations données ici ne sont pas exhaustives et ne constituent pas un conseil juridique ou fiscal. Elles ne prétendent pas traiter de toutes les conséquences fiscales applicables à la Société ou à ses Fonds actuels ou futurs ou à toutes les catégories d’investisseurs, dont certains peuvent être soumis à des règles particulières. Il est conseillé aux investisseurs potentiels de consulter leurs propres conseillers professionnels quant aux implications résultant de la souscription, l’achat, la détention, l’échange ou la cession des Actions dans la juridiction dans laquelle ils peuvent être imposables.
Ce qui suit est un bref résumé de certains aspects de la législation fiscale irlandaise et des pratiques pertinentes envisagées dans le présent Prospectus. Il est fondé sur la législation, les pratiques et l’interprétation officielle actuellement en vigueur et sans préjugé des modifications qui pourraient y être apportées.
Les dividendes, intérêts et plus-values (le cas échéant) que la Société ou l’un des Fonds reçoit au titre de ses investissements (autres que les titres d’émetteurs irlandais) peuvent être soumis à l’impôt, y compris aux retenues à la source, dans les pays dans lesquels les émetteurs des investissements sont situés. Il est prévu que la Société ne sera peut-être pas en mesure de profiter de taux réduits de retenues à la source dans le cas de conventions visant à éviter la double imposition conclues entre l’Irlande et ces pays. Si, dans le futur, cette position devait changer et que l’application d’un taux réduit donne lieu à un remboursement à la Société, la Valeur nette d’inventaire ne sera pas recalculée et le bénéfice sera réparti au pro rata entre les Actionnaires existants au moment du remboursement. | # TAXATION
General
The information given is not exhaustive and does not constitute legal or tax advice. It does not purport to deal with all of the tax consequences applicable to the Company or its current or future Funds or to all categories of investors, some of whom may be subject to special rules. Prospective investors should consult their own professional advisors as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish taxation law and practice relevant to the transactions contemplated in this Prospectus. It is based on the law and practice and official interpretation currently in effect, all of which are subject to change.
Dividends, interest and capital gains (if any) which the Company or any of the Funds receive with respect to their investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company the Net Asset Value will not be re-stated and the benefit will be allocated to the existing Shareholders rateably at the time of repayment. | en | fr |
DOLFIN2841 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Exclusion of in-scope fixed income securities and issuers involved in selected controversial activities, or those lacking appropriate processes and compliance mechanisms to monitor and prevent ESG related controversies (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches). | Caractéristiques environnementales et/ou sociales
Quelles caractéristiques environnementales et/ou sociales sont promues par ce produit financier ?
Les caractéristiques environnementales et sociales promues par le Compartiment consistent à favoriser l’investissement dans les émetteurs dont les activités et/ou la conduite des affaires adoptent une approche appropriée et responsable des considérations ESG.
Sur le plan environnemental, au besoin, cela inclut, sans s’y limiter, une gestion appropriée et responsable du changement climatique et des déchets. Les caractéristiques sociales promues par le Compartiment, au besoin, comprennent, sans s’y limiter, la gestion appropriée et responsable des relations avec les employés et des pratiques de santé et de sécurité.
Par le biais de la promotion des caractéristiques environnementales et sociales ci-dessus, le Compartiment vise à réduire les effets néfastes pour l’environnement et/ou la société en :
- Réalisant une évaluation ESG des émetteurs concernés sur la base d’un cadre exclusif et en définissant une notation de risque ESG minimale pour qu’un titre soit considéré comme un investissement admissible (Intégration ESG).
- S’engageant auprès des émetteurs sur les enjeux ESG, en donnant la priorité à ceux qui ont la possibilité d’améliorer la gestion des questions ESG clés, notamment, mais sans s’y limiter, la conduite éthique des affaires, le travail et les droits de l’homme, ainsi que les questions environnementales telles que le changement climatique (Engagement ESG).
- Exclusion des titres à revenu fixe concernés et des émetteurs impliqués dans certaines activités controversées, ou qui ne disposent pas de processus et de mécanismes de conformité appropriés pour surveiller et prévenir les controverses liées aux questions ESG (Exclusion ESG / Sélection négative et approches de la Sélection fondée sur les normes ESG). | Environmental and/or social characteristics
What environmental and/or social characteristics are promoted by this financial product?
The environmental and social characteristics promoted by the Sub-Fund consist in favouring investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
On the environmental front, where relevant, this includes, but is not limited to, appropriate and responsible management of climate change and waste. The social characteristics promoted by the Sub-Fund where relevant include, but are not limited to, appropriate and responsible management of employee relations and health and safety practices.
Via the promotion of the above environmental and social characteristics, the Sub-Fund aims to achieve a reduction in harmful impact on the environment and/or society by:
- Conducting an ESG evaluation of issuers in scope based on a proprietary framework and setting a minimum ESG risk rating for a security to be considered an eligible investment (ESG Integration).
- Conducting engagement with issuers on ESG matters, by prioritising those with scope to improve management of key ESG issues, including but not limited to ethical business conduct, labour and human rights as well as environmental issues such as climate change (ESG Engagement).
- Exclusion of in-scope fixed income securities and issuers involved in selected controversial activities, or those lacking appropriate processes and compliance mechanisms to monitor and prevent ESG related controversies (ESG Exclusion/ Negative Screening and ESG Norms Based Screening approaches). | en | fr |
DOLFIN2842 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Triodos Euro Bond Impact Fund is an open-ended sub-fund of a Luxembourg SICAV.
Term: The fund has no maturity date. Triodos Investment Management is not entitled to terminate the fund unilaterally.
Objectives: The fund aims to increase the value of your investment over the medium term, while seeking to maximise positive impact on society and the environment. The fund has sustainable investment as its objective as set out in article 9 SFDR. The fund mainly invests in impact and other corporate bonds whose proceeds must finance projects that contribute to at least one of the transition themes defined by Triodos: sustainable food and agriculture, renewable resources, circular economy, sustainable mobility and infrastructure, prosperous and healthy people, innovation for sustainability, or social inclusion and empowerment. Issuers that do not meet the Triodos sustainability standards are excluded from investment. Bonds can be issued by corporate bodies or governments. All bonds must be investment grade and denominated in EUR. The return of the fund is determined on the one hand by interest income from investments minus the costs of managing the fund, and on the other hand by
the price changes of the investments. The return of the fund depends to a large extent on interest rate developments. The fund is actively managed. It compares its returns with the iBoxx Euro Corporates Overall Total Return (60%) and iBoxx Euro Eurozone Sovereign 1-10 Total Return (40%), which it does not aim to replicate or outperform. The fund may deviate from the benchmark because it only invests in companies that meet strict sustainability criteria.
Intended retail investor: The fund is available to retail and institutional investors through all distribution channels, with or without advice. The fund may appeal to investors who:
are looking for an investment combining income and growth that takes a sustainable investing approach;
are interested in exposure to developed and impact bond markets, either for a core investment or for diversification;
have a medium risk profile and can tolerate moderate temporary losses.
Orders to buy and sell shares are ordinarily processed on any day that is a banking day in Luxembourg. Capitalisation share classes reinvest the fund’s net realised income, while distribution share classes may distribute it. | # Um welche Art von Produkt handelt es sich?
Art: Der Triodos Euro Bond Impact Fund ist ein offener Teilfonds einer Luxemburger SICAV.
Laufzeit: Der Fonds hat kein festes oder vorgeschlagenes Fälligkeitsdatum. Triodos Investment Management ist nicht berechtigt, den Fonds einseitig zu beenden.
Ziele: Wir wollen den Wert Ihrer Investition mittelfristig steigern und gleichzeitig die positiven Auswirkungen auf Gesellschaft und Umwelt maximieren. Das Ziel des Fonds ist eine nachhaltige Anlage, wie es in Artikel 9 der Offenlegungsverordnung SFDR festgelegt ist. Der Fonds investiert hauptsächlich in Impact Bonds und andere Unternehmensanleihen; deren Erlöse finanzieren Projekte, die zu mindestens einem der von Triodos definierten Themen für den Übergang in eine nachhaltige Gesellschaft beitragen: nachhaltige Ernährung & Landwirtschaft, erneuerbare Ressourcen, Kreislaufwirtschaft, nachhaltige Mobilität & Infrastruktur, gesunde Menschen, Innovation für Nachhaltigkeit sowie soziale Inklusion & Stärkung der Autonomie. Emittenten, die die Triodos-Nachhaltigkeitsstandards nicht erfüllen, sind von der Anlage ausgeschlossen. Anleihen können von juristischen Personen oder Regierungen ausgegeben werden. Alle Anleihen müssen ein Investment-Grade-Rating aufweisen und auf EUR lauten. Der Ertrag des Fonds wird zum einen bestimmt von den Zinserträgen der Anlagen abzüglich der Verwaltungskosten des Fonds und zum anderen durch Kursänderungen der Anlagen. Der
Ertrag des Fonds hängt in hohem Maße von der Zinsentwicklung ab. Der Fonds wird aktiv verwaltet. Er vergleicht seine Erträge mit dem iBoxx Euro Corporates Overall Total Return (60%) und dem iBoxx returns with the iBoxx Euro Corporates Overall Total Return (60%) and the iBoxx Euro Eurozone Sovereign 1-10 Total Return (40%). Der Fonds zielt nicht darauf ab, die Vergleichsindizes nachzubilden oder zu übertreffen, von denen er abweichen kann, weil er nur in Anleihen investiert, die strenge Nachhaltigkeitskriterien erfüllen.
Kleinanleger-Zielgruppe: Der Fonds steht privaten und institutionellen Anlegern über alle Vertriebskanäle mit oder ohne Beratung zur Verfügung. Der Fonds kann für Anleger interessant sein, die:
eine Anlage suchen, die Erträge und Wachstum kombiniert und einen nachhaltigen Investitionsansatz verfolgt;
an einem Engagement in Märkten von Industrieländern und Impact-Bond-Märkten interessiert sind, entweder als Kernanlage oder zur Diversifizierung;
ein mittleres Risikoprofil haben und vorübergehend moderate Verluste tolerieren können.
Aufträge zum Kauf und Verkauf von Anteilen werden in der Regel an allen Bankarbeitstagen in Luxemburg bearbeitet. Die thesaurierenden Anteilsklassen legen die realisierten Nettoerträge des Fonds wieder an, während die ausschüttenden Anteilsklassen diese ausschütten können. | # What is this product?
Type: Triodos Euro Bond Impact Fund is an open-ended sub-fund of a Luxembourg SICAV.
Term: The fund has no maturity date. Triodos Investment Management is not entitled to terminate the fund unilaterally.
Objectives: The fund aims to increase the value of your investment over the medium term, while seeking to maximise positive impact on society and the environment. The fund has sustainable investment as its objective as set out in article 9 SFDR. The fund mainly invests in impact and other corporate bonds whose proceeds must finance projects that contribute to at least one of the transition themes defined by Triodos: sustainable food and agriculture, renewable resources, circular economy, sustainable mobility and infrastructure, prosperous and healthy people, innovation for sustainability, or social inclusion and empowerment. Issuers that do not meet the Triodos sustainability standards are excluded from investment. Bonds can be issued by corporate bodies or governments. All bonds must be investment grade and denominated in EUR. The return of the fund is determined on the one hand by interest income from investments minus the costs of managing the fund, and on the other hand by
the price changes of the investments. The return of the fund depends to a large extent on interest rate developments. The fund is actively managed. It compares its returns with the iBoxx Euro Corporates Overall Total Return (60%) and iBoxx Euro Eurozone Sovereign 1-10 Total Return (40%), which it does not aim to replicate or outperform. The fund may deviate from the benchmark because it only invests in companies that meet strict sustainability criteria.
Intended retail investor: The fund is available to retail and institutional investors through all distribution channels, with or without advice. The fund may appeal to investors who:
are looking for an investment combining income and growth that takes a sustainable investing approach;
are interested in exposure to developed and impact bond markets, either for a core investment or for diversification;
have a medium risk profile and can tolerate moderate temporary losses.
Orders to buy and sell shares are ordinarily processed on any day that is a banking day in Luxembourg. Capitalisation share classes reinvest the fund’s net realised income, while distribution share classes may distribute it. | en | de |
DOLFIN2843 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Significant influence
- The Manager must not acquire, or cause to be acquired for a Trust, transferable securities issued by a body corporate and carrying rights to vote (whether or not on substantially all matters) at a general meeting of that body corporate if:
- immediately before the acquisition, the aggregate of any such securities held for a Trust, taken together with any such securities already held for other authorised unit trusts of which it is also the Manager, gives the Manager power significantly to influence the conduct of business of that body corporate; or
- the acquisition gives the Manager that power. | - Wesentliche Einflussnahme
- Die Verwaltungsgesellschaft darf keine übertragbaren Wertpapiere einer Körperschaft, die mit Stimmrechten (ob bei im Wesentlichen allen Angelegenheiten oder nicht) auf einer Hauptversammlung dieser Körperschaft verbunden sind, kaufen oder einen solchen Kauf für einen Fonds veranlassen, wenn::
- sie unmittelbar vor dem Erwerb die gesamten für einen Fonds gehaltenen Wertpapiere gemeinsam mit den bereits für andere zugelassene Investmentfonds, für die sie ebenfalls als Verwaltungsgesellschaft fungiert, gehaltenen Wertpapieren der Verwaltungsgesellschaft die Befugnis erteilen, auf die Geschäftsführung dieser Körperschaft wesentliche Einflussnahme auszuüben: oder | - Significant influence
- The Manager must not acquire, or cause to be acquired for a Trust, transferable securities issued by a body corporate and carrying rights to vote (whether or not on substantially all matters) at a general meeting of that body corporate if:
- immediately before the acquisition, the aggregate of any such securities held for a Trust, taken together with any such securities already held for other authorised unit trusts of which it is also the Manager, gives the Manager power significantly to influence the conduct of business of that body corporate; or
- the acquisition gives the Manager that power. | en | de |
DOLFIN2844 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment of USD 10,000 | If you exit after 1 year | If you exit after 5 years (the recommended holding period) |
| --- | --- | --- |
| Total costs | USD 400 | EUR 1,870 |
| Impact on yield (yield reduction) per year | 4.0% | 2.3% | | | Investimento di 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (il periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 400 USD | 1.870 USD |
| Impatto sul rendimento (riduzione del rendimento) annuo | 4,0% | 2,3% | | | Investment of USD 10,000 | If you exit after 1 year | If you exit after 5 years (the recommended holding period) |
| --- | --- | --- |
| Total costs | USD 400 | EUR 1,870 |
| Impact on yield (yield reduction) per year | 4.0% | 2.3% | | en | it |
DOLFIN2845 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
The depositary is State Street Custodial Services (Ireland) Limited, Ireland. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal-Resources/dws- remuneration-policy?setLanguage=en. The information will be sent to you in paper form free of charge upon request. The taxation regime applicable to the fund in Ireland may affect your personal tax situation. Xtrackers (IE) plc 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 sales prospectus. This fund is a sub-fund of Xtrackers (IE) plc for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers (IE) plc. This fund is authorised in Ireland and is regulated by the Central Bank of Ireland. DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 11.02.2022.
The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data. | # Información práctica
La entidad depositaria es State Street Custodial Services (Ireland) Limited, Irlanda. Pueden solicitarse gratuitamente copias del folleto de venta y los informes periódicos en el idioma de este documento. Estos documentos, así como cualquier otra información (incluidos los últimos precios de las acciones y los valores liquidativos orientativos) pueden consultarse de forma gratuita. Los documentos están disponibles en la página web local de DWS o en www.Xtrackers.com. La información sobre la política de remuneraciones en vigor de la sociedad gestora, incluida una descripción del cálculo de la remuneración y otras prestaciones, se encuentra publicada en la página web https://www.dws.com/footer/Legal-Resources/dws-remuneration- policy?setLanguage=en. Puede solicitar gratuitamente una copia en papel de esta información. El régimen fiscal aplicable al Fondo en Irlanda podría afectar a su situación fiscal personal. Xtrackers (IE) plc 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 de venta. Este fondo es un subfondo de Xtrackers (IE) plc, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. Este fondo puede ofrecer varias clases de acciones; para más información, consulte la sección correspondiente del folleto de venta. Usted no está autorizado para canjear sus acciones de este fondo por otros fondos de Xtrackers (IE) plc. Este fondo está autorizado en Irlanda y está regulado por la Central Bank of Ireland. DWS Investment
S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 11.02.2022.
London Stock Exchange Group plc y las empresas del grupo (en conjunto, el “Grupo LSE”) no están vinculadas a, ni patrocinan, apoyan, comercializan o promocionan el fondo. El Grupo LSE no acepta ninguna responsabilidad frente a ninguna persona que surja del uso del fondo o de los datos subyacentes. | # Practical information
The depositary is State Street Custodial Services (Ireland) Limited, Ireland. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal-Resources/dws- remuneration-policy?setLanguage=en. The information will be sent to you in paper form free of charge upon request. The taxation regime applicable to the fund in Ireland may affect your personal tax situation. Xtrackers (IE) plc 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 sales prospectus. This fund is a sub-fund of Xtrackers (IE) plc for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers (IE) plc. This fund is authorised in Ireland and is regulated by the Central Bank of Ireland. DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 11.02.2022.
The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data. | en | es |
DOLFIN2846 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Such a merger shall be subject to the conditions and procedures imposed by the Law of 2010, in particular concerning the merger project and the information to be provided to the shareholders.
The board of directors may decide to proceed with a merger (within the meaning of the Law of 2010) of any Sub-Fund, either as receiving or absorbed Sub-Fund, with (i) another existing Sub-Fund within the Company or another sub-fund within a New UCITS (the “New Sub- Fund”); or (ii) a New UCITS, and, as appropriate, to redesignate the shares of the Sub-Fund concerned as shares of the New UCITS, or of the New Sub-Fund as applicable. | # Une telle fusion est soumise aux dispositions et procédures imposées par la Loi de 2010, notamment en ce qui concerne le projet de fusion et les informations à fournir aux actionnaires.
Le Conseil d’administration peut décider de procéder à une fusion (au sens de la Loi de 2010) de n’importe quel compartiment, soit en tant que compartiment absorbeur, soit en tant que compartiment absorbé, avec (i) un autre compartiment au sein de la Société ou du nouvel OPCVM (le « nouveau compartiment ») ou (ii) un nouvel OPCVM et, si cela est adéquat, de convertir les actions du compartiment concernées en actions du nouvel OPCVM ou du nouveau compartiment si applicable. | # Such a merger shall be subject to the conditions and procedures imposed by the Law of 2010, in particular concerning the merger project and the information to be provided to the shareholders.
The board of directors may decide to proceed with a merger (within the meaning of the Law of 2010) of any Sub-Fund, either as receiving or absorbed Sub-Fund, with (i) another existing Sub-Fund within the Company or another sub-fund within a New UCITS (the “New Sub- Fund”); or (ii) a New UCITS, and, as appropriate, to redesignate the shares of the Sub-Fund concerned as shares of the New UCITS, or of the New Sub-Fund as applicable. | en | fr |
DOLFIN2847 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 31 Conflicts of interest
No agreement, settlement or other legal transaction concluded by the Investment Company with other companies shall be impaired or invalidated by virtue of the fact that one or more of the members of the Board of Directors, of the directors and officers, managers or agents of the Investment Company have any interests or holdings in any other company, or by the fact that they are members of the Board, partners, directors or officers, managers, agents, or employees of the other company.
Such member of the Board, executive officer, executive manager, or agent of the Investment Company as serves simultaneously as a member of the Board, executive officer, manager, agent, or employee of another company with which the Investment Company has concluded an agreement, or with which it is otherwise connected by a business relationship, shall not by reason thereof forfeit the right to deliberate, vote or act with regard to matters relating to such agreement or such business relationship.
Where, however, a member of the Board of Directors, executive officer, or agent, has a personal interest in any of the Investment Company's affairs, such member of the Board of Directors, executive officer, or agent of the Investment Company is obliged to inform the Board of Directors of that personal interest and he shall participate neither in the deliberations nor in votes concerning such affairs. A report on the matter and on the personal interest of the member of the Board of Directors, of the executive officer, or of the agent, shall be presented at the next General Meeting of the Shareholders.
The term "personal interest", as employed in the foregoing paragraph, shall not apply to any relationship, or any interest, that arises solely from the fact that a given legal transaction is concluded by the Investment Company, on the one hand, with the Investment Manager, the Central Administrative Agent, the register and transfer agent, or the distribution agent or agents (or with another company directly or indirectly affiliated therewith), or with any other company designated by the Investment Company, on the other hand. | # Artikel 31 Unvereinbarkeitsbestimmungen
Kein Vertrag, kein Vergleich oder sonstiges Rechtsgeschäft, das die Investmentgesellschaft mit anderen Gesellschaften schließt, wird durch die Tatsache beeinträchtigt oder ungültig, dass ein oder mehrere Verwaltungsratsmitglieder, Direktoren, Geschäftsführer oder Bevollmächtigte der Investmentgesellschaft irgendwelche Interessen in oder Beteiligungen an irgendeiner anderen Gesellschaft haben, oder durch die Tatsache, dass sie Verwaltungsratsmitglied, Teilhaber, Direktor, Geschäftsführer, Bevollmächtigter oder Angestellter der anderen Gesellschaft sind.
Dieses(r) Verwaltungsratsmitglied, Direktor, Geschäftsführer oder Bevollmächtigter der Investmentgesellschaft, welches(r) zugleich Verwaltungsratsmitglied, Direktor, Geschäftsführer Bevollmächtigter oder Angestellter einer anderen Gesellschaft ist, mit der die Investmentgesellschaft Verträge abgeschlossen hat oder mit der sie in einer anderen Weise in geschäftlichen Beziehungen steht, wird dadurch nicht das Recht verlieren, zu beraten, abzustimmen und zu handeln, was die Angelegenheiten, die mit einem solchen Vertrag oder solchen Geschäften in Verbindung stehen, anbetrifft.
Falls aber ein Verwaltungsratsmitglied, Direktor oder Bevollmächtigter ein persönliches Interesse in irgendwelcher Angelegenheit der Investmentgesellschaft hat, muss dieses Verwaltungsratsmitglied, Direktor oder Bevollmächtigter der Investmentgesellschaft den Verwaltungsrat über dieses persönliche Interesse informieren, und er wird weder mitberaten noch am Votum über diese Angelegenheit teilnehmen. Ein Bericht über diese Angelegenheit und über das persönliche Interesse des Verwaltungsratsmitgliedes, Direktors oder Bevollmächtigten muss bei der nächsten Generalversammlung erstattet werden.
Der Begriff „persönliches Interesse“, wie er im vorstehenden Absatz verwendet wird, findet keine Anwendung auf jedwede Beziehung und jedwedes Interesse, die nur deshalb entstehen, weil das Rechtsgeschäft zwischen der Investmentgesellschaft einerseits und dem Investmentmanager, der Zentralverwaltungsstelle, der Register- und Transferstelle, der oder den Vertriebsstellen (bzw. ein mit diesen mittelbar oder unmittelbar verbundenes Unternehmen) oder jeder anderen von der Investmentgesellschaft benannten Gesellschaft andererseits geschlossen wird. | # Article 31 Conflicts of interest
No agreement, settlement or other legal transaction concluded by the Investment Company with other companies shall be impaired or invalidated by virtue of the fact that one or more of the members of the Board of Directors, of the directors and officers, managers or agents of the Investment Company have any interests or holdings in any other company, or by the fact that they are members of the Board, partners, directors or officers, managers, agents, or employees of the other company.
Such member of the Board, executive officer, executive manager, or agent of the Investment Company as serves simultaneously as a member of the Board, executive officer, manager, agent, or employee of another company with which the Investment Company has concluded an agreement, or with which it is otherwise connected by a business relationship, shall not by reason thereof forfeit the right to deliberate, vote or act with regard to matters relating to such agreement or such business relationship.
Where, however, a member of the Board of Directors, executive officer, or agent, has a personal interest in any of the Investment Company's affairs, such member of the Board of Directors, executive officer, or agent of the Investment Company is obliged to inform the Board of Directors of that personal interest and he shall participate neither in the deliberations nor in votes concerning such affairs. A report on the matter and on the personal interest of the member of the Board of Directors, of the executive officer, or of the agent, shall be presented at the next General Meeting of the Shareholders.
