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DOLFIN3100 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
During the 12 months, global HY markets were dominated by the market capitulation in the latter part of the period. Having started in modestly positive territory during the third quarter of 2021, rising energy prices, increased supply chain disruptions, rising inflation and outbreak of conflict in Ukraine ultimately led to weaker markets during 2022. The ICE BofA Global High Yield Investment Grade Country Constrained Index (hedged to US dollars) returned -15.34%. Spreads widened by 295bps to 637bps, reaching the peak on the last day of the review period. For context, spreads have only reached this level once in the last five years, which was during the initial Covid-19 drawdown in March 2020.
From a ratings perspective, during the initial downturn, higher-rated credit underperformed due to their increased sensitivity to rising interest rates in response to accelerating inflation. This was somewhat reversed, however, during the latter part as a decompression sell-off led to the underperformance of lower-rated credit. More specifically, credit rated BB, B and CCC & below returned -13.94%, -16.39% and -16.97%, respectively. With regard to sector performance, the real estate sector was the standout underperformer, driven by the Chinese real estate crisis, with issuers suffering from liquidity problems in the wake of the Evergrande crisis.
In terms of technicals, primary-market activity slowed from the prior 12-month period, with the higher spread and interest-rate environment putting issuers in a wait-and-see mode regarding their future funding plans. Issuance over the review period totaled USD327.7 billion, with a notable increase in leveraged buyouts as a use of proceeds. Default activity remained low compared with historical levels, with the 12-month trailing, par- weighted US HY default rate ending the period at 0.76%. Following the more recent market capitulation, the distressed universe of bonds and loans experienced its largest increase since the pandemic, with 10.4% of the universe trading at spreads above 1,000bps. | Nei 12 mesi in esame i mercati HY globali sono stati dominati da un andamento fortemente ribassista nell’ultima parte del periodo. Dopo un inizio in territorio lievemente positivo nel terzo trimestre 2021, i rincari dell’energia, le accresciute interruzioni delle catene di fornitura, l’aumento dell’inflazione e lo scoppio della guerra in Ucraina hanno provocato un indebolimento dei mercati nel 2022. L’indice ICE BofA Global High Yield Investment Grade Country Constrained (con copertura in dollari USA) ha reso il -15.34%. Gli spread si sono ampliati di 295 pb a 637 pb, toccando un picco nell’ultimo giorno del periodo in rassegna. A titolo di contesto, gli spread hanno raggiunto questo livello solo una volta negli ultimi cinque anni, ovvero durante il ribasso seguito allo scoppio del Covid-19 nel marzo 2020.
In termini di rating, durante la flessione iniziale, il credito di qualità superiore ha sottoperformato a causa della maggiore sensibilità all’aumento dei tassi d’interesse in risposta all’accelerazione dell’inflazione. Questa tendenza, tuttavia, si è parzialmente invertita nella seconda parte del periodo, poiché un sell-off di decompressione ha determinato la sottoperformance delle obbligazioni a basso rating. Nello specifico, le obbligazioni delle categorie BB, B e CCC e inferiore hanno reso rispettivamente il -13.94%, il -16.39% e il -16.97%. Quanto alle performance settoriali, l’immobiliare ha registrato il peggior risultato relativo a causa della crisi del comparto in Cina, dove gli emittenti hanno risentito di problemi di liquidità all’indomani della crisi di Evergrande.
In termini di fattori tecnici, l’attività sul mercato primario ha subito un rallentamento rispetto al precedente periodo di 12 mesi, in quanto l’aumento degli spread e dei tassi d’interesse ha spinto gli emittenti ad assumere un atteggiamento attendista riguardo ai loro piani di finanziamento futuri. I collocamenti nel periodo in esame si sono attestati a USD 327.7 miliardi, con un notevole aumento dei leveraged buyout quale destinazione dei proventi. I default sono rimasti storicamente contenuti; il tasso d’insolvenza equiponderato del mercato HY statunitense relativo ai 12 mesi precedenti ha terminato il periodo sullo 0.76%. Dopo la recente capitolazione del mercato, l’universo distressed delle obbligazioni e dei prestiti ha registrato l’aumento più significativo dai tempi della pandemia, con il 10.4% dell’universo scambiato a spread superiori a 1,000 pb. | During the 12 months, global HY markets were dominated by the market capitulation in the latter part of the period. Having started in modestly positive territory during the third quarter of 2021, rising energy prices, increased supply chain disruptions, rising inflation and outbreak of conflict in Ukraine ultimately led to weaker markets during 2022. The ICE BofA Global High Yield Investment Grade Country Constrained Index (hedged to US dollars) returned -15.34%. Spreads widened by 295bps to 637bps, reaching the peak on the last day of the review period. For context, spreads have only reached this level once in the last five years, which was during the initial Covid-19 drawdown in March 2020.
From a ratings perspective, during the initial downturn, higher-rated credit underperformed due to their increased sensitivity to rising interest rates in response to accelerating inflation. This was somewhat reversed, however, during the latter part as a decompression sell-off led to the underperformance of lower-rated credit. More specifically, credit rated BB, B and CCC & below returned -13.94%, -16.39% and -16.97%, respectively. With regard to sector performance, the real estate sector was the standout underperformer, driven by the Chinese real estate crisis, with issuers suffering from liquidity problems in the wake of the Evergrande crisis.
In terms of technicals, primary-market activity slowed from the prior 12-month period, with the higher spread and interest-rate environment putting issuers in a wait-and-see mode regarding their future funding plans. Issuance over the review period totaled USD327.7 billion, with a notable increase in leveraged buyouts as a use of proceeds. Default activity remained low compared with historical levels, with the 12-month trailing, par- weighted US HY default rate ending the period at 0.76%. Following the more recent market capitulation, the distressed universe of bonds and loans experienced its largest increase since the pandemic, with 10.4% of the universe trading at spreads above 1,000bps. | en | it |
DOLFIN3101 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Risque lié aux titres à rendement élevé
Les Fonds qui investissent dans des titres à rendement élevé de qualité inférieure à « investment grade » et des titres non cotés dont la qualité de crédit est similaire (appelées « obligations pourries » (junk bonds)), peuvent être soumis à des niveaux supérieurs de risque de taux d’intérêt, de crédit et de liquidité que les Fonds qui n’investissent pas dans ce type de titres. Ces titres sont jugés éminemment spéculatifs quant à la capacité permanente de l’émetteur à effectuer les paiements de principal et d’intérêts et peuvent être plus volatils que les titres mieux notés d’échéance similaire. Un repli économique ou une période de hausse des taux d’intérêt ou des événements affectant les sociétés individuellement pourraient influer défavorablement le marché des titres à rendement élevé et réduire la capacité d’un Fonds à vendre ces titres à une période ou un prix avantageux. En particulier, les titres à haut rendement sont souvent émis par des sociétés de taille modeste et à la cote de solvabilité moindre ou par des sociétés avec fort effet de levier (endettées), généralement moins capables que des sociétés plus stables financièrement d’effectuer les paiements d’intérêt et de principal programmés. Les titres à rendement élevé ayant la structure d’obligations à coupon zéro ou de titres à rémunération en titres tendent à présenter une volatilité aiguë, car ils sont particulièrement sensibles aux pressions à la baisse des prix imposées par la hausse des taux d’intérêt ou par le creusement des écarts et peuvent imposer au Fonds de procéder à des distributions imposables de bénéfices imputés sans recevoir le montant effectif
en devises. En cas de défaillance de l’émetteur sur le paiement du principal ou des intérêts, un Fonds peut perdre la totalité de son investissement. Les émetteurs de titres à haut rendement peuvent avoir le droit d’« appeler » ou de racheter l’émission avant son échéance, ce qui peut avoir pour effet que le Fonds devra réinvestir le produit dans des titres payant un taux d’intérêt inférieur. En outre, les titres à haut rendement tendent à être moins négociables (moins liquides) que des titres mieux notés parce que leur marché n’est pas aussi large ni aussi actif, la taille des émissions à haut rendement peut être inférieure à celle des émissions « investment grade » et les informations sur les titres à haut rendement sont généralement moins accessibles au public. En raison des risques liés à l’investissement dans des titres à haut rendement, l’investissement dans un Fonds qui investit dans de tels titres peut être considéré comme spéculatif. | ###### Riesgo asociado a valores de elevada rentabilidad
Los Fondos que invierten en valores de elevada rentabilidad con rating inferior a categoría de inversión y en valores sin rating asignado de similar calidad crediticia (los habitualmente conocidos como “bonos basura”) pueden quedar expuestos a unos niveles de riesgo de tipos de interés, riesgo de crédito, riesgo de rescate y riesgo de liquidez mayores que los Fondos que no invierten en este tipo de valores. Dichos valores suelen considerarse especulativos en lo que respecta a la capacidad continuada del emisor para hacer frente a los pagos en concepto de principal e intereses, y pueden ser más volátiles que los valores de alta calificación de vencimiento similar. Cualquier desaceleración económica o fase alcista de los tipos de interés o acontecimientos corporativos concretos podría incidir negativamente en el mercado de valores de elevada rentabilidad y mermar la capacidad de un Fondo para vender estos valores a tiempo y a un precio adecuado. En concreto, los bonos basura a menudo son emitidos por sociedad de menor capitalización, con menor solvencia o con un elevado nivel de apalancamiento (endeudadas) que, por lo general, presentan menor capacidad para realizar pagos programados de intereses y capital que las sociedades con mayor estabilidad financiera. Los valores de alto rendimiento estructurados como bonos de cupón cero o los valores de pago en especie tienden a ser particularmente volátiles debido a su elevada sensibilidad a las presiones de precios a la baja ocasionadas por subidas de los tipos de interés o ampliaciones de diferenciales, y puede que requieran que un Fondo realice
distribuciones imponibles de ingresos imputados sin recibir la divisa en efectivo. Si el emisor de un valor incumpliera sus obligaciones de pagar los intereses o el principal, un Fondo podría perder la totalidad de su inversión. Los emisores de valores de alto rendimiento pueden tener derecho a “reclamar” o reembolsar la emisión antes del vencimiento, lo cual puede dar como resultado que el Fondo deba reinvertir sus beneficios en valores que paguen un tipo de interés más bajo. Además, los bonos basura tienden a ser menos comercializables (es decir, menos líquidos) que los valores de alta calificación debido a que su mercado no es tan amplio o activo, las emisiones de alto rendimiento pueden ser menores que las emisiones de grado de inversión y, normalmente, se dispone de menos información pública sobre los valores de alto rendimiento. Debido a los riesgos que conlleva la inversión en valores de alto rendimiento, una inversión en un Fondo que invierta en dichos valores puede considerarse especulativa. | ##### Risque lié aux titres à rendement élevé
Les Fonds qui investissent dans des titres à rendement élevé de qualité inférieure à « investment grade » et des titres non cotés dont la qualité de crédit est similaire (appelées « obligations pourries » (junk bonds)), peuvent être soumis à des niveaux supérieurs de risque de taux d’intérêt, de crédit et de liquidité que les Fonds qui n’investissent pas dans ce type de titres. Ces titres sont jugés éminemment spéculatifs quant à la capacité permanente de l’émetteur à effectuer les paiements de principal et d’intérêts et peuvent être plus volatils que les titres mieux notés d’échéance similaire. Un repli économique ou une période de hausse des taux d’intérêt ou des événements affectant les sociétés individuellement pourraient influer défavorablement le marché des titres à rendement élevé et réduire la capacité d’un Fonds à vendre ces titres à une période ou un prix avantageux. En particulier, les titres à haut rendement sont souvent émis par des sociétés de taille modeste et à la cote de solvabilité moindre ou par des sociétés avec fort effet de levier (endettées), généralement moins capables que des sociétés plus stables financièrement d’effectuer les paiements d’intérêt et de principal programmés. Les titres à rendement élevé ayant la structure d’obligations à coupon zéro ou de titres à rémunération en titres tendent à présenter une volatilité aiguë, car ils sont particulièrement sensibles aux pressions à la baisse des prix imposées par la hausse des taux d’intérêt ou par le creusement des écarts et peuvent imposer au Fonds de procéder à des distributions imposables de bénéfices imputés sans recevoir le montant effectif
en devises. En cas de défaillance de l’émetteur sur le paiement du principal ou des intérêts, un Fonds peut perdre la totalité de son investissement. Les émetteurs de titres à haut rendement peuvent avoir le droit d’« appeler » ou de racheter l’émission avant son échéance, ce qui peut avoir pour effet que le Fonds devra réinvestir le produit dans des titres payant un taux d’intérêt inférieur. En outre, les titres à haut rendement tendent à être moins négociables (moins liquides) que des titres mieux notés parce que leur marché n’est pas aussi large ni aussi actif, la taille des émissions à haut rendement peut être inférieure à celle des émissions « investment grade » et les informations sur les titres à haut rendement sont généralement moins accessibles au public. En raison des risques liés à l’investissement dans des titres à haut rendement, l’investissement dans un Fonds qui investit dans de tels titres peut être considéré comme spéculatif. | fr | es |
DOLFIN3102 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 0.25 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None |
| Securities lending fees | 0.01 % |
The ongoing charges figure is based on expenses for the fiscal year ending 30.09.2021. It may vary from year to year. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus. | # Frais
Les frais que vous acquittez servent à couvrir les coûts d'exploitation du fonds, y compris ses coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Néant |
| Frais de sortie | Néant |
| Il s'agit du montant maximal pouvant être prélevé sur votre capital avant son investissement (frais d'entrée) et avant que le produit de votre investissement (frais de sortie) soit payé. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0,25 % |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Néant |
| Rémunération sur opérations de prêt et emprunt de titres | 0,01 % |
Le montant des frais courants se base sur les frais de l'exercice clos en 30.09.2021. Il peut varier d'un exercice à l'autre. Ceux-ci excluent les frais de transaction du portefeuille et les commissions de performance, le cas échéant.
Vous trouverez des informations complémentaires sur les frais dans la / les rubrique(s) « Frais » du prospectus de vente. | # Charges
The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 0.25 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None |
| Securities lending fees | 0.01 % |
The ongoing charges figure is based on expenses for the fiscal year ending 30.09.2021. It may vary from year to year. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus. | en | fr |
DOLFIN3103 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Charges taken from the Fund over a year
One-off charges taken before or after you invest
- The ongoing charges figure shown here is an estimate of the charges as there is insufficient historical data. The Fund’s annual report will include detail on the exact charges made. This figure may vary from year to year. It excludes portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | Frais prélevés par le Fonds sur une année
Frais ponctuels prélevés avant ou après la souscription de votre investissement
- Le montant des frais courants qui est indiqué ici résulte d’une estimation, en raison de l’insuffisance de données historiques. Le rapport annuel du Fonds stipulera en détail les frais réellement appliqués. Ce chiffre peut varier d’une année sur l’autre. Il ne tient pas compte des coûts de transaction du portefeuille, à l’exception des frais d’entrée/sortie payés par le Fonds lors de l’achat ou de la vente de parts dans un autre organisme de placement collectif. | Charges taken from the Fund over a year
One-off charges taken before or after you invest
- The ongoing charges figure shown here is an estimate of the charges as there is insufficient historical data. The Fund’s annual report will include detail on the exact charges made. This figure may vary from year to year. It excludes portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | en | fr |
DOLFIN3104 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past Performance
37.0
50%
1.0
1.1
12.5
6.1
25%
-7.4
-2.8
0%
- The ongoing charges figure is a fixed-all inclusive charge of the maximum amount that can be charged, above which cap the Investment Manager will absorb any costs.
- The entry and exit charges are the maximum charges and the investors may pay less.
- The fees and charges mentioned in this section exclude portfolio transaction costs.
- For further details on Charges refer to the Prospectus and Supplement of the Fund.
- Past performance is not a reliable guide or an indicator for future performance.
- The value of the Fund is calculated in US Dollars.
- The performance figures are calculated in US Dollars.
- Launch date: 30th October 2014.
-15.6
-8.6
-25%
-50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
D Share MSCI India | # Performances passées
37,0
50 %
1,0
1,1
12,5
6,1
25 %
-7,4
-2,8
0 %
- Le montant des frais courants est le montant maximum, fixe et exhaustif, pouvant être facturé, le Gestionnaire de placement assumera les frais dépassant ce plafond.
- Les frais d’entrée et de sortie sont des frais maximaux et les investisseurs peuvent payer moins.
- Les frais et les coûts mentionnés dans cette section ne tiennent pas compte des frais de transaction du portefeuille.
- Pour de plus amples informations sur les Frais, veuillez vous référer au Prospectus et au Supplément du Fonds.
- La performance passée n’est pas un indicateur fiable des performances futures.
- La valeur du Fonds est calculée en Dollars US.
- La performance est calculée en Dollars US.
- Date de lancement : 30 octobre 2014.
-15,6
-8,6
-25 %
-50 %
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Action D MSCI India | # Past Performance
37.0
50%
1.0
1.1
12.5
6.1
25%
-7.4
-2.8
0%
- The ongoing charges figure is a fixed-all inclusive charge of the maximum amount that can be charged, above which cap the Investment Manager will absorb any costs.
- The entry and exit charges are the maximum charges and the investors may pay less.
- The fees and charges mentioned in this section exclude portfolio transaction costs.
- For further details on Charges refer to the Prospectus and Supplement of the Fund.
- Past performance is not a reliable guide or an indicator for future performance.
- The value of the Fund is calculated in US Dollars.
- The performance figures are calculated in US Dollars.
- Launch date: 30th October 2014.
-15.6
-8.6
-25%
-50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
D Share MSCI India | en | fr |
DOLFIN3105 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# MAIN RISKS FOR THE FUND
Concentration risk
Risk relative to the significant concentration of investments in one specific asset category or market.
Performance risk
Risk related to the Fund’s performance volatility, and to the existence or lack of third-party guarantees or restrictions weighing on these guarantees.
Capital risk
Risking weighing on the capital, including the risk of erosion following unit redemptions and distribu- tions exceeding the yield.
1
KIID (Key Investor Information Document) risk scale. Risk category 6 reflects very high potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean "risk-free". The Fund’s risk level is explained by its investments in equities on the globalisation, demographics, energy, technology, food and water markets.
2
The management team is subject to change.
Market risk
General risk related to changes on financial markets.
Foreign-exchange risk
The Fund’s assets can be invested in securities that are denominated in a currency other than its refe- rence currency; the NAV of the Fund may fluctuate according to the exchange rate between the Fund’s reference currency and the currency of the invested securities. | # PRINCIPALES RIESGOS DEL FONDO
Riesgo de concentración
Riesgo asociado a la concentración significativa de las inversiones en una categoría de activos o en un mercado específico.
Riesgo de rentabilidad
Riesgo asociado a la volatilidad de la rentabilidad del Fondo, y a la existencia o no de garantías de terceros o a las restricciones que gravan dichas garantías.
Riesgo de capital
Riesgo para el capital, incluidos los riesgos de erosión como consecuencia de reembolsos de participaciones y de distribuciones que superan el rendimiento.
1
Escala de riesgo del DFI (documento de datos fundamentales para el inversor). La categoría de riesgo 6 refleja un potencial de ganancia y/o pérdida muy alto del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sin- tético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo responde a sus inversiones en acciones en los mercados de la globalización, la demografía, la energía, la tecnología, los alimentos o el agua.
2
El equipo de gestión puede cambiar.
Riesgo de mercado
Riesgo general asociado a la evolución de los mercados financieros.
Riesgo de cambio
El patrimonio del Fondo puede invertirse en valores denominados en una divisa distinta de la divisa de referencia, es posible que el VNI del Fondo pueda fluctuar en función de los tipos de cambio existentes entre la divisa de referencia del Fondo y la divisa en la que se hayan invertido los valores. | # MAIN RISKS FOR THE FUND
Concentration risk
Risk relative to the significant concentration of investments in one specific asset category or market.
Performance risk
Risk related to the Fund’s performance volatility, and to the existence or lack of third-party guarantees or restrictions weighing on these guarantees.
Capital risk
Risking weighing on the capital, including the risk of erosion following unit redemptions and distribu- tions exceeding the yield.
1
KIID (Key Investor Information Document) risk scale. Risk category 6 reflects very high potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean "risk-free". The Fund’s risk level is explained by its investments in equities on the globalisation, demographics, energy, technology, food and water markets.
2
The management team is subject to change.
Market risk
General risk related to changes on financial markets.
Foreign-exchange risk
The Fund’s assets can be invested in securities that are denominated in a currency other than its refe- rence currency; the NAV of the Fund may fluctuate according to the exchange rate between the Fund’s reference currency and the currency of the invested securities. | en | es |
DOLFIN3106 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Notwithstanding the individual limits established in point a) above, a sub-fund may not combine, if this were to result in it investing more than 20% of its assets in the same entity, several of the following items:
- investments in transferable securities or money market instruments issued by this entity,
- deposits with this entity, or
- exposures arising from OTC derivative transactions entered into with this entity.
- the 10% limit specified in point a) above may be raised to a maximum of 35% if the transferable securities and money market instruments are issued or guaranteed by a Member State, by its local authorities, by a non-Member State of the EU or by public international bodies to which one or more Member States belong.
- the 10% limit specified in point a) above may be raised to a maximum of 25% in the case of certain bonds when these are issued by a bank which has its registered office in a Member State and which is subject by law to special supervision by the public authorities designed to protect bond-holders. In particular, the sums arising from the issue of these bonds must be invested, according to the legislation, in assets which, throughout the period of validity of the bonds, cover the debts arising from the bonds and which, in the event of the issuer's bankruptcy, would be used for the repayment of the capital and the payment of accrued interest. | Ungeachtet der vorstehend unter Buchstabe a) beschriebenen Einzelobergrenzen darf ein Teilfonds nicht mehrere der unten stehenden Positionen kombinieren, wenn dies dazu führt, dass er mehr als 20 % seines Vermögens in ein und dieselbe Rechtspersönlichkeit anlegt:
- von dieser Einrichtung begebene Wertpapiere oder Geldmarktinstrumente,
- Einlagen bei dieser Einrichtung oder
- von dieser Einrichtung erworbene OTC-Derivate.
- Die vorstehend unter Buchstabe a) genannte Grenze von 10 % kann bis auf maximal 35 % erhöht werden, wenn es sich um Wertpapiere und Geldmarktinstrumente handelt, die von einem Mitgliedstaat oder seinen Gebietskörperschaften, von einem anderen Staat, der nicht Mitglied der EU ist, oder von internationalen Organisationen öffentlich-rechtlichen Charakters, denen mindestens ein EU-Mitgliedstaat angehört, begeben oder garantiert werden.
- Die vorstehend unter Buchstabe a) genannte Grenze von 10 % kann bis auf maximal 25 % für bestimmte Schuldverschreibungen erhöht werden, die von Kreditinstituten begeben werden, die ihren Sitz in einem Mitgliedstaat haben und dort gesetzmäßig einer besonderen öffentlich-rechtlichen Kontrolle zum Schutze der Inhaber dieser Schuldverschreibungen unterliegen. Insbesondere müssen die Erträge aus der Emission dieser Schuldverschreibungen gemäß den gesetzlichen Vorschriften in Vermögenswerte angelegt werden, die während der gesamten Laufzeit der Schuldverschreibungen die sich daraus ergebenden Verbindlichkeiten ausreichend decken und für die beim Ausfall des Emittenten fällig werdende Rückzahlung des Kapitals und der Zinsen bestimmt sind. | Notwithstanding the individual limits established in point a) above, a sub-fund may not combine, if this were to result in it investing more than 20% of its assets in the same entity, several of the following items:
- investments in transferable securities or money market instruments issued by this entity,
- deposits with this entity, or
- exposures arising from OTC derivative transactions entered into with this entity.
- the 10% limit specified in point a) above may be raised to a maximum of 35% if the transferable securities and money market instruments are issued or guaranteed by a Member State, by its local authorities, by a non-Member State of the EU or by public international bodies to which one or more Member States belong.
- the 10% limit specified in point a) above may be raised to a maximum of 25% in the case of certain bonds when these are issued by a bank which has its registered office in a Member State and which is subject by law to special supervision by the public authorities designed to protect bond-holders. In particular, the sums arising from the issue of these bonds must be invested, according to the legislation, in assets which, throughout the period of validity of the bonds, cover the debts arising from the bonds and which, in the event of the issuer's bankruptcy, would be used for the repayment of the capital and the payment of accrued interest. | en | de |
DOLFIN3107 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Charges for this Fund
The charges you pay are used to pay the costs of running the Fund including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. For any additional information regarding charges, please refer to the relevant charges section of the Fund prospectus, available at www.lyxoretf.com.
| One-off charges taken before or after you invest |
| --- |
| Entry Charge | Not Applicable for secondary market investors* |
| Exit Charge | Not Applicable for secondary market investors* |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. *Secondary Market: because the Fund is an ETF, Investors who are not Authorized Participants will generally only be able to buy or sell shares on the secondary market. Accordingly, investors will pay brokerage fees and/or transaction costs in connection with their dealings on stock exchange(s). These brokerage fees and/or transaction costs are not charged by, or payable to, the Fund nor the Management Company but to the investor own intermediary. In addition, the investors may also bear the costs of "bid-ask" spreads; meaning the difference between the prices at which shares can be bought and sold. Primary Market : Authorized Participants dealing directly with the Fund will pay related primary market transaction costs. For more information, please see the relevant sections in the Prospectus of the Fund. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 0.17 %. |
| The rate of ongoing charges shown here is an estimate of the percentage of the charges (including taxes, if any) that the Fund may bear during the current year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | None. | | # Kosten für diesen Fonds
Die von Ihnen getragenen Kosten werden für die Funktionsweise des Fonds, einschließlich der Vermarktung und des Vertriebs, verwendet. Diese Kosten beschränken das potenzielle Wachstum Ihrer Anlage. Weitere Informationen sind dem Kapitel Kosten im Fondsprospekt zu entnehmen, der unter www.lyxoretf.com erhältlich ist.
| Einmalige Kosten vor und nach der Anlage |
| --- |
| Ausgabeaufschlag | Gilt nicht für Anleger am Sekundärmarkt* |
| Rücknahmeabschlag | Gilt nicht für Anleger am Sekundärmarkt* |
| Dabei handelt es sich um den Höchstbetrag, der vor der Anlage und vor der Auszahlung Ihrer Rendite abgezogen wird. *Sekundärmarkt: Da es sich bei dem Fonds um einen ETF handelt, können Anleger, die keine autorisierten Teilnehmer sind, Anteile grundsätzlich nur am Sekundärmarkt kaufen oder verkaufen. Dementsprechend zahlen Anleger Maklerprovisionen und/oder Transaktionskosten bei ihren Börsengeschäften. Bei diesen Maklerprovisionen und/oder Transaktionskosten erfolgt keine Erhebung durch bzw. Zahlung an den Fonds oder die Verwaltungsgesellschaft, sondern an den eigenen Vermittler des Anlegers. Außerdem müssen Anleger unter Umständen die Kosten von „Bid/Ask“-Spreads tragen; das ist die Differenz zwischen den Preisen, zu denen Anteile gekauft und verkauft werden können. Primärmarkt: Autorisierte Teilnehmer, die direkt mit dem Fonds handeln, zahlen die zugehörigen Transaktionskosten am Primärmarkt. Weitere Informationen sind den betreffenden Abschnitten im Fondsprospekt zu entnehmen. |
| Kosten, die vom Fonds im Laufe des Jahres abgezogen werden. |
| Laufende Kosten: | 0,17 %. |
| Der hier genannte Satz für die laufenden Kosten stellt eine Schätzung des Prozentwerts der Kosten (einschließlich etwaiger Steuern) dar, die dem Fonds in laufenden Jahr möglicherweise entstehen werden. Nicht darin enthalten sind an die Wertentwicklung des Fonds gebundene Gebühren und Portfoliotransaktionskosten mit Ausnahme von Ausgabeauf-/Rücknahmeabschlägen, die vom Fonds beim An- oder Verkauf von Anteilen zugrunde liegender OGAW gezahlt werden. |
| Kosten, die der Fonds unter bestimmten Umständen zu tragen hat |
| An die Wertentwicklung gebundene Provisionen: | N.z. | | # Charges for this Fund
The charges you pay are used to pay the costs of running the Fund including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. For any additional information regarding charges, please refer to the relevant charges section of the Fund prospectus, available at www.lyxoretf.com.
| One-off charges taken before or after you invest |
| --- |
| Entry Charge | Not Applicable for secondary market investors* |
| Exit Charge | Not Applicable for secondary market investors* |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. *Secondary Market: because the Fund is an ETF, Investors who are not Authorized Participants will generally only be able to buy or sell shares on the secondary market. Accordingly, investors will pay brokerage fees and/or transaction costs in connection with their dealings on stock exchange(s). These brokerage fees and/or transaction costs are not charged by, or payable to, the Fund nor the Management Company but to the investor own intermediary. In addition, the investors may also bear the costs of "bid-ask" spreads; meaning the difference between the prices at which shares can be bought and sold. Primary Market : Authorized Participants dealing directly with the Fund will pay related primary market transaction costs. For more information, please see the relevant sections in the Prospectus of the Fund. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 0.17 %. |
| The rate of ongoing charges shown here is an estimate of the percentage of the charges (including taxes, if any) that the Fund may bear during the current year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | None. | | en | de |
DOLFIN3108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund seeks to provide income and capital growth over the medium to long term.
1 The Investment Manager will select investments principally by evaluating the expected risk and return of each individual issuer in the Fund. The Investment Manager will seek to buy securities in which the expected returns overstate the risks. The Investment Manager will rigorously analyse the issuers' financial statements and business fundamentals to ascertain their ability to repay their debt.
1 The Fund will invest at least 80% of its Net Asset Value in fixed and floating rate corporate or government bonds listed or traded on Recognised Markets globally. The Fund will invest across the full range of capital structures from senior secured to subordinated bonds. The Fund may invest up to 20% of its Net Asset Value in below investment grade securities or in unrated securities.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets) (“FDI”) which may multiply the gains or losses made by the Fund on a given investment or on its investments generally.
1 The Fund may actively use FDI to achieve the investment objective, for efficient portfolio management purposes and for hedging against anticipated movements in a market or security.
1 The Fund is actively managed and does intend to outperform the ICE BofA Global Large Cap Corporate Index (USD Hedged) (the “Benchmark”) over the medium to long term. Although the Benchmark may be used for performance comparison purposes, the Fund's investment policy is not constrained by the Benchmark. The Fund can deviate substantially from the issuer, country and sector weightings of the Benchmark, and there are no restrictions on the deviation from the Benchmark. The Investment Manager is expected to maintain a diversified portfolio, holding approximately 80 to 200 issuers at any one time. | # Objetivos y política de inversión
1 El objetivo del Fondo es proporcionar un crecimiento de los ingresos y del capital a medio y largo plazo.
1 La Gestora de Inversiones seleccionará las inversiones principalmente mediante la evaluación del riesgo y la rentabilidad esperados de cada emisor individual del Fondo. La Gestora de Inversiones comprará valores en los que la rentabilidad esperada sea superior a los riesgos. La Gestora de Inversiones analizará rigurosamente los estados financieros y los fundamentos empresariales de los emisores para determinar su capacidad de reembolso de la deuda.
1 El Fondo invertirá al menos el 80 % de su Valor liquidativo en bonos u obligaciones de empresas y del Estado de tipo fijo y variable que se coticen o se negocien en Mercados Reconocidos a nivel mundial. El Fondo invertirá en toda la gama de estructuras de capital, desde bonos preferentes garantizados hasta bonos subordinados. El Fondo puede invertir hasta el 20 % de su Valor liquidativo en valores con calificación inferior al grado de inversión o en valores sin calificación.
1 El Fondo puede utilizar activamente instrumentos financieros derivados («IFD», es decir, instrumentos cuyos precios dependen de uno o varios activos subyacentes) que pueden multiplicar las ganancias o las pérdidas que el Fondo obtenga en una inversión determinada o en sus inversiones en general.
1 El Fondo puede utilizar de forma activa IFD para lograr el objetivo de inversión, gestionar la cartera de modo eficiente y cubrirse ante movimientos previstos en un mercado o valor.
1 El Fondo se gestiona de forma activa y pretende obtener una rentabilidad superior a la del ICE BofA Global Large Cap Corporate Index (cubierto en USD) (el «Índice de referencia») a medio y largo plazo. Si bien el Índice de referencia puede utilizarse con fines de comparación de la rentabilidad, la política de inversión del Fondo no está limitada por el Índice de referencia. El Fondo puede desviarse sustancialmente de las ponderaciones del emisor, el país y el sector del Índice de referencia, y no existe restricción alguna respecto a la desviación del Índice de referencia. Se espera que la Gestora de Inversiones mantenga una cartera diversificada, con entre 80 y 200 emisores en todo momento. | # Objectives and investment policy
1 The Fund seeks to provide income and capital growth over the medium to long term.
1 The Investment Manager will select investments principally by evaluating the expected risk and return of each individual issuer in the Fund. The Investment Manager will seek to buy securities in which the expected returns overstate the risks. The Investment Manager will rigorously analyse the issuers' financial statements and business fundamentals to ascertain their ability to repay their debt.
1 The Fund will invest at least 80% of its Net Asset Value in fixed and floating rate corporate or government bonds listed or traded on Recognised Markets globally. The Fund will invest across the full range of capital structures from senior secured to subordinated bonds. The Fund may invest up to 20% of its Net Asset Value in below investment grade securities or in unrated securities.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets) (“FDI”) which may multiply the gains or losses made by the Fund on a given investment or on its investments generally.
1 The Fund may actively use FDI to achieve the investment objective, for efficient portfolio management purposes and for hedging against anticipated movements in a market or security.
1 The Fund is actively managed and does intend to outperform the ICE BofA Global Large Cap Corporate Index (USD Hedged) (the “Benchmark”) over the medium to long term. Although the Benchmark may be used for performance comparison purposes, the Fund's investment policy is not constrained by the Benchmark. The Fund can deviate substantially from the issuer, country and sector weightings of the Benchmark, and there are no restrictions on the deviation from the Benchmark. The Investment Manager is expected to maintain a diversified portfolio, holding approximately 80 to 200 issuers at any one time. | en | es |
DOLFIN3109 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In connection with over-the-counter derivative transactions, and in accordance with Position paper 2013-06 issued by the French financial markets regulator (Autorité des Marchés Financiers– AMF), the SICAV may receive collateral in the form of securities (such as bonds or other securities issued or guaranteed by a State or issued by international financing agencies and bonds or securities issued by high quality corporate issuers), or cash.
Any cash collateral received is reinvested in accordance with the applicable rules.
All such assets must be from high-quality issuers that are not an entity of the counterparty or its group, and must be liquid and diversified with low volatility.
Discounts may be applied to the collateral received; they take into account the quality of credit and the price volatility of the securities.
-
#### – Risk profile | Dans le cadre d’opérations sur dérivés négociés de gré à gré, conformément à la position AMF 2013-06, la Sicav peut recevoir à titre de collatéral des titres (tel que notamment des obligations ou titres émis(es) ou garanti(e)s par un Etat ou émis par des organismes de financement internationaux et des obligations ou titres émis par des émetteurs privés de bonne qualité), ou des espèces.
Le collatéral espèces reçu est réinvesti conformément aux règles applicables.
L’ensemble de ces actifs devra être émis par des émetteurs de haute qualité, liquides, peu volatils, diversifiés et qui ne sont pas une entité de la contrepartie ou de son groupe.
Des décotes peuvent être appliquées au collatéral reçu ; elles prennent en compte notamment la qualité de crédit, la volatilité des prix des titres.
-
#### – Profil de risque | In connection with over-the-counter derivative transactions, and in accordance with Position paper 2013-06 issued by the French financial markets regulator (Autorité des Marchés Financiers– AMF), the SICAV may receive collateral in the form of securities (such as bonds or other securities issued or guaranteed by a State or issued by international financing agencies and bonds or securities issued by high quality corporate issuers), or cash.
Any cash collateral received is reinvested in accordance with the applicable rules.
All such assets must be from high-quality issuers that are not an entity of the counterparty or its group, and must be liquid and diversified with low volatility.
Discounts may be applied to the collateral received; they take into account the quality of credit and the price volatility of the securities.
-
#### – Risk profile | en | fr |
DOLFIN3110 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Information relating to changes in fund manager, investment objective, benchmark and corporate action information
Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark being to exceed the S&P Developed Small Cap (Net TR) index. The fund's investment universe is expected to overlap materially with the components of the target benchmark. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark. The investment manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. On 01.05.2021 the S&P Developed Small Cap (Net TR) index replaced the S&P Developed Small Cap (Gross TR) index.
Benchmarks:
Matthew Dobbs replaced Richard Sennitt as Fund Manager for this fund on 31.12.2020. Luke Bierrmann and Robert Kaynor replaced Matthew Dobbs as Fund Managers for this fund on 31.03.2021.
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. | ## Informazioni sulle modifiche apportate alle informazioni su gestore dei fondi, obiettivo di investimento, benchmark e operazioni sul capitale
Potranno verificarsi differenze tra la performance del fondo e quella del benchmark dato che il rendimento del fondo è calcolato in un punto di valutazione diverso rispetto al benchmark. Il rendimento del fondo dovrà essere valutato in base al suo benchmark target che consiste nel superare l'indice S&P Developed Small Cap (Net TR). Si prevede che l'universo di investimento del fondo si sovrapponga, in misura consistente, agli elementi costitutivi del benchmark target. Il gestore degli investimenti investe su base discrezionale e non vi sono limiti alla misura in cui il portafoglio e la performance del fondo possono discostarsi dal benchmark target. Il gestore degli investimenti investirà in società o settori non inclusi nel benchmark target per sfruttare opportunità d'investimento specifiche. Il benchmark target è stato selezionato in quanto rappresentativo del tipo di investimenti in cui il fondo potrebbe investire ed è pertanto un target appropriato in relazione al rendimento che il medesimo si prefigge di ottenere. Il benchmark o i benchmark non tengono conto delle caratteristiche ambientali e sociali o dell'obiettivo sostenibile (se rilevante) del fondo. Il 01.05.2021, l'indice S&P Developed Small Cap (Gross TR) index è stato sostituito con il S&P Developed Small Cap (Net TR) index quale benchmark del comparto.
Indici di riferimento
Matthew Dobbs è subentrato a Richard Sennitt nella gestione del comparto il 31.12.2020. Luke Bierrmann e Robert Kaynor sono subentrati a Matthew Dobbs nella gestione del comparto il 31.03.2021.
Il gestore degli investimenti investe su base discrezionale e non vi sono limiti alla misura in cui il portafoglio e la performance del comparto possono discostarsi dal benchmark. Il gestore degli investimenti investirà in società o settori non inclusi nel benchmark per sfruttare opportunità d'investimento specifiche.
I nomi dei benchmark nel presente documento possono essere abbreviati. Fare riferimento ai documenti legali dei comparti per il nome completo dei benchmark. | ## Information relating to changes in fund manager, investment objective, benchmark and corporate action information
Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark being to exceed the S&P Developed Small Cap (Net TR) index. The fund's investment universe is expected to overlap materially with the components of the target benchmark. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark. The investment manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. On 01.05.2021 the S&P Developed Small Cap (Net TR) index replaced the S&P Developed Small Cap (Gross TR) index.
Benchmarks:
Matthew Dobbs replaced Richard Sennitt as Fund Manager for this fund on 31.12.2020. Luke Bierrmann and Robert Kaynor replaced Matthew Dobbs as Fund Managers for this fund on 31.03.2021.
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. | en | it |
DOLFIN3111 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Lutte contre le blanchiment d'argent
Conformément aux règlements internationaux et aux lois et réglementations luxembourgeoises, y compris mais sans toutefois s’y limiter, la loi du 12 novembre 2004 relative à la lutte contre le blanchiment et contre le financement du terrorisme, le règlement grand-ducal du 1er février 2010, l’ordonnance de la CSSF 12-02 du 14 décembre 2012 et les circulaires CSSF 13/556, CSSF 15/609, CSSF 17/650 et CSSF 17/661 relatives à la lutte contre le blanchiment de capitaux et le financement du terrorisme, ainsi que l’ensemble des modifications ou des plans de succession y afférents, il incombe à toutes les entités assujetties d’empêcher que les organismes de placement collectif soient mal exploités à des fins de blanchiment d’argent et de financement du terrorisme. La Société de gestion ou l'un de ses mandataires peut exiger du demandeur tout document qu'il juge néces- saire à son identification. En outre, la Société de gestion (ou l’un de ses mandataires) peut exiger l’ensemble des autres informations requises pour se conformer aux exigences légales et réglementaires applicables, y compris, sans toutefois s'y limiter, les lois CRS et FATCA.
