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DOLFIN2900 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Breakdown by Currency in %
Money Market4.62
Bonds48.15
Swiss Equities19.74
Foreign Equities Developed Countries23.05
Equities Emerging Markets4.43
Minor deviations can be caused by rounding errors. | ## Ripartizione per valute in %
Mercato monetario4.62
Obbligazioni48.15
Azioni svizzera19.74
Azioni estero paesi industrializzati23.05
Azioni mercati emergenti4.43
Piccole deviazioni possono verificarsi a causa di arrotondamenti. | ## Breakdown by Currency in %
Money Market4.62
Bonds48.15
Swiss Equities19.74
Foreign Equities Developed Countries23.05
Equities Emerging Markets4.43
Minor deviations can be caused by rounding errors. | en | it |
DOLFIN2901 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# FUND PERFORMANCE AND ATTRIBUTION
- The Fund modestly outperformed the MSCI Emerging Markets Index
- 1
- for the period, however delivered negative returns. Strong selection in consumer discretionary, information technology and utilities was partially offset by selection in consumer staples and financials. On a country basis, strong stock selection in China was partially offset by selection in Russia, Thailand and Brazil.
- Within consumer discretionary and utilities, our top relative contributors were not owning Meituan and an overweight to China Longyuan Power, respectively. Shares of Chinese food delivery and service platform, Meituan, fell during the period after China issued regulations to tighten oversight of the country's massive food delivery sector. The new measures aim to improve standards for food delivery workers by ensuring riders make at least the local minimum wage and to reduce the intensity of the workload. This fueled investor concerns over rising employment costs.
- Within consumer staples and financials, our top relative detractors were out of benchmark allocations to Yatsen Holding and Kasikornbank, respectively. Shares of Yatsen, a Chinese ecommerce cosmetics company, fell as the regulatory environment in China intensified during the month. China’s government said it would tighten rules for Chinese stocks that are listed abroad. Yatsen shares are traded in the United States as American Depository Receipts. | # PERFORMANCE E ANDAMENTO DEL FONDO
- Il Fondo ha lievemente sovraperformato l'indice MSCI Emerging Markets
- 1
- nel periodo in esame, registrando tuttavia rendimenti negativi. L'ottima selezione dei titoli in beni di consumo voluttuari, informatica e servizi di pubblica utilità è stata in parte compensata dalla selezione operata nel finanziario e nei beni di consumo di base. A livello geografico, la buona selezione dei titoli in Cina è stata in parte compensata dalla selezione in Russia, Thailandia e Brasile.
- Tra i beni di consumo voluttuari e i servizi di pubblica utilità, i contributi migliori in termini relativi sono giunti rispettivamente dal non detenere Meituan e dalla sovraponderazione di China Longyuan Power. Le azioni della piattaforma cinese di servizi e consegna di generi alimentari Meituan sono scese durante il periodo, dopo che la Cina ha emanato regolamenti per irrigidire la supervisione dell'enorme settore del mercato alimentare del paese. Le nuove misure mirano a migliorare gli standard per i lavoratori che operano nel settore delle consegne alimentari, garantendo che i rider ricevano almeno il salario minimo locale e riducendo l'intensità del carico di lavoro. Ciò ha alimentato le preoccupazioni degli investitori per l'aumento del costo del lavoro.
- Per i settori dei beni di consumo di base e finanziario, le migliori performance relative sono giunte dalle allocazioni fuori benchmark a Yatsen Holding e Kasikornbank. Le azioni di Yatsen, società cinese di e-commerce di cosmetici, sono scese a causa della stretta regolamentare in Cina durante il mese. Il governo cinese ha dichiarato di voler inasprire le regole per le azioni cinesi quotate all'estero. Le azioni di Yatsen sono negoziate negli Stati Uniti come American Depository Receipts. | # FUND PERFORMANCE AND ATTRIBUTION
- The Fund modestly outperformed the MSCI Emerging Markets Index
- 1
- for the period, however delivered negative returns. Strong selection in consumer discretionary, information technology and utilities was partially offset by selection in consumer staples and financials. On a country basis, strong stock selection in China was partially offset by selection in Russia, Thailand and Brazil.
- Within consumer discretionary and utilities, our top relative contributors were not owning Meituan and an overweight to China Longyuan Power, respectively. Shares of Chinese food delivery and service platform, Meituan, fell during the period after China issued regulations to tighten oversight of the country's massive food delivery sector. The new measures aim to improve standards for food delivery workers by ensuring riders make at least the local minimum wage and to reduce the intensity of the workload. This fueled investor concerns over rising employment costs.
- Within consumer staples and financials, our top relative detractors were out of benchmark allocations to Yatsen Holding and Kasikornbank, respectively. Shares of Yatsen, a Chinese ecommerce cosmetics company, fell as the regulatory environment in China intensified during the month. China’s government said it would tighten rules for Chinese stocks that are listed abroad. Yatsen shares are traded in the United States as American Depository Receipts. | en | it |
DOLFIN2902 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- a bank supervised by the South African Reserve Bank; or
- any other bank that:
- is subject to regulation by a national banking regulator;
- is required to provide audited accounts;
- has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and
- has an annual audit report which is not materially qualified;Annual Charge: is the fee paid to the ACD as payment for carrying out its duties and responsibilities in managing each Sub- fund and to pay for third party services;Associate: an associate in accordance with the FCA Handbook of Rules and Guidance;Base Currency: the base currency of the Company is Sterling;Class or Classes: in relation to Shares, means (according to the context) all of the Shares related to a single sub-fund or a particular class or classes of Share related to a single sub-fund;COLL: refers to the appropriate chapter or rule in the Collective Investment Schemes Sourcebook issued by the FCA as amended or re-enacted from time to time;COLL Sourcebook: The Collective Investment Schemes Sourcebook issued by the FCA as amended or re-enacted from time to time;Client Account: A bank account held by us in accordance with the FCA Handbook of Rules and Guidance;Company: M&G Investment Funds (1);Dealing Day: Monday to Friday except for bank holidays in England and Wales and other days at the ACD’s discretion;Depositary: NatWest Trustee and Depositary Services Limited;Efficient Portfolio Management: means the use of techniques and instruments which relate to transferable securities and approved money-market instruments and which fulfil the following criteria: | - eine Bank, die der Aufsicht der südafrikanischen Reserve Bank unterliegt;
- jede andere Bank, die:
- der Aufsicht einer nationalen Bankenaufsicht unterliegt;
- geprüfte Abschlüsse vorlegen muss;
- mindestens über ein Nettovermögen von ₤ 5 Mio. (oder einen gleichwertigen Betrag in einer anderen Währung zum gegebenen Zeitpunkt) verfügt und in den letzten zwei Geschäftsjahren einen Überschuss der Einnahmen gegenüber den Aufwendungen aufweist;
- über einen jährlichen Prüfbericht verfügt, der keine wesentlichen Vorbehalte aufweist;Jährliche Gebühr: Dies ist die als Vergütung für die Erfüllung seiner Pflichten und Verantwortlichkeiten bei der Verwaltung der einzelnen Teilfonds und zur Vergütung von externen Dienstleistungen an den ACD gezahlte Gebühr;Verbundenes Unternehmen: Ein verbundenes Unternehmen gemäß dem FCA Handbook of Rules and Guidance;Basiswährung: Die Basiswährung der Gesellschaft ist das Pfund Sterling;Anteilsklasse(n): Bezeichnet (je nach Kontext) in Bezug auf die Anteile alle Anteile, die einem einzelnen Teilfonds, einer bestimmten Anteilsklasse oder bestimmten Anteilsklassen eines einzelnen Teilfonds zuzuordnen sind;COLL: Bezieht sich auf den entsprechenden Abschnitt oder die entsprechende Vorschrift im Collective Investment Schemes Sourcebook, das von der FCA veröffentlicht und von Zeit zu Zeit überarbeitet und neu herausgegeben wird;COLL Sourcebook: Das von der FCA ausgegebene Collective Investment Schemes Sourcebook („COLL“) jeweils in seiner geänderten oder überarbeiteten Fassung;Kundenkonto: Ein Bankkonto, das von uns in Übereinstimmung mit dem Handbook of Rules & Guidance der FCA geführt wird;Gesellschaft: M&G INVESTMENT FUNDS (1);Handelstag: Montag bis Freitag mit Ausnahme der Bankfeiertage in England und Wales sowie alle sonstigen Tage, die vom ACD nach seinem Ermessen festgelegt worden sind;Verwahrstelle: NatWest Trustee and Depositary Services Limited, die Verwahrstelle der Gesellschaft;Effizientes Portfoliomanagement: bezeichnet den Einsatz von Techniken und Instrumenten in Bezug auf übertragbare Wertpapiere und zulässige Geldmarktinstrumente, die die folgenden Kriterien erfüllen: | - a bank supervised by the South African Reserve Bank; or
- any other bank that:
- is subject to regulation by a national banking regulator;
- is required to provide audited accounts;
- has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and
- has an annual audit report which is not materially qualified;Annual Charge: is the fee paid to the ACD as payment for carrying out its duties and responsibilities in managing each Sub- fund and to pay for third party services;Associate: an associate in accordance with the FCA Handbook of Rules and Guidance;Base Currency: the base currency of the Company is Sterling;Class or Classes: in relation to Shares, means (according to the context) all of the Shares related to a single sub-fund or a particular class or classes of Share related to a single sub-fund;COLL: refers to the appropriate chapter or rule in the Collective Investment Schemes Sourcebook issued by the FCA as amended or re-enacted from time to time;COLL Sourcebook: The Collective Investment Schemes Sourcebook issued by the FCA as amended or re-enacted from time to time;Client Account: A bank account held by us in accordance with the FCA Handbook of Rules and Guidance;Company: M&G Investment Funds (1);Dealing Day: Monday to Friday except for bank holidays in England and Wales and other days at the ACD’s discretion;Depositary: NatWest Trustee and Depositary Services Limited;Efficient Portfolio Management: means the use of techniques and instruments which relate to transferable securities and approved money-market instruments and which fulfil the following criteria: | en | de |
DOLFIN2903 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
This is an open-ended UCITS fund.
Objectives
The Fund seeks to provide long term capital growth by investing mainly in a portfolio of approximately 60 to 95 companies from around the world that Pzena Investment Management, LLC (”The Investment Manager”) considers to be undervalued. The Fund invests primarily in equity securities of issuers located in countries throughout the world, including the United States. These securities will consist of companies listed or traded in the United States, on foreign stock exchanges or over the counter and in developed and Emerging Markets which have securities listed or traded on the Recognised Markets.
Benchmark
As an actively managed fund, the MSCI WORLD INDEX - NET is used as a benchmark for performance comparison purposes only; the performance of the Fund may differ significantly from that of the performance comparison index.
Currency
The reference currency of the Fund is GBP.
Term
This Fund is an open-ended UCITS and has an indefinite duration. The Fund may be terminated at any time in line with the constitutional documents of the Fund.
Intended Investor
The Fund is suitable for institutional investors seeking capital appreciation, with a long-term investment horizon and who are prepared to accept a level of volatility. This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. The Investment Manager has a long-term approach to investing. Please refer to the Prospectus and supplements for specific details on how to submit an application to buy Shares of the Fund.
Subscription and Redemption
You can buy and sell Shares on any day (excluding Saturday and Sunday) on which banks are normally open for business in Dublin and New York. Please refer to the Prospectus for specific details on how to submit an application to buy Shares of the Fund. .
Depositary
The Depositary of the Fund is Northern Trust Fiduciary Services (Ireland)
Limited. | # Cos’è questo prodotto?
Tipo
Fondo OICVM di tipo aperto.
Obiettivi
Il Fondo mira a conseguire la crescita del capitale nel lungo periodo investendo principalmente in un portafoglio di circa 60-95 società di tutto il mondo che Pzena Investment Management, LLC ("il Gestore degli investimenti") ritiene sottovalutate. Il Fondo investe principalmente in titoli azionari di emittenti aventi sede in tutto il mondo, compresi gli Stati Uniti. Questi titoli sono costituiti da società quotate o negoziate negli Stati Uniti, su borse valori estere ovvero over-the-counter e nei mercati sviluppati ed emergenti che hanno titoli quotati o negoziati su mercati riconosciuti.
Parametro di riferimento
Dato che questo è un fondo a gestione attiva, l'INDICE MSCI WORLD - NET è utilizzato come parametro di riferimento solo a fini di confronto della performance; la performance del Fondo può differire notevolmente da quella del suddetto parametro di riferimento.
Valuta
La valuta di riferimento del Fondo è la GBP.
Termine
Il Fondo è un OICVM di tipo aperto di durata indefinita. Il Fondo può essere sciolto in qualsiasi momento, in linea con i suoi documenti costitutivi.
Investitori cui si intende commercializzare il prodotto
Il Fondo è indicato per gli investitori istituzionali che perseguono la crescita del capitale con un orizzonte d'investimento a lungo termine e che sono disposti ad accettare un certo livello di volatilità. Questo Fondo potrebbe non essere indicato per gli investitori che prevedono di ritirare il proprio capitale entro 5 anni. Il Gestore degli investimenti ha un approccio di lungo periodo all'investimento. Per informazioni specifiche su come fare richiesta per acquistare Azioni del Fondo, si rimanda al Prospetto e ai relativi supplementi.
Sottoscrizione e rimborso
È possibile acquistare e vendere Azioni in qualsiasi giorno (esclusi sabato e domenica) di normale apertura delle banche a Dublino e a New York. Per informazioni specifiche su come fare richiesta per acquistare Azioni del Fondo, si rimanda al Prospetto.
Depositario
Il Depositario del Fondo è Northern Trust Fiduciary Services (Ireland) Limited. | # What is this product?
Type
This is an open-ended UCITS fund.
Objectives
The Fund seeks to provide long term capital growth by investing mainly in a portfolio of approximately 60 to 95 companies from around the world that Pzena Investment Management, LLC (”The Investment Manager”) considers to be undervalued. The Fund invests primarily in equity securities of issuers located in countries throughout the world, including the United States. These securities will consist of companies listed or traded in the United States, on foreign stock exchanges or over the counter and in developed and Emerging Markets which have securities listed or traded on the Recognised Markets.
Benchmark
As an actively managed fund, the MSCI WORLD INDEX - NET is used as a benchmark for performance comparison purposes only; the performance of the Fund may differ significantly from that of the performance comparison index.
Currency
The reference currency of the Fund is GBP.
Term
This Fund is an open-ended UCITS and has an indefinite duration. The Fund may be terminated at any time in line with the constitutional documents of the Fund.
Intended Investor
The Fund is suitable for institutional investors seeking capital appreciation, with a long-term investment horizon and who are prepared to accept a level of volatility. This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. The Investment Manager has a long-term approach to investing. Please refer to the Prospectus and supplements for specific details on how to submit an application to buy Shares of the Fund.
Subscription and Redemption
You can buy and sell Shares on any day (excluding Saturday and Sunday) on which banks are normally open for business in Dublin and New York. Please refer to the Prospectus for specific details on how to submit an application to buy Shares of the Fund. .
Depositary
The Depositary of the Fund is Northern Trust Fiduciary Services (Ireland)
Limited. | en | it |
DOLFIN2904 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF BlueOrchard Emerging Markets Climate Bond
Schroder ISF BlueOrchard Emerging Markets Climate Bond (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in (i) sustainable investments that contribute towards combating climate change; and (ii) investments that the investment manager deems to be neutral under its sustainability criteria. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 17 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF BlueOrchard Emerging Markets Climate Bond
Schroder ISF BlueOrchard Emerging Markets Climate Bond (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en (i) inversiones sostenibles, que contribuyen a la lucha contra el cambio climático; e (ii) inversiones que, según el criterio de la Gestora de inversiones, sean neutrales con arreglo a sus criterios de sostenibilidad. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde su fecha de lanzamiento el 17 de junio de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF BlueOrchard Emerging Markets Climate Bond
Schroder ISF BlueOrchard Emerging Markets Climate Bond (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in (i) sustainable investments that contribute towards combating climate change; and (ii) investments that the investment manager deems to be neutral under its sustainability criteria. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 17 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN2905 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Un Compartiment peut investir dans des marchés moins développés ou émergents. Ces marchés peuvent être volatils et illiquides et les investissements du Compartiment sur ces marchés peuvent être considérés comme spéculatifs et soumis à des retards de règlement substantiels. Les pratiques en matière de règlement d’opérations sur titres sur des marchés émergents s’accompagnent de risques plus importants que sur les marchés développés, en partie parce que le Fonds devra avoir recours à des courtiers et contreparties moins bien capitalisés et que la garde et l’enregistrement d’actifs dans certains pays peuvent s’avérer peu fiables. Des retards de règlement peuvent entraîner la perte d’opportunités d’investissement si un Compartiment n’est pas en mesure d’acquérir un titre ou de s’en défaire.
Le risque de fluctuation substantielle de la valeur liquidative et de la suspension des remboursements dans ces Compartiments peut être supérieur à celui des Compartiments investis sur les marchés de premier plan mondial. Les actifs d’un Compartiment qui investit dans de tels marchés, ainsi que le revenu dérivé du Compartiment, peuvent également être affectés défavorablement par des variations des taux de change, du contrôle des changes et de la réglementation fiscale et, en conséquence, la valeur liquidative des Actions de ce Compartiment pourrait être soumise à une volatilité substantielle. Certains de ces marchés peuvent ne pas être soumis à des normes et pratiques comptables, d’audit et de présentation de l’information financière comparables à celles qui s’appliquent dans des pays plus développés et les marchés de titres de ces pays peuvent être soumis à des fermetures inattendues.
Il peut y avoir moins de surveillance gouvernementale et de réglementation juridique et des lois et procédures fiscales moins bien définies que dans les pays aux marchés de titres plus développés. Certains gouvernements de marchés émergents exercent une influence substantielle sur le secteur économique privé ; par ailleurs, les incertitudes politiques et sociales qui prévalent dans de nombreux pays en développement sont particulièrement importantes. Un autre risque que la plupart de ces pays ont en commun est que leur économie est lourdement axée sur l’exportation et, en conséquence, dépend du commerce international. L’existence d’infrastructures surchargées et de systèmes financiers obsolètes présente également des risques dans certains pays, tout comme les problèmes environnementaux. | Los Subfondos pueden invertir en mercados emergentes o menos desarrollados. Estos mercados pueden acusar volatilidad y carecer de liquidez, por lo que las inversiones de los Subfondos en dichos mercados pueden considerarse especulativas, al tiempo que expuestas a una liquidación presumiblemente tardía. Las prácticas relacionadas con la liquidación de operaciones con valores en mercados emergentes entrañan unos riesgos más elevados que las de los mercados desarrollados, en parte porque el Fondo tendrá que recurrir a intermediarios y contrapartes que tengan menor capitalización, y es posible que la custodia y el registro de activos en algunos países sea poco fiable. La demora en la liquidación podría acarrear una pérdida de oportunidades de inversión en el caso de que un Subfondo no pueda adquirir o enajenar un valor.
El riesgo de que estos Subfondos asistan a fluctuaciones considerables de sus patrimonios netos o a la suspensión del Reembolso de sus Acciones puede ser mayor que en el caso de los Subfondos que invierten en los principales mercados mundiales. Los activos de los Subfondos que inviertan en estos mercados, así como los rendimientos que obtengan de sus inversiones, pueden resultar también afectados negativamente por la oscilación de los tipos de cambios y por la normativa fiscal y de control de cambios
aplicados, lo que podría exponer a una volatilidad significativa al Valor liquidativo por Acción de estos Subfondos. Algunos de estos mercados podrían no aplicar normas y prácticas de contabilidad, auditoría e información financiera comparables a las vigentes en los países más desarrollados, y los mercados de valores de estos países podrían sufrir cierres inesperados.
Asimismo, la supervisión pública y regulación normativa de estos mercados podría ser menos profusa que en los mercados de valores desarrollados, que además suelen presentar una legislación y prácticas fiscales mucho más definidas. Algunos gobiernos de mercados emergentes ejercen una influencia sustancial sobre el sector económico privado, y las incertidumbres políticas y sociales que existen en muchos países en vías de desarrollo son especialmente significativas. Otro riesgo común a muchos de estos países es que la economía está muy orientada hacia la exportación y, por lo tanto, depende del intercambio comercial internacional. La existencia de infraestructuras sobrecargadas y sistemas financieros obsoletos también constituye un factor de riesgo en ciertos países, al igual que los problemas medioambientales. | Un Compartiment peut investir dans des marchés moins développés ou émergents. Ces marchés peuvent être volatils et illiquides et les investissements du Compartiment sur ces marchés peuvent être considérés comme spéculatifs et soumis à des retards de règlement substantiels. Les pratiques en matière de règlement d’opérations sur titres sur des marchés émergents s’accompagnent de risques plus importants que sur les marchés développés, en partie parce que le Fonds devra avoir recours à des courtiers et contreparties moins bien capitalisés et que la garde et l’enregistrement d’actifs dans certains pays peuvent s’avérer peu fiables. Des retards de règlement peuvent entraîner la perte d’opportunités d’investissement si un Compartiment n’est pas en mesure d’acquérir un titre ou de s’en défaire.
Le risque de fluctuation substantielle de la valeur liquidative et de la suspension des remboursements dans ces Compartiments peut être supérieur à celui des Compartiments investis sur les marchés de premier plan mondial. Les actifs d’un Compartiment qui investit dans de tels marchés, ainsi que le revenu dérivé du Compartiment, peuvent également être affectés défavorablement par des variations des taux de change, du contrôle des changes et de la réglementation fiscale et, en conséquence, la valeur liquidative des Actions de ce Compartiment pourrait être soumise à une volatilité substantielle. Certains de ces marchés peuvent ne pas être soumis à des normes et pratiques comptables, d’audit et de présentation de l’information financière comparables à celles qui s’appliquent dans des pays plus développés et les marchés de titres de ces pays peuvent être soumis à des fermetures inattendues.
Il peut y avoir moins de surveillance gouvernementale et de réglementation juridique et des lois et procédures fiscales moins bien définies que dans les pays aux marchés de titres plus développés. Certains gouvernements de marchés émergents exercent une influence substantielle sur le secteur économique privé ; par ailleurs, les incertitudes politiques et sociales qui prévalent dans de nombreux pays en développement sont particulièrement importantes. Un autre risque que la plupart de ces pays ont en commun est que leur économie est lourdement axée sur l’exportation et, en conséquence, dépend du commerce international. L’existence d’infrastructures surchargées et de systèmes financiers obsolètes présente également des risques dans certains pays, tout comme les problèmes environnementaux. | fr | es |
DOLFIN2906 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Sustainability risks
For the investments held in the Funds, the Investment Manager (or sub-investment manager where applicable) takes into consideration sustainability risks when taking investment decisions. Sustainability risks are defined as Environmental, Social or Governance (ESG) factors that, if they occur, could cause an actual or a potential material negative impact on the value of an investment and/or returns from that asset. The Investment Manager identifies such sustainability risks and integrates them into its investment decision making and risk monitoring to the extent that they represent actual or potential material risks and/or opportunities to the long-term risk-adjusted returns of the Funds. This ESG integration takes place for all of the Funds except for M&G (Lux) Floating Rate High Yield Solution.
M&G (Lux) Floating Rate High Yield Solution invests in high yield credit default swap indices ("CDX"), government floating rate bonds and cash. CDX are not designed to take sustainability risks into account and there are no suitable alternative indices available for the Investment Manager to choose between when taking sustainability risks into account. The Fund does take sustainability risks into account when allocating to government bonds and cash. In addition, for the Planet+ Funds with specific ESG objectives or characteristics as described in Appendix 1, the Investment Manager also applies ESG Criteria, ESG Criteria and Sustainability Criteria, and ESG Criteria and/or Impact Criteria as necessary, with the aim to deliver the investment objective of each Fund as defined in the relevant Fund Supplements.
The impacts following the occurrence of a sustainability risk may be numerous and vary depending on the specific risk, asset class and region. The assessment of the likely impact of sustainability risks on a Fund’s return will therefore depend on the type of securities held in its portfolio.
The following types of sustainability risks are likely to impact the return of a Fund:
- Environmental risks include, but are not limited to, the ability of companies to mitigate and adapt to climate change, the potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste management challenges, and impact on global and local ecosystems.
- Social risks include, but are not limited to, product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation.
- Governance risks include, but are not limited to, board composition and effectiveness, management incentives, management quality and stakeholder alignment. | ##### Risques en matière de durabilité
En ce qui concerne les investissements détenus dans les Fonds, le Gestionnaire des Investissements (ou le sous- gestionnaire des investissements selon le cas) prend en considération les risques en matière de durabilité au moment de la décision d’investissement. Les risques en matière de durabilité désignent les facteurs environnementaux, sociaux et de gouvernance (ESG) qui, le cas échéant, pourraient avoir un impact négatif significatif, réel ou potentiel, sur la valeur d’un investissement et/ou les rendements dudit actif. Le Gestionnaire des Investissements identifie ces risques en matière de durabilité et en tient compte dans sa décision d’investissement et le suivi des risques dans la mesure où ils représentent des opportunités et/ou des risques réels ou potentiels non négligeables pour les rendements ajustés au risque à long terme des Fonds. L’intégration des critères ESG s’applique à l’ensemble des Fonds, à l’exception du M&G (Lux) Floating Rate High Yield Solution.
Le M&G (Lux) Floating Rate High Yield Solution investit dans des indices de swaps de défaut de crédit (« CDX ») à haut rendement, des obligations d’État à taux variable et des liquidités. Les CDX n’ont pas pour objet de prendre en compte les risques en matière de durabilité et le Gestionnaire des Investissements ne dispose d’aucun indice alternatif approprié au moment de la prise en considération des risques en matière de durabilité. Le Fonds ne prend pas en compte les risques en matière de durabilité dans le cadre de l’allocation aux obligations d’État et aux liquidités. En outre, en ce qui concerne les Fonds Planet+, qui présentent des objectifs et caractéristiques ESG spécifiques, tels que visés à l’Annexe 1, le Gestionnaire des Investissements applique également des Critères ESG et des critères de durabilité, ainsi que des Critères ESG et/ou des Critères d’impact, selon le cas, dans le but d’atteindre l’objectif d’investissement de chaque Fonds, défini dans les Suppléments des Fonds concernés.
Les conséquences liées à la réalisation d’un risque en matière de durabilité peuvent être diverses et varient en fonction du risque, de la catégorie d’actifs et du secteur géographique. Par conséquent, l’évaluation de l’effet probable des risques en matière de durabilité sur le rendement d’un Fonds dépendra de la nature des titres qui composent son portefeuille.
Les types de risques en matière de durabilité suivants sont susceptibles d’avoir un impact sur le rendement d’un
Fonds :
- Les risques environnementaux comprennent notamment la capacité des entreprises à atténuer les effets du changement climatique et à s’y adapter, la hausse éventuelle des prix du carbone, l’exposition à une pénurie croissante d’eau, la hausse potentielle des prix de l’eau, la problématique de la gestion des déchets et l’impact sur les écosystèmes locaux et mondiaux.
- Les risques sociaux comprennent notamment la sécurité des produits, la gestion de la chaîne d’approvisionnement, les droits du travail, les droits de l’homme, les droits en matière de santé et de sécurité, le bien-être des salariés, les questions relatives à la confidentialité des données et au respect de la vie privée et le renforcement des réglementations technologiques.
- Les risques en matière de gouvernance comprennent notamment la composition et l’efficacité du Conseil d’administration, les mesures d’incitation pour les dirigeants, la qualité des dirigeants et l’harmonie entre les différentes parties prenantes. | ###### Sustainability risks
For the investments held in the Funds, the Investment Manager (or sub-investment manager where applicable) takes into consideration sustainability risks when taking investment decisions. Sustainability risks are defined as Environmental, Social or Governance (ESG) factors that, if they occur, could cause an actual or a potential material negative impact on the value of an investment and/or returns from that asset. The Investment Manager identifies such sustainability risks and integrates them into its investment decision making and risk monitoring to the extent that they represent actual or potential material risks and/or opportunities to the long-term risk-adjusted returns of the Funds. This ESG integration takes place for all of the Funds except for M&G (Lux) Floating Rate High Yield Solution.
M&G (Lux) Floating Rate High Yield Solution invests in high yield credit default swap indices ("CDX"), government floating rate bonds and cash. CDX are not designed to take sustainability risks into account and there are no suitable alternative indices available for the Investment Manager to choose between when taking sustainability risks into account. The Fund does take sustainability risks into account when allocating to government bonds and cash. In addition, for the Planet+ Funds with specific ESG objectives or characteristics as described in Appendix 1, the Investment Manager also applies ESG Criteria, ESG Criteria and Sustainability Criteria, and ESG Criteria and/or Impact Criteria as necessary, with the aim to deliver the investment objective of each Fund as defined in the relevant Fund Supplements.
The impacts following the occurrence of a sustainability risk may be numerous and vary depending on the specific risk, asset class and region. The assessment of the likely impact of sustainability risks on a Fund’s return will therefore depend on the type of securities held in its portfolio.
The following types of sustainability risks are likely to impact the return of a Fund:
- Environmental risks include, but are not limited to, the ability of companies to mitigate and adapt to climate change, the potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste management challenges, and impact on global and local ecosystems.
- Social risks include, but are not limited to, product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation.
- Governance risks include, but are not limited to, board composition and effectiveness, management incentives, management quality and stakeholder alignment. | en | fr |
DOLFIN2907 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le profil de risque de cette Catégorie d’Actions est calculée sur la base de sa volatilité historique, c’est-à-dire l’amplitude des fluctuations des actifs sous-jacents du Compartiment au cours des 5 dernières années.
Cette Catégorie d’Actions a été classée dans la catégorie de risque indiquée ci-dessus parce que, sur la base des données historiques, les actifs sous-jacents du Compartiment ont présenté une volatilité élevée.
On notera qu’il existe d’autres risques qui ne sont pas nécessairement pris en compte dans les catégories de risque et de rendement ci-dessus. Certains de ces risques sont résumés ci-dessous.
exposé à un risque de volatilité plus importante et rencontrer des difficultés pour acheter, vendre les titres qu’il détient en portefeuille et en revendiquer la propriété. Les systèmes politiques, économiques et juridiques peuvent également être moins développés dans les marchés émergents et le Compartiment est confronté à un risque plus important de perte du capital investi.
- Le Compartiment peut investir dans des parts ou actions d’autres fonds d’investissement. Ces autres fonds peuvent eux-mêmes être soumis à leurs propres commissions et frais.
- Les rendements de votre investissement peuvent être affectés par les évolutions du taux de change entre la devise de référence du Compartiment et la devise dans laquelle les investissements du Compartiment sont libellés, la devise de votre Catégorie d’Actions et celle de votre pays de résidence.
- Il s’agit d’une Catégorie d’actions non couverte, vos actions seront exposées aux fluctuations du taux de change entre la devise de libellée et la devise de référence du Compartiment. Cela peut avoir une incidence sur les performances de vos actions. | La categoría de riesgo de esta clase de participaciones se calcula en base a la volatilidad histórica, es decir, en qué medida ha fluctuado el valor de los activos subyacentes del Fondo durante los cinco últimos años.
Esta clase de participaciones se ha clasificado en la categoría de riesgo indicada arriba debido a que, teniendo en cuenta los datos históricos, los activos subyacentes del Fondo han registrado una volatilidad alta.
Tenga en cuenta que existen otros riesgos que pueden no estar reflejados en las categorías de riesgo y remuneración anteriores. Algunos de estos riesgos figuran a continuación.
comprar, vender y reivindicar la titularidad de sus inversiones. Los mercados emergentes pueden tener sistemas políticos, económicos y jurídicos menos desarrollados, y existe un mayor riesgo de que el Fondo no recupere su dinero.
- El Fondo podrá invertir en participaciones o acciones de otros fondos de inversión. Esos otros fondos podrán estar a su vez sujetos a sus propias comisiones y gastos.
- Los rendimientos de su inversión pueden verse afectados por cambios en la tasa de cambio entre la moneda base del Fondo y la moneda de las inversiones del Fondo, su Clase de acciones y su moneda local.
- Esta es una clase de acciones sin cobertura, sus acciones estarán expuestas a las fluctuaciones de tipo cambiario entre su divisa de denominación y la divisa base del Fondo. Esto puede afectar la rentabilidad de sus acciones. | Le profil de risque de cette Catégorie d’Actions est calculée sur la base de sa volatilité historique, c’est-à-dire l’amplitude des fluctuations des actifs sous-jacents du Compartiment au cours des 5 dernières années.
Cette Catégorie d’Actions a été classée dans la catégorie de risque indiquée ci-dessus parce que, sur la base des données historiques, les actifs sous-jacents du Compartiment ont présenté une volatilité élevée.
On notera qu’il existe d’autres risques qui ne sont pas nécessairement pris en compte dans les catégories de risque et de rendement ci-dessus. Certains de ces risques sont résumés ci-dessous.
exposé à un risque de volatilité plus importante et rencontrer des difficultés pour acheter, vendre les titres qu’il détient en portefeuille et en revendiquer la propriété. Les systèmes politiques, économiques et juridiques peuvent également être moins développés dans les marchés émergents et le Compartiment est confronté à un risque plus important de perte du capital investi.
- Le Compartiment peut investir dans des parts ou actions d’autres fonds d’investissement. Ces autres fonds peuvent eux-mêmes être soumis à leurs propres commissions et frais.
- Les rendements de votre investissement peuvent être affectés par les évolutions du taux de change entre la devise de référence du Compartiment et la devise dans laquelle les investissements du Compartiment sont libellés, la devise de votre Catégorie d’Actions et celle de votre pays de résidence.
- Il s’agit d’une Catégorie d’actions non couverte, vos actions seront exposées aux fluctuations du taux de change entre la devise de libellée et la devise de référence du Compartiment. Cela peut avoir une incidence sur les performances de vos actions. | fr | es |
DOLFIN2908 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 YEARS Example Investment: 10,000 USD |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,960 USD | 3,010 USD |
| | Average return each year | -80.4 % | -21.3 % each year |
| Unfavourable | What you might get back after costs | 6,520 USD | 8,750 USD |
| | Average return each year | -34.8 % | -2.6 % each year |
| Moderate | What you might get back after costs | 10,360 USD | 14,580 USD |
| | Average return each year | 3.6 % | 7.8 % each year |
| Favourable | What you might get back after costs | 17,830 USD | 25,330 USD |
| | Average return each year | 78.3 % | 20.4 % each year | | | 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 |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 1.960 USD | 3.010 USD |
| | Rendimiento medio cada año | -80,4 % | -21,3 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 6.520 USD | 8.750 USD |
| | Rendimiento medio cada año | -34,8 % | -2,6 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.360 USD | 14.580 USD |
| | Rendimiento medio cada año | 3,6 % | 7,8 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 17.830 USD | 25.330 USD |
| | Rendimiento medio cada año | 78,3 % | 20,4 % cada año | | | Recommended holding period: 5 YEARS Example Investment: 10,000 USD |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,960 USD | 3,010 USD |
| | Average return each year | -80.4 % | -21.3 % each year |
| Unfavourable | What you might get back after costs | 6,520 USD | 8,750 USD |
| | Average return each year | -34.8 % | -2.6 % each year |
| Moderate | What you might get back after costs | 10,360 USD | 14,580 USD |
| | Average return each year | 3.6 % | 7.8 % each year |
| Favourable | What you might get back after costs | 17,830 USD | 25,330 USD |
| | Average return each year | 78.3 % | 20.4 % each year | | en | es |
DOLFIN2909 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# WHAT HAPPENS IF CQS (UK) LLP IS UNABLE TO PAY OUT?
The Fund's assets are legally separated from the PRIIP Manufacturer’s. The PRIIPs Manufacturer is not obliged to make any payment in relation to the Fund, such obligations being those of the Fund itself. Any insolvency or default of the PRIIPs manufacturer should not result in the Fund suffering financial loss in relation to those assets.
The Fund's assets are held by BNP Paribas Securities Services, Dublin Branch (the Depositary). You may face a financial loss in the event of a default, insolvency or compulsory wind-up of the Depositary. However, this risk is mitigated to a certain extent by the fact that the Depositary is required to segregate its own assets from the assets of the Fund. Losses are not covered by any investor compensation or guarantee scheme. | # CHE COSA ACCADE SE CQS (UK) LLP NON È IN GRADO DI RIMBORSARE?
Gli attivi del Fondo sono legalmente separati da quelle dell’ideatore del PRIIP. L’ideatore del PRIIP non è tenuto ad effettuare pagamenti in relazione al Fondo, in quanto tali obblighi spettano al Fondo stesso. L’eventuale insolvenza o default dell’ideatore del PRIIP non deve provocare una perdita finanziaria del Fondo in relazione a questi attivi.
L’attivo del Fondo è detenuto da BNP Paribas Securities Services, Ramo di Dublino (il Depositario). In caso di default, insolvenza o liquidazione obbligatoria del Depositario, l’investitore potrebbe subire una perdita finanziaria. Tuttavia, questo rischio è mitigato dal fatto che il Depositario è tenuto a separare le proprie attività da quelle del Fondo. Le perdite non sono coperte da alcuna compensazione agli investitori o schema di garanzia. | # WHAT HAPPENS IF CQS (UK) LLP IS UNABLE TO PAY OUT?
The Fund's assets are legally separated from the PRIIP Manufacturer’s. The PRIIPs Manufacturer is not obliged to make any payment in relation to the Fund, such obligations being those of the Fund itself. Any insolvency or default of the PRIIPs manufacturer should not result in the Fund suffering financial loss in relation to those assets.
The Fund's assets are held by BNP Paribas Securities Services, Dublin Branch (the Depositary). You may face a financial loss in the event of a default, insolvency or compulsory wind-up of the Depositary. However, this risk is mitigated to a certain extent by the fact that the Depositary is required to segregate its own assets from the assets of the Fund. Losses are not covered by any investor compensation or guarantee scheme. | en | it |
DOLFIN2910 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The performance fee becomes due in the event of outperformance, that is, if the increase in the Gross Asset Value per Share during the relevant performance period exceeds the increase in the relevant benchmark (see Appendix III) over the same period and exceeds the High Water Mark.
The performance period shall normally be each financial year except that:
- where the Gross Asset Value per Share as at the end of the financial year is lower than the Target Gross Asset Value per Share or the High Water Mark, the commencement of the performance period will remain the date of that High Water Mark;
- if a performance fee is introduced on a Fund during a financial year then its first performance period will commence on the date on which such fee is introduced and the High Water Mark shall be the Net Asset Value per Share on the date of such introduction; and
- where a Performance Period ends during a financial year due to the liquidation or merger/consolidation of a Fund or Share Class (subject to the best interests of the relevant Investors). | La commissione di performance è dovuta in caso di sovraperformance, ossia qualora l'aumento del Valore patrimoniale lordo per Azione nel corso del periodo di performance interessato superi l'incremento del benchmark (si veda l'Appendice III) nel medesimo periodo e superi l'High Water Mark.
Il periodo di performance è di norma ogni esercizio, salvo:
- quando il Valore patrimoniale lordo per Azione alla fine dell'esercizio è inferiore al Valore patrimoniale lordo per Azione obiettivo o all'High Water Mark, l'inizio del periodo di performance rimarrà la data di tale High Water Mark;
- laddove venga introdotta una commissione di performance in relazione a un Comparto nel corso di un esercizio finanziario, il primo Periodo di performance avrà quindi inizio alla data di introduzione di tale commissione e l'High Water Mark sarà il Valore patrimoniale netto per Azione alla data di tale introduzione;
- quando un Periodo di performance termina durante un esercizio finanziario a causa della liquidazione o della fusione/consolidamento di un Comparto o di una Classe di Azioni (subordinatamente ai migliori interessi dei relativi Investitori). | The performance fee becomes due in the event of outperformance, that is, if the increase in the Gross Asset Value per Share during the relevant performance period exceeds the increase in the relevant benchmark (see Appendix III) over the same period and exceeds the High Water Mark.
The performance period shall normally be each financial year except that:
- where the Gross Asset Value per Share as at the end of the financial year is lower than the Target Gross Asset Value per Share or the High Water Mark, the commencement of the performance period will remain the date of that High Water Mark;
- if a performance fee is introduced on a Fund during a financial year then its first performance period will commence on the date on which such fee is introduced and the High Water Mark shall be the Net Asset Value per Share on the date of such introduction; and
- where a Performance Period ends during a financial year due to the liquidation or merger/consolidation of a Fund or Share Class (subject to the best interests of the relevant Investors). | en | it |
DOLFIN2911 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 238 USD | 1,962 USD |
| Annual cost impact(*) | 2.38 % | 2.61 % | | | Investimento USD 10,000 | |
| --- | --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| Costi totali | 238 USD | 1,962 USD |
| Incidenza annuale dei costi (*) | 2.38 % | 2.61 % | | | Investment USD 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 238 USD | 1,962 USD |
| Annual cost impact(*) | 2.38 % | 2.61 % | | en | it |
DOLFIN2912 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Taxation of the Shareholders in Luxembourg
A Shareholder will not become tax resident, nor be deemed to be tax resident, in Luxembourg by reason only of the holding and/or disposing of the Shares or the execution, performance or enforcement of their rights hereunder.
Under current Luxembourg tax law, Shareholders are not subject to any capital gains, income, inheritance or other taxes in Luxembourg except for Shareholders domiciled, resident or having a permanent establishment in Luxembourg, in relation to their participation in the Company.
A non-resident Shareholder will be taxed on the income received from the Company in their home jurisdiction according to the rules applying in their specific jurisdictions. | ##### Imposition des Actionnaires au Luxembourg
Au Luxembourg, aucun Actionnaire ne deviendra résident fiscal, ni ne sera considéré comme résident au Luxembourg du seul fait de la détention et/ou de la cession d’Actions, ou de l’exécution, de la réalisation ou de l’application des droits connexes.
En vertu de la législation fiscale en vigueur au Luxembourg, les Actionnaires ne sont pas assujettis aux impôts sur les plus-values, sur les revenus et sur les successions, ou à d’autres impôts, au Luxembourg, hormis les Actionnaires qui sont domiciliés, qui résident ou qui sont établis de façon permanente au Luxembourg, au titre de leur participation dans la Société.
Un Actionnaire non-résident sera assujetti dans son pays d’origine à l’impôt sur les revenus provenant de la Société
conformément aux règles en vigueur dans son propre pays. | #### Taxation of the Shareholders in Luxembourg
A Shareholder will not become tax resident, nor be deemed to be tax resident, in Luxembourg by reason only of the holding and/or disposing of the Shares or the execution, performance or enforcement of their rights hereunder.
Under current Luxembourg tax law, Shareholders are not subject to any capital gains, income, inheritance or other taxes in Luxembourg except for Shareholders domiciled, resident or having a permanent establishment in Luxembourg, in relation to their participation in the Company.
A non-resident Shareholder will be taxed on the income received from the Company in their home jurisdiction according to the rules applying in their specific jurisdictions. | en | fr |
DOLFIN2913 | 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 | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 EUR |
| Coûts de sortie | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | •1.0% Les frais récurrents reposent sur les frais et dépenses estimés que la Catégorie paiera en un an. Ce chiffre peut varier d'une année sur l'autre. Il exclut les commissions liées aux résultats et les coûts de transaction du portefeuille, à l'exception des frais d'entrée/de sortie payés par le Fonds lors de l'achat ou de la vente de parts d'un autre organisme de placement collectif, mais inclut la Commission de Gestion. | 100 EUR |
| Coûts de transaction | •0.1% de la valeur de votre investissement par an. Il s'agit d'une estimation des frais encourus lorsque nous achetons et vendons les investissements sous- jacents pour le produit. Le montant réel variera en fonction du montant que nous achetons et vendons. | 6 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats ne s'applique à ce produit. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | •0.00 %, representan los gastos que pueden detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. | 0 EUR |
| Costes de salida | •0.00 %, representan los gastos que pueden detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | •1.0% Los gastos corrientes se basan en las comisiones y gastos estimados que la Clase pagará en un año. Dicha cifra puede variar de un año a otro. No incluye comisiones de rentabilidad o los costes de transacción de la cartera, excepto en caso de que el Fondo pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva, pero incluye la Comisión de gestión. | 100 EUR |
| Costes de operación | •0.1 % del valor de su inversión cada 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 dependiendo de cuánto compremos y vendamos. | 6 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | Este producto no aplica ninguna comisión de rentabilidad. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 EUR |
| Coûts de sortie | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | •1.0% Les frais récurrents reposent sur les frais et dépenses estimés que la Catégorie paiera en un an. Ce chiffre peut varier d'une année sur l'autre. Il exclut les commissions liées aux résultats et les coûts de transaction du portefeuille, à l'exception des frais d'entrée/de sortie payés par le Fonds lors de l'achat ou de la vente de parts d'un autre organisme de placement collectif, mais inclut la Commission de Gestion. | 100 EUR |
| Coûts de transaction | •0.1% de la valeur de votre investissement par an. Il s'agit d'une estimation des frais encourus lorsque nous achetons et vendons les investissements sous- jacents pour le produit. Le montant réel variera en fonction du montant que nous achetons et vendons. | 6 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats ne s'applique à ce produit. | 0 EUR | | fr | es |
DOLFIN2914 | 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 que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €5540,00 | €5941,07 |
| Performance moyenne chaque année en % | -44,60 | -9,89 |
| Scénario défavorable Ce type de scénario est survenu RobecoSAM SDG Credit Income CH EUR entre 2021-08-31 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8270,00 | €8609,50 |
| Performance moyenne chaque année en % | -17,30 | -2,95 |
| Scénario modéré Ce type de scénario est survenu RobecoSAM SDG Credit Income CH EUR entre 2014-09-30 et 2019-09-30. |
| Ce que vous récupérerez après imputation des frais | €10330,00 | €11358,30 |
| Performance moyenne chaque année en % | 3,00 | 2,58 |
| Scénario favorable Ce type de scénario est survenu RobecoSAM SDG Credit Income CH EUR entre 2016-01-31 et 2021-01-31. |
| Ce que vous récupérerez après imputation des frais | €11430,00 | €12569,52 |
| Performance moyenne chaque année en % | 14,00 | 4,68 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | # ¿Cuáles son los riesgos y qué puedo obtener a cambio? (continuación) Escenarios de
Lo que obtenga con este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Período de tenencia recomendado 5
Ejemplo de inversión EUR 10.000
1 año 5 años
| Supuesto de estrés El escenario de estrés muestra el importe que podría obtener en circunstancias extremas del mercado. |
| --- |
| Importe que podría obtener descontados los costes | €5540,00 | €5941,07 |
| Rendimiento medio anual % | -44,60 | -9,89 |
| Supuesto desfavorable Este tipo de escenario ocurrió por RobecoSAM SDG Credit Income CH EUR entre 2021-08-31 y 2022-11-30. |
| Importe que podría obtener descontados los costes | €8270,00 | €8609,50 |
| Rendimiento medio anual % | -17,30 | -2,95 |
| Supuesto alternativo Este tipo de escenario ocurrió por RobecoSAM SDG Credit Income CH EUR entre 2014-09-30 y 2019-09-30. |
| Importe que podría obtener descontados los costes | €10330,00 | €11358,30 |
| Rendimiento medio anual % | 3,00 | 2,58 |
| Supuesto favorable Este tipo de escenario ocurrió por RobecoSAM SDG Credit Income CH EUR entre 2016-01-31 y 2021-01-31. |
| Importe que podría obtener descontados los costes | €11430,00 | €12569,52 |
| Rendimiento medio anual % | 14,00 | 4,68 |
Las cifras incluyen todos los costes del producto propiamente dicho, pero podrían no incluir los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podría afectar al importe que obtenga.
Los escenarios desfavorable, moderado y favorable que se muestran son ejemplos de la rentabilidad peor, media y mejor del producto y de un índice de referencia apropiado durante los 10 últimos años.
Podría perder la totalidad o parte de su inversión. | # Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €5540,00 | €5941,07 |
| Performance moyenne chaque année en % | -44,60 | -9,89 |
| Scénario défavorable Ce type de scénario est survenu RobecoSAM SDG Credit Income CH EUR entre 2021-08-31 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8270,00 | €8609,50 |
| Performance moyenne chaque année en % | -17,30 | -2,95 |
| Scénario modéré Ce type de scénario est survenu RobecoSAM SDG Credit Income CH EUR entre 2014-09-30 et 2019-09-30. |
| Ce que vous récupérerez après imputation des frais | €10330,00 | €11358,30 |
| Performance moyenne chaque année en % | 3,00 | 2,58 |
| Scénario favorable Ce type de scénario est survenu RobecoSAM SDG Credit Income CH EUR entre 2016-01-31 et 2021-01-31. |
| Ce que vous récupérerez après imputation des frais | €11430,00 | €12569,52 |
| Performance moyenne chaque année en % | 14,00 | 4,68 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | fr | es |
DOLFIN2915 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Contact
Mark Thomas
Managing Director, Wholesale Distribution River and Mercantile Asset Management LLP Part of River and Mercantile Group
30 Coleman Street EC2R 5AL | Tel: 020 7601 6263 |
Switch Board: 020 7601 6262 |
Mobile: 07850 374 884
Data sources: Credit Suisse, otherwise specified.
Important Information
This document was produced by Credit Suisse AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited.
This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor.
This document may not be reproduced either in part or in full without the written permission of CS. This document applies exclusively to clients in Germany. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended).
Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Neither historical nor future performance indications and financial market scenarios are guarantee for current or future performance. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or outperformed.
In connection with this investment product, Credit Suisse AG and/or its affiliates may pay to third parties, or receive from third parties as part of their compensation or otherwise, one-time or recurring inducements (e.g. sales charges, placement or holding fees). You may request further information from your bank/relationship manager. Potential conflicts of interest can not be excluded.
This document qualifies as marketing material that has been published for advertising purposes. It must not be read as independent research.
