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DOLFIN3300 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Detailed description:
The management company applies a screening process for controversies regarding the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights to all of the fund’s investments.
The management company acts in accordance with the principles of the United Nations Global Compact (UNGC), the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work and the Organisation for Economic Co- operation and Development (OECD) guidelines allowing multinational enterprises to assess the standards applicable to them, including, but not limited to, violations of human rights, employment law and standard practices relating to climate.
The fund applies a controversy screening process to all its investments. Companies implicated in major controversies regarding the environment, human rights and international employment law, among other infractions, are excluded. The screening process identifies controversies on the basis of the OECD Guidelines for Multinational Enterprises and the principles of the United Nations Global Compact. This is generally referred to as “standards-based screening” and it includes restrictive screening controlled and measured using Carmignac’s proprietary ESG system “START”. Company controversies are researched and rated using data extracted from the ISS ESG database.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
‘The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives. | ###### Wie stehen die nachhaltigen Investitionen mit den OECD-Leitsätzen für multinationale Unternehmen und den Leitprinzipien der Vereinten Nationen für Wirtschaft und Menschenrechte in Einklang? Nähere Angaben:
Die Verwaltungsgesellschaft setzt bei allen Investitionen des Fonds auf ein Verfahren zum Screening von Kontroversen anhand der OECD-Leitsätze für multinationale Unternehmen und der Leitprinzipien der Vereinten Nationen für Wirtschaft und Menschenrechte.
Die Verwaltungsgesellschaft handelt im Einklang mit den Prinzipien des Global Compact der Vereinten Nationen (UNGC), der Erklärung der Internationalen Arbeitsorganisation (IAO) über die grundlegenden Prinzipien und Rechte bei der Arbeit und den Leitlinien der Organisation für wirtschaftliche Zusammenarbeit und Entwicklung (OECD), anhand derer multinationale Unternehmen die für sie geltenden Normen beurteilen können, einschließlich u. a. in Bezug auf Menschenrechtsverletzungen, das Arbeitsrecht und Klimastandards.
Der Fonds wendet bei all seinen Investitionen ein Verfahren zum Screening von Kontroversen an. Unternehmen, die in erhebliche Kontroversen in Bezug auf die Umwelt, die Menschenrechte und das internationale Arbeitsrecht – um die häufigsten Verstöße zu nennen – verwickelt sind, werden ausgeschlossen. Das Screening- Verfahren beruht auf der Ermittlung von Kontroversen in Bezug auf die OECD-Leitsätze für Unternehmen und die Prinzipien des Global Compact der Vereinten Nationen und wird gewöhnlich als „normatives Screening“ bezeichnet. Es umfasst restriktive Filter, die über das unternehmenseigene ESG-System „START“ von Carmignac kontrolliert und gemessen werden. Die Bewertung von und die Suche nach Kontroversen erfolgen durch Nutzung von Daten aus ISS ESG, das als Research-Datenbank dient.
In der EU-Taxonomie ist der Grundsatz „Vermeidung erheblicher Beeinträchtigungen“ festgelegt, nach dem taxonomiekonforme Investitionen die Ziele der EU-Taxonomie nicht erheblich beeinträchtigen dürfen, und es sind spezifische EU-Kriterien beigefügt.
Der Grundsatz „Vermeidung erheblicher Beeinträchtigungen“ findet nur bei denjenigen dem Finanzprodukt zugrunde liegenden Investitionen Anwendung, die die EU-Kriterien für ökologisch nachhaltige Wirtschaftsaktivitäten berücksichtigen. Die dem verbleibenden Teil dieses Finanzprodukts zugrunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nachhaltige Wirtschaftstätigkeiten.
Alle anderen nachhaltigen Investitionen dürfen ökologische oder soziale Ziele ebenfalls nicht erheblich beeinträchtigen. | ###### How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Detailed description:
The management company applies a screening process for controversies regarding the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights to all of the fund’s investments.
The management company acts in accordance with the principles of the United Nations Global Compact (UNGC), the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work and the Organisation for Economic Co- operation and Development (OECD) guidelines allowing multinational enterprises to assess the standards applicable to them, including, but not limited to, violations of human rights, employment law and standard practices relating to climate.
The fund applies a controversy screening process to all its investments. Companies implicated in major controversies regarding the environment, human rights and international employment law, among other infractions, are excluded. The screening process identifies controversies on the basis of the OECD Guidelines for Multinational Enterprises and the principles of the United Nations Global Compact. This is generally referred to as “standards-based screening” and it includes restrictive screening controlled and measured using Carmignac’s proprietary ESG system “START”. Company controversies are researched and rated using data extracted from the ISS ESG database.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
‘The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives. | en | de |
DOLFIN3301 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
Vous risquez de ne pas pouvoir vendre facilement votre produit, ou de devoir le vendre à un prix qui influera sensiblement sur le montant que vous percevrez en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse.
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et il est peu probable que de mauvaises conditions de marché puissent influer sur la capacité de l’initiateur du PRIIP à vous payer.
Attention au risque de change Dans certains cas, les sommes qui vous seront versées pourraient l’être dans une devise différente de votre devise locale ; votre gain final pourrait donc dépendre du taux de change entre les deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
D’autres risques tels que les risques liés aux Prêts privilégiés et aux Produits dérivés peuvent avoir un impact sur le Fonds. Veuillez vous reporter au Prospectus pour plus de précisions.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Les prêts privilégiés peuvent être illiquides et plus difficiles à vendre rapidement à un juste prix.
En raison du risque d’illiquidité des instruments dans lesquels le produit investira, le traitement des demandes de rachat peut, dans certaines circonstances, être
reporté.
Les taux d’intérêt des prêts privilégiés dépendent du niveau d’un taux sous-jacent ; ils peuvent dès lors varier et entraîner une fluctuation de la valeur liquidative du produit.
Les prêts privilégiés sont exposés au risque de crédit, qui dépend de la capacité de l’emprunteur à rembourser les intérêts et le capital aux dates prévues. Le produit détiendra des titres de créance de qualité de crédit inférieure, ce qui peut entraîner de fortes fluctuations de sa valeur.
Le produit peut employer des produits dérivés (des instruments complexes) afin de réduire le risque global de ses investissements ou le coût d’investissement, sans que l’objectif soit toujours atteint.
Le produit peut également recourir à des produits dérivés à des fins d’investissement. L’utilisation d’instruments dérivés peut entraîner un effet de levier important sur le produit et d’importantes fluctuations de sa valeur.
Le produit peut investir dans les marchés en développement, ce qui peut entraîner de fortes fluctuations de sa valeur liquidative. La Section 31 du Prospectus contient une description plus détaillée des facteurs de risque propres à ce produit. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Riesgo más bajo Riesgo más alto
El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
Es posible que no pueda vender su producto fácilmente o que tenga que venderlo a un precio que influirá considerablemente en la cantidad que recibirá.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa «un riesgo bajo».
Esto clasifica las pérdidas potenciales de la rentabilidad futura a un nivel bajo, y es muy poco probable que las malas condiciones del mercado afecten a la capacidad del productor del PRIIP de pagarle.
Tenga en cuenta el riesgo cambiario. En algunas circunstancias, podrá recibir pagos en una moneda diferente de su moneda local, por lo que la rentabilidad final que recibirá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador que se muestra arriba.
El Fondo puede verse afectado por otros riesgos, como los riesgos de préstamos prioritarios y derivados. Consulte el Folleto informativo para obtener más información. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Los préstamos preferentes pueden tener problemas de liquidez y puede ser más difícil venderlos rápidamente a un precio justo.
A raíz del riesgo de iliquidez de los instrumentos en los que el producto invertirá, la tramitación de las solicitudes de reembolso podrá aplazarse en determinadas circunstancias.
Los tipos de interés de los préstamos preferentes dependen del nivel de un índice subyacente y, como tales, pueden cambiar y generar fluctuaciones en el valor liquidativo del producto.
Los préstamos preferentes están expuestos al riesgo de crédito, que corresponde a la capacidad del prestatario de devolver los intereses y el capital en las fechas previstas.
El producto mantendrá instrumentos de deuda de una calidad crediticia inferior, lo cual puede ocasionar grandes fluctuaciones en el valor del producto.
El producto puede utilizar derivados (instrumentos complejos) con el propósito de reducir el riesgo general de sus inversiones o para reducir los costes de inversión, pero es posible que no se alcancen estos objetivos.
El producto también podrá usar derivados con fines de inversión. El uso de derivados puede dar lugar a que el producto se apalanque notablemente y puede dar lugar a grandes fluctuaciones en el valor del producto.
El producto puede invertir en mercados en desarrollo, lo que puede generar grandes fluctuaciones en el valor liquidativo del producto.
Puede consultar la Sección 31 del Folleto informativo para obtener una descripción más detallada de los factores de riesgo asociados a este producto. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
Vous risquez de ne pas pouvoir vendre facilement votre produit, ou de devoir le vendre à un prix qui influera sensiblement sur le montant que vous percevrez en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse.
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et il est peu probable que de mauvaises conditions de marché puissent influer sur la capacité de l’initiateur du PRIIP à vous payer.
Attention au risque de change Dans certains cas, les sommes qui vous seront versées pourraient l’être dans une devise différente de votre devise locale ; votre gain final pourrait donc dépendre du taux de change entre les deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
D’autres risques tels que les risques liés aux Prêts privilégiés et aux Produits dérivés peuvent avoir un impact sur le Fonds. Veuillez vous reporter au Prospectus pour plus de précisions.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Les prêts privilégiés peuvent être illiquides et plus difficiles à vendre rapidement à un juste prix.
En raison du risque d’illiquidité des instruments dans lesquels le produit investira, le traitement des demandes de rachat peut, dans certaines circonstances, être
reporté.
Les taux d’intérêt des prêts privilégiés dépendent du niveau d’un taux sous-jacent ; ils peuvent dès lors varier et entraîner une fluctuation de la valeur liquidative du produit.
Les prêts privilégiés sont exposés au risque de crédit, qui dépend de la capacité de l’emprunteur à rembourser les intérêts et le capital aux dates prévues. Le produit détiendra des titres de créance de qualité de crédit inférieure, ce qui peut entraîner de fortes fluctuations de sa valeur.
Le produit peut employer des produits dérivés (des instruments complexes) afin de réduire le risque global de ses investissements ou le coût d’investissement, sans que l’objectif soit toujours atteint.
Le produit peut également recourir à des produits dérivés à des fins d’investissement. L’utilisation d’instruments dérivés peut entraîner un effet de levier important sur le produit et d’importantes fluctuations de sa valeur.
Le produit peut investir dans les marchés en développement, ce qui peut entraîner de fortes fluctuations de sa valeur liquidative. La Section 31 du Prospectus contient une description plus détaillée des facteurs de risque propres à ce produit. | fr | es |
DOLFIN3302 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Board of Directors of the Management Company may decide to split the units into tenths, hundredths, thousandths or ten thousandths, known as fractional units.
The provisions of the Regulations governing the issue and redemption of units shall also apply to fractional units, the value of which is always proportional to that of the unit they represent.Unless otherwise stipulated, all other provisions of these Regulations relating to units shall also apply to fractional units, without it being necessary to state this explicitly.
Finally, the Board of Directors of the Management Company may, at its sole discretion, split the units by creating new units that are allocated to unitholders in exchange for old units. | Les parts pourront être fractionnées, sur décision du Conseil d’Administration de la société de gestion en dixièmes, centièmes, millièmes, ou dix millièmes, dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
Enfin, le Conseil d’Administration de la société de gestion peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. | The Board of Directors of the Management Company may decide to split the units into tenths, hundredths, thousandths or ten thousandths, known as fractional units.
The provisions of the Regulations governing the issue and redemption of units shall also apply to fractional units, the value of which is always proportional to that of the unit they represent.Unless otherwise stipulated, all other provisions of these Regulations relating to units shall also apply to fractional units, without it being necessary to state this explicitly.
Finally, the Board of Directors of the Management Company may, at its sole discretion, split the units by creating new units that are allocated to unitholders in exchange for old units. | en | fr |
DOLFIN3303 | 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 a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests in issuers globally that are expected to enable, and/or benefit from, the transition to a lower greenhouse gas emissions economy and to net zero carbon emissions. The Fund will focus on issuers driving the reduction of greenhouse gases and that provide solutions for the mitigation and/or adaptation of climate change, change risk or which are in the process of making their business models more resilient to the long-term risks of climate change and resource depletion. The Fund invests in the full spectrum of permitted investments across multiple sub-themes driven by the climate action theme as described in the prospectus. The IA will take into account certain ESG characteristics as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes, and/ or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. In doing so the Investment Adviser (IA) may refer to a composite benchmark, the MSCI All Country World Index 65% / Bloomberg Global Aggregate Bond Index 35% (the Index) for risk management purposes. The components of the Index may be quoted separately in marketing material related to the Fund. The Fund’s ESG score will be calculated as the total of each issuers ESG score , weighted by its market value. The ESG score of the relevant benchmark will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the benchmark allocations. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the least well-rated securities from the Index. The weighted average ESG rating excludes certain asset classes that are not supported by ESG rating providers. In such cases, the IA will assess these holdings to ensure they are in line with the environmental objective of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo.
El Fondo invierte en emisores de todo el mundo que se espera que permitan o se beneficien de la transición hacia una economía con menos emisiones de gases de efecto invernadero y con cero emisiones netas de carbono. El Fondo se centrará en emisores que impulsen la reducción de los gases de efecto invernadero y que ofrezcan soluciones para la mitigación o adaptación al cambio climático, al riesgo del cambio o que están en proceso de hacer que sus modelos de negocio sean más resiliente a los riesgos a largo plazo relacionados con el cambio climático y el agotamiento de los recursos. El Fondo invierte en todo el espectro de inversiones permitidas de múltiples subtemas impulsados por el tema de la acción climática, tal como se describe en el folleto. El AI tendrá en cuenta determinadas características ESG, tal como se describe en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y visite el sitio web de BlackRock: https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
La AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión y/ o para reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de los IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el Asesor de Inversiones (AI) podrá hacer referencia a un índice de referencia compuesto, el MSCI All Country World Index 65% / Bloomberg Global Aggregate Bond Index 35% (el Índice) con fines de gestión de riesgos. Los componentes del Índice pueden aparecer indicados de forma independiente en los materiales de marketing relacionados con el Fondo. La puntuación ESG del Fondo se calculará como el total de la puntuación ESG de cada emisor, ponderada por su valor de mercado. La puntuación ESG del índice de referencia correspondiente se calculará utilizando las puntuaciones ESG de los índices de las clases de activos relevantes ponderadas para reflejar las asignaciones del índice de referencia. Estas puntuaciones pueden aparecer indicadas en los materiales de marketing para las clases de activos individuales o para las asignaciones ponderadas.
La clasificación ESG media ponderada del Fondo será superior a la clasificación ESG del Índice después de eliminar al menos el 20 % de los valores con la peor clasificación del Índice. La clasificación ESG media ponderada excluye ciertas clases de activos que no están respaldadas por los proveedores de clasificaciones ESG. En estos casos, el AI evaluará estas posiciones para garantizar que estén en consonancia con el objetivo medioambiental del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. Los dividendos se calcularán sobre la base de los ingresos brutos previstos y las ganancias previstas, en su caso, derivados de la cobertura de clase de acciones en un período determinado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en dólares estadounidenses. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests in issuers globally that are expected to enable, and/or benefit from, the transition to a lower greenhouse gas emissions economy and to net zero carbon emissions. The Fund will focus on issuers driving the reduction of greenhouse gases and that provide solutions for the mitigation and/or adaptation of climate change, change risk or which are in the process of making their business models more resilient to the long-term risks of climate change and resource depletion. The Fund invests in the full spectrum of permitted investments across multiple sub-themes driven by the climate action theme as described in the prospectus. The IA will take into account certain ESG characteristics as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes, and/ or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. In doing so the Investment Adviser (IA) may refer to a composite benchmark, the MSCI All Country World Index 65% / Bloomberg Global Aggregate Bond Index 35% (the Index) for risk management purposes. The components of the Index may be quoted separately in marketing material related to the Fund. The Fund’s ESG score will be calculated as the total of each issuers ESG score , weighted by its market value. The ESG score of the relevant benchmark will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the benchmark allocations. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the least well-rated securities from the Index. The weighted average ESG rating excludes certain asset classes that are not supported by ESG rating providers. In such cases, the IA will assess these holdings to ensure they are in line with the environmental objective of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN3304 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Art 47. General
In other respects, reference is made to the provisions of the UCITSG, the provisions of the Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht - "PGR") concerning collective trusteeships as well as the general provisions of the PGR in the respective valid version. | # Art 47. Allgemeines
Im Übrigen wird auf die Bestimmungen des UCITSG, die Bestimmungen des Personen- und Gesellschaftsrechts (PGR) über die Kollektivtreuhänderschaft sowie die allgemeinen Bestimmungen des PGR in der jeweils aktuellen Fassung ver- wiesen. | # Art 47. General
In other respects, reference is made to the provisions of the UCITSG, the provisions of the Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht - "PGR") concerning collective trusteeships as well as the general provisions of the PGR in the respective valid version. | en | de |
DOLFIN3305 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
A copy of the methodology and list of Excluded Investments (including the revenue thresholds) is available under “Allspring Sustainable Investing Policies and Guidelines” on allspringglobal.com. Shareholders may also request a copy from the Fund or the Management Company.
The Sub-Adviser may also use futures, forward contracts, options, or swap agreements, as well as other derivatives, for hedging, efficient portfolio management or investment purposes; provided, however, that the Sub-Fund will only invest in credit default swaps when covered by the actual underlying investment on which the swap is based or other liquid assets.
The Sub-Adviser’s fundamental credit research combined with active top-down allocation decisions within a controlled risk framework seek to generate superior investment returns. The Sub-Adviser favours companies with strong or improving ESG positions and incorporates into its rigorous fundamental analysis.
The EUR Investment Grade Credit Fund is actively managed but uses the ICE BofA Euro Corporate Index for performance comparison. The investments of the Sub-Fund may deviate significantly from the components of and their respective weightings in the benchmark.
In addition to the investment objectives, policies and strategies described above, the EUR Investment Grade Credit Fund is further subject to the investment powers and restrictions contained under the heading "INVESTMENT RESTRICTIONS" in the Prospectus.
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## Risk Factors | Una copia della metodologia e dell’elenco degli Investimenti esclusi (comprese le soglie dei ricavi) è disponibile alla voce “Politiche e linee guida di investimento sostenibile Allspring” sul sito allspringglobal.com. Gli Azionisti possono chiedere una copia anche al Fondo o alla Società di gestione.
Il Sub-consulente può inoltre fare ricorso a future, contratti a termine, opzioni o contratti swap, nonché ad altri derivati, a fini di copertura, gestione efficiente del portafoglio o investimento; tuttavia, fermo restando che il Comparto investirà esclusivamente in credit default swap se coperti dall’investimento sottostante effettivo su cui lo swap è basato o da altre attività liquide.
Il Sub-consulente conduce una ricerca sul credito fondamentale che, in combinazione con decisioni di allocazione attiva top-down, entro un quadro di rischio controllato, mira a generare livelli superiori di rendimento degli investimenti. Il Sub-consulente predilige società con posizioni ESG solide o in miglioramento e le incorpora nella sua rigorosa analisi fondamentale.
Il Comparto EUR Investment Grade Credit Fund è gestito attivamente, ma utilizza l’Indice ICE BofA Euro Corporate per il confronto delle performance. Gli investimenti del Comparto possono discostarsi in maniera significativa dai componenti dell’indice di riferimento e dalle rispettive ponderazioni.
Oltre agli obiettivi, alle politiche e alle strategie d’investimento sopra descritti, il Comparto EUR Investment Grade Credit Fund è altresì soggetto alle restrizioni e ai poteri d’investimento di cui alla sezione “RESTRIZIONI AGLI INVESTIMENTI” del Prospetto.
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## Fattori di rischio | A copy of the methodology and list of Excluded Investments (including the revenue thresholds) is available under “Allspring Sustainable Investing Policies and Guidelines” on allspringglobal.com. Shareholders may also request a copy from the Fund or the Management Company.
The Sub-Adviser may also use futures, forward contracts, options, or swap agreements, as well as other derivatives, for hedging, efficient portfolio management or investment purposes; provided, however, that the Sub-Fund will only invest in credit default swaps when covered by the actual underlying investment on which the swap is based or other liquid assets.
The Sub-Adviser’s fundamental credit research combined with active top-down allocation decisions within a controlled risk framework seek to generate superior investment returns. The Sub-Adviser favours companies with strong or improving ESG positions and incorporates into its rigorous fundamental analysis.
The EUR Investment Grade Credit Fund is actively managed but uses the ICE BofA Euro Corporate Index for performance comparison. The investments of the Sub-Fund may deviate significantly from the components of and their respective weightings in the benchmark.
In addition to the investment objectives, policies and strategies described above, the EUR Investment Grade Credit Fund is further subject to the investment powers and restrictions contained under the heading "INVESTMENT RESTRICTIONS" in the Prospectus.
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## Risk Factors | en | it |
DOLFIN3306 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Explanation of other sustainability indicators
Avoidance of harmful issuers – Controversies
The ‘Controversies’ table indicates the percentage of the fund’s holdings that fails to meet the UN Global Compact (UNGC) Principles of human rights, labour, the environment and anti-corruption or fails because they are bonds issued by a country classified as “not free” by the Freedom House index.
More sustainable, better run and less harmful businesses – MSCI Analysis
The ‘MSCI analysis’ table shows the weighted average ESG score of the portfolio using MSCI, compared to either the fund’s benchmark or to the named index, as indicated in the fund’s Prospectus.
The ‘Exposure to ESG bonds’ table shows the percentage of the portfolio invested in ESG bonds, such as green bonds, social bonds, transition bonds, sustainability bonds or sustainability linked bonds.
| Environmental score | Social score | Governance score | Overall score | ESG_Overall_Rating | MSCI coverage (%) |
| --- | --- | --- | --- | --- | --- |
| Fund | 7,1 | 5,6 | 5,8 | 6,5 | A | 96,9 |
Benchmark 5,8 5,9 5,8 5,8 A 93,4 | # Spiegazione di altri indicatori di sostenibilità
Evitare gli emittenti dannosi – Controversie
La tabella "Controversie" indica la percentuale delle partecipazioni del fondo che non soddisfano i Principi del Global Compact delle Nazioni Unite (UNGC) in materia di diritti umani, lavoro, ambiente e lotta alla corruzione o che sono considerate non conformi poiché sono obbligazioni emesse da un paese classificato come "non libero" dall'indice Freedom House.
Imprese più sostenibili, meglio gestite e meno dannose – Analisi MSCI
La tabella "Analisi MSCI" mostra il punteggio ESG medio ponderato del portafoglio che utilizza MSCI rispetto al benchmark del fondo o all'indice indicato, come riportato nel Prospetto del fondo.
La tabella "Esposizione alle obbligazioni ESG" illustra la percentuale del portafoglio investita in obbligazioni ESG, quali obbligazioni verdi, obbligazioni sociali, obbligazioni di transizione, obbligazioni di sostenibilità oppure obbligazioni legate alla sostenibilità.
| Punteggio ambientale | Punteggio sociale | Punteggio della governance | Punteggio complessivo | ESG_Overall_Rating | Copertura MSCI (%) |
| --- | --- | --- | --- | --- | --- |
| Fondo | 7,1 | 5,6 | 5,8 | 6,5 | A | 96,9 |
Indice di riferimento 5,8 5,9 5,8 5,8 A 93,4 | # Explanation of other sustainability indicators
Avoidance of harmful issuers – Controversies
The ‘Controversies’ table indicates the percentage of the fund’s holdings that fails to meet the UN Global Compact (UNGC) Principles of human rights, labour, the environment and anti-corruption or fails because they are bonds issued by a country classified as “not free” by the Freedom House index.
More sustainable, better run and less harmful businesses – MSCI Analysis
The ‘MSCI analysis’ table shows the weighted average ESG score of the portfolio using MSCI, compared to either the fund’s benchmark or to the named index, as indicated in the fund’s Prospectus.
The ‘Exposure to ESG bonds’ table shows the percentage of the portfolio invested in ESG bonds, such as green bonds, social bonds, transition bonds, sustainability bonds or sustainability linked bonds.
| Environmental score | Social score | Governance score | Overall score | ESG_Overall_Rating | MSCI coverage (%) |
| --- | --- | --- | --- | --- | --- |
| Fund | 7,1 | 5,6 | 5,8 | 6,5 | A | 96,9 |
Benchmark 5,8 5,9 5,8 5,8 A 93,4 | en | it |
DOLFIN3307 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 3 790 EUR | 3 170 EUR |
| Average return each year | -62.10% | -20.53% |
| Unfavourable | What you might get back after costs | 8 120 EUR | 8 660 EUR |
| Average return each year | -18.80% | -2.84% |
| Moderate | What you might get back after costs | 10 350 EUR | 13 070 EUR |
| Average return each year | 3.50% | 5.50% |
| Favourable | What you might get back after costs | 14 090 EUR | 18 190 EUR |
| Average return each year | 40.90% | 12.71% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10 000 EUR Si vous sortez après 1 Si vous sortez après 5 an ans Scénarios |
| --- |
| Minimum | |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 3 790 EUR | 3 170 EUR |
| Rendement annuel moyen | -62.10% | -20.53% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 120 EUR | 8 660 EUR |
| Rendement annuel moyen | -18.80% | -2.84% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 350 EUR | 13 070 EUR |
| Rendement annuel moyen | 3.50% | 5.50% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 14 090 EUR | 18 190 EUR |
| Rendement annuel moyen | 40.90% | 12.71% | | | Recommended holding period: 5 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 3 790 EUR | 3 170 EUR |
| Average return each year | -62.10% | -20.53% |
| Unfavourable | What you might get back after costs | 8 120 EUR | 8 660 EUR |
| Average return each year | -18.80% | -2.84% |
| Moderate | What you might get back after costs | 10 350 EUR | 13 070 EUR |
| Average return each year | 3.50% | 5.50% |
| Favourable | What you might get back after costs | 14 090 EUR | 18 190 EUR |
| Average return each year | 40.90% | 12.71% | | en | fr |
DOLFIN3308 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,010 | USD 2,000 |
| | Average return each year % | -79.90% | -27.52% |
| Unfavourable scenario | What you might get back after costs | USD 7,590 | USD 7,500 |
| | Average return each year % | -24.10% | -5.59% |
| Moderate scenario | What you might get back after costs | USD 10,340 | USD 12,560 |
| | Average return each year % | 3.40% | 4.66% |
| Favourable scenario | What you might get back after costs | USD 15,300 | USD 16,960 |
| | Average return each year % | 53.00% | 11.14% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 2.010 | USD 2.000 |
| | Rendimiento medio cada año | -79,90% | -27,52% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.590 | USD 7.500 |
| | Rendimiento medio cada año | -24,10% | -5,59% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.340 | USD 12.560 |
| | Rendimiento medio cada año | 3,40% | 4,66% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15.300 | USD 16.960 |
| | Rendimiento medio cada año | 53,00% | 11,14% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,010 | USD 2,000 |
| | Average return each year % | -79.90% | -27.52% |
| Unfavourable scenario | What you might get back after costs | USD 7,590 | USD 7,500 |
| | Average return each year % | -24.10% | -5.59% |
| Moderate scenario | What you might get back after costs | USD 10,340 | USD 12,560 |
| | Average return each year % | 3.40% | 4.66% |
| Favourable scenario | What you might get back after costs | USD 15,300 | USD 16,960 |
| | Average return each year % | 53.00% | 11.14% | | en | es |
DOLFIN3309 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based on ESG methodologies which, in part, rely on data provided by third parties, and in some cases developed in house. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. For example, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare. Strategies that integrate ESG criteria and those that integrate sustainable development criteria may use ESG data which appear similar but which need to be distinguished because their calculation method may be different.
3/Portfolioconstruction:
Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
The manager systematically takes into account financial and extra financial analysis when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the manager may use techniques and instruments relating to transferable securities that he believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, use of forward financial instruments aimed at exposing and/or hedging the portfolio to/against the risks associated with equity, interest rate, currency and credit markets). | Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores.
Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan en parte en datos proporcionados por terceros, y en algunos casos desarrollados internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por ejemplo, las diferentes estrategias de inversión que utilizan los criterios ASG y el reporting ESG son difíciles de comparar. Las estrategias que incorporan criterios ASG y las que incorporan criterios de desarrollo sostenible pueden utilizar datos ASG que aparecen similares pero que deben distinguirse debido a que su método de cálculo puede ser diferente.
3/Construccióndecarteras:
El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza.
Al elegir la ponderación del título en la cartera, el gestor también podrá tener en cuenta las medidas adoptadas por la sociedad para reducir los riesgos ESG existentes, la capacidad de la sociedad para orientar su crecimiento hacia oportunidades medioambientales y también la calidad de la comunicación de la sociedad sobre las cuestiones ESG.
Este proceso está diseñado para tener en cuenta la exposición a los factores de cada título como complemento a la calificación ESG. Naturalmente, orienta la cartera de estos OIC hacia títulos con mejores puntuaciones ESG al tiempo que mantiene la exposición a los factores deseada.
De este modo, el gestor tiene en cuenta sistemáticamente el análisis financiero y extrafinanciero a la hora de determinar la ponderación de un título en la cartera. Sin embargo, la decisión de mantener, comprar o vender un valor no se basa automática y exclusivamente en sus criterios de calificación ESG y se basa en un análisis interno del gestor.
Además, el gestor podrá utilizar técnicas e instrumentos relacionados con los valores mobiliarios que considere que contribuirán económicamente a la gestión óptima de la cartera (compras/ventas de instrumentos financieros, suscripciones/reembolsos de participaciones o acciones de OIC franceses o extranjeros, fondos de inversión del Grupo AXA o no, utilización de instrumentos financieros a plazo destinados a exponer y/o cubrir la cartera a/contra los riesgos vinculados a los mercados de renta variable, tipos de interés, cambio y crédito). | In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based on ESG methodologies which, in part, rely on data provided by third parties, and in some cases developed in house. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. For example, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare. Strategies that integrate ESG criteria and those that integrate sustainable development criteria may use ESG data which appear similar but which need to be distinguished because their calculation method may be different.
3/Portfolioconstruction:
Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
The manager systematically takes into account financial and extra financial analysis when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the manager may use techniques and instruments relating to transferable securities that he believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, use of forward financial instruments aimed at exposing and/or hedging the portfolio to/against the risks associated with equity, interest rate, currency and credit markets). | en | es |
DOLFIN3310 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Valuation and transparency of instruments
The fund may invest up to 100% of its net assets in unlisted securities for which no prices are available from official data providers. Basically, the valuation of unlisted instruments (equities and securities) relies on audited semi-annual and annual reports, so it does not necessarily reflect the true value of the instruments. Information that is available about such companies cannot be compared with information on listed securities or securities traded on another regulated market; this may result in a lack of transparency and relevant data. Changes in reporting requirements in individual countries may lead to unexpected and very substantial fluctuations of the net asset value.
As at the closing date, unlisted instruments were valued on the basis of asset value .The focus in the asset value calculation is on the assets. The asset value does not imply any future earnings. The management company believes that the valuation of the in- struments on this basis is reasonable. In view of the inherent uncertainties associated with the applied valuation methods, the pro- jected values may deviate from the actually achievable values. The deviations may be substantial. | ## Bewertbarkeit und Transparenz der Anlagen
Der Fonds darf bis zu 100 % seines Nettovermögens in nicht notierte Wertpapiere investieren, für die durch offizielle Datenanbieter kein Preis erhältlich ist. Die Bewertung der nicht notierten Anlagen (Beteiligungspapiere und –rechte) erfolgt grundsätzlich auf Basis von revidierten Halbjahres- und Jahresberichten und spiegelt daher nicht zwangsläufig den wahren Wert der Anlage wider. Die Informationen, die über diese Gesellschaften verfügbar sind, sind nicht mit jenen von börsenkotierten oder sonst an einem geregel- ten Markt gehandelten Titeln vergleichbar und können in einem Transparenz- und Informationsdefizit über die Anlagen resultieren. Änderungen in den Bilanzierungsvorschriften der einzelnen Länder könnten zu unerwarteten und sehr hohen Schwankungen des Nettoinventarwertes führen.
Per Bilanzstichtag wurden die nicht börsennotierten Anlagen zum Substanzwert bilanziert. Bei der Substanzwertberechnung stehen die Vermögensgegenstände im Vordergrund. Der Substanzwert liefert keine Informationen über zukünftige Erträge. Die Verwal- tungsgesellschaft vertritt die Auffassung, dass die Bewertung der Anlagen auf dieser Basis angemessen ist. Aufgrund der inhärenten Unsicherheiten im Zusammenhang mit den angewandten Bewertungsverfahren, können die ermittelten von den tatsächlich reali- sierbaren Werten abweichen. Die Abweichungen können wesentlich sein. | ## Valuation and transparency of instruments
The fund may invest up to 100% of its net assets in unlisted securities for which no prices are available from official data providers. Basically, the valuation of unlisted instruments (equities and securities) relies on audited semi-annual and annual reports, so it does not necessarily reflect the true value of the instruments. Information that is available about such companies cannot be compared with information on listed securities or securities traded on another regulated market; this may result in a lack of transparency and relevant data. Changes in reporting requirements in individual countries may lead to unexpected and very substantial fluctuations of the net asset value.
As at the closing date, unlisted instruments were valued on the basis of asset value .The focus in the asset value calculation is on the assets. The asset value does not imply any future earnings. The management company believes that the valuation of the in- struments on this basis is reasonable. In view of the inherent uncertainties associated with the applied valuation methods, the pro- jected values may deviate from the actually achievable values. The deviations may be substantial. | en | de |
DOLFIN3311 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Taxation in People’s Republic of China
The tax regime in the People’s Republic of China is less well defined, may be subject to unpredictable change and may permit retroactive taxation thus the Fund could become subject to a local tax liability that had not reasonably been anticipated. Such uncertainty could necessitate significant provisions being made by a Fund in the Net Asset Value calculations for foreign taxes while it could also result in a Fund incurring the cost of a payment made in good faith to a fiscal authority where it was eventually found that a payment need not have been made.
There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via RQFII quota or the Connect Schemes or access products on the Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the fund may adversely affect the Fund’s value. | ### Besteuerung in der Volksrepublik China
Das Steuersystem in der Volksrepublik China ist weniger gut definiert und es kann unvorhersehbaren Änderungen unterliegen und eine rückwirkende Besteuerung zulassen, daher könnte der Fonds in der Zukunft einer lokalen Steuerverbindlichkeit unterliegen, die nicht vernünftigerweise vorhersehbar war. Diese Ungewissheit macht es für einen Fonds unter Umständen erforderlich, bei der Berechnung seines Nettoinventarwerts bedeutende Rückstellungen für im Ausland fällige Steuern zu berücksichtigen, während sie auch dazu führen könnte, dass einem Fonds die Kosten für eine in gutem Glauben an eine Finanzbehörde geleistete Zahlung entstehen, hinsichtlich derer letztlich festgestellt wird, dass sie nicht erforderlich gewesen wäre.
Es gibt Risiken und Unwägbarkeiten im Zusammenhang mit den aktuellen Steuergesetzen, Bestimmungen und Praktiken in der VRC in Bezug auf Kapitalerträge, die über RQFII-Quoten oder die Connect-Systeme oder über Zugangsprodukte auf die Anlagen des Fonds in der VRC realisiert werden (und die auch rückwirkend angewandt werden können). Etwaige erhöhte Steuerverbindlichkeiten für den Fonds können sich negativ auf den Wert des Fonds auswirken. | ### Taxation in People’s Republic of China
The tax regime in the People’s Republic of China is less well defined, may be subject to unpredictable change and may permit retroactive taxation thus the Fund could become subject to a local tax liability that had not reasonably been anticipated. Such uncertainty could necessitate significant provisions being made by a Fund in the Net Asset Value calculations for foreign taxes while it could also result in a Fund incurring the cost of a payment made in good faith to a fiscal authority where it was eventually found that a payment need not have been made.
There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via RQFII quota or the Connect Schemes or access products on the Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the fund may adversely affect the Fund’s value. | en | de |
DOLFIN3312 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The sub-fund concerned ensures that the securities transferred under a securities lending agreement can be transferred back to it at any time and that the securities lending agreement can be terminated at any time. If a financial institution specialising in the organisation of a standardised securities lending system is acting on its own account, it must be considered to be the counterparty to the securities lending agreement. If a sub-fund lends its securities to companies affiliated with it by way of common management or control, specific attention must be paid to any conflicts of interest that may arise from this.
The sub-fund must receive collateral in accordance with the supervisory requirements in respect of counterparty risk and collateral provision, either prior to or at the time the lent securities are transferred. When the securities lending agreement expires, the collateral is remitted either at or immediately after the time the lent securities are returned. Within the framework of a standardised securities lending system organised by a recognised securities settlement institution or by a financial institution that specialises in such transactions and is subject to supervisory regulations that the CSSF deems equivalent to those under EU law, the securities lent may be transferred before the collateral is received if the intermediary (intermédiaire) in question assures the proper execution of the transaction. The intermediary may, instead of the borrower, provide the sub-fund with collateral that meets supervisory requirements in respect of counterparty risk and collateral provision. In this case, the intermediary is contractually bound to provide the collateral.
- Up to 100% of the Fund’s assets may be the object of securities lending, i.e. the Fund’s entire holdings of securities, money market instruments and other investments may be transferred indefinitely to third parties under securities lending agreements. The Management Company expects that no more than 50% of the Fund’s assets will be used for securities lending as a rule. However, this is merely an estimate and may be exceeded in certain circumstances. The Management Company must ensure at all times that the volume of securities lending transactions is kept to an appropriate level or that it can request the return of the securities lent in a manner that enables it to meet its redemption obligations at all times and that these transactions do not jeopardise the management of the sub-funds’ assets in accordance with its investment policy. For each securities lending agreement entered into, the sub-fund concerned must ensure that the value of the collateral is at least as high as the total market value (including interest, dividends and any other claims) of the securities lent throughout the term of the lending agreement.
- Each sub-fund may include collateral in accordance with the requirements stated here in order to take into consideration the counterparty risk of transactions involving repurchase rights. | Der jeweilige Teilfonds stellt sicher, dass übertragene Wertpapiere im Rahmen der Wertpapierleihe jederzeit zurückübertragen werden können und das eingegangene Wertpapierleihgeschäft jederzeit beendet werden kann. Handelt ein auf die Organisation eines standardisierten Wertpapierleihsystems spezialisiertes Finanzinstitut – in seiner Rolle als externer Dienstleister der Kapitalverwaltungs- gesellschaft – für eigene Rechnung, ist es als Gegenpartei des Wertpapierleihvertrages anzusehen. Verleiht der jeweilige Teilfonds seine Wertpapiere an Unternehmen, die im Rahmen eines Verwaltungs- oder Kontrollverhältnisses mit dem jeweiligen Teilfonds verbunden sind, ist insbesondere auf Interessenkonflikte, die sich ergeben können, zu achten.
Der jeweilige Teilfonds muss vorab oder zum Zeitpunkt der Übertragung der verliehenen Wertpapiere eine Sicherheit in Übereinstimmung mit den aufsichtsrechtlichen Anforderungen an das Kontrahentenrisiko und die Sicherheitsleistung erhalten. Zum Ablauf des Wertpapierleihvertrages erfolgt die Rückübertragung der Sicherheit zeitgleich oder im Anschluss an die Rückgabe der verliehenen Wertpapiere. Im Rahmen eines standardisierten Wertpapierleihsystems, das durch einen anerkannten Organismus zur Wertpapierabwicklung organisiert wird, oder eines Wertpapierleihsystems, das durch ein Finanzinstitut organisiert wird, das aufsichtsrechtlichen Vorschriften unterliegt, die nach Ansicht der CSSF den EU-Bestimmungen gleichwertig sind, und das auf diese Geschäftsart spezialisiert ist, kann die Übertragung der verliehenen Wertpapiere vor Erhalt der Sicherheit erfolgen, wenn der Vermittler (intermédiaire) die ordnungsgemässe Durchführung des Geschäfts sicherstellt. Dieser Vermittler kann anstelle des Darlehensnehmers dem jeweiligen Teilfonds eine Sicherheit in Übereinstimmung mit den aufsichtsrechtlichen Anforderungen an das Kontrahentenrisiko und die Sicherheitsleistung zur Verfügung stellen. In diesem Fall wird der Vermittler vertraglich zur Stellung der Sicherheiten verpflichtet.
- Es dürfen bis zu 100% des Fondsvermögens Gegenstand von Wertpapierleihgeschäften sein, d.h. der gesamte Bestand des Fonds an Wertpapieren, Geldmarktinstrumenten und Investmentanteilen kann auf unbestimmte Zeit als Wertpapierdarlehen an Dritte übertragen werden. Die Kapitalverwaltungs- gesellschaft erwartet, dass im Regelfall nicht mehr als 50% des Fondsvermögens Gegenstand vonWertpapierleihgeschäften sind. Dies ist jedoch lediglich ein geschätzter Wert, der im Einzelfall überschritten werden kann. In jedem Fall hat die Kapitalverwaltungsgesellschaft aber dafür Sorge zu tragen, dass der Umfang der Wertpapierleihgeschäfte in angemessener Höhe gehalten wird, oder sie muss die Rückgabe der verliehenen Wertpapiere in einer Art und Weise verlangen können, dass es ihm jederzeit möglich ist, der Verpflichtung zur Rücknahme nachzukommen, und sicherstellen, dass diese Geschäfte die Verwaltung der Vermögenswerte des jeweiligen Teilfonds gemäss seiner Anlagepolitik nicht beeinträchtigen. Für jedes abgeschlossene Wertpapierleihgeschäft muss der jeweilige Teilfonds sicherstellen, dass er eine Sicherheit erhält, deren Wert während der gesamten Laufzeit des Leihgeschäfts mindestens dem gesamten Marktwert (einschliesslich Zinsen, Dividenden und sonstiger etwaiger Ansprüche) der verliehenen Titel entspricht.
- Der jeweilige Teilfonds darf eine Sicherheit in Übereinstimmung mit den hier genannten Anforderungen mit einbeziehen, um das Kontrahentenrisiko bei Geschäften mit Rückkaufsrecht zu berücksichtigen. | The sub-fund concerned ensures that the securities transferred under a securities lending agreement can be transferred back to it at any time and that the securities lending agreement can be terminated at any time. If a financial institution specialising in the organisation of a standardised securities lending system is acting on its own account, it must be considered to be the counterparty to the securities lending agreement. If a sub-fund lends its securities to companies affiliated with it by way of common management or control, specific attention must be paid to any conflicts of interest that may arise from this.
The sub-fund must receive collateral in accordance with the supervisory requirements in respect of counterparty risk and collateral provision, either prior to or at the time the lent securities are transferred. When the securities lending agreement expires, the collateral is remitted either at or immediately after the time the lent securities are returned. Within the framework of a standardised securities lending system organised by a recognised securities settlement institution or by a financial institution that specialises in such transactions and is subject to supervisory regulations that the CSSF deems equivalent to those under EU law, the securities lent may be transferred before the collateral is received if the intermediary (intermédiaire) in question assures the proper execution of the transaction. The intermediary may, instead of the borrower, provide the sub-fund with collateral that meets supervisory requirements in respect of counterparty risk and collateral provision. In this case, the intermediary is contractually bound to provide the collateral.
- Up to 100% of the Fund’s assets may be the object of securities lending, i.e. the Fund’s entire holdings of securities, money market instruments and other investments may be transferred indefinitely to third parties under securities lending agreements. The Management Company expects that no more than 50% of the Fund’s assets will be used for securities lending as a rule. However, this is merely an estimate and may be exceeded in certain circumstances. The Management Company must ensure at all times that the volume of securities lending transactions is kept to an appropriate level or that it can request the return of the securities lent in a manner that enables it to meet its redemption obligations at all times and that these transactions do not jeopardise the management of the sub-funds’ assets in accordance with its investment policy. For each securities lending agreement entered into, the sub-fund concerned must ensure that the value of the collateral is at least as high as the total market value (including interest, dividends and any other claims) of the securities lent throughout the term of the lending agreement.
- Each sub-fund may include collateral in accordance with the requirements stated here in order to take into consideration the counterparty risk of transactions involving repurchase rights. | en | de |
DOLFIN3313 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under point 13.2 (“Other costs”) of the general part of the Full Prospectus, the following type of costs is added:
“(v) costs of judicial or out-of-court claims in the form of a remuneration to the Management Company of up to 5% of the amounts received by the Company - after deduction and compensation of the costs incurred by the Company from the respective judicial or out-of-court proceedings.”
Additional costs may be charged to the relevant sub-fund(s) as a result of this supplement, but only to the extent that the Company receives income from creditor/litigation proceedings. If the Company does not receive any income from a creditor/litigation procedure, the Management Company shall not charge any costs to the sub-fund(s) concerned. Consequently, the Management Company will only be able to claim costs for the judicial or out-of-court enforcement of claims of up to 5% of the amounts collected in the event of a prevailing creditor/litigation procedure. This supplement is intended to cover costs incurred by the Management Company in the event that target investments of the sub-fund(s) fail in whole or in part. The usual procedures are meetings of creditors, class action lawsuits, out-of-court proceedings or similar procedures in connection with which the Management Company must actively participate. Any costs will only be invoiced on income accruing from such proceedings - i.e. if no income accrues to the Fund’s assets from creditor/litigation proceedings, there will be no invoicing.
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# Distribution of income from securities lending | En el punto 13.2 («Otros costes») de la parte general del Folleto, se añade el siguiente tipo de costes:
«(v) Costes por reclamaciones judiciales o extrajudiciales en forma de remuneración a la Sociedad gestora de hasta el 5% de las cantidades percibidas por la Sociedad, una vez deducidos y liquidados los costes en que incurra la Sociedad por los respectivos procedimientos judiciales o extrajudiciales».
Como resultado de esta modificación, podrán aplicarse costes adicionales al subfondo o los subfondos correspondiente, pero solo en la medida en que la Sociedad perciba ingresos por procedimientos de acreedores o demandas. Si la Sociedad no recibe ningún ingreso por los procedimientos de acreedores o demandas, la Sociedad gestora no aplicará ningún coste al subfondo o los subfondos correspondientes. Por consiguiente, la Sociedad gestora únicamente podrá reclamar los costes de la ejecución judicial o extrajudicial de reclamaciones hasta un 5% de las cantidades cobradas en caso de que los procedimientos de acreedores o demandas prosperen. Con esta modificación se pretende cubrir los gastos en los que incurra la Sociedad gestora cuando las inversiones objetivo del subfondo o los subfondos fracasen total o parcialmente. Son procedimientos habituales las juntas de acreedores, las acciones colectivas, los procedimientos extrajudiciales o similares en relación con los cuales la Sociedad gestora debe actuar. Los posibles costes únicamente se facturarán en función de los ingresos que se deriven de dichos procedimientos, es decir, si el patrimonio del fondo no obtiene ingresos de los procedimientos de acreedores o las demandas, no se cobrarán.
