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DOLFIN3000 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Changes to the Fund
The Directors have determined that the Fund will move to a EURIBOR rate from the Effective Date. EURIBOR is the daily reference rate based on the average interest rate at which Eurozone panel banks borrow funds from one another. | # Modifiche al Comparto
Gli Amministratori hanno stabilito che il Comparto passerà ad un tasso EURIBOR a decorrere dalla Data di Efficacia. L'EURIBOR è il tasso di riferimento giornaliero basato sul tasso d'interesse medio al quale le banche di un pannello della zona euro assumono reciprocamente prestiti di fondi. | # Changes to the Fund
The Directors have determined that the Fund will move to a EURIBOR rate from the Effective Date. EURIBOR is the daily reference rate based on the average interest rate at which Eurozone panel banks borrow funds from one another. | en | it |
DOLFIN3001 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### RISQUES QUANTITATIFS
La stratégie d’investissement de certains Compartiments peut impliquer l’utilisation d’algorithmes et de modèles qui s’appuient largement sur l’utilisation de données, logiciels et droits de propriété intellectuelle détenus en propre ou non, qui peuvent être obtenus sous licence auprès d’une grande variété de sources. La qualité de l’analyse qui en résulte et les investissements sélectionnés par le processus de construction de portefeuille dépendent d’un certain nombre de facteurs dont la précision des importants volumes de données introduits dans les modèles quantitatifs qui sont utilisés dans ce processus, des formulations mathématiques et analytiques du codage, de la fiabilité de la transcription de ces
données analytiques dans le code du programme, de la vitesse à laquelle évoluent les conditions de marché et de la réussite de l’intégration des différents modèles quantitatifs dans le processus de sélection de portefeuille. Dans une large mesure, la performance d’une stratégie utilisant des techniques d’investissement quantitatives dépendra du succès de la mise en œuvre et de la gestion des modèles d’investissement à partir desquels sont alloués les actifs des Compartiments.
Les modèles qui ont été formulés sur la base de données de marché passées peuvent ne pas être annonciateurs des variations de cours à suivre. Les modèles peuvent ne pas être fiables en cas d’événements ou de perturbations inhabituels, à l’origine de variations au sein des marchés dont la nature ou la taille n’est pas cohérente avec la performance historique des marchés individuels, à leurs relations entre eux ou à d’autres événements macroéconomiques. Certains modèles peuvent également avoir une orientation ou une exposition cachée à des mouvements structurels ou une évolution des niveaux de confiance au sens large. Lorsque la réalité conjoncturelle n’est pas conforme aux hypothèses sous-jacentes à ces modèles, il peut en découler des pertes.
Les techniques d’investissement quantitatives présentent également le risque de survenance d’erreurs qui peuvent être parfois extrêmement difficiles à détecter. Dans certains cas, une erreur peut rester longtemps insoupçonnée. Dans de nombreux cas, il est impossible de quantifier totalement l’impact d’une erreur au vu de la nature dynamique des modèles quantitatifs et de l’évolution des marchés. Les erreurs d’analyse, les erreurs logicielles, les erreurs de développement ou d’implémentation, ainsi que les erreurs dans les données font partie des risques inhérents. Les techniques d’investissement quantitatives nécessitent souvent de réaliser les transactions de manière efficace et au bon moment. Un manque d’efficacité dans la réalisation des transactions peut empêcher de saisir les opportunités de différences de prix visées par la stratégie. | ### RIESGOS CUANTITATIVOS
La estrategia de inversión de determinadas Carteras puede emplear algoritmos cuantitativos y modelos que dependen en gran medida del uso de datos privados y públicos, software y propiedad intelectual cuya licencia se puede obtener de una variedad de fuentes. La calidad de las selecciones resultantes de análisis e inversiones llevada a cabo durante el proceso de construcción de la cartera depende de una serie de factores, incluidos la precisión en la entrada de un volumen de datos importante en modelos cuantitativos que se emplean en el proceso de inversión, los fundamentos
matemáticos y analíticos de la codificación, la precisión del traslado de estos fundamentos analíticos al código del programa, la velocidad a la que cambian las condiciones del mercado y el éxito de la integración de los diferentes modelos cuantitativos en el proceso de selección de la cartera. En gran medida, la rentabilidad de una estrategia que utiliza técnicas de inversión cuantitativas dependerá del éxito de la implementación y gestión de los modelos de inversión que ayudan a asignar los activos de la Cartera.
Los modelos que se han formulado sobre la base de datos de mercado anteriores pueden no predecir movimientos de precios futuros. Los modelos pueden no ser fiables en caso de que eventos inusuales o disruptivos causen movimientos de mercado que son incoherentes por naturaleza o distintos a la rentabilidad histórica de mercados individuales y su relación mutua o con algún otro evento macroeconómico. Los modelos también pueden presentar sesgos ocultos o exposición a cambios importantes a nivel estructural o de confianza. En caso de que los acontecimientos reales difieran de las asunciones subyacentes a dichos modelos, se puede incurrir en pérdidas.
Las técnicas de inversión cuantitativas también conllevan el riesgo de que se produzcan errores y que dichos errores puedan ser extremadamente difíciles de detectar. En algunos casos, es posible que un error no se detecte durante un largo periodo de tiempo. En muchos casos, no es posible calcular el impacto total de un error debido a la naturaleza dinámica de los modelos cuantitativos y los mercados cambiantes. Los errores analíticos, de software, de desarrollo y de implementación, así como los errores de datos, son riesgos inherentes. A menudo, las técnicas de inversión cuantitativas necesitan que las transacciones se ejecuten a tiempo y de manera eficiente. La ejecución ineficiente de las operaciones puede eliminar la capacidad de capturar diferencias de precios que la estrategia pretende capturar. | ### RISQUES QUANTITATIFS
La stratégie d’investissement de certains Compartiments peut impliquer l’utilisation d’algorithmes et de modèles qui s’appuient largement sur l’utilisation de données, logiciels et droits de propriété intellectuelle détenus en propre ou non, qui peuvent être obtenus sous licence auprès d’une grande variété de sources. La qualité de l’analyse qui en résulte et les investissements sélectionnés par le processus de construction de portefeuille dépendent d’un certain nombre de facteurs dont la précision des importants volumes de données introduits dans les modèles quantitatifs qui sont utilisés dans ce processus, des formulations mathématiques et analytiques du codage, de la fiabilité de la transcription de ces
données analytiques dans le code du programme, de la vitesse à laquelle évoluent les conditions de marché et de la réussite de l’intégration des différents modèles quantitatifs dans le processus de sélection de portefeuille. Dans une large mesure, la performance d’une stratégie utilisant des techniques d’investissement quantitatives dépendra du succès de la mise en œuvre et de la gestion des modèles d’investissement à partir desquels sont alloués les actifs des Compartiments.
Les modèles qui ont été formulés sur la base de données de marché passées peuvent ne pas être annonciateurs des variations de cours à suivre. Les modèles peuvent ne pas être fiables en cas d’événements ou de perturbations inhabituels, à l’origine de variations au sein des marchés dont la nature ou la taille n’est pas cohérente avec la performance historique des marchés individuels, à leurs relations entre eux ou à d’autres événements macroéconomiques. Certains modèles peuvent également avoir une orientation ou une exposition cachée à des mouvements structurels ou une évolution des niveaux de confiance au sens large. Lorsque la réalité conjoncturelle n’est pas conforme aux hypothèses sous-jacentes à ces modèles, il peut en découler des pertes.
Les techniques d’investissement quantitatives présentent également le risque de survenance d’erreurs qui peuvent être parfois extrêmement difficiles à détecter. Dans certains cas, une erreur peut rester longtemps insoupçonnée. Dans de nombreux cas, il est impossible de quantifier totalement l’impact d’une erreur au vu de la nature dynamique des modèles quantitatifs et de l’évolution des marchés. Les erreurs d’analyse, les erreurs logicielles, les erreurs de développement ou d’implémentation, ainsi que les erreurs dans les données font partie des risques inhérents. Les techniques d’investissement quantitatives nécessitent souvent de réaliser les transactions de manière efficace et au bon moment. Un manque d’efficacité dans la réalisation des transactions peut empêcher de saisir les opportunités de différences de prix visées par la stratégie. | fr | es |
DOLFIN3002 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment CSIP (Lux) Global Investment Grade Convertible Bond Fund IBH EUR between 31/03/2017-31/03/2022.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,363
3.6%
EUR 11,519
2.9% | # Ce type de scénario s’est produit pour un placement CSIP (Lux) Global Investment Grade Convertible Bond Fund IBH EUR entre 31/03/2017-31/03/2022.
Scénario intermédiaire
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
EUR 10 363
3,6%
EUR 11 519
2,9% | # This type of scenario occurred for an investment CSIP (Lux) Global Investment Grade Convertible Bond Fund IBH EUR between 31/03/2017-31/03/2022.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,363
3.6%
EUR 11,519
2.9% | en | fr |
DOLFIN3003 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Audited annual reports for the Fund, converted into Swiss francs ("CHF"), and for each of the Sub-Funds, drawn up in the currency of the relevant Sub-Fund, as well as unaudited semi-annual reports, may be obtained at the registered office of the Fund and shall be mailed free of charge to registered shareholders upon request. The audited annual reports and unaudited semi-annual reports for the Fund will also be made available on the Internet at vontobel.com/am and at the regis- tered office of the Fund. The accounting year of the Fund ends each year on 31 August.
- Liquidation, merger and division of Sub-Funds or Share Classes / Pooling
- Pursuant to the Articles of Association, the Board of Direc- tors may decide to liquidate a Sub-Fund or a Share Class if the net asset value of a Sub-Fund/Share Class has reached a value set by the Board of Directors as the mini- mum value for economically efficient management of this Sub-Fund/Share Class, or if a change in the economic or political situation which affects the Sub-Fund concerned justifies such liquidation under consideration of the inter- ests of shareholders, or if liquidation of a Sub-Fund/Share Class is in the interests of shareholders for any other rea- son. The liquidation decision shall be announced prior to the effective date of the liquidation and the announcement shall indicate the reasons for the liquidation and the key data relating to the liquidation. This information can in- stead be made public by sending a letter by registered mail to the shareholders. Shareholders of the Sub-Funds/Share Classes to be liquidated may continue to re- quest redemption or conversion of their shares, unless the Board of Directors decides that this is not admissible and justifies this as being in the interest of the shareholders or in order to guarantee equal treatment of the shareholders. When calculating the liquidation price, provisions will be built to cover the costs likely to be caused by the liquida- tion and which are to be charged to the assets of the Sub- Fund to be liquidated. Liquidation proceeds which it was not possible to distribute upon completion of the liquida- tion of the relevant Sub-Fund or the relevant Share Class will be deposited with the Caisse de Consignation in Lux- embourg in favor of the beneficiaries in accordance with the applicable laws and regulations after liquidation is completed.
- The merger of Sub-Funds of the Fund, the merger of Sub- Funds of the Fund with Sub-Funds of other UCITS and the merger of the Fund are subject to the rules in this re- gard contained in the 2010 Law and to any implementing regulation. Accordingly, the Board of Directors shall de- cide on any merger of Sub-Funds of the Fund or of Sub- Funds of the Fund with sub-funds of other UCITS, unless the Board of Directors resolves to submit the decision on merging to a meeting of shareholders in the Sub-Fund or Sub-Funds affected. No quorum rule shall apply to this meeting and decisions shall be passed by simple majority of votes cast. If the Fund is dissolved as a result of the merging of Sub-Funds, the meeting of shareholders must approve such a merger, whereby the same quorum and majority rules shall apply as to an amendment of the Arti- cles of Association.
- The Board of Directors may decide to divide a Sub-Fund into two or more Sub-Funds if it ascertains that this is in the interests of the shareholders of the Sub-Fund in ques- tion or in particular if such a division appears expedient due to a change in the economic or political situation. The decision will be published or announced to shareholders by registered mail. The announcement will also contain additional information about the new Sub-Funds. The an- nouncement will be published at least one month before the date on which the restructuring takes effect and share- holders will have the right to request that their shares be redeemed, free of charge, before the restructuring enters into force.
- If a merger or division of the Sub-Funds, as described above, results in holders being allocated fractions of shares and if the relevant shares are admitted for settle- ment in a clearing system which however is not permitted to authorize the clearance or liquidation of fractions of shares, the Board of Directors may redeem the relevant fraction. The net asset value of the redeemed portion will be distributed to the relevant shareholders unless such amount is less than CHF 35. This also applies if the Board of Directors has decided not to invest any fractions of shares in the Sub-Fund concerned.
- The Board of Directors may invest and manage all or any part of the assets of two or more Sub-Funds (hereafter re- ferred to as 'Participating Sub-Fund’s) on a pooled basis. Any such enlarged asset pool (an "Enlarged Asset Pool")shall first be formed by transferring to it cash or (subject to the limitations mentioned below) other assets from each of the Participating Sub-Funds. The Board of Directors may make subsequent further transfers to the Enlarged Asset Pool at any time. The Board of Directors may also transfer assets from the Enlarged Asset Pool to a Partici- pating Sub-Fund, up to the amount of the participation of the Participating Sub-Fund concerned. Assets other than cash may be transferred to an Enlarged Asset Pool only if they are suitable for the investment sector of the Enlarged Asset Pool concerned. The assets of the Enlarged Asset Pool to which each Participating Sub-Fund shall be enti- tled on a proportionate basis shall be determined in ac- cordance with the allocations and withdrawals of assets by the Participating Sub-Fund and the allocations and withdrawals made on behalf of the other ParticipatingSub-Funds. | Les rapports annuels révisés du Fonds, convertis en francs suisses (« CHF »), et de chaque Compartiment, rédigés dans la devise de ce dernier, ainsi que les rapports semestriels non révisés peuvent être obtenus auprès du siège du Fonds et, sur demande, seront envoyés gratuitement aux actionnaires inscrits. Les rapports annuels révisés et les rapports semestriels non révisés du Fonds seront également mis à disposition en ligne sur vontobel.com/am et au siège du Fonds. L’exercice comptable du Fonds est clos chaque année au 31 août.
- Liquidation, fusion et division de Compartiments ou de Catégories d’actions / regroupements
- Conformément aux Statuts, le Conseil d’administration peut décider de liquider un Compartiment ou une Catégorie d’actions si sa valeur nette d’inventaire a reculé à un niveau qu’il considère correspondre à la valeur minimale requise pour une gestion économiquement rentable de ce Compartiment ou de cette Catégorie d’actions, ou lorsqu’un changement de nature économique ou politique ayant une influence sur le Compartiment concerné justifie une liquidation au regard des intérêts des actionnaires, ou encore si une telle liquidation d’un Compartiment ou d’une Catégorie d’actions est dans l’intérêt des actionnaires pour toute autre raison. La décision de liquidation doit être publiée avant la date effective de la liquidation, en mentionnant ses motifs ainsi que les principales informations la concernant. En lieu et place, ces informations peuvent être annoncées en envoyant un courrier recommandé aux actionnaires. Les actionnaires du Compartiment / de la Catégorie d’actions à liquider restent en droit de demander le rachat ou la conversion de leurs actions, à moins que le Conseil d’administration en décide autrement, dans le but de protéger les intérêts des actionnaires ou d’assurer leur égalité de traitement. Lors du calcul du prix de liquidation, des dispositions seront prises afin de couvrir les coûts susceptibles d’être générés par la liquidation et devant être prélevés sur les actifs du Compartiment à liquider. Les produits issus de la liquidation qui n’auront pu être distribués suite à la liquidation du Compartiment ou de la Catégorie d’actions seront déposés, une fois la liquidation achevée, dans la Caisse de Consignation du Luxembourg au profit des bénéficiaires, conformément aux lois et réglementations applicables.
- La fusion de Compartiments du Fonds entre eux, de Compartiments du Fonds avec des Compartiments d’autres OPCVM, ainsi que la fusion du Fonds sont soumises aux règles de la Loi de 2010 et à tout autre ordonnance d’exécution applicable. Conformément à ces dernières, le Conseil d’administration décide de la fusion de Compartiments du Fonds entre eux ou de Compartiments du Fonds avec des Compartiments d’autres OPCVM, à moins qu’il ne décide de soumettre la décision de fusion à une assemblée des actionnaires duou des Compartiments concerné(s). Aucun quorum n’est nécessaire dans le cadre d’une telle assemblée et la décision est prise à la majorité simple des voix exprimées. Si le Fonds est dissolu suite à la fusion de Compartiments, la prise d’effet de la fusion doit être approuvée par l’assemblée générale des actionnaires ; dans ce cas, les prescriptions en matière de quorum et de majorité sont les mêmes que celles qui s’appliquent à la modification des statuts.
- Le Conseil d’administration peut décider de diviser un Compartiment en deux ou plusieurs Compartiments s’il estime qu’une telle restructuration est dans l’intérêt des actionnaires du Compartiment concerné ou se justifie en raison de l’évolution de la situation économique ou politique. La décision sera publiée ou annoncée aux actionnaires par courrier recommandé. L’annonce contiendra par ailleurs des informations sur les Compartiments nouvellement créés. Elle sera publiée au moins un mois avant la date effective de la restructuration, et les actionnaires auront le droit de demander gratuitement le rachat de leurs actions avant que celle-ci ne prenne effet.
- Si, à la suite d’une fusion ou division de Compartiments telle que décrite ci-dessus, les actionnaires ont droit à des fractions d’actions et que les actions concernées sont admises dans un système de compensation dont les règles n’autorisent pas la compensation ou la liquidation de fractions d’actions, le Conseil d’administration peut racheter les fractions en question. La valeur nette d’inventaire de la fraction rachetée sera distribuée aux actionnaires concernés, à moins qu’elle ne soit inférieure à 35 CHF. Cette règle vaut également si le Conseil d’administration a décidé de ne pas investir de fractions d’actions dans le Compartiment concerné.
- Le Conseil d’administration peut investir et gérer tout ou partie des actifs de deux ou plusieurs Compartiments (ci- après dénommés « Compartiments participants ») sur une base commune. Une telle masse d’actifs (« Massed’actifs ») est créée par le transfert de liquidités ou (sous réserve des restrictions ci-dessous) d’autres avoirs de chacun des Compartiments participants. Par la suite, le Conseil d’administration peut effectuer à tout moment d’autres transferts dans la Masse d’actifs. Il peut également transférer des avoirs de la Masse d’actifs vers un Compartiment participant, à hauteur du montant de la participation du Compartiment à la masse d’actifs. Les actifs autres que les liquidités peuvent être transférés vers une Masse d’actifs uniquement s’ils sont en adéquation avec le secteur d’investissement de la Masse d’actifs en question. La part proportionnelle de la Masse d’actifs à laquelle chaque Compartiment participant a droit est déterminée en fonction des apports et des retraits d’actifs réalisés par le Compartiment participant en question, ainsi que des apports et retraits d’actifs effectués pour le compte des autres Compartiments participants. | Audited annual reports for the Fund, converted into Swiss francs ("CHF"), and for each of the Sub-Funds, drawn up in the currency of the relevant Sub-Fund, as well as unaudited semi-annual reports, may be obtained at the registered office of the Fund and shall be mailed free of charge to registered shareholders upon request. The audited annual reports and unaudited semi-annual reports for the Fund will also be made available on the Internet at vontobel.com/am and at the regis- tered office of the Fund. The accounting year of the Fund ends each year on 31 August.
- Liquidation, merger and division of Sub-Funds or Share Classes / Pooling
- Pursuant to the Articles of Association, the Board of Direc- tors may decide to liquidate a Sub-Fund or a Share Class if the net asset value of a Sub-Fund/Share Class has reached a value set by the Board of Directors as the mini- mum value for economically efficient management of this Sub-Fund/Share Class, or if a change in the economic or political situation which affects the Sub-Fund concerned justifies such liquidation under consideration of the inter- ests of shareholders, or if liquidation of a Sub-Fund/Share Class is in the interests of shareholders for any other rea- son. The liquidation decision shall be announced prior to the effective date of the liquidation and the announcement shall indicate the reasons for the liquidation and the key data relating to the liquidation. This information can in- stead be made public by sending a letter by registered mail to the shareholders. Shareholders of the Sub-Funds/Share Classes to be liquidated may continue to re- quest redemption or conversion of their shares, unless the Board of Directors decides that this is not admissible and justifies this as being in the interest of the shareholders or in order to guarantee equal treatment of the shareholders. When calculating the liquidation price, provisions will be built to cover the costs likely to be caused by the liquida- tion and which are to be charged to the assets of the Sub- Fund to be liquidated. Liquidation proceeds which it was not possible to distribute upon completion of the liquida- tion of the relevant Sub-Fund or the relevant Share Class will be deposited with the Caisse de Consignation in Lux- embourg in favor of the beneficiaries in accordance with the applicable laws and regulations after liquidation is completed.
- The merger of Sub-Funds of the Fund, the merger of Sub- Funds of the Fund with Sub-Funds of other UCITS and the merger of the Fund are subject to the rules in this re- gard contained in the 2010 Law and to any implementing regulation. Accordingly, the Board of Directors shall de- cide on any merger of Sub-Funds of the Fund or of Sub- Funds of the Fund with sub-funds of other UCITS, unless the Board of Directors resolves to submit the decision on merging to a meeting of shareholders in the Sub-Fund or Sub-Funds affected. No quorum rule shall apply to this meeting and decisions shall be passed by simple majority of votes cast. If the Fund is dissolved as a result of the merging of Sub-Funds, the meeting of shareholders must approve such a merger, whereby the same quorum and majority rules shall apply as to an amendment of the Arti- cles of Association.
- The Board of Directors may decide to divide a Sub-Fund into two or more Sub-Funds if it ascertains that this is in the interests of the shareholders of the Sub-Fund in ques- tion or in particular if such a division appears expedient due to a change in the economic or political situation. The decision will be published or announced to shareholders by registered mail. The announcement will also contain additional information about the new Sub-Funds. The an- nouncement will be published at least one month before the date on which the restructuring takes effect and share- holders will have the right to request that their shares be redeemed, free of charge, before the restructuring enters into force.
- If a merger or division of the Sub-Funds, as described above, results in holders being allocated fractions of shares and if the relevant shares are admitted for settle- ment in a clearing system which however is not permitted to authorize the clearance or liquidation of fractions of shares, the Board of Directors may redeem the relevant fraction. The net asset value of the redeemed portion will be distributed to the relevant shareholders unless such amount is less than CHF 35. This also applies if the Board of Directors has decided not to invest any fractions of shares in the Sub-Fund concerned.
- The Board of Directors may invest and manage all or any part of the assets of two or more Sub-Funds (hereafter re- ferred to as 'Participating Sub-Fund’s) on a pooled basis. Any such enlarged asset pool (an "Enlarged Asset Pool")shall first be formed by transferring to it cash or (subject to the limitations mentioned below) other assets from each of the Participating Sub-Funds. The Board of Directors may make subsequent further transfers to the Enlarged Asset Pool at any time. The Board of Directors may also transfer assets from the Enlarged Asset Pool to a Partici- pating Sub-Fund, up to the amount of the participation of the Participating Sub-Fund concerned. Assets other than cash may be transferred to an Enlarged Asset Pool only if they are suitable for the investment sector of the Enlarged Asset Pool concerned. The assets of the Enlarged Asset Pool to which each Participating Sub-Fund shall be enti- tled on a proportionate basis shall be determined in ac- cordance with the allocations and withdrawals of assets by the Participating Sub-Fund and the allocations and withdrawals made on behalf of the other ParticipatingSub-Funds. | en | fr |
DOLFIN3004 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 3,000 | EUR 2,360 |
| | Average return each year % | -70.00% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,860 | EUR 6,800 |
| | Average return each year % | -31.40% | -7.42% |
| Moderate scenario | What you might get back after costs | EUR 11,750 | EUR 20,240 |
| | Average return each year % | 17.50% | 15.14% |
| Favourable scenario | What you might get back after costs | EUR 15,280 | EUR 26,120 |
| | Average return each year % | 52.80% | 21.17% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 3.000 | EUR 2.360 |
| | Rendimiento medio cada año | -70,00% | -25,08% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 6.860 | EUR 6.800 |
| | Rendimiento medio cada año | -31,40% | -7,42% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.750 | EUR 20.240 |
| | Rendimiento medio cada año | 17,50% | 15,14% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 15.280 | EUR 26.120 |
| | Rendimiento medio cada año | 52,80% | 21,17% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 3,000 | EUR 2,360 |
| | Average return each year % | -70.00% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,860 | EUR 6,800 |
| | Average return each year % | -31.40% | -7.42% |
| Moderate scenario | What you might get back after costs | EUR 11,750 | EUR 20,240 |
| | Average return each year % | 17.50% | 15.14% |
| Favourable scenario | What you might get back after costs | EUR 15,280 | EUR 26,120 |
| | Average return each year % | 52.80% | 21.17% | | en | es |
DOLFIN3005 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 2 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 2 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 | 6,320 EUR | 6,660 EUR |
| Average return each year | -36.8% | -18.4% |
| Unfavourable | What you might get back after costs | 7,840 EUR | 6,660 EUR |
| Average return each year | -21.6% | -18.4% |
| Moderate | What you might get back after costs | 10,190 EUR | 10,470 EUR |
| Average return each year | 1.9% | 2.3% |
| Favourable | What you might get back after costs | 11,120 EUR | 11,740 EUR |
| Average return each year | 11.2% | 8.4% | | | Période de détention recommandée: 2 ans Exemple d'investissement : EUR 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 2 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 320 EUR | 6 660 EUR |
| Rendement annuel moyen | -36,8% | -18,4% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 840 EUR | 6 660 EUR |
| Rendement annuel moyen | -21,6% | -18,4% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 190 EUR | 10 470 EUR |
| Rendement annuel moyen | 1,9% | 2,3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 120 EUR | 11 740 EUR |
| Rendement annuel moyen | 11,2% | 8,4% | | | Recommended holding period: 2 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 2 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 | 6,320 EUR | 6,660 EUR |
| Average return each year | -36.8% | -18.4% |
| Unfavourable | What you might get back after costs | 7,840 EUR | 6,660 EUR |
| Average return each year | -21.6% | -18.4% |
| Moderate | What you might get back after costs | 10,190 EUR | 10,470 EUR |
| Average return each year | 1.9% | 2.3% |
| Favourable | What you might get back after costs | 11,120 EUR | 11,740 EUR |
| Average return each year | 11.2% | 8.4% | | en | fr |
DOLFIN3006 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# MARKET COMMENT (BASED ON THE SICAV REFERENCE CURRENCY)
Global equity markets ended lower in August amid record-high inflation and a slowdown in economic activity. Whilst most developed markets declined significantly, emerging market equities were marginally positive and recorded their first monthly gain since May. However, while Brazilian stocks and the broad MSCI EM Latin America delivered a positive performance, shares in China extended their decline. August was an eventful month with several developments playing out in China. Geopolitical tensions intensified with China maintaining a ramped-up military presence towards Taiwan in response to House Speaker Pelosi’s visit. US-China talks on avoiding the delisting of Chinese companies from American exchanges showed some progress but prospects of a wider deal remain uncertain. Despite new Covid-19 infections, the Sichuan drought and heatwave dealt another setback for the economy with factories suspending production in a bid to conserve power. The economy remains weak, as confirmed by a slowdown in key activity indicators and manufacturing, leading to more downgrades to GDP forecasts. Among industries, Energy, Consumer Durables and Retailing led the gains, whilst Pharmaceuticals, Automobiles and Software delivered negative performance. In terms of style, Growth outperformed Value, and higher volatility stocks outpaced their counterparts.
In August, the fund decreased by -2.28% (in USD terms), strongly underperforming its benchmark by 269bp (in USD terms). The MSCI Emerging TR Net gained 0.42%. The fund records a negative YTD performance of -15.66%, outperforming its benchmark by 120bp.
At industry groups level, both stock selection and allocation had a negative impact on performance. Our stock picking in Banks (-51bp) and Retailing (-45bp) penalised the relative performance. Nonethe- less, our stock picking in Automobiles (12bp) and Transportation (5bp) produced relative gains. The overweight in the Telecommunication (-14bp) industry group and the underweight in the Energy (-27bp) industry group detracted the most. Conversely, the overweight in the Utilities (7bp) industry group and the underweight in the Semiconductors (13bp) industry group added the most to relative performance.
From a country point of view, our stock selection had a negative impact on performance while allocation added to excess returns. Our selection in China (-101bp) and India (-58bp) detracted from relative performance. The overweight in Mexico (-12bp) and the underweight in Indonesia (-7bp) were the largest detractors from excess returns. On the other hand, the underweight in South Africa (12bp) and the Republic of Korea (11bp) added the most to excess returns.
With a positive contribution of 8bp, overweight of BANGKOK DUSIT MED SERVICE was the largest contributor to excess returns. With a negative contribution of 20bp, overweight of ZHONGSHENG GROUP HOLDINGS was the largest detractor from excess returns. | # COMMENTAIRE DE MARCHÉ (BASÉ SUR LA MONNAIE DE RÉFÉRENCE DU FONDS)
Les marchés actions internationaux ont clôturé le mois d’août dans le rouge sur fond d’inflation record et de ralentissement de l’activité économique. Alors que la plupart des marchés développés ont nettement reculé, les actions émergentes se sont légèrement appréciées et ont enregistré leur première hausse mensuelle depuis mai. Toutefois, alors que les actions brésiliennes et l’indice MSCI EM Latin America ont enregistré une performance positive, les actions chinoises ont poursuivi leur déclin. Le mois d’août a été riche en événements en Chine. Les tensions géopolitiques se sont intensifiées, la Chine maintenant une présence militaire accrue vers Taïwan en réponse à la visite de la Présidente de la Chambre des représentants Madame Pelosi. Les négociations entre les Etats-Unis et la Chine pour éviter la radiation sur les bourses américaines des entreprises chinoises ont progressé, mais les perspectives d’un accord plus large demeurent incertaines. En plus des nouvelles infections par la Covid-19, la sécheresse et la canicule du Sichuan ont infligé un nouveau revers à l’économie, les usines ont interrompu leur production afin de préserver leur pouvoir énergétique. L’économie reste fragile, ce qui est confirmé par le ralentissement des principaux indicateurs d’activité et de l’activité manufacturière, d’où de nouvelles révisions à la baisse des prévisions de PIB. Au niveau sectoriel, l’énergie, les biens de consommation durables et la distribution ont été les secteurs les plus performants, tandis que la pharmacie, l’automobile et les logiciels ont sous-performé. En termes de style, Growth a surperformé Value et les actions plus volatiles ont surperformé leurs homologues.
Le fonds a reculé de -2,28 % (en USD) au mois d’août, sous-performant fortement son benchmark de 269 bp (en USD). L’indice MSCI Emerging TR Net a progressé de 0,42 %. Le fonds enregistre une performance négative de -15,66 % depuis le début de l’année, surperformant son indice de 120 pb.
Au niveau des secteurs, la sélection de titres et l’allocation ont eu un impact négatif sur la performance. Notre sélection de titres dans les banques (-51 bp) et le retailing (-45 bp) ont pénalisé la per- formance relative. Néanmoins, notre sélection de valeurs dans l’automobile (12 bp) et les transports (5 bp) a généré des gains relatifs. La surpondération du secteur des télécommunications (-14 pb) et la sous-pondération du secteur de l’énergie (-27 pb) ont été les plus préjudiciables. A l’inverse, la surpondération du groupe des services aux collectivités (7 pb) et la sous-pondération du groupe des semi-conducteurs (13 pb) ont été à l’origine de la meilleure contribution à la performance relative.
D’un point de vue géographique, notre sélection de titres a eu un impact négatif sur la performance, tandis que l’allocation a contribué à la surperformance. Notre sélection de titres en Chine (-101 pb) et en Inde (-58 pb) a pesé sur la performance relative. La surpondération du Mexique (-12 pb) et la sous-pondération de l’Indonésie (-7 pb) ont été désavantageux. En revanche, la sous-pondération de l’Afrique du Sud (12 pb) et de la République de Corée (11 pb) a le plus contribué aux rendements excédentaires.
Avec une contribution positive de 8 pb, la surpondération de BANGKOK DUSIT-MED SERVICE a été le principal contributeur à la surperformance. Avec une contribution négative de 20 pb, la surpondération de ZHONGSHENG GROUP HOLDINGS a constitué le principal frein à la surperformance. | # MARKET COMMENT (BASED ON THE SICAV REFERENCE CURRENCY)
Global equity markets ended lower in August amid record-high inflation and a slowdown in economic activity. Whilst most developed markets declined significantly, emerging market equities were marginally positive and recorded their first monthly gain since May. However, while Brazilian stocks and the broad MSCI EM Latin America delivered a positive performance, shares in China extended their decline. August was an eventful month with several developments playing out in China. Geopolitical tensions intensified with China maintaining a ramped-up military presence towards Taiwan in response to House Speaker Pelosi’s visit. US-China talks on avoiding the delisting of Chinese companies from American exchanges showed some progress but prospects of a wider deal remain uncertain. Despite new Covid-19 infections, the Sichuan drought and heatwave dealt another setback for the economy with factories suspending production in a bid to conserve power. The economy remains weak, as confirmed by a slowdown in key activity indicators and manufacturing, leading to more downgrades to GDP forecasts. Among industries, Energy, Consumer Durables and Retailing led the gains, whilst Pharmaceuticals, Automobiles and Software delivered negative performance. In terms of style, Growth outperformed Value, and higher volatility stocks outpaced their counterparts.
In August, the fund decreased by -2.28% (in USD terms), strongly underperforming its benchmark by 269bp (in USD terms). The MSCI Emerging TR Net gained 0.42%. The fund records a negative YTD performance of -15.66%, outperforming its benchmark by 120bp.
At industry groups level, both stock selection and allocation had a negative impact on performance. Our stock picking in Banks (-51bp) and Retailing (-45bp) penalised the relative performance. Nonethe- less, our stock picking in Automobiles (12bp) and Transportation (5bp) produced relative gains. The overweight in the Telecommunication (-14bp) industry group and the underweight in the Energy (-27bp) industry group detracted the most. Conversely, the overweight in the Utilities (7bp) industry group and the underweight in the Semiconductors (13bp) industry group added the most to relative performance.
From a country point of view, our stock selection had a negative impact on performance while allocation added to excess returns. Our selection in China (-101bp) and India (-58bp) detracted from relative performance. The overweight in Mexico (-12bp) and the underweight in Indonesia (-7bp) were the largest detractors from excess returns. On the other hand, the underweight in South Africa (12bp) and the Republic of Korea (11bp) added the most to excess returns.
With a positive contribution of 8bp, overweight of BANGKOK DUSIT MED SERVICE was the largest contributor to excess returns. With a negative contribution of 20bp, overweight of ZHONGSHENG GROUP HOLDINGS was the largest detractor from excess returns. | en | fr |
DOLFIN3007 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Veuillez noter que la performance passée n’est pas un indicateur fiable des résultats futurs.
La performance passée est présentée après déduction des frais courants. Tous les droits d’entrée/de sortie sont exclus du calcul.
Le Fonds a été lancé le 27/04/2018.
La catégorie de parts du Fonds a été lancée le 14/05/2018.
La performance est indiquée uniquement lorsque l’historique de performance est disponible sur une année entière.
La performance passée a été calculée en EUR et est exprimée sous la forme d’une variation en pourcentage de la valeur liquidative du Fonds à la fin de chaque exercice.
La performance de l’indice de référence est exprimée dans une monnaie différente de celle de la catégorie d’actions, ce qui pourrait influencer la comparaison des performances.
L'indice de référence du Fonds, utilisé pour la comparaison de performance, a été modifié au 1er janvier 2022. Les données de performance passée avant cette date étaient fondées sur le 3-Month LIBOR (USD). | Tenga en cuenta que la rentabilidad histórica no es un indicador fiable de los rendimientos futuros.
La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 27/04/2018.
La clase de acciones del Fondo se lanzó el 14/05/2018.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en 3-Month LIBOR (USD). | Veuillez noter que la performance passée n’est pas un indicateur fiable des résultats futurs.
La performance passée est présentée après déduction des frais courants. Tous les droits d’entrée/de sortie sont exclus du calcul.
Le Fonds a été lancé le 27/04/2018.
La catégorie de parts du Fonds a été lancée le 14/05/2018.
La performance est indiquée uniquement lorsque l’historique de performance est disponible sur une année entière.
La performance passée a été calculée en EUR et est exprimée sous la forme d’une variation en pourcentage de la valeur liquidative du Fonds à la fin de chaque exercice.
La performance de l’indice de référence est exprimée dans une monnaie différente de celle de la catégorie d’actions, ce qui pourrait influencer la comparaison des performances.
L'indice de référence du Fonds, utilisé pour la comparaison de performance, a été modifié au 1er janvier 2022. Les données de performance passée avant cette date étaient fondées sur le 3-Month LIBOR (USD). | fr | es |
DOLFIN3008 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les frais d'entrée et de conversion indiqués sont des chiffres maximum. Dans certain cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Les frais courants sont fondés sur les chiffres de l’exercice en cours. Ces chiffres peuvent varier d’une année sur l’autre. Les frais courants excluent :
Les commissions de surperformance
Les frais d’intermédiation, à l’exception des frais d’entrée et de sortie payés par le compartiment lorsqu’il achète ou vend des parts d’un autre OPCVM.
Le pourcentage des frais courants présenté ci-contre est une estimation. Pour chaque exercice, le rapport annuel du Compartiment donnera le montant exact des frais encourus.
Pour plus d’information sur les frais, veuillez vous référer à la rubrique frais du prospectus de l’OPCVM disponible sur le site: www.amundi.com.
Performances passées
Le Compartiment ne dispose pas encore de donnée sur une année civile complète pour permettre l’affichage du diagramme de ses performances.
Le diagramme affiché ne constitue pas une indication fiable des performances futures.
Le Compartiment a été lancé le 25 août 2021. La Classe d’actions a été lancée le 25 août 2021.