The investment fund mentioned in this document has been established under Luxembourg law as undertaking for collective investment in transferable securities (UCITS) subject to EU Directive 2009/65/ EC, as amended. Credit Suisse Fund Services [Luxembourg] S.A., 5, rue Jean Monnet, 2180 Luxemburg is the Central Administration for the fund in Germany. Credit Suisse (Deutschland) AG, Taunustor 1, D−60310 Frankfurt am Main is the Information Agent for the fund in Germany. UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Vienna, is the Paying Agent for the funds in Austria. Subscriptions are only valid on the basis of the current sales prospectus, key investor information document and the most recent annual report (or half-yearly report, if this is more recent). These and the funds management regulations and/or articles may be obtained free of charge from Credit Suisse (Deutschland) AG, Taunustor 1, D-60310 Frankfurt am Main, Germany and UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Vienna, Austria.
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/ no longer available), this presentation may only be distributed and Shares may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this presentation may otherwise be lawfully distributed and the Shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).
In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this presentation may only be distributed and Shares may only be offered or placed to the extent that this presentation may be lawfully distributed and the Shares may lawfully be offered or placed in that Member State (including at the initiative of the investor).
Germany:Shares of the Fund mentioned in the document may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).
Copyright © 2020 Credit Suisse Group AG and/or its affiliates. All rights reserved. | # Kontakt
Mark Thomas
Managing Director, Wholesale Distribution River and Mercantile Asset Management LLP Part of River and Mercantile Group
30 Coleman Street EC2R 5AL | Tel: 020 7601 6263 |
Switch Board: 020 7601 6262 |
Mobile: 07850 374 884
Datenquellen: Credit Suisse, sofern nicht anders angegeben.
Wichtige Hinweise
Dieses Dokument wurde von der Credit Suisse AG und / oder mit ihr verbundenen Unternehmen (nachfolgend «CS») mit größter Sorgfalt und nach bestem Wissen und Gewissen erstellt. Die CS gibt jedoch keine Gewähr hinsichtlich dessen Inhalt und Vollständigkeit und lehnt jede Haftung für Verluste ab, die sich aus der Verwendung dieser Informationen ergeben. Die in diesem Dokument geäusserten Meinungen sind diejenigen der CS zum Zeitpunkt der Redaktion und können sich jederzeit und ohne Mitteilung ändern. Ist nichts anderes vermerkt, sind alle Zahlen ungeprüft. Das Dokument dient ausschliesslich Informationszwecken und der Nutzung durch den Empfänger. Es stellt weder ein Angebot, noch eine Empfehlung zum Erwerb oder Verkauf von Finanzinstrumenten oder Bankdienstleistungen dar und entbindet den Empfänger nicht von seiner eigenen Beurteilung. Insbesondere ist dem Empfänger empfohlen, allenfalls unter Einschaltung eines Beraters, die Informationen in Bezug auf die Vereinbarkeit mit seinen eigenen Verhältnissen, auf juristische, regulatorische, steuerliche, u.a. Konsequenzen zu prüfen. Dieses Dokument darf ohne schriftliche Genehmigung der CS weder auszugsweise noch vollständig vervielfältigt werden. Das vorliegende Dokument ist ausschließlich für Anleger in Deutschland bestimmt. Es richtet sich ausdrücklich nicht an Personen, deren Nationalität oder Wohnsitz den Zugang zu solchen Informationen aufgrund der geltenden Gesetzgebung verbieten. Weder das vorliegende Dokument noch Kopien davon dürfen in die Vereinigten Staaten versandt oder dahin mitgenommen werden oder in den Vereinigten Staaten oder an eine US-Person abgegeben werden (im Sinne von Regulation S des US Securities Act von 1933 in dessen jeweils gültigen Fassung). Mit jeder Anlage sind Risiken, insbesondere diejenigen von Wert- und Ertragsschwankungen verbunden. Bei Fremdwährungen besteht zusätzlich das Risiko, dass die Fremdwährung gegenüber der Referenzwährung des Anlegers an Wert verliert. Weder historische noch zukünftige Renditeangaben und Finanzmarktszenarien sind Garantie für laufende und zukünftige Ergebnisse. Es kann ausserdem nicht garantiert werden, dass die Performance des Vergleichsindex erreicht oder übertroffen wird. In Zusammenhang mit diesem Anlageprodukt bezahlt die Credit Suisse AG und/oder mit ihr verbundene Unternehmen unter Umständen Dritten oder erhält von Dritten als Teil ihres Entgelts oder sonst wie eine einmalige oder wiederkehrende Vergütung (z. B. Ausgabeaufschläge, Platzierungsprovisionen oder Vertriebsfolgeprovisionen). Für weitere Informationen wenden Sie sich bitte an Ihren Kundenberater. Zudem können im Hinblick auf das Investment Interessenkonflikte bestehen. Bei diesem Dokument handelt es sich um Marketingmaterial, das ausschließlich zu Werbezwecken verbreitet wird. Es darf nicht als unabhängige Wertpapieranalyse gelesen werden.
Der in diesem Dokument erwähnte Anlagefonds luxemburgischen Rechts ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW) gemäß Richtlinie 2009/65/EG, in der geänderten Fassung. Credit Suisse Fund Services [Luxembourg] S.A., 5, rue Jean Monnet, 2180 Luxemburg ist die Zentrale Verwaltungsstelle des Fonds in Deutschland. Credit Suisse (Deutschland) AG, Taunustor 1, D−60310 Frankfurt am Main ist die Informationsstelle des Fonds in Deutschland. UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Wien, ist die Zahlstelle der Fonds in Österreich. Zeichnungen sind nur auf Basis des aktuellen Verkaufsprospekts, der wesentlichen Anlegerinformationen und des letzten Jahresberichts (bzw. Halbjahresberichts, falls dieser aktueller ist) gültig. Diese Unterlagen sowie die Vertragsbedingungen und/oder Statuten sind kostenlos bei der Credit Suisse (Deutschland) Aktiengesellschaft, Taunustor 1, 60310 Frankfurt am Main, Deutschland und UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Wien, Österreich erhältlich.
In Bezug auf jeden Mitgliedstaat des EWR (jeweils ein «Mitgliedstaat»), der die Richtlinie über die Verwalter alternativer Investmentfonds (Richtlinie 2011/61/EU) (die «AIFM-Richtlinie») umgesetzt hat (und für den Übergangsbestimmungen nicht / nicht länger vorgesehen sind), darf diese Präsentation in dem betreffenden Mitgliedstaat nur abgegeben werden und Anteile dürfen in einem Mitgliedstaat nur angeboten oder platziert werden, sofern: (1) der Fonds in dem jeweiligen Mitgliedstaat gemäss der (in lokale Gesetze/Bestimmungen des jeweiligen Mitgliedstaats umgesetzten) AIFM-Richtlinie an professionelle Anleger vermarktet werden darf oder (2) die vorliegende Präsentation in diesem Mitgliedstaat anderweitig auf rechtmässige Weise abgegeben werden und die Anteile anderweitig auf rechtmässige Weise angeboten oder platziert werden dürfen (auch auf Initiative des Anlegers).
In Bezug auf jeden Mitgliedstaat des EWR, der die AIFM-Richtlinie zum Stichtag dieses Dokuments nicht umgesetzt hat, darf diese Präsentation lediglich dann abgegeben und Anteile dürfen lediglich dann angeboten oder platziert werden, sofern die vorliegende Präsentation in diesem Mitgliedstaat auf rechtmässige Weise abgegeben werden darf und die Anteile auf rechtmässige Weise angeboten oder platziert werden dürfen (auch auf Initiative des Anlegers).
Deutschland:
Anteile des in diesem Dokument erwähnten Fonds dürfen in keiner Weise an deutsche Privatanleger oder semiprofessionelle Anleger vertrieben oder vermarktet werden, sofern dieser Fonds nicht von der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) zum Vertrieb an die betreffenden Anlegerkategorien zugelassen ist.
Copyright © 2020 Credit Suisse Group AG und/oder mit ihr verbundene Unternehmen. Alle Rechte vorbehalten. | # Contact
Mark Thomas
Managing Director, Wholesale Distribution River and Mercantile Asset Management LLP Part of River and Mercantile Group
30 Coleman Street EC2R 5AL | Tel: 020 7601 6263 |
Switch Board: 020 7601 6262 |
Mobile: 07850 374 884
Data sources: Credit Suisse, otherwise specified.
Important Information
This document was produced by Credit Suisse AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited.
This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor.
This document may not be reproduced either in part or in full without the written permission of CS. This document applies exclusively to clients in Germany. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended).
Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Neither historical nor future performance indications and financial market scenarios are guarantee for current or future performance. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or outperformed.
In connection with this investment product, Credit Suisse AG and/or its affiliates may pay to third parties, or receive from third parties as part of their compensation or otherwise, one-time or recurring inducements (e.g. sales charges, placement or holding fees). You may request further information from your bank/relationship manager. Potential conflicts of interest can not be excluded.
This document qualifies as marketing material that has been published for advertising purposes. It must not be read as independent research.
The investment fund mentioned in this document has been established under Luxembourg law as undertaking for collective investment in transferable securities (UCITS) subject to EU Directive 2009/65/ EC, as amended. Credit Suisse Fund Services [Luxembourg] S.A., 5, rue Jean Monnet, 2180 Luxemburg is the Central Administration for the fund in Germany. Credit Suisse (Deutschland) AG, Taunustor 1, D−60310 Frankfurt am Main is the Information Agent for the fund in Germany. UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Vienna, is the Paying Agent for the funds in Austria. Subscriptions are only valid on the basis of the current sales prospectus, key investor information document and the most recent annual report (or half-yearly report, if this is more recent). These and the funds management regulations and/or articles may be obtained free of charge from Credit Suisse (Deutschland) AG, Taunustor 1, D-60310 Frankfurt am Main, Germany and UniCredit Bank Austria AG, Schottengasse 6–8, A-1010 Vienna, Austria.
In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) (and for which transitional arrangements are not/ no longer available), this presentation may only be distributed and Shares may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this presentation may otherwise be lawfully distributed and the Shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).
In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this presentation may only be distributed and Shares may only be offered or placed to the extent that this presentation may be lawfully distributed and the Shares may lawfully be offered or placed in that Member State (including at the initiative of the investor).
Germany:Shares of the Fund mentioned in the document may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).
Copyright © 2020 Credit Suisse Group AG and/or its affiliates. All rights reserved. | en | de |
DOLFIN2916 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 217 | CHF 1,133 |
| Annual cost impact (*) | 2.2% | 2.2% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | CHF 217 | CHF 1 133 |
| Impatto sui costi annuali (*) | 2,2% | 2,2% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 217 | CHF 1,133 |
| Annual cost impact (*) | 2.2% | 2.2% | | en | it |
DOLFIN2917 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Suspension of the Determination of the Net Asset Value
During the existence of any state of affairs which, in the opinion of the directors, makes the determination of the Net Asset Value in the relevant currency of expression either not reasonably practical or prejudicial to the shareholders of the Fund, the Net Asset Value per Class on the subscription price, redemption price and exchange price may temporarily be determined in such other currency as the directors may determine.
As provided by its Articles of Incorporation, the Fund may suspend temporarily the determination of the Net Asset Value per Share of any Sub-Fund or Class, the subscription price and redemption price and the issue and redemption of its Shares as well as the exchange from and to Shares of each Class under the following circumstances:
- during any period when any market or stock exchange, which is a principal market or stock exchange on which a material part of the investments attributable to the Fund or such Class are quoted, is closed (otherwise than for ordinary holidays), or during which dealings are substantially restricted or suspended;
- during the existence of any state of affairs which in the opinion of the Board of Directors constitutes a state of emergency as a result of which disposals or valuations of assets owned by the Fund attributable to such Class would be impracticable;
- during any breakdown in, or restriction in the use of, the means of communication normally employed in determining the price or value of any of the investments of such Class or the current prices on any market or stock exchange;
- during any period when the Fund is unable to repatriate monies for the purpose of making payments on the redemption of the Shares of such Class or during which any transfer of monies involved in the realization or acquisition of investments or payments due on redemption of such Shares cannot in the opinion of the Board of Directors be effected at normal rates of exchange;
- during any period when, in the opinion of the Board of Directors, there exists unusual circumstances which make it impracticable or unfair to the Fund’s shareholders to continue dealing with Shares of the Fund;
- if the Fund is being or may be wound up or merged, from the date on which notice is given of a general meeting of shareholders at which a resolution to wind up or merge the Fund is to be proposed or if a Sub-Fund is being liquidated or merged, from the date on which the relevant notice is given;
- when the determination of the net asset value of an undertaking for collective investment or a sub-fund thereof in which a Sub-Fund has substantial investment, is suspended;
- in the case of a redemption request representing an amount exceeding 10% of the Net Asset Value of a Class or Sub-Fund on any relevant Valuation Date; and
- any other circumstances beyond the control of the Board of Directors. | ## Aussetzung der Nettoinventarwertberechnung
Liegen Umstände vor, die es nach Ansicht des Verwaltungsrats mit sich bringen, dass die Ermittlung des Nettoinventarwertes in der betreffenden Nominalwährung nicht durchführbar oder von Nachteil für die Aktionäre des Fonds ist, kann der Nettoinventarwert pro Klasse für den Zeichnungspreis, Rücknahmepreis und Umtauschpreis vorübergehend in einer jeweils vom Verwaltungsrat festzulegenden anderen Währung ermittelt werden.
Gemäß den Bestimmungen dieser Satzung kann der Fonds die Ermittlung des Nettoinventarwertes pro Aktie eines Teilfonds oder einer Aktienklasse sowie des Zeichnungs- und Rücknahmepreises, die Ausgabe und Rücknahme von Aktien und die Umwandlung von Aktien in Aktien einer anderen Aktienklasse unter folgenden Umständen vorübergehend aussetzen:
- während eines Zeitraums, in dem ein Markt oder eine Börse, bei denen es sich um den wichtigsten Markt oder die wichtigste Börse handelt, an denen ein wesentlicher Teil der zum Fonds oder zu einer solchen Klasse des Fonds gehörenden Anlagen notiert ist, (außer an gewöhnlichen Feiertagen) geschlossen ist, oder in dem der Handel erheblich eingeschränkt oder ausgesetzt ist;
- wenn Umstände vorliegen, die nach Ansicht des Verwaltungsrats einen Notstand darstellen, der die Veräußerung oder Bewertung der zu einer solchen Klasse gehörenden Vermögensgegenstände des Fonds unmöglich macht;
- während eines Ausfalls oder einer nur beschränkten Benutzbarkeit der Kommunikationsmittel, die normalerweise zur Ermittlung des Kurses oder Wertes der Anlagen einer solchen Klasseoder der neuesten Kurse an einem Markt oder einer Börse benutzt werden;
- während eines Zeitraums, in dem der Fonds nicht in der Lage ist, Gelder zu repatriieren, die benötigt werden, um Zahlungen für zurückgenommene Aktien einer solchen Klasse zu leisten, oder in dem die Überweisung von Geldern in Verbindung mit dem Verkauf oder Kauf von Anlagen oder der Zahlung für zurückgenommene Aktien nach Ansicht des Verwaltungsrats nicht zu normalen Wechselkursen erfolgen kann;
- während Zeiträumen, in denen nach Ansicht des Verwaltungsrats ungewöhnliche Umstände bestehen, unter denen es für die Aktionäre des Fonds unmöglich oder nachteilig ist, weiterhin Aktien zu handeln;
- falls der Fonds aufgelöst oder verschmolzen wird, ab dem Zeitpunkt der Mitteilung einer Hauptversammlung der Aktionäre, auf der ein Beschluss zur Auflösung oder Verschmelzung des Fonds eingebracht wird, oder – falls ein Teilfonds aufgelöst oder verschmolzen wird – ab dem Zeitpunkt, an dem die betreffende Mitteilung gemacht wird;
- wenn die Ermittlung des Nettoinventarwerts eines Organismus für gemeinsame Anlagen oder eines Teilfonds eines solchen Organismus, in dem ein Teilfonds der Gesellschaft wesentliche Anlagen hält, ausgesetzt wird;
- im Falle eines Rücknahmeantrags, dessen Höhe 10 % des Nettoinventarwerts einer Aktienklasse oder eines Teilfonds am betreffenden Bewertungstag übersteigt; und
- unter sonstigen Umständen, die außerhalb der Kontrolle des Verwaltungsrats liegen. | ## Suspension of the Determination of the Net Asset Value
During the existence of any state of affairs which, in the opinion of the directors, makes the determination of the Net Asset Value in the relevant currency of expression either not reasonably practical or prejudicial to the shareholders of the Fund, the Net Asset Value per Class on the subscription price, redemption price and exchange price may temporarily be determined in such other currency as the directors may determine.
As provided by its Articles of Incorporation, the Fund may suspend temporarily the determination of the Net Asset Value per Share of any Sub-Fund or Class, the subscription price and redemption price and the issue and redemption of its Shares as well as the exchange from and to Shares of each Class under the following circumstances:
- during any period when any market or stock exchange, which is a principal market or stock exchange on which a material part of the investments attributable to the Fund or such Class are quoted, is closed (otherwise than for ordinary holidays), or during which dealings are substantially restricted or suspended;
- during the existence of any state of affairs which in the opinion of the Board of Directors constitutes a state of emergency as a result of which disposals or valuations of assets owned by the Fund attributable to such Class would be impracticable;
- during any breakdown in, or restriction in the use of, the means of communication normally employed in determining the price or value of any of the investments of such Class or the current prices on any market or stock exchange;
- during any period when the Fund is unable to repatriate monies for the purpose of making payments on the redemption of the Shares of such Class or during which any transfer of monies involved in the realization or acquisition of investments or payments due on redemption of such Shares cannot in the opinion of the Board of Directors be effected at normal rates of exchange;
- during any period when, in the opinion of the Board of Directors, there exists unusual circumstances which make it impracticable or unfair to the Fund’s shareholders to continue dealing with Shares of the Fund;
- if the Fund is being or may be wound up or merged, from the date on which notice is given of a general meeting of shareholders at which a resolution to wind up or merge the Fund is to be proposed or if a Sub-Fund is being liquidated or merged, from the date on which the relevant notice is given;
- when the determination of the net asset value of an undertaking for collective investment or a sub-fund thereof in which a Sub-Fund has substantial investment, is suspended;
- in the case of a redemption request representing an amount exceeding 10% of the Net Asset Value of a Class or Sub-Fund on any relevant Valuation Date; and
- any other circumstances beyond the control of the Board of Directors. | en | de |
DOLFIN2918 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Etat des investissements et autres actifs nets au 30 juin 2018 (en GBP)
| Description | Quantité/ Valeur nominale | Valeur de marché* | % des actifs nets |
| --- | --- | --- | --- |
| Description | Quantité/ Valeur nominale | Valeur de marché* | % des actifs nets |
| --- | --- | --- | --- |
#### VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE D’UNE BOURSE DE VALEURS OU NEGOCIEES SUR UN AUTRE MARCHE REGLEMENTE
| Actions en EUR Royal Dutch Shell Plc | 207,338 | 5,450,916 | 3.60 |
| --- | --- | --- | --- |
| | | 5,450,916 | 3.60 |
| Actions en GBP | | | |
| 4Imprint Group Plc | 100,168 | 1,722,890 | 1.13 |
| Ascential Plc | 529,465 | 2,396,359 | 1.58 |
| Ashtead Group Plc | 97,417 | 2,214,288 | 1.46 |
| Auto Trader Group Plc | 565,000 | 2,406,335 | 1.58 |
| Aveva Group Plc | 69,253 | 1,860,136 | 1.23 |
| BBA Aviation Plc | 725,000 | 2,475,150 | 1.63 |
| BCA Marketplace Plc | 952,256 | 2,094,963 | 1.38 |
| BP Plc | 805,000 | 4,655,315 | 3.07 |
| Breedon Aggregates Ltd | 2,342,471 | 1,925,511 | 1.27 |
| Charter Court Financial Services | 689,995 | 2,299,753 | 1.51 |
| Clinigen Group Plc | 164,645 | 1,513,088 | 1.00 |
| Consort Medical Plc | 125,000 | 1,490,000 | 0.98 |
| Conviviality Plc | 358,150 | 0 | 0.00 |
| CVS Group Plc | 72,571 | 825,858 | 0.54 |
| DCC Plc | 27,639 | 1,905,709 | 1.26 |
| Dechra Pharmaceuticals Plc | 87,500 | 2,434,250 | 1.60 |
| DFS Furniture Plc | 394,261 | 810,206 | 0.53 |
| Dunelm Group Plc | 363,848 | 1,837,432 | 1.21 |
| Eco Animal Health Group Plc | 285,402 | 1,526,901 | 1.01 |
| Eddie Stobart Logistics Plc | 487,866 | 687,891 | 0.45 |
| Electrocomponents Plc | 388,969 | 2,948,385 | 1.94 |
| Elementis Plc | 712,297 | 1,800,687 | 1.19 |
| Essentra Plc | 250,750 | 1,204,603 | 0.79 |
| Experian Group Ltd | 149,088 | 2,794,655 | 1.84 |
| FDM Group Holdings Plc | 183,835 | 1,799,745 | 1.19 |
| Future Plc | 456,808 | 2,393,674 | 1.58 |
| GB Group Plc | 217,939 | 1,301,096 | 0.86 |
| Gear4music Holdings Plc | 100,000 | 723,000 | 0.48 |
| Glaxosmithkline Capital | 278,311 | 4,257,602 | 2.80 |
| Homeserve Plc | 317,602 | 2,855,242 | 1.88 |
| HSBC Holdings Plc | 450,000 | 3,198,150 | 2.11 |
| IG Group Holdings Plc | 236,000 | 2,031,960 | 1.34 |
| IMI Plc | 141,308 | 1,599,607 | 1.05 |
| Imimobile Plc | 404,335 | 1,051,271 | 0.69 |
| | Actions en GBP (suite) | |
| --- | --- | --- |
| Informa Plc | 282,933 | 2,362,491 | 1.56 |
| IQE Plc | 1,081,270 | 1,103,977 | 0.73 |
| James Fisher & Sons Plc | 111,394 | 1,947,167 | 1.28 |
| Joules Group Plc | 236,442 | 884,293 | 0.58 |
| JTC Plc | 548,000 | 2,104,320 | 1.39 |
| Just Group Plc | 1,405,383 | 1,897,267 | 1.25 |
| Marshalls Plc | 423,065 | 1,726,105 | 1.14 |
| Melrose Industries Plc | 1,134,016 | 2,412,052 | 1.59 |
| Microgen Plc | 230,000 | 1,012,000 | 0.67 |
| Morgan Advanced Materials Pl | 400,000 | 1,306,400 | 0.86 |
| On The Beach Group Plc | 611,565 | 3,070,056 | 2.02 |
| Phoenix Group Holdings | 264,459 | 1,790,387 | 1.18 |
| Prudential Plc | 197,000 | 3,416,965 | 2.25 |
| Quixant Plc | 342,515 | 1,447,126 | 0.95 |
| Quiz Plc | 870,570 | 1,645,377 | 1.08 |
| Rentokil Initial Plc | 795,000 | 2,788,860 | 1.84 |
| Restore Plc | 127,840 | 659,654 | 0.43 |
| | | | |
| Ricardo Plc | 140,668 | 1,350,413 | 0.89 |
| | | | |
| Rightmove Plc | 39,473 | 2,096,016 | 1.38 |
| | | | |
| Rio Tinto Plc | 99,850 | 4,194,698 | 2.76 |
| | | | |
| RPC Group Plc | 412,503 | 3,086,347 | 2.03 |
| | | | |
| RWS Holdings Plc | 283,360 | 1,215,614 | 0.80 |
| | | | |
| Safestore Holdings Ltd | 278,580 | 1,530,797 | 1.01 |
| | | | |
| Sanne Group Plc | 278,540 | 1,877,360 | 1.24 |
| | | | |
| Shire Ltd | 53,575 | 2,284,974 | 1.50 |
| | | | |
| Sirius Minerals Plc | 3,165,424 | 1,047,122 | 0.69 |
| | | | |
| Smith & Nephew Plc | 112,646 | 1,574,791 | 1.04 |
| | | | |
| Standard Chartered Bank | 357,250 | 2,474,314 | 1.63 |
| | | | |
| Stride Gaming Plc | 417,901 | 597,598 | 0.39 |
| | | | |
| Taylor Wimpey Plc | 855,000 | 1,529,595 | 1.01 |
| | | | |
| Tesco Corp | 1,215,000 | 3,118,905 | 2.05 |
| | | | |
| TP Icap Plc | 217,407 | 916,153 | 0.60 |
| | | | |
| Tracsis Plc | 247,500 | 1,460,250 | 0.96 |
| | | | |
| Tullow Oil | 705,734 | 1,729,048 | 1.14 |
| | | | |
| Tungsten Corp Plc | 1,450,000 | 761,250 | 0.50 |
| | | | |
| Ultra Electronics Hldgs Plc | 97,000 | 1,600,500 | 1.05 |
| | | | |
| Weir Group | 94,267 | 1,885,340 | 1.24 |
| | | | |
| Xaar Plc | 216,868 | 519,399 | 0.34 |
| | | | |
| Xafinity Plc | 836,013 | 1,538,264 | 1.01 |
| | | | 137,004,957 | 90.22 |
Les notes annexées font partie intégrante des présents états financiers.
*Voir note 2d) pour plus d'information sur l'évaluation du portefeuille-titres. | # Cartera de inversiones y otros activos netos a 30 de junio de 2018 (en GBP)
| Descripción | Cantidad/ Valor nominal | Valor de mercado* | en % del patrimonio neto |
| --- | --- | --- | --- |
| Descripción | Cantidad/ Valor nominal | Valor de mercado* | en % del patrimonio neto |
| --- | --- | --- | --- |
#### VALORES MOBILIARIOS ADMITIDOS A COTIZACIÓN OFICIAL EN BOLSA O NEGOCIADOS EN OTRO MERCADO REGULADO
| Acciones en EUR Royal Dutch Shell Plc | 207,338 | 5,450,916 | 3.60 |
| --- | --- | --- | --- |
| | | 5,450,916 | 3.60 |
| Acciones en GBP | | | |
| 4Imprint Group Plc | 100,168 | 1,722,890 | 1.13 |
| Ascential Plc | 529,465 | 2,396,359 | 1.58 |
| Ashtead Group Plc | 97,417 | 2,214,288 | 1.46 |
| Auto Trader Group Plc | 565,000 | 2,406,335 | 1.58 |
| Aveva Group Plc | 69,253 | 1,860,136 | 1.23 |
| BBA Aviation Plc | 725,000 | 2,475,150 | 1.63 |
| BCA Marketplace Plc | 952,256 | 2,094,963 | 1.38 |
| BP Plc | 805,000 | 4,655,315 | 3.07 |
| Breedon Aggregates Ltd | 2,342,471 | 1,925,511 | 1.27 |
| Charter Court Financial Services | 689,995 | 2,299,753 | 1.51 |
| Clinigen Group Plc | 164,645 | 1,513,088 | 1.00 |
| Consort Medical Plc | 125,000 | 1,490,000 | 0.98 |
| Conviviality Plc | 358,150 | 0 | 0.00 |
| CVS Group Plc | 72,571 | 825,858 | 0.54 |
| DCC Plc | 27,639 | 1,905,709 | 1.26 |
| Dechra Pharmaceuticals Plc | 87,500 | 2,434,250 | 1.60 |
| DFS Furniture Plc | 394,261 | 810,206 | 0.53 |
| Dunelm Group Plc | 363,848 | 1,837,432 | 1.21 |
| Eco Animal Health Group Plc | 285,402 | 1,526,901 | 1.01 |
| Eddie Stobart Logistics Plc | 487,866 | 687,891 | 0.45 |
| Electrocomponents Plc | 388,969 | 2,948,385 | 1.94 |
| Elementis Plc | 712,297 | 1,800,687 | 1.19 |
| Essentra Plc | 250,750 | 1,204,603 | 0.79 |
| Experian Group Ltd | 149,088 | 2,794,655 | 1.84 |
| FDM Group Holdings Plc | 183,835 | 1,799,745 | 1.19 |
| Future Plc | 456,808 | 2,393,674 | 1.58 |
| GB Group Plc | 217,939 | 1,301,096 | 0.86 |
| Gear4music Holdings Plc | 100,000 | 723,000 | 0.48 |
| Glaxosmithkline Capital | 278,311 | 4,257,602 | 2.80 |
| Homeserve Plc | 317,602 | 2,855,242 | 1.88 |
| HSBC Holdings Plc | 450,000 | 3,198,150 | 2.11 |
| IG Group Holdings Plc | 236,000 | 2,031,960 | 1.34 |
| IMI Plc | 141,308 | 1,599,607 | 1.05 |
| Imimobile Plc | 404,335 | 1,051,271 | 0.69 |
| | Acciones en GBP (continuación) | |
| --- | --- | --- |
| Informa Plc | 282,933 | 2,362,491 | 1.56 |
| IQE Plc | 1,081,270 | 1,103,977 | 0.73 |
| James Fisher & Sons Plc | 111,394 | 1,947,167 | 1.28 |
| Joules Group Plc | 236,442 | 884,293 | 0.58 |
| JTC Plc | 548,000 | 2,104,320 | 1.39 |
| Just Group Plc | 1,405,383 | 1,897,267 | 1.25 |
| Marshalls Plc | 423,065 | 1,726,105 | 1.14 |
| Melrose Industries Plc | 1,134,016 | 2,412,052 | 1.59 |
| Microgen Plc | 230,000 | 1,012,000 | 0.67 |
| Morgan Advanced Materials Pl | 400,000 | 1,306,400 | 0.86 |
| On The Beach Group Plc | 611,565 | 3,070,056 | 2.02 |
| Phoenix Group Holdings | 264,459 | 1,790,387 | 1.18 |
| Prudential Plc | 197,000 | 3,416,965 | 2.25 |
| Quixant Plc | 342,515 | 1,447,126 | 0.95 |
| Quiz Plc | 870,570 | 1,645,377 | 1.08 |
| Rentokil Initial Plc | 795,000 | 2,788,860 | 1.84 |
| Restore Plc | 127,840 | 659,654 | 0.43 |
| | | | |
| Ricardo Plc | 140,668 | 1,350,413 | 0.89 |
| | | | |
| Rightmove Plc | 39,473 | 2,096,016 | 1.38 |
| | | | |
| Rio Tinto Plc | 99,850 | 4,194,698 | 2.76 |
| | | | |
| RPC Group Plc | 412,503 | 3,086,347 | 2.03 |
| | | | |
| RWS Holdings Plc | 283,360 | 1,215,614 | 0.80 |
| | | | |
| Safestore Holdings Ltd | 278,580 | 1,530,797 | 1.01 |
| | | | |
| Sanne Group Plc | 278,540 | 1,877,360 | 1.24 |
| | | | |
| Shire Ltd | 53,575 | 2,284,974 | 1.50 |
| | | | |
| Sirius Minerals Plc | 3,165,424 | 1,047,122 | 0.69 |
| | | | |
| Smith & Nephew Plc | 112,646 | 1,574,791 | 1.04 |
| | | | |
| Standard Chartered Bank | 357,250 | 2,474,314 | 1.63 |
| | | | |
| Stride Gaming Plc | 417,901 | 597,598 | 0.39 |
| | | | |
| Taylor Wimpey Plc | 855,000 | 1,529,595 | 1.01 |
| | | | |
| Tesco Corp | 1,215,000 | 3,118,905 | 2.05 |
| | | | |
| TP Icap Plc | 217,407 | 916,153 | 0.60 |
| | | | |
| Tracsis Plc | 247,500 | 1,460,250 | 0.96 |
| | | | |
| Tullow Oil | 705,734 | 1,729,048 | 1.14 |
| | | | |
| Tungsten Corp Plc | 1,450,000 | 761,250 | 0.50 |
| | | | |
| Ultra Electronics Hldgs Plc | 97,000 | 1,600,500 | 1.05 |
| | | | |
| Weir Group | 94,267 | 1,885,340 | 1.24 |
| | | | |
| Xaar Plc | 216,868 | 519,399 | 0.34 |
| | | | |
| Xafinity Plc | 836,013 | 1,538,264 | 1.01 |
| | | | 137,004,957 | 90.22 |
Las notas adjuntas forman parte integrante de estos estados financieros.
*Para obtener más información sobre la valoración de las inversiones, consulte nota 2d). | # Etat des investissements et autres actifs nets au 30 juin 2018 (en GBP)
| Description | Quantité/ Valeur nominale | Valeur de marché* | % des actifs nets |
| --- | --- | --- | --- |
| Description | Quantité/ Valeur nominale | Valeur de marché* | % des actifs nets |
| --- | --- | --- | --- |
#### VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE D’UNE BOURSE DE VALEURS OU NEGOCIEES SUR UN AUTRE MARCHE REGLEMENTE
| Actions en EUR Royal Dutch Shell Plc | 207,338 | 5,450,916 | 3.60 |
| --- | --- | --- | --- |
| | | 5,450,916 | 3.60 |
| Actions en GBP | | | |
| 4Imprint Group Plc | 100,168 | 1,722,890 | 1.13 |
| Ascential Plc | 529,465 | 2,396,359 | 1.58 |
| Ashtead Group Plc | 97,417 | 2,214,288 | 1.46 |
| Auto Trader Group Plc | 565,000 | 2,406,335 | 1.58 |
| Aveva Group Plc | 69,253 | 1,860,136 | 1.23 |
| BBA Aviation Plc | 725,000 | 2,475,150 | 1.63 |
| BCA Marketplace Plc | 952,256 | 2,094,963 | 1.38 |
| BP Plc | 805,000 | 4,655,315 | 3.07 |
| Breedon Aggregates Ltd | 2,342,471 | 1,925,511 | 1.27 |
| Charter Court Financial Services | 689,995 | 2,299,753 | 1.51 |
| Clinigen Group Plc | 164,645 | 1,513,088 | 1.00 |
| Consort Medical Plc | 125,000 | 1,490,000 | 0.98 |
| Conviviality Plc | 358,150 | 0 | 0.00 |
| CVS Group Plc | 72,571 | 825,858 | 0.54 |
| DCC Plc | 27,639 | 1,905,709 | 1.26 |
| Dechra Pharmaceuticals Plc | 87,500 | 2,434,250 | 1.60 |
| DFS Furniture Plc | 394,261 | 810,206 | 0.53 |
| Dunelm Group Plc | 363,848 | 1,837,432 | 1.21 |
| Eco Animal Health Group Plc | 285,402 | 1,526,901 | 1.01 |
| Eddie Stobart Logistics Plc | 487,866 | 687,891 | 0.45 |
| Electrocomponents Plc | 388,969 | 2,948,385 | 1.94 |
| Elementis Plc | 712,297 | 1,800,687 | 1.19 |
| Essentra Plc | 250,750 | 1,204,603 | 0.79 |
| Experian Group Ltd | 149,088 | 2,794,655 | 1.84 |
| FDM Group Holdings Plc | 183,835 | 1,799,745 | 1.19 |
| Future Plc | 456,808 | 2,393,674 | 1.58 |
| GB Group Plc | 217,939 | 1,301,096 | 0.86 |
| Gear4music Holdings Plc | 100,000 | 723,000 | 0.48 |
| Glaxosmithkline Capital | 278,311 | 4,257,602 | 2.80 |
| Homeserve Plc | 317,602 | 2,855,242 | 1.88 |
| HSBC Holdings Plc | 450,000 | 3,198,150 | 2.11 |
| IG Group Holdings Plc | 236,000 | 2,031,960 | 1.34 |
| IMI Plc | 141,308 | 1,599,607 | 1.05 |
| Imimobile Plc | 404,335 | 1,051,271 | 0.69 |
| | Actions en GBP (suite) | |
| --- | --- | --- |
| Informa Plc | 282,933 | 2,362,491 | 1.56 |
| IQE Plc | 1,081,270 | 1,103,977 | 0.73 |
| James Fisher & Sons Plc | 111,394 | 1,947,167 | 1.28 |
| Joules Group Plc | 236,442 | 884,293 | 0.58 |
| JTC Plc | 548,000 | 2,104,320 | 1.39 |
| Just Group Plc | 1,405,383 | 1,897,267 | 1.25 |
| Marshalls Plc | 423,065 | 1,726,105 | 1.14 |
| Melrose Industries Plc | 1,134,016 | 2,412,052 | 1.59 |
| Microgen Plc | 230,000 | 1,012,000 | 0.67 |
| Morgan Advanced Materials Pl | 400,000 | 1,306,400 | 0.86 |
| On The Beach Group Plc | 611,565 | 3,070,056 | 2.02 |
| Phoenix Group Holdings | 264,459 | 1,790,387 | 1.18 |
| Prudential Plc | 197,000 | 3,416,965 | 2.25 |
| Quixant Plc | 342,515 | 1,447,126 | 0.95 |
| Quiz Plc | 870,570 | 1,645,377 | 1.08 |
| Rentokil Initial Plc | 795,000 | 2,788,860 | 1.84 |
| Restore Plc | 127,840 | 659,654 | 0.43 |
| | | | |
| Ricardo Plc | 140,668 | 1,350,413 | 0.89 |
| | | | |
| Rightmove Plc | 39,473 | 2,096,016 | 1.38 |
| | | | |
| Rio Tinto Plc | 99,850 | 4,194,698 | 2.76 |
| | | | |
| RPC Group Plc | 412,503 | 3,086,347 | 2.03 |
| | | | |
| RWS Holdings Plc | 283,360 | 1,215,614 | 0.80 |
| | | | |
| Safestore Holdings Ltd | 278,580 | 1,530,797 | 1.01 |
| | | | |
| Sanne Group Plc | 278,540 | 1,877,360 | 1.24 |
| | | | |
| Shire Ltd | 53,575 | 2,284,974 | 1.50 |
| | | | |
| Sirius Minerals Plc | 3,165,424 | 1,047,122 | 0.69 |
| | | | |
| Smith & Nephew Plc | 112,646 | 1,574,791 | 1.04 |
| | | | |
| Standard Chartered Bank | 357,250 | 2,474,314 | 1.63 |
| | | | |
| Stride Gaming Plc | 417,901 | 597,598 | 0.39 |
| | | | |
| Taylor Wimpey Plc | 855,000 | 1,529,595 | 1.01 |
| | | | |
| Tesco Corp | 1,215,000 | 3,118,905 | 2.05 |
| | | | |
| TP Icap Plc | 217,407 | 916,153 | 0.60 |
| | | | |
| Tracsis Plc | 247,500 | 1,460,250 | 0.96 |
| | | | |
| Tullow Oil | 705,734 | 1,729,048 | 1.14 |
| | | | |
| Tungsten Corp Plc | 1,450,000 | 761,250 | 0.50 |
| | | | |
| Ultra Electronics Hldgs Plc | 97,000 | 1,600,500 | 1.05 |
| | | | |
| Weir Group | 94,267 | 1,885,340 | 1.24 |
| | | | |
| Xaar Plc | 216,868 | 519,399 | 0.34 |
| | | | |
| Xafinity Plc | 836,013 | 1,538,264 | 1.01 |
| | | | 137,004,957 | 90.22 |
Les notes annexées font partie intégrante des présents états financiers.
*Voir note 2d) pour plus d'information sur l'évaluation du portefeuille-titres. | fr | es |
DOLFIN2919 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments.
- Convertible Securities RiskConvertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities generally (i) have higher yields than common stocks, but lower yields thancomparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Sub-Fund is called for redemption, the Sub-Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Sub-Fund.
- Contingent Convertible Bonds RiskContingent convertible bonds (hereafter "Coco Bonds") are debt instruments that transform into shares of equity or are written off upon a triggering event. The investment in Coco Bonds is subject to different risks which may result in the total or partial loss of the invested sums or a delay in payment. These situations may adversely affect the Sub-Funds. | En outre, l’évaluation du risque de crédit associé à des titres de créance s’accompagne d’incertitudes, car les agences de notation de crédit du monde entier ont des normes différentes, ce qui rend la comparaison difficile d’un pays à un autre. Par ailleurs, le marché des différentiels de taux est souvent inefficace et manque de liquidité, ce qui complique le calcul précis des baisses de taux pour évaluer des instruments financiers.
- Risque lié aux titres convertiblesLes titres convertibles sont des obligations, titres de créance, notes, actions privilégiées et autres titres qui peuvent, dans un délai donné à un prix déterminé ou suivant une formule déterminée, être convertis en ou échangés contre une certaine quantité d’actions ordinaires du même émetteur ou d’un autre émetteur. Un titre convertible confère au détenteur le droit de percevoir des intérêts, qui sont généralement payés ou accumulés, sur une créance, ou des dividendes, qui sont payés ou accumulés, sur des actions privilégiées jusqu’à ce que le titre convertible arrive à échéance ou soit remboursé, converti ou échangé. Généralement, les titres convertibles (i) affichent des rendements supérieurs à ceux des titres ordinaires, mais inférieurs à ceux de titres comparables non convertibles, (ii) sont moins sujets aux fluctuations de valeur que les actions ordinaires sous-jacentes du fait de leurs caractéristiques de titre à revenu fixe et (iii) offrent un potentiel de plus-value en capital en cas de hausse du cours de l’action ordinaire sous-jacente. La valeur d’un titre convertible dépend de sa "valeur nue" (déterminée par son rendement par rapport aux rendements d’autres titres d’échéance et de qualité comparables sans droit de conversion) et de sa "valeur de conversion" (valeur du titre, à sa valeur de marché, en cas de conversion en actionsordinaires sous-jacentes). Un titre convertible se vendra généralement avec une prime par rapport à sa valeur de conversion dans la mesure où les investisseurs jugent intéressant le droit d’acquérir l’action ordinaire sous-jacente tout en détenant un titre à revenu fixe. D’une manière générale, le montant de la prime décroît à mesure que l’échéance du titre convertible se rapproche. Un titre convertible peut faire l’objet d’un remboursement à l’initiative de l’émetteur à un prix fixé dans l’instrument sur lequel se fonde le titre convertible. Si un titre convertible détenu par un Compartiment est appelé au remboursement, ledit Compartiment se verra contraint de permettre à l’émetteur de rembourser le titre, de le convertir en actions ordinaires sous- jacentes ou de le vendre à un tiers. Chacune de ces opérations peut être préjudiciable à ce Compartiment.
- Risque lié aux obligations convertibles contingentesLes obligations convertibles contingentes (les "Obligations CoCo") sont des titres de créance qui se transforment en actions ou sont annulées en cas d’événement déclencheur. Les investissements dans les Obligations CoCo présentent différents risques pouvant entraîner la perte partielle ou totale des sommes investies ou un retard de paiement. De telles situations peuvent avoir une incidence négative sur les Compartiments. | In addition evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments.
- Convertible Securities RiskConvertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities generally (i) have higher yields than common stocks, but lower yields thancomparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Sub-Fund is called for redemption, the Sub-Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Sub-Fund.
- Contingent Convertible Bonds RiskContingent convertible bonds (hereafter "Coco Bonds") are debt instruments that transform into shares of equity or are written off upon a triggering event. The investment in Coco Bonds is subject to different risks which may result in the total or partial loss of the invested sums or a delay in payment. These situations may adversely affect the Sub-Funds. | en | fr |
DOLFIN2920 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The sub-fund aims to outperform its benchmark index, the SBF 120 (NR), over a recommended investment horizon of more than 5 years by investing in predominantly French companies whose valuation characteristics indicate that they are likely to perform strongly. These companies will be selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The sub-fund's investment universe consists of all French stocks with a market capitalisation of more than €300 million that have been subjected to a non-financial analysis.
Benchmark index: SBF 120 (NR), net dividends reinvested
Investment policy: The sub-fund implements an active stock-picking management strategy, selecting equities listed in an investment universe comprising mainly French stocks. At least 75% of the assets will be invested in European equities, with at least 65% in eurozone equities. Equities from outside of France will not exceed 25% of the net assets. The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
The sub-fund's management philosophy is to invest in companies whose strategic and operational choices are guided by overall performance – economic and financial, social-societal, governance-related and environmental – gaining the respect and trust of their internal and external stakeholders. Securities will be selected based on the combined used of financial and non-financial criteria.
The securities universe in which the sub-fund invests comprises the shares of companies whose capitalisation is generally greater than €300 million. The sub-fund will also invest at least 10% of its net assets in shares of listed French TPEs (très petite entreprise —very small business), SMEs or ETIs (entreprise de taille intermédiaire —intermediate-sized enterprise). All the stocks that form the portfolio's investment universe are subjected to a non-financial analysis.
The analysis of financial criteria identifies securities with significant growth prospects, which offer a reasonable return or which are significantly under-valued in the view of the management team.
The analysis of non-financial criteria allows the requirements with regard to Socially Responsible Investment to be met by selecting securities based on the Management Company's own ESG rating grid, which classifies securities according to the criteria listed below:
- Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;
- Social: quality of employment, human resources management, social impact, health and safety;
- Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders' interest. The SRI ratings model was formulated:
- Using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- Using differentiated weightings of the three ESG pillars for each sector depending on its specific challenges. As a result, the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which puts a different emphasis on each of the three pillars.
To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider. The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The Manager predominantly selects stocks that have a proprietary rating for the portfolio. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings.
Companies whose business activity is directly related – and under certain circumstances, indirectly related – to thermal and metallurgical coal will be excluded from the portfolio. The sub-fund may also invest in the following securities:
- The sub-fund may use financial contracts traded on French organised markets, regulated markets (futures, listed options), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/or exposure, without overexposure, up to a limit of 100% of its assets. In this respect, the sub-fund may take a position with a view to hedging the portfolio against certain risks (equity risk, currency risk).
- The portfolio's overall exposure to debt securities and money-market instruments may represent up to 25% of the portfolio for cash management purposes.
- The sub-fund may also invest between 0% and 25% of the net assets in euro-denominated French convertible bonds traded on a regulated European market and, within this same limit, up to 10% of the net assets in foreign convertible bonds.
All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Furthermore, subject to the maximum limit of 10%, the sub-fund may invest in units or shares of UCIs. The selected UCIs will not be subject to a non-financial analysis. The sub-fund will not use total return swaps.
AMF classification: Equities from eurozone countries
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | # Objetivos y política de inversión
Objetivo de gestión: El objetivo del subfondo, en un horizonte de inversión recomendado superior a cinco años, es lograr una rentabilidad superior a la de su índice de referencia, el SBF 120 (NR), por medio de la inversión en sociedades principalmente francesas cuyas características de valoración indiquen que son susceptibles de registrar una buena rentabilidad. Estas sociedades se seleccionarán sobre la base de un análisis en el que se combinarán la rentabilidad financiera y el cumplimiento de criterios extrafinancieros. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El universo de inversión del subfondo está compuesto por todos los valores franceses con una capitalización bursátil superior a 300 millones de euros que han sido objeto de un análisis extrafinanciero.
Índice de referencia: SBF 120 (NR), dividendos netos reinvertidos
Política de inversión: El subfondo lleva a cabo una gestión activa de selección de acciones (“stock-picking”) cotizadas dentro de un universo de valores mayoritariamente franceses. La renta variable europea representará al menos un 75 % del patrimonio, del que como mínimo un 65 % serán acciones de la zona euro. El conjunto de acciones procedentes de otro país distinto de Francia no excederá el 25% del patrimonio neto. Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros.
La filosofía de gestión del subfondo tiene por objetivo invertir en empresas que orientan sus decisiones estratégicas y operativas hacia la búsqueda de rentabilidad global —ala vez económica y financiera, social, de gobierno y medioambiental—dentro del respeto y la confianza de sus partes interesadas, tanto internas como externas. La selección de los valores se basa en el uso combinado de criterios financieros y extrafinancieros.
El universo de títulos en el que se encuentra invertido el subfondo se compone de acciones de sociedades cuya capitalización es, fundamentalmente, superior a 300 millones de euros. El subfondo también invertirá al menos el 10% de su patrimonio neto en acciones cotizadas de muy pequeñas empresas (MPE), pymes o empresas de tamaño intermedio (ETI) francesas. Todos los valores que componen el universo de inversión de la cartera son objeto de un análisis extrafinanciero.
El análisis de los criterios financieros permite seleccionar valores con perspectivas de crecimiento significativas, unos rendimientos satisfactorios o una infravaloración importante, en opinión del equipo de gestores.
El análisis de criterios extrafinancieros permite cumplir los requisitos de inversión socialmente responsable mediante la selección de los valores de acuerdo con una tabla de calificación ESG específica para la sociedad gestora, que clasifica los títulos de acuerdo con los criterios que se detallan a continuación:
- Medioambiente: consumo de energía, emisiones de gases de efecto invernadero, agua, residuos, contaminación, estrategia de gestión medioambiental, impacto ecológico;
- Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;
- Gobierno corporativo: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, intereses de los accionistas. El modelo de calificación ISR se creó:
- siguiendo un enfoque "Best in Universe", es decir, de forma que las empresas con mejores resultados resulten beneficiadas, independientemente de la calificación financiera, el tamaño o el sector;
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos. De hecho, a los tres pilares extrafinancieros se les asigna un peso mayor o menor de acuerdo con el sector considerado, lo que resulta en un peso diferente para cada uno de los tres pilares.
Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la Sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gestión empresarial de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el Gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera. La méthodologie de notations utilisée par l’agence de notation externe utilisée par la Société de Gestion pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. El gestor selecciona principalmente en la cartera valores con calificación propia. En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
Tras aplicar este proceso, el universo de inversión se reducirá en un 20% al eliminar las peores calificaciones extrafinancieras.
Quedarán excluidas de la cartera aquellas sociedades cuya actividad esté directamente y, en determinadas circunstancias, indirectamente vinculada al carbón térmico y metalúrgico. El subfondo podrá invertir asimismo en los siguientes títulos:
- con fines de cobertura y/o de exposición, sin buscar una sobreexposición, y dentro del límite del 100 % de su patrimonio, el subfondo podrá recurrir a contratos financieros negociados en mercados franceses organizados, regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, contratos de cambio a plazo). En este sentido, el subfondo podrá tomar posiciones con el fin de cubrir la cartera frente a determinados riesgos (acciones, divisas).