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# Distribución de los ingresos por préstamo de valores | Under point 13.2 (“Other costs”) of the general part of the Full Prospectus, the following type of costs is added:
“(v) costs of judicial or out-of-court claims in the form of a remuneration to the Management Company of up to 5% of the amounts received by the Company - after deduction and compensation of the costs incurred by the Company from the respective judicial or out-of-court proceedings.”
Additional costs may be charged to the relevant sub-fund(s) as a result of this supplement, but only to the extent that the Company receives income from creditor/litigation proceedings. If the Company does not receive any income from a creditor/litigation procedure, the Management Company shall not charge any costs to the sub-fund(s) concerned. Consequently, the Management Company will only be able to claim costs for the judicial or out-of-court enforcement of claims of up to 5% of the amounts collected in the event of a prevailing creditor/litigation procedure. This supplement is intended to cover costs incurred by the Management Company in the event that target investments of the sub-fund(s) fail in whole or in part. The usual procedures are meetings of creditors, class action lawsuits, out-of-court proceedings or similar procedures in connection with which the Management Company must actively participate. Any costs will only be invoiced on income accruing from such proceedings - i.e. if no income accrues to the Fund’s assets from creditor/litigation proceedings, there will be no invoicing.
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# Distribution of income from securities lending | en | es |
DOLFIN3314 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# This risk indicator is based on the assumption that you hold the product for 4 year(s).
The Summary Risk Indicator (SRI) is a guide to the level of risk of this product compared to other products. It is derived from past returns and may indicate how likely it is that the product will lose money as a result of future (unknown) market conditions. | # L'indicatore di rischio si basa sull'ipotesi che deteniate il prodotto per 4 anno/i.
L'indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. È derivato dai rendimenti passati e può indicare la probabilità che il prodotto comporti una perdita a causa di future condizioni (ignote) dei mercati. | # This risk indicator is based on the assumption that you hold the product for 4 year(s).
The Summary Risk Indicator (SRI) is a guide to the level of risk of this product compared to other products. It is derived from past returns and may indicate how likely it is that the product will lose money as a result of future (unknown) market conditions. | en | it |
DOLFIN3315 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 1% is equivalent to 1.010 1% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
This Fund qualifies as a Standard Variable Net Asset Value Money Market Fund in accordance with the provisions of the MMFR. | Les pourcentages de commissions de distribution et de gestion sont indiqués en taux annuel par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas.
Des frais de couverture des Catégories d’actions pouvant aller jusqu’à 0,03 % seront assumés par les Catégories d’actions couvertes contre le risque de change.
Toutes les Catégories d’actions ne sont pas disponibles à la souscription au moment de la publication du présent Prospectus. Les Compartiments peuvent également lancer des Catégories d’actions sur mesure, qui sont décrites en Annexe III, à l’entière discrétion des Administrateurs.
2
Les pourcentages sont indiqués par référence à la Valeur liquidative du Compartiment ou la Valeur liquidative par Action, selon le cas. Une commission d’entrée allant jusqu’à 1 % maximum équivaut à 1,0101 % de la Valeur liquidative par Action. La Société de gestion et les Distributeurs sont en droit de percevoir la commission d’entrée, laquelle peut toutefois, à la discrétion des Administrateurs, ne pas être appliquée ou n’être appliquée qu’en partie.
3
Les commissions de distribution dues au titre des Actions A1 et D sont payées à des intervalles déterminés en tant que de besoin entre la Société et les Distributeurs spécifiquement désignés pour la distribution de ces Actions. Les commissions de distribution dues au titre des Actions B sont payables trimestriellement.
Le Compartiment remplit les conditions pour être considéré comme un Fonds du marché monétaire à valeur liquidative variable standard conformément aux dispositions du MMFR. | Distribution Charge and Management Fee percentages are stated as an annual charge with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as may be appropriate.
A share class hedging charge of up to 0.03% will be borne by the currency hedged Share Classes.
Not all Share Classes listed are available for subscription at the time of issue of this Prospectus. The Funds may also launch Bespoke Share Classes that are described under Appendix III at the Directors' discretion.
2
Percentages are stated with reference to the Net Asset Value of the Fund or the Net Asset Value per Share, as maybe appropriate. Initial charge of up to 1% is equivalent to 1.010 1% of the Net Asset Value per Share. The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.
3
Distribution charges in respect of A1 and D Shares are paid at such intervals as may be agreed from time to time between the Company and those Distributors that are appointed specifically for the purpose of distributing such Shares. Distribution charges in respect of B Shares are payable quarterly.
This Fund qualifies as a Standard Variable Net Asset Value Money Market Fund in accordance with the provisions of the MMFR. | en | fr |
DOLFIN3316 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## The actual risk can vary significantly if you cash in at an early stage and you may get back less.
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 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium- low level, and poor market conditions are unlikely to impact our capacity to pay you.
Be aware of currency risk. If you choose a foreign currency share class you will be exposed to currency risk and your final return will depend on the exchange rate between the foreign currency and your local currency. The risk is not considered in the indicator shown above. | ## Il rischio effettivo può variare sensibilmente se si decide di effettuare un rimborso anticipato e in questo caso non è escluso un rimborso inferiore all'importo investito.
L'indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Abbiamo classificato questo prodotto al livello 3 su 7, che corrisponde alla classe di rischio medio-bassa. Ciò significa che le perdite potenziali dovute alla performance futura del prodotto sono classificate nel livello medio- basso e che è improbabile che le cattive condizioni di mercato influenzino la nostra capacità di pagarvi quanto dovuto.
Attenzione al rischio di cambio. Se scegliete una categoria di azioni in valuta estera, sarete esposti al rischio di cambio e il rendimento finale che otterrete dipenderà dal tasso di cambio tra la valuta estera e la valuta locale. Il rischio non è contemplato nell'indicatore sopra riportato. | ## The actual risk can vary significantly if you cash in at an early stage and you may get back less.
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 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium- low level, and poor market conditions are unlikely to impact our capacity to pay you.
Be aware of currency risk. If you choose a foreign currency share class you will be exposed to currency risk and your final return will depend on the exchange rate between the foreign currency and your local currency. The risk is not considered in the indicator shown above. | en | it |
DOLFIN3317 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investors should note that securities which are below investment grade or which are unrated would generally be considered to have a higher degree of counterparty risk, credit risk and liquidity risk than higher rated, lower yielding securities and may be subject to greater fluctuation in value and higher chance of default and greater risk of loss of principal and interest. If the issuer of securities defaults, or such securities cannot be realised, or perform badly, investors may suffer substantial losses. The market for these securities may be less active, making it more difficult to sell the securities. Valuation of these securities is more difficult and thus the relevant Fund's prices may be more volatile.
The value of lower-rated or unrated corporate bonds may be affected by investors' perceptions. When economic conditions appear to be deteriorating, below investment grade or unrated corporate fixed-income securities may decline in market value due to investors' heightened concerns and perceptions over credit quality.
- Distressed securitiesSecurities issued by an issuer that is in default, or in a high risk of default, or the subject of bankruptcy proceedings are considered distressed securities. Investment in these types of securities involve significant risk. A Fund's investment in securities of an issuer in weak financial condition may include issuers with substantial capital needs or negative net worth or issuers that are, have been or may become, involved in bankruptcy or reorganisation proceedings. | Nous attirons l'attention des investisseurs sur le fait que les titres de qualité inférieure à investment grade ou les titres sans notation présentent généralement des risques de contrepartie, de crédit, de liquidité et de défaut plus importants que les titres mieux notés générant des rendements plus faibles, que leur valeur peut fluctuer de façon plus prononcée et qu'ils présentent un risque plus important de perte du principal et des intérêts. Si l'émetteur des titres fait défaut, ou si ces titres ne peuvent pas être réalisés ou produisent de mauvaises performances, les investisseurs peuvent subir des pertes significatives. Le marché de ces titres peut être moins actif, ce qui les rend plus difficiles à vendre. Dans la mesure où il est plus difficile d'évaluer ces titres, les prix correspondants du Compartiment peuvent être plus volatils.
La valeur des obligations d'entreprises dont la notation est inférieure ou qui n'ont pas de notation peut être affectée par l'opinion des investisseurs. Lorsque le climat économique semble se détériorer, la valeur de marché des titres d'entreprises à revenu fixe de qualité inférieure à investment grade ou sans notation peut diminuer en raison de l'inquiétude accrue des investisseurs et de leur opinion quant à la qualité de crédit.
- Titres en difficultéLes titres dont l'émetteur est en défaut, présente un risque de défaut élevé ou est en procédure de faillite sont considérés comme des titres en difficulté. Tout investissement dans ce type de titres représente un risque significatif. Les investissements d'un Compartiment dans des titres dont l'émetteur est dans une situation financière faible peuvent inclure des émetteurs qui ont des besoinsen capital importants, dont la situation nette est négative ou qui sont en procédure de faillite ou de restructuration, l'ont été ou sont susceptibles de le devenir. | Investors should note that securities which are below investment grade or which are unrated would generally be considered to have a higher degree of counterparty risk, credit risk and liquidity risk than higher rated, lower yielding securities and may be subject to greater fluctuation in value and higher chance of default and greater risk of loss of principal and interest. If the issuer of securities defaults, or such securities cannot be realised, or perform badly, investors may suffer substantial losses. The market for these securities may be less active, making it more difficult to sell the securities. Valuation of these securities is more difficult and thus the relevant Fund's prices may be more volatile.
The value of lower-rated or unrated corporate bonds may be affected by investors' perceptions. When economic conditions appear to be deteriorating, below investment grade or unrated corporate fixed-income securities may decline in market value due to investors' heightened concerns and perceptions over credit quality.
- Distressed securitiesSecurities issued by an issuer that is in default, or in a high risk of default, or the subject of bankruptcy proceedings are considered distressed securities. Investment in these types of securities involve significant risk. A Fund's investment in securities of an issuer in weak financial condition may include issuers with substantial capital needs or negative net worth or issuers that are, have been or may become, involved in bankruptcy or reorganisation proceedings. | en | fr |
DOLFIN3318 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Note de crédit (%)
BBB 5,4
BB 11,4
B 61,4
CCC 17,0
CC 1,0
C 0,1
D 3,4
N/R 0,2 | # Calificación crediticia (%)
BBB 5,4
BB 11,4
B 61,4
CCC 17,0
CC 1,0
C 0,1
D 3,4
N/R 0,2 | # Note de crédit (%)
BBB 5,4
BB 11,4
B 61,4
CCC 17,0
CC 1,0
C 0,1
D 3,4
N/R 0,2 | fr | es |
DOLFIN3319 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 5,517 EUR | 3,975 EUR |
| Average return each year | -44.83% | -16.85% |
| Unfavourable scenario | What you might get back after costs | 7,786 EUR | 8,195 EUR |
| Average return each year | -22.14% | -3.90% |
| Moderate scenario | What you might get back after costs | 10,451 EUR | 15,219 EUR |
| Average return each year | 4.51% | 8.76% |
| Favourable scenario | What you might get back after costs | 14,036 EUR | 20,810 EUR |
| Average return each year | 40.36% | 15.79% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 5.517 EUR | 3.975 EUR |
| Rendimiento medio cada año | -44,83 % | -16,85 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.786 EUR | 8.195 EUR |
| Rendimiento medio cada año | -22,14 % | -3,90 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.451 EUR | 15.219 EUR |
| Rendimiento medio cada año | 4,51 % | 8,76 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.036 EUR | 20.810 EUR |
| Rendimiento medio cada año | 40,36 % | 15,79 % | | | Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 5,517 EUR | 3,975 EUR |
| Average return each year | -44.83% | -16.85% |
| Unfavourable scenario | What you might get back after costs | 7,786 EUR | 8,195 EUR |
| Average return each year | -22.14% | -3.90% |
| Moderate scenario | What you might get back after costs | 10,451 EUR | 15,219 EUR |
| Average return each year | 4.51% | 8.76% |
| Favourable scenario | What you might get back after costs | 14,036 EUR | 20,810 EUR |
| Average return each year | 40.36% | 15.79% | | en | es |
DOLFIN3320 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The Fund will in particular have power to limit or prohibit the ownership of its Shares by any US Person.
The Fund shall also have power to limit or prevent the holding of its Shares by any person who would not provide the Fund with enough information for it to comply with the applicable legal and regulatory provisions (FATCA and others) or by any person who would be deemed capable of causing a potential financial risk to the Fund and/or its investors.
In addition, the Fund shall have power to limit or prevent the holding of its Shares by any natural person or legal entity if said person or entity holds directly or indirectly, without prior permission from the Board of Directors, 10% or more of the Shares of a Sub-fund and if, in the opinion of the Board of Directors, such a holding may damage the Fund's interests or may lead to a breach of a Luxembourg or foreign law or regulation, or if the result thereof would be that the Fund would be subject to tax disadvantages or other financial disadvantages which it would not otherwise have sustained.
- Savings SchemeThe Board of Directors may propose Saving Scheme to investors via the distribution networks of the countries in which the Fund is marketed. The modalities will be described in the sales documents available in each of these countries. Nevertheless, investors will in any event only be able to subscribe via a Saving Scheme if their distributor offers this mode of investment. | ##### En particulier, le Fonds aura le pouvoir de limiter ou d’interdire la détention de ses Actions par un Ressortissant des Etats-Unis d’Amérique.
Le Fonds aura le pouvoir de limiter ou d’interdire la détention de ses Actions par toute personne qui omettrait de fournir au Fonds des informations suffisantes pour lui permettre de se plier aux dispositions légales et réglementaires (FATCA et autres) ou par toute personne jugée susceptible de soumettre le Fonds et/ou ses investisseurs à un risque financier potentiel.
En outre, le Fonds aura le pouvoir de limiter ou d’interdire la détention de ses Actions par toute personne physique ou morale qui détiendrait, directement ou indirectement, sans la permission du Conseil d’administration, plus de 10% des Actions d’un Compartiment et lorsque, de l’avis du Conseil d’administration, cette participation est susceptible de porter atteinte aux intérêts du Fonds ou de conduire au non-respect d’une loi ou d’une réglementation du Luxembourg ou d’un pays étranger, ou aurait pour résultat de soumettre le Fonds à un désavantage fiscal ou à d’autres désavantages financiers auxquels il n’aurait pas été autrement soumis.
- Plan d’épargneLe Conseil d’administration pourra proposer un Plan d’épargne aux investisseurs via les réseaux de distribution des pays dans lesquels le Fonds est commercialisé. Les modalités seront décrites dans les documents de vente disponibles dans chacun de ces pays. Néanmoins, dans tous les cas, les investisseurs pourront souscrire via un Plan d’épargne uniquement si leur distributeur propose ce mode d’investissement. | ###### The Fund will in particular have power to limit or prohibit the ownership of its Shares by any US Person.
The Fund shall also have power to limit or prevent the holding of its Shares by any person who would not provide the Fund with enough information for it to comply with the applicable legal and regulatory provisions (FATCA and others) or by any person who would be deemed capable of causing a potential financial risk to the Fund and/or its investors.
In addition, the Fund shall have power to limit or prevent the holding of its Shares by any natural person or legal entity if said person or entity holds directly or indirectly, without prior permission from the Board of Directors, 10% or more of the Shares of a Sub-fund and if, in the opinion of the Board of Directors, such a holding may damage the Fund's interests or may lead to a breach of a Luxembourg or foreign law or regulation, or if the result thereof would be that the Fund would be subject to tax disadvantages or other financial disadvantages which it would not otherwise have sustained.
- Savings SchemeThe Board of Directors may propose Saving Scheme to investors via the distribution networks of the countries in which the Fund is marketed. The modalities will be described in the sales documents available in each of these countries. Nevertheless, investors will in any event only be able to subscribe via a Saving Scheme if their distributor offers this mode of investment. | en | fr |
DOLFIN3321 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# GLOSSARY
Tracking Error
The tracking error measures the volatility of a portfolio’s relative return in relation to its benchmark index.
Volatility
An asset’s volatility is the standard deviation of its return. As a measure of dispersion, it evaluates the uncertainty of asset prices, which is often equated to their risk. Volatility can be calculated ex post (retrospectively) or estimated ex ante (anticipatively).
A glossary of financial terms appearing on this document can be found at http://www.bnpparibas-am.com | # GLOSSAIRE
Tracking Error
La tracking error mesure la volatilité du rendement relatif d'un portefeuille par rapport à son indice de référence.
Volatilité
La volatilité d'un actif est l'écart-type de son rendement. En tant que mesure de la dispersion, elle évalue l'incertitude des prix des actifs, qui est souvent assimilée à leur risque. La volatilité peut être calculée ex post (rétrospectivement) ou estimée ex ante (anticipativement).
Un glossaire des termes financiers employés dans ce document est disponible à l'adresse http://www.bnpparibas-am.com | # GLOSSARY
Tracking Error
The tracking error measures the volatility of a portfolio’s relative return in relation to its benchmark index.
Volatility
An asset’s volatility is the standard deviation of its return. As a measure of dispersion, it evaluates the uncertainty of asset prices, which is often equated to their risk. Volatility can be calculated ex post (retrospectively) or estimated ex ante (anticipatively).
A glossary of financial terms appearing on this document can be found at http://www.bnpparibas-am.com | en | fr |
DOLFIN3322 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Asset. The Management Company and/or any of its delegates will monitor such changes and arrange for adjustments to the portfolio as necessary over several days, if necessary.
- | # La Società di Gestione e/o i suoi delegati monitoreranno tali modifiche e, se necessario, effettueranno rettifiche al portafoglio nell’arco di diversi giorni.
- | # Asset. The Management Company and/or any of its delegates will monitor such changes and arrange for adjustments to the portfolio as necessary over several days, if necessary.
- | en | it |
DOLFIN3323 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, but the party selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.01% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 101 EUR |
| Transaction costs | 0.07% 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. | 7 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Nous ne facturons pas de frais d'entrée. | 0 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit, mais la partie qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.01 % de la valeur de votre investissement par an. Il s'agit d'une estimation basée sur les frais réels de l'année dernière. | 101 EUR |
| Coûts de transaction | 0.07 % de la valeur de votre investissement par an. Il s'agit d'une estimation des frais encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel variera en fonction du volume des achats et des ventes. | 7 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats (et commission d’intéressement) | Il n'y a pas de commission de performance pour ce produit. | 0 EUR | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, but the party selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.01% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 101 EUR |
| Transaction costs | 0.07% 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. | 7 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 EUR | | en | fr |
DOLFIN3324 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# 80% Protected Index Portfolio
Investment manager’s report for the financial year ended 31 July 2022
The investment objective of the Sub-Fund is to provide shareholders with long term exposure to the performance of the Portfolio Strategy (as defined below) with 80% of the highest net asset value (from the launch of the Sub-Fund onwards) being protected as a minimum redemption net asset value.
The Portfolio Strategy consists of long positions in a portfolio of regulated investment funds (including ETF) (the “Investment Portfolio”) and cash. The Investment Portfolio composition and allocation is determined by the investment manager and is set out in Annex I of the supplement of the Sub-Fund as amended from time to time. The allocation between the Investment Portfolio and cash is based on a volatility control mechanism with a budget of 8%. This seeks to control the volatility of the Investment Portfolio by adjusting the allocation to the Investment Portfolio if the volatility of the Investment Portfolio changes over a specified period. | # 80% Protected Index Portfolio
Rapport du Gestionnaire d’investissement pour l’exercice clos le 31 juillet 2022
L’objectif d’investissement du Compartiment est d’offrir aux actionnaires une exposition à long terme au rendement de la Stratégie de portefeuille (telle que définie ci-dessous), avec 80 % de la Valeur Liquidative la plus élevée (depuis le lancement du Compartiment) étant protégés en tant que Valeur Liquidative de rachat minimale.
La Stratégie de portefeuille est composée de positions acheteur dans un portefeuille de fonds d’investissement réglementés (y compris les FNB) (le « Portefeuille d’investissement ») et de liquidités. La composition et la répartition sont décidées par le gestionnaire d’investissement et sont énoncées dans l’annexe I du supplément du Compartiment tel qu’amendée de temps à autre. La répartition entre le Portefeuille d’investissement et les liquidités est fondée sur un mécanisme de contrôle de la volatilité associé à un objectif de volatilité de 8 %. Ce mécanisme cherche à contrôler la volatilité du Portefeuille d’investissement en ajustant la répartition au Portefeuille d’investissement si la volatilité du Portefeuille d’investissement varie sur une période spécifique. | # 80% Protected Index Portfolio
Investment manager’s report for the financial year ended 31 July 2022
The investment objective of the Sub-Fund is to provide shareholders with long term exposure to the performance of the Portfolio Strategy (as defined below) with 80% of the highest net asset value (from the launch of the Sub-Fund onwards) being protected as a minimum redemption net asset value.
The Portfolio Strategy consists of long positions in a portfolio of regulated investment funds (including ETF) (the “Investment Portfolio”) and cash. The Investment Portfolio composition and allocation is determined by the investment manager and is set out in Annex I of the supplement of the Sub-Fund as amended from time to time. The allocation between the Investment Portfolio and cash is based on a volatility control mechanism with a budget of 8%. This seeks to control the volatility of the Investment Portfolio by adjusting the allocation to the Investment Portfolio if the volatility of the Investment Portfolio changes over a specified period. | en | fr |
DOLFIN3325 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The UCITS invests up to 100% of its net assets in the following assets:
- Bonds and debt securities issued or guaranteed by OECD member states, whether or not they belong to the Eurozone.
- Bonds and debt securities issued by public or private companies in member countries of the OECD outside the euro area.
- Inflation indexed bonds and debt securities of OECD member countries outside the Eurozone.
- Money market instruments, short or medium term transferable debt securities with or without a State guarantee or equivalent instruments on international markets, whether regulated or notNot denominated in Euro or non Euro OECD member countries. | # El OICVM invierte hasta el 100% de su patrimonio neto en los siguientes activos:
- Obligaciones e instrumentos de deuda emitidos o garantizados por Estados miembros de la OCDE, que pertenezcan o no a la zona euro.
- Obligaciones e instrumentos de deuda emitidos por empresas públicas o privadas de países miembros de la OCDE que pertenezcan o no a la zona del euro.
- Obligaciones e instrumentos de deuda indexados a la inflación de países miembros de la OCDE que pertenecen o no a la zona euro.
- Instrumentos del mercado monetario, títulos de deuda negociables a corto o medio plazo con o sin garantía del Estado o instrumentos equivalentes en los mercados internacionales; regulados o no No, denominados en euros o no, de países miembros de la OCDE que pertenezcan o no a la zonaeuro. | # The UCITS invests up to 100% of its net assets in the following assets:
- Bonds and debt securities issued or guaranteed by OECD member states, whether or not they belong to the Eurozone.
- Bonds and debt securities issued by public or private companies in member countries of the OECD outside the euro area.
- Inflation indexed bonds and debt securities of OECD member countries outside the Eurozone.
- Money market instruments, short or medium term transferable debt securities with or without a State guarantee or equivalent instruments on international markets, whether regulated or notNot denominated in Euro or non Euro OECD member countries. | en | es |
DOLFIN3326 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Global Value Fund may also invest in participatory notes, convertible securities (such as fixed rate corporate convertible bonds), hybrid securities (such as preference shares and corporate debt with attached warrants), swap agreements, corporate bonds, futures, forwards, options and exchange traded funds (“ETFs”), subject to the requirements of the Central Bank.
The Manager's approach to selecting investments for the Global Value Fund is oriented to individual stock selection rather than on a top-down basis or macro-economic outlook. Securities are selected based on the Manager’s assessment of long-term business worth compared to current value. Exposures to countries, sectors, and industries are a residual of this bottom up stock selection process.
The Global Value Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Global Value Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Global Value Fund's investments in any particular country or industry, the Global Value Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b) 150% of the weighting of such country or industry as represented in the MSCI World Index (the “Index”), at the time of purchase. The Global Value Fund is considered to be actively managed in reference to the Index. As mentioned above, certain of the Global Value Fund’s securities may be components of and may have similar weightings to the Index. However, it should be noted that the Global Value Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index.
Generally, no more than 30% of the Global Value Fund's total assets, measured at the time of purchase, may be invested in securities of companies located or active in emerging and frontier markets throughout the world and which are listed or traded on Recognised Exchanges. The Global Value Fund will not invest more than 10% of its Net Asset Value in investment funds, including investment in ETFs, consistent with its investment objective and policies.
The Global Value Fund may employ techniques and instruments for the purposes of efficient portfolio management and/or for protection against exchange risks in accordance with the conditions and limits set down by the Central Bank as outlined under the heading “Efficient Portfolio Management and Securities Financing Transactions” in the main body of the Prospectus and in Appendix 1. All types of assets which may be held by the Sub-Fund in accordance with its investment objectives and policies may be subject to securities lending agreements, repurchase and reverse repurchase agreements or total return swaps. The maximum
proportion of the Sub-Fund’s assets which can be subject to securities lending agreements, repurchase and reverse repurchase agreements and/or total return swaps is 100% of the Net Asset Value of the Sub-Fund. However, the expected proportion of the Sub-Fund’s assets is between 0% and 10% of the Net Asset Value of the Sub-Fund’s assets. The proportion at any given time will depend on prevailing market conditions and the value of the relevant investments. The amount of assets engaged in each type of securities financing transactions and total return swaps, expressed as an absolute amount and as a proportion of the Sub-Fund’s assets, as well as other relevant information relating to the use of securities lending agreements, repurchase and reverse repurchase agreements or total return swaps shall be disclosed in the annual report and semi-annual report of the Fund.
Typically the Global Value Fund will invest in convertible bonds only as a more efficient way to gain exposure to an issuer. The Global Value Fund does not have minimum credit quality requirements for debt instruments but will typically invest in investment grade issues.
The Global Value Fund will be using participatory notes primarily to gain access to securities which are otherwise inaccessible to foreign investors or too costly for direct access to the underlying securities due to market registration issues (for example to gain exposure to Indian equity securities). Participatory notes are synthetic instruments that attempt to replicate ownership of an underlying equity security in foreign stock markets where non-resident shareholders are unable to own shares directly. Index linked notes can be linked to a specific equity index or basket of equity indices. The performance of the note would closely track the underlying index or basket of equity indices. Equity linked notes can be linked to a specific stock or basket of stocks. The performance of the note would closely track the underlying stock or basket of stocks. Fund linked notes can be linked to a specific equity fund or basket of equity funds. The participatory notes do not have an embedded derivative and are not leveraged at any time.
The Global Value Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, to protect against any increase in the price of securities the Global Value Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible. Swaps could include the exchange of currencies, interest rates, or a basket of equity securities representing a particular index.
ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges. ETFs may be used to get short term exposure to a specific market and/or as a more efficient way to obtain exposure to a specific asset category. The Global Value Fund may invest in ETFs for the purpose of gaining indirect exposure to the equity securities comprised in the indices tracked by the ETFs in which the Global Value Fund may invest.
The Global Value Fund may also engage in forward foreign exchange contracts to alter the currency characteristics and exposure of the underlying assets in accordance with the efficient portfolio management techniques set out under the heading “Efficient Portfolio Management and Securities Financing Transactions” in the main body of the Prospectus. Such forward foreign exchange contracts may be used to hedge some or all of the exchange risk/currency risk arising as a result of the fluctuation between the denominated currencies of the Classes within the Global Value Fund (namely US Dollar, Euro and Sterling) and the base currency of the Global Value Fund (where different) and the currencies in which the Global Value Fund’s investments are denominated.
The Global Value Fund may invest in Russian securities, subject to the country exposure limitations stated above. In relation to securities listed or traded in Russia, investment will only be made in securities that are listed or traded on the Moscow Exchange.
The Global Value Fund may invest up to 5% of its Net Asset Value in China A shares listed on Shanghai Stock Exchange via the Shanghai-Hong Kong Stock Connect, or the Shenzhen Stock Exchange via the Shenzhen- Hong Kong Stock Connect (as further described under the heading “Stock Connect Scheme” in the main body Prospectus).
The Global Value Fund seeks to take steps to ensure that the Sub-Fund will not knowingly invest in any company involved in the manufacture of prohibited munitions or components. To this end, the Global Value Fund uses an exclusion list based on the list of prohibited munitions (i.e., cluster munitions, explosive bomblets or anti- personnel mines) maintained pursuant to the Cluster Munitions and Anti-Personnel Mines Act 2008 | Der Global Value Fund kann außerdem in Genussscheine, wandelbare Wertpapiere (wie festverzinsliche Wandelschuldverschreibungen), hybride Wertpapiere (wie Vorzugsaktien und Optionsschuldverschreibungen), Swap-Vereinbarungen, Unternehmensanleihen, Futures, Forwards, Optionen und börsengehandelte Fonds („ETF“) vorbehaltlich der Vorschriften der Zentralbank anlegen.
Der Ansatz der Verwaltungsgesellschaft bei der Auswahl von Anlagen für den Global Value Fund ist auf Einzeltitel ausgerichtet und orientiert sich nicht an einem Top-down-Ansatz oder dem makroökonomischen Ausblick. Die Auswahl der Wertpapiere richtet sich danach, wie die Verwaltungsgesellschaft den langfristigen Unternehmenswert im Vergleich zum aktuellen Wert einschätzt. Die Engagements in Ländern, Sektoren und Branchen gehen noch auf diesen Bottom-up-Ansatz für die Titelauswahl zurück.
Der Global Value Fund geht von einer Investition in ca. 35-85 Emissionen aus. In der Regel werden zum Zeitpunkt des Kaufs höchstens 5 % des Gesamtvermögens des Global Value Fund in einem einzelnen Wertpapier investiert sein. In Bezug auf die Anlagen des Global Value Fund in bestimmten Ländern oder Branchen kann der Global Value Fund in der Regel bis zum höheren der beiden folgenden Werte investieren: (a) 20 % des Gesamtvermögens des Fonds in einem bestimmten Land oder einer bestimmten Branche zum Zeitpunkt des Kaufs oder (b) 150 % der Gewichtung dieses Landes oder dieser Branche im MSCI World Index („Index“) zum Zeitpunkt des Kaufs. Der Global Value Fund gilt als ein unter Bezugnahme auf den Index aktiv gemanagter Fonds. Wie oben erwähnt, können bestimmte Wertpapiere des Global Value Fund Bestandteile des Index sein und eine ähnliche Gewichtung wie dieser haben. Es ist jedoch zu beachten, dass der Global Value Fund erheblich vom Index abweichen kann und der Manager nach eigenem Ermessen in Länder oder Branchen investieren kann, die nicht im Index enthalten sind.
Im Allgemeinen dürfen nicht mehr als 30 % des Gesamtvermögens des Global Value Fund zum Zeitpunkt des Kaufs in Wertpapieren von Unternehmen angelegt sein, die ihren Sitz in Schwellen- und Grenzmärkten weltweit
haben und an anerkannten Börsen notiert sind oder gehandelt werden. Der Global Value Fund wird entsprechend seinem Anlageziel und seinen Anlagegrundsätzen nicht mehr als 10 % seines Nettoinventarwerts in Investmentgesellschaften einschließlich ETF anlegen.
Der Global Value Fund kann im Rahmen der von der Zentralbank festgelegten Bedingungen und Grenzen die Techniken und Instrumente zum Zweck des effizienten Portfoliomanagements und/oder zum Schutz gegen Wechselkursrisiken einsetzen, die im Abschnitt „Effizientes Portfoliomanagement und Wertpapierfinanzierungsgeschäfte“ im Hauptteil des Prospekts und in Anhang 1 beschrieben sind. Alle Arten von Anlagen, die der Teilfonds gemäß seinen Anlagezielen und seiner Anlagepolitik halten darf, können Wertpapierleihverträgen, Pensions- und umgekehrten Pensionsgeschäften oder Total Return Swaps unterliegen. Der Höchstanteil, für den der Teilfonds Wertpapierleih, Pensions- und umgekehrte Pensionsgeschäfte und/oder Total Return Swaps eingehen darf, beträgt 100% des Nettoinventarwerts des Teilfonds. Der erwartete Anteil des Vermögens des Teilfonds beläuft sich jedoch auf zwischen 0% und 10% des Nettoinventarwerts des Vermögens des Teilfonds. Der jeweilige Anteil hängt von der herrschenden Marktlage sowie dem Wert der betreffenden Anlagen ab. Die Höhe der von den einzelnen Arten von Wertpapierfinanzierungsgeschäften betroffenen Vermögenswerte, als absoluter Betrag sowie als Anteil des Vermögens des Teilfonds ausgedrückt, sowie andere relevante Informationen bezüglich des Einsatzes von Wertpapierleih-, Pensions- und umgekehrten Pensionsgeschäften bzw. Total Return Swaps werden mit dem Jahres- und Halbjahresabschluss des Fonds veröffentlicht.
In der Regel wird der Global Value Fund nur dann in Wandelanleihen anlegen, wenn dies eine effizientere Methode ist, um ein Engagement in einem Emittenten einzugehen. Der Global Value Fund sieht keine Mindestanforderungen an die Kreditqualität von Schuldtiteln vor, wird aber in der Regel in Investment-Grade- Emissionen anlegen.
Der Global Value Fund wird Genussscheine in erster Linie dazu verwenden, um Zugang zu Wertpapieren zu erhalten, die ausländischen Anlegern anderenfalls nicht zur Verfügung stünden oder bei denen der unmittelbare Zugriff auf die zugrunde liegenden Wertpapiere wegen Marktregistrierungsauflagen zu teuer ist (zum Beispiel um ein Engagement in indischen Aktien einzugehen). Genussscheine sind synthetische Finanzinstrumente, mit denen versucht wird, den Besitz einer zugrunde liegenden Aktie an einer ausländischen Börse, an der gebietsfremde Aktionäre Aktien nicht unmittelbar halten dürfen, nachzubilden. Indexgebundene Genussscheine können an einen bestimmten Aktienindex oder einen Korb von Aktienindizes gebunden sein. Die Wertentwicklung des Genussscheins sollte den zugrunde liegenden Index oder Korb von Aktienindizes genau nachbilden. Aktiengebundene Genussscheine können an eine bestimmte Aktie oder einen Korb von Aktien gebunden sein. Die Wertentwicklung des Genussscheins sollte die zugrunde liegende Aktie oder den Korb von Aktien genau nachbilden. Fondsgebundene Genussscheine können an einen bestimmten Aktienfonds oder einen Korb von Aktienfonds gebunden sein. Die Genussscheine besitzen kein eingebettetes Derivat und sind zu keinem Zeitpunkt gehebelt.
Der Global Value Fund kann Swap-Geschäfte zu jedem legalen, seinem Anlageziel und seinen Anlagegrundsätzen entsprechenden Zweck eingehen, so z.B. im Hinblick darauf, eine bestimmte Rendite oder einen bestimmten Spread zu geringeren Kosten als durch die Erzielung einer Rendite oder eines Spreads über Käufe und/oder Verkäufe von Finanzinstrumenten auf anderen Märkten zu erzielen oder zu halten, zur Absicherung gegen Währungsschwankungen, zur Absicherung gegen einen Kursanstieg von Wertpapieren, die der Global Value Fund zu einem späteren Zeitpunkt zu kaufen beabsichtigt, oder zum möglichst günstigen Aufbau eines Engagements an bestimmten Märkten. Swaps können den Tausch von Währungen, Zinssätzen oder eines Korbs aus Aktien, die einen bestimmten Index darstellen, beinhalten.
ETF sind Investmentgesellschaften, die in Wertpapierportfolios anlegen, die bestimmte Marktsegmente oder Indizes nachbilden sollen, und deren Aktien an Wertpapierbörsen gekauft und verkauft werden. ETF können verwendet werden, um ein kurzfristiges Engagement in einem bestimmten Markt einzugehen und/oder als effizientere Möglichkeit, ein Engagement in einer bestimmten Anlageklasse einzugehen. Der Global Value Fund kann in ETF anlegen, um ein indirektes Engagement in den Aktien oder aktienähnlichen Wertpapieren einzugehen, die in den von den ETF nachgebildeten Indizes enthalten sind und in denen der Global Value Fund anlegen darf.
Der Global Value Fund kann auch Devisentermingeschäfte tätigen, um unter Einsatz der Techniken zum effizienten Portfoliomanagement, die im Abschnitt „Effizientes Portfoliomanagement und Wertpapierfinanzierungsgeschäfte“ im Hauptteil des Prospekts beschrieben sind, die Währungsmerkmale und das Währungsrisiko der zugrundeliegenden Vermögenswerte zu verändern. Solche Devisentermingeschäfte können zur teilweisen oder vollständigen Absicherung des Wechselkurs-/Währungsrisikos eingesetzt werden, das sich aus Schwankungen zwischen den Nennwährungen der Klassen des Global Value Fund (d.h. US-Dollar, Euro und Sterling) und (wenn abweichend) der Basiswährung des Global Value Fund sowie den Währungen ergibt, auf welche die Anlagen des Global Value Fund lauten.
Der Global Value Fund kann vorbehaltlich der oben genannten Einschränkungen bezüglich des Engagements in bestimmten Ländern in russischen Wertpapieren anlegen. Was Wertpapiere anbelangt, die in Russland börsennotiert sind oder gehandelt werden, erfolgen Anlagen nur in solchen Wertpapieren, die an der Moskauer Börse notiert bzw. gehandelt werden.
Der Global Value Fund kann bis zu 5 % seines Nettoinventarwerts in chinesischen A-Aktien, die an der Shanghai Stock Exchange notiert sind, über Shanghai-Hong Kong Stock Connect, oder Aktien, die an der Shenzhen Stock Exchange notiert sind, über Shenzhen-Hong Kong Stock Connect anlegen (wie unter der Überschrift „Stock Connect-Programm“ im Hauptteil des Prospekts genauer erläutert).
Der Global Value Fund bemüht sich sicherzustellen, dass der Teilfonds nicht wissentlich in Unternehmen investiert, die an der Herstellung verbotener Munition oder Komponenten beteiligt ist. Zu diesem Zweck verwendet der Global Value Fund eine gemäß dem Cluster Munitions and Anti-Personnel Mines Act 2008 geführte Ausschlussliste verbotener Munition (z.B. Streumunition oder Antipersonenminen) | The Global Value Fund may also invest in participatory notes, convertible securities (such as fixed rate corporate convertible bonds), hybrid securities (such as preference shares and corporate debt with attached warrants), swap agreements, corporate bonds, futures, forwards, options and exchange traded funds (“ETFs”), subject to the requirements of the Central Bank.
The Manager's approach to selecting investments for the Global Value Fund is oriented to individual stock selection rather than on a top-down basis or macro-economic outlook. Securities are selected based on the Manager’s assessment of long-term business worth compared to current value. Exposures to countries, sectors, and industries are a residual of this bottom up stock selection process.
The Global Value Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Global Value Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Global Value Fund's investments in any particular country or industry, the Global Value Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b) 150% of the weighting of such country or industry as represented in the MSCI World Index (the “Index”), at the time of purchase. The Global Value Fund is considered to be actively managed in reference to the Index. As mentioned above, certain of the Global Value Fund’s securities may be components of and may have similar weightings to the Index. However, it should be noted that the Global Value Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index.
Generally, no more than 30% of the Global Value Fund's total assets, measured at the time of purchase, may be invested in securities of companies located or active in emerging and frontier markets throughout the world and which are listed or traded on Recognised Exchanges. The Global Value Fund will not invest more than 10% of its Net Asset Value in investment funds, including investment in ETFs, consistent with its investment objective and policies.
The Global Value Fund may employ techniques and instruments for the purposes of efficient portfolio management and/or for protection against exchange risks in accordance with the conditions and limits set down by the Central Bank as outlined under the heading “Efficient Portfolio Management and Securities Financing Transactions” in the main body of the Prospectus and in Appendix 1. All types of assets which may be held by the Sub-Fund in accordance with its investment objectives and policies may be subject to securities lending agreements, repurchase and reverse repurchase agreements or total return swaps. The maximum
proportion of the Sub-Fund’s assets which can be subject to securities lending agreements, repurchase and reverse repurchase agreements and/or total return swaps is 100% of the Net Asset Value of the Sub-Fund. However, the expected proportion of the Sub-Fund’s assets is between 0% and 10% of the Net Asset Value of the Sub-Fund’s assets. The proportion at any given time will depend on prevailing market conditions and the value of the relevant investments. The amount of assets engaged in each type of securities financing transactions and total return swaps, expressed as an absolute amount and as a proportion of the Sub-Fund’s assets, as well as other relevant information relating to the use of securities lending agreements, repurchase and reverse repurchase agreements or total return swaps shall be disclosed in the annual report and semi-annual report of the Fund.
Typically the Global Value Fund will invest in convertible bonds only as a more efficient way to gain exposure to an issuer. The Global Value Fund does not have minimum credit quality requirements for debt instruments but will typically invest in investment grade issues.
The Global Value Fund will be using participatory notes primarily to gain access to securities which are otherwise inaccessible to foreign investors or too costly for direct access to the underlying securities due to market registration issues (for example to gain exposure to Indian equity securities). Participatory notes are synthetic instruments that attempt to replicate ownership of an underlying equity security in foreign stock markets where non-resident shareholders are unable to own shares directly. Index linked notes can be linked to a specific equity index or basket of equity indices. The performance of the note would closely track the underlying index or basket of equity indices. Equity linked notes can be linked to a specific stock or basket of stocks. The performance of the note would closely track the underlying stock or basket of stocks. Fund linked notes can be linked to a specific equity fund or basket of equity funds. The participatory notes do not have an embedded derivative and are not leveraged at any time.
The Global Value Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, to protect against any increase in the price of securities the Global Value Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible. Swaps could include the exchange of currencies, interest rates, or a basket of equity securities representing a particular index.
ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges. ETFs may be used to get short term exposure to a specific market and/or as a more efficient way to obtain exposure to a specific asset category. The Global Value Fund may invest in ETFs for the purpose of gaining indirect exposure to the equity securities comprised in the indices tracked by the ETFs in which the Global Value Fund may invest.
The Global Value Fund may also engage in forward foreign exchange contracts to alter the currency characteristics and exposure of the underlying assets in accordance with the efficient portfolio management techniques set out under the heading “Efficient Portfolio Management and Securities Financing Transactions” in the main body of the Prospectus. Such forward foreign exchange contracts may be used to hedge some or all of the exchange risk/currency risk arising as a result of the fluctuation between the denominated currencies of the Classes within the Global Value Fund (namely US Dollar, Euro and Sterling) and the base currency of the Global Value Fund (where different) and the currencies in which the Global Value Fund’s investments are denominated.
The Global Value Fund may invest in Russian securities, subject to the country exposure limitations stated above. In relation to securities listed or traded in Russia, investment will only be made in securities that are listed or traded on the Moscow Exchange.
The Global Value Fund may invest up to 5% of its Net Asset Value in China A shares listed on Shanghai Stock Exchange via the Shanghai-Hong Kong Stock Connect, or the Shenzhen Stock Exchange via the Shenzhen- Hong Kong Stock Connect (as further described under the heading “Stock Connect Scheme” in the main body Prospectus).