The term "personal interest", as employed in the foregoing paragraph, shall not apply to any relationship, or any interest, that arises solely from the fact that a given legal transaction is concluded by the Investment Company, on the one hand, with the Investment Manager, the Central Administrative Agent, the register and transfer agent, or the distribution agent or agents (or with another company directly or indirectly affiliated therewith), or with any other company designated by the Investment Company, on the other hand. | en | de |
DOLFIN2848 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Bloomberg Barclays Euro Treasury Bills Index + 2.00% par an sur un horizon de 36 mois
Évolution des performances et de la VNI*
Évolution de la VNI depuis le lancement Performances cumulées et annualisées | ## Bloomberg Barclays Euro Treasury Bills Index + 2.00% anual en un horizonte a 36 meses
Rentabilidades y evolución del Valor Liquidativo*
Evolución del Valor Liquidativo desde el lanzamiento
Rentabilidades acumuladas y anualizadas
Participación Objetivo Participación Objetivo Acumulada Anualizada | ## Bloomberg Barclays Euro Treasury Bills Index + 2.00% par an sur un horizon de 36 mois
Évolution des performances et de la VNI*
Évolution de la VNI depuis le lancement Performances cumulées et annualisées | fr | es |
DOLFIN2849 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Jusqu’à 4,00 % du montant que vous payez au moment de l’entrée dans l’investissement. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le produit vous informera des coûts réels. | Jusqu’à 400 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,55 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 149 EUR |
| Coûts de transaction | 0,12 % 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. | 11 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques | |
| Commissions liées aux résultats et commission d’intéressement | Il n’y a pas de commission de performance pour ce produit. | | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 4,00 % del importe que paga usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 EUR |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,55 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 149 EUR |
| Costes de operación | 0,12 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 11 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Jusqu’à 4,00 % du montant que vous payez au moment de l’entrée dans l’investissement. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le produit vous informera des coûts réels. | Jusqu’à 400 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,55 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 149 EUR |
| Coûts de transaction | 0,12 % 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. | 11 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques | |
| Commissions liées aux résultats et commission d’intéressement | Il n’y a pas de commission de performance pour ce produit. | | | fr | es |
DOLFIN2850 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le LIBOR est réputé représenter le taux auquel les banques participantes peuvent emprunter à court terme les unes auprès des autres sur le marché interbancaire londonien. L'autorité de tutelle en charge de la supervision des marchés financiers et des sociétés de services financiers au Royaume-Uni a annoncé qu'au-delà de 2021, elle ne demanderait plus aux banques de communiquer leurs taux aux fins
du calcul du LIBOR. Par conséquent, il est possible qu'à compter de 2022, le taux LIBOR ne soit plus disponible ou qu'il ne soit plus considéré comme un taux de référence approprié pour calculer le taux d'intérêt impactant ou s'appliquant à certains billets, dérivés ou autres instruments, ou à d'autres investissements entrant dans la composition du portefeuille d'un Compartiment. Pour parer à cette éventualité, un certain nombre d'initiatives ont été prises au sein du secteur public et privé dans le but d'identifier des taux de référence alternatifs ou d'en créer de nouveaux en remplacement du LIBOR. Il ne peut être garanti que la composition ou les caractéristiques de ces taux de référence alternatifs seront similaires à celles du LIBOR, qu'ils produiront la même valeur ou le même effet économique, ou qu'ils présenteront les mêmes volumes ou la même liquidité que le LIBOR avant son abandon, ce qui peut affecter la valeur, la liquidité ou la performance de certains investissements et entraîner des coûts liés à la liquidation de positions et à la conclusion de nouvelles transactions. Ces risques se poseront également dans le cadre de l'abandon d'autres taux interbancaires offerts (p. ex. l'Euribor).
-
## Risque lié aux sûretés | El LIBOR fue concebido como un tipo de interés al que una selección de bancos (el panel de bancos) pueden concertar préstamos a corto plazo entre sí en el mercado interbancario de Londres. La autoridad reguladora que supervisa las compañías de servicios financieros y los mercados financieros en el Reino Unido ha anunciado que, a partir del final de 2021, ya no persuadirá ni obligará al panel de bancos a comunicar los tipos necesarios para calcular el LIBOR. En consecuencia, es posible que, a principios de 2022, el LIBOR ya no se encuentre disponible o ya no sea considerado un tipo de interés de referencia apropiado para la determinación del tipo de interés de, o que afecta a, determinados títulos de deuda,
derivados y otros instrumentos o inversiones, lo que abarca parte o la totalidad de la cartera de un Subfondo. En vista de esta posibilidad, se están emprendiendo iniciativas en el sector público y privado para identificar tipos de interés de referencia nuevos o alternativos destinados a reemplazar el LIBOR. No existe garantía alguna de que dichos tipos de referencia alternativos presentarán una composición o características similares a las del LIBOR o que se traducirán en el mismo valor o equivalencia económica que el LIBOR o que tendrán el mismo volumen o liquidez que el LIBOR antes de su cese o no disponibilidad, lo que podría incidir en el valor, la liquidez o la rentabilidad de determinadas inversiones y ocasionar costes asociados al cierre de posiciones o inicio de nuevas operaciones. Estos riesgos también podrían ser aplicables si se efectúan cambios en otros tipos de interés interbancarios de oferta (por ejemplo, el Euribor).
-
## Riesgo derivado de las garantías | Le LIBOR est réputé représenter le taux auquel les banques participantes peuvent emprunter à court terme les unes auprès des autres sur le marché interbancaire londonien. L'autorité de tutelle en charge de la supervision des marchés financiers et des sociétés de services financiers au Royaume-Uni a annoncé qu'au-delà de 2021, elle ne demanderait plus aux banques de communiquer leurs taux aux fins
du calcul du LIBOR. Par conséquent, il est possible qu'à compter de 2022, le taux LIBOR ne soit plus disponible ou qu'il ne soit plus considéré comme un taux de référence approprié pour calculer le taux d'intérêt impactant ou s'appliquant à certains billets, dérivés ou autres instruments, ou à d'autres investissements entrant dans la composition du portefeuille d'un Compartiment. Pour parer à cette éventualité, un certain nombre d'initiatives ont été prises au sein du secteur public et privé dans le but d'identifier des taux de référence alternatifs ou d'en créer de nouveaux en remplacement du LIBOR. Il ne peut être garanti que la composition ou les caractéristiques de ces taux de référence alternatifs seront similaires à celles du LIBOR, qu'ils produiront la même valeur ou le même effet économique, ou qu'ils présenteront les mêmes volumes ou la même liquidité que le LIBOR avant son abandon, ce qui peut affecter la valeur, la liquidité ou la performance de certains investissements et entraîner des coûts liés à la liquidation de positions et à la conclusion de nouvelles transactions. Ces risques se poseront également dans le cadre de l'abandon d'autres taux interbancaires offerts (p. ex. l'Euribor).
-
## Risque lié aux sûretés | fr | es |
DOLFIN2851 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Catégorie E - Capitalisation: EUR
ISIN: LU1849568024
Objectif - Le Fonds vise à générer une croissance du capital sur le long terme, en investissant principalement dans des actions et des titres liés à des actions d'entreprises leaders de leur secteur dans les marchés émergents à l’échelle mondiale, ou d'entreprises leaders de leur secteur qui y exercent une activité importante.
Le Fonds peut investir jusqu’à 30 % de ses actifs nets en Actions A chinoises via Stock Connect, un programme conçu pour permettre un accès mutuel aux marchés boursiers entre Hong Kong et la Chine. Le Fonds fait l’objet d’une gestion active et se réfère à l’indice MSCI Emerging Markets Index (l’« Indice de référence ») en cherchant à le surperformer. Il n’y a aucune restriction quant à la mesure dans laquelle le portefeuille du Fonds peut s’écarter de la composition de l’Indice de référence.
Comme autorisé et décrit dans le prospectus de l’OPCVM, le Fonds peut utiliser des instruments financiers dérivés (tels que des contrats à terme standardisés sur indices et des swaps de change) et employer des techniques et des instruments, uniquement à des fins de gestion efficace du portefeuille et de couverture. | # Objetivos y política de inversión
Clase E - Capitalización: EUR
ISIN: LU1849568024
Objetivo - el fondo pretende conseguir el crecimiento del capital a largo plazo invirtiendo principalmente en renta variable y valores relacionados con la renta variable de empresas líderes en su sector domiciliadas en mercados emergentes de todo el mundo, o empresas líderes en su sector que realizan una parte significativa de sus operaciones en estos mercados.
El fondo podrá invertir hasta el 30% de su patrimonio neto en acciones de Clase A de China a través de Stock Connect, que es un programa desarrollado para facilitar el acceso mutuo al mercado bursátil entre Hong Kong y China. El fondo se gestiona de forma activa y toma como referencia el MSCI Emerging Markets Index (la "referencia"), a la que trata de superar. No existen restricciones con respecto a la medida en que la cartera del fondo puede desviarse de la de su referencia.
Con arreglo a lo permitido y descrito en el folleto del OICVM, el fondo puede recurrir a instrumentos derivados (como por ejemplo futuros de índices y swaps de divisas), así como emplear técnicas e instrumentos únicamente con fines de cobertura y de gestión eficiente de la cartera. | # Objectifs et politique d'investissement
Catégorie E - Capitalisation: EUR
ISIN: LU1849568024
Objectif - Le Fonds vise à générer une croissance du capital sur le long terme, en investissant principalement dans des actions et des titres liés à des actions d'entreprises leaders de leur secteur dans les marchés émergents à l’échelle mondiale, ou d'entreprises leaders de leur secteur qui y exercent une activité importante.
Le Fonds peut investir jusqu’à 30 % de ses actifs nets en Actions A chinoises via Stock Connect, un programme conçu pour permettre un accès mutuel aux marchés boursiers entre Hong Kong et la Chine. Le Fonds fait l’objet d’une gestion active et se réfère à l’indice MSCI Emerging Markets Index (l’« Indice de référence ») en cherchant à le surperformer. Il n’y a aucune restriction quant à la mesure dans laquelle le portefeuille du Fonds peut s’écarter de la composition de l’Indice de référence.
Comme autorisé et décrit dans le prospectus de l’OPCVM, le Fonds peut utiliser des instruments financiers dérivés (tels que des contrats à terme standardisés sur indices et des swaps de change) et employer des techniques et des instruments, uniquement à des fins de gestion efficace du portefeuille et de couverture. | fr | es |
DOLFIN2852 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 USD |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,03% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 203 USD |
| Coûts de transaction | 0,28% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 28 USD |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,25% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 25 USD | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | Los gastos de entrada son del 5,00% (carga inicial), lo que corresponde a una deducción del 4,76% del importe de su inversión. Es el importe máximo que se puede retener de su inversión. El asesor financiero le informará sobre el valor real. | Hasta 476 USD |
| Costes de salida | No cobramos tasa de salida por este producto. | 0 USD |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,03% del valor de su instalación al año. Se trata de una estimación basada en los costes reales del año pasado. | 203 USD |
| Costes de operación | 0,28% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos cuando compramos o vendemos las inversiones subyacentes del producto. El importe real depende de cuánto compremos y vendamos. | 28 USD |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 0,25% del valor de su inversión al año. El importe real depende del rendimiento de su inversión. La estimación anterior de los costes acumulados incluye la media de los últimos cinco años. | 25 USD | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 USD |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 USD |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,03% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 203 USD |
| Coûts de transaction | 0,28% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 28 USD |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,25% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 25 USD | | fr | es |
DOLFIN2853 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Note 4 Distribution Fees
The distribution fees are recorded under the caption “Distribution fees” within the Statement of Operations and Changes in Net Assets. They are calculated as a percentage of the Net Asset Value per unit class.
As at 30 June 2020, the maximum distribution fees applied are the following: | ## Erläuterung 4 Vertriebsgebühren
Die Vertriebsgebühren sind in der Ertrags- und Aufwandsrechnung und den Veränderungen des Nettovermögens unter dem Posten „Vertriebsgebühren“ verbucht. Sie werden als Prozentsatz des Nettoinventarwertes pro Anteilsklasse berechnet.
Zum 30. Juni 2020, werden die folgenden maximalen Vertriebsgebühren erhoben: | ## Note 4 Distribution Fees
The distribution fees are recorded under the caption “Distribution fees” within the Statement of Operations and Changes in Net Assets. They are calculated as a percentage of the Net Asset Value per unit class.
As at 30 June 2020, the maximum distribution fees applied are the following: | en | de |
DOLFIN2854 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The information reported will be automatically exchanged between the tax authorities of all Member States.
In light of the broad scope of DAC6, transactions carried out by the Fund may fall within the scope of DAC6 and thus be reporta- ble (subject however to the way DAC6 will be implemented into national laws).
The above is simply a short summary of the effects of the DAC2 and DAC6 and of the Luxembourg Law and is based on its current interpretation. This summary makes no claim to being complete. It includes no investment or tax advice. Investors are therefore advised to obtain advice from their financial or tax advisor with regard to all the effects of the DAC2, DAC6 and of the Luxembourg Law relevant to themselves. | #### Die gemeldeten Informationen werden automatisch zwischen den Steuerbehörden aller Mitgliedsstaaten ausgetauscht.
In Anbetracht des breiten Anwendungsbereichs der DAC6-Richtlinie können Transaktionen, die der Fonds tätigt, in den Anwen- dungsbereich der DAC6-Richtlinie fallen und somit meldepflichtig sein (vorbehaltlich der Art und Weise, wie die DAC6-Richtlinie in den nationalen Gesetzen umgesetzt wird).
Obiges ist lediglich eine kurze Zusammenfassung der Auswirkungen der Richtlinien DAC2 und DAC6 sowie des luxem- burgischen Rechts und basiert auf deren derzeitiger Auslegung. Diese Zusammenfassung erhebt keinen Anspruch auf Vollständigkeit. Sie ist nicht als Anlage- oder Steuerberatung zu verstehen. Anlegern wird daher empfohlen, sich von ihrem Finanz- oder Steuerberater hinsichtlich aller für sie relevanten Auswirkungen der Richtlinien DAC2 und DAC6 und des luxemburgischen Rechts beraten zu lassen. | #### The information reported will be automatically exchanged between the tax authorities of all Member States.
In light of the broad scope of DAC6, transactions carried out by the Fund may fall within the scope of DAC6 and thus be reporta- ble (subject however to the way DAC6 will be implemented into national laws).
The above is simply a short summary of the effects of the DAC2 and DAC6 and of the Luxembourg Law and is based on its current interpretation. This summary makes no claim to being complete. It includes no investment or tax advice. Investors are therefore advised to obtain advice from their financial or tax advisor with regard to all the effects of the DAC2, DAC6 and of the Luxembourg Law relevant to themselves. | en | de |
DOLFIN2855 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Share Currency Designation Risk
Classes of Shares of a Sub-Fund may be designated in a currency other than the Base Currency of the Sub-Fund. Changes in the exchange rate between the Base Currency and such designated currencies may lead to a depreciation of the value of such Shares as expressed in the designated currencies. The Manager may try but is not obliged to mitigate this risk by using financial instruments such as those described under the heading “Currency Risk” above. Investors should be aware that this strategy may substantially limit Shareholders of the relevant Classes from benefiting if a designated currency falls against the Base Currency and/or the currency/currencies in which the assets of the Sub-Fund are denominated. In such circumstances Shareholders of the relevant Classes of Shares of the Sub-Fund may be exposed to fluctuations in the Net Asset Value per Share reflecting the gains/losses on and the costs of the relevant financial instruments. Financial instruments used to implement such strategies shall be assets/liabilities of the Sub-Fund as a whole. However, the gains/losses on and the costs of the relevant financial instruments will accrue solely to the relevant Class of Shares of the Sub-Fund.
Transactions may be effected in the Base Currency of each Sub-Fund upon agreement with the Administrator, as well as in the designated currency of each Class of Shares. Where an applicant wishes to invest in a non-Base Currency Share Class of a Sub-Fund, the Administrator will arrange for the application monies to be converted into the Sub-Fund’s Base Currency. For a Shareholder who receives redemption proceeds from a non-Base Currency Share Class of a Sub-Fund, the Administrator will arrange for the redemption proceeds to be converted into the designated currency of the Share Class. Any associated exchange rate risk and the costs of currency exchange transactions in connection with the purchase, redemption and exchange of Shares of non-Base Currency Share Classes will be borne by the relevant Class of Shares and will be reflected in the following Dealing Day’s Net Asset Value of that Class of Shares. | ##### Anteilswährungsrisiko
Eine Anteilsklasse eines Teilfonds kann auf eine andere Währung als die Basiswährung des Teilfonds lauten. Veränderungen des Wechselkurses zwischen der Basiswährung und der Währung der Anteilsklasse können einen Wertverlust der Anteile in der Währung der Anteilsklasse zur Folge haben. Die Verwaltungsgesellschaft kann versuchen, ist dazu aber nicht verpflichtet, dieses Risiko durch den Einsatz von Finanzinstrumenten wie solchen, die im vorstehenden Abschnitt „Währungsrisiko“ beschrieben sind, zu mindern. Anleger sollten beachten, dass diese Strategie den Gewinn der Anteilsinhaber der betreffenden Anteilsklasse erheblich begrenzen kann, falls der Kurs der Währung, auf die die Anteilsklasse lautet, gegenüber der Basiswährung und/oder der/den Währung(en), auf die die Vermögenswerte des Teilfonds lauten, sinkt. Unter solchen Umständen können Anteilsinhaber der betreffenden Anteilsklasse des Teilfonds Schwankungen des Nettoinventarwerts pro Anteil ausgesetzt sein, die die Gewinne bzw. Verluste aus den jeweiligen Finanzinstrumenten und deren Kosten widerspiegeln. Finanzinstrumente, die bei der Umsetzung solcher Strategien eingesetzt werden, gelten als Vermögenswerte/Verbindlichkeiten des Teilfonds als Ganzes. Die Gewinne/Verluste und Kosten der betreffenden Finanzinstrumente werden jedoch ausschließlich der jeweiligen Anteilsklasse des Teilfonds zugeordnet.
Nach vorheriger Vereinbarung mit dem Verwalter können Transaktionen in der Basiswährung jedes Teilfonds sowie in der Währung jeder Anteilsklasse durchgeführt werden. Wenn ein Antragsteller in einer Anteilsklasse eines Teilfonds anlegen möchte, die nicht auf die Basiswährung des Teilfonds lautet, wird der Verwalter den Umtausch der Antragsgelder in die Basiswährung des Teilfonds veranlassen. Für einen Anteilsinhaber, der einen Rücknahmeerlös von einer Anteilsklasse eines Teilfonds erhält, die nicht auf eine Basiswährung des Teilfonds lautet, wird der Verwalter den Umtausch des Rücknahmeerlöses in die Währung der Anteilsklasse veranlassen. Das Wechselkursrisiko und die Kosten der Devisengeschäfte im Zusammenhang mit dem Kauf, der Rücknahme und dem Umtausch von Anteilen, die Anteilsklassen angehören, die nicht auf die Basiswährung eines Teilfonds laufen, werden von der betreffenden Anteilsklasse getragen und spiegeln sich im Nettoinventarwert der betreffenden Anteilsklasse zum nächstfolgenden Handelstag wider. | #### Share Currency Designation Risk
Classes of Shares of a Sub-Fund may be designated in a currency other than the Base Currency of the Sub-Fund. Changes in the exchange rate between the Base Currency and such designated currencies may lead to a depreciation of the value of such Shares as expressed in the designated currencies. The Manager may try but is not obliged to mitigate this risk by using financial instruments such as those described under the heading “Currency Risk” above. Investors should be aware that this strategy may substantially limit Shareholders of the relevant Classes from benefiting if a designated currency falls against the Base Currency and/or the currency/currencies in which the assets of the Sub-Fund are denominated. In such circumstances Shareholders of the relevant Classes of Shares of the Sub-Fund may be exposed to fluctuations in the Net Asset Value per Share reflecting the gains/losses on and the costs of the relevant financial instruments. Financial instruments used to implement such strategies shall be assets/liabilities of the Sub-Fund as a whole. However, the gains/losses on and the costs of the relevant financial instruments will accrue solely to the relevant Class of Shares of the Sub-Fund.
Transactions may be effected in the Base Currency of each Sub-Fund upon agreement with the Administrator, as well as in the designated currency of each Class of Shares. Where an applicant wishes to invest in a non-Base Currency Share Class of a Sub-Fund, the Administrator will arrange for the application monies to be converted into the Sub-Fund’s Base Currency. For a Shareholder who receives redemption proceeds from a non-Base Currency Share Class of a Sub-Fund, the Administrator will arrange for the redemption proceeds to be converted into the designated currency of the Share Class. Any associated exchange rate risk and the costs of currency exchange transactions in connection with the purchase, redemption and exchange of Shares of non-Base Currency Share Classes will be borne by the relevant Class of Shares and will be reflected in the following Dealing Day’s Net Asset Value of that Class of Shares. | en | de |
DOLFIN2856 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# REDEMPTIONS
Redemption of Shares at the relevant Net Asset Value per Share will be settled within five (5) Business Days following the relevant Valuation Day. Please note that actual settlement of the redemption is expected to occur within (i) three (3) Business Days following the relevant Valuation Day for Share Classes denominated in EUR, USD and GBP and (ii) four (4) Business Days following the relevant Valuation Day for Share Classes denominated in CHF, JPY, SEK and NOK, provided that a signed Redemption Request Form or an Electronic Redemption is received by the Registrar and Transfer Agent no later than the relevant Dealing Deadline in accordance with the provisions of the “Redemptions of Shares” section of the Prospectus. Settlement of redemption proceeds will take place in accordance with the Prospectus.
As per the provisions set out in the Prospectus, redemptions proceeds will only be released where the Registrar and Transfer Agent holds full original anti-money laundering documentation. | # RACHATS
Les rachats d'Actions à la Valeur liquidative par Actions en vigueur seront réglés dans un délai de cinq (5) Jours ouvrés suivant le Jour d'Évaluation concerné. Il convient de noter que le règlement du rachat devrait avoir lieu dans un délai de (i) trois (3) Jours ouvrés après le Jour d'Évaluation concerné pour les Catégories d’Actions libellées en EUR, USD et GBP et de (ii) quatre (4) jours ouvrés après le Jour d'Évaluation pour les Catégories d’Actions libellées en CHF, JPY, SEK et NOK, sous réserve qu'un Formulaire de Demande de Rachat ou d’un rachat électronique dûment signé soit reçu par le Teneur de registre et Agent de transfert au plus tard à l'Heure limite de passation des ordres conformément aux dispositions de la section du Prospectus intitulée « Rachat d'Actions ». Le paiement du produit des rachats sera effectué conformément au Prospectus.
En vertu des dispositions énoncées dans le Prospectus, le produit des rachats ne sera débloqué que si le Teneur de registre et Agent de transfert est en possession de l'original de tous les documents exigés par la réglementation sur la lutte contre le blanchiment de capitaux. | # REDEMPTIONS
Redemption of Shares at the relevant Net Asset Value per Share will be settled within five (5) Business Days following the relevant Valuation Day. Please note that actual settlement of the redemption is expected to occur within (i) three (3) Business Days following the relevant Valuation Day for Share Classes denominated in EUR, USD and GBP and (ii) four (4) Business Days following the relevant Valuation Day for Share Classes denominated in CHF, JPY, SEK and NOK, provided that a signed Redemption Request Form or an Electronic Redemption is received by the Registrar and Transfer Agent no later than the relevant Dealing Deadline in accordance with the provisions of the “Redemptions of Shares” section of the Prospectus. Settlement of redemption proceeds will take place in accordance with the Prospectus.
As per the provisions set out in the Prospectus, redemptions proceeds will only be released where the Registrar and Transfer Agent holds full original anti-money laundering documentation. | en | fr |
DOLFIN2857 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A credit linked note is a debt instrument which assumes both credit risk of the relevant reference entity (or entities) and the issuer of the credit linked note. There is also a risk
associated with the coupon payment; if a reference entity in a basket of credit linked notes suffers a credit event, the coupon will be re-set and is paid on the reduced nominal amount. Both the residual capital and coupon are exposed to further credit events. In extreme cases, the entire capital may be lost. There is also the risk that a note issuer may default.
-
###### Equity Linked Note Risk | Eine Credit Linked Note ist ein Anleiheinstrument, das sowohl das Kreditrisiko des/der entsprechenden Referenzschuldner
(s) als auch des Emittenten der Credit Linked Note übernimmt. Außerdem ist auch mit der Kuponzahlung ein Risiko verbunden: Tritt bei einem Referenzschuldner in einem Korb von Credit Linked Notes ein Kreditereignis ein, wird der Kupon zurückgesetzt und mit dem verringerten Nennbetrag ausbezahlt. Sowohl das Restkapital als auch die Kuponzahlung sind weiteren Kreditereignissen ausgesetzt. In extremen Fällen kann es zu einem Verlust des gesamten Kapitals kommen. Darüber hinaus besteht auch das Risiko eines Ausfalls des Emittenten einer Note.
-
###### Risiko in Verbindung mit Equity Linked Notes | A credit linked note is a debt instrument which assumes both credit risk of the relevant reference entity (or entities) and the issuer of the credit linked note. There is also a risk
associated with the coupon payment; if a reference entity in a basket of credit linked notes suffers a credit event, the coupon will be re-set and is paid on the reduced nominal amount. Both the residual capital and coupon are exposed to further credit events. In extreme cases, the entire capital may be lost. There is also the risk that a note issuer may default.
-
###### Equity Linked Note Risk | en | de |
DOLFIN2858 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the US dollar (USD).
-4.0%
-6.9%
-2.9%
-6.6%
-0.7%
-4.8%
-6.4%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # La divisa de referencia es el dólar americano (USD).
-4,0%
-6,9%
-2,9%
-6,6%
-0,7%
-4,8%
-6,4%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # The reference currency is the US dollar (USD).