- Con fines de gestión de la tesorería, La exposición global de la cartera a títulos de crédito e instrumentos del mercado monetario podrá representar como máximo un 25% de la cartera.
- El subfondo también podrá invertir en obligaciones convertibles francesas denominadas en euros negociadas en un mercado regulado europeo dentro de los límites del 0% al 25% del patrimonio neto y, con sujeción a ese mismo límite en obligaciones convertibles extranjeras, con un máximo del 10%.
Todos estos títulos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Por otra parte, dentro del límite máximo de un 10%, el subfondo podrá invertir en participaciones o acciones de IIC. Las IIC seleccionadas no serán objeto de un análisis extrafinanciero. El subfondo no utilizará swaps de rentabilidad total.
Clasificación AMF: Renta variable de los países de la zona del euro
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: El subfondo fomenta los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) en el sentido del artículo 8 del Reglamento (UE) 2019/2088, denominado “Reglamento de Divulgación” o “SFDR”, y está sujeto al riesgo de sostenibilidad, tal y como se define en el perfil de riesgo del folleto.
Duración de la participación recomendada superior a 5 años | # Objectives and investment policy
Management objective: The sub-fund aims to outperform its benchmark index, the SBF 120 (NR), over a recommended investment horizon of more than 5 years by investing in predominantly French companies whose valuation characteristics indicate that they are likely to perform strongly. These companies will be selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The sub-fund's investment universe consists of all French stocks with a market capitalisation of more than €300 million that have been subjected to a non-financial analysis.
Benchmark index: SBF 120 (NR), net dividends reinvested
Investment policy: The sub-fund implements an active stock-picking management strategy, selecting equities listed in an investment universe comprising mainly French stocks. At least 75% of the assets will be invested in European equities, with at least 65% in eurozone equities. Equities from outside of France will not exceed 25% of the net assets. The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
The sub-fund's management philosophy is to invest in companies whose strategic and operational choices are guided by overall performance – economic and financial, social-societal, governance-related and environmental – gaining the respect and trust of their internal and external stakeholders. Securities will be selected based on the combined used of financial and non-financial criteria.
The securities universe in which the sub-fund invests comprises the shares of companies whose capitalisation is generally greater than €300 million. The sub-fund will also invest at least 10% of its net assets in shares of listed French TPEs (très petite entreprise —very small business), SMEs or ETIs (entreprise de taille intermédiaire —intermediate-sized enterprise). All the stocks that form the portfolio's investment universe are subjected to a non-financial analysis.
The analysis of financial criteria identifies securities with significant growth prospects, which offer a reasonable return or which are significantly under-valued in the view of the management team.
The analysis of non-financial criteria allows the requirements with regard to Socially Responsible Investment to be met by selecting securities based on the Management Company's own ESG rating grid, which classifies securities according to the criteria listed below:
- Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;
- Social: quality of employment, human resources management, social impact, health and safety;
- Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders' interest. The SRI ratings model was formulated:
- Using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- Using differentiated weightings of the three ESG pillars for each sector depending on its specific challenges. As a result, the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which puts a different emphasis on each of the three pillars.
To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider. The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The Manager predominantly selects stocks that have a proprietary rating for the portfolio. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings.
Companies whose business activity is directly related – and under certain circumstances, indirectly related – to thermal and metallurgical coal will be excluded from the portfolio. The sub-fund may also invest in the following securities:
- The sub-fund may use financial contracts traded on French organised markets, regulated markets (futures, listed options), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/or exposure, without overexposure, up to a limit of 100% of its assets. In this respect, the sub-fund may take a position with a view to hedging the portfolio against certain risks (equity risk, currency risk).
- The portfolio's overall exposure to debt securities and money-market instruments may represent up to 25% of the portfolio for cash management purposes.
- The sub-fund may also invest between 0% and 25% of the net assets in euro-denominated French convertible bonds traded on a regulated European market and, within this same limit, up to 10% of the net assets in foreign convertible bonds.
All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Furthermore, subject to the maximum limit of 10%, the sub-fund may invest in units or shares of UCIs. The selected UCIs will not be subject to a non-financial analysis. The sub-fund will not use total return swaps.
AMF classification: Equities from eurozone countries
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | en | es |
DOLFIN2921 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-Funds will seek to achieve their objectives, in accordance with the specific investment policies established for each Sub-Fund by the Board of Directors, by investing primarily in fixed income Transferable Securities that are considered by the Investment Manager to have the potential to provide a high level of total return. The Board of Directors has determined the investment objective and policy of each Sub-Fund, as described in Appendix 1. There can be no assurance that the investment objective for any Sub-Fund will be attained. Pursuit of the investment objective and policy of each Sub-Fund must be in compliance with the limits and restrictions set forth in Section 10.1. “Investment Restrictions”.
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## Financial Techniques and Instruments | In conformità alle politiche d'investimento specifiche fissate per il singolo Comparto dal Consiglio di amministrazione, i Comparti si prefiggono di conseguire i loro obiettivi principalmente attraverso l'investimento in Valori mobiliari a reddito fisso che, secondo il Gestore degli investimenti, abbiano le potenzialità per fornire un livello di rendimento totale elevato. Il Consiglio di amministrazione ha stabilito l'obiettivo e la politica d'investimento di ciascun Comparto, descritti nell'Appendice 1. Non può essere fornita alcuna garanzia circa l'effettivo conseguimento degli obiettivi d'investimento dei Comparti. Il perseguimento dell'obiettivo e della politica d'investimento di ogni Comparto deve essere conforme ai limiti e alle restrizioni riportati nella sezione 10.1. “Limiti agli investimenti”.
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## Tecniche e strumenti finanziari | The Sub-Funds will seek to achieve their objectives, in accordance with the specific investment policies established for each Sub-Fund by the Board of Directors, by investing primarily in fixed income Transferable Securities that are considered by the Investment Manager to have the potential to provide a high level of total return. The Board of Directors has determined the investment objective and policy of each Sub-Fund, as described in Appendix 1. There can be no assurance that the investment objective for any Sub-Fund will be attained. Pursuit of the investment objective and policy of each Sub-Fund must be in compliance with the limits and restrictions set forth in Section 10.1. “Investment Restrictions”.
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## Financial Techniques and Instruments | en | it |
DOLFIN2922 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Immediately available: Collateral received should be capable of being fully enforced by a Fund at any time without reference to or approval from the counterparty.
- Safe-keeping: Collateral received on a title transfer basis should be held by the Depositary or its agent. For other types of collateral arrangement, the collateral can be held by a third party depositary which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- Haircuts: The Company, on behalf of a Fund, shall apply suitably conservative haircuts to assets being received as collateral where appropriate on the basis of an assessment of the characteristics of the assets such as the credit standing or the price volatility, as well as the outcome of any stress tests performed as referred to above. The Company has determined that generally if issuer or issue credit quality of the collateral is not of the necessary quality or the collateral carries a significant level of price volatility with regard to residual maturity or other factors, a conservative haircut must be applied in accordance with more specific guidelines as will be maintained in writing by the Company on an ongoing basis. However, the application of such a haircut will be determined on a case by case basis, depending on the exact details of the assessment of the collateral. The Company, in its discretion, may consider it appropriate in certain circumstances to resolve to accept certain collateral with more conservative, less conservative or no haircuts applied if it so determines, on an objectively justifiable basis. Any extenuating circumstances that warrant the acceptance of relevant collateral with haircut provisions other than the guideline levels must be outlined in writing. Documentation of the rationale behind this is imperative. | - Immédiatement disponible : les garanties financières reçues doivent pouvoir être intégralement exécutées à tout moment par un Compartiment sans consultation ni approbation de la contrepartie.
- Conservation : les garanties financières reçues doivent être conservées par le Dépositaire ou son mandataire. Pour les autres types d’accords de garantie, la garantie financière peut être conservée par un dépositaire tiers soumis à une surveillance prudentielle et non lié au fournisseur de la garantie financière.
- Décotes : la Société, pour le compte d’un Compartiment, appliquera des décotes suffisamment prudentes aux actifs reçus en garantie, le cas échéant, sur la base d’une évaluation des caractéristiques des actifs, comme la qualité de crédit ou la volatilité des prix, et du résultat de toute simulation de crise effectuée comme indiqué ci- dessus. La Société a déterminé que, de manière générale, si la qualité de crédit de l’émetteur ou de l’émission de la garantie ne correspond pas à celle requise ou si la garantie présente un niveau important de volatilité des prix en ce qui concerne la durée de vie résiduelle ou d’autres facteurs, une décote prudente doit être appliquée conformément à des directives plus spécifiques qui seront conservées par écrit par la Société de manière continue. Toutefois, l’application de ladite décote sera déterminée au cas par cas, en fonction des détails exacts de l’évaluation de la garantie. La Société, à sa discrétion, peut considérer qu’il est adéquat dans certaines circonstances de décider d’accepter certaines garanties avec des décotes plus prudentes, moins prudentes ou sans décote, si elle le juge, sur une base objectivement justifiable. Toute circonstance atténuante qui justifie l’acceptation de la garantie concernée avec des dispositions de décote autres que les niveaux de recommandation doit être décrite par écrit. Il est impératif de documenter la justification de cette motivation. | - Immediately available: Collateral received should be capable of being fully enforced by a Fund at any time without reference to or approval from the counterparty.
- Safe-keeping: Collateral received on a title transfer basis should be held by the Depositary or its agent. For other types of collateral arrangement, the collateral can be held by a third party depositary which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- Haircuts: The Company, on behalf of a Fund, shall apply suitably conservative haircuts to assets being received as collateral where appropriate on the basis of an assessment of the characteristics of the assets such as the credit standing or the price volatility, as well as the outcome of any stress tests performed as referred to above. The Company has determined that generally if issuer or issue credit quality of the collateral is not of the necessary quality or the collateral carries a significant level of price volatility with regard to residual maturity or other factors, a conservative haircut must be applied in accordance with more specific guidelines as will be maintained in writing by the Company on an ongoing basis. However, the application of such a haircut will be determined on a case by case basis, depending on the exact details of the assessment of the collateral. The Company, in its discretion, may consider it appropriate in certain circumstances to resolve to accept certain collateral with more conservative, less conservative or no haircuts applied if it so determines, on an objectively justifiable basis. Any extenuating circumstances that warrant the acceptance of relevant collateral with haircut provisions other than the guideline levels must be outlined in writing. Documentation of the rationale behind this is imperative. | en | fr |
DOLFIN2923 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Article 1 – Form
A société d'investissement à capital variable (SICAV) [open-ended investment company] is formed by the holders of shares created at this time or in the future, governed in particular by the provisions of the French Commercial Code on limited companies (Book II – Part II – Chapter V), the French Monetary and Financial Code (Book II – Part I – Chapter IV – Section I – Subsection I), their implementing provisions and subsequent laws, and by these Articles of Association.
The Board of Directors may create share classes in accordance with the regulations in force.
Pursuant to Article L.214-5 of the French Monetary and Financial Code, the SICAV may be comprised of one or more sub-funds. Each sub-fund gives rise to the issue of shares representing the assets of the SICAV that are allocated to it.
As an exception to the principle of financial autonomy of sub-funds laid down in Article L. 214-5 of the French Monetary and Financial Code, the Board of Directors may decide that the sub-funds are financially interdependent.
The Board of Directors may decide, in accordance with current laws, to transform the SICAV (or one or more of its sub-funds) into a feeder SICAV (or, where applicable, into feeder sub- fund(s) of another UCITS), referred to as the master fund (or of their respective UCITS). | ## Articolo 1 – Costituzione
È costituita, tra i detentori delle azioni qui di seguito create e di quelle che lo saranno in futuro, una Società d'investimento a capitale variabile (SICAV) disciplinata specificamente dalle disposizioni del Codice del commercio relative alle società di capitali (Libro II – Titolo II – Capitolo V), del Codice monetario e finanziario (Libro II – Titolo I – Capitolo IV – sezione I – sottosezione I), dai regolamenti d'attuazione, dai regolamenti successivi e dal presente statuto.
Il Consiglio di Amministrazione può procedere alla creazione di categorie di azioni, in conformità alla normativa vigente.
In conformità all’articolo L.214-5 del Codice monetario e finanziario, la SICAV può prevedere uno o più comparti. In questo caso, ogni comparto dà luogo all'emissione di azioni rappresentative degli attivi della SICAV ad esso attribuiti.
In deroga al principio di autonomia finanziaria dei comparti previsto dall’articolo L.214-5 del Codice monetario e finanziario, il Consiglio d’amministrazione può deliberare la responsabilità finanziaria in solido tra i comparti.
In applicazione della legislazione vigente, il consiglio d’amministrazione può deliberare di trasformare la SICAV (o uno o più dei suoi comparti) in una SICAV feeder (o se del caso in uno o più comparti feeder) di un altre OICVM detto master (o del loro rispettivo OICVM). | ## Article 1 – Form
A société d'investissement à capital variable (SICAV) [open-ended investment company] is formed by the holders of shares created at this time or in the future, governed in particular by the provisions of the French Commercial Code on limited companies (Book II – Part II – Chapter V), the French Monetary and Financial Code (Book II – Part I – Chapter IV – Section I – Subsection I), their implementing provisions and subsequent laws, and by these Articles of Association.
The Board of Directors may create share classes in accordance with the regulations in force.
Pursuant to Article L.214-5 of the French Monetary and Financial Code, the SICAV may be comprised of one or more sub-funds. Each sub-fund gives rise to the issue of shares representing the assets of the SICAV that are allocated to it.
As an exception to the principle of financial autonomy of sub-funds laid down in Article L. 214-5 of the French Monetary and Financial Code, the Board of Directors may decide that the sub-funds are financially interdependent.
The Board of Directors may decide, in accordance with current laws, to transform the SICAV (or one or more of its sub-funds) into a feeder SICAV (or, where applicable, into feeder sub- fund(s) of another UCITS), referred to as the master fund (or of their respective UCITS). | en | it |
DOLFIN2924 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Dépositaire doit s’assurer que le risque de garde soit évalué de façon appropriée, que les obligations de séparation de due diligence aient été respectées sur l’ensemble de la chaîne de conservation, de telle sorte que les instruments financiers détenus en garde reçoivent tout le soin et la protection nécessaires à tout moment.
Le Dépositaire doit à tout moment disposer d’un aperçu complet de tous les actifs qui ne sont pas des instruments financiers devant être détenus en garde et doit vérifier la propriété et tenir un registre de tous les actifs dont il est convaincu que la Société est propriétaire.
Conformément à ses obligations de surveillance, le Dépositaire doit mettre en place les procédures appropriées afin de vérifier a posteriori que les investissements de la Société correspondent aux objectifs et politiques d’investissement de la Société et aux Compartiments, tel que décrit dans le Prospectus et les Statuts et afin de s’assurer que les restrictions d’investissement correspondantes soient respectées.
Le Dépositaire doit également contrôler correctement les flux de trésorerie de la Société afin de s’assurer, entre autres choses, que tous les paiements effectués par ou pour le compte des investisseurs lors de la souscription des Actions de la Société aient été perçus, et que toutes les liquidités aient été comptabilisées sur un ou plusieurs compte(s) ouvert(s) dans un établissement bancaire éligible.
Conformément aux dispositions de la Convention de Dépositaire, de la Loi de 2010 et des lois, règles et réglementations luxembourgeoises applicables, le Dépositaire peut, sous réserve de certaines conditions et en vue de mener à bien sa mission, déléguer à un ou plusieurs correspondant(s) désigné(s) par le Dépositaire en tant que de besoin, tout ou partie de sa mission de garde à l’égard des instruments financiers devant être détenus en garde (à savoir les instruments financiers qui peuvent être enregistrés sur un compte d’instruments financiers ouvert dans les livres du Dépositaire et tous les instruments financiers qui peuvent être physiquement livrés au Dépositaire). À cette fin, le Dépositaire a établi et conserve des procédures appropriées visant à sélectionner, surveiller et superviser le(s) meilleur(s) fournisseur(s) tiers sur chaque marché, conformément aux lois et réglementations locales. Une liste desdits correspondants (et, le cas échéant, de leurs sous-délégués), ainsi que des conflits d’intérêts pouvant résulter d’une telle délégation, doit être à la disposition des actionnaires sur simple demande ou peut être consultée sur le site Internet suivant : | El Depositario debe garantizar que se evalúe debidamente el riesgo de custodia, que las obligaciones de diligencia debida y de segregación se hayan mantenido durante toda la cadena de custodia para asegurarse de que los instrumentos financieros bajo custodia están sometidos al cuidado y a la protección debidos en todo momento.
En todo momento, el Depositario debe tener una visión general de todos los activos que no son instrumentos financieros bajo custodia y debe verificar la titularidad y llevar un registro de todos los activos que prueban que la Sociedad es propietaria.
De conformidad con sus obligaciones de supervisión, el Depositario establecerá procedimientos adecuados para verificar con carácter retroactivo que las inversiones de la Sociedad son coherentes con los objetivos y políticas de inversión de la Sociedad y de los Subfondos, tal y como se describe en el Folleto y en los Estatutos, y garantizará que se cumplen las restricciones de inversión pertinentes.
Asimismo, el Depositario supervisará debidamente los flujos de efectivo de la Sociedad para garantizar, entre otros, que se hayan recibido los pagos efectuados por los inversores, o en su nombre, de la suscripción de las Acciones de la Sociedad, así como que todo el efectivo haya sido registrado en una o más cuentas abiertas en una entidad bancaria idónea.
De conformidad con las disposiciones del Acuerdo de depositario, la Ley de 2010 y las leyes, normas y reglamentos de Luxemburgo aplicables, el Depositario podrá, sujeto a determinadas condiciones y con la finalidad de desempeñar sus funciones de manera eficaz, delegar a uno o más corresponsales designados por el Depositario oportunamente, una parte o la totalidad de sus funciones de custodia respecto de los instrumentos financieros a mantener en custodia (es decir, los instrumentos financieros que pueden registrarse en una cuenta de instrumentos financieros abierta en los registros del Depositario y todos los instrumentos financieros que puedan entregarse físicamente al Depositario). A tal efecto, el Depositario ha establecido y mantiene procedimientos adecuados destinados a seleccionar, controlar y supervisar los proveedores terceros de la calidad más elevada de cada mercado, de conformidad con la legislación y los reglamentos locales. Los accionistas podrán disponer, previa solicitud, de una lista de dichos corresponsales (y, si corresponde, sus subdelegados), así como de los conflictos de interés que puedan surgir de tal delegación, o pueden consultarla en el siguiente sitio web: | Le Dépositaire doit s’assurer que le risque de garde soit évalué de façon appropriée, que les obligations de séparation de due diligence aient été respectées sur l’ensemble de la chaîne de conservation, de telle sorte que les instruments financiers détenus en garde reçoivent tout le soin et la protection nécessaires à tout moment.
Le Dépositaire doit à tout moment disposer d’un aperçu complet de tous les actifs qui ne sont pas des instruments financiers devant être détenus en garde et doit vérifier la propriété et tenir un registre de tous les actifs dont il est convaincu que la Société est propriétaire.
Conformément à ses obligations de surveillance, le Dépositaire doit mettre en place les procédures appropriées afin de vérifier a posteriori que les investissements de la Société correspondent aux objectifs et politiques d’investissement de la Société et aux Compartiments, tel que décrit dans le Prospectus et les Statuts et afin de s’assurer que les restrictions d’investissement correspondantes soient respectées.
Le Dépositaire doit également contrôler correctement les flux de trésorerie de la Société afin de s’assurer, entre autres choses, que tous les paiements effectués par ou pour le compte des investisseurs lors de la souscription des Actions de la Société aient été perçus, et que toutes les liquidités aient été comptabilisées sur un ou plusieurs compte(s) ouvert(s) dans un établissement bancaire éligible.
Conformément aux dispositions de la Convention de Dépositaire, de la Loi de 2010 et des lois, règles et réglementations luxembourgeoises applicables, le Dépositaire peut, sous réserve de certaines conditions et en vue de mener à bien sa mission, déléguer à un ou plusieurs correspondant(s) désigné(s) par le Dépositaire en tant que de besoin, tout ou partie de sa mission de garde à l’égard des instruments financiers devant être détenus en garde (à savoir les instruments financiers qui peuvent être enregistrés sur un compte d’instruments financiers ouvert dans les livres du Dépositaire et tous les instruments financiers qui peuvent être physiquement livrés au Dépositaire). À cette fin, le Dépositaire a établi et conserve des procédures appropriées visant à sélectionner, surveiller et superviser le(s) meilleur(s) fournisseur(s) tiers sur chaque marché, conformément aux lois et réglementations locales. Une liste desdits correspondants (et, le cas échéant, de leurs sous-délégués), ainsi que des conflits d’intérêts pouvant résulter d’une telle délégation, doit être à la disposition des actionnaires sur simple demande ou peut être consultée sur le site Internet suivant : | fr | es |
DOLFIN2925 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Where a fund is made up of more than one class of shares, the Net Asset Value of each class shall be determined by calculating the amount of the Net Asset Value of the fund attributable to each class. The amount of the Net Asset Value of a fund attributable to a class shall be determined by establishing the amount of shares in issue in the class as at the close of business on the Dealing Day immediately preceding the Dealing Day on which the Net Asset Value of the class is being determined or in the case of the first Dealing Day as at the close of the Initial Offer Period and by allocating relevant class expenses to the class and making appropriate adjustments to take account of distributions paid out of the fund, if applicable, and apportioning the Net Asset Value of the fund accordingly. The Net Asset Value per share of a class shall be calculated by dividing the Net Asset Value of the fund attributable to the class by the number of shares in issue in that class (calculated and expressed to up to three decimal places of the currency in which the class is denominated) as at the close of business on the Dealing Day immediately preceding the Dealing Day on which the Net Asset Value per share is being calculated or in the case of the first Dealing Day as the close of the Initial Offer Period.
In determining the value of the assets of a fund, each security which is traded on a Regulated Market will be valued on the Regulated Market which is normally the principal market for such security. The Directors may elect to value the securities of a fund either (i) on the basis of the latest available closing price, or if such is not available, the latest available middle market price for such security or (ii) on the basis of the latest available traded price
for such security, or (iii) on such other basis as permitted by the Central Bank and set forth in the Prospectus. The method of valuation shall be set out in the Prospectus for the relevant fund. In the case of unlisted securities or any assets traded on a Regulated Market, but in respect of which a price or quotation is not available at the time of valuation which would provide a fair valuation, the value of such asset shall be estimated with care and in good faith by a competent person selected by the Directors and approved for the purpose by the Depositary and such value shall be determined on the basis of the probable realisation value of the investment. In valuing debt securities, the Directors may make use of valuations provided by a principal market maker or a pricing service, both of which may use electronic data processing techniques to determine valuations for normal institutional trading units of debt securities without exclusive reliance on quoted prices. A pricing service may use such pricing procedures as the Directors, or their delegate, may from time to time approve, including “matrix” comparisons to price for comparable securities on the basis of quality, yield, maturity and/or relevant factors where reliable market quotations are not available.
Cash assets will normally be valued at face value (together with accrued interest at the relevant time of valuation). Exchange traded derivative instruments shall be valued at the relevant settlement price on the applicable exchange. Derivative instruments not traded on an exchange shall be valued in accordance with the guidelines of the Central Bank. Credit default swap agreements will be valued on the basis of the latest daily valuation obtained from the counterparty provided that the valuation is approved or verified at least weekly by an independent party approved for that purpose by the Depositary. Forward foreign exchange contracts shall be valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken as of the Dealing Day. Investments in collective investment schemes shall be valued at their latest available redemption price.
Where the Directors determine to do so in the circumstances described more particularly in the Prospectus they may apply a Fund Dilution Adjustment. Where a Fund Dilution Adjustment is made, a dilution adjustment may be applied to the Net Asset Value per Share, by increasing or decreasing the Net Asset Value per Share. The amount of the Fund Dilution Adjustment for each fund will be calculated on a particular Dealing Day by reference to the estimated costs of dealing in the underlying investments of that fund, including any dealing spreads, market impact, commissions and transfer taxes and will be applied to each class of Shares in an identical manner. In addition to the Fund Dilution Adjustment, the Company may, but is not required to, apply a Class Dilution Adjustment at the class level to account for specific costs applicable to the class, such as hedging costs. The Net Asset Value per Share, as adjusted by any Fund Dilution Adjustment or Class Dilution Adjustment, will be applicable to all transactions in Shares in the relevant Fund or Share Class (as the case may be) on the relevant Dealing Day.
The application of the Fund Dilution Adjustment and Class Dilution Adjustment will be reviewed from time to time by the Directors.
- The Directors/Manager (as applicable), with the approval of the Depositary, may adjust the Net Asset Value per share when calculating realisation prices for any fund, to reflect the value of such fund’s investments assuming they were valued using the lowest market dealing offer price on the relevant market at the relevant time. The Directors’/Managers’ (as applicable) intention is only to exercise this discretion to preserve the value of the holdings of continuing Members in the event of substantial or recurring net repurchases of shares in the relevant fund. | Lorsqu’un compartiment est constitué de plusieurs catégories d’actions, la Valeur Liquidative de chaque catégorie sera déterminée en calculant la Valeur Liquidative du compartiment attribuable à chaque catégorie. Le montant de la Valeur Liquidative d’un compartiment attribuable à une catégorie sera déterminé en calculant le nombre d’actions émises dans cette catégorie à la clôture de séance le Jour de Négociation précédant immédiatement le Jour de Négociation au cours duquel la Valeur Liquidative de cette catégorie est calculée, ou, au cas où il s’agirait du premier Jour de Négociation, à la clôture de la Période d’Offre Initiale, en allouant les frais de catégorie pertinents à la catégorie concernée et en faisant les ajustements nécessaires pour prendre en compte les dividendes versés par le compartiment le cas échéant, et en répartissant la Valeur Liquidative du compartiment proportionnellement. La Valeur Liquidative par action d’une catégorie sera calculée en divisant la Valeur Liquidative du compartiment attribuable à cette catégorie par le nombre d’actions émises dans cette catégorie (calculée et exprimée avec trois décimales dans la devise dans laquelle la catégorie est libellée) à la clôture de séance le Jour de Négociation précédant immédiatement le Jour de Négociation au cours duquel la Valeur Liquidative par action est calculée ou, au cas où il s’agirait du premier Jour de Négociation, à la clôture de la Période d’Offre Initiale.
Pour le calcul de la valeur des actifs d'un compartiment, chaque titre négocié sur un Marché Réglementé sera évalué sur le Marché Réglementé qui
constitue normalement le principal marché pour ce titre. Les Administrateurs peuvent choisir d'évaluer les titres d'un compartiment (i) sur la base du dernier cours de clôture disponible ou, à défaut, le dernier cours moyen du marché de ce titre ou (ii) sur la base du dernier prix négocié disponible pour ce titre, ou
(iii) sur toute autre base permise par la Banque Centrale et indiquée dans le Prospectus. La méthode d'évaluation sera définie dans le Prospectus du compartiment concerné. La valeur des titres qui ne sont pas cotés ou de quelconques actifs qui ne sont pas négociés sur un Marché Réglementé, et dont le cours, qui fournirait une valeur réelle, n’est momentanément pas disponible au moment de ce calcul, sera minutieusement déterminée de bonne foi par une personne compétente sélectionnée par les Administrateurs et approuvée à cette fin par le Dépositaire, étant précisé que cette valeur sera déterminée sur la base de la valeur de réalisation probable de l’investissement. Dans le cadre de la valorisation des titres de créance, les Administrateurs pourront s'appuyer sur des valorisations fournies par un teneur de marché principal ou un service d'établissement des prix, ces deux sources pouvant utiliser des techniques de traitement électronique des données pour déterminer les valorisations d'unités de négociation institutionnelles classiques des titres de créance, sans se fier exclusivement aux cotations fournies. Un service de cotation peut utiliser les procédures d'établissement des prix que les Administrateurs, ou leur délégué, peuvent approuver en tant que de besoin, y compris des comparaisons « matricielles » par rapport au prix de titres comparables sur la base de la qualité, du rendement, de l'échéance et/ou de facteurs pertinents lorsque des cours de marché fiables ne sont pas disponibles.
Les actifs en numéraire seront normalement évalués à leur valeur faciale (avec les intérêts accumulés au moment de l'évaluation). Les instruments dérivés négociés en Bourse seront évalués à leur cours de règlement applicable auprès de la Bourse concernée. Les instruments dérivés non négociés en Bourse seront évalués conformément aux directives de la Banque Centrale. Les contrats de swap de défaillance seront évalués sur la base de la dernière évaluation quotidienne obtenue de la contrepartie, à condition que l'évaluation soit approuvée ou vérifiée au moins une fois par semaine par une partie indépendante approuvée à cette fin par le Dépositaire. Les contrats de change à terme seront évalués par référence au prix auquel un nouveau contrat à terme de même importance et échéance pourrait être souscrit le Jour de Négociation pertinent. Les investissements dans des organismes de placement collectif seront évalués à leur dernier prix de rachat disponible.
Si les Administrateurs le décident dans les circonstances décrites plus précisément dans le Prospectus, ils ont la faculté d'effectuer un Ajustement pour Dilution d'un Compartiment. Dans ce cas, l'ajustement pour dilution peut être appliqué à la Valeur Liquidative par Action, qu'il vient augmenter ou diminuer. Le montant de l'Ajustement pour Dilution de chaque compartiment sera calculé un Jour de Négociation particulier par référence aux coûts des transactions dans les investissements sous-jacents dudit compartiment, incluant les écarts de négociation, l'impact sur le marché, les commissions et les taxes de transfert, quels qu'ils soient, et sera appliqué à chaque catégorie d'Actions d'une manière identique. Outre l'Ajustement pour Dilution d'un Compartiment, la Société peut, sans y être tenue, appliquer un Ajustement pour Dilution d'une Catégorie afin de refléter les frais imputables particulièrement à cette catégorie, comme des frais de couverture. La Valeur Liquidative par Action, telle qu'ajustée avec un Ajustement pour Dilution du Compartiment ou de la Catégorie, sera applicable à toutes les transactions en Actions dans le Compartiment concerné ou la Catégorie concernée (selon le cas) le Jour de Négociation concerné.
L'application de l'Ajustement pour Dilution d'un Compartiment et de l'Ajustement pour Dilution d'une Catégorie sera revue de temps à autre par les Administrateurs.
- Les Administrateurs/le Gestionnaire (selon le cas), avec l'approbation du Dépositaire, peuvent ajuster la Valeur Liquidative par action lors du calcul des prix de réalisation de tout compartiment de manière à refléter la valeur des investissements de ce compartiment en supposant qu'ils ont été évalués par application du plus bas cours vendeur sur le marché pertinent au moment concerné. L'intention des Administrateurs/du Gestionnaire (selon le cas) est de n'exercer ce pouvoir discrétionnaire que dans le but de préserver la valeur des participations détenues par les Membres non cédants en cas de rachats importants ou récurrents d'actions du compartiment concerné. | Where a fund is made up of more than one class of shares, the Net Asset Value of each class shall be determined by calculating the amount of the Net Asset Value of the fund attributable to each class. The amount of the Net Asset Value of a fund attributable to a class shall be determined by establishing the amount of shares in issue in the class as at the close of business on the Dealing Day immediately preceding the Dealing Day on which the Net Asset Value of the class is being determined or in the case of the first Dealing Day as at the close of the Initial Offer Period and by allocating relevant class expenses to the class and making appropriate adjustments to take account of distributions paid out of the fund, if applicable, and apportioning the Net Asset Value of the fund accordingly. The Net Asset Value per share of a class shall be calculated by dividing the Net Asset Value of the fund attributable to the class by the number of shares in issue in that class (calculated and expressed to up to three decimal places of the currency in which the class is denominated) as at the close of business on the Dealing Day immediately preceding the Dealing Day on which the Net Asset Value per share is being calculated or in the case of the first Dealing Day as the close of the Initial Offer Period.
In determining the value of the assets of a fund, each security which is traded on a Regulated Market will be valued on the Regulated Market which is normally the principal market for such security. The Directors may elect to value the securities of a fund either (i) on the basis of the latest available closing price, or if such is not available, the latest available middle market price for such security or (ii) on the basis of the latest available traded price
for such security, or (iii) on such other basis as permitted by the Central Bank and set forth in the Prospectus. The method of valuation shall be set out in the Prospectus for the relevant fund. In the case of unlisted securities or any assets traded on a Regulated Market, but in respect of which a price or quotation is not available at the time of valuation which would provide a fair valuation, the value of such asset shall be estimated with care and in good faith by a competent person selected by the Directors and approved for the purpose by the Depositary and such value shall be determined on the basis of the probable realisation value of the investment. In valuing debt securities, the Directors may make use of valuations provided by a principal market maker or a pricing service, both of which may use electronic data processing techniques to determine valuations for normal institutional trading units of debt securities without exclusive reliance on quoted prices. A pricing service may use such pricing procedures as the Directors, or their delegate, may from time to time approve, including “matrix” comparisons to price for comparable securities on the basis of quality, yield, maturity and/or relevant factors where reliable market quotations are not available.
Cash assets will normally be valued at face value (together with accrued interest at the relevant time of valuation). Exchange traded derivative instruments shall be valued at the relevant settlement price on the applicable exchange. Derivative instruments not traded on an exchange shall be valued in accordance with the guidelines of the Central Bank. Credit default swap agreements will be valued on the basis of the latest daily valuation obtained from the counterparty provided that the valuation is approved or verified at least weekly by an independent party approved for that purpose by the Depositary. Forward foreign exchange contracts shall be valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken as of the Dealing Day. Investments in collective investment schemes shall be valued at their latest available redemption price.
Where the Directors determine to do so in the circumstances described more particularly in the Prospectus they may apply a Fund Dilution Adjustment. Where a Fund Dilution Adjustment is made, a dilution adjustment may be applied to the Net Asset Value per Share, by increasing or decreasing the Net Asset Value per Share. The amount of the Fund Dilution Adjustment for each fund will be calculated on a particular Dealing Day by reference to the estimated costs of dealing in the underlying investments of that fund, including any dealing spreads, market impact, commissions and transfer taxes and will be applied to each class of Shares in an identical manner. In addition to the Fund Dilution Adjustment, the Company may, but is not required to, apply a Class Dilution Adjustment at the class level to account for specific costs applicable to the class, such as hedging costs. The Net Asset Value per Share, as adjusted by any Fund Dilution Adjustment or Class Dilution Adjustment, will be applicable to all transactions in Shares in the relevant Fund or Share Class (as the case may be) on the relevant Dealing Day.
The application of the Fund Dilution Adjustment and Class Dilution Adjustment will be reviewed from time to time by the Directors.
- The Directors/Manager (as applicable), with the approval of the Depositary, may adjust the Net Asset Value per share when calculating realisation prices for any fund, to reflect the value of such fund’s investments assuming they were valued using the lowest market dealing offer price on the relevant market at the relevant time. The Directors’/Managers’ (as applicable) intention is only to exercise this discretion to preserve the value of the holdings of continuing Members in the event of substantial or recurring net repurchases of shares in the relevant fund. | en | fr |
DOLFIN2926 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### in an emergency as a result of which the availability or the determination of the valuation of assets owned by the Sub-Fund attributable to such a Sub-Fund would be impracticable; or
when the means of communication normally used in setting the price or value of investments in a particular Sub-Fund or used for the applicable prices or values on a securities exchange is interrupted;
during any period when the Fund is unable to repatriate funds for the purpose of paying the redemption price of the shares of such Share Class or when – in the opinion of the Board of Directors – any transfer of funds involved in the realization or acquisition of investments or in payments due on redemption of shares cannot be effected at normal exchange rates; or
in the event of publication (i) of a notification convening a general meeting of shareholders to resolve on liquidation of the Fund or of a Sub-Fund, or of a resolution of the Fund's Board of Directors to liquidate one or more Sub-Funds, or (ii), if sus- pension is justified with a view to protecting shareholders, in the event of a notification convening a general meeting of shareholders to resolve on merging the Fund or a Sub-Fund, or of a resolution of the Fund's Board of Directors with regard to merging one or more Sub-Funds.
The Board of Directors shall notify shareholders of the suspension in an appropriate manner. Shareholders who have submitted an application for subscription or redemption of shares in the Sub-Funds for which calculation of net asset value has been sus- pended will be notified immediately of the beginning and end of the period of suspension. | #### im Falle einer Notlage, infolge welcher sich die Verfügbarkeit oder die Bestimmung der auf einen solchen Teilfonds bezoge- nen Bewertung der Vermögenswerte des Teilfonds als unmöglich erweist; oder
im Falle des Ausfalls der normalerweise bei der Bestimmung des Preises oder des Werts der auf einen bestimmten Teil- fonds bezogenen Anlagen oder der für die dann gültigen Preise oder Werte an einer Wertpapierbörse angewandten Kom- munikationsmittel;
während jeder Periode, in welcher der Fonds die Rückführung der Gelder zwecks Zahlung des Rückkaufspreises solcher Anteile einer bestimmten Anteilsklasse nicht durchführen kann oder während welcher jede Übertragung von Geldern für die Realisierung oder den Erwerb von Anlagen oder für die Zahlung des Rückkaufspreises dieser Anteile nach Meinung des Verwaltungsrats nicht zu üblichen Wechselkursen erfolgen kann; oder
im Falle der Veröffentlichung (i) einer Mitteilung, mit der eine Generalversammlung der Anteilinhaber zwecks Beschlussfas- sung über die Liquidation des Fonds oder eines Teilfonds einberufen wird oder eines Beschlusses des Verwaltungsrats des Fonds einen oder mehrere Teilfonds zu liquidieren, oder (ii) sofern eine Aussetzung im Hinblick auf den Schutz der Anteilin- haber gerechtfertigt ist, im Falle einer Mitteilung, mit der eine Generalversammlung der Anteilinhaber zwecks Beschlussfas- sung über die Zusammenlegung des Fonds oder eines Teilfonds einberufen wird oder eines Beschlusses des Verwaltungs- rats des Fonds betreffend die Zusammenlegung einer oder mehrerer Teilfonds.
Der Verwaltungsrat wird die Anteilinhaber, in angemessener Weise, über die Aussetzung unterrichten. Anteilinhaber, die einen Antrag auf Zeichnung oder Rücknahme von Anteilen der betroffenen Teilfonds eingereicht haben, für welche die Nettoinventar- wertberechnung ausgesetzt wurde, werden eingehend über den Anfang und das Ende der Aussetzungsperiode unterrichtet. | #### in an emergency as a result of which the availability or the determination of the valuation of assets owned by the Sub-Fund attributable to such a Sub-Fund would be impracticable; or
when the means of communication normally used in setting the price or value of investments in a particular Sub-Fund or used for the applicable prices or values on a securities exchange is interrupted;
during any period when the Fund is unable to repatriate funds for the purpose of paying the redemption price of the shares of such Share Class or when – in the opinion of the Board of Directors – any transfer of funds involved in the realization or acquisition of investments or in payments due on redemption of shares cannot be effected at normal exchange rates; or
in the event of publication (i) of a notification convening a general meeting of shareholders to resolve on liquidation of the Fund or of a Sub-Fund, or of a resolution of the Fund's Board of Directors to liquidate one or more Sub-Funds, or (ii), if sus- pension is justified with a view to protecting shareholders, in the event of a notification convening a general meeting of shareholders to resolve on merging the Fund or a Sub-Fund, or of a resolution of the Fund's Board of Directors with regard to merging one or more Sub-Funds.
The Board of Directors shall notify shareholders of the suspension in an appropriate manner. Shareholders who have submitted an application for subscription or redemption of shares in the Sub-Funds for which calculation of net asset value has been sus- pended will be notified immediately of the beginning and end of the period of suspension. | en | de |
DOLFIN2927 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The Brookfield Global Listed Infrastructure UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund invests primarily in securities of infrastructure companies (companies that derive at least half of their revenue or profits from the ownership or operation of infrastructure assets) listed or traded on a regulated stock exchange or market. For a complete list of markets, please refer to the Fund’s prospectus.
- Examples of infrastructure assets include toll roads, bridges, tunnels, airports, seaports, electricity transmission and distribution lines, water and sewage treatment and distribution pipelines, communications towers, satellites and railroads.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to therise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- This share class is a different currency to the base currency of the Fund and the underlying investments. The investment manager is not obligated to protect against changes in exchange rates by hedging (a currency transaction which can protect against exchange rate movements) and it is expected that this will have an effect on the value of your investment and on the performance of the share class.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | # Ziele und Anlagepolitik
- Der Brookfield Global Listed Infrastructure UCITS Fund (der ”Fonds“) strebt eine Gesamtrendite durch Kapitalwachstum und laufende Erträge an.
- Der Fonds investiert hauptsächlich in Aktien (Wertpapiere, die Eigentumsrechte an einem Unternehmen verbriefen).
- Der Fonds investiert hauptsächlich in Wertpapiere von Infrastrukturunternehmen (Unternehmen, die mindestens die Hälfte ihres Umsatzes oder ihrer Gewinne aus der Beteiligung an Infrastrukturvermögen oder durch deren Betrieb erzielen), die an einer regulierten Börse oder an einem regulierten Markt zum Handel zugelassen sind oder gehandelt werden. Eine vollständige Liste der Märkte finden Sie im Verkaufsprospekt des Fonds.
- Beispiele für Infrastrukturvermögen sind Mautstraßen, Brücken, Tunnel, Flughäfen, Seehäfen, Stromübertragungs- und verteilerleitungen, Wasser- und Abwasseraufbereitung und die entsprechenden Rohrnetze, Kommunikationstürme, Satelliten und Eisenbahnen.
- Der Fonds kann in Wertpapiere anlegen, die von Emittenten aus den USA oder aus anderen Ländern ausgegeben werden, einschliesslich Unternehmen in Schwellenmärkten auf der ganzen Welt. Im Sinne von Anlagen sind Schwellenmärkte Weltregionen, die ihre Volkswirtschaften noch entwickeln.
- Der Fonds kann in Derivate investieren, z.B. in Devisenterminkontrakte, Optionen, Futures und Swaps, die aneinen Anstieg oder Fall anderer Vermögenswerte gekoppelt sind.
- Derivate können für Anlagezwecke und für Zwecke der effizienten Vermögensverwaltung eingesetzt werden, z.B. zur Risikominderung, Kostensenkung oder zum Erzielen zusätzlichen Kapitals oder Ertrags für den Fonds.
- Fondserträge, die für diese Anteilsklasse erzielt werden, werden reinvestiert, um den Wert Ihrer Anlagen zu erhöhen.
- Sie können Anteile an Werktagen von Dublin kaufen und verkaufen. Ausnahmen davon sind im Verkaufsprospekt beschrieben.
- Diese Anteilsklasse ist in einer anderen Währung als der Basiswährung des Fonds und der zugrunde liegenden Anlagen. Der Investment Manager ist nicht verpflichtet, Schutz gegen Veränderungen der Währungskurse durch Abschluss von Währungskontrakten vorzunehmen (Währungskontrakte können vor Veränderungen der Währungskurse schützen). Es wird erwartet, dass dies Auswirkungen auf den Wert Ihrer Anlage und auf die Wertentwicklung dieser Anteilsklasse haben wird.
- Eine Anlage in den Fonds kann für Anleger mit einem mittleren bis langfristigen Anlagehorizont geeignet sein.
- Die vollständigen Angaben zum Anlageziel und zu den Richtlinien finden Sie im Verkaufsprospekt. | # Objectives and Investment Policy
- The Brookfield Global Listed Infrastructure UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund invests primarily in securities of infrastructure companies (companies that derive at least half of their revenue or profits from the ownership or operation of infrastructure assets) listed or traded on a regulated stock exchange or market. For a complete list of markets, please refer to the Fund’s prospectus.
- Examples of infrastructure assets include toll roads, bridges, tunnels, airports, seaports, electricity transmission and distribution lines, water and sewage treatment and distribution pipelines, communications towers, satellites and railroads.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to therise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- This share class is a different currency to the base currency of the Fund and the underlying investments. The investment manager is not obligated to protect against changes in exchange rates by hedging (a currency transaction which can protect against exchange rate movements) and it is expected that this will have an effect on the value of your investment and on the performance of the share class.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | en | de |
DOLFIN2928 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a sub-fund of Barings Investment Funds plc which is another Irish authorised UCITS (the “Merging Fund”), into the Fund. The Merging Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. This Unit Class also launched in 2022.
- The chart shows the past performance of the Merging Fund’s corresponding class and of the Benchmark for all full calendar years available since the Merging Fund’s corresponding class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | - La rentabilidad indicada se basa en el valor de inventario neto, una vez deducidos todos los gastos corrientes y los costes de transacción de la cartera, con los ingresos a distribuir reinvertidos.
- El Fondo se lanzó en 2022 en virtud de una fusión de Barings Europe Select Fund un subfondo de Barings Investment Funds plc, que es otro OICVM autorizado en Irlanda (el «Fondo fusionado») con el fondo. La política de inversión, estrategia y cartera del Fondo fusionado no difieren significativamente de las del Fondo. Esta Clase de participaciones también se lanzó en 2022.
- El gráfico muestra la rentabilidad histórica de la clase correspondiente del Fondo fusionado y del Índice de referencia para todos los años naturales completos disponibles desde el lanzamiento de la clase correspondiente del Fondo fusionado
- El cálculo de la rentabilidad histórica no tiene en cuenta los gastos de entrada y de salida, pero sí tiene en cuenta todos los demás gastos corrientes.
- El Fondo no está diseñado para seguir el Índice de Referencia.
| | - The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a sub-fund of Barings Investment Funds plc which is another Irish authorised UCITS (the “Merging Fund”), into the Fund. The Merging Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. This Unit Class also launched in 2022.
- The chart shows the past performance of the Merging Fund’s corresponding class and of the Benchmark for all full calendar years available since the Merging Fund’s corresponding class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | en | es |
DOLFIN2929 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 2 680 EUR | 2 630 EUR |
| Average return each year | - 73.22 % | - 23.45 % |
| Unfavourable scenario | What you might get back after costs | 7 550 EUR | 8 400 EUR |
| Average return each year | - 24.51% | - 3.43% |
| Moderate scenario | What you might get back after costs | 9 900 EUR | 11 960 EUR |
| Average return each year | - 1.04% | 3.65% |
| Favourable scenario | What you might get back after costs | 14 090 EUR | 15 750 EUR |
| Average return each year | 40.86% | 9.52% | | | Investimento: EUR 10.000 |
| --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Scenario di stress | Possibile rimborso al netto dei costi | 2 680 EUR | 2 630 EUR |
| Rendimento medio per ciascun anno | - 73,22 % | - 23,45 % |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7 550 EUR | 8 400 EUR |
| Rendimento medio per ciascun anno | - 24,51% | - 3,43% |
| Scenario moderato | Possibile rimborso al netto dei costi | 9 900 EUR | 11 960 EUR |
| Rendimento medio per ciascun anno | - 1,04% | 3,65% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 14 090 EUR | 15 750 EUR |
| Rendimento medio per ciascun anno | 40,86% | 9,52% | | | Investment: EUR 10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 2 680 EUR | 2 630 EUR |
| Average return each year | - 73.22 % | - 23.45 % |
| Unfavourable scenario | What you might get back after costs | 7 550 EUR | 8 400 EUR |
| Average return each year | - 24.51% | - 3.43% |
| Moderate scenario | What you might get back after costs | 9 900 EUR | 11 960 EUR |
| Average return each year | - 1.04% | 3.65% |
| Favourable scenario | What you might get back after costs | 14 090 EUR | 15 750 EUR |
| Average return each year | 40.86% | 9.52% | | en | it |
DOLFIN2930 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Coupon payments on certain contingent convertible bonds may be entirely discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time.
Contrary to typical capital hierarchy, contingent convertible bonds investors may suffer a loss of capital before equity holders.
Most contingent convertible bonds are issued as perpetual instruments which are callable at pre-determined dates.
Perpetual contingent convertible bonds may not be called on the pre-defined call date and investors may not receive return of principal on the call date or at any date.
There are no widely accepted standards for valuing contingent convertible bonds. The price at which bonds are sold may therefore be higher or lower than the price at which they were valued immediately before their sale.
In certain circumstances finding a ready buyer for contingent convertible bonds may be difficult and the seller may have to accept a significant discount to the expected value of the bond in order to sell it.
- Sovereign RiskThere is a risk that governments or their agencies may default or not completely fulfil their obligations. In addition, there is no bankruptcy proceeding for sovereign debt securities on which money to pay the obligations of sovereign debt securities may be collected in whole or inpart. As a consequence of this holders of sovereign debt securities may be requested to participate in the rescheduling of sovereign debt securities and to extend further loans to the issuers of sovereign debt securities.
- Impact of Fund of Funds Strategies on Tax Efficiency for ShareholdersPost-tax returns to Shareholders are dependent on the local tax rules in the Shareholders’ place of tax residence (see section 3 3.5 Taxation for comments on taxation generally). | Los pagos de cupones en ciertos bonos convertibles contingentes pueden ser totalmente discrecionales y el emisor puede cancelarlos en cualquier momento, por cualquier razón y durante el tiempo que considere.
Al contrario que la jerarquía de capital tradicional, los inversores de bonos convertibles contingentes pueden sufrir pérdidas de capital antes que los titulares de valores.
La mayoría de los bonos contingentes convertibles se emiten como instrumentos perpetuos, que se pueden rescatar en fechas predeterminadas. Los bonos convertibles contingentes perpetuos no pueden rescatarse en un momento predeterminado y puede que los inversores no reciban rentabilidad del capital en la fecha de rescate o en cualquier otra.