La devise de référence est le dollar US.
Informations pratiques
Nom du dépositaire : CACEIS Bank, Succursale de Luxembourg.
Toute information complémentaire sur l’UCITS (prospectus, rapports périodiques) est disponible en anglais, gratuitement, à l’adresse suivante : Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxembourg.
Les détails relatifs à la politique de rémunération mise à jour, en ce compris une description de la manière dont les rémunérations et avantages sont calculés et l’identité des personnes responsables de leur octroi, sont disponibles sur le site Internet: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi et un exemplaire papier sera disponible sans frais et sur demande.
Toute autre information pratique (ex. dernière valeur liquidative) est disponible sur le site internet www.amundi.com.
L’OPCVM compte de nombreux autres Compartiments et classes qui sont repris dans le prospectus. Des conversions en actions d’un autre Compartiment de l’OPCVM peuvent être effectuées, sous réserve des conditions prévues au prospectus.
Chaque compartiment correspond à une partie distincte du patrimoine de l'OPCVM. Par conséquent, les actifs d'un Compartiment répondent exclusivement des droits des investisseurs relatifs à ce Compartiment et ceux des créanciers dont la créance est née à l'occasion de la constitution, du fonctionnement ou de la liquidation de ce Compartiment. Ce document décrit un compartiment de l'OPCVM. Le prospectus et les rapports périodiques sont préparés pour l'ensemble de l'OPCVM désigné au début du document.
La législation fiscale Luxembourgeoise applicable à l’OPCVM peut avoir un impact sur la situation fiscale de l’investisseur.
La responsabilité d’Amundi Luxembourg SA ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de l'OPCVM.
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Cet OPCVM est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier, Luxembourg (www.cssf.lu). Amundi Luxembourg SA est agréé au Luxembourg and réglementé par la Commission de Surveillance du Secteur Financier, Luxembourg. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 25 août 2021. | Los gastos de entrada y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año en curso. Dicha cifra puede variar de un año a otro. No incluye:
Comisiones de rentabilidad
Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva.
Los gastos corrientes indicados son una estimación. Para cada periodo contable, el informe anual del Compartimento indicará el importe exacto.
Para más información sobre los gastos, consulte el apartado de gastos del folleto de la IIC, que está disponible en: www.amundi.com.
Rentabilidad histórica
El Compartimento todavía no lleva funcionando un año natural completo, por lo que no se puede mostrar un gráfico de su rentabilidad histórica.
El gráfico no sirve como guía para predecir la rentabilidad futura. El Compartimento se creó el 25 de agosto de 2021. La Clase de Acción se creó el 25 de agosto de 2021.
La divisa de referencia es el USD.
Información práctica
Nombre del depositario: CACEIS Bank - Sucursal de Luxembourg.
Se podrá obtener gratuitamente más información en inglés acerca del OICVM (folleto, informes periódicos) en la siguiente dirección: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxemburgo.
Los detalles de la política de remuneración actualizada, incluidas, sin carácter limitativo, una descripción del método de cálculo de la remuneración y las prestaciones y la identidad de las personas responsables de conceder la remuneración y las prestaciones, se encuentran disponibles en la siguiente página web: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi y se dispondrá de una copia impresa gratuita, previa solicitud.
Se podrá obtener información práctica adicional (p. ej. el valor liquidativo más reciente) en la página de Internet www.amundi.com.
El OICVM contiene un gran número de otros Compartimentos y otras clases que se describen en el folleto. Se puede convertir a acciones de otro Compartimento del OICVM mencionado, con sujeción a las condiciones del folleto.
Cada Compartimento se corresponde con una parte distinta del patrimonio, activo y pasivo, del OICVM. Como consecuencia, los activos de cada Compartimento se encuentran disponibles únicamente para satisfacer los derechos de los inversores con respecto a dicho Compartimento y el derecho de los acreedores cuyas reclamaciones tengan su origen en la creación, funcionamiento o liquidación de dicho Compartimento.
El presente documento describe un Compartimento del OICVM. El folleto y los informes periódicos se refieren en el conjunto del OICVM mencionado al principio del presente documento.
Las leyes fiscales de Luxemburgo que se aplican al OICVM pueden incidir en la posición fiscal personal del inversor.
Amundi Luxembourg SA únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto informativo del OICVM.
*********************
Este OICVM está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier, Luxemburgo (www.cssf.lu). Amundi Luxembourg SA está autorizada en Luxemburgo y regulada por la Commission de Surveillance du Secteur Financier, Luxemburgo.
Los presentes datos fundamentales para el inversor son exactos y vigentes al 25 de agosto de 2021. | Les frais d'entrée et de conversion indiqués sont des chiffres maximum. Dans certain cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Les frais courants sont fondés sur les chiffres de l’exercice en cours. Ces chiffres peuvent varier d’une année sur l’autre. Les frais courants excluent :
Les commissions de surperformance
Les frais d’intermédiation, à l’exception des frais d’entrée et de sortie payés par le compartiment lorsqu’il achète ou vend des parts d’un autre OPCVM.
Le pourcentage des frais courants présenté ci-contre est une estimation. Pour chaque exercice, le rapport annuel du Compartiment donnera le montant exact des frais encourus.
Pour plus d’information sur les frais, veuillez vous référer à la rubrique frais du prospectus de l’OPCVM disponible sur le site: www.amundi.com.
Performances passées
Le Compartiment ne dispose pas encore de donnée sur une année civile complète pour permettre l’affichage du diagramme de ses performances.
Le diagramme affiché ne constitue pas une indication fiable des performances futures.
Le Compartiment a été lancé le 25 août 2021. La Classe d’actions a été lancée le 25 août 2021.
La devise de référence est le dollar US.
Informations pratiques
Nom du dépositaire : CACEIS Bank, Succursale de Luxembourg.
Toute information complémentaire sur l’UCITS (prospectus, rapports périodiques) est disponible en anglais, gratuitement, à l’adresse suivante : Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxembourg.
Les détails relatifs à la politique de rémunération mise à jour, en ce compris une description de la manière dont les rémunérations et avantages sont calculés et l’identité des personnes responsables de leur octroi, sont disponibles sur le site Internet: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi et un exemplaire papier sera disponible sans frais et sur demande.
Toute autre information pratique (ex. dernière valeur liquidative) est disponible sur le site internet www.amundi.com.
L’OPCVM compte de nombreux autres Compartiments et classes qui sont repris dans le prospectus. Des conversions en actions d’un autre Compartiment de l’OPCVM peuvent être effectuées, sous réserve des conditions prévues au prospectus.
Chaque compartiment correspond à une partie distincte du patrimoine de l'OPCVM. Par conséquent, les actifs d'un Compartiment répondent exclusivement des droits des investisseurs relatifs à ce Compartiment et ceux des créanciers dont la créance est née à l'occasion de la constitution, du fonctionnement ou de la liquidation de ce Compartiment. Ce document décrit un compartiment de l'OPCVM. Le prospectus et les rapports périodiques sont préparés pour l'ensemble de l'OPCVM désigné au début du document.
La législation fiscale Luxembourgeoise applicable à l’OPCVM peut avoir un impact sur la situation fiscale de l’investisseur.
La responsabilité d’Amundi Luxembourg SA ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de l'OPCVM.
*********************
Cet OPCVM est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier, Luxembourg (www.cssf.lu). Amundi Luxembourg SA est agréé au Luxembourg and réglementé par la Commission de Surveillance du Secteur Financier, Luxembourg. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 25 août 2021. | fr | es |
DOLFIN3009 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
- US equities ended sharply higher after a slowdown in consumer and producer price gains fueled a powerful rally in stocks, which was exacerbated by a frenzy of short covering and a scramble for bullish options. The core Consumer Price Index grew 6.3% year over year in October, down from 6.6% in September, while the core Producer Price Index advanced 5.4% year over year, slowing from 5.6% in September. These promising developments offered hope that inflation had peaked, firming the belief that the Fed will start to moderate the pace of interest-rate increases in December. The Fed implemented a fourth consecutive rate hike of 75 basis points (bps) in November, with Fed Chair Jerome Powell suggesting that the terminal rate will be higher than previously expected. Cryptocurrencies were battered after the dramatic collapse of FTX sparked fears of contagion across the crypto industry. Democrats retained control of the Senate, and Republicans secured a narrow majority in the House of Representatives, likely deepening the legislative gridlock and diminishing the potential for significant government policy changes during President Joe Biden’s next two years in office. Of the 99% of companies in the S&P 500 Index that had reported third-quarter earnings, the blended year- over-year earnings growth rate for the index was 2.5%, well below the 10-year average growth rate of 8.8%. The forward 12-month price-to- earnings ratio stood at 17.6.
- All 11 sectors in the S&P 500 Index posted positive results. Materials was the top-performing sector. Financials was another notable outperformer, driven by capital markets. Communication services rose, most notably media and interactive media & services. Consumer discretionary was the worst-performing sector, led lower by automobiles. Energy also underperformed, as the European Union weighed a higher-than-expected price cap on Russian crude, and economic slowdown threatened the demand outlook. | # ANALISI DEL MERCATO
- Le azioni statunitensi hanno chiuso in forte rialzo dopo che il rallentamento dell'aumento dei prezzi al consumo e alla produzione ha alimentato un potente rally dei titoli, esacerbato da una frenesia di ricopertura delle posizioni short e da una corsa alle opzioni rialziste. L'indice dei prezzi al consumo core è cresciuto del 6,3% su base annua in ottobre, in calo rispetto al 6,6% di settembre, mentre l'indice dei prezzi alla produzione core ha registrato un incremento del 5,4% su base annua, in rallentamento rispetto al 5,6% di settembre. Questi sviluppi promettenti hanno fatto sperare che l'inflazione abbia raggiunto il suo picco, rafforzando la convinzione che la Fed inizierà a moderare il ritmo degli aumenti dei tassi di interesse a dicembre. A novembre la Fed ha attuato il quarto rialzo consecutivo dei tassi di 75 punti base (pb), con il presidente della Fed, Jerome Powell, che ha suggerito che il tasso terminale sarà più alto di quanto previsto in precedenza. Le criptovalute hanno subito un duro colpo dopo che il drammatico crollo di FTX ha scatenato il timore di una propagazione in tutto il settore delle criptovalute. I democratici hanno mantenuto il controllo del Senato e i repubblicani si sono assicurati una maggioranza risicata alla Camera dei Rappresentanti, aggravando probabilmente lo stallo legislativo e riducendo il potenziale di cambiamenti significativi nelle politiche governative durante i prossimi due anni di mandato del Presidente Joe Biden. Sul 99% delle società dell'indice S&P 500 che hanno comunicato gli utili del terzo trimestre, il tasso di crescita degli utili su base annua per l'indice è stato del 2,5%, ben al di sotto del tasso di crescita medio decennale dell'8,8%. Il rapporto prezzo/utili prospettico a 12 mesi era paria 17,6.
- Tutti gli 11 settori dell'indice S&P 500 hanno registrato risultati positivi. Le materie prime invece si sono rivelate essere il settore con la migliore performance. I titoli finanziari hanno registrato un'altra notevole sovraperformance, trainata dai mercati dei capitali. I servizi di comunicazione sono aumentati, in particolare i media e i media e servizi interattivi. Il settore dei consumi discrezionali è stato quello che ha registrato la performance peggiore, guidato dal settore automobilistico. Anche il settore energetico ha registrato una performance negativa, in quanto l'Unione Europea ha imposto un limite di prezzo più alto del previsto al greggio russo e il rallentamento dell'economia ha minacciato le prospettive della domanda. | # MARKET REVIEW
- US equities ended sharply higher after a slowdown in consumer and producer price gains fueled a powerful rally in stocks, which was exacerbated by a frenzy of short covering and a scramble for bullish options. The core Consumer Price Index grew 6.3% year over year in October, down from 6.6% in September, while the core Producer Price Index advanced 5.4% year over year, slowing from 5.6% in September. These promising developments offered hope that inflation had peaked, firming the belief that the Fed will start to moderate the pace of interest-rate increases in December. The Fed implemented a fourth consecutive rate hike of 75 basis points (bps) in November, with Fed Chair Jerome Powell suggesting that the terminal rate will be higher than previously expected. Cryptocurrencies were battered after the dramatic collapse of FTX sparked fears of contagion across the crypto industry. Democrats retained control of the Senate, and Republicans secured a narrow majority in the House of Representatives, likely deepening the legislative gridlock and diminishing the potential for significant government policy changes during President Joe Biden’s next two years in office. Of the 99% of companies in the S&P 500 Index that had reported third-quarter earnings, the blended year- over-year earnings growth rate for the index was 2.5%, well below the 10-year average growth rate of 8.8%. The forward 12-month price-to- earnings ratio stood at 17.6.
- All 11 sectors in the S&P 500 Index posted positive results. Materials was the top-performing sector. Financials was another notable outperformer, driven by capital markets. Communication services rose, most notably media and interactive media & services. Consumer discretionary was the worst-performing sector, led lower by automobiles. Energy also underperformed, as the European Union weighed a higher-than-expected price cap on Russian crude, and economic slowdown threatened the demand outlook. | en | it |
DOLFIN3010 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les créances hypothécaires sous-jacentes des MBS peuvent être commerciales ou résidentielles, et les MBS peuvent être adossés, ou non, à tout type de garantie gouvernementale.
L’exposition du Fonds maître à des obligations convertibles contingentes est limitée à 10% des actifs nets. Le Fonds maître offre gère activement son exposition sur les marchés des taux d’intérêt et des changes.
Conformément aux politiques précitées, le Fonds maître pourra aussi investir dans des instruments du marché monétaire, des dépôts, et jusqu’à 10% de ses actifs nets dans des OPC/OPCVM.
Les produits dérivés sont utilisés dans le cadre des stratégies d’investissement du Fonds maître. Le Fonds maître pourra utiliser des produits dérivés à des fins d’arbitrage, de couverture et de gestion efficace du portefeuille, ainsi que pour augmenter son exposition nette.
Outre les principaux produits dérivés, le Fonds maître pourra utiliser des dérivés de crédit (à émetteur unique et sur indices).
Le Fonds maître pourra souscrire des opérations d’achat et de vente de titres de nature temporaire (contrats de pension livrée et de pension inversée sur titres).
Les revenus nets du Fonds maître sont automatiquement distribués et ses plus-values nettes réalisées sont automatiquement réinvesties ou distribuées chaque année, dans la mesure établie par la société de gestion du Fonds maître.
1
Au 30 juin 2017, Amundi Funds Equity Green détient 0.03% du Fonds maître.
2
Au 30 juin 2017, Amundi Funds Bond Global Total Return détient 0.18% du Fonds maître.
L’équipe d’investissement du Fonds maître utilise un large éventail de positions stratégiques et tactiques, y compris l’arbitrage sur les marchés des changes, des taux d’intérêt et du crédit, en réunissant un portefeuille très diversifié.
Le gestionnaire des investissements des deux compartiments est Amundi Asset Management.
Les frais directement imputés à Amundi Funds Bond Global Total Return s’élèvent à EUR 9,516, ce qui est résumé dans le tableau ci-dessous et exprimé en pourcentage de la VNI moyenne des catégories d’actions d’Amundi Funds Bond Global Total Return : | Las hipotecas subyacentes a los MBS podrán ser comerciales o residenciales, y los MBS podrán venir o no acompañados de cualquier forma de respaldo crediticio estatal. La exposición del Fondo principal a bonos convertibles contingentes se limitará a un 10% del patrimonio neto.
El Fondo principal gestiona activamente su exposición a los mercados de tipos de interés y divisas.
Al tiempo que cumple con las políticas antes mencionadas, el Fondo principal también podrá invertir en instrumentos del mercado monetario, depósitos y hasta un 10% de su patrimonio neto en OICVM/OIC.
Los derivados forman parte integrante de las estrategias de inversión del Fondo principal. El Fondo principal podrá emplear derivados a efectos de arbitraje, cobertura y gestión eficiente de la cartera, y para incrementar su exposición neta.
Además de derivados principales, el Fondo principal podrá emplear derivados de crédito (sobre un emisor único y sobre índices). El Fondo principal podrá formalizar compraventas temporales de títulos (pactos de recompra y recompra inversa).
Los ingresos netos del Fondo principal se distribuirán automáticamente y sus ganancias de capital realizadas netas se reinvertirán o distribuirán automáticamente cada año, tal y como pueda establecerlo la sociedad de gestión del Fondo principal.
1
A 30 de junio de 2017, Amundi Funds Equity Green Impact mantiene el 0.03% del Fondo principal.
2
A 30 de junio de 2017, Amundi Funds Bond Global Total Return mantiene el 0.18% del Fondo principal.
El equipo de inversión del Fondo principal emplea una amplia gama de posiciones estratégicas y tácticas, incluido el arbitraje entre los mercados de crédito, de tipos de interés y de divisas, para construir una cartera altamente diversificada.
El Gestor de inversiones de ambos subfondos es Amundi Asset Management.
En la siguiente tabla se resumen, en términos de VL porcentual medio de sus clases de acciones, las comisiones cobradas directamente a Amundi Funds Bond Global Total Return, que ascienden a 9,516 EUR: | Les créances hypothécaires sous-jacentes des MBS peuvent être commerciales ou résidentielles, et les MBS peuvent être adossés, ou non, à tout type de garantie gouvernementale.
L’exposition du Fonds maître à des obligations convertibles contingentes est limitée à 10% des actifs nets. Le Fonds maître offre gère activement son exposition sur les marchés des taux d’intérêt et des changes.
Conformément aux politiques précitées, le Fonds maître pourra aussi investir dans des instruments du marché monétaire, des dépôts, et jusqu’à 10% de ses actifs nets dans des OPC/OPCVM.
Les produits dérivés sont utilisés dans le cadre des stratégies d’investissement du Fonds maître. Le Fonds maître pourra utiliser des produits dérivés à des fins d’arbitrage, de couverture et de gestion efficace du portefeuille, ainsi que pour augmenter son exposition nette.
Outre les principaux produits dérivés, le Fonds maître pourra utiliser des dérivés de crédit (à émetteur unique et sur indices).
Le Fonds maître pourra souscrire des opérations d’achat et de vente de titres de nature temporaire (contrats de pension livrée et de pension inversée sur titres).
Les revenus nets du Fonds maître sont automatiquement distribués et ses plus-values nettes réalisées sont automatiquement réinvesties ou distribuées chaque année, dans la mesure établie par la société de gestion du Fonds maître.
1
Au 30 juin 2017, Amundi Funds Equity Green détient 0.03% du Fonds maître.
2
Au 30 juin 2017, Amundi Funds Bond Global Total Return détient 0.18% du Fonds maître.
L’équipe d’investissement du Fonds maître utilise un large éventail de positions stratégiques et tactiques, y compris l’arbitrage sur les marchés des changes, des taux d’intérêt et du crédit, en réunissant un portefeuille très diversifié.
Le gestionnaire des investissements des deux compartiments est Amundi Asset Management.
Les frais directement imputés à Amundi Funds Bond Global Total Return s’élèvent à EUR 9,516, ce qui est résumé dans le tableau ci-dessous et exprimé en pourcentage de la VNI moyenne des catégories d’actions d’Amundi Funds Bond Global Total Return : | fr | es |
DOLFIN3011 | 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 | 3,0 % du montant investi. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le Produit vous informera des coûts réels. | Jusqu’à 300 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | Néant |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,0 % | 97 EUR |
| Le montant des coûts courants est fonction des dépenses de l’exercice clos en décembre 2021. Ce montant peut varier d’un exercice à l’autre. |
| Coûts de transaction | 0,2 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au Produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 16 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques |
| Commissions de performance | Il n’y a pas de commission de performance pour ce Produit. | Néant | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 3,0 % del importe invertido. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el Producto le comunicará cuánto se le cobrará realmente. | Hasta 300 EUR |
| Costes de salida | No cobramos una comisión de salida. | Ninguna |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,0 % | 97 EUR |
| La cifra de costes corrientes se basa en los gastos del ejercicio finalizado a diciembre de 2021. Esta cifra puede variar de un año a otro. |
| Costes de operación | 0,2 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del Producto. El importe real variará en función de la cantidad que compremos y vendamos. | 16 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este Producto. | Ninguna | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 3,0 % du montant investi. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le Produit vous informera des coûts réels. | Jusqu’à 300 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | Néant |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,0 % | 97 EUR |
| Le montant des coûts courants est fonction des dépenses de l’exercice clos en décembre 2021. Ce montant peut varier d’un exercice à l’autre. |
| Coûts de transaction | 0,2 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au Produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 16 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques |
| Commissions de performance | Il n’y a pas de commission de performance pour ce Produit. | Néant | | fr | es |
DOLFIN3012 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment focus and suitability
The fund mainly invests in Japanese equities. In addition to large-cap equities, a significant proportion of the fund assets is invested in small- and medium-cap stocks. The highly active investment style is based on a broad and systematic bottom-up approach. The fund is suitable for long-term oriented equities investors, who are convinced of the Japanese market's potential and wish to benefit from ist performance. In addition to the yen asset class, currency-hedged classes in CHF, EUR and USD are also offered.
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk | # Investment Fokus und Anlageeignung
Der Fonds investiert hauptsächlich in japanische Aktien. Neben grosskapitalisierten Aktien wird auch ein bedeutender Teil des Fondsvermögens in klein- und mittelgrosskapitalisierten Werten angelegt. Der hochaktive Anlagestil basiert auf einem breitbasierten, systematischen Bottom-up-Ansatz. Der Fonds eignet sich für langfristig orientierte Aktienanleger, die vom Potenzial des japanischen Marktes überzeugt sind und von seiner Entwicklung profitieren möchten. Neben den Yen- Anlageklassen werden auch währungsbesicherte Klassen in CHF, EUR und USD angeboten
| Investitionsrisiko | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |
Tieferes Risiko Höheres Risiko | # Investment focus and suitability
The fund mainly invests in Japanese equities. In addition to large-cap equities, a significant proportion of the fund assets is invested in small- and medium-cap stocks. The highly active investment style is based on a broad and systematic bottom-up approach. The fund is suitable for long-term oriented equities investors, who are convinced of the Japanese market's potential and wish to benefit from ist performance. In addition to the yen asset class, currency-hedged classes in CHF, EUR and USD are also offered.
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk | en | de |
DOLFIN3013 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Money Laundering
The Company and the Administrator and any duly appointed paying agent each reserve the right to request information and documentation to comply with their respective obligations under The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2018 (as amended), including but not limited to, the verification of identity of an Applicant and its beneficial owners, as applicable, the source of funds and/or ongoing due diligence of an Applicant and its account with the Company.
In the event that a Shareholder requires payment of redemption proceeds to an account other than that specified in the Application Form, the Shareholder must provide an original request in writing.
Shares in a Sub-Fund will not be issued until the Administrator is satisfied that all anti-money laundering procedures have been complied with. In the event of delay or failure by the Applicant or Shareholder to produce any information required for such purposes, the Board of Directors and/or Administrator or the Company may refuse to accept a subscription or may compulsorily redeem such Shareholder's Shares and/or payment of redemption proceeds may be withheld and will not be dispatched to a Shareholder until such information or documentation is received by the Administrator or the Company and none of the Company, the Directors, the Administrator or any duly appointed paying agent shall be liable to the Applicant or Shareholder where an application for Shares is not processed or Shares are compulsorily redeemed in such circumstances. If an application is rejected, the Administrator will return application monies or the balance thereof from the Umbrella Cash Subscription and Redemption Account by electronic transfer in accordance with any applicable laws to the account from which it was paid at the cost and risk of the Applicant.
The Administrator may disclose information regarding investors, which may constitute personal data under data protection legislation, to such parties (e.g., affiliates, attorneys, auditors, administrators or regulators) in connection with the operation of the Company to facilitate the transfer of the Shares, including, but not limited to, in connection with anti-money laundering and similar laws. The Administrator or other service providers may also release information if directed to do so by the investors in the Shares, if compelled to do so by law or in connection with any government or self- regulatory organisation request or investigation related to anti-money laundering or any other laws or regulations. In connection with the establishment of anti-money laundering procedures, the Company may implement additional restrictions on the transfer of Shares. | # Geldwäsche
Die Gesellschaft, der Verwalter und jede ordnungsgemäß bestellte Zahlstelle behalten sich jeweils das Recht vor, Informationen und Unterlagen anzufordern, um ihren jeweiligen Verpflichtungen gemäß den The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 bis 2018 (in der jeweils gültigen Fassung) nachzukommen, darunter zur Überprüfung der Identität eines Zeichners und seiner wirtschaftlichen Eigentümer, gegebenenfalls der Quelle der Gelder und/oder zur laufenden Sorgfaltsprüfung eines Zeichners und seines Kontos bei der Gesellschaft.
Falls ein Anteilinhaber die Zahlung von Rücknahmeerlösen auf ein anderes als das auf dem Antragsformular angegebene Konto anfordert, muss der Anteilinhaber einen schriftlichen Originalantrag einreichen.
Anteile eines Teilfonds können erst ausgegeben werden, wenn sich der Verwalter überzeugt hat, dass alle Verfahren zur Bekämpfung der Geldwäsche eingehalten wurden. Erteilt der Zeichner oder Anteilinhaber die hierfür erforderlichen Auskünfte nicht oder verspätet, können der Verwaltungsrat und/oder der Verwalter oder die Gesellschaft eine Zeichnung ablehnen oder die Anteile dieses Anteilinhabers zwangsweise zurücknehmen bzw. die Zahlung von Rücknahmeerlösen zurückhalten und erst an den Anteilinhaber auszahlen, wenn die entsprechenden Informationen oder Unterlagen beim Verwalter oder der Gesellschaft eintreffen; weder die Gesellschaft, noch der Verwaltungsrat, der Verwalter oder jede ordnungsgemäß ernannte Zahlstelle haften gegenüber dem Zeichner oder Anteilinhaber, wenn unter diesen Umständen ein Antrag auf Ausgabe von Anteilen nicht bearbeitet wird oder Anteile zwangsweise zurückgenommen werden. Wird eine Zeichnung abgelehnt, erstattet der Verwalter die Zeichnungsgelder oder den verbleibenden Betrag hiervon vom Barkonto des Umbrella-Fonds für Zeichnungen und Rücknahmen per elektronischer Überweisung gemäß geltendem Recht auf Kosten und Risiko des Zeichners auf das Ursprungskonto.
Der Verwalter kann Angaben zu Anlegern, bei denen es sich nach dem Datenschutzgesetz um personenbezogene Daten handelt, gegenüber bestimmten Parteien (z. B. verbundene Unternehmen, Anwälte, Abschlussprüfer, Verwaltungsstellen oder Aufsichtsstellen) im Zusammenhang mit der Geschäftstätigkeit der Gesellschaft zur Erleichterung der Übertragung der Anteile offen legen, einschließlich aber nicht beschränkt auf im Zusammenhang mit Geldwäsche- und ähnlichen Gesetzen. Der Verwalter oder andere Dienstleister können Informationen außerdem offen legen, wenn sie hierzu von den Anlegern angewiesen werden, oder sie hierzu gesetzlich verpflichtet sind, oder wenn dies im Zusammenhang mit der Anfrage einer staatlichen oder selbstregulierenden Organisation oder einer Untersuchung im Rahmen von Geldwäschegesetzen oder anderen Gesetzen oder Vorschriften geschieht. Im Zusammenhang mit der Einrichtung von Verfahren zur Verhinderung der Geldwäsche kann die Gesellschaft zusätzliche Beschränkungen für die Übertragung von Anteilen aufstellen. | # Money Laundering
The Company and the Administrator and any duly appointed paying agent each reserve the right to request information and documentation to comply with their respective obligations under The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2018 (as amended), including but not limited to, the verification of identity of an Applicant and its beneficial owners, as applicable, the source of funds and/or ongoing due diligence of an Applicant and its account with the Company.
In the event that a Shareholder requires payment of redemption proceeds to an account other than that specified in the Application Form, the Shareholder must provide an original request in writing.
Shares in a Sub-Fund will not be issued until the Administrator is satisfied that all anti-money laundering procedures have been complied with. In the event of delay or failure by the Applicant or Shareholder to produce any information required for such purposes, the Board of Directors and/or Administrator or the Company may refuse to accept a subscription or may compulsorily redeem such Shareholder's Shares and/or payment of redemption proceeds may be withheld and will not be dispatched to a Shareholder until such information or documentation is received by the Administrator or the Company and none of the Company, the Directors, the Administrator or any duly appointed paying agent shall be liable to the Applicant or Shareholder where an application for Shares is not processed or Shares are compulsorily redeemed in such circumstances. If an application is rejected, the Administrator will return application monies or the balance thereof from the Umbrella Cash Subscription and Redemption Account by electronic transfer in accordance with any applicable laws to the account from which it was paid at the cost and risk of the Applicant.
The Administrator may disclose information regarding investors, which may constitute personal data under data protection legislation, to such parties (e.g., affiliates, attorneys, auditors, administrators or regulators) in connection with the operation of the Company to facilitate the transfer of the Shares, including, but not limited to, in connection with anti-money laundering and similar laws. The Administrator or other service providers may also release information if directed to do so by the investors in the Shares, if compelled to do so by law or in connection with any government or self- regulatory organisation request or investigation related to anti-money laundering or any other laws or regulations. In connection with the establishment of anti-money laundering procedures, the Company may implement additional restrictions on the transfer of Shares. | en | de |
DOLFIN3014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long term capital growth through exposure to European companies, by direct investments in securities of such companies and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Uses a bottom-up stock selection process.
- Uses the full breadth of the eligible equity investment universe through a combination of fundamental research insights and quantitative analysis
- Uses an active extension approach, buying securities considered attractive and selling short securities considered less attractive to improve potential returns without increasing the overall net exposure to the market.
Share Class Benchmark MSCI Europe Index (Total Return Net) hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
- Performance fee calculation.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a European Country.
The Sub-Fund will typically hold long positions of approximatively 130%, and short positions of approximatively 30% (achieved through derivatives) of net assets but may vary from these targets depending on market conditions.
At least 51% of assets (excluding short positions) are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager’s proprietary ESG scoring methodology and/or third party data. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar crecimiento del capital a largo plazo mediante la exposición a sociedades europeas, a través de la inversión directa en valores de dichas sociedades y el uso de derivados.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente.
- Emplea toda la amplitud del universo de inversión en renta variable apto mediante una combinación de conocimientos de análisis fundamental y análisis cuantitativo.
- Aplica un enfoque «active extension» por medio del cual compra valores que se consideran atractivos y vende en corto valores que parecen menos interesantes con el fin de mejorar los resultados potenciales sin incrementar la exposición neta global al mercado.
Índice de referencia de la Clase de Acciones MSCI Europe Index (Total Return Net) hedged to USD
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo.
- Cálculo de la comisión de éxito.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte, bien directamente, bien a través de derivados, en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un País europeo.
En circunstancias normales, el Subfondo mantendrá posiciones largas de aproximadamente el 130% de su patrimonio neto y posiciones cortas (adquiridas mediante derivados) de aproximadamente el 30% de dicho patrimonio, aunque podrá desviarse de estos porcentajes objetivo en función de las condiciones de mercado.
Como mínimo el 51% del patrimonio (con la excepción de las posiciones cortas) se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros.
El Subfondo invierte como mínimo el 10% de su patrimonio, con exclusión de los activos líquidos accesorios, los depósitos en entidades | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long term capital growth through exposure to European companies, by direct investments in securities of such companies and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Uses a bottom-up stock selection process.
- Uses the full breadth of the eligible equity investment universe through a combination of fundamental research insights and quantitative analysis
- Uses an active extension approach, buying securities considered attractive and selling short securities considered less attractive to improve potential returns without increasing the overall net exposure to the market.
Share Class Benchmark MSCI Europe Index (Total Return Net) hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
- Performance fee calculation.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a European Country.
The Sub-Fund will typically hold long positions of approximatively 130%, and short positions of approximatively 30% (achieved through derivatives) of net assets but may vary from these targets depending on market conditions.
At least 51% of assets (excluding short positions) are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager’s proprietary ESG scoring methodology and/or third party data. | en | es |
DOLFIN3015 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The investment fund described in this Sales Prospectus (including the Annexes and the Management Regula- tions) (the "Sales Prospectus") is a Luxembourg investment fund (fonds commun de placement) established for an indefinite period in the form of a mono-fund in accordance with Part I of the latest version of the Luxem- bourg Law of 17 December 2010 relating to undertakings for collective investment (the "Law of 17 December 2010").
This Sales Prospectus is only valid in conjunction with the most recently published annual report, which may not be more than 16 months old. If the annual report is older than eight months, the buyer will also be provided with the semi-annual report. The currently valid Sales Prospectus and the Key Information Document for packaged retail and insurance-based investment products (PRIIP) shall form the legal foundation for the purchase of units. In purchasing units, the investor acknowledges the Sales Prospectus, the Key Information Document and any approved amendments published thereto.
The investor will be provided with the Key Information Document at no charge and on a timely basis prior to the acquisition of Fund units.
No information or explanations may be given which are at variance with the Sales Prospectus or the Key Information Document. The Management Company shall not be liable if any information or explanations are given which deviate from the terms of the current Sales Prospectus or the Key Information Document.
The Sales Prospectus and the Key Information Document as well as the relevant annual and half-yearly reports for the Fund are available on a durable medium free of charge at the registered office of the Management Company, the Depositary, the country-specific institutions/information agents and sales agent. The Sales Prospectus and the Key Information Document may also be downloaded from www.ethenea.com. Upon request by the investor, these documents will also be provided in hard copy. For further information, please see the section entitled "Information for investors". | Le véhicule de placement décrit dans le présent prospectus (avec annexes et règlement de gestion) (le « pros- pectus ») est un fonds commun de placement de droit luxembourgeois constitué pour une durée illimitée sous la forme d’un fonds sans compartiment conformément à la Partie I de la loi luxembourgeoise du 17 décembre 2010 sur les organismes de placement collectif dans sa version en vigueur (la « Loi du 17 décembre 2010 »).
Le présent prospectus de vente n’est valable qu’accompagné du dernier rapport annuel publié, dont la date de clôture ne peut remonter à plus de seize mois. Si la date de clôture du rapport annuel remonte à plus de huit mois, le rapport semestriel doit aussi être mis à disposition de l’investisseur. La souscription de parts repose sur le prospectus en vigueur et le document d’informations clés relatif aux produits d’investissement packagés de détail et fondés sur l’assurance (en abrégé le « Document d’informations clés »). Lors de la souscription d’une part, l’investisseur accepte le prospectus, le document d’informations clés ainsi que toute modification y afférente autorisée et publiée.
Le document d’informations clés est mis gratuitement à la disposition de l’investisseur en temps utile avant l’acquisition de parts du Fonds.
Il est interdit de fournir des renseignements ou des explications contraires au prospectus ou au document d’informations clés. La Société de gestion décline toute responsabilité quant aux renseignements ou explications fournis qui diffèrent du prospectus en vigueur ou du document d’informations clés.
Le prospectus, le document d’informations clés ainsi que les rapports annuels et semestriels du Fonds peuvent être obtenus gratuitement sur un support durable au siège de la Société de gestion et du dépositaire, ainsi qu’auprès des agents des facilités/agents d’information propres aux différents pays et du distributeur. Le prospectus et le document d’informations clés peuvent également être consultés sur le site Internet www.ethenea.com. Ces documents peuvent également être fournis à l’investisseur au format papier sur simple demande. Pour de plus amples informations, il convient de se référer au chapitre « Informations aux investisseurs ». | The investment fund described in this Sales Prospectus (including the Annexes and the Management Regula- tions) (the "Sales Prospectus") is a Luxembourg investment fund (fonds commun de placement) established for an indefinite period in the form of a mono-fund in accordance with Part I of the latest version of the Luxem- bourg Law of 17 December 2010 relating to undertakings for collective investment (the "Law of 17 December 2010").
This Sales Prospectus is only valid in conjunction with the most recently published annual report, which may not be more than 16 months old. If the annual report is older than eight months, the buyer will also be provided with the semi-annual report. The currently valid Sales Prospectus and the Key Information Document for packaged retail and insurance-based investment products (PRIIP) shall form the legal foundation for the purchase of units. In purchasing units, the investor acknowledges the Sales Prospectus, the Key Information Document and any approved amendments published thereto.
The investor will be provided with the Key Information Document at no charge and on a timely basis prior to the acquisition of Fund units.
No information or explanations may be given which are at variance with the Sales Prospectus or the Key Information Document. The Management Company shall not be liable if any information or explanations are given which deviate from the terms of the current Sales Prospectus or the Key Information Document.
The Sales Prospectus and the Key Information Document as well as the relevant annual and half-yearly reports for the Fund are available on a durable medium free of charge at the registered office of the Management Company, the Depositary, the country-specific institutions/information agents and sales agent. The Sales Prospectus and the Key Information Document may also be downloaded from www.ethenea.com. Upon request by the investor, these documents will also be provided in hard copy. For further information, please see the section entitled "Information for investors". | en | fr |
DOLFIN3016 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Fund information
René Hensel
Co-Manager since 01.02.2012
The fund invests, in accordance with the principle of risk distribu- tion, in a broadly diversified equities portfolio of companies domi- ciled in Switzerland. It tracks the development of the SPI Swiss Per- formance Index and offers investors the possibility of participa- ting in the development of the Swiss equity market. The optimised sampling approach has been chosen as an indexing method. The fund's level of risk relative to the reference index is constantly moni- tored. The fund is suitable for qualified investors having a long-term investment horizon, who wish to benefit from the high earnings potential offered by Swiss equities, and who are ready to accept substantial temporary fluctuations in the value of their assets to do so. | # Fondsdaten
René Hensel
Co-Manager seit 01.02.2012
Der Fonds investiert nach dem Grundsatz der Risikostreuung in ein breit diversifiziertes Aktienportfolio von Gesellschaften mit Domizil in der Schweiz. Er bildet den Verlauf des Swiss Performance Index SPI nach und bietet Anlegern die Möglichkeit, an der Entwick- lung des Schweizer Aktienmarktes teilzuhaben. Als Indexierungs- methode wurde das «optimierte Sampling» gewählt. Das Risiko des Fonds gegenüber dem Referenzindex wird laufend kontrolliert. Der Fonds eignet sich für qualifizierte Anleger mit einem langfristigen Zeithorizont, die vom höheren Ertragspotenzial der Schweizer Aktien profitieren wollen und dafür vorübergehende deutliche Vermögensschwankungen in Kauf nehmen. | # Fund information
René Hensel
Co-Manager since 01.02.2012
The fund invests, in accordance with the principle of risk distribu- tion, in a broadly diversified equities portfolio of companies domi- ciled in Switzerland. It tracks the development of the SPI Swiss Per- formance Index and offers investors the possibility of participa- ting in the development of the Swiss equity market. The optimised sampling approach has been chosen as an indexing method. The fund's level of risk relative to the reference index is constantly moni- tored. The fund is suitable for qualified investors having a long-term investment horizon, who wish to benefit from the high earnings potential offered by Swiss equities, and who are ready to accept substantial temporary fluctuations in the value of their assets to do so. | en | de |
DOLFIN3017 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The non-financial analysis is carried out on all the bonds composing the index. At least 20% of securities are excluded from the index investment universe (“selectivity approach”).