Si un demandeur omet de fournir les documents demandés, les présente en retard ou pas dans leur intégralité, la demande de souscription est rejetée. En cas de rachat, une documentation incomplète peut conduire à un retard du paiement du prix de rachat. La Société de gestion n’est pas responsable du règlement tardif ou du défaut d’une transaction si le demandeur n’a pas fourni les documents, ou les a présentés en retard ou pas dans leur intégralité.
La Société de gestion (ou l’un de ses mandataires) peut de temps à autre exiger des investisseurs, en vertu des lois et règlements applicables relatifs à ses obligations de surveillance et de contrôle permanent de ses clients, de présenter des documents supplémentaires ou à jour concernant leur identité. Si ces documents ne sont pas fournis sur-le-champ, la Société de gestion est obligée et habilitée à bloquer les parts de fonds des investisseurs concernés.
La loi du 13 janvier 2019 instituant un Registre des bénéficiaires effectifs a été ordonnée en vue de transposer l’article 30 de la directive (UE) 2015/849 du Parlement européen et du Conseil, également appelée 4e directive sur la lutte contre le blanchiment. Elle oblige les entités immatriculées à inscrire leurs bénéficiaires effectifs dans le Registre créé à cet effet. | # Lucha contra el blanqueo de capitales
De conformidad con las regulaciones internacionales y las leyes y directivas luxemburguesas, por ejemplo, pero no de forma exclusiva, la ley de 12 de noviembre de 2004 relativa a la lucha contra el blanqueo de capitales y la financiación del terrorismo, el Reglamento del Gran Ducado del 1 de febrero de 2010, la Directiva CSSF 12-02 del 14 de diciembre de 2012 y las circulares CSSF 13/556, CSSF 15/609 y CSSF 17/650 y CSSF 17/661 relativas a la lucha contra el blanqueo de capitales y la financiación del terrorismo, así como todas las modificaciones o regulaciones posteriores correspondientes, los proveedores de servicios financieros son los únicos encargados de evitar que los organismos de inversión conjunta se usen para propósitos de blanqueo de capitales o finan- ciación de terrorismo. La sociedad gestora o un representante autorizado puede pedir a un solicitante cual- quier documento que consideren necesario para la determinación de su identidad. Además, la sociedad gesto- ra (o un representante autorizado) puede solicitar cualquier otra información que necesite para el cumplimien- to de las disposiciones legales y regulatorias aplicables, tales como, aunque no exclusivamente, las normativas CRS y FATCA.
Si un solicitante no aporta los documentos requeridos, no los aporta de forma íntegra o los aporta tarde, la solicitud de suscripción será rechazada. En caso de recompras, una aportación incompleta de la documentación puede provocar que el pago del precio de recompra se demore. La sociedad gestora no será responsable de la ejecución demorada o la cancelación de una transacción si el solicitante no ha presentado la documentación, no la ha presentado de forma íntegra o la ha presentado tarde.
Es posible que la sociedad gestora (o un representante autorizado), en cumplimiento de las leyes y disposicio- nes legales aplicables relativas a sus obligaciones relacionadas con la supervisión continua de sus clientes, inste a los inversores a presentar documentación adicional o actualizada relativa a su identidad. Si esta documenta- ción no se aporta inmediatamente, la sociedad gestora está obligada y autorizada a bloquear las participacio- nes del fondo de los inversores correspondientes.
Para la implementación del art. 30 de la Directiva (EU) 2015/849 del Parlamento Europeo y del Consejo, la denominada 4.ª Directiva de la Unión Europea contra el blanqueo de capitales, se ha aprobado la Ley del 13 de enero de 2019 sobre la creación de un registro de los propietarios económicos. Dicha ley obliga a los sujetos jurídicos registrados a comunicar sus propietarios económicos al registro creado para tal fin. | # Lutte contre le blanchiment d'argent
Conformément aux règlements internationaux et aux lois et réglementations luxembourgeoises, y compris mais sans toutefois s’y limiter, la loi du 12 novembre 2004 relative à la lutte contre le blanchiment et contre le financement du terrorisme, le règlement grand-ducal du 1er février 2010, l’ordonnance de la CSSF 12-02 du 14 décembre 2012 et les circulaires CSSF 13/556, CSSF 15/609, CSSF 17/650 et CSSF 17/661 relatives à la lutte contre le blanchiment de capitaux et le financement du terrorisme, ainsi que l’ensemble des modifications ou des plans de succession y afférents, il incombe à toutes les entités assujetties d’empêcher que les organismes de placement collectif soient mal exploités à des fins de blanchiment d’argent et de financement du terrorisme. La Société de gestion ou l'un de ses mandataires peut exiger du demandeur tout document qu'il juge néces- saire à son identification. En outre, la Société de gestion (ou l’un de ses mandataires) peut exiger l’ensemble des autres informations requises pour se conformer aux exigences légales et réglementaires applicables, y compris, sans toutefois s'y limiter, les lois CRS et FATCA.
Si un demandeur omet de fournir les documents demandés, les présente en retard ou pas dans leur intégralité, la demande de souscription est rejetée. En cas de rachat, une documentation incomplète peut conduire à un retard du paiement du prix de rachat. La Société de gestion n’est pas responsable du règlement tardif ou du défaut d’une transaction si le demandeur n’a pas fourni les documents, ou les a présentés en retard ou pas dans leur intégralité.
La Société de gestion (ou l’un de ses mandataires) peut de temps à autre exiger des investisseurs, en vertu des lois et règlements applicables relatifs à ses obligations de surveillance et de contrôle permanent de ses clients, de présenter des documents supplémentaires ou à jour concernant leur identité. Si ces documents ne sont pas fournis sur-le-champ, la Société de gestion est obligée et habilitée à bloquer les parts de fonds des investisseurs concernés.
La loi du 13 janvier 2019 instituant un Registre des bénéficiaires effectifs a été ordonnée en vue de transposer l’article 30 de la directive (UE) 2015/849 du Parlement européen et du Conseil, également appelée 4e directive sur la lutte contre le blanchiment. Elle oblige les entités immatriculées à inscrire leurs bénéficiaires effectifs dans le Registre créé à cet effet. | fr | es |
DOLFIN3112 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Abroad, in the countries where the Fund invests, capital gains on the sale of securities and income from foreign sources received by the Fund may be subject to tax, generally in the form of withholding tax. The amount of withholding tax due may be reduced or waived when the governments in question have signed tax treaties.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
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## Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF group.
- Funds held by the Fund and managed by the management company at the Fund’s reporting date of 31 December 2021: see notes to the financial statements.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management to measure the overall risk to the Fund is the commitment approach.
- Environmental, social and governance criteria:The underlying investments do not take into account EU criteria on environmentally sustainable economic activities. | A decorrere dal 1° luglio 2014, il Fondo è disciplinato dalle disposizioni dell'allegato II, punto II. B. dell'Accordo (IGA) firmato il 14 novembre 2013 tra il governo della Repubblica francese e il governo degli Stati Uniti d'America al fine di migliorare il rispetto degli obblighi fiscali su scala internazionale e di attuare la legge relativa al rispetto di tali obblighi relativi ai conti esteri (la cosiddetta legge FATCA).
La presente relazione annuale non intende riepilogare le conseguenze di natura fiscale, per ciascun investitore, derivanti dalla sottoscrizione, dal rimborso, dalla detenzione o dalla cessione di quote del Fondo. Tali conseguenze varieranno in funzione delle leggi e delle prassi in vigore nel paese di residenza, di domicilio o di costituzione dei partecipanti, nonché in funzione della loro situazione personale.
All'estero, nei paesi in cui il Fondo investe, le plusvalenze derivanti dalla cessione di valori mobiliari e i redditi esteri percepiti dal Fondo possono essere soggetti a imposizione, di norma sotto forma di ritenute alla fonte. L'applicazione di ritenute alla fonte può essere ridotta o soppressa se gli Stati interessati hanno stipulato convenzioni fiscali.
In funzione del regime fiscale applicato, del paese di residenza dell'investitore o della giurisdizione nella quale viene effettuato l'investimento, eventuali plusvalenze e proventi derivanti dal possesso di quote del Fondo possono essere soggetti al pagamento di imposte. Si consiglia di consultare un consulente fiscale in merito alle possibili conseguenze derivanti dall'acquisto, dalla detenzione, dalla vendita o dal rimborso di quote del Fondo conformemente alle leggi e ai regolamenti in vigore nel proprio paese di residenza fiscale, di residenza abituale e di domicilio.
La Società di gestione e i soggetti collocatori non si assumono alcuna responsabilità in merito alle conseguenze fiscali cui qualsiasi investitore potrebbe andare incontro in seguito all'acquisto, alla detenzione, alla vendita o al rimborso delle quote del Fondo.
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## Informazioni regolamentari
- Il Fondo non detiene strumenti finanziari emessi da società collegate al gruppo Oddo BHF.
- Fondi detenuti dall'OICR e gestiti dalla società di gestione alla data di chiusura dei conti del fondo il 31 dicembre 2021: si rimanda all'allegato al bilancio.
- Metodo di calcolo del rischio complessivo dell'OICVM: il metodo scelto da Oddo BHF Asset Management per misurare il rischio complessivo dell'OICVM è quello basato sugli impegni (commitment approach).
- Criteri ambientali, sociali e di qualità della governance:Gli investimenti sottostanti di questo prodotto finanziario non tengono conto dei criteri dell'Unione europea stabiliti in materia di attività economiche ecosostenibili. | As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Abroad, in the countries where the Fund invests, capital gains on the sale of securities and income from foreign sources received by the Fund may be subject to tax, generally in the form of withholding tax. The amount of withholding tax due may be reduced or waived when the governments in question have signed tax treaties.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
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## Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF group.
- Funds held by the Fund and managed by the management company at the Fund’s reporting date of 31 December 2021: see notes to the financial statements.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management to measure the overall risk to the Fund is the commitment approach.
- Environmental, social and governance criteria:The underlying investments do not take into account EU criteria on environmentally sustainable economic activities. | en | it |
DOLFIN3113 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The following conflicts of interest may arise from this outsourcing:
- The bank does not act exclusively for the Company and the investors and may also provide portfolio management services for other investment funds and their investors.
- Within the framework of its investment strategy, the bank may also (in principle) acquire for the investment fund own issues or other investment funds managed or advised by it. The bank may, in principle, conduct trading activities itself or through companies related to it.
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# Conflicts of interest | Folgende Interessenkonflikte könnten sich aus der Auslagerung ergeben:
- Das Unternehmen ist nicht exklusiv für die Gesellschaft und den Anleger tätig und darf das Portfo- liomanagement auch für andere Investmentvermögen und deren Anleger erbringen.
- Das Unternehmen ist nicht grundsätzlich daran gehindert, im Rahmen seiner Anlagestrategie auch Eigenemissionen oder von ihm selbst gemanagte oder beratene andere Investmentvermögen für das Investmentvermögen zu erwerben. Das Unternehmen ist nicht grundsätzlich daran gehindert, Handelsgeschäfte selber oder über mit ihm verbundene Unternehmen zur Ausführung zu bringen.
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# Interessenkonflikte | The following conflicts of interest may arise from this outsourcing:
- The bank does not act exclusively for the Company and the investors and may also provide portfolio management services for other investment funds and their investors.
- Within the framework of its investment strategy, the bank may also (in principle) acquire for the investment fund own issues or other investment funds managed or advised by it. The bank may, in principle, conduct trading activities itself or through companies related to it.
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# Conflicts of interest | en | de |
DOLFIN3114 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Investment objective and policy
The fund aims to provide capital growth over the long term.
Performance target: To outperform the Tokyo SE First Section Index by 2% per annum, before the deduction of charges, over any 5 year period.
The fund invests at least 80% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in Japan.
The fund is actively managed with reference to the Tokyo SE First Section Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the fund with weightings ditferent to the index or not in the index, but at times the fund may hold investments similar to the index. | ### Anlageziel und Anlagepolitik
Der Fonds beabsichtigt, langfristig Kapitalzuwachs zu erzielen.
Performanceziel: Outperformance gegenüber dem Tokyo SE First Section Index um 2 % p. a. vor Abzug von Gebühren über einen beliebigen Zeitraum von fünf Jahren.
Der Fonds investiert mindestens 80 % seines Vermögens in ein konzentriertes Portfolio mit Aktien und aktienähnlichen Wertpapieren von Unternehmen beliebiger Größe aus beliebigen Branchen in Japan.
Der Fonds wird aktiv unter Bezugnahme auf den Tokyo SE First Section Index verwaltet, der weitgehend repräsentativ für die Unternehmen ist, in die er investieren darf, da dieser die Grundlage für das Performanceziel des Fonds und den oben genannten Schwellenwert darstellt, bei dessen Überschreitung (gegebenenfalls) Performancegebühren erhoben werden können. Der Anlageverwalter kann in seinem Ermessen Anlagen für den Fonds mit anderen Gewichtungen als im Index oder nicht im Index enthaltene Anlagen auswählen, der Fonds kann jedoch gelegentlich ähnliche Anlagen halten wie der Index. | ### Investment objective and policy
The fund aims to provide capital growth over the long term.
Performance target: To outperform the Tokyo SE First Section Index by 2% per annum, before the deduction of charges, over any 5 year period.
The fund invests at least 80% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in Japan.
The fund is actively managed with reference to the Tokyo SE First Section Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the fund with weightings ditferent to the index or not in the index, but at times the fund may hold investments similar to the index. | en | de |
DOLFIN3115 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investors are cautioned that their tax regime may change as a result of the completion of the restructuring.
The tax treatment of income and capital gains of non-resident private individuals and corporate investors depends on the tax legislation applicable in accordance with each investor's personal situation and/or the place where the capital is invested or the registered office established. If an investor is not sure of his tax situation, it is therefore incumbent on him to seek information from professionals or, if applicable, local organisations.
- | # Si avvisano gli investitori che il loro regime fiscale potrebbe cambiare per effetto del compimento della ristrutturazione.
Il regime di imposizione dei redditi e delle plusvalenze percepiti dagli investitori privati o da società non residenti dipende dalla legislazione fiscale applicabile a seconda della situazione personale di ciascuno e/o del luogo in cui viene investito il capitale o stabilita la sede. Pertanto, se un investitore non è sicuro della propria situazione fiscale, è sua responsabilità informarsi presso professionisti o, se necessario, presso le organizzazioni locali. | # Investors are cautioned that their tax regime may change as a result of the completion of the restructuring.
The tax treatment of income and capital gains of non-resident private individuals and corporate investors depends on the tax legislation applicable in accordance with each investor's personal situation and/or the place where the capital is invested or the registered office established. If an investor is not sure of his tax situation, it is therefore incumbent on him to seek information from professionals or, if applicable, local organisations.
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DOLFIN3116 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- any costs incurred in respect of meetings of Unitholders convened on a requisition by Unitholders not including the Manager or an associate of the Manager;
- liabilities on unitisation, amalgamation or reconstruction arising in certain circumstances specified in the Rules;
- the audit fees properly payable to the Auditor and Value Added Tax thereon and any proper expenses of the Auditor;
- the fees of the FCA under the Financial Services and Markets Act 2000 or the corresponding periodic fees of any regulatory authority in a country or territory outside the United Kingdom in which Units in the Trust are or may be marketed;
- fees and expenses in respect of establishing and maintaining the Register of Unitholders, including any sub-Registers kept for the purpose of the administration of ISAs; and
- Value Added Tax applicable from time to time to the items sets out in (a) to (i) above. | - jegliche Kosten, die in Verbindung mit Anteilsinhaberversammlungen anfallen, die auf Verlangen von Anteilsinhabern (ausgenommen die Verwaltungsgesellschaft oder eines ihrer verbundenen Unternehmen) einberufen worden sind;
- die im Zusammenhang mit einer Zusammenlegung, Verschmelzung oder Umstrukturierung in bestimmen Fällen entstehenden Verbindlichkeiten (wie in den Regeln aufgeführt);
- die ordnungsgemäß an den Wirtschaftsprüfer zu zahlenden Prüfungsgebühren und die darauf anfallende Umsatzsteuer sowie alle angemessenen Aufwendungen des Wirtschaftsprüfers;
- die Gebühren der FCA gemäß dem Financial Services and Markets Act 2000 und entsprechende periodisch anfallende Gebühren von Aufsichtsbehörden in einem Staat oder Gebiet außerhalb des Vereinigten Königreichs, in dem Fondsanteile angeboten werden oder angeboten werden können;
- Gebühren und Aufwendungen hinsichtlich der Errichtung und Führung des Registers der Anteilsinhaber, einschließlich jeglicher Unterregister, die zum Zwecke der Verwaltung von ISAs geführt werden; und
- die jeweils auf die in den vorstehenden Absätzen (a) bis (i) genannten Aufwendungen anfallende Mehrwertsteuer. | - any costs incurred in respect of meetings of Unitholders convened on a requisition by Unitholders not including the Manager or an associate of the Manager;
- liabilities on unitisation, amalgamation or reconstruction arising in certain circumstances specified in the Rules;
- the audit fees properly payable to the Auditor and Value Added Tax thereon and any proper expenses of the Auditor;
- the fees of the FCA under the Financial Services and Markets Act 2000 or the corresponding periodic fees of any regulatory authority in a country or territory outside the United Kingdom in which Units in the Trust are or may be marketed;
- fees and expenses in respect of establishing and maintaining the Register of Unitholders, including any sub-Registers kept for the purpose of the administration of ISAs; and
- Value Added Tax applicable from time to time to the items sets out in (a) to (i) above. | en | de |
DOLFIN3117 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Those investments may not be used to elude the investment policy of the Master Fund.
In addition, the Master Fund may invest up to 10% of its net assets in UCITS and/or other UCIs including, without limitation, other Compartments of the Master Fund itself, pursuant to Article 181 of the 2010 Act as indicated in the “investment restrictions” section.
At times where the Investment Managers consider it as appropriate, prudent levels of cash, cash equivalents, money market funds (within the above mentioned 10% limit) and money market instruments will be maintained, which may be substantial or even represent, under exceptional circumstances, 100% of the Master Fund’s net assets. | ###### Diese Anlagen dürfen nicht dazu dienen, die Anlagepo- litik des Master-Fonds zu umgehen.
Ferner kann der Master-Fonds bis zu 10 % seines Net- tovermögens in OGAW und/oder andere OGA investie- ren, insbesondere andere Teilfonds des Master-Fonds gemäß Artikel 181 des Gesetzes von 2010, wie im Ab- schnitt „Anlagebeschränkungen“ erläutert.
Wenn die Anlageverwalter es als sinnvoll erachten, können Barmittel, geldnahe Mittel, Geldmarktfonds (unter Einhaltung der vorstehend erwähnten Ober- grenze von 10 %) und Geldmarktinstrumente in um- sichtigem Umfang gehalten werden, wobei diese einen erheblichen Teil oder, unter außergewöhnlichen Um- ständen, auch 100 % des Nettovermögens des Master- Fonds ausmachen können. | ###### Those investments may not be used to elude the investment policy of the Master Fund.
In addition, the Master Fund may invest up to 10% of its net assets in UCITS and/or other UCIs including, without limitation, other Compartments of the Master Fund itself, pursuant to Article 181 of the 2010 Act as indicated in the “investment restrictions” section.
At times where the Investment Managers consider it as appropriate, prudent levels of cash, cash equivalents, money market funds (within the above mentioned 10% limit) and money market instruments will be maintained, which may be substantial or even represent, under exceptional circumstances, 100% of the Master Fund’s net assets. | en | de |
DOLFIN3118 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## 2 The Fund's investments in CAT Bonds are subject to relative infrequent but severe losses resulting from the occurrence of one or more catastrophic events.
2 The Fund is considered to be actively managed in reference to Euro Short- Term Rate (ESTR) (the “Benchmark”) and the Eurekahedge ILS Advisers Index (the "Index") by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for performance comparison purposes and the performance fees payable to the Fund Manager may be calculated based on the performance of the Fund against the Benchmark. However
the Benchmark and Index are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index. | ## 2 Las inversiones del Fondo en Bonos CAT están sujetas a pérdidas relativamente infrecuentes pero graves derivadas del acaecimiento de uno o más desastres.
2 Se considera que el Fondo está gestionado activamente con referencia al Euro Short-Term Rate (ESTR) (el «Índice de referencia») y al índice Eurekahedge ILS Advisers (el «Índice»), dado que utiliza el Índice de referencia y el Índice en la moneda pertinente a efectos de comparación de la rentabilidad; asimismo, las comisiones de rentabilidad pagaderas al Gestor del Fondo podrán calcularse en función de la rentabilidad del
Fondo con respecto al Índice de referencia. No obstante, no se recurre al Índice de referencia ni al Índice para determinar la composición de la cartera del Fondo o como objetivo de rentabilidad y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte del Índice de referencia o del Índice. | ## 2 The Fund's investments in CAT Bonds are subject to relative infrequent but severe losses resulting from the occurrence of one or more catastrophic events.
2 The Fund is considered to be actively managed in reference to Euro Short- Term Rate (ESTR) (the “Benchmark”) and the Eurekahedge ILS Advisers Index (the "Index") by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for performance comparison purposes and the performance fees payable to the Fund Manager may be calculated based on the performance of the Fund against the Benchmark. However
the Benchmark and Index are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index. | en | es |
DOLFIN3119 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Co-ordination Fee shall include fees payable to (but not limited to): (i) the Manager; (ii) the Depositary; (iii) the Administrator; (iv) the Directors; (v) the money laundering reporting officer;
(vi) the ICAV's secretary; (vii) the Auditor, and shall also include fees related to the Directors and officers insurance (with respect to professional indemnity insurance only) and fees related to tax advisory services and nominee Shareholders services (as applicable), but shall not include any out of pocket expenses which shall be borne on a pro rata basis by the Funds and/or each Share Class of each Fund.
The Co-ordinator or its affiliates shall bear any excess of the Co-ordination Fee incurred above the Co-ordination Fee rate set out in the relevant Supplement for each Fund.
- Investment Management FeeDetails of the fees and expenses payable to the relevant Investment Manager relating to each Fund are set out in the relevant Supplement. | La Commissione di coordinamento includerà le commissioni dovute a (a titolo esemplificativo ma non esaustivo): (i) Gestore; (ii) Banca depositaria; (iii) Agente amministrativo; (iv) Amministratori; (v) funzionario antiriciclaggio; (vi) segretario della ICAV; (vii) Società di revisione e includerà inoltre commissioni relative alle polizze amministrative destinate ad Amministratori e funzionari (esclusivamente rispetto ai danni professionali) e commissioni relative a servizi di consulenza fiscale e di fornitura di intestatari (ove applicabile), ma non includerà le spese vive, le quali saranno a carico dei Fondi e/o di ciascuna Classe di Azioni di ciascun Fondo secondo un criterio di proporzionalità.
Il Coordinatore o le relative consociate si faranno carico di eventuali eccedenze della Commissione di coordinamento rispetto al tasso di cui ai Supplementi relativi a ciascun Fondo.
- Commissione di gestione degli investimentiI dettagli relativi alle spese e alle commissioni dovute ai Gestori degli investimenti in relazione a ciascun Fondo sono riportati all'interno dei relativi Supplementi. | The Co-ordination Fee shall include fees payable to (but not limited to): (i) the Manager; (ii) the Depositary; (iii) the Administrator; (iv) the Directors; (v) the money laundering reporting officer;
(vi) the ICAV's secretary; (vii) the Auditor, and shall also include fees related to the Directors and officers insurance (with respect to professional indemnity insurance only) and fees related to tax advisory services and nominee Shareholders services (as applicable), but shall not include any out of pocket expenses which shall be borne on a pro rata basis by the Funds and/or each Share Class of each Fund.
The Co-ordinator or its affiliates shall bear any excess of the Co-ordination Fee incurred above the Co-ordination Fee rate set out in the relevant Supplement for each Fund.
- Investment Management FeeDetails of the fees and expenses payable to the relevant Investment Manager relating to each Fund are set out in the relevant Supplement. | en | it |
DOLFIN3120 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais exceptionnels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Non applicable |
| Frais de sortie | Non applicable |
| Il s’agit du montant maximal pouvant être prélevé de votre capital avant son investissement (frais d’entrée) ou son reversement à votre égard (frais de sortie) |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 0.91% * |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Non applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | No se aplica |
| Gastos de salida | No se aplica |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión (gastos de entrada) o antes de abonarle el importe del reembolso (gastos de salida) |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0.91% * |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No se aplica | | | Frais exceptionnels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Non applicable |
| Frais de sortie | Non applicable |
| Il s’agit du montant maximal pouvant être prélevé de votre capital avant son investissement (frais d’entrée) ou son reversement à votre égard (frais de sortie) |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 0.91% * |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Non applicable | | fr | es |
DOLFIN3121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the index. However, exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund’s performance to be substantially different from the performance of the index. The fund’s investments are selected using a minimum volatility strategy. Use of “Minimum Volatility” in the name of the fund relates to the
company, country or sector will be applied. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The composition of the index is reviewed on a semi-annual basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
Reference index exposure only and there is no guarantee that the price of the fund’s shares on any stock exchange will have low volatility. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo intentará replicar el índice. No obstante, pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las inversiones del fondo se seleccionan aplicando una estrategia de volatilidad mínima. La expresión “Minimum Volatility” incluida en el nombre del fondo hace
ponderaciones mínimas y máximas por empresa, país o sector. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. La composición del índice se revisa semestralmente. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
referencia únicamente a la exposición del índice de referencia, y no existe garantía de que el precio de las acciones del fondo o de cualquier bolsa de valores vaya a tener una baja volatilidad. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the index. However, exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund’s performance to be substantially different from the performance of the index. The fund’s investments are selected using a minimum volatility strategy. Use of “Minimum Volatility” in the name of the fund relates to the
company, country or sector will be applied. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The composition of the index is reviewed on a semi-annual basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
Reference index exposure only and there is no guarantee that the price of the fund’s shares on any stock exchange will have low volatility. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN3122 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager. | ##### Gestión de tesorería y de las garantías
A efectos de la gestión del efectivo y de las garantías, el Subfondo puede invertir ocasionalmente en una amplia gama de activos realizables o prácticamente disponibles, que pueden mantenerse para proporcionar liquidez y cobertura para las exposiciones generadas a través de Derivados. En circunstancias excepcionales (como un colapso bursátil o una gran crisis), el Subfondo podrá invertir temporalmente hasta el 100% en activos líquidos o equivalentes a efectivo con fines de gestión de tesorería.
Los activos líquidos o equivalentes a efectivo pueden incluir Valores de deuda y relacionados con la deuda, depósitos bancarios y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias y títulos, instrumentos y obligaciones emitidos por organismos públicos supranacionales o internacionales, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
El Subfondo también podrá invertir en fondos del mercado monetario, incluido otro OICVM irlandés gestionado por Insight Investment Funds Management Limited y asesorado por la Gestora de inversiones. | ##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager. | en | es |
DOLFIN3123 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. EN QUOI CONSISTE CE PRODUIT ?
Type: Organismes de placement collectif en valeurs mobilières
Terme du produit: Période de détention minimum recommandée : 5 année(s)
Objectif: L'objectif d'investissement du Fonds est la croissance du capital à long terme. Le Fonds vise à atteindre son objectif en investissant, entre autres critères, dans des sociétés qui répondent aux critères environnementaux, sociaux et de gouvernance (« ESG ») du Gestionnaire par délégation. Le Fonds investit principalement dans un portefeuille concentré d’actions long-only de sociétés du monde entier, cotées ou négociées sur des marchés reconnus. Le Fonds investira au moins 80 % de ses actifs nets dans des sociétés qui, de l’avis du Gestionnaire par délégation, adhèrent aux critères ESG du Fonds. Une analyse complémentaire, qui peut varier en fonction du secteur, est réalisée pour déterminer les facteurs ESG de chaque société. Le Fonds suit une approche d’intégration ESG significative, car chaque société est évaluée en fonction de considérations ESG telles que l’adhésion aux Objectifs de développement durable et au Pacte mondial de l’ONU, sans s’y limiter. Les limites de l’analyse ESG incluent la qualité des données disponibles, qu’il est nécessaire d’améliorer. Le Gestionnaire par délégation utilise une combinaison d’analyses quantitatives, qualitatives et fondamentales pour construire le portefeuille. Le Fonds cherche généralement à investir dans des entreprises exposées à des tendances à long terme (telles que le vieillissement de la population et les changements technologiques) qui devraient prendre de l’importance indépendamment du PIB et/ou de la politique gouvernementale, par opposition à des tendances cycliques ou saisonnières à court terme. Le Fonds est géré activement, ce qui signifie que le Gestionnaire par délégation prend activement des décisions d’investissement pour le Fonds. Le Fonds mesure sa performance à des fins de comparaison avec l’indice MSCI World NR USD (l’« Indice de référence »). Toutefois, lors de la sélection des investissements, le Fonds n’est pas tenu de suivre la composition de cet indice. Des informations supplémentaires sont détaillées dans le prospectus: https://www.heptagon- capital.com/documents/prospectus .
Investisseur de détail visé: L’investisseur visé par ce Fonds doit avoir des connaissances de base sur les instruments financiers concernés. | # Está a punto de adquirir un producto que no es sencillo y que puede ser difícil de comprender.
¿QUÉ ES ESTE PRODUCTO?
Tipo: Organismos de inversión colectiva en valores mobiliarios
Plazo del producto: Período de mantenimiento mínimo recomendado: 5 año(s)
Objetivo: El objetivo de inversión del Fondo es conseguir crecimiento del capital a largo plazo. El Fondo trata de alcanzar su objetivo, entre otros criterios, invirtiendo en empresas que cumplan con los requisitos ambientales, sociales y de gobernanza («ASG») de la Gestora delegada de inversiones. El Fondo invierte principalmente en una cartera concentrada de valores de renta variable, solo a largo plazo, de empresas ubicadas en todo el mundo que coticen o se negocien en mercados reconocidos. El Fondo invertirá al menos el 80 % de su patrimonio neto en empresas que, a juicio de la Gestora delegada de inversiones, cumplan con los criterios ASG del Fondo. Asimismo, se realizarán análisis complementarios, que pueden variar según el sector, a fin de determinar los factores ASG de una empresa específica. El Fondo aplica un enfoque de integración significativa de factores ASG, por lo que cada empresa se analiza teniendo en cuenta consideraciones ASG, como puede ser el cumplimiento de los Objetivos de Desarrollo Sostenible de las Naciones Unidas o del Pacto Mundial de las Naciones Unidas, entre otras cuestiones. Entre las limitaciones que constriñen el análisis de los factores ASG se cuenta la necesidad de mejorar la calidad de la información disponible. La Gestora delegada de inversiones utiliza una combinación de análisis cuantitativos, cualitativos y fundamentales para construir la cartera. Normalmente, el Fondo tratará de invertir en empresas que tengan exposición a tendencias a largo plazo (como el envejecimiento de la población y los cambios tecnológicos), cuya importancia seguirá aumentando independientemente del PIB o las políticas gubernamentales, en lugar de tendencias cíclicas o estacionales a corto plazo. El Fondo se gestiona activamente, lo que significa que la Gestora delegada de inversiones toma las decisiones de inversión del Fondo de forma activa. El índice MSCI World NR USD (el «Índice de referencia») se emplea a efectos comparativos, con el propósito de medir la rentabilidad del Fondo. No obstante, a la hora de seleccionar sus inversiones, el Fondo puede desviarse de la composición de dicho índice. En el Folleto se ofrece información adicional: https:// www.heptagon-capital.com/documents/prospectus .
Inversor minorista al que va dirigido: El inversor al que va dirigido este Fondo debe tener conocimientos básicos de los instrumentos financieros pertinentes. | # Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. EN QUOI CONSISTE CE PRODUIT ?
Type: Organismes de placement collectif en valeurs mobilières
Terme du produit: Période de détention minimum recommandée : 5 année(s)
Objectif: L'objectif d'investissement du Fonds est la croissance du capital à long terme. Le Fonds vise à atteindre son objectif en investissant, entre autres critères, dans des sociétés qui répondent aux critères environnementaux, sociaux et de gouvernance (« ESG ») du Gestionnaire par délégation. Le Fonds investit principalement dans un portefeuille concentré d’actions long-only de sociétés du monde entier, cotées ou négociées sur des marchés reconnus. Le Fonds investira au moins 80 % de ses actifs nets dans des sociétés qui, de l’avis du Gestionnaire par délégation, adhèrent aux critères ESG du Fonds. Une analyse complémentaire, qui peut varier en fonction du secteur, est réalisée pour déterminer les facteurs ESG de chaque société. Le Fonds suit une approche d’intégration ESG significative, car chaque société est évaluée en fonction de considérations ESG telles que l’adhésion aux Objectifs de développement durable et au Pacte mondial de l’ONU, sans s’y limiter. Les limites de l’analyse ESG incluent la qualité des données disponibles, qu’il est nécessaire d’améliorer. Le Gestionnaire par délégation utilise une combinaison d’analyses quantitatives, qualitatives et fondamentales pour construire le portefeuille. Le Fonds cherche généralement à investir dans des entreprises exposées à des tendances à long terme (telles que le vieillissement de la population et les changements technologiques) qui devraient prendre de l’importance indépendamment du PIB et/ou de la politique gouvernementale, par opposition à des tendances cycliques ou saisonnières à court terme. Le Fonds est géré activement, ce qui signifie que le Gestionnaire par délégation prend activement des décisions d’investissement pour le Fonds. Le Fonds mesure sa performance à des fins de comparaison avec l’indice MSCI World NR USD (l’« Indice de référence »). Toutefois, lors de la sélection des investissements, le Fonds n’est pas tenu de suivre la composition de cet indice. Des informations supplémentaires sont détaillées dans le prospectus: https://www.heptagon- capital.com/documents/prospectus .
Investisseur de détail visé: L’investisseur visé par ce Fonds doit avoir des connaissances de base sur les instruments financiers concernés. | fr | es |
DOLFIN3124 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
UCITS means an undertaking for collective investment in transferable securities under the UCITS Directive.
UCITS-CDR means to the Commission Delegated Regulation of 17 December 2015 supplementing Directive 2009/65/EC with regard to obligations of depositaries.
UCITS Directive means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), as amended.
Underlying Assets has the meaning ascribed to this term in Section 3.4 of the General Section.
Unitholder means any registered holder of Units.
Units means all units issued by the Fund from time to time, representing the total outstanding units.
USD means the currency of the United States of America.
US Person means a person that is a US person for purposes of Regulation S under the US Securities Act and CFTC Rule 4.7 or a US resident within the meaning of the Investment Company Act, which includes any natural person who is a resident of the United States, any partnership or corporation organized or incorporated under the laws of the United States, any estate of which any executor or administrator is a US person and the income of such estate is subject to United States income tax regardless of source, any trust of which any trustee is a US person and the income of such trust is subject to United States income tax regardless of source and any other US person that is a US person or US resident for purposes of Regulation S under the US Securities Act, the Investment Company Act and CFTC Rule 4.7.
US Securities Act means the US Securities Act of 1933, as amended.
Valuation Day means (unless otherwise defined in respect of a specific Sub-fund in the relevant Special Section) a Business Day on which subscriptions for, conversions from and redemptions of Units can be made in order to be dealt with by the Administrative Agent on the basis of the Net Asset Value that will be calculated on the relevant NAV Calculation Day, based upon the price as of the relevant Valuation Day.
VaR means value-at-risk, the specific risk valuation methodology of a Sub-fund, as indicated if any, in the relevant Special Section. | OICVM indica un organismo di investimento collettivo in valori mobiliari ai sensi della Direttiva UCITS.
UCITS-CDR indica il Regolamento Delegato della Commissione del 17 dicembre 2015 che integra la Direttiva 2009/65/CE per quanto riguarda gli obblighi dei depositari.
Direttiva UCITS indica la Direttiva 2009/65/CE del Parlamento europeo e del Consiglio del 13 luglio 2009, concernente il coordinamento delle disposizioni legislative, regolamentari e amministrative in materia di organismi di investimento collettivo in valori mobiliari (OICVM), con successive modifiche.
Attività Sottostanti ha il significato a esso attribuito alla Sezione 3.4 della Parte Generale.
Detentore di Quote indica un possessore di Quote iscritto nel Registro dei Detentori di Quote.
Quote indica tutte le Quote emesse di volta in volta dal Fondo, costituenti il totale delle quote in circolazione.
USD significa la valuta degli Stati Uniti d'America.
Soggetto Statunitense indica una persona che sia un Soggetto Statunitense ai fini del Regolamento S dello US Securities Act e della Regola 4.7 della CFTC oppure una persona residente negli USA nel significato dell'Investment Company Act, che comprende le persone fisiche residenti negli Stati Uniti, le società di persone o imprese organizzate o costituite ai sensi della legge statunitense, i patrimoni il cui esecutore o amministratore sia un Soggetto Statunitense e il cui reddito sia soggetto alla tassazione del reddito statunitense a prescindere dalla fonte, i trust il cui amministratore fiduciario sia un Soggetto Statunitense e il cui reddito sia soggetto alla tassazione del reddito statunitense a prescindere dalla fonte, e ogni altra persona che sia un Soggetto Statunitense o residente negli USA ai fini del Regolamento S ai sensi dello US Securities Act, dell'Investment Company Act o della Regola 4.7 della CFTC.
US Securities Act indica lo US Securities Act del 1933, e successive modifiche.
Giorno di Valutazione indica (se non specificato altrimenti in relazione a un dato Comparto nella rispettiva Parte Speciale) un Giorno Lavorativo nel quale possono essere effettuate sottoscrizioni, conversioni e rimborsi di Quote che l'Agente Amministrativo dovrà elaborare sulla base del Valore patrimoniale netto, che sarà calcolato nel rispettivo Giorno di Calcolo del NAV, sulla base del prezzo del rispettivo Giorno di Valutazione.
VaR significa value-at-risk (valore a rischio), il metodo di valutazione del rischio specifico di un Comparto, indicato eventualmente nella Parte Speciale del Comparto in questione. | UCITS means an undertaking for collective investment in transferable securities under the UCITS Directive.
UCITS-CDR means to the Commission Delegated Regulation of 17 December 2015 supplementing Directive 2009/65/EC with regard to obligations of depositaries.
UCITS Directive means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), as amended.
Underlying Assets has the meaning ascribed to this term in Section 3.4 of the General Section.
Unitholder means any registered holder of Units.
Units means all units issued by the Fund from time to time, representing the total outstanding units.
USD means the currency of the United States of America.
US Person means a person that is a US person for purposes of Regulation S under the US Securities Act and CFTC Rule 4.7 or a US resident within the meaning of the Investment Company Act, which includes any natural person who is a resident of the United States, any partnership or corporation organized or incorporated under the laws of the United States, any estate of which any executor or administrator is a US person and the income of such estate is subject to United States income tax regardless of source, any trust of which any trustee is a US person and the income of such trust is subject to United States income tax regardless of source and any other US person that is a US person or US resident for purposes of Regulation S under the US Securities Act, the Investment Company Act and CFTC Rule 4.7.
US Securities Act means the US Securities Act of 1933, as amended.
Valuation Day means (unless otherwise defined in respect of a specific Sub-fund in the relevant Special Section) a Business Day on which subscriptions for, conversions from and redemptions of Units can be made in order to be dealt with by the Administrative Agent on the basis of the Net Asset Value that will be calculated on the relevant NAV Calculation Day, based upon the price as of the relevant Valuation Day.
VaR means value-at-risk, the specific risk valuation methodology of a Sub-fund, as indicated if any, in the relevant Special Section. | en | it |
DOLFIN3125 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
VONTOBEL FUND
Investment company with variable capital
11–13, Boulevard de la Foire, L-1528 Luxembourg RCS Luxembourg B38170
(the “Fund”)
Notice to shareholders
Luxembourg, 9 March 2021
Dear shareholders,
The board of directors of the Fund (the "Board") would like to inform you that the prospectus of the Fund has been updated in order to comply with the new requirements of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector ("SFDR"). SFDR will apply as from 10 March 2021.