No existen estándares ampliamente aceptados para valorar bonos convertibles contingentes. El precio al que se venden los bonos puede ser mayor o menor que el precio al que se valoran inmediatamente antes de su venta.
En ciertas circunstancias, puede resultar difícil encontrar un comprador preparado para bonos convertibles contingentes y el vendedor tendrá que aceptar un descuento significativo al valor estimado del bono para poder venderlo.
- Riesgo soberanoExiste el riesgo de que los gobiernos o sus agencias no cumplan totalmente con sus obligaciones. Además, no hay procedimientos de quiebra para los bonos de la deuda soberana, con los que las obligaciones contraídas con la emisión de estos bonos puedan ser recaudadas total o parcialmente. Como consecuencia, es posible que se solicite a los titulares de bonos de la deuda soberana participar en la replanificación de los mismos, así como ofrecer préstamos adicionales a los emisores de los bonos de la deuda soberana.
- Impacto de las estrategias de fondo de fondos sobre la eficiencia fiscal para los PartícipesLa rentabilidad después de impuestos que obtengan los Partícipes depende del régimen tributario de su lugar de residencia a efectos fiscales (véase el apartado 3.5 Fiscalidad, en el que se ofrecen comentarios generales sobre tributación). | Coupon payments on certain contingent convertible bonds may be entirely discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time.
Contrary to typical capital hierarchy, contingent convertible bonds investors may suffer a loss of capital before equity holders.
Most contingent convertible bonds are issued as perpetual instruments which are callable at pre-determined dates.
Perpetual contingent convertible bonds may not be called on the pre-defined call date and investors may not receive return of principal on the call date or at any date.
There are no widely accepted standards for valuing contingent convertible bonds. The price at which bonds are sold may therefore be higher or lower than the price at which they were valued immediately before their sale.
In certain circumstances finding a ready buyer for contingent convertible bonds may be difficult and the seller may have to accept a significant discount to the expected value of the bond in order to sell it.
- Sovereign RiskThere is a risk that governments or their agencies may default or not completely fulfil their obligations. In addition, there is no bankruptcy proceeding for sovereign debt securities on which money to pay the obligations of sovereign debt securities may be collected in whole or inpart. As a consequence of this holders of sovereign debt securities may be requested to participate in the rescheduling of sovereign debt securities and to extend further loans to the issuers of sovereign debt securities.
- Impact of Fund of Funds Strategies on Tax Efficiency for ShareholdersPost-tax returns to Shareholders are dependent on the local tax rules in the Shareholders’ place of tax residence (see section 3 3.5 Taxation for comments on taxation generally). | en | es |
DOLFIN2931 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: This investment fund is a sub-Fund of Legal & General ICAV, an open-ended umbrella type Irish collective asset-management vehicle with limited liability and segregated liability between Funds. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland.
Term: There is no fixed maturity date.
Objectives: The Fund aims to track the performance of the Asia Pacific ex.Japan equity markets as represented by the MSCI Pacific ex. Japan Index (the "Index"). The Fund invests primarily in company shares that make up the Index. The Index consists of a broad spread of shares issued by medium to large companies across developed markets in the Asia Pacific region (excluding Japan). The Fund will aim to replicate the Index by using index 'sampling' techniques to select securities and will ensure the Fund has similar characteristics as the Index whilst not necessarily holding all of the constituents of the Index. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly. The Fund may use derivatives to • reduce risk or cost; or • generate additional capital or income with no, or an acceptably low, level of risk; or • manage the effect of currency exchange rates. The Fund may also engage in stock lending. This is when it lends its investments to third parties as a means of generating additional income and to off-set the costs of the Fund. The Fund's Prospectus gives more information about stock lending. The Fund is considered to be passively managed as it aims to replicate the Index by using index 'sampling' techniques.
Intended This Fund is designed for investors looking for growth from an investment in shares in companies from the Pacific region excluding Japan.You
retail investor: can buy or sell units on any normal business day. If we receive your instruction before 2pm (Irish time), units will be bought or sold at the next business day's price. Whilst investors can redeem at any time this Fund may not be appropriate for those who plan to withdraw their money within 5 years. | # Um welche Art von Produkt handelt es sich?
Art: Dieser Investmentfonds ist ein Teilfonds des Legal & General ICAV, einem offenen irischen Organismus für gemeinsame Vermögensverwaltung mit Umbrella-Struktur, beschränkter Haftung und getrennter Haftung zwischen den Fonds. Der Fonds ist in Irland zugelassen und wird von der Central Bank of Ireland reguliert.
Laufzeit: Es gibt kein festes Fälligkeitsdatum.
Ziele: Der Fonds strebt an, die Wertentwicklung der Aktienmärkte im asiatisch-pazifischen Raum (ohne Japan) nachzubilden, die vom MSCI Pacific ex. Japan Index, (der „Index“) repräsentiert werden. Der Fonds investiert hauptsächlich in Unternehmensaktien, die im Index vertreten sind. Der Index besteht aus einer breiten Palette von Aktien, die von mittleren bis großen Unternehmen in entwickelten Märkten der Asien-Pazifik-Region (ohne Japan) begeben werden. Der Fonds ist bestrebt, den Index nachzubilden, indem er Sampling-Techniken für die Wertpapierauswahl einsetzt und sicherstellt, dass der Fonds ähnliche Merkmale wie der Index aufweist, ohne jedoch alle im Index vertretenen Werte halten zu müssen. Obwohl der Fonds die Entwicklung des Index so genau wie möglich nachvollziehen soll, wird seine Wertentwicklung in der Regel nicht vollständig identisch mit der des Zielindex sein. Der Fonds kann von Derivaten Gebrauch machen, um: • um das Risiko oder die Kosten zu reduzieren; oder • zusätzliches Kapital oder zusätzliche Erträge ohne oder mit einem annehmbar niedrigen Risikoniveau zu generieren; oder • die Auswirkung von Wechselkursen zu steuern. Der Fonds kann auch Wertpapierleihgeschäfte tätigen. Das bedeutet, dass er seine Anlagen an Dritte verleiht, um zusätzliche Erträge zu erzielen und die Kosten des Fonds auszugleichen. Der Fondsprospekt enthält weitere Informationen zu Wertpapierleihgeschäften. Der Fonds gilt als passiv verwaltet, da er versucht, den Index mithilfe von Index-„Sampling“-Techniken nachzubilden.
Kleinanleger-Z ielgruppe:
Dieser Fonds richtet sich an Anleger, die Wachstum durch eine Anlage in Aktien von Unternehmen aus dem Pazifikraum (ohne Japan) anstreben.Sie können Anteile an jedem normalen Geschäftstag kaufen oder verkaufen. Wenn wir Ihren Auftrag vor 14:00 Uhr (Ortszeit Irland) erhalten, werden die Anteile zum Preis des nächsten Geschäftstages gekauft oder verkauft. Obwohl die Anleger ihr Geld jederzeit entnehmen können, ist dieser Fonds unter Umständen nicht für Anleger geeignet, die ihr Geld innerhalb eines Zeitraums von 5 Jahren wieder zurückziehen wollen. | # What is this product?
Type: This investment fund is a sub-Fund of Legal & General ICAV, an open-ended umbrella type Irish collective asset-management vehicle with limited liability and segregated liability between Funds. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland.
Term: There is no fixed maturity date.
Objectives: The Fund aims to track the performance of the Asia Pacific ex.Japan equity markets as represented by the MSCI Pacific ex. Japan Index (the "Index"). The Fund invests primarily in company shares that make up the Index. The Index consists of a broad spread of shares issued by medium to large companies across developed markets in the Asia Pacific region (excluding Japan). The Fund will aim to replicate the Index by using index 'sampling' techniques to select securities and will ensure the Fund has similar characteristics as the Index whilst not necessarily holding all of the constituents of the Index. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly. The Fund may use derivatives to • reduce risk or cost; or • generate additional capital or income with no, or an acceptably low, level of risk; or • manage the effect of currency exchange rates. The Fund may also engage in stock lending. This is when it lends its investments to third parties as a means of generating additional income and to off-set the costs of the Fund. The Fund's Prospectus gives more information about stock lending. The Fund is considered to be passively managed as it aims to replicate the Index by using index 'sampling' techniques.
Intended This Fund is designed for investors looking for growth from an investment in shares in companies from the Pacific region excluding Japan.You
retail investor: can buy or sell units on any normal business day. If we receive your instruction before 2pm (Irish time), units will be bought or sold at the next business day's price. Whilst investors can redeem at any time this Fund may not be appropriate for those who plan to withdraw their money within 5 years. | en | de |
DOLFIN2932 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Merger
Within the meaning of Art. 38 UCITSG, the Management Company may at any time and at its complete discretion, sub- ject to the approval of the corresponding supervisory authority, resolve to merge the UCITS with one or more other UCITSs, irrespective of the legal form of the UCITS and whether the other UCITS is domiciled in Liechtenstein or not. Sub-funds and the unit classes of the UCITS may also be merged with each other, as well as with one or more other UCITSs or their sub-funds and unit classes.
The UCITS or its sub-funds and unit classes respectively may also be split. Information for investors, approval and investor rights
Investors shall be informed about the planned merger. The information for investors must enable the investors to draw well-founded conclusions about the repercussions of the procedure on their investments and on the exercise of their rights pursuant to Arts. 44 and 45 UCITSG.
Investors do not have any right of co-determination in respect of the merger. | # Verschmelzung
Im Sinne von Art. 38 UCITSG kann die Verwaltungsgesellschaft jederzeit und nach freiem Ermessen mit Genehmigung der entsprechenden Aufsichtsbehörde die Verschmelzung des OGAW mit einem oder mehreren anderen OGAW be- schliessen und zwar unabhängig davon, welche Rechtsform der OGAW hat und ob der andere OGAW seinen Sitz in Liechtenstein hat oder nicht. Teilfonds und seine Anteilsklassen des OGAW können ebenfalls untereinander, aber auch mit einem oder mehreren anderen OGAW oder deren Teilfonds und Anteilsklassen verschmolzen werden.
Ebenso ist es möglich, den OGAW bzw. dessen Teilfonds und Anteilsklassen zu spalten. Anlegerinformation, Zustimmung und Anlegerrechte
Die Anleger werden über die geplante Verschmelzung informiert. Die Anlegerinformation muss den Anlegern ein fundier- tes Urteil über die Auswirkungen des Vorhabens auf ihre Anlage und die Ausübung ihrer Rechte nach Art. 44 und 45 UCITSG ermöglichen.
Die Anleger haben kein Mitbestimmungsrecht in Bezug auf die Verschmelzung. | # Merger
Within the meaning of Art. 38 UCITSG, the Management Company may at any time and at its complete discretion, sub- ject to the approval of the corresponding supervisory authority, resolve to merge the UCITS with one or more other UCITSs, irrespective of the legal form of the UCITS and whether the other UCITS is domiciled in Liechtenstein or not. Sub-funds and the unit classes of the UCITS may also be merged with each other, as well as with one or more other UCITSs or their sub-funds and unit classes.
The UCITS or its sub-funds and unit classes respectively may also be split. Information for investors, approval and investor rights
Investors shall be informed about the planned merger. The information for investors must enable the investors to draw well-founded conclusions about the repercussions of the procedure on their investments and on the exercise of their rights pursuant to Arts. 44 and 45 UCITSG.
Investors do not have any right of co-determination in respect of the merger. | en | de |
DOLFIN2933 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The UCITS may invest up to 100% of its net assets in:
- Money market instruments, whether denominated or not in euro, which are traded on a regulated market within the meaning of Directive 2004/39/EC or on another market of a Member State which is regulated, operates regularly and is recognised and open to the public, or which are traded on another third market which is regulated, operates regularly and is recognised and open to the public provided that the choice of the market has been approved by the competent authorities (or provided for by law or by the fund rules or by the documents establishing the Investment Company);
- Money market instruments referred to in Article 50 (1) (h) of Directive 2009/65/EC; In particular:
- Certificates of deposit;
- Short term or medium term transferable securities (including Euro Medium Term Notes indexed with short term references);
- Treasury bills;
- Commercial paper;The selected financial instruments (such as bonds) may have a maximum residual maturity of 2 years or less, provided that the rate is adjustable within a maximum of 397 days. | # Der OGAW kann bis zu 100% des Nettovermögens investieren in:
- Auf Euro lautende oder nicht auf Euro lautende Geldmarktinstrumente, die auf einem geregelten Markt im Sinne der Richtlinie 2004/39/EG gehandelt werden oder auf einem anderen geregelten, ordnungsgemäß funktionierenden, anerkannten und für die Öffentlichkeit zugänglichen Markt eines EU - Mitgliedstaates gehandelt werden oder auf einem anderen geregelten, ordnungsgemäß funktionierenden, anerkannten und der Öffentlichkeit zugänglichen Markt gehandelt werden, sofern die Wahl des Ma rktesvon den zuständigen Behörden genehmigt wurde (oder laut Gesetz oder Vertragsbedingungen oder der Satzung der Investmentgesellschaft vorgesehen ist);
- Geldmarktinstrumente im Sinne von Artikel 50 Absatz 1 Buchstabe h der Richtlinie 2009/65/EG; Insbesondere gilt Folgendes:
- Einlagenzertifikate;
- Kurzfristige oder mittelfristige übertragbare Wertpapiere (einschließlich Euro Medium Term Notes, die an kurzfristige Referenzwerte gebunden sind);
- Schatzanleihen;
- Commercial Paper;Ausgewählte Finanzinstrumente (wie z.B. Anleihen) dürfen eine maximale Restlaufzeit von höchsten s 2 Jahren haben, sofern der Zinssatz innerhalb einer Frist von maximal 397 Tagen angepasst werden kann. | # The UCITS may invest up to 100% of its net assets in:
- Money market instruments, whether denominated or not in euro, which are traded on a regulated market within the meaning of Directive 2004/39/EC or on another market of a Member State which is regulated, operates regularly and is recognised and open to the public, or which are traded on another third market which is regulated, operates regularly and is recognised and open to the public provided that the choice of the market has been approved by the competent authorities (or provided for by law or by the fund rules or by the documents establishing the Investment Company);
- Money market instruments referred to in Article 50 (1) (h) of Directive 2009/65/EC; In particular:
- Certificates of deposit;
- Short term or medium term transferable securities (including Euro Medium Term Notes indexed with short term references);
- Treasury bills;
- Commercial paper;The selected financial instruments (such as bonds) may have a maximum residual maturity of 2 years or less, provided that the rate is adjustable within a maximum of 397 days. | en | de |
DOLFIN2934 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Date de lancement et monnaie du Fonds
Le Fonds a été lancé le 2 février 2018.
La catégorie d’actions a été lancée le 5 juin 2020. La monnaie de référence du Fonds est le USD. La monnaie de la catégorie d’actions est le USD. La performance passée a été calculée en USD.
3%
2%
1%
0%
Fonds
2017* 2018* 2019* 2020* 2021
* Aucune donnée relative à la catégorie d’actions n’est disponible pour cette période de référence. La catégorie d’actions a été lancée le 5 juin 2020. | ## Fecha de lanzamiento y divisa del fondo
El fondo se lanzó el 2 de febrero de 2018.
La clase de acciones se lanzó el 5 de junio de 2020. La divisa de base del fondo es el USD.
La divisa de la clase de acciones es el USD.
La rentabilidad histórica se ha calculado en USD.
3%
2%
1%
0%
Fondo
2017* 2018* 2019* 2020* 2021
* No se dispone de datos sobre la clase de acciones para el periodo de referencia en cuestión. La clase de acciones se lanzó el 5 de junio de 2020. | ## Date de lancement et monnaie du Fonds
Le Fonds a été lancé le 2 février 2018.
La catégorie d’actions a été lancée le 5 juin 2020. La monnaie de référence du Fonds est le USD. La monnaie de la catégorie d’actions est le USD. La performance passée a été calculée en USD.
3%
2%
1%
0%
Fonds
2017* 2018* 2019* 2020* 2021
* Aucune donnée relative à la catégorie d’actions n’est disponible pour cette période de référence. La catégorie d’actions a été lancée le 5 juin 2020. | fr | es |
DOLFIN2935 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Unitholders who have requested redemptions of any Units will be notified of any such suspension and, unless withdrawn but subject to the limitation referred to above, their requests will be dealt with on the first Dealing Day after the suspension is lifted. Any such suspension will be notified to the Central Bank and the Irish Stock Exchange immediately and in any event, where practicable within the same business day and to the competent authorities in the Member States in which the Unit Trust is marketed.
Liquidity Risk Management
The Manager has established a liquidity management policy which enable it to identify, monitor and manage the liquidity risks of the Unit Trust and to ensure the liquidity profile of the investments of each Fund will facilitate compliance with the Fund’s underlying obligations. The Manager’s liquidity policy takes into account the investment strategy, the liquidity profile, redemption policy and other underlying obligations of the Funds. The liquidity management systems and procedures include appropriate escalation measures to address anticipated or actual liquidity shortages or other distressed situations of the Unit Trust.
In summary, the liquidity management policy monitors the profile of investments held by the Unit Trust and each Fund and ensures that such investments are appropriate to the redemption policy as stated under Redemption of Units above, and will facilitate compliance with each Fund’s underlying obligations.
The Manager seeks to ensure that the investment strategy, the liquidity profile and the redemption policy of each Fund are consistent. The investment strategy, liquidity profile and redemption policy of the Unit Trust will be considered to be aligned when investors have the ability to redeem their investments in a manner consistent with the fair treatment of all investors and in accordance with the Manager’s redemption policy and its obligations. In assessing the alignment of the investment strategy, liquidity profile and redemption policy, the Manager shall have regard to the impact that redemptions may have on the underlying prices or spreads of the individual assets of each Fund.
Details of the redemption rights of Unitholders, including redemption rights of Unitholders in normal and exceptional circumstances and existing redemption arrangements are set above in this section. | Anteilsinhaber, die die Rücknahme von Anteilen beantragt haben, werden von einer solchen Aussetzung benachrichtigt, und ihre Anträge werden vorbehaltlich der oben genannten Einschränkung am ersten Handelstag nach Beendigung der Aussetzung bearbeitet, sofern sie diese nicht widerrufen haben. Jede solche Aussetzung wird der Zentralbank und der irischen Wertpapierbörse unverzüglich und auf jeden Fall, sofern durchführbar, innerhalb desselben Geschäftstags und den zuständigen Stellen in den Mitgliedstaaten, in denen der Investmentfonds vertrieben wird, angezeigt.
Liquiditätsrisikomanagement
Die Verwaltungsgesellschaft hat eine Liquiditätsmanagementpolitik eingesetzt, die es ihr ermöglicht, die Liquiditätsrisiken des Investmentfonds zu identifizieren, zu überwachen und zu bewältigen sowie sicherzustellen, dass das Liquiditätsprofil der Anlagen jedes Fonds die Einhaltung der zugrunde liegenden Verpflichtungen des Fonds erleichtern wird. Die Liquiditätspolitik der Verwaltungsgesellschaft berücksichtigt die Anlagestrategie, das Liquiditätsprofil, die Rücknahmepolitik und sonstige zugrunde liegenden Verpflichtungen der Fonds. Die Liquiditätsmanagementsysteme und-verfahren beinhalten angemessene Eskalationsmaßnahmen, um voraussichtliche oder tatsächliche Liquiditätsengpässe oder sonstige Notsituationen des Investmentfonds anzugehen.
Alles in allem wird durch die Liquiditätsmanagementpolitik das Profil der vom Investmentfonds und jedem Fonds gehaltenen Anlagen überwacht und sichergestellt, dass diese Anlagen im Hinblick auf die Rücknahmepolitik, wie oben unter „Rücknahme von Anteilen“ angegeben, angemessen sind und die Einhaltung der zugrunde liegenden Verpflichtungen jedes Fonds erleichtert wird.
Die Verwaltungsgesellschaft ist um Konsistenz der Anlagestrategie, des Liquiditätsprofils und der Rücknahmepolitik jedes Fonds bemüht. Die Anlagestrategie, das Liquiditätsprofil und die Rücknahmepolitik des Investmentfonds werden als aufeinander abgestimmt angesehen, wenn die Anleger die Möglichkeit haben, ihre Anlagen unter Einhaltung der Gleichbehandlung aller Anleger und in Übereinstimmung mit der Rücknahmepolitik der Verwaltungsgesellschaft und der daraus entstehenden Verpflichtungen zurückzunehmen. Bei der Bewertung, ob die Anlagestrategie, das Liquiditätsprofil und die Rücknahmepolitik aufeinander abgestimmt sind, hat die Verwaltungsgesellschaft die möglichen Auswirkung von Rücknahmen auf die zugrunde liegenden Kurse oder Spreads der einzelnen Vermögenswerte jedes Fonds zu berücksichtigen.
Einzelheiten zu den Rücknahmerechten der Anteilsinhaber, einschließlich der Rücknahmerechte von Anteilsinhaber unter normalen und außergewöhnlichen Umständen und bestehender Rücknahmevereinbarungen, werden oben in diesem Abschnitt angegeben. | Unitholders who have requested redemptions of any Units will be notified of any such suspension and, unless withdrawn but subject to the limitation referred to above, their requests will be dealt with on the first Dealing Day after the suspension is lifted. Any such suspension will be notified to the Central Bank and the Irish Stock Exchange immediately and in any event, where practicable within the same business day and to the competent authorities in the Member States in which the Unit Trust is marketed.
Liquidity Risk Management
The Manager has established a liquidity management policy which enable it to identify, monitor and manage the liquidity risks of the Unit Trust and to ensure the liquidity profile of the investments of each Fund will facilitate compliance with the Fund’s underlying obligations. The Manager’s liquidity policy takes into account the investment strategy, the liquidity profile, redemption policy and other underlying obligations of the Funds. The liquidity management systems and procedures include appropriate escalation measures to address anticipated or actual liquidity shortages or other distressed situations of the Unit Trust.
In summary, the liquidity management policy monitors the profile of investments held by the Unit Trust and each Fund and ensures that such investments are appropriate to the redemption policy as stated under Redemption of Units above, and will facilitate compliance with each Fund’s underlying obligations.
The Manager seeks to ensure that the investment strategy, the liquidity profile and the redemption policy of each Fund are consistent. The investment strategy, liquidity profile and redemption policy of the Unit Trust will be considered to be aligned when investors have the ability to redeem their investments in a manner consistent with the fair treatment of all investors and in accordance with the Manager’s redemption policy and its obligations. In assessing the alignment of the investment strategy, liquidity profile and redemption policy, the Manager shall have regard to the impact that redemptions may have on the underlying prices or spreads of the individual assets of each Fund.
Details of the redemption rights of Unitholders, including redemption rights of Unitholders in normal and exceptional circumstances and existing redemption arrangements are set above in this section. | en | de |
DOLFIN2936 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Portfolio transactions
## Best execution
The Manager, the Investment Adviser and/or the Sub-Investment Adviser(s) are required to ensure that all sufficient steps are taken to act in Shareholders’ best interests when placing dealing instructions with securities dealings firms. The quality of the execution arrangements maintained with brokers is monitored and adjustments are made where a need to do so is identified. Further details relating to the Investment Adviser’s and/or Sub-Investment Adviser(s)’ internal policy are available at no cost by contacting the Investment Adviser and/or the sub-Investment Adviser(s).
## Payment for investment research
The Investment Adviser, and where relevant, Sub-Investment Adviser(s), may use research, both internally and externally sourced, to inform their decision making.
The Investment Adviser and/or Sub-Investment Advisers pay for research from their own resources.
## Conflicts of interest
The Company and the Manager have policies designed to ensure that in all transactions, a reasonable effort is made to avoid conflicts of interest, and when they cannot be avoided, that the Funds and their shareholders are fairly treated. The Manager, Investment Adviser and Sub-Investment Advisers within the JHG group of companies may, from time to time, act as management company, investment advisers and or sub investment advisers to other companies or funds which follow similar investment objectives to those of the Company or any Fund. It is therefore possible that the Manager, the Investment Adviser and/or Sub-Investment Adviser(s) may, in the course of their business, have potential conflicts of interest with the Company or a particular Fund or that a conflict exists between the Company and other funds managed by the Manager or advised by the Investment Adviser and /or Sub-Investment Adviser(s). Each of the Manager, the Investment Adviser and/or Sub-Investment Adviser(s) will, however, have regard in such event to its obligations under the Management Agreement, the Investment Management Agreement and/or the Investment Management Delegation Agreement respectively and, in particular, to its obligation to act in the best interests of the Company so far as practicable, having regard to its obligations to other clients when undertaking any investment business where potential conflicts of interest may arise.
“Connected Person” means the Company, the Manager or the Depositary, and the delegates or sub-delegates of the Company, the Manager or the Depositary (excluding any non-group company sub-custodians appointed by the Depositary), and any associated or group company of the Company, the Manager, the Depositary, any delegate or sub-delegate;
The Company and the Manager are required to ensure that any transaction between the Company and/or the Manager and a Connected Person is conducted at arm’s length and is in the best interests of Shareholders.
The Company and/or the Manager may enter into a transaction with a Connected Person if at least one of the conditions in the following paragraphs (a), (b) or (c) is complied with:
- The value of the transaction is certified by either: (i) a person who has been approved by the Depositary as being independent and competent; or (ii) a person who has been approved by the Manager as being independent and competent in the case of transactions involving the Depositary;
- The transaction is executed on best terms on an organised investment exchange in accordance with the rules of the relevant exchange; or
- The transaction is executed on terms which the Depositary is or, in the case of a transaction involving the Depositary, the Manager is, satisfied conformed to the requirement that transactions with Connected Persons be conducted at arm’s length and in the best interests of Shareholders.
The Depositary or, in the case of a transaction involving the Depositary, the Manager, shall document how it or they complied with the requirements of (a), (b) or (c) above. Where transactions are conducted in accordance with (c) above, the Depositary or, in the case of a transaction involving the Depositary, the Manager, shall document its or their rationale for being satisfied that the transaction conformed to the requirement that transactions with Connected Persons be conducted at arm’s length and in the best interests of Shareholders.
Conflicts of interest may arise as a result of transactions in FDI and efficient portfolio management techniques and instruments. For example, the counterparties to, or agents, intermediaries or other entities which provide services in respect of, such transactions may be related to the Depositary. As a result, those entities may generate profits, fees or other income or avoid losses through such transactions. Furthermore, conflicts of interests may also arise where the collateral provided by such a counterparty is subject to a valuation or haircut applied by a party related to such counterparty.
The Investment Adviser and Sub-Investment Advisers acknowledge that there may be some situations where the organisational or administrative arrangements in place for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the Company or its Shareholders will be prevented. Should any such situations arise the Investment Adviser and/or the Sub- Investment Adviser(s) will disclose these to the Manager. The Manager will disclose these to Shareholders in an appropriate format.
Further details relating to the Investment Adviser’s and/or Sub-Investment Adviser(s)’ internal policy is available at no charge by contacting the Investment Adviser and/or Sub-Investment Adviser.
The Company and the Manager have developed a strategy for determining when and how voting rights are exercised. Details of the actions taken on the basis of those strategies are available to Shareholders at no charge on request.
The Manager, Depositary, Distributor, Distribution Agents, Transfer Agent or Administrator may from time to time act as manager, depositary, administrator, company secretary, dealer or distributor in relation to, or be otherwise involved in, investment companies or collective investment schemes other than the Company. Conflicts of interest will be resolved fairly and in the best interests of Shareholders.
Mr. Dyble and Mr. Sayer are employees of JHG, which indirectly owns JHIIL and JHIESA. They may therefore benefit from the Company’s contracts and any fees collected thereunder.
Recording of telephone calls and electronic communications
Investors who communicate with companies in the JHG group, (including the Manager) or their delegated third parties, about their investment may have their telephone calls and other communications recorded for training, quality and monitoring purposes and to meet regulatory record keeping obligations. | # Opérations de portefeuille
## Meilleure exécution
Le Gestionnaire, le Conseiller en Investissement et/ou le ou les Conseillers en Investissement par Délégation ont l’obligation de s’assurer que toutes les mesures nécessaires sont prises pour agir dans l’intérêt des Actionnaires lors de la passation d’ordres de négociation aux sociétés de négociation de titres. La qualité des modalités d’exécution maintenues avec les courtiers est surveillée et des ajustements sont effectués lorsque la nécessité de le faire est identifiée. De plus amples informations sur la politique interne du Conseiller en Investissement et/ou du ou des Conseillers en Investissement par Délégation sont disponibles gratuitement auprès du Conseiller en Investissement et/ou du ou des Conseillers en Investissement par Délégation.
## Paiement pour la recherche en investissements
Le Conseiller en Investissement et le cas échéant, le ou les Conseillers en Investissement par Délégation, peuvent avoir recours à la recherche, générée en interne et sous-traitée, afin de s’informer dans leur prise de décision.
Le Conseiller en Investissement et/ou les Conseillers en investissement par délégation paient pour ces recherches
## Conflits d’intérêts
La Société et le Gestionnaire disposent de politiques destinées à garantir qu’un effort raisonnable est fait pour qu’aucun conflit d’intérêts ne survienne dans les transactions et que, s’il ne peut être évité, les Fonds et leurs actionnaires soient traités en toute équité. Le Gestionnaire, le Conseiller en Investissement et les Conseillers en Investissement par Délégation faisant partie du groupe de sociétés JHG peuvent exercer périodiquement les fonctions de société de gestion, de conseillers en investissement ou de conseillers en investissement par délégation pour d’autres sociétés ou fonds ayant des objectifs d’investissement semblables à ceux de la Société ou de l’un des Fonds. Il est donc possible que le Gestionnaire, le Conseiller en Investissement et/ou le ou les Conseillers en Investissement par Délégation puissent, dans le cadre de leur activité, se trouver éventuellement en situation de conflit d’intérêts avec la Société ou un fonds particulier ou qu’un conflit existe entre la Société et d’autres fonds gérés par le Gestionnaire, ou conseillés par le Conseiller en Investissement et/ou le ou les Conseillers en Investissement par Délégation. Cependant, le Gestionnaire, le Conseiller en Investissement et/ou le ou les Conseillers en Investissement par Délégation tiennent compte dans ce cas des obligations mises à leur charge par le Contrat de Gestion, le Contrat de Gestion de Portefeuille et/ou le Contrat de Délégation de Gestion de Portefeuille respectivement et, en particulier, de leur obligation d’agir dans l’intérêt de la Société dans la mesure du possible, en tenant compte de leurs obligations à l’égard d’autres clients, lorsqu’ils exercent des activités d’investissement pouvant donner lieu à des conflits d’intérêts.
« Personne liée » désigne la Société, le Gestionnaire ou le Dépositaire, ainsi que les délégués ou sous- délégués de la Société, du Gestionnaire ou du Dépositaire (à l’exclusion de tous les dépositaires par délégation n’appartenant pas à une société du groupe désignés par le Dépositaire) et toute société associée ou faisant partie du groupe de la Société, du Gestionnaire, du Dépositaire ou tout délégué ou sous-délégué.
La Société et le Gestionnaire sont tenus de s’assurer que toute transaction conclue entre la Société et/ou le Gestionnaire et une Personne liée est réalisée dans des conditions de pleine concurrence et dans le meilleur intérêt des Actionnaires.
La Société et/ou le Gestionnaire peuvent conclure une transaction avec une Personne liée si au moins une des trois conditions des paragraphes (a), (b) ou (c) suivants est respectée.
- La valeur de la transaction est certifiée : (i) soit par une personne ayant été approuvée par le Dépositaire comme étant indépendante et compétente, (ii) soit par une personne ayant été approuvée par le Gestionnaire comme étant indépendante et compétente dans le cas d’opérations impliquant le Dépositaire.
- l’opération est exécutée dans les meilleures conditions sur un marché organisé, conformément aux règles du marché concerné ou
- lorsque l’opération est exécutée dans des conditions que le Dépositaire ou, dans le cas d’une opération impliquant le Dépositaire, le Gestionnaire estime avoir satisfait à l’exigence selon laquelle les opérations avec des Personnes liées ont été réalisées selon des conditions commerciales normales et dans le meilleur intérêt des Actionnaires.
Le Dépositaire ou, dans le cas d’une opération impliquant le Dépositaire, le Gestionnaire devra documenter la manière dont il a satisfait aux exigences des alinéas (a), (b) ou (c) ci-dessus. Lorsque des opérations sont réalisées conformément à l’alinéa (c) ci-dessus, le Dépositaire ou, dans le cas d’une opération impliquant le Dépositaire, le Gestionnaire devra motiver la raison pour laquelle il a estimé l’opération conforme à l’exigence selon laquelle des opérations avec des Personnes liées ont été réalisées conformément à des conditions de pleine concurrence et dans le meilleur intérêt des Actionnaires.
Des conflits d’intérêts peuvent survenir en conséquence de transactions portant sur des IFD et de techniques et instruments de gestion efficace de portefeuille. Par exemple, les contreparties auxdites transactions, ou les agents, intermédiaires ou autres entités assurant des services connexes, peuvent être liés au Dépositaire. En conséquence, ces entités peuvent générer des bénéfices, des commissions ou autres revenus, voire éviter les pertes via de telles transactions. Des conflits d’intérêts peuvent par ailleurs survenir également lorsque la garantie fournie par une telle contrepartie est soumise à une valorisation ou une décote appliquée par une partie liée à ladite contrepartie.
Le Conseiller en Investissement et les Conseillers en Investissement par Délégation reconnaissent qu’il peut exister des situations dans lesquelles les dispositions organisationnelles ou administratives en place pour la gestion des conflits d’intérêts ne suffisent pas à assurer, avec suffisamment de confiance, que les risques d’atteinte aux intérêts de la Société ou de ses Actionnaires seront évités. Dans le cas où de telles situations devaient survenir, le Conseiller en Investissement et/ou le ou les Conseillers en Investissement par Délégation les révéleront au Gestionnaire. Le Gestionnaire les divulguera ensuite aux Actionnaires de façon appropriée.
De plus amples informations sur la politique interne du Conseiller en Investissement et/ou du ou des Conseillers en Investissement par Délégation sont disponibles gratuitement auprès du Conseiller en Investissement et/ou du Conseiller en Investissement par Délégation.
La Société et le Gestionnaire ont mis au point une stratégie pour déterminer quand et comment exercer les droits de vote. Les Actionnaires peuvent obtenir, gratuitement sur demande, les mesures détaillées prises sur la base de ces stratégies.
Le Gestionnaire, le Dépositaire, le Distributeur, les Agents de Distribution, l’Agent de Transfert ou l’Agent Administratif peuvent, à l’occasion, agir en qualité de gestionnaire, dépositaire, agent administratif, secrétaire de société, courtier ou distributeur ou en quelque autre qualité que ce soit auprès de sociétés d’investissement ou d’organismes de placement collectif autres que la Société. Les conflits d’intérêts seront résolus équitablement dans le meilleur intérêt des Actionnaires.
M. Dyble et M. Sayer sont des employés de JHG, qui possède indirectement JHIIL et JHIESA. Ils peuvent donc bénéficier des contrats de la Société et des commissions facturées aux termes de ceux-ci.
Enregistrement des conversations téléphoniques et échanges électroniques
Les investisseurs qui communiquent avec des sociétés du groupe JHG (ce qui inclut le Gestionnaire) ou leurs tiers délégués au sujet de leur investissement peuvent faire enregistrer leurs conversations téléphoniques et d’autres communications à des fins de formation, de qualité et de suivi et pour respecter les obligations réglementaires en matière d’enregistrement des communications. | # Portfolio transactions
## Best execution
The Manager, the Investment Adviser and/or the Sub-Investment Adviser(s) are required to ensure that all sufficient steps are taken to act in Shareholders’ best interests when placing dealing instructions with securities dealings firms. The quality of the execution arrangements maintained with brokers is monitored and adjustments are made where a need to do so is identified. Further details relating to the Investment Adviser’s and/or Sub-Investment Adviser(s)’ internal policy are available at no cost by contacting the Investment Adviser and/or the sub-Investment Adviser(s).
## Payment for investment research
The Investment Adviser, and where relevant, Sub-Investment Adviser(s), may use research, both internally and externally sourced, to inform their decision making.
The Investment Adviser and/or Sub-Investment Advisers pay for research from their own resources.
## Conflicts of interest
The Company and the Manager have policies designed to ensure that in all transactions, a reasonable effort is made to avoid conflicts of interest, and when they cannot be avoided, that the Funds and their shareholders are fairly treated. The Manager, Investment Adviser and Sub-Investment Advisers within the JHG group of companies may, from time to time, act as management company, investment advisers and or sub investment advisers to other companies or funds which follow similar investment objectives to those of the Company or any Fund. It is therefore possible that the Manager, the Investment Adviser and/or Sub-Investment Adviser(s) may, in the course of their business, have potential conflicts of interest with the Company or a particular Fund or that a conflict exists between the Company and other funds managed by the Manager or advised by the Investment Adviser and /or Sub-Investment Adviser(s). Each of the Manager, the Investment Adviser and/or Sub-Investment Adviser(s) will, however, have regard in such event to its obligations under the Management Agreement, the Investment Management Agreement and/or the Investment Management Delegation Agreement respectively and, in particular, to its obligation to act in the best interests of the Company so far as practicable, having regard to its obligations to other clients when undertaking any investment business where potential conflicts of interest may arise.
“Connected Person” means the Company, the Manager or the Depositary, and the delegates or sub-delegates of the Company, the Manager or the Depositary (excluding any non-group company sub-custodians appointed by the Depositary), and any associated or group company of the Company, the Manager, the Depositary, any delegate or sub-delegate;
The Company and the Manager are required to ensure that any transaction between the Company and/or the Manager and a Connected Person is conducted at arm’s length and is in the best interests of Shareholders.
The Company and/or the Manager may enter into a transaction with a Connected Person if at least one of the conditions in the following paragraphs (a), (b) or (c) is complied with:
- The value of the transaction is certified by either: (i) a person who has been approved by the Depositary as being independent and competent; or (ii) a person who has been approved by the Manager as being independent and competent in the case of transactions involving the Depositary;
- The transaction is executed on best terms on an organised investment exchange in accordance with the rules of the relevant exchange; or
- The transaction is executed on terms which the Depositary is or, in the case of a transaction involving the Depositary, the Manager is, satisfied conformed to the requirement that transactions with Connected Persons be conducted at arm’s length and in the best interests of Shareholders.
The Depositary or, in the case of a transaction involving the Depositary, the Manager, shall document how it or they complied with the requirements of (a), (b) or (c) above. Where transactions are conducted in accordance with (c) above, the Depositary or, in the case of a transaction involving the Depositary, the Manager, shall document its or their rationale for being satisfied that the transaction conformed to the requirement that transactions with Connected Persons be conducted at arm’s length and in the best interests of Shareholders.
Conflicts of interest may arise as a result of transactions in FDI and efficient portfolio management techniques and instruments. For example, the counterparties to, or agents, intermediaries or other entities which provide services in respect of, such transactions may be related to the Depositary. As a result, those entities may generate profits, fees or other income or avoid losses through such transactions. Furthermore, conflicts of interests may also arise where the collateral provided by such a counterparty is subject to a valuation or haircut applied by a party related to such counterparty.
The Investment Adviser and Sub-Investment Advisers acknowledge that there may be some situations where the organisational or administrative arrangements in place for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the Company or its Shareholders will be prevented. Should any such situations arise the Investment Adviser and/or the Sub- Investment Adviser(s) will disclose these to the Manager. The Manager will disclose these to Shareholders in an appropriate format.
Further details relating to the Investment Adviser’s and/or Sub-Investment Adviser(s)’ internal policy is available at no charge by contacting the Investment Adviser and/or Sub-Investment Adviser.
The Company and the Manager have developed a strategy for determining when and how voting rights are exercised. Details of the actions taken on the basis of those strategies are available to Shareholders at no charge on request.
The Manager, Depositary, Distributor, Distribution Agents, Transfer Agent or Administrator may from time to time act as manager, depositary, administrator, company secretary, dealer or distributor in relation to, or be otherwise involved in, investment companies or collective investment schemes other than the Company. Conflicts of interest will be resolved fairly and in the best interests of Shareholders.
Mr. Dyble and Mr. Sayer are employees of JHG, which indirectly owns JHIIL and JHIESA. They may therefore benefit from the Company’s contracts and any fees collected thereunder.
Recording of telephone calls and electronic communications
Investors who communicate with companies in the JHG group, (including the Manager) or their delegated third parties, about their investment may have their telephone calls and other communications recorded for training, quality and monitoring purposes and to meet regulatory record keeping obligations. | en | fr |
DOLFIN2937 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### This table shows the amounts you could get after 10 years, under different scenarios, assuming you choose to invest €10,000.
The different scenarios show how your investment may perform. You can compare them with the scenarios of other products. The stress scenario shows the potential returns you may obtain in extreme market situations.
The figures shown include all the costs of the product itself, but not necessarily all the fees payable to your advisor or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive. | ### Diese Tabelle listet die Beträge auf, die Sie in zehn Jahren bei verschiedenen Szenarien erhalten könnten, wenn Sie 10.000 € investieren.
Die verschiedenen Szenarien zeigen, wie sich Ihre Investition verhalten könnte. Sie können sie mit den Szenarien anderer Produkte vergleichen. Das Stressszenario zeigt, was Sie in extremen Marktsituationen erhalten könnten.
Die angegebenen Zahlen beinhalten alle Kosten für das Produkt selbst, aber nicht unbedingt alle Gebühren Ihres Beraters oder Ihrer Vertriebsstelle. Diese Zahlen berücksichtigen nicht Ihre persönliche Steuersituation, die sich ebenfalls auf die Beträge auswirken kann, die Sie erhalten. | ### This table shows the amounts you could get after 10 years, under different scenarios, assuming you choose to invest €10,000.
The different scenarios show how your investment may perform. You can compare them with the scenarios of other products. The stress scenario shows the potential returns you may obtain in extreme market situations.
The figures shown include all the costs of the product itself, but not necessarily all the fees payable to your advisor or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive. | en | de |
DOLFIN2938 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
*For each class, the minimum may be satisfied by an equivalent amount in another authorised currency.
The Directors have authorised the Manager and Distributors to accept, in their discretion, (i) subscriptions for Shares of any Share Class in currencies other than the currency in which such Share Class is denominated and (ii) subscriptions in amounts less than the minimum for initial investments for the relevant Share Class of each Fund.
If a subscription is accepted in a currency other than the currency in which the relevant Share Class is denominated, then the relevant investor may be required to bear any costs associated with converting the subscription currency into the currency of the Share Class or the Base Currency of the Fund, as well as any costs associated with converting the currency of the Share Class or the Base Currency of the Fund into the subscription currency prior to paying redemption proceeds. The Directors reserve the right to vary in the future the minimums for initial investments. There are no investment minimums for the BW LM Share Classes, LM Share Classes or the Grandfathered Share Classes.
The Company may issue fractional Shares rounded to the nearest one thousandth of a Share. Fractional Shares shall not carry any voting rights. | *Pour chaque catégorie, le montant minimum peut être remplacé par un montant équivalent dans une autre devise autorisée.
Les Administrateurs ont autorisé la Société de gestion et les Distributeurs à accepter, à leur entière discrétion, (i) des souscriptions d’Actions de toutes Catégories en devises autres que la Devise dans laquelle cette Catégorie est libellée, et (ii) des souscriptions de montants inférieurs au minimum de souscription initiale pour la Catégorie d’Actions concernée de chacun des Compartiments.
Si une souscription est acceptée dans une devise autre que la devise dans laquelle la Catégorie d’Actions concernée est libellée, l’investisseur concerné peut se voir obligé de prendre en charge tous les coûts associés à la conversion de la devise de souscription en devise de la Catégorie d’Actions ou en Devise de Référence du Compartiment, ainsi que les coûts associés à la conversion de la devise de la Catégorie d’Actions ou de la Devise de Référence du Compartiment en devise de souscription avant le versement des produits de rachat. Les Administrateurs se réservent le droit de modifier ou de supprimer les minimums imposés pour la souscription initiale. Aucun minimum d’investissement n’a été fixé concernant les Catégories d’Actions BW LM, les Catégories d’Actions LM et les Catégories d’Actions Avec Droits Acquis.
La Société pourra émettre des fractions d’Action arrondies au millième d’une Action le plus proche. Les fractions d’Action ne confèrent aucun droit de vote. | *For each class, the minimum may be satisfied by an equivalent amount in another authorised currency.
The Directors have authorised the Manager and Distributors to accept, in their discretion, (i) subscriptions for Shares of any Share Class in currencies other than the currency in which such Share Class is denominated and (ii) subscriptions in amounts less than the minimum for initial investments for the relevant Share Class of each Fund.
If a subscription is accepted in a currency other than the currency in which the relevant Share Class is denominated, then the relevant investor may be required to bear any costs associated with converting the subscription currency into the currency of the Share Class or the Base Currency of the Fund, as well as any costs associated with converting the currency of the Share Class or the Base Currency of the Fund into the subscription currency prior to paying redemption proceeds. The Directors reserve the right to vary in the future the minimums for initial investments. There are no investment minimums for the BW LM Share Classes, LM Share Classes or the Grandfathered Share Classes.
The Company may issue fractional Shares rounded to the nearest one thousandth of a Share. Fractional Shares shall not carry any voting rights. | en | fr |
DOLFIN2939 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Manager may make use of FDI in a Sub-Fund’s investment program. Certain swaps, options and other FDI may be subject to various types of risks, including market risk, liquidity risk, counterparty credit risk, legal risk and operations risk. In addition, swaps and other derivatives can involve significant economic leverage (although the global exposure of a Sub-Fund through the use of FDI will not exceed the Sub-Fund’s Net Asset Value at any time) and may, in some cases, involve significant risks of loss.
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## Liquidity; Requirement to Perform | Le Gestionnaire peut utiliser des IFD dans le programme d’investissement d’un Compartiment. Certains swaps, options et autres IFD peuvent être soumis à divers types de risques, notamment le risque de marché, le risque de liquidité, le risque de crédit de contrepartie, le risque juridique et le risque d’opérations. En outre, les swaps et autres dérivés peuvent impliquer un levier économique significatif (bien que l’exposition globale d’un Compartiment du fait de l’utilisation d'IFD n’excède jamais la Valeur Nette d'Inventaire du Compartiment) et peuvent, dans certains cas, comporter d'importants risques de perte.
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## Liquidité ; Obligation d’Exécution | The Manager may make use of FDI in a Sub-Fund’s investment program. Certain swaps, options and other FDI may be subject to various types of risks, including market risk, liquidity risk, counterparty credit risk, legal risk and operations risk. In addition, swaps and other derivatives can involve significant economic leverage (although the global exposure of a Sub-Fund through the use of FDI will not exceed the Sub-Fund’s Net Asset Value at any time) and may, in some cases, involve significant risks of loss.