The type of approach used here is thematic (the index is composed of companies that provide products and services proving concrete solutions to specific environmental and/or social challenges, seeking to benefit from future growth anticipated in these areas while contributing capital to the transition towards a low-carbon, inclusive economy). The index administrator uses ESG ratings provided by its ESG research and rating partners to determine, among other things, bonds eligibility.
- From the starting universe (EUR IG Aggregate Index), UNGC violators, non-sovereign issuers earning revenue from thermal coal, oil sands, tobacco or weapons and those involved in severe ESG-related controversies are excluded.
- Only those green bonds that meet the criteria for Climate Bonds Initiative’s (CBI) green labelled database will be eligible for inclusion into the index. Similarly, only social and sustainability bonds that meet the criteria for CBI’s Social and Sustainability database will be eligible for inclusion. The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans and other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bonds issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change. More information can be found at www.climatebonds.net.
- Bonds should have minimum 2 years remaining to maturity and be denominated in EUR and have a minimum amount outstanding of EUR 300 million.
- Application of ESG scoring and “Certificate Climate Bond” issues screening methodology to overweight issuers ranked higher on ESG criteria and to underweight or remove issuers that rank lower:
- Use of J.P Morgan ESG (JESG) issuer scores to adjust the weights of index constituents from the respective baseline index. JESG issuer scores are 0-100 percentile rank calculated based on normalized raw ESG scores from third-party research providers. The JESG scores are divided into five bands.
- Certified green bonds will receive one band upgrade (unless they are already in Band 1). | ### L’analyse non financière est réalisée pour toutes les obligations composant l’indice. Au moins 20 % des titres sont exclus de l’univers d’investissement de l’indice (principe de « sélectivité »).
Le type d’approche adopté ici est thématique (l’indice est composé de sociétés qui fournissent des produits et des services apportant des solutions concrètes à des défis environnementaux et/ou sociaux spécifiques, et qui cherchent à bénéficier de la croissance future prévue dans ces domaines tout en apportant des capitaux pour la transition vers une économie inclusive à faible émission de carbone). L’administrateur de l’indice utilise les notations ESG fournies par sa recherche ESG et par ses partenaires de notation pour déterminer, entre autres, l’éligibilité des obligations.
- Dans l’univers de départ (indice EUR IG Aggregate), ceux qui violent le PMNU, les émetteurs non souverains qui génèrent des revenus à partir du charbon thermique, du sable pétrolier, du tabac ou des armes et ceux qui sont impliqués dans de graves controverses liées aux questions ESG sont exclus.
- Seules les obligations vertes qui répondent aux critères de la base de données de titres portant une étiquette verte de la Climate Bonds Initiative (CBI) pourront être incluses dans l’indice. De même, seules les obligations sociales et de durabilité qui répondent aux critères de la base de données de titres sociaux et de développement durable de CBI pourront être incluses. Le Climate Bonds Standard and Certification Scheme est un système d’étiquetage pour les obligations, les prêts et autres titres de créance. Des critères scientifiques rigoureux garantissent le respect de l’Accord de Paris sur le climat de limiter le réchauffement à moins de 2 degrés. Le Scheme est utilisé à l’échelle mondiale par les émetteurs d’obligations, les gouvernements, les investisseurs et les marchés financiers pour hiérarchiser les investissements qui contribuent véritablement à faire face au changement climatique. De plus amples renseignements sont disponibles sur le site Internet www.climatebonds.net.
- Les obligations doivent avoir une échéance restante d’au moins 2 ans, être libellées en EUR et avoir un encours minimum de 300 millions d’EUR.
- Application d’une méthode de notation et de sélection des émetteurs « Certified Climate Bond » pour surpondérer les émetteurs les mieux classés selon les critères ESG et pour sous-pondérer ou éliminer les émetteurs moins bien notés :
- Utilisation des scores d’émetteur de J.P Morgan ESG (JESG) pour ajuster les pondérations des composantes de l’indice par rapport à l’indice de référence correspondant. Les scores d’émetteur JESG vont de 0 à 100 centiles et sont calculés sur la base des scores ESG bruts normalisés obtenus auprès de prestataires de recherche tiers. Les scores JESG sont divisés en cinq tranches.
- Les obligations vertes certifiées gagneront un échelon (à moins qu’elles ne se trouvent déjà à l’échelon 1). | ### The non-financial analysis is carried out on all the bonds composing the index. At least 20% of securities are excluded from the index investment universe (“selectivity approach”).
The type of approach used here is thematic (the index is composed of companies that provide products and services proving concrete solutions to specific environmental and/or social challenges, seeking to benefit from future growth anticipated in these areas while contributing capital to the transition towards a low-carbon, inclusive economy). The index administrator uses ESG ratings provided by its ESG research and rating partners to determine, among other things, bonds eligibility.
- From the starting universe (EUR IG Aggregate Index), UNGC violators, non-sovereign issuers earning revenue from thermal coal, oil sands, tobacco or weapons and those involved in severe ESG-related controversies are excluded.
- Only those green bonds that meet the criteria for Climate Bonds Initiative’s (CBI) green labelled database will be eligible for inclusion into the index. Similarly, only social and sustainability bonds that meet the criteria for CBI’s Social and Sustainability database will be eligible for inclusion. The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans and other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bonds issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change. More information can be found at www.climatebonds.net.
- Bonds should have minimum 2 years remaining to maturity and be denominated in EUR and have a minimum amount outstanding of EUR 300 million.
- Application of ESG scoring and “Certificate Climate Bond” issues screening methodology to overweight issuers ranked higher on ESG criteria and to underweight or remove issuers that rank lower:
- Use of J.P Morgan ESG (JESG) issuer scores to adjust the weights of index constituents from the respective baseline index. JESG issuer scores are 0-100 percentile rank calculated based on normalized raw ESG scores from third-party research providers. The JESG scores are divided into five bands.
- Certified green bonds will receive one band upgrade (unless they are already in Band 1). | en | fr |
DOLFIN3018 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Global Real Estate Securities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return of the USD I Accumulating Class was 27.63%. Over the same period, the benchmark index, the FTSE EPRA/Nareit Developed Index (Total Return, Net of Tax, USD) (the “Index”), returned 26.30%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any.)
The overall global stock market, as evidenced by the Index, generated strong returns during the year. Driving the market higher were corporate profits that largely exceeded expectations, a resilient economy, additional fiscal support, and overall solid demand. These factors offset concerns over the spread of the COVID-19 Delta and Omicron variants, elevated inflation and indications that several developed country central banks were poised to begin raising interest rates earlier than previously anticipated. All told, the global stock market, as measured by the MSCI All Country World (Net), gained 18.54% over the year ended December 31, 2021. In contrast, for the same period, the Index returned 26.30%. Global real estate securities rallied sharply after experiencing pandemic-driven weakness in 2020.
The Portfolio outperformed the Index during the reporting period. Both stock selection and country positioning, overall, contributed to relative results. The Portfolio’s holdings in the Retail, Health Care and Office sectors added the most value. Conversely, holdings in the Residential, Real Estate Holding & Development, and Infrastructure sectors were the largest detractors from performance. Looking at country positioning, underweights to Germany and Hong Kong added the most value. In contrast, an underweight to the US and an out-of-benchmark position in China were the largest headwinds from performance.
Overseas, the Continental European real estate market lagged in 2021, dragged down by German residential, which we hold. While the sector was extremely resilient throughout the downturn and seen as a safe haven, it did not enjoy the reflation trade. We view the sector quite favourably and believe its attractive fundamentals remain intact. We also continue to believe in Continental European logistics and continue to hold stock focused on this sector. In the UK, there has been an extremely successful vaccine program and there is great hope that life will eventually return to normality. For Asia, China’s regulatory reset in several industries and its tightening stance on the real estate sector have affected broader market sentiment. Reopening themes appear more promising than before, as we see traditional real estate sectors trading at reasonable valuations and post-COVID recovery firmly taking hold with much improved vaccination rates. From a country perspective, Australia and Singapore have more positive outlooks given that the Hong Kong market is undermined by policy uncertainties and Japan’s valuation is no longer compelling after posting strong performance.
Although it may be premature to say that the COVID-19 crisis has ended, we believe the vaccination rollout increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. Meanwhile, the reopening of the economy has led to supply chain and labour challenges. This, combined with exceptional levels of monetary and fiscal stimulus, has led to higher inflation. As a result, several developed country central banks have telegraphed the potential for several rate increases in 2022. Since current rates remain at historically low levels, we believe modest increases should help alleviate inflationary pressure while sustaining the economic recovery. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising the rents they charge their tenants. While we remain cautious on the fundamental outlook for challenged sectors, like Regional Malls, Lodging, and Office, a reopening driven rebound in demand is highlighting opportunities in select segments, including top-tier malls, leisure focused lodging and urban coastal office. These companies are generally well prepared to navigate uncertainty, while also looking for opportunities to make acquisitions of distressed assets. Although the Omicron variant has companies delaying return-to-office plans yet again, the majority of management teams view office locations as vital to productivity and corporate culture. This is evident in the re-emergence of lease signings in major city centers. However, we anticipate that over the long-term hybrid work arrangements are likely to temper overall demand for office space and lower potential rental rate growth.
ANNUAL REPORT 2021 85
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Global Real Estate Securities – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el ejercicio finalizado el 31 de diciembre de 2021 ascendió al 27,63%. En el mismo periodo, el índice de referencia, el FTSE EPRA/Nareit Developed Index (Total Return, Net of Tax, USD) (el “Índice”) rindió un 26,30%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso.)
El mercado bursátil global, tal y como evidencia el Índice, generó sólidas rentabilidades durante el año en términos generales. Unos beneficios empresariales que superaron de largo las expectativas, una economía resiliente, estímulos fiscales adicionales y la solidez generalizada de la demanda dieron impulso al mercado. Estos factores compensaron la preocupación por la propagación de las variantes delta y ómicron de la COVID-19, por la elevada inflación y por los signos de que varios bancos centrales de países desarrollados tenían la intención de empezar a subir los tipos de interés antes de lo inicialmente previsto. Como ya hemos señalado, el mercado bursátil global medido por el índice MSCI All Country World (Net) se anotó una rentabilidad del 18,54% en el ejercicio finalizado el 31 de diciembre de 2021. Por su parte, el Índice rindió un 26,30% en el mismo periodo. Los valores inmobiliarios globales repuntaron con fuerza tras el deterioro provocado por la pandemia en 2020.
La Cartera superó al Índice durante el período analizado. Tanto la selección de valores como el posicionamiento por países contribuyeron en general a la rentabilidad relativa. Las posiciones de la Cartera el sector minorista, atención sanitaria y oficinas fueron las que más contribuyeron a la rentabilidad. En cambio, las posiciones en el sector residencial, construcción y propiedad inmobiliaria, e infraestructuras fueron los principales lastres para los resultados. Por lo que respecta al posicionamiento por países, las infraponderaciones en Alemania y Hong Kong fueron las que más favorecieron. Por el contrario, una infraponderación en EE. UU. y una posición en China no incluida en el índice de referencia representaron los mayores vientos de cara para la rentabilidad.
En el extranjero, el mercado inmobiliario de Europa continental se situó a la zaga 2021, lastrado por el mercado residencial alemán, al que estamos expuestos. A pesar de que el sector se mostró extremadamente resiliente durante la crisis y se consideraba un refugio seguro, no se benefició del "reflation trade". Tenemos una opinión bastante favorable del sector y creemos que el atractivo de sus fundamentales permanece intacto. También seguimos confiando en la logística de Europa continental y mantenemos en cartera posiciones centradas en este sector. En Reino Unido, la campaña de vacunación ha sido particularmente rápida y existen grandes esperanzas de que la vida vuelva finalmente a la normalidad. En Asia, los cambios de reglamentación de China en varias industrias y su postura restrictiva con respecto al sector inmobiliario afectaron al sentimiento del conjunto del mercado. Los temas de la reapertura parecen más prometedores que antes, puesto que observamos sectores inmobiliarios tradicionales que cotizan a valoraciones razonables y una firme consolidación de la recuperación de la COVID-19 con una tasa de vacunación mucho más elevada. Por países, Australia y Singapur se benefician de perspectivas más positivas, dado que el mercado de Hong Kong se ve afectado por incertidumbres políticas y la valoración de Japón ya no resulta atractiva tras los excelentes resultados publicados.
A pesar de que podría ser pronto para decir que la crisis de la COVID-19 ha concluido, creemos que el avance de la vacunación aumenta la visibilidad de un entorno pospandemia y podría dar lugar a una recuperación sostenible del mercado. Por otra parte, la reapertura de la economía ha generado problemas en la cadena de suministro y de mano de obra. Esto, combinado con unos niveles excepcionales de estímulos monetarios y fiscales, ha provocado un aumento de la inflación. Como resultado, varios bancos centrales de países desarrollados han sugerido la posibilidad de aplicar varias subidas de tipos en 2022. Dado que los tipos actuales se mantienen en mínimos históricos, creemos que unas subidas moderadas deberían ayudar a aliviar la presión inflacionaria, favoreciendo al mismo tiempo la recuperación económica. El aumento de la inflación se puede considerar positivo para los propietarios de activos inmobiliarios, dado que pueden beneficiarse de ello a través del aumento de los alquileres que cobran a los arrendatarios. A pesar de que seguimos siendo cautos con respecto a las perspectivas fundamentales de sectores en dificultad como los centros comerciales regionales, el alojamiento y las oficinas, un rebote de la demanda impulsado por la reapertura está sacando a la luz oportunidades en segmentos seleccionados, incluyendo los centros comerciales de primer nivel, los alojamientos orientados al ocio y las oficinas costeras urbanas. Por lo general, estas empresas están preparadas para lidiar con la incertidumbre, al tiempo que buscan oportunidades de compra de activos en dificultades. A pesar de que la variante ómicron obligó a las empresas a aplazar los planes de regreso al trabajo presencial una vez más, la mayoría de los equipos de gestión consideran que las oficinas son vitales para la productividad y la cultura corporativa. Esto se pone de manifiesto por el resurgimiento de las firmas de contratos de arrendamiento en los centros de las grandes ciudades. Sin embargo, prevemos que, a largo plazo, los planes de trabajo híbridos (presencial/teletrabajo) probablemente moderarán la demanda general de espacios de oficinas y limitarán el potencial crecimiento de los alquileres.
INFORME ANUAL 2021 85
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Global Real Estate Securities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return of the USD I Accumulating Class was 27.63%. Over the same period, the benchmark index, the FTSE EPRA/Nareit Developed Index (Total Return, Net of Tax, USD) (the “Index”), returned 26.30%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any.)
The overall global stock market, as evidenced by the Index, generated strong returns during the year. Driving the market higher were corporate profits that largely exceeded expectations, a resilient economy, additional fiscal support, and overall solid demand. These factors offset concerns over the spread of the COVID-19 Delta and Omicron variants, elevated inflation and indications that several developed country central banks were poised to begin raising interest rates earlier than previously anticipated. All told, the global stock market, as measured by the MSCI All Country World (Net), gained 18.54% over the year ended December 31, 2021. In contrast, for the same period, the Index returned 26.30%. Global real estate securities rallied sharply after experiencing pandemic-driven weakness in 2020.
The Portfolio outperformed the Index during the reporting period. Both stock selection and country positioning, overall, contributed to relative results. The Portfolio’s holdings in the Retail, Health Care and Office sectors added the most value. Conversely, holdings in the Residential, Real Estate Holding & Development, and Infrastructure sectors were the largest detractors from performance. Looking at country positioning, underweights to Germany and Hong Kong added the most value. In contrast, an underweight to the US and an out-of-benchmark position in China were the largest headwinds from performance.
Overseas, the Continental European real estate market lagged in 2021, dragged down by German residential, which we hold. While the sector was extremely resilient throughout the downturn and seen as a safe haven, it did not enjoy the reflation trade. We view the sector quite favourably and believe its attractive fundamentals remain intact. We also continue to believe in Continental European logistics and continue to hold stock focused on this sector. In the UK, there has been an extremely successful vaccine program and there is great hope that life will eventually return to normality. For Asia, China’s regulatory reset in several industries and its tightening stance on the real estate sector have affected broader market sentiment. Reopening themes appear more promising than before, as we see traditional real estate sectors trading at reasonable valuations and post-COVID recovery firmly taking hold with much improved vaccination rates. From a country perspective, Australia and Singapore have more positive outlooks given that the Hong Kong market is undermined by policy uncertainties and Japan’s valuation is no longer compelling after posting strong performance.
Although it may be premature to say that the COVID-19 crisis has ended, we believe the vaccination rollout increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. Meanwhile, the reopening of the economy has led to supply chain and labour challenges. This, combined with exceptional levels of monetary and fiscal stimulus, has led to higher inflation. As a result, several developed country central banks have telegraphed the potential for several rate increases in 2022. Since current rates remain at historically low levels, we believe modest increases should help alleviate inflationary pressure while sustaining the economic recovery. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising the rents they charge their tenants. While we remain cautious on the fundamental outlook for challenged sectors, like Regional Malls, Lodging, and Office, a reopening driven rebound in demand is highlighting opportunities in select segments, including top-tier malls, leisure focused lodging and urban coastal office. These companies are generally well prepared to navigate uncertainty, while also looking for opportunities to make acquisitions of distressed assets. Although the Omicron variant has companies delaying return-to-office plans yet again, the majority of management teams view office locations as vital to productivity and corporate culture. This is evident in the re-emergence of lease signings in major city centers. However, we anticipate that over the long-term hybrid work arrangements are likely to temper overall demand for office space and lower potential rental rate growth.
ANNUAL REPORT 2021 85
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN3019 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Exercising of voting rights
The voting rights in connection with the investments are exercised by the world’s leading voting rights adviser, ISS, in accordance with the United Nations Principles for Responsible Investment (UN PRI). Investors shall receive information on the exercising of voting rights upon request. | # Diritto di voto
L’esercizio del diritto di voto associato agli investimenti è tutelato attraverso l’ ISS, il principale consulente di voto a livello mondiale, secondo i principi delle Nazioni Unite per l'investimento responsabile (UN PRI). Ulteriori informazioni relative all’esercizio del diritto di voto saranno fornite agli investitori che ne faranno richiesta. | # Exercising of voting rights
The voting rights in connection with the investments are exercised by the world’s leading voting rights adviser, ISS, in accordance with the United Nations Principles for Responsible Investment (UN PRI). Investors shall receive information on the exercising of voting rights upon request. | en | it |
DOLFIN3020 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Prêts de titres
Au cours de l’exercice clos le 30 septembre 2022, la Société a versé 3 538 USD au Dépositaire en rapport avec les titres prêtés. En ce qui concerne les opérations de prêt de titres, la Société exigera généralement de l’emprunteur qu’il affiche des garanties représentant, en permanence, au moins 105 % de la valeur totale des titres prêtés pendant toute la durée du contrat.
###### Au 30 septembre 2022, aucun prêt de titre n’était en cours.
Le revenu perçu sur ces prêts de titre s’élève à 24 774 USD et figure sous le poste Dividendes et intérêts nets de l’État des opérations et des variations de l’actif net. Le revenu total des prêts de titres est réparti entre le Compartiment et l’agent de prêt de titres. Les Compartiments reçoivent 87,5 % de ce revenu tandis que l’agent de prêt de titres en reçoit 12,5 %.
###### L’analyse des revenus sur les prêts de titres pour l’exercice annuel est la suivante :
| Nom du Compartiment | Devise | Revenu brut | Coût opérationnel | Revenu net |
| --- | --- | --- | --- | --- |
| Emerging Markets Fund | USD | 1 695 | 212 | 1 483 |
| Europe Fund | EUR | 16 088 | 2 011 | 14 077 |
| Global Fund | USD | 7 011 | 876 | 6 135 |
| US Fund | USD | 2 343 | 293 | 2 050 |
- | # Préstamo de valores
Durante el ejercicio finalizado el 30 de septiembre de 2022, la Sociedad pagó 3.538 USD al Depositario en relación con el préstamo de valores. En cuanto a las operaciones de préstamo de valores, en general, la Sociedad exigirá al prestatario que presente una garantía que represente, en todo momento a lo largo de la vigencia del contrato, como mínimo, el 105% del valor total de los valores prestados.
###### A 30 de septiembre de 2022, no había ningún préstamo de valores pendiente.
Los Ingresos por dividendos netos e intereses del Estado de Operaciones y Variaciones en el Patrimonio Neto incluyen unos ingresos derivados del préstamo de valores de 24.774 USD. El total de ingresos procedentes de las operaciones de préstamo de valores se reparte entre el subfondo y el agente de préstamo de valores. Los subfondos reciben el 87,5% del importe; el agente de préstamo de valores, el 12,5% restante.
###### El desglose de los ingresos por operaciones de préstamo de valores durante el ejercicio es el siguiente:
| Nombre del subfondo | Divisa | Ingresos brutos | Coste operativo | Ingresos netos |
| --- | --- | --- | --- | --- |
| Emerging Markets Fund | USD | 1.695 | 212 | 1.483 |
| Europe Fund | EUR | 16.088 | 2.011 | 14.077 |
| Global Fund | USD | 7.011 | 876 | 6.135 |
| US Fund | USD | 2.343 | 293 | 2.050 |
- | # Prêts de titres
Au cours de l’exercice clos le 30 septembre 2022, la Société a versé 3 538 USD au Dépositaire en rapport avec les titres prêtés. En ce qui concerne les opérations de prêt de titres, la Société exigera généralement de l’emprunteur qu’il affiche des garanties représentant, en permanence, au moins 105 % de la valeur totale des titres prêtés pendant toute la durée du contrat.
###### Au 30 septembre 2022, aucun prêt de titre n’était en cours.
Le revenu perçu sur ces prêts de titre s’élève à 24 774 USD et figure sous le poste Dividendes et intérêts nets de l’État des opérations et des variations de l’actif net. Le revenu total des prêts de titres est réparti entre le Compartiment et l’agent de prêt de titres. Les Compartiments reçoivent 87,5 % de ce revenu tandis que l’agent de prêt de titres en reçoit 12,5 %.
###### L’analyse des revenus sur les prêts de titres pour l’exercice annuel est la suivante :
| Nom du Compartiment | Devise | Revenu brut | Coût opérationnel | Revenu net |
| --- | --- | --- | --- | --- |
| Emerging Markets Fund | USD | 1 695 | 212 | 1 483 |
| Europe Fund | EUR | 16 088 | 2 011 | 14 077 |
| Global Fund | USD | 7 011 | 876 | 6 135 |
| US Fund | USD | 2 343 | 293 | 2 050 |
- | fr | es |
DOLFIN3021 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Temporary purchase and sale of securities
For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. These transactions consist of:
- Securities repurchase and reverse repurchase agreements
- Securities lending/borrowingThe expected proportion of assets under management that may be involved in such transactions is 10% of the net assets. | ### Befristete Käufe und Abtretungen von Wertpapieren
Zum Zweck der effizienten Portfolioverwaltung und ohne von seinen Anlagezielen abzuweichen kann der Fonds bis in Höhe von 20% seines Nettovermögens vorübergehend Wertpapiere erwerben/abtreten (Wertpapierfinanzierungsgeschäfte), sofern es sich um für den Fonds zulässige Wertpapiere handelt (im Wesentlichen Aktien und Geldmarktinstrumente). Diese Geschäfte werden getätigt, um die Erträge des Fonds zu optimieren, seine Barmittel anzulegen, das Portfolio an Bestandsschwankungen anzupassen oder die zuvor beschriebenen Strategien umzusetzen. Bei diesen Geschäften handelt es sich um:
- Wertpapierpensionsgeschäfte
- WertpapierleihegeschäfteDer erwartete Anteil des verwalteten Vermögens, der Gegenstand derartiger Geschäfte sein kann, beträgt 10% des Nettovermögens. | ### Temporary purchase and sale of securities
For efficient portfolio management purposes, and without deviating from its investment objectives, the fund may allocate up to 20% of its net assets to temporary purchases/sales (securities financing transactions) of securities eligible for the fund (essentially equities and money market instruments). These trades are made to optimise the fund's income, invest its cash, adjust the portfolio to changes in the assets under management, or implement the strategies described above. These transactions consist of:
- Securities repurchase and reverse repurchase agreements
- Securities lending/borrowingThe expected proportion of assets under management that may be involved in such transactions is 10% of the net assets. | en | de |
DOLFIN3022 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 28.2 | 35.6 | -0.4 | 14.2 | 6.3 | 20.3 | -15.5 | 29.2 | -5.5 | 13.9 |
| Benchmark † | 30.0 | 36.6 | 0.1 | 14.8 | 6.8 | 21.0 | -15.0 | 30.0 | -4.9 | 14.5 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares VII plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares VII plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares VII plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares VII plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares VII plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares VII plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 02 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 28,2 | 35,6 | -0,4 | 14,2 | 6,3 | 20,3 | -15,5 | 29,2 | -5,5 | 13,9 |
| Índice † | 30,0 | 36,6 | 0,1 | 14,8 | 6,8 | 21,0 | -15,0 | 30,0 | -4,9 | 14,5 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares VII plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares VII plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares VII plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares VII plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares VII plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares VII plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 02 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 28.2 | 35.6 | -0.4 | 14.2 | 6.3 | 20.3 | -15.5 | 29.2 | -5.5 | 13.9 |
| Benchmark † | 30.0 | 36.6 | 0.1 | 14.8 | 6.8 | 21.0 | -15.0 | 30.0 | -4.9 | 14.5 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares VII plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares VII plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares VII plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares VII plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares VII plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares VII plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 02 February 2022 | en | es |
DOLFIN3023 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
## Risques
⚠
L’indicateur de risque suppose que vous conserviez le produit pendant 5 ans.
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
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 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques matériellement pertinents du fonds sont les suivants : risque de volatilité du marché, risque de change, risque de concentration, risque lié au prélèvement des frais sur le capital, risque lié aux entreprises de petite taille et risque ESG. Pour plus d’informations sur ces risques ou d’autres applicables à ce fonds, veuillez consulter le prospectus correspondant disponible sur le site www.artemisfunds.com/literature. | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Riesgo
⚠
El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. Podrá recibir pagos en una moneda diferente, por lo que su rentabilidad final dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos de importancia significativa para el fondo son: riesgo de volatilidad de mercado, riesgo de cambio, riesgo de concentración, riesgo de los gastos detraídos del capital, riesgo propio de las pequeñas empresas y riesgo ASG. Para obtener información completa sobre estos y otros riesgos aplicables a este fondo, remítase al folleto de este, disponible en www.artemisfunds.com/literature. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
## Risques
⚠
L’indicateur de risque suppose que vous conserviez le produit pendant 5 ans.
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
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 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques matériellement pertinents du fonds sont les suivants : risque de volatilité du marché, risque de change, risque de concentration, risque lié au prélèvement des frais sur le capital, risque lié aux entreprises de petite taille et risque ESG. Pour plus d’informations sur ces risques ou d’autres applicables à ce fonds, veuillez consulter le prospectus correspondant disponible sur le site www.artemisfunds.com/literature. | fr | es |
DOLFIN3024 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Insight Investment Funds Management Limited serves as investment manager of the Company and also acts as the primary entity that promotes of the Funds.
The Company may decline any application for Shares in whole or in part without assigning any reason therefor and may decline to accept an initial subscription for Shares of any amount (exclusive of the preliminary charge, if any) which is less than the Minimum Initial Subscription unless the Minimum Initial Subscription is waived by the Directors.
After the initial issue, Shares will be issued and repurchased at the Net Asset Value per Share plus or minus duties and charges (as the case may be) including any preliminary charge specified in the relevant Supplement for the Fund. The Net Asset Value of the Shares of each class and the issue and repurchase prices will be calculated in accordance with the provisions summarised under the heading “Issue and Repurchase Prices”.
All holders of Shares will be entitled to the benefit of, will be bound by, and deemed to have notice of the provisions of the Memorandum and Articles of the Company summarised under the heading “General Information”, copies of which are available as detailed below.
## Directors of the Company
The Central Bank Regulations introduce the concept of the responsible person, being the party responsible for compliance with the relevant requirements of the Central Bank Regulations on behalf of a particular Irish authorised UCITS. As the Company has not designated a management company, the Directors collectively (as opposed to any director or other officer individually) assume the role of the responsible person for the Company and any relevant references in the Prospectus to the Directors shall be construed accordingly, as appropriate. | # Insight Investment Funds Management Limited actúa en calidad de gestora de inversiones de la Sociedad y de principal promotor de los Subfondos.
La Sociedad podrá rechazar en su totalidad o en parte cualquier solicitud de Acciones, sin necesidad de justificar su decisión, así como una suscripción inicial de Acciones por un importe (sin incluir la comisión de suscripción, si la hubiere) inferior a la Suscripción mínima inicial, salvo que los Consejeros renuncien a exigirla.
Tras la emisión inicial, las Acciones se suscribirán y reembolsarán al Valor liquidativo por Acción menos o más los correspondientes impuestos y gastos (según sea el caso), incluida cualquier comisión de suscripción que se especifique en el correspondiente Suplemento del Subfondo. El Valor liquidativo por Acción de cada Clase y los precios de suscripción y reembolso se calcularán con arreglo a las disposiciones que se detallan en el apartado “Precios de suscripción y reembolso”.
Todos los titulares de Acciones tendrán derecho a beneficiarse de las disposiciones de la Escritura de constitución y de los Estatutos la Sociedad, que les obligan y de las que se entiende que han recibido notificación, que se resumen en el apartado “Información general”, y cuyas copias están a su disposición en las condiciones que se especifican a continuación.
## Consejeros de la Sociedad
El Reglamento del Banco Central introduce el concepto de persona responsable, siendo la parte responsable del cumplimiento de los requisitos pertinentes del Reglamento del Banco Central en nombre de un determinado OICVM irlandés autorizado. Dado que la Sociedad no ha designado una sociedad de gestión, los Consejeros, colectivamente (en oposición a cualquier consejero u otro funcionario de forma individual), asumirán el cargo de persona responsable de la Sociedad y todas las referencias contenidas en el Folleto a los Consejeros deberán interpretarse en consecuencia, según proceda. | # Insight Investment Funds Management Limited serves as investment manager of the Company and also acts as the primary entity that promotes of the Funds.
The Company may decline any application for Shares in whole or in part without assigning any reason therefor and may decline to accept an initial subscription for Shares of any amount (exclusive of the preliminary charge, if any) which is less than the Minimum Initial Subscription unless the Minimum Initial Subscription is waived by the Directors.
After the initial issue, Shares will be issued and repurchased at the Net Asset Value per Share plus or minus duties and charges (as the case may be) including any preliminary charge specified in the relevant Supplement for the Fund. The Net Asset Value of the Shares of each class and the issue and repurchase prices will be calculated in accordance with the provisions summarised under the heading “Issue and Repurchase Prices”.
All holders of Shares will be entitled to the benefit of, will be bound by, and deemed to have notice of the provisions of the Memorandum and Articles of the Company summarised under the heading “General Information”, copies of which are available as detailed below.
## Directors of the Company
The Central Bank Regulations introduce the concept of the responsible person, being the party responsible for compliance with the relevant requirements of the Central Bank Regulations on behalf of a particular Irish authorised UCITS. As the Company has not designated a management company, the Directors collectively (as opposed to any director or other officer individually) assume the role of the responsible person for the Company and any relevant references in the Prospectus to the Directors shall be construed accordingly, as appropriate. | en | es |
DOLFIN3025 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Lower risk, Higher risk,
potentially lower return potentially higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The definition of the risk and reward category is based on the historical performance data and/or the risk limit indicated in the Sub-Fund's investment policy.
It may not be a reliable indication of the future risk profile of the Sub-Fund. The risk and reward category shown may change over time. Category 1 does not mean that an investment is risk-free. Investors should note that the Sub-Fund is not guaranteed or capital protected.
This Sub-Fund is rated in category 4, in line with the type of securities and geographic regions detailed under the heading “Objectives and investment policy”, as well as the currency of the unit.
Significant risks not taken into account in this indicator:
Credit Risk: When a significant level of investment is made in debt securities.
Liquidity Risk: The markets for some securities and instruments may have limited liquidity. This limited liquidity could be a disadvantage to the Sub-Fund, both in the realisation of the prices quoted and in the execution of orders at desired prices.
Impact of techniques such as derivative contracts: The use of derivatives instruments can infer a decrease of the asset more significant than the decrease of the invested underlying assets or markets.
Counterparty risk: where a fund is backed by collateral or has significant investment exposure through contracts with a third party.
Operational risk: The Sub-Fund may suffer losses due to the failure of operational processes, including those related to the safekeeping of assets.
The occurrence of any of these risks may negatively impact the net asset value. | # RISIKO- UND ERTRAGSPROFIL
Niedrige Risiken Hohe Risiken
potenziell geringere Rendite potenziell höhere Rendite
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Die Definition der Risiko- und Ertragskategorie basiert auf den historischen Wertentwicklungsdaten und/oder der in der Anlagepolitik des Teilfonds angegebenen Risikogrenze.
Sie gibt eventuell keinen zuverlässigen Aufschluss über das zukünftige Risikoprofil des Teilfonds. Die angegebene Risiko- und Ertragskategorie kann sich im Laufe der Zeit ändern. Kategorie 1 bedeutet nicht, dass eine Anlage risikolos ist. Anleger sollten beachten, dass der Teilfonds weder über eine Garantie noch über einen Kapitalschutz verfügt.
Dieser Teilfonds wird der Kategorie 4 zugeordnet, in Übereinstimmung mit der unter der Überschrift „Zielsetzung und Anlagepolitik“ beschriebenen Art der Sicherheiten und der geografischen Regionen sowie der Anteilswährung.
Signifikante Risiken, die von diesem Indikator nicht berücksichtigt werden:
Kreditrisiko: Wenn ein wesentlicher Teil der Anlagen in Schuldtiteln erfolgt. Liquiditätsrisiko: Die Märkte für einige Wertpapiere und Instrumente können eine begrenzte Liquidität aufweisen. Diese begrenzte Liquidität könnte sich sowohl bei der Realisierung der notierten Preise als auch bei der Ausführung der Aufträge zu den gewünschten Preisen nachteilig für den Teilfonds auswirken.
Auswirkungen von Techniken wie Derivaten: Die Verwendung von derivativen Finanzinstrumenten kann dazu führen, dass der Vermögenswert stärker sinkt als die Basiswerte oder Märkte, in die investiert wurde.
Ausfallrisiko: Wenn ein Fonds durch Sicherheiten unterlegt ist oder ein wesentliches Anlageengagement über Verträge mit einem Dritten hat.
Betriebsrisiko: Das Versagen von Betriebsprozessen, darunter solchen, die mit der Verwahrung der Vermögenswerte zusammenhängen, kann zu Verlusten für den Teilfonds führen.
Das Eintreten eines dieser Risiken kann sich negativ auf den Nettoinventarwert auswirken. | # RISK AND REWARD PROFILE
Lower risk, Higher risk,
potentially lower return potentially higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The definition of the risk and reward category is based on the historical performance data and/or the risk limit indicated in the Sub-Fund's investment policy.
It may not be a reliable indication of the future risk profile of the Sub-Fund. The risk and reward category shown may change over time. Category 1 does not mean that an investment is risk-free. Investors should note that the Sub-Fund is not guaranteed or capital protected.
This Sub-Fund is rated in category 4, in line with the type of securities and geographic regions detailed under the heading “Objectives and investment policy”, as well as the currency of the unit.
Significant risks not taken into account in this indicator:
Credit Risk: When a significant level of investment is made in debt securities.
Liquidity Risk: The markets for some securities and instruments may have limited liquidity. This limited liquidity could be a disadvantage to the Sub-Fund, both in the realisation of the prices quoted and in the execution of orders at desired prices.
Impact of techniques such as derivative contracts: The use of derivatives instruments can infer a decrease of the asset more significant than the decrease of the invested underlying assets or markets.
Counterparty risk: where a fund is backed by collateral or has significant investment exposure through contracts with a third party.
Operational risk: The Sub-Fund may suffer losses due to the failure of operational processes, including those related to the safekeeping of assets.
The occurrence of any of these risks may negatively impact the net asset value. | en | de |
DOLFIN3026 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# IMPORTANT
The Fund has been developed solely by the Company. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Russell 2000® Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “Russell®” is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of the Frank Russell Company or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Company. | # WICHTIGER HINWEIS
Der Fonds wurde ausschließlich von der Gesellschaft entwickelt. Der Fonds ist in keiner Weise mit der London Stock Exchange Group plc und ihren Konzernunternehmen (zusammen die „LSE-Gruppe“) verbunden und wird von dieser nicht gesponsert, empfohlen, verkauft oder beworben. FTSE Russell ist ein Handelsname bestimmter Unternehmen der LSE-Gruppe.