-4.0%
-6.9%
-2.9%
-6.6%
-0.7%
-4.8%
-6.4%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | en | es |
DOLFIN2859 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Le fonds investit au moins deux tiers de ses actifs dans des obligations convertibles, notes convertibles, emprunts à option, options sur obligations (certificats d’option) et titres similaires assortis de droits d’option émanant d’émetteurs publics, semi-publics et privés dans le monde entier, indépendamment de la monnaie. Au moins 75% des actifs du fonds auront une notation minimale de BBB- (Standard & Poor’s) ou Baa3 (Moody’s). Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison d’exclusions, d’intégration des critères ESG et d’actionnariat actif. Les facteurs ESG les plus importants sont combinés à l’analyse financière traditionnelle pour calculer un rating intégrant les critères ESG, qui sert de base à un processus de sélection de titres ascendant. Ce fonds a pour objectif de surperformer le rendement de l’indice Refinitiv Global Convertible Bond Investment Grade Index. Le fonds est géré activement. L’indice de référence sert de point de référence pour la construction du portefeuille. La majeure partie de l’exposition du fonds aux obligations se référera à l’indice de référence et aura des pondérations dérivées de celui-ci. Le gestionnaire de portefeuille peut, à sa discrétion, investir dans des obligations qui ne figurent pas dans l’indice de référence afin de tirer parti d’opportunités de placement spécifiques. Il est donc attendu que la performance du fonds soit sensiblement différente de celle de l’indice de référence. Le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. L’investisseur peut acheter ou vendre d'actions du fonds chaque jour, tel que défini dans le prospectus. Cette classe d'actions ne verse pas de distributions. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail et aux investisseurs institutionnels ayant une connaissance et une expérience suffisantes des placements collectifs de capitaux et des produits similaires, capables de supporter une perte d’avoirs mineure et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: El fondo invierte al menos dos tercios de sus activos en bonos convertibles, pagarés convertibles, bonos con warrants, opciones sobre bonos (warrants) y valores similares con derechos de opción, de emisores públicos, semipúblicos y privados en todo el mundo e independientemente de la moneda. Al menos el 75% de los activos del fondo tendrán una calificación crediticia mínima de BBB- (Standard & Poor’s) o Baa3 (Moody’s). El fondo promueve las características medioambientales, sociales y de gobierno corporativo (ESG), en el sentido del artículo 8 del Reglamento (UE) 2019/2088, mediante la combinación de exclusiones, integración de criterios ESG y activismo accionarial. Los factores ESG más relevantes se combinan con el análisis financiero convencional para calcular una calificación crediticia con ESG integrado que servirá de base para un proceso de selección «bottom-up» de valores. Este fondo tiene como objetivo superar el rendimiento del índice de referencia Refinitiv Global Convertible Bond Investment Grade Index. El fondo se gestiona de forma activa. El índice de referencia se utiliza como punto de referencia para la construcción de la cartera. La mayor parte de la exposición a bonos del fondo hará referencia al índice de referencia y sus ponderaciones se derivarán asimismo de este. La entidad gestora podrá optar a su discreción por invertir en bonos no incluidos en el índice de referencia con el fin de beneficiarse de determinadas oportunidades de inversión. Por lo tanto, cabe esperar que el rendimiento del fondo se desvíe considerablemente del rendimiento del índice de referencia. El fondo puede utilizar derivados para lograr los objetivos mencionados anteriormente. Los inversores pueden suscribir o reembolsar acciones del fondo diariamente, tal y como se detalla en el folleto. Esta clase de acciones no realiza distribuciones. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está destinado a inversores minoristas, así como a inversores institucionales con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión menor y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Le fonds investit au moins deux tiers de ses actifs dans des obligations convertibles, notes convertibles, emprunts à option, options sur obligations (certificats d’option) et titres similaires assortis de droits d’option émanant d’émetteurs publics, semi-publics et privés dans le monde entier, indépendamment de la monnaie. Au moins 75% des actifs du fonds auront une notation minimale de BBB- (Standard & Poor’s) ou Baa3 (Moody’s). Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison d’exclusions, d’intégration des critères ESG et d’actionnariat actif. Les facteurs ESG les plus importants sont combinés à l’analyse financière traditionnelle pour calculer un rating intégrant les critères ESG, qui sert de base à un processus de sélection de titres ascendant. Ce fonds a pour objectif de surperformer le rendement de l’indice Refinitiv Global Convertible Bond Investment Grade Index. Le fonds est géré activement. L’indice de référence sert de point de référence pour la construction du portefeuille. La majeure partie de l’exposition du fonds aux obligations se référera à l’indice de référence et aura des pondérations dérivées de celui-ci. Le gestionnaire de portefeuille peut, à sa discrétion, investir dans des obligations qui ne figurent pas dans l’indice de référence afin de tirer parti d’opportunités de placement spécifiques. Il est donc attendu que la performance du fonds soit sensiblement différente de celle de l’indice de référence. Le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. L’investisseur peut acheter ou vendre d'actions du fonds chaque jour, tel que défini dans le prospectus. Cette classe d'actions ne verse pas de distributions. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail et aux investisseurs institutionnels ayant une connaissance et une expérience suffisantes des placements collectifs de capitaux et des produits similaires, capables de supporter une perte d’avoirs mineure et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN2860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator:
Derivatives/Counterparty risks: Funds may enter into listed and unlisted derivative contracts to indirectly invest on an underlying asset or to secure their assets. The payment on these contracts varies with changes of the value of the underlying assets. These instruments are traded on a borrowing mechanism (leverage). For the fund, the result is a higher market exposure than they could basically have. It may, in some cases, multiply losses. An unlisted contract is directly signed with a specific counterparty which means that in the event of insolvency of the counterparty, the Funds could suffer a loss. Due to their unlisted specificity, these contracts are difficult to price.
Structured Instruments risk: Funds investing in structured instruments (securities linked to the performance of underlying assets, foreign currencies, indices of securities, interest rates, or other financial indicators) may wish to be exposed to an underlying asset or to secure their direct assets. Payments on such structured instruments may vary with changes of the value of the underlying assets. Funds investing in structured instruments issued by a corporate, bank or other organization are exposed to the possibility that this issuer will not be able to reimburse the holders. In addition, these instruments can involve significant economic leverage. As a result, funds may gain a higher market exposure than they would have otherwise, which may in some cases increase losses. Finally, funds may not be able to sell structured instruments quickly and easily. | # Los siguientes riesgos son materialmente relevantes para el fondo, pero no son recopilados adecuadamente por el indicador sintético:
Riesgo de derivados/contraparte: Los fondos pueden celebrar contratos de derivados cotizados y no cotizados para invertir indirectamente en un activo subyacente o para proteger sus activos. El pago respecto a esos contratos varía según cambia el valor de los activos subyacentes. Estos instrumentos cotizan conforme a un mecanismo de toma en préstamo (apalancamiento). Para el fondo, el resultado es una exposición al mercado más alta que la que podría tener en general. En al algunos casos, puede multiplicar las pérdidas. Un contrato no cotizado se firma directamente con una contraparte específica, lo que significa que en caso de insolvencia de la contraparte, los fondos podrían sufrir pérdidas. Debido a su especificidad no cotizada, es difícil fijar el precio de estos contratos.
Riesgo de instrumentos estructurados: Los fondos que invierten en instrumentos estructurados (valores vinculados a la rentabilidad de los activos subyacentes, divisas extranjeras, índices de valores, tipos de interés u otros indicadores financieros) pueden desear contar con exposición a un activo subyacente o proteger sus activos directos. Los pagos respecto a esos instrumentos estructurados pueden variar según cambia el valor de los activos subyacentes. Los fondos que invierten en instrumentos estructurados emitidos por una organización corporativa, un banco u otra organización están expuestos a la posibilidad de que este emisor no pueda reembolsar a los tenedores. Además, dichos instrumentos pueden conllevar un apalancamiento económico considerable. Como consecuencia de lo anterior, los fondos pueden presentar una exposición al mercado superior a la que tendrían en otras circunstancias, lo que, en algunos casos, puede aumentar las pérdidas. Por último, puede ocurrir que los fondos no consigan vender instrumentos estructurados de forma rápida o fácil. | # The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator:
Derivatives/Counterparty risks: Funds may enter into listed and unlisted derivative contracts to indirectly invest on an underlying asset or to secure their assets. The payment on these contracts varies with changes of the value of the underlying assets. These instruments are traded on a borrowing mechanism (leverage). For the fund, the result is a higher market exposure than they could basically have. It may, in some cases, multiply losses. An unlisted contract is directly signed with a specific counterparty which means that in the event of insolvency of the counterparty, the Funds could suffer a loss. Due to their unlisted specificity, these contracts are difficult to price.
Structured Instruments risk: Funds investing in structured instruments (securities linked to the performance of underlying assets, foreign currencies, indices of securities, interest rates, or other financial indicators) may wish to be exposed to an underlying asset or to secure their direct assets. Payments on such structured instruments may vary with changes of the value of the underlying assets. Funds investing in structured instruments issued by a corporate, bank or other organization are exposed to the possibility that this issuer will not be able to reimburse the holders. In addition, these instruments can involve significant economic leverage. As a result, funds may gain a higher market exposure than they would have otherwise, which may in some cases increase losses. Finally, funds may not be able to sell structured instruments quickly and easily. | en | es |
DOLFIN2861 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund will pay this deducted tax to the Irish Revenue Commissioners.
Generally, a Shareholder will have no further Irish tax liability in respect of the distribution. However, if the Shareholder is a company for which the distribution is a trading receipt, the gross distribution (including the Irish tax deducted) will form part of its taxable income for self-assessment purposes and the Shareholder may set off the deducted tax against its corporation tax liability.
Redemptions and Transfers of shares
If the Fund redeems Shares held by a non-exempt Irish resident Shareholder, the Fund will deduct Irish tax from the redemption payment made to the Shareholder. Similarly, if such an Irish resident Shareholder transfers (by sale or otherwise) an entitlement to Shares, the Fund will account for Irish tax in respect of that transfer. The amount of Irish tax deducted or accounted for will be calculated by reference to the gain (if any) which has accrued to the Shareholder on the Shares being redeemed or transferred and will be equal to:
- 25% of such gain, where the Shareholder is a company which has made the appropriate declaration for the 25% rate to apply; and
- 41% of the gain, in all other cases. | Der Fonds wird diese zum Abzug gebrachten Steuern an die Irish Revenue Commissioners zahlen.
Im Allgemeinen fallen für einen Anteilinhaber keine weiteren irischen Steuern für die Ausschüttung an. Wenn es sich bei dem Anteilinhaber jedoch um eine Gesellschaft handelt, für die die Ausschüttung eine Betriebseinnahme ist, ist die Bruttozahlung (einschließlich abgezogener irischer Steuern) Teil des zu versteuernden Einkommens auf der Grundlage einer Selbstbewertung, und der Anteilinhaber kann die abgezogenen Steuern mit seiner Körperschaftssteuerverbindlichkeit verrechnen.
Rücknahmen und Übertragungen von Anteilen
Wenn der Fonds von einem steuerpflichtigen Anteilinhaber mit Wohnsitz in Irland Anteile zurücknimmt, zieht der Fonds die irischen Steuern von der Rücknahmezahlung an den Anteilinhaber ab.
Ebenso führt, wenn ein steuerpflichtiger Anteilinhaber mit Wohnsitz in Irland Ansprüche auf Anteile überträgt (durch Verkauf oder anderweitig), der Fonds die irischen Steuern für diese Übertragung ab. Der Betrag der zum Abzug gebrachten oder abgeführten irischen Steuer wird unter Bezugnahme auf den Gewinn (falls vorhanden) berechnet, der für den Anteilinhaber auf die zurückgenommenen oder übertragenen Anteile aufgelaufen ist und entspricht:
- 25 % eines Gewinns, wenn es sich bei dem Anteilinhaber um ein Unternehmen handelt, das die entsprechende Erklärung zur Anwendung des 25%-Satzes vorgelegt hat; und
- 41 % eines Gewinns in allen anderen Fällen. | The Fund will pay this deducted tax to the Irish Revenue Commissioners.
Generally, a Shareholder will have no further Irish tax liability in respect of the distribution. However, if the Shareholder is a company for which the distribution is a trading receipt, the gross distribution (including the Irish tax deducted) will form part of its taxable income for self-assessment purposes and the Shareholder may set off the deducted tax against its corporation tax liability.
Redemptions and Transfers of shares
If the Fund redeems Shares held by a non-exempt Irish resident Shareholder, the Fund will deduct Irish tax from the redemption payment made to the Shareholder. Similarly, if such an Irish resident Shareholder transfers (by sale or otherwise) an entitlement to Shares, the Fund will account for Irish tax in respect of that transfer. The amount of Irish tax deducted or accounted for will be calculated by reference to the gain (if any) which has accrued to the Shareholder on the Shares being redeemed or transferred and will be equal to:
- 25% of such gain, where the Shareholder is a company which has made the appropriate declaration for the 25% rate to apply; and
- 41% of the gain, in all other cases. | en | de |
DOLFIN2862 | 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: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de febrero de 2020. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN2863 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ESG risks
As a matter of principle, the Management Company makes investment decisions considering sustainability risks and evaluates them on an ongoing basis in compliance with Article 6 of SFDR. Sustainability risks can arise from environmental and social impacts on a potential asset as well as from the corporate governance of the issuer of an asset.
The sustainability risk can either represent a separate risk category or have a reinforcing effect on other risk categories relevant to the Sub-Funds, such as market risk, liquidity risk or credit risk and in this context can substantially contribute to the overall risk of the Sub-Funds.
Insofar as sustainability risks materialize, they may have a significant impact on the value and/or return of the assets concerned. Such effects on the asset(s) can negatively influence the overall return of the Sub- Funds.
By taking into consideration sustainability risks, it is the Management Company’s aim to identify the occurrence of these risks at an early stage and to take appropriate measures to minimise the potential impacts of the most relevant sustainability risks on the affected asset(s) or the overall portfolio of the Sub-Funds (for instance, through diversification of the investments or through the limitation of investments presenting high sustainability risks, considering the overall investment strategy of the Sub- Fund ). The most relevant sustainability risks are those deemed to be the most financially material for an issuer, according to its sector. Examples of these risks are: exposure to risks related to climate change, water scarcity risks, risks related to biodiversity loss, supply chain risks or to human resources risks.
The ESG data sources used to assess and monitor the sustainability risks are mainly companies’ public information, direct engagement with companies, financial press as well as external ESG data providers (if need be).
Asset specific sustainability risks
The risks associated with ESG aspects can have a negative impact on the market value of an asset. The market value of financial instruments issued by companies that do not comply with ESG standards and / or do not (neither) commit to implementing ESG standards in the future may be negatively affected by materialising sustainability risks. Such influences on the market value can be caused, e.g. by reputational damage and/or sanctions. Other examples include physical risks and transition risks caused, e.g. by climate change.
Specific operational risks regarding sustainability
The Sub-Funds or the Management Company may suffer losses due to environmental disasters, socially induced aspects relating to employees or third parties, as well as due to failures in corporate governance. These events may be caused or exacerbated by a lack of attention to sustainability aspects.
The foregoing list of risk factors does not purport to be an exhaustive list of all the risk factors relating to investments in any particular Sub-Fund. Various other risks may apply. Prospective investors should consult with their own professional advisors before deciding to subscribe. | # Risques ESG
Par principe, la Société de gestion prend ses décisions d’investissement en tenant compte des risques en matière de durabilité, qu’elle évalue de manière continue conformément à l’article 6 du Règlement SFDR. Les risques en matière de durabilité peuvent émaner d’impacts environnementaux et sociaux sur un actif éventuel ou de la gouvernance d’entreprise de l’émetteur d’un actif.
Les risques en matière de durabilité peuvent appartenir à une catégorie de risques distincte ou accentuer d’autres types de risques correspondants aux Compartiments comme le risque de marché, le risque de liquidité ou le risque de crédit, et de ce fait, contribuer sensiblement au risque global encouru par les Compartiments.
Les risques en matière de durabilité peuvent, pour autant qu’ils se matérialisent, avoir une incidence significative sur la valeur et/ou le rendement des actifs concernés. De tels effets sur les actifs peuvent, à leur tour, avoir une influence négative sur le rendement général des Compartiments.
En prenant en compte les risques en matière de durabilité, la Société de gestion vise à identifier la survenance de ces risques en amont et à prendre les mesures appropriées pour minimiser les potentielles incidences sur les actifs affectés ou sur l’ensemble du portefeuille de chaque Compartiment (par exemple et, suivant la stratégie d’investissement générale des Compartiments, par le biais d’une diversification des investissements ou d’une limitation des investissements présentant des risques élevés en matière de durabilité). Les risques les plus pertinents en matière de durabilité sont ceux réputés avoir l’incidence financière la plus importante pour l’émetteur, selon son secteur d’activité. Parmi ces risques, l’on retiendra à titre d’exemple, ceux liés au changement climatique, à la rareté de l’eau, au déclin de la biodiversité, à la chaîne d’approvisionnement ou aux ressources humaines.
Les données ESG utilisées pour évaluer et contrôler les risques en matière de durabilité proviennent principalement de sources d’informations publiques, de la presse financière de fournisseurs de données ESG externes ou sont directement obtenues par le biais d’échanges avec les sociétés concernées.
Risques en matière de durabilité spécifiques aux actifs
Les risques associés aux aspects ESG peuvent avoir une incidence négative sur la valeur de marché d’un actif. La valeur de marché d’instruments financiers émis par des sociétés qui ne satisfont pas aux standards ESG ou ne se sont pas (non plus) engagées à respecter ces standards à l’avenir peut être négativement affectée par la matérialisation éventuelle des risques en matière de durabilité. Les dommages d’ordre réputationnel ou l’application de sanctions éventuelles sont des exemples d’événements susceptibles d’avoir une influence sur la valeur de marché. Les risques physiques ou de transition causés par le changement climatique sont d’autres exemples à retenir.
Risques opérationnels spécifiques en matière de durabilité
Les Compartiments de la Société de gestion peuvent subir des pertes dues à des désastres écologiques, des incidents d’origine sociale en lien avec les employés ou des tiers ainsi qu’à des défaillances en matière de gouvernance d’entreprise. Ces événements peuvent être causés ou exacerbés par un manque d’attention portée aux questions de durabilité.
La liste ci-dessus des facteurs de risque auxquels sont exposés les investissements dans un Compartiment ne prétend pas être exhaustive. D’autres risques peuvent exister. Il est recommandé aux investisseurs potentiels de consulter leurs propres conseillers professionnels avant de décider de souscrire des Actions. | # ESG risks
As a matter of principle, the Management Company makes investment decisions considering sustainability risks and evaluates them on an ongoing basis in compliance with Article 6 of SFDR. Sustainability risks can arise from environmental and social impacts on a potential asset as well as from the corporate governance of the issuer of an asset.
The sustainability risk can either represent a separate risk category or have a reinforcing effect on other risk categories relevant to the Sub-Funds, such as market risk, liquidity risk or credit risk and in this context can substantially contribute to the overall risk of the Sub-Funds.
Insofar as sustainability risks materialize, they may have a significant impact on the value and/or return of the assets concerned. Such effects on the asset(s) can negatively influence the overall return of the Sub- Funds.
By taking into consideration sustainability risks, it is the Management Company’s aim to identify the occurrence of these risks at an early stage and to take appropriate measures to minimise the potential impacts of the most relevant sustainability risks on the affected asset(s) or the overall portfolio of the Sub-Funds (for instance, through diversification of the investments or through the limitation of investments presenting high sustainability risks, considering the overall investment strategy of the Sub- Fund ). The most relevant sustainability risks are those deemed to be the most financially material for an issuer, according to its sector. Examples of these risks are: exposure to risks related to climate change, water scarcity risks, risks related to biodiversity loss, supply chain risks or to human resources risks.
The ESG data sources used to assess and monitor the sustainability risks are mainly companies’ public information, direct engagement with companies, financial press as well as external ESG data providers (if need be).
Asset specific sustainability risks
The risks associated with ESG aspects can have a negative impact on the market value of an asset. The market value of financial instruments issued by companies that do not comply with ESG standards and / or do not (neither) commit to implementing ESG standards in the future may be negatively affected by materialising sustainability risks. Such influences on the market value can be caused, e.g. by reputational damage and/or sanctions. Other examples include physical risks and transition risks caused, e.g. by climate change.
Specific operational risks regarding sustainability
The Sub-Funds or the Management Company may suffer losses due to environmental disasters, socially induced aspects relating to employees or third parties, as well as due to failures in corporate governance. These events may be caused or exacerbated by a lack of attention to sustainability aspects.
The foregoing list of risk factors does not purport to be an exhaustive list of all the risk factors relating to investments in any particular Sub-Fund. Various other risks may apply. Prospective investors should consult with their own professional advisors before deciding to subscribe. | en | fr |
DOLFIN2864 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders and potential investors who are considering investing in one of the Sub-Funds of the Company concerned by the risks associated with “Distressed securities and default securities" should read this chapter carefully before considering any investment.
"Distressed Securities" may be defined as debts that are officially in restructuring or in payment default and whose credit margin is at least 10% higher (in absolute terms) than the risk-free interest rate (interest rate applicable to the currency of issue) and whose rating (by at least one of the major rating agencies) is lower than CCC-.
The following Sub-Funds are eligible to invest in Distressed Securities, as further described in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus: Carmignac Portfolio Global Bond (up to 5%), Carmignac Portfolio Flexible Bond (up to 4%), Carmignac Portfolio Emerging Patrimoine (up to 5%), Carmignac Portfolio Patrimoine (up to 5%), Carmignac Portfolio Sécurité (up to 4%), Carmignac Portfolio Credit (up to 10%), Carmignac Portfolio EM Debt (up to 20%), and Carmignac Portfolio Patrimoine Europe (up to 5%).
The Company's other Sub-Funds may not invest in this type of instrument. However, it is possible that some of the instruments that they hold join the "Distressed Securities" category after their acquisition, following a market event or any other event resulting in their change of category. In such case, the manager will act in the best interest of the investors in order to resolve the situation. | Se ruega a los Accionistas e inversores potenciales que tienen previsto invertir en uno de los Subfondos de la Sociedad al que afecte el apartado «Títulos de deuda distressed y títulos en mora» que lean atentamente dicho apartado antes de llevar a cabo cualquier inversión.
Los «Títulos de deuda distressed» pueden definirse como la deuda que se encuentra oficialmente en proceso de reestructuración o en situación de impago, cuyo diferencial de crédito es como mínimo un 10% superior (en términos absolutos) al tipo sin riesgo (tipo aplicable en la divisa de emisión) y cuya calificación (otorgada por al menos una de las principales agencias de calificación crediticia) es inferior a CCC-.
Los siguientes Subfondos pueden invertir en Títulos de deuda distressed, según se describe de forma más detallada en la Parte A «Los Subfondos de CARMIGNAC PORTFOLIO» de este folleto: Carmignac Portfolio Global Bond (hasta un 5%), Carmignac Portfolio Flexible Bond (hasta un 4%), Carmignac Portfolio Emerging Patrimoine (hasta un 5%), Carmignac Portfolio Patrimoine (hasta un 5%), Carmignac Portfolio Sécurité (hasta un 4%), Carmignac Portfolio Credit (hasta un 10%), Carmignac Portfolio EM Debt (hasta un 20%) y Carmignac Portfolio Patrimoine Europe (hasta un 5%).
Los demás Subfondos de la Sociedad no pueden invertir en este tipo de instrumentos. No obstante, es posible que determinados instrumentos en cartera se incorporen a la categoría de «Títulos de deuda distressed» después de su adquisición como consecuencia de un acontecimiento de mercado o de cualquier otra índole que provoque dicho cambio de categoría. En tal caso, el gestor adoptará las medidas necesarias para subsanar la situación, siempre en el mejor interés de los inversores. | Shareholders and potential investors who are considering investing in one of the Sub-Funds of the Company concerned by the risks associated with “Distressed securities and default securities" should read this chapter carefully before considering any investment.
"Distressed Securities" may be defined as debts that are officially in restructuring or in payment default and whose credit margin is at least 10% higher (in absolute terms) than the risk-free interest rate (interest rate applicable to the currency of issue) and whose rating (by at least one of the major rating agencies) is lower than CCC-.
The following Sub-Funds are eligible to invest in Distressed Securities, as further described in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus: Carmignac Portfolio Global Bond (up to 5%), Carmignac Portfolio Flexible Bond (up to 4%), Carmignac Portfolio Emerging Patrimoine (up to 5%), Carmignac Portfolio Patrimoine (up to 5%), Carmignac Portfolio Sécurité (up to 4%), Carmignac Portfolio Credit (up to 10%), Carmignac Portfolio EM Debt (up to 20%), and Carmignac Portfolio Patrimoine Europe (up to 5%).
The Company's other Sub-Funds may not invest in this type of instrument. However, it is possible that some of the instruments that they hold join the "Distressed Securities" category after their acquisition, following a market event or any other event resulting in their change of category. In such case, the manager will act in the best interest of the investors in order to resolve the situation. | en | es |
DOLFIN2865 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### On request, the recipients of retrocessions shall disclose the amounts they actually receive for distribution activity in respect of the investors concerned
In respect of distribution activity in or from Switzerland, the fund management company and its agents may on request pay re- bates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted provided that
- they are paid from fees charged by the fund management company and therefore do not represent an additional charge to the fund assets;
- they are granted on the basis of objective criteria;
- all investors who meet these objective criteria and request rebates are also granted these within the same timeframe and to the same extent. | ### Su richiesta, i beneficiari delle retrocessioni comunicano gli importi di fatto percepiti per l’attività di distribuzione con riferimento agli investimenti collettivi di capitale.