The Global Value Fund seeks to take steps to ensure that the Sub-Fund will not knowingly invest in any company involved in the manufacture of prohibited munitions or components. To this end, the Global Value Fund uses an exclusion list based on the list of prohibited munitions (i.e., cluster munitions, explosive bomblets or anti- personnel mines) maintained pursuant to the Cluster Munitions and Anti-Personnel Mines Act 2008 | en | de |
DOLFIN3327 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk Information
The fund will invest in instruments that are exposed to market, interest rate, credit, default, volatility and currency risks that won't be hedged. The fund may invest in emerging markets that may be more volatile and generate higher operational risks than equity markets of well established economies. The fund may invest in lower rated securities that are subject to higher credit risk and are more volatile than higher rated securities. The fund may invest in asset backed instruments that would loose their value if their underlying assets value was to diminish or if their issuer was to default and be unable to meet its contractual obligations. The fund may invest in equities through structured instruments that would loose their value if their issuer was to default and be unable to meet its contractual obligations. Financial derivative instruments may be used as part of the investment process, which may increase the fund volatility and expose the fund to the risk of default of its counterparties. The fund may invest in securities that are less liquid because buyers/sellers are not always in sufficien t numbers to trade these securities readily. The fund may invest in other funds and its liquidity will be affected by the liquidity of those underlying funds. If the underlying schemes suspends or defers its redemptions, this may cause delays when facing large redemptions. Cash placed in time deposits or money market funds are exposed to their issuer default risk. | # Informazioni sul rischio
L'Oicr investirà in strumenti esposti ai rischi di mercato, di tasso d'interesse, di credito, di default, di volatilità e valutario, per i quali non è prevista copertura. L'Oicr può investire nei mercati emergenti, che presentano un rischio di volatilità più elevato e possono generare maggiori rischi operativi rispetto ai mercati azionari di economie più consolidate. L'Oicr può investire in titoli con rating più basso, che sono più esposti al rischio di credito e sono soggetti a maggiore volatilità rispetto ai titoli con un rating più elevato. L'Oicr può investire in strumenti asset-backed (garantiti da attività), che si svaluterebbero se l'attività sottostante perdesse valore o se l'emittente diventasse insolvente e non fosse più in grado di far fronte gli obblighi contrattuali assunti. L'Oicr può investire in azioni tramite prodotti strutturati, che si svaluterebbero qualora l'emittente dovesse diventare insolvente e non essere in grado di far fronte gli obblighi contrattuali assunti. Nell'ambito del processo d'investimento si potrà fare ricorso a strumenti finanziari derivati, che possono comportare un aumento della vo latilità dell'Oicr, esponendolo al rischio di insolvenza delle controparti. L'Oicr può investire in titoli con un minor grado di liquidità a causa della scarsità di operatori disposti a negoziare prontamente questi titoli. L'Oicr può investire in altr i organismi d'investimento, il cui grado di liquidità influenzerà il grado di liquidità dell'Oicr. L'eventuale sospensione o differimento dei rimborsi da parte di tali organismi d'investimento sottostanti può causare ritardi nei rimborsi da parte del l'Oicr in caso di richieste massicce. Le liquidità investite in depositi vincolati a scadenza fissa sono esposte al rischio di default dell'emittente. | # Risk Information
The fund will invest in instruments that are exposed to market, interest rate, credit, default, volatility and currency risks that won't be hedged. The fund may invest in emerging markets that may be more volatile and generate higher operational risks than equity markets of well established economies. The fund may invest in lower rated securities that are subject to higher credit risk and are more volatile than higher rated securities. The fund may invest in asset backed instruments that would loose their value if their underlying assets value was to diminish or if their issuer was to default and be unable to meet its contractual obligations. The fund may invest in equities through structured instruments that would loose their value if their issuer was to default and be unable to meet its contractual obligations. Financial derivative instruments may be used as part of the investment process, which may increase the fund volatility and expose the fund to the risk of default of its counterparties. The fund may invest in securities that are less liquid because buyers/sellers are not always in sufficien t numbers to trade these securities readily. The fund may invest in other funds and its liquidity will be affected by the liquidity of those underlying funds. If the underlying schemes suspends or defers its redemptions, this may cause delays when facing large redemptions. Cash placed in time deposits or money market funds are exposed to their issuer default risk. | en | it |
DOLFIN3328 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## "Exempted Irish Investor" means:
- an Intermediary within the meaning of Section 739B of the Taxes Act;
- a pension scheme which is an exempt approved scheme within the meaning of Section 774 of the Taxes Act or a retirement annuity contract or a trust scheme to which Section 784 or 785 of the Taxes Act applies;
- a company carrying on life assurance business within the meaning of Section 706 of the Taxes Act;
- an investment undertaking within the meaning of Section 739B(1) of the Taxes Act;
- an investment limited partnership within the meaning of Section 739J of the Taxes Act;
- a special investment scheme within the meaning of Section 737 of the Taxes Act;
- a unit trust to which Section 731(5)(a) of the Taxes Act applies;
- a charity being a person referred to in Section 739D(6)(f)(i) of the Taxes Act;
- a person who is entitled to exemption from income tax and capital gains tax under Section 784A(2) of the Taxes Act where the shares held are assets of an approved retirement fund or an approved minimum retirement fund;
- a credit union within the meaning of Section 2 of the Credit Union Act;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of Section 787I of the Taxes Act and the shares are assets of a PRSA;
- the National Pension Reserve Fund Commission or a Commission investment vehicle;
- a company investing in a money market fund that is within the charge to corporation tax in accordance with Section 739D(6)(k) of the Taxes Act, in respect of payments made to it by the Company, that has made a declaration to that effect and that has provided the Company with its tax reference;
- a company that is or will be within the charge to corporation tax in accordance with Section 110(2) of the Taxes Act in respect of payments made to it by the Fund;
- a qualifying management company within the meaning of Section 739B(1) of the Taxes Act;
- a specified company being a person referred to in Section 739D(6)(g) of the Taxes Act;
- the National Asset Management Agency being a person referred to in Section 739D(ka) of the Taxes Act;
- the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency;
- the Motor Insurers' Bureau of Ireland in respect of an investment made by it of moneys paid to the Motor Insurers' Insolvency Compensation Fund under the Insurance Act 1964 (amended by the Insurance (Amendment) Act 2018; or
- any other Irish Resident or Irish Ordinary Resident who may be permitted to own shares under taxation legislation or by written practice or concession of the Irish Revenue Commissioners without giving rise to a charge to tax in the Company or jeopardising tax exemptions associated with the Company giving rise to a charge to tax in the Company,provided that a Relevant Declaration is in place. | ## „Steuerbefreiter irischer Anleger“ bedeutet
- ein Intermediär im Sinne von Abschnitt 739B des Steuergesetzes;
- eine Versorgungseinrichtung, die eine steuerbefreite Einrichtung im Sinne von Abschnitt 774 des Steuergesetzes ist, oder ein Rentenversicherungsvertrag oder eine Treuhandeinrichtung, auf den/die Abschnitt 784 oder 785 des Steuergesetzes anwendbar sind;
- eine Gesellschaft, die das Lebensversicherungsgeschäft im Sinne von Abschnitt 706 des Steuergesetzes betreibt;
- eine Investmentgesellschaft im Sinne von Abschnitt 739B(1) des Steuergesetzes;
- eine Investment-Kommanditgesellschaft im Sinne von Abschnitt 739J des Steuergesetzes;
- eine spezielle Anlageeinrichtung im Sinne von Abschnitt 737 des Steuergesetzes;
- ein Investmentfonds (Unit Trust), auf den Abschnitt 731(5)(a) des Steuergesetzes anwendbar ist;
- eine wohltätige Einrichtung, auf die Abschnitt 739(D)(6)(f)(i) des Steuergesetzes Bezug nimmt;
- eine Person, die nach Abschnitt 784A(2) des Steuergesetzes Anspruch auf Befreiung von der Einkommen- und Kapitalgewinnsteuer hat, sofern die gehaltenen Anteilen Vermögenswerte eines zugelassenen Pensionsfonds oder eines zugelassenen Mindestpensionsfonds sind;
- eine Genossenschaftsbank im Sinne von Abschnitt 2 des Genossenschaftsbankgesetzes;
- eine Person, die zur Befreiung von der Einkommensteuer und Kapitalgewinnsteuer gemäß Abschnitt 787I des Steuergesetzes berechtigt ist, wobei die Anteile Vermögen eines PRSA sind;
- die National Pension Reserve Fund Commission oder ein Anlageinstrument der Kommission;
- ein Unternehmen, das in einen Geldmarktfonds investiert, der mit den von der Gesellschaft an das Unternehmen geleisteten Zahlungen der Körperschaftsteuer gemäß Abschnitt 739D(6)(k) des Steuergesetzes unterliegt, eine diesbezügliche Erklärung abgegeben hat und der Gesellschaft seine Steuernummer mitgeteilt hat;
- ein Unternehmen, das mit den vom Fonds an das Unternehmen geleisteten Zahlungen der Körperschaftsteuer gemäß Abschnitt 110(2) des Steuergesetzes unterliegt oder unterliegen wird;
- eine qualifizierte Managementgesellschaft im Sinne von Abschnitt 739B(1) des Steuergesetzes;
- eine bestimmte Gesellschaft als in Abschnitt 739(D)(6)(g) des Steuergesetzes bezeichnete Person;
- die National Asset Management Agency als in Abschnitt 739D(ka) des Steuergesetzes bezeichnete Person;
- die National Treasury Management Agency oder ein Fonds-Anlagevehikel (im Sinne von Abschnitt 37 des National Treasury Management Agency (Amendment) Act 2014), dessen ausschließlicher wirtschaftlicher Eigentümer der Finanzminister oder der Staat ist, vertreten durch die National Treasury Management Agency;
- das Motor Insurers‘ Bureau of Ireland in Bezug auf eine von ihm getätigte Anlage von Geldern, die nach dem Insurance Act 1964 (geändert durch den Insurance [Amendment] Act 2018) an den Motor Insurers' Insolvency Compensation Fund gezahlt wurden; oder
- jede andere Person, die in Irland ansässig ist oder ihren gewöhnlichen Aufenthalt hat, die gemäß der Steuergesetzgebung oder aufgrund der schriftlich festgehaltenen Praxis oder Erlaubnis der irischen Steuerbehörde Anteile besitzen darf, ohne dass es zu einer Steuerbelastung der Gesellschaft kommt oder mit der Gesellschaft im Zusammenhang stehende Steuerbefreiungen gefährdet werden, sodass eine Steuerbelastung der Gesellschaft entsteht,sofern eine maßgebliche Erklärung vorliegt. | ## "Exempted Irish Investor" means:
- an Intermediary within the meaning of Section 739B of the Taxes Act;
- a pension scheme which is an exempt approved scheme within the meaning of Section 774 of the Taxes Act or a retirement annuity contract or a trust scheme to which Section 784 or 785 of the Taxes Act applies;
- a company carrying on life assurance business within the meaning of Section 706 of the Taxes Act;
- an investment undertaking within the meaning of Section 739B(1) of the Taxes Act;
- an investment limited partnership within the meaning of Section 739J of the Taxes Act;
- a special investment scheme within the meaning of Section 737 of the Taxes Act;
- a unit trust to which Section 731(5)(a) of the Taxes Act applies;
- a charity being a person referred to in Section 739D(6)(f)(i) of the Taxes Act;
- a person who is entitled to exemption from income tax and capital gains tax under Section 784A(2) of the Taxes Act where the shares held are assets of an approved retirement fund or an approved minimum retirement fund;
- a credit union within the meaning of Section 2 of the Credit Union Act;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of Section 787I of the Taxes Act and the shares are assets of a PRSA;
- the National Pension Reserve Fund Commission or a Commission investment vehicle;
- a company investing in a money market fund that is within the charge to corporation tax in accordance with Section 739D(6)(k) of the Taxes Act, in respect of payments made to it by the Company, that has made a declaration to that effect and that has provided the Company with its tax reference;
- a company that is or will be within the charge to corporation tax in accordance with Section 110(2) of the Taxes Act in respect of payments made to it by the Fund;
- a qualifying management company within the meaning of Section 739B(1) of the Taxes Act;
- a specified company being a person referred to in Section 739D(6)(g) of the Taxes Act;
- the National Asset Management Agency being a person referred to in Section 739D(ka) of the Taxes Act;
- the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency;
- the Motor Insurers' Bureau of Ireland in respect of an investment made by it of moneys paid to the Motor Insurers' Insolvency Compensation Fund under the Insurance Act 1964 (amended by the Insurance (Amendment) Act 2018; or
- any other Irish Resident or Irish Ordinary Resident who may be permitted to own shares under taxation legislation or by written practice or concession of the Irish Revenue Commissioners without giving rise to a charge to tax in the Company or jeopardising tax exemptions associated with the Company giving rise to a charge to tax in the Company,provided that a Relevant Declaration is in place. | en | de |
DOLFIN3329 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement de 10 000 CHF | Si vous en sortez après 1 an | Si vous en sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 38.00 CHF | 240.00 CHF |
| Impact sur le rendement (RIY) par an | 0.38% | 0.40% | | | Inversión de 10.000 CHF | Si liquida su inversión después de 1 año | Si liquida su inversión después de 5 años |
| --- | --- | --- |
| Costes totales | 38.00 CHF | 240.00 CHF |
| Impacto en la rentabilidad (RIY) cada año | 0.38% | 0.40% | | | Investissement de 10 000 CHF | Si vous en sortez après 1 an | Si vous en sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 38.00 CHF | 240.00 CHF |
| Impact sur le rendement (RIY) par an | 0.38% | 0.40% | | fr | es |
DOLFIN3330 | 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 capitalisation d'un compartiment de DPAM B, Sicav publique de droit belge. Les parts du fonds sont des parts de capitalisation ne donnant pas droit à un dividende. Tous les revenus que le produit perçoit sont réinvestis.
## 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 européennes. 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 dans des actions et/ou d'autres titres donnant accès au capital d'entreprises dont le siège social et/ou une part significative de leurs actifs, activités, centres de profits ou centres de décision se trouve dans un pays d'Europe. 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 du/au risque lié à certains marchés).
Benchmark: MSCI Europe 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 5 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 européennes
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 Europe 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 capitalización de un subfondo de DPAM B, SICAV pública de derecho belga. Las participaciones del fondo son participaciones de capitalización que no dan derecho a dividendos. Todos los ingresos recibidos por el producto se reinvierten.
## 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 europeas. 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 en acciones y/u otros valores que dan acceso al capital de empresas cuya sede social y/o una parte significativa de sus activos, actividades, centros de beneficios o centros de decisión están situados en un país europeo. 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, opcionalmente, 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 el riesgo vinculado a determinados mercados).
Índice de referencia: MSCI Europe 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 5 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 europeas 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 Europe 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 capitalisation d'un compartiment de DPAM B, Sicav publique de droit belge. Les parts du fonds sont des parts de capitalisation ne donnant pas droit à un dividende. Tous les revenus que le produit perçoit sont réinvestis.
## 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 européennes. 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 dans des actions et/ou d'autres titres donnant accès au capital d'entreprises dont le siège social et/ou une part significative de leurs actifs, activités, centres de profits ou centres de décision se trouve dans un pays d'Europe. 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 du/au risque lié à certains marchés).
Benchmark: MSCI Europe 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 5 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 européennes
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 Europe 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 |
DOLFIN3331 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
On behalf of the Company, the Manager provides and/or procures investment advisory services. Such services include the investment and reinvestment of the assets of each Fund. The fees of the Investment Advisors (together with VAT, if any thereon) will be paid by the Manager from the Management Fee.
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### Administration and Depositary Services | Per conto della Società, il Gestore fornisce e/o procura servizi di consulenza sugli investimenti. Tali servizi comprendono l'investimento e il reinvestimento delle attività dei singoli Comparti. Le commissioni dei Consulenti per gli investimenti (unitamente all’IVA eventualmente applicabile) saranno pagati dal Gestore a valere sulla Commissione di gestione.
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### Servizi di amministrazione e deposito | On behalf of the Company, the Manager provides and/or procures investment advisory services. Such services include the investment and reinvestment of the assets of each Fund. The fees of the Investment Advisors (together with VAT, if any thereon) will be paid by the Manager from the Management Fee.
-
### Administration and Depositary Services | en | it |
DOLFIN3332 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investment Approach
The fund is a long-only, unlevered, dynamically managed fund that seeks (but does not guarantee) to achieve a rate of return above inflation over the medium to long term, and a positive return over three years, regardless of changing market conditions.
We seek to exploit active sources of return using both asset-allocation and stock/fund selection techniques.
The fund mainly invests in other funds managed by companies in our group. These investments will be supplemented by beta products and direct holdings, where appropriate.
We believe that investing in this way allows the fund to benefit from the best investment ideas across our range, and the insights of our most experienced fund managers.
The fund does not have a pre-set allocation target for specific country or sector weightings. As a result, we are able to adopt a dynamic style depending on economic conditions and can pursue investment opportunities throughout the fund’s investment universe.
The fund’s overall position will be influenced by Columbia Threadneedle Investments’ Asset Allocation Strategy Group, which includes representatives of our Multi Asset Team.
The Asset Allocation Strategy Group utilises three research groups to formulate its macroeconomic and thematic views.
These views are then combined with a valuation framework to determine the preferred asset-allocation and risk preferences for the fund.
The Multi Asset Team is responsible for the overall portfolio construction of the fund, which will include those securities that have been identified as presenting attractive risk/return-adjusted characteristics, but may also include asset classes that are intended to provide diversification without detracting from performance. | ## Anlageansatz
Der Fonds ist ein nicht gehebelter, dynamisch verwalteter Long-only-Fonds, der nach einer über der mittel- bis langfristigen Inflation liegenden Rendite sowie einer über drei Jahre hinweg erzielten positiven Rendite, auch bei sich verändernden Marktbedingungen, strebt (ohne dafür eine Garantie zu bieten).
Wir sind bestrebt, von aktiven Renditequellen zu profitieren, und nutzen zu diesem Zweck Techniken in Bezug auf die Vermögensallokation und die Aktien-/Fondsauswahl.
Der Fonds investiert in erster Linie in andere Fonds, die von Unternehmen unserer Gruppe verwaltet werden. Diese Anlagen werden bei Bedarf durch Betaprodukte und direkte Beteiligungen ergänzt.
Wir sind der Ansicht, dass diese Art der Investition es dem Fonds ermöglicht, von den besten Anlageideen und dem Expertenwissen unserer erfahrensten Fondsmanager zu profitieren.
Für den Fonds existiert im Hinblick auf bestimmte Länder- oder Sektorgewichtungen kein festgeschriebenes Allokationsziel. Daher können wir je nach den wirtschaftlichen Rahmenbedingungen einen dynamischen Ansatz verfolgen und Chancen im gesamten Anlageuniversum des Fonds wahrnehmen.
Die allgemeine Fondspositionierung wird durch die Asset Allocation Strategy Group von Columbia Threadneedle Investments geprägt, die sich aus Vertretern unseres Multi Asset Teams zusammensetzt.
Die Asset Allocation Strategy Group stützt sich auf drei Researchgruppen, um ihre makroökonomischen und thematischen Ansichten zu formulieren.
Daraufhin werden diese Ansichten mit einem Bewertungsrahmen kombiniert, um die für den Fonds bevorzugte Vermögensallokation und Risikoverteilung zu bestimmen.
Das Multi Asset Team ist für die Konstruktion des Gesamtportfolios des Fonds zuständig, in dem diejenigen Wertpapiere enthalten sein werden, die sich als Papiere mit attraktiven risiko-/renditebereinigten Merkmalen herausgestellt haben, aber auch Anlageklassen berücksichtigt werden, die zur Diversifikation dienen sollen, ohne die Performance des Portfolios zu beeinträchtigen. | ## Investment Approach
The fund is a long-only, unlevered, dynamically managed fund that seeks (but does not guarantee) to achieve a rate of return above inflation over the medium to long term, and a positive return over three years, regardless of changing market conditions.
We seek to exploit active sources of return using both asset-allocation and stock/fund selection techniques.
The fund mainly invests in other funds managed by companies in our group. These investments will be supplemented by beta products and direct holdings, where appropriate.
We believe that investing in this way allows the fund to benefit from the best investment ideas across our range, and the insights of our most experienced fund managers.
The fund does not have a pre-set allocation target for specific country or sector weightings. As a result, we are able to adopt a dynamic style depending on economic conditions and can pursue investment opportunities throughout the fund’s investment universe.
The fund’s overall position will be influenced by Columbia Threadneedle Investments’ Asset Allocation Strategy Group, which includes representatives of our Multi Asset Team.
The Asset Allocation Strategy Group utilises three research groups to formulate its macroeconomic and thematic views.
These views are then combined with a valuation framework to determine the preferred asset-allocation and risk preferences for the fund.
The Multi Asset Team is responsible for the overall portfolio construction of the fund, which will include those securities that have been identified as presenting attractive risk/return-adjusted characteristics, but may also include asset classes that are intended to provide diversification without detracting from performance. | en | de |
DOLFIN3333 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Any liability of whatsoever kind and nature towards third parties shall be restricted to the respective sub-fund(s).
In calculating its liabilities, the Company may include all administrative and other expenses that are regular or periodic in nature by calculating a total amount for the year or other period, and then dividing the amount proportionally to the relevant period. This method of calculation must only be applied to administrative and other expenses affecting all sub-funds equally.
- Formation costsThe costs and expenses for the organisation and registration of the Company as a UCITS in Luxembourg, which did not exceed EUR 250,000, will be borne by the Company and amortised in equal amounts over a maximum period of five (5) years from the date of their creation. | Jegliche Verbindlichkeit irgendwelcher Natur gegenüber dritten Parteien ist auf den/die betreffenden Teilfonds beschränkt.
Zum Zwecke der Bewertung ihrer Verbindlichkeiten kann die Gesellschaft alle administrativen und sonstigen Aufwendungen mit regelmäßigem bzw. periodischem Charakter mit einbeziehen, indem sie diese für das gesamte Jahr oder jede andere Periode bewertet und den sich ergebenden Betrag proportional auf die jeweilige aufgelaufene Zeitperiode aufteilt. Diese Bewertungsmethode darf sich nur auf administrative und sonstige Aufwendungen beziehen, die alle Teilfonds gleichmäßig betreffen.
- GründungskostenDie Kosten und Ausgaben für die Organisation sowie die Registrierung der Gesellschaft als eine OGAW in Luxemburg, die EUR 250.000 nicht überstiegen, werden von der Gesellschaft getragen und in gleichen Beträgen über einen Zeitraum von max fünf (5) Jahren vom Datum ihrer Entstehung abgeschrieben. | Any liability of whatsoever kind and nature towards third parties shall be restricted to the respective sub-fund(s).
In calculating its liabilities, the Company may include all administrative and other expenses that are regular or periodic in nature by calculating a total amount for the year or other period, and then dividing the amount proportionally to the relevant period. This method of calculation must only be applied to administrative and other expenses affecting all sub-funds equally.
- Formation costsThe costs and expenses for the organisation and registration of the Company as a UCITS in Luxembourg, which did not exceed EUR 250,000, will be borne by the Company and amortised in equal amounts over a maximum period of five (5) years from the date of their creation. | en | de |
DOLFIN3334 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The indicator above is not a measure of the risk of capital loss, but an estimated measure of the Fund’s price movement over time. It is based on historical data, and thus may not be a reliable indication for the future.
- The Fund is classified in the category above due to its past behavior.
- The indicated risk category is not guaranteed and may shift over time.
- The indicator is designed to help investors understand the uncertainties both for loss and for growth that may affect their investment. In this context, the lowest category does not mean ’risk free.’
- The Fund does not provide its investors with any guarantee on performance, nor on monies invested in it. | - L’indicatore riportato sopra non rappresenta un termine di misura del rischio di perdite di capitale, ma è una stima delle oscillazioni dei prezzi del Fondo nel corso del tempo. Si basa su dati storici e potrebbe non essere un’indicazione affidabile delle performance future.
- Il Fondo è classificato nella precedente categoria sulla base del suo andamento passato.
- La categoria di rischio indicata non è garantita e potrebbe variare nel tempo.
- L’indicatore è pensato per aiutare gli investitori a comprendere le incertezze a livello di perdite e crescita che possono influenzare il loro investimento. In questo contesto, la categoria inferiore non presuppone l’assenza di rischi.
- Il Fondo non fornisce ai propri investitori alcuna garanzia sui risultati né sul capitale investito. | - The indicator above is not a measure of the risk of capital loss, but an estimated measure of the Fund’s price movement over time. It is based on historical data, and thus may not be a reliable indication for the future.
- The Fund is classified in the category above due to its past behavior.
- The indicated risk category is not guaranteed and may shift over time.
- The indicator is designed to help investors understand the uncertainties both for loss and for growth that may affect their investment. In this context, the lowest category does not mean ’risk free.’
- The Fund does not provide its investors with any guarantee on performance, nor on monies invested in it. | en | it |
DOLFIN3335 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act 1997 (as amended). On that basis, it is not chargeable to Irish tax on its income and gains.
Irish tax may, however, arise on the happening of a chargeable event. A chargeable event includes any distribution payments to shareholders or any encashment, redemption or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
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### TAXATION (CONTINUED)
- a shareholder who is not Irish resident and not ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with provisions of the Taxes Consolidation Act, 1997 (as amended) is held by the Company, or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations, and
- certain exempted Irish resident investors (as defined in Section 739D of the Taxes Consolidation Act, 1997, (as amended)) who have provided the Company with the necessary signed statutory declarations. | De conformidad con la ley y la práctica vigentes, la Sociedad es una empresa de inversión según se define en el Artículo 739B de las Leyes de Consolidación Fiscal de 1997, (en su versión modificada). Sobre esa base, no está sujeta a impuestos irlandeses sobre la renta y las ganancias.
No obstante, los impuestos irlandeses podrían ser de aplicación en caso de que surja un hecho imponible. El hecho imponible incluye los pagos de dividendos a accionistas o cualquier cobro, reembolso, cancelación o transferencia de acciones, y la titularidad de acciones al cierre de cada periodo de ocho años a contar desde la adquisición de las acciones. No se aplicará ningún impuesto irlandés sobre la Sociedad en relación con los hechos imponibles con respecto a:
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### FISCALIDAD (CONT.)
- un accionista que no es residente en Irlanda ni residente habitual en Irlanda a efectos fiscales en el momento del hecho imponible, siempre y cuando, en cada uno de estos casos, la Sociedad disponga de una declaración válida adecuada de conformidad con lo dispuesto en la Ley de Consolidación Fiscal de 1997 (en su versión modificada), o la Sociedad haya sido autorizada por la Administración Tributaria de Irlanda para hacer pagos brutos en ausencia de declaraciones apropiadas, y
- determinados residentes en Irlanda exentos (con arreglo a lo definido en la Sección 739D de la Ley de Consolidación Fiscal de 1997 (en su versión modificada)) que han proporcionado a la Sociedad las declaraciones legales necesarias firmadas. | Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act 1997 (as amended). On that basis, it is not chargeable to Irish tax on its income and gains.
Irish tax may, however, arise on the happening of a chargeable event. A chargeable event includes any distribution payments to shareholders or any encashment, redemption or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
-
### TAXATION (CONTINUED)
- a shareholder who is not Irish resident and not ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with provisions of the Taxes Consolidation Act, 1997 (as amended) is held by the Company, or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations, and
- certain exempted Irish resident investors (as defined in Section 739D of the Taxes Consolidation Act, 1997, (as amended)) who have provided the Company with the necessary signed statutory declarations. | en | es |
DOLFIN3336 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DISSOLUTION AND LIQUIDATION OF THE SICAV
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## GENERAL CONSIDERATIONS
The SICAV may be dissolved on a voluntary basis or on a judicial basis.
The SICAV is, after its dissolution, deemed to exist for its liquidation. In case of voluntary liquidation, it is subject to the supervision of the CSSF.
The net product of the liquidation of each sub-fund and, if applicable, each class/category of shares, will be distributed by the liquidators to the shareholders in proportion to their quota of the net assets of the sub-fund or the class/category of shares from which the shares come, in accordance with the Articles of Association.
Liquidation proceeds which cannot be distributed to their beneficiaries within nine months of the decision to liquidate will be deposited with the Caisse de Consignation in Luxembourg in favour of their beneficiaries until the end of the legal prescription period.
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## VOLUNTARY LIQUIDATION
Any voluntary liquidation will be carried out in accordance with the Law of 2010 and the Law of 1915, which define the procedure and the measures to be taken.
The SICAV may be wound up at any time by a decision of the General Meeting of Shareholders which shall issue its decision according to the conditions required for amendment of the Articles of Association.
In addition, if the Company’s capital falls below two-thirds of the minimum capital, currently EURO 1,250,000, the Board of Directors must submit the question of dissolution of the SICAV to the General Meeting, which shall issue its decision without any conditions on attendance, according to the simple majority of the shares present or represented at the Meeting. If the capital falls to less than one-quarter of the minimum capital, the Board of Directors must submit the issue of the SICAV’s dissolution to the General Meeting, which shall issue a decision without any conditions on attendance; the dissolution may be declared by shareholders owning one-quarter of the shares present or represented at the Meeting. The meeting must be called in such a way that it is held within forty days of the date on which it is ascertained that the net assets have fallen below two-thirds or one quarter of the minimum capital, as the case may be.
When the SICAV is dissolved, the liquidation shall be carried out by one or more liquidators who may be individuals or legal entities, previously approved by the CSSF and appointed by the General Meeting, which shall also determine their powers and fees.
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## LEGAL LIQUIDATION
Any legal liquidation will be carried out exclusively in accordance with the Law of 2010, which defines the procedure and the measures to be taken. | # DISSOLUTION ET LIQUIDATION DE LA SICAV
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## GÉNÉRALITÉS
La SICAV pourra être dissoute sur une base volontaire ou sur une base judiciaire.
La SICAV est, après sa dissolution, réputée exister pour sa liquidation. En cas de liquidation volontaire, celle-ci reste soumise à la surveillance de la CSSF.
Le produit net de liquidation de chaque compartiment, de chaque classe/catégorie d’actions le cas échéant sera distribué par les liquidateurs aux actionnaires en proportion de la quotité leur revenant dans les actifs nets du compartiment ou de la classe/catégorie d’actions dont ces actions relèvent, conformément aux dispositions des Statuts.
Les produits de liquidation qui ne pourraient pas être distribués à leurs bénéficiaires dans un délai de neuf mois à dater de la décision de mise en liquidation seront déposés auprès de la Caisse de Consignation à Luxembourg en faveur de leurs bénéficiaires jusqu’à la fin de la prescription légale.
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## LIQUIDATION VOLONTAIRE
Dans le cas d’une liquidation volontaire, celle-ci serait effectuée conformément à la Loi de 2010 et à la Loi de 1915 qui définissent la procédure et les mesures à prendre.
La SICAV pourra être dissoute à tout moment par décision de l'Assemblée Générale des actionnaires statuant comme en matière de modification des Statuts.
Par ailleurs, si le capital de la SICAV devient inférieur aux deux tiers du capital minimum, soit actuellement 1.250.000,- EUR, le Conseil d’Administration doit soumettre la question de la dissolution de la SICAV à l'Assemblée Générale délibérant sans condition de présence et décidant à la majorité simple des actions présentes ou représentées à l'assemblée. Si le capital devient inférieur au quart du capital minimum, le Conseil d’Administration doit soumettre la question de la dissolution de la SICAV à l'Assemblée Générale délibérant sans condition de présence; la dissolution pourra être prononcée par les actionnaires possédant un quart des actions présentes ou représentées à l'assemblée. La convocation doit se faire de façon à ce que l'assemblée soit tenue dans le délai de quarante jours à partir de la constatation que l'actif net est devenu inférieur respectivement aux deux tiers ou au quart du capital minimum.
Lors de la dissolution de la SICAV, la liquidation s'opérera par les soins d'un ou de plusieurs liquidateurs, personnes physiques ou morales, agréés préalablement par la CSSF et nommés par l'Assemblée Générale, qui détermine leurs pouvoirs et leurs émoluments.
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## LIQUIDATION JUDICIAIRE
Dans le cas d’une liquidation judiciaire, celle-ci serait exclusivement effectuée conformément à la Loi de 2010 qui définit la procédure et les mesures à prendre. | # DISSOLUTION AND LIQUIDATION OF THE SICAV
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## GENERAL CONSIDERATIONS
The SICAV may be dissolved on a voluntary basis or on a judicial basis.
The SICAV is, after its dissolution, deemed to exist for its liquidation. In case of voluntary liquidation, it is subject to the supervision of the CSSF.
The net product of the liquidation of each sub-fund and, if applicable, each class/category of shares, will be distributed by the liquidators to the shareholders in proportion to their quota of the net assets of the sub-fund or the class/category of shares from which the shares come, in accordance with the Articles of Association.
Liquidation proceeds which cannot be distributed to their beneficiaries within nine months of the decision to liquidate will be deposited with the Caisse de Consignation in Luxembourg in favour of their beneficiaries until the end of the legal prescription period.
-
## VOLUNTARY LIQUIDATION
Any voluntary liquidation will be carried out in accordance with the Law of 2010 and the Law of 1915, which define the procedure and the measures to be taken.
The SICAV may be wound up at any time by a decision of the General Meeting of Shareholders which shall issue its decision according to the conditions required for amendment of the Articles of Association.
In addition, if the Company’s capital falls below two-thirds of the minimum capital, currently EURO 1,250,000, the Board of Directors must submit the question of dissolution of the SICAV to the General Meeting, which shall issue its decision without any conditions on attendance, according to the simple majority of the shares present or represented at the Meeting. If the capital falls to less than one-quarter of the minimum capital, the Board of Directors must submit the issue of the SICAV’s dissolution to the General Meeting, which shall issue a decision without any conditions on attendance; the dissolution may be declared by shareholders owning one-quarter of the shares present or represented at the Meeting. The meeting must be called in such a way that it is held within forty days of the date on which it is ascertained that the net assets have fallen below two-thirds or one quarter of the minimum capital, as the case may be.
When the SICAV is dissolved, the liquidation shall be carried out by one or more liquidators who may be individuals or legal entities, previously approved by the CSSF and appointed by the General Meeting, which shall also determine their powers and fees.
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## LEGAL LIQUIDATION
Any legal liquidation will be carried out exclusively in accordance with the Law of 2010, which defines the procedure and the measures to be taken. | en | fr |
DOLFIN3337 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Threadneedle (Lux) – European Social Bond
The European Social Bond Portfolio seeks to achieve a total return from income and capital appreciation by investing in debt securities that are considered to support or fund socially beneficial activities and development principally in Europe.
To meet its objective, the Portfolio invests principally in all forms of debt securities that are rated Investment Grade and issued by a government or a supranational, public, private or voluntary and/or charitable sector organisation, whether they have a fixed, floating, variable or index-linked rate or have a zero coupon. These securities may include covered bonds, agency bonds, mortgage and asset-backed securities (the mortgage and asset-backed securities not exceeding 10% of the Portfolio’s Net Asset Value) and Contingent Convertible Bonds (not exceeding 10% of the Portfolio’s Net Asset Value). The Sub-Advisor will select debt securities that are rated as social investments under the Social Rating Methodology, as described below.
Secondarily, the Portfolio may hold cash, near cash, Money Market Instruments and other debt securities.
Notwithstanding the above, in exceptional circumstances, from time to time, a maximum of 10% of the Portfolio’s net assets can be held in debt securities that do not, or are no longer deemed to qualify, as social investments under the Social Rating Methodology. However, such debt securities must at least meet acceptable environmental, social and governance (ESG) standards as assessed by the Sub-Advisor. These encompass any wider, material business involvement exposures the issuers may have, such as to the production of alcohol, tobacco, gambling, adult entertainment or controversial weapons, or to activities deemed to breach the UN Global Compact.
The Portfolio will not invest or have more than 10% of its net assets in debt securities that are rated below Investment Grade, provided that such securities are not rated below B- or equivalent by any NRSRO at the time of purchase. The Portfolio is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time. Accordingly, the index is not designed to specifically consider social characteristics. The Sub-Advisor has discretion to select investments with weightings different to the index, and that are not in the index, and the Portfolio may display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | #### Threadneedle (Lux) – European Social Bond
La Cartera European Social Bond busca alcanzar una rentabilidad total en forma tanto de rendimientos como de incrementos del capital, invirtiendo en valores de deuda que se considere que respaldan o financian actividades socialmente beneficiosas y el desarrollo principalmente en Europa.
Para cumplir su objetivo, la Cartera invierte principalmente en toda clase de valores de deuda con ratings de Categoría de Inversión y emitidos por un ente público o un organismo supranacional, o una organización pública, privada o voluntaria y/o benéfica, a tipo fijo, flotante, variable o ligado a un índice o de cupón cero. Estos valores pueden incluir cédulas hipotecarias, bonos de agencias, bonos de titulización hipotecaria o de activos (sin que los bonos de titulización hipotecaria o de activos sobrepasen el 10% del Valor liquidativo de la Cartera) y Bonos Convertibles Contingentes (sin que estos sobrepasen el 10% del Valor liquidativo de la Cartera). El Subasesor seleccionará los valores de deuda calificados como inversiones sociales con arreglo a la Metodología de Calificación Social, tal como se describe más adelante.
De forma secundaria, la Cartera podrá mantener dinero en efectivo, activos asimilables a efectivo, Instrumentos del Mercado Monetario y otros valores de deuda.
No obstante lo que antecede, en circunstancias excepcionales, podrá oportunamente mantenerse un máximo del 10% del patrimonio neto de la Cartera en valores de deuda que no sean o ya no sean considerados calificables como inversiones sociales con arreglo a la Metodología de Calificación Social. Aun así, esos valores de deuda deberán cumplir, al menos, unas normas en materia medioambiental, social y de buen gobierno (ESG, por sus siglas en inglés) aceptables según evalúe el Subasesor. Estas engloban cualesquiera exposiciones significativas y más amplias a actividades empresariales que tengan los emisores, como a la producción de alcohol, tabaco, juegos de azar, ocio para adultos o armas polémicas, o a actividades que se considere que incumplen el Pacto Mundial de NU.
La Cartera no invertirá ni tendrá más del 10% de su patrimonio neto invertido en valores de deuda con ratings por debajo de Categoría de Inversión, siempre que dichos valores no tengan asignadas en el momento de la compra calificaciones de solvencia inferiores a “B” o cualquier otro rating equivalente de una NRSRO diferente. La Cartera se gestiona activamente en referencia al ICE BofA Euro Non-Sovereign Index (50%) y el ICE BofA Euro Corporate Euroland Issuers Index (50%). El índice es ampliamente representativo de los valores en los que invierte la Cartera, y proporciona un índice de referencia objetivo adecuado con el que se medirá y evaluará el rendimiento de la Cartera a lo largo del tiempo. Por lo tanto, el índice no está diseñado para considerar específicamente las características sociales. El Subasesor está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice, y que no estén en el índice, y la Cartera puede mostrar una divergencia significativa con respecto al mismo.
Las desviaciones con respecto al índice, incluidas las consideraciones sobre el nivel de riesgo en relación con el índice, se considerarán como parte del proceso de supervisión de riesgos del Subasesor para garantizar que el nivel general de riesgo sea en su mayoría coherente con el índice. De acuerdo con su estrategia de gestión activa, puede haber una desviación significativa del índice. | #### Threadneedle (Lux) – European Social Bond
The European Social Bond Portfolio seeks to achieve a total return from income and capital appreciation by investing in debt securities that are considered to support or fund socially beneficial activities and development principally in Europe.
To meet its objective, the Portfolio invests principally in all forms of debt securities that are rated Investment Grade and issued by a government or a supranational, public, private or voluntary and/or charitable sector organisation, whether they have a fixed, floating, variable or index-linked rate or have a zero coupon. These securities may include covered bonds, agency bonds, mortgage and asset-backed securities (the mortgage and asset-backed securities not exceeding 10% of the Portfolio’s Net Asset Value) and Contingent Convertible Bonds (not exceeding 10% of the Portfolio’s Net Asset Value). The Sub-Advisor will select debt securities that are rated as social investments under the Social Rating Methodology, as described below.
Secondarily, the Portfolio may hold cash, near cash, Money Market Instruments and other debt securities.
Notwithstanding the above, in exceptional circumstances, from time to time, a maximum of 10% of the Portfolio’s net assets can be held in debt securities that do not, or are no longer deemed to qualify, as social investments under the Social Rating Methodology. However, such debt securities must at least meet acceptable environmental, social and governance (ESG) standards as assessed by the Sub-Advisor. These encompass any wider, material business involvement exposures the issuers may have, such as to the production of alcohol, tobacco, gambling, adult entertainment or controversial weapons, or to activities deemed to breach the UN Global Compact.
The Portfolio will not invest or have more than 10% of its net assets in debt securities that are rated below Investment Grade, provided that such securities are not rated below B- or equivalent by any NRSRO at the time of purchase. The Portfolio is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time. Accordingly, the index is not designed to specifically consider social characteristics. The Sub-Advisor has discretion to select investments with weightings different to the index, and that are not in the index, and the Portfolio may display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | en | es |
DOLFIN3338 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
Risque plus faible Risque plus élevé
être facilement vendus ou échangés contre des liquidités sans perte
Rendement potentiellement plus faible
Rendement potentiellement
plus élevé
7
significative de valeur dans certaines conditions de marché. Ces titres ne peuvent pas non plus être rapidement vendus par manque d'investisseurs ou de spéculateurs prêts et disposés à acquérir l'actif.
2 Risques de contrepartie : Le Compartiment peut conclure diverses opérations avec des partenaires contractuels. En cas d'insolvabilité, la contrepartie ne peut plus ou ne peut que partiellement régler les dettes dues au Compartiment.
2 Risques de crédit : Le Compartiment ne peut pas investir dans des titres
## Avis de non-responsabilité concernant les risques
- Le profil de risque actuel repose sur des données historiques et ne saurait constituer une indication fiable du profil de risque futur de ce Compartiment.
- La catégorie de risque indiquée n'est pas garantie et est susceptible d'évoluer dans le temps.
- La catégorie de risque la plus basse, qui correspond au niveau 1, n'est pas synonyme d'investissement sans risque.
- Le Compartiment ne fournit aucune mesure de garantie du capital ou de protection des actifs.
## Pourquoi le Compartiment est-il dans cette catégorie ?
Le portefeuille de ce Compartiment se compose essentiellement d'actions ou autres titres liés à des actions émis dans le monde entier. L'objectif du Compartiment est de générer une croissance du capital à long terme sur la base de stratégies d'investissement liées aux actions. En conséquence, le profil de risque/rendement du Compartiment devrait correspondre à la catégorie de risque «Elevé» sur l'échelle de risque/ rendement.
## Risques additionnels
Parmi les risques qui pourraient nuire à la performance du fonds et qui ne sont pas nécessairement pleinement reflétés dans le profil de risque et de rendement figurent :
2 Risques de liquidité : Le Compartiment peut investir une partie de son actif dans des titres moins liquides. Il s'agit de titres qui ne peuvent pas
de créance. Les émetteurs de ces titres de créance peuvent devenir insolvables, ce qui signifiera que les titres perdront tout ou partie de leur valeur.
2 Risques liés au recours aux instruments dérivés : Le Compartiment peut recourir à des instruments financiers dérivés susceptibles de créer un effet de levier et d'entraîner d'importantes fluctuations de sa valeur. L'effet de levier sur certains types d'opérations, y compris les instruments dérivés, peut nuire à la liquidité du Compartiment, l'amener à liquider des positions à des moments inopportuns ou l'empêcher autrement d'atteindre son objectif.
Il y a effet de levier lorsque l'exposition économique créée par le recours aux produits dérivés est supérieure au montant investi, de sorte que le Compartiment est exposé à une perte supérieure à l'investissement initial.
2 Risques opérationnels : Le Compartiment peut être la cible d'actes de fraude ou criminels. Il peut subir des pertes à la suite de l'incompréhension ou des erreurs commises par des employés de la société de gestion ou par des tiers externes, ou être pénalisé par des événements extérieurs, comme des catastrophes naturelles. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
venderse o intercambiarse por efectivo fácilmente sin sufrir una
Potencialmente menor remuneración
Potencialmente mayor
remuneración
7
depreciación importante de valor en ciertas condiciones del mercado. Dichos valores tampoco pueden venderse rápidamente, porque no hay inversores ni especuladores disponibles y dispuestos a comprar el activo.
2 Riesgos de contraparte: El Compartimento puede concluir varias transacciones con socios contractuales. En caso de insolvencia de un socio contractual, este no podrá liquidar las deudas que tiene pendientes con el Compartimento o solo podrá hacerlo en parte.
2 Riesgos de crédito: El Compartimento no podrá invertir en títulos de
## Descargo de responsabilidad por riesgo
- El perfil de riesgo actual se basa en datos históricos y puede no ser una indicación fiable del futuro perfil de riesgo del Compartimento.
- La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo.
- La asignación a la categoría más baja, que corresponde al Número 1, no significa que la inversión esté libre de riesgo.
- El Compartimento no proporciona ninguna medida de garantía del capital ni de protección de los activos.
## ¿Por qué está este Compartimento en esta categoría?
La cartera de este Compartimento está compuesta principalmente por valores de renta variable o vinculados a la renta variable emitidos en todo el mundo. El objetivo del Compartimento es lograr el crecimiento del capital a largo plazo empleando estrategias de inversión vinculadas a la renta variable. Así pues, el perfil de riesgo/remuneración del Compartimento que le corresponderá es el de una categoría de riesgo alto en la escala de riesgo/remuneración.
## ¿Existe algún otro riesgo particular?
Entre los riesgos que podrían afectar a la rentabilidad del fondo y que no necesariamente se encuentran reflejados por completo en la calificación de riesgo y remuneración se incluyen:
2 Riesgos de liquidez: El Compartimento puede invertir una parte de sus activos en valores con escasa liquidez. Se trata de valores que no pueden
deuda. Los emisores de estos valores de deuda podrían declararse insolventes, lo que significa que los valores perderán parte o la totalidad de su valor.
2 Riesgos por el uso de derivados: El Compartimento podrá utilizar instrumentos financieros derivados que pueden provocar el apalancamiento del Compartimento y, como consecuencia, fluctuaciones significativas en el valor del Compartimento. El apalancamiento en ciertos tipos de transacciones, incluidas las de derivados, puede perjudicar a la liquidez del Compartimento, provocando la liquidación de posiciones en momentos desfavorables o impidiendo que el Compartimento alcance el objetivo previsto.
El apalancamiento se produce cuando la exposición económica generada por el uso de derivados es mayor que la cantidad invertida, lo que hace que el Compartimento esté expuesto a pérdidas mayores que la inversión inicial.
2 Riesgos operativos: El Compartimento puede ser víctima de fraudes o de actos delictivos. Podría sufrir pérdidas como resultado de malentendidos o errores por parte de los empleados de la sociedad gestora o terceros externos, o verse perjudicado por acontecimientos externos, como por ejemplo, desastres naturales. | # Profil de risque et de rendement
Risque plus faible Risque plus élevé
être facilement vendus ou échangés contre des liquidités sans perte
Rendement potentiellement plus faible
Rendement potentiellement
plus élevé
7
significative de valeur dans certaines conditions de marché. Ces titres ne peuvent pas non plus être rapidement vendus par manque d'investisseurs ou de spéculateurs prêts et disposés à acquérir l'actif.
2 Risques de contrepartie : Le Compartiment peut conclure diverses opérations avec des partenaires contractuels. En cas d'insolvabilité, la contrepartie ne peut plus ou ne peut que partiellement régler les dettes dues au Compartiment.
2 Risques de crédit : Le Compartiment ne peut pas investir dans des titres
## Avis de non-responsabilité concernant les risques
- Le profil de risque actuel repose sur des données historiques et ne saurait constituer une indication fiable du profil de risque futur de ce Compartiment.
- La catégorie de risque indiquée n'est pas garantie et est susceptible d'évoluer dans le temps.
- La catégorie de risque la plus basse, qui correspond au niveau 1, n'est pas synonyme d'investissement sans risque.
- Le Compartiment ne fournit aucune mesure de garantie du capital ou de protection des actifs.
## Pourquoi le Compartiment est-il dans cette catégorie ?
Le portefeuille de ce Compartiment se compose essentiellement d'actions ou autres titres liés à des actions émis dans le monde entier. L'objectif du Compartiment est de générer une croissance du capital à long terme sur la base de stratégies d'investissement liées aux actions. En conséquence, le profil de risque/rendement du Compartiment devrait correspondre à la catégorie de risque «Elevé» sur l'échelle de risque/ rendement.
## Risques additionnels
Parmi les risques qui pourraient nuire à la performance du fonds et qui ne sont pas nécessairement pleinement reflétés dans le profil de risque et de rendement figurent :
2 Risques de liquidité : Le Compartiment peut investir une partie de son actif dans des titres moins liquides. Il s'agit de titres qui ne peuvent pas
de créance. Les émetteurs de ces titres de créance peuvent devenir insolvables, ce qui signifiera que les titres perdront tout ou partie de leur valeur.
2 Risques liés au recours aux instruments dérivés : Le Compartiment peut recourir à des instruments financiers dérivés susceptibles de créer un effet de levier et d'entraîner d'importantes fluctuations de sa valeur. L'effet de levier sur certains types d'opérations, y compris les instruments dérivés, peut nuire à la liquidité du Compartiment, l'amener à liquider des positions à des moments inopportuns ou l'empêcher autrement d'atteindre son objectif.
Il y a effet de levier lorsque l'exposition économique créée par le recours aux produits dérivés est supérieure au montant investi, de sorte que le Compartiment est exposé à une perte supérieure à l'investissement initial.
2 Risques opérationnels : Le Compartiment peut être la cible d'actes de fraude ou criminels. Il peut subir des pertes à la suite de l'incompréhension ou des erreurs commises par des employés de la société de gestion ou par des tiers externes, ou être pénalisé par des événements extérieurs, comme des catastrophes naturelles. | fr | es |
DOLFIN3339 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Coronavirus (“COVID 19”)
In 2020, the World Health Organisation declared COVID 19 a pandemic. Economic recovery from the first wave of the pandemic was variable. The timely arrival of several Covid vaccines improved the outlook for markets and this led to a gradual return to normality during 2021, and a consequent pickup in business and social activity, producing renewed economic growth. There are clear risks, however, from evolving mutant strains of the pandemic and may result in continued market volatility. Sub-Funds’ access to liquidity could also be impaired in circumstances where the need for liquidity to meet redemption requests may rise significantly. Neither the Company nor the Sub-Funds have encountered any operational issues to date. The developments are being monitored closely.
Mr. Gregory Brisk resigned in October 2020 as a Director of BNY Mellon Investment Adviser, Inc, the Investment Adviser for the Sub-Funds.
Mr. Daniel Morrissey resigned as Director of the Company, effective 31 December 2020.
Ms. Claire Cawley was appointed as Director of the Company, effective 1 January 2021.
Mr. J. Charles Cardona resigned as Chairman of the Board of Directors and was replaced by Mr. David Dillon, effective 1 January 2021.
All Funds of the Company were delisted from the Irish Stock Exchange trading as Euronext Dublin (the “Irish Stock Exchange”) with effect from 9 April 2021.