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## Liquidity; Requirement to Perform | en | fr |
DOLFIN2940 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### The Company may only acquire the following as- sets on behalf of the Fund:
- Securities pursuant to Section 193 KAGB,
- Money market instruments pursuant to Section 194 KAGB,
- Bank accounts pursuant to Section 195 KAGB,
- Derivatives pursuant to Section 197 KAGB,
- Other investment instruments pursuant to Sec- tion 198 KAGB,
- Investment units pursuant to Section 196 KAGB,if they are oriented towards replicating the Under- lying Index, while maintaining an appropriate risk diversification. Any restrictions on the eligibility result from the “General Investment Conditions” and the “Special Investment Conditions”. The Un- derlying Index is recognised by BaFin and meets the following requirements of the KAGB:
- The composition of the index is sufficiently diversified,
- The index represents an adequate benchmark for the market to which it relates,
- The index is published in an appropriate man- ner. | ###### Die Gesellschaft darf für Rechnung des Fonds nur folgende Vermögensgegenstände erwerben:
- Wertpapiere gemäß § 193 KAGB,
- Geldmarktinstrumente gemäß § 194 KAGB,
- Bankguthaben gemäß § 195 KAGB,
- Derivate gemäß § 197 KAGB,
- sonstige Anlageinstrumente gemäß § 198 KAGB,
- Investmentanteile gemäß § 196 KAGB,wenn diese darauf ausgerichtet sind, unter Wah- rung einer angemessenen Risikomischung den zugrunde liegenden Index nachzubilden. EtwaigeEinschränkungen der Erwerbbarkeit ergeben sichaus den „Allgemeinen Anlagebedingungen“ und den„Besonderen Anlagebedingungen“. Der zugrunde liegende Index ist von der BaFin anerkannt und erfüllt die im Folgenden genannten Voraussetzun- gen des KAGB:
- Die Zusammensetzung des Index ist hinrei- chend diversifiziert,
- Der Index stellt eine adäquate Bezugsgrundlage für den Markt, auf den er sich bezieht, dar,
- Der Index wird in angemessener Weise veröf- fentlicht. | ###### The Company may only acquire the following as- sets on behalf of the Fund:
- Securities pursuant to Section 193 KAGB,
- Money market instruments pursuant to Section 194 KAGB,
- Bank accounts pursuant to Section 195 KAGB,
- Derivatives pursuant to Section 197 KAGB,
- Other investment instruments pursuant to Sec- tion 198 KAGB,
- Investment units pursuant to Section 196 KAGB,if they are oriented towards replicating the Under- lying Index, while maintaining an appropriate risk diversification. Any restrictions on the eligibility result from the “General Investment Conditions” and the “Special Investment Conditions”. The Un- derlying Index is recognised by BaFin and meets the following requirements of the KAGB:
- The composition of the index is sufficiently diversified,
- The index represents an adequate benchmark for the market to which it relates,
- The index is published in an appropriate man- ner. | en | de |
DOLFIN2941 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Units and shares of UCITS and other Investment Funds within the meaning of article 1, paragraph (2), points a) and b) Directive 2009/65/EC, whether or not located within a EU Member State, upon condition that:
- such other Investment Funds are approved under legislation providing that such entities are subject to supervision which the CSSF considers to be equivalent to that provided under EU law and that cooperation between the authorit ies is sufficiently established;
- the level of protection for unit holders in such Investment Funds is equivalent to that provided for the unit holders of a UCITS, and in particular, that the rules in respect of the segregation of assets, borrowings, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC;
- the business of such other Investment Fund should be subject to semi-annual and annual reports such as to permit an appraisal of the assets and liabilities, income and operations over the period in question;
- the proportion of assets that the UCITSor other UCIs considered for purchase may invest, in accordance with their management regulations or constitutive documents, in units of other UCITS or other UCIs shall not exceed 10% of their net assets. | - Anteile und Aktien von OGAW und anderen Investmentfonds im Sinne von Artikel 1, Absatz (2), Punkte a) und b) der Richtlinie 2009/65/EG, unabhängig davon, ob sich diese in einem EU-Mitgliedstaat befinden, sofern:
- diese anderen Investmentfonds nach Rechtsvorschriften zugelassen sind, die sie einer behördlichen Aufsicht unterstellen, welche nach Auffassung der CSSF derjenigen nach EU-Recht gleichwertig ist, und sofern die Zusammenarbeit zwischen den Behörden ausreichend gewährleistet ist;
- das Schutzniveau für Anteilsinhaber dieser Investmentfonds dem Schutz der Anteilsinhaber eines OGAW gleichwertig ist und insbesondere die Vorschriften für die getrennte Verwahrung des Vermögens, die Kreditaufnahme, die Kreditgewährung und Leerverkäufe von übertragbaren Wertpapieren und Geldmarktinstrumenten den Anforderungen der Richtlinie 2009/65/EWG gleichwertig sind;
- die Aktivitäten dieser anderen Investmentfonds Gegenstand von Halbjahres- und Jahresberichten sind, die eine Bewertung der Aktiva und Passiva, der Gewinne und der Geschäfte im Berichtszeitraum ermöglichen;
- der Anteil des Vermögens, den die OGAW oder anderen OGA, deren Anteile erworben werden sollen, gemäß ihren Verwaltungsrichtlinien oder Gründungsdokumenten in Anteile anderer OGAW oder anderer OGA investieren dürfen, höchstens 10 % ihres Nettovermögens beträgt. | - Units and shares of UCITS and other Investment Funds within the meaning of article 1, paragraph (2), points a) and b) Directive 2009/65/EC, whether or not located within a EU Member State, upon condition that:
- such other Investment Funds are approved under legislation providing that such entities are subject to supervision which the CSSF considers to be equivalent to that provided under EU law and that cooperation between the authorit ies is sufficiently established;
- the level of protection for unit holders in such Investment Funds is equivalent to that provided for the unit holders of a UCITS, and in particular, that the rules in respect of the segregation of assets, borrowings, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC;
- the business of such other Investment Fund should be subject to semi-annual and annual reports such as to permit an appraisal of the assets and liabilities, income and operations over the period in question;
- the proportion of assets that the UCITSor other UCIs considered for purchase may invest, in accordance with their management regulations or constitutive documents, in units of other UCITS or other UCIs shall not exceed 10% of their net assets. | en | de |
DOLFIN2942 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Emerging Markets Debt Absolute Return
Schroder ISF Emerging Markets Debt Absolute Return (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Emerging Markets Debt Absolute Return
Schroder ISF Emerging Markets Debt Absolute Return (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del 50% JPM GBI-EM Diversified Index y 50% JPM EMBI Diversified Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del 50% JPM GBI-EM Diversified Index y 50% JPM EMBI Diversified Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 50% JPM GBI-EM Diversified Index y 50% JPM EMBI Diversified Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Emerging Markets Debt Absolute Return
Schroder ISF Emerging Markets Debt Absolute Return (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN2943 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Selling Restrictions
The distribution of this Prospectus and the offering or purchase of Units is restricted in certain jurisdictions. This Prospectus and the KIID(s) do not constitute an offer of or invitation or solicitation to subscribe for or acquire any Units in any jurisdiction in which such offer or solicitation is not permitted, authorised or would be unlawful. Persons receiving a copy of this Prospectus or of the KIID(s) in any jurisdiction may not treat this Prospectus or KIID(s) as constituting an offer, invitation or solicitation to them to subscribe for or acquire Units notwithstanding that, in the relevant jurisdiction, such an offer, invitation or solicitation could lawfully be made to them without compliance with any registration or other legal requirement. It is the responsibility of any persons in possession of this Prospectus or of the KIID(s) and any persons wishing to apply for or acquire Units to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for or purchasers of Units should inform themselves as to the legal requirements of so applying or purchasing, and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile.
Luxembourg - The Fund is registered pursuant to Part I of the 2010 Act. However, such registration does not require any Luxembourg authority to approve or disapprove either the adequacy or accuracy of this Prospectus or the assets held in the various Sub-funds of the Fund. Any representations to the contrary are unauthorised and unlawful.
European Union - The Fund is a UCITS and may be offered for sale in EEA member states, subject to applicable notifications process.
USA – This Prospectus does not constitute an offer or solicitation in respect of any US Person, as defined herein. The Units may not be offered, sold, transferred or delivered, directly or indirectly, in the United States of America, its territories or possessions or to US Persons. Neither the Units nor any interest therein may be beneficially owned by any other US Person. Any re-offer or resale of any of the Units in the United States or to US Persons is prohibited.
The Units have not been registered under the US Securities Act of 1933, as amended (the US Securities Act) or the securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any US Person. The Fund has not registered and does not intend to register: (a) under the United States Investment Company Act of 1940, as amended (the Investment Company Act) in reliance on the exemption from such registration pursuant to Section 3(c)(7) thereunder; or (b) with the United States Commodity Futures Trading Commission (the CFTC) as a commodity pool operator, in reliance on the exemption from such registration pursuant to CFTC Rule 4.13(a)(4). Accordingly, the Units are being offered and sold only outside the United States to persons other than US Persons in offshore transactions that meet the requirements of Regulation S under the US Securities Act.
Each applicant for the Units must certify that it is not a US person as defined in Regulation S under the US Securities Act and CFTC Rule 4.7 and not a US resident within the meaning of the Investment Company Act.
The Fund will not accept any subscriptions from investors that are employee benefit plans or entities whose assets constitute employee benefit plan assets whether or not subject to the United States Employee Retirement Income Securities Act of 1974, as amended (collectively, Benefit Plans), if, after such subscription, the Units held by Benefit Plans would be 25% or more of any Class of Units. If the Fund determines that it has inadvertently accepted any such subscription, it reserves the right to unilaterally redeem such subscription. | ## Restrictions de vente
La distribution du présent Prospectus et l’offre ou l’achat de Parts sont soumis à des restrictions dans certains territoires. Le présent Prospectus et le(s) DICI ne constituent pas une offre ou une invitation ou une sollicitation en vue de souscrire ou d’acquérir des Parts dans un territoire dans lequel une telle offre ou sollicitation n’est pas permise ou autorisée ou serait illégale. Les personnes recevant un exemplaire du présent Prospectus ou du ou des DICI dans un quelconque territoire ne peuvent pas considérer le présent Prospectus ou le(s) DICI comme constituant une offre, une invitation ou une sollicitation en vue de souscrire ou d’acquérir des Parts nonobstant le fait que, dans le territoire concerné, cette offre, cette invitation ou cette sollicitation puisse leur être légalement adressée sans le respect de toute obligation d’enregistrement ou autre obligation légale. Il incombe à toute personne en possession du présent Prospectus ou du ou des DICI et à toute personne souhaitant demander ou acquérir des Parts de s’informer et de respecter toutes les lois et réglementations applicables de tout territoire concerné. Les demandeurs ou acheteurs potentiels de Parts doivent s’informer sur les exigences légales de cette demande ou de cet achat, ainsi que sur les réglementations et taxes de contrôle des changes applicables dans leurs pays respectifs de citoyenneté, de résidence ou de domicile.
Luxembourg - Le Fonds est immatriculé conformément à la partie Ière de la Loi de 2010. Toutefois, cette immatriculation n’exige pas qu’une autorité luxembourgeoise approuve ou désapprouve le caractère adéquat ou l’exactitude du présent Prospectus ou des actifs détenus dans les différents Compartiments du Fonds. Toute déclaration contraire est non autorisée et illégale.
Union européenne - Le Fonds est un OPCVM et peut être proposé à la vente dans les États membres de l’EEE, sous réserve du processus de notification applicable.
États-Unis – Le présent Prospectus ne constitue pas une offre ou une sollicitation à l’égard d’une Personne des États-Unis, ainsi que ce terme est défini aux présentes. Les Parts ne peuvent pas être offertes, vendues, transférées ou remises, directement ou indirectement, aux États-Unis d’Amérique, dans ses territoires ou possessions ou à des Personnes des États-Unis. Ni les Parts ni aucun intérêt dans celles- ci ne peuvent être la propriété effective d’une autre Personne des États-Unis. Toute offre faite à nouveau ou toute revente de Parts aux États-Unis ou à des Personnes des États-Unis est interdite.
Les Parts n’ont pas été enregistrées en vertu de l’US Securities Act de 1933, dans sa version amendée (l’US Securities Act) ou des lois sur les valeurs mobilières de tout État ou subdivision politique des États- Unis, et ne peuvent pas être offertes, vendues, transférées ou livrées, directement ou indirectement, aux États-Unis ou pour le compte ou au bénéfice d’une quelconque Personne des États-Unis. Le Fonds n’a pas été enregistré et n’a pas l’intention de s’enregistrer : (A) en vertu de l’US Investment Company Act de 1940, dans sa version amendée (l’Investment Company Act) en vertu de l’exemption de cet enregistrement conformément à l’article 3(c)(7) de cette loi ; (b) auprès de la Commodity Futures Trading Commission des États-Unis (la CFTC) en tant qu’opérateur de pool de matières premières, en vertu de l’exemption de cet enregistrement conformément à la Règle 4.13(a)(4) de la CFTC. Par conséquent, les Parts sont proposées et vendues hors des États-Unis uniquement à des personnes autres que des Personnes
des États-Unis dans le cadre d’opérations offshore qui satisfont aux exigences du règlement S en vertu de l’US Securities Act.
Chaque demandeur de Parts doit certifier qu’il n’est pas une Personne des États-Unis telle que définie au Règlement S en vertu de l’US Securities Act et de la Règle 4.7 de la CFTC ni un résident américain au sens de l’Investment Company Act.
Le Fonds n’acceptera aucune souscription d’investisseurs qui sont des plans d’avantages sociaux ou des entités dont les actifs constituent des actifs de plans d’avantages sociaux, qu’ils soient soumis ou non à l’US Employee Retirement Income Securities Act de 1974, dans sa version amendée (dénommés ensemble les Plans d’avantages sociaux), si, après cette souscription, les Parts détenues par les Plans d’avantages sociaux représentaient 25 % ou plus d’une quelconque Classe de Parts. Si le Fonds détermine qu’il a accepté par inadvertance une telle souscription, il se réserve le droit de racheter unilatéralement cette souscription. | ## Selling Restrictions
The distribution of this Prospectus and the offering or purchase of Units is restricted in certain jurisdictions. This Prospectus and the KIID(s) do not constitute an offer of or invitation or solicitation to subscribe for or acquire any Units in any jurisdiction in which such offer or solicitation is not permitted, authorised or would be unlawful. Persons receiving a copy of this Prospectus or of the KIID(s) in any jurisdiction may not treat this Prospectus or KIID(s) as constituting an offer, invitation or solicitation to them to subscribe for or acquire Units notwithstanding that, in the relevant jurisdiction, such an offer, invitation or solicitation could lawfully be made to them without compliance with any registration or other legal requirement. It is the responsibility of any persons in possession of this Prospectus or of the KIID(s) and any persons wishing to apply for or acquire Units to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for or purchasers of Units should inform themselves as to the legal requirements of so applying or purchasing, and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile.
Luxembourg - The Fund is registered pursuant to Part I of the 2010 Act. However, such registration does not require any Luxembourg authority to approve or disapprove either the adequacy or accuracy of this Prospectus or the assets held in the various Sub-funds of the Fund. Any representations to the contrary are unauthorised and unlawful.
European Union - The Fund is a UCITS and may be offered for sale in EEA member states, subject to applicable notifications process.
USA – This Prospectus does not constitute an offer or solicitation in respect of any US Person, as defined herein. The Units may not be offered, sold, transferred or delivered, directly or indirectly, in the United States of America, its territories or possessions or to US Persons. Neither the Units nor any interest therein may be beneficially owned by any other US Person. Any re-offer or resale of any of the Units in the United States or to US Persons is prohibited.
The Units have not been registered under the US Securities Act of 1933, as amended (the US Securities Act) or the securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any US Person. The Fund has not registered and does not intend to register: (a) under the United States Investment Company Act of 1940, as amended (the Investment Company Act) in reliance on the exemption from such registration pursuant to Section 3(c)(7) thereunder; or (b) with the United States Commodity Futures Trading Commission (the CFTC) as a commodity pool operator, in reliance on the exemption from such registration pursuant to CFTC Rule 4.13(a)(4). Accordingly, the Units are being offered and sold only outside the United States to persons other than US Persons in offshore transactions that meet the requirements of Regulation S under the US Securities Act.
Each applicant for the Units must certify that it is not a US person as defined in Regulation S under the US Securities Act and CFTC Rule 4.7 and not a US resident within the meaning of the Investment Company Act.
The Fund will not accept any subscriptions from investors that are employee benefit plans or entities whose assets constitute employee benefit plan assets whether or not subject to the United States Employee Retirement Income Securities Act of 1974, as amended (collectively, Benefit Plans), if, after such subscription, the Units held by Benefit Plans would be 25% or more of any Class of Units. If the Fund determines that it has inadvertently accepted any such subscription, it reserves the right to unilaterally redeem such subscription. | en | fr |
DOLFIN2944 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund is structured as an open-ended umbrella unit trust with segregated liability between its Sub-Funds. New Sub- Funds may be established from time to time with the prior approval of the Central Bank. In addition, each Sub-Fund may have more than one Class allocated to it. The Units of each Class allocated to a Sub-Fund will rank pari passu with each other in all respects except as to all or any of the following: currency of denomination of the Class, dividend policy, the amount of fees and expenses to be charged (including any Unit Class specific expenses), and the Minimum Subscription and Minimum Holding applicable. Other Classes may be established within the Fund, which may be subject to higher, lower or no fees, where applicable.
The assets of each Sub-Fund are kept separate from one another and each Sub-Fund’s assets are invested in accordance with the investment objectives and policies applicable to such Sub-Fund. Due to the segregated liability between Sub-Funds, any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub- Fund. A separate pool of assets is not maintained for any Class.
Each Unit represents a beneficial interest in a Sub-Fund. The value of the Units of each Sub-Fund shall at all times equal their Net Asset Value. The Base Currency of each Sub-Fund will be determined by the Manager and will be described in the relevant Sub-Fund Details.
On the establishment of any Sub-Fund, the Prospectus will be republished (in which all the existing Sub-Funds of the Fund and Classes thereof will be listed), or a supplement or addendum to the Prospectus detailing this will be issued. In addition, details of all Sub-Funds and Classes thereof will be set out in the annual and semi-annual reports of the Fund.
Details of the Sub-Funds are set out in Appendix IV.
A copy of the Prospectus is available to Unitholders online at www.axa-im.co.uk.
- Profile of a typical investorThe Sub-Funds are suitable for investors seeking a totalreturn greater than the relevant Sub-Funds’ index over a rolling three or five year basis, as relevant, and as specified in Appendix IV in the relevant Sub-Fund’s investment objective.
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#### Investment Objectives and Policies
- Change of Investment Objectives and PoliciesWith the creation of each Sub-Fund, the specific investment objective and policies for each Sub-Fund will be determined by the Manager and described in the relevant Sub-Fund Details. Any change to a Sub-Fund’s investment objective or material change to a Sub-Fund’s investment policies will be subject to the prior approval in writing of a simple majority of the Unitholders of the relevant Sub-Fund, or, if a general meeting of the Unitholders of such Sub-Fund is convened, by a majority of the votes cast at such meeting. Unitholders will be given fourweeks’ advance notice of the implementation of any alteration in the investment objectives or material change to the investment policies in a Sub- Fund to enable them to sell their Units prior to such implementation should they wish to do so. | Il Fondo è strutturato come fondo d'investimento multicomparto di tipo aperto con separazione patrimoniale tra i Comparti. Di volta in volta possono essere costituiti nuovi Comparti con la previa autorizzazione della Banca Centrale. Inoltre, ad ogni Comparto può essere assegnata più di una Classe. Le Quote di ogni Classe assegnata a un Comparto godranno di diritti di pari rango sotto tutti gli aspetti, tranne per quanto riguarda la totalità o una parte dei seguenti elementi: valuta di denominazione della Classe, politica di distribuzione dei dividendi, ammontare delle commissioni e delle spese addebitate (incluse eventuali spese specifiche relative a una Classe di Quote), Sottoscrizione Minima e Partecipazione Minima applicabili. All'interno del Fondo possono essere istituite altre Classi, le quali possono essere soggette a commissioni superiori, inferiori o nulle, ove applicabile.
I patrimoni di ciascun Comparto sono mantenuti separati l'uno dall'altro e sono investiti in conformità agli obiettivi e alle politiche d'investimento di ognuno di essi. In virtù della separazione patrimoniale tra Comparti, qualsiasi passività sostenuta per conto di o attribuibile a un Comparto può essere assolta esclusivamente a valere sulle attività di tale Comparto. Non si mantiene un pool di attivi separato per ciascuna Classe.
Ciascuna Quota rappresenta un interesse beneficiario in un Comparto. Il valore delle Quote di ciascun Comparto deve sempre essere uguale al loro Valore Patrimoniale Netto. La Valuta di Base di ciascun Comparto sarà determinata dal Gestore e verrà descritta nelle pertinenti Informazioni sui Comparti.
L'istituzione di qualsiasi Comparto comporta la ripubblicazione del Prospetto (in cui verranno elencati tutti i Comparti esistenti del Fondo e le relative Classi) o l'emissione di un supplemento o di un addendum a integrazione del Prospetto. Inoltre, informazioni dettagliate su tutti i Comparti e le relative Classi saranno incluse nelle relazioni annuali e semestrali del Fondo.
Le Informazioni sui Comparti sono riportate nell'Allegato IV.
Una copia del Prospetto è disponibile per i Titolari di Quote all'indirizzo www.axa-im.co.uk.
- Profilo dell'investitore tipoI Comparti sono indicati per gli investitori che puntano a conseguire un rendimento complessivo superiore a quello dei rispettivi indici su un periodo mobile di tre o cinque anni, a seconda dei casi, e conformemente a quanto specificato nell'Allegato IV all'obiettivo d'investimento del singolo Comparto.
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#### Obiettivi e Politiche di Investimento
- Variazione degli Obiettivi e delle Politiche d'Investimento Alla creazione di ciascun Comparto, il Gestore stabilirà su base specifica l'obiettivo e le politiche d'investimento di ciascun Comparto e gli stessi verranno descritti nelle pertinenti Informazioni sui Comparti. Qualsiasi variazione dell'obiettivod'investimento di un Comparto o sostanziale modifica delle sue politiche d'investimento sarà soggetta alla previa autorizzazione scritta della maggioranza semplice dei Titolari di Quote del Comparto interessato oppure, qualora sia convocata un'assemblea generale dei Titolari di Quote di tale Comparto, della maggioranza dei voti espressi in tale assemblea. Ai Titolari di Quote verrà dato un preavviso di quattro settimane in relazione all'implementazione di qualsiasi modifica agli obiettivi o di variazioni significative delle politiche d'investimento di un Comparto in modo da consentire loro di cedere le proprie Quote prima di tale implementazione qualora lo desiderino. | The Fund is structured as an open-ended umbrella unit trust with segregated liability between its Sub-Funds. New Sub- Funds may be established from time to time with the prior approval of the Central Bank. In addition, each Sub-Fund may have more than one Class allocated to it. The Units of each Class allocated to a Sub-Fund will rank pari passu with each other in all respects except as to all or any of the following: currency of denomination of the Class, dividend policy, the amount of fees and expenses to be charged (including any Unit Class specific expenses), and the Minimum Subscription and Minimum Holding applicable. Other Classes may be established within the Fund, which may be subject to higher, lower or no fees, where applicable.
The assets of each Sub-Fund are kept separate from one another and each Sub-Fund’s assets are invested in accordance with the investment objectives and policies applicable to such Sub-Fund. Due to the segregated liability between Sub-Funds, any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub- Fund. A separate pool of assets is not maintained for any Class.
Each Unit represents a beneficial interest in a Sub-Fund. The value of the Units of each Sub-Fund shall at all times equal their Net Asset Value. The Base Currency of each Sub-Fund will be determined by the Manager and will be described in the relevant Sub-Fund Details.
On the establishment of any Sub-Fund, the Prospectus will be republished (in which all the existing Sub-Funds of the Fund and Classes thereof will be listed), or a supplement or addendum to the Prospectus detailing this will be issued. In addition, details of all Sub-Funds and Classes thereof will be set out in the annual and semi-annual reports of the Fund.
Details of the Sub-Funds are set out in Appendix IV.
A copy of the Prospectus is available to Unitholders online at www.axa-im.co.uk.
- Profile of a typical investorThe Sub-Funds are suitable for investors seeking a totalreturn greater than the relevant Sub-Funds’ index over a rolling three or five year basis, as relevant, and as specified in Appendix IV in the relevant Sub-Fund’s investment objective.
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#### Investment Objectives and Policies
- Change of Investment Objectives and PoliciesWith the creation of each Sub-Fund, the specific investment objective and policies for each Sub-Fund will be determined by the Manager and described in the relevant Sub-Fund Details. Any change to a Sub-Fund’s investment objective or material change to a Sub-Fund’s investment policies will be subject to the prior approval in writing of a simple majority of the Unitholders of the relevant Sub-Fund, or, if a general meeting of the Unitholders of such Sub-Fund is convened, by a majority of the votes cast at such meeting. Unitholders will be given fourweeks’ advance notice of the implementation of any alteration in the investment objectives or material change to the investment policies in a Sub- Fund to enable them to sell their Units prior to such implementation should they wish to do so. | en | it |
DOLFIN2945 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ALLOCATION OF INCOME
Upon proposal from the Board of Directors and within legal limits, the general meeting of shareholders of the class or classes of shares issued for a sub-fund will determine the allocation of income of this sub-fund and may authorise the Board of Directors to declare distributions.
The share of income that is allocated to accumulation shares will remain invested in the Company and will be incorporated in the share of the net assets represented by the accumulation shares.
Concerning the share of the income attributable to distribution shares, the amount distributable for each sub-fund may be composed of the interest, dividend, capital gain (whether realised or not), and other realised income, less fees and any capital loss (whether realised or not), as well as the capital of this sub-fund, within the limits specified by article 27 of the Law of 2010 relative to UCIs.
The dividends to be distributed to the holders of distribution shares will be expressed and made payable during the five months that follow closure of the accounting period.
For distribution shares, the Board of Directors is also authorised to distribute interim dividends. Upon proposal from the Board of Directors, the general meeting may also decide to distribute a dividend to shareholders in the form of shares in the sub-fund concerned, on a pro rata basis in relation to existing shares of the same class.
For distribution shares, any declared dividend that has not been claimed by its beneficiary within five years from its assignment shall no longer be applicable due to lapse of time and return to the sub- fund concerned.
No interest will be paid on a dividend declared by the Company and kept by it available to its beneficiary.
The distribution of dividends will be published in newspapers of adequate distribution.
- | # AFFECTATION DES RESULTATS
Sur proposition du Conseil d'Administration et dans les limites légales, l’assemblée générale des actionnaires de la (des) classe(s) d’Actions émise(s) au titre d’un compartiment déterminera l’affectation des résultats de ce compartiment et pourra autoriser le Conseil d’Administration à déclarer des distributions.
La part du résultat qui revient aux actions de capitalisation restera investie dans la Société et sera intégrée à la part de l'actif net, représentée par les actions de capitalisation.
Concernant la part du résultat qui revient aux actions de distribution, le montant distribuable pour chaque compartiment peut être constitué par les intérêts, dividendes, plus-values, réalisées ou non, et autres revenus réalisés, sous déduction des frais et des moins-values éventuelles, réalisées ou non ainsi que du capital de ce compartiment, dans les limites prévues par l'article 27 de la Loi de 2010 relative aux organismes de placement collectif.
Les dividendes à distribuer aux détenteurs d'actions de distribution seront exprimés et rendus payables au cours des cinq mois qui suivent la clôture de l'exercice.
Pour les actions de distribution, le Conseil d'Administration est également autorisé à distribuer des acomptes sur dividendes. Sur proposition du Conseil d'Administration, l'Assemblée Générale pourra également décider la distribution aux actionnaires d'un dividende sous forme d'actions du compartiment concerné, au prorata des actions existantes de la même classe.
Pour les actions de distribution, tout dividende déclaré qui n'aura pas été réclamé par son bénéficiaire dans les cinq ans à compter de son attribution sera prescrit et reviendra au compartiment concerné.
Aucun intérêt ne sera payé sur un dividende déclaré par la Société et conservé par elle à la disposition de son bénéficiaire.
La publication de la distribution des dividendes sera faite dans des journaux à diffusion adéquate.
- | # ALLOCATION OF INCOME
Upon proposal from the Board of Directors and within legal limits, the general meeting of shareholders of the class or classes of shares issued for a sub-fund will determine the allocation of income of this sub-fund and may authorise the Board of Directors to declare distributions.
The share of income that is allocated to accumulation shares will remain invested in the Company and will be incorporated in the share of the net assets represented by the accumulation shares.
Concerning the share of the income attributable to distribution shares, the amount distributable for each sub-fund may be composed of the interest, dividend, capital gain (whether realised or not), and other realised income, less fees and any capital loss (whether realised or not), as well as the capital of this sub-fund, within the limits specified by article 27 of the Law of 2010 relative to UCIs.
The dividends to be distributed to the holders of distribution shares will be expressed and made payable during the five months that follow closure of the accounting period.
For distribution shares, the Board of Directors is also authorised to distribute interim dividends. Upon proposal from the Board of Directors, the general meeting may also decide to distribute a dividend to shareholders in the form of shares in the sub-fund concerned, on a pro rata basis in relation to existing shares of the same class.
For distribution shares, any declared dividend that has not been claimed by its beneficiary within five years from its assignment shall no longer be applicable due to lapse of time and return to the sub- fund concerned.
No interest will be paid on a dividend declared by the Company and kept by it available to its beneficiary.
The distribution of dividends will be published in newspapers of adequate distribution.
- | en | fr |
DOLFIN2946 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if MFS Investment Management Company (Lux) S.à r.l. is unable to pay out?
The assets of the fund and of the Product Manufacturer are segregated, so the default of the Product Manufacturer should not result in a financial loss to the fund’s shareholders. With respect to the Depositary responsible for the safekeeping of the assets of the fund, there is a potential default risk if the assets of the fund held with the Depositary are lost. However, this default risk is limited due to the rules set out in applicable law which require a segregation of assets between those of the Depositary and the fund. The Depositary is liable to the fund and to the investors of the fund for the loss of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. For all other losses, the Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to applicable law. There is no investor compensation or guarantee scheme in the case of insolvency of the Depositary provided by law. | # Cosa accade se MFS Investment Management Company (Lux) S.à r.l. non è in grado di corrispondere quanto dovuto?
Le attività del fondo e quelle dell’Ideatore del prodotto sono separate, pertanto l'eventuale insolvenza di quest’ultimo non dovrebbe comportare perdite finanziarie per gli azionisti del fondo. Per quanto riguarda la Banca depositaria responsabile della custodia delle attività del fondo, esiste un potenziale rischio d'insolvenza in caso di perdita delle attività del fondo detenute presso la Banca depositaria. Tale rischio d'insolvenza è tuttavia limitato a causa delle norme previste dalla legge applicabile che richiedono la separazione delle attività tra quelle della Banca depositaria e del fondo. La Banca depositaria è responsabile nei confronti del fondo e degli investitori del fondo per la perdita di uno strumento finanziario detenuto in custodia, a meno che la Banca depositaria non sia in grado di dimostrare che la perdita si è verificata a seguito di un evento esterno che esula dal suo ragionevole controllo. Per tutte le altre perdite, la Banca depositaria è responsabile in caso di inadempimento negligente o intenzionale dei propri obblighi ai sensi della legge applicabile. In caso di insolvenza della Banca depositaria, la legge non prevede alcun meccanismo di indennizzo o garanzia per gli investitori. | # What happens if MFS Investment Management Company (Lux) S.à r.l. is unable to pay out?
The assets of the fund and of the Product Manufacturer are segregated, so the default of the Product Manufacturer should not result in a financial loss to the fund’s shareholders. With respect to the Depositary responsible for the safekeeping of the assets of the fund, there is a potential default risk if the assets of the fund held with the Depositary are lost. However, this default risk is limited due to the rules set out in applicable law which require a segregation of assets between those of the Depositary and the fund. The Depositary is liable to the fund and to the investors of the fund for the loss of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. For all other losses, the Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to applicable law. There is no investor compensation or guarantee scheme in the case of insolvency of the Depositary provided by law. | en | it |
DOLFIN2947 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# General Information
Corporate Information
The Company is an open-ended investment company which qualifies as an Undertaking for Collective Investment in Transferable Securities ("UCITS") under Part I of the Law. It was incorporated in Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") on 22 September 2005 for an unlimited duration. Its Articles were published in the Mémorial, Recueil des Sociétés et Associations of 11 October 2005. The Articles were restated with effect from 18 February 2020. It is registered with the Luxembourg Register of Commerce under number B 110.737.
The Shares are of no par value. The capital of the Company is equal to its net assets expressed in Euro and the minimum capital is €1,250,000. | # Informations générales
Informations sur la Société
La Société est une société d’investissement de type ouvert agréée en tant qu’Organisme de placement collectif en valeurs mobilières (« OPCVM ») en vertu de la partie I de la Loi. Elle a été constituée au Luxembourg en tant que société d’investissement à capital variable (« SICAV ») le 22 septembre 2005 pour une durée illimitée. Ses Statuts ont été publiés au Mémorial, Recueil des Sociétés et Associations du 11 octobre 2005. Les Statuts ont fait l’objet d’une refonte avec effet au 18 février 2020. Elle est immatriculée auprès du registre de commerce luxembourgeois sous le numéro B 110.737.
Les Actions n’ont aucune valeur nominale. Le capital de la Société est égal à ses actifs nets libellés en Euros et le montant minimum du capital est fixé à 1 250 000 €. | # General Information
Corporate Information
The Company is an open-ended investment company which qualifies as an Undertaking for Collective Investment in Transferable Securities ("UCITS") under Part I of the Law. It was incorporated in Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") on 22 September 2005 for an unlimited duration. Its Articles were published in the Mémorial, Recueil des Sociétés et Associations of 11 October 2005. The Articles were restated with effect from 18 February 2020. It is registered with the Luxembourg Register of Commerce under number B 110.737.
The Shares are of no par value. The capital of the Company is equal to its net assets expressed in Euro and the minimum capital is €1,250,000. | en | fr |
DOLFIN2948 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objective and Investment Policy
The Fund aims to increase the value of your investment over the long term. The Fund invests at least two-thirds of its assets in shares of companies worldwide. The Fund can invest in developed and emerging markets. The Fund’s “focus” investment approach means it will typically hold a small number of investments compared with other funds. The Fund may use derivatives (complex instruments) for hedging purposes and may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the MSCI ACWI Index. The index is broadly representative of the companies in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The Fund promotes environmental and social characteristics by aiming to compare favourably against the index over rolling 12-month periods when assessed according to the Columbia Threadneedle ESG (environmental, social and governance) Materiality Rating. The index is not designed to specifically consider environmental or social characteristics. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index. The Fund also aims to exclude companies that breach accepted international standards and principles (e.g. the United Nations Global Compact) unless the fund manager believes that there are tangible mitigating factors for the company to be held. Further information on the investment guidelines, including the Columbia Threadneedle ESG Materiality Rating methodology and engagement policy is available at columbiathreadneedle.com. The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | ## Obiettivo e politica d'investimento
Il Fondo intende aumentare il valore dell’investimento a lungo termine. Il Fondo investe almeno due terzi del proprio patrimonio in azioni di società in tutto il mondo. Il Fondo può investire in mercati sviluppati ed emergenti. L’approccio di investimento di tipo “focus” del Fondo implica che deterrà in genere un numero limitato di investimenti rispetto ad altri fondi. Il Fondo può utilizzare derivati (strumenti d'investimento sofisticati) a fini di copertura e può investire in classi di attività e strumenti diversi da quelli sopra riportati. Il Fondo è gestito attivamente in riferimento all'Indice MSCI ACWI. L’Indice è ampiamente rappresentativo delle società in cui investe il Fondo e fornisce un benchmark target adeguato rispetto al quale la performance del Fondo verrà misurata e valutata nel tempo. Il Fondo promuove caratteristiche ambientali e sociali prefissandosi di ottenere risultati migliori rispetto all'indice su periodi consecutivi di 12 mesi se valutato secondo il Rating di Materialità ESG (aspetti ambientali, sociali e di governance) di Columbia Threadneedle. L'indice non è concepito tenendo specificatamente conto delle caratteristiche ambientali o sociali. Il gestore del fondo ha la facoltà di selezionare in modo discrezionale gli investimenti con coefficienti di ponderazione diversi da quelli inclusi nell'indice e non presenti nell'indice. Inoltre, il Fondo può presentare una divergenza significativa rispetto all'indice. Il Fondo mira anche ad escludere le società che violano gli standard e i principi internazionali accettati (ad esempio, il Global Compact delle Nazioni Unite), a meno che il gestore del fondo non ritenga che vi siano fattori attenuanti tangibili per l'azienda di cui tenere conto. Ulteriori informazioni sulle linee guida per gli investimenti, tra cui la metodologia del Rating di Materialità ESG di Columbia Threadneedle e la politica di impegno, sono disponibili all'indirizzo columbiathreadneedle.com. Il Fondo è classificato come un portafoglio che promuove le caratteristiche ambientali o sociali ai sensi dell’Articolo 8 del Regolamento UE 2019/2088 relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari (SFDR).
Il reddito dagli investimenti nel Fondo verrà aggiunto al valore delle vostre azioni.
Potete acquistare e vendere azioni del Fondo in qualunque giorno che corrisponda ad un giorno lavorativo in Lussemburgo, salvo laddove gli Amministratori abbiano stabilito che è aperto un numero insufficiente di mercati. Per maggiori informazioni sull'obiettivo e la politica d'investimento del Fondo, si rimanda al Prospetto. Per ulteriori informazioni sui termini di investimento utilizzati nel presente documento, si rimanda al Glossario disponibile sul sito www.columbiathreadneedle.com. | ## Objective and Investment Policy
The Fund aims to increase the value of your investment over the long term. The Fund invests at least two-thirds of its assets in shares of companies worldwide. The Fund can invest in developed and emerging markets. The Fund’s “focus” investment approach means it will typically hold a small number of investments compared with other funds. The Fund may use derivatives (complex instruments) for hedging purposes and may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the MSCI ACWI Index. The index is broadly representative of the companies in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The Fund promotes environmental and social characteristics by aiming to compare favourably against the index over rolling 12-month periods when assessed according to the Columbia Threadneedle ESG (environmental, social and governance) Materiality Rating. The index is not designed to specifically consider environmental or social characteristics. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index. The Fund also aims to exclude companies that breach accepted international standards and principles (e.g. the United Nations Global Compact) unless the fund manager believes that there are tangible mitigating factors for the company to be held. Further information on the investment guidelines, including the Columbia Threadneedle ESG Materiality Rating methodology and engagement policy is available at columbiathreadneedle.com. The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | en | it |
DOLFIN2949 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The Board of Directors of the Management Company may also decide to merge another fund or sub- fund managed by the same or by another management company into the Fund.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States of the European Union (cross-border mer- ger).
- Such a merger may only be implemented if the investment policy of the fund or sub-fund to be ab- sorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund or sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The investors of the absorbed fund or sub-fund receive units in the absorbing fund or sub-fund; the number of these units is calculated on the basis of the ratio of the unit values of the funds or sub-funds in question at the time of merger, along with any settlement of fractional units.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform investors of the planned merger in an appropriate manner and in line with the legal requirements of the respective countries of distribution of the absorbing or absorbed fund or sub-fund.
- The investors in the absorbing and the absorbed Fund or sub-Fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their units at the current net asset value or, if possible, the exchange for units of another Fund with a similar investment policy managed by the same Management Company or by another company with which the Management Company is linked by common management or control or by a substantial direct or indirect holding. This right becomes effec- tive on the date on which the unitholders of the absorbed and absorbing funds or sub-funds are in- formed of the planned merger, and expires five working days before the date of calculation of the ex- change ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of units if such suspension is jus- tified for reasons of the protection of the unitholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the investors in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authorities. | - Le conseil d'administration de la Société de gestion peut également décider d'absorber au sein du Fonds un autre fonds ou compartiment géré par la même ou par une autre Société de gestion.
- Les fusions sont possibles entre deux fonds ou compartiments luxembourgeois (fusion nationale) ainsi qu’entre fonds ou compartiments constitués dans deux États membres différents de l’Union euro- péenne (fusion transfrontalière).
- Une telle fusion n’est possible que si la politique d’investissement du Fonds ou Compartiment devant être intégrée n’est pas contraire à celle de l’OPCVM bénéficiaire de la fusion.
- La fusion implique une dissolution du Fonds ou compartiment absorbé et une reprise simultanée de tous les actifs par le Fonds ou compartiment absorbant. Les investisseurs du Fonds ou compartiment ab- sorbé reçoivent des parts du Fonds ou compartiment absorbant, dont le nombre est calculé en se réfé- rant au prorata de la valeur unitaire des parts des fonds ou compartiments concernés à la date de l’apport et, le cas échéant, une soulte.
- Le Fonds ou compartiment absorbant ainsi que le Fonds ou compartiment absorbé informent les inves- tisseurs en bonne et due forme du projet de fusion et, selon les exigences légales, des pays où le Fonds ou compartiment absorbé ou absorbant est commercialisé.
- Les investisseurs du Fonds ou compartiment absorbant ou absorbé sont habilités durant trente jours à demander le rachat sans frais de la totalité ou d’une partie de leurs parts à la valeur unitaire des parts correspondante ou, si possible, leur conversion sans frais en parts d’un autre fonds doté d’une politique d’investissement semblable et géré par la même société de gestion ou une autre société avec laquelle la Société de gestion est liée dans le cadre d’une communauté de gestion ou de contrôle ou par une im- portante participation directe ou indirecte. Ce droit court à compter du moment où les investisseurs du Fonds et/ou compartiment absorbé et du Fonds et/ou compartiment absorbant ont été informés du projet de fusion et expire cinq jours ouvrables bancaires avant le calcul du ratio de conversion.
- En cas de fusion entre plusieurs fonds ou compartiments, les fonds ou compartiments en question peu- vent suspendre temporairement les souscriptions, rachats ou conversions dès lors que cette mesure est justifiée dans le but de protéger les porteurs de parts.
- L’exécution de la fusion est vérifiée et confirmée par un réviseur d’entreprises agréé. Sur simple de-mande, un exemplaire du rapport du réviseur d’entreprises agréé est mis gratuitement à disposition desinvestisseurs du Fonds ou compartiment absorbé et absorbant ainsi que des autorités de surveillance compétentes. | - The Board of Directors of the Management Company may also decide to merge another fund or sub- fund managed by the same or by another management company into the Fund.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States of the European Union (cross-border mer- ger).
- Such a merger may only be implemented if the investment policy of the fund or sub-fund to be ab- sorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund or sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The investors of the absorbed fund or sub-fund receive units in the absorbing fund or sub-fund; the number of these units is calculated on the basis of the ratio of the unit values of the funds or sub-funds in question at the time of merger, along with any settlement of fractional units.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform investors of the planned merger in an appropriate manner and in line with the legal requirements of the respective countries of distribution of the absorbing or absorbed fund or sub-fund.
- The investors in the absorbing and the absorbed Fund or sub-Fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their units at the current net asset value or, if possible, the exchange for units of another Fund with a similar investment policy managed by the same Management Company or by another company with which the Management Company is linked by common management or control or by a substantial direct or indirect holding. This right becomes effec- tive on the date on which the unitholders of the absorbed and absorbing funds or sub-funds are in- formed of the planned merger, and expires five working days before the date of calculation of the ex- change ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of units if such suspension is jus- tified for reasons of the protection of the unitholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the investors in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authorities. | en | fr |
DOLFIN2950 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Administrator
The Management Company has appointed BNY Mellon Fund Services (Ireland) Designated Activity Company to act as administrator, registrar and transfer agent of the ICAV with responsibility for performing the day to day administration of the ICAV, including the calculation of the Net Asset Value and the Net Asset Value per Share of each Fund. The Administrator is a private limited company incorporated in Ireland on 31 May 1994 and is engaged in the provision of fund administration, accounting, registration, transfer agency and related shareholders services to collective investment schemes and investment funds. The Administrator is authorised by the Central Bank under the Investment Intermediaries Act 1995 (as amended).
The Administrator is engaged in the business of, inter alia, providing fund administration services to collective investment undertakings. The Administrator has responsibility for the administration of the ICAV's affairs including the calculation of the Net Asset Value and preparation of the accounts of the ICAV, subject to the overall supervision of the Manager. | ## Agente amministrativo
La Società di gestione ha nominato BNY Mellon Fund Services (Ireland) Designated Activity Company quale agente amministrativo, tenutario del registro e agente dei trasferimenti dell'ICAV, con la responsabilità di svolgere l'amministrazione quotidiana dell'ICAV, compreso il calcolo del Valore Patrimoniale Netto e del Valore Patrimoniale Netto per Azione di ciascun Comparto. L'Agente amministrativo è una società a responsabilità limitata costituita in Irlanda in data 31 maggio 1994 ed è attiva nella fornitura di servizi di amministrazione del fondo, contabilità, registrazione, agenzia di trasferimento e relativi servizi agli azionisti per organismi di investimento collettivo e fondi di investimento. L'Agente amministrativo è autorizzato dalla Banca Centrale ai sensi dell'Investment Intermediaries Act 1995 (e successive modifiche).
L'Agente amministrativo si occupa, tra l'altro, di fornire servizi di amministrazione di fondi a organismi di investimento collettivo. L'Agente amministrativo è responsabile dell'amministrazione degli affari dell'ICAV, compreso il calcolo del Valore Patrimoniale Netto e la preparazione dei bilanci dell'ICAV, sotto la supervisione generale del Gestore. | ## Administrator
The Management Company has appointed BNY Mellon Fund Services (Ireland) Designated Activity Company to act as administrator, registrar and transfer agent of the ICAV with responsibility for performing the day to day administration of the ICAV, including the calculation of the Net Asset Value and the Net Asset Value per Share of each Fund. The Administrator is a private limited company incorporated in Ireland on 31 May 1994 and is engaged in the provision of fund administration, accounting, registration, transfer agency and related shareholders services to collective investment schemes and investment funds. The Administrator is authorised by the Central Bank under the Investment Intermediaries Act 1995 (as amended).
The Administrator is engaged in the business of, inter alia, providing fund administration services to collective investment undertakings. The Administrator has responsibility for the administration of the ICAV's affairs including the calculation of the Net Asset Value and preparation of the accounts of the ICAV, subject to the overall supervision of the Manager. | en | it |
DOLFIN2951 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## With effect from the date hereof the Prospectus is amended as follows:
- The following new Definitions will be added at section 3 "Definitions"ESG means environmental, social and governance;SFDR or Disclosure Regulationmeans Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, as may be amended, supplemented, consolidated, substituted in any form or otherwise modified from time to time;Sustainability Risk means an environmental, social or governance event or condition that the Company considers could have a material negative impact on the financial value of one or more investments in the Fund”
- A new risk factor shall be added on page 33 after the paragraph beginning "Changes in the UK Political Environment" which shall read as follows:“The integration of Sustainability Risks may have a material impact on a Fund’s value and returns. A Fund which is exposed to the securities of companies based on their ESG characteristics may forego certain investment opportunities and as a result, may perform differently to other funds which do not seek to promote ESG characteristics or do not have sustainable investment as their objective. This may include underperforming those funds. In addition, investor sentiment towards funds which integrate Sustainability Risks or funds which promote ESG characteristics or have sustainable investment objectives may change over time, thereby potentially affecting the demand for such funds and their performance. | ## À compter de la date des présentes, le Prospectus est modifié comme suit :
- Les nouvelles définitions suivantes seront ajoutées à la section 3 « Définitions »ESG signifie environnemental, social et de gouvernance ;SFDR ou réglementation sur la divulgationRisques liés au développement durabledésigne le règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 relatif aux informations en matière de développement durable dans le secteur des services financiers, tel qu’il peut être modifié, complété, consolidé, remplacé sous quelque forme que ce soit ou modifié de temps à autre ;signifie un événement ou une situation environnementale, sociale ou de gouvernance que la Société considère comme susceptible d’avoir un impact négatif important sur la valeur financière d’un ou de plusieurs investissement(s) du Compartiment »
- Un nouveau facteur de risque sera ajouté à la page 33 après le paragraphe commençant par « Changements dans l’environnement politique britannique », et sera libellé comme suit :« L’intégration des risques liés au développement durable peut avoir une incidence importante sur la valeur et les rendements d’un Compartiment. Un Compartiment qui est exposé aux titres de sociétés en fonction de leurs caractéristiques ESG peut renoncer à certaines opportunités d’investissement et, par conséquent, peut réaliser des performances différentes par rapport à d’autres fonds qui ne cherchent pas à promouvoir les caractéristiques ESG ou qui n’ont pas comme objectif l’investissement durable. Cela peut inclure une sous-performance de ces fonds. En outre, le sentiment des investisseurs à l’égard des fonds qui intègrent des risques liés au développement durable ou des fonds qui favorisent des caractéristiques ESG ou qui ont des objectifs d’investissement durable peut évoluer au fil du temps, ce qui peut potentiellement affecter la demande de ces compartiments et leur performance. | ## With effect from the date hereof the Prospectus is amended as follows:
- The following new Definitions will be added at section 3 "Definitions"ESG means environmental, social and governance;SFDR or Disclosure Regulationmeans Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, as may be amended, supplemented, consolidated, substituted in any form or otherwise modified from time to time;Sustainability Risk means an environmental, social or governance event or condition that the Company considers could have a material negative impact on the financial value of one or more investments in the Fund”
- A new risk factor shall be added on page 33 after the paragraph beginning "Changes in the UK Political Environment" which shall read as follows:“The integration of Sustainability Risks may have a material impact on a Fund’s value and returns. A Fund which is exposed to the securities of companies based on their ESG characteristics may forego certain investment opportunities and as a result, may perform differently to other funds which do not seek to promote ESG characteristics or do not have sustainable investment as their objective. This may include underperforming those funds. In addition, investor sentiment towards funds which integrate Sustainability Risks or funds which promote ESG characteristics or have sustainable investment objectives may change over time, thereby potentially affecting the demand for such funds and their performance. | en | fr |
DOLFIN2952 | 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 actions et des titres similaires émis par des entreprises du monde entier susceptibles de générer un rendement en dividendes supérieur à la moyenne. 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 faire une évaluation des risques et des rendements ajustée aux critères ESG, qui sert de base à la construction du portefeuille. Ce compartiment vise à surperformer le rendement de l’indice de référence MSCI World (NR). Le compartiment est géré activement. L'indice de référence a été choisi en ce qu’il est représentatif de l’univers de placement du compartiment et constitue, par conséquent, un point de comparaison approprié pour évaluer la performance. La majeure partie des droits de participation du compartiment ne refléteront pas nécessairement les composantes ou les pondérations de l’indice de référence. Le gérant pourra, à sa discrétion, s’écarter sensiblement des pondérations de certaines composantes de l'indice de référence et investir dans une large mesure dans des sociétés ou des secteurs non inclus dans l'indice de référence afin de tirer parti d’opportunités de placement spécifiques. Il est donc attendu que la performance du compartiment s’écarte significativement de celle de l’indice de référence. Le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. Le fonds recourt à des instruments dérivés pour limiter l'effet des fluctuations de change sur la performance pour cette classe d'actions. 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 dus pour les opérations portant sur les valeurs 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 modérée 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 acciones y valores similares emitidos por empresas en todo el mundo de las que cabe esperar una rentabilidad por dividendos superior a la media. 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 realizar una evaluación del perfil de riesgo/rendimiento ajustada en función de criterios ESG que servirá de base para la construcción de la cartera. Este fondo tiene como objetivo superar el rendimiento del índice de referencia MSCI World (NR). El fondo se gestiona de forma activa. El índice de referencia se ha seleccionado porque representa el universo de inversión del fondo y, por lo tanto, es un comparador de rendimiento adecuado. La mayoría de los valores de renta variable del fondo no serán necesariamente componentes del índice de referencia o no tendrán ponderaciones derivadas del mismo. El Gestor de Inversiones podrá optar a su discreción por desviarse considerablemente de la ponderación de algunos componentes del índice de referencia e invertir de forma significativa en empresas o sectores no incluidos en el índice de referencia con el fin de beneficiarse de determinadas oportunidades de inversión. Por lo tanto, se espera que el rendimiento del fondo se desvíe de forma significativa del índice de referencia. El fondo puede utilizar derivados para lograr los objetivos mencionados anteriormente. El fondo utiliza derivados para reducir el impacto de las variaciones de los tipos de cambio en el rendimiento de esta clase de acciones. 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 asume los gastos por comisiones bancarias y de corretaje que recaen 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 media 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 actions et des titres similaires émis par des entreprises du monde entier susceptibles de générer un rendement en dividendes supérieur à la moyenne. 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 faire une évaluation des risques et des rendements ajustée aux critères ESG, qui sert de base à la construction du portefeuille. Ce compartiment vise à surperformer le rendement de l’indice de référence MSCI World (NR). Le compartiment est géré activement. L'indice de référence a été choisi en ce qu’il est représentatif de l’univers de placement du compartiment et constitue, par conséquent, un point de comparaison approprié pour évaluer la performance. La majeure partie des droits de participation du compartiment ne refléteront pas nécessairement les composantes ou les pondérations de l’indice de référence. Le gérant pourra, à sa discrétion, s’écarter sensiblement des pondérations de certaines composantes de l'indice de référence et investir dans une large mesure dans des sociétés ou des secteurs non inclus dans l'indice de référence afin de tirer parti d’opportunités de placement spécifiques. Il est donc attendu que la performance du compartiment s’écarte significativement de celle de l’indice de référence. Le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. Le fonds recourt à des instruments dérivés pour limiter l'effet des fluctuations de change sur la performance pour cette classe d'actions. 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 dus pour les opérations portant sur les valeurs 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 modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN2953 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Shareholders holding Accumulation Shares will not receive any distributions. Instead, the income due to them will be rolled up to enhance the value of their Accumulation Shares.