In relazione alla distribuzione in Svizzera o dalla Svizzera, la direzione e i suoi mandatari sono autorizzati a versare eventuali ribassi direttamente a investitori che ne fanno richiesta. I ribassi sono pagati allo scopo di ridurre l’entità di spese e commissioni che gravano sui rispettivi investitori. I ribassi sono ammessi se:
- vengono pagati attingendo alle commissioni della direzione del fondo, senza quindi gravare ulteriormente sul patrimonio del fondo;
- sono accordati sulla base di criteri oggettivi;
- sono concessi a tutti gli investitori che rispondono a tali criteri oggettivi e che li esigono, sulla base delle medesime basi di calcolo temporali e quantitative. | ### On request, the recipients of retrocessions shall disclose the amounts they actually receive for distribution activity in respect of the investors concerned
In respect of distribution activity in or from Switzerland, the fund management company and its agents may on request pay re- bates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted provided that
- they are paid from fees charged by the fund management company and therefore do not represent an additional charge to the fund assets;
- they are granted on the basis of objective criteria;
- all investors who meet these objective criteria and request rebates are also granted these within the same timeframe and to the same extent. | en | it |
DOLFIN2866 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The SRI-Label does not guarantee the fund's financial performance.
All the codes of transparency, voting and commitment policies, as well as the sustainable investment charter are available on the La Française Group website ( https: /www.la- francaise.com/en/regulatory-information/)
SFDR Classification : The Sustainable Finance Disclosure Regulation aims to direct capital flows towards more responsible investments, to ensure transparency, consistency and quality of information for investors and thus to allow a comparison of the different investment vehicles. | # L'etichetta SRI non garantisce la performance finanziaria del fondo.
Tutti i codici di trasparenza, le politiche di voto e di impegno, nonché la carta degli investimenti sostenibili sono disponibili sul sito web del Gruppo La Française ( https: /www.la- francaise.com/it/informazioni-normative/)
Classificazione SFDR : Il regolamento SFDR (Sustainable Finance Disclosure Regulation) mira a indirizzare i flussi di capitale verso investimenti più responsabili, per garantire trasparenza, coerenza e qualità delle informazioni per gli investitori e quindi consentire un confronto tra i diversi veicoli di investimento. | # The SRI-Label does not guarantee the fund's financial performance.
All the codes of transparency, voting and commitment policies, as well as the sustainable investment charter are available on the La Française Group website ( https: /www.la- francaise.com/en/regulatory-information/)
SFDR Classification : The Sustainable Finance Disclosure Regulation aims to direct capital flows towards more responsible investments, to ensure transparency, consistency and quality of information for investors and thus to allow a comparison of the different investment vehicles. | en | it |
DOLFIN2867 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 3 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 3 ans |
| --- | --- |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €4970 | €5350 |
| Rendement annuel moyen | -50.30% | -11.76% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7500 | €7410 |
| Rendement annuel moyen | -25.00% | -5.82% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9620 | €10060 |
| Rendement annuel moyen | -3.80% | 0.12% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11600 | €11780 |
| Rendement annuel moyen | 16.00% | 3.33% | | | Periodo de mantenimiento recomendado: 3 años Ejemplo de inversión: €10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 3 años |
| --- | --- |
| Mínimo | No hay una rentabilidad mínima garantizada. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €4970 | €5350 |
| Rendimiento medio cada año | -50.30% | -11.76% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €7500 | €7410 |
| Rendimiento medio cada año | -25.00% | -5.82% |
| Moderado | Lo que podría recibir tras deducir los costes | €9620 | €10060 |
| Rendimiento medio cada año | -3.80% | 0.12% |
| Favorable | Lo que podría recibir tras deducir los costes | €11600 | €11780 |
| Rendimiento medio cada año | 16.00% | 3.33% | | | Période de détention recommandée: 3 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 3 ans |
| --- | --- |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €4970 | €5350 |
| Rendement annuel moyen | -50.30% | -11.76% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7500 | €7410 |
| Rendement annuel moyen | -25.00% | -5.82% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9620 | €10060 |
| Rendement annuel moyen | -3.80% | 0.12% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11600 | €11780 |
| Rendement annuel moyen | 16.00% | 3.33% | | fr | es |
DOLFIN2868 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société conclut des transactions avec ou par l’intermédiaire de courtiers, de chambres de compensation, de contreparties de marché et d’autres agents. La Société sera exposée au risque de l’incapacité d’une telle contrepartie à respecter ses engagements, en raison de son insolvabilité, de sa faillite ou de tout autre motif.
Un Compartiment peut investir dans des instruments tels que des billets (notes), des obligations ou des warrants dont la performance est liée à un marché ou un titre auquel il souhaite s’exposer. Ces instruments peuvent être émis par différentes contreparties et ils exposent le Compartiment au risque de contrepartie de l’émetteur, en sus de l’exposition recherchée.
Les Compartiments ne concluront des transactions sur dérivés de gré à gré, y compris des contrats de swaps, qu’avec des institutions de premier ordre soumises à une surveillance prudentielle et spécialisées dans ce type de transactions. En principe, le risque de contrepartie inhérent à ces transactions sur dérivés conclues avec des institutions de premier ordre ne peut excéder 10 % de l’actif net du Compartiment concerné lorsque la contrepartie est un établissement de crédit, ou 5 % de son actif net dans les autres cas. Cela dit, si une contrepartie fait défaut, les pertes qui en résultent peuvent dépasser ces limites.
-
###### Risque spécifique lié à la gestion des garanties | La Sociedad realiza operaciones con o a través de intermediarios financieros, cámaras de compensación, contrapartes de mercado y otros agentes. La Sociedad estará sujeta al riesgo de que cualquiera de esas contrapartes sea incapaz de hacer frente a sus obligaciones, ya sea por insolvencia, quiebra u otras causas.
Un Fondo puede invertir en instrumentos como pagarés, bonos y warrants cuya rentabilidad esté vinculada a un mercado o inversión al que el Fondo desee obtener exposición. Esos instrumentos son emitidos por distintas contrapartes y, como consecuencia de la inversión en los mismos, el Fondo estará sujeto al riesgo de contraparte del emisor, además de adquirir la exposición a la inversión que desea obtener.
Los Fondos solo realizarán transacciones con derivados extrabursátiles (OTC), incluyendo contratos de swap, con entidades de primera clase que estén sujetas a supervisión prudencial y estén especializadas en este tipo de transacciones. En principio, el riesgo de contraparte de dichas transacciones con derivados contratadas con entidades de primera clase no deberá superar el 10% del patrimonio neto del Fondo en cuestión cuando la contraparte sea una entidad de crédito, o el 5% del patrimonio neto en otros casos. Sin embargo, si la contraparte incumple sus obligaciones, las pérdidas reales pueden superar esos límites.
-
###### Riesgo específico relativo a la gestión de garantías | La Société conclut des transactions avec ou par l’intermédiaire de courtiers, de chambres de compensation, de contreparties de marché et d’autres agents. La Société sera exposée au risque de l’incapacité d’une telle contrepartie à respecter ses engagements, en raison de son insolvabilité, de sa faillite ou de tout autre motif.
Un Compartiment peut investir dans des instruments tels que des billets (notes), des obligations ou des warrants dont la performance est liée à un marché ou un titre auquel il souhaite s’exposer. Ces instruments peuvent être émis par différentes contreparties et ils exposent le Compartiment au risque de contrepartie de l’émetteur, en sus de l’exposition recherchée.
Les Compartiments ne concluront des transactions sur dérivés de gré à gré, y compris des contrats de swaps, qu’avec des institutions de premier ordre soumises à une surveillance prudentielle et spécialisées dans ce type de transactions. En principe, le risque de contrepartie inhérent à ces transactions sur dérivés conclues avec des institutions de premier ordre ne peut excéder 10 % de l’actif net du Compartiment concerné lorsque la contrepartie est un établissement de crédit, ou 5 % de son actif net dans les autres cas. Cela dit, si une contrepartie fait défaut, les pertes qui en résultent peuvent dépasser ces limites.
-
###### Risque spécifique lié à la gestion des garanties | fr | es |
DOLFIN2869 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### Rights related to suspension of dealing
Temporarily suspend or defer the calculation of NAVs or deals in a Sub-Fund and/or Share Class when any of the following is true:
- any exchange or market, on which a substantial portion of the Sub- Fund's investments is traded, is closed, otherwise than forpublic holidays, or while dealings on any such exchange or market are restricted or suspended;
- the Fund is unable to repatriate funds for the purpose of making payments on the redemption of the Shares of the relevant Sub- Fund or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of Shares cannot, in the opinion of the Directors, be effected at normal prices or rates of exchange;
- a breakdown exists in the means of communications or computation normally employed in determining any of the Fund’s assets, or the current price or values on any market of stock exchange;
- the Fund, the Sub-Fund or a Share Class is being, or may be, wound-up on or following the date on which notice is given of themeeting of Shareholders at which a resolution to wind up the Fund, the Sub-Fund or a Share Class is proposed;
- any state of affairs exists that, in the view of the Board, constitutes an emergency as a result of which disposal or valuation of investments of the relevant Sub-Funds by the Management Company is impracticable;
- the Board has determined that there has been a material change in the valuation of a substantial proportion of the investments of the Fund attributable to a particular Sub-Fund, and has further decided, in order to safeguard the interests of the Shareholders and the Fund, to delay the preparation or use of a valuation or carry out a later or subsequent valuation;
- in the case of a suspension of the calculation of the net asset value of one or several underlying investment funds in which a Sub-Fund has invested a substantial portion of assets;
- in the case of a merger, if the Board deems this to be justified for the protection of the Shareholders;
- any other circumstance exists where a failure to do so might result in the Fund or its Shareholders incurring any liability to taxation or suffering other pecuniary disadvantages or other detriment that the Fund or its Shareholders might not otherwise have suffered. | #### Diritti relativi alla sospensione delle negoziazioni
Sospendere temporaneamente o rinviare il calcolo dei NAV o le operazioni in un Comparto e/o Classe di Azioni se si verifica una delle circostanze seguenti:
- qualora una borsa o un mercato su cui viene negoziata una parte sostanziale degli investimenti del Comparto sia chiusa/o per motivi diversi da una festività, o qualora le transazioni in detta borsa o in detto mercato siano limitate o sospese;
- il Fondo non è in grado di recuperare i fondi necessari per provvedere al pagamento per il rimborso delle Azioni del Comparto interessato, o il trasferimento di fondi utilizzati per la liquidazione o l'acquisto di investimenti o il pagamento di importi dovuti per il rimborso di Azioni non possa, a giudizio degli Amministratori, essere effettuato ai normali prezzi o tassi di cambio;
- si verifica un'interruzione nei sistemi di comunicazione o di calcolo normalmente utilizzati per la determinazione del valore delle attività del Fondo o del prezzo o del valore correnti su un qualsiasi mercato o borsa valori;
- qualora il Fondo, il Comparto o una Classe di Azioni siano o possano essere messi in liquidazione nel giorno in cui viene convocata l'assemblea degli Azionisti per deliberare la liquidazione del Fondo, del Comparto o di una Classe di Azioni, o successivamente a tale data;
- in presenza di qualsiasi situazione che, a giudizio del Consiglio, costituisce un'emergenza tale da impedire lo smobilizzo o la valutazione degli investimenti dei Comparti interessati da parte della Società di Gestione;
- qualora il Consiglio abbia stabilito che sia intervenuto un mutamento sostanziale nella valutazione di una quota significativa degli investimenti del Fondo imputabili ad un determinato Comparto e il Consiglio abbia deciso, al fine di salvaguardare gli interessi degli Azionisti e del Fondo, di rinviare la preparazione o l'utilizzo di una valutazione ovvero di effettuare una successiva valutazione;
- nel caso di una sospensione del calcolo del valore patrimoniale netto di uno o più fondi d'investimento sottostanti in cui un Comparto abbia investito una quota significativa del patrimonio;
- nel caso di una fusione, qualora il Consiglio ritenga ciò giustificato ai fini della protezione degli Azionisti;
- in qualsiasi altra circostanza nella quale, a causa della mancata sospensione, il Fondo o i suoi Azionisti potrebbero incorrere in oneri di natura fiscale o inconvenienti di carattere pecuniario o altri eventi pregiudizievoli che diversamente né il Comparto né i suoi Azionisti avrebbero subìto. | ###### Rights related to suspension of dealing
Temporarily suspend or defer the calculation of NAVs or deals in a Sub-Fund and/or Share Class when any of the following is true:
- any exchange or market, on which a substantial portion of the Sub- Fund's investments is traded, is closed, otherwise than forpublic holidays, or while dealings on any such exchange or market are restricted or suspended;
- the Fund is unable to repatriate funds for the purpose of making payments on the redemption of the Shares of the relevant Sub- Fund or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of Shares cannot, in the opinion of the Directors, be effected at normal prices or rates of exchange;
- a breakdown exists in the means of communications or computation normally employed in determining any of the Fund’s assets, or the current price or values on any market of stock exchange;
- the Fund, the Sub-Fund or a Share Class is being, or may be, wound-up on or following the date on which notice is given of themeeting of Shareholders at which a resolution to wind up the Fund, the Sub-Fund or a Share Class is proposed;
- any state of affairs exists that, in the view of the Board, constitutes an emergency as a result of which disposal or valuation of investments of the relevant Sub-Funds by the Management Company is impracticable;
- the Board has determined that there has been a material change in the valuation of a substantial proportion of the investments of the Fund attributable to a particular Sub-Fund, and has further decided, in order to safeguard the interests of the Shareholders and the Fund, to delay the preparation or use of a valuation or carry out a later or subsequent valuation;
- in the case of a suspension of the calculation of the net asset value of one or several underlying investment funds in which a Sub-Fund has invested a substantial portion of assets;
- in the case of a merger, if the Board deems this to be justified for the protection of the Shareholders;
- any other circumstance exists where a failure to do so might result in the Fund or its Shareholders incurring any liability to taxation or suffering other pecuniary disadvantages or other detriment that the Fund or its Shareholders might not otherwise have suffered. | en | it |
DOLFIN2870 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This product is a Sub-Fund of Aviva Investors Investment Solutions, an open ended investment company with variable capital and an umbrella fund with segregated liability between the sub-funds, established under the laws of Luxembourg and authorised by Commission de Surveillance du Secteur Financier.
## Term
## The Fund has no minimum fixed term.
## The Management Company has the ability to terminate the PRIIP with adequate notice to investors.
## Objective: To maximise the long term total return, while earning income and increasing the value of the Shareholder's investment over time (5 years or more).
Investment Policy: The Fund invests in a wide range of bonds issued by corporations and governments in emerging market countries. Specifically, the Fund invests in bonds of governmental, quasi-governmental, supranational, bank or corporate issuers that have their registered office, or do most of their business, in emerging market countries.
Derivatives and Techniques: The Fund may use derivatives for investment purposes by creating both long and synthetic covered short positions in debt/ bond markets, debt securities and groups of debt securities. The Fund's derivatives may include futures, options, swap contracts, swaptions, currency forwards (deliverable or nondeliverable), foreign exchange options and credit default swaps. The Fund may also use derivatives for hedging and for efficient portfolio management.
Benchmark (performance comparison): 50% JESG EMBI Global Diversified Index and 50% JESG CEMBI Broad Diversified Index. The Fund's performance can be compared against, and the Fund's global exposure is monitored against (the “Benchmark” or the “Index”), however the reference benchmark is not aligned with all of the environmental or social characteristics promoted by the Fund. The Fund is actively managed but does not base its investment process upon the Index, which is only a representation of the investment universe. Therefore the Fund may hold bonds that are not part of the Index and may hold a relatively small proportion of bonds relative to the number in the Index.
## Expected Level of Leverage: Between 100% and 350% of the NAV of the Fund, although it is possible that this level may be higher from time to time. | # En quoi consiste ce produit?
## Type
Ce produit est un Sous-fonds de Aviva Investors Investment Solutions, une société d'investissement à capital variable et un fonds à compartiments multiples avec séparation des passifs entre les sous-fonds, établie en vertu des lois luxembourgeoises et agréée par la Commission de Surveillance du Secteur Financier.
## Durée
## Le Fonds n'a pas de durée minimale fixe.
## La Société de gestion a la possibilité de résilier le PRIIP avec un préavis adéquat aux investisseurs.
## Objectif : Maximiser le rendement total à long terme tout en générant un revenu et en accroissant la valeur des investissements des Actionnaires au fil du temps (5 ans ou plus).
Politique d'investissement : Le Fonds investit dans une large gamme d'obligations émises par des sociétés et des gouvernements de pays émergents. Plus précisément, le Fonds investit dans des obligations d'émetteurs gouvernementaux, quasi-gouvernementaux, supranationaux, bancaires ou privés ayant leur siège social ou exerçant la majeure partie de leur activité dans des pays émergents.
Dérivés et techniques : Le Fonds peut recourir à des dérivés à des fins d'investissement en créant à la fois des positions acheteuses et des positions vendeuses synthétiques couvertes sur les marchés de créances et d'obligations, de titres de créance et de groupes de titres de créance. Les instruments dérivés du Fonds peuvent comprendre des contrats à terme standardisés, des options, des contrats d'échange, des options d'échange, des contrats de change à terme (livrable et non livrable), des options de change et des swaps sur défaillance. Le Fonds peut également recourir à des dérivés à des fins de couverture et de gestion efficace du portefeuille.
Indice de référence (comparaison des performances) : Indices JESG EMBI Global Diversified (50 %) et JESG CEMBI Broad Diversified (50 %). La performance du Fonds peut être comparée à (l'« Indice de référence » ou l'« Indice ») et l'exposition mondiale du Fonds est surveillée par rapport à celui-ci. Toutefois, l'Indice de référence n'est pas aligné sur toutes les caractéristiques environnementales ou sociales promues par le Fonds. Le Fonds est géré de manière active mais ne base pas son processus d'investissement sur l'Indice, qui n'est qu'une représentation du cadre d'investissement. C'est pourquoi le Fonds peut détenir des obligations qui ne font pas partie de l'Indice et peut ne détenir qu'une proportion d'obligations relativement faible par rapport à celle de l'Indice.
## Niveau attendu d'effet de levier : Entre 100 % et 350 % de la VNI du Fonds, bien que ce niveau puisse être ponctuellement plus élevé. | # What is this product?
## Type
This product is a Sub-Fund of Aviva Investors Investment Solutions, an open ended investment company with variable capital and an umbrella fund with segregated liability between the sub-funds, established under the laws of Luxembourg and authorised by Commission de Surveillance du Secteur Financier.
## Term
## The Fund has no minimum fixed term.
## The Management Company has the ability to terminate the PRIIP with adequate notice to investors.
## Objective: To maximise the long term total return, while earning income and increasing the value of the Shareholder's investment over time (5 years or more).
Investment Policy: The Fund invests in a wide range of bonds issued by corporations and governments in emerging market countries. Specifically, the Fund invests in bonds of governmental, quasi-governmental, supranational, bank or corporate issuers that have their registered office, or do most of their business, in emerging market countries.
Derivatives and Techniques: The Fund may use derivatives for investment purposes by creating both long and synthetic covered short positions in debt/ bond markets, debt securities and groups of debt securities. The Fund's derivatives may include futures, options, swap contracts, swaptions, currency forwards (deliverable or nondeliverable), foreign exchange options and credit default swaps. The Fund may also use derivatives for hedging and for efficient portfolio management.
Benchmark (performance comparison): 50% JESG EMBI Global Diversified Index and 50% JESG CEMBI Broad Diversified Index. The Fund's performance can be compared against, and the Fund's global exposure is monitored against (the “Benchmark” or the “Index”), however the reference benchmark is not aligned with all of the environmental or social characteristics promoted by the Fund. The Fund is actively managed but does not base its investment process upon the Index, which is only a representation of the investment universe. Therefore the Fund may hold bonds that are not part of the Index and may hold a relatively small proportion of bonds relative to the number in the Index.
## Expected Level of Leverage: Between 100% and 350% of the NAV of the Fund, although it is possible that this level may be higher from time to time. | en | fr |
DOLFIN2871 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Glossary
## Accumulating Indicates a regular reinvestment of the dividends received in the portfolio itself ITD Inception-to-date
## The calculation of the ongoing charge is based on the Committee of European Securities Regulators/10-674 Directive. For a maximum of 12 months from December
## Ongoing Charges
31, 2020, the ongoing charges figure is based on estimated expenses. From December 2021, the ongoing charges figure is based on last year’s expenses for the year ending December 2021. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment undertaking | # Glossario
## Accumulazione Indica un regolare reinvestimento dei dividendi percepiti nel portafoglio stesso ITD Dal lancio
## Il calcolo delle spese correnti si basa sulla Direttiva Committee of European Securities Regulators/10-674. Per un periodo massimo di 12 mesi dal dicembre 31,
## Spese correnti
2020, i dati relativi alle spese correnti si basano su costi stimati. Dal mese di Dicembre 2021, tale dato si basa sulle spese dell'anno precedente per l'anno conclusosi a Dicembre 2021. Sono esclusi commissioni di performance e costi di transazione del portafoglio, eccetto nel caso di commissioni di entrata / uscita sostenute dal fondo al momento dell'acquisto o della cessione di quote / unità in un altro organismo d'investimento collettivo | # Glossary
## Accumulating Indicates a regular reinvestment of the dividends received in the portfolio itself ITD Inception-to-date
## The calculation of the ongoing charge is based on the Committee of European Securities Regulators/10-674 Directive. For a maximum of 12 months from December
## Ongoing Charges
31, 2020, the ongoing charges figure is based on estimated expenses. From December 2021, the ongoing charges figure is based on last year’s expenses for the year ending December 2021. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment undertaking | en | it |
DOLFIN2872 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The sub-fund will seek to use discretionary management to benefit from the use of arbitrage strategies in so-called "special situations", essentially concerning equities issued by issuers located in developed countries.
This sub-fund may be appropriate for investors who wish to achieve this objective over a medium investment holding period, insofar as they are aware of, understand and are able to bear the specific risks of the sub-fund as set out below and defined in the section entitled Risk factors in the Prospectus.
- Investment policyThis sub-fund primarily uses the following assets and techniques:
- Within the scope of the implementation of the investment strategy:
- Equities – and/or securities equivalent to equities – of companies from developed and/or emerging countries, of any capitalisation,
- Forward contracts (futures, options and swaps) on regulated or OTC markets. These products are used for the purposes of exposure, arbitrage or hedging. The underlyings of these derivative financial instruments can be:
- Equities and/or securities equivalent to equities
- Equities indices
- Currencies, for hedging purposes | Der Teilfonds ist bestrebt, anhand eines diskretionären Ansatzes durch den Einsatz von Arbitragestrategien (sogenannte Spezialsituationen) vor allem auf Aktien von Emittenten mit Sitz in den Industrieländern zu profitieren.
Dieser Teilfonds eignet sich für jeden Anleger, der diesem Ziel über einen mittelfristigen Anlagehorizont folgen möchte, sofern er die nachfolgend und im Abschnitt Risikofaktoren des Prospekts beschriebenen besonderen Risiken des Teilfonds kennt, versteht und in der Lage ist, diese einzugehen.
- AnlagepolitikDer Teilfonds setzt hauptsächlich die folgenden Vermögenswerte und Techniken ein:
- Im Rahmen der Anlagestrategie:
- Aktien - und/oder vergleichbare Wertpapiere - von Unternehmen aus Industrienationen bzw. von Unternehmen aus Schwellenmärkten, unabhängig von ihrer Marktkapitalisierung;
- Terminkontrakte (Futures, Optionen und Swaps), die an einem geregelten Markt oder außerbörslich gehandelt werden. Diese Produkte werden zu Anlage-, Arbitrage- oder Absicherungszwecken eingesetzt. Bei den Basiswerten dieser Finanzderivate kann es sich handeln um:
- Aktien und/oder vergleichbare Wertpapiere
- Aktienindizes,
- Devisen, zur Absicherung | The sub-fund will seek to use discretionary management to benefit from the use of arbitrage strategies in so-called "special situations", essentially concerning equities issued by issuers located in developed countries.
This sub-fund may be appropriate for investors who wish to achieve this objective over a medium investment holding period, insofar as they are aware of, understand and are able to bear the specific risks of the sub-fund as set out below and defined in the section entitled Risk factors in the Prospectus.
- Investment policyThis sub-fund primarily uses the following assets and techniques:
- Within the scope of the implementation of the investment strategy:
- Equities – and/or securities equivalent to equities – of companies from developed and/or emerging countries, of any capitalisation,
- Forward contracts (futures, options and swaps) on regulated or OTC markets. These products are used for the purposes of exposure, arbitrage or hedging. The underlyings of these derivative financial instruments can be:
- Equities and/or securities equivalent to equities
- Equities indices
- Currencies, for hedging purposes | en | de |
DOLFIN2873 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For companies in the equity universe that are also monitored by Credit Research, ESG materiality is the responsibility of Credit Research in close collaboration with equity managers/analysts. This collaboration gives an overview of the materiality of a company’s ESG factors.