There have been no other significant events affecting the Company during the financial year other than those mentioned in Note 20 to the financial statements. | ##### Coronavirus («COVID-19»)
En 2020, la Organización Mundial de la Salud declaró la COVID-19 como una pandemia. La recuperación económica tras la primera ola de la pandemia fuer dispar. La oportuna llegada de varias vacunas contra la COVID mejoró las perspectivas de los mercados y dio lugar a un retorno gradual a la normalidad durante 2021, así como al consecuente repunte de la actividad empresarial y social, generando un renovado crecimiento económico. Sin embargo, existen riesgos evidentes provocados por la evolución de las cepas causadas por mutaciones que pueden provocar una constante volatilidad del mercado. El acceso del Subfondo a la liquidez también se puede ver alterada en caso de que la liquidez necesaria para hacer frente a las solicitudes de reembolso aumente de forma significativa. Ni la Sociedad ni los Subfondos han encontrado ningún problema operativo hasta la fecha. Seguimos muy pendientes de la evolución de los acontecimientos.
D. Gregory Brisk dimitió en octubre de 2020 como Consejero de BNY Mellon Investment Adviser, Inc, Asesores de inversiones de los Subfondos.
D. Daniel Morrissey dimitió como Consejero de la Sociedad, con efecto el 31 de diciembre de 2020.
Claire Cawley fue nombrada Consejera de la Sociedad, con efecto el 1 de enero de 2021.
D. J. Charles Cardona dimitió como Presidente del Consejo de administración y fue sustituido por D. David Dillon, con efecto el 1 de enero de 2021.
Con efecto a partir del 9 de abril de 2021, todos los Fondos de la Sociedad dejaron de cotizar en la Bolsa de Valores de Irlanda Euronext Dublin (la «Bolsa de Valores de Irlanda»).
A excepción de lo mencionado en la Nota 20 a los estados financieros, durante el ejercicio no se han producido otros hechos relevantes que afecten a la Sociedad. | ###### Coronavirus (“COVID 19”)
In 2020, the World Health Organisation declared COVID 19 a pandemic. Economic recovery from the first wave of the pandemic was variable. The timely arrival of several Covid vaccines improved the outlook for markets and this led to a gradual return to normality during 2021, and a consequent pickup in business and social activity, producing renewed economic growth. There are clear risks, however, from evolving mutant strains of the pandemic and may result in continued market volatility. Sub-Funds’ access to liquidity could also be impaired in circumstances where the need for liquidity to meet redemption requests may rise significantly. Neither the Company nor the Sub-Funds have encountered any operational issues to date. The developments are being monitored closely.
Mr. Gregory Brisk resigned in October 2020 as a Director of BNY Mellon Investment Adviser, Inc, the Investment Adviser for the Sub-Funds.
Mr. Daniel Morrissey resigned as Director of the Company, effective 31 December 2020.
Ms. Claire Cawley was appointed as Director of the Company, effective 1 January 2021.
Mr. J. Charles Cardona resigned as Chairman of the Board of Directors and was replaced by Mr. David Dillon, effective 1 January 2021.
All Funds of the Company were delisted from the Irish Stock Exchange trading as Euronext Dublin (the “Irish Stock Exchange”) with effect from 9 April 2021.
There have been no other significant events affecting the Company during the financial year other than those mentioned in Note 20 to the financial statements. | en | es |
DOLFIN3340 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| The fund is focused on companies that offer climate solutions to a more efficient and sustainable society. |
| --- |
| Portfolio comment as of 31/05/2021 |
| Despite strong economic data, the global equity markets took a breather in May following the strong start to the year. Concerns that the strong economic recovery may result in more persistent inflation intensified, with labour shortages beginning to appear in service industries and commodity prices surging. The progression of the ongoing vaccine rollout is providing an increasingly solid foundation for many economies to gradually return to normality, which in combination with sizeable fiscal support is supporting a sharp bounce in economic activity. Overall, the narrative in the market seems to have shifted away more from the question of whether or not growth will be strong, to how strong it will be. In our investment universe, Resource Efficiency experienced the best performance while Alternative Energy had a relatively weaker month. In terms of underlying strategies, Advanced Materials, Green Consumerism, Waste Management and Smart Grid gained the most, while Wind, Sustainable Forestry, Environmental Services and Solar were the laggards. In this context, the fund delivered a monthly return equal to 0.50%, bringing YTD performance to 12.55% (BP-EUR). Top performers - The shares of the US building material producer Owens Corning (Energy Efficiency) outperformed as investors increasinglyappreciate that the company is being well-positioned to capture growth from several key secular trends (e.g. energy efficiency, renewable energy, infrastructure investments) given its market leading position in both fiberglass insulation and asphalt roofing shingles. | | Le fonds se concentre sur les entreprises qui proposent des solutions climatiques pour une société plus efficace et durable. |
| --- |
| Commentaire mensuel au 31/05/2021 |
| Malgré des données économiques solides, les marchés boursiers mondiaux ont fait une pause en mai après un début d'année solide. Les craintes que la forte reprise économique ne se traduise par une inflation plus persistante se sont intensifiées, avec des pénuries de main-d'œuvre commençant à apparaître dans les industries de services et une flambée des prix des matières premières. La progression du déploiement du vaccin en cours fournit une base de plus en plus solide pour que de nombreuses économies reviennent progressivement à la normale, ce qui, combiné à un soutien budgétaire important, soutient un net rebond de l'activité économique. Dans l'ensemble, le discours sur le marché semble s'être davantage éloigné de la question de savoir si la croissance sera forte ou non, mais à quel point elle sera forte. Dans notre univers d'investissement, Resource Efficiency a enregistré la meilleure performance tandis que Alternative Energy a connu un mois relativement plus faible. En termes de stratégies sous-jacentes, les matériaux avancés, le consumérisme vert, la gestion des déchets et les réseaux intelligents ont le plus gagné, tandis que l'éolien, la foresterie durable, les services environnementaux et le solaire ont été à la traîne. Dans ce contexte, le fonds a délivré un rendement de 0,50% au cours du mois, tandis que la performance depuis le début d'année est maintenant de 12,55% (BP-EUR). Principaux contributeurs: - Les actions du producteur américain de matériaux de construction Owens Corning (Energy Efficiency) ont surperformé car les investisseurs apprécient de plus en plus que la société est bien positionnée pour capter la croissance de plusieurs tendances séculaires clés. | | The fund is focused on companies that offer climate solutions to a more efficient and sustainable society. |
| --- |
| Portfolio comment as of 31/05/2021 |
| Despite strong economic data, the global equity markets took a breather in May following the strong start to the year. Concerns that the strong economic recovery may result in more persistent inflation intensified, with labour shortages beginning to appear in service industries and commodity prices surging. The progression of the ongoing vaccine rollout is providing an increasingly solid foundation for many economies to gradually return to normality, which in combination with sizeable fiscal support is supporting a sharp bounce in economic activity. Overall, the narrative in the market seems to have shifted away more from the question of whether or not growth will be strong, to how strong it will be. In our investment universe, Resource Efficiency experienced the best performance while Alternative Energy had a relatively weaker month. In terms of underlying strategies, Advanced Materials, Green Consumerism, Waste Management and Smart Grid gained the most, while Wind, Sustainable Forestry, Environmental Services and Solar were the laggards. In this context, the fund delivered a monthly return equal to 0.50%, bringing YTD performance to 12.55% (BP-EUR). Top performers - The shares of the US building material producer Owens Corning (Energy Efficiency) outperformed as investors increasinglyappreciate that the company is being well-positioned to capture growth from several key secular trends (e.g. energy efficiency, renewable energy, infrastructure investments) given its market leading position in both fiberglass insulation and asphalt roofing shingles. | en | fr |
DOLFIN3341 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Securities issued by CDOs/CLOs (“CDO/CLO Security” or “CDO/CLO Securities“) are generally limited recourse obligations of the issuers thereof payable solely from the underlying assets (“Underlying Assets“) of the relevant issuer or proceeds thereof. Consequently, holders of CDO/CLO Securities including the Sub-Fund must rely solely on distributions on the Underlying Assets or proceeds thereof for payment in respect thereof.
In addition, interest payments on CDO/CLO Securities (other than the most senior tranche or tranches of a given issue) are generally subject to deferral. If distributions on the Underlying Assets (or, in the case of a market value CDO/CLO Security - as explained hereinafter) - proceeds from the sale of the Underlying Assets) are insufficient to make payments on the CDO/CLO Securities, no other assets will be available for payment of the deficiency and following realization of the Underlying Assets, the obligations of the issuer of the related CDO/CLO Security to pay such deficiency including to the Sub-Fund will be extinguished.
With a market value CDO/CLO deal, principal and interest payments to investors come from both collateral cash flows as well as sales of collateral. Payments to tranches are not contingent on the adequacy of the collateral's cash flows, but rather the adequacy of its market value. Should the market value of collateral drop below a certain level, payments are suspended to the equity tranche. If it falls even further, more senior tranches are impacted. An advantage of a market value CDO/CLO is the added flexibility they afford the portfolio manager. It is not constrained by a need to match the cash flows of collateral to those of the various tranches.
Underlying Assets consist generally of non-investment grade loans, interests in non-investment grade loans, high yield debt securities and other debt instruments, which are subject to liquidity, market value, credit, interest rate, reinvestment and certain other risks. The Underlying Assets will generally be subject to greater risks than investment-grade corporate obligations. Such investments are normally considered speculative in nature. Underlying Assets are typically actively managed by an investment manager, and as a result, Underlying Assets will be traded, subject to rating agency and other constraints, by such investment managers. The aggregate return on the Underlying Assets will depend in part upon the ability of the relevant investment manager to actively manage the related portfolio of the Underlying Assets.
The Underlying Assets will be subject to certain portfolio restrictions as set forth herein. However, the concentration of the Underlying Assets in any one security type subjects the holders of CDOs/CLOs to a greater degree of risk with respect to defaults on the Underlying Assets.
The Underlying Assets are subject to credit, liquidity, market value, interest rate and certain other risks.
CDO/CLO Securities are in general privately placed and offer less liquidity than other investment-grade or high-yield corporate debt. They are also generally issued in structured transactions with risks different from regular corporate debt. In addition, the assets collateralizing market value CDO/CLO Securities are subject to liquidation upon the failure of certain tests, and it is likely that any such liquidation would result in a substantial loss of value of the related market value CDO/CLO Securities.
Prices of the Underlying Assets may be volatile and will generally fluctuate due to a variety of factors that are inherently difficult to predict, including but not limited to changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the obligors of the Underlying Assets. In addition, the ability of the issuer to sell Underlying Assets prior to maturity is subject to certain restrictions set forth in the offering and constitutive documents of the relevant.
The average life of a CDO/CLO Security may be affected by the financial condition of the underlying loan or the CDO/CLO Security Issuer and/or the characteristics of the Underlying Assets, including, without limitation: the existence and frequency of exercise of any optional or mandatory redemption features; the prevailing level of interest rates; the redemption price; and the actual default rate.
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## Local Currency Securities | Les valeurs émises par des CDO/CLO (« Valeur CDO/CLO » ou « Valeurs CDO/CLO ») sont généralement des obligations à recours limité d’émetteurs remboursables uniquement à partir des actifs sous-jacents (« Actifs sous-jacents ») de l’émetteur concerné ou à partir des produits. Par conséquent, les détenteurs de Valeurs CDO/CLO, y compris le Compartiment, doivent uniquement compter sur les distributions des Actifs sous-jacents ou sur les produits pour le paiement de ces valeurs.
En outre, les paiements d’intérêts sur les Valeurs CDO/CLO (autres que la ou les tranches de rang le plus élevé d’une émission particulière) sont généralement soumis à report. Si les distributions sur les Actifs sous-jacents (ou, dans le cas d’une Valeur CDO/CLO à la valeur de marché, tel qu’expliqué ci-après, les produits de la vente des Actifs sous-jacents) ne suffisent pas pour effectuer les paiements relatifs aux Valeurs CDO/CLO, aucun autre actif ne sera disponible pour le paiement du solde impayé et après réalisation des Actifs sous-jacents, les obligations de l’émetteur de la Valeur CDO/CLO concernée relatives au paiement du solde impayé, y compris au Compartiment, prendront fin.
Dans le cadre d’une opération sur CDO/CLO à la valeur de marché, les paiements du principal et des intérêts en faveur des investisseurs émanent essentiellement des flux de trésorerie des garanties et des ventes des garanties. Les paiements selon les tranches ne dépendent pas de l’adéquation des flux de trésorerie de la garantie mais plutôt de l’adéquation de sa valeur de marché. Si la valeur de marché de la garantie chute en dessous d’un certain niveau, les paiements sont suspendus jusqu’à la tranche equity. Si elle baisse davantage, les tranches de rang supérieur sont affectées. La souplesse supplémentaire accordée au gestionnaire de portefeuille est un avantage des CDO/CLO à la valeur de marché. Le gestionnaire n’est pas tenu de faire concorder les flux de trésorerie de la garantie et ceux des différentes tranches.
Les Actifs sous-jacents comprennent généralement des prêts notés inférieurs à investment grade, des intérêts dans des prêts notés inférieurs à investment grade, des titres de créance à haut rendement ainsi que d’autres instruments de créance, qui sont assujettis au risque de liquidité, au risque lié à la valeur de marché, au risque de crédit, au risque lié aux taux d’intérêt, au risque lié au réinvestissement ainsi qu’à d’autres risques. Les Actifs sous-jacents seront généralement assujettis à des risques plus importants que les obligations d’entreprises investment grade. Ces investissements sont normalement considérés comme spéculatifs par nature. Les Actifs sous-jacents bénéficient généralement d’une gestion active de la part des gestionnaires d’investissement ; ils seront donc négociés, sous réserve des contraintes des agences de notation et d’autres contraintes, par ces gestionnaires d’investissement. Le rendement total des Actifs sous-jacents dépendra en partie de la capacité du gestionnaire d’investissement concerné à gérer activement le portefeuille correspondant des Actifs sous-jacents.
Les Actifs sous-jacents seront soumis à certaines restrictions de portefeuille décrites dans les présentes. Toutefois, la concentration des Actifs sous-jacents dans un type de valeur expose les détenteurs des CDO/CLO à un niveau de risque plus élevé relatif aux défauts sur les Actifs sous-jacents.
Les Actifs sous-jacents sont exposés entre autres, aux risques de crédit, de liquidité, de valeur de marché et de taux d’intérêt.
Les Valeurs CDO/CLO sont généralement placées de façon privée et offrent une liquidité inférieure à celle des autres titres de créance d’entreprises investment grade ou à haut rendement. Elles sont également généralement émises dans le cadre de transactions structurées dont les risques diffèrent des titres de créance d’entreprises classiques. Par ailleurs, les actifs portés en garantie des Valeurs CDO/CLO à la valeur de marché doivent être liquidés s’ils ne remplissent pas certains critères et il est probable que cette liquidation mènerait à une perte substantielle de valeur des Valeurs CDO/CLO à la valeur de marché concernées.
Les cours des Actifs sous-jacents peuvent être volatils et fluctueront généralement en raison de différents facteurs difficiles à prévoir de par leur nature, y compris, notamment, les variations des taux d’intérêt, les écarts de crédit en vigueur, la situation économique générale, la situation sur les marchés financiers, les événements économiques ou politiques nationaux et internationaux, les évolutions ou tendances dans un secteur particulier et la situation financière des débiteurs des Actifs sous-jacents. En outre, la capacité de l’émetteur à vendre des Actifs sous-jacents avant l’échéance est soumise à certaines restrictions énoncées dans les documents d’offre et constitutifs des CDO/CLO concernées.
La durée de vie moyenne de chaque Valeur CDO/CLO peut être impactée par la situation financière du prêt sous-jacent ou de l’émetteur de la Valeur CDO/CLO et/ou des caractéristiques des Actifs sous-jacents, y compris, sans s’y limiter, l’existence et la fréquence d’exercice de clauses de rachat facultatif ou obligatoire, le niveau des taux d’intérêt en vigueur, le prix de rachat et le taux de défaut réel.
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## Titres en devise locale | Securities issued by CDOs/CLOs (“CDO/CLO Security” or “CDO/CLO Securities“) are generally limited recourse obligations of the issuers thereof payable solely from the underlying assets (“Underlying Assets“) of the relevant issuer or proceeds thereof. Consequently, holders of CDO/CLO Securities including the Sub-Fund must rely solely on distributions on the Underlying Assets or proceeds thereof for payment in respect thereof.
In addition, interest payments on CDO/CLO Securities (other than the most senior tranche or tranches of a given issue) are generally subject to deferral. If distributions on the Underlying Assets (or, in the case of a market value CDO/CLO Security - as explained hereinafter) - proceeds from the sale of the Underlying Assets) are insufficient to make payments on the CDO/CLO Securities, no other assets will be available for payment of the deficiency and following realization of the Underlying Assets, the obligations of the issuer of the related CDO/CLO Security to pay such deficiency including to the Sub-Fund will be extinguished.
With a market value CDO/CLO deal, principal and interest payments to investors come from both collateral cash flows as well as sales of collateral. Payments to tranches are not contingent on the adequacy of the collateral's cash flows, but rather the adequacy of its market value. Should the market value of collateral drop below a certain level, payments are suspended to the equity tranche. If it falls even further, more senior tranches are impacted. An advantage of a market value CDO/CLO is the added flexibility they afford the portfolio manager. It is not constrained by a need to match the cash flows of collateral to those of the various tranches.
Underlying Assets consist generally of non-investment grade loans, interests in non-investment grade loans, high yield debt securities and other debt instruments, which are subject to liquidity, market value, credit, interest rate, reinvestment and certain other risks. The Underlying Assets will generally be subject to greater risks than investment-grade corporate obligations. Such investments are normally considered speculative in nature. Underlying Assets are typically actively managed by an investment manager, and as a result, Underlying Assets will be traded, subject to rating agency and other constraints, by such investment managers. The aggregate return on the Underlying Assets will depend in part upon the ability of the relevant investment manager to actively manage the related portfolio of the Underlying Assets.
The Underlying Assets will be subject to certain portfolio restrictions as set forth herein. However, the concentration of the Underlying Assets in any one security type subjects the holders of CDOs/CLOs to a greater degree of risk with respect to defaults on the Underlying Assets.
The Underlying Assets are subject to credit, liquidity, market value, interest rate and certain other risks.
CDO/CLO Securities are in general privately placed and offer less liquidity than other investment-grade or high-yield corporate debt. They are also generally issued in structured transactions with risks different from regular corporate debt. In addition, the assets collateralizing market value CDO/CLO Securities are subject to liquidation upon the failure of certain tests, and it is likely that any such liquidation would result in a substantial loss of value of the related market value CDO/CLO Securities.
Prices of the Underlying Assets may be volatile and will generally fluctuate due to a variety of factors that are inherently difficult to predict, including but not limited to changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the obligors of the Underlying Assets. In addition, the ability of the issuer to sell Underlying Assets prior to maturity is subject to certain restrictions set forth in the offering and constitutive documents of the relevant.
The average life of a CDO/CLO Security may be affected by the financial condition of the underlying loan or the CDO/CLO Security Issuer and/or the characteristics of the Underlying Assets, including, without limitation: the existence and frequency of exercise of any optional or mandatory redemption features; the prevailing level of interest rates; the redemption price; and the actual default rate.
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## Local Currency Securities | en | fr |
DOLFIN3342 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The risk management department of the Management Company may impose stricter criteria in terms of the collateral received and thereby exclude certain types of instruments, certain countries, certain issuers or certain securities.
In the event of materialisation of the counterparty risk, the fund could end up owning the financial collateral received. If the fund may dispose of such collateral at a value corresponding to the value of the loan/assets transferred, it would not bear negative financial consequences. Otherwise (if the value of assets received as collateral fell below the value of the assets loaned/transferred before they could be sold), it would incur a loss equal to the difference between the value of the assets loaned/transferred and the value of the collateral once it is liquidated.
- Level of financial collateral receivedThe level of collateral required for over-the-counter financial instruments and efficient portfolio management techniques is determined by the agreements reached with each of the counterparties taking account, as applicable, of factors such as the nature and the characteristics of the transactions, the quality of credit and of the counterparties, as well as market conditions at the time. The counterparty's exposure which is not covered by collateral will at all times remain below the counterparty risk limits fixed by the regulations.
- Discounting policyThe Management Company has put in place a discounting policy suited to each category of assets (depending on the credit quality in particular) received as financial collateral. This policy can be obtained by investors free of charge from the Management Company's registered office.
- Restrictions on reinvestment of financial collateral received Non-cash financial collateral may not be sold or reinvested or pledged. | Il dipartimento Risk Management della Società di Gestione può imporre criteri più severi in termini di garanzie ricevute ed escludere in questo modo determinati tipi di strumenti, alcuni paesi, emittenti e, addirittura, titoli.
In caso di materializzazione del rischio di controparte, il FCI potrebbe ritrovarsi proprietario della garanzia finanziaria ricevuta. Se il FCI riesce ad alienare tale garanzia a un valore corrispondente a quello degli attivi prestati o ceduti, non subirà conseguenze finanziarie negative. In caso contrario (se il valore degli attivi ricevuti in garanzia è sceso al di sotto di quello degli attivi prestati o ceduti prima che si sia proceduto alla loro vendita), subirà una perdita corrispondente alla differenza tra il valore degli attivi prestati o ceduti e il valore della garanzia, una volta liquidata.
- Livello delle garanzie finanziarie ricevuteIl livello di collaterale richiesto per gli strumenti finanziari negoziati fuori borsa e delle tecniche di gestione efficace del portafoglio è determinato dagli accordi stabiliti con ciascuna delle controparti, tenendo in considerazione, a seconda dei casi, fattori quali la natura e le caratteristiche delle transazioni, la qualità del credito e delle controparti, nonché le condizioni di mercato in vigore. In ogni momento, l’esposizione della controparte non coperta dal collaterale resterà al di sotto dei limiti di rischio di controparte stabiliti dal regolamento.
- Politica in materia di riduzioneLa Società di Gestione ha introdotto una politica di riduzione adeguata a ciascuna categoria di attivi (soprattutto in funzione della qualità del credito) ricevuti a titolo di garanzia finanziaria. Questa politica è messa gratuitamente a disposizione dell'investitore che desideri procurarselo presso la sede della Società di Gestione.
- Restrizioni relative ai reinvestimento delle garanzie finanziarie ricevuteLe garanzie finanziarie in forma diversa dal contante non vengono né vendute, né reinvestite né impegnate. | The risk management department of the Management Company may impose stricter criteria in terms of the collateral received and thereby exclude certain types of instruments, certain countries, certain issuers or certain securities.
In the event of materialisation of the counterparty risk, the fund could end up owning the financial collateral received. If the fund may dispose of such collateral at a value corresponding to the value of the loan/assets transferred, it would not bear negative financial consequences. Otherwise (if the value of assets received as collateral fell below the value of the assets loaned/transferred before they could be sold), it would incur a loss equal to the difference between the value of the assets loaned/transferred and the value of the collateral once it is liquidated.
- Level of financial collateral receivedThe level of collateral required for over-the-counter financial instruments and efficient portfolio management techniques is determined by the agreements reached with each of the counterparties taking account, as applicable, of factors such as the nature and the characteristics of the transactions, the quality of credit and of the counterparties, as well as market conditions at the time. The counterparty's exposure which is not covered by collateral will at all times remain below the counterparty risk limits fixed by the regulations.
- Discounting policyThe Management Company has put in place a discounting policy suited to each category of assets (depending on the credit quality in particular) received as financial collateral. This policy can be obtained by investors free of charge from the Management Company's registered office.
- Restrictions on reinvestment of financial collateral received Non-cash financial collateral may not be sold or reinvested or pledged. | en | it |
DOLFIN3343 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
E/S characteristics are promoted with the financial product, but no sustainable investments will be made.
The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial product that consider the EU criteria for environmentally sustainable economic activities. The investments un- derlying the remaining portion of this financial product do not consider the EU criteria for environmen- tally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objec- tives. | Es werden mit dem Finanzprodukt ökologische/soziale Merkmale beworben, aber keine nachhaltigen Investitionen getätigt.
In der EU-Taxonomie ist der Grundsatz „Vermeidung erheblicher Beeinträchtigungen“ festgelegt, nach dem taxonomiekonforme Investitionen die Ziele der EU-Taxonomie nicht erheblich beeinträch- tigen dürfen, und es sind spezifische EU-Kriterien beigefügt.
Der Grundsatz „Vermeidung erheblicher Beeinträchtigungen“ findet nur bei denjenigen dem Fi- nanzprodukt zugrunde liegenden Investitionen Anwendung, die die EU-Kriterien für ökologisch nachhaltige Wirtschaftsaktivitäten berücksichtigen. Die dem verbleibenden Teil dieses Finanzpro- dukts zugrunde liegenden Investitionen berücksichtigen nicht die EU-Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.
Alle anderen nachhaltigen Investitionen dürfen ökologische oder soziale Ziele ebenfalls nicht erheb- lich beeinträchtigen. | E/S characteristics are promoted with the financial product, but no sustainable investments will be made.
The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial product that consider the EU criteria for environmentally sustainable economic activities. The investments un- derlying the remaining portion of this financial product do not consider the EU criteria for environmen- tally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objec- tives. | en | de |
DOLFIN3344 | 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 CS (Lux) Digital Health Equity Fund UBH CHF between 12/02/2021-06/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 4,903
-51.00%
CHF 4,347
-11.20% | # Este tipo de escenario se produjo para una inversión CS (Lux) Digital Health Equity Fund UBH CHF entre 12/02/2021-06/12/2022.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
4 903 CHF
-51,00%
4 347 CHF
-11,20% | # This type of scenario occurred for an investment CS (Lux) Digital Health Equity Fund UBH CHF between 12/02/2021-06/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 4,903
-51.00%
CHF 4,347
-11.20% | en | es |
DOLFIN3345 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Composition des coûts
| Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Jusqu'à 5.00 % du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.92 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 192 EUR |
| Coûts de transaction | 0.47 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 47 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Il n'y a pas de commission liée aux résultats pour ce produit. | 0 EUR |
Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée? | # Composición de los costes
| Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 5.00 % del importe que pagará usted al realizar esta inversión. | Hasta 500 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | El 1.92 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 192 EUR |
| Costes de operación | El 0.47 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 47 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR |
¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada? | # Composition des coûts
| Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | Jusqu'à 5.00 % du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.92 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 192 EUR |
| Coûts de transaction | 0.47 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 47 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Il n'y a pas de commission liée aux résultats pour ce produit. | 0 EUR |
Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée? | fr | es |
DOLFIN3346 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Suspension of Calculation
The SICAV may temporarily suspend the determination of the Net Asset Value per Share within any Sub- Fund and in consequence the issue, redemption and conversion of any Shares in any of the following events:
- When one or more stock exchanges, Regulated Markets or any Other Regulated Market in a Member or in an Other State which is the principal market on which a substantial portion of the assets of a Sub-Fund is invested, or when one or more foreign exchange markets in the currency in which a substantial portion of the assets of the Sub-Fund is denominated, are closed otherwise than for ordinary holidays or if trading thereon is restricted or suspended;
- When, as a result of political, economic, military or monetary events or any circumstances outside the responsibility and the control of the SICAV, disposal of the assets of the Sub-Fund is not reasonably or normally practicable without being seriously detrimental to the interests of the Shareholders;
- In the event of a breakdown in the normal means of communication used for the valuation of any investment of the Sub-Fund or if, for any reason, the value of any asset of the Sub-Fund may not be determined as rapidly and accurately as required;
- When the SICAV is unable to repatriate funds for the purpose of making payments on the redemption 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 Board of Directors be effected at normal rates of exchange.
- Following the suspension of (i) the calculation of the net asset value per share/unit, (ii) the issue, (iii) the redemption, and/or (iv) the conversion of the shares/units issued within the master fund in which the Sub-Fund invests in its capacity as a feeder fund. | ## Aussetzung der Berechnung
Die SICAV kann die Bestimmung des Nettoinventarwertes pro Anteil eines Teilfonds und folglich die Ausgabe, Rücknahme oder den Umtausch von Anteilen unter folgenden Umständen vorübergehend aussetzen:
- wenn ein(e) oder mehrere Börsen, geregelte Märkte oder ein anderer geregelter Markt in einem Mitgliedstaat oder in einem anderen Staat, der den Hauptmarkt für einen wesentlichen Teil der Vermögenswerte eines Teilfonds darstellt, oder wenn ein oder mehrere Devisenmärkte für die Währung, auf die ein wesentlicher Teil der Vermögenswerte des Teilfonds lautet, an anderen Tagen als an gewöhnlichen Feiertagen geschlossen sind, oder wenn der Handel an diesen Börsen oder Märkten eingeschränkt oder ausgesetzt ist;
- wenn aus politischen, wirtschaftlichen, militärischen, währungspolitischen oder sonstigen Gründen, die sich der Verantwortung und Kontrolle der SICAV entziehen, die Verfügung über die Vermögenswerte des Teilfonds nicht in vernünftiger oder üblicher Weise praktikabel ist, ohne dass dabei die Interessen der Anteilsinhaber ernsthaft geschädigt werden;
- während eines Ausfalls normaler Kommunikationswege, die zur Bewertung der Anlagen des Teilfonds verwendet werden, oder wenn aus irgendwelchen Gründen der Wert eines Vermögenswertes des Teilfonds nicht so schnell und genau bestimmt werden kann, wie dies erforderlich ist;
- wenn die SICAV nicht in der Lage ist, die notwendigen Kapitalmittel zurückzuführen, um auf Rücknahmen der Anteile Zahlungen vorzunehmen, oder während einer Zeit, in der Überweisungen von Geldern im Zusammenhang mit der Veräußerung oder dem Erwerb von Vermögensanlagen oder fälligen Zahlungen auf die Rücknahme von Anteilen nach Ansicht des Verwaltungsrats nicht zu normalen Wechselkursen ausgeführt werden können.
- Nach der Aussetzung (i) der Berechnung des Nettoinventarwerts je Anteil, (ii) der Ausgabe, (iii) der Rücknahme und/oder (iv) des Umtauschs der innerhalb des MasterFonds, in dem der Teilfonds als Feeder- Fonds anlegt, ausgegebenen Anteile. | ## Suspension of Calculation
The SICAV may temporarily suspend the determination of the Net Asset Value per Share within any Sub- Fund and in consequence the issue, redemption and conversion of any Shares in any of the following events:
- When one or more stock exchanges, Regulated Markets or any Other Regulated Market in a Member or in an Other State which is the principal market on which a substantial portion of the assets of a Sub-Fund is invested, or when one or more foreign exchange markets in the currency in which a substantial portion of the assets of the Sub-Fund is denominated, are closed otherwise than for ordinary holidays or if trading thereon is restricted or suspended;
- When, as a result of political, economic, military or monetary events or any circumstances outside the responsibility and the control of the SICAV, disposal of the assets of the Sub-Fund is not reasonably or normally practicable without being seriously detrimental to the interests of the Shareholders;
- In the event of a breakdown in the normal means of communication used for the valuation of any investment of the Sub-Fund or if, for any reason, the value of any asset of the Sub-Fund may not be determined as rapidly and accurately as required;
- When the SICAV is unable to repatriate funds for the purpose of making payments on the redemption 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 Board of Directors be effected at normal rates of exchange.
- Following the suspension of (i) the calculation of the net asset value per share/unit, (ii) the issue, (iii) the redemption, and/or (iv) the conversion of the shares/units issued within the master fund in which the Sub-Fund invests in its capacity as a feeder fund. | en | de |
DOLFIN3347 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For quantitative data, the investment manager uses Bloomberg ESG tools that gather debt issuers’ sustainable profiles. Key metrics include but are not limited to environmental release per sales metrics (Energy, Waste, Water, GHG), social metrics (diversity in workforce, human rights concerns, donations) and governance metrics (board composition, executive compensation, connected transactions, anti-bribery measures, …).
The fixed-income investment process is also subject to a set of pre-defined negative screenings including but not limited to sectors such as controversial weapons (landmines and cluster bombs), tobacco and the production of thermal coal. The pre-defined negative screens are binding for the Investment Manager, who may not add positions in these sectors and countries.
Post investment, the Investment Manager follows up on its analysis through active monitoring, investor relation meetings and on-site visits when possible.
Regarding Sovereign and Supra National agencies, the Investment Manager engages through commitment to collaborative initiatives such as UNPRI, TCFD and CDP.
The above-described extra-financial analysis is applied to at least the following proportion of the portfolio:
- 90% of debt securities with an investment grade credit rating [excluding Chinese Local Government Financing Vehicles “LGFVs”], or sovereign debt issued by developed countries;
- 75% of debt securities with a high yield credit rating [including Chinese Local Government Financing Vehicles “LGFVs”] and sovereign debt issued by "emerging" countries (in terms of the capitalisation of the net assets of the sub-fund). | Para los datos cuantitativos, el gestor de inversiones utiliza las herramientas ESG de Bloomberg que recogen los perfiles sostenibles de los emisores de deuda. Se analizan y supervisan parámetros clave como la emisión al medioambiente por indicadores de ventas (energía, residuos, agua o GEI), sociales (diversidad en la plantilla, preocupaciones por los derechos humanos o donaciones) y de gobernanza (composición del consejo de administración, remuneración del personal ejecutivo, operaciones vinculadas, medidas de lucha contra la corrupción, etc.).
El proceso de inversión en renta fija también está sujeto a un conjunto de selecciones negativas predefinidas que incluyen, entre otros, a sectores como el de las armas polémicas (minas terrestres y bombas de racimo), el tabaco y la producción de carbón térmico. Las selecciones negativas predefinidas son vinculantes para el gestor de inversiones, que no puede añadir posiciones en estos sectores y países.
Después de la inversión, el gestor de inversiones continúa su análisis mediante una supervisión activa, reuniones con los inversores y visitas in situ cuando es posible.
Con respecto a los organismos soberanos y supranacionales, el gestor de inversiones se compromete a desarrollar iniciativas de colaboración, como los Principios para la Inversión Responsable, el Equipo de Tareas sobre la Divulgación de Información Financiera relacionada con el Clima y el CDP.
El análisis extrafinanciero descrito anteriormente se aplica al menos a la siguiente parte de la cartera:
- 90 % de los títulos de deuda con calificación crediticia de grado de inversión (excluidos los instrumentos de financiación del gobierno local chino [LGFV]), o deudasoberana emitida por países desarrollados;
- 75 % de los títulos de deuda con calificación crediticia de alto rendimiento (incluidos los instrumentos de financiación del gobierno local chino [LGFV]) y deuda soberana emitida por países «emergentes» (en términos de capitalización de los activos netos del subfondo). | For quantitative data, the investment manager uses Bloomberg ESG tools that gather debt issuers’ sustainable profiles. Key metrics include but are not limited to environmental release per sales metrics (Energy, Waste, Water, GHG), social metrics (diversity in workforce, human rights concerns, donations) and governance metrics (board composition, executive compensation, connected transactions, anti-bribery measures, …).
The fixed-income investment process is also subject to a set of pre-defined negative screenings including but not limited to sectors such as controversial weapons (landmines and cluster bombs), tobacco and the production of thermal coal. The pre-defined negative screens are binding for the Investment Manager, who may not add positions in these sectors and countries.
Post investment, the Investment Manager follows up on its analysis through active monitoring, investor relation meetings and on-site visits when possible.
Regarding Sovereign and Supra National agencies, the Investment Manager engages through commitment to collaborative initiatives such as UNPRI, TCFD and CDP.
The above-described extra-financial analysis is applied to at least the following proportion of the portfolio:
- 90% of debt securities with an investment grade credit rating [excluding Chinese Local Government Financing Vehicles “LGFVs”], or sovereign debt issued by developed countries;
- 75% of debt securities with a high yield credit rating [including Chinese Local Government Financing Vehicles “LGFVs”] and sovereign debt issued by "emerging" countries (in terms of the capitalisation of the net assets of the sub-fund). | en | es |
DOLFIN3348 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La performance des Actions dépend de la performance des investissements du Compartiment, dont la valeur peut évoluer à la hausse ou à la baisse. La performance passée des Actions n’est pas une assurance ou une garantie de performance future. À tout moment, la valeur des Actions peut être largement inférieure à l’investissement initial et les investisseurs peuvent perdre une partie voire l’intégralité du montant investi au départ.
Les objectifs d’investissement traduisent une intention de résultat uniquement. Sauf indication contraire à l’Annexe A, les Actions n’incluent pas tout élément de protection du capital et le Fonds ne donne aucune assurance ou garantie à tout investisseur quant à la performance des Actions. Selon les conditions de marché et divers autres facteurs échappant au contrôle du Fonds, les objectifs d’investissement peuvent devenir plus difficiles voire impossibles à réaliser. Le Fonds ne donne aucune assurance ou garantie à tout investisseur quant à la probabilité de réaliser l’objectif d’investissement d’un Compartiment.
Un investissement dans les Actions du Fonds ne convient qu’aux investisseurs qui ont les connaissances, l’expérience et/ou l’accès aux conseillers professionnels suffisants pour faire leur propre évaluation financière, juridique, fiscale et comptable des risques d’un investissement dans les Actions ou qui ont suffisamment de ressources pour pouvoir supporter toute perte pouvant découler d’un investissement dans les Actions. Les investisseurs doivent prendre en considération leur situation personnelle et demander des conseils supplémentaires auprès de leur conseiller financier ou autre conseiller professionnel quant aux conséquences financières, juridiques, fiscales et comptables qu’ils peuvent rencontrer en vertu des lois de leur pays de citoyenneté, de résidence ou de domicile et qui peuvent s’appliquer à la souscription, l’achat, la détention, le rachat, la conversion ou la cession d’Actions du Fonds.
Les investisseurs doivent aussi étudier soigneusement toutes les informations données dans le présent Prospectus et l’Annexe A avant de prendre une décision d’investissement eu égard aux Actions de tout Compartiment ou toute Classe d’Actions. La présente section 6. et l’Annexe A ne prétendent pas fournir une explication complète de tous les risques impliqués par un investissement dans les Actions de tout Compartiment ou toute Classe d’Actions et d’autres risques peuvent également être présents ou faire leur apparition.
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## Risque de marché | La rentabilidad de las Acciones depende de la evolución de las inversiones del Subfondo, cuyo valor puede aumentar o disminuir. La rentabilidad histórica de las Acciones no garantiza sus resultados en el futuro. El valor de las Acciones podría ser notablemente inferior al valor de la inversión inicial en cualquier momento, por lo que los inversores podrían perder parte o incluso la totalidad del importe originalmente invertido.
Los objetivos de inversión expresan únicamente el resultado que se pretende. A menos que se especifique lo contrario en el Anexo A, las Acciones no incluyen ningún elemento de protección del capital y el Fondo no ofrece garantía alguna a ningún inversor por lo que respecta a la rentabilidad de las Acciones. En función de las condiciones del mercado y de varios otros factores ajenos al control del Fondo, puede que resulte difícil, o incluso imposible, alcanzar los objetivos de inversión. El Fondo no ofrece garantía alguna a ningún inversor con respecto a la probabilidad de que se alcance el objetivo de inversión de un Subfondo.
Invertir en Acciones solo es adecuado para aquellos inversores que cuentan con conocimientos suficientes, experiencia y/o acceso a asesores profesionales para realizar sus propias evaluaciones financieras, jurídicas, fiscales y contables de los riesgos de una inversión en las Acciones y que tengan los recursos suficientes para poder soportar cualquier pérdida que se pueda derivar de una inversión en las Acciones. Se recomienda a los inversores que tengan en cuenta sus propias circunstancias personales y que soliciten asesoramiento adicional a su asesor financiero u otros asesores profesionales sobre los posibles aspectos financieros, jurídicos, fiscales y contables que pueden afectarles en virtud de la legislación de los países de los que sean nacionales, residentes o en los que se encuentre su domicilio y que puedan ser pertinentes a la suscripción, compra, posesión, reembolso, conversión o venta de las Acciones del Fondo.
Los inversores también deberán tener debidamente en cuenta toda la información que se recoge en el presente Folleto y en el Anexo A, antes de tomar una decisión de inversión con respecto a las Acciones de cualquier Subfondo o Clase de Acciones. El presente apartado 6 y el Anexo A no pretenden recoger una explicación completa de todos los riesgos que conlleva una inversión en las Acciones de cualquier Subfondo o Clase de Acciones y es posible que otros riesgos resulten o puedan resultar relevantes de forma periódica.
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## Riesgo de mercado | La performance des Actions dépend de la performance des investissements du Compartiment, dont la valeur peut évoluer à la hausse ou à la baisse. La performance passée des Actions n’est pas une assurance ou une garantie de performance future. À tout moment, la valeur des Actions peut être largement inférieure à l’investissement initial et les investisseurs peuvent perdre une partie voire l’intégralité du montant investi au départ.
Les objectifs d’investissement traduisent une intention de résultat uniquement. Sauf indication contraire à l’Annexe A, les Actions n’incluent pas tout élément de protection du capital et le Fonds ne donne aucune assurance ou garantie à tout investisseur quant à la performance des Actions. Selon les conditions de marché et divers autres facteurs échappant au contrôle du Fonds, les objectifs d’investissement peuvent devenir plus difficiles voire impossibles à réaliser. Le Fonds ne donne aucune assurance ou garantie à tout investisseur quant à la probabilité de réaliser l’objectif d’investissement d’un Compartiment.
Un investissement dans les Actions du Fonds ne convient qu’aux investisseurs qui ont les connaissances, l’expérience et/ou l’accès aux conseillers professionnels suffisants pour faire leur propre évaluation financière, juridique, fiscale et comptable des risques d’un investissement dans les Actions ou qui ont suffisamment de ressources pour pouvoir supporter toute perte pouvant découler d’un investissement dans les Actions. Les investisseurs doivent prendre en considération leur situation personnelle et demander des conseils supplémentaires auprès de leur conseiller financier ou autre conseiller professionnel quant aux conséquences financières, juridiques, fiscales et comptables qu’ils peuvent rencontrer en vertu des lois de leur pays de citoyenneté, de résidence ou de domicile et qui peuvent s’appliquer à la souscription, l’achat, la détention, le rachat, la conversion ou la cession d’Actions du Fonds.
Les investisseurs doivent aussi étudier soigneusement toutes les informations données dans le présent Prospectus et l’Annexe A avant de prendre une décision d’investissement eu égard aux Actions de tout Compartiment ou toute Classe d’Actions. La présente section 6. et l’Annexe A ne prétendent pas fournir une explication complète de tous les risques impliqués par un investissement dans les Actions de tout Compartiment ou toute Classe d’Actions et d’autres risques peuvent également être présents ou faire leur apparition.
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## Risque de marché | fr | es |
DOLFIN3349 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests in shares, bonds and money market instruments. The equity allocation is between 55% and 100%. Business sustainability criteria are considered in the investment selection process (ESG criteria: Environment, Social, Governance).
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the tailored benchmark index.* The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Caratteristiche salienti:
Il fondo investe in azioni, obbligazioni e strumenti del mercato monetario. La quota delle azioni oscilla in tal caso fra il 55% e il 100%. La selezione degli investimenti tiene conto dei principi dell'economia sostenibile (criteri ESG: ambientali, sociali e di governance).
I titoli sono selezionati in modo discrezionale sulla base di un processo di investimento coerente («gestione attiva»). Ai fini della composizione del portafoglio, la selezione e la ponderazione dei titoli si concentrano sulle società incluse in un indice di riferimento su misura.* La deviazione dall'indice di riferimento può essere notevole.
La politica d'investimento si orienta a tale indice di riferimento e mira a sovraperformarlo. In funzione delle condizioni di mercato e della valutazione del rischio, il gestore può discostarsi dall'indice di riferimento in qualsiasi momento tramite la sovraponderazione e la sottoponderazione attiva
dei singoli titoli e settori, in modo più o meno significativo, positivo o negativo.
Per il conseguimento dell'obiettivo d'investimento possono essere impiegati strumenti derivati.
Le quote del fondo vengono emesse o rimborsate di principio tutti i giorni lavorativi bancari secondo il calendario del Lussemburgo.
Utili e proventi della classe di quote distribuiti bensì reinvestiti. | # Important features:
The fund invests in shares, bonds and money market instruments. The equity allocation is between 55% and 100%. Business sustainability criteria are considered in the investment selection process (ESG criteria: Environment, Social, Governance).
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the tailored benchmark index.* The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | it |
DOLFIN3350 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
An exception to the fossil fuel exclusions in the preceding paragraph is that the Fund may invest in labelled Green and Sustainability Bonds which are issued to raise capital specifically for climate- related projects (
“Sustainable Bonds”
), so long as the Investment Adviser has determined that the objectives of such instruments are consistent with a reduction by the issuer of its carbon emissions. Investment in such instruments will be subject to diligence by the Investment Adviser. Examples of Sustainable Bonds include, but are not limited to:
- Green bonds;
- Social bonds; and
- Sustainability bonds. | Eine Ausnahme bei den Ausschlüssen im Bereich der fossilen Energien im vorstehenden Absatz ist, dass der Fonds in als „grün“ und „nachhaltig“ gekennzeichnete Anleihen anlegen kann, die zur Kapitalbeschaffung speziell für klimabezogene Projekte ausgegeben werden („
nachhaltige Anleihen
“), solange der Anlageberater festgestellt hat, dass die Ziele dieser Instrumente mit einer Reduzierung der Kohlenstoffemissionen des Emittenten vereinbar sind. Die Anlage in solche Instrumente unterliegt der Sorgfaltspflicht des Anlageberaters. Nachhaltige Anleihen umfassen die folgenden Instrumente, sind aber nicht darauf beschränkt:
- Grüne Anleihen;
- Soziale Anleihen; und
- Nachhaltige Anleihen. | An exception to the fossil fuel exclusions in the preceding paragraph is that the Fund may invest in labelled Green and Sustainability Bonds which are issued to raise capital specifically for climate- related projects (
“Sustainable Bonds”
), so long as the Investment Adviser has determined that the objectives of such instruments are consistent with a reduction by the issuer of its carbon emissions. Investment in such instruments will be subject to diligence by the Investment Adviser. Examples of Sustainable Bonds include, but are not limited to:
- Green bonds;
- Social bonds; and
- Sustainability bonds. | en | de |
DOLFIN3351 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
- Le Brookfield Global Listed Real Estate UCITS Fund (le « Fonds ») cherche a dégager de la performance par l’intermédiaire de plus values et du paiement des dividendes
- Le Fonds investit principalement dans les sociétés de placement immobilier (REITs) et dans d’autres titres émis par des sociétés immobilières établies ou non aux États-Unis. Une “REIT” est une société dont les revenus proviennent de la gestion et de la vente de biens immobiliers lui appartenant. Souvent, les REITs ou les entités apparentées à une REIT ne sont pas imposées sur le revenu distribué aux actionnaires.
- Le Fonds peut également investir dans des sociétés immobilières qui sont négociées en bourse et dont la moitié des revenus provient de la gestion, du développement, de la construction d’immeubles, d’une activité immobilière similaire ou de l’investissent au moins a moitié de leurs actifs dans l’immobilier.
- Le Fonds investit principalement dans des actions (titres qui représentent une participation dans une société).
- Le Fonds n’investit pas directement dans l’immobilier.
- Le Fonds peut investir dans des titres émis par des émetteurs résidant ou non aux États-Unis, y compris des sociétés cotées sur des marchés émergents. En termes d’investissement, les marchés émergents setrouvent dans des régions dont les économies sont encore en cours de développement.