- SFDR aims to:
- provide greater transparency on the degree of sustainability of financial products;
- ensure that environmental, social and governance (“ESG”) information disclosed to investors is clear, accurate and not misleading; and
- prevent the risk of greenwashing. | VONTOBEL FUND
Società d’investimento a capitale variabile
11-13, Boulevard de la Foire, L-1528 Lussemburgo RCS Lussemburgo B38170
(il «Fondo»)
Avviso agli azionisti
Lussemburgo, 9 marzo 2021
Stimati azionisti,
il consiglio di amministrazione del Fondo (il «Consiglio») desidera informarvi che il prospetto del Fondo è stato aggiornato per adempiere ai nuovi requisiti del Regolamento (UE) 2019/2088 del Parlamento europeo e del Consiglio del 27 novembre 2019 relativo all’informativa sulla sostenibilità nel settore dei servizi finanziari («SFDR»). L’SFDR entrerà in vigore il 10 marzo 2021.
- L’SFDR mira a:
- fornire una maggiore trasparenza sul grado di sostenibilità dei prodotti finanziari;
- assicurare che le informazioni ambientali, sociali e di governance (Environmental, Social and Governance «ESG») comunicate agli investitori siano chiare, accurate e non fuorvianti; e
- prevenire il rischio di greenwashing. | VONTOBEL FUND
Investment company with variable capital
11–13, Boulevard de la Foire, L-1528 Luxembourg RCS Luxembourg B38170
(the “Fund”)
Notice to shareholders
Luxembourg, 9 March 2021
Dear shareholders,
The board of directors of the Fund (the "Board") would like to inform you that the prospectus of the Fund has been updated in order to comply with the new requirements of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector ("SFDR"). SFDR will apply as from 10 March 2021.
- SFDR aims to:
- provide greater transparency on the degree of sustainability of financial products;
- ensure that environmental, social and governance (“ESG”) information disclosed to investors is clear, accurate and not misleading; and
- prevent the risk of greenwashing. | en | it |
DOLFIN3126 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The risk indicator assumes you keep the Product for 5 years.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this Product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you. | ### El indicador de riesgo presupone que usted mantendrá el Producto Durant 5 años.
El indicador resumido de riesgo es una guía del nivel de riesgo de este Producto en comparación con otros productos. Muestra las probabilidades de que el Producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy improbable. | ### The risk indicator assumes you keep the Product for 5 years.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this Product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you. | en | es |
DOLFIN3127 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Intended retail investor
This fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy short term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. | # Gruppo target piccoli investitori
Questo fondo è destinato a investitori retail con conoscenze di base in materia finanziaria, che sono in grado di sostenere una possibile perdita sull'importo investito. Il fondo mira a far crescere il valore dell'investimento, fornendo al contempo accesso giornaliero al capitale in condizioni di mercato normali. Mediante questo fondo, gli investitori possono soddisfare le loro necessità di investimento a breve termine. Questo fondo è indicato per essere acquistato dai segmenti di clientela target senza restrizioni a livello di canale o di piattaforma di distribuzione. | # Intended retail investor
This fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy short term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. | en | it |
DOLFIN3128 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Responsibilities of the management company relating to the annual accounts
It is for the management company to draw up annual accounts preparing an honest image in accordance with the French accounting rules and principles, and to set in place the internal control which it deems necessary for the preparation of annual accounts not containing any significant anomalies, whether these originate from fraud or error.
When drawing up the annual accounts, the management company is responsible for assessing the UCI's ability to continue its operations, for presenting in these statements, where applicable, the necessary information relating to the going concern and for applying the standard accounting policy for a going concern, unless it is planned to liquidate the UCI or to cease its activity. | ###### Responsabilités de la société de gestion relatives aux comptes annuels
Il appartient à la société de gestion d’établir des comptes annuels présentant une image fidèle conformément aux règles et principes comptables français ainsi que de mettre en place le contrôle interne qu'elle estime nécessaire à l'établissement de comptes annuels ne comportant pas d'anomalies significatives, que celles-ci proviennent de fraudes ou résultent d'erreurs.
Lors de l’établissement des comptes annuels, il incombe à la société de gestion d’évaluer la capacité de l’OPC à poursuivre son exploitation, de présenter dans ces comptes, le cas échéant, les informations nécessaires relatives à la continuité d’exploitation et d’appliquer la convention comptable de continuité d’exploitation, sauf s’il est prévu de liquider l’OPC ou de cesser son activité.
Les comptes annuels ont été établis par la société de gestion. | ###### Responsibilities of the management company relating to the annual accounts
It is for the management company to draw up annual accounts preparing an honest image in accordance with the French accounting rules and principles, and to set in place the internal control which it deems necessary for the preparation of annual accounts not containing any significant anomalies, whether these originate from fraud or error.
When drawing up the annual accounts, the management company is responsible for assessing the UCI's ability to continue its operations, for presenting in these statements, where applicable, the necessary information relating to the going concern and for applying the standard accounting policy for a going concern, unless it is planned to liquidate the UCI or to cease its activity. | en | fr |
DOLFIN3129 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| The Fund is sub-fund of ValueInvest LUX SICAV, a Luxembourg SICAV registered at 88, Grand-Rue, L-1660 Luxembourg, Grand Duchy of Luxembourg. The asset custodian of the SICAV is KREDIETBANK S.A. Luxembourgeoise. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge at KREDIETBANK S.A. Luxembourgeoise, 43, boulevard Royal, L-2955 LUXEMBOURG at the local representatives or information agents. All documents can be downloaded from the company website valueinvestlux.com. |
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| Additional Information for Investors in Germany: Paying Agent and Representative Agent in Germany is: MerckFinck & Co, Neuer Wall 77, DE-20354 Hamburg, Germany. |
| Additional Information for Investors in Austria: Paying Agent and Representative Agent in Austria is: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Wien, Austria. |
| In Switzerland, The Representative in Switzerland is Carnegie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Geneva, Switzerland. The Articles, the Prospectus, the Key Investor Information Documents and the most recent annual and semi-annual reports for Switzerland can be obtained free of charge at the Swiss Representative's office. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Geneva, Switzerland. The sub-fund is authorised by the Swiss Financial Supervisory Authority FINMA for distribution to qualified investors and to non-qualified investors in and from Switzerland. |
| Within the European Economic Area, this document is issued and distributed by Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Europe S.A. (MIME S.A.) to Professional Clients or Eligible Counterparties, as defined in the Markets in Financial Instruments Directive 2014/65/EU. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. MIMEL is authorised and regulated by the Financial Conduct Authority. MIME S.A. is incorporated and registered in Luxembourg (Company No. B62793). The registered office of MIME S.A. is 10a, Boulevard Joseph II, Luxembourg L-1840, Grand Duchy of Luxembourg. | | | Der Fonds ist ein Teilfonds von ValueInvest LUX SICAV, einer Luxemburger SICAV, registriert in 88, Grand-Rue, L-1660 Luxemburg, Großherzogtum Luxemburg. Depotbank der SICAV ist die KREDIETBANK S.A. Luxembourgeoise. Die Satzung, der Prospekt und die Wesentlichen Anlegerinformationen sowie die aktuellen Jahres- und Halbjahresberichte sind bei den örtlichen Vertretungen oder Informationsstellen der KREDIETBANK S.A. Luxembourgeoise, 43, boulevard Royal, L-2955 LUXEMBOURG kostenlos erhältlich. Sämtliche Dokumente stehen auf der Website der Gesellschaft unter valueinvestlux.com zum Download bereit. |
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| Zusätzliche Informationen für Anleger in Deutschland: Zahlstelle und Vertreter in Deutschland: MerckFinck & Co, Neuer Wall 77, D-20354 Hamburg, Deutschland. |
| Zusätzliche Informationen für Anleger in Österreich: Zahlstelle und Vertreter in Österreich: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Wien, Österreich. |
| Schweiz: Als Vertreter in der Schweiz wurde Carnegie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Genf, Schweiz bestellt. Die Statuten, der Prospekt, die Wesentlichen Anlegerinformationen und die aktuellen Jahres- und Halbjahresberichte für die Schweiz können kostenlos beim schweizerischen Vertreter angefordert werden. Zahlstelle in der Schweiz: Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genf, Schweiz. Der Teilfonds ist von der Eidgenössischen Finanzaufsicht FINMA für den Vertrieb an qualifizierte Anleger und an nicht-qualifizierte Anleger in- und außerhalb der Schweiz zugelassen. |
| Innerhalb des Europäischen Wirtschaftsraums wird dieses Dokument von Macquarie Investment Management Europe Limited (MIMEL) und Macquarie Investment Management Europe S.A. (MIME S.A.) an professionelle Kunden oder geeignete Gegenparteien im Sinne der Richtlinie 2014/65/EU über Märkte für Finanzinstrumente ausgegeben und vertrieben. MIMEL ist in England und Wales eingetragen und registriert (Firmennummer 09612439, Firmenreferenznummer 733534). MIMEL ist ansässig in Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. MIMEL ist von der FCA (Financial Conduct Authority) zugelassen und wird von dieser reguliert. MIME S.A. hat seinen Sitz in Luxemburg und ist dort registriert (Firmennummer B62793). Eingetragener Firmensitz der MIME S.A. ist 10a, Boulevard Joseph II, L-1840 Luxemburg, Großherzogtum Luxemburg. | | | The Fund is sub-fund of ValueInvest LUX SICAV, a Luxembourg SICAV registered at 88, Grand-Rue, L-1660 Luxembourg, Grand Duchy of Luxembourg. The asset custodian of the SICAV is KREDIETBANK S.A. Luxembourgeoise. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge at KREDIETBANK S.A. Luxembourgeoise, 43, boulevard Royal, L-2955 LUXEMBOURG at the local representatives or information agents. All documents can be downloaded from the company website valueinvestlux.com. |
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| Additional Information for Investors in Germany: Paying Agent and Representative Agent in Germany is: MerckFinck & Co, Neuer Wall 77, DE-20354 Hamburg, Germany. |
| Additional Information for Investors in Austria: Paying Agent and Representative Agent in Austria is: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Wien, Austria. |
| In Switzerland, The Representative in Switzerland is Carnegie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Geneva, Switzerland. The Articles, the Prospectus, the Key Investor Information Documents and the most recent annual and semi-annual reports for Switzerland can be obtained free of charge at the Swiss Representative's office. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Geneva, Switzerland. The sub-fund is authorised by the Swiss Financial Supervisory Authority FINMA for distribution to qualified investors and to non-qualified investors in and from Switzerland. |
| Within the European Economic Area, this document is issued and distributed by Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Europe S.A. (MIME S.A.) to Professional Clients or Eligible Counterparties, as defined in the Markets in Financial Instruments Directive 2014/65/EU. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. MIMEL is authorised and regulated by the Financial Conduct Authority. MIME S.A. is incorporated and registered in Luxembourg (Company No. B62793). The registered office of MIME S.A. is 10a, Boulevard Joseph II, Luxembourg L-1840, Grand Duchy of Luxembourg. | | en | de |
DOLFIN3130 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 352 CHF | 1003 CHF |
| Annual cost impact (*) | 3.5% | 3.5% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | 352 CHF | 1003 CHF |
| Incidenza annuale dei costi (*) | 3.5% | 3.5% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 352 CHF | 1003 CHF |
| Annual cost impact (*) | 3.5% | 3.5% each year | | en | it |
DOLFIN3131 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIF ET POLITIQUE D’INVESTISSEMENT
## Objectif
## L’objectif du compartiment est le rendement total, mesuré en dollars US.
## Politique d’investissement
Le compartiment investit principalement (au moins 70 %) en titres de créance ou autres instruments émis dans des devises de pays émergents ou liés à des devises de pays émergents. Le compartiment peut également investir de manière accessoire en titres de créance ou autres titres émis dans les devises de pays développés ou liés à ces devises. Le compartiment concentre généralement ses placements sur les titres de créance d’État ou liés aux États mais peut également investir en titres de créance des marchés émergents et titres de créance de sociétés libellés en dollars US. Le compartiment peut investir l’intégralité de son actif en titres de créance d’une notation inférieure à la catégorie investissement. Le compartiment peut investir un pourcentage relativement élevé de son actif dans un nombre limité d’émetteurs, de pays ou une région géographique particulière. Le compartiment peut investir jusqu’à
20 % de son actif net dans des titres négociés sur le China Interbank Bond Market. Le Gestionnaire Financier peut tenir compte, entre autres, de facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse fondamentale des investissements. Le compartiment relève de l’Article 6 du Règlement (UE) 2019/2088 du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR ») et ne promeut pas de caractéristiques environnementales ou sociales, ni n’a d’objectif d’investissement durable. Le compartiment devrait avoir recours sur une grande échelle à des produits dérivés à des fins de couverture et/ou d'investissement, y compris pour augmenter ou diminuer l’exposition à un marché, à un secteur du marché ou à un titre particuliers, pour gérer l’exposition aux taux d’intérêt ou l’exposition de change ou autres | # OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es la rentabilidad total, medida en dólares estadounidenses.
## Política de inversión
El fondo invierte principalmente (como mínimo el 70% de sus activos) en instrumentos de deuda u otros emitidos o relacionados con divisas de países con mercados emergentes. El fondo también podrá invertir con carácter accesorio en instrumentos de deuda u otros emitidos o relacionados con divisas de países con mercados desarrollados. El fondo por lo general concentra sus inversiones en instrumentos de deuda pública y relacionados con gobiernos, aunque también podrá invertir en instrumentos de deuda corporativa y de mercados emergentes denominados en dólares estadounidenses. El fondo puede destinar todos sus activos a instrumentos de deuda con calificación inferior al grado de inversión. El fondo puede invertir un porcentaje relativamente alto de sus activos en un número pequeño de emisores y países o en una región geográfica concreta. El fondo puede invertir hasta un 20% de los activos netos en valores negociados en el Mercado de Bonos Interbancario de China. La Gestora de inversiones puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo se enmarca dentro del artículo 6 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR») y no promueve características ambientales o sociales, ni tiene como objetivo una inversión sostenible. Se prevé que el fondo recurra a instrumentos derivados ampliamente con fines de cobertura o inversión, ya sea para aumentar o reducir la exposición a un determinado mercado, segmento del mercado o | # OBJECTIF ET POLITIQUE D’INVESTISSEMENT
## Objectif
## L’objectif du compartiment est le rendement total, mesuré en dollars US.
## Politique d’investissement
Le compartiment investit principalement (au moins 70 %) en titres de créance ou autres instruments émis dans des devises de pays émergents ou liés à des devises de pays émergents. Le compartiment peut également investir de manière accessoire en titres de créance ou autres titres émis dans les devises de pays développés ou liés à ces devises. Le compartiment concentre généralement ses placements sur les titres de créance d’État ou liés aux États mais peut également investir en titres de créance des marchés émergents et titres de créance de sociétés libellés en dollars US. Le compartiment peut investir l’intégralité de son actif en titres de créance d’une notation inférieure à la catégorie investissement. Le compartiment peut investir un pourcentage relativement élevé de son actif dans un nombre limité d’émetteurs, de pays ou une région géographique particulière. Le compartiment peut investir jusqu’à
20 % de son actif net dans des titres négociés sur le China Interbank Bond Market. Le Gestionnaire Financier peut tenir compte, entre autres, de facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse fondamentale des investissements. Le compartiment relève de l’Article 6 du Règlement (UE) 2019/2088 du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR ») et ne promeut pas de caractéristiques environnementales ou sociales, ni n’a d’objectif d’investissement durable. Le compartiment devrait avoir recours sur une grande échelle à des produits dérivés à des fins de couverture et/ou d'investissement, y compris pour augmenter ou diminuer l’exposition à un marché, à un secteur du marché ou à un titre particuliers, pour gérer l’exposition aux taux d’intérêt ou l’exposition de change ou autres | fr | es |
DOLFIN3132 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Ownership of Stock Connect securities
Stock Connect securities are unsecuritised and held by HKSCC on behalf of their holders. The physical deposit and withdrawal of Stock Connect securities are not available to the sub-fund under northbound trading.
The ownership and ownership rights of the sub-fund and entitlements to Stock Connect securities (regardless of the legal nature thereof, in equity jurisprudence or otherwise) are subject to the applicable requirements, including the laws on the disclosure of interests and the restrictions on foreign share ownership. It is unclear whether the Chinese courts recognise investors and would grant them standing to initiate legal proceedings against Chinese companies in the event of disputes. This is a complex legal area and investors should seek independent professional advice. | ### Eigentum der Stock Connect Wertpapiere
Stock Connect Wertpapiere sind unverbrieft und werden von HKSCC im Namen ihrer Halter gehalten. Die physische Hinterlegung und die Entnahme von Stock Connect Wertpapieren stehen dem Subfonds im Rahmen des Northbound Handels nicht zur Verfügung.
Das Eigentum bzw. die Eigentumsrechte des Subfonds und Ansprüche auf Stock Connect Wertpapiere (ungeachtet dessen, ob rechtlicher Art, nach Billigkeitsrecht oder anderweitig) unterliegen den geltenden Erfordernissen, darunter den Gesetzen über die Offenlegung von Interessen und Einschränkungen für ausländischen Aktienbesitz. Es ist ungewiss, ob chinesische Gerichte Eigentumsrechte der Anleger anerkennen und ihnen im Fall von Streitigkeiten die Stellung gewähren, juristische Schritte gegen chinesische Unternehmen einzuleiten. Dies ist ein komplexer Rechtsbereich und Anleger sollten sich unabhängig professionell beraten lassen. | ### Ownership of Stock Connect securities
Stock Connect securities are unsecuritised and held by HKSCC on behalf of their holders. The physical deposit and withdrawal of Stock Connect securities are not available to the sub-fund under northbound trading.
The ownership and ownership rights of the sub-fund and entitlements to Stock Connect securities (regardless of the legal nature thereof, in equity jurisprudence or otherwise) are subject to the applicable requirements, including the laws on the disclosure of interests and the restrictions on foreign share ownership. It is unclear whether the Chinese courts recognise investors and would grant them standing to initiate legal proceedings against Chinese companies in the event of disputes. This is a complex legal area and investors should seek independent professional advice. | en | de |
DOLFIN3133 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le Fonds convient aux investisseurs qui :
- cherchent un rendement à medium terme
- acceptent les risques associés à ce type d’investissement, tels qu’indiqués dans la section « Facteurs de risque » du prospectusDépositaire : Northern Trust Fiduciary Services (Ireland) LimitedAutres informations :Le prospectus et les rapports périodiques sont établis pour l’ensemble de l’OPCVM. Les actifs et les passifs de chaque fonds sont séparés en vertu de la loi, ce qui signifie que les passifs affectés à un fonds ne peuvent pas avoir d'impact sur les autres compartiments. Les actionnaires peuvent convertir leurs actions en actions d’un autre fonds/d’une autre classe du fonds, comme indiqué à la section « Échange d’actions » du prospectus. | ### El Fondo es adecuado para inversores que:
- Busquen rentabilidad a medium plazo
- Acepten los riesgos asociados a este tipo de inversión, que se detallan en el apartado «Factores de riesgo» del folletoDepositario: Northern Trust Fiduciary Services (Ireland) LimitedInformación suplementaria:El folleto del OICVM y los informes periódicos son preparados para el OICVM en conjunto. El activo y el pasivo de cada Fondo está segregado por ley, lo que significa que el pasivo asignado a un Fondo no puede afectar al otro subfondo. Los partícipes tienen derecho a convertir sus participaciones en participaciones de otro Fondo/otra clase del fondo, tal como se describe en el apartado «Canje de participaciones» del folleto. | ### Le Fonds convient aux investisseurs qui :
- cherchent un rendement à medium terme
- acceptent les risques associés à ce type d’investissement, tels qu’indiqués dans la section « Facteurs de risque » du prospectusDépositaire : Northern Trust Fiduciary Services (Ireland) LimitedAutres informations :Le prospectus et les rapports périodiques sont établis pour l’ensemble de l’OPCVM. Les actifs et les passifs de chaque fonds sont séparés en vertu de la loi, ce qui signifie que les passifs affectés à un fonds ne peuvent pas avoir d'impact sur les autres compartiments. Les actionnaires peuvent convertir leurs actions en actions d’un autre fonds/d’une autre classe du fonds, comme indiqué à la section « Échange d’actions » du prospectus. | fr | es |
DOLFIN3134 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Cette classe d'actions a été lancée le 08 février 2011.
- Le graphique des performances passées indique la performance annuelle, calculée en CHF, pour chaque année civile complète depuis le lancement.
- Les performances présentées dans ce tableau sont nettes de tous frais et commissions, à l'exclusion des frais d'entrée, et indiquent la variation en pourcentage de la valeur des Fonds d'un exercice sur l'autre.
- Veuillez noter que les performances passées ne constituent nullement un indicateur fiable des performances futures. | Esta clase de acciones fue lanzada en 08 febrero de 2011.
- La tabla de rentabilidad histórica muestra la rentabilidad anual (calculada en CHF) de todos los años naturales completos que transcurrieron desde su lanzamiento.
- Las rentabilidades de esta tabla incluyen todas las comisiones y gastos, a excepción de los gastos de entrada, e indican las variaciones porcentuales interanuales en el valor del Fondo.
- Tenga en cuenta que la rentabilidad histórica no es un indicador ni una guía fiable de la rentabilidad futura. | Cette classe d'actions a été lancée le 08 février 2011.
- Le graphique des performances passées indique la performance annuelle, calculée en CHF, pour chaque année civile complète depuis le lancement.
- Les performances présentées dans ce tableau sont nettes de tous frais et commissions, à l'exclusion des frais d'entrée, et indiquent la variation en pourcentage de la valeur des Fonds d'un exercice sur l'autre.
- Veuillez noter que les performances passées ne constituent nullement un indicateur fiable des performances futures. | fr | es |
DOLFIN3135 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Forward and Spot Foreign Currency ContractsA forward foreign currency contract (‘‘forward contract’’) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Forward contracts are used to seek to manage foreign currency risks and to tactically shift portfolio currency risk. Forward contracts are generally entered into as a hedge upon the purchase or sale of a security denominated in a foreign currency. The Fund will realise a gain or loss upon the closing or settlement of the forward transaction. Unrealised appreciation or depreciation on forward contracts is reported in the Statement of Financial Position and Statement of Comprehensive Income. Realised gains and losses are reported with all other foreign currency gains and losses in the Statement of Comprehensive Income. Risks relating to forward contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the base currency of the Fund. Forward contracts are fair valued by an independent price source by reference to the price at which a new forward contract of the same size and maturity could be undertaken. For each relevant Fund, gains or losses on open spot foreign currency contracts are included in cash in the Statement of Financial Position.
- Futures ContractsInitial margin deposits are made upon entering into futures contracts and are generally made in cash. Futures contracts are fair valued based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised as a realised gain or loss and included in net gain/(loss) on financial assets and liabilities at fair value through profit and loss in the Statement of Comprehensive Income. Unrealised appreciation or depreciation on futures contracts are shown in the Statement of Financial Position. Realised gains and losses not yet delivered are shown within margin accounts and restricted cash in the Statement of Financial Position.
- Option ContractsThe premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid from the purchase of options, which expire unexercised, are treated as realised losses. The unrealised gain or loss on open option positions is calculated and recorded as the fair value of the option less the premium paid on that option. Unrealised gains or losses on open option positions are reflected as assets or liabilities in the Statement of Financial Position. | - Contratos de divisas a plazo y al contadoUn contrato de divisas a plazo o término (“contrato a plazo”) es un compromiso para comprar o vender una divisa en una fecha futura, a un tipo negociado. Los contratos a plazo se utilizan para gestionar los riesgos cambiarios y modificar de forma táctica el riesgo de las divisas de la cartera. Por lo general, los contratos a plazo se celebran como protección en el momento de la compra o la venta de un título denominado en una divisa. El Fondo realizará ganancias o pérdidas en el momento del cierre o la liquidación de la operación a plazo. En el Estado de situación financiera y el Estado de resultado global se indica la apreciación o la depreciación latentes de los contratos a plazo. Las ganancias y pérdidas realizadas se presentan con todas las demás ganancias y pérdidas cambiarias en el Estado de resultado global. Los riesgos relacionados con los contratos a plazo incluyen la posible imposibilidad de la contraparte para cumplir con los términos del contrato y los cambios imprevistos del valor de una divisa en relación con la moneda base del Fondo. Los contratos de divisas a plazo los valora razonablemente una fuente de precios independiente con referencia al precio al cual se podría celebrar un nuevo contrato a plazo del mismo monto y vencimiento. Para cada Fondo correspondiente, las ganancias o pérdidas de los contratos abiertos de divisas al contado se incluyen en efectivo en el Estado de situación financiera.
- Contratos de futurosLos depósitos de margen inicial se realizan al celebrar contratos de futuros y por lo general son en efectivo. Los contratos de futuros se valoran a su valor razonable sobre la base de los precios de liquidación diarios cotizados. Los cambios en el valor de los contratos de futuros abiertos se contabilizan como ganancias o pérdidas latentes sobre contratos de futuros hasta que se extingan los contratos, momento en el cual las ganancias y las pérdidas realizadas se contabilizan como tales y se incluyen en Ganancias/(pérdidas) netas en activos y pasivos a su valor razonable en la cuenta de pérdidas y ganancias en el Estado de resultado global. La apreciación o depreciación latentes sobre los contratos de futuros se muestran en el Estado de situación financiera. Las ganancias y pérdidas realizadas aún no entregadas se muestran dentro de cuentas de margen y efectivo restringido en el Estado de situación financiera.
- Contratos de opcionesLa prima sobre las opciones de venta adquiridas y ya ejercidas se resta del producto de la venta del título o la divisa subyacentes para determinar las ganancias o pérdidas realizadas. La prima sobre las opciones de compra adquiridas y ya ejercidas se suma al coste de las divisas o los títulos adquiridos. Las primas pagadas por la adquisición de opciones que venzan sin ser ejercidas se tratan como pérdidas realizadas. Las ganancias o pérdidas latentes sobre las posiciones de opciones abiertas se calculan y registran como el valor razonable de la opción menos la prima pagada sobre dicha opción. Las ganancias o pérdidas latentes sobre las posiciones de opciones abiertas se reflejan como activos o pasivos en el Estado de situación financiera. | - Forward and Spot Foreign Currency ContractsA forward foreign currency contract (‘‘forward contract’’) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Forward contracts are used to seek to manage foreign currency risks and to tactically shift portfolio currency risk. Forward contracts are generally entered into as a hedge upon the purchase or sale of a security denominated in a foreign currency. The Fund will realise a gain or loss upon the closing or settlement of the forward transaction. Unrealised appreciation or depreciation on forward contracts is reported in the Statement of Financial Position and Statement of Comprehensive Income. Realised gains and losses are reported with all other foreign currency gains and losses in the Statement of Comprehensive Income. Risks relating to forward contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the base currency of the Fund. Forward contracts are fair valued by an independent price source by reference to the price at which a new forward contract of the same size and maturity could be undertaken. For each relevant Fund, gains or losses on open spot foreign currency contracts are included in cash in the Statement of Financial Position.
- Futures ContractsInitial margin deposits are made upon entering into futures contracts and are generally made in cash. Futures contracts are fair valued based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised as a realised gain or loss and included in net gain/(loss) on financial assets and liabilities at fair value through profit and loss in the Statement of Comprehensive Income. Unrealised appreciation or depreciation on futures contracts are shown in the Statement of Financial Position. Realised gains and losses not yet delivered are shown within margin accounts and restricted cash in the Statement of Financial Position.
- Option ContractsThe premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid from the purchase of options, which expire unexercised, are treated as realised losses. The unrealised gain or loss on open option positions is calculated and recorded as the fair value of the option less the premium paid on that option. Unrealised gains or losses on open option positions are reflected as assets or liabilities in the Statement of Financial Position. | en | es |
DOLFIN3136 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Save for the payment of the Aggregate Operating Fee and the other charges and expenses described below, the Company shall have no obligation with respect to the ordinary operating expenses.
The Directors will, together with the Management Company, review the level of the Aggregate Operating Fee at least annually. In conducting such review, the Directors and the Management Company will have regard to, amongst other things, the amount of the Company's aggregate operating expenses (of which the Aggregate Operating Fee will form the substantial part) compared to the level of the aggregate operating expenses of companies comparable to the Company.
The Directors will only agree an amendment to the level of the Aggregate Operating Fee where it believes it is in the best interests of Shareholders to do so.
The Directors have the discretion to vary the effective level of the Aggregate Operating Fee paid by
each Class (with the agreement of the Management Company) up to the level set out in the Information Sheet for each Fund. Different rates may apply across the Funds and Classes.
The Directors may also increase the level of the Aggregate Operating Fee set out in the Information Sheet for each Fund applicable to any Class at any time at its discretion in which case the Prospectus will be updated accordingly. In such a case, the relevant Shareholders will benefit from a one-month prior notice period in which they may request the redemption of their Shares free from any charge. The Aggregate Operating Fee will accrue on a daily basis. Subject to the disclosures in Section Dividend Policy - Capital gains and dividends, the Aggregate Operating Fee will, in the first instance, be applied against any income in the relevant Fund. The Aggregate Operating Fee is accrued at each calculation of the Net Asset Value and is disclosed in the relevant KIID from time to time by comprising part of the ongoing charges of a Class.
The Company's annual accounts and semi-annual accounts will set out the Aggregate Operating Fee applicable to each Class for the period covered by such accounts.
For the avoidance of doubt, the Aggregate Operating Fee are exempt from Value-Added tax ("VAT"), Goods and Services Tax ("GST") and similar taxes that might apply in any jurisdiction. | A l'exception du paiement de la Commission d'exploitation globale et des autres charges et dépenses décrites ci-dessous, la Société n'aura aucune autre obligation s'agissant des frais d'exploitation ordinaires.
Les Administrateurs, conjointement avec la Société de gestion, réviseront le niveau de la Commission d'exploitation globale au moins une fois par an. Lors de cette révision, les Administrateurs et la Société
de gestion prendront en compte, entre autres, le montant des frais d'exploitation globaux (dont la Commission d'exploitation globale constituera une part importante) par rapport au niveau des frais d'exploitation globaux des entreprises comparables à la Société.
Les Administrateurs n'accepteront de modifier le niveau de la Commission d'exploitation globale que s'ils estiment que cela est dans l'intérêt des Actionnaires.
Les Administrateurs sont autorisés à modifier le niveau réel de la Commission d'exploitation globale payée par chaque Catégorie (avec l'accord de la Société de gestion) jusqu'à hauteur du niveau stipulé dans la Notice d’information de chaque Compartiment. Des taux différents peuvent s'appliquer à différents Compartiments et différentes Catégories.
Les Administrateurs peuvent également augmenter le niveau de la Commission d'exploitation globale stipulé dans la Notice d’information de chaque Compartiment applicable à toute Catégorie, à tout moment et à leur discrétion, auquel cas le Prospectus sera mis à jour en conséquence. Dans le cas, les Actionnaires concernés bénéficieront d’un délai d’un mois pour éventuellement demander gratuitement le rachat de leurs Actions. Les Frais d’Exploitation Globaux seront comptabilisés quotidiennement. Sous réserve des dispositions de la Section Politique de dividende - Plus-values et dividendes, la Commission d'exploitation globale sera, en premier lieu, imputée aux revenus du Compartiment concerné. La Commission d'exploitation globale est accumulée lors de chaque calcul de la Valeur nette d’inventaire et est indiquée ponctuellement dans le DICI en intégrant une partie des frais courants de la Catégorie concernée.
Les comptes annuels et semestriels de la Société indiqueront la Commission d'exploitation globale applicable à chaque Catégorie pour la période couverte par lesdits comptes.
Afin d’éviter tout doute, la Commission d’exploitation globale est exonérée de la TVA, de la taxe sur les biens et services et de toute taxe semblable éventuellement applicable dans une juridiction donnée. | Save for the payment of the Aggregate Operating Fee and the other charges and expenses described below, the Company shall have no obligation with respect to the ordinary operating expenses.
The Directors will, together with the Management Company, review the level of the Aggregate Operating Fee at least annually. In conducting such review, the Directors and the Management Company will have regard to, amongst other things, the amount of the Company's aggregate operating expenses (of which the Aggregate Operating Fee will form the substantial part) compared to the level of the aggregate operating expenses of companies comparable to the Company.
The Directors will only agree an amendment to the level of the Aggregate Operating Fee where it believes it is in the best interests of Shareholders to do so.
The Directors have the discretion to vary the effective level of the Aggregate Operating Fee paid by
each Class (with the agreement of the Management Company) up to the level set out in the Information Sheet for each Fund. Different rates may apply across the Funds and Classes.
The Directors may also increase the level of the Aggregate Operating Fee set out in the Information Sheet for each Fund applicable to any Class at any time at its discretion in which case the Prospectus will be updated accordingly. In such a case, the relevant Shareholders will benefit from a one-month prior notice period in which they may request the redemption of their Shares free from any charge. The Aggregate Operating Fee will accrue on a daily basis. Subject to the disclosures in Section Dividend Policy - Capital gains and dividends, the Aggregate Operating Fee will, in the first instance, be applied against any income in the relevant Fund. The Aggregate Operating Fee is accrued at each calculation of the Net Asset Value and is disclosed in the relevant KIID from time to time by comprising part of the ongoing charges of a Class.
The Company's annual accounts and semi-annual accounts will set out the Aggregate Operating Fee applicable to each Class for the period covered by such accounts.
For the avoidance of doubt, the Aggregate Operating Fee are exempt from Value-Added tax ("VAT"), Goods and Services Tax ("GST") and similar taxes that might apply in any jurisdiction. | en | fr |
DOLFIN3137 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### LIQUIDATION OF THE FUND
The Fund may be liquidated at any time if a meeting of Shareholders adopts a resolution to do so at a two-third majority of the votes cast. At the same meeting one or more liquidators will be appointed to liquidate the Fund’s assets in the best interest of Shareholders and in accordance with Luxembourg law. The liquidators will distribute the net proceeds for each Sub-Fund to the Shareholders of the relevant Sub-Fund in proportion to the value of their holding.
In addition, the Directors must convene an Extraordinary Meeting of Shareholders to consider the liquidation of the Fund when the Share capital falls below:
- two-thirds of the minimum capital amount with the decision requiring a majority of the Shares present or represented at the meeting
- one-quarter of the minimum capital amount with the decision requiring one-quarter of the Shares present or represented at the meeting | ##### AUFLÖSUNG DES FONDS
Der Fonds kann jederzeit aufgelöst werden, wenn eine Versammlung der Anteilseigner dies mit einer Mehrheit von zwei Dritteln der abgegebenen Stimmen beschließt. In derselben Versammlung werden ein oder mehrere Liquidatoren bestellt, um die Vermögenswerte des Fonds im besten Interesse der Anteilseigner und im Einklang mit dem luxemburgischen Recht zu liquidieren. Die Liquidatoren schütten die Nettoerlöse für jeden Teilfonds an die Anteilseigner des betreffenden Teilfonds im Verhältnis des Wertes der von ihnen gehaltenen Anteile aus.
Außerdem müssen die Mitglieder des Verwaltungsrates eine außerordentliche Versammlung der Anteilseigner einberufen, um über die Liquidation des Fonds zu beschließen, wenn das Anteilkapital unter die folgenden Grenzen fällt:
- zwei Drittel des Mindestkapitalbetrags, wobei die Entscheidung eine Mehrheit der Anteile erfordert, die in der Versammlung anwesend oder vertreten sind
- ein Viertel des Mindestkapitalbetrags, wobei die Entscheidung eine Mehrheit von einem Viertel der Anteile erfordert, die in der Versammlung anwesend oder vertreten sind | ##### LIQUIDATION OF THE FUND
The Fund may be liquidated at any time if a meeting of Shareholders adopts a resolution to do so at a two-third majority of the votes cast. At the same meeting one or more liquidators will be appointed to liquidate the Fund’s assets in the best interest of Shareholders and in accordance with Luxembourg law. The liquidators will distribute the net proceeds for each Sub-Fund to the Shareholders of the relevant Sub-Fund in proportion to the value of their holding.
In addition, the Directors must convene an Extraordinary Meeting of Shareholders to consider the liquidation of the Fund when the Share capital falls below:
- two-thirds of the minimum capital amount with the decision requiring a majority of the Shares present or represented at the meeting
- one-quarter of the minimum capital amount with the decision requiring one-quarter of the Shares present or represented at the meeting | en | de |
DOLFIN3138 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For all share classes of all sub-funds, the flat-rate fee is increased by 0.17%. The fees of the Central Administration Agent and the Depositary will in future also be paid from this flat-rate fee. The separate fee for the Depositary (0.10% p.a.) and for the Central Administration Agent (0.07% p.a.) will no longer apply.
Accordingly, there will be no increase in fees, as the fees previously paid separately to the Depositary andCentral Administration Agent will be carried over from the flat-rate fee when the service provider changes.
Similarly, the compliance fee of EUR 5,000 p.a. in favour of the Management Company is no longer applicable.
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# Adjustment of the media for notifications to shareholders | Für alle Aktienklassen aller Teilfonds wird die Pauschalgebühr um 0,17% erhöht. Aus dieser Pauschalgebühr wird zukünftig zusätzlich die Vergütung der Zentralverwaltungsstelle und der Verwahrstelle entrichtet. Die separate Gebühr für die Verwahrstelle (0,10% p.a.) sowie für die Zentralverwaltungsstelle (0,07% p.a.) entfällt dafür künftig.
Es findet demnach keine Gebührenerhöhung statt, da die bislang separat entrichteten Gebühren an dieVerwahrstelle und Zentralverwaltungsstelle, mit dem Dienstleisterwechsel, aus der Pauschalgebührmitgetragen werden.
Ebenso entfällt die Compliance Gebühr von 5.000,- EUR p.a. zu Gunsten der Verwaltungsgesellschaft.
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# Anpassung der Medien für Mitteilungen an die Aktionäre | For all share classes of all sub-funds, the flat-rate fee is increased by 0.17%. The fees of the Central Administration Agent and the Depositary will in future also be paid from this flat-rate fee. The separate fee for the Depositary (0.10% p.a.) and for the Central Administration Agent (0.07% p.a.) will no longer apply.
Accordingly, there will be no increase in fees, as the fees previously paid separately to the Depositary andCentral Administration Agent will be carried over from the flat-rate fee when the service provider changes.
Similarly, the compliance fee of EUR 5,000 p.a. in favour of the Management Company is no longer applicable.