Alle Rechte am Russell 2000® Index (der „Index“) liegen beim jeweiligen Unternehmen der LSE-Gruppe, dem der Index gehört. „Russell®“ ist eine Handelsmarke des jeweiligen Unternehmens der LSE-Gruppe und wird von allen anderen Unternehmen der LSE-Gruppe im Rahmen einer Lizenz genutzt.
Der Index wird von oder für die Frank Russell Company oder eines ihrer verbundenen Unternehmen bzw. einen ihrer Beauftragten oder Partner berechnet. Die LSE-Gruppe übernimmt keine Haftung jeglicher Art gegenüber irgendwelchen Personen aufgrund (a) der Nutzung des Indexes, des Vertrauens darauf oder eines darin enthaltenen Fehlers oder (b) der Anlage in den Fonds oder dessen Betrieb. Die LSE-Gruppe macht keine Behauptungen, Vorhersagen, Gewährleistungen oder Zusicherungen in Bezug auf die mit dem Fonds erzielbaren Ergebnisse oder die Eignung des Index für den Zweck, zu dem er von der Gesellschaft verwendet wird. | # IMPORTANT
The Fund has been developed solely by the Company. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Russell 2000® Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “Russell®” is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of the Frank Russell Company or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Company. | en | de |
DOLFIN3027 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Although the ICAV will attempt to satisfy any obligations imposed on it to avoid the imposition of the FATCA withholding tax, no assurance can be given that the ICAV will be able to satisfy these obligations. In order to satisfy its FATCA obligations, the ICAV will require certain information from investors in respect of their FATCA status. If the ICAV becomes subject to a withholding tax as a result of the FATCA regime, the value of the Shares held by all Shareholders may be materially affected.
All prospective investors should consult with their own tax advisors regarding the possible implications of FATCA on an investment in the ICAV.
- Cyber Security and Identity TheftInformation and technology systems relied upon by the ICAV, the Manager, the relevant Investment Manager, the ICAV's service providers (including, but not limited to, the Auditors, the Distributor, the Co-ordinator, the Depositary and the Administrator) and/or the issuers of securities in which the relevant Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorised persons and security breaches, usage errors by their respective professionals, power outages and catastrophic eventssuch as fires, tornadoes, floods, hurricanes and earthquakes. Although the parties noted above have implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the operations of the ICAV, the Manager, a Fund, an Investment Manager, a service provider and/or the issuer of a security in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). Such a failure could also harm the ICAV's, the Manager's, a Fund’s, an Investment Manager, a service provider’s and/or an issuer’s reputation, subject such entity and its affiliates to legal claims and otherwise affect their business and financial performance.
- Investment in Russia
- Political and Social RisksSince 1985, Russia has been undergoing a substantial political transformation from a centrally controlled command economy under communist rule to a pluralist market- oriented democracy. A significant number of changes were undertaken during these years but there is still no assurance that the political and economic reforms necessary to complete such a transformation will continue or will be successful. | Sebbene la ICAV tenterà di soddisfare eventuali obblighi imposti al fine di evitare l'imposizione della ritenuta FATCA, non vi è alcuna garanzia che la ICAV possa essere in grado di far fronte a tali obblighi. Per soddisfare gli obblighi imposti dal FATCA, la ICAV dovrà ottenere dagli investitori talune informazioni circa il loro status FATCA. Laddove la ICAV divenga soggetta a ritenuta per via del regime FATCA, il valore delle Azioni detenute da tutti gli Azionisti potrà risentirne in modo significativo.
Tutti i potenziali investitori sono pregati di consultare i propri consulenti fiscali circa le potenziali implicazioni del FATCA sugli investimenti della ICAV.
- Sicurezza informatica e furto d'identitàI sistemi informatici e tecnologici su cui si basano la ICAV, il Gestore, i Gestori degli investimenti, i fornitori di servizi della ICAV (ivi compresi, a titolo esemplificativo ma non esaustivo, la Società di revisione, il Distributore, il Coordinatore, la Banca depositaria e l'Agente amministrativo) e/o gli emittenti dei titoli in cui i Fondi investono potrebbero essere soggetti a danni o interruzioni dovuti a virus informatici, guasti della rete, guasti di computer e linee di telecomunicazione, accessi da parte di soggetti non autorizzati e violazioni della sicurezza, errori di utilizzo da parte dei professionisti, guasti di alimentazione ed eventi catastrofici quali incendi, tornado, inondazioni, uragani e terremoti. Sebbene le parti di cui sopra abbiano attuato misure volte a gestire i rischi relativi a tali tipologie di eventi, laddove tali sistemi fossero compromessi, divenissero inutilizzabili per periodi prolungati o cessassero di funzionare correttamente, potrebbero essere richiesti investimenti significativi per ripararli o sostituirli. I piani di recupero dei guasti di tali sistemi e/o disastri di qualunque natura potrebbero comportare interruzioni delle operazioni della ICAV, del Gestore, dei Fondi, dei Gestori degli investimenti, dei fornitori di servizi e/o degli emittenti dei titoli in cui i Fondi investono e potrebbero comportare il mancato mantenimento della sicurezza, della riservatezza o della privacy di dati sensibili, ivi comprese le informazioni personali relative agli investitori (e dei beneficiari effettivi degli investitori). Tali guasti potrebbero inoltre danneggiare la reputazione della ICAV, del Gestore, dei Fondi, dei Gestori degli investimenti, dei fornitori di servizi e/o degli emittenti, assoggettare le suddette entità e le relative consociate ad azioni legali e influire sulle relative performance commerciali e finanziarie.
- Investimenti in Russia
- Rischi politici e socialiA partire dal 1985 la Russia ha subito una significativa trasformazione politica da economia controllata a livello centrale da un governo comunista a democrazia pluralista orientata al mercato. Nel corso degli anni sono state apportate numerose modifiche, ma non vi è ancora alcuna garanzia che le riforme politiche ed economiche necessarie al completamento di tale trasformazione possano continuare o avere successo. | Although the ICAV will attempt to satisfy any obligations imposed on it to avoid the imposition of the FATCA withholding tax, no assurance can be given that the ICAV will be able to satisfy these obligations. In order to satisfy its FATCA obligations, the ICAV will require certain information from investors in respect of their FATCA status. If the ICAV becomes subject to a withholding tax as a result of the FATCA regime, the value of the Shares held by all Shareholders may be materially affected.
All prospective investors should consult with their own tax advisors regarding the possible implications of FATCA on an investment in the ICAV.
- Cyber Security and Identity TheftInformation and technology systems relied upon by the ICAV, the Manager, the relevant Investment Manager, the ICAV's service providers (including, but not limited to, the Auditors, the Distributor, the Co-ordinator, the Depositary and the Administrator) and/or the issuers of securities in which the relevant Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorised persons and security breaches, usage errors by their respective professionals, power outages and catastrophic eventssuch as fires, tornadoes, floods, hurricanes and earthquakes. Although the parties noted above have implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the operations of the ICAV, the Manager, a Fund, an Investment Manager, a service provider and/or the issuer of a security in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). Such a failure could also harm the ICAV's, the Manager's, a Fund’s, an Investment Manager, a service provider’s and/or an issuer’s reputation, subject such entity and its affiliates to legal claims and otherwise affect their business and financial performance.
- Investment in Russia
- Political and Social RisksSince 1985, Russia has been undergoing a substantial political transformation from a centrally controlled command economy under communist rule to a pluralist market- oriented democracy. A significant number of changes were undertaken during these years but there is still no assurance that the political and economic reforms necessary to complete such a transformation will continue or will be successful. | en | it |
DOLFIN3028 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The profile of the typical investor in the UCITS is described in Appendix A "Overview of the fund".
-
# Investment regulations
-
# Approved investments | Das Profil des typischen Anlegers des OGAW ist im Anhang A "Fonds im Überblick“ beschrieben.
-
# Anlagevorschriften
-
# Zugelassene Anlagen | The profile of the typical investor in the UCITS is described in Appendix A "Overview of the fund".
-
# Investment regulations
-
# Approved investments | en | de |
DOLFIN3029 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: December 3, 2019. The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 3 de diciembre de 2019. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
4%
2%
0%
-2%
-4%
-6% | ### Launch Date and Currency
Sub-Fund's launch date: December 3, 2019. The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6% | en | es |
DOLFIN3030 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Informations clés pour l'investisseur | |
| --- | --- |
| Ce document fournit des informations essentielles aux investisseurs de ce fonds. Il ne s’agit pas d’un document promotionnel. Les informations qu’il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans ce fonds et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d’investir ou non. |
| Ashmore SICAV Emerging Markets Short Duration Fund : Institutional USD (Acc) | |
| Un compartiment de Ashmore SICAV | ISIN: LU1076333167 |
| Société de gestion : Ashmore Investment Management (Ireland) Limited | |
| Objectifs et politique d'investissement | | | | Datos fundamentales para el inversor | |
| --- | --- |
| El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él. |
| Ashmore SICAV Emerging Markets Short Duration Fund : Institutional USD (Acc) | |
| Un subfondo de Ashmore SICAV | ISIN: LU1076333167 |
| Sociedad de gestión: Ashmore Investment Management (Ireland) Limited | |
| Objetivos y política de inversión | | | | Informations clés pour l'investisseur | |
| --- | --- |
| Ce document fournit des informations essentielles aux investisseurs de ce fonds. Il ne s’agit pas d’un document promotionnel. Les informations qu’il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans ce fonds et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d’investir ou non. |
| Ashmore SICAV Emerging Markets Short Duration Fund : Institutional USD (Acc) | |
| Un compartiment de Ashmore SICAV | ISIN: LU1076333167 |
| Société de gestion : Ashmore Investment Management (Ireland) Limited | |
| Objectifs et politique d'investissement | | | fr | es |
DOLFIN3031 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Step 4: Compiling the Index
In addition to the filters for carbon intensity and fossil reserves, the following restrictions are applied when compiling the MSCI Europe Low Carbon Leaders Index:
- The maximum weighting of each constituent element in the Index is restricted to twenty times its weighting within the parent index, MSCI Europe
- The weighting by which each country may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The weighting by which each segment may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The reduction in greenhouse gas emissions and potential greenhouse gas emissions, calculated by using fossil fuel reserves, must be at least 50% when compared to the parent index, MSCI Europe. | ##### Paso 4: Compilar el Índice
Además de los filtros de intensidad de carbono y de reservas fósiles, se aplican las siguientes restricciones al compilar el Índice MSCI Europe Low Carbon Leaders:
- La ponderación máxima de cada elemento componente del Índice se restringe a veinte veces su ponderación dentro del Índice matriz, el MCSI Europe.
- La ponderación por la cual cada país puede fluctuar en el Índice se restringe a un 2% de su ponderación dentro del Índice matriz, el MSCI Europe.
- La ponderación por la cual cada segmento puede fluctuar en el Índice se restringe a un 2% de su ponderación dentro del Índice matriz, el MSCI Europe.
- La reducción de las emisiones de gases de efecto invernadero reales y potenciales, que se calcula usando las reservas de combustibles fósiles, debe ser de un 50% como mínimo en comparación con el Índice matriz, el MSCI Europe. | #### Step 4: Compiling the Index
In addition to the filters for carbon intensity and fossil reserves, the following restrictions are applied when compiling the MSCI Europe Low Carbon Leaders Index:
- The maximum weighting of each constituent element in the Index is restricted to twenty times its weighting within the parent index, MSCI Europe
- The weighting by which each country may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The weighting by which each segment may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The reduction in greenhouse gas emissions and potential greenhouse gas emissions, calculated by using fossil fuel reserves, must be at least 50% when compared to the parent index, MSCI Europe. | en | es |
DOLFIN3032 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 5.25% of the amount you pay in when entering this investment. | 509 AUD |
| Exit costs | We do not charge an exit fee for this product. | 0 AUD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.88% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 182 AUD |
| Transaction costs | 0.20% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 19 AUD |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 AUD | | | Einmalige Kosten bei Einstieg oder Ausstieg | Wenn Sie nach 1 Jahr aussteigen |
| --- | --- |
| Einstiegskosten | 5,25 % des Betrags, den Sie beim Einstieg in diese Anlage zahlen. | 509 AUD |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. | 0 AUD |
| Laufende Kosten pro Jahr |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 1,88 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. | 182 AUD |
| Transaktionskosten | 0,20 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 19 AUD |
| Zusätzliche Kosten unter bestimmten Bedingungen |
| Erfolgsgebühr | Für dieses Produkt wird keine Erfolgsgebühr berechnet. | 0 AUD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 5.25% of the amount you pay in when entering this investment. | 509 AUD |
| Exit costs | We do not charge an exit fee for this product. | 0 AUD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.88% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 182 AUD |
| Transaction costs | 0.20% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 19 AUD |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 AUD | | en | de |
DOLFIN3033 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Pour les résidents de Hong Kong uniquement
Le Gestionnaire et/ou le Gérant de Portefeuille peuvent conclure des transactions pour le compte d’un Compartiment avec : (i) les comptes d’autres clients gérés par le Gestionnaire, le Gérant de Portefeuille ou leurs sociétés affiliées ou (ii) leurs « comptes internes » (p. ex., les comptes détenus par le Gestionnaire, le Gérant de Portefeuille ou toute personne liée pouvant exercer un contrôle ou une influence sur ces dits comptes) (« opérations croisées »). Ces opérations croisées ne seront entreprises qu’en conformité avec les exigences appropriées promulguées par les autorités concernées.
###### Pour l’exercice clos le 30 septembre 2022, la Société a conclu l’opération croisée suivante :
| Date de transaction | Dénomination du titre | Quantité | Prix |
| --- | --- | --- | --- |
| 03/12/2021 | Tradeshift Holdings | 23 219 | 4,898 |
###### Informations sur la rémunération
FIMLUX est une société de gestion agréée pour la gestion d’OPCVM qui est entièrement détenue par FIL. Le Groupe FIL, composé de FIL et de ses filiales, a approuvé une politique de rémunération qui s’applique à tous les éléments constitutifs du groupe. En outre, FIMLUX a publié sa propre politique de rémunération qui reflète étroitement celle du Groupe FIL. Lors de la mise en œuvre de sa politique, FIMLUX s’assurera de la bonne gouvernance de l’entreprise et mettra en avant une gestion du risque saine et efficace.
###### Politique de rémunération
La politique de rémunération n’incite pas à prendre des risques d’une manière qui s’avérerait contraire à l’appétit pour le risque de la Société, aux Statuts et au Prospectus. FIMLUX s’assurera que toutes les décisions sont conformes à la stratégie commerciale globale, aux objectifs et à la politique de rémunération, et tentera d’éviter d’éventuels conflits d’intérêts.
La rémunération fixe désigne le salaire de base et les autres avantages. Les salaires de base sont compétitifs par rapport au marché local, et dépendent du poste, des responsabilités, de l’expérience, des qualifications, de la performance et de la contribution globale d’un individu aux résultats de FIL. Ces critères sont réexaminés régulièrement.
La rémunération variable désigne les primes annuelles et les primes de rendement à long terme. Ces composantes discrétionnaires de la rémunération sont déterminées au regard de la performance individuelle et des résultats globaux de l’entreprise (en tenant compte des performances financières et non financières, des activités connexes et des risques opérationnels).
###### Vous trouverez un résumé de la politique de rémunération sur https://www.fidelityinternational.com.
FIMLUX s’assurera que la politique de rémunération soit révisée chaque année en interne et de manière indépendante. Aucun changement important n’a été apporté à la politique de rémunération adoptée depuis le dernier examen effectué en février 2022 et le résultat de l’examen n’a pas produit d’exception. La politique de rémunération s’applique à tous les employés de FIMLUX, y compris ceux dont les activités professionnelles ont une incidence substantielle sur le profil de risque de la Société de gestion ou de l’OPCVM qu’elle gère (« membres du personnel identifié »). Les membres du personnel identifié comprennent les membres du Conseil de la Société de gestion, les dirigeants, les responsables exerçant une fonction de contrôle ou des activités essentielles. Ces individus sont informés de leur statut et des responsabilités y afférentes au moins une fois par an.
| Rémunération totale du personnel de la Société de gestion et de ses délégués pour l’exercice financier annuel précédent | 5 447 455 EUR |
| --- | --- |
| dont une rémunération fixe | 4 348 135 EUR |
| dont une rémunération variable | 1 099 320 EUR |
| Nombre total d’employés de la Société de gestion et de ses délégués (au 31/12/2021) | 65 |
| Partie de la rémunération attribuable à la SICAV (au 31/12/2021) | 1,07 % | | # Para los residentes en Hong Kong únicamente
La Sociedad Gestora o el Gestor de Inversiones podrán realizar operaciones por cuenta de un subfondo con: (i) las cuentas de otros clientes que gestione la Sociedad Gestora, el Gestor de Inversiones o sus filiales; o (ii) sus cuentas propias (es decir, aquellas que sean titularidad de la Sociedad Gestora, el Gestor de Inversiones o sus partes vinculadas sobre las que puede ejercer control e influencia) (“operaciones cruzadas”). Dichas operaciones cruzadas solo se llevarán a cabo atendiendo a los pertinentes requisitos que promulguen las correspondientes autoridades.
###### Durante el ejercicio finalizado el 30 de septiembre de 2022, la Sociedad formalizó las siguientes operaciones:
| Fecha de la operación | Nombre del valor | Cantidad | Precio |
| --- | --- | --- | --- |
| 03/12/2021 | Tradeshift Holdings | 23.219 | 4,898 |
###### Información sobre remuneración
FIMLUX es una Sociedad Gestora de OICVM autorizada y filial en propiedad absoluta de FIL. El Grupo FIL, compuesto por FIL y sus filiales, ha aprobado una política de remuneración aplicable a todas las partes que conforman el grupo. Además, FIMLUX cuenta con su propia política de remuneración, que refleja fielmente la del grupo FIL. Con la implantación de esta medida, FIMLUX garantizará un buen gobierno corporativo y fomentará una gestión sólida y eficaz del riesgo.
###### Política de remuneración
La política de remuneración no incita a asumir riesgos que sean incompatibles con el nivel de riesgo asumible establecido por la Sociedad, sus Estatutos o el Folleto Informativo. FIMLUX se asegurará de que toda decisión sea coherente con la estrategia operativa general, los objetivos y la política de remuneración y procurará evitar cualesquiera conflictos de intereses que puedan surgir.
La remuneración fija consiste en el salario base y otras prestaciones. Los salarios base son competitivos en relación con los de cada mercado y se determinan según el puesto y las responsabilidades concretas de una persona, su experiencia, formación, desempeño y aportación global a FIL. Los salarios se revisan periódicamente.
La remuneración variable corresponde a gratificaciones anuales e incentivos a largo plazo. Estos elementos de retribución discrecional vienen determinados por el desempeño individual y la capacidad global de gasto de la Sociedad (que se establece teniendo en cuenta los resultados económicos y de otra índole, así como los riesgos empresariales y de explotación asociados).
###### Puede consultar un resumen de la Política de Remuneración visitando https://www.fidelityinternational.com.
FIMLUX garantizará que la política de remuneración se someta a una revisión interna e independiente de forma anual. No ha habido cambios sustanciales en la política de remuneración adoptada desde la última revisión, llevada a cabo en febrero de 2022, y el resultado de la revisión no detectó ninguna excepción. La Política de Remuneración se aplica a todos los empleados de FIMLUX, incluidas aquellas personas cuya actividad profesional tiene un alto impacto sobre el perfil de riesgo de la Sociedad Gestora o los Fondos OICVM que gestiona (el “Personal Identificado de OICVM”). Algunas de las personas incluidas en este grupo son los miembros del Consejo de la Sociedad Gestora, la alta dirección, los jefes de las funciones de control pertinentes y los jefes de otras funciones clave. La pertenencia a este grupo de personal y lo que ello implica se comunicarán a las personas afectadas al menos una vez al año.
| Remuneración total abonada al personal en plantilla de la Sociedad Gestora y a sus delegados en el último ejercicio | 5.447.455 EUR |
| --- | --- |
| De los cuales, corresponden a remuneración fija | 4.348.135 EUR |
| De los cuales, corresponden a remuneración variable | 1.099.320 EUR |
| Número total de empleados de la Sociedad Gestora y sus delegados (a 31 de diciembre de 2021) | 65 |
| Parte de la remuneración atribuible al Fondo (a 31 de diciembre de 2021) | 1,07% | | # Pour les résidents de Hong Kong uniquement
Le Gestionnaire et/ou le Gérant de Portefeuille peuvent conclure des transactions pour le compte d’un Compartiment avec : (i) les comptes d’autres clients gérés par le Gestionnaire, le Gérant de Portefeuille ou leurs sociétés affiliées ou (ii) leurs « comptes internes » (p. ex., les comptes détenus par le Gestionnaire, le Gérant de Portefeuille ou toute personne liée pouvant exercer un contrôle ou une influence sur ces dits comptes) (« opérations croisées »). Ces opérations croisées ne seront entreprises qu’en conformité avec les exigences appropriées promulguées par les autorités concernées.
###### Pour l’exercice clos le 30 septembre 2022, la Société a conclu l’opération croisée suivante :
| Date de transaction | Dénomination du titre | Quantité | Prix |
| --- | --- | --- | --- |
| 03/12/2021 | Tradeshift Holdings | 23 219 | 4,898 |
###### Informations sur la rémunération
FIMLUX est une société de gestion agréée pour la gestion d’OPCVM qui est entièrement détenue par FIL. Le Groupe FIL, composé de FIL et de ses filiales, a approuvé une politique de rémunération qui s’applique à tous les éléments constitutifs du groupe. En outre, FIMLUX a publié sa propre politique de rémunération qui reflète étroitement celle du Groupe FIL. Lors de la mise en œuvre de sa politique, FIMLUX s’assurera de la bonne gouvernance de l’entreprise et mettra en avant une gestion du risque saine et efficace.
###### Politique de rémunération
La politique de rémunération n’incite pas à prendre des risques d’une manière qui s’avérerait contraire à l’appétit pour le risque de la Société, aux Statuts et au Prospectus. FIMLUX s’assurera que toutes les décisions sont conformes à la stratégie commerciale globale, aux objectifs et à la politique de rémunération, et tentera d’éviter d’éventuels conflits d’intérêts.
La rémunération fixe désigne le salaire de base et les autres avantages. Les salaires de base sont compétitifs par rapport au marché local, et dépendent du poste, des responsabilités, de l’expérience, des qualifications, de la performance et de la contribution globale d’un individu aux résultats de FIL. Ces critères sont réexaminés régulièrement.
La rémunération variable désigne les primes annuelles et les primes de rendement à long terme. Ces composantes discrétionnaires de la rémunération sont déterminées au regard de la performance individuelle et des résultats globaux de l’entreprise (en tenant compte des performances financières et non financières, des activités connexes et des risques opérationnels).
###### Vous trouverez un résumé de la politique de rémunération sur https://www.fidelityinternational.com.
FIMLUX s’assurera que la politique de rémunération soit révisée chaque année en interne et de manière indépendante. Aucun changement important n’a été apporté à la politique de rémunération adoptée depuis le dernier examen effectué en février 2022 et le résultat de l’examen n’a pas produit d’exception. La politique de rémunération s’applique à tous les employés de FIMLUX, y compris ceux dont les activités professionnelles ont une incidence substantielle sur le profil de risque de la Société de gestion ou de l’OPCVM qu’elle gère (« membres du personnel identifié »). Les membres du personnel identifié comprennent les membres du Conseil de la Société de gestion, les dirigeants, les responsables exerçant une fonction de contrôle ou des activités essentielles. Ces individus sont informés de leur statut et des responsabilités y afférentes au moins une fois par an.
| Rémunération totale du personnel de la Société de gestion et de ses délégués pour l’exercice financier annuel précédent | 5 447 455 EUR |
| --- | --- |
| dont une rémunération fixe | 4 348 135 EUR |
| dont une rémunération variable | 1 099 320 EUR |
| Nombre total d’employés de la Société de gestion et de ses délégués (au 31/12/2021) | 65 |
| Partie de la rémunération attribuable à la SICAV (au 31/12/2021) | 1,07 % | | fr | es |
DOLFIN3034 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Other expenses
Unless otherwise specified in the relevant Fund Supplement, the costs and expenses relating to the authorisation and incorporation and establishment of the Company, the offer of Shares, the preparation and printing of this Pro spectus and the fees of the professional advisers to the Company in connection with the offer will be borne by the Management Company.
The direct establishment costs of each Fund formed, or Share Class created, may be borne by the relevant Fund or by the Management Company at its discretion.
The Company may pay out of the property of the Company charges and expenses incurred by the Company unless they are covered by the Administration Charge. These include the following expenses:
- Reimbursement of all out of pocket expenses incurred by the Management Company in the performance of its duties;
- Portfolio transaction costs including dealing spread, broker’s commission, transfer taxes and stamp duty, and other disbursements which are necessarily incurred in effecting transactions for the Funds;
- Any fees or expenses of any legal or other professional adviser of the Company;
- Any costs incurred in respect of meetings of Shareholders convened on a requisition by Shareholders but not those convened by the Management Company or an associate of the Management Company;
- Liabilities on unitisation, amalgamation or reconstruction including certain liabilities arising after transfer of property to the Funds in consideration for the issue of Shares;
- Interest on borrowing and charges incurred in effecting or terminating such borrowing or in negotiating or varying the terms of such borrowing on behalf of the Funds;
- Taxation and duties payable in respect of the property of the Funds or of the issue or redemption of Shares;
- The audit fees of the Auditor (including value added tax) and any expenses of the Auditor;
- If the Shares are listed on any stock exchange, the fees connected with the listing (though none of the Shares are currently listed);
- Any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge imposed on the Fund that would not be considered as ordinary expenses; and
- Any value added or similar tax relating to any charge or expense set out herein. | ##### Sonstige Aufwendungen
Sofern in der entsprechenden Fondsergänzung nichts anderes angegeben ist, werden die Kosten und Aufwendungen im Zusammenhang mit der Zulassung, Gründung und Errichtung der Gesellschaft, dem Angebot von Anteilen, der Erstellung und dem Druck des vorliegenden Prospekts und die Honorare der professionellen Berater der Gesellschaft im Zusammenhang mit dem Angebot von der Verwaltungsgesellschaft getragen.
Die unmittelbaren Gründungskosten der jeweils aufgelegten Fonds oder Anteilsklassen werden von dem betreffenden Fonds oder von der Verwaltungsgesellschaft nach deren Ermessen getragen.
Die Gesellschaft kann aus dem Vermögen der Gesellschaft die ihr entstandenen Gebühren und Aufwendungen bezahlen, sofern sie nicht in der Verwaltungsgebühr enthalten sind. Hierzu zählen die folgenden Aufwendungen:
- Erstattung aller Spesen, die der Verwaltungsgesellschaft bei der Erfüllung ihrer Pflichten entstanden sind;
- Portfoliotransaktionskosten, einschließlich Handelsmargen, Maklerprovisionen, Verkehrssteuern und Stempelsteuern sowie andere Auslagen, die notwendigerweise bei der Ausführung von Transaktionen für die Fonds entstehen;
- alle Gebühren oder Aufwendungen für Rechtsberater oder sonstige professionelle Berater der Gesellschaft;
- alle Kosten in Verbindung mit Versammlungen der Anteilinhaber, die auf Verlangen von Anteilinhabern einberufen werden, jedoch nicht für Versammlungen, die von der Verwaltungsgesellschaft oder einem verbundenen Unternehmen der Verwaltungsgesellschaft einberufen werden;
- Verbindlichkeiten aus Zusammenlegung, Verschmelzung oder Neustrukturierung, einschließlich bestimmter Verbindlichkeiten, die nach der Übertragung von Vermögenswerten auf die Fonds als Gegenleistung für die Ausgabe von Anteilen entstehen;
- Zinsen für Kredite und bei der Bereitstellung oder Tilgung solcher Kredite bzw. bei der Aushandlung oder Änderung der Bedingungen für solche Kredite für die Fonds entstandene Kosten;
- Steuern und Abgaben, die in Verbindung mit dem Vermögen der Fonds bzw. der Ausgabe oder Rücknahme von Anteilen zu entrichten sind;
- die Prüfungsgebühren für den Abschlussprüfer (einschließlich Mehrwertsteuer) sowie sämtliche Auslagen des Abschlussprüfers;
- bei Anteilen, die an einer Börse notiert sind, die in Verbindung mit der Notierung anfallenden Gebühren (allerdings sind derzeit keine Anteile notiert);
- Außergewöhnliche Auslagen, einschließlich u.a. Prozessführungskosten und sämtlichen anfallenden Steuern, Abgaben, Gebühren oder ähnlichen Kosten, mit denen der Fonds belastet werden und die nicht als gewöhnliche Auslagen zu qualifizieren sind; und
- alle Mehrwertsteuern oder ähnlichen Steuern im Zusammenhang mit den hier dargelegten Gebühren oder Aufwendungen. | #### Other expenses
Unless otherwise specified in the relevant Fund Supplement, the costs and expenses relating to the authorisation and incorporation and establishment of the Company, the offer of Shares, the preparation and printing of this Pro spectus and the fees of the professional advisers to the Company in connection with the offer will be borne by the Management Company.
The direct establishment costs of each Fund formed, or Share Class created, may be borne by the relevant Fund or by the Management Company at its discretion.
The Company may pay out of the property of the Company charges and expenses incurred by the Company unless they are covered by the Administration Charge. These include the following expenses:
- Reimbursement of all out of pocket expenses incurred by the Management Company in the performance of its duties;
- Portfolio transaction costs including dealing spread, broker’s commission, transfer taxes and stamp duty, and other disbursements which are necessarily incurred in effecting transactions for the Funds;
- Any fees or expenses of any legal or other professional adviser of the Company;
- Any costs incurred in respect of meetings of Shareholders convened on a requisition by Shareholders but not those convened by the Management Company or an associate of the Management Company;
- Liabilities on unitisation, amalgamation or reconstruction including certain liabilities arising after transfer of property to the Funds in consideration for the issue of Shares;
- Interest on borrowing and charges incurred in effecting or terminating such borrowing or in negotiating or varying the terms of such borrowing on behalf of the Funds;
- Taxation and duties payable in respect of the property of the Funds or of the issue or redemption of Shares;
- The audit fees of the Auditor (including value added tax) and any expenses of the Auditor;
- If the Shares are listed on any stock exchange, the fees connected with the listing (though none of the Shares are currently listed);
- Any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge imposed on the Fund that would not be considered as ordinary expenses; and
- Any value added or similar tax relating to any charge or expense set out herein. | en | de |
DOLFIN3035 | 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
### Objectif Augmenter la valeur de votre investissement à court terme à l’aide d’une stratégie à court terme.
### Indice(s) de référence Aucun.
Politique d’investissement Le fonds investit principalement dans des obligations d’État de qualité investment grade libellées en euro. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés.
Plus précisément, le fonds investit normalement au moins 80 % du total de son actif net dans des titres de créance et instruments liés à des titres de créance de qualité investment grade, y compris des instruments du marché monétaire et des dépôts. La duration du portefeuille est généralement comprise entre 1 et 3 ans.
### Le fonds peut investir dans les catégories d’actifs suivantes jusqu’aux pourcentages de l’actif net total indiqué :
- titres de créance d’entreprises : 30 %
- titres de créance de qualité inférieure à investment grade ou non notés : 20 %
- obligations des marchés émergents : 10 %Le fonds n’investit pas dans des titres adossés à des actifs et à des créances hypothécaires ou dans des obligations convertibles contingentes (obligations CoCo), mais peut être indirectement exposé à ces titres (10 % maximum de l’actif net total).
### Les investissements hors EUR sont couverts en EUR.
### Le fonds n’est pas géré en tant que fonds monétaire et investit dans des instruments qui ne sont pas éligibles aux fonds monétaires.
### Instruments dérivés et techniques Le fonds peut utiliser des instruments dérivés pour réduire les risques (couverture) et les coûts, et pour obtenir une exposition supplémentaire aux investissements.
Stratégie Dans le cadre d’une gestion active du fonds, le gestionnaire en investissement utilise une analyse des taux d’intérêt et de la duration et évalue de manière indépendante la qualité de crédit de l’émetteur afin de rechercher des rendements courants élevés (approche descendante et ascendante).
Traitement des demandes Les demandes d’achat, d’échange ou de vente de parts du fonds reçues et acceptées par l’agent de transfert avant 16 h 00 CET un jour ouvrable au Luxembourg et qui est également un jour de négociation sur les principaux marchés du fonds sont généralement traitées le jour ouvrable suivant.
### Politique de distribution Cette Catégorie de Parts ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
### Profil de l’investisseur Les investisseurs qui comprennent les risques du fonds et qui prévoient d’investir à court terme. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
### Objetivo Incrementar el valor de su inversión a corto plazo mediante una estrategia a corto plazo.
### Índice(s) de referencia Ninguno.
Política de inversión El fondo invierte principalmente en bonos gubernamentales con grado de inversión denominados en euros. Por lo general, el fondo opta por la inversión directa, pero ocasionalmente podrá invertir a través de derivados.
En concreto, el fondo invertirá normalmente un mínimo del 80% de su patrimonio neto en deuda con calificación de grado de inversión e instrumentos relacionados con la deuda, incluidos los instrumentos del mercado monetario y los depósitos. Normalmente, la duración de la cartera estará comprendida entre 1 y 3 años.
### El fondo podrá invertir en las siguientes clases de activos hasta los porcentajes del patrimonio neto indicados:
- instrumentos de deuda corporativa: 30%
- instrumentos de deuda con una calificación inferior a grado de inversión o sin calificación: 20%
- bonos de mercados emergentes: 10%El fondo no invierte en valores respaldados por activos, valores respaldados por hipotecas ni en bonos convertibles contingentes (bonos CoCo), pero puede verse expuesto indirectamente (un máximo del 10% del patrimonio neto).
### Las inversiones que no estén denominadas en EUR se cubrirán en dicha moneda.
### El fondo no se gestiona como un fondo del mercado monetario e invierte en instrumentos no aptos para fondos del mercado monetario.
### Derivados y técnicas El fondo podrá utilizar derivados para reducir los riesgos (cobertura) y los costes, así como para obtener exposición adicional a las inversiones.
Estrategia Al gestionar de forma activa el fondo, el gestor de inversiones lleva a cabo un análisis de los tipos de interés y de la duración, y evalúa de forma independiente la calidad crediticia del emisor con el fin de obtener altos rendimientos corrientes (enfoque descendente y ascendente).
Tramitación de solicitudes Las solicitudes de compra, canje o venta de participaciones del fondo que se reciban y acepten por el agente de transferencias antes de las 16:00 horas (CET) de cualquier día que sea hábil en Luxemburgo, y que asimismo sea un día de negociación en los principales mercados del fondo, se tramitarán normalmente el siguiente día hábil.
### Política de reparto Esta clase de participación no distribuye dividendos. Los ingresos de las inversiones se reinvierten.
### Perfil del inversor Inversores que entienden los riesgos del fondo y tienen previsto invertir a corto plazo. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
### Objectif Augmenter la valeur de votre investissement à court terme à l’aide d’une stratégie à court terme.
### Indice(s) de référence Aucun.
Politique d’investissement Le fonds investit principalement dans des obligations d’État de qualité investment grade libellées en euro. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés.
Plus précisément, le fonds investit normalement au moins 80 % du total de son actif net dans des titres de créance et instruments liés à des titres de créance de qualité investment grade, y compris des instruments du marché monétaire et des dépôts. La duration du portefeuille est généralement comprise entre 1 et 3 ans.
### Le fonds peut investir dans les catégories d’actifs suivantes jusqu’aux pourcentages de l’actif net total indiqué :
- titres de créance d’entreprises : 30 %
- titres de créance de qualité inférieure à investment grade ou non notés : 20 %
- obligations des marchés émergents : 10 %Le fonds n’investit pas dans des titres adossés à des actifs et à des créances hypothécaires ou dans des obligations convertibles contingentes (obligations CoCo), mais peut être indirectement exposé à ces titres (10 % maximum de l’actif net total).
### Les investissements hors EUR sont couverts en EUR.
### Le fonds n’est pas géré en tant que fonds monétaire et investit dans des instruments qui ne sont pas éligibles aux fonds monétaires.
### Instruments dérivés et techniques Le fonds peut utiliser des instruments dérivés pour réduire les risques (couverture) et les coûts, et pour obtenir une exposition supplémentaire aux investissements.
Stratégie Dans le cadre d’une gestion active du fonds, le gestionnaire en investissement utilise une analyse des taux d’intérêt et de la duration et évalue de manière indépendante la qualité de crédit de l’émetteur afin de rechercher des rendements courants élevés (approche descendante et ascendante).
Traitement des demandes Les demandes d’achat, d’échange ou de vente de parts du fonds reçues et acceptées par l’agent de transfert avant 16 h 00 CET un jour ouvrable au Luxembourg et qui est également un jour de négociation sur les principaux marchés du fonds sont généralement traitées le jour ouvrable suivant.
### Politique de distribution Cette Catégorie de Parts ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
### Profil de l’investisseur Les investisseurs qui comprennent les risques du fonds et qui prévoient d’investir à court terme. | fr | es |
DOLFIN3036 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) (ISIN IE00BFWFPY67)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may
fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | # Clase de acción: SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) (ISIN IE00BFWFPY67)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de los mercados de deuda de países emergentes para valores líquidos denominados en monedas locales.