This analysis starts by identifying sustainability issues influencing the sector of activity or the company’s business model. From this analysis, the risks and opportunities inherent to the company are identified, as well as how well the company is positioned to benefit from opportunities and avoid/mitigate risks, both through the procedures and the organisation in place, and through the concrete measures set out and applied.
- Use of the GREaT quantitative score to determine the discount rate used in the company’s valuationThis rate takes into account its non-financial score. A high-quality non-financial score will lower the discount rate, whereas a poor one will increase it.
- Consideration of the qualitative score, taken from the fundamental analysis of the company, in the weighting of portfolio securitiesThe position calibration methodology will facilitate portfolio construction and management. This methodology summarises the degree of conviction, intrinsic risks and non-financial quality for each eligible company. | En el caso de las empresas del universo de renta variable que también se encuentran al amparo del análisis crediticio, la relevancia en materia de ESG se garantiza bajo la responsabilidad del análisis crediticio en estrecha colaboración con los analistas y gestores de renta variable. Esta colaboración proporciona una visión global sobre la relevancia de los elementos ESG para una empresa.
Este análisis comienza con la identificación de los problemas de sostenibilidad que influyen en el sector de actividad correspondiente o en el modelo económico de la empresa. De este análisis, se extraen los riesgos y oportunidades inherentes a la empresa y cómo se encuentra posicionada para beneficiarse de las oportunidades y evitar/mitigar los riesgos, tanto a través de los procedimientos y la organización en vigor, como a través de las medidas concretas establecidas y aplicadas.
- Empleo de la calificación cuantitativa GREaT para determinar la tasa de descuento utilizada en la valoración de la empresaEsta tasa tiene en cuenta su calificación extrafinanciera. Una calificación extrafinanciera de buena calidad reducirá la tasa de descuento, y, por el contrario, una calificación desfavorable la aumentará.
- Consideración de la calificación cualitativa, derivada del análisis fundamental de la empresa, en la ponderación de los valores de la carteraLa metodología de calibración de las posiciones facilitará la construcción y la gestión de la cartera. Esta metodología sintetiza el grado de convicción, los riesgos intrínsecos y la calidad extrafinanciera de cada empresa admisible. | For companies in the equity universe that are also monitored by Credit Research, ESG materiality is the responsibility of Credit Research in close collaboration with equity managers/analysts. This collaboration gives an overview of the materiality of a company’s ESG factors.
This analysis starts by identifying sustainability issues influencing the sector of activity or the company’s business model. From this analysis, the risks and opportunities inherent to the company are identified, as well as how well the company is positioned to benefit from opportunities and avoid/mitigate risks, both through the procedures and the organisation in place, and through the concrete measures set out and applied.
- Use of the GREaT quantitative score to determine the discount rate used in the company’s valuationThis rate takes into account its non-financial score. A high-quality non-financial score will lower the discount rate, whereas a poor one will increase it.
- Consideration of the qualitative score, taken from the fundamental analysis of the company, in the weighting of portfolio securitiesThe position calibration methodology will facilitate portfolio construction and management. This methodology summarises the degree of conviction, intrinsic risks and non-financial quality for each eligible company. | en | es |
DOLFIN2874 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Direct holding of component securities.
Each sub-fund may directly hold a portfolio of transferable securities that comprises all or substantially all of the component securities of its index. A sub-fund may invest in all the component securities of its index in proportion to their weighting in the index.
However, due to various factors, including the costs and expenses involved, the concentration limits described in chapter O "Investment restrictions", other legal or regulatory restrictions, and, in certain instances, certain securities being illiquid, it may not be possible or practicable for a sub-fund to purchase all of the component securities in their weightings or purchase certain of them at all. In these circumstances, such sub-fund aims to hold a representative sample of the component securities of its index as selected by the sub-fund's portfolio manager using quantitative techniques (sampling
strategy). Such techniques involve considering the inclusion of each security into the sub-fund based on its investment characteristics, fundamental characteristics and liquidity.
Funds applying a sampling strategy will be disclosed in the financial statements twice a year.
A Fund which uses a representative sampling strategy invests in a representative sample of constituent stocks of the underlying index selected by the investment manager using quantitative analytical models in a technique known as "portfolio optimisation", under which each stock is considered for inclusion in the index-tracking fund based on its capitalisation, industry and fundamental investment characteristics.
There may also be instances where a sub-fund holds securities which are not comprised in its Index if the portfolio manager of respective sub-fund believes this to be appropriate considering the sub-fund's investment objective and the investment restrictions or other factors. In this context, fixed income sub-funds may for example hold non-index constituents (e.g. bonds with different maturity) in order to enhance the tracking efficiency.
In this context, the assets of the sub-funds may be furthermore invested in equities, other equity shares such as cooperative shares and participation certificates (equities and equity rights), short-term securities, dividend-right certificates and warrants issued by companies which are included in the index mentioned in the sub-fund's name (if applicable) or which are domiciled in the country or the geographic region given in the respective sub-fund's name or which are chiefly active in the country, geographic region or economic sector given in the respective sub-fund's name. For the avoidance of doubt, such assets also include depositary receipts relating to the above mentioned securities (e.g. American depositary receipts and global depositary receipts).
Exposure to the index through physical replication may be affected by rebalancing costs, in particular where the index undergoes significant rebalancing or where constituents are not very liquid or have restrictions in terms of accessibility. Rebalancing costs are a factor of the rebalancing frequency of the underlying index, the constituents' weighting adjustments and/or the number of constituents being replaced on each rebalancing day, and the transaction costs incurred to implement such changes. High rebalancing costs will generally deteriorate the relative performance between the Sub-fund and the index. The rebalancing frequency is detailed for each sub-fund in chapter D "The ETF sub-funds".
Exposure to the index may also be affected by other factors as set out in section C 2 b) "Tracking accuracy".
Index replication by the use of derivatives
A sub-fund using this method will hold a portfolio of assets composed of transferable securities, money market instruments, units of UCIs, deposits with credit institutions, structured notes listed or dealt in on a Regulated Market and other assets eligible under the rules set forth in the chapter O "Investment restrictions" of this prospectus.
In order to get an exposure to its Index, the relevant sub-fund may namely enter into a range of index related swaps (excluding funded swaps) and derivative instruments (futures, forwards, currency swaps, p-notes, options, warrants and foreign exchange contracts). An index swap is an agreement entered into with one or more counterparties to swap periodic payments for a certain amount of time. One party makes payments based upon the total return of a specified reference index. The other makes periodic fixed or floating payments. Both parties' payments are based upon the same notional amount. As a result, the index swap is a performance swap where the sub-fund exchanges a fixed or floating rate against the performance of the index. The swap agreements will be based on the relevant ISDA master agreements and the swap counter parties will be first class financial institutions that specialize in that type of transactions. The use of index swaps will not generate any leverage effect to the extent the maximum possible aggregate commitment resulting from such swaps is equal to the total net asset value of the relevant sub-fund. The Company may not enter into swaps through which a sub-fund would exchange the proceeds generated from the issuance of shares against an exposure to the performance of an underlying index (funded swaps). An index future is an agreement by virtue of which the buyer undertakes to purchase, or the seller undertakes to sell, a financial index at a predetermined date and price.
Exposure to the index may be affected by factors set out in section C 2 b) "Tracking accuracy".
Sub-funds replicating indices by the use of derivatives are exposed to the risk of default of the counterparties to the derivatives, including in particular swap counterparties (see chapter H "Risk Factors", section 2 h) "Use of derivatives" below), which is however mitigated by the Company's collateral policy (see chapter P "Special techniques and instruments that have securities and money market instruments as the underlying", section 6 "Collateral Policy" below).
For all sub-funds, UBS Investment Bank will be the exclusive counterparty for all OTC swap transactions.
- Summary of investment policies of the sub-fundsIdentified in the chapter D "The ETF sub-funds" and chapter E "The Index sub-funds" for each sub-fund is a summary of its specific investment policy. | Détention directe des titres composant l'indice.
Chaque compartiment peut détenir directement un portefeuille de valeurs mobilières comprenant la totalité, ou la quasi- totalité, des titres qui composent son indice. Un compartiment peut investir dans la totalité des titres qui composent son indice, proportionnellement à leur pondération au sein de ce dernier.
Toutefois, en raison de différents facteurs, y compris les frais et commissions, les limites de concentration décrites au chapitre O « Restrictions d’investissement », d’autres restrictions juridiques ou réglementaires et, dans certains cas, le fait que certains titres ne soient pas liquides, il peut ne pas être possible ni praticable pour un compartiment d’acheter tous les titres composant l'indice selon leurs pondérations, ni même d’acheter tout simplement certains d'entre eux. Dans ces circonstances, le compartiment en question s'efforce de détenir un échantillon représentatif des titres composant son indice, tels que sélectionnés par le gestionnaire de portefeuille du compartiment à l'aide de techniques quantitatives (stratégie d'échantillonnage). De telles techniques impliquent l'étude de l'inclusion de chaque titre dans le compartiment, sur la base de ses caractéristiques d'investissement, de ses fondamentaux et de sa liquidité.
Les compartiments appliquant une stratégie d'échantillonnage seront communiqués dans les états financiers deux fois par an.
Un compartiment employant une stratégie d'échantillonnage représentatif investit dans un échantillon représentatif de titres composant l'indice sous-jacent choisis par le gestionnaire d'investissement au moyen de modèles quantitatifs analytiques, par le biais d’une technique désignée sous le nom d'« optimisation du portefeuille » dans le cadre de laquelle chaque titre est envisagé sur la base de sa capitalisation, de son secteur et de ses fondamentaux en vue de son inclusion dans le compartiment indiciel.
Il peut également arriver qu'un compartiment détienne des titres non compris dans son Indice, si le gestionnaire de portefeuille du compartiment en question l'estime approprié au regard de l'objectif d'investissement du compartiment et des restrictions d'investissement, ou encore d'autres facteurs. Le cas échéant, les compartiments obligataires peuvent ainsi détenir des titres ne relevant pas de l'Indice (par exemple des obligations d'échéance différente) afin de renforcer l'efficacité du suivi.
Dans ce contexte, les actifs des compartiments peuvent en outre être investis dans des actions, d'autres titres de participation tels que des parts sociales et certificats participatifs (actions et droits de participation), des titres à court
terme, des bons de jouissance et warrants émis par des sociétés comprises dans l'indice mentionné dans le nom du compartiment (le cas échéant), ou domiciliées dans le pays ou la zone géographique mentionné(e) dans le nom du compartiment concerné, ou essentiellement actives dans le pays, la zone géographique ou le secteur économique mentionné(e) dans le nom du compartiment concerné. Afin d'éviter toute ambiguïté, ces actifs comprennent également les certificats de titre en dépôt relatifs aux titres susmentionnés (par exemple American Depositary Receipts et Global Depositary Receipts).
L'exposition à l'indice via une réplication physique peut être affectée par les coûts de rééquilibrage, en particulier lorsque l'indice connaît un processus de rééquilibrage important ou lorsque les titres qui le composent ne sont pas très liquides ou subissent des restrictions en termes d'accessibilité. Les coûts de rééquilibrage dépendent de la fréquence de rééquilibrage de l'indice sous-jacent, des ajustements apportés à la pondération des titres composant l'indice et/ou du nombre de ces titres remplacés chaque jour de rééquilibrage, ainsi que des coûts de transaction encourus pour mettre en œuvre de tels changements. D'une manière générale, des coûts de rééquilibrage élevés détérioreront la performance relative entre le Compartiment et l'indice. La fréquence de rééquilibrage est détaillée pour chaque compartiment au chapitre D « Les compartiments ETF ».
L'exposition à l'indice peut également être affectée par d'autres facteurs, tels qu'exposés à la section C 2 b) « Précision du suivi ».
Réplication de l'indice à l'aide d'instruments dérivés
Un compartiment appliquant cette méthode détiendra un portefeuille d'actifs composé de valeurs mobilières, d'instruments du marché monétaire, de parts d'OPC, de dépôts auprès d'établissements de crédit, d'obligations structurées cotées ou négociées sur un Marché réglementé et d'autres actifs éligibles en vertu des règles énoncées au chapitre O « Restrictions d'investissement » du présent prospectus.
Afin d'obtenir une exposition à l'Indice, le compartiment concerné doit notamment conclure un éventail de contrats de swaps sur indice (à l'exception des swaps collatéralisés) et d'opérations sur instruments dérivés (contrats à terme standardisés, contrats à terme, swaps de change, p-notes, options, warrants et contrats de change). Un swap sur indice est un accord conclu avec une ou plusieurs contrepartie(s) en vue de s'échanger des paiements d'intérêts périodiques sur une certaine durée. Une partie effectue des paiements sur la base du rendement total d’un indice de référence déterminé. L’autre partie effectue des paiements périodiques fixes ou variables. Les paiements des deux parties reposent sur le même montant nominal. Par conséquent, le swap sur indice est un swap de performance, par lequel le compartiment échange un taux fixe ou variable contre la performance de l'indice. Les accords de swap seront fondés sur les conventions-cadres ISDA applicables et les contreparties de swap seront des établissements financiers de premier ordre spécialisés dans ce type de transactions. L'utilisation de swaps sur indice ne donnera lieu à aucun effet de levier dans la mesure où le montant maximum possible des engagements totaux résultant de ces swaps est égal à la valeur nette d'inventaire totale du compartiment concerné. La Société n'est pas autorisée à conclure des swaps par le biais desquels un compartiment échangerait le produit généré par l'émission d'actions contre une exposition à la performance d'un indice sous-jacent (swaps collatéralisés). Un contrat à terme standardisé sur indice est un contrat en vertu duquel l'acheteur s'engage à acheter, ou le vendeur s'engage à vendre, un indice financier à une date et à un prix prédéterminés.
L'exposition à l'indice peut être affectée par les facteurs exposés à la section C 2 b) « Précision du suivi ».
Les compartiments répliquant des indices en utilisant des instruments dérivés sont exposés au risque de défaut des contreparties de ces instruments, en particulier des contreparties de swap (cf. chapitre H « Facteurs de risque », section 2 h) « Utilisation d'instruments dérivés » ci-dessous), qui est toutefois atténué par la politique de la Société en matière de garanties (cf. chapitre P « Techniques et instruments spéciaux dont les sous-jacents sont des titres et des instruments du marché monétaire », section 6 « Politique en matière de garanties » ci-dessous).
Pour l'ensemble des compartiments, UBS Investment Bank sera la contrepartie exclusive de toutes les transactions de swap de gré à gré.
- Synthèse des politiques d'investissement des compartimentsLe chapitre D « Les Compartiments ETF » et le chapitre E « Les Compartiments indiciels » proposent une synthèse de la politique d'investissement spécifique de chaque compartiment. | Direct holding of component securities.
Each sub-fund may directly hold a portfolio of transferable securities that comprises all or substantially all of the component securities of its index. A sub-fund may invest in all the component securities of its index in proportion to their weighting in the index.
However, due to various factors, including the costs and expenses involved, the concentration limits described in chapter O "Investment restrictions", other legal or regulatory restrictions, and, in certain instances, certain securities being illiquid, it may not be possible or practicable for a sub-fund to purchase all of the component securities in their weightings or purchase certain of them at all. In these circumstances, such sub-fund aims to hold a representative sample of the component securities of its index as selected by the sub-fund's portfolio manager using quantitative techniques (sampling
strategy). Such techniques involve considering the inclusion of each security into the sub-fund based on its investment characteristics, fundamental characteristics and liquidity.
Funds applying a sampling strategy will be disclosed in the financial statements twice a year.
A Fund which uses a representative sampling strategy invests in a representative sample of constituent stocks of the underlying index selected by the investment manager using quantitative analytical models in a technique known as "portfolio optimisation", under which each stock is considered for inclusion in the index-tracking fund based on its capitalisation, industry and fundamental investment characteristics.
There may also be instances where a sub-fund holds securities which are not comprised in its Index if the portfolio manager of respective sub-fund believes this to be appropriate considering the sub-fund's investment objective and the investment restrictions or other factors. In this context, fixed income sub-funds may for example hold non-index constituents (e.g. bonds with different maturity) in order to enhance the tracking efficiency.
In this context, the assets of the sub-funds may be furthermore invested in equities, other equity shares such as cooperative shares and participation certificates (equities and equity rights), short-term securities, dividend-right certificates and warrants issued by companies which are included in the index mentioned in the sub-fund's name (if applicable) or which are domiciled in the country or the geographic region given in the respective sub-fund's name or which are chiefly active in the country, geographic region or economic sector given in the respective sub-fund's name. For the avoidance of doubt, such assets also include depositary receipts relating to the above mentioned securities (e.g. American depositary receipts and global depositary receipts).
Exposure to the index through physical replication may be affected by rebalancing costs, in particular where the index undergoes significant rebalancing or where constituents are not very liquid or have restrictions in terms of accessibility. Rebalancing costs are a factor of the rebalancing frequency of the underlying index, the constituents' weighting adjustments and/or the number of constituents being replaced on each rebalancing day, and the transaction costs incurred to implement such changes. High rebalancing costs will generally deteriorate the relative performance between the Sub-fund and the index. The rebalancing frequency is detailed for each sub-fund in chapter D "The ETF sub-funds".
Exposure to the index may also be affected by other factors as set out in section C 2 b) "Tracking accuracy".
Index replication by the use of derivatives
A sub-fund using this method will hold a portfolio of assets composed of transferable securities, money market instruments, units of UCIs, deposits with credit institutions, structured notes listed or dealt in on a Regulated Market and other assets eligible under the rules set forth in the chapter O "Investment restrictions" of this prospectus.
In order to get an exposure to its Index, the relevant sub-fund may namely enter into a range of index related swaps (excluding funded swaps) and derivative instruments (futures, forwards, currency swaps, p-notes, options, warrants and foreign exchange contracts). An index swap is an agreement entered into with one or more counterparties to swap periodic payments for a certain amount of time. One party makes payments based upon the total return of a specified reference index. The other makes periodic fixed or floating payments. Both parties' payments are based upon the same notional amount. As a result, the index swap is a performance swap where the sub-fund exchanges a fixed or floating rate against the performance of the index. The swap agreements will be based on the relevant ISDA master agreements and the swap counter parties will be first class financial institutions that specialize in that type of transactions. The use of index swaps will not generate any leverage effect to the extent the maximum possible aggregate commitment resulting from such swaps is equal to the total net asset value of the relevant sub-fund. The Company may not enter into swaps through which a sub-fund would exchange the proceeds generated from the issuance of shares against an exposure to the performance of an underlying index (funded swaps). An index future is an agreement by virtue of which the buyer undertakes to purchase, or the seller undertakes to sell, a financial index at a predetermined date and price.
Exposure to the index may be affected by factors set out in section C 2 b) "Tracking accuracy".
Sub-funds replicating indices by the use of derivatives are exposed to the risk of default of the counterparties to the derivatives, including in particular swap counterparties (see chapter H "Risk Factors", section 2 h) "Use of derivatives" below), which is however mitigated by the Company's collateral policy (see chapter P "Special techniques and instruments that have securities and money market instruments as the underlying", section 6 "Collateral Policy" below).
For all sub-funds, UBS Investment Bank will be the exclusive counterparty for all OTC swap transactions.
- Summary of investment policies of the sub-fundsIdentified in the chapter D "The ETF sub-funds" and chapter E "The Index sub-funds" for each sub-fund is a summary of its specific investment policy. | en | fr |
DOLFIN2875 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 970 USD -90.30% | 1,030 USD -36.50% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,790 USD -22.09% | 9,740 USD -0.53% |
| Moderate² | What you might get back after costs Average return each year | 10,820 USD 8.21% | 13,500 USD 6.19% |
| Favourable³ | What you might get back after costs Average return each year | 14,250 USD 42.53% | 15,730 USD 9.48% | | | Periodo di detenzione raccomandato: 5 anni Investimento: 10.000 USD |
| --- |
| Scenari Minimo: Non esiste un rendimento minimo garantito in caso di uscita prima di 5 anni | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Stress | Possibile rimborso al netto dei costi Rendimento medio per ciascun anno | 970 USD -90,30% | 1.030 USD -36,50% |
| Sfavorevole¹ | Possibile rimborso al netto dei costi Rendimento medio per ciascun anno | 7.790 USD -22,09% | 9.740 USD -0,53% |
| Moderato² | Possibile rimborso al netto dei costi Rendimento medio per ciascun anno | 10.820 USD 8,21% | 13.500 USD 6,19% |
| Favorevole³ | Possibile rimborso al netto dei costi Rendimento medio per ciascun anno | 14.250 USD 42,53% | 15.730 USD 9,48% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 970 USD -90.30% | 1,030 USD -36.50% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,790 USD -22.09% | 9,740 USD -0.53% |
| Moderate² | What you might get back after costs Average return each year | 10,820 USD 8.21% | 13,500 USD 6.19% |
| Favourable³ | What you might get back after costs Average return each year | 14,250 USD 42.53% | 15,730 USD 9.48% | | en | it |
DOLFIN2876 | 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 the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. | ### Base de notre opinion
Nous avons procédé à la vérification conformément à la Loi du 23 juillet 2016 relative à la profession de l’audit (la « Loi du 23 juillet 2016 ») et aux Normes internationales d’audit telles qu'adoptées pour le Luxembourg par la Commission de Surveillance du Secteur financier (CSSF). Nos responsabilités en vertu de la loi du 23 juillet 2016 et de ces normes telles qu’adoptées pour le Luxembourg par la CSSF sont décrites par le menu dans la section « Responsabilités du réviseur d’entreprise agréé » pour la vérification des états financiers de notre rapport.
Nous estimons que les éléments probants que nous avons recueillis sont suffisants et adéquats pour fonder notre opinion.
Nous sommes par ailleurs indépendants du Fonds, conformément au Code d’éthique professionnelle des experts-comptables de l’International Ethics Standards Board for Accountants (« Code IESBA ») tel qu’adopté pour le Luxembourg par la CSSF, ainsi qu’aux exigences déontologiques qui s'appliquent à la vérification des états financiers. Nous avons honoré l'ensemble des nos responsabilités autres en vertu de ces exigences déontologiques. | ### Basis for opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. | en | fr |
DOLFIN2877 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Art. 21. Personal interests of directors
No contract or any other transaction that the Company may enter into with any other company shall be affected or invalidated by the fact that one or more directors or representatives of the Company has a personal interest of any kind in such company, or by the fact that this director or representative of the Company is a director, partner, manager, authorised representative or employee of such company. Any director or representative of the Company who is a director, associate, manager, authorised representative or employee of any company with which the Company places contracts, or with which this director or representative of the Company has other business relations, shall not be prevented from deliberating, voting or acting in connection with this contract or business.
If a director or representative of the Company has a personal interest that conflicts with that of the Company in any of the Company’s dealings that are submitted to the Board of Directors for approval, this director or representative of the Company must inform the Board of Directors of this conflict of interest. This director or representative of the Company shall not deliberate and shall not vote on this matter. A report on this matter must be presented at the next shareholders’ meeting. | ### Art. 21. Intérêt personnel des administrateurs
Aucun contrat ou aucune transaction que la Société pourra conclure avec toute autre société ne pourra être affecté ou invalidé par le fait qu'un ou plusieurs administrateurs ou agents de la Société ont un intérêt quelconque dans telle autre société, ou par le fait que cet administrateur ou cet agent de la Société est administrateur, associé, directeur, fondé de pouvoir ou employé d'une telle société. Tout administrateur ou agent de la Société, qui est administrateur, associé, directeur, fondé de pouvoir ou employé de toute société avec laquelle la Société passe des contrats, ou avec laquelle cet administrateur ou cet agent de la Société est autrement en relation d'affaires, ne sera pas de par ce lien et/ou cette relation avec une telle autre société, privé du droit de délibérer, de voter et d'agir en ce qui concerne des matières en relation avec pareil contrat ou pareilles affaires.
Au cas où un administrateur ou agent de la Société aurait un intérêt personnel en conflit avec celui de la Société dans toute affaire de la Société soumise pour approbation au conseil d’administration, cet administrateur ou agent de la Société doit informer le conseil d’administration de ce conflit. Cet administrateur ou cet agent de la Société ne délibérera et ne prendra pas part au vote sur cette affaire. Rapport devra être fait au sujet de cette affaire à la prochaine assemblée des actionnaires. | ### Art. 21. Personal interests of directors
No contract or any other transaction that the Company may enter into with any other company shall be affected or invalidated by the fact that one or more directors or representatives of the Company has a personal interest of any kind in such company, or by the fact that this director or representative of the Company is a director, partner, manager, authorised representative or employee of such company. Any director or representative of the Company who is a director, associate, manager, authorised representative or employee of any company with which the Company places contracts, or with which this director or representative of the Company has other business relations, shall not be prevented from deliberating, voting or acting in connection with this contract or business.