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# Adjustment of the media for notifications to shareholders | en | de |
DOLFIN3139 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Borrower's note loans that can be assigned at least twice after being acquired for the Fund and have been granted by one of the following bodies:
- the German federal government, a German federal government fund, a German state, the EU or an OECD Member State;
- another domestic authority or a regional government or local authority of another EU Member State or another State party to the EEA Agreement, if the claim can be treated according to the regulations on prudential requirements for credit institutions and securities companies in the same way as one against the central government in whose sovereign area the regional govern- ment or authority is located,
- other corporations or institutions under public law with their registered offices in Germany, an- other EU Member State or another state party to the EEA Agreement,
- companies that issue transferable securities that are admitted to trading on an organised market within the EEA or on another regulated market meets the essential requirements of regulated markets within the meaning of the current version of the directive on markets in financial instru- ments, or
- other debtors, provided one of the bodies referred to in (a)–(c) above has guaranteed the pay- ment of interest and repayment of principal. | - Schuldscheindarlehen, die nach dem Erwerb für den Fonds mindestens zweimal abgetreten werden können und von einer der folgenden Einrichtungen gewährt wurden:
- dem Bund, einem Sondervermögen des Bundes, einem Land, der EU oder einem Mitgliedstaat der OECD,
- einer anderen inländischen Gebietskörperschaft oder einer Regionalregierung oder örtlichen Ge- bietskörperschaft eines anderen Mitgliedstaats der EU oder eines anderen Vertragsstaats des Abkommens über den EWR, sofern die Forderung nach der Verordnung über Aufsichtsanforde- rungen an Kreditinstitute und Wertpapierfirmen in derselben Weise behandelt werden kann wie eine Forderung an den Zentralstaat, auf dessen Hoheitsgebiet die Regionalregierung oder die Gebietskörperschaft ansässig ist,
- sonstigen Körperschaften oder Anstalten des öffentlichen Rechts mit Sitz im Inland oder in einem anderen Mitgliedstaat der EU oder einem anderen Vertragsstaat des Abkommens über den EWR,
- Unternehmen, die Wertpapiere ausgegeben haben, die an einem organisierten Markt innerhalb des EWR zum Handel zugelassen sind oder die an einem sonstigen geregelten Markt, der die wesentlichen Anforderungen an geregelte Märkte im Sinne der Richtlinie über Märkte für Finan- zinstrumente in der jeweils geltenden Fassung erfüllt, zum Handel zugelassen sind, oder
- anderen Schuldnern, sofern eine der in Buchstabe a) bis c) bezeichneten Stellen die Gewährleis- tung für die Verzinsung und Rückzahlung übernommen hat. | - Borrower's note loans that can be assigned at least twice after being acquired for the Fund and have been granted by one of the following bodies:
- the German federal government, a German federal government fund, a German state, the EU or an OECD Member State;
- another domestic authority or a regional government or local authority of another EU Member State or another State party to the EEA Agreement, if the claim can be treated according to the regulations on prudential requirements for credit institutions and securities companies in the same way as one against the central government in whose sovereign area the regional govern- ment or authority is located,
- other corporations or institutions under public law with their registered offices in Germany, an- other EU Member State or another state party to the EEA Agreement,
- companies that issue transferable securities that are admitted to trading on an organised market within the EEA or on another regulated market meets the essential requirements of regulated markets within the meaning of the current version of the directive on markets in financial instru- ments, or
- other debtors, provided one of the bodies referred to in (a)–(c) above has guaranteed the pay- ment of interest and repayment of principal. | en | de |
DOLFIN3140 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations supplémentaires
- Les monnaies étrangères sont largement couvertes par rapport à la monnaie de référence. Néanmoins, le fonds adopte une stratégie de change active afin de profiter des opportunités qui se présentent.
- Le fonds est géré selon la politique d’investissement d’UBS, l’UBS House View.
- En raison de l’allocation d’actifs mixte variable, ce fonds pourrait être traité dans certaines phases comme un fonds obligataire à des fins fiscales au Royaume-Uni. Les investisseurs devraient donc s’adresser à un conseiller fiscal.
- Le fonds investit sans restrictions liées à l’indice de référence. La performance du fonds n’est pas étalonnée par rapport à un indice. | # información adicional
- Las divisas están cubiertas en gran medida frente a la moneda de referencia. No obstante, el fondo persigue una estrategia activa de divisas para aprovechar las oportunidades cuando corresponda.
- El fondo se basa en la política de inversiones de UBS, la UBS House View.
- Debido a la asignación de activos mixta variable, este fondo podría considerarse en fases específicas como un fondo de renta fija a efectos fiscales en el Reino Unido. Por tanto, los inversores deberían contactar con un asesor fiscal.
- El fondo invierte sin restricciones marcadas por ningún índice de referencia. La rentabilidad del fondo no se compara con la de un índice. | # Informations supplémentaires
- Les monnaies étrangères sont largement couvertes par rapport à la monnaie de référence. Néanmoins, le fonds adopte une stratégie de change active afin de profiter des opportunités qui se présentent.
- Le fonds est géré selon la politique d’investissement d’UBS, l’UBS House View.
- En raison de l’allocation d’actifs mixte variable, ce fonds pourrait être traité dans certaines phases comme un fonds obligataire à des fins fiscales au Royaume-Uni. Les investisseurs devraient donc s’adresser à un conseiller fiscal.
- Le fonds investit sans restrictions liées à l’indice de référence. La performance du fonds n’est pas étalonnée par rapport à un indice. | fr | es |
DOLFIN3141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The identification of Sustainability Risks and their likely impact is performed on the holdings of a given portfolio. For investments relating to individual companies (e.g. bonds, equities), this assessment is made on the basis of the company’s sector categorisation and their business model (e.g. carbon emissions for construction companies; ethics and culture for finance companies) in combination with regular dialogue between analysts, portfolio managers and the ESG team. Where a fund does not have exposure directly to the underlying fund holdings, the assessment is made at both a fund level (where there is the potential for ESG input in the strategy (this would, for example, exclude passive funds tracking a broad market index) and, where possible, by performing analysis on the underlying fund holdings which provides an understanding of the potential Sustainability Risk exposures.
This approach permits a full materiality assessment to understand the potential impact on financial returns following the materialisation of a Sustainability Risk. The identified Sustainability Risks and their likely impact are described in the relevant risk warnings under “Risk Factors”, Part I (1.2) of the Prospectus.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes. Specific risks will vary in materiality across different sectors and business models, and companies may also be exposed to risks throughout value chains, including suppliers and customers.
The materialisation of a Sustainability Risk is considered to be a sustainable risk event. In the case of such an event there may be an impact on the returns of the fund due to i) direct losses of the impacted investments following such an event (where the effects may be immediate or gradual), or ii) losses incurred due to rebalancing the portfolio following such an event in order to maintain the sustainable characteristics of the fund deemed relevant by the Investment Manager.
- In addition to 5(a) above, this section applies to funds subject to the disclosure requirements of article 8 of SFDR that will use ESG (as defined under section 1.3 “General approach to sustainable investing” below or in the investment objective of each of these funds) criteria provided by internal research teams and complemented by external ESG rating providers to form an assessment of a security’s sustainable characteristics. The Investment Manager’s focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance and may result in a return that at times compares unfavourably to similar funds without such focus. Sustainable characteristics used in a fund’s investment policy may result in such fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, and/or selling securities due to their sustainable characteristics when it might be disadvantaged to do so. Over the short term, focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. Over the long term, we expect such a focus to have a favourable effect, though this is not guaranteed. Nevertheless, the application of ESG criteria may restrict the ability of a fund to acquire or dispose of its investments at the expected price and time, which may result in a loss for such fund. In addition, the ESG characteristics ofsecurities may change over time, which may in some cases require the Investment Manager disposing of such securities when it might be disadvantageous to do so from a financial perspective only. This may lead to a fall in the value of the fund. The use of ESG criteria may also result in a fund being concentrated in companies with ESG focus when compared to other funds having a more diversified portfolio of investments. | La identificación de los riesgos de sostenibilidad y su probable impacto se lleva a cabo en las posiciones de una determinada cartera. En las inversiones relacionadas con empresas concretas (por ejemplo, bonos o acciones), dicha evaluación se realiza a través de la categorización del sector de la empresa y su modelo de negocio (por ejemplo, emisiones de carbono para constructoras, ética y cultura para empresas de servicios financieros), unida al diálogo fluido entre los analistas, los gestores de carteras y el equipo de ESG. En caso de que un Subfondo no esté directamente expuesto a las posiciones del fondo subyacente, la evaluación se realiza a nivel de Subfondo (cuando hay posibilidades de obtener información sobre los criterios ESG en la estrategia (esto excluiría, por ejemplo, a los Subfondos pasivos que tratan de replicar un índice del mercado en general), y, cuando es posible, se analizan las posiciones subyacentes del Subfondo para conocer la exposición a riesgos de sostenibilidad.
Este enfoque permite realizar una valoración integral de la materialidad para conocer impacto potencial sobre la rentabilidad económica tras la materialización de un riesgo de sostenibilidad. Los riesgos de sostenibilidad identificados y su probable impacto se describen en las pertinentes advertencias sobre el riesgo del apartado 1.2 «Factores de riesgo» de la Parte I del Folleto informativo.
La incapacidad de gestionar eficazmente estos riesgos puede provocar un deterioro del resultado económico. Los riesgos concretos variarán en materialidad entre los distintos sectores y modelos de negocio, y las empresas también pueden estar expuestas a estos riesgos a través de las cadenas de valor, incluidos sus proveedores y clientes.
La materialización de un riesgo de sostenibilidad se considera un evento de riesgo sostenible. En caso de darse esta situación, es posible que se produzca un impacto sobre la rentabilidad del Subfondo debido a i) pérdidas directas derivadas de las inversiones afectadas después del evento (cuyos efectos pueden ser inmediatos o graduales), o ii) pérdidas incurridas debido al reajuste de la cartera tras el evento con el objetivo de mantener las características de sostenibilidad del Subfondo que el Gestor de Inversiones considere relevantes.
- Además del apartado 5 a) supra, este apartado se aplica a los Subfondos sujetos a los requisitos de divulgación que exige el artículo 8 de la SFDR que utilizarán los criterios ESG (según se definen en el apartado 1.3 «Enfoque general de la inversión sostenible» o en el objetivo de la inversión de estos Subfondos) facilitados por los equipos de investigación internos y complementados por los de proveedores externos de puntuaciones ESG para valorar las características sostenibles de un valor. La concentración del Gestor de Inversiones en valores de emisores con características sostenibles puede afectar al rendimiento de las inversiones del Subfondo y puede dar como resultado una rentabilidad que a veces es inferior a la de Subfondos similares que no tienen esa concentración. Las características de sostenibilidad que se tengan en cuenta en la política de inversión de un Subfondo pueden provocar que dicho Subfondo renuncie a oportunidades de comprar determinados valores en momentos en los que sería ventajoso hacerlo o que los venda cuando no sería ventajoso hacerlo con motivo de sus características de sostenibilidad. A corto plazo, la concentración en emisores de empresas con características sostenibles puede afectar de forma favorable o desfavorable a la rentabilidad de las inversiones del Subfondo en comparación con la obtenida por otros Subfondos similares que no tienen esa concentración. A largo plazo, esperamos que esta concentración sea favorable, si bien no podemos garantizar que vaya a ser así. No obstante, la aplicación de los criterios de ESG puede restringir la capacidad de un Subfondo para adquirir o enajenar sus inversiones al precio y en el momento previstos, lo que puede implicar pérdidas para dicho Subfondo. Además, las características ESG de los valores pueden cambiar con el tiempo, lo que, en algunos casos, puede exigir que el Gestor de Inversiones enajene dichos valores en un momento en el que, desde el punto de vista exclusivamente económico, resulte desfavorable hacerlo. Esto puede provocar una reducción del valor de lo Subfondo. El uso de criterios de ESG también puede provocar que un Subfondo se concentre en empresas centradas en cuestiones de ESG en comparación con otros Subfondos con una cartera de inversiones más diversificada. | The identification of Sustainability Risks and their likely impact is performed on the holdings of a given portfolio. For investments relating to individual companies (e.g. bonds, equities), this assessment is made on the basis of the company’s sector categorisation and their business model (e.g. carbon emissions for construction companies; ethics and culture for finance companies) in combination with regular dialogue between analysts, portfolio managers and the ESG team. Where a fund does not have exposure directly to the underlying fund holdings, the assessment is made at both a fund level (where there is the potential for ESG input in the strategy (this would, for example, exclude passive funds tracking a broad market index) and, where possible, by performing analysis on the underlying fund holdings which provides an understanding of the potential Sustainability Risk exposures.
This approach permits a full materiality assessment to understand the potential impact on financial returns following the materialisation of a Sustainability Risk. The identified Sustainability Risks and their likely impact are described in the relevant risk warnings under “Risk Factors”, Part I (1.2) of the Prospectus.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes. Specific risks will vary in materiality across different sectors and business models, and companies may also be exposed to risks throughout value chains, including suppliers and customers.
The materialisation of a Sustainability Risk is considered to be a sustainable risk event. In the case of such an event there may be an impact on the returns of the fund due to i) direct losses of the impacted investments following such an event (where the effects may be immediate or gradual), or ii) losses incurred due to rebalancing the portfolio following such an event in order to maintain the sustainable characteristics of the fund deemed relevant by the Investment Manager.
- In addition to 5(a) above, this section applies to funds subject to the disclosure requirements of article 8 of SFDR that will use ESG (as defined under section 1.3 “General approach to sustainable investing” below or in the investment objective of each of these funds) criteria provided by internal research teams and complemented by external ESG rating providers to form an assessment of a security’s sustainable characteristics. The Investment Manager’s focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance and may result in a return that at times compares unfavourably to similar funds without such focus. Sustainable characteristics used in a fund’s investment policy may result in such fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, and/or selling securities due to their sustainable characteristics when it might be disadvantaged to do so. Over the short term, focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. Over the long term, we expect such a focus to have a favourable effect, though this is not guaranteed. Nevertheless, the application of ESG criteria may restrict the ability of a fund to acquire or dispose of its investments at the expected price and time, which may result in a loss for such fund. In addition, the ESG characteristics ofsecurities may change over time, which may in some cases require the Investment Manager disposing of such securities when it might be disadvantageous to do so from a financial perspective only. This may lead to a fall in the value of the fund. The use of ESG criteria may also result in a fund being concentrated in companies with ESG focus when compared to other funds having a more diversified portfolio of investments. | en | es |
DOLFIN3142 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Nominee must make every effort to keep an up-to-date electronic list of investors’ names and addresses and the number of shares held; the status of shareholder can be verified via the confirmation letter sent to the investor by the Nominee.
Investors are informed that they may be required to pay additional fees for the activity of the above Nominee.
Preliminary Information
Subscriptions, conversions and redemptions of shares are made with reference to their unknown net asset value (NAV). Subscriptions must only concern a set amount, except subscriptions requests for “T1” and “T3” shares which can be submitted either for a set number of shares or for a set amount.
The Board of Directors reserves the right to:
- refuse a subscription, or conversion request for any reason whatsoever in whole or in part;
- redeem, at any time, shares held by persons who are not authorised to buy or hold the Company’s shares;
- reject subscription, conversion or redemption requests from any investor who it suspects of using practices associated with Market Timing and Active Trading, and, where applicable, take necessary measures to protect the other investors in the Company, notably by charging an additional exit fees up to 2% of the order amount, to be retained by the sub-fund. | L’Agente dovrà fare il possibile per tenere un elenco elettronico aggiornato dei nomi e degli indirizzi degli investitori e del numero di azioni detenute; lo stato dell’azionista potrà essere verificato dalla lettera di conferma inviata dall’Agente agli investitori.
Si informano gli investitori che potrà essere richiesto loro il pagamento di altre commissioni in relazione all’attività del predetto Agente.
Avvertenze preliminari
Le sottoscrizioni, le conversioni e i riscatti di azioni sono effettuati al NAV sconosciuto. Le sottoscrizioni possono riguardare esclusivamente un importo dato, ad eccezione delle richieste di sottoscrizione delle azioni “T1” e “T3”, le quali possono essere presentate per un numero dato di azioni o per un importo dato.
Il Consiglio di Amministrazione si riserva il diritto di:
- rifiutare, per qualsiasi ragione, in toto o in parte, una richiesta di sottoscrizione o di conversione di azioni;
- rimborsare, in qualsiasi momento azioni possedute da soggetti non autorizzati ad acquistare o possedere azioni della Società;
- rifiutare domande di sottoscrizione, di conversione o di rimborso presentate da un investitore che essa sospetti impegnato in pratiche di Market Timing e di Active Trading e adottare, ove del caso, le misure necessarie per tutelare gli altri investitori della Società, in particolare applicando commissioni di rimborso supplementari fino al 2% dell'importo dell'ordine, che saranno trattenute dal comparto. | The Nominee must make every effort to keep an up-to-date electronic list of investors’ names and addresses and the number of shares held; the status of shareholder can be verified via the confirmation letter sent to the investor by the Nominee.
Investors are informed that they may be required to pay additional fees for the activity of the above Nominee.
Preliminary Information
Subscriptions, conversions and redemptions of shares are made with reference to their unknown net asset value (NAV). Subscriptions must only concern a set amount, except subscriptions requests for “T1” and “T3” shares which can be submitted either for a set number of shares or for a set amount.
The Board of Directors reserves the right to:
- refuse a subscription, or conversion request for any reason whatsoever in whole or in part;
- redeem, at any time, shares held by persons who are not authorised to buy or hold the Company’s shares;
- reject subscription, conversion or redemption requests from any investor who it suspects of using practices associated with Market Timing and Active Trading, and, where applicable, take necessary measures to protect the other investors in the Company, notably by charging an additional exit fees up to 2% of the order amount, to be retained by the sub-fund. | en | it |
DOLFIN3143 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - Global Multi Asset Income
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 11.8451 1 | 11.1664 1 | 9.2855 1 |
| --- | --- | --- | --- |
| Class AEC | 7.7505 1 | 8.1761 1 | 6.7662 1 |
| Class AEH | 17.9084 1 | 18.0258 1 | 14.1869 1 |
| Class AEP | 9.4049 1 | 9.2989 1 | 8.1331 1 |
| Class AQ | – | – | 81.0335 2 |
| Class AQM | – | – | 80.0166 2 |
| Class AS | 11.1952 3 | 11.0946 3 | 9.1444 3 |
| Class ASC | 9.1249 3 | 9.5406 3 | 7.8280 3 |
| Class ASH | 11.0880 3 | 11.0586 3 | 8.6294 3 |
| Class ASP | 9.1289 3 | 9.4660 3 | 8.1919 3 |
| Class AU | 20.5295 | 20.4434 | 15.8709 |
| Class AUM | 9.7159 | 10.1632 | 8.2835 |
| Class AUP | 9.1953 | 9.6048 | 7.8434 |
| Class DEC | 7.3229 1 | 7.7834 1 | 6.4921 1 |
| Class DEH | 10.1960 1 | 10.3401 1 | 8.1990 1 |
| Class DEP | 8.8122 1 | 8.7797 1 | 7.7380 1 |
| Class DU | 12.6175 | 12.6591 | 9.9014 |
| Class DUP | 8.3429 | 8.7793 | 7.2225 |
| Class ZE | 12.1429 1 | 11.3949 1 | 9.4286 1 |
| Class ZEC | 8.5885 1 | 9.0180 1 | 7.4323 1 |
| Class ZEH | 10.8301 1 | 10.8464 1 | 8.4917 1 |
| Class ZFH | 10.6752 4 | 10.7251 4 | 8.4161 4 |
| Class ZU | 12.0281 | 11.9183 | 9.2068 |
| Class ZUP | 9.2576 | 9.6307 | 7.8321 |
1
Class is denominated in EUR. The base currency of the Portfolio is USD.
2
Class is denominated in HKD. The base currency of the Portfolio is USD.
3
Class is denominated in SGD. The base currency of the Portfolio is USD.
4
Class is denominated in CHF. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 9,412,889 Income Dividends, net 2 66,527 Bank interest 2 80 Total income 66,607 Expenses Asset management fees 5 (57,320) Bank interest 2 (9) Operating expenses 3, 5 (22,726) Total expenses (80,055) Net (loss) from investments (13,448) Net realised (loss) on sales of investments (574,777) Net realised (loss) on forward currency exchange contracts (11,857) Net realised (loss) on foreign exchange (6,538) Net realised (loss) (593,172) Change in net unrealised (loss) on investments (1,707,710) Change in net unrealised gain on forward currency exchange contracts 3,001 Net change in unrealised (loss) (1,704,709 Net (decrease) in net assets as a result of operations (2,311,329) Movements in capital Subscriptions of shares 1,668,929 Redemptions of shares (2,676,017) Dividends 7 (46) Total movements in capital (1,007,134) Net assets at the end of the year 6,094,426 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts | 2 2 2, 9 | 6,087,459 113,214 18,828 1,056 |
| Total assets | | 6,220,557 |
| Liabilities Payable for investments purchased Asset management fees payable Other liabilities | 5 20 | (68,995) (3,530) (53,606) |
| Total liabilities | | (126,131) |
| Total net assets | | 6,094,426 |
| NUMBER OF SHARES OUTSTANDING Class AE 100.000 Class AEC 100.000 Class AEH 9,264.036 Class AU 600.000 Class AUP 100.000 Class IE 100.000 Class IEH 100.000 Class IG 100.000 Class IU 100.000 Class LE 97,000.000 Class LG 100.000 Class XU 100.000 Class ZE 100.000 Class ZEC 100.000 Class ZEH 100.000 Class ZU 498,187.100 Class ZUP 100.000 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 USD 6,094,426 9,412,889 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 Class AE 10.1300 1 13.1238 1 Class AEC 9.3082 1 13.0744 1 Class AEH 9.4264 1 13.1208 1 Class AU 9.6534 13.2113 Class AUP 9.5286 13.1684 Class IE 10.2725 1 13.1851 1 Class IEH 9.5604 1 13.1794 1 Class IG 9.4923 2 12.2808 2 Class IU 9.7979 13.2780 Class LE 10.3264 1 13.2092 1 Class LG 9.5344 2 12.2989 2 Class XU 9.8914 13.3214 Class ZE 10.2464 1 13.1739 1 Class ZEC 9.4153 1 13.1241 1 Class ZEH 9.5353 1 13.1675 1 Class ZU 9.7613 13.2623 Class ZUP 9.6378 13.2192 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. 2 Class is denominated in GBP. The base currency of the Portfolio is USD. | | | # Threadneedle (Lux) - Global Multi Asset Income
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase AE | 11,8451 1 | 11,1664 1 | 9,2855 1 |
| --- | --- | --- | --- |
| Clase AEC | 7,7505 1 | 8,1761 1 | 6,7662 1 |
| Clase AEH | 17,9084 1 | 18,0258 1 | 14,1869 1 |
| Clase AEP | 9,4049 1 | 9,2989 1 | 8,1331 1 |
| Clase AQ | – | – | 81,0335 2 |
| Clase AQM | – | – | 80,0166 2 |
| Clase AS | 11,1952 3 | 11,0946 3 | 9,1444 3 |
| Clase ASC | 9,1249 3 | 9,5406 3 | 7,8280 3 |
| Clase ASH | 11,0880 3 | 11,0586 3 | 8,6294 3 |
| Clase ASP | 9,1289 3 | 9,4660 3 | 8,1919 3 |
| Clase AU | 20,5295 | 20,4434 | 15,8709 |
| Clase AUM | 9,7159 | 10,1632 | 8,2835 |
| Clase AUP | 9,1953 | 9,6048 | 7,8434 |
| Clase DEC | 7,3229 1 | 7,7834 1 | 6,4921 1 |
| Clase DEH | 10,1960 1 | 10,3401 1 | 8,1990 1 |
| Clase DEP | 8,8122 1 | 8,7797 1 | 7,7380 1 |
| Clase DU | 12,6175 | 12,6591 | 9,9014 |
| Clase DUP | 8,3429 | 8,7793 | 7,2225 |
| Clase ZE | 12,1429 1 | 11,3949 1 | 9,4286 1 |
| Clase ZEC | 8,5885 1 | 9,0180 1 | 7,4323 1 |
| Clase ZEH | 10,8301 1 | 10,8464 1 | 8,4917 1 |
| Clase ZFH | 10,6752 4 | 10,7251 4 | 8,4161 4 |
| Clase ZU | 12,0281 | 11,9183 | 9,2068 |
| Clase ZUP | 9,2576 | 9,6307 | 7,8321 |
1
La clase está denominada en EUR. La divisa base de la Cartera es el USD.
2
La clase está denominada en HKD. La divisa base de la Cartera es el USD.
3
La clase está denominada en SGD. La divisa base de la Cartera es el USD.
4
La clase está denominada en CHF. La divisa base de la Cartera es el USD.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas USD Patrimonio neto al inicio del ejercicio 9.412.889 Ingresos Dividendos, neto 2 66.527 Interés bancario 2 80 Total de ingresos 66.607 Gastos Comisiones de gestión de activos 5 (57.320 Interés bancario 2 (9 Gastos operativos 3, 5 (22.726 Total de gastos (80.055 (Pérdida) neta de inversiones (13.448 (Pérdida) neta realizada en ventas de inversiones (574.777 (Pérdida) neta realizada en contratos de divisas a plazo (11.857 (Pérdida) neta realizada de cambio de divisas (6.538 (Pérdida) neta realizada (593.172 Cambio en la (pérdida) neta no realizada en inversiones (1.707.710 Cambio en la ganancia neta no realizada en contratos de divisas a plazo 3.001 Cambio neto en (pérdida) no realizada (1.704.709 (Disminución) neta en el patrimonio neto como resultado de operaciones (2.311.329 Movimientos de capital Suscripciones de acciones 1.668.929 Reembolsos de acciones (2.676.017 Dividendos 7 (46 Total de movimientos de capital (1.007.134 Patrimonio neto al final del ejercicio 6.094.426 |
| --- | --- | --- | --- |
| | Notas | 2022 USD |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Interés y dividendos por cobrar, neto Ganancia neta no realizada en contratos de divisas a plazo | 2 2 2, 9 | 6.087.459 113.214 18.828 1.056 |
| Total de activos | | 6.220.557 |
| Pasivos Pagadero por inversiones adquiridas Comisiones de gestión de activos pagaderas Otros pasivos | 5 20 | (68.995) (3.530) (53.606) |
| Total de pasivos | | (126.131) |
| Total de patrimonio neto | | 6.094.426 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AE 100,000 Clase AEC 100,000 Clase AEH 9.264,036 Clase AU 600,000 Clase AUP 100,000 Clase IE 100,000 Clase IEH 100,000 Clase IG 100,000 Clase IU 100,000 Clase LE 97.000,000 Clase LG 100,000 Clase XU 100,000 Clase ZE 100,000 Clase ZEC 100,000 Clase ZEH 100,000 Clase ZU 498.187,100 Clase ZUP 100,000 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 USD 6.094.426 9.412.889 |
| ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN 31 de marzo de 2022 31 de marzo de 2021 Clase AE 10,1300 1 13,1238 1 Clase AEC 9,3082 1 13,0744 1 Clase AEH 9,4264 1 13,1208 1 Clase AU 9,6534 13,2113 Clase AUP 9,5286 13,1684 Clase IE 10,2725 1 13,1851 1 Clase IEH 9,5604 1 13,1794 1 Clase IG 9,4923 2 12,2808 2 Clase IU 9,7979 13,2780 Clase LE 10,3264 1 13,2092 1 Clase LG 9,5344 2 12,2989 2 Clase XU 9,8914 13,3214 Clase ZE 10,2464 1 13,1739 1 Clase ZEC 9,4153 1 13,1241 1 Clase ZEH 9,5353 1 13,1675 1 Clase ZU 9,7613 13,2623 Clase ZUP 9,6378 13,2192 |
| 1 La clase está denominada en EUR. La divisa base de la Cartera es el USD. 2 La clase está denominada en GBP. La divisa base de la Cartera es el USD. | | | # Threadneedle (Lux) - Global Multi Asset Income
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 11.8451 1 | 11.1664 1 | 9.2855 1 |
| --- | --- | --- | --- |
| Class AEC | 7.7505 1 | 8.1761 1 | 6.7662 1 |
| Class AEH | 17.9084 1 | 18.0258 1 | 14.1869 1 |
| Class AEP | 9.4049 1 | 9.2989 1 | 8.1331 1 |
| Class AQ | – | – | 81.0335 2 |
| Class AQM | – | – | 80.0166 2 |
| Class AS | 11.1952 3 | 11.0946 3 | 9.1444 3 |
| Class ASC | 9.1249 3 | 9.5406 3 | 7.8280 3 |
| Class ASH | 11.0880 3 | 11.0586 3 | 8.6294 3 |
| Class ASP | 9.1289 3 | 9.4660 3 | 8.1919 3 |
| Class AU | 20.5295 | 20.4434 | 15.8709 |
| Class AUM | 9.7159 | 10.1632 | 8.2835 |
| Class AUP | 9.1953 | 9.6048 | 7.8434 |
| Class DEC | 7.3229 1 | 7.7834 1 | 6.4921 1 |
| Class DEH | 10.1960 1 | 10.3401 1 | 8.1990 1 |
| Class DEP | 8.8122 1 | 8.7797 1 | 7.7380 1 |
| Class DU | 12.6175 | 12.6591 | 9.9014 |
| Class DUP | 8.3429 | 8.7793 | 7.2225 |
| Class ZE | 12.1429 1 | 11.3949 1 | 9.4286 1 |
| Class ZEC | 8.5885 1 | 9.0180 1 | 7.4323 1 |
| Class ZEH | 10.8301 1 | 10.8464 1 | 8.4917 1 |
| Class ZFH | 10.6752 4 | 10.7251 4 | 8.4161 4 |
| Class ZU | 12.0281 | 11.9183 | 9.2068 |
| Class ZUP | 9.2576 | 9.6307 | 7.8321 |
1
Class is denominated in EUR. The base currency of the Portfolio is USD.
2
Class is denominated in HKD. The base currency of the Portfolio is USD.
3
Class is denominated in SGD. The base currency of the Portfolio is USD.
4
Class is denominated in CHF. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 9,412,889 Income Dividends, net 2 66,527 Bank interest 2 80 Total income 66,607 Expenses Asset management fees 5 (57,320) Bank interest 2 (9) Operating expenses 3, 5 (22,726) Total expenses (80,055) Net (loss) from investments (13,448) Net realised (loss) on sales of investments (574,777) Net realised (loss) on forward currency exchange contracts (11,857) Net realised (loss) on foreign exchange (6,538) Net realised (loss) (593,172) Change in net unrealised (loss) on investments (1,707,710) Change in net unrealised gain on forward currency exchange contracts 3,001 Net change in unrealised (loss) (1,704,709 Net (decrease) in net assets as a result of operations (2,311,329) Movements in capital Subscriptions of shares 1,668,929 Redemptions of shares (2,676,017) Dividends 7 (46) Total movements in capital (1,007,134) Net assets at the end of the year 6,094,426 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts | 2 2 2, 9 | 6,087,459 113,214 18,828 1,056 |
| Total assets | | 6,220,557 |
| Liabilities Payable for investments purchased Asset management fees payable Other liabilities | 5 20 | (68,995) (3,530) (53,606) |
| Total liabilities | | (126,131) |
| Total net assets | | 6,094,426 |
| NUMBER OF SHARES OUTSTANDING Class AE 100.000 Class AEC 100.000 Class AEH 9,264.036 Class AU 600.000 Class AUP 100.000 Class IE 100.000 Class IEH 100.000 Class IG 100.000 Class IU 100.000 Class LE 97,000.000 Class LG 100.000 Class XU 100.000 Class ZE 100.000 Class ZEC 100.000 Class ZEH 100.000 Class ZU 498,187.100 Class ZUP 100.000 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 USD 6,094,426 9,412,889 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 Class AE 10.1300 1 13.1238 1 Class AEC 9.3082 1 13.0744 1 Class AEH 9.4264 1 13.1208 1 Class AU 9.6534 13.2113 Class AUP 9.5286 13.1684 Class IE 10.2725 1 13.1851 1 Class IEH 9.5604 1 13.1794 1 Class IG 9.4923 2 12.2808 2 Class IU 9.7979 13.2780 Class LE 10.3264 1 13.2092 1 Class LG 9.5344 2 12.2989 2 Class XU 9.8914 13.3214 Class ZE 10.2464 1 13.1739 1 Class ZEC 9.4153 1 13.1241 1 Class ZEH 9.5353 1 13.1675 1 Class ZU 9.7613 13.2623 Class ZUP 9.6378 13.2192 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. 2 Class is denominated in GBP. The base currency of the Portfolio is USD. | | | en | es |
DOLFIN3144 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 20/02/2020-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,347
-16.5%
EUR 9,641
-0.6% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) entre 20/02/2020-12/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 347 EUR
-16,5%
9 641 EUR
-0,6% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 20/02/2020-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,347
-16.5%
EUR 9,641
-0.6% | en | es |
DOLFIN3145 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Therefore, neither the insolvency of the management company nor that of the UCI’s designated custodian will result in losses for UCI investors.
In the event that the management company falls into insolvency, the UCI’s custodian will either liquidate the UCI and distribute the proceeds to the UCI’s investors or entrust its management to another management company.
WHAT ARE THE COSTS? | ## Pertanto, né l'insolvenza della società di gestione né quella del depositario nominato dall'OIC comporteranno la perdita di denaro da parte dell'investitore nell'OIC.
In caso di insolvenza della società di gestione, il depositario dell'OIC liquiderà lo stesso e ne distribuirà i proventi agli investitori oppure ne affiderà la gestione a un'altra società di gestione.
QUALI SONO I COSTI? | ## Therefore, neither the insolvency of the management company nor that of the UCI’s designated custodian will result in losses for UCI investors.
In the event that the management company falls into insolvency, the UCI’s custodian will either liquidate the UCI and distribute the proceeds to the UCI’s investors or entrust its management to another management company.
WHAT ARE THE COSTS? | en | it |
DOLFIN3146 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# COMMENT PUIS-JE FORMULER UNE RECLAMATION ?
En cas de problème inattendu dans la compréhension, la négociation ou le traitement du produit, n'hésitez pas à contacter directement Cheyne Capital SMC Limited. Nous traiterons ensuite votre demande et vous fournirons une réponse dès que possible.
| Site internet : | www.cheynecapital.com | E-mail : | [email protected] | Adresse : | 5 Earlsfort Terrace, Dublin, D02 CK83, Ireland |
| --- | --- | --- | --- | --- | --- |
| Autres informations pertinentes | | | | |
Veuillez lire le Prospectus et les Suppléments disponibles sur notre site Internet conjointement avec le présent document. Les performances passées de ce produit sont disponibles en cliquant sur le lien suivant : https://api.kneip.com/v1/documentdata/permalinks/KPP_IE000NE5SWX4_fr_BE-FR.pdf. La classe d'actions ne dispose pas encore de données de performance pour une année civile complète, les données sont insuffisantes pour fournir une indication utile de la performance passée aux investisseurs. Veuillez noter que les performances passées ne constituent pas un indicateur des performances futures. Elles ne sauraient garantir d'éventuels rendements futurs. Les calculs des scénarios de performance passés sont disponibles en cliquant sur le lien suivant : https://api.kneip.com/v1/documentdata/permalinks/KMS_IE000NE5SWX4_fr_BE-FR.csv.
### Le Gestionnaire d’investissement du Fonds est Cheyne Capital Management (UK) LLP, qui est réglementé par la Financial Conduct Authority du Royaume- Uni.
De plus amples informations concernant la politique de rémunération du Fonds, en ce compris tous les éléments exigés, sont disponibles sur le site www.cheynecapital.com et un exemplaire papier est disponible sans frais et sur demande. | # ¿CÓMO PUEDO RECLAMAR?
En caso de problemas imprevistos relacionados con la comprensión, la negociación o la gestión del producto, póngase en contacto directamente con Cheyne Capital SMC Limited. A continuación, tramitaremos su solicitud y le contestaremos lo antes posible.
| Sitio web: | www.cheynecapital.com | Correo electrónico: | [email protected] | Dirección: | 5 Earlsfort Terrace, Dublin, D02 CK83, Ireland |
| --- | --- | --- | --- | --- | --- |
| Otros datos de interés | | | | |
Junto con este documento, le rogamos que lea el Folleto y los Suplementos en nuestro sitio web. La rentabilidad histórica de este producto puede consultarse haciendo clic en este enlace https://api.kneip.com/v1/documentdata/permalinks/KPP_IE000NE5SWX4_es_ES.pdf. La clase de acciones aún no tiene datos de rentabilidad para un año natural completo, no hay datos suficientes para proporcionar una indicación útil de la rentabilidad pasada a los inversores. Tenga en cuenta que la rentabilidad histórica no es indicativa de la rentabilidad futura. No ofrece garantía alguna con respecto de las rentabilidades que obtendrá en el futuro. Los cálculos de los escenarios de rentabilidad anteriores pueden consultarse haciendo clic en este enlace https://api.kneip.com/v1/documentdata/permalinks/KMS_IE000NE5SWX4_es_ES.csv.
### El Gestor de inversiones del Fondo es Cheyne Capital Management (UK) LLP, que está regulado por la Financial Conduct Authority, el organismo regulador de los servicios financieros en el Reino Unido.
Los detalles de la política de remuneración del Fondo, incluidos todos los elementos necesarios, están disponibles en www.cheynecapital.com y hay disponible una copia en papel gratuita previa solicitud. | # COMMENT PUIS-JE FORMULER UNE RECLAMATION ?
En cas de problème inattendu dans la compréhension, la négociation ou le traitement du produit, n'hésitez pas à contacter directement Cheyne Capital SMC Limited. Nous traiterons ensuite votre demande et vous fournirons une réponse dès que possible.
| Site internet : | www.cheynecapital.com | E-mail : | [email protected] | Adresse : | 5 Earlsfort Terrace, Dublin, D02 CK83, Ireland |
| --- | --- | --- | --- | --- | --- |
| Autres informations pertinentes | | | | |
Veuillez lire le Prospectus et les Suppléments disponibles sur notre site Internet conjointement avec le présent document. Les performances passées de ce produit sont disponibles en cliquant sur le lien suivant : https://api.kneip.com/v1/documentdata/permalinks/KPP_IE000NE5SWX4_fr_BE-FR.pdf. La classe d'actions ne dispose pas encore de données de performance pour une année civile complète, les données sont insuffisantes pour fournir une indication utile de la performance passée aux investisseurs. Veuillez noter que les performances passées ne constituent pas un indicateur des performances futures. Elles ne sauraient garantir d'éventuels rendements futurs. Les calculs des scénarios de performance passés sont disponibles en cliquant sur le lien suivant : https://api.kneip.com/v1/documentdata/permalinks/KMS_IE000NE5SWX4_fr_BE-FR.csv.
### Le Gestionnaire d’investissement du Fonds est Cheyne Capital Management (UK) LLP, qui est réglementé par la Financial Conduct Authority du Royaume- Uni.
De plus amples informations concernant la politique de rémunération du Fonds, en ce compris tous les éléments exigés, sont disponibles sur le site www.cheynecapital.com et un exemplaire papier est disponible sans frais et sur demande. | fr | es |
DOLFIN3147 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## You may redeem shares of the Sub-Fund usually on each business day. We usually distribute the income of the Sub-Fund on a yearly basis.
Derivatives may be used to offset exposure to price fluctuations (hedging), to take advantage of price differences between two or more markets (arbitrage) or to multiply gains although it may also multiply losses (leverage).
SFDR Category – Article 8 (a financial product which promotes, amongst other characteristics, environmental or social characteristics, provided that the companies in which the investments are made follow good governance practices) | ## Vous pouvez généralement procéder le rachat des actions du Compartiment chaque jour ouvrable. Nous distribuons généralement les revenus du Compartiment annuellement.
Des produits dérivés peuvent être utilisés pour compenser l'exposition aux variations de cours (couverture), profiter des écarts de cours entre deux ou plusieurs marchés (arbitrage) ou multiplier les gains bien que cela puisse aussi multiplier les pertes (levier).
Catégorie SFDR – Article 8 (un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, pour autant que les sociétés dans lesquelles les investissements sont réalisés appliquent des pratiques de bonne gouvernance) | ## You may redeem shares of the Sub-Fund usually on each business day. We usually distribute the income of the Sub-Fund on a yearly basis.
Derivatives may be used to offset exposure to price fluctuations (hedging), to take advantage of price differences between two or more markets (arbitrage) or to multiply gains although it may also multiply losses (leverage).
SFDR Category – Article 8 (a financial product which promotes, amongst other characteristics, environmental or social characteristics, provided that the companies in which the investments are made follow good governance practices) | en | fr |
DOLFIN3148 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Before deciding to accept any request for waiver, investment firms must be required to take all reasonable steps to ensure that the client requesting to be treated as a professional client meets the relevant requirements stated in section II.1 above.
However, if clients have already been categorised as professionals under parameters and procedures similar to those above, it is not intended that their relationships with investment firms should be affected by any new rules adopted pursuant to this section.
Firms must implement appropriate written internal policies and procedures to categorise clients. Professional clients are responsible for keeping the firm informed about any change which might affect their current categorisation. Should the investment firm become aware that the client no longer fulfils the conditions which initially made him eligible for treatment as a professional client, the investment firm must take appropriate action.
Private investors
A private investor is any investor that is not a professional investor.
- Sales restrictionsFor specific information, see Annex I. | Wertpapierfirmen müssen verpflichtet sein, durch an- gemessene Vorkehrungen sicherzustellen, dass ein Kunde, der als professioneller Kunde behandelt wer- den möchte, die einschlägigen Kriterien gemäß Ab- schnitt II.1 erfüllt, bevor sie einem Antrag auf Verzicht auf den Schutz stattgeben.