- Il se peut que le Fonds investisse dans des produits dérivés, tels que les contrats de change à terme, les contrats d’options, les contrats à terme standardisés et les swaps qui sont liés à la hausse ou à la baisse d’autres actifs.
- Il se peut que les produits dérivés soient utilisés à des fins d’investissement et pour une gestion de portefeuille efficace comme la réduction du risque ou des coûts ou pour générer des revenus ou plus- value supplémentaire pour le Fonds.
- Tout revenu généré par le Fonds pour cette catégorie d’actions sera réinvesti pour faire croître la valeur de votre investissement.
- Vous pouvez acheter et vendre des actions à Dublin pendant la plupart des jours ouvrés. Les exceptions sont décrites en détails dans le prospectus.
- Ce fonds est destiné aux investisseurs dont l’horizon d’investissement est de moyen à long terme.
- Pour obtenir des détails complets sur les objectifs et la politique d’investissement, veuillez consulter le prospectus. | # Objetivos y política de inversión
- El Brookfield Global Listed Real Estate UCITS Fund (el «Fondo») busca obtener un rendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte principalmente en fondos de inversión inmobiliaria (REIT) y otros valores relacionados emitidos por empresas de bienes inmuebles estadounidenses y extranjeras. Un REIT es una empresa que, en general, obtiene sus ingresos de los bienes inmuebles que posee y de las ganancias de capital por la venta de dichos bienes. Los REIT y las entidades similares suelen no estar gravadas con el impuesto a los ingresos que se distribuyen a los accionistas.
- El Fondo también puede invertir en empresas de bienes inmuebles que se negocien en una bolsa y que obtengan la mitad de sus ingresos de la propiedad, el desarrollo, la construcción, la gestión u otra actividad similar de bienes inmuebles, o que inviertan al menos la mitad de sus activos en bienes inmuebles.
- El Fondo invierte principalmente en renta variable (valores que representan una participación accionaria en un negocio).
- El Fondo no invierte directamente en bienes inmuebles.
- El Fondo puede invertir en valores emitidos por emisores estadounidenses y extranjeros, incluidas empresas de mercadosemergentes de todo el mundo. En lo referente a inversiones, mercados emergentes son las regiones del mundo cuyas economías aún se están desarrollando.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, o generar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectifs et politique d’investissement
- Le Brookfield Global Listed Real Estate UCITS Fund (le « Fonds ») cherche a dégager de la performance par l’intermédiaire de plus values et du paiement des dividendes
- Le Fonds investit principalement dans les sociétés de placement immobilier (REITs) et dans d’autres titres émis par des sociétés immobilières établies ou non aux États-Unis. Une “REIT” est une société dont les revenus proviennent de la gestion et de la vente de biens immobiliers lui appartenant. Souvent, les REITs ou les entités apparentées à une REIT ne sont pas imposées sur le revenu distribué aux actionnaires.
- Le Fonds peut également investir dans des sociétés immobilières qui sont négociées en bourse et dont la moitié des revenus provient de la gestion, du développement, de la construction d’immeubles, d’une activité immobilière similaire ou de l’investissent au moins a moitié de leurs actifs dans l’immobilier.
- Le Fonds investit principalement dans des actions (titres qui représentent une participation dans une société).
- Le Fonds n’investit pas directement dans l’immobilier.
- Le Fonds peut investir dans des titres émis par des émetteurs résidant ou non aux États-Unis, y compris des sociétés cotées sur des marchés émergents. En termes d’investissement, les marchés émergents setrouvent dans des régions dont les économies sont encore en cours de développement.
- Il se peut que le Fonds investisse dans des produits dérivés, tels que les contrats de change à terme, les contrats d’options, les contrats à terme standardisés et les swaps qui sont liés à la hausse ou à la baisse d’autres actifs.
- Il se peut que les produits dérivés soient utilisés à des fins d’investissement et pour une gestion de portefeuille efficace comme la réduction du risque ou des coûts ou pour générer des revenus ou plus- value supplémentaire pour le Fonds.
- Tout revenu généré par le Fonds pour cette catégorie d’actions sera réinvesti pour faire croître la valeur de votre investissement.
- Vous pouvez acheter et vendre des actions à Dublin pendant la plupart des jours ouvrés. Les exceptions sont décrites en détails dans le prospectus.
- Ce fonds est destiné aux investisseurs dont l’horizon d’investissement est de moyen à long terme.
- Pour obtenir des détails complets sur les objectifs et la politique d’investissement, veuillez consulter le prospectus. | fr | es |
DOLFIN3352 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- transferable securities and money market instruments issued or guaranteed by a non- Member State;
- transferable securities and money market instruments issued by public international bodies of which one or more Member States are members;
- shares held by a UCITS in the capital of a company incorporated in a non-Member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that state, where under the legislation of that state such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that state. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in paragraphs2.3 to 2.11, 3(i), 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 above are observed;
- shares held by an investment company or investment companies or ICAV or ICAVs in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of shares at Shareholders’ request exclusively on their behalf.
| | - valori mobiliari e strumenti del mercato monetario emessi o garantiti da uno Stato non Membro;
- valori mobiliari e strumenti del mercato monetario emessi da organismi pubblici internazionali a cui aderiscano uno o più Stati Membri;
- azioni detenute da un OICVM nel capitale di una società costituita in uno Stato non Membro che investa le sue attività principalmente nei titoli di emittenti aventi sede legale in tale Stato non Membro, qualora ai sensi della legislazione di detto Stato non Membro tale partecipazione costituisca l'unico modo per l'OICVM di investire nei titoli degli emittenti dello Stato non Membro. Tale deroga si applica solo se nelle sue politiche d'investimento la società avente sede nello Stato non Membro osserva i limiti stabiliti ai precedenti punti da 2.3 a 2.11, 3(i), 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 e purché, in caso di superamento di tali limiti, vengano rispettati i punti 5.5 e 5.6;
- azioni detenute da una o più società d'investimento o ICAV nel capitale di controllate che svolgano esclusivamente l'attività di gestione, consulenza o marketing nel paese di stabilimento della controllata, per il rimborso di azioni su richiesta dei sottoscrittori di azioni esclusivamente per loro conto.
| | - transferable securities and money market instruments issued or guaranteed by a non- Member State;
- transferable securities and money market instruments issued by public international bodies of which one or more Member States are members;
- shares held by a UCITS in the capital of a company incorporated in a non-Member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that state, where under the legislation of that state such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that state. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in paragraphs2.3 to 2.11, 3(i), 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 above are observed;
- shares held by an investment company or investment companies or ICAV or ICAVs in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of shares at Shareholders’ request exclusively on their behalf.
| | en | it |
DOLFIN3353 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
- The Fund is subject to taxation legislation in Luxembourg, which may have an impact on your personal tax position as an investor in the Fund.
- This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with Citibank Europe plc (Luxembourg Branch) and are legally segregated from the assets of other sub-funds of the Company.
- Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
- Waystone Management Company (Lux) SA (formerly named MDO Management Company) may be held liable solely on the basis of anystatement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Conversion of shares in the Fund into shares of another sub-fund is not possible. Please refer to the prospectus for further information.
- Details of Waystone Management Company (Lux) SA (formerly named MDO Management Company) Remuneration Policy are available at http://www.mdo-manco.com/remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Waystone Management Company (Lux) SA (formerly named MDO Management Company) at 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.
This Fund and Waystone Management Company (Lux) SA (formerly named MDO Management Company) are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 15/07/2022. | # Información práctica
- El Fondo está sujeto a la legislación tributaria de Luxemburgo, lo que podría incidir en su situación tributaria personal como inversor en el Fondo.
- Este documento de datos fundamentales para el inversor describe una clase de acciones de un subfondo de la Sociedad. Los activos y pasivos de cada subfondo se mantienen en Citibank Europe plc (sucursal de Luxemburgo), y están segregados legalmente de los activos de otros subfondos de la Sociedad.
- En el folleto se puede encontrar más información relativa al Fondo, en el idioma oficial de la jurisdicción en la que el Fondo esté registrado para la venta pública. El Folleto, los últimos estados financieros, la información de otras clases de acciones y los últimos precios de las acciones están disponibles gratuitamente en www.man.com.
- Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) únicamente incurrirá en responsabilidadpor las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto del Fondo.
- No es posible canjear acciones del Fondo por acciones de otro subfondo. Por favor, consulte el Folleto para más información.
- La información sobre la política de remuneración de Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) está disponible enhttp://www.mdo-manco.com/remuneration-policy e incluye: (a) una descripción de cómo se calculan la remuneración y los beneficios; y (b) la identidad de las personas responsables de conceder la remuneración y los beneficios. Se puede obtener una copia impresa gratuita de esta información en Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) en 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.
Este Fondo y Waystone Management Company (Lux) SA (anteriormente nombrado MDO Management Company) están autorizados en Luxemburgo y están supervisados por la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 15/07/2022. | # Practical information
- The Fund is subject to taxation legislation in Luxembourg, which may have an impact on your personal tax position as an investor in the Fund.
- This key investor information document describes one share class of one sub-fund of the Company. The assets and liabilities of each sub-fund are held with Citibank Europe plc (Luxembourg Branch) and are legally segregated from the assets of other sub-funds of the Company.
- Additional information related to the Fund is located in the prospectus which is produced in an official language of the jurisdictions in which the Fund is registered for public sale. The prospectus is available together with the most recent financial statements, information on other share classes and the latest prices of shares free of charge at www.man.com.
- Waystone Management Company (Lux) SA (formerly named MDO Management Company) may be held liable solely on the basis of anystatement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
- Conversion of shares in the Fund into shares of another sub-fund is not possible. Please refer to the prospectus for further information.
- Details of Waystone Management Company (Lux) SA (formerly named MDO Management Company) Remuneration Policy are available at http://www.mdo-manco.com/remuneration-policy, including: (a) a description of how remuneration and benefits are calculated; and (b) the identity of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, at Waystone Management Company (Lux) SA (formerly named MDO Management Company) at 19 rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.
This Fund and Waystone Management Company (Lux) SA (formerly named MDO Management Company) are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 15/07/2022. | en | es |
DOLFIN3354 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Collateral Management
In the absence of any supervening measures, investment into FDI could give rise to situations where the ICAV is exposed to the credit risk of an FDI counterparty or vice versa. Where appropriate to manage these exposures, collateral management techniques may be required whereby the ICAV posts collateral to and/or receives collateral from an FDI counterparty. The ICAV will seek to identify and mitigate risks linked to the management of collateral, including operational
and legal risks, by risk management procedures employed by the ICAV, and always in compliance with the Central Bank UCITS Regulations and any other relevant regulations. In particular, the European Market Infrastructure Regulation (as further detailed below) (“EMIR”) is specifically focused on the clearing of certain FDI as well as mandatory collateralisation of other FDI. The ICAV will only accept Eligible Collateral. Generally speaking, the ICAV expects any combination of the following techniques for both posting and receiving collateral:
- Title transfer: The ICAV posts collateral by delivering assets to the counterparty whereby title to the assets passes to the counterparty, or receives collateral by taking title to such assets. Where there is title transfer, Eligible Collateral received by the ICAV must be held by the Depositary, or its agent, where the agent is a sub-custodian of the Depositary.
- Pledge: The ICAV posts collateral by granting the counterparty a security interest over assets whose title remains with the ICAV, or receives collateral by taking a security interest over assets whose title remains with the counterparty. Where the ICAV receives collateral by pledge, collateral can be held by a third party custodian which is subject to prudential supervision and unrelated to the provider of the collateral.
- Tripartite: The ICAV posts collateral by delivering assets to a third party depository bank, or receives collateral by having the counterparty deliver assets to such bank. In this case, the depository bank holds such assets segregated from its own balance sheet. The collateral posting and receipt can be by way of title transfer or pledge in this instance. | ## Gestión de garantías
En ausencia de medidas sobrevenidas, la inversión en IFD podría dar lugar a situaciones en las que el ICAV esté expuesto al riesgo de crédito de una contraparte del IFD o viceversa. Cuando sea apropiado para gestionar estas exposiciones, pueden requerirse técnicas de gestión de garantías en las que el ICAV deposita garantías o recibe garantías de una
contraparte de los IFD. El ICAV tratará de identificar y mitigar los riesgos vinculados a la gestión de las garantías, incluidos los riesgos operativos y jurídicos, mediante los procedimientos de gestión de riesgos empleados por el ICAV, y siempre en cumplimiento del Reglamento sobre OICVM del Banco Central y cualquier otra normativa pertinente. En particular, el Reglamento sobre la Infraestructura del Mercado Europeo («EMIR») (como se detalla más adelante) se centra específicamente en la compensación de determinados IFD, así como en la garantía obligatoria para otros IFD. El ICAV solo aceptará Garantías admisibles. En general, el ICAV espera cualquier combinación de las siguientes técnicas tanto para la adjudicación como para la recepción de garantías:
- Transferencia de titularidad: El ICAV deposita la garantía mediante la entrega de activos a la contraparte, por lo que la titularidad de los activos pasa a la contraparte, o recibe la garantía mediante la toma de posesión de dichos activos. En caso de transferencia de la titularidad, la Garantía admisible recibida por el ICAV deberá ser mantenida por el Depositario, o su agente, cuando este sea un subdepositario del Depositario.
- Pignoración: El ICAV constituye una garantía concediendo a la contraparte un interés de garantía sobre los activos cuya titularidad sigue siendo del ICAV, o recibe una garantía tomando un interés de garantía sobre los activos cuya titularidad sigue siendo de la contraparte. Cuando el ICAV recibe la garantía mediante una pignoración, la garantía puede ser mantenida por un depositario independiente que esté sujeto a una supervisión prudencial y no esté relacionado con el proveedor de la garantía.
- Tripartito: El ICAV constituye la garantía mediante la entrega de activos a un banco depositario independiente o recibe la garantía haciendo que la contraparte entregue activos a dicho banco. En este caso, el banco depositario mantiene dichos activos separados de su propio balance. En este caso, la constitución y recepción de la garantía puede ser mediante la transferencia de la titularidad o la pignoración. | ## Collateral Management
In the absence of any supervening measures, investment into FDI could give rise to situations where the ICAV is exposed to the credit risk of an FDI counterparty or vice versa. Where appropriate to manage these exposures, collateral management techniques may be required whereby the ICAV posts collateral to and/or receives collateral from an FDI counterparty. The ICAV will seek to identify and mitigate risks linked to the management of collateral, including operational
and legal risks, by risk management procedures employed by the ICAV, and always in compliance with the Central Bank UCITS Regulations and any other relevant regulations. In particular, the European Market Infrastructure Regulation (as further detailed below) (“EMIR”) is specifically focused on the clearing of certain FDI as well as mandatory collateralisation of other FDI. The ICAV will only accept Eligible Collateral. Generally speaking, the ICAV expects any combination of the following techniques for both posting and receiving collateral:
- Title transfer: The ICAV posts collateral by delivering assets to the counterparty whereby title to the assets passes to the counterparty, or receives collateral by taking title to such assets. Where there is title transfer, Eligible Collateral received by the ICAV must be held by the Depositary, or its agent, where the agent is a sub-custodian of the Depositary.
- Pledge: The ICAV posts collateral by granting the counterparty a security interest over assets whose title remains with the ICAV, or receives collateral by taking a security interest over assets whose title remains with the counterparty. Where the ICAV receives collateral by pledge, collateral can be held by a third party custodian which is subject to prudential supervision and unrelated to the provider of the collateral.
- Tripartite: The ICAV posts collateral by delivering assets to a third party depository bank, or receives collateral by having the counterparty deliver assets to such bank. In this case, the depository bank holds such assets segregated from its own balance sheet. The collateral posting and receipt can be by way of title transfer or pledge in this instance. | en | es |
DOLFIN3355 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The liquidation or winding up of the Fund and/or the closure of the Fund or individual unit classes shall be published by the Management Company according to the statutory provisions in the Grand Duchy of Luxembourg in a Luxembourg daily newspaper and in accordance with the legal provisions of each country in which the units are authorised for public sale. In the event of the liquidation, winding up and/or closure of the Fund, the completion of the liquidation or closure shall also be published in RESA.
If circumstances arise leading to the liquidation or winding up of the Fund and/or the closure of the Fund or a unit class, the issue and redemption of units shall be suspended on the date of resolution. If equal treatment of unitholders can be ensured, units may be redeemed up to liquidation or winding up/closure. The Depositary shall distribute the liquidation proceeds less the liquidation costs and fees among the investors in proportion to their respective holdings at the instruction of the Management Company or, where applicable, the liquidators appointed by the Management Company or Depositary in agreement with the supervisory authorities. Liquidation proceeds which have not been claimed by unitholders by the conclusion of the liquidation proceedings shall be converted into EUR, insofar as this is required by law, and deposited by the Depositary with the Caisse de Consignation in Luxembourg for the account of the entitled unitholders. These amounts shall be forfeited if not claimed within the statutory time limit.
- Neither unitholders nor their heirs or legal successors may apply for the winding up or splitting of the Fund, or the merging of the Fund with another UCITS or the inclusion of another UCITS. | Die Liquidation oder Auflösung des Fonds und/oder die Schließung des Fonds oder einzelner Anteilklassen wird von der Verwaltungsgesellschaft gemäß den gesetzlichen Bestimmungen im Großherzogtum Luxemburg in einer luxemburgischen Tageszeitung und außerdem gemäß den gesetzlichen Bestimmungen der Länder, in denen die Anteile für den öffentlichen Vertrieb zugelassen sind, veröffentlicht. Im Fall der Liquidation, Auflösung und/oder Schließung des Fonds wird der Abschluss der Liquidation oder Schließung ebenfalls im RESA veröffentlicht.
Treten Umstände ein, die zur Liquidation oder Auflösung des Fonds und/oder zur Schließung des Fonds oder einer Anteilklasse führen, werden die Ausgabe und die Rücknahme von Anteilen am Tag der Beschlussfassung ausgesetzt. Sofern die Gleichbehandlung der Anteilinhaber gewährleistet ist, können Anteile bis zur Liquidation oder Auflösung/Schließung zurückgenommen werden. Die Verwahrstelle verteilt den Liquidationserlös, abzüglich der Liquidationskosten und Honorare, auf Anweisung der Verwaltungsgesellschaft oder gegebenenfalls der von der Verwaltungsgesellschaft oder der Verwahrstelle im Einvernehmen mit der Aufsichtsbehörde ernannten Liquidatoren unter den Anlegern nach deren Anspruch. Liquidationserlöse, die nach Abschluss des Liquidationsverfahrens von Anteilinhabern nicht eingefordert wurden, werden, sofern gesetzlich vorgeschrieben, in EUR umgerechnet und von der Verwahrstelle für Rechnung der berechtigten Anteilinhaber bei der Caisse de Consignation in Luxemburg hinterlegt. Diese Beträge verfallen, wenn sie nicht innerhalb der gesetzlichen Frist geltend gemacht werden.
- Weder Anteilinhaber noch deren Erben oder Rechtsnachfolger können eine Auflösung oder Teilung des Fonds oder die Zusammenlegung des Fonds mit einem anderen OGAW oder die Aufnahme eines anderen OGAW beantragen. | The liquidation or winding up of the Fund and/or the closure of the Fund or individual unit classes shall be published by the Management Company according to the statutory provisions in the Grand Duchy of Luxembourg in a Luxembourg daily newspaper and in accordance with the legal provisions of each country in which the units are authorised for public sale. In the event of the liquidation, winding up and/or closure of the Fund, the completion of the liquidation or closure shall also be published in RESA.
If circumstances arise leading to the liquidation or winding up of the Fund and/or the closure of the Fund or a unit class, the issue and redemption of units shall be suspended on the date of resolution. If equal treatment of unitholders can be ensured, units may be redeemed up to liquidation or winding up/closure. The Depositary shall distribute the liquidation proceeds less the liquidation costs and fees among the investors in proportion to their respective holdings at the instruction of the Management Company or, where applicable, the liquidators appointed by the Management Company or Depositary in agreement with the supervisory authorities. Liquidation proceeds which have not been claimed by unitholders by the conclusion of the liquidation proceedings shall be converted into EUR, insofar as this is required by law, and deposited by the Depositary with the Caisse de Consignation in Luxembourg for the account of the entitled unitholders. These amounts shall be forfeited if not claimed within the statutory time limit.
- Neither unitholders nor their heirs or legal successors may apply for the winding up or splitting of the Fund, or the merging of the Fund with another UCITS or the inclusion of another UCITS. | en | de |
DOLFIN3356 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Actionnaires résidents au Luxembourg et les Actionnaires non-résidents ayant un établissement ou un représentant permanent au Luxembourg auquel les Actions sont imputables, sont assujettis à l’impôt sur le patrimoine net au Luxembourg sur lesdites Actions, à moins que l’Actionnaire soit (i) un contribuable individuel résident ou non résident, (ii) un OPC régi par la Loi, (iii) une société de titrisation régie par la Loi 22 mars 2004 relative à la titrisation, telle qu’amendée, (iv) une société régie par la Loi du 15 juin 2004 relative aux sociétés d’investissement en capital à risque, telle qu’amendée, (v) un fonds d’investissement spécialisé régi par la Loi du 13 février 2007, telle qu’amendée, (vi) une institution de prévoyance professionnelle régie par la Loi datée du 13 juillet 2005, telle qu’amendée, (vii) une société de gestion de patrimoine familiale régie par la Loi du 11 mai 2007, telle qu’amendée, ou (viii) un fonds d’investissement alternatif réservé régi par la Loi du 23 juillet 2016.
Toutefois, (i) une société de titrisation régie par la Loi 22 mars 2004 relative à la titrisation, telle qu’amendée, (ii) une société régie par la Loi du 15 juin 2004 relative aux sociétés d’investissement en capital à risque, telle qu’amendée, (iii) une institution de prévoyance professionnelle régie par la Loi datée du 13 juillet 2005, telle qu’amendée, et (iv) un fonds d’investissement alternatif réservé traité comme une société d’investissement en capital à risque et régi par la Loi du 23 juillet 2016 restent assujettis à un impôt minimum sur le patrimoine net.
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## Taxe sur la valeur ajoutée | Los Accionistas residentes en Luxemburgo y los Accionistas no residentes en Luxemburgo que cuenten con un establecimiento permanente o con un representante permanente en Luxemburgo a los que se le atribuyan las Acciones, están sujetos al impuesto sobre el patrimonio neto de Luxemburgo sobre dichas Acciones, a menos que el Accionista sea (i) residente o no residente contribuyente particular, (ii) un OIC regulado por la Ley, (iii) una sociedad de titulización regulada por la ley modificada de 22 de marzo de 2004 sobre titulización, (iv) una sociedad regulada por la ley modificada de 15 de junio de 2004 sobre instrumentos de capital de riesgo, (v) un fondo de inversión especializado regulado por la ley de 13 de febrero de 2007, en su versión modificada, (vi) un organismo de pensiones profesional regulado por la ley modificada de 13 de julio de 2005, (vii) una empresa familiar de gestión patrimonial regida por la ley modificada de 11 de mayo de 2007, o (viii) un fondo reservado de inversión alternativa regulado por la ley de 23 de julio de 2016.
Sin embargo, (i) una sociedad de titulización regulada por la ley modificada de 22 de marzo de 2004 sobre titulización, (ii) una sociedad regulada por la ley modificada de 15 de junio de 2004 sobre instrumentos de capital de riesgo, (iii) un organismo de pensiones profesional regido por la ley de 13 de julio de 2005, y (iv) un fondo reservado de inversión alternativa que se trata como un capital de riesgo regulado por la ley de 23 de julio de 2016, sigue sujeto al impuesto mínimo sobre el patrimonio neto.
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## Impuesto sobre el valor añadido | Les Actionnaires résidents au Luxembourg et les Actionnaires non-résidents ayant un établissement ou un représentant permanent au Luxembourg auquel les Actions sont imputables, sont assujettis à l’impôt sur le patrimoine net au Luxembourg sur lesdites Actions, à moins que l’Actionnaire soit (i) un contribuable individuel résident ou non résident, (ii) un OPC régi par la Loi, (iii) une société de titrisation régie par la Loi 22 mars 2004 relative à la titrisation, telle qu’amendée, (iv) une société régie par la Loi du 15 juin 2004 relative aux sociétés d’investissement en capital à risque, telle qu’amendée, (v) un fonds d’investissement spécialisé régi par la Loi du 13 février 2007, telle qu’amendée, (vi) une institution de prévoyance professionnelle régie par la Loi datée du 13 juillet 2005, telle qu’amendée, (vii) une société de gestion de patrimoine familiale régie par la Loi du 11 mai 2007, telle qu’amendée, ou (viii) un fonds d’investissement alternatif réservé régi par la Loi du 23 juillet 2016.
Toutefois, (i) une société de titrisation régie par la Loi 22 mars 2004 relative à la titrisation, telle qu’amendée, (ii) une société régie par la Loi du 15 juin 2004 relative aux sociétés d’investissement en capital à risque, telle qu’amendée, (iii) une institution de prévoyance professionnelle régie par la Loi datée du 13 juillet 2005, telle qu’amendée, et (iv) un fonds d’investissement alternatif réservé traité comme une société d’investissement en capital à risque et régi par la Loi du 23 juillet 2016 restent assujettis à un impôt minimum sur le patrimoine net.
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## Taxe sur la valeur ajoutée | fr | es |
DOLFIN3357 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $4590 | $4700 |
| Rendement annuel moyen | -54.10% | -14.02% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $7040 | $6880 |
| Rendement annuel moyen | -29.60% | -7.21% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $9680 | $11100 |
| Rendement annuel moyen | -3.20% | 2.11% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11560 | $13290 |
| Rendement annuel moyen | 15.60% | 5.85% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $4590 | $4700 |
| Rendimiento medio cada año | -54.10% | -14.02% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $7040 | $6880 |
| Rendimiento medio cada año | -29.60% | -7.21% |
| Moderado | Lo que podría recibir tras deducir los costes | $9680 | $11100 |
| Rendimiento medio cada año | -3.20% | 2.11% |
| Favorable | Lo que podría recibir tras deducir los costes | $11560 | $13290 |
| Rendimiento medio cada año | 15.60% | 5.85% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $4590 | $4700 |
| Rendement annuel moyen | -54.10% | -14.02% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $7040 | $6880 |
| Rendement annuel moyen | -29.60% | -7.21% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $9680 | $11100 |
| Rendement annuel moyen | -3.20% | 2.11% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11560 | $13290 |
| Rendement annuel moyen | 15.60% | 5.85% | | fr | es |
DOLFIN3358 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investing in emerging markets and less developed markets securities poses risks different from, and/or greater than, risks of investing in the securities of developed countries. These risks include; smaller market-capitalisation of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign Investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalisation or the creation of government monopolies. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging and less developed countries.
Although many of the emerging and less developed market securities in which a Fund may invest are traded on securities exchanges, they may trade in limited volume and may encounter settlement systems that are less well organised than those of developed markets. Supervisory authorities may also be unable to apply standards that are comparable with those in developed markets. Thus there may be risks that settlement may be delayed and that cash or securities belonging to the relevant Fund may be in jeopardy because of failures of or defects in the systems or because of defects in the administrative operations of counterparties. Such counterparties may lack the substance or financial resources of similar counterparties in a developed market. There may also be a danger that competing claims may arise in respect of securities held by or to be transferred to the Fund and compensation schemes may be non-existent or limited or inadequate to meet the Fund's claims in any of these events.
Additional risks of emerging market securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organised and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition taxation of interest and capital gains received by non-residents varies among emerging and less developed markets and, in some cases may be comparatively high. There may also be less well- defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting investment activities or valuing assets.
For specific risks related to holding Chinese shares, please refer to “Risks Relating to Investments in the China Market” later in this section.
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#### Specific Risks Linked to Securities Lending and Repurchase Transactions | Un investissement dans des titres des marchés émergents et moins développés comporte des risques différents de et/ou supérieurs à un investissement dans des titres de pays développés. Ces risques comprennent notamment une plus faible capitalisation des marchés des titres, qui peuvent traverser des périodes d’illiquidité relative, une volatilité significative des prix, des restrictions aux investissements étrangers et les éventuels rapatriements de revenu et capital. Les Investisseurs étrangers peuvent en outre se trouver dans l’obligation de déclarer les produits des ventes et les perspectives de crises économiques ou politiques pourraient aboutir à des contrôles des prix, des fusions imposées, des expropriations ou une fiscalité confiscatoire, des saisies, des nationalisations ou la création de monopoles d’État.
L’inflation et les fluctuations rapides des taux d’inflation ont eu par le passé et pourraient continuer à avoir des conséquences néfastes sur les économies et les marchés des titres de certains pays émergents et moins développés.
Si les titres des marchés émergents et moins développés dans lesquels un Compartiment peut investir sont pour la plupart négociés sur des Bourses de valeurs, ils peuvent l’être dans des volumes restreints et dans le cadre de systèmes de règlement moins organisés que ceux des marchés développés. Il se peut par ailleurs que les autorités de contrôle ne soient pas en mesure d’appliquer des normes identiques à celles en vigueur sur les marchés développés. Des retards de règlement ne sont dès lors pas exclus, et le risque existe que les liquidités ou les titres du Compartiment concerné soient menacés en raison de la défaillance desdits systèmes ou des structures administratives des contreparties. Ces contreparties ne sont pas forcément aussi solides (financièrement notamment) que leurs équivalents dans les marchés développés. Le risque existe par ailleurs que naissent des intérêts contradictoires au titre des investissements détenus par le Compartiment ou devant lui être transférés et il peut advenir que les systèmes de compensation soient inexistants, limités ou inadéquats pour préserver les intérêts du Compartiment à cet égard.
Les risques supplémentaires inhérents aux titres des marchés émergents peuvent comprendre : une instabilité politique, sociale et économique accrue, une intervention plus importante de l’État dans l’économie, une réglementation et un contrôle moins stricts de la part des autorités gouvernementales, une absence de techniques de couverture du risque de change, des sociétés nouvellement créées et de petite taille, des divergences au niveau des normes d’audit et de reporting financiers qui peuvent aboutir à un manque d’informations sur les émetteurs, et des systèmes juridiques moins développés. À noter par ailleurs que le taux d’imposition des intérêts et des plus-values perçus par les non-résidents sur les marchés émergents et moins développés varie d’un pays à l’autre, et peut s’avérer extrêmement élevé dans certains cas. De plus, la législation et les procédures fiscales peuvent être moins précises et cette législation peut autoriser l’imposition rétroactive, de sorte que le Compartiment pourrait se voir assujetti à un impôt national qui n’aurait pas été pris en compte dans la conduite des opérations d’investissement et l’évaluation des actifs.
Pour connaître les risques spécifiques liés à la détention d’actions chinoises, veuillez vous reporter au paragraphe
« Risques relatifs aux investissements sur le marché chinois » à suivre dans la présente section.
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#### Risques spécifiques liés aux opérations de prêt de titres et de pension | Investing in emerging markets and less developed markets securities poses risks different from, and/or greater than, risks of investing in the securities of developed countries. These risks include; smaller market-capitalisation of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign Investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalisation or the creation of government monopolies. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging and less developed countries.
Although many of the emerging and less developed market securities in which a Fund may invest are traded on securities exchanges, they may trade in limited volume and may encounter settlement systems that are less well organised than those of developed markets. Supervisory authorities may also be unable to apply standards that are comparable with those in developed markets. Thus there may be risks that settlement may be delayed and that cash or securities belonging to the relevant Fund may be in jeopardy because of failures of or defects in the systems or because of defects in the administrative operations of counterparties. Such counterparties may lack the substance or financial resources of similar counterparties in a developed market. There may also be a danger that competing claims may arise in respect of securities held by or to be transferred to the Fund and compensation schemes may be non-existent or limited or inadequate to meet the Fund's claims in any of these events.
Additional risks of emerging market securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organised and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition taxation of interest and capital gains received by non-residents varies among emerging and less developed markets and, in some cases may be comparatively high. There may also be less well- defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting investment activities or valuing assets.
For specific risks related to holding Chinese shares, please refer to “Risks Relating to Investments in the China Market” later in this section.
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#### Specific Risks Linked to Securities Lending and Repurchase Transactions | en | fr |
DOLFIN3359 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
Distribution share of a sub-fund of DPAM B, a public SICAV under Belgian law. The units of the fund are distribution units, issued in the form of shares, which give right to a dividend. All income earned by the product can be distributed.
## Duration
Indefinite. This product does not have a fixed maturity date.
## Objectives and investment policy
Objective: The objective of the sub-fund is to obtain as high a return as possible by investing mainly in equities of the Pacific Basin (ex-Japan), Canada and Israel. The index is tracked using a passive investment management strategy investing physically and non-synthetically in all securities in the index or a representative sample of these securities, holding each security in a proportion approximately identical to its weight in the index. Each sector is represented in a proportion approximately identical to its weight in the index. The tracking error (standard deviation from the benchmark) is around 1.4%. This is a passively managed sub-fund, which means that the portfolio manager aims to replicate the performance of a benchmark.
Investment policy: The sub-fund invests mainly in equities of Pacific Basin companies (ex-Japan), Canada and Israel (and other analogous transferable securities), warrants, convertible bonds, subscription rights and, on an ancillary basis, cash and cash equivalents.
Derivative products: The sub-fund may, on an optional basis, use derivatives such as options and/or futures contracts (“futures” and/or “forwards”) in order to achieve the investment objectives and/or for risk hedging purposes (hedging or exposure of/to interest rate and credit risks).
Benchmark: MSCI World ex JEU Net Return.
The MSCI website (www.msci.com) contains more detailed information about the MSCI indices.
Subscription/Redemption: All subscription or redemption requests may be made prior to 1:30 pm (Belgian time) on each business day to Banque Degroof Petercam SA.
## Intended Retail Investor
This product is intended for investors with an investment horizon of at least 7 years meet the criteria for access to this share class described in the prospectus and that:
have sufficient knowledge and experience in the markets for equities and funds, and understand the risks of the product
are seeking exposure to the equity markets of companies of the Pacific Basin (ex-Japan), Canada and Israel by broadly replicating an index
are interested in an investment without a sustainable investment objective can suffer a loss of more than 20% per year
## Practical information
Custodian: Banque Degroof Petercam Luxembourg S.A, succursale belge
The Key Information Document describes a share class of the sub-fund DPAM B Equities World ex Japan, Europe & USA Index of the SICAV DPAM B. DPAM B is an undertaking for collective investment in transferable securities
incorporated in Belgium (the Home Member State of the SICAV), which complies with the requirements of Directive 2009/65/EC and which is subject to prudential supervision by the FSMA.
In accordance with the applicable legal provisions, the assets of the sub-fund are segregated from the assets of the other sub-funds of the SICAV, which means that the rights of the investors and other creditors of this sub-fund are limited to the assets thereof.
The prospectus and periodic reports are drawn up for all the sub-funds of the SICAV.
Additional information on the sub-fund is available in the prospectus and in the periodic reports, which can be obtained on request, without charge, from the registered office of the SICAV. These documents (which are produced in French, Dutch and English) as well as more extensive information about this product are available on the website: www.dpamfunds.com (tab 'Publications').
All other practical information, including the most recent net asset value of the shares, is available on the website mentioned above (tab 'Net asset value'). | # Cos’è questo prodotto?
## Tipo
Azioni di distribuzione di un comparto di DPAM B, Sicav pubblica di diritto belga. Le quote del fondo sono quote di distribuzione, emesse sotto forma di azioni, che danno diritto a un dividendo. Tutti i redditi percepiti dal prodotto possono essere distribuiti.
## Durata
A tempo indeterminato. Questo prodotto non ha una data di scadenza fissa.
## Obiettivi e politica di investimento
Obiettivo: Obiettivo del comparto è generare il rendimento più elevato possibile investendo principalmente in azioni del bacino del Pacifico (escl. Giappone), del Canada e di Israele. L'indice è seguito tramite una strategia di gestione passiva che investirà in modo fisico e non sintetico nella totalità o in un campione rappresentativo dei titoli dell'indice, detenendo ogni titolo in proporzione approssimativamente uguale al suo peso nell'indice. Ogni settore è rappresentato in proporzione approssimativamente uguale al suo peso nell'indice. Il tracking error (scostamento rispetto all'indice di riferimento) è nell'ordine dell'1,4%. Il comparto è gestito passivamente, ossia il gestore del portafoglio si prefigge l'obiettivo di replicare la performance di un indice di riferimento.
Politica d'investimento: Il comparto investe principalmente in azioni di società del bacino del Pacifico (escl. Giappone), del Canada e di Israele (e altri valori mobiliari assimilabili ad azioni), warrant, obbligazioni convertibili, diritti di sottoscrizione e in via accessoria in liquidità.
Prodotti derivati: Il comparto può, discrezionalmente, utilizzare prodotti derivati (quali opzioni e/o contratti a termine (“future” e/o “forward”), in un'ottica tanto di realizzazione degli obiettivi d'investimento quanto di copertura dei rischi (copertura o esposizione dei/ai rischi di tasso e di credito).
Indice di riferimento: MSCI World ex JEU Net Return.
Sul sito Internet di MSCI (www.msci.com) sono disponibili informazioni più dettagliate riguardo agli indici MSCI.
Sottoscrizione/rimborso: Le domande di sottoscrizione/rimborso di quote possono essere presentate ogni giorno lavorativo entro le 13:30 (ora del Belgio) presso Banque Degroof Petercam SA.
## Investitori al dettaglio di destinazione
Questo prodotto è destinato agli investitori con un orizzonte d'investimento di almeno 7 anni, che soddisfano i criteri di accesso a questa classe di azioni descritti nel prospetto e che:
hanno una sufficiente conoscenza ed esperienza dei mercati azionari e dei fondi, e comprendono i rischi del prodotto
cercano un'esposizione ai mercati azionari di società del bacino del Pacifico (escl. Giappone), del Canada e di Israele imitando ampiamente un indice
sono interessati a un investimento senza un obiettivo d'investimento sostenibile
possono sopportare una perdita annua superiore al 20%.
## Informazioni pratiche
Depositario: Banque Degroof Petercam Luxembourg S.A, succursale belge
Il Documento contenente le informazioni chiave descrive una classe di azioni del comparto DPAM B Equities World ex Japan, Europe & USA Index della Sicav DPAM B.
DPAM B è un organismo di investimento collettivo in valori mobiliari costituito in Belgio (Stato membro d'origine della SICAV), conforme ai requisiti della Direttiva 2009/65/CE e soggetto al controllo prudenziale della FSMA.
Conformemente alle disposizioni legali applicabili, il patrimonio del comparto è distinto da quello degli altri comparti della SICAV, il che implica in particolare che i diritti degli investitori e di altri creditori di un comparto sono limitati agli attivi di tale comparto.
Il prospetto e le relazioni periodiche sono redatti per tutti i comparti della Sicav.
Ulteriori informazioni sul Fondo sono disponibili nel prospetto informativo e nelle relazioni periodiche, che possono essere richieste gratuitamente presso la sede legale della SICAV. Tali documenti (redatti in francese, neerlandese e inglese) nonché informazioni più dettagliate su questo prodotto sono inoltre disponibili sul sito web: www.dpamfunds.com (scheda “Documentazione”).
Tutte le altre informazioni pratiche, compreso l'ultimo valore patrimoniale netto delle azioni, sono disponibili sul sito web citato (scheda “Valore patrimoniale netto”). | # What is this product?
## Type
Distribution share of a sub-fund of DPAM B, a public SICAV under Belgian law. The units of the fund are distribution units, issued in the form of shares, which give right to a dividend. All income earned by the product can be distributed.
## Duration
Indefinite. This product does not have a fixed maturity date.
## Objectives and investment policy
Objective: The objective of the sub-fund is to obtain as high a return as possible by investing mainly in equities of the Pacific Basin (ex-Japan), Canada and Israel. The index is tracked using a passive investment management strategy investing physically and non-synthetically in all securities in the index or a representative sample of these securities, holding each security in a proportion approximately identical to its weight in the index. Each sector is represented in a proportion approximately identical to its weight in the index. The tracking error (standard deviation from the benchmark) is around 1.4%. This is a passively managed sub-fund, which means that the portfolio manager aims to replicate the performance of a benchmark.
Investment policy: The sub-fund invests mainly in equities of Pacific Basin companies (ex-Japan), Canada and Israel (and other analogous transferable securities), warrants, convertible bonds, subscription rights and, on an ancillary basis, cash and cash equivalents.
Derivative products: The sub-fund may, on an optional basis, use derivatives such as options and/or futures contracts (“futures” and/or “forwards”) in order to achieve the investment objectives and/or for risk hedging purposes (hedging or exposure of/to interest rate and credit risks).
Benchmark: MSCI World ex JEU Net Return.
The MSCI website (www.msci.com) contains more detailed information about the MSCI indices.
Subscription/Redemption: All subscription or redemption requests may be made prior to 1:30 pm (Belgian time) on each business day to Banque Degroof Petercam SA.
## Intended Retail Investor
This product is intended for investors with an investment horizon of at least 7 years meet the criteria for access to this share class described in the prospectus and that:
have sufficient knowledge and experience in the markets for equities and funds, and understand the risks of the product
are seeking exposure to the equity markets of companies of the Pacific Basin (ex-Japan), Canada and Israel by broadly replicating an index
are interested in an investment without a sustainable investment objective can suffer a loss of more than 20% per year
## Practical information
Custodian: Banque Degroof Petercam Luxembourg S.A, succursale belge
The Key Information Document describes a share class of the sub-fund DPAM B Equities World ex Japan, Europe & USA Index of the SICAV DPAM B. DPAM B is an undertaking for collective investment in transferable securities
incorporated in Belgium (the Home Member State of the SICAV), which complies with the requirements of Directive 2009/65/EC and which is subject to prudential supervision by the FSMA.
In accordance with the applicable legal provisions, the assets of the sub-fund are segregated from the assets of the other sub-funds of the SICAV, which means that the rights of the investors and other creditors of this sub-fund are limited to the assets thereof.
The prospectus and periodic reports are drawn up for all the sub-funds of the SICAV.
Additional information on the sub-fund is available in the prospectus and in the periodic reports, which can be obtained on request, without charge, from the registered office of the SICAV. These documents (which are produced in French, Dutch and English) as well as more extensive information about this product are available on the website: www.dpamfunds.com (tab 'Publications').
All other practical information, including the most recent net asset value of the shares, is available on the website mentioned above (tab 'Net asset value'). | en | it |
DOLFIN3360 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests in shares, bonds and money market instruments. The equities portion is between 20% and 65%. Bis 50% der Anlagen können indirekt (über Zielfonds) erfolgen. Die Zielfonds werden gemäss den im Prospekt dargelegten Anforderungen ausgewählt. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with responsibility requirements. The fund is classified under Art. 8 SFDR.
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the tailored benchmark index.* The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Características importantes:
El fondo invierte en acciones, obligaciones e instrumentos del mercado financiero. El porcentaje de acciones es de entre el 20 % y el 65 %. Hasta el 50 % de las inversiones podrán realizarse indirectamente (a través de fondos objetivo). Los fondos objetivo se seleccionan conforme a los requisitos establecidos en el folleto. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios ESG de acuerdo con los requisitos de responsabilidad. El fondo se inscribe en lo dispuesto en el art. 8 SFDR.
Los valores se seleccionan de manera discrecional mediante un proceso de inversión coherente (gestión activa). Sobre la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del índice de referencia personalizado*. La desviación del índice puede ser considerable.
La política de inversión se rige por este índice y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o
mínima, positiva o negativamente, del índice, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
Para alcanzar el objetivo de inversión se pueden emplear derivados.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo.
No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten. | # Important features:
The fund invests in shares, bonds and money market instruments. The equities portion is between 20% and 65%. Bis 50% der Anlagen können indirekt (über Zielfonds) erfolgen. Die Zielfonds werden gemäss den im Prospekt dargelegten Anforderungen ausgewählt. At least 2/3 of the investments are selected by systematically taking into account ESG criteria in accordance with responsibility requirements. The fund is classified under Art. 8 SFDR.
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the tailored benchmark index.* The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | es |
DOLFIN3361 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The reasons for the merger are:
- Carmignac Euro-Entrepreneurs had less than €150 million in assets under management at 31May 2022 and the strategy's development prospects now appear limited;
- Carmignac Euro-Entrepreneurs and Carmignac Portfolio Grande Europe are both managed by the same European equity management team. The main difference between the two funds interms of portfolio management concerns their investment universe, with Carmignac Euro- Entrepreneurs investing mainly in small and mid-cap stocks, whereas Carmignac Portfolio Grande Europe invests mostly in large companies
- A higher performance of Carmignac Portfolio Grande Europe over the last five yearsPerformance of Carmignac Euro Entrepreneurs A EUR AccOver the recommended minimum investment period of 5 years, Carmignac Euro-Entrepreneurs posted a cumulative net performance of +9.78% (compared to +19.25% for the benchmark indicator ) i.e., an annualised performance of +1.88% (compared to +3,58% for the reference indicator) (as of 08/31/2022). | I motivi della fusione sono:
- Al 31 maggio 2022 il patrimonio in gestione di Carmignac Euro-Entrepreneurs era inferiore a 150 milioni di euro e le prospettive di sviluppo della strategia appaiono ora limitate;
- Carmignac Euro-Entrepreneurs e Carmignac Portfolio Grande Europe sono entrambi gestiti dallo stesso team di gestione azionario europeo. La principale differenza tra i due fondi in termini di gestione del portafoglio riguarda il loro universo d'investimento, in quanto Carmignac Euro-Entrepreneurs investe principalmente in azioni di società a media e bassa capitalizzazione, mentre Carmignac Portfolio Grande Europe investe prevalentemente in società di grandi dimensioni
- Una performance più elevata conseguita da Carmignac Portfolio Grande Europe nel corso degliultimi cinque anniPerformance di Carmignac Euro Entrepreneurs A EUR AccNel corso del periodo d'investimento minimo raccomandato di 5 anni, Carmignac Euro-Entrepreneurs ha registrato una performance cumulata netta del +9,78% (rispetto al +19,25% dell'indice di riferimento), ossia una performance annualizzata del +1,88% (rispetto al +3,58% dell'indice di riferimento) (al 31/08/2022). | The reasons for the merger are:
- Carmignac Euro-Entrepreneurs had less than €150 million in assets under management at 31May 2022 and the strategy's development prospects now appear limited;
- Carmignac Euro-Entrepreneurs and Carmignac Portfolio Grande Europe are both managed by the same European equity management team. The main difference between the two funds interms of portfolio management concerns their investment universe, with Carmignac Euro- Entrepreneurs investing mainly in small and mid-cap stocks, whereas Carmignac Portfolio Grande Europe invests mostly in large companies
- A higher performance of Carmignac Portfolio Grande Europe over the last five yearsPerformance of Carmignac Euro Entrepreneurs A EUR AccOver the recommended minimum investment period of 5 years, Carmignac Euro-Entrepreneurs posted a cumulative net performance of +9.78% (compared to +19.25% for the benchmark indicator ) i.e., an annualised performance of +1.88% (compared to +3,58% for the reference indicator) (as of 08/31/2022). | en | it |
DOLFIN3362 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Indicateur de référence : ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index à titre de comparaison.