Política de inversión El Fondo trata de replicar la rentabilidad del Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden bonos emitidos por Estados de países emergentes. Estos valores pueden tener tipos de interés fijos o variables y calificaciones de grado de inversión (alta calidad) o inferiores. Puesto que adquirir de forma eficiente la totalidad de los valores que integran el Índice puede resultar complicado, el Fondo tratará de replicar la rentabilidad del Índice utilizando una estrategia de muestra estratificada para construir una cartera representativa. Por lo tanto, normalmente el Fondo tendrá en cartera solo una parte de los valores incluidos en el Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de
mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: Bloomberg Index Services Limited. BLOOMBERG® es una marca registrada y de servicios de Bloomberg Finance L.P. y sus entidades asociadas (colectivamente, «Bloomberg»). Bloomberg o sus proveedores de licencias tienen todos los derechos de propiedad sobre los Índices de Bloomberg. Ni Bloomberg ni sus proveedores de licencias aprueban o autorizan este material, ni garantizan la exactitud o exhaustividad de la información que aquí se recoge, ni otorgan garantía alguna, expresa o implícita, con respecto a los resultados que se obtendrán de estos y, en la máxima medida en que la ley lo permita, no tendrán ninguna responsabilidad por lesiones o daños o perjuicios que se produzcan con relación a estos. | # Share Class: SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) (ISIN IE00BFWFPY67)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may
fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | en | es |
DOLFIN3037 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 2.57% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.04% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 4 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.02% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 102 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,57% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 257 EUR |
| Costes de operación | 0,04% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 4 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 1,02% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 102 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 2.57% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.04% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 4 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.02% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 102 EUR | | en | es |
DOLFIN3038 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objectives
The sub-fund’s objective is to generate regular returns not correlated with the main market trends, in a context of risk controls. The sub-fund’s performance is thus valuated in the absolute and not with reference to a benchmark.
## Investment policy
The choice of the assets is guided by an arbitration of mergers and/or acquisitions, consisting in benefiting from the price differences which can appear at the time of takeover bids or exchange. With the aim to achieve its investment objective and pol- icy, the sub-fund will mainly invest its net assets in equities.
In that end the investment strategy is to lock in or otherwise trade in the spread by pur- chasing (selling) securities of the target or subject of an announced merger, acquisition or contest for control and selling (buying) the deal consideration. Specifically, in case of tender offers, the investment strategy is built up to lock in the spread by purchasing securities subject to a cash or a mixed tender offer and tendering such securities while hedging the resulting long position until the term of the offer.
The investment strategy is essentially limited to the operations of declared mergers and/or acquisitions and is based on a solid and detailed analysis of the economic, legal and competitive frameworks. The sub-fund may also develop strategies on cor- porate action arbitrage such as preferential subscription rights / underlying shares ar- bitrage, new shares / old shares arbitrage and share class arbitrage.
## The sub-fund is actively managed without reference to a benchmark.
## Currency
## The currency of the share class is expressed in EUR.
## Financial instruments used
- Equities of companies essentially based in Europe and North America
- Financial derivatives instruments, such as but not limited to futures, options, eq- uity swaps, contract for difference and currency derivatives
- Convertible bonds concerned by mergers and acquisitions
- Undertakings for Collective Investment in the limit of 10% of the Net Asset Value
- Cash deposits, short term papers, money-market instruments, bonds, new debt emissions, debt and currency Exchange Traded Funds.
## Subscriptions / Redemptions
The investor has the right to redeem his shares on demand. The dealing in shares is carried out on each Friday or, if it is a bank holiday in Luxembourg, on the previous bank business day in Luxembourg. Subscription and redemption requests are central- ized until 7 pm on the day D-2 (full Luxembourg bank business days) for execution on the closing price of day D (the “Valuation Day”). The settlement is D+2 (full Luxembourg bank business days) for subscriptions and D+5 (full Luxembourg bank business days) for redemptions.
## Allocation of income
## These shares are capitalisation shares. Income and capital gains are reinvested.
## Recommendation
## This fund may not be appropriate for investors who plan to withdraw their money within 3 years. | # Ziele und Anlagepolitik
## Ziele
Ziel des Teilfonds ist es, unter Einsatz von Risikokontrollen regelmäßige Renditen zu gene- rieren, die nicht mit den wesentlichen Marktentwicklungen in Wechselwirkung stehen. Die Wertentwicklung des Teilfonds wird somit in absoluten Zahlen und nicht mit Bezug auf eine Benchmark bewertet.
## Anlagepolitik
Die Wahl der Vermögenswerte wird durch eine Arbitrage von Fusionen und/oder Über- nahmen beeinflusst, die aus der Nutzung der Preisdifferenz besteht, die zum Zeitpunkt von Übernahmeangeboten oder des Umtauschs entstehen kann. Um seinem Anlage- ziel und seiner Anlagepolitik gerecht zu werden, legt der Teilfonds sein Nettovermögen hauptsächlich in Aktien an.
In diesem Sinne besteht die Anlagestrategie darin, den Spread durch den Kauf (Ver- kauf) von Wertpapieren des Ziels oder Gegenstands einer angekündigten Fusion, Über- nahme oder Kontrollübernahme und den Verkauf (Kauf) des Handels zu sichern oder diesen anderweitig zu handeln. Insbesondere im Fall von Kaufangeboten dient die An- lagestrategie der Sicherung des Spreads durch den Aufkauf von Wertpapieren, die einem Barangebot oder Mischkaufangebot unterliegen, und den Handel mit diesen Wertpapieren bei gleichzeitiger Absicherung der resultierenden Long-Position bis zum Ablauf des Angebots.
Die Anlagestrategie ist im Wesentlichen auf die Transaktionen angemeldeter Fusionen und/oder Übernahmen beschränkt und ihr liegt eine solide und detaillierte Analyse der wirtschaftlichen, rechtlichen und wettbewerblichen Rahmenbedingungen zugrun- de. Der Teilfonds kann auch Strategien zur Arbitrage von Unternehmensaktionen ent- wickeln, wie beispielsweise Arbitrage in Bezug auf Vorzugsrechte / zugrunde liegende Aktien, neue Aktien / alte Aktien sowie Aktienklassen.
## Der Teilfonds wird ohne Bezug auf eine Benchmark aktiv verwaltet.
## Währung
## Die Währung der Aktienklasse wird in EUR ausgedrückt.
## Verwendete Finanzinstrumente
- Aktien von Unternehmen, die hauptsächlich in Europa und Nordamerika ansäs- sig sind
- Derivative Finanzinstrumente, wie zum Beispiel, jedoch nicht beschränkt auf Ter- minkontrakte, Optionen, Equity Swaps, Differenzkontrakte und Währungsderiva- te
- Von Fusionen und Übernahmen betroffene Wandelanleihen
- Organismen für gemeinsame Anlagen von bis zu 10% des Nettoinventarwerts
- Bareinlagen, kurzfristige Papiere, Geldmarktinstrumente, Anleihen, neue Kredi- temissionen, Exchange Traded Funds für Kredite und Währungen.
## Rücknahme
Der Anleger hat das Recht seine Aktien wieder zu verkaufen. Die Rückkaufgeschäfte erfolgen an jedem Freitag oder, falls dieser ein Bankfeiertag in Luxemburg ist, am vor- hergehenden Bankarbeitstag in Luxemburg. Zeichnungen und Rücknahmen werden bis 19.00 Uhr am Tag T-2 (volle Bankarbeitstage in Luxemburg) für die Ausführung auf dem Schlusskurs des Tages T (der “Bewertungstag”) zentralisiert. Die Zahlung erfolgt T+2 (volle Bankarbeitstage in Luxemburg) für Zeichnungen und T+5 (volle Bankarbeitstage in Luxemburg) für Rücknahmen.
## Ertragsverwendung
## Es handelt sich um thesaurierende Aktien. Die Erträge und Kapitalgewinne werden wie- der angelegt.
## Empfehlung
## Dieser Fonds ist unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von 3 Jahren aus dem Fonds wieder zurückziehen wollen. | # Objectives and investment policy
## Objectives
The sub-fund’s objective is to generate regular returns not correlated with the main market trends, in a context of risk controls. The sub-fund’s performance is thus valuated in the absolute and not with reference to a benchmark.
## Investment policy
The choice of the assets is guided by an arbitration of mergers and/or acquisitions, consisting in benefiting from the price differences which can appear at the time of takeover bids or exchange. With the aim to achieve its investment objective and pol- icy, the sub-fund will mainly invest its net assets in equities.
In that end the investment strategy is to lock in or otherwise trade in the spread by pur- chasing (selling) securities of the target or subject of an announced merger, acquisition or contest for control and selling (buying) the deal consideration. Specifically, in case of tender offers, the investment strategy is built up to lock in the spread by purchasing securities subject to a cash or a mixed tender offer and tendering such securities while hedging the resulting long position until the term of the offer.
The investment strategy is essentially limited to the operations of declared mergers and/or acquisitions and is based on a solid and detailed analysis of the economic, legal and competitive frameworks. The sub-fund may also develop strategies on cor- porate action arbitrage such as preferential subscription rights / underlying shares ar- bitrage, new shares / old shares arbitrage and share class arbitrage.
## The sub-fund is actively managed without reference to a benchmark.
## Currency
## The currency of the share class is expressed in EUR.
## Financial instruments used
- Equities of companies essentially based in Europe and North America
- Financial derivatives instruments, such as but not limited to futures, options, eq- uity swaps, contract for difference and currency derivatives
- Convertible bonds concerned by mergers and acquisitions
- Undertakings for Collective Investment in the limit of 10% of the Net Asset Value
- Cash deposits, short term papers, money-market instruments, bonds, new debt emissions, debt and currency Exchange Traded Funds.
## Subscriptions / Redemptions
The investor has the right to redeem his shares on demand. The dealing in shares is carried out on each Friday or, if it is a bank holiday in Luxembourg, on the previous bank business day in Luxembourg. Subscription and redemption requests are central- ized until 7 pm on the day D-2 (full Luxembourg bank business days) for execution on the closing price of day D (the “Valuation Day”). The settlement is D+2 (full Luxembourg bank business days) for subscriptions and D+5 (full Luxembourg bank business days) for redemptions.
## Allocation of income
## These shares are capitalisation shares. Income and capital gains are reinvested.
## Recommendation
## This fund may not be appropriate for investors who plan to withdraw their money within 3 years. | en | de |
DOLFIN3039 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
As a reminder, the data concerning the past performance of the reference indicator are mainly available in the KIIDs, monthly reports and the annual report of the UCITS available on the following website: www.h2o-am.com
The Sub-fund's performance is calculated according to changes in the net asset value of each share class.
Until 31 December 2021, the observation periods were defined as follows:
- the initial observation period was from 18 December 2017 to the last trading day of September 2019;
- for SR shares other than (GBP) SR shares, the initial observation period was from 07 January 2019 to the last trading day of September 2020
- for (GBP) SR shares, the initial observation period was from 05 March 2020 to the last trading day of September 2020
- for subsequent observation periods: from the first trading day in October to the last trading day in September of the following year. | Pour rappel, les données relatives à la performance passée de l’indicateur de référence sont notamment disponibles dans les DICI, rapports mensuels et le rapport annuel de l’OPCVM disponibles sur le site internet suivant : www.h2o-am.com
La performance du compartiment est calculée en fonction de l'évolution de la valeur liquidative de chaque catégorie d’action.
Jusqu’au 31 décembre 2021, les périodes d’observation étaient définies comme suit :
- la première période d’observation s’étendait du 18 décembre 2017 au dernier jour de bourse de septembre 2019
- pour les actions SR autres que les actions SR (GBP), la première période d’observation s’étendait du 7 janvier 2019 au dernier jour de bourse de septembre 2020
- Pour les actions SR (GBP), la première d’observation s’étendait du 5 mars 2020 au dernier jour de bourse de septembre 2020
- pour les périodes d’observation suivantes : du premier jour de bourse d’octobre au dernier jour de bourse de septembre de l’année suivante. | As a reminder, the data concerning the past performance of the reference indicator are mainly available in the KIIDs, monthly reports and the annual report of the UCITS available on the following website: www.h2o-am.com
The Sub-fund's performance is calculated according to changes in the net asset value of each share class.
Until 31 December 2021, the observation periods were defined as follows:
- the initial observation period was from 18 December 2017 to the last trading day of September 2019;
- for SR shares other than (GBP) SR shares, the initial observation period was from 07 January 2019 to the last trading day of September 2020
- for (GBP) SR shares, the initial observation period was from 05 March 2020 to the last trading day of September 2020
- for subsequent observation periods: from the first trading day in October to the last trading day in September of the following year. | en | fr |
DOLFIN3040 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### represented and that no information has been omitted which, if it had been included, would have altered the significance of this document.
The value of the Company’s Shares is subject to fluctuations in a large number of elements. Any return estimates given or indications of past performance are provided for information purposes only and in no way constitute a guarantee of future performance. The Company’s Board of Directors therefore warns that, under normal circumstances and taking into consideration the fluctuation in the prices of the securities held in the portfolio, the redemption price of Shares may be higher or lower than the subscription price.
The official language of this prospectus is English. It may be translated into other languages. In the event of a discrepancy between the English version of the prospectus and versions written in other languages, the English version will take precedence, except in the event (and in this event alone) that the law of a jurisdiction where the Shares are available to the public stipulates otherwise. In this case, the prospectus will nevertheless be interpreted according to Luxembourg law. Any settlement of disputes or disagreements with regard to investments in the Company shall also be subject to Luxembourg law.
THIS PROSPECTUS IN NO WAY CONSTITUTES AN OFFER OR SOLICITATION TO THE PUBLIC IN JURISDICTIONS IN WHICH SUCH AN OFFER OR SOLICITATION TO THE PUBLIC IS ILLEGAL. THIS PROSPECTUS IN NO WAY CONSTITUTES AN OFFER OR SOLICITATION TO A PERSON TO WHOM IT WOULD BE ILLEGAL TO MAKE SUCH AN OFFER OR SOLICITATION. | ##### und richtig dargestellt sind und keine Information zurückgehalten wurde, die, sofern sie in diesen Prospekt eingeflossen wäre, dessen Sinn und Zweck verändert hätte.
Der Wert der Anteile der Gesellschaft unterliegt den Schwankungen vieler Faktoren. Alle Vorausberechnungen über Wertentwicklungen oder Angaben bisheriger Renditen haben lediglich informativen Charakter und stellen in keinerlei Weise eine Garantie für die künftige Wertentwicklung dar. Daher weist der Verwaltungsrat der Gesellschaft darauf hin, dass der Rücknahmepreis aufgrund der normalen Kursschwankungen der im Portfolio enthaltenen Wertpapiere, die auch ohne Eintritt außergewöhnlicher Ereignisse stattfinden, höher oder niedriger als der Zeichnungspreis der Anteile sein kann.
Der Prospekt wurde ursprünglich in Englisch verfasst. Er kann in andere Sprachen übersetzt werden. Bei Abweichungen zwischen der englischen Fassung des Prospekts und den fremdsprachigen Übersetzungen hat die englische Version Vorrang, es sei denn (und nur in diesem Fall), das Recht eines Landes, in dem die Anteile öffentlich angeboten werden, sieht anderslautende Bestimmungen vor. In einem solchen Fall wird der Prospekt dennoch nach luxemburgischem Recht ausgelegt. Sämtliche Rechtsstreitigkeiten oder Meinungsverschiedenheiten in Verbindung mit Anlagen in der Gesellschaft unterliegen ebenfalls luxemburgischem Recht.
DER VORLIEGENDE PROSPEKT STELLT UNTER KEINEN UMSTÄNDEN EIN ANGEBOT ODER EINE AUFFORDERUNG IN EINER GERICHTSBARKEIT DAR, IN DER EIN SOLCHES ANGEBOT ODER EINE SOLCHE AUFFORDERUNG NICHT RECHTMÄSSIG WÄRE. DIESER PROSPEKT STELLT UNTER KEINEN UMSTÄNDEN EIN ANGEBOT ODER EINE AUFFORDERUNG AN PERSONEN DAR, AN DIE SICH EIN SOLCHES ANGEBOT ODER EINE SOLCHE AUFFORDERUNG LAUT GESETZ NICHT RICHTEN DARF. | ##### represented and that no information has been omitted which, if it had been included, would have altered the significance of this document.
The value of the Company’s Shares is subject to fluctuations in a large number of elements. Any return estimates given or indications of past performance are provided for information purposes only and in no way constitute a guarantee of future performance. The Company’s Board of Directors therefore warns that, under normal circumstances and taking into consideration the fluctuation in the prices of the securities held in the portfolio, the redemption price of Shares may be higher or lower than the subscription price.
The official language of this prospectus is English. It may be translated into other languages. In the event of a discrepancy between the English version of the prospectus and versions written in other languages, the English version will take precedence, except in the event (and in this event alone) that the law of a jurisdiction where the Shares are available to the public stipulates otherwise. In this case, the prospectus will nevertheless be interpreted according to Luxembourg law. Any settlement of disputes or disagreements with regard to investments in the Company shall also be subject to Luxembourg law.
THIS PROSPECTUS IN NO WAY CONSTITUTES AN OFFER OR SOLICITATION TO THE PUBLIC IN JURISDICTIONS IN WHICH SUCH AN OFFER OR SOLICITATION TO THE PUBLIC IS ILLEGAL. THIS PROSPECTUS IN NO WAY CONSTITUTES AN OFFER OR SOLICITATION TO A PERSON TO WHOM IT WOULD BE ILLEGAL TO MAKE SUCH AN OFFER OR SOLICITATION. | en | de |
DOLFIN3041 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Objectif: le Fonds vise à maximiser le rendement de votre investissement en combinant croissance du capital et revenus des actifs du Fonds.
Politique: le Fonds cherchera à atteindre son objectif d’investissement en investissant à concurrence maximale de 100% (mais au moins 70%) de sa VNI dans un portefeuille d’actions et de titres apparentés à des actions de sociétés du monde entier dont l’activité économique prédominante est la recherche, le développement, la production et/ou la distribution de technologies nouvelles et émergentes («sociétés de technologies émergentes»).
Ces actions et titres apparentés à des actions seront principalement cotés ou négociés sur un Marché reconnu.
Le Fonds s’efforcera de s’exposer aux thèmes technologiques de prochaine génération, notamment l’intelligence artificielle (IA), l’informatique en nuage, le commerce électronique, les fintechs et les industries émergentes telles que les technologies environnementales, etc. Le Fonds ne sera par ailleurs pas limité à une industrie, un secteur ou une région en particulier.
Le Fonds peut investir jusqu’à 30% de sa VNI dans des actions et des titres apparentés à des actions de sociétés n’étant pas considérées comme des sociétés technologiques émergentes. | Objetivos: El fondo pretende maximizar la rentabilidad de la inversión por medio de una combinación de revalorización del capital e ingresos de los activos del fondo.
Política: El fondo tratará de lograr su objetivo invirtiendo hasta el 100% (aunque al menos el 70%) de su valor de inventario neto en una cartera de renta variable y valores asociados con esta de empresas cuya principal actividad económica incluye la investigación, el desarrollo, la producción o la distribución de tecnología nueva y emergente ("empresas de tecnologías emergentes").
Dichos valores de renta variable y asociados con esta cotizarán o se negociarán predominantemente en un mercado reconocido.
El fondo se centrará en obtener exposición a temas de energía de próxima generación, como la inteligencia artificial (IA), la computación en la nube, el comercio electrónico, las tecnofinanzas, industrias emergentes como la tecnología medioambiental, y otras. Sin embargo, el fondo no estará limitado a ninguna industria, sector o región concretos.
El fondo podrá invertir hasta el 30% de su valor de inventario neto en valores de renta variable y relacionados con esta de empresas que no se clasifican como tecnológicas emergentes. | Objectif: le Fonds vise à maximiser le rendement de votre investissement en combinant croissance du capital et revenus des actifs du Fonds.
Politique: le Fonds cherchera à atteindre son objectif d’investissement en investissant à concurrence maximale de 100% (mais au moins 70%) de sa VNI dans un portefeuille d’actions et de titres apparentés à des actions de sociétés du monde entier dont l’activité économique prédominante est la recherche, le développement, la production et/ou la distribution de technologies nouvelles et émergentes («sociétés de technologies émergentes»).
Ces actions et titres apparentés à des actions seront principalement cotés ou négociés sur un Marché reconnu.
Le Fonds s’efforcera de s’exposer aux thèmes technologiques de prochaine génération, notamment l’intelligence artificielle (IA), l’informatique en nuage, le commerce électronique, les fintechs et les industries émergentes telles que les technologies environnementales, etc. Le Fonds ne sera par ailleurs pas limité à une industrie, un secteur ou une région en particulier.
Le Fonds peut investir jusqu’à 30% de sa VNI dans des actions et des titres apparentés à des actions de sociétés n’étant pas considérées comme des sociétés technologiques émergentes. | fr | es |
DOLFIN3042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,060 | EUR 1,360 |
| | Average return each year % | -79.40% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 7,700 | EUR 8,390 |
| | Average return each year % | -23.00% | -3.45% |
| Moderate scenario | What you might get back after costs | EUR 10,940 | EUR 15,010 |
| | Average return each year % | 9.40% | 8.46% |
| Favourable scenario | What you might get back after costs | EUR 18,450 | EUR 19,000 |
| | Average return each year % | 84.50% | 13.70% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 2.060 | EUR 1.360 |
| | Rendimiento medio cada año | -79,40% | -32,90% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.700 | EUR 8.390 |
| | Rendimiento medio cada año | -23,00% | -3,45% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.940 | EUR 15.010 |
| | Rendimiento medio cada año | 9,40% | 8,46% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 18.450 | EUR 19.000 |
| | Rendimiento medio cada año | 84,50% | 13,70% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,060 | EUR 1,360 |
| | Average return each year % | -79.40% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 7,700 | EUR 8,390 |
| | Average return each year % | -23.00% | -3.45% |
| Moderate scenario | What you might get back after costs | EUR 10,940 | EUR 15,010 |
| | Average return each year % | 9.40% | 8.46% |
| Favourable scenario | What you might get back after costs | EUR 18,450 | EUR 19,000 |
| | Average return each year % | 84.50% | 13.70% | | en | es |
DOLFIN3043 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Ce type de scénario s’est produit pour un placement Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS USD Acc entre 31/01/2022-31/03/2023.
Scénario défavorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
USD 9 619
-3,8%
USD 9 880
-0,2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS USD Acc entre 31/01/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 619 USD
-3,8%
9 880 USD
-0,2% | # Ce type de scénario s’est produit pour un placement Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS USD Acc entre 31/01/2022-31/03/2023.
Scénario défavorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
USD 9 619
-3,8%
USD 9 880
-0,2% | fr | es |
DOLFIN3044 | 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 | 3,0 % du montant que vous versez lors de votre participation à cet investissement. Il s’agit du montant le plus élevé qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 297 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,8 % de la valeur de votre investissement, par an. | 76 EUR |
| Coûts de transaction | 0,9 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 93 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | L’impact de la commission de performance. Nous la déduisons de votre investissement si le produit surpasse son indice de référence, Bloomberg Euro Aggregate Total Return. | 25 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 3,0 % máximo de la cantidad que paga cuando suscribe esta inversión. Esto es el máximo que se le cobrará. La persona que le venda el producto le informará del coste real. | 297 EUR |
| Costes de salida | No cobramos ninguna comisión de salida. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,8 % del valor de su inversión cada año. | 76 EUR |
| Costes de operación | 0,9 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 93 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | El impacto de la comisión de resultados. Deducimos estas comisiones si el producto supera a su índice de referencia, el Bloomberg Euro AggregateTotal Return. | 25 EUR | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 3,0 % du montant que vous versez lors de votre participation à cet investissement. Il s’agit du montant le plus élevé qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 297 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,8 % de la valeur de votre investissement, par an. | 76 EUR |
| Coûts de transaction | 0,9 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 93 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | L’impact de la commission de performance. Nous la déduisons de votre investissement si le produit surpasse son indice de référence, Bloomberg Euro Aggregate Total Return. | 25 EUR | | fr | es |
DOLFIN3045 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Securities
The Company may acquire the securities of domestic and foreign issuers for the account of the fund if
- they are admitted for trading on a stock
- they are exclusively admitted for trading on a stock exchange outside the member states of the EU or outside the other states that are parties to the Agreement on the EEA or are admitted for trading or included in another organized market in one of these states, insofar as BaFin has approved the choice of this stock exchange or organized market.
- 1Securities from new issues may be acquired if the terms of issue contain the requirement that an application be filed for admission for official listing on one of the stock exchanges or inclusion in one of the organized markets mentioned under (1) or (2) above, and if such admission or inclusion takes place no later than one year after the issue. | ##### Valeurs mobilières
La Société peut acquérir des valeurs mobilières d’émetteurs nationaux et étrangers pour le compte du fonds,
- si ces instruments sont admis à la cote officielle d’une Bourse des valeurs située dans un État membre de l’Union européenne (« UE ») ou dans un autre État signataire de l’Accord sur l’Espace économique européen (« EEE ») ou s’ils sont autorisés ou négociés sur un autre marché réglementé de l’un de ces États ;
- si ces instruments sont admis à la cote officielle d’une Bourse des valeurs située en dehors d’un État membre de l’UE ou dans un autre État signataire de l’Accord sur l’EEE ou s’ils sont autorisés ou négociés sur un autre marché réglementé de l’un de ces États, dans la mesure où le choix de cette Bourse des valeurs ou de ce marché réglementé a été autorisé par la BaFin.
- 1Le fonds peut acquérir des titres issus d’émis- sions primaires si leurs conditions d’émission prévoient l’obligation de demander leur autorisa- tion sur ou leur admission à la cote de l’une des Bourses des valeurs ou sur l’un des marchés réglementés cités aux points 1 et 2 et que l’admission ou l’autorisation intervient dans l’année qui suit leur émission. | #### Securities
The Company may acquire the securities of domestic and foreign issuers for the account of the fund if
- they are admitted for trading on a stock
- they are exclusively admitted for trading on a stock exchange outside the member states of the EU or outside the other states that are parties to the Agreement on the EEA or are admitted for trading or included in another organized market in one of these states, insofar as BaFin has approved the choice of this stock exchange or organized market.
- 1Securities from new issues may be acquired if the terms of issue contain the requirement that an application be filed for admission for official listing on one of the stock exchanges or inclusion in one of the organized markets mentioned under (1) or (2) above, and if such admission or inclusion takes place no later than one year after the issue. | en | fr |
DOLFIN3046 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment Strategy
The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices. | # Strategia di investimento
MIV Global Medtech Fund investe a livello globale in società quotate in borsa operanti nel settore della tecnologia medicale. Il processo di investimento si basa su un approccio top-down / bottom-up combinato. Sullo sfondo del relativo contesto macroeconomico vengono determinati i mercati e le aziende più interessanti, con un'intensa analisi primaria. Oltre alla valutazione positiva, i parametri decisivi per un investimento sono la solida posizione nel mercato, l'alto potenziale di crescita, i prodotti eccellenti, la redditività sostenibile e la qualità della gestione. La considerazione dei criteri di sostenibilità (ESG) è integrata nel processo di ricerca, analisi e investimento. La diversificazione del portafoglio consente di limitare i rischi. Al fine di ottenere un rendimento superiore rispetto al benchmark e agli indici del mercato globale, il portafoglio di MIV Global Medtech Fund viene allineato secondo un orientamento difensivo o ciclico, che anticipa il più possibile lo sviluppo congiunturale. | # Investment Strategy
The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices. | en | it |
DOLFIN3047 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The operating and management fees are allocated directly to the Fund's income when calculating each net asset value. The fees stated below are outside the scope of the fees set out above:
- the contributions due for the Fund management in application of Section II, paragraph 3, point d) of Article L.621-5-3 of theMonetary and Financial Code;
- exceptional and non-recurring taxes, duties, charges and government rights (in relation to the Fund);
- exceptional and non recurring costs to recover debt (e.g. Lehman, Aberdeen tax, etc.) or procedures to assert a right (e.g. class action procedure). | Les frais de fonctionnement et de gestion sont directement imputés au compte de résultat du Fonds lors du calcul de chaque valeur liquidative.
Les frais mentionnés ci-dessous sont hors champ des blocs de frais évoqués ci-dessus :
- les contributions dues pour la gestion du Fonds en application du d) du 3° du II de l’article L. 621-5-3 du code monétaire et financier ;
- les impôts, taxes, redevances et droits gouvernementaux (en relation avec le Fonds) exceptionnels et non récurrents ;
- les coûts exceptionnels et non récurrents en vue d’un recouvrement des créances (ex : lehman, taxe Aberdeen.. ) ou d’une procédure pour faire valoir un droit (ex : procédure d’action de classe « class action »). | The operating and management fees are allocated directly to the Fund's income when calculating each net asset value. The fees stated below are outside the scope of the fees set out above:
- the contributions due for the Fund management in application of Section II, paragraph 3, point d) of Article L.621-5-3 of theMonetary and Financial Code;
- exceptional and non-recurring taxes, duties, charges and government rights (in relation to the Fund);
- exceptional and non recurring costs to recover debt (e.g. Lehman, Aberdeen tax, etc.) or procedures to assert a right (e.g. class action procedure). | en | fr |
DOLFIN3048 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Bans and restrictions
- Phasing out of fossil fuels
- Other political measures related to the transition to a low-carbon economy
- Technological change linked to the transition to a low-carbon economy
- Changes in customer preferences and behaviourSustainability risks can lead to a significant deteri- oration in the financial profile, liquidity, profitability or reputation of the underlying investment. Unless the sustainability risks were already expected and taken into account in the valuations of the invest- ments, they may have a significant negative impact on the expected/estimated market price and/or the liquidity of the investment and thus on the return of the sub-funds. | - Interdictions et restrictions
- Élimination progressive des combustibles fossiles
- Autres mesures politiques liées à la transition vers une économie bas carbone
- Changement technologique lié à la transition vers une économie bas carbone
- Changements dans les préférences et les comportements des clientsLes risques de durabilité peuvent conduire à une détérioration significative du profil financier, de la liquidité, de la rentabilité ou de la réputation de l’investissement sous-jacent. À moins que les risques de durabilité n’aient déjà été anticipés et pris en compte dans les évaluations des investis- sements, ils peuvent avoir un impact négatif significatif sur le cours attendu / estimé et / ou la liquidité de l’investissement, et donc sur le rende- ment du compartiment. | - Bans and restrictions
- Phasing out of fossil fuels
- Other political measures related to the transition to a low-carbon economy
- Technological change linked to the transition to a low-carbon economy
- Changes in customer preferences and behaviourSustainability risks can lead to a significant deteri- oration in the financial profile, liquidity, profitability or reputation of the underlying investment. Unless the sustainability risks were already expected and taken into account in the valuations of the invest- ments, they may have a significant negative impact on the expected/estimated market price and/or the liquidity of the investment and thus on the return of the sub-funds. | en | fr |
DOLFIN3049 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All current accounts of a sub-fund (including those in different currencies) that are actually and legally only part of a single current account are shown as a single current account in the composition of net sub-fund assets. Current accounts in foreign currencies, if applicable, are converted into the relevant sub-fund currency. Interest is calculated in line with the conditions of the relevant individual account.
-
## Expense and income equalisation | Sämtliche Kontokorrentkonten des jeweiligen Teilfonds (auch solche in unterschiedliche Währungen), die tatsächlich und rechtlich nur Teile eines einheitlichen Kontokorrentkontos bilden, werden in der Zusammensetzung des jeweiligen Netto-Teilfondsvermögens als einheitliches Kontokorrent ausgewiesen. Kontokorrentkonten in Fremdwährung, sofern vorhanden, werden in die jeweilige Teilfondswährung umgerechnet. Als Basis für die Zinsberechnung gelten die Bedingungen des jeweiligen Einzelkontos.
-
## Aufwands- und Ertragsausgleich | All current accounts of a sub-fund (including those in different currencies) that are actually and legally only part of a single current account are shown as a single current account in the composition of net sub-fund assets. Current accounts in foreign currencies, if applicable, are converted into the relevant sub-fund currency. Interest is calculated in line with the conditions of the relevant individual account.
-
## Expense and income equalisation | en | de |
DOLFIN3050 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the financial product.
How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the financial product?
Not applicable
How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
Not applicable
How does the designated index differ from a relevant broad market index?
Not applicable
Where can the methodology used for the calculation of the designated index be found?
Not applicable | # Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut?
Aucun indice de référence n’a été désigné pour atteindre les caractéristiques environnementales ou sociales promues par le produit financier.
Comment l’indice de référence est-il en permanence aligné sur chacune des caractéristiques environnementales ou sociales promues par le produit financier?
Non applicable
Comment l’alignement de la stratégie d’investissement sur la méthodologie de l’indice est-il garanti en permanence?
Non applicable
En quoi l’indice désigné diffère-t-il d’un indice de marché large pertinent?
Non applicable
Où trouver la méthode utilisée pour le calcul de l’indice désigné?
Non applicable | # Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the financial product.
How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the financial product?
Not applicable
How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
Not applicable
How does the designated index differ from a relevant broad market index?
Not applicable
Where can the methodology used for the calculation of the designated index be found?
Not applicable | en | fr |
DOLFIN3051 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### EURIBOR:
The product is not in any way sponsored, endorsed, sold, or promoted by EMMI, and EMMI has no obligations or liability in connection with the trading of any such product. EURIBOR is compiled and calculated on behalf of EMMI. However, EMMI shall not be liable (whether in negligence or otherwise) to any person for any error in EURIBOR or use of the same, whether or not arising from the negligence of EMMI, and EMMI shall not be under any obligation to advise any person of any error therein.
EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR, and/ or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, in direct or consequential loss or damage arising from use of EURIBOR.
Please see “IBOR Phase Out Risk” in the Prospectus for details of the risks associated with the phase out of interbank offered rates (IBORs). | #### EURIBOR:
Das Produkt wird in keinster Weise von EMMI gesponsert, unterstützt, verkauft oder beworben und EMMI hat im Zusammenhang mit dem Handel eines solchen Produkts keine Verpflichtungen und übernimmt keine Verantwortung. EURIBOR ist im Namen von EMMI zusammengestellt und berechnet. Aber EMMI haftet nicht (sei es aus Fahrlässigkeit oder anderweitig) gegenüber einer Person für Fehler im EURIBOR oder in der Nutzung dessen, sei es aufgrund der Fahrlässigkeit von EMMI oder nicht, und EMMI ist nicht verpflichtet, eine Person über Fehler darin zu informieren.
EMMI übernimmt keine Gewährleistung, weder ausdrücklich noch impliziert, hinsichtlich der Nutzung des EURIBORs und/oder der Zahl, bei der der EURIBOR zu einer bestimmten Zeit oder an einem bestimmten Tag oder anderweitig liegt. EMMI übernimmt keine explizite oder implizite Gewährleistung für die Marktfähigkeit oder Eignung für einen bestimmten Zweck für die Nutzung hinsichtlich des Produkts und schließt jede Haftung für einen Verlust von Geschäft oder Gewinnen oder für direkte, indirekte oder Folgeverluste oder Schäden aus, die sich aus der Nutzung des EURIBORs ergeben.
Einzelheiten zu den Risiken im Zusammenhang mit dem
stufenweisen Rückzug der Interbank Offered Rates (IBORs) finden Sie im Prospekt unter „Risiko stufenweiser Rückzug IBOR”. | #### EURIBOR:
The product is not in any way sponsored, endorsed, sold, or promoted by EMMI, and EMMI has no obligations or liability in connection with the trading of any such product. EURIBOR is compiled and calculated on behalf of EMMI. However, EMMI shall not be liable (whether in negligence or otherwise) to any person for any error in EURIBOR or use of the same, whether or not arising from the negligence of EMMI, and EMMI shall not be under any obligation to advise any person of any error therein.
EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR, and/ or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, in direct or consequential loss or damage arising from use of EURIBOR.
Please see “IBOR Phase Out Risk” in the Prospectus for details of the risks associated with the phase out of interbank offered rates (IBORs). | en | de |
DOLFIN3052 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# POURQUOI INVESTIR DANS LE FONDS EUROPE OPPORTUNITIES ?
Le Fonds bénéficie d’une allocation dynamique en terme de style basée sur des convictions fortes.
Le processus d'investissement combine des facteurs qualitatifs, quantitatifs et fondamentaux en vue de générer une surperformance à long terme.
Afin de participer à la croissance de l’activité des entreprises du continent européen.
Les gérants du Fonds disposent d’une solide expérience des marchés financiers | # ¿POR QUÉ INVERTIR EN EL FONDO EUROPE OPPORTUNITIES?
El Fondo se beneficia de una asignación dinámica en cuanto a estilo de inversión basada en sólidas convicciones.
El proceso de inversión combina factores cualitativos, cuantitativos y fundamentales para generar una rentabilidad superior a largo plazo.
Con vistas a participar en el crecimiento de la actividad empresarial en
el continente europeo.
Los gestores del Fondo cuenta con una sólida experiencia en los mercados financieros | # POURQUOI INVESTIR DANS LE FONDS EUROPE OPPORTUNITIES ?
Le Fonds bénéficie d’une allocation dynamique en terme de style basée sur des convictions fortes.
Le processus d'investissement combine des facteurs qualitatifs, quantitatifs et fondamentaux en vue de générer une surperformance à long terme.
Afin de participer à la croissance de l’activité des entreprises du continent européen.
Les gérants du Fonds disposent d’une solide expérience des marchés financiers | fr | es |
DOLFIN3053 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As a result, where the Directors believe that a significant event has occurred between the close of the markets in which a Fund invests and the point of valuation, and that such event will materially affect the value of that Fund’s portfolio, they may cause the Management Company to adjust the Net Asset Value per Share so as to reflect what is believed to be the fair value of the portfolio as at the point of valuation ("fair value pricing").
The level of adjustment will be based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceeds the threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index, but might also be a basket of securities, which the Directors believe is strongly correlated to, and representative of, the performance of the Fund.
Where an adjustment is made as per the foregoing, it will be applied consistently to all Share Classes in the same Fund.