Wurden Kunden hingegen aufgrund von Parametern und Verfahren, die den oben genannten vergleichbar sind, bereits als professionelle Kunden eingestuft, sollte sich ihr Verhältnis zu den Wertpapierfirmen durch neue, aufgrund dieses Abschnitts angenom- mene Regeln nicht ändern.
Die Firmen müssen zweckmäßige schriftliche interne Strategien und Verfahren einführen, anhand deren die Kunden eingestuft werden können. Die professionel- len Kunden sind dafür verantwortlich, die Firma über alle Änderungen zu informieren, die ihre Einstufung beeinflussen könnten. Sollte die Wertpapierfirma zu der Erkenntnis gelangen, dass der Kunde die Bedin- gungen nicht mehr erfüllt, die ihn anfänglich für eine Behandlung als professioneller Kunde in Frage kom- men ließen, so muss sie entsprechende Schritte in die Wege leiten.
Privatanleger
Privatanleger ist jeder Anleger, der kein professioneller Anleger ist.
- VertriebseinschränkungenFür spezifische Angaben siehe Anhang I. | Before deciding to accept any request for waiver, investment firms must be required to take all reasonable steps to ensure that the client requesting to be treated as a professional client meets the relevant requirements stated in section II.1 above.
However, if clients have already been categorised as professionals under parameters and procedures similar to those above, it is not intended that their relationships with investment firms should be affected by any new rules adopted pursuant to this section.
Firms must implement appropriate written internal policies and procedures to categorise clients. Professional clients are responsible for keeping the firm informed about any change which might affect their current categorisation. Should the investment firm become aware that the client no longer fulfils the conditions which initially made him eligible for treatment as a professional client, the investment firm must take appropriate action.
Private investors
A private investor is any investor that is not a professional investor.
- Sales restrictionsFor specific information, see Annex I. | en | de |
DOLFIN3149 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- L'indice de référence est l'indicateur de référence du compartiment, généralement un indice de marché large qui correspond à l'univers d'investissement du compartiment.
- Le portefeuille est soumis à un contrôle permanent des émissions de carbone par rapport à son indice de référence. Les informations y relatives sont disponibles sur l'outil de positionnement du front office. Les données brutes proviennent de S&P Trucost. L'équipe de gestion du portefeuille surveille l'empreinte carbone globale et l'augmentation marginale des émissions de carbone pour chaque titre, ainsi que l'intensité carbone du portefeuille afin de respecter le niveau cible d'intensité carbone globale inférieur à 30% du niveau de l'indice de référence. La position de trésorerie n'est pas prise en compte et les données sur les émissions de CO2 peuvent ne pas être disponibles pour tous les investissements.
- Pour les fonds relevant de l'article 8, l'approche « low carbon » sous-jacente explique et démontre les caractéristiques environnementales du fonds. | - El índice de referencia es el indicador de referencia del subfondo, normalmente un índice de mercado amplio representativo del universo de inversión del subfondo.
- La cartera se somete a un control permanente de las emisiones de carbono en comparación con su índice de referencia. Esta información está disponible en la herramienta de posicionamiento del «front office». Los datos brutos proceden de S&P Trucost. El equipo de gestión de carteras supervisa la huella de carbono global y el aumento marginal de las emisiones de carbono de cada posición, así como la intensidad de carbono de la cartera, con el fin de respetar el nivel objetivo de intensidad de carbono total de un 30% por debajo del nivel del índice de referencia. La posición en efectivo no se tiene en cuenta, y los datos sobre emisiones de CO2 podrían no estar disponibles para todas las inversiones.
- En el caso de los fondos del artículo 8, el enfoque subyacente de bajas emisiones de carbono explica y demuestra las características medioambientales del fondo. | - L'indice de référence est l'indicateur de référence du compartiment, généralement un indice de marché large qui correspond à l'univers d'investissement du compartiment.
- Le portefeuille est soumis à un contrôle permanent des émissions de carbone par rapport à son indice de référence. Les informations y relatives sont disponibles sur l'outil de positionnement du front office. Les données brutes proviennent de S&P Trucost. L'équipe de gestion du portefeuille surveille l'empreinte carbone globale et l'augmentation marginale des émissions de carbone pour chaque titre, ainsi que l'intensité carbone du portefeuille afin de respecter le niveau cible d'intensité carbone globale inférieur à 30% du niveau de l'indice de référence. La position de trésorerie n'est pas prise en compte et les données sur les émissions de CO2 peuvent ne pas être disponibles pour tous les investissements.
- Pour les fonds relevant de l'article 8, l'approche « low carbon » sous-jacente explique et démontre les caractéristiques environnementales du fonds. | fr | es |
DOLFIN3150 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Unlisted financial instruments and other securities
- Financial instruments whose price has not been recorded on the valuation date are valued at the most recent officially published price or at their likely trading value under the responsibility of the Management Company.
- Foreign securities are converted into the equivalent value in euros at the WMR rate for the currencies on the valuation date.
- Financial instruments not traded on a regulated market are valued at their likely trading value under the responsibility of the Management Company.
- Other financial instruments are valued at their market value as calculated by the counterparties, under the supervision and responsibility of the Management Company. | ###### Instrumentos financieros no cotizados y otros títulos
- Los instrumentos financieros cuyo precio no se ha registrado en el día de valoración se valoran al último precio publicado oficialmente o a su valor de negociación probable bajo la responsabilidad de la Sociedad Gestora.
- Los títulos extranjeros se convierten a su contravalor en euros a partir del tipo de cambio WMR el día de valoración.
- Los instrumentos financieros no negociados en un mercado regulado se valoran bajo la responsabilidad de la Sociedad Gestora a su valor de negociación probable.
- Otros instrumentos financieros se valoran a su valor de mercado calculado por las contrapartes bajo el control y laresponsabilidad de la Sociedad Gestora. | #### Unlisted financial instruments and other securities
- Financial instruments whose price has not been recorded on the valuation date are valued at the most recent officially published price or at their likely trading value under the responsibility of the Management Company.
- Foreign securities are converted into the equivalent value in euros at the WMR rate for the currencies on the valuation date.
- Financial instruments not traded on a regulated market are valued at their likely trading value under the responsibility of the Management Company.
- Other financial instruments are valued at their market value as calculated by the counterparties, under the supervision and responsibility of the Management Company. | en | es |
DOLFIN3151 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Shareholders may view the NAV per Share on www.invesco.com and the relevant Invesco Local Websites, where required by local laws.
- Temporary suspension of the determination of NAVThe SICAV may suspend the determination of the NAV per share of any particular class of Shares and/or Fund, and the subscription, switch and redemption in any such Fund and class of Shares in any of the following events:
- during any period when any of the principal stock exchanges or other markets on which a substantial portion of the investments of the SICAV attributable to such class of shares from time to time is quoted or dealt in is closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended, provided that such restriction or suspension affects the valuation of the investments of the SICAV attributable to such class of shares quoted thereon;
- during the existence of any state of affairs (including any political, economic, military, monetary or other emergency beyond the control, liability and influence of the SICAV) which constitutes an emergency in the opinion of the Directors as a result of which disposal or valuation of assets owned by the SICAV attributable to such class of shares would be impracticable or might prejudice the interests of the Shareholders;
- during any breakdown in the means of communication or computation normally employed in determining the price or value of any of the investments of such class of shares or the current price or value on any stock exchange or other market in respect of the assets attributable to such class of shares;
- during any period when the SICAV is unable to repatriate funds for the purpose of making payments on the redemption of shares of such class of shares or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of shares cannot, in the opinion of the Directors, be effected at normal rates of exchange;
- when for any other reason the prices of any investments owned by the SICAV attributable to such class of Shares cannot promptly or accurately be ascertained;
- any period when the NAV of any subsidiary of the SICAV may not be determined accurately, including (but not limited to) for Feeder Funds, if its master Fund temporarily suspends the redemption;
- from the time of publication of a notice convening an extraordinary general meeting of Shareholders for the purpose of winding-up the SICAV, any Funds or classes of Shares, or merging the SICAV or any Funds, or informing the Shareholders of the decision of the Directors to terminate Funds or classes of Shares or to merge Funds. | Gli Azionisti possono verificare il NAV per Azione sul Sito web www.invesco.com e i relativi Siti web locali Invesco, ove richiesto dalle leggi locali.
- Sospensione temporanea del calcolo del NAVLa SICAV potrà sospendere il calcolo del NAV per azione di una particolare classe di Azioni e/o del Fondo, nonché la sottoscrizione, la conversione e il rimborso relativamente a tale Fondo e classe di Azioni in uno dei casi seguenti:
- durante un periodo di chiusura – fatta eccezione per le festività ordinarie – di qualsiasi borsa valori o altro mercato principale su cui è di volta in volta quotata o negoziata una parte sostanziale degli investimenti della SICAV attribuibili a tale Fondo, ovvero durante un periodo di limitazione o sospensione delle relative negoziazioni, purché dette limitazioni o sospensioni influiscano sulla valutazione degli investimenti della SICAV attribuibili a detto Fondo ivi quotato;
- al verificarsi di qualsiasi circostanza (anche di natura politica, economica, militare, monetaria o altro evento di emergenza che esuli dal controllo, dalla responsabilità e dall’influenza della SICAV) che a giudizio degli Amministratori costituisca un’emergenza e a seguito della quale l’alienazione o la valutazione di attività detenute dalla SICAV attribuibili a tale classe di Azioni sia impraticabile o possa danneggiare gli interessi degli Azionisti;
- in caso di guasto dei mezzi di comunicazione o di calcolo normalmente impiegati nella determinazione del prezzo o del valore di qualsiasi investimento di tale classe di Azioni o del prezzo o valore corrente su qualsiasi borsa valori o altro mercato in ordine ad attività attribuibili a detta classe di Azioni;
- durante periodi in cui la SICAV non è in grado di rimpatriare fondi allo scopo di effettuare pagamenti per il rimborso di azioni di detta classe di Azioni o durante i quali eventuali trasferimenti di fondi necessari per il realizzo o l’acquisizione di investimenti o pagamenti dovuti sul rimborso di azioni non possano, a giudizio degli Amministratori, essere effettuati ai normali tassi di cambio;
- quando per qualsiasi altra ragione i prezzi degli investimenti posseduti dalla SICAV attribuibili a tale classe di Azioni non possano essere tempestivamente o accuratamente determinati;
- un periodo in cui il NAV di qualsiasi controllata della SICAV non possa essere determinato con esattezza, come (a mero titolo esemplificativo) per i Fondi Feeder qualora il Fondo master sospenda temporaneamente il rimborso;
- dal momento della pubblicazione di un avviso di convocazione di un’assemblea generale straordinaria degli Azionisti avente lo scopo di liquidare la SICAV, qualsiasi Fondo o classe di Azioni, ovvero fondere la SICAV o qualsiasi Fondo ovvero informare gli Azionisti della decisione degli Amministratori di chiudere Fondi o classi di Azioni o di fondere i Fondi. | Shareholders may view the NAV per Share on www.invesco.com and the relevant Invesco Local Websites, where required by local laws.
- Temporary suspension of the determination of NAVThe SICAV may suspend the determination of the NAV per share of any particular class of Shares and/or Fund, and the subscription, switch and redemption in any such Fund and class of Shares in any of the following events:
- during any period when any of the principal stock exchanges or other markets on which a substantial portion of the investments of the SICAV attributable to such class of shares from time to time is quoted or dealt in is closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended, provided that such restriction or suspension affects the valuation of the investments of the SICAV attributable to such class of shares quoted thereon;
- during the existence of any state of affairs (including any political, economic, military, monetary or other emergency beyond the control, liability and influence of the SICAV) which constitutes an emergency in the opinion of the Directors as a result of which disposal or valuation of assets owned by the SICAV attributable to such class of shares would be impracticable or might prejudice the interests of the Shareholders;
- during any breakdown in the means of communication or computation normally employed in determining the price or value of any of the investments of such class of shares or the current price or value on any stock exchange or other market in respect of the assets attributable to such class of shares;
- during any period when the SICAV is unable to repatriate funds for the purpose of making payments on the redemption of shares of such class of shares or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of shares cannot, in the opinion of the Directors, be effected at normal rates of exchange;
- when for any other reason the prices of any investments owned by the SICAV attributable to such class of Shares cannot promptly or accurately be ascertained;
- any period when the NAV of any subsidiary of the SICAV may not be determined accurately, including (but not limited to) for Feeder Funds, if its master Fund temporarily suspends the redemption;
- from the time of publication of a notice convening an extraordinary general meeting of Shareholders for the purpose of winding-up the SICAV, any Funds or classes of Shares, or merging the SICAV or any Funds, or informing the Shareholders of the decision of the Directors to terminate Funds or classes of Shares or to merge Funds. | en | it |
DOLFIN3152 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Any shareholder may request the redemption of all or part of his Shares by the Company provided that:
- in the case of a request for redemption of part of his Shares, the Company may, if compliance with such request would result in a holding of Shares of any one Sub-Fund with an aggregate Net Asset Value of less than such amount or number of Shares as determined by the Board of Directors and disclosed in the Prospectus from time to time, redeem all the remaining Shares held by such shareholder; and
- the Company may limit the total number of Shares of any Sub-Fund which may be redeemed on a dealing day to a number representing a percentage (as set out in the Prospectus) of the net assets of a same Sub-Fund or a percentage (as set out in the Prospectus) of the net assets of Classes related to a single pool of assets in the Company. | # Jeder Anteilsinhaber kann die Rücknahme aller seiner Anteile oder eines Teils davon durch die Gesellschaft beantragen, vorausgesetzt:
- falls der Antrag sich auf einen Teil der Anteile bezieht, hat die Gesellschaft das Recht, sämtliche Anteile zurückzukaufen, die sich im Besitz des betroffenen Anteilsinhabers befinden, wenn die erbetene teilweise Rücknahme der Anteile dazu führen würde, dass der aggregierte Nettoinventarwert der verbleibenden Anteile eines Teilfonds den vom Verwaltungsrat bestimmten Mindestwert oder die vomVerwaltungsrat bestimmte Mindestanzahl von zu haltenden Anteilen unterschreitet, welche von Zeit zu Zeit im Verkaufsprospekt bekannt gegeben wird, und
- die Gesellschaft hat das Recht, die Gesamtanzahl von Anteilen eines bestimmten Teilfonds, die an einem bestimmten Handelstag für eine Rücknahme in Frage kommen, auf einen Prozentsatz (so wie im Verkaufsprospekt beschrieben) des Nettoinventarwerts eines identischen Teilfonds zu begrenzen oder auf einen Prozentsatz (wie im Verkaufsprospekt beschrieben) des Nettoinventarwerts der Klassen, die in ein und demselben Pool von Vermögenswerten der Gesellschaft vertreten sind. | # Any shareholder may request the redemption of all or part of his Shares by the Company provided that:
- in the case of a request for redemption of part of his Shares, the Company may, if compliance with such request would result in a holding of Shares of any one Sub-Fund with an aggregate Net Asset Value of less than such amount or number of Shares as determined by the Board of Directors and disclosed in the Prospectus from time to time, redeem all the remaining Shares held by such shareholder; and
- the Company may limit the total number of Shares of any Sub-Fund which may be redeemed on a dealing day to a number representing a percentage (as set out in the Prospectus) of the net assets of a same Sub-Fund or a percentage (as set out in the Prospectus) of the net assets of Classes related to a single pool of assets in the Company. | en | de |
DOLFIN3153 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Denise Voss Présidente
Annexe 1
Modifications de l’énoncé de l’objectif et de la politique d’investissement du Compartiment BlackRock Fixed Income Strategies Fund (« FISF ») | # Denise Voss Presidente
Anexo 1
Cambios en la declaración del objetivo y la política de inversión del BlackRock Fixed Income Strategies Fund («FISF») | # Denise Voss Présidente
Annexe 1
Modifications de l’énoncé de l’objectif et de la politique d’investissement du Compartiment BlackRock Fixed Income Strategies Fund (« FISF ») | fr | es |
DOLFIN3154 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- In 2021, carried interest of €60,000 was paid to BNPP AM France staff employed as at 31 December 2021.
2
Note: the above remuneration amounts cannot be reconciled directly with the accounting data for the year because they reflect the sums awarded based on the number of employees at the end of the annual variable remuneration campaign, in May 2021. Therefore, for example, these amounts include all the variable remuneration awarded during this campaign, regardless of whether or not it was deferred, and regardless of whether or not the employees ultimately remained at the company.
3
In addition to these employees and the corresponding amounts, the following should be noted:
- 5 employees of the Austrian branch, one of whom has the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €774,000 and €242,000, respectively;
- 20 employees of the German branch, one of whom has the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €3,774,000 and €1,067,000, respectively.
- 53 employees of the Italian branch, two of whom have the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €5,625,000 and €1,409,000, respectively.
- 83 employees of the Dutch branch, 20 of whom have the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €11,055,000 and €2,463,000, respectively. | - En 2021, 60 k EUR ont été versés, au titre du « carried interests » (intéressement aux plus values) aux collaborateurs de BNPP AM France présents au 31.12.2021.
2
NB : les montants de rémunération ci-dessus ne sont pas directement réconciliables avec les données comptables de l’année, car ils reflètent des montants attribués, sur la base du périmètre des effectifs à la clôture de la campagne annuelle de rémunération variable, en mai 2021. Ainsi, par exemple, ces montants incluent toutes les rémunérations variables attribuées lors de cette campagne, qu’ils soient différés ou non, et que les collaborateurs soient finalement restés dans l’entreprise ou non.
3
Outre ces effectifs et les montants correspondants, il faut noter les
- 5 collaborateurs de la succursale autrichienne, dont 1 a le statut d’ « Identified Staff », et dont la rémunération totale et la rémunération variable totale s’élèvent respectivement en 2020 à 774 K EUR et 242 K EUR;
- 20 collaborateurs de la succursale allemande, dont 1 a le statut d’ « Identified Staff », et dont la rémunération totale et la rémunération variable totale s’élèvent respectivement en 2020 à 3,774 K EUR et 1,067 K EUR.
- 53 collaborateurs de la succursale italienne, dont 2 ont le statut d’ « Identified Staff », et dont la rémunération totale et la rémunération variable totale s’élèvent respectivement en 2020 à 5,625 K EUR et 1,409 K EUR.
- 83 collaborateurs de la succursale néerlandaise, dont 20 ont le statut d’ « Identified Staff », et dont la rémunération totale et la rémunération variable totale s’élèvent respectivement en 2020 à 11,055 K EUR et 2,463 K EUR. | - In 2021, carried interest of €60,000 was paid to BNPP AM France staff employed as at 31 December 2021.
2
Note: the above remuneration amounts cannot be reconciled directly with the accounting data for the year because they reflect the sums awarded based on the number of employees at the end of the annual variable remuneration campaign, in May 2021. Therefore, for example, these amounts include all the variable remuneration awarded during this campaign, regardless of whether or not it was deferred, and regardless of whether or not the employees ultimately remained at the company.
3
In addition to these employees and the corresponding amounts, the following should be noted:
- 5 employees of the Austrian branch, one of whom has the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €774,000 and €242,000, respectively;
- 20 employees of the German branch, one of whom has the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €3,774,000 and €1,067,000, respectively.
- 53 employees of the Italian branch, two of whom have the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €5,625,000 and €1,409,000, respectively.
- 83 employees of the Dutch branch, 20 of whom have the status of "Identified Staff" and whose total fixed remuneration and total variable remuneration in 2020 amounted to €11,055,000 and €2,463,000, respectively. | en | fr |
DOLFIN3155 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund's primary investment objective is to be exposed to shares in companies listed on the US Stock Exchanges, by systematically applying the investment process developed by the Management Company to outperform the reference index by minimizing risk factor concentration via a maximally diversified portfolio.
Equity selection is based on the quantitative and systematic models, which aim to optimize the level of diversification achieved relative to the benchmark indicator. These models determine the optimal model portfolio, including both the list of eligible stocks and their portfolio weightings.
The Fund is managed in reference to the MSCI USA Net Total Return Index. The Fund does not use an index-based management strategy, it is actively managed. As a consequence, its performance may differ substantially from the benchmark, which is used to define the investment universe and determine the global risk profile of the Fund. A majority of the benchmark’s equity securities will be components of the Fund. The weightings of the Fund’s portfolio holdings may diverge significantly from their equivalent weighting in the index. | # Obiettivi e politica d'investimento
L’obiettivo d’investimento principale del Fondo è acquisire un’esposizione alle azioni delle società quotate sulle borse statunitensi, adottando sistematicamente il processo d’investimento sviluppato dalla Società di gestione per sovraperformare l’indice di riferimento, minimizzando il rischio di concentrazione tramite un portafoglio il più diversificato possibile.
La selezione delle azioni si basa su modelli quantitativi e sistematici volti a ottimizzare il livello di diversificazione ottenuto rispetto all’indice di riferimento. Questi modelli determinano il portafoglio modello ottimale, che comprende sia l’elenco dei titoli idonei sia le loro ponderazioni nel portafoglio.
Il Fondo è gestito con riferimento all’Indice MSCI USA Net Total Return. Il Fondo non utilizza una strategia di gestione indicizzata ed è gestito attivamente. Di conseguenza, la sua performance può differenziarsi in maniera sostanziale da quella del benchmark, che è utilizzato per definire l'universo d'investimento e stabilire il profilo di rischio globale del Fondo. Il Fondo investirà nella maggior parte dei titoli azionari del benchmark. Le ponderazioni delle partecipazioni nel portafoglio del Fondo potrebbero divergere in maniera significativa dalle corrispondenti ponderazioni nell'indice. | # Objectives and investment policy
The Fund's primary investment objective is to be exposed to shares in companies listed on the US Stock Exchanges, by systematically applying the investment process developed by the Management Company to outperform the reference index by minimizing risk factor concentration via a maximally diversified portfolio.
Equity selection is based on the quantitative and systematic models, which aim to optimize the level of diversification achieved relative to the benchmark indicator. These models determine the optimal model portfolio, including both the list of eligible stocks and their portfolio weightings.
The Fund is managed in reference to the MSCI USA Net Total Return Index. The Fund does not use an index-based management strategy, it is actively managed. As a consequence, its performance may differ substantially from the benchmark, which is used to define the investment universe and determine the global risk profile of the Fund. A majority of the benchmark’s equity securities will be components of the Fund. The weightings of the Fund’s portfolio holdings may diverge significantly from their equivalent weighting in the index. | en | it |
DOLFIN3156 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Currency | Fund (%) | Relative to benchmark (%) |
| --- | --- | --- |
| Swiss Franc | 0.00 | | -0.03 |
| Euro | 27.17 | | | +4.69 |
| |
| Sterling | 3.25 | | +0.64 |
| Swedish Krona | 0.00 | | -0.02 |
| US Dollar | 69.17 | | -5.70 |
| | | | Valuta | Fondo (%) | Rispetto al benchmark (%) |
| --- | --- | --- |
| Franco svizzero | 0,00 | | -0,03 |
| Euro | 27,17 | | | +4,69 |
| |
| Sterlina | 3,25 | | +0,64 |
| Corona svedese | 0,00 | | -0,02 |
| Dollaro Americano | 69,17 | | -5,70 |
| | | | Currency | Fund (%) | Relative to benchmark (%) |
| --- | --- | --- |
| Swiss Franc | 0.00 | | -0.03 |
| Euro | 27.17 | | | +4.69 |
| |
| Sterling | 3.25 | | +0.64 |
| Swedish Krona | 0.00 | | -0.02 |
| US Dollar | 69.17 | | -5.70 |
| | | en | it |
DOLFIN3157 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/12/2014-31/12/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,495
4.9%
USD 12,532
4.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/12/2014-31/12/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 495 USD
4,9%
12 532 USD
4,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/12/2014-31/12/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,495
4.9%
USD 12,532
4.6% | en | es |
DOLFIN3158 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (EUR) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | 13.0 | -3.2 | -21.3 | 32.5 | -12.0 | -16.6 | 14.4 | -34.1 | 53.9 |
| Constraint †¹ | | 13.0 | 0.4 | -14.7 | 31.6 | -7.5 | -12.1 | 14.4 | -35.6 | 49.9 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en EUR para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2001. La clase de acciones se lanzó en 2012.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (EUR) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | 13,0 | -3,2 | -21,3 | 32,5 | -12,0 | -16,6 | 14,4 | -34,1 | 53,9 |
| Limitación †¹ | | 13,0 | 0,4 | -14,7 | 31,6 | -7,5 | -12,1 | 14,4 | -35,6 | 49,9 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (EUR) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | 13.0 | -3.2 | -21.3 | 32.5 | -12.0 | -16.6 | 14.4 | -34.1 | 53.9 |
| Constraint †¹ | | 13.0 | 0.4 | -14.7 | 31.6 | -7.5 | -12.1 | 14.4 | -35.6 | 49.9 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN3159 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Data protection
In accordance with the provisions of the Luxembourg law of 1 August 2018 organizing the National Commission for data protection and of the general system on data protection, as it may be amended from time to time and the Regulation 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (“Data Protection Law”), the Fund, acting as data controller, collects, stores and processes, by electronic or other means, the data supplied by investors for the purpose of fulfilling the services required by the investors and complying with its legal and regulatory obligations.
The data processed includes in particular the name, contact details (including postal or email address), banking details, invested amount and holdings in the Fund of investors (and, if the investor is a legal person, of any natural person related to it such as its contact person(s) and/or beneficial owner(s)) (“Personal Data”). The Personal Data may be collected from a number of sources, including, where applicable, from the investors directly (including, where applicable, in the subscription agreement, and in correspondence and conversations) or from publicly available sources (including in publicly available and accessible registries and third party sources, bankruptcy registers and tax authorities).
The investor may at his/her/its discretion refuse to communicate Personal Data to the Fund. In this case, however, it will affect the ability of the Fund to provide services to the investor, the Fund may for instance be unable to accept a request for Shares.
Personal Data supplied by investors is processed to enter into and perform the subscription in the Fund (i.e. for the performance of a contract), for the legitimate interests of the Fund and to comply with the legal obligations imposed on the Fund. In particular, the Personal Data is processed for the purposes of (i) processing subscriptions, redemptions and conversions of Shares and payments of dividends to investors, account administration, (ii) client relationship management, (iii) performing controls on excessive trading and market timing practices, tax identification as may be required under Luxembourg or foreign laws and regulations (including laws and regulations relating to FATCA or CRS) and (iv) compliance with applicable anti-money laundering rules. Data supplied by shareholders is also processed for the purpose of (v) maintaining the register of shareholders of the Fund. In addition, Personal Data may be processed for the purposes of (vi) marketing.
The “legitimate interests” referred to above are:
- the processing purposes described in points (ii) and (vi) of the above paragraph of this data protection section;
- meeting and complying with the Fund’s accountability requirements and regulatory obligations resulting from non-European Economic Area (the “EEA”) member States; and
- exercising the business of the Fund in accordance with reasonable market standards.
To this end, and in accordance with the provisions of the Data Protection Law, Personal Data may be transferred by the Fund to its data recipients (the “Recipients”) which, in the context of the above-mentioned purposes, refer to its affiliated and third- party entities supporting the activities of the Fund which include, in particular, the Management Company, Administrator, Distributors, Depositary, Paying Agent, Investment Manager, Domiciliation Agent, Global Distributor, Auditor and Legal adviser of the Fund.
The Recipients may, under their own responsibility, disclose the Personal Data to their agents and/or delegates (the “Sub- Recipients”), which shall process the Personal Data for the sole purposes of assisting the Recipients in providing their services to the Company and/or assisting the Recipients in fulfilling their own legal obligations.
The Recipients and Sub-Recipients may be located within or outside the EEA, in countries whose data protection laws may not offer an adequate level of protection.
In case of a transfer of Personal Data to Recipients and/or Sub-Recipients located outside the EEA in a country that does not provide an adequate level of protection, the Fund will contractually ensure that the Personal Data relating to investors is protected in a manner which is equivalent to the protection offered pursuant to the Data Protection Law, which may take the form of EU Commission approved “Model Clauses”. In this respect, the investor has a right to request copies of the relevant document for enabling the Personal Data transfer(s) towards such countries by writing to the Fund’s address as specified above in the “Directory”.
In subscribing for Shares, each investor is expressly informed of the transfer and processing of his/her/its Personal Data to the Recipients and Sub-Recipients referred to above, including entities located outside the EEA and in particular in countries which may not offer an adequate level of protection.
The Recipients and Sub-Recipients may, as the case may be, process the Personal Data as data processors (when processing the Personal Data upon instructions of the Fund), and/or as distinct data controllers (when processing the Personal Data for their own purposes, namely fulfilling their own legal obligations). Information about the processing activities of these Recipients is available on their respective websites.
The Fund may also transfer Personal Data to third- parties such as governmental or regulatory agencies, including tax authorities, in or outside the EEA, in accordance with applicable laws and regulations. In particular, such Personal Data may be disclosed to the Luxembourg tax authorities, which in turn may acting as data controller, disclose the same to foreign tax authorities. In case personal data is transferred to foreign law enforcement authorities, by request formulated using appropriate procedures, the Fund will ensure that your personal data is protected additionally by a mutual legal assistance treaty, or equivalent mechanism.
In accordance with the conditions set out by the Data Protection Law, each investor will upon written request to be addressed
to the Fund’s address as specified above in the “Directory” have the right to:
- access his/her/its Personal Data (i.e. the right to obtain from the Fund confirmation as to whether or not his/her/its Personal Data is being processed, to be provided with certain information about the Fund’s processing of his/her/its Personal Data, to access such data, and to obtain a copy of the Personal data undergoing processing (subject to legal exceptions));
- ask for Personal Data to be rectified where it is inaccurate or incomplete (i.e. the right to require from the Fund that inaccurate or incomplete Personal Data or any material error be updated or corrected accordingly);
- restrict the use of his/her/its Personal Data (i.e. the right to obtain that, under certain circumstances, the processing of his/her/its Personal Data should be restricted to storage of such data unless his/her/its consent has been obtained);
- object to the processing of his/her/its Personal Data, including to object to the processing of his/her/its Personal Data for marketing purposes (i.e. the right to object, on grounds relating to the investor’s particular situation, to processing of Personal Data which is based on the performance of a task carried out in the public interest or the legitimate interests of the Fund. The Fund shall stop such processing unless it can either demonstrate compelling legitimate grounds for the processing that override investor’s interests, rights and freedoms or that it needs to process the data for the establishment, exercise or defence of legal claims);
- ask for erasure of his/her/its Personal Data (i.e. the right to require that Personal Data be erased in certain circumstances, including where it is no longer necessary for the Fund to process this data in relation to the purposes for which it collected or processed);
- ask for Personal Data portability (i.e. the right to have the data transferred to the investors or another controller in a structured, commonly used and machine-readable format, where this is technically feasible). However, please note that this right to data portability only arises where: (a) the processing is based on consent or on a contract; and (b) the processing is carried out by automated means, and (c) it does not adversely affect the rights and freedoms of others. This data portability right also only applies to the data that provided to the Fund by the investor.
Investors also have a right to lodge a complaint with the National Commission for Data Protection (the “CNPD”) at the following address: 1, Avenue du Rock'n'Roll, L-4361 Esch-sur-Alzette, Grand Duchy of Luxembourg, or when investors reside in another European Union Member State, with any other locally competent data protection supervisory authority.
Personal Data will not be retained for a period longer than necessary for the purpose of the data processing, subject to applicable statutory periods of retention.
- | # Protection des données
Conformément aux dispositions de la loi luxembourgeoise du 1er août 2018 portant organisation de la Commission nationale pour la protection des données et du cadre général de protection des données, tels que pouvant être modifiés en tant que de besoin, et au Règlement 2016/679 du 27 avril 2016 relatif à la protection des personnes physiques à l'égard du traitement des données à caractère personnel et à la libre circulation de ces données (la « Loi sur la protection des données »), le Fonds, agissant en qualité de responsable du traitement des données, collecte, stocke et traite, par des moyens électroniques ou autres, les données fournies par les investisseurs aux fins de fournir les services requis par les investisseurs et de se conformer à ses obligations légales et réglementaires.
Les données traitées comprennent notamment le nom, les coordonnées (y compris l'adresse postale ou électronique), les coordonnées bancaires, le montant investi et les participations des investisseurs dans le Fonds (et, si l'investisseur est une personne morale, de toute personne physique qui lui est liée, comme sa ou ses personne(s) de contact et/ou son ou ses bénéficiaire(s) effectif(s)) (les « Données à caractère personnel »). Les Données à caractère personnel peuvent être recueillies à partir d'un certain nombre de sources, y compris, le cas échéant, directement auprès des investisseurs (y compris, le cas échéant, dans la convention de souscription et dans le cadre de la correspondance entretenue et des conversations) ou à partir de sources accessibles au public (registres accessibles au public, sources externes, registres des faillites et administrations fiscales).
L'investisseur peut, à sa discrétion, refuser de communiquer des Données à caractère personnel au Fonds. Dans ce cas, cela limitera toutefois la capacité du Fonds à fournir des services à l'investisseur, et il se peut par exemple que le Fonds ne soit pas en mesure d'accepter une demande de souscription d'Actions.
Les Données à caractère personnel fournies par les investisseurs sont traitées aux fins de conclure et d'exécuter la souscription dans le Fonds (c'est-à-dire pour l'exécution d'un contrat), de servir les intérêts légitimes du Fonds et de se conformer aux obligations légales qui lui sont imposées. En particulier, les Données à caractère personnel seront traitées aux fins (i) du traitement des demandes de souscription, de rachat et de conversion d'Actions, du paiement des dividendes aux investisseurs et de l'administration des comptes, (ii) de la gestion de la relation client, (iii) des contrôles sur les pratiques de market timing et d'excessive trading, de l'identification fiscale imposée par la législation ou la réglementation luxembourgeoise ou étrangère (y compris relative à la FATCA ou à la NCD) et (iv) de l'observation des règles applicables en matière de lutte contre le blanchiment de capitaux. Les données fournies par les actionnaires seront également traitées aux fins (v) de la tenue du registre des actionnaires du Fonds. Enfin, les Données à caractère personnel pourront également être traitées à des fins (vi) de marketing.
« Servir les intérêts légitimes » signifie plus précisément :
- assurer le traitement tel que décrit aux points (ii) et (vi) du paragraphe ci-dessus de la présente section sur la protection des données ;
- satisfaire et observer les exigences en matière de responsabilité et les obligations réglementaires qui s'imposent au Fonds dans les pays n'appartenant pas à l'Espace économique européen (« EEE ») ; et
- exercer les activités du Fonds dans le respect des normes raisonnables du marché.
A cette fin, et conformément aux dispositions de la Loi sur la protection des données, les Données à caractère personnel peuvent être transférées par le Fonds à ses destinataires (les « Destinataires ») qui, dans le cadre des finalités susmentionnées, désignent ses entités affiliées et des entités tierces qui soutiennent ses activités, à savoir notamment la Société de gestion, l'Administrateur, les Distributeurs, le Dépositaire, l'Agent payeur, le Gestionnaire d'investissement, l'Agent domiciliataire, le Distributeur mondial, le Commissaire aux comptes et le Conseiller juridique du Fonds.
Les Destinataires peuvent, sous leur propre responsabilité, communiquer des Données à caractère personnel à leurs agents et/ou délégués (les « Sous-Destinataires »), qui traiteront les Données à caractère personnel dans le seul but d'aider les Destinataires à fournir leurs services à la Société et/ou à remplir leurs propres obligations légales.
Les Destinataires et les Sous-Destinataires peuvent être situés dans ou en dehors de l'EEE, dans des pays dans lesquels la législation sur la protection des données n'offre pas nécessairement un niveau de protection adéquat.
En cas de transfert de Données à caractère personnel à des Destinataires et/ou des Sous-Destinataires situés en dehors de l'EEE dans un pays n'offrant pas un niveau de protection adéquat, le Fonds s'assurera contractuellement que les Données à caractère personnel relatives aux investisseurs sont protégées d'une manière équivalente à la protection offerte en vertu de la Loi sur la protection des données, en prévoyant par exemple des « Clauses types » telles qu'approuvées par la Commission européenne. A cet égard, l'investisseur a le droit de demander des copies du document précisant les conditions du ou des transfert(s) de Données à caractère personnel vers ces pays en écrivant au Fonds, à l'adresse spécifiée à la section
« Répertoire » ci-dessus.
Lorsqu'il souscrit des Actions, chaque investisseur est expressément informé du transfert et du traitement de ses Données à caractère personnel aux ou par les Destinataires et Sous-Destinataires susmentionnés, y compris lorsqu'ils sont situés en dehors de l'EEE et en particulier dans des pays qui n'offrent pas nécessairement un niveau de protection adéquat.
Les Destinataires et les Sous-Destinataires peuvent, selon le cas, traiter les Données à caractère personnel en tant que sous- traitants (lorsqu'ils traitent les Données à caractère personnel sur instruction du Fonds) et/ou en tant que responsables distincts du traitement des données (lorsqu'ils traitent les Données à caractère personnel à leurs propres fins, à savoir pour remplir leurs propres obligations légales). Les informations relatives aux activités de traitement de ces Destinataires sont disponibles sur leur site Internet respectif.
Le Fonds peut également transférer des Données à caractère personnel à des tiers tels que des organismes gouvernementaux ou de réglementation, en ce compris les autorités fiscales, dans ou en dehors de l'EEE, conformément aux lois et règlements applicables. Ces Données à caractère personnel peuvent en particulier être transmises aux autorités fiscales luxembourgeoises qui, intervenant en tant que responsables du contrôle, peuvent à leur tour communiquer ces données à des autorités fiscales étrangères. Dans le cas où des Données à caractère personnel seraient transférées à des autorités policières étrangères qui en ont formulé la demande en suivant les procédures appropriées, le Fonds veillera à ce que vos Données à caractère personnel soient protégées de surcroît par un traité d'entraide judiciaire ou un mécanisme équivalent.
Conformément aux conditions fixées par la Loi sur la protection des données, chaque investisseur a le droit, sur demande écrite envoyée au Fonds, à l'adresse spécifiée à la section « Répertoire » ci-dessus :
- d'accéder à ses Données à caractère personnel (c'est-à-dire le droit d'obtenir du Fonds la confirmation que ses Données à caractère personnel sont ou non traitées, de recevoir certaines informations sur le traitement de ses Données à caractère personnel par le Fonds, d'accéder à ces données et d'obtenir une copie des Données à caractère personnel en cours de traitement (sous réserve d'exceptions telles que prévues par la loi)) ;
- de demander la rectification des Données à caractère personnel lorsqu'elles sont inexactes ou incomplètes (c'est-à- dire le droit d'exiger du Fonds que des Données à caractère personnel inexactes ou incomplètes ou toute erreur importante soient mises à jour ou corrigées en conséquence) ;
- de limiter l'utilisation de ses Données à caractère personnel (c'est-à-dire le droit d'obtenir que, dans certaines circonstances, le traitement de ses Données à caractère personnel soit limité au stockage des données, sauf s'il a donné son consentement à d'autres fins) ;
- de s'opposer au traitement de ses Données à caractère personnel, y compris au traitement de ses Données à caractère personnel à des fins de marketing (c'est-à-dire le droit de s'opposer, pour des raisons liées à sa situation particulière, au traitement de ses Données à caractère personnel qui est fondé sur l'exécution d'une tâche réalisée dans l'intérêt public ou pour servir les intérêts légitimes du Fonds. Le Fonds mettra un terme au traitement, à moins qu'il ne puisse démontrer que des motifs légitimes et impérieux justifiant le traitement l'emportent sur les intérêts, droits et libertés de l'investisseur ou qu'il est tenu de traiter les données dans le cadre de la constatation, de l'exercice ou de la défense d'un droit en justice) ;
- de demander l'effacement de ses Données à caractère personnel (c'est-à-dire le droit d'exiger que des Données à caractère personnel soient effacées dans certaines circonstances, notamment lorsqu'il n'est plus nécessaire que le Fonds traite ces données en relation avec les finalités pour lesquelles elles ont été collectées ou traitées) ;
- de demander la portabilité des Données à caractère personnel (c'est-à-dire le droit de faire transférer les données aux investisseurs ou à un autre responsable du traitement dans un format structuré, couramment utilisé et lisible par machine, lorsque cela est techniquement possible). Nous attirons toutefois votre attention sur le fait que ce droit à la portabilité des données ne vaut que lorsque : (a) le traitement repose sur le consentement ou sur un contrat ; et(b) le traitement est automatisé, et (c) il ne porte pas atteinte aux droits et libertés d'autrui. En outre, ce droit à la portabilité des données s'applique uniquement aux données communiquées au Fonds par l'investisseur.