L’OPC est géré activement et vise à obtenir une performance supérieure à celle son indice de référence. La gestion du fonds est discrétionnaire : le fonds sera principalement exposé aux émetteurs de l’indice de référence et pourra être exposé à des émetteurs non inclus dans l’indice de référence. La stratégie de gestion intègre un suivi de l’écart du niveau de risque du portefeuille par rapport à celui de l’indice. Un écart important/significatif par rapport au niveau de risque de l’indice de référence est anticipé.
La stratégie d’investissement du compartiment consiste à gérer de manière discrétionnaire un portefeuille d’instruments de dettes subordonnées émises principalement par des institutions financières et d'obligations et titres de créances négociables classiques.
L’univers d’investissement initial couvert du compartiment est construit à partir des émetteurs publics et de sociétés financières (banques, compagnies d’assurance, sociétés de services financiers) à l’échelle mondiale qui sont analysées par La Française Sustainable Investment Research (ci-après « Equipe de Recherche ESG ») de l’entité « La Française Group UK Limited » appartenant au groupe La Française. L’analyse des critères Environnementaux, Sociaux et de Gouvernance est effectuée par l’ « Equipe de Recherche ESG » qui a développé un modèle ESG propriétaire et qui permet d’avoir une approche en sélectivité par rapport à l’univers d’investissement initial (Intégration ESG avec un engagement significatif dans la gestion). Le processus d’investissement se fait selon une approche d’intégration ESG avec un engagement significatif dans la gestion. À la fin de ce processus, chaque émetteur privé ou public se voit attribuer un score de zéro (le pire) à 10 (le meilleur). Ce score est le reflet des opportunités d’investissement ou, a contrario, des risques extra-financiers. La part des émetteurs analysés au titre de ces critères ESG dans le portefeuille est supérieure à 90% des titres en portefeuille (en pourcentage de l’actif net du compartiment, hors obligations et autres titres de créance émis par des émetteurs publics ou quasi publics, hors liquidités détenues à titres accessoire et hors actifs solidaires). La première étape de l’analyse extra-financière consiste à identifier les émetteurs devant être préalablement écartés en vertu de la politique d’exclusion du Groupe La Française. Ensuite, sont écartés les 20% des émetteurs privés et 20% des émetteurs publics dont les scores ESG sont les plus faibles de l’univers d’investissement initial couvert. La méthodologie qui a été retenue par la société de gestion sur la prise en compte de critères extra-financiers peut présenter une limite liée à la qualité des informations collectées et la | ## Indicador de referencia: ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index a efectos comparativos.
El OIC se gestiona activamente y tiene como objetivo superar su índice de referencia. La gestión del fondo es discrecional: el fondo estará expuesto principalmente a emisores del índice de referencia y podrá estar expuesto a emisores no incluidos en el índice de referencia. La estrategia de gestión incorpora el seguimiento de la desviación del nivel de riesgo de la cartera en comparación con la del índice. Se espera una desviación importante/significativa del nivel de riesgo del índice de referencia.
La estrategia de inversión del subfondo consiste en gestionar de manera discrecional una cartera de instrumentos de deuda subordinada emitidos principalmente por instituciones financieras y de obligaciones y títulos de crédito negociables clásicos. El universo de inversión inicial cubierto del subfondo se construye a partir de emisores públicos y sociedades financieras (bancos, compañías de seguros o empresas de servicios financieros) a escala global que son objeto de un análisis por parte de La Française Sustainable Investment Research (en adelante, «equipo de investigación de ESG») de la entidad “La Française Group UK Limited”, perteneciente al Grupo La Française. El análisis de los criterios ambientales, sociales y de gobernanza lo realiza el «equipo de investigación de ESG», el cual ha desarrollado un modelo ESG propio que permite adoptar un enfoque de selectividad en relación con el universo de inversión inicial (integración de ESG con un nivel significativo de compromiso en la gestión). El proceso de inversión se lleva a cabo utilizando un enfoque de integración de los criterios ESG con un nivel significativo de compromiso en la gestión. Al final de este proceso, a cada emisor privado o público se le asigna una puntuación de 0 (la mínima) a 10 (la máxima). Esta calificación refleja las oportunidades de inversión o, por el contrario, los riesgos extrafinancieros. La proporción de emisores analizados según estos criterios ESG en la cartera es superior al 90 % de los valores de la cartera (como porcentaje del activo neto del subfondo, sin incluir las obligaciones y otros títulos de crédito emitidos por emisores públicos o cuasipúblicos, la liquidez mantenida con carácter accesorio y los activos solidarios). El primer paso del análisis extrafinanciero consiste en identificar los emisores que deben ser excluidos de antemano conforme a la política de exclusión del Grupo La Française. A continuación, se excluye el 20 % de los emisores privados y el 20 % de los emisores públicos con las puntuaciones ESG más bajas en el universo de inversión inicial cubierto. La metodología adoptada por la sociedad de gestión para tener en cuenta criterios extrafinancieros puede presentar un límite que | ## Indicateur de référence : ICE Bofa Merill Lynch Contingent Capital Euro Hedged Total Return Index à titre de comparaison.
L’OPC est géré activement et vise à obtenir une performance supérieure à celle son indice de référence. La gestion du fonds est discrétionnaire : le fonds sera principalement exposé aux émetteurs de l’indice de référence et pourra être exposé à des émetteurs non inclus dans l’indice de référence. La stratégie de gestion intègre un suivi de l’écart du niveau de risque du portefeuille par rapport à celui de l’indice. Un écart important/significatif par rapport au niveau de risque de l’indice de référence est anticipé.
La stratégie d’investissement du compartiment consiste à gérer de manière discrétionnaire un portefeuille d’instruments de dettes subordonnées émises principalement par des institutions financières et d'obligations et titres de créances négociables classiques.
L’univers d’investissement initial couvert du compartiment est construit à partir des émetteurs publics et de sociétés financières (banques, compagnies d’assurance, sociétés de services financiers) à l’échelle mondiale qui sont analysées par La Française Sustainable Investment Research (ci-après « Equipe de Recherche ESG ») de l’entité « La Française Group UK Limited » appartenant au groupe La Française. L’analyse des critères Environnementaux, Sociaux et de Gouvernance est effectuée par l’ « Equipe de Recherche ESG » qui a développé un modèle ESG propriétaire et qui permet d’avoir une approche en sélectivité par rapport à l’univers d’investissement initial (Intégration ESG avec un engagement significatif dans la gestion). Le processus d’investissement se fait selon une approche d’intégration ESG avec un engagement significatif dans la gestion. À la fin de ce processus, chaque émetteur privé ou public se voit attribuer un score de zéro (le pire) à 10 (le meilleur). Ce score est le reflet des opportunités d’investissement ou, a contrario, des risques extra-financiers. La part des émetteurs analysés au titre de ces critères ESG dans le portefeuille est supérieure à 90% des titres en portefeuille (en pourcentage de l’actif net du compartiment, hors obligations et autres titres de créance émis par des émetteurs publics ou quasi publics, hors liquidités détenues à titres accessoire et hors actifs solidaires). La première étape de l’analyse extra-financière consiste à identifier les émetteurs devant être préalablement écartés en vertu de la politique d’exclusion du Groupe La Française. Ensuite, sont écartés les 20% des émetteurs privés et 20% des émetteurs publics dont les scores ESG sont les plus faibles de l’univers d’investissement initial couvert. La méthodologie qui a été retenue par la société de gestion sur la prise en compte de critères extra-financiers peut présenter une limite liée à la qualité des informations collectées et la | fr | es |
DOLFIN3363 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Performance Period shall be each Financial Year except:
- that where the Net Asset Value per Share (before deduction of any performance fee paid or payable in respect of such Performance Period) as at the end of that Financial Year is lower than the High Water Mark, the commencement of the Performance Period will remain the date of that High Water Mark;
- that if a performance fee is introduced in relation to a Fund during a Financial Year, then its first Performance Period will commence on the date on which such fee is introduced and the High Water Mark shall be the Net Asset Value per Share on the date of such introduction; and
- where a Performance Period ends during a Financial Year. | Une Période de performance correspondra à un Exercice, sauf :
- si la Valeur liquidative par Action (avant déduction de toute commission de surperformance versée ou due au titre de ladite Période de performance) à la fin de l’Exercice est inférieure au High Water Mark, le début de la Période de performance restera la date du High Water Mark ;
- si une commission de surperformance est introduite pour un Compartiment en cours d’Exercice, la première Période de performance débutera alors à la date d’introduction de cette commission et le High Water Mark correspondra à la Valeur liquidative par Action à cette date d’introduction ; et
- si la Période de performance se termine en cours d’Exercice. | A Performance Period shall be each Financial Year except:
- that where the Net Asset Value per Share (before deduction of any performance fee paid or payable in respect of such Performance Period) as at the end of that Financial Year is lower than the High Water Mark, the commencement of the Performance Period will remain the date of that High Water Mark;
- that if a performance fee is introduced in relation to a Fund during a Financial Year, then its first Performance Period will commence on the date on which such fee is introduced and the High Water Mark shall be the Net Asset Value per Share on the date of such introduction; and
- where a Performance Period ends during a Financial Year. | en | fr |
DOLFIN3364 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The sub-fund Bantleon Opportunities L invests its assets in the following securities, which have at least an investment grade rating by »Standard & Poor’s« (»BBB-«), »Fitch« (»BBB-«) or »Moody’s« (»Baa3«) at the time of acquisition. Where ratings from different rating agencies differ, the lowest rating takes precedence.
- Government bonds issued by a central government or a central bank of a country.
- Bonds issued by a regional government or a regional authority of an OECD country.
- Bonds of a fund of an OECD country.
- Bonds of issuers that are guaranteed by an OECD country.
- Bonds issued by a supranational institution.
- Bonds from public issuers, issuers governed by public law or similar issuers in accordance with Annex I.
- Covered bonds issued by credit institutions domiciled in the European Union, Norway or the United Kingdom of Great Britain and Northern Ireland.
- Bonds issued by credit institutions and corporates based in an OECD country. | Der Teilfonds Bantleon Opportunities S legt sein Vermögen in Wertpapieren der nachstehenden Kategorien an, die zum Zeitpunkt des Erwerbs mindestens über ein Investment-Grade-Rating von »Standard & Poor’s« (»BBB-«), »Fitch« (»BBB-«) oder »Moodys« (»Baa3«) verfügen. Im Fall abweichender Ratings der Ratingagenturen ist das niedrigste Rating massgeblich.
- Staatsanleihen, die von einer Zentralregierung oder einer Zentralnotenbank eines Staates begeben wurden.
- Anleihen einer Regionalregierung oder Gebietskörperschaft eines OECD-Staates.
- Anleihen eines Sondervermögens von einem OECD-Staat.
- Anleihen von Emittenten, die über eine Garantie eines OECD-Staates verfügen.
- Anleihen, die von einer supranationalen Einrichtung emittiert wurden.
- Anleihen von öffentlichen, öffentlich-rechtlichen und ähnlichen Emittenten gemäss Anhang I.
- Gedeckte Schuldverschreibungen von Kreditinstituten mit Sitz in der Europäischen Union, in Norwegen oder im Vereinigten Königreich Grossbritannien und Nordirland.
- Anleihen von Kreditinstituten und Unternehmen mit Sitz in einem OECD-Staat. | The sub-fund Bantleon Opportunities L invests its assets in the following securities, which have at least an investment grade rating by »Standard & Poor’s« (»BBB-«), »Fitch« (»BBB-«) or »Moody’s« (»Baa3«) at the time of acquisition. Where ratings from different rating agencies differ, the lowest rating takes precedence.
- Government bonds issued by a central government or a central bank of a country.
- Bonds issued by a regional government or a regional authority of an OECD country.
- Bonds of a fund of an OECD country.
- Bonds of issuers that are guaranteed by an OECD country.
- Bonds issued by a supranational institution.
- Bonds from public issuers, issuers governed by public law or similar issuers in accordance with Annex I.
- Covered bonds issued by credit institutions domiciled in the European Union, Norway or the United Kingdom of Great Britain and Northern Ireland.
- Bonds issued by credit institutions and corporates based in an OECD country. | en | de |
DOLFIN3365 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
* Refer to point f) of the statement of net assets
** Refer to point d) of the statement of net assets
BREAKDOWN OF OTHER ASSETS FALLING UNDER E) OF THE SECURITIES PORTFOLIO, BY TYPE | * Consultare il punto f) dello stato patrimoniale
** Consultare il punto d) dello stato patrimoniale
RIPARTIZIONE DELLE ALTRE ATTIVITÀ DI CUI AL PUNTO E) DEL PORTAFOGLIO TITOLI, PER TIPOLOGIA | * Refer to point f) of the statement of net assets
** Refer to point d) of the statement of net assets
BREAKDOWN OF OTHER ASSETS FALLING UNDER E) OF THE SECURITIES PORTFOLIO, BY TYPE | en | it |
DOLFIN3366 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The above ceilings do not apply in respect of transferable securities or money market instruments issued or guaranteed by a Member State, its local authorities, any other Eligible Investment Country or a public international body of which one or more Member States are members.
- subject to the following paragraph, the combination of the following instruments would exceed 20% of the net assets of any Fund:
- transferable securities or money market instruments issued by a single body; and/or
- deposits made with the same body; and/or
- exposures arising from OTC Derivative transactions undertaken with the same body. | Die oben aufgeführten Obergrenzen gelten nicht für übertragbare Wertpapiere oder Geldmarktinstrumente, die durch einen Mitgliedsstaat, seine Gebietskörperschaften, ein anderes zulässiges Anlageland oder eine öffentliche internationale Institution, der ein oder mehrere Mitgliedsstaaten angehören, ausgegeben oder garantiert werden.
- vorbehaltlich des folgenden Absatzes eine Kombination der folgenden Instrumente 20 % des Nettovermögens eines Fonds übersteigen würde:
- übertragbare Wertpapiere oder Geldmarktinstrumente, die durch eine einzelne Einrichtung ausgegeben werden;
- Einlagen bei dieser Einrichtung; und/oder
- Risiken aus außerbörslichen Derivattransaktionen mit dieser Einrichtung. | The above ceilings do not apply in respect of transferable securities or money market instruments issued or guaranteed by a Member State, its local authorities, any other Eligible Investment Country or a public international body of which one or more Member States are members.
- subject to the following paragraph, the combination of the following instruments would exceed 20% of the net assets of any Fund:
- transferable securities or money market instruments issued by a single body; and/or
- deposits made with the same body; and/or
- exposures arising from OTC Derivative transactions undertaken with the same body. | en | de |
DOLFIN3367 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A Fund may use total return swaps to, inter alia, replicate the exposure of an index or to swap the performance of one or more instruments into a stream of fixed or variable rate cash- flows. In such cases, the counterparty to the transaction will be a counterparty approved and monitored by the Management Company. At no time will a counterparty in a transaction have discretion over the composition or the management of the Fund’s investment portfolio or over the underlying asset of the total return swap.
-
###### General Risk associated with OTC Transactions | Ein Fonds kann Total Return Swaps einsetzen, um unter anderem das Engagement eines Indexes nachzubilden oder die Wertentwicklung eines oder mehrerer Instrumente in einen Strom fest oder variabel verzinslicher Cashflows zu tauschen. In solchen Fällen ist die Gegenpartei der Transaktion eine von der Verwaltungsgesellschaft genehmigte und überwachte Gegenpartei. Die Gegenpartei hat zu keinem Zeitpunkt Entscheidungsbefugnis hinsichtlich der Zusammensetzung oder der Verwaltung des Anlageportfolios des Fonds oder des Basiswerts des Total Return Swaps.
-
###### Allgemeines Risiko in Verbindung mit OTC- Geschäften | A Fund may use total return swaps to, inter alia, replicate the exposure of an index or to swap the performance of one or more instruments into a stream of fixed or variable rate cash- flows. In such cases, the counterparty to the transaction will be a counterparty approved and monitored by the Management Company. At no time will a counterparty in a transaction have discretion over the composition or the management of the Fund’s investment portfolio or over the underlying asset of the total return swap.
-
###### General Risk associated with OTC Transactions | en | de |
DOLFIN3368 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Global Equity Index Putwrite Fund
## Rapport du Gestionnaire d’investissement
Pour le semestre clôturé le 30 juin 2021, le rendement total de la Catégorie de capitalisation I en USD était de 8,36 %. Sur la même période, l’Indice composite1 a enregistré un rendement de 10,05 %. (Les données de performance représentent la performance passée et ne sauraient être indicatives des résultats futurs. Les rendements totaux indiqués tiennent compte du réinvestissement des dividendes et autres distributions, le cas échéant.)
Un autre bon trimestre pour les marchés actions américains a permis au S&P 500 d’enregistrer son meilleur premier semestre depuis 1998. De concert, les marchés internationaux ont enregistré des plus-values similaires sur le trimestre, les indices MSCI EAFE et EM ayant respectivement progressé de 9,17 % et de 7,58 %. L’une des explications possibles à ces rendements vigoureux du marché actions semble assez simple : c’est là que l’argent est allé. Selon Goldman Sachs, les flux des fonds actions mondiaux sur le premier semestre 2021 sont les plus élevés jamais enregistrés depuis 1996. À 517 milliards d’USD, les flux se sont avérés plus de 2,5 fois supérieurs au précédent haut enregistré en 2017. Le chiffre est stupéfiant et il est difficile de ne pas tenir compte de son impact sur les cours des actions. Avec 125 jours de négociation au premier semestre 2021, cela représente environ 4 milliards d’USD en termes de demande quotidienne moyenne. Depuis le début de l’année, l’indice MSCI ACWI a enregistré une hausse notable de 12,56 % et l’indice S&P 500 a progressé de 15,25 %.
Au cours du semestre clôturé le 30 juin 2021, les expositions aux marchés développés américains, non américains et émergents, ont toutes contribué à la performance du Portefeuille. Depuis le début de l’année, la stratégie PutWrite de l’indice US Equity a produit un rendement positif de 11,19 % et enregistre une sous-performance de -58 pb par rapport au rendement du CBOE S&P 500 PutWrite (« PUT »), lequel s’est établi à 11,77 %. De plus, la stratégie de roulement hebdomadaire du CBOE S&P 500 One-Week PutWrite est à la traîne de -487 pb par rapport au roulement mensuel du PUT. Sur la même période, la stratégie PutWrite de l’indice Non-US Developed a enregistré une plus-value de 7,13 %, bien qu’avec un retard de -263 pb par rapport au rendement de l’indice CBOE MSCI EAFE PutWrite, établi à 9,76 %. Depuis le début de l’année, la stratégie PutWrite de l’indice Emerging Market a progressé de 4,92 %, mais accuse un léger retard de 8 pb sur le rendement établi à 5,00 % de l’indice CBOE MSCI EM PutWrite. Les avoirs en garantie du Portefeuille ont continué de servir une contribution positive à la performance globale.
Tandis que les niveaux de volatilité implicite continuent de s’alléger à l’échelle mondiale, les niveaux de volatilité réalisée poursuivent leur recul, ce qui donne lieu à des primes de volatilité implicite intéressantes. Alors que le rétablissement des marchés se poursuit depuis 2020, nous prévoyons que les primes continueront de se normaliser, tandis que les niveaux de volatilité globale restent élevés par rapport à des bas historiques observés dans les années antérieures à la pandémie. Cependant, comme nous l’avons écrit par le passé, la normale va sembler volatile par rapport à la tranquillité des périodes qui ont précédé la pandémie de COVID-19. Pour l’avenir, les marchés de la volatilité continueront de prendre en compte des niveaux de volatilité implicite plus élevés pour le second semestre 2021 et le début de 2022. Les sources potentielles de volatilité abondent, et il est peu probable que les mécanismes de contrôle économique offrent leurs niveaux d’efficacité historiques.
Dans l’ensemble, la performance du Portefeuille continue de bénéficier des plus-values saines des marchés actions et de niveaux de volatilité élevés, avec des rendements à deux chiffres au cours du premier semestre 2021. Concernant le second semestre et l’horizon 2022, nous pensons que notre stratégie joue sur ses points forts et est en mesure de rester compétitive par rapport à la plupart des expositions aux classes d’actifs. Après de nombreuses années à aiguiser un bilan honorable, nous pensons que nos « acteurs incontournables » sont enfin « en pleine forme », ce qui rend les « retouches » tactiques risquées.
1L’Indice de référence composite est pondéré à 50 % CBOE S&P 500 PutWrite / à 35 % CBOE MSCI EAFE PutWrite / à 15 % CBOE MSCI Emerging Markets PutWrite.
RAPPORT INTÉRIMAIRE 2021 519
ÉTATS FINANCIERS BILAN | # Neuberger Berman Global Equity Index Putwrite Fund
## Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el semestre finalizado el 30 de junio de 2021 ascendió al 8,36%. Durante el mismo periodo, el Índice de referencia combinado1 se anotó una rentabilidad del 10,05%. (Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
Otro buen trimestre para las Bolsas estadounidenses ha permitido que el S&P 500 alcance su mejor primer semestre desde 1998. Los mercados internacionales se anotaron ganancias similares de manera concertada durante el trimestre, al apreciarse los índices MSCI EAFE y EM un 9,17% y 7,58%, respectivamente. Parece que estas ganancias tan abultadas de la Bolsa se deben sencillamente a que es allí donde se destinó el dinero. Según Goldman Sachs, los flujos destinados a fondos de renta variable global durante el primer semestre de 2021 alcanzaron un máximo récord no visto desde 1996. Los flujos, situados en 517.000 millones de dólares, se multiplicaron por más de 2,5 respecto al máximo anterior alcanzado en 2017, una cifra asombrosa cuyo impacto en los precios de las acciones es difícil de predecir. Con 125 días de negociación en el primer semestre de 2021, esto supone una demanda diaria media de aprox. 4.000 millones de dólares. En el año hasta la fecha, el MSCI ACWI Index se ha anotado una apreciable alza del 12,56%, mientras que el S&P 500 Index ha repuntado un 15,25%.
En el periodo semestral cerrado a 30 de junio de 2021, las exposiciones a mercados desarrollados no estadounidenses y mercados emergentes contribuyeron a la rentabilidad de la Cartera. En lo que va de año, la estrategia US Equity Index PutWrite ha arrojado una ganancia del 11,19%, quedándose ligeramente rezagada respecto a la rentabilidad del CBOE S&P 500 PutWrite (“PUT”), que alcanzó el 11,77% (58 pb menos). Por otro lado, la estrategia renovable semanal CBOE S&P 500 One-Week PutWrite se quedó rezagada respecto a la estrategia renovable mensual de la PUT en -487 pb.
Durante el mismo periodo, la estrategia Non-US Developed Index PutWrite ha ganado un 7,13% aunque le costó seguir el ritmo del CBOE MSCI EAFE PutWrite Index, que arrojó una rentabilidad del 9,76% (263 pb menos). En lo que va de año, la estrategia Emerging Market Index PutWrite ha escalado hasta el 4,92%, aunque se quedó algo a la zaga del CBOE MSCI EM PutWrite Index, que tuvo una rentabilidad del 5% (8 pb menos). Las posiciones colaterales de la Cartera continuaron contribuyendo de forma favorable a la rentabilidad general.
Aunque los niveles de volatilidad implícita siguen descendiendo a escala mundial, los niveles de volatilidad materializada no dejan de retroceder, lo que produce unas primas de volatilidad implícita atractivas. A medida que los mercados van remontando desde el parón de 2020, prevemos que las primas seguirán normalizándose, aunque los niveles generales de volatilidad siguen siendo elevados en relación con los niveles históricamente bajos observados en los años previos a la pandemia. Sin embargo, como hemos escrito en ocasiones anteriores, lo normal va a ser experimentar volatilidad comparado con los periodos tranquilos anteriores a la pandemia por COVID-19. De cara al futuro, los mercados de volatilidad siguen descontando niveles más altos de volatilidad implícita para el segundo semestre de 2021 y principios de 2022. Las fuentes potenciales de volatilidad abundan y es poco probable que los mecanismos de control económico ofrezcan sus niveles históricos de eficacia.
En definitiva, la cartera continúa beneficiándose de las saludables ganancias de las Bolsas y de los elevados niveles de volatilidad, al captar rentabilidades de dos dígitos en el transcurso del primer semestre de 2021. Cuando examinamos las perspectivas del segundo semestre y de 2022, creemos que nuestra estrategia está jugando sus bazas y está en condiciones de seguir siendo competitiva frente a la mayoría de exposiciones a clases de activos. Después de muchos años forjándose un historial respetable, creemos que nuestras "empresas franquiciadas" por fin se encuentran en "plena forma", lo que hace arriesgada la táctica de hacer "retoques".
1 El índice de referencia combinado se compone de un 50% del CBOE S&P 500 PutWrite, un 35% del CBOE MSCI EAFE PutWrite y un 15% del CBOE MSCI Emerging Markets PutWrite.
INFORME SEMESTRAL 2021 519
CUENTAS BALANCE | # Neuberger Berman Global Equity Index Putwrite Fund
## Rapport du Gestionnaire d’investissement
Pour le semestre clôturé le 30 juin 2021, le rendement total de la Catégorie de capitalisation I en USD était de 8,36 %. Sur la même période, l’Indice composite1 a enregistré un rendement de 10,05 %. (Les données de performance représentent la performance passée et ne sauraient être indicatives des résultats futurs. Les rendements totaux indiqués tiennent compte du réinvestissement des dividendes et autres distributions, le cas échéant.)
Un autre bon trimestre pour les marchés actions américains a permis au S&P 500 d’enregistrer son meilleur premier semestre depuis 1998. De concert, les marchés internationaux ont enregistré des plus-values similaires sur le trimestre, les indices MSCI EAFE et EM ayant respectivement progressé de 9,17 % et de 7,58 %. L’une des explications possibles à ces rendements vigoureux du marché actions semble assez simple : c’est là que l’argent est allé. Selon Goldman Sachs, les flux des fonds actions mondiaux sur le premier semestre 2021 sont les plus élevés jamais enregistrés depuis 1996. À 517 milliards d’USD, les flux se sont avérés plus de 2,5 fois supérieurs au précédent haut enregistré en 2017. Le chiffre est stupéfiant et il est difficile de ne pas tenir compte de son impact sur les cours des actions. Avec 125 jours de négociation au premier semestre 2021, cela représente environ 4 milliards d’USD en termes de demande quotidienne moyenne. Depuis le début de l’année, l’indice MSCI ACWI a enregistré une hausse notable de 12,56 % et l’indice S&P 500 a progressé de 15,25 %.
Au cours du semestre clôturé le 30 juin 2021, les expositions aux marchés développés américains, non américains et émergents, ont toutes contribué à la performance du Portefeuille. Depuis le début de l’année, la stratégie PutWrite de l’indice US Equity a produit un rendement positif de 11,19 % et enregistre une sous-performance de -58 pb par rapport au rendement du CBOE S&P 500 PutWrite (« PUT »), lequel s’est établi à 11,77 %. De plus, la stratégie de roulement hebdomadaire du CBOE S&P 500 One-Week PutWrite est à la traîne de -487 pb par rapport au roulement mensuel du PUT. Sur la même période, la stratégie PutWrite de l’indice Non-US Developed a enregistré une plus-value de 7,13 %, bien qu’avec un retard de -263 pb par rapport au rendement de l’indice CBOE MSCI EAFE PutWrite, établi à 9,76 %. Depuis le début de l’année, la stratégie PutWrite de l’indice Emerging Market a progressé de 4,92 %, mais accuse un léger retard de 8 pb sur le rendement établi à 5,00 % de l’indice CBOE MSCI EM PutWrite. Les avoirs en garantie du Portefeuille ont continué de servir une contribution positive à la performance globale.
Tandis que les niveaux de volatilité implicite continuent de s’alléger à l’échelle mondiale, les niveaux de volatilité réalisée poursuivent leur recul, ce qui donne lieu à des primes de volatilité implicite intéressantes. Alors que le rétablissement des marchés se poursuit depuis 2020, nous prévoyons que les primes continueront de se normaliser, tandis que les niveaux de volatilité globale restent élevés par rapport à des bas historiques observés dans les années antérieures à la pandémie. Cependant, comme nous l’avons écrit par le passé, la normale va sembler volatile par rapport à la tranquillité des périodes qui ont précédé la pandémie de COVID-19. Pour l’avenir, les marchés de la volatilité continueront de prendre en compte des niveaux de volatilité implicite plus élevés pour le second semestre 2021 et le début de 2022. Les sources potentielles de volatilité abondent, et il est peu probable que les mécanismes de contrôle économique offrent leurs niveaux d’efficacité historiques.
Dans l’ensemble, la performance du Portefeuille continue de bénéficier des plus-values saines des marchés actions et de niveaux de volatilité élevés, avec des rendements à deux chiffres au cours du premier semestre 2021. Concernant le second semestre et l’horizon 2022, nous pensons que notre stratégie joue sur ses points forts et est en mesure de rester compétitive par rapport à la plupart des expositions aux classes d’actifs. Après de nombreuses années à aiguiser un bilan honorable, nous pensons que nos « acteurs incontournables » sont enfin « en pleine forme », ce qui rend les « retouches » tactiques risquées.
1L’Indice de référence composite est pondéré à 50 % CBOE S&P 500 PutWrite / à 35 % CBOE MSCI EAFE PutWrite / à 15 % CBOE MSCI Emerging Markets PutWrite.
RAPPORT INTÉRIMAIRE 2021 519
ÉTATS FINANCIERS BILAN | fr | es |
DOLFIN3369 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Management Activity
The objective of the Management Company is to manage undertakings for collective investment in compliance with the UCITS Directive. This management activity includes the management, administration and marketing of undertakings for collective investment such as the Fund. As part of the activity, the Management Company is obliged to analyse the money laundering/financial terrorism risks inherent to the investment activity as per the AML/CFT Provisions and establish appropriate due diligence measures adapted to the risks assessed per asset type encompassing:
- Applicable due diligence based on the risk based approach;
- Controls on assets and parties linked to the transactions (where applicable to the asset type) for the attention of trade, financial and immigration sanctions as well as prevention of proliferation financingPre-trade screening is performed prior to the investment and on a regular basis in accordance with Luxembourg laws and regulations. | ###### Geschäftsführung
Das Ziel der Verwaltungsgesellschaft ist die Verwaltung von Organismen für gemeinsame Anlagen nach Maß- gabe der OGAW-Richtlinie. Diese Verwaltungstätigkeit umfasst die Anlageverwaltung, Verwaltung und Ver- marktung von Organismen für gemeinsame Anlagen wie dem Fonds. Im Rahmen dieser Tätigkeit ist die Verwaltungsgesellschaft verpflichtet, die mit der Anla- getätigkeit verbundenen Risiken im Hinblick auf Geld- wäsche und Finanzierung des Terrorismus gemäß den AML/CFT-Bestimmungen zu analysieren und geeignete Sorgfaltspflichten entsprechend den bewerteten Risi- ken nach Art der Vermögenswerte festzulegen, wie un- ter anderem:
- Anwendbare Sorgfaltspflichten auf der Grundlage des risikobasierten Ansatzes;
- Kontrollen von mit den Transaktionen verbundenen Vermögenswerten und Parteien (soweit nach Art der Vermögenswerte zutreffend) in Bezug auf Han- dels-, Finanz- und Einwanderungssanktionen sowie die Verhinderung von ProliferationsfinanzierungEine Vorhandelsprüfung wird vor der Anlage regelmä- ßig gemäß den Luxemburger Gesetzen und Vorschrif- ten durchgeführt. | ###### Management Activity
The objective of the Management Company is to manage undertakings for collective investment in compliance with the UCITS Directive. This management activity includes the management, administration and marketing of undertakings for collective investment such as the Fund. As part of the activity, the Management Company is obliged to analyse the money laundering/financial terrorism risks inherent to the investment activity as per the AML/CFT Provisions and establish appropriate due diligence measures adapted to the risks assessed per asset type encompassing:
- Applicable due diligence based on the risk based approach;
- Controls on assets and parties linked to the transactions (where applicable to the asset type) for the attention of trade, financial and immigration sanctions as well as prevention of proliferation financingPre-trade screening is performed prior to the investment and on a regular basis in accordance with Luxembourg laws and regulations. | en | de |
DOLFIN3370 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### As will be provided in the Relevant Supplement, these PRC Investments may be effected through Assess Programmes as follows:
- directly into the PRC domestic securities market (China A Shares and other domestic securities including other eq uities and bonds as permitted) using the licensed QFI status of the Investment Man ag er
- through the Stock Connect (as set out in the Relevant Supplement, the Investment Man ag er may pursue a relevant Fund’s investment objective by investing up to 100% of the Fund’s Net Asset Value directly in China A Shares through Stock Connect);
- through the CIBM Direct Access Programme; and/or
- through the Bond Connect. | ###### Ces investissements en RPC, tels qu’indiqués dans les Suppléments correspondants seront effectués à travers les Programmes d’accès comme suit :
- directement sur le marché domestique des titres de RPC (Actions chinoises A et autres titres domestiques, y compris d’autres actions et obligations, tel que permis) en utilisant le statut de Licence QFI du Gestionnaire d’investissement ;
- par le biais du programme Stock Connect (comme précisé dans le Supplément correspondant, le Gestionnaire d’investissement pourra chercher à atteindre l’objectif d’investissement du Compartiment concerné en investissant jusqu’à 100 % de sa Valeur liquidative directement dans des Actions chinoises A par le biais du programme Stock Connect) ;
- par le biais du Programme d’accès direct au CIBM ; et/ou
- par le biais du programme Bond Connect. | ###### As will be provided in the Relevant Supplement, these PRC Investments may be effected through Assess Programmes as follows:
- directly into the PRC domestic securities market (China A Shares and other domestic securities including other eq uities and bonds as permitted) using the licensed QFI status of the Investment Man ag er
- through the Stock Connect (as set out in the Relevant Supplement, the Investment Man ag er may pursue a relevant Fund’s investment objective by investing up to 100% of the Fund’s Net Asset Value directly in China A Shares through Stock Connect);
- through the CIBM Direct Access Programme; and/or
- through the Bond Connect. | en | fr |
DOLFIN3371 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Un Prélèvement anti-dilution pouvant aller jusqu’à 1,5 % du produit net du rachat peut être appliqué aux rachats.
Le montant des frais courants est une estimation. Il s’agit d’une estimation, car le Fonds (ou la catégorie d’actions) a été lancé(e) récemment ou a été lancé(e) au cours de la période examinée. Il exclut les commissions de performance et les coûts de transaction du portefeuille, sauf dans le cas de frais d’entrée/de sortie payés par le Fonds lors de l’achat ou de la vente de parts d’un autre fonds. Cela comprend 1,25 % les frais de gestion et les frais de recherche estimés à 0,20 % maximum.
Le rapport annuel du Fonds pour chaque exercice financier donnera le montant exact des frais encourus.
Frais de conversion : Maximum 5,00 %
Pour de plus amples informations concernant les frais, veuillez consulter la section « Frais et dépenses » du prospectus, disponible sur www.lumyna.com. | Se puede aplicar a los reembolsos un Recargo Antidilución de hasta el 1,5% de los ingresos netos derivados del reembolso.
La cifra de gastos corrientes es una estimación de los gastos. Se utiliza una estimación porque el Fondo (o el tipo de acciones) fue creado recientemente o su creación tuvo lugar durante el periodo en revisión. Excluye las comisiones de rentabilidad y los costes de transacción de la cartera, salvo en el caso de una comisión de entrada/salida abonada por el Fondo al comprar o vender unidades en otro fondo. Esto incluye las comisiones de gestión de 1,25% y la comisión de investigación máxima estimada del 0,20%.
El informe anual del Fondo correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos realizados.
Comisión de canje: hasta el 5,00%
Para obtener más información sobre los gastos, consulte el apartado
«Comisiones y gastos» del folleto, que se encuentra disponible en www.lumyna.com. | Un Prélèvement anti-dilution pouvant aller jusqu’à 1,5 % du produit net du rachat peut être appliqué aux rachats.
Le montant des frais courants est une estimation. Il s’agit d’une estimation, car le Fonds (ou la catégorie d’actions) a été lancé(e) récemment ou a été lancé(e) au cours de la période examinée. Il exclut les commissions de performance et les coûts de transaction du portefeuille, sauf dans le cas de frais d’entrée/de sortie payés par le Fonds lors de l’achat ou de la vente de parts d’un autre fonds. Cela comprend 1,25 % les frais de gestion et les frais de recherche estimés à 0,20 % maximum.
Le rapport annuel du Fonds pour chaque exercice financier donnera le montant exact des frais encourus.
Frais de conversion : Maximum 5,00 %
Pour de plus amples informations concernant les frais, veuillez consulter la section « Frais et dépenses » du prospectus, disponible sur www.lumyna.com. | fr | es |
DOLFIN3372 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Market developments
Emerging-market (EM) equities roared into the new year with a return of almost +8% for the MSCI EM net return index in Janu- ary, faring better than their developed-market (DM) peers with the MSCI World net return index gaining +7.1% over the same period. Chinese equities started the year in the same manner as they finished 2022, leading the charge with a return of +11.7% for the MSCI China index. While Chinese onshore equities did not participate as much in the recovery during the last quarter of 2022, they rebounded strongly in January with a return of +10.4%. The markets rallied on the back of a couple of different fac- tors, most important of which was the reopening of China following the dramatic decision to ditch the country’s zero-Covid pol- icy. In addition, the market continues to believe that inflation should continue its downward trajectory in the US, indicating that the Fed has likely completed most of its heavy lifting when it comes to interest rate increases. However, there was a notable pull back in the final week of January, with the market pausing somewhat on fears of recession and how this may hit corporate earn- ings.
Within EM, all but one sector (utilities, -3%) finished the first month of the year in positive territory. The best performing sectors were information technology/IT and communication services, both returning +13.7% for the month. Consumer discretionary also enjoyed a strong start to the year with a return of +11.5% for the month. In terms of countries, Taiwan and China were two of the strongest performers for the month with returns of +12.5% and +12.1% respectively. South Korea also enjoyed a strong January with a return of +12.4%. India ended the month in the red with a return of -3%, with the country’s stock market rattled by the controversy surrounding the Adani Group and the allegations made by the US firm, Hindenburg Research. Finally, Brazil shook off its lackluster end to 2022 and enjoyed a strong start to the year returning +7.1% for January. | # Marktentwicklungen
Aktien der Schwellenländer (EM) starteten im Januar mit fast +8 % für den MSCI EM Net Return Index in das neue Jahr und schnitten damit besser ab als ihre Pendants aus den Industrieländern (DM): Der MSCI World Net Return Index stieg im gleichen Zeitraum um +7.1%. Chinesische Aktien begannen das Jahr so, wie sie das Jahr 2022 beendeten, sie lagen mit +11.7% für den MSCI China Index an der Spitze. Während chinesische Onshore-Aktien im letzten Quartal 2022 nicht so stark an der Erholung teilnahmen, legten sie im Januar mit +10.4% kräftig zu. Die Märkte vollzogen aufgrund verschiedener Faktoren eine Rally, von denen der wichtigste die Wiedereröffnung Chinas nach der dramatischen Entscheidung war, die Null-Covid-Politik des Landes aufzugeben. Darüber hinaus geht der Markt weiterhin davon aus, dass die Inflation in den USA weiter sinken wird, was darauf hindeutet, dass die US-Notenbank wahrscheinlich den grössten Teil ihrer Zinserhöhungen hinter sich hat. In der letzten Januar- woche kam es jedoch zu einem deutlichen Rücksetzer, als der Markt aufgrund von Rezessionsängsten und deren Auswir- kungen auf die Unternehmensgewinne eine Pause einlegte.
In den EM beendeten alle Sektoren bis auf einen (Versorger, -3%) den ersten Monat des Jahres im positiven Bereich. Am besten schnitten die Sektoren Informationstechnologie/IT und Kommunikationsdienstleistungen ab, die beide im Berichtsmonat um 13.7% zulegten. Zyklischer Konsum verzeichnete ebenfalls mit +11.5% für den Monat einen sehr guten Jahresauftakt. Im Ländervergleich waren Taiwan und China mit +12.5% bzw. +12.1% zwei der besten Performer des Monats. Auch Südkorea verzeichnete einen sehr guten Januar mit +12.4%. Indien beendete den Monat mit -3%, da der Aktienmarkt des Landes durch die Kontroverse um die Adani-Gruppe und die Anschuldigungen des US-Unternehmens Hindenburg Research erschüttert wurde. Brasilien schliesslich konnte die Flaute aus dem Jahr 2022 überwinden und verzeichnete im Januar einen starken Jahresbeginn mit +7.1%. | # Market developments
Emerging-market (EM) equities roared into the new year with a return of almost +8% for the MSCI EM net return index in Janu- ary, faring better than their developed-market (DM) peers with the MSCI World net return index gaining +7.1% over the same period. Chinese equities started the year in the same manner as they finished 2022, leading the charge with a return of +11.7% for the MSCI China index. While Chinese onshore equities did not participate as much in the recovery during the last quarter of 2022, they rebounded strongly in January with a return of +10.4%. The markets rallied on the back of a couple of different fac- tors, most important of which was the reopening of China following the dramatic decision to ditch the country’s zero-Covid pol- icy. In addition, the market continues to believe that inflation should continue its downward trajectory in the US, indicating that the Fed has likely completed most of its heavy lifting when it comes to interest rate increases. However, there was a notable pull back in the final week of January, with the market pausing somewhat on fears of recession and how this may hit corporate earn- ings.
Within EM, all but one sector (utilities, -3%) finished the first month of the year in positive territory. The best performing sectors were information technology/IT and communication services, both returning +13.7% for the month. Consumer discretionary also enjoyed a strong start to the year with a return of +11.5% for the month. In terms of countries, Taiwan and China were two of the strongest performers for the month with returns of +12.5% and +12.1% respectively. South Korea also enjoyed a strong January with a return of +12.4%. India ended the month in the red with a return of -3%, with the country’s stock market rattled by the controversy surrounding the Adani Group and the allegations made by the US firm, Hindenburg Research. Finally, Brazil shook off its lackluster end to 2022 and enjoyed a strong start to the year returning +7.1% for January. | en | de |
DOLFIN3373 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Funds Investing in Bonds and Other Debt Securities
Interest rate risk
Investing in bonds and other debt securities is subject to changes in interest rates and the interest rate environment. Generally, the prices of debt securities will fluctuate inversely with interest rate changes. When interest rates rise, the value of the debt securities can be expected to decline and vice versa. Fixed rate debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities. Zero coupon debt securities are especially sensitive to changes in interest rates, and their prices are generally more volatile than debt securities that pay interest periodically. Lower quality zero coupon debt securities are generally subject to the same risks as high yield debt securities. The Fund investing in zero coupon debt securities typically will not receive any interest payments on these securities until maturity. If the issuer defaults, the fund may lose its entire investment.
Liquidity risk
Liquidity of individual debt securities varies considerably. Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wider fluctuations in market value. Also, a fund may not be able to dispose of illiquid securities when it would be beneficial at a favourable time or price, which increases the risk of investment losses.
Exchange rate risk
Debt securities denominated in a foreign currency may be subject to exchange rate risk. Any fall in the foreign currency will reduce the amount that may be received when the payment of interest or principal is converted back into the base currency of the fund.
Credit risk
Bonds or other debt securities involve exposure to credit risk. This is the risk of loss if a counterparty fails to perform its financial or other obligations, for example, the possibility that a counterparty may default, by failing to make payments due, or repay principal and interest in a timely manner. Credit risk may be evidenced by the issuer’s credit rating. Securities with a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated securities. In the event that any issuer of bonds or other debt securities experiences financial or economic difficulties, this may affect the value of the relevant securities and any amounts paid on such securities which may in turn affect the prices of the funds.
Asset-backed securities and mortgage-backed securities
Asset-backed securities (“ABS”) are debt securities issued by corporations or other entities (including public or local authorities) backed or collateralised by the cash flow arising from an underlying pool of assets. The underlying assets typically include loans, leases or receivables (such as credit card debt, motor vehicle loans and student loans). Mortgage-backed securities (“MBS”) are structured like ABS but participate specifically in, or are secured by, residential or commercial mortgage loans. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk (as described above), compared to other debt securities such as government issued bonds.
In addition, ABS and MBS are often exposed to extension and prepayment risks that may have a substantial impact on the timing and size of the cash flows paid by the securities and may negatively impact the returns of the securities. The average life of each individual security may be affected by a large number of factors such as the existence and frequency of exercise of any optional redemption and mandatory prepayment, the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets. Prepayment risk generally increases when interest rates fall, while extension risk generally increases when interest rates rise.
Some ABS and MBS receive payments wholly derived of either interest or principal of the underlying assets. The values and yields of these investments may be extremely sensitive to changes in interest rates and in the rate of principal payments on the underlying assets. The market for these investments may be at times more volatile and less liquid than that for more traditional debt securities. | ##### In Anleihen und andere Schuldtitel anlegende Fonds
Zinsrisiko
Anlagen in Anleihen und andere Schuldtitel unterliegen Änderungen von Zinssätzen und des Zinsumfelds. Grundsätzlich fluktuieren die Preise von Schuldtiteln spiegelbildlich zu Änderungen der Zinssätze. Wenn Zinssätze steigen, kann angenommen werden, dass der Wert der Schuldtitel fällt und umgekehrt. Festzinsschuldtitel mit längeren Laufzeiten tendieren dahin, eher empfindlich zu sein gegenüber Änderungen der Zinssätze als solche mit kürzeren Laufzeiten. Nullkupon-Schuldtitel sind besonders empfindlich gegenüber Änderungen der Zinssätze und ihre Preise sind grundsätzlich volatiler als Schuldtitel, die periodisch Zinsen zahlen. Nullkupon-Schuldtitel von geringerer Qualität unterliegen grundsätzlich denselben Risiken wie hochverzinsliche Schuldtitel. Der Fonds, der in Nullkupon-Schuldtitel anlegt, wird üblicherweise keine Zinszahlungen auf diese Titel empfangen bis zur Fälligkeit. Falls der Emittent seine Schuld nicht bezahlt, kann der Fonds seine gesamte Investition verlieren.
Liquiditätsrisiko
Die Liquidität einzelner Schuldtitel variiert erheblich. Illiquide Titel können mit einem Preisnachlass gegenüber vergleichbaren, höher liquiden Anlagen gehandelt werden, und können größeren Fluktuationen im Marktwert unterliegen. Des Weiteren kann ein Fonds möglicherweise nicht in der Lage sein, seine illiquiden Wertpapiere zu veräußern, wenn ein günstiger Zeitpunkt oder Preis von Vorteil wäre, was das Risiko von Anlageverlusten erhöht.
Wechselkursrisiko
Schuldtitel in einer fremden Währung können einem Wechselkursrisiko unterliegen. Jeder Rückgang der fremden Währung wird den Betrag reduzieren, der empfangen wird, wenn die Zahlung von Zins oder Kapital in die Bezugswährung des Fonds zurückgetauscht wird.