The part of the year's net income corresponding to Accumulation Shares will be capitalised in the relevant Sub-fund for the benefit of such Accumulation Shares.
-
#### Hedging policy | Gli Azionisti detentori di Azioni ad accumulazione non percepiranno alcuna distribuzione. Il reddito loro spettante verrà cumulato al fine di incrementare il valore delle loro Azioni ad accumulazione.
La porzione del reddito netto dell'esercizio corrispondente alle Azioni ad accumulazione sarà capitalizzata nel relativo Comparto a beneficio di tali Azioni ad accumulazione.
-
#### Politica di copertura | Shareholders holding Accumulation Shares will not receive any distributions. Instead, the income due to them will be rolled up to enhance the value of their Accumulation Shares.
The part of the year's net income corresponding to Accumulation Shares will be capitalised in the relevant Sub-fund for the benefit of such Accumulation Shares.
-
#### Hedging policy | en | it |
DOLFIN2954 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Neuberger Berman China Equity Opportunities Fund (Continued)
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
Six Months Ended 30 June 2020
US$
Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of period 1,307,374
Profit/(Loss) Attributable to Holders of Redeemable Participating Shares from Operations (2,848)
Subscriptions 181,572
Redemptions (105,139)
Net Assets Attributable to Holders of Redeemable Participating Shares at end of period 1,380,959
* Portfolio liquidated on 30 November 2020.
The accompanying notes form an integral part of the financial statements. 704 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS
| Neuberger Berman Multi-Asset Growth Fund | |
| --- | --- |
| Balance Sheet |
| | Note | As at 31 December 2020* US$ |
| Current Assets | | |
| Cash and cash equivalents | 2 | 9,814 |
| Income receivable and other assets | | 23,833 |
| Total Assets | | 33,647 |
| | | |
| Current Liabilities | | |
| Accrued expenses | | 8,522 |
| Other payables | | 25,125 |
| Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) | | 33,647 |
| | | |
| Net Assets Attributable to Holders of Redeemable Participating Shares | | – |
The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2021 705
FINANCIAL STATEMENTS PROFIT AND LOSS ACCOUNT | # Neuberger Berman China Equity Opportunities Fund (continua)
## Prospetto delle variazioni del patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili
Semestre chiuso al 30 giugno 2020
USD
Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili all’inizio del periodo 1.307.374
Profitti/(perdite) attribuibili ai detentori di azioni di partecipazione riscattabili da operazioni (2.848)
Sottoscrizioni 181.572
Rimborsi (105.139)
Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili alla fine del periodo 1.380.959
* Portafoglio liquidato il 30 novembre 2020.
Le note integrative costituiscono parte integrante del bilancio. 704 NEUBERGER BERMAN INVESTMENT FUNDS PLC
STATO PATRIMONIALE BILANCIO
| Neuberger Berman Multi-Asset Growth Fund | |
| --- | --- |
| Stato patrimoniale |
| | Nota | Al 31 dicembre 2020* USD |
| Attività correnti | | |
| Disponibilità liquide e mezzi equivalenti | 2 | 9.814 |
| Crediti e altre attività | | 23.833 |
| Totale Attività | | 33.647 |
| | | |
| Passività correnti | | |
| Ratei passivi | | 8.522 |
| Altre passività | | 25.125 |
Passività (ad eccezione del patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili)
33.647
Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili –
Le note integrative costituiscono parte integrante del bilancio.
RELAZIONE SEMESTRALE 2021 705
BILANCIO CONTO ECONOMICO | # Neuberger Berman China Equity Opportunities Fund (Continued)
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
Six Months Ended 30 June 2020
US$
Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of period 1,307,374
Profit/(Loss) Attributable to Holders of Redeemable Participating Shares from Operations (2,848)
Subscriptions 181,572
Redemptions (105,139)
Net Assets Attributable to Holders of Redeemable Participating Shares at end of period 1,380,959
* Portfolio liquidated on 30 November 2020.
The accompanying notes form an integral part of the financial statements. 704 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS
| Neuberger Berman Multi-Asset Growth Fund | |
| --- | --- |
| Balance Sheet |
| | Note | As at 31 December 2020* US$ |
| Current Assets | | |
| Cash and cash equivalents | 2 | 9,814 |
| Income receivable and other assets | | 23,833 |
| Total Assets | | 33,647 |
| | | |
| Current Liabilities | | |
| Accrued expenses | | 8,522 |
| Other payables | | 25,125 |
| Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) | | 33,647 |
| | | |
| Net Assets Attributable to Holders of Redeemable Participating Shares | | – |
The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2021 705
FINANCIAL STATEMENTS PROFIT AND LOSS ACCOUNT | en | it |
DOLFIN2955 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais facturés au FCP | Assiette | Taux / Montant TTC/taux maximum |
| --- | --- | --- |
| Frais de gestion financière et frais administratifs externes à la Société de Gestion | Actif net | Parts ‘Classique en EUR’ : 0,80%* Parts ‘N’ : 2,00%* Parts ‘R’, ‘RS’ et I : 0.70%* Parts ‘R2’ : 0,35%* Parts ‘V’ et ‘U’ : 0.60%* Parts ‘V2’ : 0,85%* Parts ‘Z’ : 0,25%* |
| Frais indirects maximum (commissions et frais de gestion) | Actif net | Non significatif** |
| Commissions de mouvement perçues par le dépositaire | Prélèvement sur chaque transaction | Maximum 80€/transaction*** |
| Commission de surperformance | Actif net | Parts ‘Classique en EUR’, ‘N’, ‘R’, RS’, ‘R2’, ‘U’, ‘V’,‘Z et ‘I’: 20 % de la performance supérieure à l’€STR Capitalisé V2 : Néant | | | Gastos facturados al Fondo de Inversión Colectiva | Base | Tipo/importe (IVA incluido)/tipo máximo |
| --- | --- | --- |
| Gastos de gestión financiera y gastos administrativos externos a la Sociedad Gestora | Patrimonio neto | Participaciones «Classique en EUR»: 0,80%* Participaciones «N»: 2,00%* Participaciones «R», «RS» e «I»: 0,70%* Participaciones «R2»: 0,35%* Participaciones «V» y «U»: 0,60%* Participaciones «V2»: 0,85%* Participaciones «Z»: 0,25%* |
| Gastos indirectos máximos (comisiones y gastos de gestión) | Patrimonio neto | No significativo** |
| Comisiones de movimiento cobradas por el depositario | Deducción en cada operación | Máximo 80€/transacción*** |
| Comisión de rentabilidad superior | Patrimonio neto | Participaciones «Classique en EUR», «N», «R», «RS», «R2», «U», «V», «Z» e «I»: 20 % de la rentabilidad superior al €STR capitalizado V2: Ninguna | | | Frais facturés au FCP | Assiette | Taux / Montant TTC/taux maximum |
| --- | --- | --- |
| Frais de gestion financière et frais administratifs externes à la Société de Gestion | Actif net | Parts ‘Classique en EUR’ : 0,80%* Parts ‘N’ : 2,00%* Parts ‘R’, ‘RS’ et I : 0.70%* Parts ‘R2’ : 0,35%* Parts ‘V’ et ‘U’ : 0.60%* Parts ‘V2’ : 0,85%* Parts ‘Z’ : 0,25%* |
| Frais indirects maximum (commissions et frais de gestion) | Actif net | Non significatif** |
| Commissions de mouvement perçues par le dépositaire | Prélèvement sur chaque transaction | Maximum 80€/transaction*** |
| Commission de surperformance | Actif net | Parts ‘Classique en EUR’, ‘N’, ‘R’, RS’, ‘R2’, ‘U’, ‘V’,‘Z et ‘I’: 20 % de la performance supérieure à l’€STR Capitalisé V2 : Néant | | fr | es |
DOLFIN2956 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2014-04/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,490
4.9%
USD 12,517
4.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 04/2014-04/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 490 USD
4,9%
12 517 USD
4,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2014-04/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,490
4.9%
USD 12,517
4.6% | en | es |
DOLFIN2957 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## ESG Metrics Definition
The ESG absolute rating is based on a third party scoring methodology. If the fund has one tree (5 trees), it means that it is in the lowest (highest) ESG absolute rating category.
For more information on the methodology, please visit https://www.axa-im.com/responsible-investing.
ESG relative rating is calculated as the difference between the ESG absolute rating of the portfolio and the ESG absolute rating of its benchmark. If ESG Relative rating is positive (negative), this means that the portfolio has a higher (lower) ESG absolute rating than the benchmark.
The portfolio has a contractual objective on one or more ESG indicators. | ## Notation ESG
La notation ESG absolue repose sur une méthode d’évaluation d'une tierce partie. Si le fonds a obtenu 1 arbre (5 arbres), cela signifie qu’il appartient à la catégorie de notation ESG absolue la plus faible (la plus élevée).
Pour en savoir plus sur la méthode d’évaluation, rendez-vous sur https://particuliers.axa-im.fr/des-referentiels-esg.
La note ESG relative correspond à la différence entre la note ESG absolue du portefeuille et la note ESG absolue de son indice de référence. Si la note ESG relative est positive (négative), cela signifie que la note ESG absolue du portefeuille est supérieure (inférieure) à celle de l’indice de référence.
Le portefeuille a un objectif contractuel portant sur un ou plusieurs indicateurs ESG. | ## ESG Metrics Definition
The ESG absolute rating is based on a third party scoring methodology. If the fund has one tree (5 trees), it means that it is in the lowest (highest) ESG absolute rating category.
For more information on the methodology, please visit https://www.axa-im.com/responsible-investing.
ESG relative rating is calculated as the difference between the ESG absolute rating of the portfolio and the ESG absolute rating of its benchmark. If ESG Relative rating is positive (negative), this means that the portfolio has a higher (lower) ESG absolute rating than the benchmark.
The portfolio has a contractual objective on one or more ESG indicators. | en | fr |
DOLFIN2958 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### In carrying out its duties the Depositary shall act honestly, fairly professionally, independently and solely in the interests of the Company and its Shareholders.
In the event of a loss of a financial instrument held in custody, determined in accordance with the UCITS Directive, and in particular Article 18 of the Delegated Regulation, the Depositary shall return financial instruments of identical type or the corresponding amount to the Company without undue delay.
The Depositary shall not be liable if it can prove that the loss of a financial instrument held in custody has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary pursuant to the UCITS Directive.
In case of a loss of financial instruments held in custody, the Shareholders may invoke the liability of the Depositary directly or indirectly through the Company provided that this does not lead to a duplication of redress or to unequal treatment of the Shareholders. The Depositary will be liable to the Company for all other losses suffered by the Company as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the UCITS Directive.
To the extent permitted by applicable law the Depositary may not be liable for consequential or indirect or special damages or losses, arising out of or in connection with the performance or non-performance by the Depositary of its duties and obligations. | ##### Dans l’exercice de ses fonctions, le Dépositaire agira de manière honnête, loyale, professionnelle, indépendante et dans l’intérêt exclusif de la Société et de ses Actionnaires.
En cas de perte de tout instrument financier détenu en garde, déterminée conformément à la Directive OPCVM, et en particulier à l’Article 8 des Réglementations OPCVM, le Dépositaire sera tenu de restituer sans retard indu un instrument financier de type identique ou le montant correspondant à la Société.
Le Dépositaire ne saurait être tenu responsable s’il peut prouver que la perte de l’instrument financier détenu en garde est la conséquence d’un évènement externe indépendant de sa volonté, et dont les conséquences auraient été inévitables en dépit de tous efforts conjugués, conformément à la Directive OPCVM
En cas de perte des instruments financiers détenus en garde, les Actionnaires peuvent invoquer la responsabilité du Dépositaire directement ou indirectement par l’intermédiaire de la Société, sous réserve que cela ne puisse induire des mesures de redressement répétées ou un traitement inéquitable des Actionnaires. Le Dépositaire sera tenu responsable envers la Société et les Actionnaires de toute perte soufferte par la Société en conséquence d’une négligence ou infraction intentionnelle du Dépositaire à dûment s’acquitter de ses obligations sous le régime de la Directive OPCVM.
Dans la mesure autorisée par le droit applicable, le Dépositaire ne saurait être tenu responsable de pertes ou dommages consécutifs ou indirects ou spéciaux, nés ou liés à l’exécution ou non-exécution par le Dépositaire de ses fonctions et obligations. | #### In carrying out its duties the Depositary shall act honestly, fairly professionally, independently and solely in the interests of the Company and its Shareholders.
In the event of a loss of a financial instrument held in custody, determined in accordance with the UCITS Directive, and in particular Article 18 of the Delegated Regulation, the Depositary shall return financial instruments of identical type or the corresponding amount to the Company without undue delay.
The Depositary shall not be liable if it can prove that the loss of a financial instrument held in custody has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary pursuant to the UCITS Directive.
In case of a loss of financial instruments held in custody, the Shareholders may invoke the liability of the Depositary directly or indirectly through the Company provided that this does not lead to a duplication of redress or to unequal treatment of the Shareholders. The Depositary will be liable to the Company for all other losses suffered by the Company as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the UCITS Directive.
To the extent permitted by applicable law the Depositary may not be liable for consequential or indirect or special damages or losses, arising out of or in connection with the performance or non-performance by the Depositary of its duties and obligations. | en | fr |
DOLFIN2959 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI China All Shares TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests in equity and equity related securities issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in China. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its China exposure, the Sub-Fund may invest up to 100% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part
of the investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI China All Shares TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El subfondo invierte en renta variable y valores relacionados con renta variable emitidos por empresas constituidas o que desarrollan una parte fundamental de su actividad comercial, directa o indirectamente, en China. El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Como parte de su exposición a China, el subfondo puede invertir hasta un 100 % de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China). El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión
eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI China All Shares TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests in equity and equity related securities issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in China. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its China exposure, the Sub-Fund may invest up to 100% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part
of the investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN2960 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Invested cash collateral should be diversified in accordance with the diversification requirement applicable to non-cash collateral. Invested cash collateral may not be placed on deposit with the counterparty or with any entity that is related or connected to the counterparty.
A Fund receiving collateral for at least 30% of its assets should have an appropriate stress testing policy in place to ensure regular stress tests are carried out under normal and exceptional liquidity conditions to enable the Fund to assess the liquidity risk attached to the collateral. The liquidity stress testing policy should at least prescribe the following:
- design of stress test scenario analysis including calibration, certification and sensitivity analysis;
- empirical approach to impact assessment, including back-testing of liquidity risk estimates;
- reporting frequency and limit/loss tolerance threshold/s; and
- mitigation actions to reduce loss including haircut policy and gap risk protection. | wiederangelegte Barsicherheiten sollten im Einklang mit den Diversifikationsvorschriften diversifiziert werden, die für Sicherheiten gelten, bei denen es sich nicht um Barmittel handelt. Angelegte Barsicherheiten dürfen nicht bei der Gegenpartei oder bei einem mit der Gegenpartei verbundenen Rechtsträger eingezahlt werden.
Ein Fonds, der Sicherheiten für mindestens 30 % seines Vermögens erhält, sollte über eine angemessene Stresstest- Strategie verfügen, um sicherzustellen, dass regelmäßige Stresstests unter normalen und außergewöhnlichen Liquiditätsbedingungen durchgeführt werden, damit der Fonds das mit den Sicherheiten verbundene Liquiditätsrisiko einschätzen kann. Die Liquiditätsstresstest-Strategie sollte mindestens folgende Bestimmungen enthalten:
- ein Konzept für die Stresstest-Szenarioanalyse, einschließlich Kalibrierungs-, Zertifizierungs- und Sensitivitätsanalyse;
- einen empirischen Ansatz für die Folgenabschätzung, einschließlich Backtesting von Liquiditätsrisikoschätzungen;
- Berichtshäufigkeit und Toleranzgrenzwerte für Limits/Verluste;
- Maßnahmen zur Eindämmung von Verlusten, einschließlich Haircut-Strategie und Gap-Risiko-Schutz. | Invested cash collateral should be diversified in accordance with the diversification requirement applicable to non-cash collateral. Invested cash collateral may not be placed on deposit with the counterparty or with any entity that is related or connected to the counterparty.
A Fund receiving collateral for at least 30% of its assets should have an appropriate stress testing policy in place to ensure regular stress tests are carried out under normal and exceptional liquidity conditions to enable the Fund to assess the liquidity risk attached to the collateral. The liquidity stress testing policy should at least prescribe the following:
- design of stress test scenario analysis including calibration, certification and sensitivity analysis;
- empirical approach to impact assessment, including back-testing of liquidity risk estimates;
- reporting frequency and limit/loss tolerance threshold/s; and
- mitigation actions to reduce loss including haircut policy and gap risk protection. | en | de |
DOLFIN2961 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | June | May | April | March | February |
| --- | --- | --- | --- | --- | --- |
| Weight of the top ten holdings | 18.15 % | 19.03 % | 17.67 % | 17.46 % | 22.77 % |
| Number of holdings | 118 | 127 | 132 | 126 | 95 | | | | Giugno | Maggio | Aprile | Marzo | Febbraio |
| --- | --- | --- | --- | --- | --- |
| Ponderazione delle 10 principali posizioni | 18,15 % | 19,03 % | 17,67 % | 17,46 % | 22,77 % |
| Numero di posizioni in portafoglio | 118 | 127 | 132 | 126 | 95 | | | | June | May | April | March | February |
| --- | --- | --- | --- | --- | --- |
| Weight of the top ten holdings | 18.15 % | 19.03 % | 17.67 % | 17.46 % | 22.77 % |
| Number of holdings | 118 | 127 | 132 | 126 | 95 | | en | it |
DOLFIN2962 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Le Compartiment investit principalement, de manière directe ou indirecte, dans des obligations et d’autres titres à revenu fixe de divers types et échéances, émis par des gouvernements et des entreprises de pays émergents.
- Le Compartiment peut investir dans un large éventail de titres à revenu fixe, dont des bons, des obligations, des obligations convertibles, des actions privilégiées et des bons de souscription, à taux fixe, flottant ou variable.
- Le Compartiment peut utiliser des instruments financiers dérivés pour gérer plus efficacement le portefeuille, pour couvrir les risques de change et pour participer aux marchés des titres à revenu fixe, qui sont moins accessibles par des investissements directs, ou pour permettre une exposition plus diversifiée à une classe d’actifs.
- Les investissements dans les titres inscrits à la cote ou négociés sur une bourse reconnue en Russie ne devraient pas dépasser 20 % de la Valeur nette d’inventaire du Compartiment.
- Le Compartiment gère de manière active son exposition au risque de change par le biais de positions en valeurs mobilières et au comptant pour refléter les perspectives sur les marchés mondiaux des devises.
| - Le Gestionnaire d’investissement est libre de choisir la manière dont le Compartiment est investi dans les limites de sa politique d’investissement.
- Les revenus s’ajouteront à la valeur de votre investissement.
- Vous pouvez demander le rachat de votre investissement un quelconque jour ouvré bancaire en Irlande.
- Il est possible que ce Compartiment ne convienne pas aux investisseurs qui prévoient de retirer leur apport dans les trois premières années.
- Il est considéré que le Fonds est géré activement concernant le 50% Bloomberg Barclays EM USD Aggregate Total Return Index Value Unhedged et 50% Bloomberg Barclays EM Local Currency Liquid Government TR Index Unhedged USD (ci-après dénommé le “Taux de référence”) étant donné qu’il utilise le Taux de référence dans le but de comparer les rentabilités. [Certains titres dans lesquels investit le Fonds pourraient également être inclus dans la composition du Taux de référence et présenter des pondérations similaires.] Toutefois, le Taux de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds ni comme un objectif de rentabilité, de sorte que le Fonds pourrait être intégralement investi dans des titres non inclus dans la composition du Taux de référence.
- Pour de plus amples informations, veuillez consulter les rubriques« Objectif d’investissement » et « Politique d’investissement » du Supplément 2.
| | - El Subfondo invertirá principalmente, de manera directa o indirecta, en bonos y otros valores de renta fija de Estados y empresas de países con mercados emergentes, cualquiera que sea su tipo o vencimiento.
- El Subfondo podrá invertir en un amplio elenco de valores de renta fija, tales como obligaciones a tipo fijo, flotante y variable, bonos simples y convertibles, títulos preferentes y warrants.
- El Subfondo podrá operar con instrumentos financieros derivados a los fines de llevar a cabo una gestión eficiente de cartera, para cubrir su exposición a divisas, con miras a participar en mercados de renta fija menos accesibles a la inversión directa o como medio de proporcionar una exposición más diversificada a una determinada clase de activo.
- Está previsto que la inversión en valores admitidos a cotización o negociados en un mercado reconocido de Rusia no represente más del 20% del Patrimonio Neto del Subfondo.
- El Subfondo gestionará activamente las exposiciones a divisas através de posiciones en valores y liquidez para ajustarse a las opiniones que se tengan sobre los mercados de divisas mundiales.
| - La Gestora de Inversiones será libre de elegir el modo en que el Subfondo se mantendrá invertido con sujeción a los límites que se establezcan en su política de inversión.
- Los rendimientos engrosarán el valor de su inversión.
- Las solicitudes de reembolso podrán presentarse cualquier día en que los bancos estén abiertos en Irlanda.
- El Subfondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de tres años.
- Se considera que el Fondo está gestionado de forma activa con respecto a 50% Bloomberg Barclays EM USD Aggregate Total Return Index Value Unhedged e 50% Bloomberg Barclays EM Local Currency Liquid Government TR Index Unhedged USD (el“Índice de Referencia”) dado que utiliza el Índice de Referencia con la finalidad de comparar rentabilidades. [Algunos valores en los que invierte el Fondo podrían estar también incluidos en la composición del Índice de Referencia y presentar ponderaciones similares.] No obstante, el Índice de Referencia no se usa para definir la composición de la cartera del Fondo ni como un objetivo de rentabilidad, de tal forma que el Fondo podría estar íntegramente invertido en valores no incluidos en la composición del Índice de Referencia.
- Si desea ampliar esta información, le rogamos que consulte lassecciones "Objetivo de inversión" y "Política de inversión" del Suplemento 2 al Folleto Informativo.
| | - Le Compartiment investit principalement, de manière directe ou indirecte, dans des obligations et d’autres titres à revenu fixe de divers types et échéances, émis par des gouvernements et des entreprises de pays émergents.
- Le Compartiment peut investir dans un large éventail de titres à revenu fixe, dont des bons, des obligations, des obligations convertibles, des actions privilégiées et des bons de souscription, à taux fixe, flottant ou variable.
- Le Compartiment peut utiliser des instruments financiers dérivés pour gérer plus efficacement le portefeuille, pour couvrir les risques de change et pour participer aux marchés des titres à revenu fixe, qui sont moins accessibles par des investissements directs, ou pour permettre une exposition plus diversifiée à une classe d’actifs.
- Les investissements dans les titres inscrits à la cote ou négociés sur une bourse reconnue en Russie ne devraient pas dépasser 20 % de la Valeur nette d’inventaire du Compartiment.
- Le Compartiment gère de manière active son exposition au risque de change par le biais de positions en valeurs mobilières et au comptant pour refléter les perspectives sur les marchés mondiaux des devises.
| - Le Gestionnaire d’investissement est libre de choisir la manière dont le Compartiment est investi dans les limites de sa politique d’investissement.
- Les revenus s’ajouteront à la valeur de votre investissement.
- Vous pouvez demander le rachat de votre investissement un quelconque jour ouvré bancaire en Irlande.
- Il est possible que ce Compartiment ne convienne pas aux investisseurs qui prévoient de retirer leur apport dans les trois premières années.
- Il est considéré que le Fonds est géré activement concernant le 50% Bloomberg Barclays EM USD Aggregate Total Return Index Value Unhedged et 50% Bloomberg Barclays EM Local Currency Liquid Government TR Index Unhedged USD (ci-après dénommé le “Taux de référence”) étant donné qu’il utilise le Taux de référence dans le but de comparer les rentabilités. [Certains titres dans lesquels investit le Fonds pourraient également être inclus dans la composition du Taux de référence et présenter des pondérations similaires.] Toutefois, le Taux de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds ni comme un objectif de rentabilité, de sorte que le Fonds pourrait être intégralement investi dans des titres non inclus dans la composition du Taux de référence.
- Pour de plus amples informations, veuillez consulter les rubriques« Objectif d’investissement » et « Politique d’investissement » du Supplément 2.
| | fr | es |
DOLFIN2963 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le Portefeuille vise à générer des revenus et une croissance du capital à plus long terme.
Le Portefeuille investira principalement dans des titres à revenu fixe de sociétés des marchés émergents. Ces sociétés sont basées dans les marchés émergents ou tirent la majorité de leurs bénéfices ou de leur chiffre d'affaires de ces marchés. Le Portefeuille peut également investir dans des titres à revenu fixe de sociétés qui sont basées dans le monde entier.
Le Portefeuille n'investira pas plus de 33 % de ses actifs dans d'autres titres et instruments. En outre, il n'investira pas plus de 10 % dans des titres convertibles (titres pouvant être convertis en d'autres types de titres). Ces obligations convertibles peuvent comprendre des obligations contingentes convertibles (« CoCo ») de banques, de sociétés financières et d'assurance qui ont un profil de risque particulier tel que décrit ci-dessous. Le Portefeuille peut, dans certaines circonstances, détenir des participations limitées en actions et en instruments similaires. | ### La Cartera trata de generar ingresos y aumentar el capital a largo plazo.
La Cartera invertirá principalmente en valores de renta fija de empresas de mercados emergentes. Dichas empresas estarán establecidas en mercados emergentes u obtendrán la mayoría de sus beneficios o ingresos en dichos mercados. La Cartera también puede invertir en valores de renta fija de empresas con sede en cualquier parte del mundo.
La Cartera no invertirá más del 33 % de sus activos en otros valores e instrumentos. Además, no invertirá más del 10 % en valores convertibles (es decir, aquellos que pueden convertirse en otros tipos de valores). Entre estos pueden figurar los bonos contingentes convertibles (“CoCos”) de bancos, entidades financieras y aseguradoras, que tienen un perfil de riesgo particular, como se indica a continuación. En determinadas circunstancias, la Cartera podrá limitar las participaciones en acciones e instrumentos similares. | ### Le Portefeuille vise à générer des revenus et une croissance du capital à plus long terme.
Le Portefeuille investira principalement dans des titres à revenu fixe de sociétés des marchés émergents. Ces sociétés sont basées dans les marchés émergents ou tirent la majorité de leurs bénéfices ou de leur chiffre d'affaires de ces marchés. Le Portefeuille peut également investir dans des titres à revenu fixe de sociétés qui sont basées dans le monde entier.
Le Portefeuille n'investira pas plus de 33 % de ses actifs dans d'autres titres et instruments. En outre, il n'investira pas plus de 10 % dans des titres convertibles (titres pouvant être convertis en d'autres types de titres). Ces obligations convertibles peuvent comprendre des obligations contingentes convertibles (« CoCo ») de banques, de sociétés financières et d'assurance qui ont un profil de risque particulier tel que décrit ci-dessous. Le Portefeuille peut, dans certaines circonstances, détenir des participations limitées en actions et en instruments similaires. | fr | es |
DOLFIN2964 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The prospectus has been amended to include a specific description for “long/short risk””. There is additionally a clarification that investment limits for equities include direct and indirect investments.
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# CHANGES TO CARMIGNAC PORTFOLIO PATRIMOINE | Der Verkaufsprospekt wurde geändert und um eine konkrete Beschreibung des „Long-/Short-Risikos“ erweitert. Zudem wurde klargestellt, dass bei den Anlagegrenzen für Aktien sowohl direkte als auch indirekte Anlagen berücksichtigt werden.
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# ÄNDERUNGEN AM CARMIGNAC PORTFOLIO PATRIMOINE | The prospectus has been amended to include a specific description for “long/short risk””. There is additionally a clarification that investment limits for equities include direct and indirect investments.
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# CHANGES TO CARMIGNAC PORTFOLIO PATRIMOINE | en | de |
DOLFIN2965 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le processus d’investissement intègre des facteurs ESG sur la base de recherches propriétaires et de re- cherches de tiers afin d’évaluer les risques et opportunités d’investissement. La proportion du portefeuille du Compartiment soumise à une analyse ESG est d’au moins 90 % de l’actif net ou du nombre d’émet- teurs. Lors de la sélection des investissements, le Compartiment adopte une approche asymétrique qui vise à augmenter la pondération des titres à faible risque en matière de durabilité et/ou à réduire la pondération des titres à risque en matière de durabilité élevé. En conséquence, le Compartiment vise à posséder un profil ESG conforme ou supérieur à celui de l’indice de référence.
Cette stratégie applique une politique d’exclusion supplémentaire liée aux investissements directs dans les entreprises et les pays jugés incompatibles avec l’approche de l’investissement responsable de Pictet Asset Management. Veuillez vous référer à notre politique d’investissement responsable sur le site https://www.am.pictet/-/media/pam/pam-common-gallery/article-content/2021/pictet-asset-manage-ment/responsible-investment-policy.pdf pour plus d’informations.
Le Compartiment peut investir dans les actifs suivants dans le respect des limites suivantes :
- obligations convertibles (y compris les obligations convertibles conditionnelles, les «Obligations CoCo») pour un maximum de 20 % de l’actif net du Compartiment.
- Les investissements dans des titres adossés à des actifs (obligations dont les actifs réels garantissentl’investissement), dans des titrisations de créances (telles que, mais pas exclusivement, des ABS et des MBS) ainsi que dans d’autres titres de créance conformes à l’article 2 du règlement du Grand-Duché de Luxembourg du 8 février 2008 ne pourront pas dépasser 10 % de l’actif net du Compartiment.
- Être exposé à des titres en difficulté ou en défaut (notation de crédit minimale au moment de l’achat équivalente à CC ou inférieure telle que déterminée par Standard & Poor’s ou une autre notation équivalente attribuée par une autre agence de notation reconnue) à hauteur de 10 % maximum de son actif net.
- En outre, le Compartiment peut investir jusqu’à 10% de son actif net dans des OPCVM et autres OPC, y compris dans d’autres Compartiments du Fonds conformément à l’article 181 de la Loi de 2010. | El proceso de inversión integra factores ESG, basándose en análisis propio y de terceros, para evaluar los riesgos y oportunidades de inversión. La proporción de la cartera del Compartimento sujeta a análisis ESG es de al menos el 90% del patrimonio neto o el número de acciones. Al seleccionar las inversiones, el Compartimento adopta un enfoque sesgado que trata de incrementar el peso de los valores con bajos riesgos de sostenibilidad y/o disminuir el peso de los valores con altos riesgos de sostenibilidad. En consecuencia, el Compartimento trata de tener un perfil ESG similar o mejor que el del índice de referencia.
Esta estrategia se aplica con una política de exclusión adicional relacionada con la inversión directa en empresas y países y que se consideran incompatibles con el enfoque de inversión responsable de Pictet Asset Management. Para más información, consulte nuestra política de inversión responsable en https://www.am.pictet/-/media/pam/pam-common-gallery/article-content/2021/pictet-asset-management/responsible-investment-policy.pdf.
El Compartimento podrá invertir en los siguientes activos de acuerdo con los límites siguientes:
- Bonos convertibles (incluidos los bonos convertibles contingentes («Bonos CoCo»)) hasta un máximo del 20% del patrimonio neto del Compartimento.
- Las inversiones en valores respaldados por activos (bonos cuyos activos reales garantizan la inversión), titulizaciones de deuda (entre otras, ABS y MBS) y otros títulos de deuda conforme al artículo 2 del Reglamento de Luxemburgo del 8 de febrero de 2008 no deberán superar el 10% del patrimonio neto del Compartimento.
- Exposición a valores de deuda en dificultades o impagos (calificación de crédito mínima en el momentode la adquisición equivalente a “CC” o inferior, según Standard & Poor’s, o una calificación de crédito equivalente de otras agencias de calificación de crédito reconocidas) hasta un máximo del 10% de su patrimonio neto.
- Además, el Compartimento podrá invertir hasta el 10% de su patrimonio neto en OICVM y otros OIC, incluidos otros Compartimentos del Fondo, de conformidad con el artículo 181 de la Ley de 2010. | Le processus d’investissement intègre des facteurs ESG sur la base de recherches propriétaires et de re- cherches de tiers afin d’évaluer les risques et opportunités d’investissement. La proportion du portefeuille du Compartiment soumise à une analyse ESG est d’au moins 90 % de l’actif net ou du nombre d’émet- teurs. Lors de la sélection des investissements, le Compartiment adopte une approche asymétrique qui vise à augmenter la pondération des titres à faible risque en matière de durabilité et/ou à réduire la pondération des titres à risque en matière de durabilité élevé. En conséquence, le Compartiment vise à posséder un profil ESG conforme ou supérieur à celui de l’indice de référence.
Cette stratégie applique une politique d’exclusion supplémentaire liée aux investissements directs dans les entreprises et les pays jugés incompatibles avec l’approche de l’investissement responsable de Pictet Asset Management. Veuillez vous référer à notre politique d’investissement responsable sur le site https://www.am.pictet/-/media/pam/pam-common-gallery/article-content/2021/pictet-asset-manage-ment/responsible-investment-policy.pdf pour plus d’informations.
Le Compartiment peut investir dans les actifs suivants dans le respect des limites suivantes :
- obligations convertibles (y compris les obligations convertibles conditionnelles, les «Obligations CoCo») pour un maximum de 20 % de l’actif net du Compartiment.
- Les investissements dans des titres adossés à des actifs (obligations dont les actifs réels garantissentl’investissement), dans des titrisations de créances (telles que, mais pas exclusivement, des ABS et des MBS) ainsi que dans d’autres titres de créance conformes à l’article 2 du règlement du Grand-Duché de Luxembourg du 8 février 2008 ne pourront pas dépasser 10 % de l’actif net du Compartiment.
- Être exposé à des titres en difficulté ou en défaut (notation de crédit minimale au moment de l’achat équivalente à CC ou inférieure telle que déterminée par Standard & Poor’s ou une autre notation équivalente attribuée par une autre agence de notation reconnue) à hauteur de 10 % maximum de son actif net.
- En outre, le Compartiment peut investir jusqu’à 10% de son actif net dans des OPCVM et autres OPC, y compris dans d’autres Compartiments du Fonds conformément à l’article 181 de la Loi de 2010. | fr | es |
DOLFIN2966 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | Hemos clasificado este producto en la clase de riesgo 6 en una escala de 7, en la que 6 significa el segundo riesgo más alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como alta y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy probable.
Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN2967 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment l'investissement durable contribue-t-il à ces objectifs ?
Le Compartiment investit au moins 1 % de ses actifs nets dans des obligations vertes et/ou sociales considérées comme durables. Le Compartiment investit uniquement dans des obligations dont l’utilisation des produits est définie par l’émetteur (et vérifiée par un tiers ou par le gestionnaire de portefeuille), et qui soutiennent des projets environnementaux et sociaux, notamment :
- transition vers les énergies renouvelable ou leur utilisation ;
- développement de l’économie circulaire ;
- réduction de la pollution de l’eau et des émissions de gaz à effet de serre, et atténuation desimpacts sur la biodiversité ;
- projets de développement internationaux, en particulier dans les pays et les collectivités défavorisées ;
- lutte contre la pauvreté et l’insécurité alimentaire. | ¿Cuáles son los objetivos de las inversiones sostenibles que el producto financiero pretende en parte lograr y de qué forma contribuye Ia inversión sostenible a dichos objetivos?
El Fondo invierte al menos el 1 % de sus activos netos en bonos verdes y/o sociales que son inversiones sostenibles. El Fondo realiza este tipo de inversiones únicamente cuando el uso de los ingresos de dichos bonos está especificado por el emisor (y verificado por un tercero o por el gestor de inversiones) y beneficia a proyectos medioambientales o sociales subyacentes como, por ejemplo:
- La transición a las energías renovables o su utilización.
- El desarrollo de la economía circular.
- La reducción de las emisiones de agua y gases de efecto invernadero, y el impacto en la biodiversidad.
- Proyectos de desarrollo global, especialmente en países y comunidades desatendidas.
- La reducción de la pobreza y la inseguridad alimentaria. | Quels sont les objectifs des investissements durables que le produit financier entend partiellement réaliser et comment l'investissement durable contribue-t-il à ces objectifs ?
Le Compartiment investit au moins 1 % de ses actifs nets dans des obligations vertes et/ou sociales considérées comme durables. Le Compartiment investit uniquement dans des obligations dont l’utilisation des produits est définie par l’émetteur (et vérifiée par un tiers ou par le gestionnaire de portefeuille), et qui soutiennent des projets environnementaux et sociaux, notamment :
- transition vers les énergies renouvelable ou leur utilisation ;
- développement de l’économie circulaire ;
- réduction de la pollution de l’eau et des émissions de gaz à effet de serre, et atténuation desimpacts sur la biodiversité ;
- projets de développement internationaux, en particulier dans les pays et les collectivités défavorisées ;
- lutte contre la pauvreté et l’insécurité alimentaire. | fr | es |
DOLFIN2968 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if the Company is unable to pay out?
The investor may face a financial loss (equal to some or all of the investor’s investments) due to the default of the Company, the Master Fund or the Underlying Fund. Such a potential loss is not covered by any investor compensation or guarantee scheme. REFERENCES TO THE COMPANY PAYING YOU MONEY ARE REQUIRED, WHILE YOU MAY RECEIVE SOME DISTRIBUTIONS FROM THE COMPANY DURING YOUR INVESTMENT THE MAJORITY OF YOUR RETURN WILL LIKELY BE FROM YOUR REDEMPTION OR TRANSFER OF SHARES (WHERE PERMITTED). | # Cosa succede se la Società non è in grado di pagare?
L'investitore può subire una perdita finanziaria (pari a una parte o all'intero investimento) a causa dell'insolvenza della Società, del Fondo Master o del Fondo Sottostante. Tale potenziale perdita non è coperta da alcun indennizzo per gli investitori, né da alcun sistema di garanzia. SONO RICHIESTE REFERENZE SULLA SOCIETÀ CHE TI FORNISCE IL DENARO, MENTRE PUOI RICEVERE ALCUNE DISTRIBUZIONI DALLA SOCIETÀ. DURANTE IL PERIODO D'INVESTIMENTO, È PROBABILE CHE LA MAGGIOR PARTE DEL RITORNO PROVENGA DAL RISCATTO O DAL TRASFERIMENTO DELLE AZIONI (SE CONSENTITI). | # What happens if the Company is unable to pay out?
The investor may face a financial loss (equal to some or all of the investor’s investments) due to the default of the Company, the Master Fund or the Underlying Fund. Such a potential loss is not covered by any investor compensation or guarantee scheme. REFERENCES TO THE COMPANY PAYING YOU MONEY ARE REQUIRED, WHILE YOU MAY RECEIVE SOME DISTRIBUTIONS FROM THE COMPANY DURING YOUR INVESTMENT THE MAJORITY OF YOUR RETURN WILL LIKELY BE FROM YOUR REDEMPTION OR TRANSFER OF SHARES (WHERE PERMITTED). | en | it |
DOLFIN2969 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In calculating the value of the assets and the amount of the liabilities of each Fund, income and expenditure items are treated as accruing on a daily basis.
In addition, article 11 of the Articles provides, inter alia, that:
- The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.
- Securities listed on a recognised stock exchange or dealt on any other Regulated Market will be valued at the last available traded price or, (if bid and offer quotations are made) at the middle quotation on such market. In the event that there should be several of such markets, the SICAV will adopt the last traded price or, as the case may be, the middle quotation on the relevant market which, in its opinion, provides the principal market for such investment.
- In the event that any assets are not listed or dealt on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange, or other Regulated Market as aforesaid, the price as determined pursuant to sub-paragraph (b) is not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonablyforeseeable sales price determined prudently and in good faith pursuant to procedures established by the Directors.
- The liquidating value of futures or options contracts not traded on exchanges or on other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established by the Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures or options contracts traded on exchanges or on other Regulated Markets shall be based upon the last available prices of these contracts on exchanges and Regulated Markets on which the particular futures or options contracts are traded by the SICAV; provided that if a futures or options contract could not be liquidated on the day with respect to which the NAV is being determined, the basis for determining the liquidating value of such contract shall be such value as the Directors may deem fair and reasonable.
- The NAV per share of any Fund of the SICAV may be determined by using an amortised cost method for all investments with a known short term maturity date. This involves valuing an investment at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the investments. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortisation cost, is higher or lower than the price such Fund would receive if it sold the investment. The Directors will continually assess this method of valuation and recommend changes, where necessary, to ensure that the relevant Fund’s investments will be valued at their fair value as determined in good faith by the Directors. | Bei der Berechnung des Werts der Vermögenswerte und der Höhe der Verbindlichkeiten jedes Fonds werden Ertrags- und Aufwandsposten als täglich abgerechnet behandelt.
Außerdem sieht Artikel 11 der Satzung unter anderem Folgendes vor:
- Kassenbestände, Einlagen, Wechsel und Sichtschuldscheine sowie Forderungen, aktive Rechnungsabgrenzungsposten, Barausschüttungen und Zinsen, die erklärt oder wie vorstehend aufgelaufen und noch nicht vereinnahmt worden sind, werden mit ihrem vollen Betrag bewertet, es sei denn, es ist im Einzelfall unwahrscheinlich, dass dieser Betrag in voller Höhe gezahlt oder vereinnahmt wird, in welchem Falle ihr Wert nach Abzug derjenigen Abschläge ermittelt wird, die in dem Falle als angemessen erachtet werden, um ihren wahrenWert widerzuspiegeln.
- An einer anerkannten Wertpapierbörse notierte oder an einem anderen geregelten Markt gehandelte Wertpapiere werden zum letzten verfügbaren Handelskurs oder (falls Geld- und Briefkurse gestellt werden) zum letzten verfügbaren Mittelkurs an diesem Markt bewertet. Sollte es mehrere solcher Märkte geben, nimmt die SICAV den letzten Handelspreis bzw. Mittelkurs an dem relevanten Markt, der ihrer Ansicht nach den wesentlichen Markt für die betreffende Anlage darstellt.
- Falls Vermögenswerte nicht an einer Wertpapierbörse oder einem anderem geregelten Markt gehandelt oder notiert werden oder falls der gemäß Unterabsatz b) bestimmte Preis für an einer Wertpapierbörse oder einem anderem vorstehend erwähnten geregelten Markt notierte oder gehandelte Vermögenswerte nicht repräsentativ für den Marktwert des betreffenden Vermögenswerts ist, wird der Wert dieses Vermögenswerts auf der Grundlage des nach vernünftigem Ermessen zu erwartenden Verkaufspreises umsichtig und nach Treu und Glauben gemäß dem vom Verwaltungsrat festgelegten Verfahren bestimmt.
- Der Veräußerungswert von Futures oder Optionskontrakten, die nicht an Börsen oder anderen geregelten Märkten gehandelt werden, ist ihr Nettoveräußerungswert, der gemäß den vom Verwaltungsrat festgelegten Richtlinien auf einer für jeden Geschäftstyp durchgängig angewandten Grundlage festgelegt wird. Der Veräußerungswert von Futures oder Optionskontrakten, die an Börsen oder anderen geregelten Märkten gehandelt werden, basiert auf den letzten verfügbarenPreisen dieser Kontrakte an den Börsen und geregeltenMärkten, an denen die speziellen Futures oder Optionskontrakte von der SICAV gehandelt werden; sofern jedoch ein Future oder Optionskontrakt nicht an dem Tag veräußert werden konnte, an dem eine Bestimmung des NIW erfolgt, wird der Veräußerungswert dieses Kontrakts mit einem Wert angesetzt, den der Verwaltungsrat als fair und angemessen erachtet.
- Der NIW pro Anteil jedes Fonds der SICAV kann anhand der Restbuchwert-Methode für alle Anlagen, die ein kurzfristiges, bekanntes Fälligkeitsdatum aufweisen, bestimmt werden. Dies umfasst die Bewertung einer Anlage zu den Anschaffungskosten und die anschließende konstante Amortisierung aller Ab- oder Aufschläge bis zur Fälligkeit, unabhängig von den Auswirkungen schwankender Zinssätze auf den Marktwert der Anlagen. Diese Methode gewährleistet zwar Sicherheit in der Bewertung, doch kann es Zeiträume geben, in denen der anhand der Amortisierungskosten bestimmte Wert höher oder niedriger ist als der Preis, den der betreffende Fonds beim Verkauf der Anlage erwirtschaften würde. Der Verwaltungsrat wird diese Bewertungsmethode kontinuierlich prüfen und bei Bedarf Änderungen empfehlen, um sicherzustellen, dass der Marktwert der Anlagen des betreffenden Fonds durch den Verwaltungsrat nach Treu und Glauben bestimmt wird. | In calculating the value of the assets and the amount of the liabilities of each Fund, income and expenditure items are treated as accruing on a daily basis.
In addition, article 11 of the Articles provides, inter alia, that:
- The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.
- Securities listed on a recognised stock exchange or dealt on any other Regulated Market will be valued at the last available traded price or, (if bid and offer quotations are made) at the middle quotation on such market. In the event that there should be several of such markets, the SICAV will adopt the last traded price or, as the case may be, the middle quotation on the relevant market which, in its opinion, provides the principal market for such investment.
- In the event that any assets are not listed or dealt on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange, or other Regulated Market as aforesaid, the price as determined pursuant to sub-paragraph (b) is not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonablyforeseeable sales price determined prudently and in good faith pursuant to procedures established by the Directors.
- The liquidating value of futures or options contracts not traded on exchanges or on other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established by the Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures or options contracts traded on exchanges or on other Regulated Markets shall be based upon the last available prices of these contracts on exchanges and Regulated Markets on which the particular futures or options contracts are traded by the SICAV; provided that if a futures or options contract could not be liquidated on the day with respect to which the NAV is being determined, the basis for determining the liquidating value of such contract shall be such value as the Directors may deem fair and reasonable.
- The NAV per share of any Fund of the SICAV may be determined by using an amortised cost method for all investments with a known short term maturity date. This involves valuing an investment at its cost and thereafter assuming a constant amortisation to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the investments. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortisation cost, is higher or lower than the price such Fund would receive if it sold the investment. The Directors will continually assess this method of valuation and recommend changes, where necessary, to ensure that the relevant Fund’s investments will be valued at their fair value as determined in good faith by the Directors. | en | de |
DOLFIN2970 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transactions in foreign currencies are translated into the functional currency of each Fund at the foreign currency exchange rate in effect at the date of the transaction.
Foreign currency assets and liabilities, including investments, are translated at the exchange rate prevailing at the reporting date.
The foreign exchange gain or loss based on the translation of the investments, as well as the gain or loss arising on the translation of other assets and liabilities, is included in the income statement. | Transaktionen in Fremdwährungen werden in die funktionale Währung des jeweiligen Fonds zu dem zum Zeitpunkt der Transaktion geltenden Wechselkurs umgerechnet.
Vermögenswerte und Verbindlichkeiten, einschließlich Anlagen, in Fremdwährungen werden zu dem am Berichtsdatum geltenden Wechselkurs umgerechnet.
Der Fremdwährungsgewinn oder -verlust auf der Grundlage der Umrechnung der Anlagen sowie der aus der Umrechnung anderer Vermögenswerte und Verbindlichkeiten entstehende Gewinn oder Verlust werden in der Gewinn- und Verlustrechnung ausgewiesen. | Transactions in foreign currencies are translated into the functional currency of each Fund at the foreign currency exchange rate in effect at the date of the transaction.
Foreign currency assets and liabilities, including investments, are translated at the exchange rate prevailing at the reporting date.
The foreign exchange gain or loss based on the translation of the investments, as well as the gain or loss arising on the translation of other assets and liabilities, is included in the income statement. | en | de |
DOLFIN2971 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment EUR 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 226.7 EUR | 2 229.5 EUR |
| Annual costs impact (*) | 2.27% | 2.60% each year | | | Inversión EUR 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 226.7 EUR | 2 229.5 EUR |
| Incidencia anual de los costes(*) | 2.27% | 2.60% cada año | | | Investment EUR 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 226.7 EUR | 2 229.5 EUR |
| Annual costs impact (*) | 2.27% | 2.60% each year | | en | es |
DOLFIN2972 | 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 follows a flexible asset allocation policy that seeks to provide income without sacrificing long term capital growth in a manner consistent with the principles of environmental, social and governance “ESG” focused investing.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund will include investments across issuers that have a positive contribution to people and the planet across multiple themes described in the prospectus. The Investment Adviser (IA) will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the prospectus and BlackRock website at https://www.blackrock.com/corporate/ literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. The IA may refer to a composite benchmark comprising MSCI World Index (50%) and Bloomberg Global Aggregate Bond Index USD Hedged (50%) (the “Index”) for risk management purposes. The components of the Index may be quoted separately in marketing material related to the Fund. The Fund’s ESG score will be calculated as the total of each security’s ESG score (where applicable), weighted by its market value. The ESG score of the investable universe will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the asset class exposure in the Fund. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The Fund’s investments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The Fund distributes income gross of expenses.