Les investisseurs ont également le droit de déposer une plainte auprès de la Commission nationale pour la protection des données (la « CNPD ») à l'adresse suivante : 1, Avenue du Rock'n'Roll, L-4361 Esch-sur-Alzette, Grand-Duché de Luxembourg, ou lorsque les investisseurs résident dans un autre Etat membre de l'Union européenne, auprès de toute autre autorité de contrôle de la protection des données compétente au niveau local.
Les Données à caractère personnel ne seront pas conservées plus longtemps que nécessaire pour les besoins du traitement, sous réserve des durées de conservation légales applicables.
- | # Data protection
In accordance with the provisions of the Luxembourg law of 1 August 2018 organizing the National Commission for data protection and of the general system on data protection, as it may be amended from time to time and the Regulation 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (“Data Protection Law”), the Fund, acting as data controller, collects, stores and processes, by electronic or other means, the data supplied by investors for the purpose of fulfilling the services required by the investors and complying with its legal and regulatory obligations.
The data processed includes in particular the name, contact details (including postal or email address), banking details, invested amount and holdings in the Fund of investors (and, if the investor is a legal person, of any natural person related to it such as its contact person(s) and/or beneficial owner(s)) (“Personal Data”). The Personal Data may be collected from a number of sources, including, where applicable, from the investors directly (including, where applicable, in the subscription agreement, and in correspondence and conversations) or from publicly available sources (including in publicly available and accessible registries and third party sources, bankruptcy registers and tax authorities).
The investor may at his/her/its discretion refuse to communicate Personal Data to the Fund. In this case, however, it will affect the ability of the Fund to provide services to the investor, the Fund may for instance be unable to accept a request for Shares.
Personal Data supplied by investors is processed to enter into and perform the subscription in the Fund (i.e. for the performance of a contract), for the legitimate interests of the Fund and to comply with the legal obligations imposed on the Fund. In particular, the Personal Data is processed for the purposes of (i) processing subscriptions, redemptions and conversions of Shares and payments of dividends to investors, account administration, (ii) client relationship management, (iii) performing controls on excessive trading and market timing practices, tax identification as may be required under Luxembourg or foreign laws and regulations (including laws and regulations relating to FATCA or CRS) and (iv) compliance with applicable anti-money laundering rules. Data supplied by shareholders is also processed for the purpose of (v) maintaining the register of shareholders of the Fund. In addition, Personal Data may be processed for the purposes of (vi) marketing.
The “legitimate interests” referred to above are:
- the processing purposes described in points (ii) and (vi) of the above paragraph of this data protection section;
- meeting and complying with the Fund’s accountability requirements and regulatory obligations resulting from non-European Economic Area (the “EEA”) member States; and
- exercising the business of the Fund in accordance with reasonable market standards.
To this end, and in accordance with the provisions of the Data Protection Law, Personal Data may be transferred by the Fund to its data recipients (the “Recipients”) which, in the context of the above-mentioned purposes, refer to its affiliated and third- party entities supporting the activities of the Fund which include, in particular, the Management Company, Administrator, Distributors, Depositary, Paying Agent, Investment Manager, Domiciliation Agent, Global Distributor, Auditor and Legal adviser of the Fund.
The Recipients may, under their own responsibility, disclose the Personal Data to their agents and/or delegates (the “Sub- Recipients”), which shall process the Personal Data for the sole purposes of assisting the Recipients in providing their services to the Company and/or assisting the Recipients in fulfilling their own legal obligations.
The Recipients and Sub-Recipients may be located within or outside the EEA, in countries whose data protection laws may not offer an adequate level of protection.
In case of a transfer of Personal Data to Recipients and/or Sub-Recipients located outside the EEA in a country that does not provide an adequate level of protection, the Fund will contractually ensure that the Personal Data relating to investors is protected in a manner which is equivalent to the protection offered pursuant to the Data Protection Law, which may take the form of EU Commission approved “Model Clauses”. In this respect, the investor has a right to request copies of the relevant document for enabling the Personal Data transfer(s) towards such countries by writing to the Fund’s address as specified above in the “Directory”.
In subscribing for Shares, each investor is expressly informed of the transfer and processing of his/her/its Personal Data to the Recipients and Sub-Recipients referred to above, including entities located outside the EEA and in particular in countries which may not offer an adequate level of protection.
The Recipients and Sub-Recipients may, as the case may be, process the Personal Data as data processors (when processing the Personal Data upon instructions of the Fund), and/or as distinct data controllers (when processing the Personal Data for their own purposes, namely fulfilling their own legal obligations). Information about the processing activities of these Recipients is available on their respective websites.
The Fund may also transfer Personal Data to third- parties such as governmental or regulatory agencies, including tax authorities, in or outside the EEA, in accordance with applicable laws and regulations. In particular, such Personal Data may be disclosed to the Luxembourg tax authorities, which in turn may acting as data controller, disclose the same to foreign tax authorities. In case personal data is transferred to foreign law enforcement authorities, by request formulated using appropriate procedures, the Fund will ensure that your personal data is protected additionally by a mutual legal assistance treaty, or equivalent mechanism.
In accordance with the conditions set out by the Data Protection Law, each investor will upon written request to be addressed
to the Fund’s address as specified above in the “Directory” have the right to:
- access his/her/its Personal Data (i.e. the right to obtain from the Fund confirmation as to whether or not his/her/its Personal Data is being processed, to be provided with certain information about the Fund’s processing of his/her/its Personal Data, to access such data, and to obtain a copy of the Personal data undergoing processing (subject to legal exceptions));
- ask for Personal Data to be rectified where it is inaccurate or incomplete (i.e. the right to require from the Fund that inaccurate or incomplete Personal Data or any material error be updated or corrected accordingly);
- restrict the use of his/her/its Personal Data (i.e. the right to obtain that, under certain circumstances, the processing of his/her/its Personal Data should be restricted to storage of such data unless his/her/its consent has been obtained);
- object to the processing of his/her/its Personal Data, including to object to the processing of his/her/its Personal Data for marketing purposes (i.e. the right to object, on grounds relating to the investor’s particular situation, to processing of Personal Data which is based on the performance of a task carried out in the public interest or the legitimate interests of the Fund. The Fund shall stop such processing unless it can either demonstrate compelling legitimate grounds for the processing that override investor’s interests, rights and freedoms or that it needs to process the data for the establishment, exercise or defence of legal claims);
- ask for erasure of his/her/its Personal Data (i.e. the right to require that Personal Data be erased in certain circumstances, including where it is no longer necessary for the Fund to process this data in relation to the purposes for which it collected or processed);
- ask for Personal Data portability (i.e. the right to have the data transferred to the investors or another controller in a structured, commonly used and machine-readable format, where this is technically feasible). However, please note that this right to data portability only arises where: (a) the processing is based on consent or on a contract; and (b) the processing is carried out by automated means, and (c) it does not adversely affect the rights and freedoms of others. This data portability right also only applies to the data that provided to the Fund by the investor.
Investors also have a right to lodge a complaint with the National Commission for Data Protection (the “CNPD”) at the following address: 1, Avenue du Rock'n'Roll, L-4361 Esch-sur-Alzette, Grand Duchy of Luxembourg, or when investors reside in another European Union Member State, with any other locally competent data protection supervisory authority.
Personal Data will not be retained for a period longer than necessary for the purpose of the data processing, subject to applicable statutory periods of retention.
- | en | fr |
DOLFIN3160 | 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 | 2.50% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.41% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above S&P Pan Arab Large Mid Cap. |
| Over the last accounting year, a performance fee of 0.05% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,41% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del S&P Pan Arab Large Mid Cap. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,05%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.50% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.41% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above S&P Pan Arab Large Mid Cap. |
| Over the last accounting year, a performance fee of 0.05% was charged. | | en | es |
DOLFIN3161 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# FUND RISKS
The value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested. Prior to investing in the Fund investors should carefully consider the risks associated with investing, whether the Fund suits their investment requirements and whether they have sufficient resources to bear any losses which may result from an investment in the Fund. Investors should only invest if they understand the terms on which the Fund is offered. Investors should consider the following risks and where appropriate seek professional advice before investing: Market Risk, Counterparty Risk, Currency Risk, Liquidity Risk, Financial Derivatives Instruments, Leverage Risk, Single (limited) Industries. More details can be found in the risk glossary.
Prior to making investments investors should read and consider the fund’s offering documents. | # FONDSRISIKEN
Der Wert Ihrer Anlage und der damit erwirtschafteten Erträge kann sowohl steigen als auch fallen, und Sie erhalten unter Umständen nicht den ursprünglichen Anlagebetrag zurück. Vor einer Anlage in den Fonds sollten die Anleger die mit einer Anlage verbundenen Risiken prüfen und abwägen, ob der Fonds ihren Anlageanforderungen entspricht und ob sie über genügend Ressourcen verfügen, um mögliche Verluste in Kauf zu nehmen, die aus der Anlage in den Fonds entstehen können. Anleger sollten nur dann investieren, wenn sie die Bedingungen verstanden haben, unter denen der Fonds angeboten wird. Anleger sollten die folgenden Risiken erwägen und gegebenenfalls vor einer Anlage professionellen Rat einholen: Marktrisiko, Gegenparteirisiko, Währungsrisiko, Liquiditätsrisiko, Derivative Finanzinstrumente, Hebelrisiko, Einzelne (begrenzte) Branchen. Weitere Einzelheiten finden Sie im Risiko-Glossar.
Anleger sollten vor einer Anlage die Angebotsunterlagen des Fonds lesen und zu Rate ziehen. | # FUND RISKS
The value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested. Prior to investing in the Fund investors should carefully consider the risks associated with investing, whether the Fund suits their investment requirements and whether they have sufficient resources to bear any losses which may result from an investment in the Fund. Investors should only invest if they understand the terms on which the Fund is offered. Investors should consider the following risks and where appropriate seek professional advice before investing: Market Risk, Counterparty Risk, Currency Risk, Liquidity Risk, Financial Derivatives Instruments, Leverage Risk, Single (limited) Industries. More details can be found in the risk glossary.
Prior to making investments investors should read and consider the fund’s offering documents. | en | de |
DOLFIN3162 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En construisant le portefeuille final d'ODDO BHF Artificial Intelligence, la Société de gestion exclut les sociétés notées CCC ainsi que celles faisant l'objet d'une controverse « très grave » et/ou qui enfreignent les principes du Pacte mondial des Nations unies. La Société de gestion exclut également les entreprises ayant une note globale « B » et qui auraient une note inférieure à 3 pour l'un des piliers ESG.
Le Compartiment est géré activement par rapport à un indice de référence, l’indice MSCI World NR en USD (« l’Indice de référence ») qu'il vise à surperformer, et qui sert également au calcul de la commission de performance, le cas échéant. Cet Indice de référence est représentatif des principales capitalisations mondiales au sein des pays développés. L'Indice de référence est un indice pondéré par la capitalisation boursière conçu pour fournir une large mesure de la performance des marchés d'actions dans le monde entier. Le Compartiment vise à surperformer son Indice de référence plutôt qu’à le répliquer avec précision et peut s’en écarter sensiblement, tant à la hausse qu’à la baisse. Dans le cadre du processus d’investissement, le Société de gestion a toute latitude quant à la composition du portefeuille du Compartiment.
- Lors de la construction du portefeuille final, les filtres quantitatifs décrits ci-dessus conduiront au classement des entreprises dans cinq catégories. Le poids de chaque titre dans le portefeuille final dépend de son rang. Néanmoins, l'équipe de gestion peut ajuster la pondération finale à son entière discrétion. Le portefeuille final comprendra entre 30 et 60 titres. » | En la construcción de la cartera final de ODDO BHF Artificial Intelligence, la Sociedad gestora excluye a las empresas con una puntuación de CCC, así como a las empresas que podrían sufrir acontecimientos adversos «muy graves» y/o vulneran los principios del Pacto Mundial de las Naciones Unidas. La Sociedad gestora también excluye a las empresas con una puntuación global de B que tendrían una puntuación estrictamente inferior a 3 en uno de los pilares ESG.
El Subfondo se gestiona activamente y se compara con un índice de referencia, el MSCI World NR en USD (el «Índice de referencia»), en un intento de superarlos y a efectos de cálculo de la comisión de rentabilidad, si la hubiera. Este Índice de referencia es representativo de las principales capitalizaciones del mundo dentro de los países desarrollados. El Índice de referencia es un índice ponderado de capitalización del mercado diseñado para proporcionar una medida general de la rentabilidad del mercado de renta variable en todo el planeta. El Subfondo tiene como objetivo superar su Índice de referencia en lugar de reproducirlo con precisión y podría desviarse considerablemente de él tanto en términos positivos como negativos. Como parte del proceso de inversión, la Sociedad gestora dispone de total discreción respecto de la composición de la cartera del Subfondo.
- En la construcción de la cartera final, el filtro cuantitativo que se ha descrito anteriormente se traducirá en una clasificación de las empresas a través de cinco componentes. La ponderación de cada título en la cartera final dependerá de su clasificación. No obstante, el equipo gestión podrá ajustar la ponderación final a su discreción. La cartera final se compondrá de entre 30 y 60 títulos.» | En construisant le portefeuille final d'ODDO BHF Artificial Intelligence, la Société de gestion exclut les sociétés notées CCC ainsi que celles faisant l'objet d'une controverse « très grave » et/ou qui enfreignent les principes du Pacte mondial des Nations unies. La Société de gestion exclut également les entreprises ayant une note globale « B » et qui auraient une note inférieure à 3 pour l'un des piliers ESG.
Le Compartiment est géré activement par rapport à un indice de référence, l’indice MSCI World NR en USD (« l’Indice de référence ») qu'il vise à surperformer, et qui sert également au calcul de la commission de performance, le cas échéant. Cet Indice de référence est représentatif des principales capitalisations mondiales au sein des pays développés. L'Indice de référence est un indice pondéré par la capitalisation boursière conçu pour fournir une large mesure de la performance des marchés d'actions dans le monde entier. Le Compartiment vise à surperformer son Indice de référence plutôt qu’à le répliquer avec précision et peut s’en écarter sensiblement, tant à la hausse qu’à la baisse. Dans le cadre du processus d’investissement, le Société de gestion a toute latitude quant à la composition du portefeuille du Compartiment.
- Lors de la construction du portefeuille final, les filtres quantitatifs décrits ci-dessus conduiront au classement des entreprises dans cinq catégories. Le poids de chaque titre dans le portefeuille final dépend de son rang. Néanmoins, l'équipe de gestion peut ajuster la pondération finale à son entière discrétion. Le portefeuille final comprendra entre 30 et 60 titres. » | fr | es |
DOLFIN3163 | 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 by investing primarily in companies in the Pacific Basin (including Japan).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process utilising country specialist and sector analyst inputs.
- Uses a high conviction approach to finding the best investment ideas.
- Seeks to identify high quality companies with superior and sustainable growth potential.
Share Class Benchmark MSCI All Country Asia Pacific Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
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 in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a country of the Pacific Basin, including Japan. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time.
Certain countries in the Pacific Basin may be considered emerging markets.
The Sub-Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect Programmes.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo invirtiendo principalmente en compañías de la cuenca del Pacífico (incluido Japón). PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental y utiliza la información proporcionada por especialistas en el país y analistas sectoriales.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
- Pretende identificar compañías de alta calidad con un potencial de crecimiento superior y sostenible.
Índice de referencia de la Clase de Acciones MSCI All Country Asia Pacific Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
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 en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un país de la cuenca del Pacífico, incluido Japón. El Subfondo podrá invertir en compañías de pequeña capitalización y mantener posiciones considerables en sectores o mercados específicos de forma ocasional. Determinados países de la cuenca del Pacífico podrán ser considerados como mercados emergentes.
El Subfondo podrá invertir hasta un 20% en Acciones A de China por medio de los Programas «China-Hong Kong Stock Connect».
El Subfondo podrá invertir en valores que dependen de estructuras VIE (siglas en inglés de «entidad de interés variable») con el fin de obtener exposición indirecta a las compañías chinas subyacentes.
Como mínimo el 51% del patrimonio 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. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process utilising country specialist and sector analyst inputs.
- Uses a high conviction approach to finding the best investment ideas.
- Seeks to identify high quality companies with superior and sustainable growth potential.
Share Class Benchmark MSCI All Country Asia Pacific Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
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 in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a country of the Pacific Basin, including Japan. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time.
Certain countries in the Pacific Basin may be considered emerging markets.
The Sub-Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect Programmes.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance | en | es |
DOLFIN3164 | 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 EUR |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 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 | 7.180 EUR | 7.810 EUR |
| | Rendement annuel moyen | -28,2 % | -4,8 % chaque année |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8.780 EUR | 9.300 EUR |
| | Rendement annuel moyen | -12,2 % | -1,4 % chaque année |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.180 EUR | 10.620 EUR |
| | Rendement annuel moyen | 1,8 % | 1,2 % chaque année |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11.380 EUR | 11.270 EUR |
| | Rendement annuel moyen | 13,8 % | 2,4 % chaque année | | | Período de mantenimiento recomendado: 5 AÑOS Ejemplo de inversión: 10.000 EUR |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 7.180 EUR | 7.810 EUR |
| | Rendimiento medio cada año | -28,2 % | -4,8 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.780 EUR | 9.300 EUR |
| | Rendimiento medio cada año | -12,2 % | -1,4 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.180 EUR | 10.620 EUR |
| | Rendimiento medio cada año | 1,8 % | 1,2 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 11.380 EUR | 11.270 EUR |
| | Rendimiento medio cada año | 13,8 % | 2,4 % cada año | | | Période de détention recommandée: 5 ans Exemple d’investissement: 10.000 EUR |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 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 | 7.180 EUR | 7.810 EUR |
| | Rendement annuel moyen | -28,2 % | -4,8 % chaque année |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8.780 EUR | 9.300 EUR |
| | Rendement annuel moyen | -12,2 % | -1,4 % chaque année |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.180 EUR | 10.620 EUR |
| | Rendement annuel moyen | 1,8 % | 1,2 % chaque année |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11.380 EUR | 11.270 EUR |
| | Rendement annuel moyen | 13,8 % | 2,4 % chaque année | | fr | es |
DOLFIN3165 | 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 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 | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Unfavourable | What you might get back after costs | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Moderate | What you might get back after costs | 10240 EUR | 10730 EUR |
| Average return each year | 2.40% | 2.38% |
| Favourable | What you might get back after costs | 12350 EUR | 12420 EUR |
| Average return each year | 23.50% | 7.49% |
| Amount invested over time | 10000 EUR | | | | En caso de salida después de 1 En caso de salida después de 3 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 8440 EUR | 6180 EUR |
| Rendimiento medio cada año | -15.60% | -14.82% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8440 EUR | 6180 EUR |
| Rendimiento medio cada año | -15.60% | -14.82% |
| Moderado | Lo que podría recibir tras deducir los costes | 10240 EUR | 10730 EUR |
| Rendimiento medio cada año | 2.40% | 2.38% |
| Favorable | Lo que podría recibir tras deducir los costes | 12350 EUR | 12420 EUR |
| Rendimiento medio cada año | 23.50% | 7.49% |
| Importe invertido a lo largo del tiempo | 10000 EUR | | | | If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Unfavourable | What you might get back after costs | 8440 EUR | 6180 EUR |
| Average return each year | -15.60% | -14.82% |
| Moderate | What you might get back after costs | 10240 EUR | 10730 EUR |
| Average return each year | 2.40% | 2.38% |
| Favourable | What you might get back after costs | 12350 EUR | 12420 EUR |
| Average return each year | 23.50% | 7.49% |
| Amount invested over time | 10000 EUR | | | en | es |
DOLFIN3166 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 01 December 2004.
1.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 diciembre 2004.
1.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 01 December 2004.
1.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN3167 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Le conseil d'administration de la Société de gestion peut également décider d'absorber au sein du Fonds un autre fonds ou compartiment géré par la même ou par une autre Société de gestion.
- Les fusions sont possibles entre deux fonds ou compartiments luxembourgeois (fusion nationale) ainsi qu’entre fonds ou compartiments constitués dans deux États membres différents de l’Union européenne (fusion transfrontalière).
- Une telle fusion n’est possible que si la politique d’investissement du Fonds ou compartiment devant être intégré n’entre pas en contradiction avec celle de l’OPCVM bénéficiaire de la fusion.
- La fusion implique une dissolution du Fonds ou compartiment absorbé et une reprise simultanée de tous les actifs par le Fonds ou compartiment absorbant. Les investisseurs du Fonds ou compartiment absorbé reçoivent des parts du Fonds ou compartiment absorbant, dont le nombre est calculé en se référant au prorata de la valeur unitaire des parts des fonds ou compartiments concernés à la date de l’apport et, le cas échéant, une soulte.
- Le Fonds ou compartiment absorbant ainsi que le Fonds ou compartiment absorbé informent les investis- seurs en bonne et due forme du projet de fusion et, selon les exigences légales, des pays où le Fonds ou compartiment absorbé ou absorbant est commercialisé.
- Les investisseurs du Fonds ou compartiment absorbant ou absorbé sont habilités durant trente jours à demander le rachat sans frais de la totalité ou d’une partie de leurs parts à la valeur unitaire des parts cor- respondante ou, si possible, leur conversion sans frais en parts d’un autre fonds doté d’une politique d’investissement semblable et géré par la même société de gestion ou une autre société avec laquelle la Société de gestion est liée dans le cadre d’une communauté de gestion ou de contrôle ou par une impor- tante participation directe ou indirecte. Ce droit court à compter du moment où les investisseurs du Fonds et/ou compartiment absorbé et du Fonds et/ou compartiment absorbant ont été informés du projet de fu- sion et expire cinq jours ouvrables bancaires avant le calcul du ratio de conversion.
- En cas de fusion entre plusieurs fonds ou compartiments, les fonds ou compartiments en question peuvent suspendre temporairement les souscriptions, rachats ou conversions dès lors que cette mesure est justifiée dans le but de protéger les porteurs de parts.
- L’exécution de la fusion est vérifiée et confirmée par un réviseur d’entreprises agréé. Sur simple demande, un exemplaire du rapport du réviseur d’entreprises agréé est mis gratuitement à disposition des investis-seurs du Fonds ou compartiment absorbé et absorbant ainsi que des autorités de surveillance compé- tentes. | - De igual forma, el Consejo de administración de la sociedad gestora puede decidir absorber en el fondo otro fondo o subfondo gestionado por la misma sociedad gestora o por otra.
- Es posible fusionar tanto dos fondos o subfondos luxemburgueses (fusión en el ámbito nacional) como fondos o subfondos cuya sede se encuentre en dos Estados miembros diferentes de la Unión Europea (fu- sión en el ámbito internacional).
- Una fusión de este tipo solo se podrá realizar si la política de inversión del fondo o subfondo absorbido es compatible con la política de inversión del OICVM absorbente.
- La fusión se llevará a cabo como una disolución del fondo o subfondo absorbido y la adquisición simultá- nea de todos los activos por parte del fondo o subfondo absorbente. Los inversores del fondo o subfondo absorbido obtienen las participaciones del fondo o subfondo absorbente, cuyo número se calcula sobre la base de la relación del valor de participaciones de los fondos o subfondos afectados en el momento de la absorción, y, dado el caso, una compensación de saldos.
- Tanto el fondo o subfondo absorbente como el fondo o subfondo absorbido informarán a los inversores acerca de la fusión prevista de forma adecuada y conforme a las prescripciones de los países de distribu- ción del fondo o subfondo absorbente o absorbido respectivamente.
- Los inversores del fondo o subfondo absorbente o absorbido tienen durante treinta días el derecho a exigir sin costes adicionales el reembolso de todas o de una parte de sus participaciones al valor de participación que corresponda o, siempre que sea posible, el canje por participaciones de otro fondo o subfondo con una política de inversión similar, que a su vez esté gestionado por la misma sociedad gestora o por otra so- ciedad, y con la que la sociedad gestora esté vinculada a través de una gestión o control comunes o me- diante una participación esencial directa o indirecta. El derecho tendrá validez a partir del momento en el que se informe a los partícipes del fondo o subfondo absorbente y absorbido acerca de la fusión prevista y pierde su validez cinco días a efectos bancarios previos al momento en el que se calcule la relación de can- je.
- En la fusión de dos o varios fondos o subfondos, los fondos o subfondos en cuestión pueden interrumpir temporalmente las suscripciones, reembolsos o canjes de participaciones si dicha interrupción está justifi- cada con el fin de proteger a los partícipes.
- Un auditor de cuentas independiente comprobará y confirmará la realización de la fusión. Previa solicitud de los interesados, se pondrá a disposición de los inversores del fondo o subfondo absorbido y absorbente, así como del organismo de supervisión competente en cada caso, una copia del informe del auditor de cuentas. | - Le conseil d'administration de la Société de gestion peut également décider d'absorber au sein du Fonds un autre fonds ou compartiment géré par la même ou par une autre Société de gestion.
- Les fusions sont possibles entre deux fonds ou compartiments luxembourgeois (fusion nationale) ainsi qu’entre fonds ou compartiments constitués dans deux États membres différents de l’Union européenne (fusion transfrontalière).
- Une telle fusion n’est possible que si la politique d’investissement du Fonds ou compartiment devant être intégré n’entre pas en contradiction avec celle de l’OPCVM bénéficiaire de la fusion.
- La fusion implique une dissolution du Fonds ou compartiment absorbé et une reprise simultanée de tous les actifs par le Fonds ou compartiment absorbant. Les investisseurs du Fonds ou compartiment absorbé reçoivent des parts du Fonds ou compartiment absorbant, dont le nombre est calculé en se référant au prorata de la valeur unitaire des parts des fonds ou compartiments concernés à la date de l’apport et, le cas échéant, une soulte.
- Le Fonds ou compartiment absorbant ainsi que le Fonds ou compartiment absorbé informent les investis- seurs en bonne et due forme du projet de fusion et, selon les exigences légales, des pays où le Fonds ou compartiment absorbé ou absorbant est commercialisé.
- Les investisseurs du Fonds ou compartiment absorbant ou absorbé sont habilités durant trente jours à demander le rachat sans frais de la totalité ou d’une partie de leurs parts à la valeur unitaire des parts cor- respondante ou, si possible, leur conversion sans frais en parts d’un autre fonds doté d’une politique d’investissement semblable et géré par la même société de gestion ou une autre société avec laquelle la Société de gestion est liée dans le cadre d’une communauté de gestion ou de contrôle ou par une impor- tante participation directe ou indirecte. Ce droit court à compter du moment où les investisseurs du Fonds et/ou compartiment absorbé et du Fonds et/ou compartiment absorbant ont été informés du projet de fu- sion et expire cinq jours ouvrables bancaires avant le calcul du ratio de conversion.
- En cas de fusion entre plusieurs fonds ou compartiments, les fonds ou compartiments en question peuvent suspendre temporairement les souscriptions, rachats ou conversions dès lors que cette mesure est justifiée dans le but de protéger les porteurs de parts.
- L’exécution de la fusion est vérifiée et confirmée par un réviseur d’entreprises agréé. Sur simple demande, un exemplaire du rapport du réviseur d’entreprises agréé est mis gratuitement à disposition des investis-seurs du Fonds ou compartiment absorbé et absorbant ainsi que des autorités de surveillance compé- tentes. | fr | es |
DOLFIN3168 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The
achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
value of your investment may go down as well as up. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these asset classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The index may be affected. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su
índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
inversión puede aumentar o disminuir. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. El fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice proporciona una exposición teórica al valor o la rentabilidad de determinados bonos, cuyo valor puede disminuir. Los mercados para estas clases de activos pueden ser en ocasiones volátiles o poco líquidos. Esto significa que, eventualmente, la actividad de negociación ordinaria podría verse interrumpida o no poderse realizar. El índice podría verse afectado. Las fluctuaciones de los tipos de interés de la moneda de las acciones, el índice o los demás activos del fondo pueden afectar al valor de su inversión. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The
achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
value of your investment may go down as well as up. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these asset classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The index may be affected. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN3169 | 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 | 4.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.45% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 4.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.45% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del exceso de rentabilidad cuando la rentabilidad sea positiva y supere la rentabilidad del indicador de referencia desde el inicio del año. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.45% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year. | | en | es |
DOLFIN3170 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En effet, conformément aux pratiques de bonne gouvernance, le fonds vise à obtenir une « note ESG » – calculée au niveau du portefeuille global – supérieure à celle de son indice de référence, en intégrant les facteurs ESG dans l'analyse, la sélection et la composition de ses investissements. La note ESG est représentative des opportunités et des risques environnementaux, sociaux et de gouvernance d'entreprise auxquels un émetteur est exposé et prend en compte la gestion de ces risques par l'émetteur. La note ESG du fonds est calculée comme une moyenne pondérée des notes ESG des émetteurs des instruments financiers composant le portefeuille du fonds.
En outre, le fonds n'investit pas dans des émetteurs opérant dans des secteurs considérés comme « non responsables sur le plan social et environnemental », c'est-à-dire (i) dans des sociétés caractérisées par une implication directe évidente dans la fabrication d'armes non conventionnelles, (ii) dans des sociétés qui tirent au moins 25 % de leur chiffre d'affaires d'activités minières ou de production d'électricité liées au charbon thermique ou (iii) dans des sociétés qui tirent au moins 10 % de leur chiffre d'affaires de l'extraction de sables bitumineux. En outre, le fonds n’investit pas dans des émetteurs « critiques » pour lesquels un processus de remontée du problème a été lancé. Les émetteurs critiques sont les entreprises présentant l’exposition la plus élevée aux risques environnementaux, sociaux et de gouvernance, c’est-à-dire celles qui possèdent une note de durabilité ESG moins élevée dans l’univers d’investissement en actions et obligations.
Le fonds promeut des caractéristiques environnementales et/ou sociales, mais il ne s’engage pas à réaliser des investissements durables au sens de l’art. 2, paragraphe 17, du règlement (UE) 20019/2088.
Les sociétés émettrices dont l'organe administratif ne compte aucun membre indépendant ne sont pas considérées comme ayant de bonnes pratiques de gouvernance.
Chaque mois, ces émetteurs sont identifiés parmi ceux inclus dans les services « MSCI ESG Ratings - World », « MSCI ESG Ratings - Emerging Markets » et « MSCI ESG Ratings - Fixed Income Corporate » de « MSCI ESG Research ».
En outre, la liste mensuelle peut également inclure d’autres émetteurs qui font l’objet (i) d’investigations comptables, réalisées en interne ou par des autorités externes, ainsi que de sanctions ou de condamnations pour des questions liées aux procédures comptables ou (ii) de procédures de faillite ou de liquidation.
Ces émetteurs sont exclus ex-ante de l’univers d’investissement du fonds et, au moment de la valorisation du portefeuille, un contrôle
ex post est également effectué sur la base de la dernière liste disponible des émetteurs exclus. | En efecto, de conformidad con las prácticas de buena gobernanza, el fondo aspira a obtener una «puntuación ASG» (calculada para el conjunto de la cartera) superior a la del índice de referencia correspondiente, mediante la integración de factores ASG en el análisis, la selección y la composición de sus inversiones. La puntuación ASG es representativa de las oportunidades y riesgos medioambientales, sociales y de gobierno corporativo a los que está expuesto un emisor y tiene en cuenta la gestión de estos riesgos por parte del emisor. La puntuación ASG del fondo se calcula como la media ponderada de las puntuaciones ASG de los emisores de los instrumentos financieros mantenidos en la cartera del fondo.
Además, el fondo no invierte en emisores de sectores considerados «no social y medioambientalmente responsables», es decir, (i) en empresas caracterizadas por una clara implicación directa en la fabricación de armas no convencionales; (ii) en empresas que obtengan al menos el 25% de su volumen de negocios de actividades mineras o de producción de electricidad vinculadas al carbón térmico; (iii) en empresas que obtengan al menos el 10% de su volumen de negocios de la extracción de arenas bituminosas.
Además, el fondo no invierte en emisores «críticos» para los que se activa un proceso de escalamiento. Los emisores «críticos» son aquellas empresas con mayor exposición a los riesgos medioambientales, sociales y de gobierno corporativo, es decir, con un nivel de calificación de sostenibilidad ASG inferior en el universo de inversión de renta variable y renta fija.
El fondo promueve características medioambientales y/o sociales, pero no se compromete a realizar inversiones sostenibles en el sentido del art. 2(17) del Reglamento (UE) 20019/2088.
Se considera que las empresas emisoras que no tienen miembros independientes en su órgano de administración no tienen buenas prácticas de gobernanza.
Cada mes, dichos emisores se identifican entre los incluidos en los servicios «MSCI ESG Ratings - World», «MSCI ESG Ratings - Emerging Markets» y «MSCI ESG Ratings - Fixed Income Corporate» de «MSCI ESG Research».
Además, la lista mensual también puede incluir otros Emisores que presenten (i) investigaciones contables, internas o por parte de autoridades externas, así como la presencia de sanciones o condenas por asuntos relacionados con procedimientos contables; o (ii) procedimientos de quiebra o liquidación.
Dichos emisores son excluidos a priori del universo de inversión del fondo y, en el momento de la valoración de la cartera, también se realiza un control a posteriori basado en la última lista disponible de emisores excluidos. | En effet, conformément aux pratiques de bonne gouvernance, le fonds vise à obtenir une « note ESG » – calculée au niveau du portefeuille global – supérieure à celle de son indice de référence, en intégrant les facteurs ESG dans l'analyse, la sélection et la composition de ses investissements. La note ESG est représentative des opportunités et des risques environnementaux, sociaux et de gouvernance d'entreprise auxquels un émetteur est exposé et prend en compte la gestion de ces risques par l'émetteur. La note ESG du fonds est calculée comme une moyenne pondérée des notes ESG des émetteurs des instruments financiers composant le portefeuille du fonds.
En outre, le fonds n'investit pas dans des émetteurs opérant dans des secteurs considérés comme « non responsables sur le plan social et environnemental », c'est-à-dire (i) dans des sociétés caractérisées par une implication directe évidente dans la fabrication d'armes non conventionnelles, (ii) dans des sociétés qui tirent au moins 25 % de leur chiffre d'affaires d'activités minières ou de production d'électricité liées au charbon thermique ou (iii) dans des sociétés qui tirent au moins 10 % de leur chiffre d'affaires de l'extraction de sables bitumineux. En outre, le fonds n’investit pas dans des émetteurs « critiques » pour lesquels un processus de remontée du problème a été lancé. Les émetteurs critiques sont les entreprises présentant l’exposition la plus élevée aux risques environnementaux, sociaux et de gouvernance, c’est-à-dire celles qui possèdent une note de durabilité ESG moins élevée dans l’univers d’investissement en actions et obligations.
Le fonds promeut des caractéristiques environnementales et/ou sociales, mais il ne s’engage pas à réaliser des investissements durables au sens de l’art. 2, paragraphe 17, du règlement (UE) 20019/2088.
Les sociétés émettrices dont l'organe administratif ne compte aucun membre indépendant ne sont pas considérées comme ayant de bonnes pratiques de gouvernance.
Chaque mois, ces émetteurs sont identifiés parmi ceux inclus dans les services « MSCI ESG Ratings - World », « MSCI ESG Ratings - Emerging Markets » et « MSCI ESG Ratings - Fixed Income Corporate » de « MSCI ESG Research ».
En outre, la liste mensuelle peut également inclure d’autres émetteurs qui font l’objet (i) d’investigations comptables, réalisées en interne ou par des autorités externes, ainsi que de sanctions ou de condamnations pour des questions liées aux procédures comptables ou (ii) de procédures de faillite ou de liquidation.
Ces émetteurs sont exclus ex-ante de l’univers d’investissement du fonds et, au moment de la valorisation du portefeuille, un contrôle
ex post est également effectué sur la base de la dernière liste disponible des émetteurs exclus. | fr | es |
DOLFIN3171 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Information relating to OTC financial agreements:
Counterparties consist of leading credit institutions. They are selected and regularly assessed in accordance with the counterparty selection procedure, which is available upon simple request to the Management Company. These transactions are systematically covered by a contract signed between the UCITS and the counterparty that defines the procedures for reducing counterparty risk.
The counterparty or counterparties does/do not have any discretionary decision-making powers in respect of the composition or management of the UCITS investment portfolio or the asset underlying the derivative.
- | # Informations relatives aux contrats financiers de gré à gré :
Les contreparties sont des établissements de crédit de premier rang. Elles sont sélectionnées et évaluées régulièrement conformément à la procédure de sélection des contreparties disponible sur simple demande auprès de la société de gestion. Ces opérations font systématiquement l’objet de la signature d’un contrat entre l’OPCVM et la contrepartie définissant les modalités de réduction du risque de contrepartie.
La ou les contreparties ne disposent pas d’un pouvoir de décision discrétionnaire sur la composition ou la gestion du portefeuille d’investissement de l’OPCVM ou sur l’actif sous-jacent de l’instrument dérivé.
- | # Information relating to OTC financial agreements:
Counterparties consist of leading credit institutions. They are selected and regularly assessed in accordance with the counterparty selection procedure, which is available upon simple request to the Management Company. These transactions are systematically covered by a contract signed between the UCITS and the counterparty that defines the procedures for reducing counterparty risk.
The counterparty or counterparties does/do not have any discretionary decision-making powers in respect of the composition or management of the UCITS investment portfolio or the asset underlying the derivative.
- | en | fr |
DOLFIN3172 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The charges are used to pay the costs of running the Sub-Fund, including the costs of marketing and distributing the Sub-Fund. These charges reduce the potential growth of the investment.
Entry charge Up to 2%
Exit charge None
This is the maximum percentage which might be deducted from your capital commitment to the Sub-Fund. In some cases, you might pay less. You can find out the actual entry and exit charges from your financial adviser or distributor. The entry charges are deducted before your capital is invested. | ### Les frais que vous acquittez servent à couvrir les coûts d’exploitation du Compartiment, y compris ses coûts de commercialisation et de dis- tribution. Ces frais réduisent la croissance potentielle de votre investissement.
Frais d’entrée Jusqu’à 2 %
Frais de sortie Aucun
Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital investi dans le Compartiment. Vous pouvez dans certains cas payer moins. Vous pouvez découvrir le montant réel des frais d’entrée et de sortie auprès de votre conseiller financier ou de votre distributeur. Les frais d’entrée sont déduits de votre capital avant que celui-ci ne soit investi. | ### The charges are used to pay the costs of running the Sub-Fund, including the costs of marketing and distributing the Sub-Fund. These charges reduce the potential growth of the investment.
Entry charge Up to 2%
Exit charge None
This is the maximum percentage which might be deducted from your capital commitment to the Sub-Fund. In some cases, you might pay less. You can find out the actual entry and exit charges from your financial adviser or distributor. The entry charges are deducted before your capital is invested. | en | fr |
DOLFIN3173 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The risk exposure to counterparty in OTC-derivatives transactions by the Company must not exceed th e following percentages:
- 10% of the net asset value of each Subfund when the counterparty is a qualified credit institution;
- and otherwise, 5% of the net asset value of each Subfund. | Das Ausfallrisiko bei Geschäften der Gesellschaft mit OTC-Derivaten darf folgende Sätze nicht überschreiten:
- 10% des Nettoinventarwertes eines jeden Subfonds, wenn die Gegenpartei ein Qualifiziertes Kreditinstitut ist;
- und ansonsten 5% des Nettoinventarwertes eines jeden Subfonds. | The risk exposure to counterparty in OTC-derivatives transactions by the Company must not exceed th e following percentages:
- 10% of the net asset value of each Subfund when the counterparty is a qualified credit institution;
- and otherwise, 5% of the net asset value of each Subfund. | en | de |
DOLFIN3174 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement £ 10.000 | si vous sortez après 1 année | si vous sortez après 3 années (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | £ 194 | £ 610 |
| Incidence des coûts annuels* | 1,9 % | 1,9 % | | | Ejemplo de inversión £ 10.000 | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | £ 194 | £ 610 |
| Incidencia anual de los costes* | 1,9% | 1,9% | | | Exemple d’investissement £ 10.000 | si vous sortez après 1 année | si vous sortez après 3 années (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | £ 194 | £ 610 |
| Incidence des coûts annuels* | 1,9 % | 1,9 % | | fr | es |
DOLFIN3175 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Action de distribution d'un compartiment de DPAM B, Sicav publique de droit belge. Les parts du fonds sont des parts de distribution, émises sous forme d'actions, donnant droit à un dividende. Tous les revenus que le produit perçoit peuvent être distribués.