If a director or representative of the Company has a personal interest that conflicts with that of the Company in any of the Company’s dealings that are submitted to the Board of Directors for approval, this director or representative of the Company must inform the Board of Directors of this conflict of interest. This director or representative of the Company shall not deliberate and shall not vote on this matter. A report on this matter must be presented at the next shareholders’ meeting. | en | fr |
DOLFIN2878 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The Fund also has the following characteristics of importance to investors:
2 The Fund is actively managed. It follows a tailor-made benchmark (Austrian ATX Traded Index EUR; STOXX Balkan Total Market ex Greece & Turkey; Bloomberg Barclays Euro Aggregate 500MM), which it seeks to outperform over the long term. The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index. | # Der Fonds weist für den Anleger folgende weitere relevante Eigenschaften auf:
2 Der Fonds wird aktiv verwaltet. Er orientiert sich an einem massgeschneiderten Referenzindex (Austrian ATX Traded Index EUR; STOXX Balkan Total Market ex Greece & Turkey; Bloomberg Barclays Euro Aggregate 500MM) und ist bestrebt, diesen langfristig zu übertreffen. Der Fonds ist dazu frei in der Wahl der Anlagen und ihrer Gewichtung. Er kann in Anlagen investieren, die Bestandteil des Referenzindex sind, ist aber unabhängig von Referenzindex. | # The Fund also has the following characteristics of importance to investors:
2 The Fund is actively managed. It follows a tailor-made benchmark (Austrian ATX Traded Index EUR; STOXX Balkan Total Market ex Greece & Turkey; Bloomberg Barclays Euro Aggregate 500MM), which it seeks to outperform over the long term. The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index. | en | de |
DOLFIN2879 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Investment Manager’s report
for the period from January 1, 2022 to December 31, 2022
It was an up-and-down year for markets—in the end, one with more down than up. The world gave financial markets a lot to process. The coronavirus pandemic eased but remained a global concern, as did the supply-chain issues that accompanied its arrival. Inflation reached a 40-year high in the US, and the Federal Reserve pursued a series of interest rate increases to combat rising prices, actions similar to those taken by other nations’ central banks. Russia’s invasion of Ukraine in February brought uncertainty about political stability and energy prices, among other worries. A midterm US election shifted more power to Republicans but left Democrats in a stronger position than some had expected. Against this backdrop, equity and bond markets fell for the year, despite several rallies.
Inflation was front and center all year long. The US experienced the highest price increases in four decades, and the Fed lifted rates in a bid to reduce inflation from above 9% to the long-term target of 2%. Price increases showed signs of peaking late in the year, with inflation easing to 7.1% in the US in November, although a slow retreat from multidecade highs could keep it a concern for central banks well into 2023. Supply-chain issues related to the pandemic and to Russia’s war in Ukraine also eased, and food and fuel costs declined.
The midterm elections in the US left a split Congress, with Democrats narrowly controlling the Senate and Republicans taking back the House, which could affect the legislative agenda and items like tax increases and spending packages. But investors may be wise to avoid focusing much on the outcome of elections, as markets have tended to reward those who stayed invested regardless of the outcome. And elections are just one of many factors influencing returns.
The S&P 500 Index fell to a two-year low in September; at one point, the index had given back 50% of its post-pandemic rally. After the sharp drop in the first half of the year, led by technology stocks, the stock market rebounded somewhat. That came as the political situation became clearer and with investors pricing in prospects of smaller Fed rate hikes going forward as inflation cooled. Despite the rally, the S&P 500 fell 18.1% for the year, its worst annual return since the financial crisis in 2008. Likewise, global stock markets ended with their largest declines since the financial crisis. Global equities, as measured by the MSCI All Country World Index, fell 18.4%. Developed international stocks, as represented by the MSCI World ex USA Index, lost 14.3%, while emerging markets declined even further, with the MSCI Emerging Markets Index down 20.1%.
While markets were down as a whole, value stocks were a bright spot for investors. Value shares have prices that are low relative to a measure like a company’s book value, and these stocks outperformed pricier growth stocks by the largest margin since 2000, at the end of the initial dot-com craze: The MSCI All Country World Value Index fell 7.5% vs. a 28.6% decline for the MSCI All Country World Growth Index. That recent turnaround has rewarded investors who remained disciplined following a three-year slump for value, which ended in June 2020. Since then, value has beaten growth by 10.1 percentage points, annualized. Small capitalization stocks held their own with large cap stocks. The MSCI All Country World Small Cap Index declined 18.7% vs. the 18.4% fall for the MSCI All Country World Index. Historically, small cap stocks have outperformed large cap stocks. | ##### Rapport du Gestionnaire d’investissement
pour la période du 1er janvier 2022 au 31 décembre 2022
L’année a été marquée par des hauts et des bas pour les marchés - et finalement plus de bas que de hauts. Le monde a donné beaucoup de travail aux marchés financiers. La pandémie de coronavirus s’est atténuée mais est restée une préoccupation mondiale, tout comme les problèmes de chaîne d’approvisionnement qui l’ont accompagnée. L’inflation a atteint son plus haut niveau depuis 40 ans aux États-Unis, et la Réserve fédérale a procédé à une série d’augmentations des taux d’intérêt pour lutter contre la hausse des prix, des mesures similaires à celles prises par les banques centrales d’autres pays. L’invasion de l’Ukraine par la Russie en février a suscité des incertitudes quant à la stabilité politique et aux prix de l’énergie, entre autres préoccupations. Les élections américaines de mi-mandat ont donné plus de pouvoir aux républicains, mais ont laissé les démocrates dans une position plus forte que certains ne l’avaient prévu. Dans ce contexte, les marchés des actions et des obligations ont chuté au cours de l’année, malgré plusieurs reprises.
L’inflation a occupé le devant de la scène tout au long de l’année. Les États-Unis ont connu les plus fortes hausses de prix depuis quarante ans et la Fed a relevé ses taux pour tenter de ramener l’inflation de plus de 9 % à l’objectif à long terme de 2 %. Les hausses de prix ont montré des signes de plafonnement à la fin de l’année, l’inflation s’étant réduite à 7,1 % aux États-Unis en novembre, bien qu’un lent recul par rapport aux sommets atteints depuis plusieurs décennies pourrait continuer à préoccuper les banques centrales pendant une bonne partie de l’année 2023. Les problèmes de chaîne d’approvisionnement liés à la pandémie et à la guerre de la Russie en Ukraine se sont également atténués, et les coûts des denrées alimentaires et des carburants ont diminué.
Les élections de mi-mandat aux États-Unis ont laissé un Congrès divisé, les démocrates contrôlant de justesse le Sénat et les républicains reprenant la Chambre, ce qui pourrait avoir une incidence sur l’agenda législatif et sur des points tels que les augmentations d’impôts et les programmes de dépenses. Mais les investisseurs ont intérêt à ne pas se focaliser sur l’issue des élections, car les marchés ont eu tendance à récompenser ceux qui sont restés investis quel que soit le résultat. Les élections ne sont d’ailleurs qu’un des nombreux facteurs qui influencent les rendements.
L’indice S&P 500 est tombé en septembre à son plus bas niveau depuis deux ans ; à un moment donné, l’indice avait perdu 50 % de son rebond post-pandémique. Après la chute brutale du premier semestre, tirée par les valeurs technologiques, le marché boursier s’est quelque peu redressé. Ce rebond s’est produit lorsque la situation politique s’est clarifiée et que les investisseurs ont intégré la perspective de hausses de taux plus faibles de la part de la Fed à l’avenir, en raison du ralentissement de l’inflation. Malgré ce rebond, le S&P 500 a chuté de 18,1 % sur l’année, sa pire performance annuelle depuis la crise financière de 2008. De même, les marchés boursiers mondiaux ont enregistré leur plus forte baisse depuis la crise financière. Les actions mondiales, telles que mesurées par l’indice MSCI All Country World, ont chuté de 18,4 %. Les actions internationales développées, représentées par l’indice MSCI World ex USA, ont perdu 14,3 %, tandis que les marchés émergents ont reculé encore plus, l’indice MSCI Emerging Markets ayant baissé de 20,1 %.
Alors que les marchés étaient globalement en baisse, les actions de valeur ont été un point positif pour les investisseurs. Les actions de valeur ont des prix faibles par rapport à une mesure telle que la valeur comptable d’une entreprise, et ces actions ont surpassé les actions de croissance plus chères par la plus grande marge depuis 2000, à la fin de l’engouement initial pour les dot-com : l’indice MSCI All Country World Value a chuté de 7,5 % contre une baisse de 28,6 % pour l’indice MSCI All Country World Growth. Ce récent redressement a récompensé les investisseurs qui sont restés disciplinés après une chute de trois ans pour les valeurs de rendement, qui s’est terminée en juin 2020. Depuis lors, la valeur a battu la croissance de 10,1 points de pourcentage, en rythme annualisé. Les actions des petites capitalisations se sont maintenues au même niveau que les actions des grandes capitalisations. L’indice MSCI All Country World Small Cap a reculé de 18,7 %, contre 18,4 % pour l’indice MSCI All Country World. Historiquement, les actions à petite capitalisation ont surperformé les actions à grande capitalisation. | ###### Investment Manager’s report
for the period from January 1, 2022 to December 31, 2022
It was an up-and-down year for markets—in the end, one with more down than up. The world gave financial markets a lot to process. The coronavirus pandemic eased but remained a global concern, as did the supply-chain issues that accompanied its arrival. Inflation reached a 40-year high in the US, and the Federal Reserve pursued a series of interest rate increases to combat rising prices, actions similar to those taken by other nations’ central banks. Russia’s invasion of Ukraine in February brought uncertainty about political stability and energy prices, among other worries. A midterm US election shifted more power to Republicans but left Democrats in a stronger position than some had expected. Against this backdrop, equity and bond markets fell for the year, despite several rallies.
Inflation was front and center all year long. The US experienced the highest price increases in four decades, and the Fed lifted rates in a bid to reduce inflation from above 9% to the long-term target of 2%. Price increases showed signs of peaking late in the year, with inflation easing to 7.1% in the US in November, although a slow retreat from multidecade highs could keep it a concern for central banks well into 2023. Supply-chain issues related to the pandemic and to Russia’s war in Ukraine also eased, and food and fuel costs declined.
The midterm elections in the US left a split Congress, with Democrats narrowly controlling the Senate and Republicans taking back the House, which could affect the legislative agenda and items like tax increases and spending packages. But investors may be wise to avoid focusing much on the outcome of elections, as markets have tended to reward those who stayed invested regardless of the outcome. And elections are just one of many factors influencing returns.
The S&P 500 Index fell to a two-year low in September; at one point, the index had given back 50% of its post-pandemic rally. After the sharp drop in the first half of the year, led by technology stocks, the stock market rebounded somewhat. That came as the political situation became clearer and with investors pricing in prospects of smaller Fed rate hikes going forward as inflation cooled. Despite the rally, the S&P 500 fell 18.1% for the year, its worst annual return since the financial crisis in 2008. Likewise, global stock markets ended with their largest declines since the financial crisis. Global equities, as measured by the MSCI All Country World Index, fell 18.4%. Developed international stocks, as represented by the MSCI World ex USA Index, lost 14.3%, while emerging markets declined even further, with the MSCI Emerging Markets Index down 20.1%.
While markets were down as a whole, value stocks were a bright spot for investors. Value shares have prices that are low relative to a measure like a company’s book value, and these stocks outperformed pricier growth stocks by the largest margin since 2000, at the end of the initial dot-com craze: The MSCI All Country World Value Index fell 7.5% vs. a 28.6% decline for the MSCI All Country World Growth Index. That recent turnaround has rewarded investors who remained disciplined following a three-year slump for value, which ended in June 2020. Since then, value has beaten growth by 10.1 percentage points, annualized. Small capitalization stocks held their own with large cap stocks. The MSCI All Country World Small Cap Index declined 18.7% vs. the 18.4% fall for the MSCI All Country World Index. Historically, small cap stocks have outperformed large cap stocks. | en | fr |
DOLFIN2880 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Intended retail Investor
This Fund is aimed at retail investors, professional clients and suitable counterparties who are seeking capital accumulation in general and have a short-term investment horizon. This Fund may be suitable for investors who have a basic knowledge or initial experience in relation to financial products. The investor is able to bear financial losses and does not attach importance to capital guarantees. | # Investitore al dettaglio target
Questo Fondo si rivolge a investitori al dettaglio, clienti professionali e controparti qualificate che mirano generalmente all'accumulazione del capitale e hanno un orizzonte d'investimento di breve periodo. Questo Fondo può essere adatto a investitori che dispongono di conoscenze di base o hanno maturato prime esperienze con i prodotti finanziari. L'investitore è in grado di sopportare perdite finanziarie e non ha interesse a ottenere garanzie del capitale. | # Intended retail Investor
This Fund is aimed at retail investors, professional clients and suitable counterparties who are seeking capital accumulation in general and have a short-term investment horizon. This Fund may be suitable for investors who have a basic knowledge or initial experience in relation to financial products. The investor is able to bear financial losses and does not attach importance to capital guarantees. | en | it |
DOLFIN2881 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Pursuant to an administration agreement, the Company has appointed Brown Brothers Harriman (Luxembourg) S.C.A. as its central administration (the “Central Administration”).
The Central Administration is responsible for, inter alia, the daily determination of the Net Asset Value per Share of each Class of Shares of each Subfund, the proper book-keeping of the Company, the maintenance of the Share register and transfer agency services.
The aforementioned administration agreement may be terminated by either party upon ninety (90) days’ prior written notice. Moreover, the agreement can be terminated immediately in certain circumstances.
Pursuant to a Registrar and Transfer Agency Schedule to the administration agreement with the Central Administration, the Company has appointed the Central Administration as its registrar and transfer agent (the “Registrar and Transfer Agent”). The Registrar and Transfer Agent is responsible for processing the issue, redemption and transfer of Shares, for the safekeeping and maintenance of the register of Shareholders, as well as for the implementation of those identification procedures and, where applicable, the performance of the detailed verification prescribed by the law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended as well as regulatory provisions.
-
# Regulatory Disclosure | Aux termes d’un accord d’administration, la société a désigné Brown Brothers Harriman (Luxembourg) S.C.A. comme administration centrale (l’«administration centrale»).
L’administration centrale est chargée, entre autres, du calcul de la valeur nette d'inventaire par action de chaque catégorie d’actions de chaque compartiment, de la comptabilité de la société, de la tenue du registre des actionnaires et des services d'agent de transfert;
L’accord d’administration susmentionné peut être résilié par l’une ou l’autre des parties moyennant un préavis écrit de quatre-vingt-dix (90) jours. Il peut en outre être résilié immédiatement dans certaines situations.
Conformément à une annexe à l’accord d’administration conclu avec l’administration centrale, relative aux services de tenue de registre et de transfert, la société a désigné l’administration centrale comme teneur de registre et agent de transfert (le «Teneur de registre et agent de transfert»). Le Teneur de registre et agent de transfert est chargé de l’émission, du rachat et du transfert des actions, de la garde et de la tenue du registre des actionnaires, ainsi que de la mise en œuvre des procédures d’identification et, le cas échéant, de la vérification prescrite par la loi du 12 novembre 2004 sur la lutte contre le blanchiment d'argent et le financement du terrorisme, dans sa version en vigueur, et par des dispositions réglementaires.
-
# Obligation réglementaire de communication | Pursuant to an administration agreement, the Company has appointed Brown Brothers Harriman (Luxembourg) S.C.A. as its central administration (the “Central Administration”).
The Central Administration is responsible for, inter alia, the daily determination of the Net Asset Value per Share of each Class of Shares of each Subfund, the proper book-keeping of the Company, the maintenance of the Share register and transfer agency services.
The aforementioned administration agreement may be terminated by either party upon ninety (90) days’ prior written notice. Moreover, the agreement can be terminated immediately in certain circumstances.
Pursuant to a Registrar and Transfer Agency Schedule to the administration agreement with the Central Administration, the Company has appointed the Central Administration as its registrar and transfer agent (the “Registrar and Transfer Agent”). The Registrar and Transfer Agent is responsible for processing the issue, redemption and transfer of Shares, for the safekeeping and maintenance of the register of Shareholders, as well as for the implementation of those identification procedures and, where applicable, the performance of the detailed verification prescribed by the law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended as well as regulatory provisions.
-
# Regulatory Disclosure | en | fr |
DOLFIN2882 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# *or the equivalent in the relevant currency of the relevant Class.
-
## – Subscription, redemption and conversion of Shares
Applications for subscription or redemption or conversion of Shares received by the Registrar Agent prior to 2 pm on any Business Day (D) will be traded at the Dealing Price applicable to the following Valuation Day (D + 1). | # *ou l’équivalent dans la devise de référence de la Classe d’Actions visée.
-
## – Souscription, rachat et conversion d’Actions
Les ordres de souscription, rachat ou conversion d’Actions reçus par l’Agent de Registre avant 14 heures un quelconque Jour ouvrable (J) seront négociés au Prix de négociation applicable le Jour d’évaluation suivant (J+1). | # *or the equivalent in the relevant currency of the relevant Class.
-
## – Subscription, redemption and conversion of Shares
Applications for subscription or redemption or conversion of Shares received by the Registrar Agent prior to 2 pm on any Business Day (D) will be traded at the Dealing Price applicable to the following Valuation Day (D + 1). | en | fr |
DOLFIN2883 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Fund specific risks
The Fund may invest in China A shares via a Stock Connect programme. This may introduce additional risks including operational, regulatory, liquidy and settlement risks. The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider. Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures. If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified. This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund. The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations. If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share/unit class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates. Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses. The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges. | # Risques spécifiques au fonds
Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers. Le Fonds peut investir dans des Actions A chinoises via un programme Stock Connect. Cela peut induire des risques supplémentaires, y compris des risques opérationnels, réglementaires, de liquidité et de règlement. Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter. Les marchés émergents exposent le Fonds à une volatilité plus élevée et à un risque de perte plus important que les marchés développés ; ils sont susceptibles aux événements politiques et économiques défavorables, et peuvent être moins bien réglementés avec des procédures de garde et de règlement moins robustes. Un Fonds fortement exposé à une région géographique ou à un pays donné implique des risques plus importants qu’un Fonds plus largement diversifié. Ce Fonds peut avoir un portefeuille particulièrement concentré par rapport à son univers d’investissement ou à d’autres fonds de son secteur. Un événement défavorable, même s’il n’affecte qu’un petit nombre de holdings, peut entraîner une volatilité ou des pertes importantes pour le Fonds. Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles. Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change. Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. Le Fonds peut encourir un niveau supérieur de coûts de transaction consécutivement à un investissement sur des marchés négociés moins activement ou moins développés par rapport à un fonds qui investit sur des marchés plus actifs / plus développés. | # Fund specific risks
The Fund may invest in China A shares via a Stock Connect programme. This may introduce additional risks including operational, regulatory, liquidy and settlement risks. The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider. Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures. If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified. This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund. The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations. If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share/unit class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates. Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses. The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges. | en | fr |
DOLFIN2884 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide capital growth and income over the medium to long term.
- The fund will invest in a wide range of markets throughout the world providing exposure to investment grade, high yield and emerging market bonds, as well as to shares of companies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 50% in global government bonds and may also have exposure of less than 30% to infrastructure securities and closed-ended real estate investment trusts (REITs).
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may under normal market conditions invest up to 100% in global investment grade bonds, 50% in emerging markets bonds, 50% in shares of companies globally and 60% in global high yield bonds.
- The fund will invest less than 20% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- In adverse market conditions the fund may hold up to 25% of its assets in cash or money market instruments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- 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 without reference to an index.
- Income earned by the fund is paid to shareholders out of gross investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies and coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo lograr crecimiento del capital e ingresos a mediano y largo plazo.
- El fondo invertirá en una amplia gama de mercados de todo el mundo que proporcionan exposición a bonos de mercados emergentes, de alta rentabilidad y con grado de inversión, así como en acciones de empresas.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo puede invertir hasta un 50% en bonos del Estado de todo el mundo y también puede tener una exposición de menos del 30% a valores de infraestructuras y fondos de inversión inmobiliaria (REIT) de capital fijo.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- En condiciones normales del mercado, el fondo puede invertir hasta el 100 % en bonos mundiales con grado de inversión, el 50 % en bonos de mercados emergentes, el 50 % en acciones de empresas de todo el mundo y el 60 % en bonos mundiales de alta rentabilidad.
- El Subfondo invertirá menos del 20 % directa o indirectamente en Acciones China A y B o en valores de renta fija del mercado interior chino de forma conjunta.
- En condiciones del mercado adversas, el fondo puede mantener hasta el 25 % de sus activos en efectivo o instrumentos del mercado monetario (efectivo y depósitos a corto plazo, certificados de depósito, letras y Fondos del Mercado Monetario).
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se pagan a los accionistas a partir de los ingresos brutos derivados de la inversión durante la mayor parte del tiempo. El fondo trata de mantener un pago estable por acción, siempre que sea razonable. El pago no es fijo y variará en función de las circunstancias económicas y por otros motivos, así como por la capacidad del fondo para hacer frente a pagos estables sin que ello tenga repercusiones positivas o negativas a largo plazo en su capital. Esto podría hacer que el pago de dichas rentas se haga con el capital ocasionalmente.
- Los ingresos del fondo procederán principalmente de los pagos de dividendos de acciones de empresas y de cupones de las posiciones en renta fija.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide capital growth and income over the medium to long term.
- The fund will invest in a wide range of markets throughout the world providing exposure to investment grade, high yield and emerging market bonds, as well as to shares of companies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 50% in global government bonds and may also have exposure of less than 30% to infrastructure securities and closed-ended real estate investment trusts (REITs).
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may under normal market conditions invest up to 100% in global investment grade bonds, 50% in emerging markets bonds, 50% in shares of companies globally and 60% in global high yield bonds.
- The fund will invest less than 20% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- In adverse market conditions the fund may hold up to 25% of its assets in cash or money market instruments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- 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 without reference to an index.
- Income earned by the fund is paid to shareholders out of gross investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies and coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN2885 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in NZD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1985. The share class was launched in 2015.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Bloomberg Global Aggregate USD Hedged Index (USD)
It is not intended that the performance of the Fund will track the index. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en NZD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 1985. La clase de acciones se lanzó en 2015.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹Bloomberg Global Aggregate USD Hedged Index (USD)
No está previsto que la rentabilidad del Fondo replique la del índice. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in NZD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1985. The share class was launched in 2015.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Bloomberg Global Aggregate USD Hedged Index (USD)
It is not intended that the performance of the Fund will track the index. | en | es |
DOLFIN2886 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Statement of net assets as at June 30, 2021
Combined
| | EUR |
| --- | --- |
| Assets Investment portfolio at market value | 2a | 10,537,949,405 |
| Options (long position) at market value | 2e | 21,764,000 |
| Cash at bank and broker | 11 | 427,731,838 |
| Receivable for investments sold | | 10,033,560 |
| Receivable on subscriptions | | 12,952,349 |
| Receivable on CFD | | 5,386,938 |
| Receivable on foreign exchange | | 9,152,499 |
| Dividends receivable on CFD | | 4,463,074 |
| Interest and dividends receivable, net | | 7,976,626 |
| Net unrealised appreciation on forward foreign exchange contracts | 2f | 11,352 |
| Net unrealised appreciation on futures | 2e | 864,600 |
| Other assets | | 3,108,345 |
| Total assets | | 11,041,394,586 |
| Liabilities Options (short position) at market value | 2e | 780,678 |
| Bank overdraft | | 339,837 |
| Payable on investments purchased | | 30,285,398 |
| Payable on redemptions | | 9,397,546 |
| Payable on CFD | | 9,486,708 |
| Payable on foreign exchange | | 9,140,544 |
| Dividends payable on CFD | | 66,713 |
| Net unrealised depreciation on forward foreign exchange contracts | 2f | 11,686,214 |
| Net unrealised depreciation on CFD | 2g | 542,000 |
| Management fees payable | 3 | 7,244,174 |
| Operating and Administrative Expenses payable | 5 | 2,231,856 |
| Performance fees payable | 6 | 2,219,289 |
| Distribution fees payable | 4 | 59,139 |
| Subscription tax payable | 7 | 2,308,952 |
| Other expenses payable | | 918,908 |
| Other liabilities | | 1,001,853 |
| Total liabilities | | 87,709,809 |
| Total net assets | | 10,953,684,777 | | # Etat des actifs nets au 30 juin 2021
Combiné
| | EUR |
| --- | --- |
| Actifs Portefeuille-titres à la valeur d'évaluation | 2a | 10.537.949.405 |
| Options (position longue) à la valeur d'évaluation | 2e | 21.764.000 |
| Avoirs en banque et broker | 11 | 427.731.838 |
| A recevoir pour investissements vendus | | 10.033.560 |
| A recevoir sur souscriptions | | 12.952.349 |
| A recevoir sur CFD | | 5.386.938 |
| A recevoir sur change | | 9.152.499 |
| Dividendes à recevoir sur CFD | | 4.463.074 |
| Intérêts et dividendes à recevoir, nets | | 7.976.626 |
| Plus-value nette non réalisée sur contrats de change à terme | 2f | 11.352 |
| Plus-value nette non réalisée sur futures | 2e | 864.600 |
| Autres actifs | | 3.108.345 |
| Total des actifs | | 11.041.394.586 |
| Passifs Options (position courte) à la valeur d'évaluation | 2e | 780.678 |
| Découvert bancaire | | 339.837 |
| A payer pour investissements achetés | | 30.285.398 |
| A payer sur rachats | | 9.397.546 |
| A payer sur CFD | | 9.486.708 |
| A payer sur change | | 9.140.544 |
| Dividendes à payer sur CFD | | 66.713 |
| Moins-value nette non réalisée sur contrats de change à terme | 2f | 11.686.214 |
| Moins-value nette non réalisée sur CFD | 2g | 542.000 |
| Commissions de gestion à payer | 3 | 7.244.174 |
| Charges opérationnelles et administratives à payer | 5 | 2.231.856 |
| Commissions de performance à payer | 6 | 2.219.289 |
| Commissions de distribution à payer | 4 | 59.139 |
| Taxe d'abonnement à payer | 7 | 2.308.952 |
| Autres dépenses à payer | | 918.908 |
| Autres passifs | | 1.001.853 |
| Total des passifs | | 87.709.809 |
| Total des actifs nets | | 10.953.684.777 | | # Statement of net assets as at June 30, 2021
Combined
| | EUR |
| --- | --- |
| Assets Investment portfolio at market value | 2a | 10,537,949,405 |
| Options (long position) at market value | 2e | 21,764,000 |
| Cash at bank and broker | 11 | 427,731,838 |
| Receivable for investments sold | | 10,033,560 |
| Receivable on subscriptions | | 12,952,349 |
| Receivable on CFD | | 5,386,938 |
| Receivable on foreign exchange | | 9,152,499 |
| Dividends receivable on CFD | | 4,463,074 |
| Interest and dividends receivable, net | | 7,976,626 |
| Net unrealised appreciation on forward foreign exchange contracts | 2f | 11,352 |
| Net unrealised appreciation on futures | 2e | 864,600 |
| Other assets | | 3,108,345 |
| Total assets | | 11,041,394,586 |
| Liabilities Options (short position) at market value | 2e | 780,678 |
| Bank overdraft | | 339,837 |
| Payable on investments purchased | | 30,285,398 |
| Payable on redemptions | | 9,397,546 |
| Payable on CFD | | 9,486,708 |
| Payable on foreign exchange | | 9,140,544 |
| Dividends payable on CFD | | 66,713 |
| Net unrealised depreciation on forward foreign exchange contracts | 2f | 11,686,214 |
| Net unrealised depreciation on CFD | 2g | 542,000 |
| Management fees payable | 3 | 7,244,174 |
| Operating and Administrative Expenses payable | 5 | 2,231,856 |
| Performance fees payable | 6 | 2,219,289 |
| Distribution fees payable | 4 | 59,139 |
| Subscription tax payable | 7 | 2,308,952 |
| Other expenses payable | | 918,908 |
| Other liabilities | | 1,001,853 |
| Total liabilities | | 87,709,809 |
| Total net assets | | 10,953,684,777 | | en | fr |
DOLFIN2887 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 3 sur 7, qui est une catégorie de risque moyen à faible.