The 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).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
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 sigue una política de asignación de activos flexible que trata de obtener un rendimiento sin sacrificar la revalorización del capital a largo plazo, de forma coherente con los principios de inversión centrada en criterios medioambientales, sociales y de gobierno corporativo («ESG»).
El Fondo invierte a escala mundial en toda la gama de valores en los que puede invertir un OICVM, incluyendo valores de renta variable (como acciones), valores de renta fija (como los bonos), fondos, efectivo, depósitos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
El Fondo incluirá inversiones de emisores que tengan una contribución positiva para las personas y el planeta en relación con los diversos temas descritos en el folleto. El Asesor de Inversiones (AI) tendrá en cuenta determinadas características ESG a la hora de seleccionar los valores que el Fondo mantendrá de forma directa en su cartera. Al hacerlo, el AI aplicará los filtros de referencia de BlackRock EMEA, con los que el AI tratará de limitar o excluir las inversiones directas (según corresponda) en emisores que, en opinión del AI, mantengan una exposición a determinados sectores o vínculos con ellos. Para obtener más información, consulte el folleto y el sitio web de BlackRock: https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
El Fondo se gestiona de forma activa y las clases de activos y la medida en que el Fondo invierta en ellas podrán variar sin límites, dependiendo de las condiciones del mercado y de otros factores, según el criterio del asesor de inversiones (AI). El AI podrá hacer referencia a un índice de referencia compuesto, que incluirá el MSCI World Index (50 %) y el Bloomberg Global Aggregate Bond Index USD Hedged (50 %) (el «Índice») con fines de gestión de riesgos. Los componentes del Índice pueden aparecer indicados de forma independiente en los materiales de marketing relacionados con el Fondo. La puntuación ESG del Fondo se calculará como el total de la puntuación ESG de cada valor (cuando corresponda), ponderada por su valor de mercado. La puntuación ESG del universo de inversión se calculará utilizando las puntuaciones ESG de los índices de las clases de activos relevantes ponderados para reflejar la exposición a las clases de activos del Fondo. Estas puntuaciones pueden aparecer indicadas en los materiales de marketing para las clases de activos individuales o para las asignaciones ponderadas.
Las inversiones del Fondo podrán estar emitidas por Gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estas podrían incluir inversiones con una calificación de solvencia relativamente baja, o que carezcan de calificación.
Los rendimientos de este Fondo se distribuyen sin una deducción previa de los gastos.
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo 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 de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares de Hong Kong. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
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 follows a flexible asset allocation policy that seeks to provide income without sacrificing long term capital growth in a manner consistent with the principles of environmental, social and governance “ESG” focused investing.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund will include investments across issuers that have a positive contribution to people and the planet across multiple themes described in the prospectus. The Investment Adviser (IA) will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the prospectus and BlackRock website at https://www.blackrock.com/corporate/ literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. The IA may refer to a composite benchmark comprising MSCI World Index (50%) and Bloomberg Global Aggregate Bond Index USD Hedged (50%) (the “Index”) for risk management purposes. The components of the Index may be quoted separately in marketing material related to the Fund. The Fund’s ESG score will be calculated as the total of each security’s ESG score (where applicable), weighted by its market value. The ESG score of the investable universe will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the asset class exposure in the Fund. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The Fund’s investments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The Fund distributes income gross of expenses.
The 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).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
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 |
DOLFIN2973 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In accordance with the prospectus, the Management Compa- ny may distribute all or part of the fund’s income to investors in the fund or reinvest this income in the fund.
-
## INFORMATION ON FEES AND EXPENSES | Gemäß Verkaufsprospekt kann die Verwaltungsgesellschaft die im Fonds erwirtschafteten Erträge ganz oder teilweise an die Anleger des Fonds ausschütten oder diese Erträge im Fonds thesaurieren.
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## INFORMATIONEN ZU DEN GEBÜHREN BZW. AUFWENDUNGEN | In accordance with the prospectus, the Management Compa- ny may distribute all or part of the fund’s income to investors in the fund or reinvest this income in the fund.
-
## INFORMATION ON FEES AND EXPENSES | en | de |
DOLFIN2974 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Where Shares are subscribed or purchased under section 305 by a relevant person which is:
- a corporation (which is not an accredited investor as defined in section 4A of the SFA) the sole business of which is to hold investments, and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) the sole purpose of which is to hold investments, and each beneficiary of the trust is an individual who is an accredited investor;securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | ## Lorsque les Actions sont souscrites ou acquises conformément à la section 305 par :
- une société (n'ayant pas le statut d'investisseur accrédité au sens de la section 4A de la SFA) dont l'unique activité consiste à détenir des investissements et dont le capital social est détenu par une ou plusieurs personnes possédant chacune le statut d'investisseur accrédité ; ou
- un trust (dont le trustee n'est pas un investisseur accrédité) dont le seul objet est de détenir des investissements et dont chaque bénéficiaire est un individu qui possède le statut d'investisseur accrédité ;les titres (tels que définis à la Section 239(1) de la SFA) de cette société ou les droits et intérêts (sous quelque forme que ce soit) en qualité de bénéficiaire du trust ne pourront être transférés dans les six mois à dater de l'acquisition des Actions par ladite société ou ledit trust dans le cadre d'une offre visée à la Section 305 de la SFA, à moins que :
- ce transfert soit en faveur d'un investisseur institutionnel ou d'une personne visée à la section 305(5) de la SFA, ou d'une quelconque personne dans le cadre d'une offre visée à la section 275(1A) ou à la section 305A(3)(i)(B) de la SFA ;
- ce transfert soit exécuté à titre gratuit ;
- ce transfert réponde à une obligation légale ;
- ce transfert s'effectue conformément à la section 305A(5) de la SFA ; ou
- ce transfert soit autorisé par le Règlement 36 de la Réglementation singapourienne de 2005 sur les Valeurs mobilières et les contrats à terme (Offres d'investissements) (Organismes de placement collectif). | ## Where Shares are subscribed or purchased under section 305 by a relevant person which is:
- a corporation (which is not an accredited investor as defined in section 4A of the SFA) the sole business of which is to hold investments, and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) the sole purpose of which is to hold investments, and each beneficiary of the trust is an individual who is an accredited investor;securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | en | fr |
DOLFIN2975 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## The Fund seeks to achieve a return in excess of the reference index which is the Sterling component of the FTSE World Money Market Index Series - GBP 1 Month Euro Deposit.
The Fund will seek to achieve its investment objective primarily through extensive investment in financial derivative instruments (FDIs) which reference the global currency markets. The FDIs used will be long and short currency futures and forward contracts (deliverable and non-deliverable), currency options (including the writing of options), which may result in the Fund being leveraged whereby the exposure of the Fund as a result of all positions held by it may exceed its net asset value. The Fund will also invest in short term securities (fixed and floating bonds issued by governments, supranational entities or corporations which are considered investment grade or above by the principal ratings agencies and money market instruments such as government treasury bills with less than 1 year to maturity), cash and Cash Equivalents.
## The base currency of the Fund is GBP.
## You can buy or sell your investment on any business day in Dublin and London up until 12.30 pm (Irish time).
## The income in respect of an accumulation share class is not distributed but is retained in the Fund.
## This share class is currency-hedged meaning that, using derivatives, the base currency of the fund is to a large extent hedged into the share class' currency. | # Obiettivi e politica d'investimento
## Il Fondo cerca di ottenere un rendimento superiore a quello dell'indice di riferimento, ossia il Sterling component of the FTSE World Money Market Index Series - GBP 1 Month Euro Deposit.
Il Fondo persegue il proprio obiettivo di investimento principalmente investendo in modo ampio in strumenti finanziari derivati riferiti ai mercati valutari globali. Tra gli strumenti finanziari derivati utilizzati figurano posizioni lunghe e corte su future e contratti a termine su divise (con o senza consegna fisica), opzioni su divise (compresa la vendita di opzioni), che possono implicare l'assunzione di leva da parte del Fondo, poiché l'esposizione complessiva risultante da tutte le posizioni detenute potrebbe superare il valore netto d'inventario. Il Fondo investirà inoltre in titoli a breve termine (obbligazioni a tasso fisso e variabile emesse da governi, enti sovranazionali o società, che hanno ricevuto un rating investment grade o superiore dalle principali agenzie di rating, e strumenti del mercato monetario quali titoli del Tesoro con scadenza inferiore a 1 anno), liquidità e strumenti equivalenti.
## La moneta di base del Fondo è GBP.
## È possibile acquistare o vendere quote entro le ore 12.30 (ora irlandese) di ogni giorno lavorativo a Dublino e Londra.
## I redditi delle classi di quote ad accumulazione dei proventi non vengono distribuiti, bensì trattenuti nel Fondo.
## Questa classe di quote è coperta contro il rischio di cambio. La valuta di riferimento del fondo è dunque coperta in larga misura nella moneta della classe di quote con l'impiego di derivati. | # Objectives and investment policy
## The Fund seeks to achieve a return in excess of the reference index which is the Sterling component of the FTSE World Money Market Index Series - GBP 1 Month Euro Deposit.
The Fund will seek to achieve its investment objective primarily through extensive investment in financial derivative instruments (FDIs) which reference the global currency markets. The FDIs used will be long and short currency futures and forward contracts (deliverable and non-deliverable), currency options (including the writing of options), which may result in the Fund being leveraged whereby the exposure of the Fund as a result of all positions held by it may exceed its net asset value. The Fund will also invest in short term securities (fixed and floating bonds issued by governments, supranational entities or corporations which are considered investment grade or above by the principal ratings agencies and money market instruments such as government treasury bills with less than 1 year to maturity), cash and Cash Equivalents.
## The base currency of the Fund is GBP.
## You can buy or sell your investment on any business day in Dublin and London up until 12.30 pm (Irish time).
## The income in respect of an accumulation share class is not distributed but is retained in the Fund.
## This share class is currency-hedged meaning that, using derivatives, the base currency of the fund is to a large extent hedged into the share class' currency. | en | it |
DOLFIN2976 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
RobecoSAM Biodiversity Equities is an actively managed fund that invests in stocks of companies in countries globally that support the sustainable use of natural resources and ecosystem services and help to reduce Biodiversity loss. The selection of these stocks is based on fundamental analysis.
The portfolio is built on the basis of the eligible thematic investment universe and an internally developed SDG framework for mapping and measuring SDG contributions (more information can be obtained via the website www.robeco.com/si).
The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund has as its sustainable investment objective to support the sustainable use of natural resources and ecosystem services, as well as technologies, products and services that help to reduce Biodiversity threats or restore natural habitats. The foregoing is implemented by mainly investing in companies that advance the following United Nations Sustainable Development Goals (UN SDGs): Good health and well-being (SDG 3), Industry, innovation and infra- structure (SDG 9), Responsible consumption and production (SDG 12), Life be-low water (SDG 14) and Life on land (SDG 15). The fund aims to motivate invested companies to improve their Biodiversity footprint by actively engaging and having an active dialogue with selected companies. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco's Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and proxy voting. The fund also aims to achieve a better return than the index. | # Política de inversión
RobecoSAM Biodiversity Equities es un fondo de gestión activa que invierte en acciones de empresas de países de todo el mundo que fomentan el uso sostenible de recursos naturales y servicios ecosistémicos y que contribuyen a reducir la pérdida de biodiversidad. La selección de estos valores se basa en el análisis por fundamentales.
La cartera se construye sobre la base del universo de inversión elegible y un marco de ODS desarrollado internamente con el propósito de trazar y medir las contribuciones a los ODS (se puede obtener más información en www.robeco.com/si).
El fondo tiene como objetivo la inversión sostenible en el marco del artículo 9 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles. El objetivo de inversión sostenible del fondo consiste en fomentar el uso sostenible de recursos naturales y servicios ecosistémicos, así como de tecnologías, productos y servicios que sirvan para reducir amenazas a la biodiversidad o restituir hábitats naturales. Para ello, invierte principalmente en empresas que promueven los siguientes Objetivos de Desarrollo Sostenible de las Naciones Unidas (ODS de la ONU): Salud y bienestar (ODS 3); industria, innovación e infraestructura (ODS 9); producción y consumo responsables (ODS 12); vida submarina (ODS 14); y vida de ecosistemas terrestres (ODS 15). El Subfondo aspira a motivar a las compañías participadas a mejorar su huella de biodiversidad, interactuando y manteniendo un diálogo activo con empresas seleccionadas. El fondo integra factores ASG (ambientales, sociales y de gobierno corporativo) en el proceso de inversión y aplica la Política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones normativas, regionales y de actividad, y el voto por delegación. Además de ello, el fondo tiene como objetivo superar el rendimiento del índice. | # Investment policy
RobecoSAM Biodiversity Equities is an actively managed fund that invests in stocks of companies in countries globally that support the sustainable use of natural resources and ecosystem services and help to reduce Biodiversity loss. The selection of these stocks is based on fundamental analysis.
The portfolio is built on the basis of the eligible thematic investment universe and an internally developed SDG framework for mapping and measuring SDG contributions (more information can be obtained via the website www.robeco.com/si).
The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund has as its sustainable investment objective to support the sustainable use of natural resources and ecosystem services, as well as technologies, products and services that help to reduce Biodiversity threats or restore natural habitats. The foregoing is implemented by mainly investing in companies that advance the following United Nations Sustainable Development Goals (UN SDGs): Good health and well-being (SDG 3), Industry, innovation and infra- structure (SDG 9), Responsible consumption and production (SDG 12), Life be-low water (SDG 14) and Life on land (SDG 15). The fund aims to motivate invested companies to improve their Biodiversity footprint by actively engaging and having an active dialogue with selected companies. The fund integrates ESG (Environmental, Social and Governance) factors in the investment process and applies Robeco's Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and proxy voting. The fund also aims to achieve a better return than the index. | en | es |
DOLFIN2977 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Indicateur de risque
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 2 sur 7, qui est une classe de risque basse. Cela évalue les pertes potentielles associées à une performance future à un niveau faible, et les conditions de marché défavorables n'influeront très probablement pas sur la capacité du fonds à vous payer.
Selon le prospectus, les risques de change, de solvabilité, de cours, de contrepartie, de liquidité et de taux d’intérêt peuvent entraîner des conditions de marché inhabituelles. | # Indicador de Riesgo
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 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esto califica las pérdidas potenciales de la rentabilidad futura en un nivel medio, y una mala situación del mercado podría afectar a la capacidad del fondo para pagarle.
De conformidad con el folleto, los riesgos de mercado inusuales podrían derivarse, entre otros, de los riesgos cambiario, crediticio, de precios, de contraparte, de liquidez y de tipos de interés. | # Indicateur de risque
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 2 sur 7, qui est une classe de risque basse. Cela évalue les pertes potentielles associées à une performance future à un niveau faible, et les conditions de marché défavorables n'influeront très probablement pas sur la capacité du fonds à vous payer.
Selon le prospectus, les risques de change, de solvabilité, de cours, de contrepartie, de liquidité et de taux d’intérêt peuvent entraîner des conditions de marché inhabituelles. | fr | es |
DOLFIN2978 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Annexe II (suite)
#### RÉGLEMENTATION RELATIVE AUX OPÉRATIONS DE FINANCEMENT SUR TITRES (SUITE)
##### Neuberger Berman High Yield Bond Fund (suite)
Données de concentration :
Le Portefeuille n’a reçu aucun titre en tant que garantie pour les swaps de rendement total au 30 juin 2021. Les contreparties de tous les swaps de rendement total au 30 juin 2021 sont les suivantes :
##### Contrepartie Montant en USD
JPMorgan Chase Bank 647 530
##### Conservation des garanties reçues :
Au 30 juin 2021, toutes les garanties reçues sont détenues auprès du Dépositaire, Brown Brothers Harriman Trustee Services (Ireland) Limited.
##### Données de transactions agrégées :
Les données de transaction agrégées au titre des garanties (y compris celles en numéraire) engagées/(reçues) sur l’ensemble des swaps de rendement total au 30 juin 2021 sont telles que suit :
##### Swaps de rendement
##### Type de garantie Montant en USD* Qualité**
##### Échéance (garantie)***
##### Devise de la garantie
Pays d’établissement de la contrepartie****
##### Règlement et compensation
total
JPMorgan Chase Bank Garantie en numéraire (340 000) s/o s/o USD États-Unis De gré à gré
* Les garanties en numéraire peuvent couvrir une combinaison d’instruments de swaps, puisqu’une telle partie des garanties a trait aux accords de swaps ne relevant pas du périmètre de la réglementation SFTR.
** Les actifs ou passifs de trésorerie ne sont pas assortis d’une notation de crédit. Les liquidités libellées en USD sont réputées être de première qualité en raison de leur nature hautement liquide.
*** Ventilation à fournir selon 7 tranches d’échéances (inférieur à 1 jour, entre 1 jour et 1 semaine, entre 1 semaine et 1 mois, entre 1 et 3 mois, entre 3 mois et 1 an, au-delà de 1 an, échéance ouverte). Les garanties en numéraire ne sont pas assorties d’échéances.
**** Le pays correspond à celui figurant dans l’adresse de notre contrepartie actuelle.
Les échéances restant à courir des positions de swaps de rendement total au 30 juin 2021 étaient comprises entre 1 mois et 3 mois.
RAPPORT INTÉRIMAIRE 2021 1077
ÉTATS FINANCIERS RÉGLEMENTATION RELATIVE AUX OPÉRATIONS DE FINANCEMENT SUR TITRES | # Anexo II (cont.)
#### REGLAMENTO SOBRE OPERACIONES DE FINANCIACIÓN DE VALORES (CONT.)
##### Neuberger Berman High Yield Bond Fund (cont.)
Datos sobre concentración:
A 30 de junio de 2021, la cartera no había recibido ningún valor como garantía para los swaps de rentabilidad total. Las contrapartes de todos los swaps de rentabilidad total a 30 de junio de 2021 eran las siguientes:
##### Contraparte Importe en USD
JPMorgan Chase Bank 647.530
##### Custodia de la garantía recibida:
A 30 de junio de 2021, todas las garantías percibidas están bajo custodia del Depositario, Brown Brothers Harriman Trustee Services (Ireland) Limited.
##### Datos agregados de las transacciones:
Los datos agregados de las transacciones con posiciones de garantías (incluido el efectivo) pignoradas o recibidas para el conjunto de los swaps de rentabilidad total a 30 de junio de 2021 son los siguientes:
##### Swap de rentabilidad
##### Tipo de garantía Importe en USD* Calidad**
##### Vencimiento (garantía)***
##### Moneda de la garantía
País de establecimiento de la contraparte****
##### Liquidación y compensación
total
JPMorgan Chase Bank Garantía en efectivo (340.000) N/A N/A USD Estados Unidos OTC
* Las garantías en efectivo pueden abarcar una combinación de instrumentos de swaps; por tanto, una parte de las garantías corresponde a acuerdos de swap que no entran en el ámbito de aplicación del Reglamento sobre operaciones de financiación de valores.
** No existe calificación crediticia para los activos o los pasivos en efectivo. El efectivo denominado en USD se considera de la máxima calidad debido a su naturaleza líquida.
*** La división se establece conforme a 7 períodos de vencimiento (<1 día, de 1 día a 1 semana, de 1 semana a 1 mes, de 1 mes a 3 meses, de 3 meses a 1 año, >1 año, vencimiento abierto). Las garantías de efectivo no tienen vencimiento.
**** El país coincide con la dirección de nuestra contraparte real.
El vencimiento de todas las posiciones de swaps de rentabilidad total a 30 de junio de 2021 se situaba entre 1 y 3 meses.
INFORME SEMESTRAL 2021 1077
CUENTAS REGLAMENTO SOBRE OPERACIONES DE FINANCIACIÓN DE VALORES | # Annexe II (suite)
#### RÉGLEMENTATION RELATIVE AUX OPÉRATIONS DE FINANCEMENT SUR TITRES (SUITE)
##### Neuberger Berman High Yield Bond Fund (suite)
Données de concentration :
Le Portefeuille n’a reçu aucun titre en tant que garantie pour les swaps de rendement total au 30 juin 2021. Les contreparties de tous les swaps de rendement total au 30 juin 2021 sont les suivantes :
##### Contrepartie Montant en USD
JPMorgan Chase Bank 647 530
##### Conservation des garanties reçues :
Au 30 juin 2021, toutes les garanties reçues sont détenues auprès du Dépositaire, Brown Brothers Harriman Trustee Services (Ireland) Limited.
##### Données de transactions agrégées :
Les données de transaction agrégées au titre des garanties (y compris celles en numéraire) engagées/(reçues) sur l’ensemble des swaps de rendement total au 30 juin 2021 sont telles que suit :
##### Swaps de rendement
##### Type de garantie Montant en USD* Qualité**
##### Échéance (garantie)***
##### Devise de la garantie
Pays d’établissement de la contrepartie****
##### Règlement et compensation
total
JPMorgan Chase Bank Garantie en numéraire (340 000) s/o s/o USD États-Unis De gré à gré
* Les garanties en numéraire peuvent couvrir une combinaison d’instruments de swaps, puisqu’une telle partie des garanties a trait aux accords de swaps ne relevant pas du périmètre de la réglementation SFTR.
** Les actifs ou passifs de trésorerie ne sont pas assortis d’une notation de crédit. Les liquidités libellées en USD sont réputées être de première qualité en raison de leur nature hautement liquide.
*** Ventilation à fournir selon 7 tranches d’échéances (inférieur à 1 jour, entre 1 jour et 1 semaine, entre 1 semaine et 1 mois, entre 1 et 3 mois, entre 3 mois et 1 an, au-delà de 1 an, échéance ouverte). Les garanties en numéraire ne sont pas assorties d’échéances.
**** Le pays correspond à celui figurant dans l’adresse de notre contrepartie actuelle.
Les échéances restant à courir des positions de swaps de rendement total au 30 juin 2021 étaient comprises entre 1 mois et 3 mois.
RAPPORT INTÉRIMAIRE 2021 1077
ÉTATS FINANCIERS RÉGLEMENTATION RELATIVE AUX OPÉRATIONS DE FINANCEMENT SUR TITRES | fr | es |
DOLFIN2979 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### By Country
FRANCE 19.8%
ITALY 17.6%
UNITED KINGDOM 15.4%
GERMANY 14.1%
SPAIN 10.0%
NETHERLANDS 7.8%
AUSTRIA 4.3%
OTHER COUNTRIES 7.0%
Hedging on Equities -9.3%
Cash & Others 13.1% | ### Per paese
FRANCIA 19.8%
ITALIA 17.6%
REGNO UNITO 15.4%
GERMANIA 14.1%
SPAGNA 10.0%
PAESI BASSI 7.8%
AUSTRIA 4.3%
ALTRI PAESI 7.0%
Copertura su azioni -9.3%
Liquidità e Altri Attivi 13.1% | ### By Country
FRANCE 19.8%
ITALY 17.6%
UNITED KINGDOM 15.4%
GERMANY 14.1%
SPAIN 10.0%
NETHERLANDS 7.8%
AUSTRIA 4.3%
OTHER COUNTRIES 7.0%
Hedging on Equities -9.3%
Cash & Others 13.1% | en | it |
DOLFIN2980 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 9 – Restrictions on and suspension of the issue of units
- The Management Company may, at any time and at its discretion without giving reasons, reject a subscription application or temporarily limit, suspend or permanently discontinue the issue of units or may buy back units at the redemption price if deemed necessary in the interests of the investors, of the public or to protect the Fund or Sub-fund, in particular in cases where:
- there is a suspicion that the respective unit holder will on acquiring the units engage in market timing, late trading or other market techniques that could be harmful to all the investors;
- the investor does not fulfil the conditions to acquire the units, or
- the units are acquired by a person with an indication of an US relation, the units are sold in a country or are acquired in such a country by a person (e.g. a US citizen), in which it is not permitted to sell the units to such persons.
In such cases, the Registrar and Transfer Agent respectively the Depositary shall immediately refund without interest the payments received for subscription requests which have not yet been executed. | # Artikel 9 – Beschränkung und Einstellung der Ausgabe von Anteilen
- Die Verwaltungsgesellschaft kann jederzeit aus eigenem Ermessen ohne Angabe von Gründen einen Zeichnungsantrag zurückweisen oder die Ausgabe von Anteilen zeitweilig beschränken, aussetzen oder endgültig einstellen oder Anteile gegen Zahlung des Rücknahmepreises zurückkaufen, wenn dies im Interesse der Anleger, im öffentlichen Interesse oder zum Schutz des Fonds bzw. des jeweiligen Teilfonds erforderlich erscheint, insbesondere wenn:
- ein Verdachtsfall besteht, dass durch den jeweiligen Anteilinhaber mit dem Erwerb der Anteile das „Market Timing“, das „Late Trading“ oder sonstige Markttechniken betrieben werden, die der Gesamtheit der Anleger schaden können,
- der Anleger nicht die Bedingung für einen Erwerb der Anteile erfüllt oder
- die Anteile von einer Person mit Indizien für einen US-Bezug erworben werden, die Anteile in einem Staat vertrieben oder in einem solchen Staat von einer Person (z.B. US-Bürger) erworben worden sind, in dem der Fonds zum Vertrieb oder der Erwerb von Anteilen an solche Personen nicht zugelassen ist.
In diesem Fall wird die Register- und Transferstelle bzw die Verwahrstelle auf nicht bereits ausgeführte Zeichnungsanträge eingehende Zahlungen ohne Zinsen unverzüglich zurückerstatten. | # Article 9 – Restrictions on and suspension of the issue of units
- The Management Company may, at any time and at its discretion without giving reasons, reject a subscription application or temporarily limit, suspend or permanently discontinue the issue of units or may buy back units at the redemption price if deemed necessary in the interests of the investors, of the public or to protect the Fund or Sub-fund, in particular in cases where:
- there is a suspicion that the respective unit holder will on acquiring the units engage in market timing, late trading or other market techniques that could be harmful to all the investors;
- the investor does not fulfil the conditions to acquire the units, or
- the units are acquired by a person with an indication of an US relation, the units are sold in a country or are acquired in such a country by a person (e.g. a US citizen), in which it is not permitted to sell the units to such persons.
In such cases, the Registrar and Transfer Agent respectively the Depositary shall immediately refund without interest the payments received for subscription requests which have not yet been executed. | en | de |
DOLFIN2981 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Quarter in review
Emerging market equity performance during the period was buoyed by China’s pivot of its zero-Covid policy. A dramatic easing in domestic restrictions followed social unrest over Beijing’s approach to the pandemic. Investor sentiment also improved following measures to prevent the country’s property market from lurching towards crisis. Global inflation, monetary tightening by central banks, the war in Ukraine, a strong US dollar, and China’s economy and its geopolitical tensions with the US all created challenges that led to emerging market equities underperforming compared to developed markets. Commodities made gains in response to expected demand from China’s reopening. However, the warmer European winter triggered weaker natural gas prices.
Stock selection contributed positively to the fund’s performance but was offset by stock allocation. The materials and financials sectors were the main positive highlights. At a country level, Brazil was the main detractor as was an underweight to Turkey. Cyclical markets like South Korea and profit taking in Saudi Arabia both acted to the fund’s advantage.
At the stock level, mining and chemicals companies were the main outperformers, notably POSCO and LG Chem on hopes of improving post- Covid demand in China. Banks and insurers benefited from rising interest- rate expectations, particularly Bank Pekao and Ping An. In contrast, industrials weighed on performance, with ZTT and Ashok Leyland being the main laggards.
Key changes to the fund included the introduction of insurer AIA. The fund rotated the previous overweight in SK Hynix to Samsung Electronics. We also exited electric battery manufacturer CATL on increased competitive risks in China. | # Trimestre in esame
La performance dei mercati emergenti durante il periodo è stata sostenuta dall’inversione di marcia della Cina nella sua politica zero Covid. Dopo i disordini sociali dovuti all’approccio di Pechino alla pandemia, vi è stato un drastico allentamento delle restrizioni interne. Anche il sentiment degli investitori è migliorato dopo le misure volte a evitare che il mercato immobiliare del paese si trascinasse verso una crisi. L’inflazione globale, la stretta monetaria da parte delle banche centrali, la guerra in Ucraina, il forte dollaro statunitense, l’economia cinese e le sue tensioni geopolitiche con gli Stati Uniti hanno creato sfide che hanno portato i titoli azionari dei mercati emergenti a generare risultati inferiori rispetto a quelli dei mercati sviluppati. Le materie prime hanno generato dei guadagni in risposta alla domanda prevista dalla riapertura della Cina. Tuttavia, il mite inverno europeo ha innescato un indebolimento dei prezzi del gas naturale.
La selezione dei titoli ha contribuito positivamente alla performance del Fondo, ma è stata controbilanciata dall’allocazione dei titoli. I settori dei materiali e della finanza sono stati i principali punti di forza positivi. A livello nazionale, il Brasile è stato il principale detrattore, così come il posizionamento sottopesato sulla Turchia. I mercati ciclici come la Corea del Sud e la presa di profitto in Arabia Saudita hanno agito a beneficio del Fondo.
A livello di singoli titoli, le società minerarie e chimiche hanno archiviato le migliori performance, in particolare POSCO e LG Chem, sulla scia di speranze di un incremento della domanda post-Covid in Cina. Le banche e le società di assicurazioni hanno beneficiato delle aspettative di rialzi dei tassi di interesse, in particolare Bank Pekao e Ping An. Per contro sui risultati ha pesato il settore industriale, in special modo i titoli ZTT e Ashok Leyland.
Una delle principali modifiche apportate al Fondo è stata l'introduzione della società di assicurazioni AIA. Il Fondo ha trasferito su Samsung Electronics il precedente sovrappeso in SK Hynix. Abbiamo anche liquidato il produttore di batterie elettriche CATL sulla scia dell'aumento dei rischi competitivi in Cina. | # Quarter in review
Emerging market equity performance during the period was buoyed by China’s pivot of its zero-Covid policy. A dramatic easing in domestic restrictions followed social unrest over Beijing’s approach to the pandemic. Investor sentiment also improved following measures to prevent the country’s property market from lurching towards crisis. Global inflation, monetary tightening by central banks, the war in Ukraine, a strong US dollar, and China’s economy and its geopolitical tensions with the US all created challenges that led to emerging market equities underperforming compared to developed markets. Commodities made gains in response to expected demand from China’s reopening. However, the warmer European winter triggered weaker natural gas prices.
Stock selection contributed positively to the fund’s performance but was offset by stock allocation. The materials and financials sectors were the main positive highlights. At a country level, Brazil was the main detractor as was an underweight to Turkey. Cyclical markets like South Korea and profit taking in Saudi Arabia both acted to the fund’s advantage.
At the stock level, mining and chemicals companies were the main outperformers, notably POSCO and LG Chem on hopes of improving post- Covid demand in China. Banks and insurers benefited from rising interest- rate expectations, particularly Bank Pekao and Ping An. In contrast, industrials weighed on performance, with ZTT and Ashok Leyland being the main laggards.
Key changes to the fund included the introduction of insurer AIA. The fund rotated the previous overweight in SK Hynix to Samsung Electronics. We also exited electric battery manufacturer CATL on increased competitive risks in China. | en | it |
DOLFIN2982 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
When a Sub-fund acts as a feeder UCITS, all the remunerations and costs chargeable to this Sub-fund on account of its investments in shares or units of the master UCITS, as well as the total expenses of this Sub-fund and its master UCITS, will be described in an addendum to the Prospectus. Furthermore the Fund shall describe in its annual report the total expenses of the feeder Sub-fund and its master UCITS.
When a Sub-fund can be described as a master UCITS within the meaning of the Law, it shall charge no sales or redemption fees on the investments of the feeder UCITS in the Shares of the Sub-fund acting as master UCITS.
- Expenses resulting from efficient portfolio management techniques and TRSIn connection with the Securities Lending Agent, the Fund will pay expenses and fees that will be calculated on the basis of the income received by the Fund, as negotiated by the Securities Lending Agent on behalf of the Fund in connection with the Securities Lending transaction. | Lorsqu’un Compartiment agit comme un OPCVM nourricier, l’ensemble des rémunérations et des coûts à la charge de ce Compartiment du fait de ses investissements dans des actions ou des parts de l’OPCVM maître, ainsi que le total des frais de ce Compartiment et de son OPCVM maître, seront décrits dans une annexe au Prospectus. De plus, le Fonds décrira dans son rapport annuel les frais totaux du Compartiment nourricier et de son OPCVM maître.
Lorsqu’un Compartiment peut être qualifié d’OPCVM maître au sens de la Loi, il ne prélèvera aucune commission de vente ou de rachat sur les investissements de l’OPCVM nourricier dans des Actions du Compartiment agissant comme OPCVM maître.
- Frais résultant des techniques de gestion efficace du portefeuille et des TRSEn rapport avec l’Agent de prêt de titres, le Fonds paiera des frais et honoraires qui seront calculés sur la base des revenus perçus par le Fonds, tels que négociés par l’Agent de prêt de titres pour le compte du Fonds en rapport avec les opérations de prêt de titres. | When a Sub-fund acts as a feeder UCITS, all the remunerations and costs chargeable to this Sub-fund on account of its investments in shares or units of the master UCITS, as well as the total expenses of this Sub-fund and its master UCITS, will be described in an addendum to the Prospectus. Furthermore the Fund shall describe in its annual report the total expenses of the feeder Sub-fund and its master UCITS.
When a Sub-fund can be described as a master UCITS within the meaning of the Law, it shall charge no sales or redemption fees on the investments of the feeder UCITS in the Shares of the Sub-fund acting as master UCITS.
- Expenses resulting from efficient portfolio management techniques and TRSIn connection with the Securities Lending Agent, the Fund will pay expenses and fees that will be calculated on the basis of the income received by the Fund, as negotiated by the Securities Lending Agent on behalf of the Fund in connection with the Securities Lending transaction. | en | fr |
DOLFIN2983 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index, combined with foreign currency contracts for currency hedging.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI World Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria. The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund’s prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity markets in developed countries worldwide. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI World Minimum Volatility ESG Reduced Carbon Target Index, el índice de referencia del Fondo (el Índice). La Clase de Acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de forma pasiva e invierte en valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura de divisas.
El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable que forman parte del MSCI World Index (Índice Matriz) con un perfil de volatilidad mínimo, cumpliendo con ciertas restricciones de exposición en términos de diversificación del riesgo y reducción del carbono, además de con los criterios medioambientales, sociales y de gobierno corporativo (ESG) del proveedor del índice. El Índice excluye a empresas del Índice Matriz sobre la base de los criterios ESG del proveedor del índice que se recogen en la descripción del índice de referencia del Fondo, en el folleto del Fondo.
Tras la aplicación de los criterios ESG, los componentes del Índice se seleccionan utilizando una estrategia de volatilidad mínima, por la que se eligen valores del Índice Matriz a partir de estimaciones del perfil de riesgo y la volatilidad esperada de cada componente, y la correlación entre todos los componentes del Índice Matriz. Este proceso de selección está sujeto a ciertas restricciones de exposición en términos de diversificación de riesgos, reducción del carbono y mejora de la puntuación ESG, en relación con el Índice Matriz.
El Índice Matriz mide el rendimiento de mercados de renta variable de países desarrollados del mundo entero. Las empresas se incluyen en el Índice Matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
El Fondo adopta un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG (basándose en los criterios ESG del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index, combined with foreign currency contracts for currency hedging.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI World Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria. The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund’s prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity markets in developed countries worldwide. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2984 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après : | 1 an | 5 ans¹ |
| --- | --- | --- |
| Coûts totaux (USD) | 264 | 1.308 |
| Incidence des coûts annuels (%)² | 2,6 % | 2,7 % | | | En caso de salida después de: | 1 año | 5 años¹ |
| --- | --- | --- |
| Costes totales (USD) | 264 | 1.308 |
| Incidencia anual de los costes (%)² | 2,6% | 2,7% | | | Si vous sortez après : | 1 an | 5 ans¹ |
| --- | --- | --- |
| Coûts totaux (USD) | 264 | 1.308 |
| Incidence des coûts annuels (%)² | 2,6 % | 2,7 % | | fr | es |
DOLFIN2985 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Key Investor Information
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.
The Jupiter Global Fund - Jupiter Financial Innovation
(the 'Fund'), a sub-fund of The Jupiter Global Fund (the 'Company') | Wesentliche Anlegerinformationen
Dieses Dokument enthält die wesentlichen Anlegerinformationen über diesen Fonds. Dies ist kein Marketingmaterial. Diese Informationen sind gesetzlich vorgeschrieben, damit Sie das Wesen und die Risiken einer Anlage in diesem Fonds verstehen können. Sie sollten dieses Dokument lesen, damit Sie eine fundierte Anlageentscheidung treffen können.
The Jupiter Global Fund - Jupiter Financial Innovation
(der „Fonds“), ein Teilfonds von The Jupiter Global Fund (die „Gesellschaft“) | Key Investor Information
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.
The Jupiter Global Fund - Jupiter Financial Innovation
(the 'Fund'), a sub-fund of The Jupiter Global Fund (the 'Company') | en | de |
DOLFIN2986 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les actionnaires peuvent prendre connaissance des codes ISIN impactés par la restructuration dans l’annexe au projet commun de fusion.
- Documents et rapports : prise de connaissance et examen des documents ci-après :
- du projet commun de fusion établi sous forme d'acte sous seing privé par les conseils d'administration des sicav concernées contenant les mentions prescrites par l'article 167 §1 de l’Arrêté Royal du 12/11/2012 relatif aux organismes de placement collectifs qui répondent aux conditions de le directive 2009/65/CE, (ci- après l’Arrêté Royal 2012). Ce projet de fusion a été déposé au greffe du tribunal de l’entreprise francophone de Bruxelles au plus tard le 10 février 2022.
- de la déclaration du dépositaire établie conformément à l’article 171 de l’Arrêté Royal 2012 ;
- du rapport du commissaire concernant le projet de fusion et établi conformément à l’article 172 de l’Arrêté Royal 2012 ; et
- des rapports du commissaire concernant les trois derniers exercices sociaux de la sicav et des comptes annuels et semestriels des trois derniers exercices.
Ces documents peuvent être obtenus sans frais par les actionnaires au siège de la société de gestion un mois au moins avant la date de l’assemblée générale des compartiments qui fusionnent, appelée à se prononcer sur le projet de fusion.
- | # Los accionistas pueden consultar los códigos ISIN afectados por la reestructuración en el anexo al proyecto común de fusión.
- Documentos e informes: lectura y examen de los siguientes documentos:
- el proyecto común de fusión elaborado en forma de escritura privada por los consejos de administración de las SICAV correspondientes que contiene la información requerida por el artículo 167 1.º del Real Decreto de 12/11/2012 relativo a los organismos de inversión colectiva que cumplen las condiciones de la Directiva 2009/65/CE (en adelante, el Real Decreto 2012). Este proyecto de fusión se ha presentado en la Secretaría del Juzgado de lo Mercantil francófono de Bruselas a más tardar el 10 de febrero de 2022;
- la declaración del depositario realizada de conformidad con el artículo 171 del Real Decreto 2012;
- el informe del auditor relativo al proyecto de fusión y elaborado de conformidad con el artículo 172 del Real Decreto 2012; y
- los informes de los auditores relativos a los tres últimos ejercicios de la SICAV y las cuentas anuales y semestrales de los tres últimos ejercicios.
Los accionistas podrán obtener estos documentos gratuitamente en la sede social de la sociedad gestora al menos un mes antes de la fecha de la junta general de los subfondos fusionados convocada para votar sobre el proyecto de fusión.
- | # Les actionnaires peuvent prendre connaissance des codes ISIN impactés par la restructuration dans l’annexe au projet commun de fusion.
- Documents et rapports : prise de connaissance et examen des documents ci-après :
- du projet commun de fusion établi sous forme d'acte sous seing privé par les conseils d'administration des sicav concernées contenant les mentions prescrites par l'article 167 §1 de l’Arrêté Royal du 12/11/2012 relatif aux organismes de placement collectifs qui répondent aux conditions de le directive 2009/65/CE, (ci- après l’Arrêté Royal 2012). Ce projet de fusion a été déposé au greffe du tribunal de l’entreprise francophone de Bruxelles au plus tard le 10 février 2022.
- de la déclaration du dépositaire établie conformément à l’article 171 de l’Arrêté Royal 2012 ;
- du rapport du commissaire concernant le projet de fusion et établi conformément à l’article 172 de l’Arrêté Royal 2012 ; et
- des rapports du commissaire concernant les trois derniers exercices sociaux de la sicav et des comptes annuels et semestriels des trois derniers exercices.
Ces documents peuvent être obtenus sans frais par les actionnaires au siège de la société de gestion un mois au moins avant la date de l’assemblée générale des compartiments qui fusionnent, appelée à se prononcer sur le projet de fusion.
- | fr | es |
DOLFIN2987 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Stratégie d’investissement
Le fonds investit principalement dans des titres de créance ou des instruments liés à des titres de créance à court ou moyen terme de toute sorte, y compris, à titre d’exemple, des obligations ou des instruments du marché monétaire, libellés dans n’importe quelle devise et émis sur des marchés nationaux et internationaux par des gouvernements, leurs agences ou des émetteurs privés situés dans ou établis selon les lois de pays émergents. Pour de plus amples informations concernant la politique d’investissement du fonds, veuillez consulter le prospectus.
L’analyse des facteurs ESG est un élément qualifiant de la stratégie du fonds.
Le fonds évalue le profil ESG des investissements du portefeuille par le biais d’une méthode de notation ESG qui couvre au moins :
- 90 % des investissements dans chacune de ces catégories d’actifs : actions de sociétés de grande capitalisation et dette souveraine de pays développés, et titres de créance de qualité investment grade (y compris des instruments du marché monétaire).
- 75 % des investissements dans chacune de ces catégories d’actifs : actions de sociétés de grande capitalisation et dette souveraine de pays émergents, actions de sociétés de petite et moyenne capitalisation et titres de créance de qualité inférieure à investment grade (y compris des instruments du marché monétaire).
Conformément aux pratiques de bonne gouvernance, le fonds vise à obtenir une « note ESG » – calculée au niveau du portefeuille global – supérieure à celle de son univers d’investissement, en intégrant les facteurs ESG dans l’analyse, la sélection et la composition de ses investissements. La note ESG est représentative des opportunités et risques environnementaux, sociaux et de gouvernance d’entreprise auxquels un émetteur est exposé, et il tient compte de la gestion de ces risques par l’émetteur. La note ESG du fonds est calculée sous la forme d’une moyenne pondérée des notes ESG des émetteurs des instruments financiers détenus dans le portefeuille du fonds.
En outre, le fonds n’investit pas dans des émetteurs actifs dans des secteurs considérés comme « non responsables du point de vue social et environnemental », c’est-à-dire dans des entreprises (i) clairement et directement impliquées dans la fabrication d’armes non conventionnelles, (ii) qui tirent au moins 25 % de leur chiffre d’affaires d’activités d’extraction ou de production d’électricité en lien avec le charbon thermique ou (iii) qui tirent au moins 10 % de leur chiffre d’affaires de l’extraction de sables bitumineux. En outre, le fonds n’investit pas dans des émetteurs « critiques » pour lesquels un processus de remontée du problème a été lancé. Les émetteurs critiques sont les entreprises présentant l’exposition la plus élevée aux risques environnementaux, sociaux et de gouvernance, c’est-à- dire celles qui possèdent une note de durabilité ESG moins élevée dans l’univers d’investissement en actions et obligations.
Le fonds promeut des caractéristiques environnementales et/ou sociales, mais il ne s’engage pas à réaliser des investissements durables au sens de l’art. 2, paragraphe 17, du règlement (UE) 2019/2088.
Les sociétés émettrices dont l’organe administratif ne compte aucun membre indépendant ne sont pas considérées comme ayant de bonnes pratiques de gouvernance.
Chaque mois, ces émetteurs sont identifiés parmi ceux inclus dans les services « MSCI ESG Ratings - World », « MSCI ESG Ratings - Emerging Markets » et « MSCI ESG Ratings - Fixed Income Corporate » de « MSCI ESG Research ».
En outre, la liste mensuelle peut également inclure d’autres émetteurs qui font l’objet (i) d’investigations comptables, réalisées en interne ou par des autorités externes, ainsi que de sanctions ou de condamnations pour des questions liées aux procédures comptables ou (ii) de procédures de faillite ou de liquidation.
Ces émetteurs exclus d’emblée de l’univers d’investissement du fonds et, au moment de la valorisation du portefeuille, un contrôle ex- post est également effectué sur la base de la dernière liste d’émetteurs exclus disponibles. | # Estrategia de inversión
El fondo invierte principalmente en deuda o instrumentos relacionados con la deuda a corto o medio plazo de cualquier tipo, incluidos, por ejemplo, bonos e instrumentos monetarios, denominados en cualquier moneda y emitidos bien en los mercados nacionales o los mercados internacionales, por agencias o emisores privados situados en o constituidos según las leyes de países emergentes. Para más información sobre la política de inversión del fondo, consulte el folleto.
El análisis de los factores ASG es un elemento cualificador de la estrategia del fondo.
El fondo evalúa el perfil ASG de las inversiones de la cartera mediante una metodología de puntuación ASG que cubre, al menos:
- 90% de las inversiones en cada una de las siguientes clases de activos: renta variable de empresas de gran capitalización y deuda soberana de países desarrollados, así como títulos de deuda con grado de inversión (incluidos los instrumentos del mercado monetario).
- 75% de las inversiones en cada una de las siguientes clases de activos: renta variable de empresas de gran capitalización y deuda soberana de países emergentes, renta variable de empresas de pequeña y mediana capitalización, así como títulos de deuda con una calificación inferior a grado de inversión (incluidos los instrumentos del mercado monetario).
En efecto, de conformidad con las prácticas de buena gobernanza, el fondo aspira a obtener una «puntuación ASG» (calculada para el conjunto de la cartera) superior a la de su universo de inversión, mediante la integración de factores ASG en el análisis, la selección y la composición de sus inversiones. La puntuación ASG es representativa de las oportunidades y riesgos medioambientales, sociales y de gobierno corporativo a los que está expuesto un emisor y tiene en cuenta la gestión de estos riesgos por parte del emisor. La puntuación ASG del fondo se calcula como la media ponderada de las puntuaciones ASG de los emisores de los instrumentos financieros mantenidos en la cartera del fondo.
Además, el fondo no invierte en emisores de sectores considerados «no social y medioambientalmente responsables», es decir, (i) en empresas caracterizadas por una clara implicación directa en la fabricación de armas no convencionales; (ii) en empresas que obtengan al menos el 25% de su volumen de negocios de actividades mineras o de producción de electricidad vinculadas al carbón térmico; (iii) en empresas que obtengan al menos el 10% de su volumen de negocios de la extracción de arenas bituminosas.
Además, el fondo no invierte en emisores «críticos» para los que se activa un proceso de escalamiento. Los emisores «críticos» son aquellas empresas con mayor exposición a los riesgos medioambientales, sociales y de gobierno corporativo, es decir, con un nivel de calificación de sostenibilidad ASG inferior en el universo de inversión de renta variable y renta fija.
El fondo promueve características medioambientales y/o sociales, pero no se compromete a realizar inversiones sostenibles en el sentido del art. 2(17) del Reglamento (UE) 2019/2088.
Se considera que las empresas emisoras que no tienen miembros independientes en su órgano de administración no tienen buenas prácticas de gobernanza.
Cada mes, dichos emisores se identifican entre los incluidos en los servicios «MSCI ESG Ratings - World», «MSCI ESG Ratings - Emerging Markets» y «MSCI ESG Ratings - Fixed Income Corporate» de «MSCI ESG Research».
Además, la lista mensual también puede incluir otros Emisores que presenten (i) investigaciones contables, internas o por parte de autoridades externas, así como la presencia de sanciones o condenas por asuntos relacionados con procedimientos contables; o (ii) procedimientos de quiebra o liquidación.
Dichos emisores son excluidos a priori del universo de inversión del fondo y, en el momento de la valoración de la cartera, también se realiza un control a posteriori basado en la última lista disponible de emisores excluidos. | # Stratégie d’investissement
Le fonds investit principalement dans des titres de créance ou des instruments liés à des titres de créance à court ou moyen terme de toute sorte, y compris, à titre d’exemple, des obligations ou des instruments du marché monétaire, libellés dans n’importe quelle devise et émis sur des marchés nationaux et internationaux par des gouvernements, leurs agences ou des émetteurs privés situés dans ou établis selon les lois de pays émergents. Pour de plus amples informations concernant la politique d’investissement du fonds, veuillez consulter le prospectus.
L’analyse des facteurs ESG est un élément qualifiant de la stratégie du fonds.
Le fonds évalue le profil ESG des investissements du portefeuille par le biais d’une méthode de notation ESG qui couvre au moins :
- 90 % des investissements dans chacune de ces catégories d’actifs : actions de sociétés de grande capitalisation et dette souveraine de pays développés, et titres de créance de qualité investment grade (y compris des instruments du marché monétaire).
- 75 % des investissements dans chacune de ces catégories d’actifs : actions de sociétés de grande capitalisation et dette souveraine de pays émergents, actions de sociétés de petite et moyenne capitalisation et titres de créance de qualité inférieure à investment grade (y compris des instruments du marché monétaire).
Conformément aux pratiques de bonne gouvernance, le fonds vise à obtenir une « note ESG » – calculée au niveau du portefeuille global – supérieure à celle de son univers d’investissement, en intégrant les facteurs ESG dans l’analyse, la sélection et la composition de ses investissements. La note ESG est représentative des opportunités et risques environnementaux, sociaux et de gouvernance d’entreprise auxquels un émetteur est exposé, et il tient compte de la gestion de ces risques par l’émetteur. La note ESG du fonds est calculée sous la forme d’une moyenne pondérée des notes ESG des émetteurs des instruments financiers détenus dans le portefeuille du fonds.