## Durée
Illimitée. Ce produit n'a pas de date d'échéance déterminée.
## Objectifs et politique d'investissement
Objectif: L'objectif du compartiment est de vous offrir une exposition aux titres de capital d'entreprises du monde entier. Le compartiment promeut une combinaison de caractéristiques environnementales et sociales au sens de l'article 8 du Règlement (UE) 2019/2088 sur la publication d'informations en matière de durabilité dans le secteur des services financiers, et doit contenir une proportion minimale d'investissements durables au sens du même règlement. Il s'agit d'un compartiment géré activement, ce qui signifie que le gestionnaire de portefeuille n'a pas pour objectif de reproduire la performance d'un benchmark.
Politique d'investissement: Le compartiment investit principalement (sans aucune restriction sectorielle quelconque) dans des actions et/ou autres titres donnant accès au capital d'entreprises du monde entier. La sélection repose sur une méthodologie qui: -exclut les sociétés non en conformité avec certaines normes mondiales en ce compris le Pacte des Nations Unies (droits de l'Homme, droit du travail, protection de l'environnement et lutte contre la corruption), -exclut les sociétés impliquées dans des activités controversées (tabac, jeux de hasard, charbon thermique) ou impliquées dans des controverses ESG sévères (incidents, allégations liés à des problèmes environnementaux, sociaux, gouvernance), -s'appuie sur une approche ESG quantitative « best-in-class » et une approche ESG qualitative, - et – vise une recherche d'impact et thématiques de durabilité en s'assurant que les produits et/ou services de l'entreprise financent – en proportion de son chiffre d'affaires – le développement durable. Vous trouverez plus d'informations sur le site www.dpamfunds.com.
Produits dérivés: Le compartiment peut, de manière facultative, utiliser des produits dérivés (tels que des options et/ou des contrats à terme ('futures' et/ ou 'forwards')), et ce tant dans un but de réalisation des objectifs d'investissement que dans un but de couverture des risques (couverture ou exposition des/aux risques de taux et de crédit).
Benchmark: MSCI AC World Net Return.
Utilisation du benchmark: le benchmark est utilisé à titre de comparaison des performances. La sélection et la pondération des actifs dans le portefeuille du
compartiment peuvent différer significativement de la composition du benchmark.
Souscription/Remboursement: Toute demande de souscription/ remboursement de parts peut être introduite chaque jour ouvrable avant 15h00 (heure belge) auprès de Banque Degroof Petercam SA.
## Investisseurs de détail visés
Ce produit s'adresse aux investisseurs qui ont un horizon d'investissement de minimum 6 ans, qui satisfont aux critères d'accès à cette classe d'action décrits dans le prospectus et qui:
ont une connaissance et une expérience suffisantes des marchés d'actions et des fonds, et comprennent les risques du produit
recherchent une exposition aux marchés d'actions de sociétés du monde entier
sont intéressés par un investissement qui promeut des caractéristiques environnementales et sociales et contient une proportion minimale d'investissements durables
peuvent supporter une perte par an supérieure à 20%
## Informations pratiques
Dépositaire: Banque Degroof Petercam Luxembourg S.A, succursale belge
Le document d'informations clés décrit une classe d'action du compartiment DPAM B Equities World Sustainable de la Sicav DPAM B.
DPAM B est un organisme de placement collectif en valeurs mobilières constitué en Belgique (Etat membre d'origine de la SICAV), répondant aux exigences de la Directive 2009/65/CE et soumis au contrôle prudentiel de la FSMA.
Conformément aux dispositions légales applicables, le patrimoine du compartiment est distinct du patrimoine des autres compartiments de la SICAV, ce qui implique notamment que les droits des investisseurs et autres créanciers de ce compartiment sont limités aux actifs de celui-ci.
Le prospectus et les rapports périodiques sont établis pour l'ensemble des compartiments de la Sicav.
Des informations supplémentaires sur le compartiment sont disponibles dans le prospectus et les rapports périodiques qui peuvent être obtenus sur demande, sans frais, au siège social de la SICAV. Ces documents (établis en français, néerlandais et anglais) ainsi que de plus amples informations sur ce produit sont par ailleurs disponibles sur le site: www.dpamfunds.com (onglet 'Documentation').
Toute autre information pratique, notamment la dernière valeur nette d'inventaire des actions est disponible sur le site internet mentionné ci- dessus (onglet 'Valeur nette d'inventaire'). | # ¿Qué es este producto?
## Tipo
Acción de distribución de un subfondo de DPAM B, SICAV pública de derecho belga. Las participaciones del fondo son participaciones de distribución, emitidas en forma de acciones, que dan derecho a un dividendo. Todos los ingresos recibidos por el producto pueden ser distribuidos.
## Duración
Ilimitada Este producto no tiene fecha de vencimiento determinada.
## Objetivos y política de inversión
Objetivo: El objetivo del subfondo es proporcionar exposición a participaciones en el capital de empresas de todo el mundo. El subfondo promueve una combinación de características medioambientales y sociales en el sentido del Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, y debe contener una proporción mínima de inversiones sostenibles en el sentido del mismo reglamento. Se trata de un subfondo gestionado activamente, lo que significa que el gestor de la cartera no pretende replicar la rentabilidad de un índice de referencia.
Política de inversión: El subfondo invierte principalmente (sin restricciones sectoriales) en acciones y/u otros valores que dan acceso al capital de empresas de todo el mundo. La selección se basa en una metodología que: - excluye a las empresas que no cumplan ciertas normas mundiales, incluido el Pacto de la ONU (derechos humanos, derechos laborales, protección del medioambiente y lucha contra la corrupción), - excluye a las empresas implicadas en actividades controvertidas (tabaco, juegos de azar, carbón térmico) o implicadas en graves controversias ESG (incidentes, denuncias relacionadas con cuestiones medioambientales, sociales y de gobernanza), - se basa en un enfoque cuantitativo ESG best-in-class y en un enfoque cualitativo ESG, y - tiene como objetivo la investigación de impacto y los temas de sostenibilidad asegurando que los productos y/o servicios de la empresa financien, en proporción a su volumen de negocio, el desarrollo sostenible. Puede encontrar más información en el sitio web www.dpamfunds.com.
Productos derivados: El subfondo puede, a título opcional, utilizar productos derivados (como las opciones y/o los contratos a plazo («futuros» y/o
«forwards»)), tanto con miras a cumplir los objetivos de inversión como con fines de cobertura de riesgos (cobertura o exposición ante los riesgos de tipos y de crédito).
Índice de referencia: MSCI AC World Net Return.
Uso del índice de referencia: El índice de referencia se utiliza como una comparación del rendimiento. La selección y la ponderación de los activos en
la cartera del subfondo pueden diferir significativamente de la composición del índice.
Suscripción/Reembolso: Cualquier solicitud de suscripción/reembolso de participaciones puede presentarse al Banco Degroof Petercam SA antes de las 15:00 (hora belga) en todos los días hábiles.
## Inversor minorista al que va dirigido
Este producto está destinado a inversores con un horizonte de inversión de al menos 6 años, que cumplan los criterios de admisibilidad para esta clase de acciones descritos en el folleto y que:
tengan suficientes conocimientos y experiencia de los mercados de renta variable y los fondos, y que comprendan los riesgos del producto
busquen exposición a los mercados de acciones de empresas de todo el mundo
estén interesados en una inversión que promueva características medioambientales y sociales y contenga una proporción mínima de inversiones sostenibles
puedan soportar una pérdida anual superior al 20 %
## Información práctica
Depositario: Banque Degroof Petercam Luxembourg S.A, succursale belge
El documento de datos fundamentales describe una clase del subfondo DPAM B Equities World Sustainable de la SICAV DPAM B.
DPAM B es un organismo de inversión colectiva en valores mobiliarios constituido en Bélgica (Estado miembro de origen de la SICAV), que responde a las exigencias de la Directiva 2009/65/CE y está sujeto al control prudencial de la FSMA.
De conformidad con las disposiciones legales aplicables, el patrimonio del subfondo es distinto del patrimonio de los demás subfondos de la SICAV, lo cual implica concretamente que los derechos de los inversores y demás acreedores de este subfondo se limitarán a los activos del mismo.
El folleto y los informes periódicos se elaboran para el conjunto de los subfondos de la SICAV.
Para más información sobre el subfondo, consulte el folleto y los informes periódicos, que pueden obtenerse previa solicitud, de forma gratuita, dirigida al domicilio social de la SICAV. Estos documentos (en francés, neerlandés e inglés), así como más información sobre este producto, también están disponibles en el sitio web www.dpamfunds.com (en la pestaña
«Documentación».
El resto de la información práctica, en particular el último valor liquidativo de las acciones, se encuentra disponible en el sitio web indicado anteriormente (pestaña «Valor liquidativo»). | # En quoi consiste ce produit?
## Type
Action de distribution d'un compartiment de DPAM B, Sicav publique de droit belge. Les parts du fonds sont des parts de distribution, émises sous forme d'actions, donnant droit à un dividende. Tous les revenus que le produit perçoit peuvent être distribués.
## Durée
Illimitée. Ce produit n'a pas de date d'échéance déterminée.
## Objectifs et politique d'investissement
Objectif: L'objectif du compartiment est de vous offrir une exposition aux titres de capital d'entreprises du monde entier. Le compartiment promeut une combinaison de caractéristiques environnementales et sociales au sens de l'article 8 du Règlement (UE) 2019/2088 sur la publication d'informations en matière de durabilité dans le secteur des services financiers, et doit contenir une proportion minimale d'investissements durables au sens du même règlement. Il s'agit d'un compartiment géré activement, ce qui signifie que le gestionnaire de portefeuille n'a pas pour objectif de reproduire la performance d'un benchmark.
Politique d'investissement: Le compartiment investit principalement (sans aucune restriction sectorielle quelconque) dans des actions et/ou autres titres donnant accès au capital d'entreprises du monde entier. La sélection repose sur une méthodologie qui: -exclut les sociétés non en conformité avec certaines normes mondiales en ce compris le Pacte des Nations Unies (droits de l'Homme, droit du travail, protection de l'environnement et lutte contre la corruption), -exclut les sociétés impliquées dans des activités controversées (tabac, jeux de hasard, charbon thermique) ou impliquées dans des controverses ESG sévères (incidents, allégations liés à des problèmes environnementaux, sociaux, gouvernance), -s'appuie sur une approche ESG quantitative « best-in-class » et une approche ESG qualitative, - et – vise une recherche d'impact et thématiques de durabilité en s'assurant que les produits et/ou services de l'entreprise financent – en proportion de son chiffre d'affaires – le développement durable. Vous trouverez plus d'informations sur le site www.dpamfunds.com.
Produits dérivés: Le compartiment peut, de manière facultative, utiliser des produits dérivés (tels que des options et/ou des contrats à terme ('futures' et/ ou 'forwards')), et ce tant dans un but de réalisation des objectifs d'investissement que dans un but de couverture des risques (couverture ou exposition des/aux risques de taux et de crédit).
Benchmark: MSCI AC World Net Return.
Utilisation du benchmark: le benchmark est utilisé à titre de comparaison des performances. La sélection et la pondération des actifs dans le portefeuille du
compartiment peuvent différer significativement de la composition du benchmark.
Souscription/Remboursement: Toute demande de souscription/ remboursement de parts peut être introduite chaque jour ouvrable avant 15h00 (heure belge) auprès de Banque Degroof Petercam SA.
## Investisseurs de détail visés
Ce produit s'adresse aux investisseurs qui ont un horizon d'investissement de minimum 6 ans, qui satisfont aux critères d'accès à cette classe d'action décrits dans le prospectus et qui:
ont une connaissance et une expérience suffisantes des marchés d'actions et des fonds, et comprennent les risques du produit
recherchent une exposition aux marchés d'actions de sociétés du monde entier
sont intéressés par un investissement qui promeut des caractéristiques environnementales et sociales et contient une proportion minimale d'investissements durables
peuvent supporter une perte par an supérieure à 20%
## Informations pratiques
Dépositaire: Banque Degroof Petercam Luxembourg S.A, succursale belge
Le document d'informations clés décrit une classe d'action du compartiment DPAM B Equities World Sustainable de la Sicav DPAM B.
DPAM B est un organisme de placement collectif en valeurs mobilières constitué en Belgique (Etat membre d'origine de la SICAV), répondant aux exigences de la Directive 2009/65/CE et soumis au contrôle prudentiel de la FSMA.
Conformément aux dispositions légales applicables, le patrimoine du compartiment est distinct du patrimoine des autres compartiments de la SICAV, ce qui implique notamment que les droits des investisseurs et autres créanciers de ce compartiment sont limités aux actifs de celui-ci.
Le prospectus et les rapports périodiques sont établis pour l'ensemble des compartiments de la Sicav.
Des informations supplémentaires sur le compartiment sont disponibles dans le prospectus et les rapports périodiques qui peuvent être obtenus sur demande, sans frais, au siège social de la SICAV. Ces documents (établis en français, néerlandais et anglais) ainsi que de plus amples informations sur ce produit sont par ailleurs disponibles sur le site: www.dpamfunds.com (onglet 'Documentation').
Toute autre information pratique, notamment la dernière valeur nette d'inventaire des actions est disponible sur le site internet mentionné ci- dessus (onglet 'Valeur nette d'inventaire'). | fr | es |
DOLFIN3176 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Les actifs du Compartiment sont détenus auprès de son dépositaire, Northern Trust Fiduciary Services (Ireland) Limited.
DUNN WMA Institutional UCITS Fund est un Compartiment de MontLake UCITS Platform ICAV. Les actifs de ce Compartiment sont distincts de ceux des autres Compartiments de MontLake UCITS Platform ICAV. Cela signifie que, en vertu du droit irlandais, les avoirs du Compartiment sont détenus séparément des avoirs des autres Compartiments de MontLake UCITS Platform ICAV.
Vous pouvez échanger sans frais vos actions contre les actions d'un autre Compartiment de MontLake UCITS Platform ICAV.
Le Compartiment est assujetti aux lois et règlementations fiscales d'Irlande. En fonction de votre pays de résidence, cela peut avoir une incidence sur votre investissement. Pour plus de détails, veuillez consulter votre conseiller.
La responsabilité de MontLake UCITS Platform ICAV ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de MontLake UCITS Platform ICAV.
Les informations complémentaires relatives à MontLake UCITS Platform ICAV, les exemplaires de son prospectus et de ses rapports annuels et semestriels, peuvent être obtenus sans frais, en anglais. Veuillez écrire à l'Agent administratif du Compartiment, Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Irlande, ou visiter le site Internet www.montlakeucits.com.
Des informations détaillées concernant la politique de rémunération du Gestionnaire, comprenant entre autres, la description du mode de calcul de la rémunération et des avantages ainsi que l'identité des personnes responsables de l'accord de ces rétributions et avantages, y compris la composition du comité de rémunération, le cas échéant, sont disponibles sur le site Internet www.montlakefunds.com/policies et une copie écrite de ladite politique de rémunération est disponible gratuitement sur demande.
Les autres informations pratiques, dont les derniers cours des actions, sont disponibles auprès du siège du Gestionnaire et de l'Agent administratif durant les heures ouvrées normales et seront publiées chaque jour sur le site Internet www.montlakeucits.com.
Le Gestionnaire et ce Compartiment sont agréés en Irlande et réglementés par le(la) Central Bank of Ireland. Ces informations clés pour l'investisseur sont exactes au 18 février 2021. | # Información práctica
El depositario de los activos del subfondo es Northern Trust Fiduciary Services (Ireland) Limited.
DUNN WMA Institutional UCITS Fund es un subfondo de MontLake UCITS Platform ICAV. Los activos de este subfondo están segregados de otros subfondos de MontLake UCITS Platform ICAV. Esto significa que, de conformidad con la ley irlandesa, las posiciones del Subfondo se mantienen por separado de las de los restantes Subfondos de MontLake UCITS Platform ICAV.
Puede cambiar sus acciones por acciones de otro subfondo de MontLake UCITS Platform ICAV de forma gratuita.
Este subfondo está sujeto a la legislación y las normativas irlandesas. Esto puede tener un impacto en su inversión dependiendo de su país de origen o residencia. Consulte con su asesor para obtener más información.
MontLake UCITS Platform ICAV únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto de MontLake UCITS Platform ICAV.
Se puede obtener más información sobre MontLake UCITS Platform ICAV, así como ejemplares de su folleto y de los informes anuales y semestrales en inglés de forma gratuita. Para ello, diríjase al Administrador del Subfondo, Northern Trust International Fund Administration Services (Ireland) Limited, escribiendo a la dirección Georges Court, 54-62 Townsend Street, Dublín 2, Irlanda, o visite www.montlakeucits.com.
Los detalles de la política remunerativa de la Gestora, incluidas, entre otras cosas, una descripción de la forma en que se calculan la remuneración y los beneficios y la identidad de las personas responsables de determinar la remuneración y los beneficios, con la composición del comité de remuneraciones si lo hay, están disponibles en el sitio web www.montlakefunds.com/policies y puede obtenerse gratuitamente una copia en papel previa petición.
Se puede obtener otra información práctica, incluida la última cotización de las acciones, en el domicilio social de la Gestora y del Administrador durante el horario laboral habitual. Dicha información también se publicará diariamente en el sitio web www.montlakeucits.com.
Tanto la Gestora como este subfondo están autorizados en Irlanda y regulados por el Central Bank of Ireland. Estos datos fundamentales para el inversor son exactos a 18 de febrero de 2021. | # Informations pratiques
Les actifs du Compartiment sont détenus auprès de son dépositaire, Northern Trust Fiduciary Services (Ireland) Limited.
DUNN WMA Institutional UCITS Fund est un Compartiment de MontLake UCITS Platform ICAV. Les actifs de ce Compartiment sont distincts de ceux des autres Compartiments de MontLake UCITS Platform ICAV. Cela signifie que, en vertu du droit irlandais, les avoirs du Compartiment sont détenus séparément des avoirs des autres Compartiments de MontLake UCITS Platform ICAV.
Vous pouvez échanger sans frais vos actions contre les actions d'un autre Compartiment de MontLake UCITS Platform ICAV.
Le Compartiment est assujetti aux lois et règlementations fiscales d'Irlande. En fonction de votre pays de résidence, cela peut avoir une incidence sur votre investissement. Pour plus de détails, veuillez consulter votre conseiller.
La responsabilité de MontLake UCITS Platform ICAV ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de MontLake UCITS Platform ICAV.
Les informations complémentaires relatives à MontLake UCITS Platform ICAV, les exemplaires de son prospectus et de ses rapports annuels et semestriels, peuvent être obtenus sans frais, en anglais. Veuillez écrire à l'Agent administratif du Compartiment, Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Irlande, ou visiter le site Internet www.montlakeucits.com.
Des informations détaillées concernant la politique de rémunération du Gestionnaire, comprenant entre autres, la description du mode de calcul de la rémunération et des avantages ainsi que l'identité des personnes responsables de l'accord de ces rétributions et avantages, y compris la composition du comité de rémunération, le cas échéant, sont disponibles sur le site Internet www.montlakefunds.com/policies et une copie écrite de ladite politique de rémunération est disponible gratuitement sur demande.
Les autres informations pratiques, dont les derniers cours des actions, sont disponibles auprès du siège du Gestionnaire et de l'Agent administratif durant les heures ouvrées normales et seront publiées chaque jour sur le site Internet www.montlakeucits.com.
Le Gestionnaire et ce Compartiment sont agréés en Irlande et réglementés par le(la) Central Bank of Ireland. Ces informations clés pour l'investisseur sont exactes au 18 février 2021. | fr | es |
DOLFIN3177 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 4 because its share value fluctuates moderately and therefore the chance of profit but also the risk of loss can be moderate. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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| Perfil de riesgo y remuneración | ◄ Remuneración potencialmente más baja Remuneración potencialmente más elevada ► Menor riesgo Mayor riesgo 1 2 3 4 5 6 7 El indicador se basa en datos históricos y no debe interpretarse como una predicción de acontecimientos futuros. La clasificación del subfondo podría variar en el futuro y no constituye una garantía. Ni siquiera un fondo incluido en la categoría 1 constituye una inversión totalmente libre de riesgo. El subfondo se clasifica en la categoría 4 porque el precio de sus participaciones fluctúa de forma moderada y, por lo tanto, la posibilidad de obtener ganancias, pero también el riesgo de pérdida, tienden a ser moderados. Podría ocurrir que, debido al modelo de cálculo, no se tengan en cuenta todos los riesgos cuando se clasifique el subfondo en una categoría. En la sección »riesgos de las inversiones« se incluye una extensa descripción de los riesgos. Los siguientes riesgos no tienen un repercusión directa en la clasificación pero sin embargo pueden tener cierta relevancia para el subfondo: − Riesgos de crédito: el subfondo puede invertir una proporción de sus activos en títulos de deuda emitidos por estados o por compañías. Los emisores de estos títulos de deuda podrían resultar insolventes lo cual podría determinar la pérdida total o parcial del valor de sus títulos de deuda. − Riesgo de tipo de cambio: En caso de que el fondo mantenga activos en otra moneda distinta a la de referencia, el inversor está expuesto a un riesgo de tipo de cambio. Este riesgo puede reducirse mediante operaciones de cobertura. − Riesgos por el uso de derivados: el subfondo puede utilizar derivados. Tales instrumentos determinan tanto un incremento de oportunidades como un incremento del riesgo de pérdida. El uso de derivados con fines de cobertura frente a pérdidas también podría reducir las oportunidades de beneficio del subfondo. − Riesgos de custodia: La custodia de activos patrimoniales, sobre todo en el extranjero, puede acarrear un riesgo de pérdida como resultado de insolvencia, negligencia o comportamiento fraudulento por parte del depositario o subdepositario. − Riesgos operativos: el subfondo podría ser víctima de fraude o de cualquier otra conducta delictiva. También podría sufrir pérdidas causadas por malentendidos o errores de los empleados de la sociedad gestora de inversiones o de terceras partes o podría sufrir daños y perjuicios causados por la ocurrencia de acontecimientos externos tales como desastres naturales. |
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 4 because its share value fluctuates moderately and therefore the chance of profit but also the risk of loss can be moderate. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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DOLFIN3178 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of the operations of these Share Classes and the capped percentage.
This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in Appendix 1. The actual fees and expenses charged to each share class are detailed in Appendix 1 to this report.
- Management and Advisory FeesThe SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class under its management (“Management and Advisory Fees”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at a maximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily), decide to vary such rate between the maximum and 0.0%. | No se cobra ningún otro gasto a estas Clases de Acciones y la Sociedad gestora asume las eventuales diferencias entre los costes operativos reales de estas Clases de Acciones y el porcentaje con límite máximo.
Este porcentaje anual con límite máximo de comisiones y gastos se clasifica como Ratio de gastos con límite máximo según se muestra en el Anexo 1. Las comisiones y gastos que se cobran a cada clase de acciones se detallan en el Anexo 1 de este informe.
- Comisiónes de gestión y asesoramientoLa SICAV paga a la Sociedad gestora una comisión de gestión calculada como porcentaje del patrimonio neto medio diario de cada Subfondo o Clase de Acciones que gestiona («Comisiones de gestión y asesoramiento»). Las Comisiones de gestión y asesoramiento se devengan diariamente y se abonan a mes vencido al tipo máximo que se indica en el Folleto. La Sociedad gestora podrá, siempre que lo estime conveniente a su entera discreción (en determinados casos, a diario), modificar el tipo aplicable estableciendo un valor que oscilará entre el máximo fijado y el 0,0%. | No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of the operations of these Share Classes and the capped percentage.
This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in Appendix 1. The actual fees and expenses charged to each share class are detailed in Appendix 1 to this report.
- Management and Advisory FeesThe SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class under its management (“Management and Advisory Fees”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at a maximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily), decide to vary such rate between the maximum and 0.0%. | en | es |
DOLFIN3179 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-USD Distributing between 12/2018-12/2023.
Favourable scenario
What you might get back after costs
Average return each year
USD 11,633
16.3%
USD 13,021
5.4% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-USD Distributing entre 12/2018-12/2023.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 633 USD
16,3%
13 021 USD
5,4% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I-USD Distributing between 12/2018-12/2023.
Favourable scenario
What you might get back after costs
Average return each year
USD 11,633
16.3%
USD 13,021
5.4% | en | es |
DOLFIN3180 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Information for investors regarding the automatic exchange of information
By virtue of Directive 2014/107/EC of 9 December 2014 as regards the mandatory automatic exchange of information in the field of taxation and the Common Reporting Standard (“CRS”), a reporting and due diligence standard developed by the OECD for the international, automatic exchange of information on financial accounts, the automatic exchange of information will be implemented in accordance with the inter-country agreements and the Luxembourg regulations (the law of 18 December 2015 implementing the automatic exchange of information on financial accounts with regard to tax matters). The automatic exchange of information will be implemented in Luxembourg for the first time for the 2016 tax year.
On an annual basis, reporting financial institutions will report information on reportable persons and reportable accounts to the Luxembourg tax authorities (Administration des Contributions Directes in Luxembourg), which will in turn transmit this information to the tax authorities in the relevant countries where the reportable persons are domiciled for tax purposes.
Specifically, the following details will be reported:
- Name, address, tax identification number, country of residence and date and place of birth for each reportable person,
- Number of the reportable account,
- Account balance or value,
- Credited income on capital including any proceeds on sales. | # Hinweise für Anleger hinsichtlich des automatischen Informationsaustauschs
Mit der Richtlinie 2014/107/EU vom 9. Dezember 2014 des Rates bezüglich der Verpflichtung zum automatischen Austausch von (Steuer-)Informationen und dem Common Reporting Standard („CRS“), einem von der OECD entwickelten Melde- und Sorgfaltsstandard für den internationalen, automatischen Informationsaustausch von Finanzkonten, wird der automatische Informationsaustausch gemäß den zwischenstaatlichen Vereinbarungen und den luxemburgischen Vorschriften (Gesetz zur Umsetzung des automatischen Informationsaustauschs in Steuersachen über Finanzkonten vom 18. Dezember 2015) umgesetzt. Der automatische Informationsaustausch wird in Luxemburg erstmals für das Steuerjahr 2016 umgesetzt.
Hierzu werden auf jährlicher Basis seitens meldepflichtiger Finanzinstitute Informationen über die Antragsteller und die meldepflichtigen Register an die luxemburgische Steuerbehörde („Administration des Contributions Directes in Luxemburg“) gemeldet, welche diese wiederum an die Steuerbehörden derjenigen Länder weiterleitet, in denen der/die Antragsteller steuerlich ansässig ist/sind.
Es handelt sich hierbei insbesondere um die Mitteilung von:
- Name, Anschrift, Steueridentifikationsnummer, Ansässigkeitsstaaten sowie Geburtsdatum und –ort jeder meldepflichtigen Person,
- Registernummer,
- Registersaldo oder –wert,
- Gutgeschriebene Kapitalerträge einschließlich Veräußerungserlöse. | # Information for investors regarding the automatic exchange of information
By virtue of Directive 2014/107/EC of 9 December 2014 as regards the mandatory automatic exchange of information in the field of taxation and the Common Reporting Standard (“CRS”), a reporting and due diligence standard developed by the OECD for the international, automatic exchange of information on financial accounts, the automatic exchange of information will be implemented in accordance with the inter-country agreements and the Luxembourg regulations (the law of 18 December 2015 implementing the automatic exchange of information on financial accounts with regard to tax matters). The automatic exchange of information will be implemented in Luxembourg for the first time for the 2016 tax year.
On an annual basis, reporting financial institutions will report information on reportable persons and reportable accounts to the Luxembourg tax authorities (Administration des Contributions Directes in Luxembourg), which will in turn transmit this information to the tax authorities in the relevant countries where the reportable persons are domiciled for tax purposes.
Specifically, the following details will be reported:
- Name, address, tax identification number, country of residence and date and place of birth for each reportable person,
- Number of the reportable account,
- Account balance or value,
- Credited income on capital including any proceeds on sales. | en | de |
DOLFIN3181 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended holding period Example Investment | 5 years 10,000 USD |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 6,693 USD | 6,674 USD |
| | Average return each year | -33.1% | -7.8% |
| Unfavourable | What you might get back after costs | 7,778 USD | 7,759 USD |
| | Average return each year | -22.2% | -4.9% |
| Moderate | What you might get back after costs | 9,645 USD | 11,279 USD |
| | Average return each year | -3.5% | 2.4% |
| Favourable | What you might get back after costs | 10,413 USD | 12,034 USD |
| | Average return each year | 4.1% | 3.8% | | | Periodo di detenzione raccomandato Esempio di investimento | 5 anni 10.000 USD |
| --- | --- |
| Scenari | in caso di uscita dopo 1 anno | in caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | 6.693 USD | 6.674 USD |
| | Rendimento medio per ciascun anno | -33,1% | -7,8% |
| Sfavorevole | Possibile rimborso al netto dei costi | 7.778 USD | 7.759 USD |
| | Rendimento medio per ciascun anno | -22,2% | -4,9% |
| Moderato | Possibile rimborso al netto dei costi | 9.645 USD | 11.279 USD |
| | Rendimento medio per ciascun anno | -3,5% | 2,4% |
| Favorevole | Possibile rimborso al netto dei costi | 10.413 USD | 12.034 USD |
| | Rendimento medio per ciascun anno | 4,1% | 3,8% | | | Recommended holding period Example Investment | 5 years 10,000 USD |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 6,693 USD | 6,674 USD |
| | Average return each year | -33.1% | -7.8% |
| Unfavourable | What you might get back after costs | 7,778 USD | 7,759 USD |
| | Average return each year | -22.2% | -4.9% |
| Moderate | What you might get back after costs | 9,645 USD | 11,279 USD |
| | Average return each year | -3.5% | 2.4% |
| Favourable | What you might get back after costs | 10,413 USD | 12,034 USD |
| | Average return each year | 4.1% | 3.8% | | en | it |
DOLFIN3182 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Temperature – Alignment of the portfolio with the Paris Agreement
Stock selection is based on data from MSCI's ESG Research. For more information, we invite you to visit www.msci.com.
The index aims to represent the performance of an investment strategy that re-weights securities based upon the opportunities and risks associated with the transition to a lower carbon economy. | # Température – Alignement du portefeuille avec l’Accord de Paris
La sélection des titres se fait sur la base des données de la Recherche ESG de MSCI. Pour plus d’informations, nous vous invitons à consulter le site www.msci.com.
L'indice vise à représenter la performance d'une stratégie qui repondère les titres en fonction des opportunités et des risques associés à la transition vers une économie bas carbone. | # Temperature – Alignment of the portfolio with the Paris Agreement
Stock selection is based on data from MSCI's ESG Research. For more information, we invite you to visit www.msci.com.
The index aims to represent the performance of an investment strategy that re-weights securities based upon the opportunities and risks associated with the transition to a lower carbon economy. | en | fr |
DOLFIN3183 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company has the broadest possible powers to carry out UCI management and administration activities in accordance with its business purpose. It is responsible for the portfolio management, administration (i.e. activities of administrative agent, transfer agent and registrar) and marketing (distribution) activities of the SICAV.
The Management Company may at its own expense and under its control and supervision delegate its functions. However, it retains full responsibility for any action undertaken by the delegate.
In consideration for its portfolio management, administration and distribution services (as defined in Appendix II of the Law of 2010), the Management Company is entitled to receive the fees, payable by the SICAV to the Management Company, as detailed in each Fact Sheet.
Investors are advised to read the SICAV's financial reports to obtain detailed information on the fees paid to the Management Company in remuneration of its services.
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### Portfolio management duties | La Société de Gestion est investie des pouvoirs les plus étendus pour accomplir, dans le cadre de son objet social, tous les actes de gestion et d’administration d’OPC. Elle est responsable des activités de gestion de portefeuille, d’administration (Agent Administratif, Agent de Transfert en ce compris les activités de teneur de registre) et de commercialisation (distribution) de la SICAV.
La Société de Gestion est autorisée à déléguer ses fonctions, à ses propres frais et sous son contrôle et sa responsabilité. Toutefois, elle conserve l’entière responsabilité des actes accomplis par son délégué.
Les activités de gestion de portefeuille, d’administration et de distribution (au sens de l’Annexe II de la Loi de 2010) prestées par la Société de Gestion donnent droit à la perception de commissions, versées par la SICAV, telles que détaillées dans chaque Fiche Technique.
Les investisseurs sont invités à consulter les rapports financiers de la SICAV afin d’obtenir des informations détaillées sur les commissions payées à la Société de Gestion en rémunération de ses services.
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### Fonctions de gestion de portefeuille | The Management Company has the broadest possible powers to carry out UCI management and administration activities in accordance with its business purpose. It is responsible for the portfolio management, administration (i.e. activities of administrative agent, transfer agent and registrar) and marketing (distribution) activities of the SICAV.
The Management Company may at its own expense and under its control and supervision delegate its functions. However, it retains full responsibility for any action undertaken by the delegate.
In consideration for its portfolio management, administration and distribution services (as defined in Appendix II of the Law of 2010), the Management Company is entitled to receive the fees, payable by the SICAV to the Management Company, as detailed in each Fact Sheet.
Investors are advised to read the SICAV's financial reports to obtain detailed information on the fees paid to the Management Company in remuneration of its services.
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### Portfolio management duties | en | fr |
DOLFIN3184 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide capital growth and income over the medium to longer term.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate income and capital growth within the portfolio.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, infrastructure securities, commodities and closed-ended real estate investment trusts (REITs).
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may, under normal market conditions, invest up to 100% in investment grade bonds, 75% in high yield bonds (which include below investment grade and unrated bonds), 60% in emerging market bonds and 80% in shares of companies (including up to 60% in emerging market companies).
- The fund may also have an exposure of less than 30% to each of the following asset classes: infrastructure securities, commodities and closed-ended real estate investment trusts REITs.
- The fund may invest up to 30% in offshore China fixed income instruments including, but not limited to, dim sum bonds
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities, which may include urban investment bonds, on an aggregated basis.
- The fund will invest less than 30% in hybrids and contingent convertible bonds, with less than 20% in contingent convertible bonds.
- In adverse market conditions the fund may hold up to 30% of its assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills, Money Market Funds).
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed without reference to an index.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies, coupon payments from bond holdings and payments out of capital.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo lograr crecimiento del capital e ingresos a medio y más largo plazo.
- El Subfondo efectuará asignaciones activas a diferentes clases de activos y áreas geográficas basándose en su potencial para generar rentas y crecimiento del capital en la cartera.
- El Subfondo invertirá en diversas clases de activos mundiales, entre ellas, los bonos con grado de inversión y de alto rendimiento, las acciones de empresas, los valores de infraestructuras, las materias primas y los fondos de inversión inmobiliaria («REIT») de capital fijo.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo podrá, en condiciones normales de mercado, invertir hasta el 100 % en bonos con grado de inversión, el 75 % en bonos de alto rendimiento (que incluyen aquellos con grado especulativo y sin calificación), el 60 % en bonos de mercados emergentes) y el 80 % en acciones de empresas (incluido hasta el 60 % en empresas de mercados emergentes).
- Asimismo, podrá tener una exposición inferior al 30 % a las siguientes clases de activo: valores de infraestructuras, materias primas y fondos de inversión inmobiliaria («REIT») de capital fijo.
- El Subfondo podrá invertir hasta el 30 % en instrumentos extraterritoriales de renta fija de China, entre ellos, bonos «Dim Sum».
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B, o valores de renta fija del mercado interior chino, que pueden incluir bonos municipales, de forma conjunta.
- El Subfondo invertirá menos del 30 % en híbridos y bonos convertibles contingentes, invirtiendo menos del 20 % en bonos convertibles contingentes.
- En condiciones del mercado adversas, el fondo puede mantener hasta el 30 % de sus activos en efectivo o instrumentos del mercado monetario (efectivo y depósitos a corto plazo, certificados de depósito, letras y Fondos del Mercado Monetario).
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Los ingresos del Subfondo procederán principalmente de los pagos de dividendos de acciones de empresas, cupones de las posiciones en renta fija y pagos con cargo al capital.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide capital growth and income over the medium to longer term.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate income and capital growth within the portfolio.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, infrastructure securities, commodities and closed-ended real estate investment trusts (REITs).
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may, under normal market conditions, invest up to 100% in investment grade bonds, 75% in high yield bonds (which include below investment grade and unrated bonds), 60% in emerging market bonds and 80% in shares of companies (including up to 60% in emerging market companies).
- The fund may also have an exposure of less than 30% to each of the following asset classes: infrastructure securities, commodities and closed-ended real estate investment trusts REITs.
- The fund may invest up to 30% in offshore China fixed income instruments including, but not limited to, dim sum bonds
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities, which may include urban investment bonds, on an aggregated basis.
- The fund will invest less than 30% in hybrids and contingent convertible bonds, with less than 20% in contingent convertible bonds.
- In adverse market conditions the fund may hold up to 30% of its assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills, Money Market Funds).
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed without reference to an index.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies, coupon payments from bond holdings and payments out of capital.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3185 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements
The objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstate- ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forg- ery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related notes to the financial statements made by the Board of Directors of the Fund.
- Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of one of its sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related notes to the financial state- ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or one of its sub-funds to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the notes to the financial statements, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. | ###### Responsabilité du réviseur d’entreprises agréé en matière d’audit des comptes annuels
L’objectif de notre audit est d’obtenir l’assurance raisonnable que les comptes annuels dans leur ensemble ne comportent pas d’anomalies significatives, intentionnelles ou non intentionnelles, et à établir le rapport du réviseur d’entreprises agréé dans lequel nous exprimons notre opinion d’audit. Une assurance raison- nable correspond à un haut niveau d’assurance mais ne constitue pas la garantie qu’un audit conformément à la loi du 23 juillet 2016 et selon les ISA adoptées par la CSSF pour le Luxembourg, révèle toujours la pré- sence d’une anomalie significative, si elle existe. Des anomalies peuvent résulter de fraudes ou d’erreurs et elles sont considérées comme significatives lorsque l’on est en droit de supposer que, dans leur ensemble ou de manière individuelle, elles ont un effet sur les décisions économiques prises par les parties prenantes sur la base des comptes annuels.
Dans le cadre de notre audit conformément à la loi du 23 juillet 2016 et selon les ISA adoptées par la CSSF pour le Luxembourg, nous exerçons notre pouvoir discrétionnaire et gardons une attitude critique.
Par ailleurs :
- Nous identifions et évaluons le risque que les comptes annuels contiennent des anomalies significatives, que celles-ci résultent de fraudes ou d’erreurs, nous définissons et réalisons des actions d’audit en réponse à ce risque et recueillons des éléments probants suffisamment pertinents pour fonder notre opinion. Le risque que des anomalies significatives ne soient pas révélées est plus élevé en cas de fraudes qu’en cas d’erreurs car les fraudes peuvent être dues à une association illégale, à des falsifications, omissions inten- tionnelles d’éléments, informations trompeuses et manipulation dans le cadre des contrôles internes.
- Nous favorisons la compréhension du système de contrôle interne pertinent pour l’audit du rapport annuel afin de planifier des procédures d’audit appropriées en la circonstance, et non dans le but d’exprimer une opinion d’audit sur l’efficacité du système de contrôle interne du fonds.
- Nous apprécions l’adéquation des méthodes comptables appliquées par le conseil d’administration du fonds, des estimations comptables faites et des informations correspondantes fournies en annexe.