Le risque d’investissement est lié à la concentration dans certains secteurs, pays, devises ou sociétés spécifiques. Cela signifie que le Fonds est plus sensible à tout événement économique, de marché, politique, lié au développement durable ou réglementaire localisé. Le Fonds peut être impacté négativement par les variations fiscales en Inde
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | # ¿Qué riesgos corro y qué podría obtener a cambio?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Por lo general, remuneración menor Por lo general, remuneración mayor Menor riesgo Mayor riesgo El indicador de riesgo supone que conserva el producto durante 5 años. El riesgo real puede variar significativamente si liquida su inversión en una etapa temprana y es posible que reciba menos. Es posible que no pueda vender su producto fácilmente o que tenga que venderlo a un precio que afecte significativamente a la cantidad que reciba. |
El indicador resumido de riesgo es indicativo del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto como clase 3 de 7, que es una clase de riesgo medio-bajo.
El riesgo de inversión se concentra en sectores, países, divisas o empresas específicos. Esto significa que el fondo es más sensible a cualquier evento económico, de mercado, político, relacionado con la sostenibilidad o regulatorio localizado. El fondo puede verse afectado negativamente por cambios en la fiscalidad de la India
El valor del Fondo puede verse afectado por riesgos que no capta el indicador resumido de riesgo, como el impago de una contraparte, el custodio o el emisor, los riesgos relativos al proveedor del índice y los propios del uso de derivados. | # Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 3 sur 7, qui est une catégorie de risque moyen à faible.
Le risque d’investissement est lié à la concentration dans certains secteurs, pays, devises ou sociétés spécifiques. Cela signifie que le Fonds est plus sensible à tout événement économique, de marché, politique, lié au développement durable ou réglementaire localisé. Le Fonds peut être impacté négativement par les variations fiscales en Inde
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | fr | es |
DOLFIN2888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Conservative / Lipper Global Mixed Asset GBP Balanced / Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be
## wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The share class is denominated in EUR. This is hedged against the Fund's base currency.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within four years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es obtener el crecimiento del capital a largo plazo con una menor volatilidad que un fondo que invierte únicamente en valores de renta variable.
2 El Fondo tratará de lograr este objetivo principalmente mediante la inversión en organismos de inversión colectiva de capital variable que adquieran exposición a la renta variable (por ejemplo, acciones), valores de renta fija (sin restricciones sobre el rating crediticio mínimo), inmuebles, materias primas y divisas.
2 El Fondo podrá adquirir una exposición de entre el 20% y el 60% de su patrimonio neto a renta variable y a fondos long-only, y mantendrá una exposición mínima del 30% a instrumentos del mercado monetario, efectivo y fondos que invierten en valores de renta fija.
## 2 A la hora de determinar la asignación de las inversiones, y con vistas a lograr el objetivo de inversión del Fondo, se tendrá en cuenta la situación macroeconómica.
2 Se considera que el Fondo está gestionado activamente con referencia al índice Lipper Global Mixed Asset GBP Conservative / Lipper Global Mixed Asset GBP Balanced / Average 1 month deposit rate(los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la composición de
## la cartera del Fondo y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá emplear diversos instrumentos derivados sencillos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Esta clase de acción está denominada en EUR. Está cubierta frente a la divisa de referencia del Fondo.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cuatro años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Conservative / Lipper Global Mixed Asset GBP Balanced / Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be
## wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The share class is denominated in EUR. This is hedged against the Fund's base currency.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within four years. | en | es |
DOLFIN2889 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invests at least 2/3 of its total net assets in fixed income transferable securities and less than 1/3 of its total net assets in equities and/or equity-equivalent securities. The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and to a limited extent in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds.
The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities.
The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including to a limited extent in emerging markets.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
The Fund can hold up to 15% in cash.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days. | ## Objetivos y política de inversión
El Fondo trata de proporcionar una rentabilidad positiva a medio plazo.
El Fondo invierte al menos dos terceras partes de sus activos netos totales en valores mobiliarios de renta fija y menos de una tercera parte de sus activos netos totales en renta variable y/o valores equivalentes a renta variable. El Fondo invierte más de la mitad de sus activos netos totales en deuda pública de categoría de inversión (investment grade) de mercados desarrollados y covered bonds daneses y, de forma limitada, en bonos corporativos con calificación (bonos corporativos investment grade o bonos de alto rendimiento (high yield)), bonos soberanos de mercados emergentes (investment grade o high yield) y/o bonos sin calificación. El Fondo podrá invertir hasta el 10% de sus activos netos totales en Acciones A de China a través del China-Hong Kong Stock Connect.
El Fondo podrá invertir de forma limitada en valores convertibles, convertibles contingentes (menos del 5 % de los activos netos totales) y/o warrants sobre valores mobiliarios. El Fondo podrá invertir en activos líquidos y/o instrumentos del mercado monetario cotizados regularmente.
El Fondo es un fondo global y puede invertir en todas las regiones, incluyendo, de forma limitada, los mercados emergentes.
El Fondo puede mantener hasta el 15 % en posiciones de tesorería.
El fondo podrá, de forma limitada, invertir en otros fondos, incluidos fondos cerrados con estrategias alternativas.
No existen limitaciones en cuanto a la divisa de las inversiones. El Fondo podrá usar derivados de divisas para, entre otras cosas, proteger su cartera frente a las fluctuaciones de divisas. La divisa de referencia del Fondo es EUR. La divisa de referencia de la Clase de acciones es EUR. La Clase de acciones es de acumulación, es decir, los rendimientos generados por el Fondo se reinvierten para incrementar el valor de sus inversiones.
El fondo se gestiona de forma activa.
Recomendación: Este Fondo puede no ser apropiado para inversores que prevean retirar su dinero en 3 años. Mediante solicitud, usted puede comprar y reembolsar sus acciones en los días hábiles bancarios completos de Luxemburgo. | ## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invests at least 2/3 of its total net assets in fixed income transferable securities and less than 1/3 of its total net assets in equities and/or equity-equivalent securities. The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and to a limited extent in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds.
The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities.
The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including to a limited extent in emerging markets.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
The Fund can hold up to 15% in cash.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days. | en | es |
DOLFIN2890 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Operational and other risks for the Fund
The risks that may occur in the Company or with external third parties as a result of human or system error are shown below. These risks set out below may have an adverse impact on the Fund's perfor- mance, and thereby on the unit value and the capital invested by the investor.
### Risks associated with criminal acts, grievances or natural disasters
The Fund may fall victim to fraud or other criminal acts. It may suffer losses due mistakes by employ- ees of the Company or external third parties or be damaged by external events such as natural disas- ters or pandemics.
### Country or transfer risk
There is the risk that, despite being able to pay, a foreign debtor cannot provide payment in good time or at all or only in a different currency as a result of the inability or unwillingness of its country of domicile to transfer the currency or for other reasons. Thus, for example, payments to which the Company is entitled to on behalf of the Fund may fail to be made or may be made in a currency that is no longer convertible or must take place in another currency due to foreign exchange restrictions. If the debtor pays in another currency, this position is subject to the aforementioned currency risk.
### Legal and political risks
Investments may be made on behalf of the Fund in jurisdictions where German law does not apply or, in the event of legal disputes, where the place of jurisdiction is outside Germany. The resulting rights and obligations of the Company on behalf of the Fund may vary from those in Germany, to the disadvantage of the Fund or investor. Political or legal developments, including changes to the legal framework in these jurisdictions, may be identified by the Company either too late or not at all, or
result in restrictions on acquirable assets or those already acquired. Such situations may also be brought about by changes in the German legal framework relating to the Company and/or the man- agement of the Fund.
### Changes to the taxation framework, tax risk
The summary information on tax regulations in this Sales Prospectus is based on the current legal situation. It is intended for persons in Germany who are subject to unrestricted income or corpora- tion tax. There is no guarantee, however, that the tax assessment will not change as a result of legis- lation, court rulings or decrees issued by the financial authorities.
A change to the Fund's tax bases — that were incorrectly established for previous financial years (e.g. based on external tax audits) — may, in the case of a tax correction that has an adverse impact on an investor, result in the investor being required to pay tax for previous financial years due to the correc- tion, even though he may not have been an investor in the Fund at that time. On the other hand, it may be the case that an investor does not reap the benefits of a tax correction favourable to him for the current and previous financial years when he was an investor in the Fund, because he redeemed or sold the units before the correction.
In addition, a correction of tax data can result in taxable income or tax advantages being recorded in a period that differs from the actual applicable assessment period, resulting in adverse effects for some investors.
### Key person risk
A very positive investment performance of the Fund during a particular period may also be depend on the suitability of the acting persons and therefore on the right management decisions. The mem- bers of the fund management may, however, change. New decision-makers may not be as success- ful.
### Custody risk
A risk of loss that may result from insolvency, due diligence violations or the custodian and force majeure is associated with assets being held in custody, especially abroad.
### Risks associated with trading and clearing mechanisms (settlement risk)
The settlement of transferable security transactions bears the risk that a contractual party delays payment or does not pay as agreed or that the securities are not delivered in good time. This settle- ment risk also occurs when trading with other assets for the Fund.
- | # Operationelle und sonstige Risiken des Fonds
Im Folgenden werden Risiken dargestellt, die sich beispielsweise aus menschlichem oder Systemversa- gen bei der Gesellschaft oder externen Dritten ergeben können. Diese Risiken können die Wertentwick- lung des Fonds beeinträchtigen und sich damit auch nachteilig auf den Anteilwert und auf das vom Anleger investierte Kapital auswirken.
### Risiken durch kriminelle Handlungen, Missstände oder Naturkatastrophen
Der Fonds kann Opfer von Betrug oder anderen kriminellen Handlungen werden. Er kann Verluste durch Fehler von Mitarbeitern der Gesellschaft oder externer Dritter erleiden oder durch äußere Ereig- nisse wie z.B. Naturkatastrophen oder Pandemien geschädigt werden.
### Länder- oder Transferrisiko
Es besteht das Risiko, dass ein ausländischer Schuldner trotz Zahlungsfähigkeit aufgrund fehlender Transferfähigkeit der Währung oder -bereitschaft seines Sitzlandes, oder aus anderen Gründen, Leis- tungen nicht fristgerecht, überhaupt nicht oder nur in einer anderen Währung erbringen kann. So können z.B. Zahlungen, auf die die Gesellschaft für Rechnung des Fonds Anspruch hat, ausbleiben, in einer Währung erfolgen, die aufgrund von Devisenbeschränkungen nicht (mehr) konvertierbar ist, oder in einer anderen Währung erfolgen. Zahlt der Schuldner in einer anderen Währung, so unterliegt diese Position dem oben dargestellten Währungsrisiko.
### Rechtliche und politische Risiken
Für den Fonds dürfen Investitionen in Rechtsordnungen getätigt werden, in denen deutsches Recht keine Anwendung findet bzw. im Fall von Rechtsstreitigkeiten der Gerichtsstand außerhalb Deutsch- lands ist. Hieraus resultierende Rechte und Pflichten der Gesellschaft für Rechnung des Fonds können von denen in Deutschland zum Nachteil des Fonds bzw. des Anlegers abweichen. Politische oder recht- liche Entwicklungen einschließlich der Änderungen von rechtlichen Rahmenbedingungen in diesen Rechtsordnungen können von der Gesellschaft nicht oder zu spät erkannt werden oder zu
Beschränkungen hinsichtlich erwerbbarer oder bereits erworbener Vermögensgegenstände führen. Diese Folgen können auch entstehen, wenn sich die rechtlichen Rahmenbedingungen für die Gesell- schaft und/oder die Verwaltung des Fonds in Deutschland ändern.
### Änderung der steuerlichen Rahmenbedingungen, steuerliches Risiko
Die Kurzangaben über steuerrechtliche Vorschriften in diesem Verkaufsprospekt gehen von der derzeit bekannten Rechtslage aus. Sie richten sich an in Deutschland unbeschränkt einkommensteuerpflichtige oder unbeschränkt körperschaftsteuerpflichtige Personen. Es kann jedoch keine Gewähr dafür über- nommen werden, dass sich die steuerliche Beurteilung durch Gesetzgebung, Rechtsprechung oder Er- lasse der Finanzverwaltung nicht ändert.
Eine Änderung fehlerhaft festgestellter Besteuerungsgrundlagen des Fonds für vorangegangene Ge- schäftsjahre (z.B. aufgrund von steuerlichen Außenprüfungen) kann bei einer für Anleger steuerlich grundsätzlich nachteiligen Korrektur zur Folge haben, dass der Anleger die Steuerlast aus der Korrektur für vorangegangene Geschäftsjahre zu tragen hat, obwohl er unter Umständen zu diesem Zeitpunkt nicht in dem Fonds investiert war. Umgekehrt kann für den Anleger der Fall eintreten, dass ihm eine steuerlich grundsätzlich vorteilhafte Korrektur für das aktuelle und für vorangegangene Geschäftsjahre, in denen er an dem Fonds beteiligt war, nicht mehr zugutekommt, weil er seine Anteile vor Umsetzung der Korrektur zurückgegeben oder veräußert hat.
Zudem kann eine Korrektur von Steuerdaten dazu führen, dass steuerpflichtige Erträge bzw. steuerliche Vorteile in einem anderen als eigentlich zutreffenden Veranlagungszeitraum tatsächlich steuerlich er- fasst werden und sich dies beim einzelnen Anleger negativ auswirkt.
### Schlüsselpersonenrisiko
Fällt das Anlageergebnis des Fonds in einem bestimmten Zeitraum sehr positiv aus, hängt dieser Erfolg möglicherweise auch von der Eignung der handelnden Personen und damit den richtigen Entscheidun- gen des Managements ab. Die personelle Zusammensetzung des Fondsmanagements kann sich jedoch verändern. Neue Entscheidungsträger können dann möglicherweise weniger erfolgreich agieren.
### Verwahrrisiko
Mit der Verwahrung von Vermögensgegenständen insbesondere im Ausland ist ein Verlustrisiko ver- bunden, das aus Insolvenz, Sorgfaltspflichtverletzungen des Verwahrers bzw. höherer Gewalt resultie- ren kann.
### Risiken aus Handels- und Clearingmechanismen (Abwicklungsrisiko)
Bei der Abwicklung von Wertpapiergeschäften besteht das Risiko, dass eine der Vertragsparteien ver- zögert oder nicht vereinbarungsgemäß zahlt oder die Wertpapiere nicht fristgerecht liefert. Dieses Ab- wicklungsrisiko besteht entsprechend auch beim Handel mit anderen Vermögensgegenständen für den Fonds.
- | # Operational and other risks for the Fund
The risks that may occur in the Company or with external third parties as a result of human or system error are shown below. These risks set out below may have an adverse impact on the Fund's perfor- mance, and thereby on the unit value and the capital invested by the investor.
### Risks associated with criminal acts, grievances or natural disasters
The Fund may fall victim to fraud or other criminal acts. It may suffer losses due mistakes by employ- ees of the Company or external third parties or be damaged by external events such as natural disas- ters or pandemics.
### Country or transfer risk
There is the risk that, despite being able to pay, a foreign debtor cannot provide payment in good time or at all or only in a different currency as a result of the inability or unwillingness of its country of domicile to transfer the currency or for other reasons. Thus, for example, payments to which the Company is entitled to on behalf of the Fund may fail to be made or may be made in a currency that is no longer convertible or must take place in another currency due to foreign exchange restrictions. If the debtor pays in another currency, this position is subject to the aforementioned currency risk.
### Legal and political risks
Investments may be made on behalf of the Fund in jurisdictions where German law does not apply or, in the event of legal disputes, where the place of jurisdiction is outside Germany. The resulting rights and obligations of the Company on behalf of the Fund may vary from those in Germany, to the disadvantage of the Fund or investor. Political or legal developments, including changes to the legal framework in these jurisdictions, may be identified by the Company either too late or not at all, or
result in restrictions on acquirable assets or those already acquired. Such situations may also be brought about by changes in the German legal framework relating to the Company and/or the man- agement of the Fund.
### Changes to the taxation framework, tax risk
The summary information on tax regulations in this Sales Prospectus is based on the current legal situation. It is intended for persons in Germany who are subject to unrestricted income or corpora- tion tax. There is no guarantee, however, that the tax assessment will not change as a result of legis- lation, court rulings or decrees issued by the financial authorities.
A change to the Fund's tax bases — that were incorrectly established for previous financial years (e.g. based on external tax audits) — may, in the case of a tax correction that has an adverse impact on an investor, result in the investor being required to pay tax for previous financial years due to the correc- tion, even though he may not have been an investor in the Fund at that time. On the other hand, it may be the case that an investor does not reap the benefits of a tax correction favourable to him for the current and previous financial years when he was an investor in the Fund, because he redeemed or sold the units before the correction.
In addition, a correction of tax data can result in taxable income or tax advantages being recorded in a period that differs from the actual applicable assessment period, resulting in adverse effects for some investors.
### Key person risk
A very positive investment performance of the Fund during a particular period may also be depend on the suitability of the acting persons and therefore on the right management decisions. The mem- bers of the fund management may, however, change. New decision-makers may not be as success- ful.
### Custody risk
A risk of loss that may result from insolvency, due diligence violations or the custodian and force majeure is associated with assets being held in custody, especially abroad.
### Risks associated with trading and clearing mechanisms (settlement risk)
The settlement of transferable security transactions bears the risk that a contractual party delays payment or does not pay as agreed or that the securities are not delivered in good time. This settle- ment risk also occurs when trading with other assets for the Fund.
- | en | de |
DOLFIN2891 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company may enter into repurchase agreements and into securities lending transactions in accordance with the requirements as set out in the Securities Financing Transactions Regulation and in accordance with the requirements as set out in the Circulars 08/356 dated 4 June 2008 and 14/592 dated 30 September 2014 of the CSSF.
Pursuant to the investment principles of a Subfund and taking into consideration its obligation to redeem Shares on each Valuation Day, the Company may enter into securities repurchase agreements and securities lending transactions without limit.
- A Subfund may enter into repurchase agreements for securities and money-market instruments both as borrower and lender, provided that the counterparty is a top-rated financial institution specialising in such transactions which has been rated by a recognized rating agency (e.g. Moody’s, S&P or Fitch) with at least Baa3 (Moody’s), BBB- (S&P or Fitch). There are no further restrictions with regard to the legal status or country of origin of the counterparty. Borrowed securities and money-market instruments may only be sold during the term of the repurchase agreement if the Subfund has other means available for hedging. With regard to securities andmoney-market instruments lent out, a Subfund must be in a position upon maturity of the repurchase agreement to comply with its repurchase obligations. | La Société peut conclure des accords de mise en pension et des opérations de prêt de titres conformément aux exigences prévues dans le Règlement relatif aux opérations de financement sur titres et conformément aux Circulaires 08/356 datée du 4 juin 2008 et 14/592 datée du 30 septembre 2014 de la CSSF.
Conformément aux principes d’investissement d’un Compartiment et tout en tenant compte de son obligation de rachat des Actions chaque Jour d’évaluation, la Société peut conclure des accords de prise en pension et des opérations de prêt de titres de manière illimitée.
- Un Compartiment peut conclure des accords de prise en pension de valeurs mobilières et instruments du marché monétaire, en tant que prêteur aussi bien qu’en tant qu’emprunteur, sous réserve que la contrepartie de cet accord soit un établissement financier de premier ordre spécialisé dans ce type de transactions, noté par une agence de notation reconnue (par exemple Moody’s, S&P ou Fitch) au moins Baa3 (Moody’s), BBB- (S&P ou Fitch). Il n’y a pas de restrictions supplémentaires eu égard au statut juridique ou au pays d’origine de la contrepartie. Les valeurs mobilières et instruments du marché monétaire empruntés ne peuvent être vendus avant l’échéance de l’accord de prise en pension que si le Compartiment dispose d’autres moyens de couverture. Concernant les valeurs mobilières et instruments du marché monétaire prêtés, un Compartiment doit être en mesure d’honorer ses obligations de rachat à l’échéance de l’accord de prise en pension. | The Company may enter into repurchase agreements and into securities lending transactions in accordance with the requirements as set out in the Securities Financing Transactions Regulation and in accordance with the requirements as set out in the Circulars 08/356 dated 4 June 2008 and 14/592 dated 30 September 2014 of the CSSF.
Pursuant to the investment principles of a Subfund and taking into consideration its obligation to redeem Shares on each Valuation Day, the Company may enter into securities repurchase agreements and securities lending transactions without limit.
- A Subfund may enter into repurchase agreements for securities and money-market instruments both as borrower and lender, provided that the counterparty is a top-rated financial institution specialising in such transactions which has been rated by a recognized rating agency (e.g. Moody’s, S&P or Fitch) with at least Baa3 (Moody’s), BBB- (S&P or Fitch). There are no further restrictions with regard to the legal status or country of origin of the counterparty. Borrowed securities and money-market instruments may only be sold during the term of the repurchase agreement if the Subfund has other means available for hedging. With regard to securities andmoney-market instruments lent out, a Subfund must be in a position upon maturity of the repurchase agreement to comply with its repurchase obligations. | en | fr |
DOLFIN2892 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 2 Le fonds est soumis aux lois et règlements fiscaux luxembourgeois. Cela peut avoir une incidence sur votre situation fiscale personnelle selon votre pays de résidence.
2 La responsabilité de Degroof Petercam Asset Services S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du fonds.
2 La politique de rémunération actuelle est disponible sur www.dpas.lu. La politique inclut une description de la manière dont sont calculés les rémunérations et avantages et l'identité des personnes en charge de leurs attributions. Un exemplaire papier est disponible gratuitement sur demande.
2 Le fonds peut avoir d'autres compartiments en complément du présent compartiment. Les actifs de chaque compartiment sont ségrégés. Ainsi, chaque compartiment n'est tenu que de ses pertes et dettes propres et ne répond pas des pertes et dettes associées à d'autres compartiments du fonds.
2 Les investisseurs peuvent demander une conversion en actions d'une autre classe d'actions du compartiment ou d'un autre compartiment du fonds pour autant que les conditions d'éligibilité soient respectées. Pour plus d'informations, veuillez vous reporter au prospectus. | # 2 El fondo está sujeto a la legislación y a los reglamentos fiscales luxemburgueses. Este puede tener una incidencia sobre su situación fiscal personal en función de su país de residencia.