Section 3
- General Information
-
## Administration Details, Charges and Expenses | Como consecuencia, en el caso de que el Consejo de administración considere que se ha producido un acontecimiento significativo entre el cierre de los mercados en los que invierte el Fondo y el momento de valoración y que dicho acontecimiento afectará de forma sustancial al valor de la cartera de ese Fondo, podrá instar a la Sociedad gestora a que ajuste el Valor liquidativo por Participación de forma que refleje lo que se considera el valor razonable de la cartera en el momento de valoración (“ajuste de precios al valor razonable“).
El nivel del ajuste dependerá del movimiento hasta el momento de valoración de un índice sustitutivo elegido, siempre que dicho movimiento supere el umbral fijado por el Consejo de administración para el Fondo correspondiente. El índice sustitutivo será por lo general un índice de futuros, pero también podría ser una cesta de valores que el Consejo de administración considere fuertemente correlacionada con la rentabilidad del Fondo y representativa de la misma.
En el caso de que se realice algún ajuste conforme a lo anterior, este se aplicará sistemáticamente a todas las Clases de Participaciones del mismo Fondo.
Apartado 3
- Información general
-
## Información sobre la dirección y administración, comisiones y gastos | As a result, where the Directors believe that a significant event has occurred between the close of the markets in which a Fund invests and the point of valuation, and that such event will materially affect the value of that Fund’s portfolio, they may cause the Management Company to adjust the Net Asset Value per Share so as to reflect what is believed to be the fair value of the portfolio as at the point of valuation ("fair value pricing").
The level of adjustment will be based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceeds the threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index, but might also be a basket of securities, which the Directors believe is strongly correlated to, and representative of, the performance of the Fund.
Where an adjustment is made as per the foregoing, it will be applied consistently to all Share Classes in the same Fund.
Section 3
- General Information
-
## Administration Details, Charges and Expenses | en | es |
DOLFIN3054 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fees are no longer applicable since the conversion of this unit from a F GBP Acc share class to a W GBP Acc share class on 26 February 2018. The amount of performance fee crystallised as of the conversion date, and invoiced, is 0.22%.
Percentage | Los gastos corrientes se basan en los gastos correspondientes al último ejercicio cerrado el 31 de diciembre de 2021. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
Las comisiones de rentabilidad ya no son aplicables, dada la conversión de esta participación desde una clase de acciones F GBP Acc por una clase de acciones W GBP Acc el 26 de febrero de 2018. En la fecha de la conversión, el importe de la comisión de rentabilidad cristalizada y facturada ascendía al 0,22%.
Porcentaje | Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fees are no longer applicable since the conversion of this unit from a F GBP Acc share class to a W GBP Acc share class on 26 February 2018. The amount of performance fee crystallised as of the conversion date, and invoiced, is 0.22%.
Percentage | en | es |
DOLFIN3055 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectif
Le présent document contient des informations essentielles sur le produit d'investissement. Il ne s'agit pas d'un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d'autres produits.
Produit
GAM Sustainable Climate Bond
ci-après le «Fonds», un compartiment de GAM Star Fund p.l.c.
### (ISIN: IE000FTBIR09 Z - EUR (la «Classe d'actions»))
### Société de gestion: GAM Fund Management Limited, membre de GAM Holding AG Site Internet: www.gam.com
### Veuillez appeler le +353 (0) 1 609 3927 pour de plus amples informations.
### La Banque centrale d'Irlande (CBI) est responsable de la surveillance de GAM Fund Management Limited en lien avec le présent Document d'informations clés.
### Le présent PRIIP est agréé en Irlande.
### Date de production du document d'informations clés: 01/01/2023 | # Finalidad
Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos.
Producto
GAM Sustainable Climate Bond
en adelante, el «Fondo», un subfondo de GAM Star Fund p.l.c.
### (ISIN: IE000FTBIR09 Z - EUR (la «clase de acciones»))
### Sociedad gestora: GAM Fund Management Limited, que forma parte de GAM Holding AG Sitio web: www.gam.com
### Para más información, llame al +353 (0) 1 609 3927.
### El Banco Central de Irlanda (CBI) es responsable de la supervisión de GAM Fund Management Limited en relación con este documento de datos fundamentales
### Este PRIIP está autorizado en Irlanda.
### Fecha de elaboración del documento de datos fundamentales: 01/01/2023 | # Objectif
Le présent document contient des informations essentielles sur le produit d'investissement. Il ne s'agit pas d'un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d'autres produits.
Produit
GAM Sustainable Climate Bond
ci-après le «Fonds», un compartiment de GAM Star Fund p.l.c.
### (ISIN: IE000FTBIR09 Z - EUR (la «Classe d'actions»))
### Société de gestion: GAM Fund Management Limited, membre de GAM Holding AG Site Internet: www.gam.com
### Veuillez appeler le +353 (0) 1 609 3927 pour de plus amples informations.
### La Banque centrale d'Irlande (CBI) est responsable de la surveillance de GAM Fund Management Limited en lien avec le présent Document d'informations clés.
### Le présent PRIIP est agréé en Irlande.
### Date de production du document d'informations clés: 01/01/2023 | fr | es |
DOLFIN3056 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% hedged to CHF Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of large and mid-market capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. The Index is free float-adjusted market capitalisation weighted. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float - adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index also uses (FX) forward contracts to hedge each non- Swiss Franc (CHF) currency in the Index back to CHF, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and CHF.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. They hedge each non-CHF currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
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 Swiss Franc.
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/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del índice MSCI EMU 100% hedged to CHF, el índice de referencia del Fondo (el Índice).
El Índice ofrece la rentabilidad del MSCI EMU Index, que mide la rentabilidad de las empresas de elevada y mediana capitalización bursátil de los países de los mercados desarrollados de la Unión Económica y Monetaria Europea (UME) de acuerdo con criterios del tamaño, liquidez y flotación libre de MSCI. El Índice es un índice ponderado por capitalización bursátil ajustado a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de las acciones de la empresa por el número de acciones disponibles para inversores internacionales. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. El Índice también utiliza contratos de divisas a plazo para cubrir cada divisa del Índice distinta del franco suizo (CHF) respecto de este último, la moneda base del Fondo. La cobertura reduce el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los valores de renta variable que componen el Índice y el CHF.
El Fondo trata de invertir en la medida de lo posible y factible en los valores de renta variable (como por ejemplo acciones) que componen el MSCI EMU Index, así como en contratos de divisas a plazo que, en la medida de lo posible y factible, sigan la metodología de cobertura del Índice. Otorgan cobertura a cada divisa distinta del CHF del Índice respecto de la moneda base del Fondo. Esto se basa en la metodología de los índices MSCI Hedged.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo trata de replicar el índice de referencia manteniendo los valores de renta variable que componen el índice de referencia, en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, 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 franco suizo.
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, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% hedged to CHF Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of large and mid-market capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. The Index is free float-adjusted market capitalisation weighted. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float - adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index also uses (FX) forward contracts to hedge each non- Swiss Franc (CHF) currency in the Index back to CHF, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and CHF.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. They hedge each non-CHF currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
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 Swiss Franc.
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/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN3057 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Sustainable reference benchmark
Is a sustainable reference benchmark used?
The reference index not comply with the environmental and social characteristics mentioned above. Benchmark: Bloomberg Barclays Global Aggregate Index | # Nachhaltiger Referenzindex
Wird ein nachhaltiger Referenzindex eingesetzt?
Der Referenzindex erfüllt die oben erwähnten ökologischen und sozialen Merkmale nicht. Referenzindex: Bloomberg Barclays Global Aggregate Index | # Sustainable reference benchmark
Is a sustainable reference benchmark used?
The reference index not comply with the environmental and social characteristics mentioned above. Benchmark: Bloomberg Barclays Global Aggregate Index | en | de |
DOLFIN3058 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Use of benchmarks
ESMA maintains a benchmark register in accordance with Regulation (EU) 2016/1011 of the European Parliament. Su- pervised companies (such as management companies / AIFM) may use benchmarks within the meaning of the Benchmark Regulation within the EEA, insofar as the benchmark is provided by a registered administrator who is listed in the bench- mark register or is listed as a third-state benchmark in the benchmark register.
Benchmarks may also be used by certain investment funds for comparative purposes or as references to measure the performance of an investment fund, whereby the investment funds may nevertheless freely and independently select the securities in which they invest. The benchmark index may change over time. In this case the constituting documents will be updated at the earliest opportunity.
The Management Company assumes no liability for the quality, accuracy or completeness of the data of the benchmark index. Furthermore, no liability is assumed that the respective benchmark index is managed in accordance with the de- scribed index method.
The Management Company has prepared a written plan of actions that it will take with respect to the UCITS or its sub- funds if the index changes significantly or ceases to be provided. Information about this plan is available free of charge upon request at the registered domicile of the Management Company.
The use of the benchmark of the fund is set out in Appendix A “Overview of the fund”.
- | # Verwendung von Benchmarks
Die ESMA führt in Übereinstimmung mit der Verordnung (EU) 2016/1011 des Europäischen Parlaments ein Referenzwert- Verzeichnis ("Benchmark-Register"). Beaufsichtigte Unternehmen (wie Verwaltungs-gesellschaften / AIFM) können Refe- renzwerte ("Benchmarks") im Sinne der Referenzwert-Verordnung ("Benchmark-Verordnung"), im ERWR verwenden, so- fern der Benchmark von einem registrierten im Benchmark-Register eingetragenen Administrator bereitgestellt wird oder als Drittstaaten-Benchmark im Benchmark-Register eingetragen ist.
Benchmarks können von einigen Fonds auch zu Vergleichszwecken oder als Bezugspunkt verwendet werden, an welchem die Wertentwicklung eines Fonds gemessen werden kann, aber die Fonds können die Wertpapiere, in die sie investieren, dennoch frei und unabhängig wählen. Der Vergleichsindex kann sich im Laufe der Zeit ändern. In diesem Fall werden die konstituierenden Dokumente bei der nächsten Gelegenheit aktualisiert.
Die Verwaltungsgesellschaft übernimmt in Bezug auf einen Vergleichsindex keine Haftung für Qualität, Richtigkeit oder Vollständigkeit der Daten des Vergleichsindex. Des Weiteren wird keine Haftung dafür übernommen, dass der jeweilige Vergleichsindex in Übereinstimmung mit den beschriebenen Indexmethode verwaltet wird.
Die Verwaltungsgesellschaft hat einen schriftlichen Plan mit Massnahmen erstellt, die sie hinsichtlich des OGAW bzw. seiner Teilfonds ergreifen wird, falls sich der Index erheblich ändert oder nicht mehr bereitgestellt wird. Informationen in Bezug auf diesen Plan sind auf Anfrage kostenlos am eingetragenen Sitz der Verwaltungsgesellschaft erhältlich.
Die Verwendung der Benchmark des Fonds befindet sich im Anhang A "Fonds im Überblick".
- | # Use of benchmarks
ESMA maintains a benchmark register in accordance with Regulation (EU) 2016/1011 of the European Parliament. Su- pervised companies (such as management companies / AIFM) may use benchmarks within the meaning of the Benchmark Regulation within the EEA, insofar as the benchmark is provided by a registered administrator who is listed in the bench- mark register or is listed as a third-state benchmark in the benchmark register.
Benchmarks may also be used by certain investment funds for comparative purposes or as references to measure the performance of an investment fund, whereby the investment funds may nevertheless freely and independently select the securities in which they invest. The benchmark index may change over time. In this case the constituting documents will be updated at the earliest opportunity.
The Management Company assumes no liability for the quality, accuracy or completeness of the data of the benchmark index. Furthermore, no liability is assumed that the respective benchmark index is managed in accordance with the de- scribed index method.
The Management Company has prepared a written plan of actions that it will take with respect to the UCITS or its sub- funds if the index changes significantly or ceases to be provided. Information about this plan is available free of charge upon request at the registered domicile of the Management Company.
The use of the benchmark of the fund is set out in Appendix A “Overview of the fund”.
- | en | de |
DOLFIN3059 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
For the hedging strategies, the fund used credit derivatives via the ITraxx, CDX and Xover indices, and Total Return Swaps via the IBoxx IG and High Yield indices. For exposure management purposes, the fund used individual CDSs to take long or short positions on certain issuers.
-
##### SFDR sustainable approach | Per quanto riguarda le strategie di copertura, il fondo ha utilizzato derivati di credito attraverso gli indici ITraxx, CDX e Xover, e alcuni Total Return Swap sugli indici IBoxx IG e High-Yield. Nella gestione delle esposizioni, il fondo ha fatto ricorso a CDS singoli per adottare posizioni lunghe o corte su alcuni emittenti.
-
###### Approccio sostenibile SFDR | For the hedging strategies, the fund used credit derivatives via the ITraxx, CDX and Xover indices, and Total Return Swaps via the IBoxx IG and High Yield indices. For exposure management purposes, the fund used individual CDSs to take long or short positions on certain issuers.
-
##### SFDR sustainable approach | en | it |
DOLFIN3060 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company may purchase securities according to reverse repurchase agreements transactions, which consist of a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the securities sold and the Company the obligation to return the securities received under the transaction. During the duration of such transaction, the Company may not sell or pledge/give as security the securities purchased through this contract, except if the Company has other means of coverage. The Company will ensure to keep the importance of purchased securities subject to a repurchase obligation at a level such that it is able at all times, to meet its obligation to redeem its own Shares.
The Company must further ensure that it is able at any time to recall the full amount of cash or to terminate the reverse repurchase agreement. As a general rule, repurchase and reverse repurchase agreements may not exceed 30% of the net assets of a Sub-Fund but the expected proportion of the Sub-Fund's net assets subject to repurchase and reverse repurchase agreements usually varies from 0% to 20%.
Securities that may be purchased in reverse repurchase agreements are limited by the CSSF circular 08/356.
Counterparties used for repurchase agreement and reverse repurchase transactions are only first-class counterparties that are internationally recognized financial institutions. Counterparties may not, as a rule and unless the Board resolve otherwise, have a credit rating below BBB-. Counterparties are domiciled in an OECD member State and specialized in repurchase agreement and reverse repurchase agreement transactions. When selecting counterparties, in addition to an analysis of credit quality and other financial aspects (including qualitative and quantitative criteria), the following criteria are taken into account: market share or specific potential, market knowledge and organization (front, collateral management, back office).
- Permitted types of collateralThe Company will receive only cash as collateral or securities as collateral through a recognized clearing institution or an independent financial institution. | Die Gesellschaft kann Wertpapiere im Rahmen von "Reverse Repos" kaufen, die auf einer Forward-Transaktion beruhen, bei deren Fälligkeit der Verkäufer (Gegenpartei) verpflichtet ist, die verkauften Wertpapiere zurückzukaufen, und die Gesellschaft die im Rahmen der Transaktion erhaltenen Wertpapiere zurückgeben muss. Während der Laufzeit eines solchen Geschäfts darf die Gesellschaft die vereinbarungsgemäss gekauften Wertpapiere weder verkaufen noch verpfänden/zur Sicherung übereignen, es sei denn sie verfügt über andere Mittel zur Deckung. Die Gesellschaft stellt sicher, dass der Umfang der gekauften und einer Rückkaufverpflichtung unterliegenden Wertpapiere stets in einem bestimmten Rahmen bleibt, sodass sie ihrer Verpflichtung zur Rücknahme der eigenen Aktien jederzeit nachkommen kann.
Die Gesellschaft muss ausserdem sicherstellen, dass sie jederzeit in der Lage ist, den gesamten Betrag an liquiden Mitteln zurückzurufen oder die "Reverse Repos" zu beenden. Zwar dürfen Repo-Geschäfte und Reverse Repos 30% des Nettovermögens eines Teilfonds grundsätzlich nicht überschreiten, doch der erwartete Anteil der Repo-Geschäfte und Reverse Repos am Nettovermögen eines Teilfonds liegt in der Regel zwischen 0% und 20%.
Der Umfang der im Rahmen von "Reverse Repos" gekauften Wertpapiere wird im Rundschreiben der CSSF 08/356 begrenzt.
Die Gegenparteien von Wertpapierleihgeschäften sind ausschliesslich erstklassige und international anerkannte Finanzinstitute. Gegenparteien dürfen grundsätzlich kein Rating unterhalb von "BBB-" aufweisen, es sei denn, der Verwaltungsrat beschliesst etwas anderes. Gegenparteien haben ihren Sitz in einem Mitgliedstaat der OECD und sind auf Wertpapierleihgeschäfte spezialisiert. Bei der Auswahl von Gegenparteien werden neben der Analyse der Kreditqualität und anderen finanziellen Aspekten (einschliesslich qualitativer und quantitativer Kriterien) folgende Aspekte berücksichtigt: Marktanteil oder konkretes Marktpotenzial, Marktkenntnisse und Organisation (Front-Office, Sicherheitenmanagement, Back-Office).
- Erlaubte Arten von SicherheitenDie Gesellschaft erhält über eine anerkannte Clearingstelle oder ein unabhängiges Finanzinstitut nur Barmittel oder Wertpapiere als Sicherheiten. | The Company may purchase securities according to reverse repurchase agreements transactions, which consist of a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the securities sold and the Company the obligation to return the securities received under the transaction. During the duration of such transaction, the Company may not sell or pledge/give as security the securities purchased through this contract, except if the Company has other means of coverage. The Company will ensure to keep the importance of purchased securities subject to a repurchase obligation at a level such that it is able at all times, to meet its obligation to redeem its own Shares.
The Company must further ensure that it is able at any time to recall the full amount of cash or to terminate the reverse repurchase agreement. As a general rule, repurchase and reverse repurchase agreements may not exceed 30% of the net assets of a Sub-Fund but the expected proportion of the Sub-Fund's net assets subject to repurchase and reverse repurchase agreements usually varies from 0% to 20%.
Securities that may be purchased in reverse repurchase agreements are limited by the CSSF circular 08/356.
Counterparties used for repurchase agreement and reverse repurchase transactions are only first-class counterparties that are internationally recognized financial institutions. Counterparties may not, as a rule and unless the Board resolve otherwise, have a credit rating below BBB-. Counterparties are domiciled in an OECD member State and specialized in repurchase agreement and reverse repurchase agreement transactions. When selecting counterparties, in addition to an analysis of credit quality and other financial aspects (including qualitative and quantitative criteria), the following criteria are taken into account: market share or specific potential, market knowledge and organization (front, collateral management, back office).
- Permitted types of collateralThe Company will receive only cash as collateral or securities as collateral through a recognized clearing institution or an independent financial institution. | en | de |
DOLFIN3061 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment 10,000 EUR | 1 year | 5 years (Recommended Holding period) |
| --- | --- | --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 6,400 EUR | 5,460 EUR |
| Average return each year | -36.03% | -11.39% |
| Unfavourable | What you might get back after costs | 8,340 EUR | 6,490 EUR |
| Average return each year | -16.59% | -8.30% |
| Moderate | What you might get back after costs | 9,690 EUR | 8,380 EUR |
| Average return each year | -3.12% | -3.48% |
| Favourable | What you might get back after costs | 12,930 EUR | 10,420 EUR |
| Average return each year | 29.30% | 0.83% | | | Période de détention recommandée : 5 ans Investissement 10.000 EUR | 1 an | 5 ans (Période de détention recom- mandée) |
| --- | --- | --- |
| Scénarios |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Stress | Ce que vous pourriez obtenir après dé- duction des coûts | 6.400 EUR | 5.460 EUR |
| Rendement moyen chaque année | -36,03% | -11,39% |
| Défavorable | Ce que vous pourriez obtenir après dé- duction des coûts | 8.340 EUR | 6.490 EUR |
| Rendement moyen chaque année | -16,59% | -8,30% |
| Modéré | Ce que vous pourriez obtenir après dé- duction des coûts | 9.690 EUR | 8.380 EUR |
| Rendement moyen chaque année | -3,12% | -3,48% |
| Favorable | Ce que vous pourriez obtenir après dé- duction des coûts | 12.930 EUR | 10.420 EUR |
| Rendement moyen chaque année | 29,30% | 0,83% | | | Recommended Holding Period: 5 years Investment 10,000 EUR | 1 year | 5 years (Recommended Holding period) |
| --- | --- | --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 6,400 EUR | 5,460 EUR |
| Average return each year | -36.03% | -11.39% |
| Unfavourable | What you might get back after costs | 8,340 EUR | 6,490 EUR |
| Average return each year | -16.59% | -8.30% |
| Moderate | What you might get back after costs | 9,690 EUR | 8,380 EUR |
| Average return each year | -3.12% | -3.48% |
| Favourable | What you might get back after costs | 12,930 EUR | 10,420 EUR |
| Average return each year | 29.30% | 0.83% | | en | fr |
DOLFIN3062 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The following regulated markets:
- derivatives markets approved in a Member State of the EEA;
- derivatives markets approved in the United Kingdom;
- the market organised by the International Capital Market Association;
- the UK market (i) conducted by banks and other institutions regulated by the FCA and subject to the Inter-Professional Conduct provisions of the FCA’s Market Conduct Sourcebook and (ii) in non-investment products which are subject to the guidance contained in the “Non-Investment Product Code” drawn up by the participants in the London market, including the FCA and the Bank of England (formerly known as the “The Grey Paper”);
- NASDAQ in the United States;
- the market in US Government Securities conducted by primary dealers regulated by the Federal Reserve Bank of New York;
- the over-the-counter market in the United States conducted by primary and secondary dealers regulated by the Securities and Exchanges Commission and by the National Association of Securities Dealers (and by banking institutions regulated by the US Controller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation); | - Die folgenden geregelten Märkte:
- in einem EWR-Mitgliedstaat genehmigte Derivatemärkte;
- Derivatemärkte, die im Vereinigten Königreich zugelassen sind;
- der von der International Capital Market Association organisierte Markt;
- der britische Markt, (i) der von Banken und anderen von der FCA regulierten Institutionen geführt wird und den im Market Conduct Sourcebook der FCA festgelegten interprofessionellen Verhaltensregeln entspricht, und (ii) in Nicht-Investment-Produkte, die den Bestimmungen der von den Teilnehmern des Londoner Marktes erstellten «Non- Investment Products Code» unterliegen, einschliesslich FCA und Bank of England (ehemals bekannt als «Das Graubuch»),
- NASDAQ in den Vereinigten Staaten;
- der Markt für US-Staatspapiere, der von Primärhändlern betrieben und von der Federal Reserve Bank of New York reguliert wird;
- der Freiverkehrsmarkt in den Vereinigten Staaten, der von Primär- und Sekundärhändlern betrieben und durch die US-Wertpapier- und Börsenaufsichtsbehörde (SEC) sowie die National Association of Securities Dealers reguliert wird (und durch Bankinstitute, die durch den US Controller of the Currency, die Federal Reserve System oder Federal Deposit Insurance Corporation reguliert werden);
- AIM - der Alternative Investment Market im Vereinigten Königreich, der von der Londoner Börse reguliert und betrieben wird;
- der japanische Freiverkehrsmarkt, der von der Securities Dealers Association of Japan reguliert wird;
- der vom Securities and Exchange Board of India regulierte Freiverkehrsmarkt in Indien;
- der französische Markt für «Titre de Creance Negotiable» (Freiverkehrsmarkt für handelbare Schuldtitel);
- der Freiverkehrsmarkt für kanadische Staatsanleihen, der von der Investment Dealers Association of Canada reguliert wird; | - The following regulated markets:
- derivatives markets approved in a Member State of the EEA;
- derivatives markets approved in the United Kingdom;
- the market organised by the International Capital Market Association;
- the UK market (i) conducted by banks and other institutions regulated by the FCA and subject to the Inter-Professional Conduct provisions of the FCA’s Market Conduct Sourcebook and (ii) in non-investment products which are subject to the guidance contained in the “Non-Investment Product Code” drawn up by the participants in the London market, including the FCA and the Bank of England (formerly known as the “The Grey Paper”);
- NASDAQ in the United States;
- the market in US Government Securities conducted by primary dealers regulated by the Federal Reserve Bank of New York;
- the over-the-counter market in the United States conducted by primary and secondary dealers regulated by the Securities and Exchanges Commission and by the National Association of Securities Dealers (and by banking institutions regulated by the US Controller of the Currency, the Federal Reserve System or Federal Deposit Insurance Corporation); | en | de |
DOLFIN3063 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies in markets throughout the world including major markets and smaller emerging markets. It aims to invest in multiple long-term market themes by investing in securities that may benefit from structural and/or secular (i.e. long term and not cyclical) changes in economic and social factors, such as disruptive technologies, demographics and climate change. The Investment Manager has the discretion on the choice of themes the fund invests in.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund may also seek exposure of up to 20% of its net assets to closed-ended real estate investment trusts (REITs).
- The fund is actively managed and references MSCI ACWI Index (Net) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos un 70 % en acciones de empresas de todo el mundo. Pretende invertir en muchas temáticas a largo plazo del mercado a través de la inversión en valores que puedan verse favorecidos por cambios estructurales o seculares (es decir, a largo plazo y no cíclicos) en factores económicos y sociales, como las tecnologías disruptivas, la demografía y el cambio climático. El Gestor de Inversiones es libre de elegir las temáticas en las que invierte el Subfondo.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- También puede tratar de exponer hasta un 20 % de su patrimonio neto a fondos de inversión inmobiliaria («REIT») de capital fijo.
- El Subfondo se gestiona de manera activa y utiliza como referencia el MSCI ACWI Index (Net) (en adelante, el «Índice»), únicamente a efectos de comparación.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies in markets throughout the world including major markets and smaller emerging markets. It aims to invest in multiple long-term market themes by investing in securities that may benefit from structural and/or secular (i.e. long term and not cyclical) changes in economic and social factors, such as disruptive technologies, demographics and climate change. The Investment Manager has the discretion on the choice of themes the fund invests in.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund may also seek exposure of up to 20% of its net assets to closed-ended real estate investment trusts (REITs).
- The fund is actively managed and references MSCI ACWI Index (Net) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3064 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Return and cost
Securities lending transactions
The total income earned from securities lending transactions is split between the relevant Sub-Funds and the securities lending agent. Detail of this split is disclosed in Note 10 to the Financial Statements.
Total return swap contracts
All returns from total return swap contracts will accrue to the Sub-Funds and are not subject to any returns sharing arrangements with the Investment Manager or any other third parties.
- | # Rendimenti e costi
Operazioni di prestito titoli
Il reddito totale realizzato dalle operazioni di prestito titoli viene ripartito tra i relativi Comparti e l’agente di prestito titoli. I particolari della ripartizione sono riportati nella nota 10 al Bilancio.
Total return swap
Tutti gli utili derivanti dai total return swap verranno attribuiti ai Comparti e non sono soggetti a eventuali accordi di ripartizione degli utili con il gestore degli investimenti o altri soggetti terzi.
- | # Return and cost
Securities lending transactions
The total income earned from securities lending transactions is split between the relevant Sub-Funds and the securities lending agent. Detail of this split is disclosed in Note 10 to the Financial Statements.
Total return swap contracts
All returns from total return swap contracts will accrue to the Sub-Funds and are not subject to any returns sharing arrangements with the Investment Manager or any other third parties.
- | en | it |
DOLFIN3065 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The Management Company and each of its agents will ensure that their respective obligations are not compromised by the above - mentioned involvements.
More specifically, the Management Company, by virtue of the rules of conduct applicable to it, must try to avoid conflicts of interest and, when they cannot be avoided, ensure that its clients (including the Fund) are treated equitably.
- FATCA requirementsAlthough the Fund endeavours to meet the obligations to which it is subject to avoid the 30% withholding tax, there is no guarantee that it will be able to do so. If the Fund were to become liable for this withholding tax due to the application of FATCA, the value of the Shares held by all the shareholders would be negatively impacted. | ##### La Société de gestion et chacun de ses agents veilleront à ce que leurs obligations respectives ne soient pas compromises par les rôles susmentionnés.
Plus précisément, la Société de gestion, en vertu des règles de conduite qui lui sont applicables, doit essayer d’éviter les conflits d’intérêts et, quand ils ne peuvent pas être évités, veiller à ce que ses clients (y compris le Fonds) soient traités équitablement.
- Exigences FATCABien que le Fonds s’efforce de respecter les obligations auxquelles il est soumis pour éviter la retenue à la source de 30%, rien ne garantit qu’il puisse être en mesure de le faire. Si le Fonds devenait redevable de cette retenue à la source du fait de l’application du FATCA, la valeur des Actions détenues par tous les actionnaires en serait négativement impactée. | ###### The Management Company and each of its agents will ensure that their respective obligations are not compromised by the above - mentioned involvements.
More specifically, the Management Company, by virtue of the rules of conduct applicable to it, must try to avoid conflicts of interest and, when they cannot be avoided, ensure that its clients (including the Fund) are treated equitably.
- FATCA requirementsAlthough the Fund endeavours to meet the obligations to which it is subject to avoid the 30% withholding tax, there is no guarantee that it will be able to do so. If the Fund were to become liable for this withholding tax due to the application of FATCA, the value of the Shares held by all the shareholders would be negatively impacted. | en | fr |
DOLFIN3066 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group Global Equity Fund (LUX)
| Launch Date | 31 December 19691 | |
| --- | --- | --- |
| Investment Objective | Long-term capital growth through investment primarily in listed Equity, researched and selected on a world-wide basis. Unlisted securities may also be purchased, subject to the relevant provisions of the “General Investment Guidelines and Restrictions”. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking long-term capital growth through investment primarily in global Equities. |
| Eligible Investment Countries | Any country, excluding Emerging Markets. | |
| Specific Investment Guidelines and Restrictions | n/a | |
| Specific Risks | Equities | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, the main currency exposure of the Fund back into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%. The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges2 | Fund Administration Fee3 | 0.15% maximum |
| | Depositary and Custody Fees4 | 0.05% maximum |
- Single compartment of Capital International Fund until 23 August 2002.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | # Capital Group Global Equity Fund (LUX)
| Auflagedatum | 31. Dezember 19691 | |
| --- | --- | --- |
| Anlageziel | Langfristiges Kapitalwachstum durch die vorwiegende Anlage in Aktien börsennotierter, analysierter und ausgewählter Unternehmen weltweit. Nicht börsennotierte Wertpapiere können vorbehaltlich der entsprechenden Bestimmungen in den „Allgemeinen Anlageleitlinien und Beschränkungen“ ebenfalls gekauft werden. |
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die langfristiges Kapitalwachstum durch die vorwiegende Anlage in globale Aktien anstreben. |
| Qualifizierte Anlageländer | Alle Länder mit Ausnahme von Schwellenländern. | |
| Spezifische Anlageleitlinien und Beschränkungen | n/a | |
| Besondere Risiken | Aktien | |
| Anlageberater | CRMC | |
| Sub-Anlageberater | CISA | |
| Basiswährung | EUR | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Verwaltungsgesellschaft nach eigenem Ermessen), an denen ein Markt oder mehrere Märkte, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, geschlossen ist/sind. Für die Zwecke dieses Absatzes ist der zu berücksichtigende Markt der Markt, an dem das maßgebliche Instrument gehandelt wird. (Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international) |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Äquivalente Hedged- Anteilsklassen | Der Fonds zielt, mit einer angemessenen Toleranzmarge, darauf ab, das wesentliche Währungsrisiko des Fonds in der Währung abzusichern, die in der Bezeichnung der jeweiligen Anteilsklasse angegeben ist. Es wird davon ausgegangen, dass die daraus resultierende effektive Hedge-Kennzahl (d. h. das prozentuale Engagement in der Währung der abgesicherten Anteilsklasse) in der Regel bei 80 % bis 100 % liegt. Eine Liste der verfügbaren Äquivalenten Hedged-Anteilsklassen ist online auf der Website der Verwaltungsgesellschaft unter capitalgroup.com/international verfügbar |
| Handelsschluss | 13:00 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen2 | Fondsverwaltungsgebühr3 | 0,15 % Maximum |
| | Verwahrungs- und Depotgebühren4 | 0,05 % Maximum |
- Einziger Teilfonds des Capital International Fund bis 23. August 2002
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | # Capital Group Global Equity Fund (LUX)
| Launch Date | 31 December 19691 | |
| --- | --- | --- |
| Investment Objective | Long-term capital growth through investment primarily in listed Equity, researched and selected on a world-wide basis. Unlisted securities may also be purchased, subject to the relevant provisions of the “General Investment Guidelines and Restrictions”. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking long-term capital growth through investment primarily in global Equities. |
| Eligible Investment Countries | Any country, excluding Emerging Markets. | |
| Specific Investment Guidelines and Restrictions | n/a | |
| Specific Risks | Equities | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, the main currency exposure of the Fund back into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%. The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges2 | Fund Administration Fee3 | 0.15% maximum |
| | Depositary and Custody Fees4 | 0.05% maximum |
- Single compartment of Capital International Fund until 23 August 2002.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN3067 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## RISKS
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions. Sub-Funds investing in mid and small cap companies involve special risks including higher volatility and lower liquidity. The Sub-Fund will typically invest a portion of its assets in securities or other financial instruments issued by companies in the financial services sector, including, without limitation, the banking, brokerage and insurance industries. Changes to government regulations, interest rates, or general economic conditions may detrimentally affect the Sub-Fund because of the Sub-Fund’s investments in the financial services sector. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among others, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, and regional economic volatility. | ## RISCHIO
La Classe di Azioni viene assegnata a questa categoria di rischio per via delle variazioni di prezzo risultanti dalla valuta, dalla natura degli investimenti e della strategia del Comparto. Il rating sopra riportato è basato sulla volatilità storica della Classe di Azioni e può non costituire un indicatore affidabile del futuro profilo di rischio della Classe di Azioni stessa. La categoria di rischio e rendimento riportata potrebbe non rimanere invariata e cambiare nel tempo. L’appartenenza alla categoria più bassa non garantisce un investimento esente da rischi.
Gli investimenti azionari comportano un rischio azionario e un rischio di volatilità dei prezzi. Il valore delle azioni e degli altri valori mobiliari cambierà in base alle variazioni della salute finanziaria di un’impresa e delle condizioni economiche e di mercato complessive. I Comparti che investono in società a media e bassa capitalizzazione comportano rischi particolari, tra cui una maggiore volatilità e una minore liquidità. Il Comparto investirà generalmente una parte delle sue attività in titoli o altri strumenti finanziari emessi da società del settore dei servizi finanziari tra i quali, in via non esclusiva, quelli bancari, di intermediazione e assicurativi. Le modifiche ai regolamenti governativi, ai tassi d’interesse o alle condizioni economiche generali possono avere un impatto negativo sul Comparto a causa degli investimenti del Comparto nel settore dei servizi finanziari. Gli investimenti in titoli esteri possono comportare maggiori rischi rispetto agli investimenti in titoli statunitensi a causa, fra l’altro, di: una minore disponibilità di informazioni pubbliche, principi contabili, di revisione e di informativa finanziaria meno rigorosi e meno uniformi, mercati meno liquidi e più volatili, maggiori costi di transazione e di custodia, tasse aggiuntive, una minore protezione degli investitori, pagamenti ritardati o meno frequenti, instabilità politica o sociale, disordini civili, atti di terrorismo e volatilità economica regionale. | ## RISKS
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions. Sub-Funds investing in mid and small cap companies involve special risks including higher volatility and lower liquidity. The Sub-Fund will typically invest a portion of its assets in securities or other financial instruments issued by companies in the financial services sector, including, without limitation, the banking, brokerage and insurance industries. Changes to government regulations, interest rates, or general economic conditions may detrimentally affect the Sub-Fund because of the Sub-Fund’s investments in the financial services sector. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among others, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, and regional economic volatility. | en | it |
DOLFIN3068 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Overseas investors invest through offshore electronic trading platforms where trade orders are executed on CFETS, CIBM’s centralised electronic trading platform, between investors and onshore participating dealers.
Under the multi-layered custody arrangement, while the distinct concepts of "nominee holder" and "beneficial owner" are generally recognized under relevant PRC regulations, the application of such rules is untested, and there is no assurance that PRC courts will recognise such rules, e.g. in liquidation proceedings of PRC companies or other legal proceedings.
Under Northbound Trading Link, bond issuers and trading of CIBM bonds are subject to market rules in China. Any changes in laws, regulations and policies of the China bond market or rules in relation to Northbound Trading Link may affect prices and liquidity of the relevant CIBM bonds and the Fund’s investment in relevant bonds may be adversely affected. | Ausländische Anleger investieren über elektronische Offshore-Handelsplattformen, bei denen Handelsaufträge über CFETS, die zentralisierte elektronische Handelsplattform des CIBM, zwischen Anlegern und teilnehmenden Onshore- Händlern ausgeführt werden.
Im Rahmen der vielschichtigen Verwahrungsvereinbarung werden die separaten Konzepte des „Nominee- Inhabers“ und des „wirtschaftlichen Eigentümers“ zwar im Rahmen der entsprechenden Gesetze und Vorschriften der VR China allgemein anerkannt, doch ist die Anwendung dieser Regeln unerprobt und es kann nicht zugesichert werden, dass die Gerichte der VR China diese Regeln anerkennen werden, z. B. in Liquidationsverfahren in Bezug auf Gesellschaften in der VR China oder in sonstigen Rechtsverfahren.
Im Rahmen von Northbound Trading Link gelten für Anleiheemittenten und den Handel mit CIBM-Anleihen die Marktregeln in China. Jegliche Änderungen der Gesetze, Vorschriften und Richtlinien für den chinesischen Anleihenmarkt oder der Regeln in Bezug auf den Northbound Trading Link können die Preise und die Liquidität der betreffenden CIBM-Anleihen beeinflussen, und die Anlage des Fonds in den betreffenden Anleihen kann beeinträchtigt werden. | Overseas investors invest through offshore electronic trading platforms where trade orders are executed on CFETS, CIBM’s centralised electronic trading platform, between investors and onshore participating dealers.
Under the multi-layered custody arrangement, while the distinct concepts of "nominee holder" and "beneficial owner" are generally recognized under relevant PRC regulations, the application of such rules is untested, and there is no assurance that PRC courts will recognise such rules, e.g. in liquidation proceedings of PRC companies or other legal proceedings.