En outre, le fonds n’investit pas dans des émetteurs actifs dans des secteurs considérés comme « non responsables du point de vue social et environnemental », c’est-à-dire dans des entreprises (i) clairement et directement impliquées dans la fabrication d’armes non conventionnelles, (ii) qui tirent au moins 25 % de leur chiffre d’affaires d’activités d’extraction ou de production d’électricité en lien avec le charbon thermique ou (iii) qui tirent au moins 10 % de leur chiffre d’affaires de l’extraction de sables bitumineux. En outre, le fonds n’investit pas dans des émetteurs « critiques » pour lesquels un processus de remontée du problème a été lancé. Les émetteurs critiques sont les entreprises présentant l’exposition la plus élevée aux risques environnementaux, sociaux et de gouvernance, c’est-à- dire celles qui possèdent une note de durabilité ESG moins élevée dans l’univers d’investissement en actions et obligations.
Le fonds promeut des caractéristiques environnementales et/ou sociales, mais il ne s’engage pas à réaliser des investissements durables au sens de l’art. 2, paragraphe 17, du règlement (UE) 2019/2088.
Les sociétés émettrices dont l’organe administratif ne compte aucun membre indépendant ne sont pas considérées comme ayant de bonnes pratiques de gouvernance.
Chaque mois, ces émetteurs sont identifiés parmi ceux inclus dans les services « MSCI ESG Ratings - World », « MSCI ESG Ratings - Emerging Markets » et « MSCI ESG Ratings - Fixed Income Corporate » de « MSCI ESG Research ».
En outre, la liste mensuelle peut également inclure d’autres émetteurs qui font l’objet (i) d’investigations comptables, réalisées en interne ou par des autorités externes, ainsi que de sanctions ou de condamnations pour des questions liées aux procédures comptables ou (ii) de procédures de faillite ou de liquidation.
Ces émetteurs exclus d’emblée de l’univers d’investissement du fonds et, au moment de la valorisation du portefeuille, un contrôle ex- post est également effectué sur la base de la dernière liste d’émetteurs exclus disponibles. | fr | es |
DOLFIN2988 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Units of corporations as defined in indents 2 through 4 are
- units of corporations that are admitted for official trading on a stock exchange or admit- ted to or included in another organized market;
- units of corporations that are not real estate companies and that are domiciled in a mem- ber state of the European Union or in another state that is a party to the Agreement on the European Economic Area and are subject there to corporate income tax and are not exempt from it;
- units of corporations that are not real estate companies and that are domiciled in a third country and are subject there to corporate income tax of at least 15% and are not exempt from it; and
- units of other investment funds, which in turn meet the requirements of indents 2 through 4 and of this sentence, in the respective amount specified there. | ###### 2. bis 4. Spiegelstrichs sind
- Anteile an Kapitalgesellschaften, die zum amtlichen Handel an einer Börse zugelassen oder an einem anderen organisierten Markt zugelassen oder in diesen einbezogen sind;
- Anteile an Kapitalgesellschaften, die keine Immobiliengesellschaften sind und in einem Mitgliedstaat der Europäischen Union oder in einem anderen Vertragsstaat des Abkommens über den Europäischen Wirtschaftsraum ansässig sind und dort der Ertragsbesteue- rung für Kapitalgesellschaften unterliegen und nicht von ihr befreit sind;
- Anteile an Kapitalgesellschaften, die keine Immobiliengesellschaften sind und in einem Drittstaat ansässig sind und dort einer Ertrags- besteuerung für Kapitalgesellschaften in Höhe von mindestens 15% unterliegen und nicht von ihr befreit sind; und
- Anteile an anderen Investmentfonds, die ihrerseits den Vorgaben aus dem 2. bis 4. Spiegelstrich und dieses Satzes entsprechen, in der dort jeweils vorgesehenen Höhe. | ##### Units of corporations as defined in indents 2 through 4 are
- units of corporations that are admitted for official trading on a stock exchange or admit- ted to or included in another organized market;
- units of corporations that are not real estate companies and that are domiciled in a mem- ber state of the European Union or in another state that is a party to the Agreement on the European Economic Area and are subject there to corporate income tax and are not exempt from it;
- units of corporations that are not real estate companies and that are domiciled in a third country and are subject there to corporate income tax of at least 15% and are not exempt from it; and
- units of other investment funds, which in turn meet the requirements of indents 2 through 4 and of this sentence, in the respective amount specified there. | en | de |
DOLFIN2989 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Aviva Investors Luxembourg S.A. is unable to pay out?
The assets of the Fund are held in safekeeping by its depositary. In the event of the insolvency of the Manager, the Fund's assets in the safekeeping of the Depositary will not be affected. However, in the event of the Depositary's insolvency, or someone acting on its behalf, the Fund may suffer a financial loss. However, this risk is mitigated to a certain extent by the fact the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary will also be liable to the Fund and the investors for any loss arising from, among other things, its negligence, fraud or intentional failure properly to fulfil its obligations (subject to certain limitations).
## There is no compensation or guarantee scheme protecting you from a default of the Fund's depositary. | # Cosa accade se Aviva Investors Luxembourg S.A. non è in grado di corrispondere quanto dovuto?
Le attività del Fondo sono detenute in custodia dal suo depositario. In caso di insolvenza del Gestore, il patrimonio del Fondo nella custodia del depositario non sarà aggredito. Tuttavia, in caso di insolvenza del depositario, o di un soggetto che agisce per suo conto, il Fondo può subire una perdita finanziaria. Tuttavia, tale rischio è attenuato in una certa misura dal fatto che il depositario è tenuto, per legge e per regolamento, a separare le proprie attività dalle attività del Fondo. Il depositario sarà inoltre responsabile nei confronti del Fondo e degli investitori per qualsiasi perdita derivante, tra l'altro, dalla sua negligenza, frode o incapacità intenzionale di adempiere adeguatamente ai suoi obblighi (fatte salve determinate limitazioni).
## Non vi è alcun meccanismo di indennizzo o garanzia che vi protegga da un inadempimento del depositario del Fondo. | # What happens if Aviva Investors Luxembourg S.A. is unable to pay out?
The assets of the Fund are held in safekeeping by its depositary. In the event of the insolvency of the Manager, the Fund's assets in the safekeeping of the Depositary will not be affected. However, in the event of the Depositary's insolvency, or someone acting on its behalf, the Fund may suffer a financial loss. However, this risk is mitigated to a certain extent by the fact the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary will also be liable to the Fund and the investors for any loss arising from, among other things, its negligence, fraud or intentional failure properly to fulfil its obligations (subject to certain limitations).
## There is no compensation or guarantee scheme protecting you from a default of the Fund's depositary. | en | it |
DOLFIN2990 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In accordance with 12.2.9, the costs of dissolution shall be charged to the assets of the sub-fund.
-
## Structural measures
-
### Merger | Die Kosten der Auflösung gehen gemäss 12.2.9 zu Lasten des Fondsvermögens des Teilfonds.
-
## Strukturmassnahmen
-
### Verschmelzung | In accordance with 12.2.9, the costs of dissolution shall be charged to the assets of the sub-fund.
-
## Structural measures
-
### Merger | en | de |
DOLFIN2991 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk warnings
- The market value of debt securities is affected by changes in prevailing interest rates and the Fund may be exposed to credit risk by investing in debt securities.
- There are default and liquidity risks associated with in investment in high yield securities and in below investment grade securities.
- There are specific additional risks associated with investments in emerging markets, including legal, political, fiscal instability, settlement, liquidity, currency, accounting standards and custodial risk.
- There are specific risks associated with the use of derivative instruments, including counterparty, position, liquidity, settlement, correlation and legal risk.
- There is a risk that the investor's capital may be eroded due to fees and expenses being charged to the capital of the unit class rather than its income.
- This unit class is unhedged. Unhedged unit classes are exposed to greater risk and volatility. | # Avvertenze sui rischi
- Il valore di mercato dei titoli di debito è influenzato dalle variazioni dei tassi di interesse prevalenti e investendo in titoli di debito il Fondo può essere esposto al rischio di credito.
- Esistono rischi di insolvenza e di liquidità associati all'investimento in titoli ad alto rendimento e in titoli di qualità inferiore a investment grade.
- Gli investimenti nei mercati emergenti comportano rischi specifici aggiuntivi, tra cui rischi di instabilità legale, politica, fiscale, rischi di regolamento, liquidità, valuta, principi contabili e rischi di custodia.
- L'uso di strumenti derivati comporta rischi specifici, tra cui rischi di controparte, posizione, liquidità, regolamento, correlazione e rischi legali.
- Esiste il rischio che il capitale dell'investitore possa essere eroso a causa di commissioni e spese addebitate al capitale della classe di quote piuttosto che al suo reddito.
- Questa classe di quote non è coperta. Le classi di quote non coperte sono esposte a un rischio e a una volatilità maggiori. | # Risk warnings
- The market value of debt securities is affected by changes in prevailing interest rates and the Fund may be exposed to credit risk by investing in debt securities.
- There are default and liquidity risks associated with in investment in high yield securities and in below investment grade securities.
- There are specific additional risks associated with investments in emerging markets, including legal, political, fiscal instability, settlement, liquidity, currency, accounting standards and custodial risk.
- There are specific risks associated with the use of derivative instruments, including counterparty, position, liquidity, settlement, correlation and legal risk.
- There is a risk that the investor's capital may be eroded due to fees and expenses being charged to the capital of the unit class rather than its income.
- This unit class is unhedged. Unhedged unit classes are exposed to greater risk and volatility. | en | it |
DOLFIN2992 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an Si vous sortez après 5 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6130 EUR | 2560 EUR |
| Rendement annuel moyen | -38.70% | -23.85% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7270 EUR | 2560 EUR |
| Rendement annuel moyen | -27.30% | -23.85% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10730 EUR | 12710 EUR |
| Rendement annuel moyen | 7.30% | 4.91% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 19340 EUR | 21850 EUR |
| Rendement annuel moyen | 93.40% | 16.92% |
| Montant investi au fil du temps | 10000 EUR | | | | En caso de salida después de 1 En caso de salida después de 5 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 6130 EUR | 2560 EUR |
| Rendimiento medio cada año | -38.70% | -23.85% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7270 EUR | 2560 EUR |
| Rendimiento medio cada año | -27.30% | -23.85% |
| Moderado | Lo que podría recibir tras deducir los costes | 10730 EUR | 12710 EUR |
| Rendimiento medio cada año | 7.30% | 4.91% |
| Favorable | Lo que podría recibir tras deducir los costes | 19340 EUR | 21850 EUR |
| Rendimiento medio cada año | 93.40% | 16.92% |
| Importe invertido a lo largo del tiempo | 10000 EUR | | | | Si vous sortez après 1 an Si vous sortez après 5 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6130 EUR | 2560 EUR |
| Rendement annuel moyen | -38.70% | -23.85% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7270 EUR | 2560 EUR |
| Rendement annuel moyen | -27.30% | -23.85% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10730 EUR | 12710 EUR |
| Rendement annuel moyen | 7.30% | 4.91% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 19340 EUR | 21850 EUR |
| Rendement annuel moyen | 93.40% | 16.92% |
| Montant investi au fil du temps | 10000 EUR | | | fr | es |
DOLFIN2993 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
- The fund is in the category shown due to historic volatility (how much and how quickly the value of shares in the fund may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the fund.
- The risk category has been calculated using historic data and may not be a reliable indicator of the fund’s future risk profile.
- A risk indicator of “1” does not mean that the investment is “risk free”.
The risk indicator may not fully take into account the following risks and the following may affect fund performance:
- Market volatility risk: The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency risk: The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value.
- Income risk: Although the fund aims to pay a regular income, the payment of income and its level is not guaranteed.
- Derivatives risk: The fund may invest in derivatives with the aim of profiting from falling (‘shorting’) as well as rising prices. Should the asset’s value vary in an unexpected way, the fund value will reduce.
- Credit risk: Investments in bonds are affected by interest rates, inflation and credit ratings. It is possible that bond issuers will not pay interest or return the capital. All of these events can reduce the value of bonds held by the fund.
- Higher-yielding bonds risk: The fund may invest in higher- yielding bonds, which may increase the risk to capital. Investing in these types of assets (which are also known as sub-investment grade bonds) can produce a higher yield but also brings an increased risk of default, which would affect the capital value of the fund.
- Charges from capital risk: Where charges are taken wholly or partly out of a fund's capital, distributable income may be increased at the expense of capital, which may constrain or erode capital growth.
Please refer to the fund’s prospectus for full details of these and other risks, including sustainability risks, which are applicable to this fund. | # Objectifs et politique d’investissement Profil de risque et de rendement
- Le fonds relève de la catégorie indiquée en raison de sa volatilité historique (la proportion ainsi que la rapidité avec laquelle la valeur des actions du fonds a augmenté ou chuté par le passé en raison des variations des marchés boursiers, des devises et des taux d’intérêt). Il ne constitue pas forcément une indication fiable du profil de risque futur du fonds.
- La catégorie de risque a été calculée selon des données historiques et peut ne pas constituer un indicateur fiable du profil de risque futur du fonds.
- Un indicateur de risque « 1 » ne signifie pas que l’investissement est « sans risque ».
L’indicateur de risque peut ne pas pleinement tenir compte des risques suivants, lesquels peuvent avoir une incidence sur la performance du fonds :
- Risque de volatilité du marché : la valeur du fonds ou de ses revenus peut augmenter ou diminuer en raison des variations des marchés boursiers, des devises et des taux d'intérêt, chacun des trois pouvant évoluer de façon irrationnelle et être influencé de manière imprévisible par divers facteurs, notamment des événements politiques et économiques.
- Risque de change : les prix des actifs du fonds peuvent être exprimés dans une devise autre que la devise de base du fonds en question. Les variations de taux de change peuvent par conséquent affecter la valeur du fonds.
- Risque lié au revenu : bien que le fonds vise à distribuer un revenu régulier, le paiement et le montant de ce revenu ne sont pas garantis.
- Risque lié aux produits dérivés : le fonds peut investir dans des instruments dérivés dans l’objectif de bénéficier tant de la hausse que de la baisse (prise de positions courtes) des cours. Si la valeur de l’actif varie de manière inattendue, la valeur du fonds diminuera.
- Risque de crédit : les investissements en obligations sont affectés par les variations des taux d’intérêt, l’inflation et les notations de crédit. Il est possible que les émetteurs d’obligations ne payent pas les intérêts ou ne remboursent pas le capital. Toutes ces éventualités peuvent réduire la valeur des obligations détenues par le fonds.
- Risque lié aux obligations à haut rendement : le fonds peut investir dans des obligations à haut rendement, ce qui peut ainsi augmenter le risque de perte en capital. Investir dans ce type d’actifs (également connus sou le nom d’obligations de qualité inférieure à « investment grade ») peut générer un rendement supérieur, mais également augmenter le risque de défaut et affecter de ce fait la valeur en capital du fonds.
- Risque lié au prélèvement des frais sur le capital : Lorsque des frais sont prélevés en partie ou en totalité sur le capital d’un fonds, le revenu à distribuer peut être augmenté au détriment du capital, ce qui peut limiter ou éroder la croissance du capital.
Pour plus d’informations sur ces risques ou d’autres applicables à ce fonds, notamment ceux liés à la durabilité, veuillez consulter le prospectus correspondant. | # Objectives and investment policy Risk and reward profile
- The fund is in the category shown due to historic volatility (how much and how quickly the value of shares in the fund may have risen and fallen in the past due to movements in markets, currencies and interest rates). It may not be a reliable indication of the future risk profile of the fund.
- The risk category has been calculated using historic data and may not be a reliable indicator of the fund’s future risk profile.
- A risk indicator of “1” does not mean that the investment is “risk free”.
The risk indicator may not fully take into account the following risks and the following may affect fund performance:
- Market volatility risk: The value of the fund and any income from it can fall or rise because of movements in stockmarkets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.
- Currency risk: The fund’s assets may be priced in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the fund's value.
- Income risk: Although the fund aims to pay a regular income, the payment of income and its level is not guaranteed.
- Derivatives risk: The fund may invest in derivatives with the aim of profiting from falling (‘shorting’) as well as rising prices. Should the asset’s value vary in an unexpected way, the fund value will reduce.
- Credit risk: Investments in bonds are affected by interest rates, inflation and credit ratings. It is possible that bond issuers will not pay interest or return the capital. All of these events can reduce the value of bonds held by the fund.
- Higher-yielding bonds risk: The fund may invest in higher- yielding bonds, which may increase the risk to capital. Investing in these types of assets (which are also known as sub-investment grade bonds) can produce a higher yield but also brings an increased risk of default, which would affect the capital value of the fund.
- Charges from capital risk: Where charges are taken wholly or partly out of a fund's capital, distributable income may be increased at the expense of capital, which may constrain or erode capital growth.
Please refer to the fund’s prospectus for full details of these and other risks, including sustainability risks, which are applicable to this fund. | en | fr |
DOLFIN2994 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## The price of the Shares can go down as well as up and their value is not guaranteed. Investors may not receive, at redemption or liquidation, the amount that they originally invested in a Sub-Fund or any amount at all.
THE FOLLOWING LIST OF RISK FACTORS DOES NOT PURPORT TO BE A COMPLETE OR CONCLUSIVE EXAMINATION OF THE RISKS RELATED TO AN INVESTMENT IN THE ICAV OR A SUB-FUND. POTENTIAL INVESTORS SHOULD READ THIS PROSPECTUS AND THE RELEVANT SUPPLEMENT IN THEIR ENTIRETY AND ARE URGED TO CONSULT THEIR PROFESSIONAL ADVISORS BEFORE DECIDING WHETHER TO SUBSCRIBE FOR, AND INVEST, IN THE RELEVANT SHARES.
PROSPECTIVE INVESTORS SHOULD CAREFULLY EVALUATE THE FOLLOWING RISK FACTORS ASSOCIATED WITH AN INVESTMENT OF A SUB-FUND. PAST PERFORMANCE OF SUB-FUNDS MANAGED BY ANY MEMBER OR ASSOCIATE OF THE DEUTSCHE BANK GROUP OR THE MANAGER CANNOT BE TAKEN AS AN INDICATION OF FUTURE PERFORMANCE OF THE ICAV OR A SUB-FUND. PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN ASSESSMENT OF THE RISKS AND REWARDS OF AN INVESTMENT IN THE SHARES OF A SUB-FUND. | ## Il prezzo delle Azioni può scendere così come salire e il loro valore non è garantito. Gli investitori potrebbero non ricevere, al momento del rimborso o della liquidazione, l'importo che hanno originariamente investito in un Comparto o qualsiasi importo.
IL SEGUENTE ELENCO DI FATTORI DI RISCHIO NON PRETENDE DI ESSERE UN ESAME COMPLETO O ESAUSTIVO DEI RISCHI CONNESSI AD UN INVESTIMENTO NELL'ICAV O IN UN COMPARTO. I POTENZIALI INVESTITORI DEVONO LEGGERE IL PRESENTE PROSPETTO E LA RELATIVA NOTA INTEGRATIVA NELLA LORO INTEREZZA, E SONO INVITATI A CONSULTARE I PROPRI CONSULENTI PROFESSIONALI PRIMA DI DECIDERE SE SOTTOSCRIVERE E INVESTIRE NELLE AZIONI IN QUESTIONE.
I POTENZIALI INVESTITORI DOVREBBERO VALUTARE ATTENTAMENTE I SEGUENTI FATTORI DI RISCHIO ASSOCIATI AD UN INVESTIMENTO IN UN COMPARTO. I RISULTATI OTTENUTI NEL PASSATO DAI COMPARTI GESTITI DA QUALSIASI MEMBRO O ASSOCIATO DEL GRUPPO DEUTSCHE BANK O DEL GESTORE NON POSSONO ESSERE CONSIDERATI UN'INDICAZIONE DELLA PERFORMANCE FUTURA DELL'ICAV O DI UN COMPARTO. I POTENZIALI INVESTITORI DEVONO EFFETTUARE LA PROPRIA VALUTAZIONE DEI RISCHI E DEI BENEFICI DI UN INVESTIMENTO NELLE AZIONI DI UN COMPARTO. | ## The price of the Shares can go down as well as up and their value is not guaranteed. Investors may not receive, at redemption or liquidation, the amount that they originally invested in a Sub-Fund or any amount at all.
THE FOLLOWING LIST OF RISK FACTORS DOES NOT PURPORT TO BE A COMPLETE OR CONCLUSIVE EXAMINATION OF THE RISKS RELATED TO AN INVESTMENT IN THE ICAV OR A SUB-FUND. POTENTIAL INVESTORS SHOULD READ THIS PROSPECTUS AND THE RELEVANT SUPPLEMENT IN THEIR ENTIRETY AND ARE URGED TO CONSULT THEIR PROFESSIONAL ADVISORS BEFORE DECIDING WHETHER TO SUBSCRIBE FOR, AND INVEST, IN THE RELEVANT SHARES.
PROSPECTIVE INVESTORS SHOULD CAREFULLY EVALUATE THE FOLLOWING RISK FACTORS ASSOCIATED WITH AN INVESTMENT OF A SUB-FUND. PAST PERFORMANCE OF SUB-FUNDS MANAGED BY ANY MEMBER OR ASSOCIATE OF THE DEUTSCHE BANK GROUP OR THE MANAGER CANNOT BE TAKEN AS AN INDICATION OF FUTURE PERFORMANCE OF THE ICAV OR A SUB-FUND. PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN ASSESSMENT OF THE RISKS AND REWARDS OF AN INVESTMENT IN THE SHARES OF A SUB-FUND. | en | it |
DOLFIN2995 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The investments of each Sub-Fund shall consist solely of:
- transferable securities and money market instruments admitted to official listing on a stock exchange in an Eligible State; and/or
- transferable securities and money market instruments dealt in on another market that is regulated, operating regularly, recognised and open to the public (a “Regulated Market”) in an Eligible State; and/or
- recently issued transferable securities and money market instruments, provided that the terms of the issue include an undertaking that application will be made for admission to official listing on a stock exchange or Regulated Market in an Eligible State, and that such admission is achieved within a year of the issue. | # Gli investimenti di ciascun Comparto consisteranno unicamente in:
- strumenti finanziari e strumenti del mercato monetario quotati ufficialmente presso una borsa valori di uno Stato Ammesso; e/o
- strumenti finanziari e strumenti del mercato monetario negoziati in un altro mercato regolamentato, regolarmente funzionante, riconosciuto e aperto al pubblico (un “Mercato Regolamentato”) di uno Stato Ammesso; e/o
- strumenti finanziari e strumenti del mercato monetario di recente emissione, purché le condizioni di emissione prevedano l’impegno di presentare una richiesta di ammissione alla quotazione ufficiale presso una borsa o un Mercato Regolamentato di uno Stato Ammesso, e che tale ammissione sia ottenuta entro un anno dall’emissione. | # The investments of each Sub-Fund shall consist solely of:
- transferable securities and money market instruments admitted to official listing on a stock exchange in an Eligible State; and/or
- transferable securities and money market instruments dealt in on another market that is regulated, operating regularly, recognised and open to the public (a “Regulated Market”) in an Eligible State; and/or
- recently issued transferable securities and money market instruments, provided that the terms of the issue include an undertaking that application will be made for admission to official listing on a stock exchange or Regulated Market in an Eligible State, and that such admission is achieved within a year of the issue. | en | it |
DOLFIN2996 | 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
Ce Compartiment vise à fournir une appréciation du capital à long terme, en investissant essentiellement dans un portefeuille d'actions du monde entier liées aux ressources naturelles.
Le Compartiment est géré activement. L'indice S&P Global Natural Resources Net TR Index EUR est utilisé pour le calcul de la VaR relative. Le Compartiment ne reproduit pas l'indice et peut s'écarter de manière significative ou complètement de l'indice de référence.
Le Compartiment investira principalement dans des actions et titres liés à des actions (y compris des obligations convertibles) émis par des sociétés du monde entier, qui sont actives dans le secteur des ressources naturelles et dans des produits structurés (comme décrits dans le prospectus) liés à la performance des titres susmentionnés. Ces entités comprennent des sociétés dont l'activité principale consiste, entre autres, à produire, extraire, raffiner et commercialiser des ressources naturelles, notamment dans le secteur de l'énergie, l'industrie extractive ou le secteur agroalimentaire.
Le choix des investissements ne sera pas limité en termes d'espace géographique (comprenant les marchés émergents), ni en termes de devises des investissements. Toutefois, selon la situation des marchés financiers, il est possible de mettre l'accent sur un pays particulier et/ou sur une seule devise et/ou sur une seule ressource naturelle.
Ce Compartiment peut aussi investir jusqu'à 10 % de son actif net dans d'autres organismes de placement collectif à capital variable. Ce Compartiment peut également investir dans des produits structurés, tels que décrits plus en détail dans le prospectus, y compris des produits structurés sans dérivés intégrés, corrélés aux fluctuations des matières premières (métaux précieux inclus) à règlement en espèces. Ces investissements ne peuvent pas être utilisés en vue de contourner la politique d'investissement du Compartiment.
Dans le respect des limites indiquées dans le prospectus, le Compartiment peut investir en Russie, entre autres, par l'intermédiaire de titres cotés sur le MICEX-RTS.
À des fins de couverture comme à toute autre fin, le Compartiment peut
recourir à des instruments financiers dérivés dans les limites et selon les modalités indiquées dans le prospectus. Le recours aux instruments dérivés peut accroître l'effet de levier et impliquer des frais et risques supplémentaires. | # Objetivos y política de inversión
Este Compartimento trata de obtener una revalorización del capital a largo plazo, principalmente mediante la inversión en una cartera de valores de renta variable mundiales relacionados con recursos naturales.
El Subfondo se gestiona de forma activa. El índice S&P Global Natural Resources Net TR Index EUR se utiliza para calcular el VaR relativo. El Subfondo no reproduce el índice y puede desviarse considerablemente o totalmente del índice de referencia.
El Compartimento invertirá principalmente en renta variable y en valores vinculados a la renta variable (incluidos bonos convertibles) emitidos por sociedades de todo el mundo que estén implicadas en el sector de recursos naturales y en productos estructurados (según lo que se describe en el folleto) vinculados a la rentabilidad de los valores mencionados con anterioridad. Esto incluye empresas cuya actividad principal sea, entre otras, la producción, extracción, refinación y comercialización de recursos naturales tales como: los sectores energético, minero y agroalimentario.
La selección de inversiones no estará limitada por regiones geográficas (incluidos los mercados emergentes) ni por las divisas en que estén denominadas las inversiones. No obstante, dependiendo de las condiciones predominantes en los mercados financieros, las inversiones podrán concentrarse en un solo país y/o en una sola divisa y/o en un solo recurso natural.
El Compartimento también puede invertir hasta un 10 % de su patrimonio neto en otros organismos de inversión colectiva de capital variable. El Compartimento podrá invertir en productos estructurados, según se describe en el folleto, incluso productos estructurados sin derivados implícitos, relacionados con los cambios en las materias primas (incluidos los metales preciosos) con liquidación en efectivo. Estas inversiones no podrán utilizarse para eludir la política de inversión del Compartimento.
Dentro de los límites especificados en el folleto, el Compartimento podrá invertir en Rusia, entre otros valores que cotizan en el índice MICEX-RTS.
Con fines de cobertura o de otro tipo, el Compartimento podrá utilizar instrumentos financieros derivados dentro de los límites y descripciones especificadas en el folleto. El uso de instrumentos derivados puede
incrementar el apalancamiento e implicar costes y riesgos adicionales. | # Objectifs et politique d'investissement
Ce Compartiment vise à fournir une appréciation du capital à long terme, en investissant essentiellement dans un portefeuille d'actions du monde entier liées aux ressources naturelles.
Le Compartiment est géré activement. L'indice S&P Global Natural Resources Net TR Index EUR est utilisé pour le calcul de la VaR relative. Le Compartiment ne reproduit pas l'indice et peut s'écarter de manière significative ou complètement de l'indice de référence.
Le Compartiment investira principalement dans des actions et titres liés à des actions (y compris des obligations convertibles) émis par des sociétés du monde entier, qui sont actives dans le secteur des ressources naturelles et dans des produits structurés (comme décrits dans le prospectus) liés à la performance des titres susmentionnés. Ces entités comprennent des sociétés dont l'activité principale consiste, entre autres, à produire, extraire, raffiner et commercialiser des ressources naturelles, notamment dans le secteur de l'énergie, l'industrie extractive ou le secteur agroalimentaire.
Le choix des investissements ne sera pas limité en termes d'espace géographique (comprenant les marchés émergents), ni en termes de devises des investissements. Toutefois, selon la situation des marchés financiers, il est possible de mettre l'accent sur un pays particulier et/ou sur une seule devise et/ou sur une seule ressource naturelle.
Ce Compartiment peut aussi investir jusqu'à 10 % de son actif net dans d'autres organismes de placement collectif à capital variable. Ce Compartiment peut également investir dans des produits structurés, tels que décrits plus en détail dans le prospectus, y compris des produits structurés sans dérivés intégrés, corrélés aux fluctuations des matières premières (métaux précieux inclus) à règlement en espèces. Ces investissements ne peuvent pas être utilisés en vue de contourner la politique d'investissement du Compartiment.
Dans le respect des limites indiquées dans le prospectus, le Compartiment peut investir en Russie, entre autres, par l'intermédiaire de titres cotés sur le MICEX-RTS.
À des fins de couverture comme à toute autre fin, le Compartiment peut
recourir à des instruments financiers dérivés dans les limites et selon les modalités indiquées dans le prospectus. Le recours aux instruments dérivés peut accroître l'effet de levier et impliquer des frais et risques supplémentaires. | fr | es |
DOLFIN2997 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Notes to the Financial Statements as at 31 December 2017
## Note 1: General
- SICAV’s detailsAXA World Funds (the “SICAV”) is a Luxembourg domiciled SICAV with multiple Sub-Funds organised as a “Société d'Investissement à Capital Variable” under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended, (the “1915 law”). The Company is qualified under Part I of the law of 17 December 2010 (the “Law”) on undertakings for collective investment for transferable securities (“UCITS”), as amended. The VAT number is LU 216 82 319.
The Board of Directors of the SICAV has confirmed its adherence to the ALFI's Code of conduct and to the standards of corporate governance described in this code.
The Management Company (AXA Funds Management S.A.) was incorporated on 21 November 1989 for an undetermined period of time and is registered in the register of commerce and companies of Luxembourg under the number B-32.223. Its Articles of Association were published in the “Recueil électronique des sociétés et associations” of 26 January 1990. The latest Consolidated Articles of Association have been filed in the register of commerce and companies of Luxembourg on 7 March 2015. The VAT number is LU 197 76 305.
The Management Company is registered pursuant to chapter 15 of the law of 17 December 2010, as amended.
AXA Funds Management S.A. is a public limited company ("société anonyme") organised under the laws of Luxembourg. Its share capital amounts to EUR 925,345.84.
-
## 2017 SICAV’s Summary
#### During the year ending 31 December 2017, the following events occurred:
- AXA World Funds – Framlington Global High Income was renamed AXA World Funds – Global Equity Income on 24 January 2017.
- AXA World Funds – MiX in Perspectives has been launched on 28 February 2017.
- AXA World Funds – Framlington Junior Energy has merged into AXA World Funds – Framlington Global Small Cap on 24 March 2017.
- AXA World Funds – Framlington LatAm has been liquidated on 27 March 2017.
- AXA World Funds – Multi Premia has been launched on 20 April 2017.
- AXA World Funds – Multi Asset Inflation Plus has been launched on 28 April 2017.
- AXA World Funds – US Libor Plus has been liquidated on 29 June 2017.
- AXA World Funds – Global Short Duration Bonds has been launched on 06 July 2017.
- AXA World Funds – Framlington Europe Flexible has been liquidated on 28 July 2017.
- AXA World Funds – China Short Duration Bonds has been launched on 06 September 2017.
- AXA World Funds – Global SmartBeta Equity was renamed AXA World Funds – Global Factors - Sustainable Equity on 29 September 2017. | # Notas a los estados financieros a 31 de diciembre de 2017
## Nota 1 Generalidades
- Información de la SICAVAXA World Funds (la «SICAV») es una SICAV de derecho luxemburgués con múltiples Subfondos, constituida como «Société d'Investissement à Capital Variable» de conformidad con la ley de 10 de agosto de 1915 del Gran Ducado de Luxemburgo, en su versión modificada, (la «ley de 1915»). La Sociedad satisface los requisitos de la Parte I de la ley de 17 de diciembre de 2010 (la «Ley») relativa a los organismos de inversión colectiva en valores mobiliarios («OICVM»), en su versión modificada. El número de identificación a efectos del IVA es LU 216 82 319.
El Consejo de Administración de la SICAV ha confirmado su adhesión al Código de Conducta de la Asociación luxemburguesa de fondos de inversión (ALFI), así como a las normas de gobierno corporativo descritas en dicho Código.
La Sociedad Gestora (AXA Funds Management S.A.) se constituyó el 21 de noviembre de 1989 por un periodo indefinido y está inscrita en el Registro Mercantil de Luxemburgo con el número B-32.223. Sus Estatutos se publicaron en el Recueil électronique des sociétés et associations de 26 de enero de 1990. Los Estatutos consolidados más recientes se presentaron ante el Registro Mercantil de Luxemburgo el 7 de marzo de 2015. El número de identificación a efectos del IVA es LU 197 76 305.
La Sociedad Gestora figura inscrita de conformidad con el capítulo 15 de la ley de 17 de diciembre de 2010, en su versión modificada.
AXA Funds Management S.A. es una sociedad anónima («société anonyme») constituida con arreglo a la legislación de Luxemburgo. Su capital social asciende a 925,345.84 EUR.
-
## Resumen de la SICAV en 2017
#### Durante el ejercicio finalizado el 31 de diciembre de 2017, se produjeron los siguientes acontecimientos:
- AXA World Funds – Framlington Global High Income pasó a denominarse AXA World Funds – Global Equity Income el 24 de enero de 2017.
- AXA World Funds – MiX in Perspectives se lanzó el 28 de febrero de 2017.
- AXA World Funds – Framlington Junior Energy se fusionó con AXA World Funds – Framlington Global Small Cap el 24 de marzo de 2017.
- AXA World Funds – Framlington LatAm liquidado el 27 de marzo de 2017.
- AXA World Funds – Multi Premia se lanzó el 20 de abril de 2017.
- AXA World Funds – Multi Asset Inflation Plus se lanzó el 28 de abril de 2017.
- AXA World Funds – US Libor Plus liquidado el 29 de junio de 2017.
- AXA World Funds – Global Short Duration Bonds se lanzó el 06 de julio de 2017.
- AXA World Funds – Framlington Europe Flexible liquidado el 28 de julio de 2017.
- AXA World Funds – China Short Duration Bonds se lanzó el 06 de septiembre de 2017. | # Notes to the Financial Statements as at 31 December 2017
## Note 1: General
- SICAV’s detailsAXA World Funds (the “SICAV”) is a Luxembourg domiciled SICAV with multiple Sub-Funds organised as a “Société d'Investissement à Capital Variable” under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended, (the “1915 law”). The Company is qualified under Part I of the law of 17 December 2010 (the “Law”) on undertakings for collective investment for transferable securities (“UCITS”), as amended. The VAT number is LU 216 82 319.
The Board of Directors of the SICAV has confirmed its adherence to the ALFI's Code of conduct and to the standards of corporate governance described in this code.
The Management Company (AXA Funds Management S.A.) was incorporated on 21 November 1989 for an undetermined period of time and is registered in the register of commerce and companies of Luxembourg under the number B-32.223. Its Articles of Association were published in the “Recueil électronique des sociétés et associations” of 26 January 1990. The latest Consolidated Articles of Association have been filed in the register of commerce and companies of Luxembourg on 7 March 2015. The VAT number is LU 197 76 305.
The Management Company is registered pursuant to chapter 15 of the law of 17 December 2010, as amended.
AXA Funds Management S.A. is a public limited company ("société anonyme") organised under the laws of Luxembourg. Its share capital amounts to EUR 925,345.84.
-
## 2017 SICAV’s Summary
#### During the year ending 31 December 2017, the following events occurred:
- AXA World Funds – Framlington Global High Income was renamed AXA World Funds – Global Equity Income on 24 January 2017.
- AXA World Funds – MiX in Perspectives has been launched on 28 February 2017.
- AXA World Funds – Framlington Junior Energy has merged into AXA World Funds – Framlington Global Small Cap on 24 March 2017.
- AXA World Funds – Framlington LatAm has been liquidated on 27 March 2017.
- AXA World Funds – Multi Premia has been launched on 20 April 2017.
- AXA World Funds – Multi Asset Inflation Plus has been launched on 28 April 2017.
- AXA World Funds – US Libor Plus has been liquidated on 29 June 2017.
- AXA World Funds – Global Short Duration Bonds has been launched on 06 July 2017.
- AXA World Funds – Framlington Europe Flexible has been liquidated on 28 July 2017.
- AXA World Funds – China Short Duration Bonds has been launched on 06 September 2017.
- AXA World Funds – Global SmartBeta Equity was renamed AXA World Funds – Global Factors - Sustainable Equity on 29 September 2017. | en | es |
DOLFIN2998 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The assets owned by the Fund are held in custody for the account of the Fund by a depositary that is also regulated by the CSSF. The Depositary may entrust the safekeeping of the Fund’s assets to sub-custodians in the markets where the Fund invests. Luxembourg law provides that the Depositary’s liability shall not be affected by the fact that it has entrusted the safekeeping of assets of the Fund to third parties. The CSSF requires that the Depositary ensures that there is a legal separation of non-cash assets held under custody with the assets of the Depositary and that records are maintained that clearly identify the nature and amount of all assets under custody, the ownership of each asset and where the documents of title to that asset are located. Where the Depositary engages a sub-custodian, the CSSF requires that the Depositary ensures that the sub-custodian maintains these standards and the liability of the Depositary will not be affected by the fact that it has entrusted to a sub-custodian some or all of the assets of the Fund.
However, certain jurisdictions have different rules regarding the ownership and custody of assets generally and the recognition of the interests of a beneficial owner such as a Sub-Fund. There is a risk that in the event the Depositary or sub-custodian becomes insolvent, the relevant Sub-Fund’s beneficial ownership of assets may not be recognised in foreign jurisdictions and creditors of the Depositary or sub-custodian may seek to have recourse to the Sub-Fund’s assets. In jurisdictions where the relevant Sub-Fund’s beneficial ownership is ultimately recognised, the Sub-Fund may suffer a delay in recovering its assets, pending the resolution of the relevant insolvency or bankruptcy proceedings.
In respect of cash assets, the general position is that any cash accounts will be designated to the order of the Depositary for the benefit of the relevant Sub-Fund. However, due to the fungible nature of cash, it will be held on the balance sheet of the bank with whom such cash accounts are held (whether a sub-custodian or a third party bank), and will not be protected from the bankruptcy of such bank. A Sub-Fund will therefore have counterparty exposure risk to such bank. Subject to any applicable government guarantee or insurance arrangements in respect of bank deposits or cash deposits, where a sub-custodian or third party bank holds cash assets and subsequently becomes insolvent, the Sub-Fund would be required to prove the debt along with other unsecured creditors. The Sub-Fund will monitor its exposure in respect of such cash assets on an ongoing basis.
-
## Certain financial instruments and investment techniques risk | Les actifs appartenant au Fonds sont conservés pour le compte du Fonds par un dépositaire qui est également réglementé par la CSSF. Le Dépositaire peut confier la garde des actifs du Fonds à des sous-dépositaires sur les marchés où le Fonds investit. Le droit luxembourgeois prévoit que la responsabilité du Dépositaire n'est pas affectée par le fait d’avoir confié la garde des actifs du Fonds à des tiers. La CSSF exige du Dépositaire qu'il s'assure de existence d'une séparation juridique entre les actifs non monétaires détenus en dépôt et les actifs du Dépositaire ainsi que la tenue de registres qui identifient clairement la nature et le montant de tous les actifs détenus en dépôt, la propriété de chaque actif et l'endroit où se trouvent les titres de propriété de cet actif. Lorsque le Dépositaire engage un sous-dépositaire, la CSSF exige du Dépositaire qu'il s'assure que le sous-dépositaire respecte ces normes, étant entendu que la responsabilité du Dépositaire ne sera pas affectée par le fait d’avoir confié à un sous- dépositaire une partie ou la totalité des actifs du Fonds.
Cependant, certains territoires prévoient des règles différentes quant à la propriété et à la garde des actifs en général, ainsi qu'à la reconnaissance des intérêts d'un bénéficiaire effectif tel qu'un Compartiment. En cas d'insolvabilité du Dépositaire ou du sous-dépositaire, la propriété effective des actifs du Compartiment concerné risque de ne pas être reconnue sur les territoires étrangers et les créanciers du Dépositaire ou du sous-dépositaire pourraient tenter de faire valoir des droits sur les actifs du Compartiment. Dans les territoires où la propriété effective du Compartiment concerné est reconnue au final, le Compartiment peut subir un retard dans le recouvrement de ses actifs, en attendant la résolution des procédures d'insolvabilité ou de faillite concernées.
En ce qui concerne les actifs monétaires, la position générale est que tout compte de trésorerie sera désigné à l'ordre du Dépositaire au profit du Compartiment concerné. Toutefois, en raison de la nature fongible de l’argent, ces sommes seront inscrites au bilan de la banque auprès de laquelle ces comptes de trésorerie sont détenus (qu'il s'agisse d'un sous-dépositaire ou d'une banque tierce), et ne seront pas protégées en cas de faillite de cette banque. Un Compartiment supportera donc un risque d'exposition de contrepartie à l’égard de cette banque. Sous réserve de toute garantie gouvernementale ou de tout contrat d'assurance applicable aux dépôts bancaires ou aux dépôts d'espèces, lorsqu'un sous-dépositaire ou une banque tierce détient des actifs monétaires et devient par la suite insolvable, le Compartiment est tenu de prouver la dette avec les autres créanciers non garantis. Le Compartiment surveillera en permanence son exposition à l'égard de ces actifs monétaires.
-
## Risque associé aux instruments financiers et techniques d'investissement particulier | The assets owned by the Fund are held in custody for the account of the Fund by a depositary that is also regulated by the CSSF. The Depositary may entrust the safekeeping of the Fund’s assets to sub-custodians in the markets where the Fund invests. Luxembourg law provides that the Depositary’s liability shall not be affected by the fact that it has entrusted the safekeeping of assets of the Fund to third parties. The CSSF requires that the Depositary ensures that there is a legal separation of non-cash assets held under custody with the assets of the Depositary and that records are maintained that clearly identify the nature and amount of all assets under custody, the ownership of each asset and where the documents of title to that asset are located. Where the Depositary engages a sub-custodian, the CSSF requires that the Depositary ensures that the sub-custodian maintains these standards and the liability of the Depositary will not be affected by the fact that it has entrusted to a sub-custodian some or all of the assets of the Fund.
However, certain jurisdictions have different rules regarding the ownership and custody of assets generally and the recognition of the interests of a beneficial owner such as a Sub-Fund. There is a risk that in the event the Depositary or sub-custodian becomes insolvent, the relevant Sub-Fund’s beneficial ownership of assets may not be recognised in foreign jurisdictions and creditors of the Depositary or sub-custodian may seek to have recourse to the Sub-Fund’s assets. In jurisdictions where the relevant Sub-Fund’s beneficial ownership is ultimately recognised, the Sub-Fund may suffer a delay in recovering its assets, pending the resolution of the relevant insolvency or bankruptcy proceedings.
In respect of cash assets, the general position is that any cash accounts will be designated to the order of the Depositary for the benefit of the relevant Sub-Fund. However, due to the fungible nature of cash, it will be held on the balance sheet of the bank with whom such cash accounts are held (whether a sub-custodian or a third party bank), and will not be protected from the bankruptcy of such bank. A Sub-Fund will therefore have counterparty exposure risk to such bank. Subject to any applicable government guarantee or insurance arrangements in respect of bank deposits or cash deposits, where a sub-custodian or third party bank holds cash assets and subsequently becomes insolvent, the Sub-Fund would be required to prove the debt along with other unsecured creditors. The Sub-Fund will monitor its exposure in respect of such cash assets on an ongoing basis.
-
## Certain financial instruments and investment techniques risk | en | fr |
DOLFIN2999 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# GENERAL CHARACTERISTICS
-
### Characteristics of the units:
- Nature of the rights attached to the units: Every unit holder has a right of joint ownership over the Fund’s assets, which is proportional to the number of units held.
- Entry in a register or liabilities accounting procedure: Liabilities are held by the custodian. The units of the Fund are registered with Euroclear.
- Voting rights: As the Fund is a joint ownership of transferable securities, no voting rights are attached to the units in the Fund, and decisions are taken by the management company.
- Form of units: bearer units
- Fractions of units: unit classes may be divided into thousandths of units.
- Financial year-end:Last trading day of December each year in Paris.
-
### Taxation:
Due to its joint ownership structure, the Fund is not subject to corporate tax in France. Moreover, the law provides for a capital gains tax exemption on the sale of securities realised as part of the Fund's asset management, provided that no natural person, acting directly or through a nominee, does not own more than 10% of the units (Article 150-0 A, III-2 of the French General Tax Code).
## According to the principle of transparency, the tax authorities deem the unitholder to be a direct owner of a fraction of the financial instruments and cash held in the Fund.
As the Fund offers only accumulation units, in principle the taxation applicable is that of capital gains on securities in the country of residence of the unitholder, in accordance with the appropriate rules to their situation (natural person, legal entity subject to corporate tax, or other cases). The rules applicable to unit holders residing in France are laid down in the French General Tax Code.
Unit holders of the Fund are generally advised to contact their tax advisor or their account manager in order to determine the tax rules applicable to their specific situation. Depending on the case, their advisors may charge for this assessment, which under no circumstances shall be paid for by the Fund or the management company. | # CARACTERISTIQUES GENERALES
-
### Caractéristiques des parts:
- Nature du droit attaché aux parts : Chaque porteur de part dispose d'un droit de copropriété sur les actifs du FCP proportionnel au nombre de parts possédées.
- Inscription à un registre ou précision des modalités de tenue du passif : La tenue du passif est assurée par le dépositaire. Les parts du FCP sont enregistrées auprès d’Euroclear.
- Droits de vote : Le fonds commun de placement étant une copropriété de valeurs mobilières, aucun droit de vote n’est attaché aux parts du FCP, les décisions étant prises par la société de gestion.
- Forme des parts : parts au porteur
- Décimalisation : les parts peuvent être fractionnées en millièmes de parts.
- Date de clôture de l’exercice comptable:Dernier jour de bourse de Paris du mois de décembre de chaque année.
-
### Indications sur le régime fiscal:
La qualité de copropriété de valeurs mobilières place le FCP de plein droit en dehors du champ d'application de l'impôt sur les sociétés. En outre, la loi exonère les plus-values de cessions de titres réalisées dans le cadre de la gestion du FCP, sous réserve qu'aucune personne physique, agissant directement ou par personne interposée, ne possède plus de 10 % de ses parts (article 150-0 A, III-2 du Code Général des Impôts).
## Selon le principe de transparence, l'administration fiscale considère que le porteur de parts est directement détenteur d'une fraction des instruments financiers et liquidités détenus dans le FCP.
Le FCP ne proposant que des parts de capitalisation, la fiscalité applicable est en principe celle des plus-values sur valeurs mobilières du pays de résidence du porteur, suivant les règles appropriées à sa situation (personne physique, personne morale soumise à l'impôt sur les sociétés, autres cas). Les règles applicables aux porteurs résidents français sont fixées par le Code Général des Impôts.
D'une manière générale, les porteurs de parts du FCP sont invités à se rapprocher de leur conseiller fiscal ou de leur chargé de clientèle habituel afin de déterminer les règles fiscales applicables à leur situation particulière. Cette analyse pourrait, selon le cas, leur être facturée par leur conseiller et ne saurait en aucun cas être prise en charge par le FCP ou la société de gestion. | # GENERAL CHARACTERISTICS
-
### Characteristics of the units:
- Nature of the rights attached to the units: Every unit holder has a right of joint ownership over the Fund’s assets, which is proportional to the number of units held.
- Entry in a register or liabilities accounting procedure: Liabilities are held by the custodian. The units of the Fund are registered with Euroclear.
- Voting rights: As the Fund is a joint ownership of transferable securities, no voting rights are attached to the units in the Fund, and decisions are taken by the management company.
- Form of units: bearer units
- Fractions of units: unit classes may be divided into thousandths of units.
- Financial year-end:Last trading day of December each year in Paris.
-
### Taxation:
Due to its joint ownership structure, the Fund is not subject to corporate tax in France. Moreover, the law provides for a capital gains tax exemption on the sale of securities realised as part of the Fund's asset management, provided that no natural person, acting directly or through a nominee, does not own more than 10% of the units (Article 150-0 A, III-2 of the French General Tax Code).
## According to the principle of transparency, the tax authorities deem the unitholder to be a direct owner of a fraction of the financial instruments and cash held in the Fund.
As the Fund offers only accumulation units, in principle the taxation applicable is that of capital gains on securities in the country of residence of the unitholder, in accordance with the appropriate rules to their situation (natural person, legal entity subject to corporate tax, or other cases). The rules applicable to unit holders residing in France are laid down in the French General Tax Code.
Unit holders of the Fund are generally advised to contact their tax advisor or their account manager in order to determine the tax rules applicable to their specific situation. Depending on the case, their advisors may charge for this assessment, which under no circumstances shall be paid for by the Fund or the management company. | en | fr |
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