Kreditrisiko
Anleihen und andere Schuldtitel sind einem Kreditrisiko ausgesetzt. Dies ist das Risiko des Verlustes, falls die Gegenpartei es unterlässt, ihren finanziellen oder anderen Verpflichtungen nachzukommen, z. B. die Möglichkeit, dass eine Gegenpartei ihre Verpflichtung nicht einhält, dadurch dass sie es unterlässt, fällige Zahlungen zu erbringen oder Kapital oder Zinsen rechtzeitig zurückzuzahlen. Ein Kreditrisiko kann durch die Bonitätsbeurteilung des Emittenten angezeigt werden. Bei Wertpapieren mit einer niedrigeren Bonitätsbeurteilung wird generell angenommen, dass sie ein höheres Kreditrisiko haben und eine größere Wahrscheinlichkeit der Zahlungseinstellung als Wertpapiere mit einer höheren Beurteilung. Im Fall von finanziellen oder wirtschaftlichen Schwierigkeiten eines Emittenten von Anleihen und anderen Schuldtiteln kann der Wert der betreffenden Wertpapiere und jegliche Beträge, die für solche Wertpapiere bezahlt werden, davon in Mitleidenschaft gezogen werden, was wiederum die Preise der Fonds beeinflusst.
Asset Backed Securities und Mortgage Backed Securities
Bei Asset-Backed-Securities („ABS-Anleihen“) handelt es sich um Schuldtitel, die von Unternehmen oder anderen Rechtssubjekten (einschließlich öffentliche oder Gebietskörperschaften) begeben und durch den Cashflow aus einem Pool aus Basiswerten gedeckt oder besichert werden. Die Basiswerte umfassen üblicherweise Darlehen, Pacht oder Forderungen (z. B. Kreditkartenschulden, Fahrzeugkredite und Studentendarlehen). Hypothekenbesicherte Wertpapiere („MBS-Anleihen“) sind wie ABS-Anleihen strukturiert, beteiligen sich jedoch insbesondere an Wohn- oder Geschäftsimmobilien-Hypothekendarlehen oder sind durch diese besichert. Die mit diesen Wertpapieren verbundenen Verpflichtungen können mit größeren Kredit-, Liquiditäts- und Zinsrisiken verbunden sein (wie vorstehend beschrieben) als andere Schuldtitel, wie beispielsweise Staatsanleihen.
Darüber hinaus sind ABS- und MBS-Anleihen häufig dem Risiko der Verlängerung und der vorzeitigen Rückzahlung ausgesetzt, die einen wesentlichen Einfluss auf den Zeitpunkt und den Umfang der aus den Wertpapieren erhaltenen Cashflows haben und sich ungünstig auf die Renditen der Wertpapiere auswirken können. Die durchschnittliche Laufzeit der einzelnen Wertpapiere kann durch zahlreiche Faktoren beeinflusst werden, darunter das Vorhandensein und die Häufigkeit der Ausübung optionaler Rücknahme- und obligatorischer vorzeitiger Rückzahlungsoptionen, das aktuelle Zinsniveau, die tatsächliche Ausfallquote der zugrunde liegenden Vermögenswerte, der Zeitpunkt der Einziehung und die Rotation der zugrunde liegenden Vermögenswerte. Das Risiko der vorzeitigen Rückzahlung steigt im Allgemeinen, wenn die Zinssätze fallen, während das Verlängerungsrisiko im Allgemeinen steigt, wenn die Zinssätze steigen.
Einige ABS und MBS erhalten Zahlungen, die vollständig aus Zinsen oder Kapital der zugrunde liegenden Vermögenswerte stammen. Der Wert und die Renditen dieser Anlagen können besonders anfällig gegenüber Änderungen der Zinssätze und der Kapitaltilgungsraten für die zugrunde liegenden Vermögenswerte sein. Der Markt für diese Anlagen kann im Vergleich zum Markt für traditionelle Schuldtitel zeitweise volatiler und weniger liquide sein. | ##### Funds Investing in Bonds and Other Debt Securities
Interest rate risk
Investing in bonds and other debt securities is subject to changes in interest rates and the interest rate environment. Generally, the prices of debt securities will fluctuate inversely with interest rate changes. When interest rates rise, the value of the debt securities can be expected to decline and vice versa. Fixed rate debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities. Zero coupon debt securities are especially sensitive to changes in interest rates, and their prices are generally more volatile than debt securities that pay interest periodically. Lower quality zero coupon debt securities are generally subject to the same risks as high yield debt securities. The Fund investing in zero coupon debt securities typically will not receive any interest payments on these securities until maturity. If the issuer defaults, the fund may lose its entire investment.
Liquidity risk
Liquidity of individual debt securities varies considerably. Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wider fluctuations in market value. Also, a fund may not be able to dispose of illiquid securities when it would be beneficial at a favourable time or price, which increases the risk of investment losses.
Exchange rate risk
Debt securities denominated in a foreign currency may be subject to exchange rate risk. Any fall in the foreign currency will reduce the amount that may be received when the payment of interest or principal is converted back into the base currency of the fund.
Credit risk
Bonds or other debt securities involve exposure to credit risk. This is the risk of loss if a counterparty fails to perform its financial or other obligations, for example, the possibility that a counterparty may default, by failing to make payments due, or repay principal and interest in a timely manner. Credit risk may be evidenced by the issuer’s credit rating. Securities with a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated securities. In the event that any issuer of bonds or other debt securities experiences financial or economic difficulties, this may affect the value of the relevant securities and any amounts paid on such securities which may in turn affect the prices of the funds.
Asset-backed securities and mortgage-backed securities
Asset-backed securities (“ABS”) are debt securities issued by corporations or other entities (including public or local authorities) backed or collateralised by the cash flow arising from an underlying pool of assets. The underlying assets typically include loans, leases or receivables (such as credit card debt, motor vehicle loans and student loans). Mortgage-backed securities (“MBS”) are structured like ABS but participate specifically in, or are secured by, residential or commercial mortgage loans. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk (as described above), compared to other debt securities such as government issued bonds.
In addition, ABS and MBS are often exposed to extension and prepayment risks that may have a substantial impact on the timing and size of the cash flows paid by the securities and may negatively impact the returns of the securities. The average life of each individual security may be affected by a large number of factors such as the existence and frequency of exercise of any optional redemption and mandatory prepayment, the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets. Prepayment risk generally increases when interest rates fall, while extension risk generally increases when interest rates rise.
Some ABS and MBS receive payments wholly derived of either interest or principal of the underlying assets. The values and yields of these investments may be extremely sensitive to changes in interest rates and in the rate of principal payments on the underlying assets. The market for these investments may be at times more volatile and less liquid than that for more traditional debt securities. | en | de |
DOLFIN3374 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The sub-fund may also invest in Non-African companies, which may be listed on Non-African Stock Exchanges, and the liquidity in respect of such investments may also be limited.
The sub-fund may endeavour to realise invest- ments in unlisted companies through listing on the relevant African stock exchange. However, there is no guarantee that such stock exchanges will provide liquidity for the sub-fund´s investment in unlisted companies. The Investment Company may have to resell the investments of the sub- fund in privately negotiated transactions and the prices realised from these sales could be less than those originally paid by the sub-fund or less than what may be considered to be the fair value or actual market value of such securities.
- Investment restrictions in listed companies in AfricaTrading on the African stock exchanges could be subject to various restrictions. There may also be restrictions on the total foreign ownership of listed companies in certain African countries.
- Investments in unlisted companies and in unlisted non-African companiesGenerally, where the sub-fund invests in securities of unlisted companies or unlisted non-African companies, whether or not traded on an OTC Market, there is no guarantee that the sub-fund will be able to realise the fair value of such securities due to the tendency of such companies to have limited liquidity and comparatively high price volatility. Furthermore, there may be no reliable price source available. Estimates of fair market value of such investments are inherently difficult to establish and are the subject of substantial uncer- tainty. Furthermore, any companies whose securi- ties are not publicly traded may not be subject to disclosure and other legal requirements that would otherwise be applicable if their securities were traded on a public exchange. | Le compartiment peut aussi investir dans des sociétés non africaines cotées sur des Bourses non africaines, et la liquidité relative à de tels investissements peut alors être limitée.
Le compartiment peut tenter de réaliser des investissements dans des sociétés non cotées par une introduction sur la Bourse africaine concer- née. Cependant, rien ne garantit que de telles Bourses pourront fournir la liquidité à l’investisse- ment du compartiment dans les sociétés non cotées. La société d’investissement peut devoir revendre les investissements du compartiment dans le cadre d’opérations négociées de gré à gré et les prix réalisés au cours de ces ventes peuvent s’avérer être inférieurs à ceux versés par le com- partiment à l’origine ou inférieurs à ce qui peut être considéré comme étant leur juste valeur ou la valeur réelle de marché de ces titres.
- Limites de placement dans les sociétés cotées en AfriqueLes opérations réalisées sur les Bourses africaines peuvent être soumises à différentes restrictions. Il peut exister des restrictions relatives à la pro- priété totale étrangère des sociétés cotées dans certains pays d’Afrique.
- Investissements dans des sociétés non cotées et dans des sociétés africaines non cotéesGénéralement, quand le compartiment investit dans des titres de sociétés non cotées ou des sociétés non africaines non cotées, négociés ou non sur un marché de gré à gré, rien ne garantit que le compartiment pourra générer la juste valeur de ces titres du fait de la tendance de ces sociétés à ne posséder qu’une liquidité limitée et une volatilité relativement forte des cours. En outre, aucune source fiable n’est susceptible d’exister quant à leur cours. De tels investissements sont, par essence, difficiles à évaluer et sont l’objet d’un degré substantiel d’incertitude. En outre, toute société dont les titres ne sont pas échangés publiquement ne peut pas être assujettie à des exigences et à d’autres obligations juridiques qui seraient autrement applicables si leurs titres étaient négociés en Bourse. | The sub-fund may also invest in Non-African companies, which may be listed on Non-African Stock Exchanges, and the liquidity in respect of such investments may also be limited.
The sub-fund may endeavour to realise invest- ments in unlisted companies through listing on the relevant African stock exchange. However, there is no guarantee that such stock exchanges will provide liquidity for the sub-fund´s investment in unlisted companies. The Investment Company may have to resell the investments of the sub- fund in privately negotiated transactions and the prices realised from these sales could be less than those originally paid by the sub-fund or less than what may be considered to be the fair value or actual market value of such securities.
- Investment restrictions in listed companies in AfricaTrading on the African stock exchanges could be subject to various restrictions. There may also be restrictions on the total foreign ownership of listed companies in certain African countries.
- Investments in unlisted companies and in unlisted non-African companiesGenerally, where the sub-fund invests in securities of unlisted companies or unlisted non-African companies, whether or not traded on an OTC Market, there is no guarantee that the sub-fund will be able to realise the fair value of such securities due to the tendency of such companies to have limited liquidity and comparatively high price volatility. Furthermore, there may be no reliable price source available. Estimates of fair market value of such investments are inherently difficult to establish and are the subject of substantial uncer- tainty. Furthermore, any companies whose securi- ties are not publicly traded may not be subject to disclosure and other legal requirements that would otherwise be applicable if their securities were traded on a public exchange. | en | fr |
DOLFIN3375 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Integration of Sustainability Risks
Under the EU Sustainable Finance Disclosure Regulation (“SFDR”), “sustainability risk” means an environmental, social or governance (“ESG”) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment (“Sustainability Risks”). The management of Sustainability Risks therefore forms an important part of the due diligence process implemented by the Manager and the Investment Advisor. When assessing the Sustainability Risks associated with underlying investments, the Manager and the Investment Advisor are assessing the risk that the value of such underlying investments could be materially negatively impacted by an ESG event. Sustainability Risks are identified, monitored and managed by the Manager and the Investment Advisor. This information applies to each of the Funds unless otherwise specified in a Fund Supplement.
Actively managed Funds
The Manager and the Investment Advisor define ESG integration as the consistent consideration of material Sustainability Risks into the investment research and due diligence process to enhance the Funds’ risk-adjusted returns. Material Sustainability Risks may include but are not limited to: climate change risks, social inequality, shifting consumer preferences, regulatory risks, talent management or misconduct at an issuer, among others. The Manager and the Investment Advisor believe incorporating relevant Sustainability Risks should be part of a robust investment process.
The Manager and the Investment Advisor recognise that Sustainability Risks are increasingly essential inputs when evaluating global economies, markets, industries and business models. Material Sustainability Risks are important
considerations when evaluating long-term investment opportunities and risks for all asset classes in both public and private markets.
Integrating Sustainability Risks into the evaluation process does not mean that ESG information is the sole or primary consideration for an investment decision; instead, the Investment Advisor evaluates and weighs a variety of financial and non-financial factors, which can include ESG considerations, to make investment decisions. The relevance of Sustainability Risks to investment decisions varies across asset classes and strategies. Increasing and diversifying the information assessed by the portfolio management team of the Investment Advisor where relevant generates a more holistic view of an investment, which should generate opportunities to enhance returns for investors.
Passively managed Funds
In respect of passively managed Funds, whose investment policy is designed to track and replicate the performance of a specified index as further disclosed in the relevant Supplement, Sustainability Risks cannot directly influence a decision as to whether the Fund can invest in a particular security as this will ultimately be driven by the constituents of the relevant index. However, the Investment Advisor may seek to engage with issuers whose securities are components of the relevant indices on sustainable matters in accordance with the Investment Advisor’s engagement philosophy as further outlined below.
Engagement Philosophy
Active engagement with issuers may form part of the Investment Advisor’s ESG and Sustainability Risks integration. The Manager and the Investment Advisor believe that ESG investing is not only about investing and/or engaging with issuers that already demonstrate a favourable approach to ESG, but also about engaging with those with less advanced sustainability practices. This can be a direct way for the Investment Advisor to influence positive changes that may benefit all stakeholders, including investors, employees, society and the environment.
The Investment Advisor’s credit research analysts may engage with the issuers on topics such as corporate strategy, leverage, and balance sheet management, as well as ESG-related topics such as climate change targets and environmental plans, human capital management, and board qualifications and composition.
The assessment and mitigation of Sustainability Risks
Sustainability Risks may arise and impact a specific investment made by the Company or may have a broader impact on an economic sector, geographical regions or countries, which, in turn, may impact the Company’s investments.To the extent that an ESG event occurs, there may be a sudden, material negative impact on the value of an investment, and hence the Net Asset Value of the relevant Fund. Such negative impact may result in an entire loss of value of the relevant investment(s) and may have an equivalent negative impact on the Net Asset Value of the relevant Fund.
Therefore, the Manager and/or the Investment Advisor endeavours to assess, on an on-going basis, the impact of Sustainability Risks on the performance of the Funds by bringing together both quantitative and qualitative assessments in order to monitor and mitigate a wide range of Sustainability Risks that might impact its Funds.
In order to assist it in managing these Sustainability Risks and seeking to mitigate the potential for material negative impacts on the Funds, the Manager and/or Investment Advisor embeds its sustainability and ESG integration in the investment decision-making process as outlined above.
ESG Investment Risk
Certain Funds may pursue an ESG investing strategy, which typically selects or excludes securities of certain issuers for reasons other than financial performance. Such strategy carries the risk that a Fund’s performance will differ from similar funds that do not utilize an ESG investing strategy. For example, the application of this strategy could affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact a Fund’s performance.
There is no guarantee that the factors utilized by the Investment Advisor will reflect the opinions of any particular investor, and the factors utilized by the Investment Advisor may differ from the factors that any particular investor considers relevant in evaluating an issuer’s ESG practices.
Future ESG development and regulation may impact a Fund’s implementation of its investment strategy. In addition, there may be cost implications arising from ESG related due diligence, increased reporting and use of third-party ESG data providers. | ##### Integration von Nachhaltigkeitsrisiken
Gemäß der EU-Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor („Offenlegungsverordnung“) wird als „Nachhaltigkeitsrisiko“ ein Ereignis oder eine Bedingung im Bereich Umwelt, Soziales oder Unternehmensführung („ESG“) bezeichnet, dessen beziehungsweise deren Eintreten erhebliche negative Auswirkungen auf den Wert einer Anlage haben könnte („Nachhaltigkeitsrisiken“). Die Verwaltung von Nachhaltigkeitsrisiken ist daher ein wichtiger Bestandteil der Due-Diligence-Prüfung, die vom Manager und dem Anlageberater durchgeführt wird. Bei der Bewertung der mit zugrunde liegenden Anlagen verbundenen Nachhaltigkeitsrisiken bewerten der Manager und der Anlageberater das Risiko, dass der Wert dieser zugrunde liegenden Anlagen durch ein ESG-Ereignis erheblich beeinträchtigt werden könnte. Nachhaltigkeitsrisiken werden vom Manager und vom Anlageberater identifiziert, überwacht und verwaltet. Diese Informationen gelten für alle Fonds, sofern in der Ergänzung eines Fonds nichts anderes angegeben ist.
Aktiv verwaltete Fonds
Der Manager und der Anlageberater definieren ESG-Integration als konsequente Berücksichtigung wesentlicher Nachhaltigkeitsrisiken bei der Analyse von Anlagen und bei der Due-Diligence-Prüfung, um die risikobereinigten Renditen der Fonds zu verbessern. Wesentliche Nachhaltigkeitsrisiken können unter anderem mit dem Klimawandel, sozialer Ungleichheit, sich verändernden Verbraucherpräferenzen verbundene Risiken, regulatorische Risiken sowie Risiken in Verbindung mit dem Talentmanagement oder Fehlverhalten bei einem Emittenten sein. Der Manager und der Anlageberater sind der Auffassung, dass die Einbeziehung relevanter Nachhaltigkeitsrisiken Teil eines robusten Anlageprozesses sein sollte.
Der Manager und der Anlageberater haben erkannt, dass Nachhaltigkeitsrisiken zunehmend entscheidende Faktoren bei der Beurteilung weltweiter Volkswirtschaften, Märkte, Branchen und Geschäftsmodelle sind. Wesentliche Nachhaltigkeitsrisiken sind wichtige Faktoren bei der Beurteilung langfristiger Anlagegelegenheiten und -risiken in allen Anlageklassen der öffentlichen und privaten Märkte.
Die Integration von Nachhaltigkeitsrisiken in den Evaluierungsprozess bedeutet aber nicht, dass ESG-Informationen der einzige oder primäre Faktor für eine Anlageentscheidung sind. Stattdessen bewertet und gewichtet der Anlageberater eine Vielzahl von finanziellen und nicht-finanziellen Faktoren, die auch ESG-Gesichtspunkte beinhalten können, um Anlageentscheidungen zu treffen. Die Relevanz von Nachhaltigkeitsrisiken für Anlageentscheidungen variiert abhängig von den Anlageklassen und Strategien. Die Steigerung der Menge und die Diversifizierung der vom Portfoliomanagementteam des Anlageberaters bewerteten Informationen, sofern relevant, ermöglichen eine ganzheitlichere Sicht auf eine Anlage, wodurch sich Möglichkeiten zur Renditesteigerung für die Anleger ergeben sollten.
Passiv verwaltete Fonds
Bei den passiv verwalteten Fonds, deren Anlagepolitik in der Nachbildung und Replizierung der Wertentwicklung eines bestimmten Index besteht, wie in der entsprechenden Ergänzung näher erläutert, können Nachhaltigkeitsrisiken nicht direkt eine Entscheidung dahingehend beeinflussen, ob der Fonds in ein bestimmtes Wertpapier investiert, da dies letztlich von den Bestandteilen des entsprechenden Index abhängt. Jedoch kann der Anlageberater versuchen, sich bei den Emittenten, deren Wertpapiere Bestandteile der entsprechenden Indizes sind, in Bezug auf Nachhaltigkeitsfragen gemäß der nachfolgend näher erläuterten Engagement-Philosophie des Anlageberaters zu engagieren.
Engagement-Philosophie
Aktives Engagement bei den Emittenten kann Teil der ESG- und Nachhaltigkeitsrisiko-Integration des Anlageberaters sein. Der Manager und der Anlageberater sind der Meinung, dass es beim nachhaltigen Investieren nicht nur um das Investieren und/oder Engagieren bei Emittenten geht, die bereits einen positiven ESG-Ansatz verfolgen, sondern auch um das Engagement bei jenen Unternehmen, die in ihren Nachhaltigkeitspraktiken noch nicht sehr weit fortgeschritten sind. Dies kann für den Anlageberater eine direkte Möglichkeit sein, positive Veränderungen anzustoßen, die allen Beteiligten zugute kommen können, d. h. den Anlegern, den Beschäftigten, der Gesellschaft und der Umwelt.
Die Kredit-Research-Analysten des Anlageberaters können sich bei den Emittenten zu Themen wie Unternehmensstrategie, Verschuldung und Bilanzmanagement engagieren, aber auch zu ESG-spezifischen Themen wie Klimaschutzziele, Umweltschutzpläne, Management des Humankapitals sowie Qualifikation und Zusammensetzung des Vorstands.
Bewertung und Minderung von Nachhaltigkeitsrisiken
Nachhaltigkeitsrisiken können auftreten und eine bestimmte von der Gesellschaft getätigte Anlage beeinträchtigen oder breitere nachteilige Auswirkungen auf einen Wirtschaftssektor, geografische Regionen oder Länder haben, welche wiederum negative Auswirkungen auf die Anlagen der Gesellschaft haben können. Wenn ein ESG-Ereignis eintritt, kann es zu einer plötzlichen, erheblich negativen Auswirkung auf den Wert einer Anlage und damit auf den Nettoinventarwert des betreffenden Fonds kommen. Eine solche negative Auswirkung kann zu einem vollständigen Wertverlust der entsprechenden Anlage(n) führen und eine vergleichbare negative Auswirkung auf den Nettoinventarwert des entsprechenden Fonds haben.
Daher sind der Manager und/oder der Anlageberater bestrebt, die Auswirkungen von Nachhaltigkeitsrisiken auf die Wertentwicklung der Fonds kontinuierlich zu bewerten, indem sie sowohl quantitative als auch qualitative Bewertungen zusammenführen, um ein breites Spektrum an Nachhaltigkeitsrisiken, welche die Fonds beeinträchtigen könnten, zu überwachen und abzumildern.
Um ihn bei der Verwaltung dieser Nachhaltigkeitsrisiken zu unterstützen und die Gefahr wesentlicher negativer Auswirkungen auf die Fonds zu mindern, bindet der Manager und/oder Anlageberater seine Nachhaltigkeits- und ESG-Integration in den Anlageentscheidungsprozess ein, wie oben beschrieben.
ESG-bezogenes Anlagerisiko
Bestimmte Fonds können eine ESG-Anlagestrategie verfolgen, bei der üblicherweise Wertpapiere bestimmter Emittenten aus anderen Gründen als der finanziellen Performance ausgewählt oder ausgeschlossen werden. Eine solche Strategie bringt das Risiko mit sich, dass die Performance eines Fonds von jener vergleichbarer Fonds abweicht, die keine ESG-Anlagestrategie nutzen. Beispielsweise könnte die Anwendung dieser Strategie das Engagement eines Fonds in bestimmten Sektoren oder Arten von Anlagen beeinflussen, was sich negativ auf die Performance eines Fonds auswirken könnte.
Es kann nicht zugesichert werden, dass die durch den Anlageberater herangezogenen Faktoren die Meinung eines bestimmten Anlegers widerspiegeln, und die durch den Anlageberater herangezogenen Faktoren können von jenen Faktoren abweichen, die ein bestimmter Anleger bei der Beurteilung der ESG-Praktiken eines Emittenten als maßgeblich erachtet.
Die künftige ESG-Entwicklung und -Gesetzgebung kann die Umsetzung der Anlagestrategie eines Fonds beeinflussen. Außerdem können Kosten aufgrund der Due Diligence im Zusammenhang mit ESG, vermehrte Berichterstattung und die Nutzung von externen ESG-Datenanbietern entstehen. | ###### Integration of Sustainability Risks
Under the EU Sustainable Finance Disclosure Regulation (“SFDR”), “sustainability risk” means an environmental, social or governance (“ESG”) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment (“Sustainability Risks”). The management of Sustainability Risks therefore forms an important part of the due diligence process implemented by the Manager and the Investment Advisor. When assessing the Sustainability Risks associated with underlying investments, the Manager and the Investment Advisor are assessing the risk that the value of such underlying investments could be materially negatively impacted by an ESG event. Sustainability Risks are identified, monitored and managed by the Manager and the Investment Advisor. This information applies to each of the Funds unless otherwise specified in a Fund Supplement.
Actively managed Funds
The Manager and the Investment Advisor define ESG integration as the consistent consideration of material Sustainability Risks into the investment research and due diligence process to enhance the Funds’ risk-adjusted returns. Material Sustainability Risks may include but are not limited to: climate change risks, social inequality, shifting consumer preferences, regulatory risks, talent management or misconduct at an issuer, among others. The Manager and the Investment Advisor believe incorporating relevant Sustainability Risks should be part of a robust investment process.
The Manager and the Investment Advisor recognise that Sustainability Risks are increasingly essential inputs when evaluating global economies, markets, industries and business models. Material Sustainability Risks are important
considerations when evaluating long-term investment opportunities and risks for all asset classes in both public and private markets.
Integrating Sustainability Risks into the evaluation process does not mean that ESG information is the sole or primary consideration for an investment decision; instead, the Investment Advisor evaluates and weighs a variety of financial and non-financial factors, which can include ESG considerations, to make investment decisions. The relevance of Sustainability Risks to investment decisions varies across asset classes and strategies. Increasing and diversifying the information assessed by the portfolio management team of the Investment Advisor where relevant generates a more holistic view of an investment, which should generate opportunities to enhance returns for investors.
Passively managed Funds
In respect of passively managed Funds, whose investment policy is designed to track and replicate the performance of a specified index as further disclosed in the relevant Supplement, Sustainability Risks cannot directly influence a decision as to whether the Fund can invest in a particular security as this will ultimately be driven by the constituents of the relevant index. However, the Investment Advisor may seek to engage with issuers whose securities are components of the relevant indices on sustainable matters in accordance with the Investment Advisor’s engagement philosophy as further outlined below.
Engagement Philosophy
Active engagement with issuers may form part of the Investment Advisor’s ESG and Sustainability Risks integration. The Manager and the Investment Advisor believe that ESG investing is not only about investing and/or engaging with issuers that already demonstrate a favourable approach to ESG, but also about engaging with those with less advanced sustainability practices. This can be a direct way for the Investment Advisor to influence positive changes that may benefit all stakeholders, including investors, employees, society and the environment.
The Investment Advisor’s credit research analysts may engage with the issuers on topics such as corporate strategy, leverage, and balance sheet management, as well as ESG-related topics such as climate change targets and environmental plans, human capital management, and board qualifications and composition.
The assessment and mitigation of Sustainability Risks
Sustainability Risks may arise and impact a specific investment made by the Company or may have a broader impact on an economic sector, geographical regions or countries, which, in turn, may impact the Company’s investments.To the extent that an ESG event occurs, there may be a sudden, material negative impact on the value of an investment, and hence the Net Asset Value of the relevant Fund. Such negative impact may result in an entire loss of value of the relevant investment(s) and may have an equivalent negative impact on the Net Asset Value of the relevant Fund.
Therefore, the Manager and/or the Investment Advisor endeavours to assess, on an on-going basis, the impact of Sustainability Risks on the performance of the Funds by bringing together both quantitative and qualitative assessments in order to monitor and mitigate a wide range of Sustainability Risks that might impact its Funds.
In order to assist it in managing these Sustainability Risks and seeking to mitigate the potential for material negative impacts on the Funds, the Manager and/or Investment Advisor embeds its sustainability and ESG integration in the investment decision-making process as outlined above.
ESG Investment Risk
Certain Funds may pursue an ESG investing strategy, which typically selects or excludes securities of certain issuers for reasons other than financial performance. Such strategy carries the risk that a Fund’s performance will differ from similar funds that do not utilize an ESG investing strategy. For example, the application of this strategy could affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact a Fund’s performance.
There is no guarantee that the factors utilized by the Investment Advisor will reflect the opinions of any particular investor, and the factors utilized by the Investment Advisor may differ from the factors that any particular investor considers relevant in evaluating an issuer’s ESG practices.
Future ESG development and regulation may impact a Fund’s implementation of its investment strategy. In addition, there may be cost implications arising from ESG related due diligence, increased reporting and use of third-party ESG data providers. | en | de |
DOLFIN3376 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### As a result of concentration on specific sectors or themes, the investments of the sub-fund assets may be subject to strong price fluctuations compared with a more diversified investment. Due to the specific investment policy, the sub-fund has a high opportunity/risk ratio. Equities, equity certificates and other equity securities in issuers that are active in the infrastructure sector may be subject to considerable price fluctuations. The investment return of the sub-fund may as a result be subject to a stronger positive or negative influence than would be expected from a balanced distribution of assets covering the whole of the market. Furthermore the targeted focussing on mainly stock market listed companies in the infrastructure sector may lead to a net asset performance that differs from the general market trend.
Sustainability-related Disclosures
The Fund Manager has categorised the sub-fund under Article 8 of the Disclosure Regulation. All disclosures in relation thereto are contained in Appendix 1 attached to these sub-fund specifications. | ### Durch die Konzentration auf bestimmte Branchen oder Themen, kann die Anlage des Subfondsvermögens stärkeren Kursschwankungen unterliegen, als bei einer stärkeren Diversifikation der Anlage. Aufgrund der speziellen Anlagepolitik weist der Subfonds ein erhöhtes Chance-Risiko-Verhältnis auf. Aktien, Aktienzertifikate und sonstige Beteiligungspapiere von Emittenten, die im Bereich «Infrastruktur» tätig sind, können erheblichen Kursschwankungen unterliegen. Das Anlageergebnis des Subfonds kann dadurch sowohl positiv als auch negativ stärker beeinflusst werden, als dies bei einer ausgewogenen Streuung der Vermögenswerte im Gesamtmarkt zu erwarten wäre. Darüber hinaus kann die gezielte Fokussierung auf überwiegend börsennotierte Unternehmen des Infrastruktur Sektors zu einer vom allgemeinen Markttrend abweichenden Anteilwertentwicklung führen.
Nachhaltigkeitsbezogene Offenlegungspflichten
Der Fondsmanager hat den Subfonds gemäss Artikel 8 der Offenlegungsverordnung kategorisiert. Alle Offenlegungen in diesem Zusammenhang sind in Appendix 1 dieser Subfonds-Spezifikationen enthalten. | ### As a result of concentration on specific sectors or themes, the investments of the sub-fund assets may be subject to strong price fluctuations compared with a more diversified investment. Due to the specific investment policy, the sub-fund has a high opportunity/risk ratio. Equities, equity certificates and other equity securities in issuers that are active in the infrastructure sector may be subject to considerable price fluctuations. The investment return of the sub-fund may as a result be subject to a stronger positive or negative influence than would be expected from a balanced distribution of assets covering the whole of the market. Furthermore the targeted focussing on mainly stock market listed companies in the infrastructure sector may lead to a net asset performance that differs from the general market trend.
Sustainability-related Disclosures
The Fund Manager has categorised the sub-fund under Article 8 of the Disclosure Regulation. All disclosures in relation thereto are contained in Appendix 1 attached to these sub-fund specifications. | en | de |
DOLFIN3377 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Fineco Asset Management DAC is unable to pay out?
If the Manager were to become insolvent, the assets of the Sub-Fund should not be affected because they are held by the Depositary, which is legally required to keep the assets separate from its own assets and those of the Manager. However, if the Depositary were to become insolvent, there may be a financial loss for the Sub-Fund, but this should be minimized because the assets are held separate to the Depositary's own assets. If the Sub-Fund is closed or dissolved, the assets will be sold and the investors will receive a share of the proceeds, which may be more or less than their initial investment. The ICAV is not a guaranteed UCITS and as a result there is no guarantee scheme in place which provides a guaranteed rate of return. The Sub-Fund does not provide compensation or operate a guarantee against any loss in the value of an investment, the funds or any income generated. | # Cosa accade se Fineco Asset Management DAC non è in grado di corrispondere quanto dovuto?
Se il Gestore dovesse diventare insolvente, gli assets del Comparto non dovrebbero risentirne poiché sono custoditi dalla Depositaria, che è tenuta per legge a tenere le attività separate dalle proprie e da quelle del Gestore. Tuttavia, se la Depositaria dovesse diventare insolvente, potrebbe verificarsi una perdita finanziaria per il Comparto, ma questa dovrebbe essere ridotta al minimo perché le attività sono tenute separate dalle attività proprie della Depositaria. Se il Comparto viene chiuso o sciolto, le attività saranno vendute e gli investitori riceveranno una quota dei proventi, che può essere superiore o inferiore al loro investimento iniziale. L’ICAV non è un OICVM garantito e di conseguenza non esiste alcun sistema di garanzia che fornisca un tasso di rendimento garantito. Il Comparto non fornisce indennizzi né opera una garanzia contro qualsiasi perdita di valore di un investimento, dei fondi o di qualsiasi reddito prodotto. | # What happens if Fineco Asset Management DAC is unable to pay out?
If the Manager were to become insolvent, the assets of the Sub-Fund should not be affected because they are held by the Depositary, which is legally required to keep the assets separate from its own assets and those of the Manager. However, if the Depositary were to become insolvent, there may be a financial loss for the Sub-Fund, but this should be minimized because the assets are held separate to the Depositary's own assets. If the Sub-Fund is closed or dissolved, the assets will be sold and the investors will receive a share of the proceeds, which may be more or less than their initial investment. The ICAV is not a guaranteed UCITS and as a result there is no guarantee scheme in place which provides a guaranteed rate of return. The Sub-Fund does not provide compensation or operate a guarantee against any loss in the value of an investment, the funds or any income generated. | en | it |
DOLFIN3378 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The shareholder undertakes to inform the Company or the Management Company immediately of any event of which it becomes aware which makes either of its representations about International Sanctions included in this document inaccurate. The shareholder undertakes not to use, directly or indirectly any sums invested and/or carry out any transaction whose purpose or effect is the financing or facilitation of activities or business relations:
- with a Sanctioned Person or with a person located in a Sanctioned Territory or,
- that could constitute in any way a violation of International Sanctions by any Person. | L‘actionnaire s’engage à informer sans délai la Société et ou la Société de Gestion de tout fait dont il aura connaissance qui viendrait à rendre inexacte l’une ou l’autre de ses déclarations relatives aux Sanctions Internationales figurant dans le présent docum ent. L‘actionnaire s’engage à ne pas utiliser directement ou indirectement toute somme investis et/ou effectuer une opération qui aurait pour objet ou pour effet le financement ou la facilitation des activités ou des relations d’affaires :
- avec une Personne Sanctionnée ou avec une Personne située dans un Territoire Sous Sanction ou,
- susceptibles de constituer d’une quelconque manière une violation des Sanctions Internationales par toute Personne. | The shareholder undertakes to inform the Company or the Management Company immediately of any event of which it becomes aware which makes either of its representations about International Sanctions included in this document inaccurate. The shareholder undertakes not to use, directly or indirectly any sums invested and/or carry out any transaction whose purpose or effect is the financing or facilitation of activities or business relations:
- with a Sanctioned Person or with a person located in a Sanctioned Territory or,
- that could constitute in any way a violation of International Sanctions by any Person. | en | fr |
DOLFIN3379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to provide an exposure to the performance of US Dollar-denominated fixed rate government bonds issued by the US Treasury with a maturity of between one and three years.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index. The Index consists of US Dollar-denominated fixed rate government bonds that have been issued by the US Treasury with a maturity of between one and three years.
The Sub-Fund will use the optimisation methodology to select Index Securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Consequently, the Sub- Fund will only hold a certain sub-set of the Index Securities. | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende ofrecer exposición a la rentabilidad de la deuda pública a tipo fijo, denominada en dólares estadounidenses y emitida por el Tesoro de EE. UU., con un vencimiento de entre uno y tres años.
Política de inversión: El Subfondo lleva a cabo una estrategia de gestión pasiva (replicación del índice o «index tracking»).
El Subfondo trata de replicar la rentabilidad del Índice con la mayor precisión posible, con independencia de si el valor del Índice aumenta o desciende, al tiempo que trata de reducir al máximo el error de seguimiento («tracking error») entre la rentabilidad del Subfondo y la del Índice. El Índice está compuesto por deuda pública a tipo fijo, denominada en dólares estadounidenses y emitida por el Tesoro de
EE. UU., con un vencimiento de entre uno y tres años.
El Subfondo recurrirá a una metodología de optimización para seleccionar los Títulos del Índice con el fin de construir una cartera representativa que proporcione una rentabilidad similar a la del Índice. En consecuencia, el Subfondo solo mantendrá un determinado subconjunto de los Títulos del Índice. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to provide an exposure to the performance of US Dollar-denominated fixed rate government bonds issued by the US Treasury with a maturity of between one and three years.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index. The Index consists of US Dollar-denominated fixed rate government bonds that have been issued by the US Treasury with a maturity of between one and three years.
The Sub-Fund will use the optimisation methodology to select Index Securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Consequently, the Sub- Fund will only hold a certain sub-set of the Index Securities. | en | es |
DOLFIN3380 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Purpose and scope of the Remuneration Policy Statement
The Remuneration Policy of FTIS has been designed to align the personal objectives of staff with the long term interests of FTIS and the UCITS and AIFs managed by FTIS. It aims at mitigating incentives practices which may encourage employees to take unnecessary risk.
The Policy applies to a certain category of staff called the identified staff which includes members of the Board of Directors, Conducting Officers, members of control functions, risk takers, and any employee with remuneration which takes them into the same bracket as Conducting Officers or risk takers whose activities have a material impact on the risk profiles of the management company or the UCITS it manages. | ###### Zweck und Umfang der Erklärung zur Vergütungspolitik
Die Vergütungspolitik von FTIS wurde entwickelt, um die persönlichen Ziele der Mitarbeiter mit den langfristigen Interessen von FTIS und den von FTIS verwalteten OGAW und AIF abzustimmen. Sie zielt darauf ab, Anreizpraktiken abzuschwächen, welche die Mitarbeiter ermutigen können, unnötige Risiken einzugehen.
Die Vergütungspolitik gilt für eine bestimmte Kategorie von Mitarbeitern, die als identifizierte Mitarbeiter bezeichnet werden, zu denen Mitglieder des Verwaltungsrats, leitende Angestellte, Mitglieder von Kontrollfunktionen, Risikoträger und alle Mitarbeiter mit einer Vergütung gehören, die sie in die gleiche Kategorie wie leitende Angestellte oder Risikoträger einordnet, deren Tätigkeiten einen wesentlichen Einfluss auf die Risikoprofile der Verwaltungsgesellschaft oder des von ihr verwalteten OGAW haben. | ###### Purpose and scope of the Remuneration Policy Statement
The Remuneration Policy of FTIS has been designed to align the personal objectives of staff with the long term interests of FTIS and the UCITS and AIFs managed by FTIS. It aims at mitigating incentives practices which may encourage employees to take unnecessary risk.
The Policy applies to a certain category of staff called the identified staff which includes members of the Board of Directors, Conducting Officers, members of control functions, risk takers, and any employee with remuneration which takes them into the same bracket as Conducting Officers or risk takers whose activities have a material impact on the risk profiles of the management company or the UCITS it manages. | en | de |
DOLFIN3381 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Counterparty risk (general)
Where a Fund enters into transactions in over-the counter derivative markets (including OTC Swaps) or engages in efficient portfolio management techniques (such as repurchase/reverse repurchase agreements and securities lending), this will expose a Fund to the credit of its counterparties and their ability to satisfy the terms of such contracts. In the event of a bankruptcy or other default of a counterparty, a Fund could experience both delays in liquidating the underlying securities and losses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforce its rights thereto. This could have the effect of reducing levels of capital and income in the Fund and could result in lack of access to income during this period as well as the Fund being obliged to incur a degree of expense to enforce its rights.
In addition, a Fund may have to transact with counterparties on standard terms which it may not be able to negotiate and may bear the risk of loss because a counterparty does not have the legal capacity to enter into a transaction or if the transaction becomes unenforceable due to relevant legislation and regulation or because the contract with the counterparty does not accurately reflect the intention of the parties, is otherwise not documented correctly or is legally unenforceable. | ###### Risque de contrepartie (généralités)
Lorsqu'un Compartiment réalise des transactions sur dérivés de gré à gré (y compris sur des Swaps de gré à gré) ou applique des techniques de gestion efficace de portefeuille (notamment des opérations de prise en pension et de prêt de titres), il s'expose au risque de crédit des contreparties et dépend de leur capacité à satisfaire les conditions desdits contrats. En cas de faillite ou de défaut d'une contrepartie, un Compartiment peut avoir à absorber des pertes de temps, liées à la liquidation des titres sous-jacents, et des pertes éventuelles de la valeur des titres tandis qu'il s'efforce de faire valoir ses droits. Cela peut avoir pour effets de réduire le niveau de capital et de revenu du Compartiment, de limiter l'accès au revenu durant cette période et de forcer le Compartiment à engager des dépenses pour faire valoir ses droits.
De plus, un Compartiment peut avoir à traiter avec des contreparties dans des conditions standards qu'il n'est pas en mesure de négocier et courir un risque de perte du fait qu'une contrepartie puisse ne pas être légalement habilitée à conclure une transaction, que la transaction puisse devenir inexécutable en raison des lois et réglementations applicables, ou du fait que le contrat avec la contrepartie puisse ne pas refléter fidèlement l'intention des parties, ne pas être suffisamment précis ou être légalement inexécutable. | ##### Counterparty risk (general)
Where a Fund enters into transactions in over-the counter derivative markets (including OTC Swaps) or engages in efficient portfolio management techniques (such as repurchase/reverse repurchase agreements and securities lending), this will expose a Fund to the credit of its counterparties and their ability to satisfy the terms of such contracts. In the event of a bankruptcy or other default of a counterparty, a Fund could experience both delays in liquidating the underlying securities and losses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforce its rights thereto. This could have the effect of reducing levels of capital and income in the Fund and could result in lack of access to income during this period as well as the Fund being obliged to incur a degree of expense to enforce its rights.
In addition, a Fund may have to transact with counterparties on standard terms which it may not be able to negotiate and may bear the risk of loss because a counterparty does not have the legal capacity to enter into a transaction or if the transaction becomes unenforceable due to relevant legislation and regulation or because the contract with the counterparty does not accurately reflect the intention of the parties, is otherwise not documented correctly or is legally unenforceable. | en | fr |
DOLFIN3382 | 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% maximum |
| Exit charge | Redemptions during years since Launch Date: 1st year : 2.50% of the NAV per Share on the relevant Valuation Day 2nd year : 2.00% of the NAV per Share on the relevant Valuation Day 3rd year : 1.50% of the NAV per Share on the relevant Valuation Day 4th year : 1.00% of the NAV per Share on the relevant Valuation Day 5th year : 0.75% of the NAV per Share on the relevant Valuation Day 6th year : 0% of the NAV per Share on the relevant Valuation Day |
| This is the maximum that might be taken out of your money before it is invested or paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 2.23% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee None | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 2% como máximo |
| Gastos de salida | Reembolsos durante años desde la fecha de lanzamiento: Primer año: El 2,50% del valor liquidativo por acción en el Día de Valoración del segundo año correspondiente: El 2,00% del valor liquidativo por acción en el Día de Valoración del tercer año correspondiente: El 1,50% del valor liquidativo por acción en el Día de Valoración del cuarto año correspondiente: El 1,00% del valor liquidativo por acción en el Día de Valoración del quinto año correspondiente: El 0,75% del valor liquidativo por acción en el Día de Valoración del sexto año correspondiente: El 0% del valor liquidativo por acción en el Día de Valoración correspondiente |
| Este es el máximo que puede detraerse de su capital o desembolsarse antes de proceder a la inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 2,23% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad Ninguno | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2% maximum |
| Exit charge | Redemptions during years since Launch Date: 1st year : 2.50% of the NAV per Share on the relevant Valuation Day 2nd year : 2.00% of the NAV per Share on the relevant Valuation Day 3rd year : 1.50% of the NAV per Share on the relevant Valuation Day 4th year : 1.00% of the NAV per Share on the relevant Valuation Day 5th year : 0.75% of the NAV per Share on the relevant Valuation Day 6th year : 0% of the NAV per Share on the relevant Valuation Day |
| This is the maximum that might be taken out of your money before it is invested or paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 2.23% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee None | | en | es |
DOLFIN3383 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Breakdown by Currency in %
Money Market 5.80
Bonds 46.85
Swiss Equities 0.75
Foreign Equities Developed Countries 42.17
Equities Emerging Markets 4.44
Minor deviations can be caused by rounding errors. | ## Ripartizione per valute in %
Mercato monetario 5.80
Obbligazioni 46.85
Azioni svizzera 0.75
Azioni estero paesi industrializzati 42.17
Azioni mercati emergenti 4.44
Piccole deviazioni possono verificarsi a causa di arrotondamenti. | ## Breakdown by Currency in %
Money Market 5.80
Bonds 46.85
Swiss Equities 0.75
Foreign Equities Developed Countries 42.17
Equities Emerging Markets 4.44
Minor deviations can be caused by rounding errors. | en | it |
DOLFIN3384 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Stress Scenarios | What you might get back | EUR 340 | EUR 210 |
| --- | --- | --- | --- |
| Average Return each year | -96.60 % | -53.69 % |
| Unfavourable Scenario | What you might get back | EUR 5,160 | EUR 5,990 |
| Average Return each year | -48.45 % | -9.75 % |
| Moderate Scenario | What you might get back | EUR 9,340 | EUR 8,010 |
| Average Return each year | -6.63 % | -4.33 % |
| Favourable Scenario | What you might get back | EUR 17,530 | EUR 13,890 |
| Average Return each year | 75.32 % | 6.80 % | | | Escenarios de tensión | Lo que podría recibir | EUR 340 | EUR 210 |
| --- | --- | --- | --- |
| Rendimiento medio cada año | -96,60 % | -53,69 % |
| Escenario desfavorable | Lo que podría recibir | EUR 5.160 | EUR 5.990 |
| Rendimiento medio cada año | -48,45 % | -9,75 % |
| Escenario moderado | Lo que podría recibir | EUR 9.340 | EUR 8.010 |
| Rendimiento medio cada año | -6,63 % | -4,33 % |
| Escenario favorable | Lo que podría recibir | EUR 17.530 | EUR 13.890 |
| Rendimiento medio cada año | 75,32 % | 6,80 % | | | Stress Scenarios | What you might get back | EUR 340 | EUR 210 |
| --- | --- | --- | --- |
| Average Return each year | -96.60 % | -53.69 % |
| Unfavourable Scenario | What you might get back | EUR 5,160 | EUR 5,990 |
| Average Return each year | -48.45 % | -9.75 % |
| Moderate Scenario | What you might get back | EUR 9,340 | EUR 8,010 |
| Average Return each year | -6.63 % | -4.33 % |
| Favourable Scenario | What you might get back | EUR 17,530 | EUR 13,890 |
| Average Return each year | 75.32 % | 6.80 % | | en | es |
DOLFIN3385 | 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 | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 EUR |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 EUR |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 90 EUR |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 EUR | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Non addebitiamo una commissione di ingresso. | 0 EUR |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto [ma la persona che vende il prodotto può farlo]. | 0 EUR |
| Costi correnti registrati ogni anno In caso di uscita dopo 1 anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | Le commissioni di gestione e gli altri costi operativi sono pari a 1,35% annuo del valore del vostro investimento. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 135 EUR |
| Costi di transazione | L’impatto dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. | 90 EUR |
| Oneri accessori sostenuti in determinate condizioni In caso di uscita dopo 1 anno |
| Commissioni di performance | Per questo prodotto non si applicano le Commissioni di performance. | 0 EUR | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 EUR |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 EUR |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 90 EUR |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 EUR | | en | it |
DOLFIN3386 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# DJE - RENTEN GLOBAL XP (EUR)
Target Group
The Fund is Suitable for Investors
+ with a medium- to long-term investment horizon
+ who seek to benefit from a broad universe of investment opportunities in the bond sector
+ who prefer selective securities picking by an experienced fund manager
The Fund is not Suitable for Investors
- with a short-term investment horizon
- who prefer higher yields with correspondingly higher risk
- who are not prepared to accept any volatility
## LEGAL INFORMATION
This is a marketing advertisement. Please read the prospectus of the relevant fund and the KIID before making a final investment decision. These documents can be obtained free of charge in German at www.dje.de under the relevant fund. A summary of investor rights can be accessed in German free of charge in electronic form on the website at www.dje.de/summary-of-investor-rights. The Funds described in this Marketing Announcement may have been notified for distribution in different EU Member States. Investors should note that the relevant management company may decide to discontinue the arrangements it has made for the distribution of the units of your funds in accordance with Directive 2009/65/EC and Article 32a of Directive 2011/61/EU. All information published here is for your information only, is subject to change and does not constitute investment advice or any other recommendation. The sole binding basis for the acquisition of the relevant fund is the above-mentioned documents in conjunction with the associated annual report and/or the semi-annual report. The statements contained in this document reflect the current assessment of DJE Kapital AG. The opinions expressed may change at any time without prior notice. All information in this overview has been provided with due care in accordance with the state of knowledge at the time of preparation. However, no guarantee or liability can be assumed for the correctness and completeness.