Under Northbound Trading Link, bond issuers and trading of CIBM bonds are subject to market rules in China. Any changes in laws, regulations and policies of the China bond market or rules in relation to Northbound Trading Link may affect prices and liquidity of the relevant CIBM bonds and the Fund’s investment in relevant bonds may be adversely affected. | en | de |
DOLFIN3069 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Policy
The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) of companies listed on or dealt in Recognised Markets in Emerging Markets or which are listed on or dealt in Recognised Markets outside of the Emerging Markets but which generate the bulk of their earnings in Emerging Markets.
The Fund selects investments with a focus on companies with a lower carbon intensity relative to their sector, maintains a positive focus on companies considered to have leading ESG ratings relative to their sector, and excludes those issuers involved in specific activities considered to cause negative environmental and social impact. The Fund promotes environmental or social characteristics but does not have sustainable investment as its objective.
The Fund may invest up to 20% of net assets in Russian markets and up to 25% of net assets in China A Shares. A shares investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect or Shenzhen Stock Exchange using the Shenzhen Hong Kong Stock Connect. | ### Politica d'investimento
Il Fondo punta a conseguire questo obiettivo investendo principalmente in azioni di società quotate o negoziate su mercati riconosciuti dei mercati emergenti o che sono quotate o negoziate su mercati riconosciuti al di fuori dei mercati emergenti ma che generano la maggior parte dei loro utili nei mercati emergenti.
Il Fondo seleziona gli investimenti privilegiando le società con un'intensità di carbonio inferiore rispetto al loro settore, mantiene un'enfasi positiva su società considerate leader in termini di punteggi ESG nel relativo settore ed esclude gli emittenti coinvolti in specifiche attività che si ritiene abbiano un impatto ambientale e sociale negativo. Il Fondo promuove caratteristiche ambientali o sociali ma non ha come obiettivo investimenti sostenibili.
Il Fondo può investire fino al 20% del patrimonio netto in mercati russi e fino al 25% del patrimonio netto in Azioni Cina A. Gli investimenti in azioni A verranno effettuati tramite il regime di Investitore istituzionale estero qualificato in Renminbi ("RQFII") oppure tramite la Borsa valori di Shanghai utilizzando lo Shanghai Hong Kong Stock Connect o tramite la Borsa valori di Shenzhen utilizzando lo Shenzhen Hong Kong Stock Connect. | ### Investment Policy
The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) of companies listed on or dealt in Recognised Markets in Emerging Markets or which are listed on or dealt in Recognised Markets outside of the Emerging Markets but which generate the bulk of their earnings in Emerging Markets.
The Fund selects investments with a focus on companies with a lower carbon intensity relative to their sector, maintains a positive focus on companies considered to have leading ESG ratings relative to their sector, and excludes those issuers involved in specific activities considered to cause negative environmental and social impact. The Fund promotes environmental or social characteristics but does not have sustainable investment as its objective.
The Fund may invest up to 20% of net assets in Russian markets and up to 25% of net assets in China A Shares. A shares investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect or Shenzhen Stock Exchange using the Shenzhen Hong Kong Stock Connect. | en | it |
DOLFIN3070 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 180 USD | 972 USD |
| Annual cost impact (*) | 1.8% | 1.8% | | | Investimento: 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 180 USD | 972 USD |
| Incidenza annuale dei costi (*) | 1,8% | 1,8% | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 180 USD | 972 USD |
| Annual cost impact (*) | 1.8% | 1.8% | | en | it |
DOLFIN3071 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Outstanding options traded on a regulated market are valued based on the intraday price or the last available market price of the instruments.
OTC options are marked to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty.
The market value of options is included in the statement of net assets under the headings “Unrealised appreciation on Options”.
The realised gains/(losses) and change in unrealised appreciation/(depreciation) on options are disclosed in the statement of operations and changes in net assets respectively under the headings “Net realised gain/(loss) on Options” and “Net change in unrealised appreciation/(depreciation) on Options”.
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#### Futures Contracts | Les options en circulation négociées sur un marché réglementé sont évaluées en fonction du prix intrajournalier, ou du dernier prix de marché disponible pour les instruments concernés.
Les options de gré à gré sont évaluées sur la base de leur valeur de marché, d’après les prix quotidiens obtenus d’agents de cotation tiers et rapprochés de la valeur fournie par la contrepartie.
La valeur de marché des options est incluse dans l’État de l’actif net, au poste « Plus-values latentes sur options ».
Les gains/(pertes) réalisés et les variations nettes des plus-values/(moins-values) latentes sur options sont présentés dans l’État des opérations et des variations de l’actif net, aux postes respectifs « Gains/(Pertes) nets réalisés sur options » et « Variation nette des plus-values/(moins-values) latentes sur options ».
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#### Contrats de Futures | Outstanding options traded on a regulated market are valued based on the intraday price or the last available market price of the instruments.
OTC options are marked to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty.
The market value of options is included in the statement of net assets under the headings “Unrealised appreciation on Options”.
The realised gains/(losses) and change in unrealised appreciation/(depreciation) on options are disclosed in the statement of operations and changes in net assets respectively under the headings “Net realised gain/(loss) on Options” and “Net change in unrealised appreciation/(depreciation) on Options”.
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#### Futures Contracts | en | fr |
DOLFIN3072 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 117.00 EUR | 803.00 EUR |
| Impact on return (RIY) per year | 1.18% | 1.25% | | | Investimento: 10.000 EUR | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 117.00 EUR | 803.00 EUR |
| Impatto sul rendimento (RIY) annuo | 1.18% | 1.25% | | | Investment EUR 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 117.00 EUR | 803.00 EUR |
| Impact on return (RIY) per year | 1.18% | 1.25% | | en | it |
DOLFIN3073 | 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 World TR ND index is used for performance comparison only, 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 aims to generate capital growth over the long term. It mainly invests in equity securities, preferred stocks and convertible securities issued by companies worldwide, including emerging markets. It can also invest in A shares (issued by mainland China-based companies) through the Shanghai-Hong Kong Stock Connect (Stock Connect). The Sub-Fund follows an active, high conviction investment approach. In selecting the individual stocks, the Investment Manager is guided by its own financial analysis of companies. The investment approach is based on the premise that sustainability factors will ultimately drive a company’s share price over the long term. The Investment Manager invests in high quality businesses, whose securities
are attractively priced, with strong management teams that it believes best understand and respond to these factors and have the potential to outperform over the long term. The result is a concentrated portfolio made up of shares in 30 to 50 different companies. 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 World TR ND se utiliza únicamente a efectos de comparación de la rentabilidad 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 objetivo del subfondo es generar revalorización del capital a largo plazo. Invierte principalmente en títulos de renta variable, acciones preferentes y títulos convertibles emitidos por empresas de todo el mundo, incluidos los mercados emergentes. Puede también invertir en acciones A (emitidas por empresas establecidas en China continental) a través del programa Shanghai-Hong Kong Stock Connect (Stock Connect). El subfondo sigue un enfoque de inversión activo y de alta convicción. Al seleccionar los títulos individuales, el gestor de inversiones se guía por su propio análisis financiero de empresas. En enfoque de inversión se basa en la premisa de que los factores de sostenibilidad acabarán impulsando el precio de la acción de una empresa a largo plazo. El gestor de inversiones invierte en empresas de
alta calidad cuyos títulos tienen un precio atractivo y cuyos equipos de dirección son fuertes, y de las que cree que mejor comprenden y reúnen esos factores y tienen potencial para obtener mejores rentabilidades relativas a largo plazo. El resultado es una cartera concentrada compuesta por acciones de entre 30 y 50 empresas. 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 World TR ND index is used for performance comparison only, 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 aims to generate capital growth over the long term. It mainly invests in equity securities, preferred stocks and convertible securities issued by companies worldwide, including emerging markets. It can also invest in A shares (issued by mainland China-based companies) through the Shanghai-Hong Kong Stock Connect (Stock Connect). The Sub-Fund follows an active, high conviction investment approach. In selecting the individual stocks, the Investment Manager is guided by its own financial analysis of companies. The investment approach is based on the premise that sustainability factors will ultimately drive a company’s share price over the long term. The Investment Manager invests in high quality businesses, whose securities
are attractively priced, with strong management teams that it believes best understand and respond to these factors and have the potential to outperform over the long term. The result is a concentrated portfolio made up of shares in 30 to 50 different companies. 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 |
DOLFIN3074 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) (ISIN IE00BK8JH525)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
This EUR Hedged class is made available to reduce the impact of exchange rate fluctuations between the currency in which the hedged Class is denominated and the Base Currency of the Fund. This involves hedging the Fund's Base Currency, the USD, to EUR without reference to the currencies represented in the Fund's underlying investment portfolio. This hedged share class should more closely track the corresponding hedged version of the Index (Bloomberg Emerging Markets Local Currency Liquid Government Bond Index unhedged USD base hedged into EUR).
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in Euro.
Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | # Clase de acción: SPDR Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) (ISIN IE00BK8JH525)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de los mercados de deuda de países emergentes para valores líquidos denominados en monedas locales.
Política de inversión El Fondo trata de replicar la rentabilidad del Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden bonos emitidos por Estados de países emergentes. Estos valores pueden tener tipos de interés fijos o variables y calificaciones de grado de inversión (alta calidad) o inferiores. Puesto que adquirir de forma eficiente la totalidad de los valores que integran el Índice puede resultar complicado, el Fondo tratará de replicar la rentabilidad del Índice utilizando una estrategia de muestra estratificada para construir una cartera representativa. Por lo tanto, normalmente el Fondo tendrá en cartera solo una parte de los valores incluidos en el Índice.
Esta clase con cobertura en EUR se ofrece para reducir la repercusión de las fluctuaciones de los tipos de cambio entre la moneda en la que está denominada la Clase de acciones cubierta y la Moneda base del Fondo. Esto implica cubrir la Moneda base del Fondo, el USD, en EUR sin referencia a las monedas representadas en la cartera de inversión subyacente del Fondo.
Esta clase de acciones cubiertas deberá replicar con mayor precisión la correspondiente versión con cobertura del índice (Bloomberg Emerging Markets Local Currency Liquid Government Bond Index sin cobertura en USD con cobertura base en EUR).
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en euros.
Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: Bloomberg Index Services Limited. BLOOMBERG® es una marca registrada y de servicios de Bloomberg Finance L.P. y sus entidades asociadas (colectivamente, «Bloomberg»). Bloomberg o sus proveedores de licencias tienen todos los derechos de propiedad sobre los Índices de Bloomberg. Ni Bloomberg ni sus proveedores de licencias aprueban o autorizan este material, ni garantizan la exactitud o exhaustividad de la información que aquí se recoge, ni otorgan garantía alguna, expresa o implícita, con respecto a los resultados que se obtendrán de estos y, en la máxima medida en que la ley lo permita, no tendrán ninguna responsabilidad por lesiones o daños o perjuicios que se produzcan con relación a estos. | # Share Class: SPDR Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) (ISIN IE00BK8JH525)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
This EUR Hedged class is made available to reduce the impact of exchange rate fluctuations between the currency in which the hedged Class is denominated and the Base Currency of the Fund. This involves hedging the Fund's Base Currency, the USD, to EUR without reference to the currencies represented in the Fund's underlying investment portfolio. This hedged share class should more closely track the corresponding hedged version of the Index (Bloomberg Emerging Markets Local Currency Liquid Government Bond Index unhedged USD base hedged into EUR).
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in Euro.
Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | en | es |
DOLFIN3075 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Type
A EUR est une catégorie d'actions du Fonds qui est un compartiment de l'OPCVM, une société d'investissement à capital variable à compartiments comprenant plusieurs compartiments différents. Les actifs du Fonds étant séparés d'autres compartiments dans la structure à compartiments, votre investissement dans le Fonds ne sera pas affecté par une quelconque réclamation déposée à l'égard de tout autre compartiment de l'OPCVM. Veuillez contacter [email protected] pour en savoir plus sur les catégories d'actions alternatives et leurs conditions associées.
Les investisseurs peuvent échanger leurs actions dans le Fonds contre des actions d'une autre catégorie de devise ou contre des actions d'un autre compartiment de la structure à compartiments. Pour en savoir plus, veuillez consulter le supplément du Fonds. | ## Tipo
A EUR es una clase de acciones del Fondo, que es un subfondo del OICVM, una sociedad de inversión de capital variable tipo paraguas, compuesta por varios subfondos diferentes. Los activos del Fondo están segregados de otros subfondos de la estructura paraguas, por lo que su inversión en el Fondo no se verá afectada por ninguna reclamación presentada contra cualquier otro subfondo del OICVM. Para obtener información adicional sobre otras clases de acciones y sus condiciones correspondientes, póngase en contacto con [email protected].
Los inversores podrán canjear sus participaciones del Fondo por participaciones en una clase de divisa diferente o por participaciones de otro subfondo de la estructura tipo paraguas. Para más información, consulte el suplemento del Fondo. | ## Type
A EUR est une catégorie d'actions du Fonds qui est un compartiment de l'OPCVM, une société d'investissement à capital variable à compartiments comprenant plusieurs compartiments différents. Les actifs du Fonds étant séparés d'autres compartiments dans la structure à compartiments, votre investissement dans le Fonds ne sera pas affecté par une quelconque réclamation déposée à l'égard de tout autre compartiment de l'OPCVM. Veuillez contacter [email protected] pour en savoir plus sur les catégories d'actions alternatives et leurs conditions associées.
Les investisseurs peuvent échanger leurs actions dans le Fonds contre des actions d'une autre catégorie de devise ou contre des actions d'un autre compartiment de la structure à compartiments. Pour en savoir plus, veuillez consulter le supplément du Fonds. | fr | es |
DOLFIN3076 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
In order to achieve its investment objective and policy, the Fund will utilise a variety of investment strategies and instruments. In particular, the Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event. Catalyst events range across a broad spectrum and include, but are not limited to, announced mergers and acquisitions, company offers, spinoffs and split-offs, financial and strategic restructuring and management changes.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity securities.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The ICE BofAML 3- MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar (USD), the Fund's base currency.
Your shares will aim to provide exposure to Brazilian Real (“BRL”) by converting the net asset value of your shares into BRL using financial derivative instruments. As a result, such net asset value is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and USD, the Fund’s base currency. This fluctuation will be reflected in the performance of this share class, and therefore such performance may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from this hedging strategy will be reflected in the net asset value of the share class. Risks in respect of this share class will, for risk-management purposes, be measured and monitored in BRL. The SRRI for share classes with more than 5 years of performance history will reflect either the calculated SRRI based on realised volatility measured in USD, or the SRRI based on volatility measured in BRL, whichever is the greater.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 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 trata de obtener una rentabilidad absoluta positiva a través de una combinación de crecimiento del capital y rendimientos de sus inversiones al margen de las condiciones del mercado.
En circunstancias normales de mercado, el Fondo tratará de conseguir al menos el 70% de su exposición de inversión mediante valores de renta variable mundial (p. ej., acciones) y valores relacionados con renta variable. El Fondo podrá invertir también en valores de renta fija (RF) (como bonos), valores relacionados con RF, valores relacionados con RF, instrumentos del mercado monetario (IMM) (es decir, valores de deuda con vencimientos a corto plazo), depósitos y tesorería.
Para alcanzar su objetivo de inversión, el Fondo utilizará varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará un proceso de inversión basado en indicadores fundamentales centrado en identificar inversiones que se vean afectadas por un acontecimiento catalizador suficientemente definido. Los acontecimientos catalizadores son muy variados e incluyen, sin limitación, fusiones y adquisiciones anunciadas, ofertas de empresas, escisiones y separaciones, reestructuraciones financieras y estratégicas y cambios en la dirección.
Los valores de RF e IMM podrán estar emitidos por gobiernos, agencias gubernamentales, empresas e instituciones supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estos podrían incluir inversiones que tengan una calificación de solvencia relativamente baja o que carecen de calificación.
El asesor de inversiones (AI) utilizará instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para contribuir a alcanzar el objetivo de inversión del Fondo, y este, a través de los IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos). Una parte sustancial de los activos del Fondo se podrá invertir en swaps de rentabilidad total y contratos por diferencia, cuyo objetivo es conseguir una rentabilidad específica determinada por los activos subyacentes, como valores de renta variable.
El Fondo se gestiona de forma activa y el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el ICE BofAML 3-MO US Treasury Bill para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
El objetivo es que sus acciones estén expuestas al real brasileño («BRL»), al convertir el valor liquidativo de las acciones en BRL mediante el uso de instrumentos financieros derivados. En consecuencia, se espera que el valor liquidativo fluctúe en la misma medida que la fluctuación del tipo de cambio entre el BRL y el USD, que es la moneda de base del Fondo. Esta fluctuación se verá reflejada en la rentabilidad de esta clase de acciones y, por lo tanto, esta rentabilidad puede mostrar diferencias sustanciales en relación con la rentabilidad del resto de las clases de acciones del Fondo. Los beneficios y las pérdidas, así como los costes y los gastos, derivados de esta estrategia de cobertura se verán reflejados en el valor liquidativo de la clase de acciones. Los riesgos asociados a esta clase de acciones, a efectos de su gestión, se medirán y controlarán en BRL. El ISRR para las clases de acciones con un historial de rentabilidad superior a 5 años reflejará el ISRR calculado tomando como base la volatilidad obtenida medida en USD, o el ISRR tomando como base la volatilidad medida en BRL (se utilizará el valor superior).
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
In order to achieve its investment objective and policy, the Fund will utilise a variety of investment strategies and instruments. In particular, the Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event. Catalyst events range across a broad spectrum and include, but are not limited to, announced mergers and acquisitions, company offers, spinoffs and split-offs, financial and strategic restructuring and management changes.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity securities.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The ICE BofAML 3- MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar (USD), the Fund's base currency.
Your shares will aim to provide exposure to Brazilian Real (“BRL”) by converting the net asset value of your shares into BRL using financial derivative instruments. As a result, such net asset value is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and USD, the Fund’s base currency. This fluctuation will be reflected in the performance of this share class, and therefore such performance may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from this hedging strategy will be reflected in the net asset value of the share class. Risks in respect of this share class will, for risk-management purposes, be measured and monitored in BRL. The SRRI for share classes with more than 5 years of performance history will reflect either the calculated SRRI based on realised volatility measured in USD, or the SRRI based on volatility measured in BRL, whichever is the greater.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 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 |
DOLFIN3077 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 6,230 | USD 6,900 |
| | Average return each year % | -37.70% | -11.63% |
| Unfavourable scenario | What you might get back after costs | USD 7,400 | USD 6,900 |
| | Average return each year % | -26.00% | -11.63% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 10,690 |
| | Average return each year % | 0.60% | 2.25% |
| Favourable scenario | What you might get back after costs | USD 11,280 | USD 11,910 |
| | Average return each year % | 12.80% | 6.00% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 6.230 | USD 6.900 |
| | Rendimiento medio cada año | -37,70% | -11,63% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.400 | USD 6.900 |
| | Rendimiento medio cada año | -26,00% | -11,63% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.060 | USD 10.690 |
| | Rendimiento medio cada año | 0,60% | 2,25% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.280 | USD 11.910 |
| | Rendimiento medio cada año | 12,80% | 6,00% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 6,230 | USD 6,900 |
| | Average return each year % | -37.70% | -11.63% |
| Unfavourable scenario | What you might get back after costs | USD 7,400 | USD 6,900 |
| | Average return each year % | -26.00% | -11.63% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 10,690 |
| | Average return each year % | 0.60% | 2.25% |
| Favourable scenario | What you might get back after costs | USD 11,280 | USD 11,910 |
| | Average return each year % | 12.80% | 6.00% | | en | es |
DOLFIN3078 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Key Information (Source: Amundi) Objective and Investment Policy
AMUNDI MSCI EMU ESG LEADERS SELECT seeks to replicate, as closely as possible, the performance of the MSCI EMU ESG Leaders Select 5% Issuer Capped Index (Total return index). This sub-fund has exposure to large and mid-cap companies across 10 developed market countries in the EMU using a best-in-class approach by only selecting companies that have the highest MSCI ESG Ratings. In addition, companies showing involvement in alcohol, gambling, tobacco, thermal coal, nuclear power, conventional weapons, nuclear weapons, controversial weapons and civilian firearms are excluded from the Index and each constituent weight is capped at 5%.
« Technical net asset values may be calculated and published for any calendar day (excluding Saturdays and Sundays) that is neither a business day nor a transaction day. These technical net asset values are merely indicative and will not be the basis for purchasing, switching, redeeming and/or transferring shares.” | # Informazioni chiave (Fonte : Amundi) Obiettivo di investimento
AMUNDI MSCI EMU ESG LEADERS SELECT ha l’obiettivo di replicare, nel modo più accurato possibile, la performance dell’indice MSCI EMU ESG Leaders Select 5% Issuer Capped (Total return). Il comparto dà esposizione – in un’unica transazione – alle aziende di media e grande capitalizzazione alle aziende di media e grande capitalizzazione di 10 mercati sviluppati appartenenti all’EMU, utilizzando un approccio best-in-class selezionando unicamente le società con i più alti punteggi ESG secondo MSCI. Inoltre, sono esclusi dall’indice titoli di società coinvolte in alcolici, gioco d’azzardo, tabacco, carbone termico, energia nucleare, armi convenzionali, armi nucleari, armi controverse, armi da fuoco ad uso civile, ed il peso di ogni componente è limitato al 5%.
« I valori patrimoniali netti tecnici possono essere calcolati e pubblicati in ogni giorno solare (esclusi sabati e domeniche), che non sia un giorno lavorativo né un giorno di negoziazione. I suddetti valori patrimoniali netti tecnici sono meramente indicativi e non costituiranno la base per l’acquisto, la conversione, il rimborso e/o il trasferimento di azioni.” | # Key Information (Source: Amundi) Objective and Investment Policy
AMUNDI MSCI EMU ESG LEADERS SELECT seeks to replicate, as closely as possible, the performance of the MSCI EMU ESG Leaders Select 5% Issuer Capped Index (Total return index). This sub-fund has exposure to large and mid-cap companies across 10 developed market countries in the EMU using a best-in-class approach by only selecting companies that have the highest MSCI ESG Ratings. In addition, companies showing involvement in alcohol, gambling, tobacco, thermal coal, nuclear power, conventional weapons, nuclear weapons, controversial weapons and civilian firearms are excluded from the Index and each constituent weight is capped at 5%.
« Technical net asset values may be calculated and published for any calendar day (excluding Saturdays and Sundays) that is neither a business day nor a transaction day. These technical net asset values are merely indicative and will not be the basis for purchasing, switching, redeeming and/or transferring shares.” | en | it |
DOLFIN3079 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### The criteria identifying STS securitisations and ABCPs shall include at least the following:
- requirements relating to the simplicity of the securitisation, including its true sale character and the respect of standards relating to the underwriting of the exposures;
- requirements relating to standardisation of the securitisation, including risk retention requirements;
- requirements relating to the transparency of the securitisation, including the provision of information to potential investors;
- for ABCPs, in addition to points (a), (b) and (c) here above, requirements relating to the sponsor and to the sponsor support of the ABCP programme.
-
##### Eligible deposits with credit institutions | #### Los criterios de identificación de las titulizaciones STS y de los ABCP incluirán, como mínimo, los siguientes:
- requisitos relativos a la simplicidad de la titulización, incluidos su verdadero carácter de venta y el respeto de las normas relativas a la suscripción de las exposiciones;
- requisitos relativos a la normalización de la titulización, incluidos los requisitos de retención del riesgo;
- requisitos relativos a la transparencia de la titulización, incluido el suministro de información a los posibles inversores;
- para los ABCP, además de los puntos (a), (b) y (c) anteriores, requisitos relativos al patrocinador y al apoyo del patrocinador al programa ABCP.
-
#### Depósitos idóneos en entidades de crédito | ##### The criteria identifying STS securitisations and ABCPs shall include at least the following:
- requirements relating to the simplicity of the securitisation, including its true sale character and the respect of standards relating to the underwriting of the exposures;
- requirements relating to standardisation of the securitisation, including risk retention requirements;
- requirements relating to the transparency of the securitisation, including the provision of information to potential investors;
- for ABCPs, in addition to points (a), (b) and (c) here above, requirements relating to the sponsor and to the sponsor support of the ABCP programme.
-
##### Eligible deposits with credit institutions | en | es |
DOLFIN3080 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 210 GBP | 1,272 GBP |
| Annual cost impact (*) | 2.1% | 2.1% each year | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 210 GBP | 1,272 GBP |
| Incidence des coûts annuels (*) | 2.1% | 2.1% chaque année | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 210 GBP | 1,272 GBP |
| Annual cost impact (*) | 2.1% | 2.1% each year | | en | fr |
DOLFIN3081 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Efficient Portfolio Management Techniques
The Company may, on behalf of certain Funds and subject to the conditions and within the limits laid down by the CSSF and the Prospectus, employ techniques and instruments relating to transferable securities, including investments in OTC Financial Derivative Instruments (“FDIs”) provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or investment purposes, where applicable.
In addition to the investments in FDIs, the Company may employ other techniques and instruments relating to transferable securities and money market instruments, subject to the conditions set out in the relevant CSSF Circular, as amended from time to time, and the relevant ESMA Guidelines, such as repurchase / reverse repurchase transactions, (“repo transactions”) and securities lending. | ## Techniken für eine effiziente Portfolioverwaltung
Die Gesellschaft kann im Namen bestimmter Fonds und vorbehaltlich der durch die CSSF und im Prospekt festgelegten Bedingungen und Grenzen Techniken und Instrumente bezüglich übertragbarer Wertpapiere einsetzen, darunter Anlagen in OTC-Finanzderivaten („FDIs“), sofern diese Techniken und Instrumente für die Zwecke einer effizienten Portfolioverwaltung oder für Anlagezwecke eingesetzt werden oder um Schutz vor dem Wechselkursrisiko zu bieten.
Neben den Anlagen in FDIs kann die Gesellschaft vorbehaltlich der in dem entsprechenden CSSF-Rundschreiben in seiner jeweils gültigen Fassung dargelegten Bedingungen sowie der entsprechenden ESMA-Richtlinien weitere Techniken und Instrumente in Bezug auf übertragbare Wertpapiere und Geldmarktinstrumente nutzen, wie z.B. Repurchase oder Reverse-Repurchase-Geschäfte („Repo-Geschäfte“) und Wertpapierleihe. | ## Efficient Portfolio Management Techniques
The Company may, on behalf of certain Funds and subject to the conditions and within the limits laid down by the CSSF and the Prospectus, employ techniques and instruments relating to transferable securities, including investments in OTC Financial Derivative Instruments (“FDIs”) provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or investment purposes, where applicable.
In addition to the investments in FDIs, the Company may employ other techniques and instruments relating to transferable securities and money market instruments, subject to the conditions set out in the relevant CSSF Circular, as amended from time to time, and the relevant ESMA Guidelines, such as repurchase / reverse repurchase transactions, (“repo transactions”) and securities lending. | en | de |
DOLFIN3082 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an | 5 ans Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 969 CHF | 5 307 CHF |
| | Rendement annuel moyen | -50,31 % | -11,90 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 964 CHF | 8 228 CHF |
| | Rendement annuel moyen | -20,36 % | -3,83 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 920 CHF | 10 880 CHF |
| | Rendement annuel moyen | -0,80 % | 1,70 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 064 CHF | 13 800 CHF |
| | Rendement annuel moyen | 20,64 % | 6,65 % | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 CHF |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 5 años Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 4 969 CHF | 5 307 CHF |
| | Rendimiento medio cada año | -50,31 % | -11,90 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7 964 CHF | 8 228 CHF |
| | Rendimiento medio cada año | -20,36 % | -3,83 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9 920 CHF | 10 880 CHF |
| | Rendimiento medio cada año | -0,80 % | 1,70 % |
| Favorable | Lo que podría recibir tras deducir los costes | 12 064 CHF | 13 800 CHF |
| | Rendimiento medio cada año | 20,64 % | 6,65 % | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an | 5 ans Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 969 CHF | 5 307 CHF |
| | Rendement annuel moyen | -50,31 % | -11,90 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 964 CHF | 8 228 CHF |
| | Rendement annuel moyen | -20,36 % | -3,83 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 920 CHF | 10 880 CHF |
| | Rendement annuel moyen | -0,80 % | 1,70 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 064 CHF | 13 800 CHF |
| | Rendement annuel moyen | 20,64 % | 6,65 % | | fr | es |
DOLFIN3083 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Prepayment and extension risk
Any unexpected behavior in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security’s principal before the maturity date).
When interest rates fall, issuers tend to pay off these securities and re-issue new ones at lower interest rates. When this happens, the fund may have no alternative but to reinvest the money from these prepaid securities at a lower rate of interest (“prepayment risk”).
At the same time, when interest rates rise, borrowers tend not to prepay their low-interest mortgages. This can lock in the fund to receiving below- market yields until interest rates fall or the securities mature (“extension risk”). It can also mean that the fund must either sell the securities at a loss or forgo the opportunity to make other investments that may turn out to have performed better.
The prices and yields of callable securities typically reflect the assumption that they will be paid off at a certain point before maturity. If this prepayment happens when expected, the fund generally will not suffer any adverse effects. However, if it happens substantially earlier or later than expected, it can mean that the fund effectively overpaid for the securities.
These factors can also affect the fund’s duration, increasing or decreasing sensitivity to interest rates in undesired ways. In some circumstances, the failure of rates to rise or fall when anticipated could cause prepayment or extension risks as well. | ##### Riesgo de amortización anticipada y de extensión
Cualquier comportamiento inesperado en los tipos de interés podría perjudicar el rendimiento de los títulos de deuda redimibles (valores cuyos emisores tienen derecho a amortizar su capital antes de la fecha de vencimiento).
Cuando los tipos de interés disminuyen, los emisores, por lo general, amortizan estos valores y vuelven a emitir nuevos a tipos de interés más bajos. Cuando esto sucede, el fondo puede no tener otra alternativa que reinvertir el dinero de estos valores amortizados de forma anticipada a un tipo de interés más bajo («riesgo de amortización anticipada»).
Simultáneamente, cuando aumentan los tipos de interés, los prestatarios, por lo general, no amortizan de forma anticipada sus hipotecas a tipos de interés bajos. Esto puede hacer que el fondo perciba un rendimiento inferior al del mercado hasta que los tipos de interés desciendan o el valor venza («riesgo de extensión»). También puede significar que el fondo debe vender los valores con pérdidas o renunciar a la oportunidad de realizar otras inversiones que puedan presentar un mejor comportamiento.
Por lo general, los precios y el rendimiento de los valores redimibles reflejan la suposición de que estos se amortizarán en un determinado momento antes de su vencimiento. Si esta amortización anticipada se produce en el momento previsto, el fondo generalmente no sufrirá ningún efecto adverso. Sin embargo, si se produce considerablemente antes o después de lo previsto, puede significar que el fondo ha pagado en exceso por los valores.
Estos factores también pueden afectar a la duración del fondo, aumentando o disminuyendo la sensibilidad a los tipos de interés de formas desfavorables. En algunas circunstancias, el hecho de que los tipos no aumenten o disminuyan cuando se prevé también podría ocasionar riesgos de amortización anticipada o extensión. | ##### Prepayment and extension risk
Any unexpected behavior in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security’s principal before the maturity date).
When interest rates fall, issuers tend to pay off these securities and re-issue new ones at lower interest rates. When this happens, the fund may have no alternative but to reinvest the money from these prepaid securities at a lower rate of interest (“prepayment risk”).
At the same time, when interest rates rise, borrowers tend not to prepay their low-interest mortgages. This can lock in the fund to receiving below- market yields until interest rates fall or the securities mature (“extension risk”). It can also mean that the fund must either sell the securities at a loss or forgo the opportunity to make other investments that may turn out to have performed better.
The prices and yields of callable securities typically reflect the assumption that they will be paid off at a certain point before maturity. If this prepayment happens when expected, the fund generally will not suffer any adverse effects. However, if it happens substantially earlier or later than expected, it can mean that the fund effectively overpaid for the securities.
These factors can also affect the fund’s duration, increasing or decreasing sensitivity to interest rates in undesired ways. In some circumstances, the failure of rates to rise or fall when anticipated could cause prepayment or extension risks as well. | en | es |
DOLFIN3084 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Short term trading, mandatory redemption of shares and forfeiture of dividend
The redemption right is not intended to facilitate excessive and/or short-term trading.
Neither the Transfer Agent, the Manager nor the Company are able to monitor “round trips” in respect of intermediaries dealing through omnibus accounts, and in such cases, it shall be a matter for the intermediary to monitor its account(s) to determine if the restrictions on trading are breached. A “round trip” is generally a purchase and redemption of Shares for the same Fund. The Company and/or the Manager may limit the number of round trips carried out by a Shareholder, including an intermediary that holds Shares in an omnibus account.
If a redemption causes a Shareholder’s holding in any Fund or Class of Shares to fall below the minimum initial subscription for such Shares, the Company or the Transfer Agent may redeem the whole of that Shareholder’s holding in such Fund or Class of Shares. Before doing so, the Company shall notify the Shareholder in writing and allow the Shareholder thirty days to purchase additional Shares to meet the minimum subscription requirement. The Company and/or the Manager reserves the right to vary or waive this policy at any time.
Shareholders are required to notify the Company in writing immediately in the event that they become US Persons or hold Shares for the account or benefit of US Persons, or otherwise hold Shares in breach of any law or regulation or otherwise in circumstances having or which may have adverse regulatory, tax, or fiscal consequences for the Company or its Shareholders as a whole.
When the Manager becomes aware that a Shareholder (1) is a US Person or is holding Shares for the account of a US Person; or (2) is holding Shares in breach of any law or regulation or otherwise in circumstances having or which may have adverse regulatory, tax, or fiscal consequences for the Company or its Shareholders as a whole (including without limitation instances where a Shareholder has engaged in excessive trading), the Manager may (1) direct the Shareholder to dispose of such Shares to a person designated by the Manager within 30 days of such direction at a sale price equal to the net asset value of the Shares as of the next Business Day after the date of the direction; or (2) redeem the Shares at the net asset value of the Shares as at the next Business Day after the date of notification to the Shareholder. Under the Articles of Association, any person who becomes aware that he is holding Shares in contravention of the above provisions and who fails to transfer, or deliver for redemption, his Shares pursuant thereto, must indemnify the Company and the Manager from and against any claims, demands, proceedings, liabilities, damages, losses, costs, and expenses directly or indirectly suffered or incurred by the Company or the Manager arising out of or in connection with the failure of such person to comply with such obligations.
The Articles of Association provide that any unclaimed dividends shall be forfeited automatically after six years and on forfeiture will form part of the assets of the relevant Fund.
The Company shall be entitled to repurchase any Share of a Shareholder or any Share to which another party is entitled by transmission in accordance with the provisions of the Articles of Association. The Company shall account to the Shareholder or to the other party entitled to such Share for the net proceeds of such repurchase by carrying all moneys in respect thereof to a separate interest bearing account which shall be a permanent debt of the Company and the Company shall be deemed to be a debtor and not a trustee in respect thereof for such Shareholder or other person. | ## Kurzfristiger Handel, obligatorische Rücknahme von Anteilen und Verfall der Dividende
Das Rücknahmerecht ist nicht darauf ausgerichtet, übermäßigen und/oder kurzfristigen Handel zu ermöglichen.
Weder die Transferstelle noch der Manager oder die Gesellschaft sind in der Lage, die Kauf- und Rückkauftätigkeit (Round Trips) von Finanzintermediären, die über Sammelkonten handeln, zu überwachen, und in solchen Fällen obliegt es dem Finanzintermediär, sein(e) Konto (Konten) zu überwachen, um festzustellen, ob die Handelsbeschränkungen verletzt werden. Ein „Round Trip“ ist üblicherweise ein Kauf und eine Rücknahme von Anteilen desselben Fonds. Die Gesellschaft und/oder der Manager können die Anzahl der Round Trips, die ein Anteilinhaber (oder auch ein Finanzintermediär, der Anteile auf einem Sammelkonto hält) durchführt, einschränken.
Wenn nach einer Rücknahme die Anteile eines Anteilinhabers in einem Fonds oder einer Anteilsklasse unter den anfänglichen Mindestzeichnungsbetrag für diese Anteile fallen, kann die Gesellschaft oder die Transferstelle alle Anteile des Anteilinhabers an einem solchen Fonds oder einer Anteilsklasse zurücknehmen. Bevor die Gesellschaft diesen Schritt unternimmt, hat sie den Anteilinhaber schriftlich davon in Kenntnis zu setzen und ihm eine dreissigtägige Frist zum Kauf zusätzlicher Anteile einzuräumen, damit der Anteilinhaber die Mindestzeichnungserfordernisse erfüllen kann. Die Gesellschaft und/oder der Manager behalten sich das Recht vor, diese Regelung jederzeit auszusetzen oder zu ändern.
Wenn Anteilinhaber US-Personen werden oder Anteile für Rechnung oder Nutzen von US-Personen halten oder sonst Anteile rechtswidrig oder unter Umständen besitzen, die für die Gesellschaft oder die Gesamtheit ihrer Anteilinhaber rechtlich, steuerlich oder finanziell negative Folgen haben oder haben könnten, haben sie die Gesellschaft unverzüglich schriftlich zu benachrichtigen.