2 Degroof Petercam Asset Services S.A. solo 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.
2 La política de remuneraciones actual está disponible en www.dpas.lu. La política incluye una descripción de la forma en la que se calculan las remuneraciones y beneficios y la identidad de las personas a cargo de atribuirlas. Hay disponibles copias impresas de forma gratuita previa solicitud.
2 El fondo puede tener otros compartimentos complementarios al presente compartimento. Los activos de cada compartimento están segregados. Por lo tanto, cada compartimento se hace cargo únicamente de sus propias pérdidas y deudas y no se hace responsable de las pérdidas y deudas asociadas a otros compartimentos.
2 Los inversores pueden solicitar una conversión por acciones de otra clase de acciones del compartimento o de otro compartimento del fondo siempre y cuando las condiciones de elegibilidad se respeten. Para más información, consulte el folleto. | # 2 Le fonds est soumis aux lois et règlements fiscaux luxembourgeois. Cela peut avoir une incidence sur votre situation fiscale personnelle selon votre pays de résidence.
2 La responsabilité de Degroof Petercam Asset Services S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du fonds.
2 La politique de rémunération actuelle est disponible sur www.dpas.lu. La politique inclut une description de la manière dont sont calculés les rémunérations et avantages et l'identité des personnes en charge de leurs attributions. Un exemplaire papier est disponible gratuitement sur demande.
2 Le fonds peut avoir d'autres compartiments en complément du présent compartiment. Les actifs de chaque compartiment sont ségrégés. Ainsi, chaque compartiment n'est tenu que de ses pertes et dettes propres et ne répond pas des pertes et dettes associées à d'autres compartiments du fonds.
2 Les investisseurs peuvent demander une conversion en actions d'une autre classe d'actions du compartiment ou d'un autre compartiment du fonds pour autant que les conditions d'éligibilité soient respectées. Pour plus d'informations, veuillez vous reporter au prospectus. | fr | es |
DOLFIN2893 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Essential features of the fund:
You can buy and sell shares of this class every bank business day in Luxembourg.
This share class does not distribute any income to you. Your minimum investment must amount to 1 share.
Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 3 years. | ## Principales caractéristiques du Fonds:
Vous pouvez acheter et vendre des actions de cette classe chaque jour où les activités bancaires au Luxembourg sont ouvertes.
Cette classe d'actions ne vous distribue aucun revenu. Votre investissement minimum est de 1 action.
Recommandation : ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 3 premières années. | ## Essential features of the fund:
You can buy and sell shares of this class every bank business day in Luxembourg.
This share class does not distribute any income to you. Your minimum investment must amount to 1 share.
Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 3 years. | en | fr |
DOLFIN2894 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# HOW TO SUBSCRIBE FOR SHARES
To subscribe for Shares investors will be required to complete an Application Form and to return it to the registrar agent of the Company (the “Registrar Agent”) at the address indicated under the heading “Directory” or to any distributor indicated on the Application Form. Applications may be made by facsimile, but must contain all the information required by the Application Form.
## Unless otherwise specified in the Appendices, applications for Shares received by the Registrar Agent prior to 2 pm on any Valuation Day will be traded at the Dealing Price applicable to such Valuation Day, increased by any subscription fees as mentioned in the relevant Appendices.
Different subscription procedures and time limits may apply if applications for Shares are made through a distributor. In such instances, each investor should obtain from the distributor information about the subscription procedure relevant to their application together with any time limit by which the subscription must be received. Investors should note that they may be unable to subscribe for Shares through a distributor on days that such distributor is not open for business. | # MODE DE SOUSCRIPTION DES ACTIONS
Afin de souscrire des Actions, les investisseurs devront compléter un Bulletin de souscription et le retourner à l’Agent de Registre de la Société (l’« Agent de registre »), à l’adresse indiquée à la rubrique « Intervenants » ou à tout autre distributeur figurant sur ledit Bulletin de souscription. Les souscriptions peuvent être transmises par télécopie pour autant qu’elles contiennent toutes les informations requises au titre du Bulletin de souscription.
## Sauf mention contraire dans les Annexes, les demandes de souscription d’Actions reçues par l’Agent de Registre avant 14 heures un quelconque Jour d’évaluation, seront négociées au Prix de Négociation applicable ce Jour d’Évaluation, majoré d’un droit d’entrée tel que prévu à l’Annexe correspondante.
Les procédures de souscription et les délais peuvent varier selon le distributeur utilisé pour les demandes de souscription d’Actions. Dès lors, chaque investisseur s’informera auprès du distributeur en question de la procédure de souscription applicable à sa demande et de l’heure limite de réception de ladite demande. Nous attirons l’attention des investisseurs sur le fait qu’ils peuvent ne pas être en mesure de souscrire des Actions auprès d’un distributeur lorsque ses bureaux sont fermés. | # HOW TO SUBSCRIBE FOR SHARES
To subscribe for Shares investors will be required to complete an Application Form and to return it to the registrar agent of the Company (the “Registrar Agent”) at the address indicated under the heading “Directory” or to any distributor indicated on the Application Form. Applications may be made by facsimile, but must contain all the information required by the Application Form.
## Unless otherwise specified in the Appendices, applications for Shares received by the Registrar Agent prior to 2 pm on any Valuation Day will be traded at the Dealing Price applicable to such Valuation Day, increased by any subscription fees as mentioned in the relevant Appendices.
Different subscription procedures and time limits may apply if applications for Shares are made through a distributor. In such instances, each investor should obtain from the distributor information about the subscription procedure relevant to their application together with any time limit by which the subscription must be received. Investors should note that they may be unable to subscribe for Shares through a distributor on days that such distributor is not open for business. | en | fr |
DOLFIN2895 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Alternative investment fund (AIF) organised as a Limited company with variable capital
Objectives: The subfund invests in loans to private individuals, self-employed persons and small and medium-sized enterprises (SMEs) in Switzerland‚ which are offered on peer-to-peer lending platforms‚ such as CreditGate24. The peer- to-peer lending platform reviews the borrower’s credit rating and assigns a rating to each loan. The rating determines the interest rate. The peer-to-peer lending platform also monitors the interest and amortisation payments. Based on the loans that are offered‚ the subfund establishes a portfolio with a broad range of ratings and credit types. In doing so‚ the subfund follows the portfolio manager’s quality investment approach. Investments are selected and monitored in line with a clear‚ disciplined and systematic analysis. The financed loans are selected on the basis of predefined parameters‚ such as interest rate‚ term‚ rating‚ loan amount and type of borrower in order to achieve an optimal risk/return profile. All investment decisions are taken by the portfolio manager’s investment committee. The portfolio manager’s risk management team‚ which is separate from the investment decision-making team‚ monitors the subfund’s loan portfolio. The main risk to the investments are losses as a result of the insolvency of individual borrowers among the loan receivables. For this reason‚ the credit rating and the parameters of the individual loan receivables are reviewed before every investment and determined from the perspective of the overall portfolio. The debtor quality of each borrower is assessed on the basis of a platform-specific ratings model. To avoid cluster and other risks investments are made in a diversified portfolio.
Retail investor target group: In the member state of origin, the product is intended for professional investors only with a long-term investment horizon‚ experienced experience and who are able to bear a financial loss of Full. The product may be used for capital appreciation.
## Term
Maturity date 01/06/2024
PRIIP manufacturer is entitled to terminate the PRIIP unilaterally
Yes
Automatic termination of the PRIIP No | # Um welche Art von Produkt handelt es sich?
Art: Alternativer Investmentfonds (AIF) in der Rechtsform einer Aktiengesellschaft mit veränderlichem Aktienkapital
Ziele: Der Teilfonds investiert in Kredite an Privatpersonen, selbständig Erwerbende und KMU in der Schweiz‚ welche auf der Peer-to-Peer-Lending-Plattformen wie z.B. CreditGate24 angeboten werden. Die Peer-to-Peer-Lending-Plattform prüft die Bonität der Schuldner und ordnet jeden Kredit einer Ratingstufe zu. Die Ratingstufe bestimmt den Zinssatz. Auch die Überwachung der Zins- und Amortisationszahlungen erfolgt durch die Peer-to-Peer-Lending-Platform.
Der Teilfonds baut aus den angebotenen Krediten ein breit über Ratingstufen und Kreditarten diversifiziertes Portfolio auf. Dabei folgt der Teilfonds dem Quality-Investitionsansatz des Portfolio Managers. Investitionen werden nach einer klaren, disziplinierten und systematischen Analyse ausgewählt und überwacht. Die Auswahl der finanzierten Kredite erfolgt anhand von vordefinierten Parametern wie Verzinsung‚ Laufzeit‚ Ratingstufe‚ Kreditbetrag und Art des Schuldners‚ um ein optimales Rendite/Risiko-Profil zu erreichen. Alle Investitionsentscheide werden durch das Investitionskomitee des Portfolio Managers getroffen. Das vom Investitionsentscheid separate Risikomanagement des Portfolio Managers überwacht das Kreditportfolio des Teilfonds. Das Hauptrisiko der Investitionen sind Verluste durch Zahlungsunfähigkeit einzelner Schuldner bei den Kreditforderungen. Deshalb werden die Bonität und die Parameter der einzelnen Kreditforderungen vor jeder Investition überprüft und dann aus Sicht des Gesamtportfolios eruiert. Die Schuldnerqualität jedes Kreditnehmers wird gemäss einem plattformspezifischen Ratingmodell bewertet. Um Klumpen- und andere Risiken zu vermeiden wird in ein diversifiziertes Portfolio investiert.
Kleinanleger-Zielgruppe: Der Teilfonds richtet sich im Herkunftsmitgliedstaat nur an Professionelle Anleger mit langfristigem Anlagehorizont und viel Erfahrung, die einen vollen finanziellen Verlust tragen können. Der Teilfonds kann für den Kapitalzuwachs genutzt werden.
## Laufzeit
Fälligkeitsdatum 01.06.2024
Einseitige Kündigung durch PRIIP Hersteller möglich Ja Automatische Kündigung des PRIIPS Nein | # What is this product?
Type: Alternative investment fund (AIF) organised as a Limited company with variable capital
Objectives: The subfund invests in loans to private individuals, self-employed persons and small and medium-sized enterprises (SMEs) in Switzerland‚ which are offered on peer-to-peer lending platforms‚ such as CreditGate24. The peer- to-peer lending platform reviews the borrower’s credit rating and assigns a rating to each loan. The rating determines the interest rate. The peer-to-peer lending platform also monitors the interest and amortisation payments. Based on the loans that are offered‚ the subfund establishes a portfolio with a broad range of ratings and credit types. In doing so‚ the subfund follows the portfolio manager’s quality investment approach. Investments are selected and monitored in line with a clear‚ disciplined and systematic analysis. The financed loans are selected on the basis of predefined parameters‚ such as interest rate‚ term‚ rating‚ loan amount and type of borrower in order to achieve an optimal risk/return profile. All investment decisions are taken by the portfolio manager’s investment committee. The portfolio manager’s risk management team‚ which is separate from the investment decision-making team‚ monitors the subfund’s loan portfolio. The main risk to the investments are losses as a result of the insolvency of individual borrowers among the loan receivables. For this reason‚ the credit rating and the parameters of the individual loan receivables are reviewed before every investment and determined from the perspective of the overall portfolio. The debtor quality of each borrower is assessed on the basis of a platform-specific ratings model. To avoid cluster and other risks investments are made in a diversified portfolio.
Retail investor target group: In the member state of origin, the product is intended for professional investors only with a long-term investment horizon‚ experienced experience and who are able to bear a financial loss of Full. The product may be used for capital appreciation.
## Term
Maturity date 01/06/2024
PRIIP manufacturer is entitled to terminate the PRIIP unilaterally
Yes
Automatic termination of the PRIIP No | en | de |
DOLFIN2896 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risks
The fund invests in equities, bonds of varying credit quality and money market securities on a global basis, and may therefore be subject to high fluctuations in value. The fund may use derivatives which can reduce investment risk or give rise to additional risks (inter alia the counterparty risk). The value of a unit may fall below the purchase price. This requires an elevated risk tolerance and capacity. Every fund reveals specific risks, a description of these risks can be found in the prospectus.
The monthly 4%-mdist distributing share classes may distribute capital as well as income. It is possible that the distributions result in an erosion of assets and a reduction of invested capital. There are potential negative tax consequences for some investors in some jurisdictions.
Investors in some jurisdictions may incur a higher rate of tax on distributed capital than on any capital gains which are realised on disposal of fund shares. Some investors may therefore choose to invest in the accumulating (-acc) instead of the distributing (-dist) share classes. Investors may be taxed at a later point in time on income and capital arising on accumulating (-acc) share classes compared to distributing (- dist) share classes. Investors should seek their own tax advice. | # Risiken
Der Fonds investiert global in Aktien, Anleihen verschiedener Kreditqualität und Geldmarktpapiere und kann daher grossen Wertschwankungen unterliegen. Der Fonds kann Derivate einsetzen, wodurch Anlagerisiken reduziert werden oder zusätzlich entstehen können (u.a. das Gegenparteienrisiko). Der Wert eines Anteils kann unter den Einstandspreis fallen. Dies setzt eine erhöhte Risikobereitschaft und -fähigkeit voraus. Jeder Fonds weist spezifische Risiken auf, eine Darstellung dieser Risiken finden Sie im Prospekt.
Die monatlich 4%-mdist ausschüttenden Anteilsklassen können sowohl Kapital als auch Erträge ausschütten. Es ist möglich, dass durch die Ausschüttungen Vermögen aufgezehrt und das investierte Kapital vermindert wird. Dies kann negative Steuerauswirkungen für Investoren in gewissen Ländern haben. Für Investoren in gewissen Ländern können auf ausgeschüttetem Kapital höhere Steuersätze anfallen als auf Kapitalgewinnen, welche bei der Veräusserung von Fondsanteilen realisiert werden. Gewisse Investoren mögen deshalb eine Anlage in die reinvestierenden (-acc) statt in die ausschüttenden (-dist) Anteilsklassen wählen. Im Vergleich zu ausschüttenden (-dist) Anteilsklassen können Investoren auf Erträgen und Kapital aus reinvestierenden (-acc) Anteilsklassen zu einem späteren Zeitpunkt besteuert werden. Anleger sollten diesbezüglich ihre eigene Steuerberatung einholen. | # Risks
The fund invests in equities, bonds of varying credit quality and money market securities on a global basis, and may therefore be subject to high fluctuations in value. The fund may use derivatives which can reduce investment risk or give rise to additional risks (inter alia the counterparty risk). The value of a unit may fall below the purchase price. This requires an elevated risk tolerance and capacity. Every fund reveals specific risks, a description of these risks can be found in the prospectus.
The monthly 4%-mdist distributing share classes may distribute capital as well as income. It is possible that the distributions result in an erosion of assets and a reduction of invested capital. There are potential negative tax consequences for some investors in some jurisdictions.
Investors in some jurisdictions may incur a higher rate of tax on distributed capital than on any capital gains which are realised on disposal of fund shares. Some investors may therefore choose to invest in the accumulating (-acc) instead of the distributing (-dist) share classes. Investors may be taxed at a later point in time on income and capital arising on accumulating (-acc) share classes compared to distributing (- dist) share classes. Investors should seek their own tax advice. | en | de |
DOLFIN2897 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Specific market risks:
- Credit Risk
- High Yield Bond Risk
- Operational & Custody Risk
- Emerging Markets Risk
- Risks related to investments in some countries
- Extra-Financial Criteria Investment Risk
- Risks related to investments in CNH share categoriesFor an overview of the generic risks, please refer to the Appendix 3 of the Book I of the Prospectus | ### Rischi di mercato specifici:
- Rischio di credito
- Rischio correlato alle obbligazioni ad alto rendimento
- Rischio operativo e di custodia
- Rischio legato ai mercati emergenti
- Rischi connessi a investimenti in alcuni paesi
- Rischio di investimento relativo ai criteri extra-finanziari
- Rischi connessi a investimenti in categorie di azioni CNHPer una panoramica dei rischi generali, si rimanda all’Appendice 3 del Libro I del Prospetto informativo. | ### Specific market risks:
- Credit Risk
- High Yield Bond Risk
- Operational & Custody Risk
- Emerging Markets Risk
- Risks related to investments in some countries
- Extra-Financial Criteria Investment Risk
- Risks related to investments in CNH share categoriesFor an overview of the generic risks, please refer to the Appendix 3 of the Book I of the Prospectus | en | it |
DOLFIN2898 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund codes and charges
| Share class | ISIN | Bloomberg | Currency | Share class launch date | Ongoing charge | Historic yield | Minimum initial investment | Minimum top up investment |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Euro A Acc | LU1670626446 | MGJPEAA LX | EUR | 26/10/2018 | 1,70% | - | €1.000 | €75 |
| Euro A-H Acc | LU1797806400 | MGJEAHA LX | EUR | 06/11/2018 | 1,72% | - | €1.000 | €75 |
| Euro C Acc | LU1670626529 | MGJPECA LX | EUR | 26/10/2018 | 0,95% | - | €500.000 | €50.000 |
| Euro C-H Acc | LU1797806665 | MGJECHA LX | EUR | 06/11/2018 | 0,97% | - | €500.000 | €50.000 |
| Euro CI Acc | LU1797806582 | MGJECIA LX | EUR | 06/11/2018 | 0,91% | - | €500.000 | €50.000 |
The ongoing charge figures disclosed above include direct costs to the fund, such as the annual management charge (AMC), administration charge and custodian charge, but do not include portfolio transaction costs. They are based on expenses for the period ending 30 September 2021. Any ongoing charge figure with * indicates an estimate. The fund's annual report for each financial year will include details of the exact charges.
Please note that not all of the share classes listed above might be available in your country. Please see the Important Information for Investors document and the relevant Key Investor Information Document for more information on the risks associated with this fund and which share classes are available for which product and which investor type. | # Codici fondo e oneri applicabili
| Classe di azioni | ISIN | Bloomberg ticker | Valutaria | Lancio della classe di azioni | Spese correnti | Rendimento storico | Investimento minimo iniziale | Investimento integrativo minimo |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Euro A Acc. | LU1670626446 | MGJPEAA LX | EUR | 26/10/2018 | 1,70% | - | €1.000 | €75 |
| Euro A-H Acc. | LU1797806400 | MGJEAHA LX | EUR | 06/11/2018 | 1,72% | - | €1.000 | €75 |
| Euro C Acc. | LU1670626529 | MGJPECA LX | EUR | 26/10/2018 | 0,95% | - | €500.000 | €50.000 |
| Euro C-H Acc. | LU1797806665 | MGJECHA LX | EUR | 06/11/2018 | 0,97% | - | €500.000 | €50.000 |
| Euro CI Acc. | LU1797806582 | MGJECIA LX | EUR | 06/11/2018 | 0,91% | - | €500.000 | €50.000 |
Gli importi delle spese correnti indicati sopra includono i costi diretti del fondo, quali la commissione di gestione annua, le spese di custodia e le spese di amministrazione, ma non i costi di transazione. Essi sono basati sulle spese per il periodo che si chiude in data 30 settembre 2021. * Gli importi delle spese correnti qui indicati sono stime. La relazione annuale del Fondo per ciascun esercizio finanziario includerà i dettagli delle spese esatte.
Si prega di notare che non tutte le classi di azioni sopraelencate sono necessariamente disponibili nel proprio Paese di appartenenza. Per maggiori informazioni relative ai rischi connessi al presente fondo e alle classi di azioni disponibili per i vari prodotti e le varie tipologie di investitori, si prega di consultare le Informazioni importanti per gli investitori e le rispettive Informazioni chiave per gli investitori. | # Fund codes and charges
| Share class | ISIN | Bloomberg | Currency | Share class launch date | Ongoing charge | Historic yield | Minimum initial investment | Minimum top up investment |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Euro A Acc | LU1670626446 | MGJPEAA LX | EUR | 26/10/2018 | 1,70% | - | €1.000 | €75 |
| Euro A-H Acc | LU1797806400 | MGJEAHA LX | EUR | 06/11/2018 | 1,72% | - | €1.000 | €75 |
| Euro C Acc | LU1670626529 | MGJPECA LX | EUR | 26/10/2018 | 0,95% | - | €500.000 | €50.000 |
| Euro C-H Acc | LU1797806665 | MGJECHA LX | EUR | 06/11/2018 | 0,97% | - | €500.000 | €50.000 |
| Euro CI Acc | LU1797806582 | MGJECIA LX | EUR | 06/11/2018 | 0,91% | - | €500.000 | €50.000 |
The ongoing charge figures disclosed above include direct costs to the fund, such as the annual management charge (AMC), administration charge and custodian charge, but do not include portfolio transaction costs. They are based on expenses for the period ending 30 September 2021. Any ongoing charge figure with * indicates an estimate. The fund's annual report for each financial year will include details of the exact charges.
Please note that not all of the share classes listed above might be available in your country. Please see the Important Information for Investors document and the relevant Key Investor Information Document for more information on the risks associated with this fund and which share classes are available for which product and which investor type. | en | it |
DOLFIN2899 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| Country risk — China: The legal rights of investors in China are uncertain, government intervention is common and unpredictable, and some of the major trading and custody systems are unproven. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Emerging and frontier markets risk: Emerging and frontier markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, legal and currency risks, and are more likely to experience risks that, in developed markets, are associated with unusual market conditions, such as liquidity and counterparty risks. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). |
| Securities handling risk: Some countries may restrict securities ownership by outsiders or may have less regulated custody practices. |
| Taxation risk: A country could change its tax laws or treaties in ways that affect the fund or shareholders. | | | L'indicatore misura il rischio di oscillazioni del Valore patrimoniale netto della classe di azioni sulla base della volatilità degli ultimi 5 anni e colloca il fondo nella categoria 4. Ciò significa che l'acquisto di quote del fondo comporta l'esposizione a un rischio medio connesso a tali fluttuazioni. Si noti che la categoria 1 non garantisce un investimento esente da rischi. I dati storici utilizzati per calcolare l'indicatore sintetico potrebbero non costituire un'indicazione affidabile circa il futuro profilo di rischio dell'OICVM, poiché la categoria potrebbe cambiare in futuro. I seguenti rischi rivestono importanza significativa per l'OICVM, ma non sono adeguatamente rilevati dall'indicatore sintetico e possono provocare perdite aggiuntive: |
| --- |
| Rischio connesso agli ABS/MBS: Di norma, i mortgage-backed securities (MBS) e gli asset-backed securities (ABS) sono esposti al rischio di rimborso anticipato e al rischio di proroga e possono evidenziare un rischio di liquidità superiore alla media. |
| Rischio paese – Cina: I diritti legali degli investitori in Cina sono incerti, l'intervento del governo è frequente e imprevedibile e alcuni dei principali sistemi di trading e di custodia sono scarsamente collaudati. |
| Rischio di credito: Il valore di un'obbligazione o di uno strumento del mercato monetario di un emittente pubblico o privato può diminuire in caso di deterioramento della solidità finanziaria dell'emittente. |
| Rischio connesso a derivati: Lievi oscillazioni del valore di un'attività sottostante possono causare notevoli variazioni del valore di un derivato, il che rende questi strumenti nel complesso altamente volatili, esponendo il fondo a potenziali perdite nettamente maggiori rispetto al costo del derivato. |
| Rischio connesso ai mercati emergenti e di frontiera: I mercati emergenti e di frontiera sono meno consolidati e più volatili rispetto ai mercati sviluppati. Comportano rischi più elevati, in particolare rischi di mercato, di credito, legali e di cambio, e hanno maggiori probabilità di essere esposti a rischi che nei mercati sviluppati sono associati a condizioni di mercato inusuali, quali il rischio di liquidità e i rischi di controparte. |
| 2 Rischio di liquidità: Alcuni titoli possono diventare difficili da valutare ovvero da acquistare o da vendere nel momento e al prezzo desiderati, il che potrebbe incidere sul valore del fondo e sulla sua capacità di pagare i proventi dei rimborsi o di adempiere ad altri obblighi in modo tempestivo. |
| Rischio di rimborso anticipato e di proroga: Un andamento imprevisto dei tassi d'interesse potrebbe penalizzare la performance dei titoli di debito riscattabili (titoli i cui emittenti hanno il diritto di rimborsare la quota capitale del titolo prima della scadenza). |
| Rischio connesso alla negoziazione di titoli: Alcuni paesi possono limitare la proprietà dei titoli agli stranieri o avere prassi di custodia meno regolamentate. |
| Rischio fiscale: Un paese potrebbe modificare la sua normativa tributaria o i trattati fiscali in modi che incidono sul fondo o sugli azionisti. | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| Country risk — China: The legal rights of investors in China are uncertain, government intervention is common and unpredictable, and some of the major trading and custody systems are unproven. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Emerging and frontier markets risk: Emerging and frontier markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, legal and currency risks, and are more likely to experience risks that, in developed markets, are associated with unusual market conditions, such as liquidity and counterparty risks. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). |
| Securities handling risk: Some countries may restrict securities ownership by outsiders or may have less regulated custody practices. |
| Taxation risk: A country could change its tax laws or treaties in ways that affect the fund or shareholders. | | en | it |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.