5 | 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. | # DJE - RENTEN GLOBAL XP (EUR)
Zielgruppe
Der Fonds eignet sich für Anleger
+ mit einem mittel- bis langfristigen Anlagehorizont
+ die im Rentenbereich ein breites Universum von Anlagemöglichkeiten nutzen möchten
+ die Wert auf eine selektive Titelauswahl durch einen erfahrenen Fondsmanager legen
Der Fonds eignet sich nicht für Anleger
- mit kurzfristigem Anlagehorizont
- die Wert auf höhere Erträge bei entsprechend höherem Risiko anstreben
- die keine Wertschwankungen akzeptieren
## RECHTLICHE HINWEISE
Dies ist eine Marketing-Anzeige. Bitte lesen Sie den Verkaufsprospekt des betreffenden Fonds und das KIID, bevor Sie eine endgültige Anlageentscheidung treffen. Diese Unterlagen können in deutscher Sprache kostenlos auf www.dje.de unter dem betreffenden Fonds abgerufen werden. Eine Zusammenfassung der Anlegerrechte kann in deutscher Sprache kostenlos in elektronischer Form auf der Webseite unter www.dje.de/zusammenfassung-der-anlegerrechte abgerufen werden. Die in dieser Marketing-Anzeige beschriebenen Fonds können in verschiedenen EU-Mitgliedsstaaten zum Vertrieb angezeigt worden sein. Anleger werden drauf hingewiesen, dass die jeweilige Verwaltungsgesellschaft beschließen kann, die Vorkehrungen, die sie für den Vertrieb der Anteile Ihrer Fonds getroffen hat, gemäß der Richtlinie 2009/65/EG und Art. 32 a der Richtlinie 2011/61/EU aufzuheben. Alle hier veröffentlichten Angaben dienen ausschließlich Ihrer Information, können sich jederzeit ändern und stellen keine Anlageberatung oder sonstige Empfehlung dar. Alleinige verbindliche Grundlage für den Erwerb des betreffenden Fonds sind die o.g. Unterlagen in Verbindung mit dem dazugehörigen Jahresbericht und/oder dem Halbjahresbericht. Die in diesem Dokument enthaltenen Aussagen geben die aktuelle Einschätzung der DJE Kapital AG wieder. Die zum Ausdruck gebrachten Meinungen können sich jederzeit, ohne vorherige Ankündigung, ändern. Alle Angaben dieser Übersicht sind mit Sorgfalt entsprechend dem Kenntnisstand zum Zeitpunkt der Erstellung gemacht worden. Für die Richtigkeit und Vollständigkeit kann jedoch keine Gewähr und keine Haftung übernommen werden.
5 | 2020 Morningstar, Inc. Alle Rechte vorbehalten. Die hierin enthaltenen Informationen: (1) sind für Morningstar und/oder ihre Inhalte-Anbieter urheberrechtlich geschützt; (2) dürfen nicht vervielfältigt oder verbreitet werden; und (3) deren Richtigkeit, Vollständigkeit oder Aktualität wird nicht garantiert. Weder Morningstar noch deren Inhalte-Anbieter sind verantwortlich für etwaige Schäden oder Verluste, die aus der Verwendung dieser Informationen entstehen. Die Wertentwicklung in der Vergangenheit ist keine Garantie für zukünftige Ergebnisse. | # DJE - RENTEN GLOBAL XP (EUR)
Target Group
The Fund is Suitable for Investors
+ with a medium- to long-term investment horizon
+ who seek to benefit from a broad universe of investment opportunities in the bond sector
+ who prefer selective securities picking by an experienced fund manager
The Fund is not Suitable for Investors
- with a short-term investment horizon
- who prefer higher yields with correspondingly higher risk
- who are not prepared to accept any volatility
## LEGAL INFORMATION
This is a marketing advertisement. Please read the prospectus of the relevant fund and the KIID before making a final investment decision. These documents can be obtained free of charge in German at www.dje.de under the relevant fund. A summary of investor rights can be accessed in German free of charge in electronic form on the website at www.dje.de/summary-of-investor-rights. The Funds described in this Marketing Announcement may have been notified for distribution in different EU Member States. Investors should note that the relevant management company may decide to discontinue the arrangements it has made for the distribution of the units of your funds in accordance with Directive 2009/65/EC and Article 32a of Directive 2011/61/EU. All information published here is for your information only, is subject to change and does not constitute investment advice or any other recommendation. The sole binding basis for the acquisition of the relevant fund is the above-mentioned documents in conjunction with the associated annual report and/or the semi-annual report. The statements contained in this document reflect the current assessment of DJE Kapital AG. The opinions expressed may change at any time without prior notice. All information in this overview has been provided with due care in accordance with the state of knowledge at the time of preparation. However, no guarantee or liability can be assumed for the correctness and completeness.
5 | 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. | en | de |
DOLFIN3387 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Période de détention recommandée: 7 An(s)
La période de détention recommandée pour ce produit est de 7 an(s). Il s'agit de la période de détention recommandée au regard des risques et de la performance escomptée du produit. Veuillez noter que le rendement attendu n'est pas garanti. Plus la période effective de détention s'éloignera de la période de détention recommandée pour le produit, plus le risque de perte effectif s'écartera des hypothèses établies pour ce produit. Selon vos besoins et vos restrictions, une durée de détention différente pourrait être plus adaptée à votre situation. Par conséquent, nous vous recommandons d'évoquer cet aspect avec votre conseiller à la clientèle. | # Periodo de mantenimiento recomendado: 7 Año(s)
El periodo de mantenimiento recomendado para este producto es de 7 año(s). Este es el período de mantenimiento que recomendamos sobre la base del riesgo y el rendimiento esperado del producto. Tenga en cuenta que el rendimiento esperado no está garantizado. Cuanto más difiera el periodo de mantenimiento efectivo del periodo de mantenimiento recomendado del producto, más se desviarán el riesgo y el rendimiento de su inversión de los supuestos del producto. Dependiendo de sus necesidades y restricciones, puede que resulte adecuado un período de mantenimiento diferente. Por tanto, le recomendamos que aborde esta cuestión con su asesor/a personal. | # Période de détention recommandée: 7 An(s)
La période de détention recommandée pour ce produit est de 7 an(s). Il s'agit de la période de détention recommandée au regard des risques et de la performance escomptée du produit. Veuillez noter que le rendement attendu n'est pas garanti. Plus la période effective de détention s'éloignera de la période de détention recommandée pour le produit, plus le risque de perte effectif s'écartera des hypothèses établies pour ce produit. Selon vos besoins et vos restrictions, une durée de détention différente pourrait être plus adaptée à votre situation. Par conséquent, nous vous recommandons d'évoquer cet aspect avec votre conseiller à la clientèle. | fr | es |
DOLFIN3388 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | | Percentage |
| --- | --- | --- |
| Contents of share portfolio | Net asset | Total value of assets |
| a) Eligible financial securities and money market instruments admitted to trading on a regulated market within the meaning of Article L. 422-1° of the French Monetary and Financial Code. | | |
| and b) Eligible financial securities and money market instruments admitted to trading on another recognised regulated market which operates regularly, is open to the public, and is located in a EU Member State or in another country which is party to the Agreement on the European Economic Area. | 92.77 | 90.30 |
| c) Eligible financial securities and money market instruments admitted to an official listing on a third-country stock exchange or traded on another recognised third-country regulated market operating regularly and open to the public, provided that this stock exchange or market is not listed by the AFM or that the choice of this stock exchange or market is provided for by law or by the Articles of Association of the UCITS / general-purpose investment fund. | - | - |
| d) Newly issued financial securities mentioned in item 4, section I of Article R. 214-11 / 4, section I of Article R. 214-32-18 of the French Monetary and Financial Code. | - | - |
| e) Other assets | - | - | | | Pourcentage |
| --- |
| Éléments du portefeuille titres | Actif net | Total des actifs |
| a) Les titres financiers éligibles et des instruments du marché monétaire admis à la négociation sur un marché réglementé au sens de l'article L. 422-1° du code monétaire et financier. | | |
| et b) Les titres financiers éligibles et des instruments du marché monétaire admis à la négociation sur un autre marché réglementé, en fonctionnement régulier, reconnu, ouvert au public et dont le siège est situé dans un Etat membre de l'Union européenne ou dans un autre Etat partie à l'accord sur l'Espace économique européen. | 92,77 | 90,30 |
| c) Les titres financiers éligibles et des instruments du marché monétaire admis à la cote officielle d'une bourse de valeurs d'un pays tiers ou négociés sur un autre marché d'un pays tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public, pour autant que cette bourse ou ce marché ne figure pas sur une liste établie par l'Autorité des marchés financiers ou que le choix de cette bourse ou de ce marché soit prévu par la loi ou par le règlement ou les statuts de l’OPC / du fonds d'investissement à vocation générale. | - | - |
| d) Les titres financiers nouvellement émis mentionnés au 4° du I de l'article R. 214-11 / 4° du I de l’article R.214-32-18 du code monétaire et financier. | - | - |
| e) Les autres actifs | - | - | | | | | Percentage |
| --- | --- | --- |
| Contents of share portfolio | Net asset | Total value of assets |
| a) Eligible financial securities and money market instruments admitted to trading on a regulated market within the meaning of Article L. 422-1° of the French Monetary and Financial Code. | | |
| and b) Eligible financial securities and money market instruments admitted to trading on another recognised regulated market which operates regularly, is open to the public, and is located in a EU Member State or in another country which is party to the Agreement on the European Economic Area. | 92.77 | 90.30 |
| c) Eligible financial securities and money market instruments admitted to an official listing on a third-country stock exchange or traded on another recognised third-country regulated market operating regularly and open to the public, provided that this stock exchange or market is not listed by the AFM or that the choice of this stock exchange or market is provided for by law or by the Articles of Association of the UCITS / general-purpose investment fund. | - | - |
| d) Newly issued financial securities mentioned in item 4, section I of Article R. 214-11 / 4, section I of Article R. 214-32-18 of the French Monetary and Financial Code. | - | - |
| e) Other assets | - | - | | en | fr |
DOLFIN3389 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For all Sub-Funds the performance fee is payable in arrears within 10 calendar days at the end of each Performance Period. The Net Asset Value per Share utilised in calculating the performance of a Class over a Performance Period will include accruals for investment management fees but not performance fees payable in respect of each Performance Period. In addition, appropriate adjustments will be made to take account of distributions made in respect of a Class for prior Performance Periods and the actual performance of the Net Asset Value per Share in a Performance Period will be adjusted to include any distributions made in respect of the Class for the Performance Period.
Shareholders should note that, as the performance fee is calculated at a Class level and not at an individual Shareholder level, Shareholders may be charged a performance fee even where the Net Asset Value of their Shares have remained the same or dropped in value.
In the event Shares of a Class are redeemed during a Performance Period, a performance fee will be payable equivalent to the performance fee accrued in calculating the Net Asset Value per Share at the time of redemption.
For Eleva European Selection Fund, Eleva Euroland Selection Fund, Eleva Leaders Small & Mid-Cap Europe Fund, Eleva Sustainable Impact Europe Fund, Eleva Global Bonds Opportunities Fund, Eleva Absolute Return Europe Fund (since November 2020) and Eleva Euro Bonds Strategies Fund the Performance Periods in respect of each Class comprise successive 12 monthly periods ending on 31 December in each calendar year. The first Performance Period in respect of a Class will commence on the first Dealing Day for Shares of a Class and will end on the date of termination of the Class.
The last Performance Period in respect of a Class will end on the date of termination of the Class. If the Investment Management Agreement is terminated before the end of a Performance Period, the performance fee in respect of the then current Performance Period will be calculated and paid to the Investment Manager as though the date of termination were the end of the relevant Performance Period.
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#### Management Company Fees | Für alle Teilfonds ist die an die Wertentwicklung des Fonds gebundene Gebühr rückwirkend innerhalb von 10 Kalendertagen am Ende eines jeden Performancezeitraums zahlbar. Der Nettoinventarwert je Anteil, der zur Berechnung der Performance einer Anteilsklasse über einen Performancezeitraum herangezogen wird, beinhaltet Rechnungsabgrenzungsposten für Anlageverwaltungsgebühren aber keine an die Wertentwicklung des Fonds gebundenen Gebühren, die für jeden Performancezeitraum zahlbar sind. Zudem werden angemessene Anpassungen vorgenommen, um Ausschüttungen für eine Klasse für vorangegangene Performancezeiträume zu erfassen, und die tatsächliche Entwicklung des Nettoinventarwertes je Anteil in einem Performancezeitraum wird angepasst, damit sie Ausschüttungen für die Anteilsklasse für den Performancezeitraum berücksichtigt.
Da die an die Wertentwicklung des Fonds gebundene Gebühr auf Anteilsklassenebene und nicht auf Ebene eines einzelnen Anteilsinhabers berechnet wird, sollten Anteilsinhaber berücksichtigen, dass Anteilsinhaber eine an die Wertentwicklung des Fonds gebundene Gebühr zahlen müssen, selbst wenn der Nettoinventarwert ihrer Anteile gleich geblieben oder im Wert gesunken ist.
Werden Anteile einer Klasse in einem Performancezeitraum zurückgenommen, ist eine an die Wertentwicklung des Fonds gebundene Gebühr zahlbar, die der an die Wertentwicklung des Fonds gebundene Gebühr entspricht, die bei der Berechnung des Nettoinventarwerts je Anteil zum Rücknahmezeitpunkt aufgelaufen ist.
Für den Eleva European Selection Fund, den Eleva Euroland Selection Fund, den Eleva Leaders Small & Mid-Cap Europe Fund, den Eleva Sustainable Impact Europe Fund, den Eleva Global Bonds Opportunities Fund, den Eleva Absolute Return Europe Fund (seit November 2020) und den Eleva Euro Bonds Strategies Fund umfassen die Performancezeiträume in Bezug auf jede Anteilsklasse aufeinander folgende Zwölfmonatszeiträume, die am 31. Dezember in jedem Kalenderjahr enden. Der erste Performancezeitraum in Bezug auf eine Anteilsklasse beginnt am ersten Handelstag für Anteile einer Klasse und endet am Schließungstermin der Klasse.
Der letzte Performancezeitraum in Bezug auf eine Anteilsklasse endet am Schließungstermin der Klasse. Wird der Anlageverwaltungsvertrag vor dem Ende eines Performancezeitraums gekündigt, wird die an die Wertentwicklung des Fonds gebundene Gebühr für den dann aktuellen Performancezeitraum berechnet und an den Anlageverwalter gezahlt, als wenn der Schließungstermin am Ende des jeweiligen Performancezeitraums läge.
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#### Gebühren der Verwaltungsgesellschaft | For all Sub-Funds the performance fee is payable in arrears within 10 calendar days at the end of each Performance Period. The Net Asset Value per Share utilised in calculating the performance of a Class over a Performance Period will include accruals for investment management fees but not performance fees payable in respect of each Performance Period. In addition, appropriate adjustments will be made to take account of distributions made in respect of a Class for prior Performance Periods and the actual performance of the Net Asset Value per Share in a Performance Period will be adjusted to include any distributions made in respect of the Class for the Performance Period.
Shareholders should note that, as the performance fee is calculated at a Class level and not at an individual Shareholder level, Shareholders may be charged a performance fee even where the Net Asset Value of their Shares have remained the same or dropped in value.
In the event Shares of a Class are redeemed during a Performance Period, a performance fee will be payable equivalent to the performance fee accrued in calculating the Net Asset Value per Share at the time of redemption.
For Eleva European Selection Fund, Eleva Euroland Selection Fund, Eleva Leaders Small & Mid-Cap Europe Fund, Eleva Sustainable Impact Europe Fund, Eleva Global Bonds Opportunities Fund, Eleva Absolute Return Europe Fund (since November 2020) and Eleva Euro Bonds Strategies Fund the Performance Periods in respect of each Class comprise successive 12 monthly periods ending on 31 December in each calendar year. The first Performance Period in respect of a Class will commence on the first Dealing Day for Shares of a Class and will end on the date of termination of the Class.
The last Performance Period in respect of a Class will end on the date of termination of the Class. If the Investment Management Agreement is terminated before the end of a Performance Period, the performance fee in respect of the then current Performance Period will be calculated and paid to the Investment Manager as though the date of termination were the end of the relevant Performance Period.
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#### Management Company Fees | en | de |
DOLFIN3390 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Important Information
For use by Professional and/or equivalent investor types in your jurisdictions only (not to be used with or passed on to retail clients). Past performance is not a guide to future performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. Your capital is at Risk.
Threadneedle (Lux) is an investment company with variable capital (Société d’investissement à capital variable, or "SICAV") formed under the laws of the Grand Duchy of Luxembourg. The SICAV issues, redeems and exchanges shares of different classes. The management company of the SICAV is Threadneedle Management Luxembourg S.A, which is advised by Threadneedle Asset Management Ltd. and/or selected sub-advisors.
Certain sub-funds of the SICAV are registered in Austria, Belgium, Denmark, France, Finland, Germany, Hong Kong, Ireland, Italy, Liechtenstein, Luxembourg, Macau, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UAE and the UK; however, this is subject to applicable jurisdictions and some sub-funds and/or share classes may not be available in all jurisdictions. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation.
This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment advice or services.
Pursuant to article 1:107 of the Act of Financial Supervision, the subfund is included in the register that is kept by the AFM.
Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as well as the latest annual or interim reports and the applicable terms & conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specifically this Fund. Documents other than KIIDs are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). KIIDs are available in local languages. The summary of investor rights is available on our website in English. Documents can be obtained free of charge on request by writing to the management company at 44, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg, from International Financial Data Services (Luxembourg) S.A. at 47, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, from www.columbiathreadneedle.com.
Threadneedle Management Luxembourg S.A. may decide to terminate the arrangements made for the marketing of the Fund. Portfolio positions are based on asset valuations at global close (not official NAV time). Historic Yield reflects distributions declared over the past 12 months. Distribution Yield reflects the amount that may be expected to be distributed over the next 12 months. Underlying Yield reflects the annualised income net of expenses of the fund. Yields shown do not include any preliminary charge and investors may be subject to tax on their distributions.
Threadneedle Management Luxembourg S.A. Registered with the Registre de Commerce et des Sociétés (Luxembourg), Registered No. B 110242, 44, Rue de la Vallee, L-2661 Luxembourg, Grand Duchy of Luxembourg.
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
“Bloomberg®” and “Bloomberg Commodity IndexSM” are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Threadneedle Asset Management Limited. Bloomberg is not affiliated with Threadneedle Asset Management Limited, and Bloomberg does not approve, endorse, review, or recommendThreadneedle Asset Management Limited products. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Bloomberg Commodity IndexSM. | ## Informations importantes
Réservé à un usage par des Investisseurs professionnels et/ou des types d’investisseurs équivalents dans vos juridictions (à ne pas utiliser avec des clients de détail et à ne pas transmettre à ces derniers). Les résultats passés ne sont pas une indication de performance future. La valeur des investissements et le revenu qui en découle ne sont pas garantis et peuvent évoluer à la hausse comme à la baisse et être affectés par des fluctuations de change. Il se peut dès lors que l’investisseur ne récupère pas sa mise de départ. Le capital investi est exposé au risque.
Threadneedle (Lux) est une société d’investissement à capital variable (« SICAV ») régie par les lois du Grand-Duché de Luxembourg. La SICAV émet, rachète et échange des actions de différentes catégories. La société de gestion de la SICAV est Threadneedle Management Luxembourg S.A., agissant sur conseil de Threadneedle Asset Management Ltd et/ou de conseillers par délégation sélectionnés.
Certains compartiments de la SICAV sont enregistrés en Allemagne, en Autriche, en Belgique, au Danemark, aux Émirats arabes unis, en Espagne, en Finlande, en France, à Hong Kong, en Irlande, en Italie, au Liechtenstein, au Luxembourg, à Macao, en Norvège, aux Pays-Bas, au Portugal, à Singapour, en Suède, en Suisse et au Royaume-Uni. Toutefois, il convient de tenir compte des spécificités de chaque juridiction applicable et certains compartiments et/ou certaines classes d’actions peuvent ne pas être disponibles dans toutes les juridictions. Les actions des Fonds ne peuvent faire l’objet d’une offre de souscription publique dans un autre pays quel qu’il soit et ce document ne doit pas être émis, diffusé ou distribué autrement que dans des circonstances qui ne constituent pas une offre de souscription publique et en conformité avec la législation locale en vigueur.
Le présent document est fourni à titre informatif uniquement et ne constitue en aucun cas une offre ou une sollicitation d’ordre en vue d’acheter ou de vendre un quelconque titre ou tout autre instrument financier, ni une proposition de conseils ou de services d’investissement.
Les souscriptions à un Fonds ne peuvent être effectuées que sur la base du Prospectus en vigueur et du Document d’information clé pour l’investisseur, ainsi que des derniers rapports annuels et semestriels, et des conditions applicables. Veuillez consulter la section « Facteurs de risque » du Prospectus pour prendre connaissance de tous les risques applicables à l’investissement dans un fonds, et en particulier dans le présent Fonds. Les documents autres que les DICI sont disponibles en anglais, français, allemand, portugais, italien, espagnol et néerlandais (pas de Prospectus néerlandais). Les DICI sont disponibles en langues locales. La synthèse des droits des investisseurs est disponible en anglais sur notre site Internet. Les documents peuvent être obtenus gratuitement sur simple demande par écrit auprès de la société de gestion sise au 44, rue de la Vallée, L-2661 Luxembourg, Grand-Duché de Luxembourg, auprès de l’International Financial Data Services (Luxembourg) S.A. sis au 47, avenue John F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg et/ou à l’adresse www.columbiathreadneedle.com.
Threadneedle Management Luxembourg S.A. peut décider de mettre fin aux dispositions prises pour la commercialisation du Fonds. Les positions du portefeuille reposent sur des évaluations des actifs à la clôture mondiale (et non à l’heure de VNI officielle). Le rendement historique reflète les distributions déclarées au cours des 12 derniers mois. Le rendement des distributions reflète le montant qui devrait être distribué au cours des 12 prochains mois. Le rendement sous-jacent reflète le revenu annualisé après déduction des dépenses du fonds. Les rendements indiqués n’incluent pas les éventuels frais initiaux et les investisseurs peuvent être assujettis à l’impôt sur leurs distributions.
Threadneedle Management Luxembourg S.A. enregistrée au Registre de Commerce et des Sociétés (Luxembourg) sous le numéro d’immatriculation B 110242, sise 44, rue de la Vallée, L-2661 Luxembourg, Grand-Duché de Luxembourg.
Columbia Threadneedle Investments est le nom de marque international du groupe de sociétés Columbia et Threadneedle.
« Bloomberg® » et « Bloomberg Commodity IndexSM » sont des marques de service de Bloomberg Finance L.P. et de ses sociétés affiliées, ce qui comprend Bloomberg Index Services Limited (« BISL »), l’administrateur des indices (collectivement, « Bloomberg »), et ont fait l’objet d’une licence d’utilisation à certaines fins par Threadneedle Asset Management Limited. Bloomberg n’est pas affiliée à Threadneedle Asset Management Limited, et Bloomberg n’approuve, ne soutient, n’examine et ne recommande en aucun cas les produits de Threadneedle Asset Management Limited. Bloomberg ne garantit pas l’actualité, l’exactitude et l’exhaustivité des données ou informations relatives au Bloomberg Commodity IndexSM. | ## Important Information
For use by Professional and/or equivalent investor types in your jurisdictions only (not to be used with or passed on to retail clients). Past performance is not a guide to future performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. Your capital is at Risk.
Threadneedle (Lux) is an investment company with variable capital (Société d’investissement à capital variable, or "SICAV") formed under the laws of the Grand Duchy of Luxembourg. The SICAV issues, redeems and exchanges shares of different classes. The management company of the SICAV is Threadneedle Management Luxembourg S.A, which is advised by Threadneedle Asset Management Ltd. and/or selected sub-advisors.
Certain sub-funds of the SICAV are registered in Austria, Belgium, Denmark, France, Finland, Germany, Hong Kong, Ireland, Italy, Liechtenstein, Luxembourg, Macau, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UAE and the UK; however, this is subject to applicable jurisdictions and some sub-funds and/or share classes may not be available in all jurisdictions. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an offer to the public and are in accordance with applicable local legislation.
This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other financial instruments, or to provide investment advice or services.
Pursuant to article 1:107 of the Act of Financial Supervision, the subfund is included in the register that is kept by the AFM.
Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as well as the latest annual or interim reports and the applicable terms & conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specifically this Fund. Documents other than KIIDs are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). KIIDs are available in local languages. The summary of investor rights is available on our website in English. Documents can be obtained free of charge on request by writing to the management company at 44, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg, from International Financial Data Services (Luxembourg) S.A. at 47, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, from www.columbiathreadneedle.com.
Threadneedle Management Luxembourg S.A. may decide to terminate the arrangements made for the marketing of the Fund. Portfolio positions are based on asset valuations at global close (not official NAV time). Historic Yield reflects distributions declared over the past 12 months. Distribution Yield reflects the amount that may be expected to be distributed over the next 12 months. Underlying Yield reflects the annualised income net of expenses of the fund. Yields shown do not include any preliminary charge and investors may be subject to tax on their distributions.
Threadneedle Management Luxembourg S.A. Registered with the Registre de Commerce et des Sociétés (Luxembourg), Registered No. B 110242, 44, Rue de la Vallee, L-2661 Luxembourg, Grand Duchy of Luxembourg.
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
“Bloomberg®” and “Bloomberg Commodity IndexSM” are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Threadneedle Asset Management Limited. Bloomberg is not affiliated with Threadneedle Asset Management Limited, and Bloomberg does not approve, endorse, review, or recommendThreadneedle Asset Management Limited products. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Bloomberg Commodity IndexSM. | en | fr |
DOLFIN3391 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies in the Asia Pacific region, including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund may invest in countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Pacific Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas de la región de Asia-Pacífico, que incluye, entre otros, países como Japón, Australia, China, Hong Kong, India, Indonesia, Corea, Malasia, Nueva Zelanda, Filipinas, Singapur, Taiwán y Tailandia.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El Subfondo podrá invertir en países considerados mercados emergentes.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI AC Pacific Index (Net) (en adelante, el«Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies in the Asia Pacific region, including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund may invest in countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Pacific Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3392 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Risque des petites et moyennes entreprises
Bien que les petites et les moyennes entreprises puissent offrir d’importantes opportunités de croissance du capital, elles comportent également des risques importants et doivent être considérées comme spéculatives. Historiquement, les prix des titres des petites et moyennes entreprises ont été plus volatils que ceux des titres des grandes sociétés, en particulier à court terme. Les raisons de la plus grande volatilité des prix des petites et moyennes entreprises sont notamment la plus grande incertitude concernant leurs perspectives de croissance, le faible degré de liquidité des marchés de ces titres, et la plus grande sensibilité des petites et moyennes entreprises au changement des conditions économiques.
En outre, la gestion des petites et moyennes entreprises peut ne pas être suffisamment approfondie, elles peuvent ne pas être en mesure de générer les fonds nécessaires à leur croissance ou à leur évolution, leurs gammes de produits peuvent être limitées ou elles peuvent développer ou mettre sur le marché de nouveaux produits ou services pour lesquels les marchés ne sont pas encore établis et pourraient ne jamais s’établir. Les petites et moyennes entreprises peuvent être particulièrement affectées par la hausse des taux d’intérêt, étant donné qu’il peut leur être plus difficile d’emprunter des fonds pour poursuivre ou développer leurs activités, ou elles peuvent avoir des difficultés à rembourser des prêts à taux variable.
Ces risques sont d’ordinaire plus marqués encore dans le cas de titres émis par des sociétés de ce type constituées ou exerçant une part importante de leurs activités dans des pays en développement ou sur les marchés émergents, étant donné, en particulier, que la liquidité des titres émis par les sociétés des marchés émergents peut être largement inférieure à celle de titres comparables émis dans les pays industrialisés. | ### Riesgo de las pequeñas y medianas empresas
Aunque las empresas pequeñas y medianas ofrecen ostensiblemente más oportunidades de crecimiento de capital, también conllevan riesgos sustanciales y deberían considerarse especulativas. Históricamente, los valores de empresas medianas y pequeñas han tenido un precio más volátil que los valores de empresas mayores, especialmente a corto plazo. Entre las razones de una mayor volatilidad del precio se encuentra las menos certeras perspectivas de crecimiento de empresas medianas y pequeñas, el menor grado de liquidez en los mercados para tales valores y la mayor sensibilidad de estas empresas a los cambios en las condiciones económicas.
Además, las empresas medianas y pequeñas pueden carecer de una buena gestión, ser incapaces de generar los fondos necesarios para crecer o desarrollarse, tener líneas de producto limitadas o estar desarrollando o promocionando nuevos productos o servicios para los que no existen mercados establecidos y que incluso no lleguen a establecerse nunca. Las pequeñas y medianas empresas pueden verse especialmente afectadas por incrementos de los tipos de interés, porque les puede resultar más difícil tomar dinero prestado para continuar o expandir sus operaciones, o tener dificultades para devolver los préstamos con tipos de interés variables.
Estos riesgos suelen incrementarse en el caso de los valores emitidos por pequeñas empresas que estén inscritas o que lleven a cabo una parte considerable de sus actividades en países en desarrollo y en Mercados emergentes, sobre todo debido a que los valores emitidos por empresas de Mercados emergentes pueden ser significativamente más pequeños que los valores equiparables de países industrializados. | ### Risque des petites et moyennes entreprises
Bien que les petites et les moyennes entreprises puissent offrir d’importantes opportunités de croissance du capital, elles comportent également des risques importants et doivent être considérées comme spéculatives. Historiquement, les prix des titres des petites et moyennes entreprises ont été plus volatils que ceux des titres des grandes sociétés, en particulier à court terme. Les raisons de la plus grande volatilité des prix des petites et moyennes entreprises sont notamment la plus grande incertitude concernant leurs perspectives de croissance, le faible degré de liquidité des marchés de ces titres, et la plus grande sensibilité des petites et moyennes entreprises au changement des conditions économiques.
En outre, la gestion des petites et moyennes entreprises peut ne pas être suffisamment approfondie, elles peuvent ne pas être en mesure de générer les fonds nécessaires à leur croissance ou à leur évolution, leurs gammes de produits peuvent être limitées ou elles peuvent développer ou mettre sur le marché de nouveaux produits ou services pour lesquels les marchés ne sont pas encore établis et pourraient ne jamais s’établir. Les petites et moyennes entreprises peuvent être particulièrement affectées par la hausse des taux d’intérêt, étant donné qu’il peut leur être plus difficile d’emprunter des fonds pour poursuivre ou développer leurs activités, ou elles peuvent avoir des difficultés à rembourser des prêts à taux variable.
Ces risques sont d’ordinaire plus marqués encore dans le cas de titres émis par des sociétés de ce type constituées ou exerçant une part importante de leurs activités dans des pays en développement ou sur les marchés émergents, étant donné, en particulier, que la liquidité des titres émis par les sociétés des marchés émergents peut être largement inférieure à celle de titres comparables émis dans les pays industrialisés. | fr | es |
DOLFIN3393 | 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 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,418
14.2%
EUR 12,278
4.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 418 EUR
14,2%
12 278 EUR
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,418
14.2%
EUR 12,278
4.2% | en | es |
DOLFIN3394 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Strategy
The portfolio manager aims to generate outperformance mainly through fundamentals- driven bottom-up security selection approach within the Asia Pacific ex Japan smaller companies universe. The focus is on investing in smaller companies because they tend to be less well researched, which leads to greater valuation anomalies. The manager’s fundamental analysis involves the evaluation of various factors including, but not limited to, stock valuation, financial strength, cash flows, company's competitive advantages, business prospects and earnings potential. His style is tilted towards value and he has a two to three year investment horizon. | # Stratégie
Le gestionnaire de portefeuille cherche à générer une surperformance principalement par le biais d’une sélection « bottom-up » fondamentale des titres au sein de l’univers des petites entreprises de la région Asie pacifique (hors Japon). L’orientation porte sur l’investissement dans les petites entreprises parce qu’elles ont tendance à être moins prisées, ce qui entraîne des anomalies de valorisation plus importantes. L’analyse fondamentale du gestionnaire implique d’évaluer différents facteurs y compris, sans s’y limiter, la valorisation de l’action, la solidité financière, les flux de trésorerie, les avantages compétitifs de la société, les perspectives commerciales et le potentiel de revenus. Il s’intéresse particulièrement à la valeur et son horizon d’investissement s’étale sur deux à trois ans. | # Strategy
The portfolio manager aims to generate outperformance mainly through fundamentals- driven bottom-up security selection approach within the Asia Pacific ex Japan smaller companies universe. The focus is on investing in smaller companies because they tend to be less well researched, which leads to greater valuation anomalies. The manager’s fundamental analysis involves the evaluation of various factors including, but not limited to, stock valuation, financial strength, cash flows, company's competitive advantages, business prospects and earnings potential. His style is tilted towards value and he has a two to three year investment horizon. | en | fr |
DOLFIN3395 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 années |
| --- | --- | --- |
| 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 | 1 050 SGD | 1 250 SGD |
| Rendement annuel moyen | -89,48 % | -34,02 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 430 SGD | 7 090 SGD |
| Rendement annuel moyen | -25,66 % | -6,64 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 940 SGD | 11 940 SGD |
| Rendement annuel moyen | -0,60 % | 3,61 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 720 SGD | 13 410 SGD |
| Rendement annuel moyen | 27,25 % | 6,04 % | | | Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 1.050 SGD | 1.250 SGD |
| Rendimiento medio cada año | -89,48 % | -34,02 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.430 SGD | 7.090 SGD |
| Rendimiento medio cada año | -25,66 % | -6,64 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9.940 SGD | 11.940 SGD |
| Rendimiento medio cada año | -0,60 % | 3,61 % |
| Favorable | Lo que podría recibir tras deducir los costes | 12.720 SGD | 13.410 SGD |
| Rendimiento medio cada año | 27,25 % | 6,04 % | | | Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 années |
| --- | --- | --- |
| 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 | 1 050 SGD | 1 250 SGD |
| Rendement annuel moyen | -89,48 % | -34,02 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 430 SGD | 7 090 SGD |
| Rendement annuel moyen | -25,66 % | -6,64 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 940 SGD | 11 940 SGD |
| Rendement annuel moyen | -0,60 % | 3,61 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 720 SGD | 13 410 SGD |
| Rendement annuel moyen | 27,25 % | 6,04 % | | fr | es |
DOLFIN3396 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €139 | €933 |
| Annual cost impact (*) | 1.4% | 1.4% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | €139 | €932 |
| Incidenza annuale dei costi (*) | 1,4% | 1,4% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €139 | €933 |
| Annual cost impact (*) | 1.4% | 1.4% each year | | en | it |
DOLFIN3397 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# 107
Aug 15
Oct 15
Dec 15
Feb 16
Apr 16
Jun 16
Aug 16
Oct 16
Dec 16
Feb 17
Apr 17
Jun 17
Aug 17
Oct 17
Dec 17
Feb 18
Apr 18
Jun 18
Aug 18
Oct 18
Dec 18
Feb 19
Apr 19
Jun 19
Aug 19
Oct 19
Dec 19
Feb 20
Apr 20
Jun 20
Aug 20
Oct 20
Dec 20
Feb 21
Apr 21
Jun 21
Aug 21
Oct 21
Dec 21
Feb 22
Apr 22
Jun 22
Month-end data, source: DJE Investment S.A.
## COMPOSITION OF THE SUB-FUND’S NET ASSETS
as at 30 June 2022
Securities
(acquisition cost of securities: EUR 130,925,516.14)
## EUR
113,110,419.65
Cash at banks
1
4,176,267.26
Unrealised gains on forward contracts 341,062.25
Dividends receivable 12,080.62
Subscriptions receivable 589,499.90
Receivables from securities transactions 10,985.14
118,240,314.82
Redemptions payable -79,239.53
Interest liabilities -8,874.47
Other liabilities
2
-171,137.34
-259,251.34
Sub-fund’s net assets 117,981,063.48
## ALLOCATION TO UNIT CLASSES
Unit class PA (EUR)
Pro rata sub-fund’s net assets EUR 64,649,379.69 Units outstanding 394,447.235
Net asset value EUR 163.90
Unit class I (EUR)
Pro rata sub-fund’s net assets EUR 14,686,414.35 Units outstanding 82,297.721
Net asset value EUR 178.45
Unit class XP (EUR)
Pro rata sub-fund’s net assets EUR 38,645,269.44 Units outstanding 206,008.043
Net asset value EUR 187.59
1 | See Notes to the Financial Statements.
2 | This item essentially comprises the management fee and taxe d’abonnement. | # 107
Aug 15
Okt 15
Dez 15
Feb 16
Apr 16
Jun 16
Aug 16
Okt 16
Dez 16
Feb 17
Apr 17
Jun 17
Aug 17
Okt 17
Dez 17
Feb 18
Apr 18
Jun 18
Aug 18
Okt 18
Dez 18
Feb 19
Apr 19
Jun 19
Aug 19
Okt 19
Dez 19
Feb 20
Apr 20
Jun 20
Aug 20
Okt 20
Dez 20
Feb 21
Apr 21
Jun 21
Aug 21
Okt 21
Dez 21
Feb 22
Apr 22
Jun 22
Monatsenddaten, Quelle: DJE Investment S.A.
## ZUSAMMENSETZUNG DES NETTO-TEILFONDSVERMÖGENS
zum 30. Juni 2022
## EUR
Wertpapiervermögen
(Wertpapiereinstandskosten: EUR 130.925.516,14)
113.110.419,65
Bankguthaben
1
4.176.267,26
Nicht realisierte Gewinne aus Terminkontrakten 341.062,25
Dividendenforderungen 12.080,62
Forderungen aus Absatz von Anteilen 589.499,90
Forderungen aus Wertpapiergeschäften 10.985,14
118.240.314,82
Verbindlichkeiten aus Rücknahmen von Anteilen -79.239,53
Zinsverbindlichkeiten -8.874,47
Sonstige Passiva
2
-171.137,34
-259.251,34
Netto-Teilfondsvermögen 117.981.063,48
## ZURECHNUNG AUF DIE ANTEILKLASSEN
Anteilklasse PA (EUR)
Anteiliges Netto-Teilfondsvermögen 64.649.379,69 EUR Umlaufende Anteile 394.447,235
Anteilwert 163,90 EUR
Anteilklasse I (EUR)
Anteiliges Netto-Teilfondsvermögen 14.686.414,35 EUR Umlaufende Anteile 82.297,721
Anteilwert 178,45 EUR
Anteilklasse XP (EUR)
Anteiliges Netto-Teilfondsvermögen 38.645.269,44 EUR Umlaufende Anteile 206.008,043
Anteilwert 187,59 EUR
1 | Siehe Erläuterungen zum Bericht.
2 | Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d’abonnement. | # 107
Aug 15
Oct 15
Dec 15
Feb 16
Apr 16
Jun 16
Aug 16
Oct 16
Dec 16
Feb 17
Apr 17
Jun 17
Aug 17
Oct 17
Dec 17
Feb 18
Apr 18
Jun 18
Aug 18
Oct 18
Dec 18
Feb 19
Apr 19
Jun 19
Aug 19
Oct 19
Dec 19
Feb 20
Apr 20
Jun 20
Aug 20
Oct 20
Dec 20
Feb 21
Apr 21
Jun 21
Aug 21
Oct 21
Dec 21
Feb 22
Apr 22
Jun 22
Month-end data, source: DJE Investment S.A.
## COMPOSITION OF THE SUB-FUND’S NET ASSETS
as at 30 June 2022
Securities
(acquisition cost of securities: EUR 130,925,516.14)
## EUR
113,110,419.65
Cash at banks
1
4,176,267.26
Unrealised gains on forward contracts 341,062.25
Dividends receivable 12,080.62
Subscriptions receivable 589,499.90
Receivables from securities transactions 10,985.14
118,240,314.82
Redemptions payable -79,239.53
Interest liabilities -8,874.47
Other liabilities
2
-171,137.34
-259,251.34
Sub-fund’s net assets 117,981,063.48
## ALLOCATION TO UNIT CLASSES
Unit class PA (EUR)
Pro rata sub-fund’s net assets EUR 64,649,379.69 Units outstanding 394,447.235
Net asset value EUR 163.90
Unit class I (EUR)
Pro rata sub-fund’s net assets EUR 14,686,414.35 Units outstanding 82,297.721
Net asset value EUR 178.45
Unit class XP (EUR)
Pro rata sub-fund’s net assets EUR 38,645,269.44 Units outstanding 206,008.043
Net asset value EUR 187.59
1 | See Notes to the Financial Statements.
2 | This item essentially comprises the management fee and taxe d’abonnement. | en | de |
DOLFIN3398 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts d'entrée | 2,00 % du montant que vous payez au moment de l’entrée dans l’investissement. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le produit vous informera des coûts réels. | 199 USD |
| --- | --- | --- |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce Compartiment, mais la personne qui vous vend le Compartiment peut le faire. | 0 USD |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,75 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 73 USD |
| Coûts de transaction | 0,50 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents du Compartiment. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 50 USD |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Il n’y a pas de commission de performance pour ce Compartiment. | 0 USD | | | Costes de entrada | 2,00 % del importe que pagará usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el Subfondo le comunicará cuánto se le cobrará realmente. | 199 USD |
| --- | --- | --- |
| Costes de salida | No cobramos una comisión de salida por este Compartimento, pero es posible que la persona que se lo venda sí lo haga. | 0 USD |
| Costes corrientes | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,75 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 73 USD |
| Costes de operación | 0,50 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 50 USD |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este Compartimento. | 0 USD | | | Coûts d'entrée | 2,00 % du montant que vous payez au moment de l’entrée dans l’investissement. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le produit vous informera des coûts réels. | 199 USD |
| --- | --- | --- |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce Compartiment, mais la personne qui vous vend le Compartiment peut le faire. | 0 USD |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,75 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 73 USD |
| Coûts de transaction | 0,50 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents du Compartiment. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 50 USD |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Il n’y a pas de commission de performance pour ce Compartiment. | 0 USD | | fr | es |
DOLFIN3399 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Class L USD: capitalization shares which differ from class L shares due to the fact they are denominated in United States dollars.
Class W: capitalization shares which differ from class B shares due to the fact that (i) at the discretion of the Management Company they may be offered to distributors and platforms in the United Kingdom, Switzerland and European Union Member States, excluding Banque Degroof Petercam Belgium and Banque Degroof Petercam Luxembourg, (ii) they may be offered by distributors and platforms that have entered into separate remuneration agreements with their customers that are not subject to any rebate, and (iii) they are not subject to a rebate on management fees.
Class F: capitalization shares which differ from class B shares due to the fact that (i) they are reserved for eligible investors*dealing on behalf of their own name, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax.
Class F LC: capitalization shares which are distinguished from class F shares by the fact that (i) they are reserved for investors who are directly or indirectly concerned by one or more current "Services Agreement Life Cycle" contract(s) with Degroof Petercam Asset Management, (ii) they do not have an initial subscription amount, and (iii) they have a different management fee | ### Classe L USD: actions de capitalisation qui se distinguent des actions de la classe L par le fait qu’elles sont libellées en dollar des Etats-Unis d’Amérique.
Classe W : actions de capitalisation qui se distinguent des actions de la classe B par le fait (i) qu'elles peuvent être offertes à la discrétion de la société de gestion à des distributeurs et des plates-formes au Royaume-Uni, en Suisse et dans les pays membres de l’union européenne, à l’exclusion de la Banque Degroof Petercam Belgique et de la Banque Degroof Petercam Luxembourg, (ii) qu’elles peuvent être offertes par des distributeurs et des plates-formes ayant conclu des accords de rémunération distincts avec leurs clients qui ne font l’objet d’aucune rétrocession, et (iii) qu’elles ne font l’objet d’aucune rétrocession sur les frais de gestion.
Classe F : actions de capitalisation qui se distinguent des actions de la classe B par le fait (i) qu'elles sont réservées aux investisseurs éligibles* agissant pour compte propre, (ii) qu’elles ont un montant minimum de souscription initial, (iii) une commission de gestion différente et (iv) une taxe annuelle différente.
Classe F LC: actions de capitalisation qui se distinguent des actions de la classe F par le fait (i) qu’elles sont réservées aux investisseurs concernés directement ou indirectement par un ou plusieurs contrat(s) « Services Agreement Life Cycle » en cours avec Degroof Petercam Asset Management, (ii) qu’elles n’ont pas de montant de souscription initial, et (iii) qu’elles ont une commission de gestion différente. | ### Class L USD: capitalization shares which differ from class L shares due to the fact they are denominated in United States dollars.
Class W: capitalization shares which differ from class B shares due to the fact that (i) at the discretion of the Management Company they may be offered to distributors and platforms in the United Kingdom, Switzerland and European Union Member States, excluding Banque Degroof Petercam Belgium and Banque Degroof Petercam Luxembourg, (ii) they may be offered by distributors and platforms that have entered into separate remuneration agreements with their customers that are not subject to any rebate, and (iii) they are not subject to a rebate on management fees.
Class F: capitalization shares which differ from class B shares due to the fact that (i) they are reserved for eligible investors*dealing on behalf of their own name, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax.
Class F LC: capitalization shares which are distinguished from class F shares by the fact that (i) they are reserved for investors who are directly or indirectly concerned by one or more current "Services Agreement Life Cycle" contract(s) with Degroof Petercam Asset Management, (ii) they do not have an initial subscription amount, and (iii) they have a different management fee | en | fr |
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