Wird dem Manager bekannt, dass ein Anteilinhaber (1) eine US-Person ist oder Anteile für Rechnung einer US-Person hält; (2) Anteile rechtswidrig oder sonst unter Umständen besitzt, die für die Gesellschaft oder die Gesamtheit ihrer Anteilinhaber rechtlich, steuerlich oder finanziell negative Folgen haben oder haben könnten, (insbesondere, wenn ein Anteilinhaber an übermäßigen Handelsaktivitäten beteiligt ist) kann der Manager (1) den Anteilinhaber anweisen, die Anteile binnen 30 Tagen nach der Anweisung an eine vom Manager designierte Person zu einem Preis zu verkaufen, der gleich dem Nettoinventarwert der Anteile an dem auf das Datum der Anweisung nächstfolgenden Geschäftstag ist, oder (2) die Anteile zum Nettoinventarwert der Anteile an dem auf das Datum der Mitteilung an den Anteilinhaber nächstfolgenden Geschäftstag zurückkaufen. Satzungsgemäß muss jede Person, die Kenntnis davon erlangt, dass sie Anteile besitzt, die sie nach den obigen Vorschriften nicht besitzen dürfte, und diese Anteile nicht gemäß diesen Vorschriften überträgt oder zwecks Rücknahme ausliefert, die Gesellschaft und den Manager für die Ansprüche, Forderungen, Verfahren, Verbindlichkeiten, Schäden, Verluste, Kosten und Aufwendungen entschädigen, die die Gesellschaft oder der Manager direkt oder indirekt erlitten hat oder die für sie direkt oder indirekt aus oder in Verbindung mit der Nichteinhaltung dieser Verpflichtungen seitens dieser Person entstanden sind.
Die Satzung sieht vor, dass nicht eingeforderte Ausschüttungen nach sechs Jahren automatisch verfallen und dem Vermögen des betreffenden Fonds zugeführt werden.
Die Gesellschaft ist berechtigt, Anteile eines Anteilinhabers beziehungsweise Anteile, auf die eine dritte Partei aufgrund von Übertragungen ein Anrecht hat, in Übereinstimmung mit den Satzungsbestimmungen zurückzukaufen. Die Gesellschaft legt gegenüber dem Anteilinhaber oder der dritten Partei, die für diesen Anteil ein Anrecht auf die Nettoerlöse aus dem Rückkauf hat, Rechenschaft ab, indem sämtliche betreffenden Gelder auf ein gesondertes verzinsliches Konto übertragen werden, welches für die Gesellschaft eine dauerhafte Verbindlichkeit ist, und die Gesellschaft gilt in Bezug auf diese als Schuldner und nicht als Treuhänder gegenüber diesem Anteilinhaber oder einer sonstigen Person. | ## Short term trading, mandatory redemption of shares and forfeiture of dividend
The redemption right is not intended to facilitate excessive and/or short-term trading.
Neither the Transfer Agent, the Manager nor the Company are able to monitor “round trips” in respect of intermediaries dealing through omnibus accounts, and in such cases, it shall be a matter for the intermediary to monitor its account(s) to determine if the restrictions on trading are breached. A “round trip” is generally a purchase and redemption of Shares for the same Fund. The Company and/or the Manager may limit the number of round trips carried out by a Shareholder, including an intermediary that holds Shares in an omnibus account.
If a redemption causes a Shareholder’s holding in any Fund or Class of Shares to fall below the minimum initial subscription for such Shares, the Company or the Transfer Agent may redeem the whole of that Shareholder’s holding in such Fund or Class of Shares. Before doing so, the Company shall notify the Shareholder in writing and allow the Shareholder thirty days to purchase additional Shares to meet the minimum subscription requirement. The Company and/or the Manager reserves the right to vary or waive this policy at any time.
Shareholders are required to notify the Company in writing immediately in the event that they become US Persons or hold Shares for the account or benefit of US Persons, or otherwise hold Shares in breach of any law or regulation or otherwise in circumstances having or which may have adverse regulatory, tax, or fiscal consequences for the Company or its Shareholders as a whole.
When the Manager becomes aware that a Shareholder (1) is a US Person or is holding Shares for the account of a US Person; or (2) is holding Shares in breach of any law or regulation or otherwise in circumstances having or which may have adverse regulatory, tax, or fiscal consequences for the Company or its Shareholders as a whole (including without limitation instances where a Shareholder has engaged in excessive trading), the Manager may (1) direct the Shareholder to dispose of such Shares to a person designated by the Manager within 30 days of such direction at a sale price equal to the net asset value of the Shares as of the next Business Day after the date of the direction; or (2) redeem the Shares at the net asset value of the Shares as at the next Business Day after the date of notification to the Shareholder. Under the Articles of Association, any person who becomes aware that he is holding Shares in contravention of the above provisions and who fails to transfer, or deliver for redemption, his Shares pursuant thereto, must indemnify the Company and the Manager from and against any claims, demands, proceedings, liabilities, damages, losses, costs, and expenses directly or indirectly suffered or incurred by the Company or the Manager arising out of or in connection with the failure of such person to comply with such obligations.
The Articles of Association provide that any unclaimed dividends shall be forfeited automatically after six years and on forfeiture will form part of the assets of the relevant Fund.
The Company shall be entitled to repurchase any Share of a Shareholder or any Share to which another party is entitled by transmission in accordance with the provisions of the Articles of Association. The Company shall account to the Shareholder or to the other party entitled to such Share for the net proceeds of such repurchase by carrying all moneys in respect thereof to a separate interest bearing account which shall be a permanent debt of the Company and the Company shall be deemed to be a debtor and not a trustee in respect thereof for such Shareholder or other person. | en | de |
DOLFIN3085 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Information
BNP PARIBAS ISLAMIC FUND (the "Fund") is a Sharia-compliant Mutual Investment Fund (fonds commun de placement – abbreviated to “FCP”), created under Luxembourg law on 10 February 2006 for an indefinite period.
The Fund is currently governed by the provisions of Part I of the law of 17 December 2010, as amended, governing undertakings for collective investment as well as by the Directive 2009/65/EC as amended by the Directive 2014/91.
The Fund was created on 10 February 2006 and a notice was published in the “Mémorial,RecueilSpécialdesSociétésetAssociations (the “Mémorial”).
The Management Regulations have been modified at various times, most recently on 22 October 2018, not yet published in the Memorial.
The latest version of the Management Regulations has been filed with the Trade and Companies Registrar of Luxembourg, where any interested party may consult it and obtain a copy (website www.rcsl.lu).
As to net asset values and dividends, the Management Company publishes the Fund's legally required information in the Grand Duchy of Luxembourg and in all other countries where the units are publicly offered. The information is also available on the website: www.bnpparibas-am.com.
The Management Regulations, the Prospectus, the KIID and the periodic reports may be consulted at the Fund's registered office and at the establishments responsible for the Fund's financial services. Copies of the Management Regulations and the annual and interim reports are available upon request.
Except for the newspaper publications required by Law, the official media to obtain any notice to unitholders from will be the website www.bnpparibas-am.com.
The documents and information are also available on the website: www.bnpparibas-am.com. | ## Renseignements
BNP PARIBAS ISLAMIC FUND (le « Fonds ») est un Fonds Commun de Placement (FCP sous sa forme abrégée) conforme à la Charia de droit luxembourgeois, constitué le 10 février 2006 pour une durée indéterminée.
Le Fonds est actuellement régi par les dispositions de la Partie I de la loi du 17 décembre 2010 concernant les organismes de placement collectif, telle que modifiée, ainsi que par la Directive européenne 2009/65/CE, telle qu’amendée par la Directive 2014/91.
Le Fonds a été créé le 10 février 2006 et un avis a été publié dans le Mémorial, Recueil Spécial des Sociétés et Associations (le « Mémorial »).
Le Règlement de Gestion a subi plusieurs modifications, la dernière d'entre elles datant du 22 octobre 2018 et non encore publiée dans le Mémorial.
La dernière version du Règlement de Gestion a été déposée auprès du Registre de commerce et des sociétés de Luxembourg, où toute partie intéressée peut la consulter et en obtenir un exemplaire (site Internet www.rcsl.lu).
S'agissant des valeurs nettes d'inventaire et des dividendes, la Société de Gestion publie les informations du Fonds requises par la loi au Grand-Duché de Luxembourg et dans tous les autres pays où les parts sont proposées au public. Les informations sont également disponibles sur le site Internet : www.bnpparibas-am.com.
Le Règlement de gestion, le Prospectus, le DICI et les rapports périodiques peuvent être consultés au siège social du Fonds et auprès des établissements chargés des services financiers du Fonds. Des exemplaires du Règlement de gestion et des rapports annuels et semi-annuel sont disponibles sur demande.
Outre la publication dans un journal imposée par la Loi, le média officiel pour se procurer les avis aux porteurs de parts sera le site Internet www.bnpparibas-am.com.
Les documents et informations sont également disponibles sur le site Internet : www.bnpparibas-am.com. | ## Information
BNP PARIBAS ISLAMIC FUND (the "Fund") is a Sharia-compliant Mutual Investment Fund (fonds commun de placement – abbreviated to “FCP”), created under Luxembourg law on 10 February 2006 for an indefinite period.
The Fund is currently governed by the provisions of Part I of the law of 17 December 2010, as amended, governing undertakings for collective investment as well as by the Directive 2009/65/EC as amended by the Directive 2014/91.
The Fund was created on 10 February 2006 and a notice was published in the “Mémorial,RecueilSpécialdesSociétésetAssociations (the “Mémorial”).
The Management Regulations have been modified at various times, most recently on 22 October 2018, not yet published in the Memorial.
The latest version of the Management Regulations has been filed with the Trade and Companies Registrar of Luxembourg, where any interested party may consult it and obtain a copy (website www.rcsl.lu).
As to net asset values and dividends, the Management Company publishes the Fund's legally required information in the Grand Duchy of Luxembourg and in all other countries where the units are publicly offered. The information is also available on the website: www.bnpparibas-am.com.
The Management Regulations, the Prospectus, the KIID and the periodic reports may be consulted at the Fund's registered office and at the establishments responsible for the Fund's financial services. Copies of the Management Regulations and the annual and interim reports are available upon request.
Except for the newspaper publications required by Law, the official media to obtain any notice to unitholders from will be the website www.bnpparibas-am.com.
The documents and information are also available on the website: www.bnpparibas-am.com. | en | fr |
DOLFIN3086 | 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
Objectif Le Compartiment vise à réaliser des revenus réguliers et à surperformer l'indice Bloomberg US Credit Index.
Titres du portefeuille Le Compartiment investit principalement dans des obligations émises aux Etats-Unis, libellées en dollars américains et qui se situent dans les quatre catégories de notation les plus élevées s'agissant de la qualité du crédit (BBB- ou plus).
Classification SFDR Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Processus d'investissement Lors de la sélection des investissements, le gérant combine les recherches économiques et de crédit globales avec les recherches sur les émetteurs individuels.
Ce Compartiment peut également investir jusqu'à 5% de ses actifs nets dans des Obligations convertibles contingentes (« CoCo »).
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace du portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice Bloomberg US Credit (l'« Indice de référence »). Le Compartiment est géré de façon active. L'Indice de référence a été sélectionné, car il est représentatif de l'univers d'investissement du Compartiment et constitue par conséquent un comparateur de performance approprié. L'exposition obligataire du Compartiment et les pondérations y afférentes seront probablement en grande partie similaires à celles de l'Indice de référence. Le Gestionnaire de Placements peut, à sa discrétion, investir dans des obligations qui ne figurent pas dans l'Indice de référence afin de saisir des opportunités d'investissement spécifiques. Par conséquent, il est prévu que la performance du Compartiment déviera de celle de l'Indice de référence | # Objetivos y política de inversión
Objetivo El Subfondo procura obtener una renta regular y superar el rendimiento del Índice Bloomberg US Credit.
Valores de la cartera El Subfondo invierte principalmente en bonos corporativos emitidos en Estados Unidos, denominados en dólares estadounidenses y que se sitúan en las cuatro primeras categorías de calidad crediticia (BBB- o superior).
Clasificación SFDR El Subfondo cumple los requisitos para ser considerado un fondo del artículo 8.
Proceso de inversión Al elegir inversiones, el gestor de inversiones combina investigación económica y crediticia general junto con investigación sobre emisores específicos.
El Subfondo también podrá invertir hasta el 5% de su patrimonio neto en bonos convertibles contingentes («CoCo»).
El Subfondo podrá usar instrumentos derivados con fines de gestión eficaz de la cartera o para la gestión de riesgos.
Índice de referencia Este Subfondo tiene como objetivo superar la rentabilidad del índice Bloomberg US Credit (el «Índice de referencia»). El Subfondo se gestiona de forma activa. El Índice de referencia ha sido seleccionado porque es representativo del universo de inversión del Subfondo y, por tanto, constituye un comparador de rentabilidad adecuado. La mayor parte de la exposición a renta fija del Subfondo se determinará probablemente en función del Índice de referencia, y presentará ponderaciones similares a las del Índice de referencia. El Gestor de inversiones podrá utilizar su discreción para invertir en bonos no incluidos en el Índice de referencia con el fin de aprovechar oportunidades de inversión específicas. Por lo tanto, se prevé que la rentabilidad del Subfondo | # Objectifs et politique d'investissement
Objectif Le Compartiment vise à réaliser des revenus réguliers et à surperformer l'indice Bloomberg US Credit Index.
Titres du portefeuille Le Compartiment investit principalement dans des obligations émises aux Etats-Unis, libellées en dollars américains et qui se situent dans les quatre catégories de notation les plus élevées s'agissant de la qualité du crédit (BBB- ou plus).
Classification SFDR Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Processus d'investissement Lors de la sélection des investissements, le gérant combine les recherches économiques et de crédit globales avec les recherches sur les émetteurs individuels.
Ce Compartiment peut également investir jusqu'à 5% de ses actifs nets dans des Obligations convertibles contingentes (« CoCo »).
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace du portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice Bloomberg US Credit (l'« Indice de référence »). Le Compartiment est géré de façon active. L'Indice de référence a été sélectionné, car il est représentatif de l'univers d'investissement du Compartiment et constitue par conséquent un comparateur de performance approprié. L'exposition obligataire du Compartiment et les pondérations y afférentes seront probablement en grande partie similaires à celles de l'Indice de référence. Le Gestionnaire de Placements peut, à sa discrétion, investir dans des obligations qui ne figurent pas dans l'Indice de référence afin de saisir des opportunités d'investissement spécifiques. Par conséquent, il est prévu que la performance du Compartiment déviera de celle de l'Indice de référence | fr | es |
DOLFIN3087 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- in the case of the termination of a Non-Affiliated Sub-Adviser, the Calculation Period will terminate on the date of the termination; and
- • in the case of the termination of the Sub-Investment Management Agreement in any year, the Calculation Period will terminate on the date of the termination.
| | - si el Subasesor no afiliado cesa en sus funciones, el Período de cálculo terminará en la fecha del cese; y
- • si el Contrato del Gestor delegado de inversiones se resuelve en cualquier año, el Período de cálculo terminará en la fecha en que se produzca esa resolución.
| | - in the case of the termination of a Non-Affiliated Sub-Adviser, the Calculation Period will terminate on the date of the termination; and
- • in the case of the termination of the Sub-Investment Management Agreement in any year, the Calculation Period will terminate on the date of the termination.
| | en | es |
DOLFIN3088 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 7
If any holder of Shares can prove to the satisfaction of the Company that his Share certificate has been mislaid, mutilated or destroyed, then, at his request, a duplicate Share certificate may be issued under such conditions and guarantees, including a bond delivered by an insurance company but without restriction thereto, as the Company may determine. At the issuance of the new Share certificate, on which it shall be recorded that it is a duplicate, the original Share certificate in place of which the new one has been issued shall become void.
The Company may, at its election, charge the Shareholder any reasonable out of pocket expenses incurred in issuing a duplicate or a new Share certificate in substitution for one mislaid, mutilated, or destroyed. | # Article 7
Si un détenteur de parts peut donner des preuves jugées suffisantes par la Société que son certificat a été égaré, détérioré ou détruit, alors, à sa demande il lui sera remis un duplicata de son certificat sous des conditions et des garanties spécifiques, incluant une assurance caution délivrée par une compagnie d’assurance mais sans restriction, selon la décision de la Société. Lors de l'émission du nouveau certificat de part, sur lequel il sera fait mention qu'il s'agit d'un duplicata, le certificat d'origine remplacé par le nouveau certificat devient nul.
La Société peut, si elle le souhaite, exiger le remboursement des frais à l’Actionnaire occasionnés raisonnablement par l’émission d’un duplicata ou d’un nouveau certificat remplaçant un certificat égaré, détérioré ou détruit. | # Article 7
If any holder of Shares can prove to the satisfaction of the Company that his Share certificate has been mislaid, mutilated or destroyed, then, at his request, a duplicate Share certificate may be issued under such conditions and guarantees, including a bond delivered by an insurance company but without restriction thereto, as the Company may determine. At the issuance of the new Share certificate, on which it shall be recorded that it is a duplicate, the original Share certificate in place of which the new one has been issued shall become void.
The Company may, at its election, charge the Shareholder any reasonable out of pocket expenses incurred in issuing a duplicate or a new Share certificate in substitution for one mislaid, mutilated, or destroyed. | en | fr |
DOLFIN3089 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 6 car il investit essentiellement dans des titres de capital asiatiques. De nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître d'importantes variations de valeur (« volatilité »). Les variations de valeur marquées peuvent entraîner d'importantes variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de contrepartie, le risque de liquidité, le risque de conformité, le risque de garde, le risque politique, le risque juridique, le risque opérationnel, le risque régional et de pays, le risque inhérent à l’investissement dans des Actions A chinoises ainsi que les risques associés aux plus petites entreprises et le risque lié au haut rendement. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Le Fonds vise à redistribuer la totalité des revenus enregistrés par cette catégorie. Cela peut avoir pour conséquence que les charges de la catégorie soient prélevées sur le capital. Le paiement des charges sur le capital s'apparente à une restitution ou à un retrait d'une partie du placement initial d'un investisseur, et limite son potentiel de génération de revenu. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | Interpretación del indicador de riesgo y remuneración: El indicador de riesgo y remuneración toma en cuenta datos históricos que no constituyen una indicación fiable de los resultados futuros. La categoría de riesgo se calculó utilizando los correspondientes datos de rentabilidad histórica, que puede no constituir una indicación fiable del futuro perfil de riesgo de los fondos. La categoría de riesgo del fondo no constituye un objetivo ni se garantiza su estabilidad en el tiempo. La categoría de riesgo 1 no significa que la inversión esté exenta de riesgos.
¿Por qué está este fondo en esta categoría? El fondo se encuentra en la categoría de riesgo 6 debido a que invierte principalmente en valores de renta variable asiáticos. Muchos mercados asiáticos son considerados mercados emergentes y pueden experimentar fuertes cambios en su valoración («volatilidad»). En general, los cambios pronunciados en la valoración generan cambios similares en el valor de inventario neto del fondo.
¿Existen otros riesgos concretos que debería considerar? El indicador de riesgo y remuneración no proporciona un perfil general de riesgo del fondo, ni refleja plenamente todos los riesgos que comporta invertir en él. Entre los riesgos que debe considerar se incluyen: riesgo de mercado, riesgo de tipo de interés, riesgo cambiario, riesgo de liquidación, riesgo de valoración, riesgo de crédito, riesgo de contraparte, riesgo de liquidez, riesgo de cumplimiento, riesgo de custodia, riesgo político, riesgo jurídico, riesgo operativo, riesgo regional y nacional, riesgo de invertir en acciones A de China, riesgos relacionados con la inversión en pequeñas empresas y riesgo de invertir en títulos de alto rendimiento. Las inversiones en mercados financieros menos desarrollados pueden exponer al Fondo a un mayor riesgo operativo, jurídico y político. El fondo pretende abonar todos los ingresos obtenidos por esta clase. Como consecuencia de esto puede que los gastos de esta clase se abonen con cargo al capital. El pago de los gastos con cargo al capital equivale a una devolución o a una retirada de parte de la inversión original de un inversor y limita su potencial de generación de ingresos. Si desea más información sobre los riesgos, consulte la sección «Consideraciones sobre riesgos» del folleto del fondo que está disponible en global.matthewsasia.com/prospectus. | Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 6 car il investit essentiellement dans des titres de capital asiatiques. De nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître d'importantes variations de valeur (« volatilité »). Les variations de valeur marquées peuvent entraîner d'importantes variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de contrepartie, le risque de liquidité, le risque de conformité, le risque de garde, le risque politique, le risque juridique, le risque opérationnel, le risque régional et de pays, le risque inhérent à l’investissement dans des Actions A chinoises ainsi que les risques associés aux plus petites entreprises et le risque lié au haut rendement. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Le Fonds vise à redistribuer la totalité des revenus enregistrés par cette catégorie. Cela peut avoir pour conséquence que les charges de la catégorie soient prélevées sur le capital. Le paiement des charges sur le capital s'apparente à une restitution ou à un retrait d'une partie du placement initial d'un investisseur, et limite son potentiel de génération de revenu. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | fr | es |
DOLFIN3090 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
### Recommended holding period: 5 years
Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. You may buy or sell shares in the product, without penalty, on any normal business day as further documented in the fund's documents. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this might increase the risk of lower investment returns or a loss. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Periodo de mantenimiento recomendado: 5 años
Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 5 años. Usted puede comprar o vender acciones del producto, sin penalizaciones, cualquier día hábil normal, tal y como se detalla en los documentos del fondo. Póngase en contacto con su intermediario, asesor financiero o distribuidor para obtener información sobre los eventuales costes y comisiones relativos a la venta de las acciones. Si vende el producto de manera anticipada, esto puede aumentar el riesgo de obtener un rendimiento de la inversión más bajo o de sufrir una pérdida. | # How long should I hold it and can I take money out early?
### Recommended holding period: 5 years
Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. You may buy or sell shares in the product, without penalty, on any normal business day as further documented in the fund's documents. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this might increase the risk of lower investment returns or a loss. | en | es |
DOLFIN3091 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge Exit charge | 5.00% None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.79%* including tax of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. including tax of the performance above that of the reference assets, subject to a limit of 2% of the net assets. No fee was deducted for the prior fiscal year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada Gastos de salida | 5,00% Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,79%* (impuestos incluidos) del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15 % IVA anual de la rentabilidad a partir de la registrada por el índice de referencia dentro del límite del 2 % del activo neto. No se ha detraído ninguna comisión en concepto del ejercicio anterior | | | One-off charges taken before or after you invest |
| --- |
| Entry charge Exit charge | 5.00% None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.79%* including tax of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. including tax of the performance above that of the reference assets, subject to a limit of 2% of the net assets. No fee was deducted for the prior fiscal year. | | en | es |
DOLFIN3092 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Ce type de scénario s’est produit pour un placement Partners Group Listed Investments SICAV - Listed Private Equity - GBP (I - Dist.) entre 31/10/2014-31/10/2021.
Scénario favorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
GBP 16 163
61,6%
GBP 34 269
19,2% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Private Equity - GBP (I - Dist.) entre 31/10/2014-31/10/2021.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
16 163 GBP
61,6%
34 269 GBP
19,2% | # Ce type de scénario s’est produit pour un placement Partners Group Listed Investments SICAV - Listed Private Equity - GBP (I - Dist.) entre 31/10/2014-31/10/2021.
Scénario favorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
GBP 16 163
61,6%
GBP 34 269
19,2% | fr | es |
DOLFIN3093 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after one year If you exit after five years (the recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | USD 740 | USD 3,700 |
| Average return each year | -92.6% | -18.0% |
| Unfavourable scenario | What you might get back after costs | USD 8,820 | USD 10,650 |
| Average return each year | -11.8% | 1.3% |
| Moderate scenario | What you might get back after costs | USD 11,360 | USD 18,720 |
| Average return each year | 13.6% | 13.4% |
| Favourable scenario | What you might get back after costs | USD 14,520 | USD 32,670 |
| Average return each year | 45.2% | 26.7% | | | Scénarios | Si vous sortez après 1 an Si vous sortez après 5 ans (la période de détention recommandée) |
| --- | --- |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 740 | USD 3 700 |
| Rendement annuel moyen | -92,6% | -18,0% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 8 820 | USD 10 650 |
| Rendement annuel moyen | -11,8% | 1,3% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | USD 11 360 | USD 18 720 |
| Rendement annuel moyen | 13,6% | 13,4% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 14 520 | USD 32 670 |
| Rendement annuel moyen | 45,2% | 26,7% | | | Scenarios | If you exit after one year If you exit after five years (the recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | USD 740 | USD 3,700 |
| Average return each year | -92.6% | -18.0% |
| Unfavourable scenario | What you might get back after costs | USD 8,820 | USD 10,650 |
| Average return each year | -11.8% | 1.3% |
| Moderate scenario | What you might get back after costs | USD 11,360 | USD 18,720 |
| Average return each year | 13.6% | 13.4% |
| Favourable scenario | What you might get back after costs | USD 14,520 | USD 32,670 |
| Average return each year | 45.2% | 26.7% | | en | fr |
DOLFIN3094 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Allocation of the assets of the Company
The Directors may establish a Sub-Fund in respect of each Class of Shares and may establish a Sub-Fund in respect of two or more Classes of Shares in the following manner:
- if two or more Classes of Shares relate to one Sub-Fund, the assets attributable to such Classes shall be commonly invested pursuant to the specific investment policy of the Sub-Fund concerned;
- the proceeds to be received from the issue of Shares of a Class shall be applied in the books of the Company to the Sub-Fund corresponding to that Class of Shares provided that if several Classes of Shares are outstanding in such Sub-Fund, the relevant amount shall increase the proportion of the net assets of such Sub-Fund attributable to the Class of Shares to be issued;
- where any asset is derived from another asset, such derivative asset shall be applied in the books of the Company to the same Sub-Fund as the assets from which it was derived and on each re-evaluation of an asset, the increase or diminution in value shall be applied to the relevant Sub-Fund;
- where the Company incurs a liability which relates to any asset of a particular Sub-Fund or to any action taken in connection with an asset of a particular Sub-Fund, such liability could be allocated to the relevant Sub-Fund;
- in the case where any asset or liability of the Company cannot be considered as being attributable to a particular Sub-Fund, such asset or liability shall be allocated to all the Sub-Funds pro rata to the Net Asset Value; and
- upon the payment of distributions to the holders of any Class of Shares, the Net Asset Value of such Class of Shares shall be reduced by the amount of such distributions. | # Attribution des actifs de la Société
Les Administrateurs peuvent créer un Compartiment pour chaque Catégorie d’Actions ou un Compartiment pour deux Catégories d’Actions ou plus de la façon suivante :
- si deux ou plusieurs Catégories d’Actions se rapportent à un Compartiment, les actifs attribués à ces Catégories seront investis en commun conformément à la politique d’investissement particulière du Compartiment concerné ;
- les produits à recevoir résultat de l’émission d’Actions d’une Catégorie seront attribués, dans les livres de la Société, au Compartiment correspondant à cette Catégorie d’Actions, étantentendu que, si plusieurs Catégories d’Actions sont proposées dans ce Compartiment, le montant concerné augmentera la proportion de l’actif net de ce Compartiment attribuable à la Catégorie d’Actions à émettre ;
- si un actif découle d’un autre actif, cet actif dérivé sera attribué, dans les livres de la Société, au même Compartiment que l’actif dont il découlait et à chaque réévaluation d’un actif, l’augmentation ou la diminution de valeur sera attribuée au Compartiment en question ;
- tout passif de la Société lié à un actif d’un Compartiment déterminé ou à une action entreprise en relation avec un actif d’un Compartiment déterminé pourra être imputé à ce Compartiment ;
- au cas où un actif ou un passif de la Société ne peut pas être attribué à un Compartiment déterminé, cet actif ou passif sera réparti entre tous les Compartiments au prorata de la Valeur nette d’inventaire ; et
- à la date de paiement de dividendes aux détenteurs de toute Catégorie d’Actions, la Valeur nette d’inventaire de cette Catégorie d’Actions sera réduite du montant de ces distributions. | # Allocation of the assets of the Company
The Directors may establish a Sub-Fund in respect of each Class of Shares and may establish a Sub-Fund in respect of two or more Classes of Shares in the following manner:
- if two or more Classes of Shares relate to one Sub-Fund, the assets attributable to such Classes shall be commonly invested pursuant to the specific investment policy of the Sub-Fund concerned;
- the proceeds to be received from the issue of Shares of a Class shall be applied in the books of the Company to the Sub-Fund corresponding to that Class of Shares provided that if several Classes of Shares are outstanding in such Sub-Fund, the relevant amount shall increase the proportion of the net assets of such Sub-Fund attributable to the Class of Shares to be issued;
- where any asset is derived from another asset, such derivative asset shall be applied in the books of the Company to the same Sub-Fund as the assets from which it was derived and on each re-evaluation of an asset, the increase or diminution in value shall be applied to the relevant Sub-Fund;
- where the Company incurs a liability which relates to any asset of a particular Sub-Fund or to any action taken in connection with an asset of a particular Sub-Fund, such liability could be allocated to the relevant Sub-Fund;
- in the case where any asset or liability of the Company cannot be considered as being attributable to a particular Sub-Fund, such asset or liability shall be allocated to all the Sub-Funds pro rata to the Net Asset Value; and
- upon the payment of distributions to the holders of any Class of Shares, the Net Asset Value of such Class of Shares shall be reduced by the amount of such distributions. | en | fr |
DOLFIN3095 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Charges
The fees and other charges are used to cover the ongoing man- agement and custody of the Fund's assets as well as, for certain share classes, marketing and distribution. Your advisor can inform you about further details. These charges reduce the potential growth of your investment. | # Spese
Le commissioni vengono utilizzate per coprire i costi operativi del Fondo, e, per talune classi, i costi legati alla commercializzazione e distribuzione. Il Vostro consulente finanziario vi potra‘ fornire ulte- riori dettagli. Tali oneri riducono la potenziale crescita del vostro investimento. | # Charges
The fees and other charges are used to cover the ongoing man- agement and custody of the Fund's assets as well as, for certain share classes, marketing and distribution. Your advisor can inform you about further details. These charges reduce the potential growth of your investment. | en | it |
DOLFIN3096 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Depositary, administrator, any sub-managers, investment advisers, distributors or other agentsand any other person shall be entitled to such indemnity from the Company upon such terms and subject to such conditions and exceptions and with such entitlement to have recourse to the assets of the Company with a view to meeting and discharging the costs thereof as shall be provided under its agreement with the Company, provided that no such indemnity shall extend to any matters arising from the negligence, fraud or wilful default of the person so indemnified and in the case of the Depositary no such indemnity shall extend to any matters arising from a breach of the standard liability applicable to the Depositary pursuant to the Regulations.
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## Article 34 (c) of the Articles of Association shall be amended as follows: | Il Depositario, l’agente amministrativo, eventuali sub-gestori, consulenti per gli investimenti, distributori o altri agenti e qualsiasi altro soggetto avranno diritto a tale indennità da parte della Società in subordine a tali condizioni ed eccezioni e con diritto di attingere alle attività della Società per far fronte ai costi, come previsto dal loro accordo con la Società, fermo restando che tale indennità non si estenderà a questioni derivanti da negligenza, frode o dolo della persona indennizzata e, nel caso del Depositario, non si estenderà a questioni derivanti da una violazione della responsabilità standard applicabile al Depositario ai sensi del Regolamento.
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## Si modifica l’articolo 34 (c) dello Statuto come segue: | The Depositary, administrator, any sub-managers, investment advisers, distributors or other agentsand any other person shall be entitled to such indemnity from the Company upon such terms and subject to such conditions and exceptions and with such entitlement to have recourse to the assets of the Company with a view to meeting and discharging the costs thereof as shall be provided under its agreement with the Company, provided that no such indemnity shall extend to any matters arising from the negligence, fraud or wilful default of the person so indemnified and in the case of the Depositary no such indemnity shall extend to any matters arising from a breach of the standard liability applicable to the Depositary pursuant to the Regulations.
-
## Article 34 (c) of the Articles of Association shall be amended as follows: | en | it |
DOLFIN3097 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Transferable securities admitted to an official stock exchange listing Shares
Total
7,179,351.84 100.00
* Minor differences may arise due to rounding in the calculation of percentages. | Valori mobiliari ammessi alla quotazione ufficiale di borsa Azioni
Totale
7.179.351,84 100,00
* Piccole differenze possono verificarsi a causa di arrotondamenti nel calcolo delle percentuali
Le note integrative costituiscono parte integrante del presente rendiconto. | Transferable securities admitted to an official stock exchange listing Shares
Total
7,179,351.84 100.00
* Minor differences may arise due to rounding in the calculation of percentages. | en | it |
DOLFIN3098 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### If we are not able to pay you what is owed, you could lose your entire investment.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact our capacity to pay you.
The following risks may be materially relevant but may not always be adequately captured by the summary risk indicator and may cause additional loss: Concentration risk, Emerging market risk and Active management risk. | ### Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement.
Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible que notre capacité à vous payer en soit affectée.
Les risques suivants peuvent être importants mais ne sont pas nécessairement pris en considération de manière adéquate par l’indicateur synthétique de risque et peuvent entraîner des pertes supplémentaires: Risque de concentration, Risque des marchés émergents et Risque de gestion active. | ### If we are not able to pay you what is owed, you could lose your entire investment.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact our capacity to pay you.
The following risks may be materially relevant but may not always be adequately captured by the summary risk indicator and may cause additional loss: Concentration risk, Emerging market risk and Active management risk. | en | fr |
DOLFIN3099 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The proxy-holder is furthermore authorised to make any statement, cast all votes, sign all minutes of meetings and other documents, do everything which is lawful, necessary or simply useful in view of the accomplishment and fulfilment of the present proxy and to proceed, in accordance with the requirements of Luxembourg law.
The undersigned is aware that no quorum is needed for the Meeting to pass a valid resolution. Resolutions will be passed by a simple majority of the shareholders of the Fund present or represented at the Meeting.
For your complete information, the proposed resolutions submitted to the will be the following:
- Nomination of the chairman of the Meeting;
- Presentation and approval of the reports of the board of directors of the Fund and the statutory auditor as at 30 September 2021;The Meeting approves the reports of the board of directors of the Fund and the statutory auditor as at 30 September 2021.
- Presentation and approval of the balance sheet and income statement as at 30 September 2021;The Meeting approves the balance sheet and profit and loss account as at 30 September 2021.
- Allotment of results for the financial year ended on 30 September 2021;The Meeting decides to allocate the net result of the financial year ended on 30 September 2021.
- Discharge of the directors of the Fund in respect of their term of office for the financial year ended on 30 September 2021;The Meeting decides to give discharge to the directors of the Fund in respect of the carrying out of their duties during the financial year ended on 30 September 2021.
- Statutory elections:The Meeting resolves to ratify the appointment of Mr. Paulo Antunes Das Neves, Mr. Yvar Mentha and Mr. Luca Parmeggiani as directors of the Fund with effect for the period from 1st January 2021 until the present meeting (31 January 2022). | Il rappresentante è inoltre autorizzato ad effettuare qualsiasi dichiarazione, esprimere qualsiasi voto, firmare qualsiasi verbale di assemblea e altri documenti, necessari o semplicemente utili al fine di realizzare e adempiere la presente delega e a procedere conformemente ai requisiti della legge lussemburghese.
Il sottoscritto dichiara di essere a conoscenza che non è richiesto alcun quorum per riconoscere l’Assemblea annuale ordinaria validamente costituita e atta a deliberare.
Per l’approvazione delle delibere sarà sufficiente la maggioranza semplice degli Azionisti presenti o rappresentati all’Assemblea annuale ordinaria.
A titolo informativo, Le comunichiamo di seguito le Delibere proposte, sottoposte all’attenzione dell’Assemblea annuale ordinaria degli azionisti:
- Nomina del Presidente dell’Assemblea
- Presentazione e approvazione della relazioni del Consiglio di amministrazione e del Revisore legale al 30 settembre 2021L’Assemblea approva le relazioni del Gestore e del Revisore legale per l’esercizio finanziario chiuso al 30 settembre 2021.
- Presentazione e approvazione dello Stato patrimoniale e del Conto economico al 30 settembre 2021L’Assemblea approva lo Stato patrimoniale e il Conto economico per l’esercizio finanziario chiuso al 30 settembre 2021.
- Ripartizione degli utiliL’Assemblea decide di ripartire il risultato netto dell’esercizio chiuso al 30 settembre 2021.
- Approvazione dell’operato degli Amministratori nel corso dell’esercizio finanziario chiuso al 30 settembre 2021L’Assemblea decide di approvare l’operato degli Amministratori nel corso dell’esercizio finanziario chiuso al 30 settembre 2021.
- Elezioni di cariche statutarieL’Assemblea delibera di ratificare la nomina di Amministratore di Paulo Antunes Das Neves, Yvar Mentha e Luca Parmeggiani con effetto per il periodo dal 1° gennaio 2021 fino alla presente Assemblea (31 gennaio 2022). | The proxy-holder is furthermore authorised to make any statement, cast all votes, sign all minutes of meetings and other documents, do everything which is lawful, necessary or simply useful in view of the accomplishment and fulfilment of the present proxy and to proceed, in accordance with the requirements of Luxembourg law.
The undersigned is aware that no quorum is needed for the Meeting to pass a valid resolution. Resolutions will be passed by a simple majority of the shareholders of the Fund present or represented at the Meeting.
For your complete information, the proposed resolutions submitted to the will be the following:
- Nomination of the chairman of the Meeting;
- Presentation and approval of the reports of the board of directors of the Fund and the statutory auditor as at 30 September 2021;The Meeting approves the reports of the board of directors of the Fund and the statutory auditor as at 30 September 2021.
- Presentation and approval of the balance sheet and income statement as at 30 September 2021;The Meeting approves the balance sheet and profit and loss account as at 30 September 2021.
- Allotment of results for the financial year ended on 30 September 2021;The Meeting decides to allocate the net result of the financial year ended on 30 September 2021.
- Discharge of the directors of the Fund in respect of their term of office for the financial year ended on 30 September 2021;The Meeting decides to give discharge to the directors of the Fund in respect of the carrying out of their duties during the financial year ended on 30 September 2021.
- Statutory elections:The Meeting resolves to ratify the appointment of Mr. Paulo Antunes Das Neves, Mr. Yvar Mentha and Mr. Luca Parmeggiani as directors of the Fund with effect for the period from 1st January 2021 until the present meeting (31 January 2022). | en | it |
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