- Sur la base de l’adéquation de l’application du principe de continuation des activités comme base de red- dition des comptes par le conseil d’administration du fonds ainsi que sur celle des éléments probants recueillis, nous déduisons s’il subsiste une incertitude significative concernant des événements et circons- tances qui pourraient mettre en doute la capacité du fonds ou d’un de ses compartiments à poursuivre ses activités. Si nous sommes amenés à conclure qu’une telle incertitude subsiste, nous sommes tenus de mentionner dans le rapport du réviseur d’entreprises agréé les informations explicatives afférentes concer- nant les comptes annuels ou de modifier notre opinion d’audit, si les informations ne sont pas adéquates. Ces conclusions sont fondées sur les éléments probants recueillis à la date du rapport du réviseur d’entre- prises agréé. Toutefois, des événements ou circonstances futurs peuvent conduire à ce que le fonds ou l’un de ses compartiments ne puisse plus poursuivre ses activités.
- Nous évaluons l’établissement et la présentation d’ensemble des comptes annuels ainsi que leur contenu, y compris les informations fournies en annexe, et apprécions si l’ensemble reflète correctement les opéra- tions et événements sous-jacents. | ###### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements
The objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstate- ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forg- ery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related notes to the financial statements made by the Board of Directors of the Fund.
- Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of one of its sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related notes to the financial state- ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or one of its sub-funds to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the notes to the financial statements, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. | en | fr |
DOLFIN3186 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund may use TRSs.
- Counterparty and collateral; + securities financing
- Liquidity
- Operational
- Standard practicesTRS usage Expected, 10% of total net assets; maximum, 40%. | Zusätzlich zu Kernderivaten (siehe „Nutzung von Instrumenten und Techniken durch die Fonds“) kann der Fonds TRS nutzen.
- Kontrahenten und Sicherheiten;+ Wertpapierfinanzierung
- Liquidität
- Betrieblich
- StandardpraktikenNutzung von TRS Erwartet: 10 % des Gesamtnettovermögens; maximal: 40 %. | In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund may use TRSs.
- Counterparty and collateral; + securities financing
- Liquidity
- Operational
- Standard practicesTRS usage Expected, 10% of total net assets; maximum, 40%. | en | de |
DOLFIN3187 | 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: March 14, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 14 de marzo de 2003. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: March 14, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
20%
10%
0%
-10% | en | es |
DOLFIN3188 | 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 (recommended holding period) |
| Total Costs | 729 USD | 2123 USD |
| Annual Cost Impact (*) | 7.29 % | 3.16 % | | | Investimento: USD 10.000 |
| --- |
| | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Costi totali | 729 USD | 2123 USD |
| Incidenza annuale dei costi (*) | 7,29 % | 3,16 % | | | Investment: USD 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 729 USD | 2123 USD |
| Annual Cost Impact (*) | 7.29 % | 3.16 % | | en | it |
DOLFIN3189 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- notwithstanding any of the foregoing sub- paragraphs, the Manager with the approval of the Trustee may adjust the value of any Investment if, having regard to currency, applicable rate of interest, maturity, marketability and/or such other considerations as they may deem relevant, they consider that such adjustment is required to reflect the fair value thereof;
- if in any case a particular value is not ascertainable as above provided or if the Manager shall consider that some other method of valuation better reflects the fair value of the relevant Investment then in such case the method of valuation of the relevant Investment shall be such as the Manager shall decide with the concurrence of the Trustee and provided that such adjustment method is approved by the Trustee;
- notwithstanding the foregoing, where at the time of any valuation any asset of the Sub-Fund has been realised or contracted to be realised there shall be included in the assets of the Sub-Fund in place of such asset the net amount receivable by the Sub-Fund in respect thereof provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Manager as receivable by the Sub-Fund. | - sin perjuicio de los apartados anteriores, la Sociedad Gestora, con el consentimiento del Depositario, puede ajustar el valor de cualquier inversión si considera que, teniendo en cuenta la divisa, el tipo de interés aplicable, el vencimiento, la comerciabilidad y otros factores que estime oportunos, es necesario realizar dicho ajuste para reflejar su valor justo;
- si en algún caso no pudiera calcularse un valor concreto utilizando los principios establecidos anteriormente o si la Sociedad Gestora considerara que con otro método quedaría mejor reflejado el valor justo de la inversión en cuestión, se empleará el método de valoración que la Sociedad Gestora decida para dicha inversión, con el consentimiento de la Fiduciaria y siempre y cuando esta autorice dicho método de ajuste;
- sin perjuicio de lo anterior, en el caso en el que en el momento de la valoración se haya liquidado o contratado la liquidación de un activo del Subfondo, en el activo del Subfondo se incluirá, en lugar de dicho activo, el importe neto que debe percibir el Subfondo en concepto de dicha liquidación, teniendo en cuenta que, si se desconoce el importe exacto en ese momento, su valor será el importe neto que la Sociedad Gestora estime que percibirá el Subfondo. | - notwithstanding any of the foregoing sub- paragraphs, the Manager with the approval of the Trustee may adjust the value of any Investment if, having regard to currency, applicable rate of interest, maturity, marketability and/or such other considerations as they may deem relevant, they consider that such adjustment is required to reflect the fair value thereof;
- if in any case a particular value is not ascertainable as above provided or if the Manager shall consider that some other method of valuation better reflects the fair value of the relevant Investment then in such case the method of valuation of the relevant Investment shall be such as the Manager shall decide with the concurrence of the Trustee and provided that such adjustment method is approved by the Trustee;
- notwithstanding the foregoing, where at the time of any valuation any asset of the Sub-Fund has been realised or contracted to be realised there shall be included in the assets of the Sub-Fund in place of such asset the net amount receivable by the Sub-Fund in respect thereof provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Manager as receivable by the Sub-Fund. | en | es |
DOLFIN3190 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Manager Comment
#### Cumulative performance
#### 1M YTD
### Market Review
August was generally a positive month for equities and a negative month for fixed income assets. With global economic growth remaining firm and central banks only cautiously eyeing toward the beginning of their policy normalization, US and Continental Europe markets led global equity indices toward new highs, while EM indices underperformed again, with uncertainties regarding regulation still weighting on the China market. Long-term rates ended the month slightly higher. They oscillated between Covid variant concerns and solid-but-sometime-disappointing economic data. Various comments from Fed, ECB and BoE members, expressing views on the timing of withdrawal of crisis-related policies, were concluded by a reassuring Jerome Powell’s speech at the end of the month. Credit and EM spreads tightened in August, especially in the High Yield space, supported by a still decent investors’ appetite for risk. The US dollar was firmer against main G7 currencies, while gold ended the month unchanged after an initial drop.
### Fund Review
#### The fund posted a positive performance in August.
The main contributor to the performance was the equity allocation, especially exposure to US and European companies and indices. The exposure to China markets underperformed a brought a slight negative contribution to the performance in August. The Fixed Income allocation brought a mild negative contribution to the performance, as exposure to high quality long-term bonds suffered from the increase in long-term yields. The contribution of the allocation to financial and nonfinancial credit was slightly negative as the compression in spreads only partially offset the impact of the rise in rates.
The equity allocation of the portfolio was maintained around 50% but the geographical exposure was adjusted to reflect a less favorable environment for cyclicals and EM equities. EM exposure was cut and narrowed down to one Chinese ESG ETF and a few direct equity of in the tech sector, for their depressed valuations and still attractive medium term prospects. Proceeds were reallocated into US equity markets and European markets via indices. In the fixed income allocation, exposure to 10-year US Treasury bonds was raised, as it now brings attractive diversification in the portfolio and a potential hedge in case of higher volatility on the equity allocation. The portfolio’s duration rose in consequence.
### Outlook
After a strong recovery fueled by governments, central banks and vaccine rollout, the global economy is entering a new phase of the cycle. The episode of reflation identified at the end of last year is already nearing its end after having been spectacular in the US and Europe, and somewhat less so in Emerging economies. The Fed and the ECB are now looking toward the beginning of their policy normalization. Covid variants are threatening some economies. Debt and demographics remain powerful structural factors that dampen long-term growth potentials. In this context, although the most likely scenario for the global economy remains positive, the risk of less favorable outcomes has increased. It is warranted to maintain exposure to equities, but with a rebalancing toward sectors and markets more tilted toward “quality & growth” rather than the cyclicality sought earlier this year. Similarly, in the fixed income space, rebalancing the allocation toward high quality government bonds is expected to prove valuable if some downside risks to growth happen to materialize. | # Manager Comment
#### Cumulative performance
#### 1M YTD
### Market Review
Le mois d’août a été globalement positif pour les actions, mais plutôt négatif pour les actifs obligataires. Alors que la croissance économique mondiale reste solide et que les banques centrales ne s’orientent que prudemment vers le début de la normalisation de leur politique monétaire, les marchés américains et d’Europe continentale ont conduit les indices actions mondiaux vers de nouveaux sommets, tandis que les indices émergents ont de nouveau sous-performé, les incertitudes entourant l’environnement réglementaire pesant toujours sur le marché chinois. Les taux à long terme ont clôturé le mois en légère hausse. Ils ont fluctué compte tenu des inquiétudes liées aux variants de la Covid-19 et des données économiques solides, mais parfois décevantes. Les différents commentaires des membres de la Réserve fédérale américaine, de la Banque centrale européenne et de la Banque d’Angleterre, qui ont fait part de leur opinion quant au calendrier de retrait des politiques liées à la crise, ont été conclus par un discours rassurant de Jerome Powell en fin de mois. Les spreads de crédit et des marchés émergents se sont resserrés en août, en particulier dans le segment du haut rendement, soutenus par l’appétit toujours modeste des investisseurs pour le risque. Le dollar américain s’est apprécié face aux principales devises du G7, tandis que l’or a clôturé le mois inchangé après s’être replié dans un premier temps.
### Fund Review
#### Le fonds a enregistré une performance positive en août.
L’allocation en actions a le plus contribué à la performance, en particulier l’exposition aux entreprises et aux indices américains et européens. L’exposition aux marchés chinois a sous-performé et a légèrement nui à la performance en août. L’allocation obligataire a quelque peu pesé sur la performance, l’exposition aux obligations de qualité à échéance lointaine ayant souffert de la hausse des rendements à long terme. La contribution de l’allocation au crédit financier et non financier a été légèrement négative, la contraction des spreads n’ayant que partiellement compensé l’impact de la hausse des taux.
L’allocation en actions du portefeuille a été maintenue autour de 50%, mais l’exposition géographique a été ajustée pour refléter un environnement moins favorable pour les valeurs cycliques et les actions des marchés émergents. L’exposition aux marchés émergents a été réduite et limitée à un ETF ESG chinois et à quelques positions directes en actions du secteur technologique, en raison de leurs niveaux de valorisation déprimés et de perspectives toujours attrayantes à moyen terme. Le produit a été réinvesti sur les marchés actions américains et européens par le biais d’indices. Dans le cadre de l’allocation obligataire, l’exposition aux bons du Trésor américain à 10 ans a été accrue, car elles offrent désormais une diversification attractive au sein du portefeuille et constituent une couverture potentielle en cas d’accroissement de la volatilité de l’allocation en actions. La duration du portefeuille a donc augmenté.
### Outlook
Après une forte reprise alimentée par les gouvernements, les banques centrales et le déploiement des vaccins, l’économie mondiale entre dans une nouvelle phase du cycle. L’épisode de reflation identifié à la fin de l’année dernière touche déjà à sa fin après avoir été spectaculaire aux Etats-Unis et en Europe, et un peu moins dans les économies émergentes. La Fed et la BCE s’orientent désormais vers le début de la normalisation de leur politique monétaire. Les variants de la Covid-19 menacent certaines économies. La dette et la démographie restent des facteurs structurels puissants qui pèsent sur les potentiels de croissance à long terme. Cependant, dans ce contexte, le scénario le plus probable pour l’économie mondiale reste positif, alors que le risque d’issues moins favorables s’est accru. Il est justifié de maintenir une exposition aux actions, avec toutefois un rééquilibrage vers les secteurs et les marchés davantage tournés vers la « qualité et la croissance » plutôt que sur la cyclicité recherchée plus tôt dans l’année. De même, dans la poche obligataire, le rééquilibrage de l’allocation en faveur des emprunts d’Etat de haute qualité devrait se révéler intéressant si certains risques baissiers sur la croissance se concrétisent. | # Manager Comment
#### Cumulative performance
#### 1M YTD
### Market Review
August was generally a positive month for equities and a negative month for fixed income assets. With global economic growth remaining firm and central banks only cautiously eyeing toward the beginning of their policy normalization, US and Continental Europe markets led global equity indices toward new highs, while EM indices underperformed again, with uncertainties regarding regulation still weighting on the China market. Long-term rates ended the month slightly higher. They oscillated between Covid variant concerns and solid-but-sometime-disappointing economic data. Various comments from Fed, ECB and BoE members, expressing views on the timing of withdrawal of crisis-related policies, were concluded by a reassuring Jerome Powell’s speech at the end of the month. Credit and EM spreads tightened in August, especially in the High Yield space, supported by a still decent investors’ appetite for risk. The US dollar was firmer against main G7 currencies, while gold ended the month unchanged after an initial drop.
### Fund Review
#### The fund posted a positive performance in August.
The main contributor to the performance was the equity allocation, especially exposure to US and European companies and indices. The exposure to China markets underperformed a brought a slight negative contribution to the performance in August. The Fixed Income allocation brought a mild negative contribution to the performance, as exposure to high quality long-term bonds suffered from the increase in long-term yields. The contribution of the allocation to financial and nonfinancial credit was slightly negative as the compression in spreads only partially offset the impact of the rise in rates.
The equity allocation of the portfolio was maintained around 50% but the geographical exposure was adjusted to reflect a less favorable environment for cyclicals and EM equities. EM exposure was cut and narrowed down to one Chinese ESG ETF and a few direct equity of in the tech sector, for their depressed valuations and still attractive medium term prospects. Proceeds were reallocated into US equity markets and European markets via indices. In the fixed income allocation, exposure to 10-year US Treasury bonds was raised, as it now brings attractive diversification in the portfolio and a potential hedge in case of higher volatility on the equity allocation. The portfolio’s duration rose in consequence.
### Outlook
After a strong recovery fueled by governments, central banks and vaccine rollout, the global economy is entering a new phase of the cycle. The episode of reflation identified at the end of last year is already nearing its end after having been spectacular in the US and Europe, and somewhat less so in Emerging economies. The Fed and the ECB are now looking toward the beginning of their policy normalization. Covid variants are threatening some economies. Debt and demographics remain powerful structural factors that dampen long-term growth potentials. In this context, although the most likely scenario for the global economy remains positive, the risk of less favorable outcomes has increased. It is warranted to maintain exposure to equities, but with a rebalancing toward sectors and markets more tilted toward “quality & growth” rather than the cyclicality sought earlier this year. Similarly, in the fixed income space, rebalancing the allocation toward high quality government bonds is expected to prove valuable if some downside risks to growth happen to materialize. | en | fr |
DOLFIN3191 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 USD |
| Exit costs | 3.00% of your investment before it is paid out to you. | 309 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.09% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 109 USD |
| Transaction costs | 0.77% 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. | 77 USD |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 USD | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 5.00% dell'importo pagato al momento della sottoscrizione. | Fino a 500 USD |
| Costi di uscita | 3.00% dell'investimento prima che venga rimborsato. | 309 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1.09% del valore dell'investimento annuo. Si tratta di una stima basata su costi effettivi nell'arco dell'ultimo anno. | 109 USD |
| Costi di transazione | 0.77% del valore dell'investimento annuo. Si tratta di una stima dei costi sostenuti al momento dell'acquisto e della vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varia a seconda dei volumi acquistati e venduti. | 77 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (*) | Questo prodotto non prevede una commissione legata al rendimento. | 0 USD | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 USD |
| Exit costs | 3.00% of your investment before it is paid out to you. | 309 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.09% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 109 USD |
| Transaction costs | 0.77% 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. | 77 USD |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 USD | | en | it |
DOLFIN3192 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Informations complémentaires relatives aux restrictions d’investissement
Le Compartiment peut investir jusqu’à 100 % du total de son actif net dans des titres non cotés. Toutefois, le Compartiment ne peut pas investir plus de 10 % du total de son actif net dans une seule société donnée, au moment de l’investissement.
Le Compartiment n’investira pas plus de 25 % du total de son actif net dans des fonds ou sociétés gérés par un seul associé commandité.
Circonstances dans lesquelles le Compartiment peut utiliser l’effet de levier et types et sources d’effet de levier autorisés
Le Compartiment devrait avoir accès à une facilité de crédit pouvant aller jusqu’à 30 % de sa Valeur liquidative afin de l’aider à gérer les périodes de fortes tensions sur les marchés, au cours desquelles les distributions des sociétés sous-jacentes dans le portefeuille d’investissement sont réduites à un niveau tel que le Compartiment est dans l’incapacité d’honorer les appels de capital sur les engagements du portefeuille sous-jacent. La facilité de crédit serait utilisée pour éviter au Compartiment de devoir procéder à des ventes forcées d’actifs pour honorer ces appels de capital. Les actifs du Compartiment peuvent être utilisés comme garantie en relation avec la facilité de crédit. La facilité de crédit comportera des commissions d’engagement habituelles et des frais supplémentaires pour tout montant utilisé.
Niveau d’effet de levier maximal | ##### Información adicional relativa a las restricciones de inversión
El Fondo podrá invertir hasta el 100% de su patrimonio neto total en valores no cotizados. Sin embargo, no podrá invertir más del 10% de su patrimonio neto total en una misma empresa, según los datos obtenidos en el momento de la inversión.
El Fondo no invertirá más del 25% de su patrimonio neto total en fondos o empresas gestionados por un único socio general.
Circunstancias en las que el Fondo puede utilizar apalancamiento, y tipos y fuentes de apalancamiento permitidos
Se espera que el Fondo tenga acceso a una línea de crédito de hasta el 30% del Valor liquidativo para ayudar al Fondo a hacer frente a períodos de intensa tensión del mercado en los que las distribuciones de las empresas subyacentes que componen la cartera de inversión se reduzcan a un nivel en el que el Fondo no pueda hacer frente a las solicitudes de capital que se le hagan en relación con los compromisos de la cartera de inversión subyacente. La línea de crédito se utilizará para evitar que el Fondo tenga que realizar ventas forzosas de activos con el fin de satisfacer dichas exigencias de capital. Los activos del Fondo se pueden utilizar como garantía en relación con la línea de crédito. La línea de crédito incurrirá en las comisiones de compromiso habituales y en cargos adicionales sobre cualquier importe dispuesto.
Nivel de apalancamiento máximo | ##### Informations complémentaires relatives aux restrictions d’investissement
Le Compartiment peut investir jusqu’à 100 % du total de son actif net dans des titres non cotés. Toutefois, le Compartiment ne peut pas investir plus de 10 % du total de son actif net dans une seule société donnée, au moment de l’investissement.
Le Compartiment n’investira pas plus de 25 % du total de son actif net dans des fonds ou sociétés gérés par un seul associé commandité.
Circonstances dans lesquelles le Compartiment peut utiliser l’effet de levier et types et sources d’effet de levier autorisés
Le Compartiment devrait avoir accès à une facilité de crédit pouvant aller jusqu’à 30 % de sa Valeur liquidative afin de l’aider à gérer les périodes de fortes tensions sur les marchés, au cours desquelles les distributions des sociétés sous-jacentes dans le portefeuille d’investissement sont réduites à un niveau tel que le Compartiment est dans l’incapacité d’honorer les appels de capital sur les engagements du portefeuille sous-jacent. La facilité de crédit serait utilisée pour éviter au Compartiment de devoir procéder à des ventes forcées d’actifs pour honorer ces appels de capital. Les actifs du Compartiment peuvent être utilisés comme garantie en relation avec la facilité de crédit. La facilité de crédit comportera des commissions d’engagement habituelles et des frais supplémentaires pour tout montant utilisé.
Niveau d’effet de levier maximal | fr | es |
DOLFIN3193 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Key Features
Structure
The Company is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") with an umbrella structure. In accordance with the Articles, the Company operates several Funds with multiple Classes. A separate pool of assets and liabilities is maintained for each Fund and is invested in accordance with the investment objective applicable to the relevant Fund.
Unless otherwise indicated in the relevant Information Sheet, the assets of the different Classes within a Fund will be commonly invested but a Class specific sales or redemption charge structure, fee structure, Minimum Initial Investment, Minimum Incremental Investment, Minimum Holding requirement, dividend policy or hedging strategy may be applied. Shares will be issued, redeemed and converted at prices computed on the basis of the NAV per Share of the relevant Class, as calculated by the Administrator in accordance with the Articles.
The Directors may, at any time, create additional Funds and/or Classes whose investment objectives may differ from those of the existing Funds and/or Classes.
Information on the available Classes is set out in the section below headed "Share Classes and Features". | # Hauptmerkmale
Struktur
Die Gesellschaft ist eine offene Investmentgesellschaft, die nach den Gesetzen des Großherzogtums Luxemburg als eine Société d’Investissement à Capital Variable („SICAV“) mit einer Umbrella-Struktur gegründet wurde. In Übereinstimmung mit der Satzung betreibt die Gesellschaft mehrere Fonds mit mehreren Klassen. Für jeden Fonds wird entsprechend dem für den betreffenden Fonds geltenden Anlageziel ein getrennter Pool von Vermögenswerten und Verbindlichkeiten geführt und angelegt.
Sofern im betreffenden Informationsblatt nicht anders angegeben, werden die Vermögenswerte der verschiedenen Klassen innerhalb eines Fonds gemeinsam angelegt, möglicherweise gelten jedoch für jede Klasse unterschiedliche Strukturen hinsichtlich Verkaufs- oder Rücknahmegebühren, Gebühren, Mindesterstanlage-, Mindestfolgeanlage- sowie Mindestbestandsbedingungen, Dividendenpolitik oder Absicherungsstrategie. Die Ausgabe, die Rücknahme und der Umtausch von Anteilen erfolgt zu Preisen, die auf der Grundlage des vom Administrator gemäß der Satzung berechneten Nettoinventarwerts pro Anteil der jeweiligen Klasse berechnet werden.
Die Verwaltungsratsmitglieder können jederzeit zusätzliche Fonds und/oder Klassen errichten, deren Anlageziele von denen der bestehenden Fonds und/oder Klassen abweichen können.
Informationen über die verfügbaren Klassen sind im nachstehenden Abschnitt „Anteilklassen und Merkmale des Fonds“ enthalten. | # Key Features
Structure
The Company is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") with an umbrella structure. In accordance with the Articles, the Company operates several Funds with multiple Classes. A separate pool of assets and liabilities is maintained for each Fund and is invested in accordance with the investment objective applicable to the relevant Fund.
Unless otherwise indicated in the relevant Information Sheet, the assets of the different Classes within a Fund will be commonly invested but a Class specific sales or redemption charge structure, fee structure, Minimum Initial Investment, Minimum Incremental Investment, Minimum Holding requirement, dividend policy or hedging strategy may be applied. Shares will be issued, redeemed and converted at prices computed on the basis of the NAV per Share of the relevant Class, as calculated by the Administrator in accordance with the Articles.
The Directors may, at any time, create additional Funds and/or Classes whose investment objectives may differ from those of the existing Funds and/or Classes.
Information on the available Classes is set out in the section below headed "Share Classes and Features". | en | de |
DOLFIN3194 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Swiss Equity
Schroder ISF Swiss Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the Swiss Leaders Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of Swiss Leaders Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Swiss Leaders Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Swiss Equity
Schroder ISF Swiss Equity (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del Swiss Leaders Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del Swiss Leaders Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el Swiss Leaders Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Swiss Equity
Schroder ISF Swiss Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the Swiss Leaders Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of Swiss Leaders Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Swiss Leaders Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN3195 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Administrator
Under the terms of the Administrator Agreement, the Manager has appointed the Administrator as the administrator of the Unit Trust. The Manager has delegated its duties as registrar to the Administrator pursuant to the Administrator Agreement. The Administrator Agreement provides that the appointment of the Administrator may be terminated by any party giving not less than 24 months’ notice in writing to the others. The Administrator, a company incorporated in Ireland on 15 June 1990 and is an indirect wholly owned subsidiary of Northern Unit Trust Corporation. Northern Unit Trust Corporation and its subsidiaries comprise the Northern Unit Trust Group, one of the world’s leading providers of global custody and administration services to institutional and personal investors. The principal business activity of the Administrator is the administration of collective investment schemes.
The duties and functions of the Administrator include, inter alia, the calculation of the Net Asset Value and the Net Asset Value per Unit, the keeping of all relevant records in relation to the Funds as may be required with respect to the obligations assumed by it pursuant to the Administration Agreement, the preparation and maintenance of the Unit Trust and the Unit Trust’s books and accounts, liaising with the auditor in relation to the audit of the financial statements of the Unit Trust and the provision of certain Unitholder registration and transfer agency services in respect of units in the Unit Trust.
The Administrator is not involved directly or indirectly with the business affairs, organisation, sponsorship or management of the Unit Trust and is not responsible for the preparation of this document other than the preparation of the above description and accepts no responsibility or liability for any information contained in this document except disclosures relating to it. As at the date of this Prospectus, the Administrator is not aware of any conflicts of interest in respect of its appointment as administrator to the Unit Trust. If a conflict of interest arises, the Administrator will ensure it is addressed in accordance with the Administration Agreement, applicable laws and in the best interests of the Unitholders. | ### Allgemeiner Verwalter
Gemäß den Bestimmungen des Vertrags des Allgemeinen Verwalters hat die Verwaltungsgesellschaft den Allgemeinen Verwalter zum Allgemeinen Verwalter des Investmentfonds bestellt. Die Verwaltungsgesellschaft hat ihre Aufgaben als Registerführer gemäß dem Verwaltungsvertrag auf den Allgemeinen Verwalter übertragen. Der Vertrag des Allgemeinen Verwalters sieht vor, dass die Bestellung des Allgemeinen Verwalters von jeder Partei durch schriftliche Mitteilung mit einer Frist von mindestens 24 Monaten an die anderen Parteien beendet werden kann. Der Allgemeine Verwalter, eine am 15. Juni 1990 in Irland gegründete Gesellschaft, ist eine indirekte 100 %ige Tochtergesellschaft der Northern Unit Trust Corporation. Northern Unit Trust Corporation und ihre Tochtergesellschaften bilden die Northern Unit Trust Group, einen der weltweit führenden Anbieter globaler Verwahr- und Verwaltungsleistungen für institutionelle und private Anleger. Die Hauptgeschäftstätigkeit des Allgemeinen Verwalters besteht in der Verwaltung von Organismen für gemeinsame Anlagen.
Zu den Pflichten und Funktionen des Allgemeinen Verwalters gehören unter anderem die Berechnung des Nettoinventarwerts und des Nettoinventarwerts je Anteil, die Führung aller relevanten Aufzeichnungen in Bezug auf die Fonds, wie es hinsichtlich der von ihm gemäß dem Verwaltungsvertrag übernommenen Verpflichtungen erforderlich sein kann, die Erstellung und Führung des Investmentfonds und der Geschäftsbücher des Investmentfonds, die Zusammenarbeit mit dem Abschlussprüfern in Bezug auf die Prüfung der Abschlüsse des Investmentfonds und die Bereitstellung bestimmter Anteilsinhaberregistrierungs- und Transferstellendienstleistungen bezüglich der Anteile des Investmentfonds.
Der Allgemeine Verwalter ist weder direkt noch indirekt an den Geschäftsangelegenheiten, der Organisation, der Betreuung oder dem Management des Investmentfonds beteiligt und ist bei der Erstellung dieses Dokuments nur für die oben stehende Beschreibung zuständig. Er übernimmt keine Verantwortung oder Haftung für irgendwelche Informationen in diesem Dokument, mit Ausnahme von diesbezüglichen Offenlegungen. Zum Datum dieses Prospekts sind dem Allgemeinen Verwalter keine Interessenkonflikte in Bezug auf seine Bestellung als Allgemeiner Verwalter des Investmentfonds bekannt. Sollte sich ein Interessenkonflikt ergeben, wird der Allgemeine Verwalter dafür sorgen, dass dieser in Übereinstimmung mit dem Verwaltungsvertrag, den geltenden Gesetzen und im besten Interesse der Anteilsinhaber beigelegt wird. | ### Administrator
Under the terms of the Administrator Agreement, the Manager has appointed the Administrator as the administrator of the Unit Trust. The Manager has delegated its duties as registrar to the Administrator pursuant to the Administrator Agreement. The Administrator Agreement provides that the appointment of the Administrator may be terminated by any party giving not less than 24 months’ notice in writing to the others. The Administrator, a company incorporated in Ireland on 15 June 1990 and is an indirect wholly owned subsidiary of Northern Unit Trust Corporation. Northern Unit Trust Corporation and its subsidiaries comprise the Northern Unit Trust Group, one of the world’s leading providers of global custody and administration services to institutional and personal investors. The principal business activity of the Administrator is the administration of collective investment schemes.
The duties and functions of the Administrator include, inter alia, the calculation of the Net Asset Value and the Net Asset Value per Unit, the keeping of all relevant records in relation to the Funds as may be required with respect to the obligations assumed by it pursuant to the Administration Agreement, the preparation and maintenance of the Unit Trust and the Unit Trust’s books and accounts, liaising with the auditor in relation to the audit of the financial statements of the Unit Trust and the provision of certain Unitholder registration and transfer agency services in respect of units in the Unit Trust.
The Administrator is not involved directly or indirectly with the business affairs, organisation, sponsorship or management of the Unit Trust and is not responsible for the preparation of this document other than the preparation of the above description and accepts no responsibility or liability for any information contained in this document except disclosures relating to it. As at the date of this Prospectus, the Administrator is not aware of any conflicts of interest in respect of its appointment as administrator to the Unit Trust. If a conflict of interest arises, the Administrator will ensure it is addressed in accordance with the Administration Agreement, applicable laws and in the best interests of the Unitholders. | en | de |
DOLFIN3196 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA R EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class E of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class E of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA R EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 26 de junio de 2015 tras la fusión por absorción de la Clase E del fondo francés Edmond de Rothschild CHINA (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase E del Subfondo absorbido. | ## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA R EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class E of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class E of the Absorbed Sub-Fund. | en | es |
DOLFIN3197 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees
The fees payable to the Depositary and to the administrative agent are at such rates and/or amounts as may be agreed from time to time with the Fund in accordance with customary banking practice in Luxembourg. The maximum fee payable to the Depositary is 0.55% per annum and to the administrative agent the maximum fixed fee is 0.045% per annum (exclusive specific fees payable for the processing of multiple Classes), in each case based on the Net Asset Value of the relevant Sub-Fund. The fixed fee is in the Depositary’s fee schedule agreed with the SICAV, which, is set at $6,000 per month, per sub-fund.
In addition, each of the Depositary and the administrative agent is entitled, as the case may be, to a charge per transaction, a flat fee for certain services or products, reimbursements by the Fund for out-of-pocket expenses and disbursements and for charges of any correspondents. The registrar and transfer agent is entitled to a fee, payable monthly, at a fixed amount for each Sub-Fund and Class, a flat transaction fee on Shareholder transactions, and a fixed fee for each Shareholder account.
Notes to the Financial Statements (Unaudited) (continued)
Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees (continued)
The Independent Director received a fixed fee of $20,000 which does not include any variable remuneration dependent upon the performance of the Fund.
Note 9: Investment in Derivative Transactions
Each Sub-Fund may, for the purpose of efficient portfolio management of its assets or for providing protection against exchange rate risks, employ techniques and instruments relating to transferable securities. The Sub-Funds may invest, as a part of their investment policy and within certain limits, in FDIs provided that the exposure to the underlying assets does not exceed in aggregate certain investment limits. The types of derivative transactions each of the Sub-Funds may invest in are outlined in the Fund’s Prospectus.
An Eligible Counterparty is a counterparty which is a first class financial institution having its registered office in an EU Member State, in the United States or in a country where it is subject to prudential supervision rules considered by the CSSF equivalent to those prescribed by Community law.
Note 10: Transaction Cost
For the period ended June 30, 2021, the Fund incurred transaction costs (composed of broker fees and stamp duties) relating to the purchase or sale of investment securities. The brokerage charges are part of the acquisition cost / sale price of the related assets and, for the period from January 1, 2021 to June 30, 2021, amounts are as follows (in USD): | Note 8 : Commissions du Dépositaire, de l’Agent administratif, de l’Agent de registre et de transfert et desAdministrateurs
Les commissions payables au Dépositaire et à l’Agent administratif sont aux taux et/ou selon les montants susceptibles d’être convenus de temps à autre avec le Fonds conformément aux pratiques bancaires habituelles au Luxembourg. La commission maximale payable au Dépositaire est de 0,55 % par an et la commission maximale payable à l’Agent administratif est de 0,045 % par an (hors commissions spécifiques payables pour le traitement de Catégories multiples), dans chaque cas sur la base de la Valeur d’actif net du Compartiment concerné. La commission fixe, établie à 6 000 USD par mois et par compartiment, se trouve dans la grille tarifaire du Dépositaire convenue avec la SICAV.
En outre, le Dépositaire et l’Agent administratif sont chacun habilités, selon le cas, à percevoir une commission par transaction, des honoraires forfaitaires pour certains services ou produits, et les remboursements par le Fonds des frais divers et débours ainsi que des dépenses de correspondants éventuels. L’agent de registre et de transfert est habilité à percevoir une commission payable mensuellement à un taux fixe pour chaque Compartiment et chaque Catégorie, ainsi qu’une commission fixe par opération sur les transactions des Actionnaires et une commission fixe pour chaque compte d’Actionnaire.
Notes aux états financiers (non auditées) (suite)
Note 8 : Commissions du Dépositaire, de l’Agent administratif, de l’Agent de registre et de transfert et desAdministrateurs (suite)
L’Administrateur indépendant a perçu une commission fixe de 20 000 USD qui n’inclut pas la rémunération variable subordonnée à la performance du Fonds.
Note 9 : Investissement dans des opérations sur instruments dérivés
Chaque Compartiment peut, à des fins de gestion de portefeuille efficace de ses actifs ou de fournir une protection contre les risques de taux de change, employer des techniques et instruments portant sur les valeurs mobilières. Les Compartiments peuvent investir, dans le cadre de leur politique d’investissement et dans certaines limites, dans des IFD sous réserve que l’exposition totale aux actifs sous-jacents ne dépasse pas certaines limites d’investissement. Les types d’opérations sur instruments dérivés dans lesquelles chaque Compartiment peut investir sont précisés dans le Prospectus du Fonds.
Une contrepartie admissible est une contrepartie, s’agissant d’un établissement financier de premier ordre ayant son siège social dans un État membre de l’UE, aux États-Unis ou dans un pays dans lequel elle est assujettie à des règles de surveillance prudentielles, que la CSSF juge équivalentes aux règles prescrites par le droit communautaire.
Note 10 : Coût de transaction
Pour la période clôturée le 30 juin 2021, le Fonds a encouru des frais de transaction (composés des frais de courtage et des droits de timbre) relatifs à la vente ou l’achat de titres de placement. Ces frais de courtage sont inclus dans le coût d’acquisition/prix de vente des actifs connexes et, pour la période courant du 1er janvier 2021 au 30 juin 2021, ils s’établissent comme suit (en USD) : | Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees
The fees payable to the Depositary and to the administrative agent are at such rates and/or amounts as may be agreed from time to time with the Fund in accordance with customary banking practice in Luxembourg. The maximum fee payable to the Depositary is 0.55% per annum and to the administrative agent the maximum fixed fee is 0.045% per annum (exclusive specific fees payable for the processing of multiple Classes), in each case based on the Net Asset Value of the relevant Sub-Fund. The fixed fee is in the Depositary’s fee schedule agreed with the SICAV, which, is set at $6,000 per month, per sub-fund.
In addition, each of the Depositary and the administrative agent is entitled, as the case may be, to a charge per transaction, a flat fee for certain services or products, reimbursements by the Fund for out-of-pocket expenses and disbursements and for charges of any correspondents. The registrar and transfer agent is entitled to a fee, payable monthly, at a fixed amount for each Sub-Fund and Class, a flat transaction fee on Shareholder transactions, and a fixed fee for each Shareholder account.
Notes to the Financial Statements (Unaudited) (continued)
Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees (continued)
The Independent Director received a fixed fee of $20,000 which does not include any variable remuneration dependent upon the performance of the Fund.
Note 9: Investment in Derivative Transactions
Each Sub-Fund may, for the purpose of efficient portfolio management of its assets or for providing protection against exchange rate risks, employ techniques and instruments relating to transferable securities. The Sub-Funds may invest, as a part of their investment policy and within certain limits, in FDIs provided that the exposure to the underlying assets does not exceed in aggregate certain investment limits. The types of derivative transactions each of the Sub-Funds may invest in are outlined in the Fund’s Prospectus.
An Eligible Counterparty is a counterparty which is a first class financial institution having its registered office in an EU Member State, in the United States or in a country where it is subject to prudential supervision rules considered by the CSSF equivalent to those prescribed by Community law.
Note 10: Transaction Cost
For the period ended June 30, 2021, the Fund incurred transaction costs (composed of broker fees and stamp duties) relating to the purchase or sale of investment securities. The brokerage charges are part of the acquisition cost / sale price of the related assets and, for the period from January 1, 2021 to June 30, 2021, amounts are as follows (in USD): | en | fr |
DOLFIN3198 | 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 | 1.00 % |
| Exit charge | 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 | 0.27% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | Maximum 30% p.a. of the performance above that of the benchmark index, calculated using the “reference assets” methodology |
| No fee was deducted for the prior year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00 % |
| Gastos de salida | 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 | 0,27 % del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 30 % anual máximo de la rentabilidad por encima de la del índice de referencia, calculada según la metodología del «activo de referencia». |
| No se ha detraído ninguna comisión en concepto del ejercicio anterior | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00 % |
| Exit charge | 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 | 0.27% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | Maximum 30% p.a. of the performance above that of the benchmark index, calculated using the “reference assets” methodology |
| No fee was deducted for the prior year. | | en | es |
DOLFIN3199 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company can determine for each sub-fund that securities, money market instruments, derivatives and other assets denominated in a currency other than the respective sub-fund currency are converted into the respective sub-fund currency on the basis of the exchange rate determined on the valuation day. Gains and losses on foreign exchange transactions will be added or deducted as appropriate. This is mentioned in the annex to the relevant sub-fund’s Sales Prospectus.
The net sub-fund assets are reduced by any distributions paid to shareholders in the relevant sub-fund.
- The net asset value per share is calculated on the criteria set out above. However, if different share classes have been created within the relevant sub-fund, the corresponding net asset value per share is calculated separately for each share class within the relevant sub-fund in accordance with the criteria set out above.
-
## Taxation | La Société de gestion peut déterminer pour le compartiment concerné que les valeurs mobilières, instruments du marché monétaire, instruments financiers dérivés et autres actifs libellés dans une devise autre que celle du compartiment sont convertis dans la Devise du compartiment correspondante au taux de change du Jour d’évaluation. Les gains et pertes découlant de transactions sur devises sont ajoutés ou déduits. Le cas échéant, il en est fait mention dans l’annexe au prospectus relative aux compartiments concernés.
L’actif net du compartiment est réduit du montant des distributions versées, le cas échéant, à ses actionnaires.
- Le calcul de la Valeur nette d’inventaire par action est effectué selon les critères cités ci-dessus. Toutefois, lorsque des catégories d’actions ont été créées au sein du compartiment concerné, le calcul de la Valeur nette d’inventaire par action est effectué séparément pour chaque catégorie d’actions au sein du compartiment conformément à ces critères.
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## Fiscalité | The Management Company can determine for each sub-fund that securities, money market instruments, derivatives and other assets denominated in a currency other than the respective sub-fund currency are converted into the respective sub-fund currency on the basis of the exchange rate determined on the valuation day. Gains and losses on foreign exchange transactions will be added or deducted as appropriate. This is mentioned in the annex to the relevant sub-fund’s Sales Prospectus.
The net sub-fund assets are reduced by any distributions paid to shareholders in the relevant sub-fund.
- The net asset value per share is calculated on the criteria set out above. However, if different share classes have been created within the relevant sub-fund, the corresponding net asset value per share is calculated separately for each share class within the relevant sub-fund in accordance with the criteria set out above.
-
## Taxation | en | fr |
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